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Category: Banking

  • MIL-OSI Global: Britain’s unearned wealth has ballooned – a modest capital tax could help avoid austerity and boost the economy

    Source: The Conversation – UK – By Stewart Lansley, Visiting Fellow, School of Policy Studies, University of Bristol

    Canary Wharf in London. I Wei Huang/Shutterstock

    Inheriting the worst set of public finances for decades, Labour was always going to face an uphill struggle trying to fund improvements to the UK’s public services.

    Inflated debt and recent hikes in the cost of borrowing mean the government is faced with stark choices. For it will be difficult to meet the chancellor’s own tight fiscal rules without further tax rises or cuts in public spending.

    But as the former chief economist at the Bank of England, Andy Haldane, has warned, further spending cuts would be “deeply counterproductive”.

    One solution for avoiding ongoing austerity lies in raising a higher proportion of taxes from assets. For despite the UK enjoying a long personal wealth boom, little of this boom is the result of new wealth creation or higher productivity.

    Much of it is unearned. Some is the product of corporate wealth extraction, where dividend payments and personal fortunes have have been prioritised over the long-term health of a company. Some privatised water firms, for example, have been turned into cash cows for their owners.

    Another large part of British unearned wealth is the product of state-induced asset inflation. Since 1999, house prices in England have risen almost three times faster than incomes.

    This kind of asset inflation is a classic example of “passive accumulation”. Or, as the 19th-century philosopher John Stuart Mill described it, getting rich in your sleep.

    As a result, household wealth currently stands at over six times the UK’s GDP. It was three times in the 1970s.

    Yet while Britain is asset rich, its tax system is heavily based on earnings from work. Taxes on income from dividends, capital gains and inheritance make a tiny contribution to the public purse.

    This is a fundamental flaw of the tax system which does little to dent the growing concentration of wealth owned by the few. Through political inertia, the tax system has failed to catch up with the growing importance of wealth over income.

    Inherit the earth?

    The fallout from the low taxation on wealth is well illustrated by the role of inheritance.

    Levels of wealth passed on after death in the UK have been rising sharply. Over the next three decades, some millennials are expected to inherit a staggering £5.5 trillion, dwarfing all previous transfers of wealth between generations.

    The lion’s share of this transfer will go to the most affluent. The lifetime wealth of those with parents in the richest fifth will see their wealth grow by 29% – compared with 5% for those born to the poorest fifth.

    This will only intensify the reproduction of the wealth divide of the past.

    Extending the tax base is not just about fairness or revenue raising. Asset holdings are often little more than unused resources, while big inter-generational wealth transfers can play a counterproductive role in the economy.

    Over a third of the UK’s wealth is stored in property (with the rest in pensions, savings and possessions). This is mostly only realised when passed on through inheritance , where its benefits accrue to the already privileged. Little of this process contributes to more productive activity, with one of its most malign effects being to fuel higher house prices, because the money is largely reinvested in property.

    The unfairness of inherited wealth has long been recognised. The patron saint of economics, Adam Smith called it “manifestly absurd”.

    Farmers have protested against Labour’s plans for inheritance tax.
    Mark Anthony Ray/Shutterstock

    A modest and phased rise in capital taxation would help to reduce the passive role played by wealth holdings. Even small changes would release funds which could be used to improve social infrastructure from schools to hospitals.

    One approach would be to build on the existing tax system through higher rates and fewer reliefs and loopholes. The second would be to introduce new taxes.

    In her first budget, Rachel Reeves took steps to raise revenue through the first option, from both inheritance and capital gains tax. But these were too modest to alter the overwhelming dominance of tax on earnings.

    A more fundamental shift would be to reform the existing system of council tax with a larger number of tax bands at the top. Still based on 1991 property values, this is perhaps the least defensible tax in Britain. The most effective alternative would be to replace council tax and stamp duty with a single proportionate “property tax”.

    Another option would be for a modest annual 1% tax on wealth over £2 million, which has the potential to raise around £16 billion a year, or double that on wealth over £1 million.

    Such a measure could be sold politically as a “solidarity tax” to help pay for the things the UK needs. And while governments have been wary of the political reaction to higher taxes on wealth, the tide is turning.

    Those supporting higher taxes on wealth include the Conservative-aligned think tank Bright Blue and an influential campaign group called the Patriotic Millionaires. There is also growing public support.

    Continued public spending austerity would drive more years of stagnation. It would also be politically suicidal for this government, as it was for Labour in 1931 and in the 1970s. But harnessing a little more of the country’s immense private wealth would make the tax system more equitable and by providing the resources to boost social investment, ease the path to economic recovery.

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

    – ref. Britain’s unearned wealth has ballooned – a modest capital tax could help avoid austerity and boost the economy – https://theconversation.com/britains-unearned-wealth-has-ballooned-a-modest-capital-tax-could-help-avoid-austerity-and-boost-the-economy-247970

    MIL OSI – Global Reports –

  • MIL-OSI Russia: Financial News: Attacks on financial institutions are becoming more sophisticated

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    In 2024, the Bank of Russia received more than 750 reports of computer attacks on financial companies. Most of the attacks were carried out to disable the information infrastructure of companies or make their services unavailable (DDoS attacks). At the same time, hackers are increasingly trying to gain access to the systems of financial organizations through attacks on their suppliers.

    Attack methods are becoming increasingly complex, multi-stage and multi-level, which sometimes allows them to bypass traditional means of information protection, and makes it more difficult for financial institutions to detect attacks. In addition, when analyzing incidents, Bank of Russia specialists identified repeated attacks on previously compromised systems. In some cases, hackers could sell access to them to other attackers.

    To ensure that financial institutions maintain their ability to resist cyberattacks and strengthen the security of their infrastructure, the Bank of Russia regularly conducts cyber exercises. In 2024, more than 290 companies took part in them.

    Analytical data on the main types of computer attacks in the financial sector for 2024 are presented in the Bank of Russia review.

    Preview photo: VL-PhotoPro / Shutterstock / Fotodom

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

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

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23380

    MIL OSI Russia News –

  • MIL-OSI Economics: Thales and Sopra Steria announce strategic partnership enabling digital transformation of European Air Traffic Management

    Source: Thales Group

    Headline: Thales and Sopra Steria announce strategic partnership enabling digital transformation of European Air Traffic Management

    • Thales and Sopra Steria form a strategic partnership to drive the digital transformation of the Air Traffic Management (ATM) ecosystem in Europe.
    • The two companies will develop and offer a digital platform– OpenSky Platform – and associated services to support greener aviation.
    • This ultra-secure, open-architecture platform offers long-term flexibility and interoperability for ANSPs (Air Navigation Service Providers) in Europe. This initiative by Thales and Sopra Steria supports the objectives of the latest European Air Traffic Management Master Plan to harmonize flight operations in Europe.
    © photographer Ralf Maassen

    Paris, FRANCE – February 18, 2025 – Thales (Euronext Paris: HO), a global high technology leader, and Sopra Steria (Euronext Paris: SOP), a major player in the European Tech sector, announce a new multiyear partnership, which will lead the digital transformation of the Air Traffic Management (ATM) industry in Europe. The two players will combine their industrial and digital expertise in ATM to offer Thales’ OpenSky Platform, a safe, secure digital platform, together with associated services to support sustainable aviation and modernise European ATM. Through its dedicated aerospace organisation, Aeroline, Sopra Steria will support Air Navigation Service Providers (ANSPs) with digital transformation challenges.

    The new version of the European ATM Master Plans aims to drive the digital transformation of ATM in Europe. ​ The Thales and Sopra Steria strategic partnership will support this new strategic direction for Europe, as well as enabling the migration to a new service delivery model for ANSPs.

    ATM systems need to support the continuous growth of air traffic, support ANSPs offer more sustainable aviation services, and be compliant with the latest safety and cybersecurity standards and requirements. This can be done by using open architectures and interfaces, to ensure that ANSPs have access to best-of-breed components, applications and systems over the long-term.

    Adopting open architectures in ATM enhances interoperability between third-party systems, drives cost efficiencies and facilitates the seamless integration of new technologies. The Thales OpenSky Platform is a fully open, cyber-secure platform which ensures that ANSPs are able to benefit from this digital transformation, without compromising the safety and security of ATM solutions.

    Thales and Sopra Steria aim to innovate together, in order to support the current and future challenges and transformation strategies of air traffic management.

    “This partnership aligns perfectly with Thales’ ambition to support the digital transformation of ATM in Europe. Achieving this transformation requires a strong focus on the resilience and cybersecurity of our platforms. Through this strategic partnership, Thales is extending its cybersecurity expertise and end-to-end digital transformation capabilities in the ATM sector.” said Christian Rivierre, VP Airspace Mobility Solutions, Thales.

