Category: Australia

MIL-Evening Report: Here’s why increasing productivity in housing construction is such a tricky problem to solve
Source: The Conversation (Au and NZ) – By Martin Loosemore, Professor of Construction Management, University of Technology Sydney

This week, the Productivity Commission released its much-awaited report into productivity growth in Australia’s housing construction sector. It wasn’t a glowing appraisal.

The commission found physical productivity – the total number of houses built per hour worked – has more than halved over the past 30 years.

The more nuanced measure of labour productivity – which accounts for improvements in size and quality – has also fallen, by 12%.

Both measures put home-building productivity well behind the broader economy, something the report’s authors attribute to “decades of poor performance”.

We’ve known about this problem for a long time. The Productivity Commission’s report is well researched and makes some sensible recommendations.

Solving the underlying problem will require a coordinated approach between government, home-owners, construction companies and workers.

Measuring productivity

Housing can take many forms. However, from a productivity perspective, the process of development is essentially the same.

In very simple terms it involves:
- concept and initial design, feasibility, finance and business case development
- land acquisition and due diligence
- detailed design, development and building approvals
- pre-construction planning and working drawings
- construction project management
- practical completion, final certificates and settlement, commissioning and handover.
There are no official estimates of housing construction productivity. So, the Productivity Commission used Australian Bureau of Statistics (ABS) data to create its own new measures to capture productivity across this entire process.

Falling or flat-lining productivity in this sector is a well-known long-term problem. Under the National Housing Accord, the federal government has committed to building 1.2 million new well-located homes by the end of this decade.

But in the first three months since the National Housing Accord was launched, only 44,884 homes were built across Australia. That’s about 15,000 fewer than the required quarterly target of 60,000.

The National Housing Supply and Affordability Council projects that new market housing supply will ultimately come in at about a quarter of a million homes below the accord’s target.

4 key problems

The report identified four key factors behind the malaise:
1. complex, slow approvals, as well as delayed construction certificates and essential infrastructure connections
2. lack of innovation and slow uptake of digital technologies and modern methods of construction
3. the dominance of smaller building firms resulting in low economies-of-scale and project management challenges associated with supply chain fragmentation
4. difficulties attracting and retaining skilled workers resulting in skills and labour shortages.
The report proposes seven reform directions in response. These centre on speeding up the planning approval process, investing in research and development, and increasing workforce flexibility.

Fixing things won’t be simple

The Productivity Commission’s report has brought a welcome focus on planning and approvals as a key element of easing the housing crisis.

It acknowledges that under-resourcing of agencies involved in the approvals process, such as local governments, has made the problem worse.

One issue with increasing the number of planning approvals processed is that you then need to have a construction industry that can build fast enough to keep up with them.

Currently, we don’t. Industry research shows since 2013, the number of workers within Australia’s construction workforce has increased by more than 25%. But they are working 2% fewer hours each year, and achieving an output that’s 25.4% lower.

Keeping an eye on quality

Amid any push to speed up approvals, we need to be mindful of the possible risks. Loosening building regulations can increase the risk of quality problems and inappropriate development.

If widespread across the industry, such problems can cause significant personal and economic harm to households, social and economic costs for society. They can also increase building costs, insurance premiums and strata fees.

This problem calls for a range of tools to reduce the risk of compromising on quality when regulations are loosened or changed. New South Wales has two key pieces of legislation in place that could act as a model for other states.

One allows owners to sue if a person who carries out construction work fails to exercise reasonable care. The other allows the Building Commission to investigate building work and require rectification of defects for up to six years.

NSW also has an independent builder trustworthiness rating scheme. This is known as iCirt and operated by credit rating agency Equifax.

Innovation isn’t a panacea

A major feature of the Productivity Commission’s report discusses the housing construction industry’s low innovation culture.

However, much innovation is hidden from view, since it occurs at the manufacturing stage. And innovation itself is not a panacea.

While calling for greater innovation seems obvious on the surface, research has shown its ability to increase productivity depends on a wide range of factors and is certainly not guaranteed. It can even increase costs and reduce quality and productivity if not managed effectively.

More holistic workforce planning

The report also highlights issues with attracting and retaining a skilled workforce. Issues include low apprenticeship take-up and completion rates, restrictive trade pathways, and large infrastructure projects drawing talent away.

This raises a bigger issue. Despite workforce planning across the industry by the Construction Industry Training Board the industry still seems to be constantly reacting to a skilled labour shortage rather than planning ahead to predict and prevent one.

Read more:
Will new $10,000 apprentice payments help solve job shortages in construction? Not anytime soon

Martin Loosemore does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Here’s why increasing productivity in housing construction is such a tricky problem to solve – https://theconversation.com/heres-why-increasing-productivity-in-housing-construction-is-such-a-tricky-problem-to-solve-250048
MIL OSI Analysis – EveningReport.nz –
February 19, 2025
MIL-Evening Report: Loss of forests brought new birds to NZ during the last Ice Age – we’re witnessing a similar process now

Source: The Conversation (Au and NZ) – By Pascale Lubbe, Postdoctoral Research Fellow in Molecular Ecology, University of Otago

Royal spoonbills are among several new species that have crossed the Tasman and naturalised in New Zealand. JJ Harrison/Wikimedia Commons, CC BY-SA

When people arrived on the shores of Aotearoa New Zealand and began to turn the land to their needs, they set in motion great changes.

The landscape of today bears little resemblance to that of a mere thousand years ago. More than 70% of forest cover has been lost since human arrival. Native bush has been replaced by tussocks, scrublands and, most of all, open agricultural land.

These changes affected our birdlife dramatically. Some species, like the moa, were simply hunted to extinction. Others fell directly to mammalian predators. Many species were victims of severe habitat destruction. The loss of suitable habitat remains a key conservation challenge to this day.

However, a changing distribution of plants is not a uniquely modern feature. New Zealand has seen equally radical shifts in habitat before – during the Ice Age, which lasted 2.6 million years and ended about 12,000 years ago.

This reconstruction shows the extend of glaciers during the height of the last Ice Age some 20,000 years ago.
Shulmeister et al, 2019, CC BY-SA

At its height, parts of the country were up to 6°C colder than today, and glacial ice sheets spread wide fingers across the Southern Alps. The dry, cold climate resulted in widespread grass and scrubland. Forest cover became patchy everywhere except for the northern North Island.

Our new research tracks how bird life responded to these changes – in particular how exotic species took advantage of the shifting landscapes to make New Zealand home.

Ice Age invaders

Native birds responded to the Ice Age in a variety of ways. Kiwi populations became so isolated in forest patches they split into new lineages. Several moa species moved across the landscape, following their shifting habitat.

Some groups adapted, spreading into novel environments. Kea split off from their relatives the kākā, becoming more generalised. This is known as in situ adaptation; an existing group changing its habits or character to deal with new environments.

But where new ecological opportunities arise, species from elsewhere will also come to take advantage of them. Our research uncovers a pulse of colonisation by exotic bird species that coincides with the reduction of forest cover and the expansion of grasslands at the start of the Ice Age some 2.6 million years ago.

Many endemic New Zealand birds belong to young lineages that date back to landscape changes during the last Ice Age.
Wikimedia Commons, Te Papa by Paul Martinson, CC BY-SA

These species were primarily generalists, able to take advantage of a variety of habitats. But there was also an influx of birds pre-adapted to more open conditions, such as the ancestors of Haast’s eagle, pūtangitangi (paradise shelduck) and pīhoihoi (pipit).

Where did these “invaders” come from? Principally, from Australia. For millions of years, they have ridden the winds across the Tasman Sea and, occasionally, established breeding colonies on our shores.

Over a long enough time, those new populations evolved to become distinct, endemic New Zealand species found nowhere else on earth. Pīwakawaka (fantail), ruru (morepork), weweia (dabchick) and kakī (black stilt), to name a few, are all descended from Ice Age Australian ancestors.

They arrived in a New Zealand characterised by scrub, tussock and grass during cold glacial periods, followed by slowly expanding forests during warmer interglacials.

History repeats itself

Today, open vistas once again dominate the landscape. This time they were sculpted by humans rather than a cooling climate. The changing environment means new ecological opportunities – and vacancies – have been left by the great number of species that have gone extinct.

The open landscapes of today mirror the impacts of the Ice Age. Forest cover is reduced, grass and scrub cover the North and South islands.
Lubbe et al, 2025, CC BY-SA

Correspondingly, many new species have naturalised on our shores. Welcome swallows, royal spoonbills, Australian coots, spur winged plovers and white-faced herons started making their home here during the 1930s to 50s.

Silvereyes have been here longer, first reported during the 1850s, while glossy ibis and barn owl only started breeding here this century. All likely flew across the Tasman to settle here.

Some arrivals seem to serve as ecological replacements of a kind. The kāhu (swamp harrier) is a stand-in for the now-extinct Eyles’ harrier and Haast’s eagle. The poaka (pied stilt) is a common sight where kakī once dominated. And Australian coots proliferate where New Zealand coots once waded.

Native habitats for native birds

These birds are following ancient patterns and processes. Where new opportunities appear, new organisms will rise to fill them. Our highly modified ecosystems are responding in the only way open to them, with exotic species expanding their range to take advantage of empty ecological niches – job vacancies in the ecosystem.

Indeed, these invasions are likely to become more frequent as species distributions shift in a warming climate. As our native species decline under threats of habitat loss and predation by mammalian pests, they will be ecologically replaced by other species.

Left to their own devices, Aotearoa’s plants and animals will look different in the future. The unique species that have called these islands home for millions of years will increasingly be replaced by more generalist species from elsewhere.

The good news is that in predator-free native bush, endemic birds can outcompete introduced species.

The route to protecting our native species in a fast changing world remains as clear as ever – protect and restore native habitat and eradicate mammalian predators.

Pascale Lubbe currently receives funding from the Marsden Fund.

Michael Knapp has received funding from The Royal Society of New Zealand (Rutherford Discovery Fellowship).

Nic Rawlence receives funding from the Marsden Fund.

– ref. Loss of forests brought new birds to NZ during the last Ice Age – we’re witnessing a similar process now – https://theconversation.com/loss-of-forests-brought-new-birds-to-nz-during-the-last-ice-age-were-witnessing-a-similar-process-now-248523

MIL OSI Analysis – EveningReport.nz –

February 19, 2025

MIL-OSI Russia: Financial news: On holding auctions on February 19, 2025 to place OFZ issues No. 26245RMFS and No. 26247RMFS

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

For bidders

We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

Name of the Issuer	Ministry of Finance of the Russian Federation
Name of security	federal loan bonds with constant coupon income
State registration number of the issue	26245RMFS from 08.05.2024
Date of the auction	February 19, 2025
Information about the placement (trading mode, placement form)	The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code	CO26245RMFS9
ISIN code	RO000A108EG6
Calculation code	B01
Additional conditions of placement	The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time	Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

Name of the Issuer	Ministry of Finance of the Russian Federation
Name of security	federal loan bonds with constant coupon income
State registration number of the issue	26247RMFS from 08.05.2024
Date of the auction	February 19, 2025
Information about the placement (trading mode, placement form)	The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code	CO26247RMFS5
ISIN code	RO000A108EF8
Calculation code	B01
Additional conditions of placement	The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Trading time	Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

Contact information for media 7 (495) 363-3232Pr@moex.kom

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.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //VVV. MEEX.K.M.M.

MIL OSI Russia News –

February 19, 2025

MIL-OSI Economics: Inclusive Innovation: The role of AI in accessibility and neurodiversity

Source: Microsoft

Headline: Inclusive Innovation: The role of AI in accessibility and neurodiversity

When Anthony Moufarrege speaks about accessibility, his words carry the weight of lived experience. As Diversity and Inclusion Coordinator at Australia Post and someone who has Cerebral Palsy as well as mild dystonia and dyslexia, Moufarrege understands that even small workplace adjustments can make a world of difference.

“There’s a common misconception that workplace adjustments need to be large or complex, but small changes can also have a profound impact for someone with a disability,” he says. “These changes can provide equal opportunities and enable them to thrive alongside their able-bodied peers.”

For example, everyone can experience the more obvious benefits of AI such as meeting recaps and the ability to ask it further questions following a call. For most, this is simply a helpful time saver – but for a person with a physical disability who has spent their entire career using speech-to-text to transcribe meeting notes from memory, the impact is much more profound.

For Moufarrege, generative AI tools like Microsoft 365 Copilot aren’t just productivity enhancers – they’re enablers of inclusion and empowerment.

Anthony Moufarrege, Diversity and Inclusion Coordinator, Australia Post

“As someone with dyslexia, I find Copilot’s grammar-checking feature invaluable. It helps me ensure my work is grammatically correct, allowing me to efficiently produce professional and polished outputs,” he explains.

“I no longer have to allocate extra time following meetings to organise my notes and thoughts because I can query meeting transcripts at any time, which also reduces the mental load that neurodiverse people like myself often experience.”

Moufarrege shares how Copilot has opened communication for his colleagues who are deaf or have a hearing disability, both in virtual meetings and in-person.

“It wasn’t a use case I initially thought of but when meeting with these colleagues in person, I talk into the Copilot app on my phone and it will relay the message in text,” said Moufarrege.

