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Corrie Hermann. – Dear President of the European Parliament, dear Roberta Metsola, dear Presidents, dear Members, Commissioners, excellencies, distinguished guests, this story about one Holocaust victim is dedicated to every one of the 6 million victims whom we deplore today.
My father, Hermann Pál, was born on 27 March 1902 in Budapest, in a well-to-do family. At the time, Budapest was still the second capital of the Habsburg Empire – the era which Stefan Zweig depicts in Die Welt von Gestern. The Jewish citizenry had become gradually an integral part of the community, and joined intensively in the professional, cultural and financial life.
Hermann Pál was intelligent and musical, and was admitted, at the age of 15, as a cello student at the famous Franz Liszt Academy, established in 1875 – the cradle of many generations of top musicians from Hungary. His best friend became the violinist Székely Zoltán, who would become a worldwide-known soloist and the first violinist of the New Hungarian String Quartet. Pál developed not only as a cellist but also as a composer. His teachers were Kodály and Bartók.
Even before the formal completion of his training, he reaped his first success in a private concert at the house of Arnold Schönberg with the ‘Sonata for Cello Solo’, which Kodály had composed a few years earlier. A performance of this sonata at a concert in Switzerland, which was organised by the International Society of Contemporary Music, was the first step in his international career.
But in the meantime, the First World War had raged in Europe. The Habsburg Empire was no more. Hungary’s wings had been clipped by the Trianon Treaty, and the new leader, Admiral Horthy, was the first one to introduce antisemitic laws. The young cellist went to Berlin and changed his name from the Hungarian Hermann Pál to Paul Hermann.
In Berlin, musical life was blooming. Paul took lessons at the Staatliche Academische Hochschule für Musik. To earn a living, he became a teacher at the progressive Volksmusikschule Berlin-Neukölln and he played in all kinds of ensembles: Baroque music, the great classics – Haydn, Mozart, Beethoven – and contemporary compositions by Hindemith, Ernst Toch and, of course, Kodály and Bartók.
The tie with Zoltán Székely was to endure all his life. Zoltán had settled in the Netherlands. Together they gave concerts which were favourably reviewed in the Netherlands, Germany and England. In London they stayed often at the house of a Dutch couple, Jacob de Graaff and Louise Bachiene. De Graaff was a wealthy businessman. He and his wife were lovers of art and music, and liked to entertain young artists. They admired the two musicians so much that in 1927 they bought a Stradivarius violin for Zoltán and, in 1928, a Gagliano cello for Paul. That cello has a leading part in this story.
Louise de Graaff corresponded frequently with relations in the Netherlands, and when Paul Hermann was scheduled to play in Amsterdam, she urged her young niece, Ada Weevers, to go to the concert and meet the artist. This meeting was such a success that they became engaged and married in 1931. They settled in an apartment in a new Berlin quarter, Charlottenburg. I was born in 1932 and there are pictures of my father holding me on the balcony.
But in 1933 came bad luck. On 30 January, Hitler became Reichskanzler in Germany and a threatening atmosphere for Jewish people becomes immediately acute. Jews are fired from public functions. Paul Hermann loses his job. The little family seeks refuge with Ada’s parents in the Netherlands. In the summer holiday, they stay near the seaside and, when swimming, Ada gets caught in a vortex in the waves and nearly drowns. She inhales water, it leads to pneumonia and she dies a few months later.
Paul Hermann joins Hungarian colleagues in Brussels. Together they perform as the Gertler Quartet. They tour Belgium, France, Switzerland, Italy, Hungary. He has left me with my maternal grandparents; a younger sister of my mother takes loving care of me. Every time my father visits is delightful. The whole family adores him.
After a few years in Brussels, Paul Hermann moves to Paris and continues his international career. On 4 August 1939, I turned seven. I remember him coming, always with his cello. Only recently, I found a letter my father wrote to a friend telling me about all the difficulties he had to get permission from the French authorities to cross the border to Holland. Foreign Jews are already under suspicion.
But I only know it’s my birthday, a party. As a present, my father gives me the new French book, ‘Histoire de Babar, le petit éléphant‘, and he teaches me my first French words: ‘Babar entre dans l’ascenseur, il monte dix fois en haut et descend dix fois en bas mais le garçon lui dit “ce n’est pas un joujou, monsieur l’éléphant”‘.
But again, the atmosphere is threatening. War breaks out at the end of August. Borders are closing. All foreign visitors return hastily. That winter, Western Europe is mobilised, but the fighting is in the east. We can still correspond. But in the spring, Hitler looks toward France. The French army is preparing the defence. Paul Hermann joins a régiment de marche de volontaires étrangers to assist the French army. In June, the Germans are in Paris. Northern France, Belgium and the Netherlands are occupied and under German rule. As a schoolchild, I remember the little boards everywhere: ‘Verboden voor Joden‘.
In France, the southern region is at first not occupied. People feel relatively safe there. Hermann and his cello stay first with the de Graaff couple, who have moved from London to the region south of Bordeaux, but then he moves to a room in Toulouse. He has some pupils and can give a few recitals. Censorship makes corresponding very difficult. We get only very few letters.
Sometimes he can visit Ada’s brother, Jan Weevers, who has an agricultural business in a village about 150 km from Toulouse. This brother-in-law supports him as much as he can. But in 1942, all France is occupied. The terror of the Gestapo reigns also in Toulouse. In Budapest, Berlin, Paris, Paul Hermann has been able to flee from antisemitism. Now this is not possible anymore. He takes false papers, names himself de Cotigny and hopes for the best.
But on 21 April 1944, he is arrested in a street raid, taken to the Toulouse prison and transported to Drancy, the assembling camp near Paris, from where the transports for the concentration camps departed.
In May 1944, he is put in a wagon with 60 other men as a part of transport number 73 from Drancy. While the train is waiting at the station, he manages to write a note to his brother-in-law and throws it out of the train. A kind passenger, who probably realises this could be a last message, posts it. Miraculously, it reaches Jan Weevers. It reads:
«On nous a dit que nous allions travailler à l’Organisation Todt. Nous sommes pleins d’espoir malgré tout. Quant à mes instruments, je te prie de sauver ce que tu peux.»
There is hardly any transportation, but Jan Weevers manages to go to Toulouse, where Paul’s rooms have been sealed by the Gestapo. Spoils of war. He forces a window and exchanges the precious Gagliano cello for a cheap student’s instrument. He takes it home. Paul’s cello is saved.
Transport 73 is not put to work for the organisation Todt. It is sent all through Europe to Kaunas in Lithuania. We don’t know what happened, but only a handful of the 900 prisoners who arrived in Kaunas will return after the war.
In the Netherlands, 1944-1945 is the hardest year of the war. There is no food, no heating. The infrastructure is heavily destructed. In May 1945, the Canadians entered the city where we lived. The Nazi regime capitulates, and it is immense joy.
Only weeks later, we hear what has happened in France. Investigations by Jan Weevers have been in vain. Will Paul Hermann return? In Tony Judt’s standard book Postwar, we read about the chaos in Middle Europe: many millions of displaced persons roam in deplorable conditions through what is left of Germany. Some returned home after months or years. Many don’t. Gradually we realise Paul will never come back.
Surrounded by a beloved extended family, I grow up, go to the university to study medicine, marry, have a family. As a doctor, I work mainly in public health. And at the end of my career, I am elected in the Netherlands Parliament for the Green Party. After retirement, I am reminded of a pile of handwritten music scores which have been laying around for more than 60 years. They are old compositions of my father. He played music with his colleagues in all kinds of combinations.
The Dutch foundation Forbidden Music Regained, which focuses on the work of composers who were persecuted by the Nazis, is interested. They are greatly impressed by the quality of the music, and organise concerts and recordings. My son Paul, named after his grandfather, develops into the coordinator of this legacy and makes it accessible to musicians all over the world.
When he’s visiting cousins in Los Angeles, they introduce him to the Recovered Voices project of the Los Angeles Colburn School of Music, which is also aimed at persecuted composers. Top cellist Clive Greensmith is enthusiastic about Hermann’s music, especially about a draft for a piece for cello and orchestra. Paul has a friend, an Italian composer, Fabio Conti, who makes the draft into a complete piece for cello and orchestra using themes from other Hermann compositions. Greensmith plays the premiere in 2018, in Lviv, Ukraine.
But another staff member in Los Angeles, Carla Shapreau, says: ‘Yes, this is the music. But where is that Gagliano cello?’ In 1953, Jan Weevers took the cello to the Netherlands. It has been sold to finance my studies, but we don’t know who bought it.
Carla enlists the help of Oxford-based biography writer Kate Kennedy, who is working on a book about the duality of cellists and their cellos. Kate also gets under the spell of the Hermann story, and she looks for the cello literally all over the world – asking cellists, luthiers, instrument dealers, music schools, browsing through auction catalogues. Who knows the whereabouts of a Gagliano cello made in 1730 with the text ‘Ego sum anima musicae’ – I am the soul of music – on the side? But Kate does not find it. The publication date of her book nears; she feels defeated.
The book Cello is published. Cellists everywhere read it. And then Kate gets a mail from a Chinese cello professor, Jian Wang, acting as jury member for the Concours Reine Elisabeth here in Brussels in 2022. He has noticed a cello. It is in the possession of the Robert Schumann Musik Hochschule in Düsseldorf, and only their best students are permitted to play it. At a presentation of Kate’s book Cello in the Wigmore Hall in London, where my father performed 100 years ago, Australian Sam Lucas plays, on Paul Hermann’s cello, one of his compositions.
Between 1920 and 1940, Paul Hermann played the same cello in all Western and Central Europe. Searching for this icon of European culture has connected people from all over the world: from Europe to Los Angeles to China to Australia. And its amazing story has captured interest everywhere.
For me, this is a reunion in spirit with the father whom I have missed for 85 years.
Hitler has burned books, destroyed paintings and buildings, murdered millions of people. But music is invincible.
Ego sum anima musicae. Freude, schöner Götterfunken. Alle Menschen werden Brüder.
Lufthansa Group has signed an agreement to receive a convertible share representing a 10 per cent stake of the Latvian state airline airBaltic which will be issued at a subscription price of 14 million euros. Additionally, Lufthansa Group will receive a seat in the airBaltic Supervisory Board.
The convertible share will be changed into ordinary shares upon a potential IPO of air Baltic. The size of the stake will be determined by market pricing of the potential IPO, with Lufthansa Group’s share amounting to no less than 5 per cent of airBaltic.
The transaction is building on the existing wet lease agreement between Lufthansa Group and airBaltic and intends to strengthen airBaltic’s role as a strategic partner of Lufthansa Group. Expanding this commercial cooperation allows Lufthansa Group to improve the quality of its network and to add additional markets. Additionally, a further product development of the wet lease services in line with our customer expectations is planned.
The closing of the transaction is planned for the second quarter of this year and subject to antitrust review.
Just recently, the wet lease agreement between Lufthansa Group and airBaltic has been extended for a further three years beyond the summer of 2025. This partnership enables to flexibly deploy up to 21 additional aircraft of the fuel-efficient Airbus A220-300 in summer and five aircraft of this type in winter at various Lufthansa Group hubs. Lufthansa Group is thus responding more flexibly to the additional customer demand in Summer.
With the additional capacities of airBaltic, destinations in high demand in the route networks can be served even more flexibly in future. At the same time, it strengthens the quality and stability of connections to Lufthansa Group Airlines’ intercontinental services at the Group’s hubs.
airBaltic is Latvia’s national and largest airline with its headquarters and hub in Riga and operates a fleet of 50 modern and fuel-efficient Airbus A220 aircraft. The Lufthansa Group has been working with airBaltic since 2019, which has proven itself to be a reliable and valuable partner.
Having recently received expressions of interest from several investors, the management team has engaged local advisors Newsec Advisers UAB and Redgate Capital AS to assist Baltic Horizon Fund (the Fund) in a structured divestment process.
In February of 2024, Baltic Horizon Fund‘s management team introduced its strategic objectives to stabilize the Fund and build a solid foundation for the future. The past year, the focus has been on signing new leases in order to increase the net operating income and managing the cash position of the Fund.
Building on the progress that has been made to repay the outstanding bonds and increase the occupancy of the portfolio, the management team sees recovery in the transaction market and has therefore initiated a structured process with the intention to dispose certain of its real estate assets, where the Fund does not see significant short-term opportunities for further value optimization.
The ambition is to sell up to three assets, in the approximate amount of EUR 55 million including Postimaja and CC Plaza complex in Tallinn, Estonia. The management team has achieved 100% occupancy and prepared the complex for the next life cycle. The site holds potential for further real estate development, which, however, is not the core focus of the Fund going forward.
The intended disposals are expected to result in a significant reduction in the LTV, considerable improvement of the DSCR and, if executed as planned, repayment of the outstanding bond, bringing the Fund’s LTV below the strategic target of 50%.
“The intended divestment process is part of the strategic direction for Baltic Horizon Fund, it is expected to markedly improve the net cash flow generation of the Fund and provide a stable platform for the future growth,” says Fund Manager Tarmo Karotam.
The goal is to enter into agreement with potential buyers during the first half of 2025. There is no certainty that any transaction will transpire. Further announcements will be made as and when appropriate.
The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com
Assistant professor Frank Cackowski, left, and researcher Steven Zielske at Wayne State University in Detroit became suspicious of a paper on cancer research that was eventually retracted.Amy Sacka, CC BY-ND
Over the past decade, furtive commercial entities around the world have industrialized the production, sale and dissemination of bogus scholarly research, undermining the literature that everyone from doctors to engineers rely on to make decisions about human lives.
It is exceedingly difficult to get a handle on exactly how big the problem is. Around 55,000 scholarly papers have been retracted to date, for a variety of reasons, but scientists and companies who screen the scientific literature for telltale signs of fraud estimate that there are many more fake papers circulating – possibly as many as several hundred thousand. This fake research can confound legitimate researchers who must wade through dense equations, evidence, images and methodologies only to find that they were made up.
Even when the bogus papers are spotted – usually by amateur sleuths on their own time – academic journals are often slow to retract the papers, allowing the articles to taint what many consider sacrosanct: the vast global library of scholarly work that introduces new ideas, reviews other research and discusses findings.
These fake papers are slowing down research that has helped millions of people with lifesaving medicine and therapies from cancer to COVID-19. Analysts’ data shows that fields related to cancer and medicine are particularly hard hit, while areas like philosophy and art are less affected. Some scientists have abandoned their life’s work because they cannot keep pace given the number of fake papers they must bat down.
The problem reflects a worldwide commodification of science. Universities, and their research funders, have long used regular publication in academic journals as requirements for promotions and job security, spawning the mantra “publish or perish.”
But now, fraudsters have infiltrated the academic publishing industry to prioritize profits over scholarship. Equipped with technological prowess, agility and vast networks of corrupt researchers, they are churning out papers on everything from obscure genes to artificial intelligence in medicine.
These papers are absorbed into the worldwide library of research faster than they can be weeded out. About 119,000 scholarly journal articles and conference papers are published globally every week, or more than 6 million a year. Publishers estimate that, at most journals, about 2% of the papers submitted – but not necessarily published – are likely fake, although this number can be much higher at some publications.