    “This partnership with Thales enables us to offer our customers innovative, high-performance and secure solutions for air traffic management, by combining our air traffic management development strategy, as well as recognised expertise and assets throughout Europe.” commented Xavier PECQUET, member of Sopra Steria’s Executive Board and Director of Aeroline.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, Aerospace, and Cyber & Digital.

    It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    About Sopra Steria

    Sopra Steria, one of Europe’s leading players in the field of technology, with 52,000* employees in nearly 30 countries, is recognised for its consulting, services and digital solutions. It helps its customers drive their digital transformation and achieve tangible, lasting benefits. The Group provides a global response to the competitiveness challenges of large companies and organisations, combining in-depth knowledge of business sectors and technologies with a collaborative approach. Sopra Steria puts people at the heart of what it does and is committed to helping its customers make the most of digital technology to build a positive future. In 2023, the Group generated revenue of €5.8 billion.

    *Revalued following the disposal of Sopra Banking Software in September 2024.

    The world is how we shape

    Sopra Steria (SOP) is listed on Euronext Paris (Compartment A) – ISIN Code: FR0000050809

    For more information, visit our website at www.soprasteria.com/fr**Le monde est tel que nous le façonnons 

    MIL OSI Economics –

  • MIL-OSI Banking: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year Feb 18, 2025

    Source: Huawei

    Headline: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year
    Feb 18, 2025

    [Düsseldorf, Germany, February 18, 2025] Huawei Europe earned recognition as a Top Employer in Europe for the sixth consecutive year in 2025. This prestigious certification covers the following 17 countries: Austria, Belgium, France, Germany, the Czech Republic, Greece, Hungary, Italy, Ireland, the Netherlands, Portugal, Poland, Romania, Spain, Switzerland, Sweden and Turkey.
    Huawei received the Top Employer Europe Award during the Top Employers Institute celebration dinner event

    The recognition is a testament to Huawei Europe’s exemplary human resources practices and underscores its commitment to fostering a culture of innovation, inclusivity, and continuous improvement.
    Lesley White, Vice President of Human Resources, Huawei European Region said: “Europe is home to a diverse and highly skilled talent pool, driving innovation and excellence. Being certified as a Top Employer in Europe is a testament to Huawei’s commitment to fostering a supportive, inclusive, and growth-oriented workplace. This recognition underscores the importance of investing in employee development, well-being and engagement, ensuring that the company not only attracts top talent but also retains and empowers them to thrive in a competitive global landscape.”
    The Top Employers Institute is a globally recognized authority in certifying excellence in employment practices. The certification process involves a comprehensive survey across six core dimensions, with over 250 detailed questions assessing various HR practices. Each topic is evidence-based, ensuring answers are factual and aligned with industry benchmarks, followed by a rigorous audit to guarantee certification accuracy.
    Patrik Rendel, Regional Manager DACH & CEE of Top Employers Institute said: ” On behalf of the Top Employers Institute, we extend our heartfelt congratulations to Huawei for achieving the prestigious Top Employer certification with an impressive score of 91.26%. This remarkable accomplishment reflects commitment to implementing best HR practices. Huawei’s dedication to empowering talent and driving innovation sets a benchmark for excellence in the industry. We are proud to recognize Huawei as a leader in people practices and look forward to your continued success in shaping the future of work. ”
    Lesley White, Vice President of Human Resources, Huawei European Region with Top Employers Institute CEO David Plink

    Huawei is dedicated to driving digital transformation and innovation, connecting the world through cutting-edge ICT technology. With a focus on excellence, we empower individuals to lead, excel, and shape the future of connectivity. Join us in a dynamic, supportive environment where your contributions will be recognized, and your potential can break boundaries, advancing both your career and global progress.
    To learn more visit: https://career.huawei.com/reccampportal/euportal/portal/index.html

    MIL OSI Global Banks –

  • MIL-OSI Banking: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year

    Source: Huawei

    Headline: Huawei Europe Bags Prestigious Top Employer 2025 Award for Sixth Consecutive Year

    [Düsseldorf, Germany, February 18, 2025] Huawei Europe earned recognition as a Top Employer in Europe for the sixth consecutive year in 2025. This prestigious certification covers the following 17 countries: Austria, Belgium, France, Germany, the Czech Republic, Greece, Hungary, Italy, Ireland, the Netherlands, Portugal, Poland, Romania, Spain, Switzerland, Sweden and Turkey.
    Huawei received the Top Employer Europe Award during the Top Employers Institute celebration dinner event

    The recognition is a testament to Huawei Europe’s exemplary human resources practices and underscores its commitment to fostering a culture of innovation, inclusivity, and continuous improvement.
    Lesley White, Vice President of Human Resources, Huawei European Region said: “Europe is home to a diverse and highly skilled talent pool, driving innovation and excellence. Being certified as a Top Employer in Europe is a testament to Huawei’s commitment to fostering a supportive, inclusive, and growth-oriented workplace. This recognition underscores the importance of investing in employee development, well-being and engagement, ensuring that the company not only attracts top talent but also retains and empowers them to thrive in a competitive global landscape.”
    The Top Employers Institute is a globally recognized authority in certifying excellence in employment practices. The certification process involves a comprehensive survey across six core dimensions, with over 250 detailed questions assessing various HR practices. Each topic is evidence-based, ensuring answers are factual and aligned with industry benchmarks, followed by a rigorous audit to guarantee certification accuracy.
    Patrik Rendel, Regional Manager DACH & CEE of Top Employers Institute said: ” On behalf of the Top Employers Institute, we extend our heartfelt congratulations to Huawei for achieving the prestigious Top Employer certification with an impressive score of 91.26%. This remarkable accomplishment reflects commitment to implementing best HR practices. Huawei’s dedication to empowering talent and driving innovation sets a benchmark for excellence in the industry. We are proud to recognize Huawei as a leader in people practices and look forward to your continued success in shaping the future of work. ”
    Lesley White, Vice President of Human Resources, Huawei European Region with Top Employers Institute CEO David Plink

    Huawei is dedicated to driving digital transformation and innovation, connecting the world through cutting-edge ICT technology. With a focus on excellence, we empower individuals to lead, excel, and shape the future of connectivity. Join us in a dynamic, supportive environment where your contributions will be recognized, and your potential can break boundaries, advancing both your career and global progress.
    To learn more visit: https://career.huawei.com/reccampportal/euportal/portal/index.html

    MIL OSI Global Banks –

  • MIL-OSI Economics: Michelle W Bowman: Brief remarks on the economy and accountability in supervision, applications, and regulation

    Source: Bank for International Settlements

    Thank you for the invitation to join you here in Phoenix at the ABA’s Conference for Community Bankers. For the past seven years, this conference provided an excellent forum for me and bankers to meet and interact with a range of state and federal regulators, policymakers, service providers, and other stakeholders. Today I would like to share a brief update on my views on monetary policy and the economy, before I turn to bank regulatory issues, and describe how I think that regulators should approach the important work of “maintenance” of the regulatory framework.

    Economic Outlook and Monetary Policy

    Toward the end of last year, the Federal Open Market Committee (FOMC) began the process of moving the target range for the federal funds rate to a more neutral setting to reflect the progress made since 2023 on lowering inflation and cooling the labor market. At our September meeting, the FOMC voted to lower the target range, for the first time since we began tightening monetary policy to combat inflation, by 50 basis points to 4-3/4 to 5 percent.

    You may remember that I dissented from that decision, the first time a Fed Governor dissented from an FOMC rate decision in nearly 20 years. I preferred a smaller initial cut to begin the policy recalibration phase. I explained my reasoning in a statement published after the meeting noting that the strong economy and a healthy labor market did not warrant a larger cut. In addition, moving the policy rate down too quickly could unnecessarily risk stoking demand, potentially reigniting inflationary pressures, and could be interpreted as a premature “declaration of victory” on our price-stability mandate.

    At the most recent FOMC meeting last month, my colleagues and I voted to hold the federal funds rate target range at 4-1/4 to 4-1/2 percent and to continue to reduce the Federal Reserve’s securities holdings. I supported this action because, after recalibrating the policy rate by 100 basis points through the December meeting, I think that policy is now in a good place, allowing the Committee to be patient and pay closer attention to the inflation data as it evolves.

    MIL OSI Economics –

  • MIL-OSI Economics: Christopher J Waller: Disinflation progress uneven but still on track rates cuts on track as well

    Source: Bank for International Settlements

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Economics –

  • MIL-OSI Economics: Klaas Knot: Dealing with geo-economic fragmentation

    Source: Bank for International Settlements

    Good morning, welcome back. And for those of you who were not present at dinner last night, welcome to our newly renovated building. We are glad to be back in our headquarters after nearly five years of renovation work. We are immensely proud of it.

    Today’s topic is ‘Dealing with geo-economic fragmentation’. Not really a topic for a Valentine’s day. Rather than being in love, it sometimes seems the world is in the middle of a nasty multilateral divorce. We see accusations, threats, and fighting over the children.

