Category: Business

  • MIL-OSI United Kingdom: Work set to being at Derry’s new municipal cemetery

    Source: Northern Ireland – City of Derry

    Work set to being at Derry’s new municipal cemetery

    7 March 2025

    Work is set to commence on the ground next week at the site secured for the development of Derry’s new municipal cemetery, Derry City and Strabane District Council confirmed today.

    The site, located on the outskirts of the City on the Mullenan Road, will provide 3,500 new burial plots as well as a memorial garden, administration building, public toilets, storage buildings and parking.

    As well as main access to the site from Mullenan Road, the cemetery will be linked to the city via a new footway to Ballougry Road, which will facilitate a pedestrian and cycling connection to the greenway stretch know as ‘The Line’, subject to land acquisition.

    Much work has gone into selecting and assessing a suitable location for the new cemetery as space at the City Cemetery nears full capacity. It is envisaged that the new cemetery will facilitate up to 20 years burial capacity with the potential for further expansion on to adjoining lands

    Full planning permission was granted for the development of the site in September 2024, and the company behind the delivery of the £3.73m contract is E Quinn Civils Ltd, from Pomeroy Co. Tyrone. They hope to begin ground works on site from March 10th and it’s anticipated that the first phase of the development of the overall site will take approximately a year to complete.

    Mayor of Derry and Strabane, Councillor Lilian Seenoi-Barr, welcomed the news, saying: “I want to acknowledge the extensive work that has gone into this key strategic project to date. There are many issues to consider when planning a new cemetery and it has meant a lengthy and complex process to reach this stage today. This marks a significant milestone and I am delighted to see work now begin on site to deliver this vital facility for our citizens.”

    The overall cemetery facility will be developed on a phased basis with a view to the first interments taking place at the conclusion of the first phase of development, but the plans can accommodate burials sooner than this if required.

    Council’s Director of Environment and Regeneration, Karen Phillips, said: “I am pleased to see the commencement of works on site next week, after what has been a lengthy and very challenging process to identify a suitable site that will fulfil the burial needs here in the city. Much consideration has gone into selecting a suitable site and I am confident the site at Mullenan offers a peaceful and serene setting in keeping with its use for visitors, with the space to accommodate all the facilities needed, and I look forward to seeing the work on the first Phase progress now at pace and brought into use in a timely manner.”

    MIL OSI United Kingdom

  • MIL-OSI USA: Disaster Recovery Centers Open in Letcher, Owsley Counties

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers Open in Letcher, Owsley Counties

    Disaster Recovery Centers Open in Letcher, Owsley Counties

    FRANKFORT, Ky — Disaster Recovery Centers are open in Letcher and Owsley counties in areas affected by the February floods. Disaster Recovery Centers, operated by the Kentucky Division of Emergency Management and FEMA, offer in-person support to survivors in declared counties as the result of severe storms, straight-line winds, flooding, landslides and mudslides from February. OWSLEY COUNTYOwsley County Recreation Center, 99 County Barn Road, Booneville, KY 41314LETCHER COUNTYLetcher County Recreation Center, 1505 Jenkins Road, Whitesburg, KY 41848All Disaster Recovery Centers operate from 7 a.m. to 7 p.m. ET Monday through Saturday and 1 to 7 p.m. ET on Sundays, unless otherwise noted. FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. The deadline to apply for federal assistance is April 25, 2025.Other centers are open in the following locations:PIKE COUNTYPike Public Library, 126 Lee Ave., Pikeville, KY 41501Belfry Public Library, 24371 US-119 North, Belfry, KY 41514PERRY COUNTYHazard Community College, 1 Old Community College Drive, Hazard, KY 41701MARTIN COUNTYMartin County Library, 180 E Main Street, Inez, KY 41224KNOTT COUNTYKnott County Sports Complex, 450 Kenny Champion Loop #8765, Leburn, KY 41831FLOYD COUNTYFloyd County Board of Education, 442 KY-550, Eastern, KY 41622Additional Disaster Recovery Centers will open across the Commonwealth disaster area in the coming days. In addition to FEMA personnel, representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will be available at the recovery centers to assist survivors.You do not need to visit a center to apply with FEMAIf you are unable to visit the center, there are other ways to apply: you can apply online at DisasterAssistance.gov, by calling 800-621-3362, or by using the FEMA mobile app. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service.When you apply, you will need to provide:A current phone number where you can be contacted.Your address at the time of the disaster and the address where you are now staying.Your Social Security Number. A general list of damage and losses.Banking information if you choose direct deposit. If insured, the policy number or the agent and/or the company name.The first step to receive FEMA assistance is to apply. There are four ways to apply: visit DisasterAssistance.gov, download the FEMA App, visit a Disaster Recovery Center or call the toll-free FEMA Helpline at 800-621-3362. The phone line is open daily from 7 a.m. to midnight ET, and help is available in most languages. The deadline to apply for assistance for flooding is April 25, 2025. For an accessible video on how to apply for FEMA assistance, go to youtube.com/watch?v=WZGpWI2RCNw.For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860. Follow the FEMA Region 4 X account at x.com/femaregion4. 
    sarah.cleary
    Thu, 03/06/2025 – 20:19