While no country is immune to this practice, it is particularly pronounced in emerging economies where resources to do bona fide science are limited – and where governments, eager to compete on a global scale, push particularly strong “publish or perish” incentives.
As a result, there is a bustling online underground economy for all things scholarly publishing. Authorship, citations, even academic journal editors, are up for sale. This fraud is so prevalent that it has its own name: paper mills, a phrase that harks back to “term-paper mills”, where students cheat by getting someone else to write a class paper for them.
The impact on publishers is profound. In high-profile cases, fake articles can hurt a journal’s bottom line. Important scientific indexes – databases of academic publications that many researchers rely on to do their work – may delist journals that publish too many compromised papers. There is growing criticism that legitimate publishers could do more to track and blacklist journals and authors who regularly publish fake papers that are sometimes little more than artificial intelligence-generated phrases strung together.
To better understand the scope, ramifications and potential solutions of this metastasizing assault on science, we – a contributing editor at Retraction Watch, a website that reports on retractions of scientific papers and related topics, and two computer scientists at France’s Université Toulouse III–Paul Sabatier and Université Grenoble Alpes who specialize in detecting bogus publications – spent six months investigating paper mills.
This included, by some of us at different times, trawling websites and social media posts, interviewing publishers, editors, research-integrity experts, scientists, doctors, sociologists and scientific sleuths engaged in the Sisyphean task of cleaning up the literature. It also involved, by some of us, screening scientific articles looking for signs of fakery.
What emerged is a deep-rooted crisis that has many researchers and policymakers calling for a new way for universities and many governments to evaluate and reward academics and health professionals across the globe.
Just as highly biased websites dressed up to look like objective reporting are gnawing away at evidence-based journalism and threatening elections, fake science is grinding down the knowledge base on which modern society rests.
As part of our work detecting these bogus publications, co-author Guillaume Cabanac developed the Problematic Paper Screener, which filters 130 million new and old scholarly papers every week looking for nine types of clues that a paper might be fake or contain errors. A key clue is a tortured phrase – an awkward wording generated by software that replaces common scientific terms with synonyms to avoid direct plagiarism from a legitimate paper.
Frank Cackowski at Detroit’s Wayne State University was confused.
The oncologist was studying a sequence of chemical reactions in cells to see if they could be a target for drugs against prostate cancer. A paper from 2018 from 2018 in the American Journal of Cancer Research piqued his interest when he read that a little-known molecule called SNHG1 might interact with the chemical reactions he was exploring. He and fellow Wayne State researcher Steven Zielske began a series of experiments to learn more about the link. Surprisingly, they found there wasn’t a link.
Meanwhile, Zielske had grown suspicious of the paper. Two graphs showing results for different cell lines were identical, he noticed, which “would be like pouring water into two glasses with your eyes closed and the levels coming out exactly the same.” Another graph and a table in the article also inexplicably contained identical data.
Zielske described his misgivings in an anonymous post in 2020 at PubPeer, an online forum where many scientists report potential research misconduct, and also contacted the journal’s editor. Shortly thereafter, the journal pulled the paper, citing “falsified materials and/or data.”
“Science is hard enough as it is if people are actually being genuine and trying to do real work,” says Cackowski, who also works at the Karmanos Cancer Institute in Michigan. “And it’s just really frustrating to waste your time based on somebody’s fraudulent publications.”
Wayne State scientists Frank Cackowski and Steven Zielske carried out experiments based on a paper they later found to contain false data. Amy Sacka, CC BY-ND
He worries that the bogus publications are slowing down “legitimate research that down the road is going to impact patient care and drug development.”
The two researchers eventually found that SNHG1 did appear to play a part in prostate cancer, though not in the way the suspect paper suggested. But it was a tough topic to study. Zielske combed through all the studies on SNHG1 and cancer – some 150 papers, nearly all from Chinese hospitals – and concluded that “a majority” of them looked fake. Some reported using experimental reagents known as primers that were “just gibberish,” for instance, or targeted a different gene than what the study said, according to Zielske. He contacted several of the journals, he said, but received little response. “I just stopped following up.”
The many questionable articles also made it harder to get funding, Zielske said. The first time he submitted a grant application to study SNHG1, it was rejected, with one reviewer saying “the field was crowded,” Zielske recalled. The following year, he explained in his application how most of the literature likely came from paper mills. He got the grant.
Today, Zielske said, he approaches new research differently than he used to: “You can’t just read an abstract and have any faith in it. I kind of assume everything’s wrong.”
Legitimate academic journals evaluate papers before they are published by having other researchers in the field carefully read them over. This peer review process is designed to stop flawed research from being disseminated, but is far from perfect.
Reviewers volunteer their time, typically assume research is real and so don’t look for signs of fraud. And some publishers may try to pick reviewers they deem more likely to accept papers, because rejecting a manuscript can mean losing out on thousands of dollars in publication fees.
“Even good, honest reviewers have become apathetic” because of “the volume of poor research coming through the system,” said Adam Day, who directs Clear Skies, a company in London that develops data-based methods to help spot falsified papers and academic journals. “Any editor can recount seeing reports where it’s obvious the reviewer hasn’t read the paper.”
With AI, they don’t have to: New research shows that many reviews are now written by ChatGPT and similar tools.
María de los Ángeles Oviedo-García, a professor of marketing at the University of Seville in Spain, spends her spare time hunting for suspect peer reviews from all areas of science, hundreds of which she has flagged on PubPeer. Some of these reviews are the length of a tweet, others ask authors to cite the reviewer’s work even if it has nothing to do with the science at hand, and many closely resemble other peer reviews for very different studies – evidence, in her eyes, of what she calls “review mills.”
PubPeer comment from María de los Ángeles Oviedo-García pointing out that a peer review report is very similar to two other reports. She also points out that authors and citations for all three are either anonymous or the same person – both hallmarks of fake papers. Screen capture by The Conversation, CC BY-ND
“One of the demanding fights for me is to keep faith in science,” says Oviedo-García, who tells her students to look up papers on PubPeer before relying on them too heavily. Her research has been slowed down, she adds, because she now feels compelled to look for peer review reports for studies she uses in her work. Often there aren’t any, because “very few journals publish those review reports,” Oviedo-García says.
An ‘absolutely huge’ problem
It is unclear when paper mills began to operate at scale. The earliest article retracted due to suspected involvement of such agencies was published in 2004, according to the Retraction Watch Database, which contains details about tens of thousands of retractions. (The database is operated by The Center for Scientific Integrity, the parent nonprofit of Retraction Watch.) Nor is it clear exactly how many low-quality, plagiarized or made-up articles paper mills have spawned.
But the number is likely to be significant and growing, experts say. One Russia-linked paper mill in Latvia, for instance, claims on its website to have published “more than 12,650 articles” since 2012.
An analysis of 53,000 papers submitted to six publishers – but not necessarily published – found the proportion of suspect papers ranged from 2% to 46% across journals. And the American publisher Wiley, which has retracted more than 11,300 compromised articles and closed 19 heavily affected journals in its erstwhile Hindawi division, recently said its new paper-mill detection tool flags up to 1 in 7 submissions.
Day, of Clear Skies, estimates that as many as 2% of the several million scientific works published in 2022 were milled. Some fields are more problematic than others. The number is closer to 3% in biology and medicine, and in some subfields, like cancer, it may be much larger, according to Day. Despite increased awareness today, “I do not see any significant change in the trend,” he said. With improved methods of detection, “any estimate I put out now will be higher.”
The paper-mill problem is “absolutely huge,” said Sabina Alam, director of Publishing Ethics and Integrity at Taylor & Francis, a major academic publisher. In 2019, none of the 175 ethics cases that editors escalated to her team was about paper mills, Alam said. Ethics cases include submissions and already published papers. In 2023, “we had almost 4,000 cases,” she said. “And half of those were paper mills.”
Jennifer Byrne, an Australian scientist who now heads up a research group to improve the reliability of medical research, submitted testimony for a hearing of the U.S. House of Representatives’ Committee on Science, Space, and Technology in July 2022. She noted that 700, or nearly 6%, of 12,000 cancer research papers screened had errors that could signal paper mill involvement. Byrne shuttered her cancer research lab in 2017 because the genes she had spent two decades researching and writing about became the target of an enormous number of fake papers. A rogue scientist fudging data is one thing, she said, but a paper mill could churn out dozens of fake studies in the time it took her team to publish a single legitimate one.
“The threat of paper mills to scientific publishing and integrity has no parallel over my 30-year scientific career …. In the field of human gene science alone, the number of potentially fraudulent articles could exceed 100,000 original papers,” she wrote to lawmakers, adding, “This estimate may seem shocking but is likely to be conservative.”
In one area of genetics research – the study of noncoding RNA in different types of cancer – “We’re talking about more than 50% of papers published are from mills,” Byrne said. “It’s like swimming in garbage.”
When retractions do happen, it is often thanks to the efforts of a small international community of amateur sleuths like Oviedo-García and those who post on PubPeer.
Jillian Goldfarb, an associate professor of chemical and biomolecular engineering at Cornell University and a former editor of the Elsevier journal Fuel, laments the publisher’s handling of the threat from paper mills.
“I was assessing upwards of 50 papers every day,” she said in an email interview. While she had technology to detect plagiarism, duplicate submissions and suspicious author changes, it was not enough. “It’s unreasonable to think that an editor – for whom this is not usually their full-time job – can catch these things reading 50 papers at a time. The time crunch, plus pressure from publishers to increase submission rates and citations and decrease review time, puts editors in an impossible situation.”
In October 2023, Goldfarb resigned from her position as editor of Fuel. In a LinkedIn post about her decision, she cited the company’s failure to move on dozens of potential paper-mill articles she had flagged; its hiring of a principal editor who reportedly “engaged in paper and citation milling”; and its proposal of candidates for editorial positions “with longer PubPeer profiles and more retractions than most people have articles on their CVs, and whose names appear as authors on papers-for-sale websites.”
“This tells me, our community, and the public, that they value article quantity and profit over science,” Goldfarb wrote.
In response to questions about Goldfarb’s resignation, an Elsevier spokesperson told The Conversation that it “takes all claims about research misconduct in our journals very seriously” and is investigating Goldfarb’s claims. The spokesperson added that Fuel’s editorial team has “been working to make other changes to the journal to benefit authors and readers.”
That’s not how it works, buddy
Business proposals had been piling up for years in the inbox of João de Deus Barreto Segundo, managing editor of six journals published by the Bahia School of Medicine and Public Health in Salvador, Brazil. Several came from suspect publishers on the prowl for new journals to add to their portfolios. Others came from academics suggesting fishy deals or offering bribes to publish their paper.
In one email from February 2024, an assistant professor of economics in Poland explained that he ran a company that worked with European universities. “Would you be interested in collaboration on the publication of scientific articles by scientists who collaborate with me?” Artur Borcuch inquired. “We will then discuss possible details and financial conditions.”
A university administrator in Iraq was more candid: “As an incentive, I am prepared to offer a grant of $500 for each accepted paper submitted to your esteemed journal,” wrote Ahmed Alkhayyat, head of the Islamic University Centre for Scientific Research, in Najaf, and manager of the school’s “world ranking.”
“That’s not how it works, buddy,” Barreto Segundo shot back.
In email to The Conversation, Borcuch denied any improper intent. “My role is to mediate in the technical and procedural aspects of publishing an article,” Borcuch said, adding that, when working with multiple scientists, he would “request a discount from the editorial office on their behalf.” Informed that the Brazilian publisher had no publication fees, Borcuch said a “mistake” had occurred because an “employee” sent the email for him “to different journals.”
Academic journals have different payment models. Many are subscription-based and don’t charge authors for publishing, but have hefty fees for reading articles. Libraries and universities also pay large sums for access.
A fast-growing open-access model – where anyone can read the paper – includes expensive publication fees levied on authors to make up for the loss of revenue in selling the articles. These payments are not meant to influence whether or not a manuscript is accepted.
The Bahia School of Medicine and Public Health, among others, doesn’t charge authors or readers, but Barreto Segundo’s employer is a small player in the scholarly publishing business, which brings in close to $30 billion a year on profit margins as high as 40%. Academic publishers make money largely from subscription fees from institutions like libraries and universities, individual payments to access paywalled articles, and open-access fees paid by authors to ensure their articles are free for anyone to read.
The industry is lucrative enough that it has attracted unscrupulous actors eager to find a way to siphon off some of that revenue.
Ahmed Torad, a lecturer at Kafr El Sheikh University in Egypt and editor-in-chief of the Egyptian Journal of Physiotherapy, asked for a 30% kickback for every article he passed along to the Brazilian publisher. “This commission will be calculated based on the publication fees generated by the manuscripts I submit,” Torad wrote, noting that he specialized “in connecting researchers and authors with suitable journals for publication.”
Apparently, he failed to notice that Bahia School of Medicine and Public Health doesn’t charge author fees.
Like Borcuch, Alkhayyat denied any improper intent. He said there had been a “misunderstanding” on the editor’s part, explaining that the payment he offered was meant to cover presumed article-processing charges. “Some journals ask for money. So this is normal,” Alkhayyat said.
Torad explained that he had sent his offer to source papers in exchange for a commission to some 280 journals, but had not forced anyone to accept the manuscripts. Some had balked at his proposition, he said, despite regularly charging authors thousands of dollars to publish. He suggested that the scientific community wasn’t comfortable admitting that scholarly publishing has become a business like any other, even if it’s “obvious to many scientists.”
The unwelcome advances all targeted one of the journals Barreto Segundo managed, The Journal of Physiotherapy Research, soon after it was indexed in Scopus, a database of abstracts and citations owned by the publisher Elsevier.
Along with Clarivate’s Web of Science, Scopus has become an important quality stamp for scholarly publications globally. Articles in indexed journals are money in the bank for their authors: They help secure jobs, promotions, funding and, in some countries, even trigger cash rewards. For academics or physicians in poorer countries, they can be a ticket to the global north.
Consider Egypt, a country plaguedbydubiousclinical trials. Universities there commonly pay employees large sums for international publications, with the amount depending on the journal’s impact factor. A similar incentive structure is hardwired into national regulations: To earn the rank of full professor, for example, candidates must have at least five publications in two years, according to Egypt’s Supreme Council of Universities. Studies in journals indexed in Scopus or Web of Science not only receive extra points, but they also are exempt from further scrutiny when applicants are evaluated. The higher a publication’s impact factor, the more points the studies get.
With such a focus on metrics, it has become common for Egyptian researchers to cut corners, according to a physician in Cairo who requested anonymity for fear of retaliation. Authorship is frequently gifted to colleagues who then return the favor later, or studies may be created out of whole cloth. Sometimes an existing legitimate paper is chosen from the literature, and key details such as the type of disease or surgery are then changed and the numbers slightly modified, the source explained.
It affects clinical guidelines and medical care, “so it’s a shame,” the physician said.