    And as in a real divorce, geopolitical tensions have real consequences for real people. The impact on our constituency differs widely per country. For more than three years already, Ukraine has been literally fighting for its life. Incredibly, and despite all hardship, it has more than successfully concluded the 6th review of its IMF programme. Other countries in our constituency are facing a threatening security situation. They are rearming, protecting their strategic economic infrastructures. And we all suffer when free trade declines and international economic and financial cooperation stalls.

    Strengthening national security and curbing strategic economic risks are logical policies in a world that has become a more dangerous place. But, if not properly managed, the economic costs of these policies could be very high.

    Economic costs can be felt directly as a result of trade restrictions, for example through higher import prices, market segmentation and reduced access to technology and knowledge.

    Fragmentation impacts not only the real economy and inflation. It also has implications for financial stability. Weaker growth and higher inflation make it more likely that banks and other financial institutions will incur credit and market losses. Restrictions on the flow of capital and investments limit the ability of financial institutions to diversify their portfolios. And state-sponsored cyber-attacks pose a threat to our financial systems.

    But perhaps the most important way in which fragmentation impacts financial stability is when we can no longer find each other when faced with crucial cross-border challenges. And there are many such challenges. During the Global Financial Crisis, policymakers around the world were able to respond swiftly and effectively. This was possible thanks to good relations among public-sector financial decision makers and solid institutional structures that had been forged over the years. After the crisis, countries around the world, assembled in the G20, took the lead in hammering out a firm package of financial reforms. In a fragmented world, such a swift response is becoming more complicated. This could prove costly. That’s because the most important challenges to financial stability that we currently face are precisely the cross-border issues that we can only solve if we work together.

    For us central banks, and for institutions like the IMF and the World Bank, geo-economic fragmentation is to a large extent a given. We have to deal with it, and of course the central question is: how? I am glad that we have been able bring four distinguished speakers to the table to share their expert knowledge and fuel our discussion.

    To give you my two cents, I think our task as central bankers is to try to limit the economic cost of the current global political climate. By continuing to speak up for the international financial rules-based order that has brought us stability and prosperity over the decades. By pointing to the economic and social costs of protectionist policies. And by staying committed to constructive international working relationships as much as possible, so that the international financial policy framework can continue to function.

    And we need to speak up for further European integration. In the economic and financial domain, that means deepening the internal market, completing the banking union, and working towards a capital markets union. But beyond that, it has become clear that we have to work closer together in many other fields as well: in defence, energy, healthcare, etcetera. And, as I said yesterday, we have to work to bring the non-EU countries that share our values closer to the European Union. To this end, the IMF constituency can be a useful instrument. We really need to work together.

    MIL OSI Economics –

  • MIL-OSI Economics: Lesetja Kganyago: Institutions, leadership and the populist challenge

    Source: Bank for International Settlements

    Good day and thank you for inviting me to give this keynote address.

    Let me join you all in congratulating Andile Nikani on his appointment as the Chief Executive Officer (CEO) of the Arbitration Foundation of Southern Africa.

    Arbitrators work to achieve fair outcomes. Fairness is an objective that is valued universally, even by children from an early age. But arbitrators like you also achieve something else.

    As the field of law and economics has shown us, when you apply economic reasoning to law, you often find that traditional legal approaches overlook the importance of efficiency. In a dispute, especially a professional dispute, parties fear long delays and excessive costs. If you get stuck in a process like that, even winning offers little consolation.

    So let me commend you, not only for ensuring fairness, but also for doing it efficiently enough that parties freely choose you to resolve their conflicts and voluntarily accept your decisions.

    For this keynote, I have chosen a subject that I hope will interest both economists and lawyers. I want to talk about the populist challenge to institutions and what it means for leaders.

    The fact is that populism is widespread in the world.

    It was once seen as a developing-country phenomenon − something rooted in places like Argentina − and not much of an issue in mature democracies. But no one believes that now, especially not since 2016, with the surprise outcomes of the Brexit referendum and the United States election. Last year − the year of elections − made that point even clearer. Whether we are talking about rich countries or poorer ones, there is no denying that we are in an age of populism. We need to reflect on why populist ideas have this appeal, and how we can respond.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: India-Qatar Joint Business Forum held to Strengthen Bilateral Economic Ties

    Source: Government of India (2)

    India-Qatar Joint Business Forum held to Strengthen Bilateral Economic Ties

    The Forum epitomised the strength of the India-Qatar relationship built on shared interests and mutual respect

    Economic collaboration for a shared future, promoting trade, energy security, technology, and sustainability formed the cornerstone of discussions

    Posted On: 18 FEB 2025 3:20PM by PIB Delhi

    On the sidelines of the visit of H.H. Sheikh Tamim bin Hamad bin Khalifa Al Thani, Amir of Qatar to India from 17-18 February, Confederation of Indian Industry, in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT) organised the India-Qatar Joint Business Forum on 18th February 2025 in New Delhi. The Joint Business Forum was graced by Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry, Government of India and H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar, who delivered keynote address at the Business Forum.

    Speaking in the Inaugural session of the Joint Business Forum, Union Minister, Shri Piyush Goyal reaffirmed India’s ambition to become a USD 30-35 trillion economy by 2047, in alignment with the Viksit Bharat vision. He emphasized that while India and Qatar share a long history of successful energy trade, the future of this partnership extends beyond hydrocarbons to cutting-edge sectors like AI, quantum computing, IoT, and semiconductors etc.

    He emphasized that as geopolitical dynamics shift and cybersecurity threats intensify, alongside the challenges of climate change, self-reliance i.e. Atmanirbharta has become a key priority. With each country possessing distinct competitive advantages, he stressed that India and Qatar are in a position to complement each other’s strengths and can be partners in driving innovation and shape the industries of tomorrow. As both nations embark on a transformational transition, this partnership will rest on the pillars of entrepreneurship, technology, and sustainability.

    He further highlighted India’s key reforms in reducing the cost of doing business and enhancing Ease of Doing Business (EoDB), positioning it as an oasis of credibility and consistency for global investors. Inviting Qatar to explore opportunities in India’s dynamic and resilient economy, he emphasized that India’s Vision 2047 and Qatar’s National Vision 2030 will shape a new era of strategic economic cooperation. He also suggested creating a Joint Working Group on sectors of mutual interest and further invited Qatari businesses to explore opportunities in GIFT City (Gujarat International Finance Tech-City).

    Speaking during the inaugural session, H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar echoed the sentiments and highlighted that the relationship between Qatar and India is not just a transaction, it is a tradition built on mutual respect, shared interests and a commitment to bolster economic cooperation. India-Qatar trade partnership has flourished with India becoming Qatar’s third largest trading partner. He further emphasized that Qatar remains a diverse, dynamic, and investor-friendly destination, warmly inviting Indian investors to explore the vast opportunities within Qatar’s economy and infrastructure.

    Shri Jitin Prasada, Union Minister of State of Commerce and Industry, Government of India highlighted India’s dynamic economic growth and innovation-driven ecosystem. He emphasized that India has attracted USD 709 billion in FDI inflows over the last decade, supported by 40,000 compliance reforms. He also emphasised upon India’s leadership in innovation, with over 1,55,000 startups across various industries, ranging from space technology to agriculture.

    He further stated that India Stack is revolutionizing digital access, financial inclusion, and internet democratization. The Qatar National Bank (QNB) – National Payments Corporation of India (NPCI) partnership will further enhance digital payments through QR Code-based UPI transactions. The Minister also highlighted the National Manufacturing Mission, which focuses on increasing industrial capability and delivering high-quality products. Additionally, he invited the Qatari delegation to participate in the upcoming Startup Mahakumbh in India, fostering deeper collaboration in the tech and innovation ecosystem.

    H.E. Dr. Ahmad Al-Sayed, Minister of State for Foreign Trade Affairs, Ministry of Commerce and Industry, State of Qatar, highlighted that India and Qatar are well-positioned to navigate the evolving global trade landscape. He emphasized the importance of enhancing the collaboration between two countries beyond traditional energy sector to explore into emerging industries such as electric vehicles (EVs), manufacturing and other non-oil & gas sectors.

    To support global investors, Qatar has established the Qatar Financial Centre (QFC)—a key initiative to attract businesses and facilitate private equity investments. He reiterated that Qatar stands as one of India’s strongest global partners, offering unparalleled access to international markets. Additionally, Qatar Science & Technology Park will serve as a foundation for research and development, while Media City in Qatar aims to attract top media companies, and Qatar Free Zone is designed to drive investment across key sectors.

    With India’s prowess in digitalisation, and Qatar’s ambitious plan for digital transformation, India is in a very unique position to provide technology and scale for digital transformation to Qatar. The discussions highlighted India’s position as a gateway to South Asia and Qatar’s role as a hub for the Middle East. There is high potential for collaboration between India and Qatar in high quality solar grid polysilicon manufacturing, among others, noted panelists.