    MIL OSI USA News

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Imperial Urban Co-operative Bank Ltd, Jalandhar – Extension of Period

    Source: Reserve Bank of India

    The Reserve Bank of India, vide directive CDG.DOS.RSG.No.S1645/16-03-046/2022-2023 dated March 09, 2023, had placed Imperial Urban Co-operative Bank Ltd, Jalandhar – under Directions from the close of business on March 10, 2023, for a period of six months up to September 10, 2023, the validity of which was last extended up to close of business on March 10, 2025 vide directive DOR.MON/D-79/12.28.319/2024-25 dated December 05, 2024.

    2. The Reserve Bank of India, in exercise of the powers vested in it under subsection (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the aforesaid Directions shall continue to apply to the bank further for a period of three months from close of business on March 10, 2025 to close of business on June 10, 2025, as per the directive DOR.MON/D-103/12.28.319/2024-25 dated March 05, 2025, subject to review.

    3. The extension of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India. The bank will continue to undertake banking business with restrictions till its financial position improves.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2336

    MIL OSI Economics

  • MIL-OSI Economics: RBI approves the voluntary amalgamation of Jawahar Sahakari Bank Ltd., Hupri with Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd

    Source: Reserve Bank of India

    The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Jawahar Sahakari Bank Ltd., Hupri with Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd. The Scheme has been sanctioned in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from March 10, 2025 (Monday). All the branches of Jawahar Sahakari Bank Ltd., Hupri, will function as branches of Kallappanna Awade Ichalkaranji Janata Sahakari Bank Ltd., with effect from March 10, 2025.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2337

    MIL OSI Economics

  • MIL-OSI Economics: US car insurance premiums that rank among highest globally poised to go even higher with tariffs, says GlobalData

    Source: GlobalData

    US car insurance premiums that rank among highest globally poised to go even higher with tariffs, says GlobalData

    Posted in Insurance

    With the recent 25% tariffs imposed on goods imported from Mexico and Canada, the cost of vehicle repairs is expected to rise in the US, placing additional pressure on insurers to increase car insurance premiums, which are already among the highest globally, according to GlobalData, a leading data and analytics company.

    GlobalData’s 2024 Emerging Trends Insurance Consumer Survey reveals that 53.5% of US consumers pay over $1,000 annually for car insurance. In comparison, only 21.0% of UK consumers report paying more than GBP750 ($966), while just 16.9% of Chinese consumers state their premiums exceed CNY7,000 ($963). Among all 11 countries included in the survey, none have a higher proportion of consumers paying $1,000 or more for car insurance than the US.

    Charlie Hutcherson, Insurance Analyst at GlobalData, comments: “The recent trade measures introduced by the US government will have significant repercussions across the automotive and insurance industries. The tariffs on imported auto parts from Mexico and Canada will drive up costs across the supply chain, making vehicle repairs more expensive and contributing to rising insurance premiums.”