Ivermectin, a drug used to treat parasites in animals and humans, is a case in point. When some studies showed that it was effective against COVID-19, ivermectin was hailed as a “miracle drug” early in the pandemic. Prescriptions surged, and along with them calls to U.S. poison centers; one man spent nine days in the hospital after downing an injectable formulation of the drug that was meant for cattle, according to the Centers for Disease Control and Prevention. As it turned out, nearly all of the research that showed a positive effect on COVID-19 had indications of fakery, the BBC and others reported – including a now-withdrawn Egyptian study. With no apparent benefit, patients were left with just side effects.
“There’s a huge academic incentive and profit motive,” says Lisa Bero, a professor of medicine and public health at the University of Colorado Anschutz Medical Campus and the senior research-integrity editor at the Cochrane Collaboration, an international nonprofit organization that produces evidence reviews about medical treatments. “I see it at every institution I’ve worked at.”
But in the global south, the publish-or-perish edict runs up against underdeveloped research infrastructures and education systems, leaving scientists in a bind. For a Ph.D., the Cairo physician who requested anonymity conducted an entire clinical trial single-handedly – from purchasing study medication to randomizing patients, collecting and analyzing data and paying article-processing fees. In wealthier nations, entire teams work on such studies, with the tab easily running into the hundreds of thousands of dollars.
“Research is quite challenging here,” the physician said. That’s why scientists “try to manipulate and find easier ways so they get the job done.”
Institutions, too, have gamed the system with an eye to international rankings. In 2011, the journal Science described how prolific researchers in the United States and Europe were offered hefty payments for listing Saudi universities as secondary affiliations on papers. And in 2023, the magazine, in collaboration with Retraction Watch, uncovered a massive self-citation ploy by a top-ranked dental school in India that forced undergraduate students to publish papers referencing faculty work.
The root – and solutions
Such unsavory schemes can be traced back to the introduction of performance-based metrics in academia, a development driven by the New Public Management movement that swept across the Western world in the 1980s, according to Canadian sociologist of science Yves Gingras of the Université du Québec à Montréal. When universities and public institutions adopted corporate management, scientific papers became “accounting units” used to evaluate and reward scientific productivity rather than “knowledge units” advancing our insight into the world around us, Gingras wrote.
This transformation led many researchers to compete on numbers instead of content, which made publication metrics poor measures of academic prowess. As Gingras has shown, the controversial French microbiologist Didier Raoult, who now has more than a dozen retractions to his name, has an h-index – a measure combining publication and citation numbers – that is twice as high as that of Albert Einstein – “proof that the index is absurd,” Gingras said.
Worse, a sort of scientific inflation, or “scientometric bubble,” has ensued, with each new publication representing an increasingly small increment in knowledge. “We publish more and more superficial papers, we publish papers that have to be corrected, and we push people to do fraud,” said Gingras.
In 2024, Landon Halloran, a geoscientist at the University of Neuchâtel, in Switzerland, received an unusual job application for an opening in his lab. A researcher with a Ph.D. from China had sent him his CV. At 31, the applicant had amassed 160 publications in Scopus-indexed journals, 62 of them in 2022 alone, the same year he obtained his doctorate. Although the applicant was not the only one “with a suspiciously high output,” according to Halloran, he stuck out. “My colleagues and I have never come across anything quite like it in the geosciences,” he said.
According to industry insiders and publishers, there is more awareness now of threats from paper mills and other bad actors. Some journals routinely check for image fraud. A bad AI-generated image showing up in a paper can either be a sign of a scientist taking an ill-advised shortcut, or a paper mill.
The Cochrane Collaboration has a policy excluding suspect studies from its analyses of medical evidence. The organization also has been developing a tool to help its reviewers spot problematic medical trials, just as publishers have begun to screen submissions and share data and technologies among themselves to combat fraud.
This image, generated by AI, is a visual gobbledygook of concepts around transporting and delivering drugs in the body. For instance, the upper left figure is a nonsensical mix of a syringe, an inhaler and pills. And the pH-sensitive carrier molecule on the lower left is huge, rivaling the size of the lungs. After scientist sleuths pointed out that the published image made no sense, the journal issued a correction. Screen capture by The Conversation, CC BY-ND This graphic is the corrected image that replaced the AI image above. In this case, according to the correction, the journal determined that the paper was legitimate but the scientists had used AI to generate the image describing it. Screen capture by The Conversation, CC BY-ND
“People are realizing like, wow, this is happening in my field, it’s happening in your field,” said the Cochrane Collaboration’s Bero”. “So we really need to get coordinated and, you know, develop a method and a plan overall for stamping these things out.”
What jolted Taylor & Francis into paying attention, according to Alam, the director of Publishing Ethics and Integrity, was a 2020 investigation of a Chinese paper mill by sleuth Elisabeth Bik and three of her peers who go by the pseudonyms Smut Clyde, Morty and Tiger BB8. With 76 compromised papers, the U.K.-based company’s Artificial Cells, Nanomedicine, and Biotechnology was the most affected journal identified in the probe.
“It opened up a minefield,” says Alam, who also co-chairs United2Act, a project launched in 2023 that brings together publishers, researchers and sleuths in the fight against paper mills. “It was the first time we realized that stock images essentially were being used to represent experiments.”
Taylor & Francis decided to audit the hundreds of articles in its portfolio that contained similar types of images. It doubled Alam’s team, which now has 14.5 positions dedicated to doing investigations, and also began monitoring submission rates. Paper mills, it seemed, weren’t picky customers.
“What they’re trying to do is find a gate, and if they get in, then they just start kind of slamming in the submissions,” Alam said. Seventy-six fake papers suddenly seemed like a drop in the ocean. At one Taylor & Francis journal, for instance, Alam’s team identified nearly 1,000 manuscripts that bore all the marks of coming from a mill, she said.
And in 2023, it rejected about 300 dodgy proposals for special issues. “We’ve blocked a hell of a lot from coming through,” Alam said.
Fraud checkers
A small industry of technology startups has sprung up to help publishers, researchers and institutions spot potential fraud. The website Argos, launched in September 2024 by Scitility, an alert service based in Sparks, Nevada, allows authors to check if new collaborators are trailed by retractions or misconduct concerns. It has flagged tens of thousands of “high-risk” papers, according to the journal Nature.
Fraud-checker tools sift through papers to point to those that should be manually checked and possibly rejected. solidcolours/iStock via Getty Images
The fraudsters have not been idle, either. In 2022, when Clear Skies released the Papermill Alarm, the first academic to inquire about the new tool was a paper miller, according to Day. The person wanted access so he could check his papers before firing them off to publishers, Day said. “Paper mills have proven to be adaptive and also quite quick off the mark.”
Given the ongoing arms race, Alam acknowledges that the fight against paper mills won’t be won as long as the booming demand for their products remains.
According to a Nature analysis, the retraction rate tripled from 2012 to 2022 to close to .02%, or around 1 in 5,000 papers. It then nearly doubled in 2023, in large part because of Wiley’s Hindawi debacle. Today’s commercial publishing is part of the problem, Byrne said. For one, cleaning up the literature is a vast and expensive undertaking with no direct financial upside. “Journals and publishers will never, at the moment, be able to correct the literature at the scale and in the timeliness that’s required to solve the paper-mill problem,” Byrne said. “Either we have to monetize corrections such that publishers are paid for their work, or forget the publishers and do it ourselves.”
But that still wouldn’t fix the fundamental bias built into for-profit publishing: Journals don’t get paid for rejecting papers. “We pay them for accepting papers,” said Bodo Stern, a former editor of the journal Cell and chief of Strategic Initiatives at Howard Hughes Medical Institute, a nonprofit research organization and major funder in Chevy Chase, Maryland. “I mean, what do you think journals are going to do? They’re going to accept papers.”
With more than 50,000 journals on the market, even if some are trying hard to get it right, bad papers that are shopped around long enough eventually find a home, Stern added. “That system cannot function as a quality-control mechanism,” he said. “We have so many journals that everything can get published.”
In Stern’s view, the way to go is to stop paying journals for accepting papers and begin looking at them as public utilities that serve a greater good. “We should pay for transparent and rigorous quality-control mechanisms,” he said.
Peer review, meanwhile, “should be recognized as a true scholarly product, just like the original article, because the authors of the article and the peer reviewers are using the same skills,” Stern said. By the same token, journals should make all peer-review reports publicly available, even for manuscripts they turn down. “When they do quality control, they can’t just reject the paper and then let it be published somewhere else,” Stern said. “That’s not a good service.”
Better measures
Stern isn’t the first scientist to bemoan the excessive focus on bibliometrics. “We need less research, better research, and research done for the right reasons,” wrote the late statistician Douglas G. Altman in a much-cited editorial from 1994. “Abandoning using the number of publications as a measure of ability would be a start.”
Despite the declaration, metrics remain in wide use today, and scientists say there is a new sense of urgency.
“We’re getting to the point where people really do feel they have to do something” because of the vast number of fake papers, said Richard Sever, assistant director of Cold Spring Harbor Laboratory Press, in New York, and co-founder of the preprint servers bioRxiv and medRxiv.
Stern and his colleagues have tried to make improvements at their institution. Researchers who wish to renew their seven-year contract have long been required to write a short paragraph describing the importance of their major results. Since the end of 2023, they also have been asked to remove journal names from their applications.
That way, “you can never do what all reviewers do – I’ve done it – look at the bibliography and in just one second decide, ‘Oh, this person has been productive because they have published many papers and they’re published in the right journals,’” says Stern. “What matters is, did it really make a difference?”
Shifting the focus away from convenient performance metrics seems possible not just for wealthy private institutions like Howard Hughes Medical Institute, but also for large government funders. In Australia, for example, the National Health and Medical Research Council in 2022 launched the “top 10 in 10” policy, aiming, in part, to “value research quality rather than quantity of publications.”
Rather than providing their entire bibliography, the agency, which assesses thousands of grant applications every year, asked researchers to list no more than 10 publications from the past decade and explain the contribution each had made to science. According to an evaluation report from April, 2024 close to three-quarters of grant reviewers said the new policy allowed them to concentrate more on research quality than quantity. And more than half said it reduced the time they spent on each application.
Gingras, the Canadian sociologist, advocates giving scientists the time they need to produce work that matters, rather than a gushing stream of publications. He is a signatory to the Slow Science Manifesto: “Once you get slow science, I can predict that the number of corrigenda, the number of retractions, will go down,” he says.
At one point, Gingras was involved in evaluating a research organization whose mission was to improve workplace security. An employee presented his work. “He had a sentence I will never forget,” Gingras recalls. The employee began by saying, “‘You know, I’m proud of one thing: My h-index is zero.’ And it was brilliant.” The scientist had developed a technology that prevented fatal falls among construction workers. “He said, ‘That’s useful, and that’s my job.’ I said, ‘Bravo!’”
Labbé receives funding from the European Research Council.
He has also received funding from the French National Research Agency (ANR), and the U.S. Office of Research Integrity.
Labbé has been in touch with most of the major publishers and their integrity officers, offering pro-bono consulting regarding detection tools to various actors in the field including STM-Hub and Morressier.
Cabanac receives funding from the European Research Council (ERC) and the Institut Universitaire de France (IUF). He is the administrator of the Problematic Paper Screener, a public platform that uses metadata from Digital Science and PubPeer via no-cost agreements. Cabanac has been in touch with most of the major publishers and their integrity officers, offering pro bono consulting regarding detection tools to various actors in the field including ClearSkies, Morressier, River Valley, Signals, and STM.
Frederik Joelving does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
On Wednesday, Corrie Hermann, daughter of cellist and Holocaust victim Pál Hermann, addressed MEPs in a plenary session marking International Holocaust Remembrance Day
President Roberta Metsola opened the ceremony, which also marked the 80th anniversary of the liberation of the Auschwitz-Birkenau concentration camp on 27 January.
“We can never forget, and we must act. Ours is the last generation to have the privilege of knowing Holocaust survivors, and hearing their stories first-hand. Their voices, their courage, their memories are a bridge to a past that must never be forgotten. Because even after the horrors of the Holocaust, antisemitism did not disappear. It persisted. It evolved.
Memory is a duty. A responsibility to ensure that “never again” is not an empty promise.
This European Parliament will always remember. And we will always speak up – just as our first woman President Simone Veil, herself a survivor, taught us to do. Her legacy reminds us that neutrality helps only the oppressor, never the victim. This Parliament will always stand for dignity. For hope. For humanity”, she said. President Metsola’s speech was followed by a musical performance featuring Hermann’s original Gagliano cello.
In her address Corrie Hermann shared the story of how her father, Hungarian composer and cellist Pál Hermann, considered as one of the finest cellists of his time, was murdered by the Nazis in 1944. “This story about one Holocaust victim is dedicated to every one of the six million victims whom we deplore today”, she said.
Ms Hermann recounted her father’s life as a musician, from his education at the Franz Liszt Academy in Budapest to performing on Europe’s most prestigious stages. After fleeing to Belgium and France, he was arrested in Toulouse in a street raid in April 1944, and transported to Drancy the camp near Paris from where the transports for the concentration camps departed. From there he was deported to the Kaunas concentration camp in Lithuania. While the train was waiting at the station, he managed to throw a note from the train, asking for his Gagliano cello to be saved. The note was found and sent to his brother-in-law, who replaced the Gagliano with a lesser instrument and escaped with the cello strapped to his back. “We don’t know what happened next, but only a handful of the 900 prisoners returned after the war,” she recalled.
Despite his tragic fate, Hermann’s music continues to inspire people across the world. Over 80 years after his death, his Gagliano cello was rediscovered and his compositions have been performed by renowned international artists. “Hitler burned books, destroyed paintings, and murdered millions; but music is invincible,” Corrie Hermann said.
Following the speech, MEPs observed a minute’s silence. The ceremony ended with a musical performance of “Kaddish” by Maurice Ravel.
Pál Hermann, born on 27 March 1902 in Budapest, was a renowned Hungarian cellist and composer. During the 1920s, he moved to Berlin and performed across Europe on his Gagliano cello. In 1933, Hermann fled to Belgium and later to France. Arrested by the Nazis in Toulouse in 1944, Hermann was then murdered by the Nazis in Lithuania months later.
Corrie (Cornelia) Hermann, born in Amersfoort (The Netherlands) on 4 August 1932, is a retired doctor and former politician. In 1996, she founded the Paul Hermann Fund to support young professional cellists.
Source: United Kingdom – Executive Government & Departments
Ambassador Holland reiterates the UK’s support to Ukraine, and calls on Russia to end its war and return to dialogue and risk reduction – including in the Forum for Security Cooperation.
Thank you Mr Chair, dear Cristobal, and to your Foreign Minister, for setting out Spain’s priorities for the Forum for Security Co-operation this Trimester. You can count on the UK’s steadfast support, as you Chair our Forum at this crucial time for Euro-Atlantic Security.
Over the winter period, many of us marked Christmas and the New Year. But the people of Ukraine have had no rest. Today marks 1069 days of their ongoing defence of their homeland, from a full-scale invasion which continues to violate the UN Charter and to contravene the Helsinki Final Act’s core principles, including those on sovereignty, territorial integrity and the non-use of force.
That is why each week, we have met in this Forum to support Ukraine and to hold Russia accountable for breaching its commitments. And that is why we particularly welcome Spain’s proposed FSC topic on Women, Peace & Security.