    The India-Qatar Joint Business Forum convened business leaders, policymakers, and industry experts to explore new avenues of collaboration in relevant sectors. With bilateral trade surpassing USD 15 billion in FY 2023-24, investment flows have increased—ranking among the top three GCC investors in India—but there remains significant untapped potential. To solidify this growing partnership, two key Memorandums of Understanding (MoUs) were signed during the event:

    • Confederation of Indian Industry (CII) and Qatar Business Association
    • Invest India and Invest Qatar

    These agreements aim to facilitate business cooperation, enhance investment flows, and foster long-term collaboration in strategic sectors of mutual interest.

    Shri Sanjiv, Joint Secretary, DPIIT, emphasized that the India-Qatar business delegation will serve as a catalyst for stronger partnerships. He welcomed Qatar’s participation in Startup India Mahakumbh 2025, scheduled for April 3-5, 2025, which will serve as a landmark initiative fostering deeper startup collaborations and attracting Qatari investments into India’s technology and innovation ecosystem.

    Mr. Sanjiv Puri, President, CII, highlighted key areas for economic cooperation, including energy security, agriculture, the startup ecosystem, and skill development. He further emphasized Qatar’s crucial role in India’s energy landscape and stated that CII is committed to facilitating partnerships between Indian and Qatari entities as both nations plan their respective renewable energy goals.

    The event was also addressed by H.E. Sheikh Khalifa bin Jassim Al Thani, Chairman of Board of Directors, Qatar Chamber of Commerce and Industry and H.E. Sheikh Hamad Bin Faisal Al Thani, Board Member of the Qatari Businessmen Association. The Business forum showcased three panel discussions on investments, logistics and advanced manufacturing and futuristic areas such as AI, innovation, sustainability, etc.

    The India-Qatar Business Forum reaffirmed the unwavering commitment of both nations to advancing trade, investment, and technology collaboration. As India and Qatar strengthen their economic ties, they are set to drive prosperity, innovation, and sustainable growth, unlocking a new chapter in their historic partnership.

    *****

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104334) Visitor Counter : 20

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: CBB 12 Month Treasury Bills Issue No. 125 Oversubscribed

    Source: Central Bank of Bahrain

    CBB 12 Month Treasury Bills Issue No. 125 Oversubscribed

    Published on 18 February 2025

    Manama, Bahrain –18th February 2025 – This week’s BD 100 million issue of Government Treasury Bills has been oversubscribed by 113%.

    The bills, carrying a maturity of 12 months, are issued by the CBB, on behalf of the Kingdom of Bahrain.

    The issue date of the bills is 20th February 2025, and the maturity date is 19th February 2026.

    The weighted average rate of interest is 5.26% compared to 5.36% of the previous issue on 16th January 2025.

    The approximate average price for the issue was 94.953% with the lowest accepted price being 94.777%.

    This is issue No. 125 (ISIN BH000430AO57) of Government Treasury Bills. With this, the total outstanding value of Government Treasury Bills is BD 2.110 billion.

    Share this

    MIL OSI Economics –

  • MIL-OSI Russia: MIL Analysis – Five best articles in Russian for 17.02.2025

    MIL Analysis: Here are the top five Russian language articles published today. The analysis includes five key articles prioritized at the moment.

    Samaraneftegaz again shows its results for efficient production.

    Russia’s banks continue to fight the onslaught of cyber fraud with new measures and surveys to protect against cyber attacks.

    Education is effective and stable. There are more and more new opportunities for students of different types of education.

    Also on the agenda is the environmental issue of preserving Lake Baikal.

    You can read one of the articles below.

    1. The economic effect of Samaraneftegaz’s production efficiency program exceeded RUB 2.7 billion.

    Samaraneftegaz (part of Rosneft’s oil and gas production complex) received an economic effect of more than 2.7 billion rubles in 2024 due to the implementation of the production efficiency improvement program.

    2. Financial news: Portrait of a cyber fraud victim in 2024.

    In 2024, 34% of citizens who participated in the Bank of Russia survey have experienced various types of cyber fraud. At the same time, 9% of those who came into contact with cybercriminals lost money. Based on these and other data, the regulator has compiled a portrait of a victim of cyber fraud.

    3. Acceptance of projects for the Big Mathematical Workshop – 2025 has started.

    The Mathematical Center in Akademgorodok (MCA) is accepting projects for consideration for implementation at the Large Mathematical Workshop 2025. The workshop consists of three parts: intensive face-to-face work for a week, followed by more free “inter-module” activities, and finally another week of intensive face-to-face work. In 2025, the first module of the Workshop will take place from July 6-12 and the second module from July 14-19.

    4. NSU, together with the Gorchakov Foundation, has opened applications for the internship program for foreign specialists.

    Novosibirsk State University – NSU in cooperation with the Gorchakov Foundation has opened applications for the internship program for foreign specialists in the areas of “Artificial Intelligence in Medicine” and “Modern Quantum and Information Technologies in Electronics and Photonics”.

    Last day for applications: March 20, 2024, 23:59 Moscow time.

    Date of the event: June 1 – 29, 2025.

    5. Dmitry Patrushev and Alexey Tsydenov, Head of the Republic of Buryatia, discussed the preservation of Lake Baikal.

    Deputy Prime Minister Dmitry Patrushev held a working meeting with the Head of the Republic of Buryatia Alexey Tsydenov. The topic of discussion was the environmental agenda, in particular the preservation and restoration of Lake Baikal.

    Learn more about MIL’s content and data services by visiting milnz.co.nz.

    Regards MIL!

    MIL OSI Russia News –

  • MIL-OSI Europe: The ESAs provide a roadmap towards the designation of CTPPs under DORA

    Source: European Banking Authority

    The European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) are advancing in the implementation of the pan-European oversight framework of critical ICT third-party service providers (CTPPs) with the objective to designate the CTPPs and to start the oversight engagement this year.

    CTPP designation and engagement

    To designate the CTPPs in 2025, the ESAs will perform the following steps:

    • Collection of the Registers of Information: Competent Authorities are required to submit to the ESAs, by 30 April 2025, the Registers of Information on ICT third-party arrangements they received from financial entities.
    • Criticality assessments: The ESAs will perform the criticality assessments mandated by DORA and notify ICT third-party service providers of their classification as critical by July 2025. This notification will start a six-week period during which ICT third-party service providers may object to the assessment with a reasoned statement and relevant supporting information.
    • Final Designation: After the six-week period, the ESAs will designate CTPPs and start oversight engagement with them.

    ICT third-party service providers not designated as critical may voluntarily request to be designated as critical once the list of CTPPs is published. Details on how to request this will be provided soon.

    Implementation of the oversight framework and setup of the joint ESAs oversight function

    The ESAs have been preparing the governance, procedures and methodologies necessary to conduct oversight activities.

    To maximise synergies, ensure consistency in the oversight tasks and use resources efficiently, the ESAs have set up a joint DORA oversight function, led since October 2024 by a joint Director. The establishment of this function will allow the ESAs to perform their day-to-day oversight duties with an integrated approach across their sectors.

    Next steps

    To provide clarity to the market on preparatory activities, the designation process and on the ESAs’ oversight approach, the ESAs plan to organise an online workshop with ICT third-party providers in the second quarter of 2025. Further details on the exact date will be published in due course.

    Background

    The EU’s Digital Operational Resilience Act (DORA), along with the oversight framework of CTPPs, entered into application on 17 January 2025, marking a significant milestone for enhancing the digital operational resilience of the financial sector in the EU.

    In addition to Section II of chapter V of DORA, the relevant regulatory references of the oversight framework are the following:

    • two Delegated Regulations adopted by the European Commission in Q4 2024 on the basis of two draft Regulatory Technical Standards (RTS) developed by the ESAs covering the items set out in Article 41 of DORA (here and here)
    • two Delegated Regulations published in the Official Journal covering the designation criteria to be applied by the ESAs while designating CTPPs (here) and the fees that CTPPs are going to pay according to Article 43 (here)
    • Guidelines on cooperation between the ESAs and the relevant Competent Authorities (here)

    Financial entities can access the reporting rules for the Registers of Information here. These registers will be used as a basis for the designation of CTPP.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: President Lai meets British-Taiwanese All-Party Parliamentary Group delegation

    Source: Republic of China Taiwan

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

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

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

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

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

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

    MIL OSI Asia Pacific News –

  • MIL-OSI: Nykredit announces extension of the offer period

    Source: GlobeNewswire (MIL-OSI)

    Nykredit announces extension of the offer period to 20 March 2025

    NOT FOR DIRECT OR INDIRECT RELEASE, PUBLICATION OR DISTRIBUTION IN OR TO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBU-TION WOULD BE CONTRARY TO APPLICABLE LEGISLATION OR RULES OF SUCH JURISDICTION

    With reference to Spar Nord Bank A/S’ (Spar Nord) company announcement no. 1/2025 regarding the publication of the offer document (the Offer document) concerning the all-cash voluntary takeover offer from Nykredit Realkredit A/S (Nykredit) for all shares (other than treasury shares held by Spar Nord) in Spar Nord (the Offer), Nykredit has today published a to the Offer document (the Supplement) to extend the offer period. Nykredit has stated that an extension is required to obtain the regulatory approval from the Danish Competition and Consumer Authority which constitutes the regulatory condition pertaining to the Offer and which is required in order for the Offer to be completed. Nykredit’s announcement is attached.