Australia Post began adopting Copilot in October 2023 as part of Microsoft’s Early Access Program (EAP), which included members of its Accessibility Matters Employee Resource Group. After a successful trial, Australia Post has now expanded to 3,000 licenses.

Copilot is also now offered within Australia Post’s Workplace Adjustment program. This program ensures all team members have access to a simple and dignified process for accessing adjustments to support them in their career.

Empowering individuality and innovation

Julian Ockford is a Rail Operations Planner at professional services company GHD. As someone with dyslexia, Julian would previously labour over every word when writing things like emails or reports. Using Copilot has helped him write with more clarity and confidence, while it also learns his individual style of communication, which Julian says is valuable to ensure it is still authentic to him.

“I’m also feeling more prepared for meetings than previously because I can use AI to quickly search across all organisational content and conversations to ensure I haven’t missed anything. It helps to distil down content to manageable detail and remove the noise,” said Ockford.

“Recently I had to create a technical safety report. Instead of spending a lot of time searching through past documents – which can be overwhelming, particularly if you are neurodiverse – I used Copilot to review similar reports and summarize them into a new, simplified template. This included all the key clauses, saving me hours or even days of work, but most significantly reducing the mental load that I often experience.”

GHD’s Chief Technology Officer Andrew Kaddatz says the company is focused on creating an environment that enables every employee to thrive. This includes the accessibility and neurodiversity community, as well as people who have a temporary disability – such as a shoulder operation that restricts the ability to type. Kaddatz says they have seen a clear impact for these people being able to return to work faster.

He also explains that the company has embraced a facilitation-led model rather than prescribing how tools like Copilot should be used.

“Our team includes many curious individuals, particularly scientists and engineers, who thrive on self-led exploration,” said Kaddatz. “The freedom to experiment and share their experiences creates a sense of pride and collaboration. It’s this flexibility that’s driving many of the wellbeing and accessibility benefits we’re seeing from Copilot.”

However, Principal Geotechnical Engineer at GHD, Martin Griffin, cautions that AI use shouldn’t diminish your identity at work, so that you suddenly sound like or work like everyone else.

Martin Griffin, Principal Geotechnical Engineer at GHD

“When Copilot first became available, I was cautious. As someone with autism and a disability, I consider my different way of thinking as a superpower and what’s uniquely me that I can bring to the team and to solving problems. So, this concept of trying to ‘fix it’ with AI did not sit well with me – it needs to be about enhancing what we already bring,” said Griffin.

“I am a visual thinker, so I usually start with an image or mindmap and build text around it. One use case that I’ve found interesting is using Copilot to convert PowerPoint content into Word or vice versa, while quickly shortening or lengthening so it still works with how I think.”

Putting people first

Generative AI’s potential to create more accessible and inclusive workplaces is especially critical in Australia, where there are 5.5 million people – more than 21 per cent of the population – with disability.

“The best advice I can offer is to listen to your people,” said Moufarrege. “When they have the opportunity to share their experiences and express how vital workplace adjustments are to their success, we can drive meaningful change that enables us to have the same opportunities as everyone else.”

MIL OSI Economics –

February 19, 2025
MIL-OSI: Grupo Bolsa Mexicana de Valores Partners With IPC to Deploy Beeks Technology to Simplify the Process of Onboarding New Participants Into the Market
Source: GlobeNewswire (MIL-OSI)
- The launch of a new infrastructure for co-location reduces entry barriers for market participants, facilitating their operation in the Mexican financial markets.
- Deployment includes a primary site and an alternate site in Mexico City to provide greater security for all participants.
MEXICO CITY and GLASGOW, United Kingdom, Feb. 18, 2025 (GLOBE NEWSWIRE) — Grupo Bolsa Mexicana de Valores (BMV), with more than 130 years of experience, and IPC, a leading company in technology and services related to global financial markets, announced the signing of an agreement to launch the advanced Beeks’ technology infrastructure. The deployment includes primary and disaster recovery sites in Mexico City, providing a secure solution to support BMV’s market growth and innovation.

With the launch of this new infrastructure, set to go live in the second half of 2025, BMV will provide secure and scalable co-location services to its clients. This will allow clients to host their operations directly on the platform, eliminating the need for a proprietary site.

“This agreement allows us to deliver cutting-edge technology, with a low-latency infrastructure deployed locally in Mexico City. We are well-positioned to meet the evolving needs of our market participants, remain at the forefront of innovation and as a leader in the region.” said Jorge Alegría, CEO of Grupo BMV.

The agreement was signed with IPC as the contracting party; Beeks will manage end-to-end deployment of the Exchange infrastructure. Leveraging Beeks’ extensive expertise and proven technology, BMV members will benefit from a robust, flexible, and secure solution designed specifically for capital markets.

“Beeks technology offers a dedicated, fully managed infrastructure for exchanges and trading venues worldwide,” said Gordon McArthur, CEO of Beeks Group. “We are proud to partner with BMV and leverage our established relationship with IPC to deliver cutting-edge solutions to the financial markets. This two-site deployment will ensure resiliency, security and scalability, supporting BMV’s ambitions for growth and innovation in the market.”

IPC’s Tito Singh, CRO added: “This is a great example of the strength of our partnership strategy, working with the best suppliers to support our customer first approach. It reinforces our long-term relationship with Beeks and our ongoing collaboration to deliver innovative, market-leading solutions in the industry.”

By deploying Beeks technology, BMV is well positioned to attract liquidity, drive market access and reinforce its position as a leader in Latin America’s financial ecosystem.

About Grupo Bolsa Mexicana de Valores

The Mexican Stock Exchange with more than 130 years of experience makes it possible for the securities and derivatives market to operate in Mexico, through a group of leading companies that offer services in the capital, derivatives and debt markets, as well as post-trade services, information products and added value.

To learn more, visit www.bmv.com.mx/en/Grupo_BMV.

About IPC

IPC Systems, a leader in technology and specialized services that has driven global financial markets for more than 50 years, is at the forefront of next-generation e-commerce connectivity and cloud communications, setting the standard for exceptional service, innovation, and expertise.

IPC’s customer-centric approach is enhanced by an extensive and diverse financial ecosystem that spans all asset classes and connects market participants anywhere in the world to improve communication, collaboration, and compliance. Global services include e-commerce, business communications, and infrastructure-as-a-service solutions.

IPC is ideally positioned to anticipate change and stay aligned with rapidly changing markets, and to empower clients to adapt to change, now and in the future.

For more information, visit ipc.com

About Beeks

Beeks is a trusted technology partner offering a secure and scalable private infrastructure designed specifically for the financial markets. Our platform operates exclusively in dedicated environments, ensuring unprecedented compliance, performance, and control for capital markets participants.

With a focus on low-latency infrastructure-as-a-service, Beeks supports the trading activities of global banks, financial exchanges, asset managers, brokers, and independent software providers. Our solutions are independent of public cloud providers, yet fully compatible with hybrid configurations, offering a flexible, on-demand operating model with no costly upfront costs.

Beeks provides expert support 24 hours a day, seven days a week and a scalable infrastructure that evolves with your business needs, enabling fast time to market with deployments in days, not months. Our innovative offerings, including Beeks Analytics to improve data analytics and performance, demonstrate our commitment to delivering excellence and driving fintech growth.

To learn more about Beeks Group and its offerings, visit beeksgroup.com.

Media Contact

Martina Vargas on behalf of IPC
T: (352) 282-1294
marti@capvstrategies.com

The MIL Network –
February 19, 2025
MIL-OSI: Visited App Releases List of Top Travel Destinations in 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — The travel app, Visited, by Arriving In High Heels Corporation, has published a travel report which showcases top travel trends around the world with highlight of 2024 travels.

Visited is a travel tracking app, which lets users map out their travel journey, mark famous places visited on travel lists and helps with trip planning for their itinerary feature. It is the ultimate travel bucket list planning app, as it has over 150 travel lists available from ancient sites to golf destinations. The app is available in 30 languages for both iOS or Android and is free to download.

According to Visited’s travel stats, the average global traveler has been to 18 countries. While American travelers have been to 23. Travelers from the United Arab Emirates have visited the most countries, with an average of 30 countries visited. Swiss and Finnish travelers came in second and third as the most well-traveled. The most popular countries to visit are France, Spain, Italy, Germany, the UK, and the U.S.

The most sought-after places to visit are Australia, Japan, New Zealand and Brazil. The top destinations that American travelers want to travel to include Australia, Greece, and New Zealand. The highest numbers of American users have traveled to Mexico, Canada, France, the UK, and Italy.

The most popular travel destinations in the world in 2024 were in Europe, while the U.S. is in 12^th spot, Turkey is in 10^th spot and Thailand is in 15^th spot. For American travelers, 2024 saw the UK, Portugal and Japan topping the list of the most visited countries.

The most popular travel lists are world wonders, capitals of the world and culinary experiences.

The travel report was compiled based on 2.4 million international users and over 300,000 U.S. users. To see more top travel lists and browse top destinations worldwide, download Visited on iOS or Android. For the full travel report, visit https://visitedapp.com/travel-report-results/

To learn more about the Visited app, visit https://visitedapp.com.

About Arriving In High Heels Corporation

Arriving In High Heels Corporation is a mobile app company with apps including Pay Off Debt, X-Walk, and Visited, their most popular app. Visited Media provides customized travel research services to travel companies.

Contact Information

Anna Kayfitz

anna@arrivinginhighheels.com

The MIL Network –

February 19, 2025
MIL-OSI: WSO2Con 2025 to Showcase How Enterprises Can Embrace ‘Platformless Modernization’ to Drive Innovation
Source: GlobeNewswire (MIL-OSI)

Austin, TX, Feb. 18, 2025 (GLOBE NEWSWIRE) — WSO2Con 2025 will empower enterprises to embrace ‘Platformless Modernization’ by showcasing real-world strategies, expert insights, and innovations that simplify development, accelerate digital transformation, and future-proof IT infrastructures. Keynotes, customer stories and technical discussions during the three-day event will explore and deep-dive into how enterprises can transform digital innovation by eliminating the complexities of traditional platforms either by adopting an enterprise-grade internal developer platform or leveraging software-as-a-service offerings to build your own. The event will take place from March 18 to 20, 2025, in Barcelona, Spain, at the Palau de Congressos de Catalunya.

Delivering a platform experience without the complexity

Platformless modernization aims to redefine how organizations build, deploy, and manage applications. Traditional platforms often come with operational overhead, requiring businesses to maintain infrastructure and navigate complex configurations. A platformless approach removes these burdens, making the platform layer invisible to developers, so they can focus on just building innovative applications and providing better digital experiences to their customers and users.

At WSO2Con 2025, WSO2 executives and industry experts will explore what platformless modernization means for enterprises, offering insights into:
- How businesses can deliver developer-friendly experiences without the overhead of managing platforms
- Strategies for enabling rapid, secure, and scalable application development powered by API management, integration, and identity solutions
- The role of internal developer platforms (IDPs) in modernizing software delivery with AI, Kubernetes, and cloud-native architectures
Insightful keynotes and customer success stories

The conference will feature a distinguished lineup of keynote speakers. In his opening keynote, WSO2’s Founder and CEO, Dr. Sanjiva Weerawarana will discuss the vision for platformless modernization with WSO2 technical experts providing in-depth sessions on how platformless is shaping the future of integration, API management and identity & access management.

Jeremy Schneider, Senior Partner & Co-Head of Global Software & High-Tech Practice, McKinsey and Company will provide a framework for navigating evolution in the digital economy in his keynote Every Company is a Software Company. In other keynote presentations, Amy Bingham, vice president & chief information officer at Pekin Insurance will share learnings on how Pekin turned a challenging year of unprecedented setbacks into a story of resilience, rebuilding, and long-term success in an increasingly unpredictable world. Jonathan Pearl, executive director – technology product management at financial services company, BNY Mellon, will explore the power of APIs and how they can be used to drive modernization, innovation and collaboration – both internally and externally. He will discuss the key principles and best practices for designing, building, discovering and governing APIs, as well as the cultural and organizational changes needed to successfully support an API first strategy.

Registration for WSO2Con 2025 is still open with a flash sale from February 18 to 21, 2025. To register and view the full agenda, visit https://wso2.com/wso2con/2025/.

About WSO2

Founded in 2005, WSO2 is the largest independent software vendor providing open-source API management, integration, and identity and access management (IAM) products. WSO2’s products and platforms—including our next-gen internal developer platform, Choreo—empower organizations to leverage the full potential of APIs for secure delivery of digital services and applications, enabling thousands of enterprises in over 90 countries globally to drive their digital transformation journeys. Our open-source, API-first approach frees developers and architects from vendor lock-in, enabling rapid digital product creation. Recognized as leaders by industry analysts, WSO2 has over 800 employees worldwide with offices in Australia, Brazil, Germany, India, Spain, Sri Lanka, the UAE, the UK, and the US, with USD100M in annual recurring revenue. Visit https://wso2.com to learn more. Follow WSO2 on LinkedIn and X (formerly Twitter).

Trademarks and registered trademarks are the properties of their respective owners.