Mr Chair, our Ministers mandated the Forum to hold a weekly politico-military dialogue, with tasks that include risk-reduction. They mandated the Chair to ‘ensure the good order and smooth running of meetings’. To set the agenda. And to select and invite guest speakers. We fully support the Chair’s prerogative to execute its mandate.
Unfortunately, at the closing session last Trimester, we had to condemn the Russian delegation – for a fourth Trimester in a row – for its attempts to disrupt the FSC from functioning at all. Once again, I express my thanks to Denmark, and to other previous Chairs, for keeping the Forum functional, despite Russia’s attempts to prevent it.
As we said repeatedly, there remains another path. If the Russian state’s professed wish for peace is genuine, it must end this war by withdrawing all of its forces to outside of Ukraine’s internationally recognised borders. And from Georgia and Moldova. If the Russian state is serious about dialogue and risk reduction, it must stop trying to undermine our Ministerial mandate of this Forum meeting each week.
I wish to conclude by welcoming Estonia to the FSC Troika, and to thank Croatia for their work as they leave the Troika. And most importantly, I wish you, Mr Chair, and your able teams here in Vienna and in Madrid the best of luck this Trimester. You can count on the support of the UK delegation.
Source: Moscow Government – Government of Moscow –
The play “Cathedral Square” in the Moskino cinema park continues to arouse the interest of both residents of the capital and guests of the city. After the premiere, viewers quickly bought up tickets and did not stop leaving enthusiastic reviews. It is planned to hold another 16 shows of the multimedia play about the Time of Troubles. The opportunity to see the spectacular performance is available until February 23 inclusive.
In each performance, one of the famous actors plays alongside the young artists. Thus, on stage you can see Anna Bolshova, Elena Zakharova, Ekaterina Guseva, Dmitry Pevtsov, Gleb Puskepalis, Yulia Takshina, Evklid Kurdzidis, Valentin Klementyev, Valery Nikolaev, Eduard Flerov and others.
From the first minutes of the production, the audience finds itself in Russia in the 17th century. They observe the insidious plans of the Polish King and Grand Duke of Lithuania Sigismund III, the impostor False Dmitry II and Marina Mnishek, who are striving for power. The main themes of the play are the cohesion of the Russian people, the unity of the Orthodox faith and the strength of spirit.
“There were traitors in power, there were traitors among the Cossacks, clans fought, princes could not agree with each other. But it was the spiritual power and the common people that did not allow Russia to perish,” emphasized the play’s director Eduard Boyakov.
Thanks to the historical scenery, the creative goals of the director and his large professional team were brought to life.
“The play is a reflection on the fact that our strength is in unity and truth. It is the appeal to Russian roots and origins that makes it so understandable and relevant for every viewer. The heroes of the play – Minin and Pozharsky – become living examples of unwavering faith and willpower for the viewer,” shared actress Anna Bolshova.
The performance lasts one hour and is intended for viewers over six years of age.
The Moskino Cinema Park is part of Sergei Sobyanin’s Moscow — City of Cinema project and an object of the Moscow film cluster. The first stage of its development has already been completed: 18 natural sites, four pavilions and six infrastructure facilities have been built here. Among them are the sets of Moscow Center, Moscow of the 1940s, Vitebsk Station, Yurovo Airport, Moscow Cathedral Square, Deaf Village, Partisan Village, County Town, Cowboy Town, St. Petersburg Bar and other sites.
The Moscow Film Cluster is an infrastructure facility, services and facilities for filmmakers, which are being developed by the Moscow Government within the framework of the Moscow — City of Cinema project. Its structure includes the Moskino film park, the Gorky Film Studio (sites on Sergei Eisenstein Street and Valdaisky Proyezd), the Moskino film factory, the Moskino cinema chain, the film commission and the Moskino film platform.
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.
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Today, Prime Minister Justin Trudeau met with the Prime Minister of Poland, Donald Tusk, in Warsaw, Poland.
Following yesterday’s commemorative event to mark 80 years since the liberation of the Auschwitz Birkenau German Nazi Concentration and Extermination Camp, the two leaders reaffirmed their shared commitment to Holocaust remembrance and combatting antisemitism.
As the full-scale invasion of Ukraine nears the three-year mark, the prime ministers condemned Russia’s unjustifiable war of aggression and reiterated the importance of Canada and Poland’s continued support to the people of Ukraine as they continue to fight for their freedom and independence. The leaders underlined the importance of providing military, financial, and other assistance to Ukraine.
Prime Minister Trudeau and Prime Minister Tusk reaffirmed Canada and Poland’s commitment to working together to tackle regional and global challenges, including threats to stability and energy security. Prime Minister Trudeau welcomed continued bilateral co-operation in initiatives to strengthen transatlantic security, such as the training of Ukraine’s Armed Forces personnel and NATO’s Canada-led Multinational Brigade in Latvia.
The two leaders reflected on the strong state of bilateral relations between their two countries, including growing commercial ties. They also welcomed the conclusion of the Canada-Poland Nuclear Cooperation Agreement and deepened ties in this key sector. The prime ministers agreed that their shared values and priorities will carry forward this relationship in the years to come.
Question for written answer E-000325/2025 to the Commission Rule 144 Liudas Mažylis (PPE)
The Astravets NPP in Belarus continues to operate, posing a threat to the environment and remaining a tool of Russian-Belarusian hybrid operations, particularly those targeting Lithuania and its capital Vilnius, which is only a few dozen kilometres away. Two units are in operation, with the second one running since November 2023. No explanations have been offered as to whether the IAEA’s recommendations to improve the safety of the plant have been complied with, which implies that the plant remains unsafe.
In the light of the foregoing:
1.What specific measures have been taken in recent months to put pressure on the Belarusian authorities and Rosatom to improve the safety of the Astravets NPP or, better still, to shut it down?
2.What measures are being planned for the near future?
Canada and Poland’s relationship is steadfast, from our mutual commitment to transatlantic and energy security to our common pursuit of a more sustainable planet. Together, we stand united and determined to create a safer and more prosperous world today – and for generations to come.
Today, the Prime Minister, Justin Trudeau, concluded his trip to Warsaw, Poland, where he signed the landmark Canada-Poland Nuclear Cooperation Agreement alongside the Prime Minister of Poland, Donald Tusk.
Once in force, the Agreement will deepen ties between Canadian and Polish energy sectors, enabling Canadian companies to apply their nuclear expertise to support Poland’s energy transition and enhance energy security for Poland and the region. It will create good well-paying jobs and opportunities for people on both sides of the Atlantic, while reinforcing Canada and Poland’s shared commitment to nuclear co-operation, non-proliferation, safety, and security. This collaboration will help Poland enhance its clean energy sector and accelerate its efforts to phase out coal from its energy mix.
This Agreement complements other initiatives to strengthen Canada and Poland’s bilateral relationship, including the General Security of Information Agreement (GSOIA), which was signed earlier this month. Once implemented, the GSOIA will enhance information sharing between Canada and Poland and create business opportunities for companies in industries such as defence, security, aerospace, marine, and nuclear.
Prime Minister Trudeau also held bilateral meetings with his Polish counterparts, including Prime Minister Tusk, the President of Poland, Andrzej Duda, and the Mayor of Warsaw, Rafał Trzaskowski. As the world marks 80 years since the liberation of the Auschwitz Birkenau German Nazi Concentration and Extermination Camp, they agreed on the importance of combatting antisemitism and hate across the globe.
The leaders also reaffirmed their commitment to transatlantic security and underlined the importance of providing military, financial, humanitarian, and other support for Ukraine as it continues to defend itself against Russia’s unjustifiable war of aggression. Prime Minister Trudeau emphasized that supporting Ukraine will continue to be a priority for Canada, particularly in the context of its 2025 G7 Presidency.
Prime Minister Trudeau reiterated his thanks to the people of Poland for their hospitality during his two-day visit to the country and reaffirmed Canada’s desire to continue deepening ties with Poland in the years to come.
Quote
“By working together to advance nuclear technology, Canada and Poland are pushing innovation forward and accelerating energy security. Once in force, the newly signed Canada-Poland Nuclear Cooperation Agreement will promote Canadian innovators, create good-paying jobs, and combine Polish and Canadian expertise in the sector. It’s a testament to Canada’s commitment to building a more secure future, alongside our closest Allies.”
Quick Facts
In 2023, the Canadian Nuclear Safety Commission and the National Atomic Energy Agency of Poland signed a Memorandum of Understanding on small modular reactors (SMR), paving the way for increased exchanges on best practices and technical reviews related to SMR technology.
Poland does not yet generate nuclear power commercially, but it has comprehensive plans to use both large-scale and SMR nuclear technology.
Canada expects to be the first G7 country to have the first operational SMR, the GE-Hitachi BWRX-300, by 2029. It is under active development by Ontario Power Generation at its Darlington Nuclear Station, and Poland is watching developments at Darlington closely, as it plans to deploy the same SMR technology shortly thereafter.
In 2023, on the margins of the 28th meeting of the United Nations Climate Change Conference of the Parties in Dubai, United Arab Emirates, Canada, Poland, and over twenty other nations endorsed a statement calling for the tripling of nuclear energy capacity by 2050.
Yesterday in Kraków, Poland, the Prime Minister announced $3.4 million in new funding to combat antisemitism, preserve Holocaust remembrance, and educate against Holocaust denial and distortion in Canada and around the world.
Canada and Poland enjoy a close-knit and multifaceted defence partnership. Canada takes pride in being the first NATO country to have ratified Poland’s membership, in 1998. Polish troops are deployed to the Canada-led NATO Multinational Brigade in Latvia.
Poland is Canada’s largest trading partner in Central and Eastern Europe. In 2023, bilateral merchandise trade between the two countries totalled $4.1 billion.
The warm ties between our peoples serve as the foundation of our countries’ strong bilateral relationship. Close to one million Canadians of Polish descent call Canada home.
If someone asked you to answer 100 questions about your personal life to sell the answers, would you agree? Most likely not.
It can be difficult to keep in control over your personal data and to keep it safe. From online shopping and browsing to social media, with every click, share and login-in you leave behind a digital trail. The GDPR ensures that your data can only be used in ways you agree to and that you can access any information about yourself.
But do people actually know how to protect their data? We asked passers-by on the streets of Brussels.
Source: The Conversation – UK – By Michael Harrison, Senior Lecturer in Economics and Finance, University of East London
Addressing the climate crisis was one of the key themes at the World Economic Forum in Davos.Rustam Zagidullin/Shutterstock
Every year, leaders from politics and business come together with economists, investors and even celebrities at the World Economic Forum in the Swiss resort of Davos. One of the five key themes of this year’s event was safeguarding the planet. The forum’s own figures suggest that human-caused climate change has cost the planet US$3.6 trillion (£2.9 trillion) in damage since 2000 alone.
Many of the sessions at Davos focused on climate change, which was especially pertinent after US president Donald Trump’s decision to abandon for a second time the Paris Agreement – a framework to keep the warming of the planet to 1.5°C above pre-industrial levels by the end of the century.
In an online address to Davos delegates, Trump even argued that the oil-producers’ group Opec should reduce the price of oil. This is in stark contrast to the views of many other governments – exemplified by UK energy and climate change secretary Ed Miliband’s assertion that net zero is “unstoppable”.
But one of the less discussed elements of the path to net-zero by the year 2050 (a key target to keep the Paris Agreement on track) is the role of the financial sector.
As economists, we believe that banks and financial institutions should play a key role in making the green transition happen. Companies that produce goods and services will need to invest in equipment and technology – either to make new greener products or to ensure that they pollute less.
But this will cost money – likely money that firms do not actually have on their balance sheet or under their mattress. When banks assist in providing funding for this type of investment, it is known as green finance.
Green finance from banks can take two forms. Either the banks underwrite corporate bonds, which means they sell bonds to investors in exchange for a fee. Or they become involved in the provision of a syndicated loan, which is when they collaborate with other banks to lend money.
But both options are constrained by the rule that a bank will only provide finance out of self-interest. This means they act only when the profit they earn is proportional to the credit risk they take on. But this was in contrast to the message from Davos that businesses should take the lead, with the aid of finance from banks, in mitigating the risks of climate change.
With easier access to finance, more firms could invest in innovative ways to go green like this car park with inbuilt solar panels in Leeds. Clare Louise Jackson/Shutterstock
Sources of credit for businesses to make green investments include philanthropists, public finance and the private sector (that is, commercial banks). However, it is arguable that charity and public money are best used in partnership with private banks, to finance projects that are perceived high risk and low return. Banks alone would not support these because of their promotion of self-interest.
However, philanthropy can be limited and inconsistent in providing funds for green projects. And the public sector has so many demands on its purse that its ability to support is also limited. This is where the private sector plays a key role in mitigating climate change and where partnerships between these three sectors could offer a way forward.
This pathway was discussed at Davos but the speakers were not clear on what effective partnerships would look like. As academics who have researched the factors that influence green finance provision across multiple European countries, we would suggest a partnership structure between the public sector and the private sector, based on risk-sharing.
In these cases where banks perceive the risk to be unbearable (and therefore not in their self-interest), governments could partner with banks in offering finance and so share the consequences of a bad project outcome. In other words, they would form a partnership with the bank to share the downside risk.
A bank may consider an investment to be higher risk where a project has less certain outcomes, or requires funding for a longer period of time. Both of these factors are comparatively common in green financing deals. This could be because a firm is investing in new or untested tech or production methods – for example car manufacturers exploring new electric vehicle battery technologies.
The struggle for smaller businesses
This partnership approach could especially benefit small and medium-sized enterprises (SMEs), which make up 99% of Europe’s companies. But these businesses can struggle to access finance from banks due to their lack of capital, which can make banks see them as a high risk. And this of course is challenging for SMEs, which mostly have no other sources of external finance.
Research shows that medium-sized firms often rely on loans for finance. Our work focuses on how companies in Europe and the UK source green financing. It has highlighted that larger companies, as well as more liquid and more profitable firms, tend to raise finance via bonds (issued by banks and bought by investors) rather than loans (from a bank or other financial institution).
In fact, our research shows that in some European countries (including Latvia, Malta and Romania), domestic banks have no record whatsoever of providing green finance to companies.
This means it is much easier for larger businesses to get green finance compared to their smaller peers. And smaller companies tend to obtain relatively lower amounts of green financing, creating a real risk that SMEs may not get what they need in order to play their part in reducing their emissions.
Without a significant shift in allowing SMEs to get the finance they need to become greener, governments will struggle to get close to their net-zero goals. But, along with financial regulators, governments could lead the way to create partnerships with banks and other financial institutions to overcome the barriers that SMEs face.
Sharing the risk would ensure banks continue their green lending activities and accelerate progress toward meeting government climate targets.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation – UK – By Matthew Powell, Teaching Fellow in Strategic and Air Power Studies, University of Portsmouth
Numerous incidents of suspected Russian-linked sabotage of undersea cables in the Baltic Sea has seen tensions rise among nearby countries, and an increased Nato presence.
In the latest incident, on January 26, the Swedish coast guard boarded a ship in the Baltic Sea on suspicion of anchor dragging and suspected sabotage of vital undersea cables providing power and communication across the region. Latvia also sent a warship to the incident to investigate damage to fibre-optic cables. The Bulgarian vessel is now under investigation. The owner of the ship has denied any involvement with sabotage.