    The rising costs stem from the integrated supply chains that auto companies have established with manufacturers in Mexico and Canada, which play a critical role in the US automotive industry. According to the American Iron and Steel Institute (AISI), Mexico and Canada accounted for approximately 35% of US steel imports last year, while Canada supplied nearly half of the country’s aluminum imports. Additionally, more than 30% of total auto parts used in the US were imported from these two countries, reflecting the industry’s reliance on cross-border trade to keep costs down.

    Hutcherson continues: “As US consumers are already paying some of the highest car insurance premiums globally, the tariffs are likely to exacerbate the situation. Rising repair costs will force insurers to adjust pricing models, and many consumers may see their premiums increase further. To navigate these challenges, insurers must focus on improving claims cost management and exploring alternative solutions such as telematics-based policies and strategic partnerships with repair networks.”

    Hutcherson concludes: “The knock-on effect of higher tariffs will be felt across the entire automotive ecosystem. Consumers, insurers, and manufacturers will all have to adapt as costs rise. For insurers, retaining customers in a competitive market will require innovative pricing strategies and cost-effective solutions to help offset the financial strain caused by these policy changes.”

    *GlobalData’s Emerging Trends Insurance Consumer Survey featured a panel of consumers aged 18+, with 5,520 respondents spread across 11 countries in different regions to identify global trends. There was a minimum of 500 respondents per country. It is GlobalData’s first-ever dedicated multi-market insurance consumer survey.

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Reply to Tweet of Shri Mallikarjun Kharge

    Source: Government of India (2)

    Posted On: 07 MAR 2025 5:04PM by PIB Delhi

    The Namami Gange Programme, launched in 2014 by the Government of India, stands as one of the most ambitious and holistic initiatives ever undertaken to restore the health of the River Ganga. Its multifaceted approach integrates pollution abatement, ecological restoration, capacity building, and community engagement, with a focus on both the river’s environmental integrity and the livelihoods of millions who depend on it.

    In Namami Gange Programme, the implementation of the projects picked up pace after completion of preparatory activities which included robust monitoring & financial approval mechanism. Against available resources of Rs. 20,424.82 Crore for the period 2014-15 to 2023-24, NMCG has disbursed Rs. 16,648.49 Crore, which is 82% of the budgetary provisions.

    It is worth noting that the programme’s financial outlay of Rs. 42,500 Crore is not to be treated as immediate expenditure target (cash outgo), but rather a sanctioning space that includes present expenditure and future commitments (annuity payment / O&M expense) for pollution abatement infrastructure with a lifecycle of 17 years (2 years of construction phase and 15 years of operation and maintenance phase). Hybrid Annuity Model was taken as an innovative approach to ensure responsible operation and maintenance of the constructed STPs which has resulted into spread of capital expenditure over 15 years of O&M phase.

    The Namami Gange Programme has made significant strides in pollution abatement, creating 3,446 MLD of sewage treatment capacity, surpassing the pre-2014 capacity by over 30 times. NMCG has completed 127 projects and 152 Sewage Treatment Plants within 7-8 years, demonstrating notable progress in restoring the River Ganga’s pristine glory.

    The objective of CGF is to mobilize contributions from all sections of the civil society, including residents of the country, NRIs and corporates. 95% of the contributors to the CGF are individual citizens and balance 5% is private corporates and public sector companies. The utilization of funds under CGF undergoes through a rigorous sanctioning process as with budgetary expenditure under NGP with utmost financial prudence. CGF is mainly used for unique and signature projects having significant contribution to the achievement of the National Mission for Clean Ganga objectives. 

    As per the CPCB’s periodic report on polluted river stretches for restoration of water quality; in Uttar Pradesh in 2015 the stretch from Kannauj to Varanasi was in PRS III (BOD 10-20 mg/l) category whereas in 2022 the river quality witnessed an improvement due to continuous efforts and the improved polluted river stretch falls in PRS V (BOD 3-6 mg/l). In UP, out of 135 operational STPs 118 STPs (more than 90% are compliant) achieving norms.

    In Bihar, in 2015 the stretch from Buxar to Bhagalpur was in PRS II (BOD 20-30 mg/l) category whereas in 2022 the river quality witnessed an improvement due to continuous efforts and the improved polluted river stretch falls in PRS IV (BOD 6-10 mg/l). In Bihar, out of 14 STPs 13 are operational.