###

The MIL Network –
February 19, 2025
MIL-OSI: Customer reviews help Rightworks collect nine G2 Winter 2025 badges
Source: GlobeNewswire (MIL-OSI)

NASHUA, N.H., Feb. 18, 2025 (GLOBE NEWSWIRE) — Rightworks, the only intelligent cloud service provider of solutions purpose-built for accounting firms and professionals, is proud to announce its OneSpace platform was awarded nine badges in G2’s Winter 2025 Reports. The recognition marks Rightworks’ 15th consecutive quarter being awarded top honors in G2’s market reports, the world’s largest and most trusted software marketplace.

Rightworks OneSpace earned the following recognition in G2’s Winter 2025 Reports:
- Leader
- Leader — Small-Business
- High Performer (for OneSpace Firm)
- High Performer
- High Performer — Mid-Market
- High Performer — Small-Business
- Users Love Us
- Best Support — Mid-Market
- Easiest To Do Business With
“Earning a spot in a G2 Report is a testament to the positive experiences of real users,” said Sydney Sloan, CMO of G2. “Congratulations to Rightworks for their inclusion in G2 Reports for the winter 2025 season, powered by their customers’ authentic reviews.”

Rightworks achieved Leader and High Performer recognition after receiving positive reviews from verified users compared to similar products in each category. In G2’s Winter 2025 Reports, just 4% of the Software & Services received a Leader badge.

“We are honored to begin the new year receiving high ratings from G2 and our customers. As the accounting profession enters another busy tax season, equipping our customers with powerful and purpose-built solutions is our highest priority,” said Joel Hughes, CEO of Rightworks.

More than 100 million people annually use G2 to make smarter software decisions based on authentic peer reviews.

Visit Rightworks’ G2 page to read user reviews and learn more.

Connect with Rightworks
Visit our newsroom; read our blog; and follow us on LinkedIn, Facebook and Instagram.

About Rightworks
Rightworks enables accounting firms and businesses to significantly simplify operations and expand their value to clients via our award-winning intelligent cloud and learning resources. This is possible with Rightworks OneSpace, the only secure cloud environment purpose-built for the accounting and tax profession, and Rightworks Academy, the premier community for firm optimization, growth and professional development. The Academy offers access to thought leadership, events, peer communities and extensive learning resources. Founded in 2002, we’ve grown to serve over 10,000 accounting firms in the US—from single practitioners to Top 10 firms. For more information, please visit rightworks.com or follow us on LinkedIn, Facebook and Instagram.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b83c827a-2cf4-4b92-900e-aef9a6b45949

The MIL Network –
February 19, 2025
MIL-OSI: Coalesce Announces Top System Integrator Partners for 2024

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Feb. 18, 2025 (GLOBE NEWSWIRE) — Coalesce, the data transformation company, today announced its 2024 Systems Integrator (SI) Partners of the Year, recognizing top partners across North America, Europe-Middle East-Africa (EMEA), and Australia-New Zealand (ANZ) for their outstanding contributions to customer success, data innovation, and solution development. These partners have demonstrated deep expertise in the Coalesce platform, delivering scalable and impactful data solutions for organizations worldwide.

“Our SI partners play a critical role in the success of our customers, and we’re thrilled to recognize this year’s standout partners for their expertise and commitment to helping organizations unlock the full potential of their data,” said Courtney Heithoff, Director of SI Alliances at Coalesce.

And the winners are:

U.S. Partner of the Year – Hakkoda

Hakkoda has been recognized as the U.S. Partner of the Year for its deep commitment to helping enterprises modernize their data strategies using Coalesce. With a strong focus on Snowflake and next-generation data architectures, Hakkoda has consistently delivered exceptional value to customers, leveraging Coalesce’s metadata-driven automation to streamline data transformation and enable organizations to get the most out of their Snowflake investment.

“We are proud to be recognized as Coalesce’s U.S. SI Partner of the Year for the second consecutive year,” said Ryan Tucker, Chief Revenue Officer and co-founder of Hakkoda. “This achievement reflects our joint commitment to delivering innovative, high-impact solutions and helping our clients simplify and accelerate their data architectures with the best tools the Modern Data Stack has to offer. We are excited to continue our collaboration with Coalesce to solve some of the gnarliest challenges in the modern data landscape, and are confident we will continue to drive success and growth for our joint clients in the years ahead.”

U.S. Emerging Partner of the Year – phData

phData has earned the U.S. Emerging Partner of the Year award for its rapid adoption of Coalesce and its ability to drive innovative, scalable data solutions. By integrating Coalesce’s automation-first approach with its robust data engineering and analytics capabilities, phData has helped organizations unlock new efficiencies in their data engineering workflows.

“This award is a testament to the strong partnership we’ve built and the impact we’ve delivered together for our joint customers,” said Sam Mehlhaff, SVP of Marketing and Partnerships at phData. “We’re grateful for the collaboration with the Coalesce team and look forward to driving even more success in 2025.”

EMEA Partner of the Year – Nextview Consulting

Nextview Consulting has been named EMEA Partner of the Year for its outstanding expertise in data strategy, governance, and digital transformation. Nextview has played a crucial role in driving adoption of Coalesce’s platform in the region, helping customers simplify complex data workflows and optimize performance.

“Winning the European Partner of the Year is a testament to our team’s dedication to delivering best-in-class data solutions,” said Ralph Knoops, Managing Data and Analytics Consultant at Nextview. “Coalesce’s platform has been instrumental in our ability to drive efficiency and innovation for our clients.”

EMEA Emerging Partner of the Year – Kemb

Kemb has been recognized as the EMEA Emerging Partner of the Year for its rapid growth and strong execution in data modernization initiatives. By leveraging Coalesce’s metadata-driven approach and intuitive feature set, Kemb has helped organizations across the region modernize their data environments with speed and precision.

“Coalesce has revolutionized how our clients approach data transformation and significantly improved the way they create and update their business logic,” said Konstantin Wemhöner, CDO at Kemb. “We’re excited to continue growing our partnership and helping even more organizations achieve data excellence.”

ANZ Partner of the Year – FIRN

FIRN has been awarded ANZ Partner of the Year for its leadership in bringing Coalesce’s transformative data solutions to the Australia-New Zealand region. FIRN’s expertise in cloud data platforms and commitment to customer success have made it a driving force in the adoption of Coalesce across the region.

“This recognition highlights our commitment to building business value and driving customer growth through innovation, collaboration, and impactful solutions,” said Nick Lupis, Managing Director at FIRN. “We look forward to continuing our successful partnership.”

Commitment to Partner Success

Coalesce’s SI Partner Program is designed to empower partners with the technology, training, and support needed to drive successful data initiatives for their customers. As organizations scale their data operations at an accelerating pace, Coalesce remains committed to fostering strong partnerships that enable successfully delivering data projects now, and in the future.

For more information about Coalesce’s SI Partner Program, visit https://coalesce.io/partners.

Resources
Follow Coalesce on LinkedIn and YouTube
Partner websites: Hakkoda, phData, Nextview Consulting, Kemb, FIRN

About Coalesce
Coalesce revolutionizes data transformations to accelerate the delivery of data projects. Recognizing data transformation’s critical role in the analytics lifecycle, we’ve created an inclusive developer platform that automates most SQL coding without sacrificing flexibility. Our platform boosts data team efficiency tenfold, allowing faster data pipeline development while empowering organizations to concentrate on extracting maximum value from their data. Discover more at Coalesce.io.

The MIL Network –

February 19, 2025
MIL-OSI United Kingdom: Flagship North Paddington Community Hub to launch this Spring | Westminster City Council

Source: City of Westminster

Westminster Council’s flagship Community Hub will launch in North Paddington in March. The new facility at Ernest Harris House will bring services and support into the heart of the local community.

Community Hubs are a central part of the council’s commitment to building a Fairer Westminster, by making it easier for residents to access activities and support in their area. They act as a single front door where residents can get advice on housing, finances, employment & benefits, and IT literacy. The council launched two mini-hubs at Victoria Library and Charing Cross Library last year.

The Exchange at Ernest Harriss House will be Westminster’s first full Community Hub and will provide local residents with access to a wide range of activities, services, and support, tailored to the needs of the community. Operated by the trusted North Paddington Foodbank, an established local charity with a strong track record of supporting the community, The Exchange will collaborate with a range of partners to ensure the hub meets the diverse needs of its users.

Proposed activities available at this centre include coffee mornings, lunch clubs, health and wellbeing activities for older people, income, housing and employment advice, homework clubs, baking and cooking workshops, recovery group sessions, arts and crafts, community health groups and advice services.

This initiative represents the culmination of 18 months of collaboration between the council, local residents, and partners. Community members have been instrumental in co-designing the hub, influencing everything from its design and materials to the activities on offer and even the selection of the operator. The co-design process reflects the Council’s commitment to working differently under the Fairer Westminster plan, placing community voices at the heart of decision-making.

Councillor Cara Sanquest, Cabinet Member for Communities, said:

“I’m really pleased that Westminster City Council is opening a brand new Community Hub in the heart of North Paddington. This new public space will provide a place for local people in some of our most deprived wards to speak to council staff face to face, and to access support from the foodbank, as well as an exciting programme of cultural and social activities and support.

I’m proud that this new hub has been co-designed with local residents. We spoke with over 400 residents to find out they would like at the community hub, and I’m excited that we have been able to give local people real decision making power to shape the services and support in their local area.”

Thomas Delap, Chief Executive, North Paddington Foodbank, said:

“The opening of The Exchange at Ernest Harriss House is a major step in tackling poverty, reducing health inequalities, and creating a truly welcoming space for everyone in the community. At NPFB, we’re proud to be leading this initiative—offering not just vital support, but opportunities for people to try something new or simply connect with friends over coffee. The hub will be a place where residents can access the help they need, engage in a rich cultural programme, and build lasting relationships—a true celebration of our diverse community.”

MIL OSI United Kingdom –

February 19, 2025
MIL-OSI: First Bank Welcomes Joe Shearin, President, Greater Richmond Market

Source: GlobeNewswire (MIL-OSI)

STRASBURG, Va., Feb. 18, 2025 (GLOBE NEWSWIRE) — First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”) is pleased to announce the addition of Joe Shearin as President, Greater Richmond Market. Joe will lead First Bank’s strategic efforts across Richmond, Southside Virginia, and northern North Carolina. He will be responsible for community impact and all lines of business banking and business development in the expanded footprint, following the 2024 merger with Touchstone Bank.

Joe brings over 40 years of banking experience and is retired President and CEO of Sonabank/Southern National Bancorp (formerly EVB/Eastern Virginia Bankshares). During Joe’s tenure as President and CEO of Sonabank, he successfully led the company through major economic conditions, while growing the bank from approximately $500 million in assets to over $3.4 billion when he retired.

“We are thrilled to have a banker of Joe Shearin’s experience and caliber join our team. He is a proven community leader, and with his banking expertise and knowledge of the greater Richmond and Southside Virginia communities, this is a tremendous win for First Bank,” said Scott C. Harvard, CEO of First National Corporation and First Bank. “We believe banking is a people business, and Joe is a known and trusted advisor to his clients and in the community. His experience clearly aligns with our culture and strategic commitment to growth in the Richmond region and beyond.”

Joe was appointed in 2023 by Governor Glen Youngkin as the Executive Director of the Small Business Financing Authority (VSBFA). The VSBFA is dedicated to providing essential financing programs that support businesses, not-for-profits, and economic development authorities with the financing necessary for economic growth and expansion throughout the Commonwealth. In addition, Joe is the Founder and CEO of Jamescrest Consulting Group, whose mission is to assist organizations develop strategies to help improve their efficiencies, productivity, and profitability. A graduate, and now trustee, of North Carolina Wesleyan University, Joe has served as board member for Infinex Financial Services, Virginia Bankers Association, and director and previous chairman of Virginia Association of Community Banks. Currently he is director and Chairman of the Board for Community Bankers Bank. Joe is very active in the community, serving with many non-profit organizations.

“As a long-time Prince George and Richmond area resident, I am excited about the opportunity to lead true community banking here. First Bank understands what is important to our current clients and is eager to share those values with new and existing customers,” Joe stated. “While the banking industry in the Tri-Cities market is competitive, we feel the flexibility and efficiency that First Bank provides are key aspects of how we do business and do it well. Our team is focused on delivering community banking with a personal touch and a commitment to service.”

Joe and his team stand prepared to meet the banking needs of small businesses, corporations, real estate investors, individuals, municipalities, and non-profits alike.

Harvard added, “Joe adds to already impressive roster of leadership in our growing Richmond area market. His experience fully aligns with our culture and our focus on positioning First Bank for transformational growth in greater Richmond and beyond. We are excited about the significant contributions he will bring to First Bank.”

First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community, and thirty-three bank branch office locations located through the Shenandoah Valley, the south-central regions of Virginia, the Roanoke Valley, the Richmond MSA, and in northern North Carolina. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc, which owns an interest in an entity that provides title insurance services.