    In accordance with the terms and conditions of the Offer, the offer period began on 8 January 2025 with expiration on 19 February 2025 at 23:59 (CET). With reference to the Supplement to the Offer document, the offer period has now been extended and expires on 20 March 2025 at 23:59 (CET). Any reference to “the offer period” in the Offer document or in any other document and/or announcement relating to the Offer shall mean this period.

    Acceptances already received remain binding, and the extension does not entail a need for further action from Spar Nord shareholders who have already accepted the Offer. The extension does not affect any other terms or conditions of the Offer or the unanimous recommendation by the board of directors of Spar Nord to the shareholders of Spar Nord to accept the Offer for the reasons described in the board statement (cf. company announcement no. 1/2025).

    Questions may be directed to Neel Rosenberg (media) on +45 25 27 04 33 or to CFO Rune Brandt Børglum (investors)on +45 96 34 42 36.

    Yours faithfully

    Spar Nord Bank A/S
    The board of directors

    Attachments

    The MIL Network –

  • MIL-OSI Russia: Limits instead of blocking – banks will receive new tools for working with clients from the fraudsters’ database

    Translartion. Region: Russians Fedetion –

    Sours: Mainfin Bank –

    Why is the Central Bank of the Russian Federation easing restrictions on suspicious individuals?

    Federal Law No. 161 regulates the procedure for blocking accounts of clients whose data is contained in a unified database of information on cases of transactions carried out without consent. Also bank has the right to suspend service if information about fraud came from law enforcement agencies. However, tough measures affected not only real criminals – the accounts of legitimate citizens whose data were stolen and used to issue, for example, virtual kart.

    The easing of restrictions is aimed specifically at protecting honest clients who themselves suffered at the hands of fraudsters. Such persons will be able to use bank cards during the inspections, including transfers, but with a maximum amount limit. The sanctions will be completely lifted only after the information is removed from the Central Bank database.

    How will banks respond to suspicious transactions?

    The amendments currently being considered by the State Duma introduce a gradation of measures against suspicious citizens. It is assumed that after the bill is adopted:

    a complete blocking of banking services will be carried out only for clients included in the Central Bank of the Russian Federation database in the presence of an open criminal case; partial restrictions (transfer limit of 100 thousand rubles per month) will be allowed to be set by banks for persons included in the fraudsters database, but who were not subsequently involved in dubious schemes; clients from the “green zone” who were not included in the database or subject to measures of influence by the law enforcement system will be able to be served without restrictions.

    “Partial restrictions will be used when the amount of information received is insufficient, for example, when there are doubts that the client was involved in fraudulent schemes,” the lawyer notes.

    Experts are confident that the relaxations will not affect obvious drops – intermediaries in the activities of fraudsters will continue to be effectively blocked. The choice of restrictive measures will fall on the bank – credit institutions will be able to independently introduce bans and blocking depending on the nature of suspicions.

    09:55 02/18/2025

    Source:

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

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

    HTTPS: //Mainfin.ru/novosti/ Limits-Vesta-Blokovka-Banki-Recychata-New-Instruments-Forms-S-Clients-BAZ-OILENS

    MIL OSI Russia News –

  • MIL-OSI Russia: We invite you to participate in the qualifying round of the VI Finathlon Forum

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    From February 10 to March 15, 2025, registration and collection of scientific papers of students, postgraduates, young teachers on sustainable development, investments and financial risks under the age of 35 is underway to participate in the remote selection round of the VI Finathlon Forum – the International Scientific and Practical Conference of Young Scientists and Specialists in Sustainable Development, Investments and Financial Risks.

    Over the years, the Forum has become a platform that unites young professionals who focus their efforts on developing and solving problems of sustainable development, investments and financial risks in the economy of Russia and neighboring countries. A unique environment has been created for exchanging opinions, discussions, building cooperation, professional communications and personal development. Leading industry experts take part in the Forum.

    This year, the Forum will include more than 20 thematic sections, which will be attended by more than 400 students, young professionals and teachers from Russia and friendly countries. The works that pass the selection round will take part in the in-person final at the Conference, which will be held in Moscow on April 15, 2025. The finalists’ works will be published in the Forum’s electronic collection in the Russian Science Citation Index.

    The forum was organized by the Department of State Youth Policy and Educational Activities of the Ministry of Science and Higher Education of the Russian Federation with the support of the Bank of Russia, the Ministry of Economic Development of Russia, the Ministry of Transport of Russia, and the Ministry of Natural Resources of Russia.

    Details of the Forum program and registration form are available on the official Finathlon website.

    Subscribe to the tg channel “Our State University” Announcement date: 02/18/2025

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

    MIL OSI Russia News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    18 February 2025

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

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

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

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

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

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

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

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

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

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

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

    About Spar Nord Bank

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

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

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

    About Nykredit

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

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

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

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

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

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

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

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

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

    Overgaden Neden Vandet 9 B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

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

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

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

    Restricted jurisdictions

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

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

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

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

    Important Information for Shareholders in the United States

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

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

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

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

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

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

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

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

    1 Executive Order no. 636 of 15 May 2020

    Attachment

    The MIL Network –

  • MIL-OSI: Correction: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

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

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

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

    18 February 2025

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

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

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

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

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

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

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

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

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

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

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

    About Spar Nord Bank

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

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

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

    About Nykredit

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

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

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

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

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

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

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

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

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

    Overgaden Neden Vandet 9 B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

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

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

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

    Restricted jurisdictions

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

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

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

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

    Important Information for Shareholders in the United States

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

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

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

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

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

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

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

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

    1 Executive Order no. 636 of 15 May 2020

    Attachments

    The MIL Network –

  • MIL-OSI China: Announcement on Open Market Operations No.32 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.32 [2025]

    (Open Market Operations Office, February 18, 2025)

    In order to keep the liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB489.2 billion through quantity bidding at a fixed interest rate on February 18, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB489.2 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月18日

    MIL OSI China News –

  • MIL-OSI: Full-year 2024 results

    Source: GlobeNewswire (MIL-OSI)

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

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

    Full-year 2024 results

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

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

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

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

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

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

    KEY FIGURES

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

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

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

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

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

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

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

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

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

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

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

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

    CAPITAL ALLOCATION & BALANCE SHEET

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

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

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

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

    OPERATIONS BY REGION

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

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

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

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

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

    OPERATIONS BY BUSINESS

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

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

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

    OPERATIONS IN Q4 2024

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

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

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

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

    HEADCOUNT

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

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

    ESG PERFORMANCE

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

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

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

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

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

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

    OUTLOOK

    The Group’s financial targets for 2025 are:

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

    CONFERENCE CALL

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

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

    PROVISIONAL CALENDAR

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

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

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

    DISCLAIMER

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

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

    ABOUT CAPGEMINI

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

    Get the Future You Want | www.capgemini.com

    * *

    *

    APPENDIX3F2

    BUSINESS CLASSIFICATION

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

    DEFINITIONS

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

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

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

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

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

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

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

    RESULTS BY REGION

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

    RESULTS BY BUSINESS

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

    SUMMARY INCOME STATEMENT AND OPERATING MARGIN

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

    NORMALIZED AND DILUTED EARNINGS PER SHARE

    (in millions of euros) 2023 2024 Change
    Average number of shares outstanding 171,350,138 170,201,409 -0.7%
    BASIC EARNINGS PER SHARE (in euros) 9.70 9.82 +1.2%
    Diluted average number of shares outstanding 177,396,346 176,375,256  
    DILUTED EARNINGS PER SHARE (in euros) 9.37 9.47 +1.1%
           
    (in millions of euros) 2023 2024 Change
    Profit for the period, Group share 1,663 1,671 +0.5%
    Effective tax rate 27.2% 28.8%  
    (-) Other operating income and expenses, net of tax 469 412  
    Normalized profit for the period 2,132 2,083 -2.3%
    Average number of shares outstanding 171,350,138 170,201,409 -0.7%
    NORMALIZED EARNINGS PER SHARE (in euros) 12.44 12.23 -1.7%

    CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW

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

    NET DEBT

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

    ESG PERFORMANCE

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

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

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

    Attachments

    The MIL Network –

  • MIL-OSI: LHV Group results in January 2025

    Source: GlobeNewswire (MIL-OSI)

    After a strong end to year, January’s results, as is customary for the season, were more modest in terms of results for LHV. The consolidated loan portfolio of LHV Group decreased by EUR 8 million in January, and the total volume of clients’ deposits decreased by EUR 15 million. The volume of the funds managed by LHV decreased by EUR 10 million. A total of 6.6 million payments related to financial intermediaries were made over the month.