The nations along the Baltic Sea coast have become increasingly worried about suspected sabotage of their undersea infrastructure in recent months by vessels deliberately dragging their using anchors along the seabed and have started to station military vessels at sea every day.
In response to rising concerns about infrastructure security, Nato increased its regional naval presence by launching the Baltic Sentry missionon January 14, which includes maritime patrol vessels.
What’s the context?
In recent months there have been several reports of damage being caused to undersea cables by vessels as they pass through the Baltic Sea. Attacks on undersea cables are comparable to traditional espionage and information operations . This is activity conducted at the level below that of warfare, designed to send certain signals to adversarial nations. The purpose could be to send a message that the capability exists to essentially cut off and isolate nations from the outside world.
These cables are extremely valuable. They are used to transport gas, electricity and internet traffic between nations. And recent incidents have led to a reduction in the capacity of electricity that can be transported, although this has not yet caused widespread power outages. Another concern is that damage to internet cables can hold up the passage of information generated by the financial markets. This is particularly vulnerable due to its time-sensitive nature.
Protecting the cables is a challenging task. There is little that can physically be done to prevent other vessels crossing seas and oceans due to the concept of freedom of navigation of the high seas. And Russia has a right of passage for its ships, for example, from St Petersburg to the North Sea.
Investigations into apparent threats can be conducted without actually seizing the vessel or impeding its progress in any way. This can done through the use of GPS tracking data and combining that with other evidence such as eye witness testimony.
While these cables can get damaged through natural means, the targeting of them could be a way for a nation to operate against its adversaries in a more covert manner and below the threshold of armed conflict.
The Finnish navy seized a ship suspected of involvement in sabotage.
Much of the disruption to the traffic on these undersea cables is probably the result of accidental activity. But there have been concerns about greater activity by Russian military vessels in their attempts to map the Baltic sea floor. The most likely reason for the increased Russian sea mapping activity is to gain a greater understanding of the location of these cables. But it could be sending a message that this critical infrastructure is difficult to defend and vulnerable to attack and sabotage.
Many merchant vessels are registered in overseas territories, and ownership can be hard to track. This gives a degree of plausible deniability over who may have ordered or overseen the operations that might have damaged cables.
It makes it more challenging for action to be taken, but has given rise to accusations that these ships are acting as Russia’s “shadow fleet”.
But this increased naval presence in the Baltic could act as a deterrent and provide greater security to the cables. Sweden has now boarded a vessel. But another obstacle here is that the nation where the vessel is registered is under absolutely no obligation to cooperate with any investigation.
Other factors are also involved. The Baltic states and Finland have memories of the political control imposed upon them by the Soviet government prior to, and, in some cases, after the second world war, and this will be adding to the tension.
Russia’s invasion of Ukraine has increased regional fears about what could happen next. Moscow may be hoping to deter the Baltic nations from continuing to provide the support they are giving to Ukraine by increasing pressure on them along the coast.
But aggressive activity in the Baltic Sea may well have the opposite effect by ramping up concern about Russia’s power. It might also mean Baltic and Nordic countries are more willing to increase their defence spending and make preparations for possible military action.
Matthew Powell 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.
Source: United Kingdom – Executive Government & Departments 3
The Defence Secretary visited British Army soldiers deployed in Estonia this Christmas to thank them for their service
The Defence Secretary visited UK Armed Forces personnel deployed to Estonia to thank them for their vital service at Christmas.
Some 10,000 sailors, marines, soldiers, and aviators will spend Christmas Day deployed overseas, sacrificing celebrations with their families and friends to keep the UK safe.
The work of the UK Armed Forces continues over Christmas on 60 operations in 44 countries this, while hundreds more personnel are working to protect the UK’s skies, shores, and seas at home.
There are 900 British personnel deployed in Estonia, ready to defend NATO’s eastern flank and working alongside French and Estonian forces to deter aggression and uphold stability in eastern Europe.
The visit to Estonia by the Defence Secretary also highlighted the UK’s unwavering dedication to NATO and commitment to defending the alliance.
Defence Secretary, John Healey MP, said:
In a world in which global insecurities are rising, we depend more and more on those who are willing to serve. And those who are willing to serve are supported by the families that stand with them and behind them.
This Christmas, I pay special tribute to those 10,000 military personnel who are deployed overseas, many of them not seeing family and loved ones at this important time.
It was an honour to spend time with some of those troops in Estonia, to serve them Christmas lunch and thank them for their commitment and professionalism. This week they will sacrifice what most of us take for granted, that special time with our families, to ensure that our nation is safe.
Our British deployment in Estonia demonstrates our unshakeable commitment to NATO and the security of Europe, keeping us secure at home and strong abroad. Our presence here is a powerful message to our allies and adversaries: the UK stands ready to defend its allies and uphold our shared values, all year round.
The visit to Estonia provided an opportunity for the Defence Secretary to discuss Project ASGARD, which will help UK Armed Forces in the country utilise new and emerging tech to become more lethal and better able to defeat the enemy.
It will harness developing technologies including artificial intelligence (AI), drones, and advanced sensors to help more quickly discover and process information and strike enemies on the battlefield, with priority work continuing on the programme in 2025.
The UK’s relationship with Estonia is a cornerstone of NATO’s defence. British personnel stationed in Estonia form a vital part of the enhanced Forward Presence, ensuring a permanent presence along the alliance’s eastern flank.
The visit comes as the UK has recently signed a defence roadmap with Estonia. The agreement will see the UK’s 4th Brigade Combat Team held at high readiness from 2025, ready to deploy at short notice to Estonia in times of crisis.
It will also include the first overseas deployment of the UK’s cutting-edge Challenger 3 tanks and Boxer armoured vehicles, reinforcing NATO’s defensive capabilities along its eastern border.
The British deployment at Tapa remains the UK’s largest permanent overseas deployment, and both countries are working together closer than ever, with the UK leading on the new DIAMOND initiative, which will improve NATO’s integrated air and missile defence by ensuring that the different air defence systems across the Alliance operate better and more jointly across Europe.
Paying tribute to Armed Forces personnel on duty at Christmas, the Chief of the Defence Staff, Admiral Sir Tony Radakin said:
Thank you to all our Armed Forces personnel for your extraordinary hard work this year.
From delivering the nuclear deterrent and policing NATO skies, to training Ukrainian recruits and protecting merchant shipping in the Red Sea, the Armed Forces have stepped up to deliver all that the nation asks of us.
I am immensely grateful to those deployed away from home over the festive season and wish you all a Merry Christmas and a Happy New Year.
In the UK, Royal Air Force aviators at RAF Boulmer and NATS Swanwick are ready to scramble Typhoon aircraft from RAF Coningsby and RAF Lossiemouth to monitor any hostile aircraft which approach UK airspace.
Behind the scenes and out of sight at the MOD’s digital HQ in Corsham, military cyber experts will remain vigilant this festive season, defending the UK against constant cyber threats every minute of every day.
These dedicated professionals ensure the security of vital digital networks, guaranteeing that the systems that connect our people, places, and equipment run smoothly and securely.
Royal Navy ships will also continue their work protecting the UK’s seas and coastline.
Somewhere, deep in the ocean, a Royal Navy nuclear attack submarine continues to provide the nation’s nuclear deterrent in a patrol that has continued 24 hours a day, 365 days a year, for 55 years.
And the Household Division of the British Army will continue to guard royal palaces in the nation’s capital throughout the Christmas period.
In an address to the soldiers deployed at Tapa Army Base in Estonia, the Defence Secretary said:
I wanted to say, above all, thank you. Thank you on behalf of all those back home who will never have the chance to say this to you for themselves. Thank you for your commitment to keeping our country safe.
This is a really important deployment for us. What you’re doing here really matters. It matters for the security of Europe, and it matters to us all back home in Britain.
You are making good on Britain’s unshakable commitment to NATO and to a safe and peaceful Europe. And that’s why we have this Operation CABRIT, the biggest commitment of British troops in another country.
Here on the front line, we must also be on the cutting edge of new technologies and new combat techniques we must learn from Ukraine.
We ask a lot of you all in the Armed Forces, not least the separation from your families and your friends and your loved ones. And at Christmas, that sense of separation can be especially strong.
So thank you for your service. Thank you for your willingness to sacrifice what almost all of the rest of us take for granted. It’s an honour to be with you.
Urbo bankas UAB (hereinafter – “the Bank”), company code 112027077, address: Konstitucijos pr.18B, Vilnius.
The Bank earned a net profit of EUR 6.5 million in the first three quarters of this year. The loan portfolio grew by 14.6% to EUR 364 million during the period, while the bank’s assets at the end of September stood at EUR 577 million, or 15.6% more than a year earlier (EUR 499 million).
At the end of the third quarter, the amount of deposits held with the Bank reached EUR 489 million, 16.2% more than a year earlier. Meanwhile, net interest income increased by almost a tenth (EUR 1.5 million) to EUR 16.7 million.
In the third quarter of this year, net fee and commission income of the Bank decreased by 30.4% (EUR 1.2 million) to EUR 2.7 million compared to the same period of 2023. In the comparative period, the net result on foreign currency transactions decreased by EUR 0.8 million (30.4%) to EUR 1.8 million, due to the contraction of the net currency market in Lithuania.
The Bank’s shareholders’ equity stood at EUR 63 million on 30 September this year. Compared to the end of September 2023, it has increased by 14.1%, from EUR 55 million. At the end of September, the Bank had 285 employees, and its customer service network consisted of 25 territorial branches.
For more information please contact: Julius Ivaška, Head of Business Division, tel. +370 601 04 453, e-mail media@urbo.lt
On 20 December, 2024, Šiaulių bankas AB and the European Investment Bank (EIB) signed amendments to the Pre-financing and Contingent loan agreements concluded in 2016 to increase the Bank’s investment by €60 million – up to €255 million from €195 million – to finance the modernization programme of multi-apartment buildings in Lithuania.
“The multi-apartment building modernisation fund under Bank’s administration has signed financing contracts for almost €200 million this year alone. The demand for renovation projects is gaining pace and we have committed to increase Šiaulių Bankas’ investments in renovation financing by €60 million after discussions with the Ministry of Environment of Lithuania and the EIB. This way we continue to contribute to a more sustainable and country and wellbeing,” says Vytautas Sinius, CEO of Šiaulių Bankas.
Šiaulių Bankas has been involved in the financing market for the modernization of multi-apartment buildings in Lithuania for more than 12 years. During this period, the Bank and its partners have financed the renovation of more than 3,000 projects total loan worth exceeding €1.2 billion.
“The Ministry of the Environment appreciates the cooperation with Šiaulių bankas, the financial intermediary chosen by the EIB, which, recognising the importance of renovation, has made it possible to finance the long-standing modernisation of multi-apartment buildings. The additional funding will ensure the continuity of the loan funds created with EU funds and a smooth transition to new financial instruments. I hope that these additional funds will accelerate the implementation of renovation projects,” said Povilas Poderskis, Minister of the Environment.
“This collaboration between Šiaulių bankas and EIB represents another significant step in strengthening our long-term partnership in the housing sector. We are pleased to support this initiative at a time when financing for renovation and energy efficiency is most needed. By contributing to the Government’s goals in this critical sector, we are helping to drive sustainable development and support the creation of greener, more resilient homes, while advancing broader climate objectives,” said Junona Bumelytė, EIB Fund and Structuring Officer.
Šiaulių Bankas launched the €200 million SB Modernisation Fund 2, financed by Šiaulių bankas itself, the Government, with the EIB as fund manager, as well as Swedbank, the European Bank for Reconstruction and Development (EBRD), and pension funds managed by the Šiaulių bankas Group this year. This fund has already signed financing agreements for almost all allocated amount to renovate up to 300 multi-apartment buildings across Lithuania.
The aim is to renovate most of the multi-apartment buildings in Lithuania by 2050. Two thirds of these buildings are currently energy class D and below. Modernized buildings save energy while improving living conditions and increasing value.
The President of the Council of Ministers, Giorgia Meloni, delivered a festive message to the Italian military contingent serving at the airbase in Šiauliai, Lithuania, today, as well as to all the Italian contingents present in operational theatres around the world, who joined via video link.
[Introduction by Commander Massarotto and President Meloni’s greetings message]
VILNIUS, Lithuania, Dec. 23, 2024 (GLOBE NEWSWIRE) — BTCC, one of the longest-standing cryptocurrency exchanges, recently hosted an engaging AMA (Ask Me Anything) session on X Spaces featuring FLOKI, one of the original meme coins in crypto.
The AMA was part of BTCC’s “OG Week” campaign, where iconic long-term meme coins are spotlighted and celebrated. Pedro Vidal, Community Relations Officer for Floki and TokenFi Blockchain, joined the session to discuss FLOKI’s vision for 2024 and beyond.
The AMA was a resounding success, with over 1,500 crypto enthusiasts tuning in to explore FLOKI’s journey, and check out some big developments landing this coming year. Anyone interested in listening back can check out the AMA here
Highlights of the Discussion
The AMA covered many points, and gave a deep insight into FLOKI’s history, position in the crypto market, and some exciting points for 2025:
Topic 1 – FLOKI’s Inception
Topic 1 covered FLOKI’s inception, and discussed how FLOKI was born from a tweet from Elon Musk in 2021. Though the coin initially suffered rug pulls from the team who initially launched the project, it has now become a community-led project.
FLOKI is now governed by a DAO, leaving the ownership and direction of the token in the hands of the community. The DAO is important as it aligns closely with the current team’s focus on community feedback, utility and transparency, and dedication to the success of the project – and also to avoid the pitfalls from the initial launch of the coin.
Topic 2 – FLOKIs Blockchain Gaming Platform
Topic 2 focused on the big ticket success on FLOKI – Valhalla. The crypto household name game took the market by storm and features all the hallmarks of a global superstar – from an easy-to access, browser-based design, and global accessibility, everyone inside the FLOKI community is excited about the future of Valhalla.
“The idea is to continue to improve and leave blockchain forever changed.”
– Pedro Vidal, on Floki’s Valhalla Metaverse game
Topic 3 – FLOKI Debit Card and Trading Bot
Another hot topic on the agenda was the FLOKI debit card, which now offers crypto enthusiasts a way to spend their crypto across 8 different chains, with 0% transaction fees. The cards are available in both physical and virtual forms, which is another step toward FLOKI’s vision of a more financially enabled world, powered by memecoins.
FLOKI have also released their Telegram trading bot, aiming to streamline the trading experience, all from inside users’ telegram accounts. The bot supports multiple chains and is live now!
Topic 4 – 2025 and Beyond
For 2025, Pedro emphasized the importance of staying true to the project’s values of transparency and utility, and managing and promoting growth were emphasized – however 2025 shapes up for FLOKI, the ecosystem looks set for a rapid expansion.
FLOKI is available on BTCC for spot and futures trading. Up to 50x leverage is supported, and as one of the hottest meme coins on the platform, interest looks set to build for the coming season.