CONTACTS

Scott C. Harvard
President and CEO
(540) 465-9121
sharvard@fbvirginia.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d129ef30-5acb-4c96-b0a0-51f51dc1babc

The MIL Network –

February 19, 2025
MIL-OSI Global: Surfer’s ear: the condition that might leave wild swimmers and surfers with hearing loss

Source: The Conversation – UK – By Dan Baumgardt, Senior Lecturer, School of Physiology, Pharmacology and Neuroscience, University of Bristol

Surfer’s ear happens when growths develop on the bones of the auditory canal. speedshutter Photography/ Shutterstock

Cold water swimming, paddleboarding and surfing are all popular pastimes – with millions of people in the UK regularly participating in at least one type of outdoor watersport each year.

But those bravely breaking the waves may not realise they could actually be putting themselves at risk of hearing loss due to external auditory canal exostosis – better known as surfer’s ear.

Surfer’s ear affects the auditory canal – the thin tube which conveys sound waves from our surroundings, channelling them towards the sensory organs which generate our sense of hearing.

These inner portions of the ear are shielded by bone. This is because the anatomical structures that turn air pressure waves into sounds – the eardrum, ossicles and cochlea – are very small, very sensitive and would be easily and irreparably damaged if not protected.

Ideally, our ear canals should be clear and unobstructed. Sure, sometimes they can get clogged up with wax and even sometimes foreign bodies can work their way inside (such as peas, plasticine or even bugs).

Read more:
What bodily secretions like blood, wax and tears can tell us about our health

But surfer’s ear causes an obstruction of the ear canal in a different manner. Growths start to develop on the bone which lines the auditory canal.

As these growths continue to develop, they push into the canal – effectively narrowing the space inside. In doing so, this can prevent the conduction of sound waves getting through to the eardrum. One symptom patients with surfer’s ear may notice as a result is hearing loss.

Other associated problems may arise, too. The ear canal produces wax. Any narrowing of the canal will more easily retain wax, but also water – not just from swimming, but from wet weather or taking a shower. An accumulation of both in the canal can worsen hearing loss and raise the risk of developing an ear infection.

But what causes surfer’s ear in the first place?

The cause appears to lie in repeated exposure to cold water and high winds – which most surfers encounter while riding a wave, or tumbling off one. It appears to be a problem unique to humans, perhaps because of the configuration of their ears.

While researchers aren’t entirely sure why cold exposure causes the bone to grow abnormally, it’s possible that the ear’s natural response to prolonged cold (which irritates the eardrum) is to create a bigger shield for it. Cold water and wind may stimulate bone cells called osteoblasts, causing new bone to grow – offering more protection.

It’s important to note that surfer’s ear is different from swimmer’s ear – a condition which you may be more familiar with. Though both can arise from water immersion.

Swimmer’s ear, also called otitis externa, is a form of ear infection. It typically results in pain and discharge, and can arise from water accumulating in the ear canal, which then acts as a breeding ground for bacteria. Narrowing of the ear canal can worsen the problem, so swimmer’s ear can also be associated with surfer’s ear.

Surfer’s ear is distinct from swimmer’s ear, where water accumulates in the ear canal.
PeopleImages.com – Yuri A/ Shutterstock

It’s estimated that 3-6% of the general population may have some form of exostosis. But the condition does appear to overwhelmingly affect surfers – with one systematic review finding the condition affected an average of around 68% of surfers.

However, surfer’s ear is not unique to surfers. Any sport which exposes an athlete to cold water and wind might result in the same effect. These include wild or outdoor swimming, windsurfing and kayaking.

There’s also a cultural and geographical difference in prevalence across the globe. It’s estimated that 10% of Australians surf, and potentially raising the risk.

You don’t even have to venture into the water to develop surfer’s ear, either. Some research suggests people living near the coast have an increased risk of developing surfer’s ear as they’re more likely to be exposed to cold winds. Other cases have been observed in patients without a clear cause.

The condition might also be more common in males – though this may be due to a larger proportion of men participating in both the sport and the research.

Preventing surfer’s ear

Some research suggests that using earplugs while in the water can help reduce cold exposure to the ear and lower the risk. There are also specialised hooded wetsuits and bands that can worn as further protective measures.

Surfer’s ear appears to be a long-term complication, and is more likely to develop from regular exposure, not just an occasional cold water dip. More than ten years of surfing appears to be associated with a greater risk, and more severe canal obstruction.

For patients who develop severe symptoms – such as hearing loss and persistent ear infections – surgery may be required. The operation, called a canalplasty, involves chiselling or drilling away the excess bone to widen the canal again. Surfers should avoid heading back into the waves for two to three months after the operation until the site has properly healed.

There’s some indication surfer’s ear may be on the rise – though this could also be because we’re getting better at diagnosing it and nowadays more surfers are aware of the condition.

The risk of developing surfer’s ear in one or both ears is sadly real. Unfortunately, it appears that only by abstaining from surfing can the condition be averted.

So if you do plan to go out into the wind and water – whether that’s surfing, paddleboarding or wild swimming – don’t forget your earplugs.

Dan Baumgardt does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Surfer’s ear: the condition that might leave wild swimmers and surfers with hearing loss – https://theconversation.com/surfers-ear-the-condition-that-might-leave-wild-swimmers-and-surfers-with-hearing-loss-249201

MIL OSI – Global Reports –

February 19, 2025
MIL-OSI: Regula Software Now Supports the Latest Standard for Biometric Passport Verification

Source: GlobeNewswire (MIL-OSI)

RESTON, Va., Feb. 18, 2025 (GLOBE NEWSWIRE) — With its latest update, Regula Document Reader SDK, a comprehensive software solution for identity document verification, ensures 100% support for the new ISO/IEC 39794-5 standard regulating the methods of facial data storage and verification in e-passport chips. According to the ICAO guidelines, all document readers and verification systems must be compatible with the new standard by 2026, with passport issuers required to fully adopt the new format by 2030.

The ISO/IEC 39794-5 standard introduces an enhanced framework for facial image data, significantly improving interoperability, processing speed, and recognition accuracy across different identity verification (IDV) systems worldwide. Unlike the previous ISO/IEC 19794-5:2005 standard, which primarily stored a basic facial image, the new format records additional metadata, including detailed facial landmarks, precise eye and hair color, and other biometric attributes.

Regula Document Reader SDK correctly extracts and verifies facial data encoded in the e-passport chip under the new ISO/IEC 39794-5 standard

Why this matters

The richer set of pre-stored reference points eliminates the need for separate face detection and feature extraction during verification. Instead of calculating key facial points from scratch, IDV systems can use the pre-recorded metadata, accelerating processing times and ensuring consistent, high-quality recognition results—regardless of the local algorithm used for comparison. This standardization guarantees that a person’s face in their passport will be consistently and accurately verified across different countries, improving global interoperability.

Apart from that, the ISO/IEC 39794-5 standard implements a flexible framework for future extensions. This means that as new attributes or enhancements are introduced in the future, all systems supporting this standard will remain fully functional without requiring urgent updates—unlike the current situation, where all IDV systems would need to be updated to accommodate new data formats.

Preparing for the transition

Although the current ISO/IEC 19794-5:2005 will remain valid, the industry has started the transition period, and businesses worldwide should be ready to process the new format data before 2026.

Regula’s long-standing expertise in secure RFID chip reading and trustworthy data verification ensured smooth adaptation to the new standard even prior to its coming into force. The company’s participation in the recent testing event in Australia demonstrated its ability to correctly extract, interpret, and verify biometric facial data encoded according to ISO/IEC 39794-5. This means that identity verification systems using Regula’s software are future-proofed against compatibility issues that could arise as countries transition to the new format.

In addition, the new standard will require organizations from banks to border control to update their passport readers with software that fits this standard. Regula’s IDV software is compatible with most document readers on the market and can be easily used with any device model. This implies a seamless transition to the new standard without replacing existing hardware, ensuring a cost-effective and hassle-free upgrade.

“The shift to ISO/IEC 39794-5 is a major step forward in improving compatibility and efficiency in biometric verification. With more detailed metadata now embedded in e-passports, identity verification systems can achieve faster processing and more accurate recognition results. Our expertise in RFID chip processing ensures that Regula’s technology is already fully equipped to support this transition, providing organizations with seamless, future-proof solutions that help them stay in line with regulatory changes,” says Ihar Kliashchou, Chief Technology Officer at Regula.

To get additional information about the latest update to Regula Document Reader SDK, read the technical documentation. If you are interested in learning more about how Regula processes RFID chip data, visit the official website.

About Regula

Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the most comprehensive library of document templates in the world, we create breakthrough technologies for document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

Learn more at www.regulaforensics.com.

Contact:
Kristina – ks@regulaforensics.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c509aaf2-d68d-4366-a3a5-25560e7c4c54

The MIL Network –

February 19, 2025
MIL-OSI Economics: Christopher J Waller: Disinflation progress uneven but still on track rates cuts on track as well

Source: Bank for International Settlements

Thank you, Bruce, and thank you for the opportunity to speak to you today. It’s great being back in Sydney and seeing old friends-like the Opera House!

As I look at the U.S. economy today, I see that the real side is doing just fine but progress on lowering inflation has come in fits and starts.¹ After two good months of inflation data for November and December, January once again disappointed and showed that progress on inflation remains uneven. I continue to believe that the current setting of monetary policy is restricting economic activity somewhat and putting downward pressure on inflation. If this winter-time lull in progress is temporary, as it was last year, then further policy easing will be appropriate. But until that is clear, I favor holding the policy rate steady.

Spending by households and businesses has proved to be resilient, we have solid growth in real gross domestic product (GDP) and the latest data on employment, including revisions to most of 2024, support the view that labor market is in a sweet spot. Meanwhile, last week’s January inflation data have a similar feel to that of January 2024, albeit to a smaller degree; they surprised on the high side and raised concerns that the progress we made in pushing inflation toward our 2 percent goal would stall out. But once we got past the first quarter of last year, we did see continued progress in reducing inflation in the latter part of the year. The question now is if we will see progress again later this year, as we did in 2024.

Progress on inflation is an important consideration in policymakers’ judgment about whether monetary policy needs adjustment in the near term. The continued solid labor market is one reason why I supported the Federal Open Market Committee’s (FOMC) decision at the end of January to hold our policy rate steady. After two good inflation reports for November and December there was concern about a January bounce back in inflation. So based on good labor market data and concerns about a seasonal shock to inflation not fully adjusted in the data, I felt it was prudent to stand pat at our January meeting. Given last week’s inflation report, that concern was warranted.

Let me pause here for a moment to address some commentary after the FOMC meeting that cited uncertainty about the new Administration’s policies as a leading reason for that decision. We must keep in mind that there is always a degree of uncertainty about economic policy, and we need to act based on incoming data even when facing great uncertainty about the economic landscape. We have done this in the past and will continue to do so in the future.

Let me provide two recent examples where the FOMC acted in the face of great uncertainty. In March 2022, inflation was roaring, and rate hikes were on the table. Then Russia invaded Ukraine, which created tremendous economic uncertainty around the globe. Not only did the FOMC raise the policy rate in March 2022 for the first time since 2019, but in subsequent meetings we also implemented large rate hikes for several meetings. We could not wait for uncertainty about the war to be resolved.

The second episode was in March of 2023 when stresses emerged in the U.S. banking system, stemming in part from the failures of Silicon Valley Bank and Credit Suisse, with the latter occurring the weekend before our March FOMC meeting. There was great uncertainty as to whether these events would lead to financial instability and a significant contraction of credit that could trigger a recession. Many forecasters projected a recession would hit in the second half of 2023 as a result. Consequently, there were calls to stop hiking the policy rate due to a tremendous amount of financial and banking uncertainty. But the Federal Reserve worked in concert with other government agencies and used its financial stabilization tools to deal with the banking issues and continued raising the policy rate to deal with inflation.² So the moral of this story is that monetary policy cannot be put on hold waiting for these types of uncertainty to resolve.

Putting uncertainty aside, let me turn to my view of the economic data. As I noted, real GDP continued to grow solidly in the fourth quarter, at a pace of 2.3 percent, and would have been nearly 1 percentage point stronger without a reduction in inventories, which tend to be volatile. Personal consumption expenditures (PCE), which are typically two-thirds of GDP, grew a robust 4.2 percent in the fourth quarter. As was noted in the Fed’s latest Monetary Policy Report to Congress, households have a solid level of liquid assets to sustain their spending. Based on the limited data we have for the first quarter of 2025 this solid growth seems to be continuing. The employment report for January, which I will focus on in a moment, indicated a continued strong labor market, which should support consumption. Retail sales are reported to have fallen back in January after a strong rise in December, but given how volatile these data can be, and given that the cold weather in January probably held down sales, I’m not putting much weight on that reading for the time being. Business sentiment, as reflected in surveys of purchasing managers in both manufacturing and non-manufacturing, was among the most consistently positive in a while. The index for manufacturing businesses was 50.9, the first time since October 2022 that these results topped 50, as sentiment indicators about orders, production, and employment were all expanding. The corresponding index for the large majority of businesses outside manufacturing also indicated expansion, as it has for some time. The Blue Chip consensus of private forecasters and the Atlanta Fed’s GDP Now forecast based on the data in hand predict growth this quarter similar to that of the end of last year. To circle back to my message earlier, many people predicted that tariffs proposed by the Administration on February 1 would have a significant effect on trade and consumption in the first quarter, not to mention prices, but after the postponement of some of those tariffs, it is unclear to me if and when that might show up in the data. I will, of course, be watching closely, but I haven’t altered my outlook based on what has been implemented to date.