    In January, AS LHV Group earned EUR 9 million in consolidated net profit. Among the subsidiaries, the net profit of AS LHV Pank was EUR 6.9 million, while LHV Bank Ltd earned EUR 1.4 million in net profit, AS LHV Varahaldus EUR 363 thousand, and AS LHV Kindlustus EUR 249 thousand. The financial plan, which was disclosed in February, remains.

    The loan portfolio of LHV Pank decreased by EUR 23 million, with retail loans increasing by EUR 27 million; however, corporate loans decreased by EUR 50 million due to the planned loan repayment of one client. Although credit quality generally remained strong, the result for the month was affected this time by a short-term increase in write-downs due to a decrease in the rating of one client. The decline in the total volume of deposits of EUR 11 million was due to a decrease in the deposits of regular clients by EUR 78 million, as the deposits of financial intermediaries increased.

    LHV Pank added 4,000 clients to its ranks in January. At the beginning of the year, the research company Dive declared LHV Pank the bank with the best service in Estonia for the ninth time, both in terms of phone calls and visits to a bank branch.

    The volume of loans from LHV Bank, which operates in the United Kingdom, continued to rise, as the portfolio grew by EUR 16 million in January, while the amount of approved but not yet issued loans rose to EUR 186 million. Additional deposits in the amount of EUR 25 million were raised from deposit platforms. By the end of January, the first 100 retail clients had opened an account with LHV Bank, and work continues to supplement the offer intended for retail customers. The net income of the Bank was higher than planned in January, due to the increased revenues from the financial intermediaries business line.

    For LHV Varahaldus, the year started with good results. Pension funds M, L, and XL increased by 1.8%, 2.6%, and 3.7%, respectively, over the month. Indeks increased by 3.7% and Roheline 1.3%. Conservative funds S and XS increased by 1.2% and 0.7%, respectively. In January, LHV Varahaldus launched a new LHV Euro Bond Fund available to all retail investors, the units of which were subscribed for in the initial public offering by more than 1,000 investors worth EUR 9.6 million.

    In January, clients entered into 17,500 new insurance agreements with LHV Kindlustus in the volume of EUR 6.6 million. Sales results were excellent in vehicle insurance products, home insurance, and travel insurance. Losses were compensated in the amount of EUR 2 million. All in all, the first month of the year was profitable for LHV Kindlustus.

    To access the reports of AS LHV Group, please visit the website at https://investor.lhv.ee/en/reports.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of January, LHV’s banking services are being used by 460,000 clients, the pension funds managed by LHV have 112,000 active clients, and LHV Kindlustus protects a total of 172,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

    Attachment

    The MIL Network –

  • MIL-Evening Report: The Reserve Bank has cut rates for the first time in four years. But it is cautious about future cuts

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    The Reserve Bank cut official interest rates on Tuesday, the first decrease in four years, saying inflationary pressures are easing “a little more quickly than expected”.

    However, the central bank said the outlook for economic activity and inflation remains uncertain, with a risk that household spending may be slower than expected.

    The reduction in the cash rate target will come as a relief to the one-third of households with a mortgage. It will help to ease the cost of living crisis for them.

    The cut from a 13-year high of 4.35% to 4.1% had been widely expected by economists and financial markets.

    The interest rate cut may help tip the scales for the government to call an early election. But recent opinion polls suggest the government still has work to do to put itself in a winning position.

    Announcing its decision, the Reserve Bank said it had “more confidence that inflation is moving sustainably towards the midpoint of the 2-3% target”.

    All four of the major banks swiftly passed on the cut in official rates to mortgage-holders. The average new housing loan is $666,000. Reducing the interest rate on this by 0.25% will mean $110 less a month in repayments (assuming a standard 30-year loan).

    It is the first change in the cash rate since November 2023 and marks the first small reversal of 13 rate increases. The central bank had hiked interest rates quickly from the near-zero emergency level during the COVID epidemic and lockdowns.

    Why did the Reserve Bank cut now?

    The interest rate cut comes after headline inflation eased, to 2.4% during 2024, within the Bank’s 2-3% inflation target range.

    However, the Bank’s preferred measure of underlying inflation, the “trimmed mean”, which excludes temporary factors such as the government’s electricity rebates, rose by 3.2% during 2024. This is just above the target range but a little less than the 3.4% the Bank had been forecasting.

    “We cannot declare victory on inflation just yet,” Reserve Bank Governor Michele Bullock told a press conference after the decision. “It’s not good enough for it to be back in the target range temporarily, the board needs to be confident it’s returning to the target range sustainably.”



    Read more:
    Lower inflation in the December quarter boosts chances of an interest rate cut

    The RBA and the election

    In its first meeting for the year, the Reserve Bank board rejected the notion that they should hold off changing rates because an election is approaching.

    While cutting interest rates will suit one side of politics, not cutting would have benefited the other. The impartial approach is to take the same decision as if no election were looming.

    As then RBA governor Glenn Stevens said in 2007 after raising rates during an election campaign:

    I do not think we ever could accept the idea that in an election year — which, after all, is one year out of three — you cannot change interest rates.

    How does the Reserve Bank compare with other central banks?

    Some central banks in comparable economies had already started lowering interest rates and have cut them by more than the RBA. But that is because most had raised interest rates by more.

    The Reserve Bank adopted a strategy of being more patient in returning inflation to its target, so as to limit the increase in unemployment.

    The strategy has worked. Unemployment in Australia peaked at 4.2% and is now 4.0%. By contrast, in New Zealand it is over 5% and in the euro area and Canada it is over 6%.

    The Reserve Bank hasn’t received the credit it deserves for this strong performance.

    Where to from here?

    This is the last meeting of the current Reserve Bank board. It is being replaced by a new monetary policy committee, and a separate governance board as part of an overhaul of the bank. Two new members will replace two members of the current board for its next meeting on April 1.

    The RBA board’s statement said that it “remains cautious on prospects for further policy easing”. This is central bank-speak for not rushing into further interest rate cuts.

    The RBA also noted that “geopolitical and policy uncertainties are pronounced”. This is a reference to the economic fallout from United States President Donald Trump’s policies on trade and slashing jobs.

    His proposed tariffs and deportations will increase inflation in the US and make US interest rates higher than they otherwise would be.



    Read more:
    What would a second Trump presidency mean for the global economy?

    But this does not mean interest rates need to be higher here. Indeed, a trade war would weaken the global economy, which could lead to less inflation in Australia.

    The Reserve Bank also released its updated forecasts. These show the underlying inflation rate dropping to 2.7% by June and then staying around there through 2026 and 2027.

    Unemployment is low at 4%, and below what the Bank has previously regarded as “full employment”. But it is not leading to any surge in wage growth.

    Indeed, the Bank commented that wages growth has been a little lower than it had forecast. Inflationary expectations are also well contained.

    This offers hope there may be at least one further interest rate cut later this year (and the Reserve Bank’s forecasts assume this). But borrowers should not get their hopes up that interest rates will revisit the COVID-era lows. That is very unlikely.

    John Hawkins was formerly a senior economist at the Reserve Bank.

    – ref. The Reserve Bank has cut rates for the first time in four years. But it is cautious about future cuts – https://theconversation.com/the-reserve-bank-has-cut-rates-for-the-first-time-in-four-years-but-it-is-cautious-about-future-cuts-249704

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: View from the Hill: will Albanese opt for an April election now a rate cut has him breathing more easily?

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

    The Reserve Bank has delivered the expected modest rate cut of a quarter of a percentage point, and we’re set for the predictable frenzy of speculation about an April election.

    The cut is unlikely to be a major vote changer, after 13 increases. But it was absolutely vital to the government. Labor would have suffered a big knock if Michele Bullock and her board had held out.

    The cut underpins the narrative of things improving, and may put voters in a better mood. At least that’s the government’s thinking.

    But the bank is highly circumspect in its tone. It warned in its statement:

    The forecasts published today suggest that, if monetary policy is eased too much too soon, disinflation could stall, and inflation would settle above the midpoint of the target range. In removing a little of the policy restrictiveness in its decision today, the Board acknowledges that progress has been made but is cautious about the outlook.

    Speculation about the election date is a frustrating exercise, given only Anthony Albanese – and perhaps a few closest to him – knows his thinking, which could still be, as he suggested recently, “fluid”. In recent days the PM has played the tease. Periodically he talks about the intense work on budget, set for March 25; if that went ahead, it would mean a May election. But last week, he was also talking about parliament having seen its last day, which pointed to April.