    In West Bengal, in 2018 the stretch from Triveni to Diamond Harbour was in PRS III (BOD 10-20 mg/l) category whereas in 2022 the river quality witnessed an improvement due to continuous efforts and the improved polluted river stretch falls in PRS IV (BOD 6-10 mg/l). In West Bengal, out of 55 existing STPs 53 of them were functional.

    To summarize there has been a significant improvement in the water quality in all the states including the above referred states.

    In Prayagraj, it would be pertinent to mention that from 2017 to 2024, the treatment capacity has increased from 268 MLD to 348 MLD. Also, the river water quality has improved from PRS IV to PRS V. Further, out of 60 untapped drains in 2017 now there is no untapped drains. Similarly, for Varanasi, treatment capacity has increased from 100 MLD to 420 MLD, number of untapped drains has reduced from 8 to one partially tapped drain and PRS has improved from IV to V.

    The improvement in riverine ecosystem is substantiated by the increase in population of Gangetic Dolphin. The comparison of baseline (2018) and current study of WII indicates increase in the population of Gangetic Dolphins (Platanista gangetica) from 3,330 (+/-) 630 to 3,936 (+/-) 763. Now dolphins are recorded from the previously unreported stretches of the Ganga River, such as the stretch between Bithura to Rasula Ghat (Prayagraj). The dolphins were also reported for the first time from the Babai and Bagmati rivers in India.

    The success of the Namami Gange Programme in rejuvenating the Ganga is being recognized on the global stage. In December 2022, the UN Decade on Ecosystem Restoration acknowledged it as one of the Top 10 World Restoration Flagship Initiatives. Furthermore, the International Water Association awarded the National Mission for Clean Ganga (NMCG) the title of Climate Smart Utility, further cementing the programme’s commitment to sustainable water management.

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    Dhanya Sanal K

    (Release ID: 2109118) Visitor Counter : 31

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Celebration of 75th Anniversary of NSS by National Statistics Office (Field Operations Division), Regional Office, Sambalpur, MoSPI, Govt. of India

    Source: Government of India

    Posted On: 07 MAR 2025 4:48PM by PIB Delhi

    As part of celebration of 75th Anniversary of NSS, commemorating its transformative role in shaping India’s evidence-based policy making, an awareness campaign was organized by National Statistics Office (Field Operations Division), Govt. of India, Regional Office, Sambalpur at the 20th Annual Conference of Indian Association for Social Science and Health (IASSH) organized by Sambalpur University at Biju Patnaik Auditorium.The campaign was organized on 05.03.2025 and 06.03.2025. Publicity materials were displayed and distributed among the 250 nos. of participants of the conference.

    A plenary sessionwas conducted by NSO(FOD) RO, Sambalpur on the theme “Data for Development” on 06.03.2025. The session was chaired by Prof R. Nagarajan, IIPS Mumbai & Prof. Pradeep Kumar Panda from AIPH University, Bhubaneswar was the co-chair. Sh. Rahul Kumar Patel, Deputy Director & Regional Head, NSO(FOD) RO Sambalpur was the speaker. Importance of NSS data for policy formulation and decision making for the development and nation building were highlighted. A documentary about evolution of NSS during the last 75 years was also displayed. Information onrecently completed as well as ongoing surveys such as Periodic Labour Force Survey (PLFS), Household consumption Expenditure Survey (HCES), Annual Survey of Unorganized Sector Enterprise (ASUSE), Annual Survey of Industries (ASI), Socio-economic survey 80thround (Health & Telecom), Pilot study on Annual Survey of Service Sector Enterprises (ASSSE), Price Collection, Forward Looking Survey on Private Corporate Sector Capex Investment Intentions etc.,wasshared with the participants.As the participants were mostly the post-graduate students, researchers, academicians etc., hence process to access the unit level data of various surveys under NSO was also explained for the benefit of the participants. 