As I noted earlier, data on the labor market indicate that it is in a good spot, with employers having an easier time filling jobs than earlier in the expansion but with still ample demand for new workers and new jobs being created. The unemployment rate ticked down to 4 percent, which is just about where it has been for the past year. Employers added a net 143,000 jobs in January, down some from a 204,000 average for the final three months of 2024 but right around the 133,000 average for the quarter before that. Two factors that may have held down this number a bit were cold weather and the fires in Los Angeles, which prevented thousands of people from getting to or performing their jobs. Beyond payrolls, the ratio of job vacancies to the number of unemployed people stands at 1.1, close to the level before the pandemic.

Wage growth continues to be strong, and it has considerably outpaced price increases, but is down from two years ago, and for a few reasons, I don’t judge recent data as indicating that wages are a factor preventing inflation from making continued progress toward 2 percent. Though the January reading of average hourly earnings was a bit elevated, this series is pretty volatile and the reading may have been held up by weather-related issues. Smoothing through the monthly fluctuations, we see wage growth fairly steady at 4 percent a month over the past year. Broader measures of worker compensation show a more distinct moderation in growth. The Labor Department’s employment cost index has fallen gradually but consistently from 4.2 percent at the end of 2023 to 3.8 percent at its last reading.

As for whether 4 percent wage growth is consistent with 2 percent inflation, I will note, as I have before, that productivity has grown at roughly a 2 percent annual rate since the advent of the pandemic-and slightly faster than that in 2023 and 2024. Unless that productivity trend changes a lot, wage growth is consistent with bringing inflation down to 2 percent.

Turning to inflation, last week’s data taken as a whole were mildly disappointing but not nearly so disappointing as a focus on the consumer price index (CPI) alone would have indicated. Total CPI inflation for January came in hot at 0.5 percent, and core was 0.4 percent, which brings the 12-month changes to 3.0 percent and 3.3 percent, respectively. These 12-month readings are lower than we had in January 2024, so we have made some progress over the past year, but they are still too high.

However, we also received producer price data last week, and, combining that information with the CPI data, forecasts for January PCE inflation aren’t as alarming as the CPI inflation data. Estimates for total PCE inflation, the FOMC’s preferred measure, are about 0.3 percent and that for core PCE inflation was around 0.25 percent. These numbers will mean a bump-up in the monthly pace of core inflation of about one-tenth of 1 percentage point from readings of under 0.2 percent in November and December. And this would leave the 12-month and 6-month average core PCE inflation around 2.6 percent and 2.4 percent, respectively. These rates are lower than where they stood in January 2024, which is good, but progress has been slower than I expected on reducing inflation to our 2 percent target.

As a policymaker, I rely on these data to help me judge how close we are to meeting our inflation target. And I’m thinking hard about how to interpret these recent numbers because there seems to be some pattern over the past few years of higher inflation readings at the start of the year. This pattern brings into question whether the inflation data have “residual seasonality,” which means that statisticians have not fully corrected for some apparent seasonal fluctuations in some prices. Many firms reset their prices at the beginning of each year, and the Commerce Department tries to factor this in, but even after this adjustment, there is a consensus among economists that some seasonality remains. Incidentally, this probably isn’t just a problem in January. Some recently updated research by the Fed staff shows that inflation in the first months of the year has been higher than in the second half for 16 of the last 22 years.³ I’m alert to this issue and will watch the data over the next few months to evaluate if we are having what looks like a repeat of high first quarter inflation data that could be followed by lower readings later in the year.

Before I get to my outlook for monetary policy, I want to address a topic of some debate recently, which is the divergence between long-term interest rates and the FOMC’s policy rate since we started cutting rates in September. While the FOMC has reduced the policy rate 100 basis points since then, yields on the benchmark 10-year Treasury security have increased by a noticeable amount. In theory, longer-term rates should follow the expected path of the overnight policy rate set by the FOMC. But this relationship is based on the classic economic assumption of ceteris paribus, or “all other factors remaining constant.” The 10-year Treasury security trades in a deep, liquid global market, and its yield is affected by a variety of factors other than the path of the policy rate. This means that all other factors are not constant and that the 10-year Treasury yield may not follow the federal funds rate.

Perhaps the most famous example of the divergence of market interest rates and policy rates began in the mid 2000’s. The FOMC was tightening monetary policy from 2004 to 2006 and raised the policy rate 425 basis points. Over that time, Treasury yields barely moved. This was so surprising that Fed Chairman Alan Greenspan referred to it as a “conundrum.” At about the same time, future Chair Ben Bernanke identified what he called a “global savings glut” that was pushing up foreign demand for Treasury securities and putting downward pressure on yields. Over time, this has come to be seen as a significant factor for the conundrum then and as a factor for low Treasury yields subsequently. This example is just to illustrate that the 10-year Treasury yield may not respond to the policy rate as expected because of a variety of factors that are beyond the control of the FOMC.

So, what does my economic outlook mean for monetary policy? The labor market is balanced and remarkably resilient. If you want an example of a stable labor market with employment at its maximum level, it looks a lot like where we are right now. On the other side of the FOMC’s mandate, inflation is still meaningfully above our target, and progress has been excruciatingly slow over the last year. This tells me that we should currently have a restrictive setting of policy, as we do-to continue to move inflation down to our goal-but that setting should be getting closer to neutral as inflation moves closer to 2 percent and should allow the labor market to remain in a good place.

So for now, I believe a pause in rate cuts is appropriate. Assuming the labor market continues to be in rough balance, I can wait and see if the higher inflation readings in January moderate, as they have in the past couple of years. If so, I’ll have to decide if this reflects residual seasonality that will go away later in the year and if the underlying trend in inflation is toward 2 percent, or if there is a different issue holding up inflation and how that may play out. Whichever case it may be, the data are not supporting a reduction in the policy rate at this time. But if 2025 plays out like 2024, rate cuts would be appropriate at some point this year.

And while we are waiting on data to understand how the economy is moving relative to our objectives, we will learn more about Administration policies. My baseline view is that any imposition of tariffs will only modestly increase prices and in a non-persistent manner. So I favor looking through these effects when setting monetary policy to the best of our ability. Of course, I concede that the effects of tariffs could be larger than I anticipate, depending on how large they are and how they are implemented. But we also need to remember that it is possible that other policies under discussion could have positive supply effects and put downward pressure on inflation. At the end of the day, the data should be guiding our policy action-not speculation about what could happen. And if the incoming data supports further rate cuts or staying on pause, then we should do so regardless of how much clarity we have on what policies the Administration adopts. Waiting for economic uncertainty to dissipate is a recipe for policy paralysis.

MIL OSI Economics –

February 19, 2025
MIL-OSI Asia-Pac: Director-General of Office for Attracting Strategic Enterprises visits Auckland and Sydney to promote Hong Kong’s advantages (with photos)

Source: Hong Kong Government special administrative region

Director-General of Office for Attracting Strategic Enterprises visits Auckland and Sydney to promote Hong Kong’s advantages (with photos)
Director-General of Office for Attracting Strategic Enterprises visits Auckland and Sydney to promote Hong Kong’s advantages (with photos)
******************************************************************************************

The Director-General of the Office for Attracting Strategic Enterprises (OASES), Mr Peter Yan, today (February 18) began his visit to Auckland, New Zealand, and Sydney, Australia, to promote Hong Kong’s latest developments and new opportunities in the innovation and technology (I&T) industry. These include sectors of artificial intelligence and data science, life and health technology, advanced manufacturing and new energy technology, and financial technology, with the aim of attracting potential strategic enterprises to establish their presence in Hong Kong. Upon arrival in Auckland today, Mr Yan met with various senior representatives of local I&T enterprises to gain insights into the latest local technological developments and trends, and exchange views on potential collaboration opportunities between Hong Kong and Auckland. Mr Yan also shared OASES’s unique role and support functions with the business leaders, and discussed with them their intentions and plans for setting up or expanding in Hong Kong. During the meetings, Mr Yan said, “Hong Kong is the world’s freest economy, the third-largest international financial centre, and the seventh-most digitally competitive city globally. Additionally, Hong Kong is the only Asian city with five universities in the world’s top 100, and features world-class research institutions, top-notch professional services and a highly skilled talent pool. On top of these unique advantages, Hong Kong also embraces the role of connecting both Mainland China and overseas countries, serving as a ‘super connector’ and ‘super value-adder’, making it the most convenient and efficient gateway for New Zealand and Australian enterprises to enter Mainland China.” Tomorrow (February 19) and February 20, Mr Yan and an OASES representative will meet with more I&T enterprises in Auckland and Sydney. They will also visit industry chambers, I&T investment and financial institutions, and professional services organisations in both places to discuss opportunities for financial and investment exchanges as well as I&T collaborations between Hong Kong and the two cities to foster interaction between talent and industries within the I&T sector. Through these meetings, Mr Yan aims to reinforce OASES’s connections with Auckland and Sydney, and encourage more strategic enterprises to establish a presence in Hong Kong. Mr Yan will depart for Hong Kong in the afternoon on February 20 (Sydney time).

Ends/Tuesday, February 18, 2025Issued at HKT 19:00

NNNN

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: Enhance Strengths and Thrive through Innovation and Connectivity (with photos)

Source: Hong Kong Government special administrative region

The Commissioner of Customs and Excise, Mr Chan Tsz-tat, chaired Customs’ 2024 year-end press conference held at the Customs Headquarters Building today (February 18) to review the department’s law enforcement results and sustainability in the provision of trade and clearance facilitation during the year. Mr Chan also outlined that, while carrying on its fine tradition of providing simple and efficient customs clearance that makes Hong Kong a trading and logistic hub for different sectors, the department will actively adopt new technology, adjust enforcement strategies and reinforce collaboration with other customs administrations to enhance enforcement efficiency. Hong Kong Customs will continue its efforts to strengthen and uphold its leading role in customs affairs and combat cross-boundary crimes in the Asia-Pacific region.

Overall enforcement situation
———————————

     In 2024, a total of 31 242 cases were detected, an increase of 63 per cent from the 2023 figure. About 68 per cent of the cases are related to illicit cigarettes, followed by cases related to dangerous drugs and intellectual property rights infringement.

Illicit cigarettes
——————

     On the anti-illicit cigarette operation front, the number of detected cases in 2024 increased by 80 per cent to 21 284 cases from 2023, with 614 million cigarettes seized, representing a 6 per cent drop as compared to the figure for 2023.

     The significant increase in the number of illicit cigarette cases stemmed from a huge surge in cases involving inbound persons bringing in cigarettes exceeding the duty-free concessions by imposing a penalty on offences compoundable. Such cases rocketed by 94 per cent to 19 072 cases from 2023. Moreover, 40 large-scale illicit cigarette smuggling cases were detected last year, which was the same as 2023.

     In addition, 2 451 cases involving alternative smoking products, with seizures of over 12 million pieces of relevant products, including electronic cigarettes and heat-not burn products, and 2 255 arrestees in total, were detected last year.

Dangerous drugs
——————-

     In 2024, 1 363 drug cases were detected, which was about the same as the 2023 figure. A total seizure of about 6.3 tonnes of drugs was made, representing a drop of 33 per cent from 2023.

     The five major drug seizures in order of quantity were cannabis (2 874.8 kilograms, a 22 per cent increase), ketamine (1 202.8kg, a 34 per cent decrease), methamphetamine (“Ice”) (1 111.7kg, a 50 per cent decrease), cocaine (711.4kg, a 64 per cent decrease) and MDMA (Ecstasy) (149.6kg, a 3 per cent decrease) compared to the figure for 2023.

     Customs noticed that drug syndicates resume to traffic drugs by exploiting inbound air passengers, and the number of such cases and seizure quantity showed a noticeable upward trend, with 113 relevant cases detected and 988kg drugs seized last year, representing an increase of 38 per cent and a 1.9-fold increase as compared to figures for 2023. Moreover, etomidate (the main ingredient of “space oil drug”) was put under control of the Dangerous Drugs Ordinance on February 14, and Customs has stepped up enforcement efforts to combat the dangerous drug on various fronts.

Smuggling
————

     A total of 233 smuggling cases with a seizure value of $4.340 billion in total were detected last year, representing an increase of 5 per cent and 37 per cent from 2023 respectively.

     Smuggling syndicates still mainly conduct smuggling activities by sea. Apart from making use of barges, speedboats and fishing vessels, Hong Kong Customs also found criminals using river trade vessels to smuggle large amounts of goods to nearby Mainland cities and Macao, or even adopting more circuitous routes by shipping goods overseas and then re-exporting them to the Mainland to evade the department’s detection.

Money laundering
——————–

     Customs last year detected eight money laundering cases with $19 billion involved.