    It is hard to see the logic of Albanese launching a campaign before the March 8 Western Australian election, given that would be confusing for both state and federal campaigns and put maximum pressure on Labor’s WA volunteers. If Albanese opts for April 12, he would have to call it immediately after the WA poll.

    Many in the business world would like the election done and dusted ASAP, because the pre-election period means a hiatus of sorts.

    The opinion polls can be read various ways, but as things stand, they point to a minority government.

    This is already putting pressure on crossbenchers, notably the teals, to indicate what factors they’d take into account in deciding who they’d support. The Coalition, if it reached about 72 seats (76 is a majority), would be eyeing off crossbenchers Bob Katter, Rebekha Sharkie, Allegra Spender and Dai Le as potentials to guarantee them confidence and supply. Of course that would assume they all were re-elected.

    But this is putting several carts before the horse. Much will happen in the next few weeks, whether the election is April or May. Current polls that make predictions down to individual seats should be treated with much caution.

    While the polls are presently depressing for Labor, this week’s Newspoll had a finding on inflation that might cheer treasurer Jim Chalmers. It found that less than a quarter of people believe inflation would have been lower under a Coalition government. In other words, while high prices are making voters sour, that is not necessarily directly translating into blame for Labor.

    When the campaign proper is underway, the smallest things can blow up in leaders’ faces.

    Albanese failed to remember key numbers in 2022. He had enough fat so his generally lackluster performance didn’t matter in the end. Dutton is yet to be campaign-tested. Rather disconcertingly for his handlers, in his Sky interview last Sunday he forgot deputy prime minister Richard Marles had just been in Washington.

    Meanwhile Dutton is hard at work humanising his image in a series of interviews, and the obligatory 60 Minutes family get together with Karl Stefanovic (who did the Meet the Morrisons – the Duttons-at-home came without an musical performance).

    Albanese worked hard at this before the last election, repeating over and over his story of being brought up in council housing, son of a single mother.

    Dutton’s more complicated back story involves a stint as a youngster in a butcher’s shop, buying a house at 19, an early divorce, and a failed relationship that produced a baby who became his first child in his second marriage. And of course his career as a policeman.

    One can imagine that some of these memories are painful to have to canvas in public, but the campaign’s hard heads say the public want to know all about a potential PM. So it has to be done.

    (One Dutton incident is rarely recalled these days, that involved a temporary loss of political nerve. In 2009, after a redistribution made his seat of Dickson notionally Labor, Dutton sought to jump to the Gold Coast seat of McPherson. But he was beaten in a preselection by Karen Andrews, who is retiring at this election. That forced him back to Dickson, which he then held at the 2010 election.)

    Albanese does not need to canvass his backstory as much these days but he took advantage of Valentine’s day to put out some sentimental social media fodder.

    He and fiancé Jodie (to whom he proposed on Valentine’s day last year) sat, with Toto between them, turning over cards with questions said to be posed by the public. With each question (such as “who said I love you first”) they pointed to each other or themselves.

    Opinion was divided about the video. Toto fell into the sceptics’ camp, jumping to the ground before it was finished.

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

    – ref. View from the Hill: will Albanese opt for an April election now a rate cut has him breathing more easily? – https://theconversation.com/view-from-the-hill-will-albanese-opt-for-an-april-election-now-a-rate-cut-has-him-breathing-more-easily-250136

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: New Zealand card payments set for 3.9% growth, driven by shift to contactless and electronic payments, forecasts GlobalData

    Source: GlobalData

    New Zealand card payments set for 3.9% growth, driven by shift to contactless and electronic payments, forecasts GlobalData

    Posted in Banking

    The New Zealand card payments market is projected to grow at a compound annual growth rate (CAGR) of 3.9% from 2025 to 2029, reaching NZD125.6 billion ($77.1 billion) by 2029. This growth is driven by the continued shift toward electronic payments, the increasing adoption of contactless cards, and a robust digital payments infrastructure that supports consumer spending and financial inclusion, reveals GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “New Zealand Cards and Payments – Opportunities and Risks to 2028,” reveals that card payment value in New Zealand registered a growth of 6.1% in 2023, driven by the rise in consumer spending. The value grew further to register an estimated growth of 2% in 2024 to reach NZD104 billion ($63.9 billion) in 2024.

    Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “New Zealand is gradually moving towards the digitalization of its payment infrastructure, supported by a 100% banked adult population, mature payment card market, and the expansion of POS infrastructure. Increasing preference for cashless payments, the growth of the ecommerce market, and the adoption of contactless payment methods also contributed to this growth.”

    Debit card payments hold a significant share of the total card payments market in New Zealand accounting for 47.8% in total payment value in 2024. The government and commercial banks have taken steps to promote financial inclusion and drive debit card penetration, such as offering low-cost bank accounts and reducing merchant interchange fees.

    Although credit and charge cards account for a limited proportion of cards in circulation, they account for 52.2% share in 2024. This can be attributed to the value-added benefits offered by banks, such as reward points, discounts on purchases, and annual fee waivers.

    New Zealand boasts a mature payments infrastructure, with one of the strong POS terminal uptakes. Local scheme provider EFTPOS NZ is the key driver behind this with over 60,000 businesses and more than 90,000 devices are connected to its network. The uptick in payment acceptance is also driven by the availability of mobile POS solutions. For example, EFTPOS offers Android-based terminals that accept both contactless and chip and PIN-based cards, as well as mobile payments.

    In New Zealand, contactless cards are becoming more popular as banks and scheme providers push this technology. All the country’s major financial institutions now offer contactless cards. The number of such payments is likely to grow as more contactless cards are issued and merchants increasingly adopt contactless POS terminals.

    Paytech provider Worldline introduced Tap to Pay on iPhone for Kiwi merchants in November 2024 to accept contactless payments using only an iPhone and the Worldline iOS app, without the need for additional hardware or payment terminals. Customers can make payments using contactless credit and debit cards, Apple Pay, and other digital wallets.

    To reduce the dependence on cash and promote card payments, Payments NZ has introduced various measures as part of its Payments Modernisation Plan 2030. These measures include improving financial inclusion, promoting acceptance of card payments by merchants, and supporting competition and innovation in the payments space, thereby benefiting overall card payments market.

    Sharma concludes: “The outlook for card payment growth in New Zealand is positive, driven by the ongoing shift from cash to debit cards for low-value transactions and the increasing preference for contactless payments. Payment cards are primarily used at the point of sale rather than for ATM withdrawals, reflecting the broader consumer shift towards electronic payments. Additionally, anticipated economic growth and lower inflation are expected to further boost card spending.”

    MIL OSI Economics –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 18, 2025

    Source: Reserve Bank of India

    Tenor 2-day
    Notified Amount (in ₹ crore) 1,00,000
    Total amount of bids received (in ₹ crore) 71,773
    Amount allotted (in ₹ crore) 71,773
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) N.A.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2189

    MIL OSI Economics –

  • MIL-OSI Australia: Reserve Bank cuts cash rate

    Source: Australian Treasurer

    Today the independent Reserve Bank of Australia Board decided to lower the cash rate by 25 basis points to 4.10 per cent.

    This is very welcome news for millions of Australians.

    This is the rate relief Australians need and deserve.

    It won’t solve every problem in our economy or in household budgets but it will help.

    Today’s result is a demonstration of the substantial and sustained progress we’ve made on inflation together.

    When we came to office, interest rates were going up, now they are going down.

    For a household with a mortgage of $500,000, this rate cut will save them $80 a month, or $960 per year.

    Under Labor, inflation is down, wages are up, unemployment is low and now interest rates have started to come down too.

    This is the soft landing we have been planning for and preparing for but we know there’s more work to do.

    Other countries have had to pay for progress on inflation with higher unemployment, growth going backwards or even a recession.

    Inflation is now almost a third of the 6.1 per cent we inherited, and that’s a testament to the efforts of all Australians.

    In its statement today, the RBA Board said we have made welcome progress on inflation and that inflationary pressures are easing more quickly than expected.

    Today’s decision and the statement from the Board gives us further confidence that the worst of the inflation challenge is behind us, but we can’t be complacent.

    Today’s decision is welcome but it’s not mission accomplished because people are still under pressure.

    The Government will maintain a primary focus on the cost of living.

    When we came to office, real incomes were going badly backwards.

    Now they’re growing again due to moderating inflation, wages growth, jobs growth and our tax cuts.

    Lower mortgage costs will also support the growth of real disposable incomes into the future.

    Australians would be thousands of dollars worse off if Peter Dutton had his way on tax cuts, wages and energy bill relief – and worse off still if he wins the election.