    Prof. R. Nagarajan and Prof. Pradeep Kumar Panda congratulated NSS for completing 75 years of successful data collection, dissemination and also stressed the importance of NSS data and how it has helped Govt, researchers, policy makers in decision making, economic growth and resource allocation.

    Shri S.C.Bhoi, SSO, Shri K.Padhan, SSO, Shri J.K.Singh, JSO, Shri P.Panigrahi, SS, Shri Balaram Behera, SE and Shri R.K.Mohanty, ASS of NSO (FOD), RO, Sambalpur were also present on the occasion.

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    Samrat/Dheeraj/Allen

    (Release ID: 2109112) Visitor Counter : 25

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: 20 persons arrested during anti-illegal worker operations (with photo)

    Source: Hong Kong Government special administrative region

         The Immigration Department (ImmD) mounted a series of territory-wide anti-illegal worker operations codenamed “Contribute”, “Greenlane”, and “Twilight”, and joint operations with the Hong Kong Police Force codenamed “Champion” and “Windsand”, for four consecutive days from March 3 to yesterday (March 6). A total of 16 suspected illegal workers and four suspected employers were arrested.     During the anti-illegal worker operations, ImmD Task Force officers raided 26 target locations, including industrial buildings, residential buildings, restaurants and shopping malls. Eleven suspected illegal workers and four suspected employers were arrested. The arrested suspected illegal workers comprised three men and eight women, aged 35 to 59. Among them, one man and one woman were holders of recognisance forms, which prohibit them from taking any employment. In addition, two women were also suspected of using and being in possession of a forged Hong Kong identity card. Three men and one woman, aged 35 to 63, were suspected of employing the illegal workers and were also arrested.     During operation “Champion”, enforcement officers raided 21 target locations in the Western region. Five suspected illegal workers were arrested. The arrested suspected illegal workers comprised two men and three women, aged 38 to 55. Among them, one man and one woman were also suspected of using and being in possession of a forged Hong Kong identity card.     An ImmD spokesman said, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties.”     The spokesman warned, “As stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment. As stipulated in section 20(1)(a) of the Immigration Ordinance, the Chief Executive may make a deportation order against an immigrant, prohibiting the immigrant from being in Hong Kong at any time thereafter if the immigrant has been found guilty in Hong Kong of an offence punishable by imprisonment for not less than two years. Under the prevailing laws, it is an offence to use or possess a forged Hong Kong identity card or a Hong Kong identity card related to another person. Offenders are liable to prosecution and upon conviction face a maximum fine of $100,000 and up to 10 years’ imprisonment.”     The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.     According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.     Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Fisheries Startup Conclave 2.0 to be held on 8th March 2025 in Hyderabad, Telangana

    Source: Government of India

    Fisheries Startup Conclave 2.0 to be held on 8th March 2025 in Hyderabad, Telangana

    Union Minister Shri Rajiv Ranjan Singh, along with MoS Prof. S.P.Singh Baghel & Shri George Kurian to grace the occasion

    National Fisheries Digital Platform Mobile App ; The Fisheries Startup Grand Challenge 2.0 to be Unveiled

    Posted On: 07 MAR 2025 2:46PM by PIB Delhi

    The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry and Dairying (MoFAH&D) is organizing a Fisheries Startup Conclave 2.0 on 8th March 2025 in Hyderabad, Telangana. The event will be graced by Union Minister, Shri Rajiv Ranjan Singh, MoFAH&D and Ministry of Panchayati Raj, along with Minister of State, Shri George Kurian, MoFAH&D and Ministry of Minority Affairs and Minister of State, Prof. S.P. Singh Baghel, MoFAH&D and Ministry of Panchayati Raj. The event will also witness participation from government officials, Fisheries Startups and Entrepreneurs.