Intellectual property rights
——————————

     Customs detected 783 intellectual property rights infringement cases last year, representing an annual increase of 11 per cent. The seizure value of infringing items increased 7 per cent to around $309 million (4 million items) as compared to the figure for 2023.

     As for Internet infringement, 130 cases were detected, representing an increase of 29 per cent from 2023.

     Customs last year applied the “communication right” under the Copyright Ordinance for the first time to detect a case of unauthorised communication of live football matches to the public by a restaurant in the course of business.

Consumer protection
————————

     Customs last year received 12 436 complaints regarding suspected cases of violating the Trade Descriptions Ordinance (TDO), a drop of 34 per cent from 2023. Among them, 11 601 complaints were handled:

(i) Detailed investigations have been made on 7 492 complaints;

(ii) The remaining 4 109 complaints have been closed since they were not in contravention of the TDO, or have been referred to other relevant departments or institutions for follow-up actions.

     There were 3 003 complaints involving fitness services last year, accounting for 47 per cent of the total number of complaints regarding services and an increase of 14-fold from 2023. This was mainly due to the announcement of business temporary closure of a chain fitness and beauty centre.

     Complaints on medicine shops involving quantities of unclear pricing units in selling ginseng and dried seafood, or Chinese medicine (also known as cases concerning catty, tael and mace) or sale of proprietary medicines slightly decreased to 497 cases in total, among which 86 percent were made by Mainland tourists. The department’s Quick Action Team has been deployed to handle and follow up with complaints by short-term visitors to Hong Kong, and 208 such complaints were handled last year, with 11 shop owners and staff arrested. Customs is also committed to conducting promotion and education through multiple channels, informing Mainland visitors about common unfair trade practices by medicine shops, deploying mobile promotion vehicles at popular tourist hotspots during festivals, conducting patrols with the Travel Industry Authority, and promoting compliance among traders.

Clearance and trade facilitation
———————————–

     Customs has continued to facilitate clearance and trade and implement various related measures.

(i) Since the full resumption of normal travel with the Mainland, the number of inbound and outbound passengers and vehicle trips at each control point was about 300 million and about 14.9 million. The number of inbound and outbound passengers has recovered to the number before the 2019 epidemic, while the number of vehicle trips has recovered to about 95 per cent. To further enhance clearance mode, Customs is actively participating in the redevelopment project of the boundary control point in Huanggang taken forward by the HKSAR Government and the Shenzhen Municipal Government, and will provide suggestions on the design and clearance mode of the boundary control point. Details are still under discussion.

(ii) Based on the Smart Customs Blueprint, Customs has given full play to the advantages of innovative technologies, such as artificial intelligence, cloud computing and blockchain, and has introduced nine CT scanners that provide high-resolution three-dimensional scanning images and the function of automatically detecting contrabands, improving customs clearance efficiency and law enforcement capabilities. Also, the department is researching on the Customs Big Data Application System that could strengthen the capabilities to detect and crack down on smuggling and other crimes related to Customs through an integrated database.

(iii) Customs actively expands the global network of the Hong Kong Authorized Economic Operator (AEO) Mutual Recognition Arrangement (MRA). Last year, Customs signed the AEO MRAs with the Bahrain and the South African Customs. The MRAs with Saudi Arabia and the Philippines Customs are expected to be signed in early 2025. As of now, there are a total of 16 MRAs ratified between Hong Kong Customs and other economies. AEO MRA Action Plans with the United Arab Emirates, Lao, Chilean and Peruvian Customs were also concluded last year, while the discussion about MRA with other countries along the Belt and Road Initiative is ongoing.

(iv) Hong Kong Customs and the General Administration of Customs of the People’s Republic of China (GACC) actively enhanced the “Single Submission for Dual Declaration” Scheme. The Scheme was expanded to southbound cargo at all Shenzhen highway ports in November last year, and is planned to cover northbound cargo by the second quarter of 2025 or earlier. Under the Scheme, companies can synchronise cargo information declared with the system on the Mainland through the Hong Kong system, significantly reducing customs clearance time and possible declaration input errors. The Scheme is conducive to the design of system functions of the third phase of Hong Kong Trade Single Window.

(v) Last year, Hong Kong and Mainland Customs actively extended the Single E-lock Scheme. As of December last year, the number of clearance points under the scheme has reached 93, including 66 in Guangdong, four in Hunan, six in Fujian, four in Macao and 13 in Hong Kong, providing the industries with more than 1 000 cross-boundary route options. Hong Kong Customs and the Nanning Customs are looking into extending the scheme to Guangxi.

(vi) To cope with the rapid development of the global electronic commerce industry, Customs launched the Cross-boundary Express Cargo Clearance Facilitation Arrangement (CEFA), providing an innovative customs clearance model of “free flow through the first line and efficient control at the second line” to qualified logistics providers. A Memorandum of Understanding with an express courier company was signed at the end of last year, marking the official commencement of the CEFA. As of December last year, over 2 000 cargo vehicle trips and 470 000 declared goods were facilitated under the CEFA.

Strengthen Mainland and international co-operation
———————————————————-

     Hong Kong Customs last year continued to reinforce connection with both the Mainland and the world, promoting two-way or multi-way communication and collaboration with different regions. These included meeting with the GACC on customs affairs and signing a co-operative arrangement about drug detector dogs; cohosting a conference on combating illicit cigarettes with the Australian authority; organising forums and workshops on combating money laundering and transnational organised crimes, and risk management and intelligence analysis with overseas law enforcement agencies.

     The co-operation between Hong Kong Customs and customs and enforcement agencies around the world has a long history, and the Customs Co-operative Arrangement (CCA) serves as the cornerstone for establishing and maintaining these co-operative relationships. As of last year, Hong Kong Customs signed the CCA with 31 customs authorities worldwide. Hong Kong Customs also signed a CCA with the Zakat, Tax and Customs Authority of Saudi Arabia and is actively seeking co-operation with other Middle East countries.

     Since assuming the office of the Vice-Chairperson for the Asia/Pacific (A/P) region of the World Customs Organization (WCO) in July last year, Hong Kong Customs has hosted a series of global or regional meetings and workshops, covering areas such as combatting illicit cigarettes, canine enforcement and anti-money laundering, and gathered representatives from around the world to communicate and exchange views on relevant issues, hence strengthening co-operation among law enforcement agencies in the region.

Human resources
——————–

On manpower recruitment, the department continued to adopt an active recruitment strategy last year, including participating in large-scale career fairs and organising seminars, promoting recruitment through social media platforms, visiting different tertiary institutions to facilitate on-the-spot applications. Mainland Hong Kong students are one of the target groups for Customs recruitment. The department held recruitment seminars on the Mainland in March last year and received more than 290 applications on the spot. Last year, more than 8 400 applications were received for the recruitment of Customs Inspectors, an increase of 12 per cent compared with 2023. About 9 600 applications were received for the recruitment of Customs Officers, representing an about 13 per cent increase compared with 2023. Last year, 82 Customs Inspectors and 355 Customs Officers were recruited. The department will continue its recruitment exercise to fill vacancies this year.

     To strengthen officers’ training in various professional aspects, co-operative Memoranda of Understanding were also signed with the National Academy of Governance, the Vocational Training Council and the University of Hong Kong last year.

Youth development
———————-

     Customs continues with its commitment to youth development work. By end-2024, Customs YES recruited 7 935 individual members and 58 organisation members, and held over 490 activities. In addition, a 40-person Foot Drill and Flag Party of the Customs Youth Leader Corps, the first youth group under the Security Bureau to perform Chinese-style rifle foot drill, was set up last year.

Future development
———————–

     Hong Kong Customs, as the Vice-Chairperson for the A/P region of the WCO, will continue to foster connection, and promote trade facilitation measures and development in the A/P region by continuing to organise large-scale meetings and workshops on multiple topics this year, including data strategies, e-commerce and Smart Customs.

Furthermore, Hong Kong Customs has suggested introducing a duty stamp system to differentiate and crack down on duty-not-paid illicit cigarettes during a public consultation on tobacco control by the Health Bureau (HHB). A consultancy study on the duty stamp system was launched by Hong Kong Customs, the Financial Services and the Treasury Bureau and the HHB, and the report has been completed by end-2024. Affixing duty-paid labels on the packages of cigarettes is proposed. Based on the report, Hong Kong Customs will invite cigarette manufacturers to participate in a pilot scheme on the duty stamp system to assess the feasibility and technical issues concerning the stamp duty system, which will help with Customs’ improvement work and the implementation of the system in future. The pilot scheme is expected to be rolled out in mid-2025, while the system is expected to be officially launched within 2026. Hong Kong Customs will announce the details to the industry and the public in due course.

Conclusion
————

     Concluding his briefing, Mr Chan pledged that the department will continue to leverage Hong Kong’s distinctive advantages of enjoying strong support of the motherland and being closely connected to the world under “one country, two systems” to consolidate Hong Kong’s status as an international financial, shipping and trade centre.

MIL OSI Asia Pacific News –

February 19, 2025
MIL-OSI Asia-Pac: APEDA showcases India’s Organic Legacy at BIOFACH 2025 with leading Organic exporters from across India

Source: Government of India (2)

In a celebration of India’s rich agricultural heritage and the growing demand for sustainable farming, the Agricultural and Processed Food Products Export Development Authority (APEDA) organized participation of Indian exporters under India Pavilion at BIOFACH 2025 held from February 11 to 14, 2025 at Messezentrum in Nuremberg, Germany. The APEDA India pavilion at BIOFACH 2025 was inaugurated by Shri Shatrughna Sinha, Consul General of India, Munich along with Shri Abhishek Dev, Chairman, APEDA.

The event also marked the signing of a Letter of Intent (LoI) between APEDA and Nuremberg Messe on 11.02.2025 to make India the Partner Country of the Year at BIOFACH 2026. The LoI, signed by Ms. Victoria Vehse, Vice President and Member of the Management Board for Nuremberg Messe and Shri Abhishek Dev, Chairman APEDA in the presence of Shri Shatrughna Sinha, Consul General, Consulate General of India, Munich. The signing was a defining moment in the long-standing partnership between India and BIOFACH, with India previously holding the esteemed Partner Country title in 2012. It also sets the stage for India to take the spotlight in this global event next year and present INDIA’s strength as the organic food basket for the world at BIOFACH 2026.

The India pavilion at this year’s event showcased a vast array of organic products including pulses, spices, rice, processed foods and essential oils. The thoughtfully curated display not only highlighted India’s agricultural prowess but also invited visitors to experience the deep-rooted cultural narratives that had shaped India’s organic farming tradition.

To showcase the vast diversity of organic food products and offerings from India, APEDA facilitated the participation of more than 20 co exhibitors including exporters, FPOs and State Government Organisations showcasing a vibrant display of products like Rice, Oilseeds, Herbs, Spices, Pulses, Cashew, Ginger, Turmeric, Large Cardamom, Cinnamon Mango Puree, Essential Oils amongst others.

At the India pavilion, apart from display of a wide range of organic products, Attendees were invited to journey through the vibrant flavours and aromas of India, with curated food tastings designed to evoke the essence of India’s organic bounty. From the fragrant, aromatic Biryani, made with premium organic Basmati rice and exotic spices, to the calming and immune-boosting properties of a Golden Turmeric Latte, every dish served as a celebration of India’s organic offerings. In addition, the pavilion featured live cooking demonstrations, where visitors savoured a range of authentic Indian dishes such as Millet Dosa.

Furthermore, the cultural experience at the India Pavilion extended beyond the culinary delights, with visitors being treated to Henna Art, a symbol of India’s rich cultural diversity and artistic expression. This cultural element provided a tangible connection to India’s centuries-old traditions, bridging the gap between sustainable farming and the broader cultural heritage that defined the nation.

As the world increasingly shifts its focus toward sustainability and eco-friendly living, APEDA’s participation at BIOFACH 2025 reinforced India’s role as a global leader in organic agriculture. With a rapidly growing organic market, India remains committed to offering high- quality, sustainably produced products that meet international standards. This commitment was further exemplified by APEDA’s focused approach to supporting Indian exporters, ensuring they are equipped to meet the demands of a global market that is progressively seeking more sustainable and organic food solutions. Amongst the Non-European Nations, India had the highest participation at the event.

APEDA’s Pavilion at BIOFACH 2025 demonstrated the best of India’s organic excellence which was found in the products on display, the stories of exporters from the entire length and breadth of the country and their shared commitment to a healthier and more sustainable future.

India’s organic farming sector with its deep-rooted history and evolving future is ready to take centre stage once again at BIOFACH 2026. As global attention turns to India’s agricultural innovations, APEDA aims to forge collaborations and partnerships that would pave the way for India to become the world’s most trusted and sought-after source of organic food products.

***

Abhishek Dayal/Abhijith Narayanan

MIL OSI Asia Pacific News –

February 19, 2025

MIL-OSI: BlackRock® Canada Announces February Cash Distributions for the iShares® ETFs

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 18, 2025 (GLOBE NEWSWIRE) — BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (NYSE: BLK), today announced the February 2025 cash distributions for the iShares ETFs listed on the TSX or Cboe Canada which pay on a monthly basis as well as XIU. Unitholders of record of a fund on February 25, 2025 will receive cash distributions payable in respect of that fund on February 28, 2025.