    The biggest risk to the progress we have made together is a Coalition government that would come after Medicare again, push wages down again, and push electricity prices up with more expensive nuclear energy.

    We’re fighting inflation, helping with the cost of living and building Australia’s future, and this encouraging decision shows our policies are making a meaningful difference.

    MIL OSI News –

  • MIL-OSI Submissions: Australia – CBA reduces interest rates on business loans

    Source: Commonwealth Bank of Australia (CBA)

    The Commonwealth Bank has responded to the Reserve Bank of Australia’s cash rate decision, reducing rates on eligible business lending products.

    Commonwealth Bank will reduce interest rates by 0.25% per annum (p.a.) on eligible business lending products, following the Reserve Bank of Australia’s (RBA) decision to decrease the official cash rate by 0.25% p.a.

    CBA’s Business Bank will be reducing interest rates across its Variable Base Rate, Residential Equity Rate, and Overdraft Reference Rate, by 25 basis points.

    This reduction will apply to business lending products including Better Business Loans and Business Overdrafts. All business loan variable rate changes announced today will be effective 28 February 2025.

    CBA Group Executive Business Banking, Mike Vacy-Lyle, said: “Businesses are the lifeblood of Australia’s economy, and they’ve shown remarkable resilience in what has been a challenging environment.

    “While today’s rate reductions may provide some relief, we recognise some of our business customers are facing challenging times and we have a range of measures available for businesses facing difficulty, such as waiving merchant terminal rental fees and deferring repayments on business loans.

    “We also recognise the importance of balancing the needs of business borrowers and business depositors, and we will continue to review our pricing and make further adjustments as required.”

    For business deposit customers, CBA continues to offer a range of options for those looking for at call, notice deposit and term deposit products. CBA will be reducing the interest rate by up to 0.10% p.a. on the Business Online Saver product. The interest on 48 hours and 7-day notice Capital Growth Account remains unchanged.

    Support for small businesses customers

    A range of support options are available for business customers. These include:

    Deferred business loan repayments or debt restructuring.
    Free comprehensive cash flow tracking capabilities via a Business Cash Flow tool in the CommBank app.
    Bill Sense to help customers predicts future bills and our business insights tool called Daily IQ.

    More information is available on our website and businesses seeking support can speak to their Relationship Manager or call CBA’s dedicated Business Financial Assistance team, available 24/7, on 13 26 07.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Australia – CBA announces interest rate reductions

    Source: Commonwealth Bank of Australia

    The Commonwealth Bank has responded to the Reserve Bank of Australia’s cash rate decision.

    Following the Reserve Bank of Australia’s (RBA) decision to decrease the official cash rate by 0.25% per annum (p.a.), CBA will decrease home loan variable interest rates by 0.25% p.a.

    All home loan variable rate changes announced today will be effective 28 February 2025.

    CBA’s Group Executive, Retail Banking Services, Angus Sullivan said: “We know that cash rate increases have been challenging for our home loan customers and they are looking forward to some relief.

    “We recognise some customers will continue to need support as they manage household budgets. We strongly encourage anyone who is experiencing hardship to contact us, so we can help with a solution that suits their circumstances.

    “We are committed to ensuring our customers have the right tools, support and advice as they navigate this change. After today’s interest rate changes are effective, eligible home loan customers may choose to reduce their mortgage repayments in line with the change to their variable rate via the CommBank app, NetBank, or by messaging us directly.

    “For our savings customers, we continue to offer a range of options for those looking for both at call savings and term deposits. We will maintain our current 10-month term deposit special of 4.60% p.a. for a limited time.”

    Support for home loan customers

    A range of support options are available for home loans customers. These include:

    Estimating how much home loan repayments will be via the home loan repayments calculator. You can also estimate the impact additional payments can make to your loan balance and duration.  
    Changing the repayment amount and frequency of home loan payments. Eligible customers can reduce their mortgage repayments and align their repayment timing to when and how often they are paid via the CommBank app or NetBank.

    A range of money management support and tools are available in the CommBank app. These include:

    Spend Tracker in the CommBank app to help categorise your debit and credit card transactions, making it easier to see the impact your spending decisions have on your everyday finances.
    Category budgets to set weekly, fortnightly or monthly budgets for different categories of your spending – from entertainment to transport, eating out and shopping. You can see how your spending compares to the budget you set yourself, to help you stay on track.

    MIL OSI – Submitted News –

  • MIL-Evening Report: View from the Hill: will Albanese opt for an April election now that a rates cut has him breathing more easily?

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

    The Reserve Bank has delivered the expected modest rate cut of a quarter of a percentage point, and we’re set for the predictable frenzy of speculation about an April election.

    The cut is unlikely to be a major vote changer, after 13 increases. But it was absolutely vital to the government. Labor would have suffered a big knock if Michele Bullock and her board had held out.

    The cut underpins the narrative of things improving, and may put voters in a better mood. At least that’s the government’s thinking.

    But the bank is highly circumspect in its tone. It warned in its statement:

    The forecasts published today suggest that, if monetary policy is eased too much too soon, disinflation could stall, and inflation would settle above the midpoint of the target range. In removing a little of the policy restrictiveness in its decision today, the Board acknowledges that progress has been made but is cautious about the outlook.

    Speculation about the election date is a frustrating exercise, given only Anthony Albanese – and perhaps a few closest to him – knows his thinking, which could still be, as he suggested recently, “fluid”. In recent days the PM has played the tease. Periodically he talks about the intense work on budget, set for March 25; if that went ahead, it would mean a May election. But last week, he was also talking about parliament having seen its last day, which pointed to April.

    It is hard to see the logic of Albanese launching a campaign before the March 8 Western Australian election, given that would be confusing for both state and federal campaigns and put maximum pressure on Labor’s WA volunteers. If Albanese opts for April 12, he would have to call it immediately after the WA poll.

    Many in the business world would like the election done and dusted ASAP, because the pre-election period means a hiatus of sorts.

    The opinion polls can be read various ways, but as things stand, they point to a minority government.

    This is already putting pressure on crossbenchers, notably the teals, to indicate what factors they’d take into account in deciding who they’d support. The Coalition, if it reached about 72 seats (76 is a majority), would be eyeing off crossbenchers Bob Katter, Rebekha Sharkie, Allegra Spender and Dai Le as potentials to guarantee them confidence and supply. Of course that would assume they all were re-elected.

    But this is putting several carts before the horse. Much will happen in the next few weeks, whether the election is April or May. Current polls that make predictions down to individual seats should be treated with much caution.

    While the polls are presently depressing for Labor, this week’s Newspoll had a finding on inflation that might cheer treasurer Jim Chalmers. It found that less than a quarter of people believe inflation would have been lower under a Coalition government. In other words, while high prices are making voters sour, that is not necessarily directly translating into blame for Labor.

    When the campaign proper is underway, the smallest things can blow up in leaders’ faces.

    Albanese failed to remember key numbers in 2022. He had enough fat so his generally lackluster performance didn’t matter in the end. Dutton is yet to be campaign-tested. Rather disconcertingly for his handlers, in his Sky interview last Sunday he forgot deputy prime minister Richard Marles had just been in Washington.

    Meanwhile Dutton is hard at work humanising his image in a series of interviews, and the obligatory 60 Minutes family get together with Karl Stefanovic (who did the Meet the Morrisons – the Duttons-at-home came without an musical performance).

    Albanese worked hard at this before the last election, repeating over and over his story of being brought up in council housing, son of a single mother.

    Dutton’s more complicated back story involves a stint as a youngster in a butcher’s shop, buying a house at 19, an early divorce, and a failed relationship that produced a baby who became his first child in his second marriage. And of course his career as a policeman.

    One can imagine that some of these memories are painful to have to canvas in public, but the campaign’s hard heads say the public want to know all about a potential PM. So it has to be done.

    (One Dutton incident is rarely recalled these days, that involved a temporary loss of political nerve. In 2009, after a redistribution made his seat of Dickson notionally Labor, Dutton sought to jump to the Gold Coast seat of McPherson. But he was beaten in a preselection by Karen Andrews, who is retiring at this election. That forced him back to Dickson, which he then held at the 2010 election.)

    Albanese does not need to canvass his backstory as much these days but he took advantage of Valentine’s day to put out some sentimental social media fodder.

    He and fiancé Jodie (to whom he proposed on Valentine’s day last year) sat, with Toto between them, turning over cards. with questions said to be posed by the public. With each question (such as “who said I love you first”) they pointed to each other or themselves.

    Opinion was divided about the video. Toto fell into the sceptics’ camp, jumping to the ground before it was finished.

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

    – ref. View from the Hill: will Albanese opt for an April election now that a rates cut has him breathing more easily? – https://theconversation.com/view-from-the-hill-will-albanese-opt-for-an-april-election-now-that-a-rates-cut-has-him-breathing-more-easily-250136

    MIL OSI Analysis – EveningReport.nz –