    The Startup Conclave 2.0 will bring together key stakeholders to discuss and promote innovation in the fisheries sector. Deliberations on startup opportunities in fisheries/aquaculture along with e- commerce prospects in the sector will also be held. Startup conclave 2.0 will also witness the launch of the National Fisheries Digital Platform (NFDP) Mobile App, a transformative initiative aimed at streamlining digital access to fisheries-related services and resources. The Fisheries Startup Grand Challenge 2.0 will also be unveiled, reinforcing the government’s commitment to fostering entrepreneurship and technological advancements in the sector. Additionally, the distribution of Entrepreneur Model approvals to fisheries startups will recognize and support emerging enterprises, further strengthening the fisheries startup ecosystem. The technical feedback & interaction session will provide a platform for  in-depth discussions on the fisheries ecosystem in India and key initiatives undertaken by National Fisheries Development Board (NFDB) and Indian Council of Agricultural Research (ICAR) along with experience sharing by fisheries startups.

    Background

    India’s fisheries and aquaculture sector sustains 3 crore livelihoods and drives employment across the value chain. Since 2015, the Government has invested ₹38,572 crore through initiatives like the Blue Revolution Scheme, FIDF, PMMSY, and PM-MKSSY to promote sustainable growth. The rapid growth of India’s fisheries and aquaculture sector has fuelled the rise of over 300 fisheries startups, driving innovation and efficiency. These startups leverage advanced technologies such as blockchain, IoT, and AI to develop commercially viable solutions that address grassroots challenges, enhance productivity, ensure traceability, and improve value chain efficiencies. The Department of Fisheries has launched multiple initiatives to foster innovation and support fisheries startups. The Matsya Manthan series serves as a platform for knowledge exchange and collaboration among stakeholders, facilitating discussions on emerging trends and best practices. To strengthen the fisheries startup ecosystem, the Department has established dedicated incubation centers. LINAC-NCDC Fisheries Business Incubation Centre (LIFIC) in Gurugram, the first of its kind under PMMSY, was inaugurated in 2021. A Business Incubation Centre for Fisheries and Aquaculture has been set up at Guwahati Biotech Park, Assam with a total outlay of Rs 9 crore. Additionally, three premier institutions—MANAGE Hyderabad, ICAR-CIFE Mumbai, and ICAR-CIFT Kochi—have been notified as incubation centers under Department of Fisheries to support at least 100 fisheries start-ups, cooperatives, FPOs, and SHGs. To further strengthen the fisheries startup ecosystem, the Department conducts regular stakeholder consultations, addressing challenges, offering financial assistance, and shaping policy interventions to drive growth in the sector.

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    Aditi Agrawal

    (Release ID: 2109060) Visitor Counter : 27

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: DPIIT and Mercedes-Benz India Join Forces to Drive Innovation, Sustainability, and Road Safety

    Source: Government of India

    Posted On: 07 MAR 2025 12:22PM by PIB Delhi

    The Department for Promotion of Industry and Internal Trade (DPIIT) and Mercedes-Benz India Private Limited have signed a Memorandum of Understanding (MoU) to advance India’s manufacturing ecosystem, road safety, and environmental sustainability. The partnership aims to support startups, innovators, and entrepreneurs in achieving technological excellence and fostering societal development.

    The collaboration will focus on creating structured programs that provide startups with infrastructure, mentorship, funding opportunities, and market linkages. The initiative will also facilitate international collaborations and ensure knowledge exchange to drive long-term impact.

    Speaking on the occasion, Joint Secretary, DPIIT, Shri Sanjiv stated that the partnership with Mercedes-Benz India is a strategic step towards enhancing India’s manufacturing capabilities while promoting responsible and sustainable innovations. He emphasized that this collaboration would “strengthen industry-academia linkages and create an ecosystem that drives impactful technological advancements.”

    Managing Director, Mercedes-Benz India, Shri Santosh Iyer expressed enthusiasm for the collaboration, stating that it aligns with the company’s focus areas of road safety, environmental sustainability, and advanced manufacturing. He highlighted that through corporate social responsibility (CSR) funding, Mercedes-Benz India will work closely with incubators and institutes to drive meaningful societal impact.

    The MoU was signed by Director, DPIIT, Dr. Sumeet Kumar Jarangal and Managing Director, Mercedes-Benz India, Shri Santosh Iyer, in the presence of senior officials from both organizations.