Details regarding the “per unit” distribution amounts are as follows:

Fund Name	Fund Ticker	Cash Distribution Per Unit
iShares 1-10 Year Laddered Corporate Bond Index ETF	CBH	$0.049
iShares 1-5 Year Laddered Corporate Bond Index ETF	CBO	$0.051
iShares S&P/TSX Canadian Dividend Aristocrats Index ETF	CDZ	$0.112
iShares Equal Weight Banc & Lifeco ETF	CEW	$0.059
iShares 1-5 Year Laddered Government Bond Index ETF	CLF	$0.032
iShares 1-10 Year Laddered Government Bond Index ETF	CLG	$0.037
iShares S&P/TSX Canadian Preferred Share Index ETF	CPD	$0.058
iShares US Dividend Growers Index ETF (CAD-Hedged)	CUD	$0.079
iShares Convertible Bond Index ETF	CVD	$0.072
iShares Global Monthly Dividend Index ETF (CAD-Hedged)	CYH	$0.080
iShares Canadian Financial Monthly Income ETF	FIE	$0.040
iShares U.S. Aggregate Bond Index ETF	XAGG	$0.105
iShares U.S. Aggregate Bond Index ETF⁽¹⁾	XAGG.U	$0.061
iShares U.S. Aggregate Bond Index ETF (CAD-Hedged)	XAGH	$0.091
iShares Core Canadian Universe Bond Index ETF	XBB	$0.079
iShares Core Canadian Corporate Bond Index ETF	XCB	$0.069
iShares ESG Advanced Canadian Corporate Bond Index ETF	XCBG	$0.119
iShares U.S. IG Corporate Bond Index ETF	XCBU	$0.121
iShares U.S. IG Corporate Bond Index ETF⁽¹⁾	XCBU.U	$0.076
iShares Core MSCI Global Quality Dividend Index ETF	XDG	$0.061
iShares Core MSCI Global Quality Dividend Index ETF⁽¹⁾	XDG.U	$0.042
iShares Core MSCI Global Quality Dividend Index ETF (CAD-Hedged)	XDGH	$0.060
iShares Core MSCI Canadian Quality Dividend Index ETF	XDIV	$0.115
iShares Core MSCI US Quality Dividend Index ETF	XDU	$0.064
iShares Core MSCI US Quality Dividend Index ETF⁽¹⁾	XDU.U	$0.044
iShares Core MSCI US Quality Dividend Index ETF (CAD-Hedged)	XDUH	$0.059
iShares Canadian Select Dividend Index ETF	XDV	$0.114
iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)	XEB	$0.057
iShares S&P/TSX Composite High Dividend Index ETF	XEI	$0.111
iShares Core Canadian 15+ Year Federal Bond Index ETF	XFLB	$0.111
iShares Flexible Monthly Income ETF	XFLI	$0.193
iShares Flexible Monthly Income ETF⁽¹⁾	XFLI.U	$0.145
iShares Flexible Monthly Income ETF (CAD-Hedged)	XFLX	$0.179
iShares S&P/TSX Capped Financials Index ETF	XFN	$0.140
iShares Floating Rate Index ETF	XFR	$0.066
iShares Core Canadian Government Bond Index ETF	XGB	$0.050
iShares Global Government Bond Index ETF (CAD-Hedged)	XGGB	$0.040
iShares Canadian HYBrid Corporate Bond Index ETF	XHB	$0.074
iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)	XHD	$0.083
iShares U.S. High Dividend Equity Index ETF	XHU	$0.080
iShares U.S. High Yield Bond Index ETF (CAD-Hedged)	XHY	$0.084
iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged)	XIG	$0.070
iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged)	XIGS	$0.122
iShares S&P/TSX 60 Index ETF	XIU	$0.275
iShares Core Canadian Long Term Bond Index ETF	XLB	$0.062
iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)	XPF	$0.071
iShares High Quality Canadian Bond Index ETF	XQB	$0.053
iShares S&P/TSX Capped REIT Index ETF	XRE	$0.065
iShares ESG Aware Canadian Aggregate Bond Index ETF	XSAB	$0.047
iShares Core Canadian Short Term Bond Index ETF	XSB	$0.072
iShares Conservative Short Term Strategic Fixed Income ETF	XSC	$0.057
iShares Conservative Strategic Fixed Income ETF	XSE	$0.053
iShares Core Canadian Short Term Corporate Bond Index ETF	XSH	$0.060
iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF	XSHG	$0.118
iShares 1-5 Year U.S. IG Corporate Bond Index ETF	XSHU	$0.127
iShares 1-5 Year U.S. IG Corporate Bond Index ETF⁽¹⁾	XSHU.U	$0.080
iShares Short Term Strategic Fixed Income ETF	XSI	$0.060
iShares ESG Aware Canadian Short Term Bond Index ETF	XSTB	$0.047
iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged)	XSTH	$0.009
iShares 0-5 Year TIPS Bond Index ETF	XSTP	$0.010
iShares 0-5 Year TIPS Bond Index ETF⁽¹⁾	XSTP.U	$0.007
iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged)	XTLH	$0.117
iShares 20+ Year U.S. Treasury Bond Index ETF	XTLT	$0.125
iShares 20+ Year U.S. Treasury Bond Index ETF⁽¹⁾	XTLT.U	$0.087
iShares Diversified Monthly Income ETF	XTR	$0.040
iShares S&P/TSX Capped Utilities Index ETF	XUT	$0.090

⁽¹⁾ Distribution per unit amounts are in U.S. dollars for XAGG.U, XCBU.U, XDG.U, XDU.U, XFLI.U, XSHU.U, XSTP.U, XTLT.U

Estimated February Cash Distributions for the iShares Premium Money Market ETF

The February cash distributions per unit for the iShares Premium Money Market ETF are estimated to be as follows:

Fund Name	Fund Ticker	Estimated Cash Distribution Per Unit
iShares Premium Money Market ETF	CMR	$0.124

BlackRock Canada expects to issue a press release on or about February 24, 2025, which will provide the final amounts for the iShares Premium Money Market ETF.

Further information on the iShares Funds can be found at http://www.blackrock.com/ca.

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA

About iShares ETFs

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of December 31, 2024, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock.

iShares^® ETFs are managed by BlackRock Asset Management Canada Limited.

Commissions, trailing commissions, management fees and expenses all may be associated with investing in iShares ETFs. Please read the relevant prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional.

Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). TSX is a registered trademark of TSX Inc. (“TSX”). All of the foregoing trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed for certain purposes to BlackRock Fund Advisors (“BFA”), which in turn has sub-licensed these marks to its affiliate, BlackRock Asset Management Canada Limited (“BlackRock Canada”), on behalf of the applicable fund(s). The index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by BFA and by extension, BlackRock Canada and the applicable fund(s). The funds are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, any of their respective affiliates (collectively known as “S&P Dow Jones Indices”) or TSX, or any of their respective affiliates. Neither S&P Dow Jones Indices nor TSX make any representations regarding the advisability of investing in such funds.

MSCI is a trademark of MSCI, Inc. (“MSCI”). The ETF is permitted to use the MSCI mark pursuant to a license agreement between MSCI and BlackRock Institutional Trust Company, N.A., relating to, among other things, the license granted to BlackRock Institutional Trust Company, N.A. to use the Index. BlackRock Institutional Trust Company, N.A. has sublicensed the use of this trademark to BlackRock. The ETF is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no representation, condition or warranty regarding the advisability of investing in the ETF.

Contact for Media:
Sydney Punchard
Email: Sydney.Punchard@blackrock.com

The MIL Network –

February 19, 2025

MIL-OSI Australia: UPDATE: Concern for welfare – Douglas Daly

Source: Northern Territory Police and Fire Services

Northern Territory Police Force have located the body of the 89-year-old male who was reported missing yesterday afternoon in Douglas Daly.

Around 6:05pm, police located the man deceased a short distance from where his vehicle was found abandoned and washed off the Stray Creek Crossing on Fleming Road.

The circumstances are believed to be non-suspicious.

The Search and Rescue Section and Daly River police would like to thank the members of the community for their assistance in this operation and our thoughts are with the family of the man.

MIL OSI News –

February 18, 2025
MIL-OSI United Kingdom: Statement following confirmation of withdrawal of UK Levelling Up fund money
Source: Scotland – City of Perth

Following confirmation from the UK Government that they will be withdrawing the £5m funding awarded to Perth and Kinross Council in March 2024, Council Leader, Councillor Grant Laing, said: “Perth has once again been set aside by the UK Government which seems determined to ignore all that our city has to offer. After finally being awarded funds as part of the UK Levelling Up Fund, at literally the last gasp, the incoming Labour government quickly put our hopes on hold.

“I appreciate that the UK Government is facing financial difficulties, it’s a problem that we share. But, it feels like Perth has felt the lion’s share of this impact because it took so long for us to be recognised as deserving of funding in the first place.

“Despite providing shovel ready projects which would demonstrably have had a beneficial impact on the city centre, the rug has been pulled out from under us and once again Perth has been left without investment while every other Scottish local authority with a city benefitted from Levelling Up Fund support.

“We remain committed to continuing to promote Perth and Kinross and all that it has to offer to all possible funding sources, whether that be public sector or private investors. And, as a Council we will continue to use the limited funding we have available to deliver on local priorities for the benefit of residents and businesses.”

The three projects identified for funding were:
- Lower City Mills – visitor attraction and office space
- Former Ironworks, South St John’s Place – exhibition and UNESCO City of Crafts makers and retail space
- A Taste of Perth and Kinross – High Street micro-producers outlet
MIL OSI United Kingdom –
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: 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: 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 New Zealand: Trump has sent a message on trade: Time to scrap Kiwi tariffs

Source: ACT Party

Responding to President Trump’s announcement of a reciprocal tariff regime, ACT Finance spokesperson Todd Stephenson says:

“ACT has previously argued to scrap our remaining tariffs. President Trump’s announcement makes this urgent.

“New Zealand charges tariffs on imported products like clothing, makeup, biscuits, gardening tools, railway locomotives, and ambulances. Under Trump’s plan, these tariffs would be reflected in tariffs charged on our exports to the US – unless we choose to ditch the tariffs, in which case Trump’s reciprocal tariffs will be lifted.

“It’s a no-brainer. By scrapping our remaining tariffs we can spare local exporters from the cost of a reciprocal American regime. At the same time, we’ll be cutting the cost of popular imported goods for Kiwi households and firms.

“When two countries trade, both are better off. New Zealand has preached the gospel of free trade on the world stage since the 1980s, and it’s time to start practising what we preach.

“It appears possible that Trump’s plan will impose a reciprocal tariff in response to our GST regime. This would impose a significant cost on companies exporting to the US. Abolishing our remaining tariffs would at least somewhat offset this cost.”

MIL OSI New Zealand News –

February 18, 2025
MIL-Evening Report: Having dense breasts is linked to cancer. But advice about breast density can depend on where you live
Source: The Conversation (Au and NZ) – By Jennifer Stone, Principal Research Fellow, School of Population and Global Health, The University of Western Australia

Gorodenkoff/Shutterstock

Having dense breasts is a clear risk factor for breast cancer. It can also make cancers hard to spot on mammograms.

Yet you might not be aware you have dense breasts, even after mammographic screening.

In Australia, advice for women with dense breasts and their health-care professionals can be inconsistent and confusing.

This is because there’s not currently consensus on whether women who have dense breasts, but no symptoms, benefit from further imaging such as ultrasounds. Concerns include potential cost of these tests and the risk they can produce false positives.

What is breast density?

Breasts are made up of fatty tissue and fibroglandular tissue (including glands that make milk, held together by fibrous tissue).

On a mammogram – an x-ray of the breast – fibroglandular tissue appears white and fatty tissue appears dark. The white areas are referred to as breast density.

Fibroglandular tissue shows up white on a mammogram.
Nata Sokhrannova/Shutterstock

A higher proportion of fibroglandular tissue means your breasts are dense.

There are four categories to classify breast density:
- A: almost entirely fatty
- B: scattered areas of fibroglandular density
- C: heterogeneously or consistently dense
- D: extremely dense.
Breast density is very common. Around 40% of women aged 40–74 are estimated to have “dense breasts”, meaning they fall in category C or D.

What’s the link to cancer?

Breast density is associated with the risk of breast cancer in two ways.

First, breast density usually decreases with age. But if a woman has high breast density for her age, it increases her likelihood of breast cancer.

One study looked at the risk of breast cancer over the age of 50. It found there was a 6.2% risk for the one-third of women with the lowest density. For the 5% with the highest density, the risk was 14.7%.

Second, breast density “masks” cancers if they develop. Both cancers and breast density appear white on a mammogram, making cancers very hard to see.

Breast cancer screening saves lives through early detection and improved treatment options. But we don’t yet know if telling women about their breast density leads to earlier cancer detection, or lives saved.

In Australia, screening mammography is free for all women* aged 40 and older. This is run through BreastScreen Australia, a joint national, state and territory initiative. Those aged 50-74 are invited to have a mammogram, but it’s available for free without a referral from age 40.