BTCC OG Week
To celebrate the OG meme coins that laid the foundations for the current cycle’s top gainers like DOGE, FLOKI, and PEPE, BTCC Exchange has announced the BTCC OG Week campaign, where meme fanatics can undertake social and trading tasks to win USDT rewards, with a prize pool of 300 USDT and 300 USDT in withdrawable rewards each week.
Week 1, which saw BTC in the limelight has already concluded, and winners of the trading competition have already been announced on BTCC’s X page.
BTCC continues its OG Week campaign with the featuring DOGE, and there’s plenty more amazing content to come.
Going forward, BTCC have scheduled more AMAs and special features on other long-term meme coins. To stay updated on future campaigns and win exclusive rewards, follow BTCC’s X account.
For additional information, visit BTCC’s website or follow BTCC and Floki on X.
Media Contact Details Contact Name: Aaryn Ling Contact Email: press@btcc.com
About BTCC
BTCC is a long-standing crypto exchange with over 13 years experience in the crypto space, and 0 security breaches. BTCC makes crypto trading easier with user-centric features that are sure to suit the needs of novice and advanced traders alike, wherever they are in the world.
Disclaimer: This content is provided by BTCC. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.
Bigbank AS has confirmed the bank’s Financial Calendar for the 2025 financial year.
In 2025, Bigbank plans to disclose information according to the following schedule:
26.02.2025
Q4 2024 and unaudited full year results
27.02.2025
January results
05.03.2025
Audited results for 2024
13.03.2025
February results
24.04.2025
Q1 interim results
08.05.2025
April results
12.06.2025
May results
24.07.2025
Q2 interim results
14.08.2025
July results
11.09.2025
August results
23.10.2025
Q3 interim results
13.11.2025
October results
11.12.2025
November results
Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 November 2024, the bank’s total assets amounted to 2.7 billion euros, with equity of 271 million euros. Operating in nine countries, the bank serves more than 150,000 active customers and employs over 500 people. The credit rating agency Moody’s has assigned Bigbank a long-term deposit rating of Ba1, as well as a baseline credit assessment (BCA) and adjusted BCA of Ba2.
VILNIUS, Lithuania, Dec. 20, 2024 (GLOBE NEWSWIRE) — BTCC is spreading holiday cheer with its Christmas & New Year Bash, an exciting trading campaign running from December 19, 2024 to January 12, 2025. Traders can earn gold coins by trading select future pairs or making deposits, and the gold coins can be exchanged for trading fund rewards.
As Bitcoin’s price recently surpassed the $100,000 milestone and optimism sweeps the market, trading volumes are surging. BTCC Exchange’s holiday campaign comes at the perfect time, allowing users to capitalize on market opportunities while enjoying rewards that help lower trading costs.
Meme coins like PEPE, SHIB, and FLOKI have been making waves, and BTCC is encouraging users to trade these pairs to earn gold coins. Other popular trading pairs, including ADA/USDT and SAND/USDT, are also available in the campaign. Traders achieving a daily trading volume of at least 1,000 USDT can earn gold coins for consecutive daily trades, with up to 200 coins available for a daily trading streak of 24 days.
Additionally, deposits of 1,000 USDT or more can earn users 60 coins per deposit, with a maximum of 5,000 coins available per user. The gold coins earned can be exchanged for trading fund rewards which can cover trading losses, trading fees, and funding fees when trading perpetual futures.
“December has been a record-breaking month for BTCC in trading volume, and this campaign is our way of giving back to our loyal users,” said Alex, Head of Operations at BTCC Exchange. “The Christmas & New Year Bash rewards users while helping them make the most of this exciting period in the crypto market.”
With Bitcoin approaching its 16th anniversary and BTCC soon celebrating 14 years as one of the longest-running exchanges in 2025, this campaign underscores BTCC’s commitment to providing rewarding experiences for its users.
About BTCC
Founded in 2011, BTCC is one of the world’s longest-serving cryptocurrency exchanges. Known for its secure, user-friendly, and innovative trading environment, BTCC remains a trusted platform for millions of crypto traders globally.
A financial institution in Lithuania was discovered laundering around EUR 2 billion through a worldwide web of shell companies. Italian, Latvian and Lithuanian authorities, supported by Eurojust and Europol, took down the network during an action day on 27 February. Eighteen people were arrested and over EUR 11.5 million in assets and bank accounts were frozen.
After a complex investigation that monitored the online activities of terrorist groups, authorities in Spain traced servers across the globe that were supporting multiple media outlets disseminating worldwide propaganda meant to incite terrorism. A global coalition between Spanish, German, Dutch, American and Icelandic authorities was set up to take the servers offline. With the support of Eurojust and Europol, servers were taken down and nine radicalised individuals were arrested.
Authorities uncovered an intricate money laundering scheme run by a mafia family in Brazil. Profits of their crimes were reinvested into multiple companies in Brazil, including a well-known hotel. Through a joint investigation team at Eurojust, Italian and Brazilian authorities investigated the activities of the mafia family and planned a large global operation to arrest the suspects. The operation led to the arrest of one of the mafia members and the freezing of financial assets worth EUR 50 million.
Eurojust supported a joint investigation team between Polish and Lithuanian authorities that investigated the forced landing in Belarus of a commercial flight. The unprecedented case shed a light on the real reason behind the flight’s diversion: suspects instructed air traffic controllers to land the aircraft in order to arrest a Belarusian dissident. In September, the investigation led to the arrest warrants for three Belarusian officials.
Two infostealers, malware that is able to steal personal data from infected devices, was taken down by a global operation. Authorities from the Netherlands, the United States, Belgium, Portugal, the United Kingdom, Australia and Eurojust and Europol shut down three servers in the Netherlands and seized two domains. The operation stopped the malware from stealing data such as usernames and passwords that were used to steal money or carry out other hacking activities.
Banksy, Andy Warhol, Pablo Picasso, Claude Monet and Vincent van Gogh are among the artists whose work was forged by a criminal group that set up a sophisticated fake art operation. The group produced the art, organised exhibitions of the forged works and worked together with compromised auction houses to sell the pieces. Eurojust supported Italian authorities to dismantle the criminal group and set up the cooperation between Belgian, French and Spanish authorities. During an action day in November, 38 people were arrested and over 2 000 fake art works were seized.
In May 2024, the Estonian FSA performed an on-site inspection, assessing the internal control system of Northern Horizon Capital AS and the implementation of measures to prevent and mitigate conflicts of interest. On 19 December 2024, the Estonian FSA issued a precept to Northern Horizon Capital AS, requiring it to improve some elements of its internal control processes and eliminate identified weaknesses.
Northern Horizon Capital AS has cooperated with the Estonian FSA throughout the process and prepared an action plan in August 2024 to resolve the matters, based on which several weaknesses have already been eliminated.
Lars Ohnemus, Chairman of the Supervisory Council of Northern Horizon Capital AS and Chairman of the Board of Northern Horizon Capital A/S (being a parent company of Northern Horizon Capital AS), commented:
“Our commitment to good governance practices is fundamental and needless to say, we take guidance from the Estonian FSA seriously. It has been essential for us to make adjustments as swiftly as possible. The majority of points raised in the report have already been addressed, and we continue our efforts to strengthen our governance and internal control system as per the agreed plan.”
The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS.
Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com
VILNIUS, Lithuania, Jan. 27, 2025 (GLOBE NEWSWIRE) — BTCC, one of the world’s longest-serving cryptocurrency exchanges, is excited to announce the launch of its Spot Trading Fiesta, a campaign celebrating the altcoin season to come. This highly anticipated campaign allows crypto enthusiasts to earn rewards through social media giveaways, deposit rewards, and trading prizes.
The Spot Trading Fiesta will feature one popular altcoin each week, offering users a chance to dive deeper into altcoin trading while enjoying exciting rewards. Kicking off the campaign is fan-favorite DOGE (Dogecoin), with a social media giveaway awarding DOGE to lucky participants. To join, participants can visit BTCC’s X post and enter by February 2, 2025.
The campaign follows the success of BTCC’s OG Week, which celebrated trending meme coins like FLOKI, SHIB, and PEPE and garnered overwhelming community support. Spot Trading Fiesta aims to build on this momentum, coinciding with increasing excitement around altcoins.
“We are thrilled to launch Spot Trading Fiesta at such a pivotal moment in the crypto space,” said Aaryn Ling, Head of Branding at BTCC Exchange. “With altcoin season potentially around the corner and Bitcoin making headlines, now is the perfect time to explore the potential of all those popular altcoins. BTCC’s growing portfolio of spot trading pairs ensures our users can access some of the most popular cryptocurrencies. We invite everyone to join this campaign, trade their favorite altcoins, and earn incredible rewards.”
BTCC has been adding to its diverse selection of spot trading pairs, now offering over 240 cryptocurrencies to meet the growing demand for altcoin trading. This campaign reinforces BTCC’s mission to make crypto trading accessible, secure, and rewarding.
About BTCC
Founded in 2011, BTCC is one of the longest-standing cryptocurrency exchanges globally, trusted by millions of users. Known for its robust features and cutting-edge platform, BTCC Exchange remains committed to providing a seamless crypto trading experience for crypto traders worldwide.
When, in the late 1980s, I began my research on the architectural history of the Auschwitz death camp, Jan. 27 wasn’t marked on any official calendar as a special day of commemoration.
Jan. 27 is now identified as an annual International Day of Commemoration in Memory of the Victims of the Holocaust. On Jan. 27 1945, the Red Army liberated some 7,000 remaining prisoners in Auschwitz, located in south-central Poland. How was this date chosen, and what issues or reflection might it raise?
Poland
With 1.1 million murdered victims — of whom one million were Jews — Auschwitz was the most murderous of the German death camps. It had already become by the mid-1970s a powerful symbol of the Holocaust.
In the early 1990s, the Polish government led by President Lech Walesa decided to make the 50th anniversary of the arrival of the liberating Red Army at the gates of Auschwitz into a major international commemoration in 1995.
Seventeen heads of state, including German Federal President Roman Herzog, attended the occasion on Jan. 27, 1995. It was, in a sense, a “coming-out” of the now firmly democratic Polish Republic. At that time, Warsaw was eyeing membership of NATO and the EU, which had been formally established by means of the Maastricht Treaty two years earlier.
Among Jews, primarily in North America and Israel, Holocaust commemorations are typically associated with three dates in the Hebrew (lunar) calendar:
1. The ninth day of the Jewish month of Av: Since time immemorial, Jews commemorated on this day the destruction of the First Temple (in 586 BCE) and the destruction of the Second Temple (in 70 CE).
2. The 10th day of the Jewish month of Tevet: This day, King Nebuchadnezzar II began the siege of Jerusalem that was to lead to the destruction of the First Temple. Traditionally on this day, Jews say the prayer of the dead for family members whose date of death is unknown. As the date of death of most of the Jews murdered in the Holocaust is indeed unknown, the 10th of Tevet became quite prominent in Israel as a date of Holocaust commemoration.
Herzog decided something had to be done to force continued engagement with the Nazi past, and to shut up revisionists who stressed German victimhood. He proclaimed Jan. 27 as Day of Commemoration of the Victims of National Socialism. It was a politically astute move. He knew that in any discussion about the meaning of the Third Reich, the name “Auschwitz” was the ultimate trump card that could not be beaten.
Sweden, U.K., EU, UN
In 1998, Swedish Prime Minister Göran Persson declared Jan. 27 to be an official day of Holocaust Remembrance. This move was to lay the groundwork for a larger Swedish-led inter-governmental educational initiative founded to combat rising antisemitism.
A few years later, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia and Slovenia — plus Malta and Cyprus — joined the EU. Until then, it had consisted of countries that had been either stable liberal democracies since 1945, or had become such in the 1970s.
Most of the new members had been communist-ruled. There was nervousness about the baggage they would bring — especially persistent antisemitism. On Jan. 27, 2005, the European Parliament called on the European Council, Commission and member states to make Jan. 27 European Holocaust Memorial Day, to be observed across the EU.
While deeply committed to the study of the history of Auschwitz and profoundly engaged with the commemoration of both the Holocaust in general and Auschwitz in particular, if forced to choose, I have a clear preference for Yom Hashoah over Jan. 27.
Jan. 27 as a day of commemoration emerged from initiatives taken by non-Jews at the highest political level, without much consultation with Jews.
A few of my now-deceased Auschwitz survivor friends told me that the entire Jan. 27 date should be cancelled as it has no or little meaning for Jews, and it certainly had no meaning for them as Auschwitz survivors, because they had been taken away from Auschwitz in a death march before the arrival of the Red Army.
Yet now it exists, and better to work with it. All the good reasons why Auschwitz became a symbol of the Holocaust are still valid — especially the fact that it ties a very complex series of events to a real place that everyone can visit.
But I would like to invite all who gather on Jan. 27 to remember the Holocaust to consider also its profoundly political origins. And I hope that they will decide to also attend a similar event a few months later, on Yom Hashoah.
Robert Jan van Pelt is curator for the Auschwitz exhibit at the ROM.
During his first official visit to Berlin on Monday (4 November), NATO Secretary General Mark Rutte thanked Chancellor Olaf Scholz for Germany’s significant contributions to the Alliance and its ongoing support for Ukraine.
The Secretary General praised Chancellor Scholz’s “personal leadership and commitment” to investing more in defence. “Germany now invests 2 percent of its GDP in defence for the first time in three decades. This is important for Germany and for NATO,” he said.
The Secretary General highlighted Germany’s contributions to NATO, including its presence in the eastern part of the Alliance where it is stationing a full brigade in Lithuania. Mr Rutte welcomed the opening of Germany’s new naval headquarters in Rostock, which will help to protect key trade and supply routes, and critical infrastructure in the Baltic Sea.
Mr Rutte also thanked Germany for being “the biggest European contributor of military aid” to Ukraine, underlining that Germany’s support “saves lives on the battlefield every day.” He also warned of more frequent Russian hybrid attacks against NATO Allies, saying “the shifting frontline in this war is no longer solely within Ukraine.” Russia is interfering directly in Allies’ democracies, sabotaging industry and committing violence. “All of this to weaken us and to sow divisions, but NATO stands ready to deter and defend against these threats,” he said.
On Monday, the Secretary General also met with German President Frank-Walter Steinmeier, Minister of Defence Boris Pistorius, and Chairman of the Defence Committee of the German Bundestag Marcus Faber.
Aktsiaselts Infortar (Infortar) will organize a webinar for introducing third quarter 2024 results today. Please join the webinar via the following links:
Following the acquisition of a majority stake in Aktsiaselts Tallink Grupp (Tallink), Infortar’s total assets have reached €2.5 billion. For the first nine months of this year, the company’s consolidated revenue amounted to €926 million, net profit reached €187 million, and investments totaled €138 million.
“We’ve grown into Estonia’s largest investment company in the third quarter—our consolidated asset volume has increased by €1 billion within just nine months. Infortar’s structure and outlook have transformed significantly over a short period; we’re literally fuelled by growth,” remarked Ain Hanschmidt, Chairman of Infortar’s Management Board.
“Infortar actively seeks and invests in growth across various sectors and beyond borders. When we went public last year, we committed to invest €110 million from 2023 to 2025, yet we have already invested €138 million in the current year alone,” said Hanschmidt.