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    Abhishek Dayal/ Abhijith Narayanan

    (Release ID: 2109009) Visitor Counter : 111

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at the inaugural ‘Murli Deora Memorial Dialogues’ (Excerpts)

    Source: Government of India (2)

    Posted On: 06 MAR 2025 10:30PM by PIB Delhi

    We had such a feast, both of governance and leadership. Shinde Ji, you have stolen the thunder. I am wonderstruck whether I can add anything. I may only repackage it. I recall every moment I spent with Shinde Ji, but more when me and my wife, went to his residence and had the good fortune to perform puja.

    His address is remarkably relevant, full of depth, assessment of contemporary scenario and challenges. He speaks of spinal experience he has gained from worker to leader and a leader is always a leader. It doesn’t matter in a cricket team you play at which number.

    I am absolutely elated that a leader has such a sacrificial attitude. My congratulations to you.

    We have amongst us, Shrimati Hema Deora Ji. I was greatly touched because she is privy to the hand holding which I received as a young parliamentarian from Shri Murli Deora Ji. I was elected to Parliament in 1989 and that was a big change. Congress had lost power and I was a Union Minister. He was a congressman. He took me to then Bombay, now Mumbai, and he helped me and introduced me to people who matter in industry and in the Marwadi community. When she revealed this briefly I had vivid recollection of those days. A man of sterling qualities, Murli Deora Ji. Ma’am your presence matters to us. I’m sure you will have the good occasion to see your son perform in Rajya Sabha. Eknath Shinde Ji has sent a jewel to Rajya Sabha. He marks his addresses with due diligence, thorough study, calm and composed. I’m sure you’ll be in Chairman’s Gallery to applaud him someday.

    We have amongst us distinguished Members of Parliament. Though the audience is absolutely very imminent and each one of you matters to me hugely but I don’t believe in taking risks. Therefore I must recognise presence of Members of Parliament. One on the dais, Shri Milind Deora Ji. A stalwart of politics in the State and the Nation, Shri Ashok Chauhan Ji. Shri G.K. Vasan Ji, whose father had handheld me in a similar manner as Murli Deora Ji. Young, energetic, youthful, but in third term, Shrikant Shinde Ji. I hope I don’t miss any parliamentarian otherwise, I may suffer at their hands

    Shri Raghavendra Singh, President Kotak Mahindra Bank is energy capsule has great administrative capacities, but what I gather from him, having known him, for the third generation, is full of positivity. I must recognize presence of some who are present here, Shri Ashok Hinduja Ji is here, We have Shri Uday Kotak Ji.

    I’ll come to Amrita Ji a little later because she is much beyond the spouse of the Chief Minister for me. His Holiness Syedna Sahab Ji.

    Shri Gauranga Das, Shri Gaur Gopal Das, they both are from ISCON. People in Industry, Shri Pranav Adani, Shri Neeraj Bajaj, Mr. Jalas Dhani, and let me tell you, everyone who is present here, I am greatly indebted, but never miss a journalist if he is your friend. You may suffer at his hands forever. I am referring to none other than Sanjay Pugalia, whom I have known for more than four decades. We had such a wonderful cricket match and India is in the finals so why not remember Surya Kumar Yadav? He’s known as Mr. 360 degrees

    Now, Amrita ji. Amrita ji, you have created a problem for me because of a condition I set for Devendra Fadnavis, that I will receive him at Upa-Rashtrapati Niwas as only if he is accompanied by Amrita ji. Every time he makes excuse, please ensure. I would love to receive both of you at Upa-Rashtrapati Niwas, where I have had the great occasion to receive Shinde Ji.

    Now, ladies and gentlemen, I come to the inaugural lecture.

    It is an absolute honour and privilege to deliver the Murli Deora Memorial Lecture Dialogue, dedicated to one of the finest public figures in politics, who nurtured friendships all his life. He bridged the differences and was loved by all. In his life, he missed one thing. He had no adversaries that was his stature. Murali bhai, as fondly reminisced by his peers, exemplified public spirit and dedication.

    He was a statesman in the mould of a politician, a rare blend of foresight and pragmatism. From being the youngest mayor of Bombay, now Mumbai, to serving seven terms in Parliament, he showed deep commitment to democratic values and public service. His belief in dialogue, debate, discussion, deliberation, consensual approach, cooperative approach, coordination, are being missed now.