However, the messages Australian women currently receive about breast density – and whether it’s recorded – depends on where they live.

What does the advice say?

In 2023, the Royal Australian and New Zealand College of Radiologists updated its position statement to recommend breast density is recorded during screening and diagnostic tests in Australia and New Zealand.

Meanwhile BreastScreen Australia says it “should not routinely record breast density or provide supplemental testing for women with dense breasts”. However this position statement is from 2020 and is currently under review.

Some state and territory BreastScreen programs, including in Western Australia, South Australia and soon Victoria, notify women if they have dense breasts. Victoria is currently at an early stage of its roll-out.

While the messaging regarding breast density differs by state, none currently recommend further imaging for women with dense breasts without speaking to a doctor about individual risk.

What are the issues?

Providing recommendations for women with dense breasts is difficult.

The European Society of Breast Imaging recommends women with extremely dense breasts aged 50–70 receive an MRI every two to four years, in addition to screening mammography. This is based on a large randomised controlled trial from the Netherlands.

But the Royal Australian and New Zealand College of Radiologists describes this recommendation as “aspirational”, acknowledging cost, staffing and accessibility as challenges.

That is, it is not feasible to provide a supplemental MRI for everyone in the screening population in category D with extremely dense breasts (around 10%).

Further, there is no consensus on appropriate screening recommendations for women in the category C (heterogeneous density).

We need a national approach to breast density reporting in Australia and to do better at identifying who is most likely to benefit from further testing.

BreastScreen Australia is currently undergoing a review of its policy and funding.

One of its goals is to enable a nationally consistent approach to breast screening practices. Hopefully breast density reporting, including funding to support national implementation, will be a priority.

*This includes those recorded female at birth and who are gender diverse.

Jennifer Stone receives funding from Cancer Council Western Australia and the NHMRC. She is affiliated with the University of Western Australia and the University of Melbourne. She is Co-chair of the Australian Breast Density Consumer Advisory Council and member of the InforMD Alliance (www.informd.org.au).

– ref. Having dense breasts is linked to cancer. But advice about breast density can depend on where you live – https://theconversation.com/having-dense-breasts-is-linked-to-cancer-but-advice-about-breast-density-can-depend-on-where-you-live-249863
MIL OSI Analysis – EveningReport.nz –
February 18, 2025
MIL-OSI Australia: Arrest – Firearm offences – Pinelands
Source: Northern Territory Police and Fire Services

The Northern Territory Police Force has arrested a 34-year-old male and is searching for another person of interest in relation to a stolen motor vehicle, drug offences and firearm offences in Pinelands yesterday afternoon.

About 1:25pm, Fugitive Taskforce members observed a reported stolen motor vehicle parked at a service station on Stuart Highway. Members approached the driver who failed to comply with directions and attempted to flee from police in the vehicle. Members successfully deployed a taser and apprehended the male.

A subsequent search of the vehicle identified a quantity of methamphetamine, cocaine, cannabis, ammunition and an imitation firearm.

He was conveyed to Royal Darwin Hospital for medical assessment and was later charged with:
- Resist Police in execution of duty
- Driving a motor vehicle without consent
- 2 x Possess Schedule 1 dangerous drug – less than traffickable quantity
- Possess Schedule 2 dangerous drug – less than traffickable
- Possess ammunition without a licence
- Possess a prohibited weapon
- Drive a motor vehicle whilst unlicenced
- Breach of bail
He was remanded to appear in Darwin Local Court today.

Police believe another person of interest was in the service station when the arrest was unfolding and fled the scene.

The Fugitive Taskforce has carriage of the investigation.

MIL OSI News –
February 18, 2025
MIL-OSI Australia: Serious crash at Eastwood

Source: South Australia Police

Police are at the scene of a serious crash at Eastwood.

About 4.10pm today (Tuesday 18 February), emergency services were called to Greenhill Road after reports that a car had collided with a pedestrian.

Westbound traffic is down to one lane approaching Glen Osmond Road.

Please avoid the area if possible.

MIL OSI News –

February 18, 2025
MIL-Evening Report: NACC belatedly to investigate whether six Robodebt referrals engaged in ‘corrupt conduct’

Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

The National Anti-Corruption Commission will finally investigate whether six people referred to it by the royal commission into Robodebt engaged in corrupt conduct.

This follows an independent reconsideration by former High Court judge Geoffrey Nettle, who examined the NACC”s original decision not to pursue the referrals.

That decision was highly controversial, bringing a plethora of complaints, and sharp criticism of NACC chief Paul Brereton.

The NACC’s inspector, Gail Furness, found Brereton had not adequately excused himself when the matter was considered. Brereton had delegated the decision-making because he knew one of the people referred professionally, but the inspector found he was still involved in the process.

In its Tuesday statement the NACC said:“The purpose of the investigation is to determine whether or not any of the 6 referred persons engaged in corrupt conduct”.

The names of those referred to the NACC – contained in a sealed section of the royal commission report – were not made public. The sealed section has not been released.

The NACC statement said: “Consistent with its usual practice, the Commission does not publish reasons for commencing an investigation, as doing so may prejudice the investigations, disclose information which the Commission is required by law to keep confidential, compromise investigative pathways and/or unfairly impact reputations and rights of individuals to impartial adjudication.”

The NACC stressed its arrangements would ensure the investigation was “impartial and fair”. Brereton and those deputy commissioners involved in the original decision not to investigate the referrals won’t be part of the investigation.

Robodebt used a flawed system of income averaging to determine debts. The scheme, later found to be illegal, raised $1.76 billion from hundreds of thousands of welfare recipients. But many of the debts were wrong, and eventually the money had to be repaid.

In its findings, the royal commission targeted multiple public officials including ministers who had overseen the scheme (one of them Scott Morrison who as social services minister had been an initiator of it) and public servants.

A number of the bureaucrats who’d been involved with the scheme, including two who had been departmental heads, were later found to have breached the public service code of conduct.

Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. NACC belatedly to investigate whether six Robodebt referrals engaged in ‘corrupt conduct’ – https://theconversation.com/nacc-belatedly-to-investigate-whether-six-robodebt-referrals-engaged-in-corrupt-conduct-250145

MIL OSI Analysis – EveningReport.nz –

February 18, 2025
MIL-OSI: CoinShares Announces Q4 2024 Results
Source: GlobeNewswire (MIL-OSI)

18^thFebruary 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a leading global investment company specialising in digital assets, has today published its results for the quarter ending 31^st December 2024.

Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

“Q4 2024 was arguably the most transformative quarter in digital asset history, marked by groundbreaking policy shifts. It was also one of CoinShares’ strongest quarters since inception, with EBITDA reaching £33.6 million (£109.8 million year-to-date), a 37% increase from Q4 2023 and 116% year-on-year growth.

Over the past three years, we have systematically built a strong foundation, establishing leading platforms in both Europe and the United States. With our infrastructure in place and market position stronger than ever, we are uniquely poised to seize this pivotal moment in digital assets.”

Q4 2024 financial highlights
- Q4 revenue, gains and other income of £48.3 million (Q4 2023: £31.6 million)
- Q4 adjusted EBITDA of £33.6 million (Q4 2023: £24.5 million)
- Total comprehensive income for Q4 2024 of £46.7 million (Q4 2023: £15.8 million)
Full Year 2024 financial highlights
- 2024 revenue, gains and other income of £126.8 million (2023: £76.3 million)
- 2024 adjusted EBITDA of £109.8 million (2023: £50.9 million)
- Total comprehensive income for 2024 of £107.5 million (2023: £38.4 million)
Q4 2024 operational highlights
- CoinShares’ Asset Management division achieved its strongest quarter to date, with the Physical platform seeing notable growth in Q4. Our Physical Staked Ethereum ETP led inflows with $75 million, while our Physical XRP ETP attracted $31 million in new investments. The CoinShares Physical platform’s total assets increased by 54% to $2.3 billion, with our Physical Bitcoin ETP becoming Europe’s largest. Despite outflows in our XBT platform, strong crypto price appreciation drove AuM up by 30% to $3.74 billion. In the U.S., our CoinShares-Valkyrie business line saw positive net flows of $19 million, led by WGMI with $52 million in inflows, amidst a broader U.S. market that saw $16 billion flow into crypto spot, futures, and equity ETPs. The Asset Management division generated £25.3 million in revenue for the quarter and £87.1 million in revenue for the full year 2024.
- The Capital Markets and Hedge Fund Solutions division demonstrated robust performance across all business lines in Q4. Our trading team capitalized on market volatility, while liquidity provisioning saw materially higher flows than previous quarters. The lending book remained stable with a focus on credit quality, and staking activities generated consistent yields between 3-3.5%. Together with gains from our Bitcoin treasury position, the division delivered £21.2 million in Q4, bringing the full year 2024 revenue to £57.4 million.
The performance for Q4 marks one of the Group’s strongest quarter ever and has contributed to 2024 being the second strongest year in the Group’s history after 2021. Full details of the Q4 results, inclusive of financial information on each of the Group’s business units, are included within the full report, available here.

Proposed Dividend

The Board of the Company today announces that, subject to finalisation of the Group audit, it has resolved to declare and pay in four equal instalments an annual dividend in relation to the financial year ending 31 December 2024 amounting to £20,000,000, to be paid from the Group’s reserves.

The annual dividend payment will be made in four quarterly instalments via the Euroclear Sweden settlement system, subject to an assessment by the Board of the financial health and cash requirements of the Group prior to each payment being made.

ENDS

Download the Swedish Executive Summary here.

The Annual Report for the Group, inclusive of full audited financials is due to be released on 30^th April 2025.

ABOUT COINSHARES

CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at 7:00 am CET on 18^th February 2025.

PRESS CONTACT

CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com

M Group Strategic Communications
Peter Padovano
press@coinshares.com

Attachment
- coinshares_report_q4_24
The MIL Network –
February 18, 2025
MIL-OSI Australia: New Warroo Bridge construction work set to start

Source: New South Wales Government 2

Headline: New Warroo Bridge construction work set to start

Published: 18 February 2025

Released by: Minister for Regional NSW, Minister for Regional Transport and Roads

The Minns Labor Government is investing more than $15 million to deliver a safer, stronger new Warroo Bridge in the NSW Central West with construction work set to start in March.

A new concrete bridge will be built just a few metres upstream from the existing 116-year-old bridge timber truss bridge which is located over the Lachlan River 46 kilometres west of Forbes and 55 kilometres south-east of Condobolin.

Warroo Bridge is a critical connector in the region as it is the only major crossing of the Lachlan River linking the Lachlan Valley Way to the Henry Parkes Way between these two towns.

The existing narrow bridge was built in 1909 and is not suitable for use by modern agricultural equipment or heavy vehicles with higher mass limit loads.

If the existing bridge is closed for maintenance, motorists face a 93-kilometre detour to travel from one side of the bridge to the other.

The Minns Labor Government is investing in construction of a new bridge that will be safer, more reliable and allow for more efficient transport, particularly for freight operators in regional NSW.

Abergeldie Contractors Pty Ltd will deliver the work on behalf of Transport for NSW, with work due to start on March 3. The new bridge is expected to be open to traffic in late 2026, weather permitting.

The existing Warroo Bridge will remain open to traffic throughout the construction of the replacement bridge and will be removed completely once the new bridge is operational.

Transport for NSW will continue to update the community as construction progresses. For more information on the project visit the website of Transport for NSW.

Minister for Regional NSW Tara Moriarty said:

“This new Warroo Bridge over the Lachlan River is an important piece of infrastructure that will make life easier for farmers, businesses and families in the Central West.

“The new bridge will be safer and more reliable than the existing bridge that is now well over 100 years old.

“This sort of investment is part of the NSW Government’s commitment to regional NSW and to driving jobs and investment across the state.”

Minister for Regional Transport and Roads Jenny Aitchison said:

“The Minns Labor Government is investing in the future of regional NSW by building better bridges that keep communities connected, improve safety and increase efficiency for freight operators.

“I’m excited to see construction start on the new Warroo Bridge which will have wider travel lanes and better road approaches, increased load capacity for heavy vehicles, and improved access for wide vehicles.”

Independent Member for Orange Phil Donato said:

“It’s great to see the contract for this project has been awarded and construction is on track to commence.

“Communities in our region rely on Warroo Bridge and when the new bridge is built it will make life so much easier for local residents and freight operators.”

NSW Labor’s Orange spokesperson Stephen Lawrence MLC said:

“The awarding of the contract to Abergeldie Contractors Pty Ltd to build the replacement Warroo Bridge is an important milestone in this project to improve transport efficiency and reliability in the Central West.

“When construction is complete the community will have a fantastic new asset the Minns Labor Government is proud to be delivering.”

MIL OSI News –

February 18, 2025

Category: Australia

Measuring productivity

4 key problems

Fixing things won’t be simple

Keeping an eye on quality

Innovation isn’t a panacea

More holistic workforce planning

Ice Age invaders

History repeats itself

Native habitats for native birds

Empowering individuality and innovation

Putting people first

Preventing surfer’s ear

What is breast density?

What’s the link to cancer?

What does the advice say?

What are the issues?