In the third quarter of 2024, Infortar increased its shareholding in Tallink to 68.5% through a public share offering. Alongside with other investors, Infortar envisions a strong and stable future for Tallink. The voluntary takeover offer attracted those who wished to exit the region for various reasons.
In the third quarter of 2024, Tallink transported a total of 1,715,496 passengers, with the company’s ships completing 1,840 departures. Compared to the same period last year, Tallink´s unaudited sales revenue decreased by 3.7%, totalling €231.9 million, with a net profit of €36.8 million.
AS Eesti Gaas, the largest private energy company in the Finnish and Baltic region, increased its sales volume of natural gas and electricity by 27% year-on-year, reaching 13.9 TWh and a market share of 25.7%. Operating under the Elenger brand in foreign markets, the company is focused on expanding its energy business in Poland and Germany and establishing access to the wholesale gas market in the Netherlands and Belgium.
The construction of Rimi’s logistics centre and the new Pärnu bridge are going according to the schedule. In July, the bridge arch was installed, introducing new engineering solutions to Estonia.
At the end of the third quarter, Infortar announced plans to acquire Tallinna Raamatutrükikoda, in addition to the printing houses Printon and Vaba Maa. This acquisition aims to enhance synergies and bolster the company’s extensive experience in the printing sector.
KEY FIGURES
9 months 2024
9 months 2023
Q3 2024
Q3 2023
Revenue (in thousands of EUR)
925 607
746 892
349 468
186 540
Gross profit (in thousands of EUR)
93 758
107 238
40 669
18 887
EBITDA (in thousands of EUR)
117 384
105 865
41 874
19 294
EBITDA margin %
12,7%
14,2%
12,0%
10,3%
Operating profit (in thousands of EUR)
83 817
94 661
20 422
14 234
Net profit (in thousands of EUR)
187 339
269 624
114 322
185 941
Profit attributable to the owners of the parent company (in thousands of EUR)
184 122
269 546
111 105
185 658
Earnings per share (EUR)*
9,1
13,3
5,5
9,2
Total equity (in thousands of EUR)
1 223 058
771 700
Total liabilities (in thousands of EUR)
961 419
480 816
* For the period ending 30.09.2024, earnings per share (EPS) in euros have been calculated using a share count of 21,166,239, with company´s own shares deducted for comparability.
Revenue
During the first nine months of 2024, Infortar’s consolidated revenue increased by €178.7 million, reaching €925.6 million, compared to €746.9 million in the same period in 2023. This growth was significantly impacted by the line-by-line consolidation of Tallink results into Infortar’s financial statements.
EBITDA and Segment Reporting
The acquisition of a majority stake in Tallink does not significantly impact segment reporting; Infortar’s management continues to monitor business segments using existing principles.
Energy Segment: Nine-month EBITDA for 2024 was €79.5 million, down from €99.1 million in 2023.
Maritime transportation segment: nine-month EBITDA for 2024 was €149,5 million, compared to €177.7 million in 2023. Until 31.07.24, Infortar consolidated Tallink results by the equity method according to its ownership percentage, switching to line-by-line reporting as of 01.08.24.
Real Estate Segment: EBITDA for real estate in the first nine months of 2024 reached €12 million, up from €11 million in the same period of 2023.
Net Profit
Consolidated net profit for the first nine months of 2024 was €187.3 million, compared to €269.6 million for the same period in 2023. The previous year’s results included a one-time profit from the AS Gaso acquisition.
Financing
Loan and lease obligations totalled €961.4 million for the first nine months of 2024, up from €480.8 million in 2023 due to the consolidation of Tallink liabilities. The net debt-to-EBITDA ratio, considering Tallink’s full-year EBITDA for 2024, stands at 2.4.
Income statement, in thousands of EUR
Q3 2024
Q3 2023
9 months 2024
9 months 2023
Sales Revenue
349 468
186 540
925 607
746 892
Cost of Sales
-308 803
-169 764
-831 796
-634 815
Impairment of Receivables
4
2 111
-53
-4 839
Gross Profit
40 669
18 887
93 758
107 238
Marketing Expenses
-7 789
-394
-8 627
-1 109
General Administrative Expenses
-13 423
-3 975
-27 679
-12 563
Profit (Loss) from Biological Assets
44
0
17
0
Loss on Changes in Fair Value of Investment Properties
-3 047
0
-2 891
0
Profit (Loss) from Derivative Instruments
52
380
24 574
1 067
Other Operating Income
4 368
308
5 449
1 065
Other Operating Expenses
-452
-972
-784
-1 037
Operating Profit
20 422
14 234
83 817
94 661
Profit from Investments Accounted for Using the Equity Method
3 243
22 254
22 128
37 701
Financial Income and Expenses
Income from Financial Investments
69 782
-34
72 520
-58
Interest Expense
-11 340
-5 520
-24 466
-14 004
Interest Income
1 215
467
4 219
2 300
Profit (Loss) from Foreign Exchange Rate Changes
160
-23
156
-160
Other Financial Income and Expenses
-393
159 216
-395
159 216
Total Financial Income and Expenses
59 424
154 106
52 034
147 294
Profit Before Tax
83 089
190 594
157 979
279 656
Corporate Income Tax
31 233
-4 653
29 360
-10 032
Profit (Loss) for the Reporting Period
114 322
185 941
187 339
269 624
Including:
Profit (Loss) Attributable to Owners of the Parent Company
111 105
185 658
184 122
269 546
Profit (Loss) Attributable to Non-controlling Interests
3 217
283
3 217
78
Other Comprehensive Income for the Reporting Period
-33 463
-60 195
Total Comprehensive income for the Reporting Period
153 876
209 429
Including:
Comprehensive Income (Loss) Attributable to Owners of the Parent Company
150 659
209 351
Comprehensive Income (Loss) Attributable to Non-controlling Interests
3 217
78
Basic Earnings per Share
9,11
13,20
Diluted Earnings per Share
8,78
12,80
* The non-cash revaluations of derivative instruments in comprehensive income do not affect the profitability or cash flow generating ability of AS Eesti Gaas or Infortar’s core business operations.
Balance sheet, in thousands of EUR
ASSETS
30.09.24
30.09.23
31.12.2023
CURRENT ASSETS
Cash
95 863
90 456
87 115
Short-term Financial Investments
1
1
0
Short-term Derivative Instruments
2 246
21 216
28 728
Receivables from Realized Derivative Instruments
2 773
1 279
5 958
Receivables from Customers
115 992
91 071
162 575
Tax Prepayments
4 161
1 192
925
Other Receivables and Prepayments
31 098
20 228
20 185
Prepayments for Inventories
2 885
29 354
3 493
Inventories
221 174
177 824
146 884
Biological Assets
420
0
0
Total Current Assets
476 613
432 621
455 863
NON-CURRENT ASSETS
Investments in Associates
15 756
341 490
346 014
Long-term Derivative Instruments
1 451
3 485
1 125
Long-term Loans and Other Receivables
29 668
9 771
Investment Properties
67 791
171 046
9 072
Property, Plant, and Equipment
1 816 338
449 014
176 024
Intangible Assets
39 276
13 474
446 748
Right-of-use Assets
47 548
10 421
14 366
Biological Assets
2 840
0
11 300
Total non-current assets
2 020 668
998 701
1 004 649
TOTAL ASSETS
2 497 281
1 431 322
1 460 512
EQUITY AND LIABILITIES
CURRENT LIABILITIES
Loan Liabilities
199 247
204 468
184 259
Lease Liabilities
8 499
956
1 766
Payables to Suppliers
136 017
60 687
74 751
Tax Liabilities
35 702
17 341
32 822
Customer Prepayments
34 741
3 171
3 099
Realized Derivative Instruments
222
3 395
1 463
Other Short-term Liabilities
53 351
21 374
10 851
Short-term Derivative Instruments
11 680
226
3 659
Total Current Liabilities
479 459
311 618
312 670
NON-CURRENT LIABILITIES
Long-term Provisions
9 208
7 255
8 399
Deferred Income Tax Liability
2 391
34 920
33 233
Other Long-term Liabilities
28 612
30 426
30 679
Long-term Derivative Instruments
880
11
186
Loan liabilities
713 212
265 805
246 410
Lease liabilities
40 461
9 587
8 725
TOTAL NON-CURRENT LIABILITIES
794 764
348 004
327 632
TOTAL LIABILITIES
1 274 223
659 622
640 302
EQUITY
Share Capital
2 117
1 985
2 105
Treasury Shares
-95
-95
-95
Share Premium
32 484
0
29 344
Statutory Reserve
212
205
205
Option Reserve
7 647
3 068
3 864
Hedging Reserve*
20 725
22 084
24 118
Unrealized Exchange Differences
1 114
32
-39
Reserve for Post-employment Benefit Obligations
-44
0
-44
Retained Earnings
728 559
474 015
466 140
Profit for the Reporting Period
184 122
269 546
293 778
Equity Attributable to Owners of the Parent Company
976 841
770 840
819 376
Non-controlling Interests
246 217
860
834
TOTAL EQUITY
1 223 058
771 700
820 210
TOTAL EQUITY AND LIABILITIES
2 497 281
1 431 322
1 460 512
* This represents the change in the accounting hedging position, which affects the comprehensive income result.
Cash flow statement, in thousands of EUR
9 months 2024
9 months 2023
2023
Cash Flows from Operating Activities
Profit for the Reporting Period
187 339
269 624
293 830
Adjustments
Depreciation and Impairment of Fixed Assets
30 676
11 204
15 581
Change in Value of Investment Properties
2 891
0
4 074
Profit/Loss from Equity Investments
-156 017
-37 701
-39 639
Change in Value of Derivative Instruments
26 156
59 284
54 122
Other Financial Income/Expenses
-66
-161 433
-161 965
Accrued Interest Expenses
24 466
14 004
22 573
Profit/Loss from Disposal of Fixed Assets
-301
-76
-91
Income from Targeted Financing Recognized in Revenue
-319
-347
784
Accrued Income Tax Expense
-29 360
10 032
8 610
Income Tax Paid
-1 482
0
-267
Change in Receivables and Prepayments Related to Operating Activities
79 126
130 325
54 540
Change in Inventories
-22 986
-118 715
-61 914
Change in Liabilities Related to Operating Activities
35 968
-24 650
-406
Change in Biological Assets
112
0
0
Total Cash Flows from Operating Activities
176 203
151 551
189 832
Cash Flows from investing activities
Payments for Purchase of Associates
0
-7 728
-10 314
Payments for Purchase of Subsidiaries
-67 810*
-103 410
-103 414
Dividends paid
20 862
0
0
Repayments of Loans Granted
2 057
5 966
6 652
Interest Received
4 019
2 301
2 691
Payments for Acquisition of Investment Properties
-10 566
-10 506
-18 304
Payments for Acquisition of Property, Plant and other assets
-17 042
-13 972
-18 143
Proceeds from Sale of Investment Properties and Fixed Assets
707
78
-252
Total cash Flows from investing activities
-67 773
-127 271
-141 084
Cash Flows from Financing Activities
Change in Overdraft
-30 457
30 546
14 348
Loans Received
106 303
148 955
287 606
Repayments of Loans Received
-114 706
-150 790
-312 846
Repayments of Principal Portion of Lease Liabilities
-8 674
-1 562
-2 233
Interest Paid
-24 968
-13 100
-22 224
Dividends Paid
-30 332
-7 875
-15 750
Proceeds from Issuance of Shares
3 152
0
29 464
Total Cash Flows from Financing Activities
-99 682
6 174
-21 635
Total cash flows
8 748
30 454
27 113
Cash and Cash Equivalents at Beginning of Period
87 115
60 002
60 002
Cash and Cash Equivalents at End of Period
95 863
90 456
87 115
Change in Cash and Cash Equivalents
8 748
30 454
27 113
Aktsiaselts Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Aktsiaselts Infortar owns a 68.47% stake in Aktsiaselts Tallink Grupp, a 100% stake in AS Eesti Gaas and a versatile and modern real estate portfolio of approx. 116,000 m2. In addition to the three main areas of activity, Aktsiaselts Infortar also operates in construction and mineral resources, agriculture, printing, taxi business and other areas. A total of 105 companies belong to the Aktsiaselts Infortar group: 96 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Aktsiaselts Infortar employs 6,108 people.
Priority question for written answer P-002375/2024 to the Commission Rule 144 Charlie Weimers (ECR), Beatrice Timgren (ECR), Dick Erixon (ECR)
A recent judgment[1] by the Court of Justice of the EU (CJEU) has upheld most provisions of the EU Mobility Package, but has annulled the ‘return of vehicle’ requirement, citing insufficient proportionality assessment[2][3]. This provision aimed to mitigate the issue of social dumping and unfair competition by ensuring that vehicles operating in other Member States return periodically to their home country.
Studies indicate that thousands of foreign-registered vehicles operate permanently within Sweden. These operations are continuously ongoing and not of a temporary character at all, thus violating the very definition of cabotage and perpetuating social dumping practices[4].
In light of this development:
1.What action will the Commission take to ensure that social dumping is effectively curbed within the EU transport sector?
2.Will the Commission propose legal changes to strengthen cabotage rules and protect local markets, ensuring fair competition and adherence to social standards?
3.Does the Commission have any opinion on the fact that the CJEU cited insufficient preparatory work as a reason for invalidating the ‘return of vehicle’ rule?
Submitted: 31.10.2024
[1] Judgment of the Court of Justice of 4 October 2024, Republic of Lithuania and Others v Parliament and Council, Joined Cases C-541/20 to C-555/20, ECLI:EU:C:2024:818.
We, the ministers of foreign affairs and ministers of national defence of Canada and the Republic of Korea (ROK) met on November 1, 2024, in Ottawa, Canada, for the inaugural Canada-ROK Foreign and Defence (2+2) Ministerial Meeting (“the ministerial”). The ministerial builds upon the elevation of our diplomatic relationship to that of a Comprehensive Strategic Partnership (CSP) and is a key deliverable of the CSP Action Plan launched in July 2024.
November 1, 2024 – Ottawa, Ontario – Global Affairs Canada
We, the ministers of foreign affairs and ministers of national defence of Canada and the Republic of Korea (ROK) met on November 1, 2024, in Ottawa, Canada, for the inaugural Canada-ROK Foreign and Defence (2+2) Ministerial Meeting (“the ministerial”). The ministerial builds upon the elevation of our diplomatic relationship to that of a Comprehensive Strategic Partnership (CSP) and is a key deliverable of the CSP Action Plan launched in July 2024.
Today, through several new announcements and initiatives, we demonstrate our resolve to deepen cooperation to reinforce global stability in the face of interconnected challenges in the Indo-Pacific and beyond. In this, Canada and the ROK are stronger together.
Partners for global stability
We condemn in the strongest possible terms North Korea’s deepening military cooperation with Russia in violation of multiple United Nations Security Council (UNSC) resolutions, including the provision of millions of rounds of ammunition and ballistic missiles to support Russia’s brutal and unjustifiable war of aggression in Ukraine. We are gravely concerned that large numbers of North Korean soldiers have been deployed to Russia, which is a significant escalation with dangerous implications for security and stability in Europe and the Indo-Pacific region. We are closely monitoring what Russia provides North Korea in return for weapons and military personnel, including Russia’s possible provision of sensitive technology to advance North Korea’s weapons of mass destruction (WMD) and ballistic missile programs. We call on North Korea and Russia to immediately cease these unlawful and destabilizing activities and to withdraw North Korean troops from Russia. Recognizing that the security of the Indo-Pacific and Euro-Atlantic regions are increasingly interconnected, we commit to actively pursuing further measures together with the international community.
We call on Russia to withdraw its forces immediately, completely, and unconditionally from all Ukrainian territory to its internationally recognized borders; we reiterate our unwavering support for Ukraine and the Ukrainian people, and we remain steadfast in our commitment to protect and defend Ukraine’s sovereignty and territorial integrity.
We express our deep concern with any nation’s efforts to support Russia’s war economy, such as through the transfer of dual-use materials, including weapons components and equipment, which enable Russia to prolong and sustain its illegal war in Ukraine.
We condemn North Korea’s nuclear weapons and other weapons of mass destruction (WMD) and ballistic missile programs, and continued missile launches, including its intercontinental ballistic missile (ICBM) test on October 31 (local time), which threatens peace and stability in the region and across the globe, are in violation of multiple UN Security Council resolutions (UNSCRs) and international law. It only demonstrates that North Korea continues to prioritize its unlawful WMD and ballistic missile programs over the well-being of its people, and we call on North Korea to cease its destabilizing actions. We reaffirm that any further nuclear test by North Korea would be met with a strong and resolute response from the international community. We continue to call for the complete, verifiable, and irreversible dismantlement of North Korea’s WMDs. The ROK reiterated the goals of its Audacious Initiative and ‘August 15 Unification Doctrine’ and
Canada expressed strong support for the ROK’s efforts to achieve a denuclearized, free, peaceful, prosperous, and unified Korean Peninsula.
Both countries remain committed to multilateral sanctions evasion monitoring efforts and Canada will continue to provide assets via the Canadian Armed Forces’ Operation NEON.
We were pleased to join other participating countries last month in launching the Multilateral Sanctions Monitoring Team (MSMT). We reaffirm the goal of assisting all UN Member States in implementing UN sanctions on North Korea by publishing information on sanctions violations and evasion attempts.
We highlight the valuable contributions of the United Nations Command (UNC) to peace and stability on the Korean Peninsula. The ROK commends Canada for its unwavering support of the UNC since its inception, and Canada’s current leadership role within the UNC through its provision of its Deputy Commander. The co-hosting of the UNC Ministerial together this year is a symbol of our powerful ties and shared priorities in the areas of security and defence, and we will continue to collaborate closely to strengthen cooperation among the ROK, UNC and its Member States.
The ROK and Canada are committed to working together to actively promote and protect human rights in the Indo-Pacific and around the world, including within North Korea and to seeking accountability for human rights violations.
We reiterate that the situation of human rights in North Korea is intrinsically linked to international peace and security, and we call on North Korea to engage fully and constructively with the international community, including during its upcoming Universal Periodic Review at the Human Rights Council. We also look forward to the next iteration of the Canada-ROK North Korean Human Rights Dialogue.
Canada and the ROK affirm our commitment to a free and open Indo-Pacific, based on the rule of law and the peaceful resolution of disputes. We continue to advocate for peace and stability throughout the Indo-Pacific region. We oppose any unilateral attempts to change the status quo in the Indo-Pacific. We reaffirm that maintaining peace and stability across the Taiwan Strait is indispensable to international security and prosperity.
Canada and the ROK express their support for the global maritime order based on international law, including the UN Convention on the Law of the Sea (UNCLOS). We express concern about developments in the South China Sea, and emphasize the importance of maintaining peace, security, stability and freedom of navigation and overflight in and above the South China Sea , consistent with UNCLOS.
Canada appreciates the ROK’s participation in the Conference on the Human Dimension of Ukraine’s 10-Point Peace Formula, hosted by Canada, Ukraine and Norway in Montreal on October 31st, demonstrating our joint resolve to end Russia’s war in Ukraine. Canada and the ROK will continue to discuss ways to jointly support Ukraine’s Peace Formula, while providing the support Ukraine requires to secure a just and lasting peace.
Indo-Pacific partners
Canada and the ROK acknowledge the Indo-Pacific region’s pivotal role in shaping global geopolitical and economic relations in the 21st century, with long-term implications for our shared prosperity and security. Canada and the ROK share a common vision for the region to be more secure, free, peaceful, prosperous, inclusive, and sustainable.
In this context, we congratulate the organizers of the successful Canada-Korea Forum held on October 24-26, 2024 in Montreal, and the Korean Peninsula Symposium on October 23, 2024, co-organized with the Embassies of Japan, and the United States.
To deepen and implement bilateral collaboration in the region, we announce today the launch of the Canada-Korea Indo-Pacific Dialogue, where our respective Special Envoys for the Indo-Pacific will engage on identifying synergies and joining action on shared regional priorities.
We also look forward to the Indo-Pacific High-Level Forum, co-hosted by the ROK and Australia, in Seoul on December 13, as we recognize the importance of cooperation with the broader community of Indo-Pacific partners.
In 2025, we look forward to Canada’s G7 Presidency and the ROK’s hosting of APEC. We further elaborated today how our two countries will establish synergies and use our leadership for cooperation on regional and global challenges. Canada looks forward to working with the ROK on advancing G7 priorities as relevant, including building economies that benefit everyone, fighting climate change, and managing rapidly evolving technologies. Furthermore, the ROK and Canada look forward to working together for a productive APEC in 2025.
As actively engaged global partners, we will deepen our collective engagement with ASEAN, leveraging the ROK-ASEAN Comprehensive Strategic Partnership and the Canada-ASEAN Strategic Partnership, while reaffirming our commitment to the principle of ASEAN Centrality.
Partners in security and defence
Canada and the ROK are committed to deepening partnerships in security and advancing shared defence priorities through bilateral and multilateral initiatives. Canada and the ROK will strengthen bilateral and multilateral exercises, including holding regular Army Staff Talks, with the inaugural edition to be hosted in Canada.
We are committed to jointly delivering and collaborating on Women, Peace and Security, so that women have full, meaningful and equal participation in defence and security, peace operations and peace negotiations. As we seek to enhance women’s participation in conflict prevention, conflict resolution, and post-conflict state building, Canada and the ROK will leverage the ROK’s 2024-2025 UNSC seat to jointly advance the Women, Peace, and Security agenda globally as well as in the Indo-Pacific region.
We will continue to cooperate on maritime safety, and combat illegal, unreported, and unregulated fishing, including through detecting dark vessels and joint patrols under Operation North Pacific Guard. We will also continue to explore ways of addressing maritime security challenges in the Indo-Pacific through enhanced maritime domain awareness and relevant instruments such as the Regional Cooperation Agreement Combatting Piracy and Armed Robbery against Ships in Asia (ReCAAP).
We will further utilize the Canada-Korea Memorandum of Understanding on Defence Materiel Cooperation to share technical information, discuss defence equipment and technology issues of mutual interest, and identify opportunities for bilateral defence materiel cooperation, and hold the 3rd Joint Meeting (Materiel) in Canada in 2025.
We agree to expand our work within the Canada-Korea Memorandum of Understanding on Defence Research and Development, to encourage collaboration between respective defence research and development organizations.
Canada welcomes the contribution of the ROK as a NATO partner and commits to working with the ROK to advance its Individually Tailored Partnership Programme. Canada further welcomes the ROK’s recent participation at the NATO Defence Ministers’ Meeting in Brussels.
Addressing non-traditional security challenges
We recognize that climate change is the defining challenge of our time and a threat multiplier that impacts our collective security, including within the Indo-Pacific and Euro-Atlantic areas, and we affirm our strong support for NATO’s Climate Change and Security Agenda.
We acknowledge that our democratic values, institutions and processes, and our citizens’ fundamental freedoms, are increasingly vulnerable to hybrid and digital threats, such as foreign interference and disinformation, and we will continue to expand our cooperative efforts to combat these threats.
We are committed to addressing threats and seizing opportunities linked to cybersecurity and emerging technologies, including threats to the rule of law, democracy, and critical infrastructure. We are pleased to announce today that we will hold Canada-Korea Cyber Policy Consultations to exchange information on each other’s policies, strategies and capabilities. Canada is also pleased to note the ROK’s fruitful engagement with the NATO Cooperative Cyber Defence Centre of Excellence in Tallin, Estonia, of which Canada is also a member.
We recognize the importance of the responsible use of artificial intelligence, including in the military domain. Canada commends the ROK for hosting several high-level international gatherings on AI to advance discussions on global AI governance, including the AI Seoul Summit in May 2024, and the Responsible Artificial Intelligence in the Military domain (REAIM) Summit in September 2024, in Seoul. We strongly support the Seoul Declaration for safe, innovative, and inclusive AI and the principles for the responsible development, deployment, and use of AI in the military domain articulated in the REAIM Blueprint for Action.
The relationship between our two nations dates back centuries; reinforced by our countries’ collective efforts to defend peace and security on the Korean Peninsula since the Korean War. We commit to meeting in this format on a biennial basis and look forward to the next iteration of this Ministerial in 2026, where we will reflect on and examine how we may further build upon the achievements stemming from today’s discussion.
Annex – announcements
Today, the Ministers of Foreign Affairs and Defence of Canada and the Republic of Korea announced that our countries have agreed to:
Hold this Ministerial on a biennial basis and look forward to its next iteration in 2026 to follow-up on the achievements of today’s discussion.
Launch the Canada-Korea Indo-Pacific Dialogue, where our respective Special Envoys for the Indo-Pacific will engage on identifying synergies and joint action on shared regional priorities, including in the North Pacific.
Advance bilateral diplomatic intelligence cooperation and analytic exchanges between our respective foreign ministries.
Expedite the negotiations to finalize the Agreement on the Protection of Classified Military/Defence Information.
Explore measures to facilitate and deepen military operational cooperation.
Strengthen bilateral and multilateral exercises, including holding regular Army Staff Talks, with the inaugural edition to be hosted in Canada.
Hold the 3rd Joint Meeting (Materiel), hosted by Canada in 2025 under the Canada-Korea Memorandum of Understanding on Defence Materiel Cooperation, and continue to identify and expand opportunities for defence cooperation.
Hold Canada-Korea bilateral Cyber Policy Consultations.
President Lai meets delegation from Estonian parliamentary Foreign Affairs Committee President Lai meets delegation from Estonian parliamentary Foreign Affairs Committee 2024-11-01
On the afternoon of November 1, President Lai Ching-te met with a delegation from the Foreign Affairs Committee of the Riigikogu (Parliament of Estonia). In remarks, President Lai thanked Estonia for staunchly supporting Taiwan’s international participation and said that Taiwan has the responsibility, the ability, and the willingness to contribute even more to the international community in every domain. The president expressed his hope that we can work together to continue deepening the partnership between Taiwan and Estonia, and that by strengthening cooperation with European Union member states across many areas, we can jointly respond to the challenges posed by expanding authoritarianism, thereby safeguarding global peace, stability, and prosperity. A translation of President Lai’s remarks follows: I extend a warm welcome to our good friends from the Foreign Affairs Committee of the Riigikogu. This is Chairman Marko Mihkelson’s second visit to Taiwan. He visited last August with a delegation of parliamentary foreign affairs committee chairs from the Baltic states. Members of the Riigikogu Ester Karuse and Luisa Rõivas are also visiting again, having been part of a delegation led by Estonia-Taiwan Support Group Chairman Kristo Enn Vaga in March. Your presence here demonstrates that Taiwan-Estonia relations are growing closer. I believe that with your support and assistance, our alliance, based on the shared values of freedom and democracy, and our economic and trade partnership are sure to grow even stronger. For this, I express my sincere gratitude. The international landscape and geopolitical environment are changing rapidly. Expanding authoritarianism is challenging the universal values of freedom and democracy as well as the rules-based international order. At this critical juncture, it is even more imperative that like-minded nations unite and work together to safeguard global peace, stability, and prosperity. In addition to strengthening cooperation with other nations to defend the values of freedom and democracy, Taiwan has actively sought inclusion in such international organizations and mechanisms as the World Health Organization, the International Civil Aviation Organization, and the United Nations Framework Convention on Climate Change. More than just a matter of the fundamental human rights of the 23 million people of Taiwan, it demonstrates that Taiwan has the responsibility, the ability, and the willingness to contribute even more to the international community in every domain. I want to take this opportunity to thank Estonia for staunchly supporting Taiwan’s international participation. In particular, Health Minister Riina Sikkut once again spoke out for Taiwan’s meaningful engagement at this year’s World Health Assembly. We sincerely appreciate Estonia for holding Taiwan in such high regard and for taking this stand. I would also like to congratulate former Estonian Prime Minister Kaja Kallas on her appointment as High Representative of the European Union for Foreign Affairs and Security Policy. This attests to the crucial role that Estonia plays in uniting the strengths of the EU and like-minded nations around the world. Looking ahead, we hope that, with your assistance, we will continue to deepen the partnership between Taiwan and Estonia. And by strengthening cooperation with EU member states in such areas as the economy, trade, and security, we can jointly respond to the challenges posed by expanding authoritarianism. In closing, I wish you a smooth and productive visit. Chairman Mihkelson then delivered remarks, saying that he is honored to lead the first-ever delegation from the Estonian parliamentary Foreign Affairs Committee to Taiwan. Mentioning that yesterday they had witnessed Typhoon Kong-rey, he said that not even typhoons can break the very good relations between Estonia and Taiwan. Chairman Mihkelson expressed his gratitude for the opportunity to meet with President Lai today and discuss very important topics, such as how to improve relations between our nations. Noting that we are living in a very turbulent world, he said that Taiwan and Estonia are like-minded nations whose relations have changed dramatically in a very positive direction from several years ago to today. The chairman observed that we have had numerous reciprocal visits and expressed his hope that one day we can mutually establish representative offices between Taiwan and Estonia. Chairman Mihkelson emphasized that Taiwan and Estonia are strong democracies, and that we see today both in East Asia and also in Europe that democracies are under attack. In Estonia and Europe, he said, they are worried about Russia’s ongoing invasion of Ukraine. He said that the aim of both Russia and its supporters is not only Ukraine, but also to change the world order. And the recent news that North Korean troops are to participate in the aggression against Ukraine, he added, makes this conflict global. Chairman Mihkelson stated that the reason they are here, besides strengthening our bilateral relations, is to find ways democracies can together support Ukraine, because the outcome of this war is similarly important for their own security as well as for Taiwan’s security. He said that Estonia lost its freedom for 50 years and that ever since it regained independence in 1991, there has been a very strong political consensus, but also support within society, that Estonia should never be alone again when it comes to its security and international relations. This is why, he explained, they are seeking very good partnerships with like-minded countries like Taiwan. In closing, Chairman Mihkelson emphasized that we should do whatever it takes in our cooperation as democracies to never be challenged by autocracies. He then once again expressed his thanks for hosting them here today. The delegation also included Deputy Chairman of the Foreign Affairs Committee Henn Põlluaas and Deputy Chair of the Anti-Corruption Select Committee Eerik-Niiles Kross.