    Murli Deora will always be remembered for his proactive efforts to save the country from the hazards of smoking. He approached the highest Court of the land, sought affirmative intervention to secure a ban on smoking at public places. Life of Murli Deora Ji was a testament to the idea of leadership, that this idea is not a pedestal but a pilgrimage, a journey of service to the last, the least and the lonely.

    I commend, ladies and gentlemen, Milind Deora, a senior parliamentarian, former Union Minister, and his friends for organising this annual feature as a befitting tribute to Murli Ji. The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only Nation in the world that has constitutionally structured democratic institutions from village to National level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’  the ultimate repository of sovereignty. A sovereignty that we cannot afford to dilute or to be taken away.

    We the people through electoral platforms constitute Parliament, Legislatures, panchayats, municipalities and elect the President and the Vice- President. The sanctity of this repository of sovereignty is essential for democratic governance. Imagine what will befall us if we are deprived of our sovereignty. The integrity of ‘We the People’ in the present times is being stressed and challenged and the challenge is surfacing in multiple ways. Leadership faces a daunting task to preserve and sustain this.

    Let me advert to some worrying trends. There are many, I am referring only to some. The Nation houses millions of illegal migrants causing a demographic upheaval. Millions of illegal migrants are in this country making a huge demand on our health services, education services. They are depriving our people of employment opportunities. Such elements have alarmingly secured electoral relevance in some areas and their securing electoral relevance is shaping the essence of our democracy. Emerging dangers can be evaluated through historical reference where Nations were swept off their ethnic identity by similar demographic invasions.

    As a matter of fact there are countries where demographic invasion resulted in complete eclipse of ethnicity where ethnicity was in complete majority.

    Ladies and gentlemen, this malaise, far more severe than COVID, is aggravatingly intersected with conversions through allurements, with vulnerable sections trying to be trapped, the marginalised, the tribal, the weaker become easy prey to these temptations and allurements.

    Faith is your own, faith is dictated by conscience. The Indian constitution gives freedom of faith but if this faith is held hostage by temptations, it is according to me, defacing freedom of faith. The concerning objective behind these pernicious designs is to detrimentally vary and ultimately eclipse ‘We the people’s’ identity and secure for themselves a majoritarianism position. I’m sure no one will disagree. This danger has to be thwarted.

    This is too serious an onslaught to be either countenanced or overlooked. Just reflect for a moment the change that has taken place in our demography in the last two decades. Look at some of the areas where impregnable fortresses emerged.

    The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only nation in the world that has constitutionally structured democratic institutions from village to national level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. The Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’ – the ultimate repository of sovereignty.

    A sovereignty that we cannot afford to dilute or to be taken away.

    The power of ‘We the people’ cannot suffer any sacrilege or dilution. Leadership must engage in overdrive, generating National consensus to preserve the sanctity of ‘We the people’ and work in togetherness, in tandem, to neutralise all misadventures against it.

    ‘We The People’ faces onslaughts from within and without. Forces inimical to Bharat have converged to systemically weaken nationalistic spirit. Constitutional institutions face orchestrated public ridicule as part of political strategy. Even the Presidency isn’t spared. Tarnishing institutions, especially on foreign land, is against our culture, is against our national interest.

    Every citizen has the power of social media. I beseech everyone in the interest of this country to be alive to these trends and make contributions. Anti-national narratives gain evil-inspired momentum. Misinformation aimed at destabilising the nation is rising.

    We had the painful occasion to see it during COVID. The pandemic that shook the world, then a nation of over 1.3 billion faced it by innovative mechanisms initiated by the Prime Minister and it was successfully handled. The entire global fraternity, as I call it, in Bharat, while tackling pandemic at home, lent assistance to hundreds of other countries. But some amongst us did not spare any effort to run us down. Such category of people who are recipe for chaos need to be exposed. Leadership must navigate this challenge through citizens’ mindset response.

    Friends, Bharat is a global beacon of inclusivity and thrives with unity in diversity. This calls for all to prioritise nation first. Commitment to nationalism marks freedom and democracy.

    No interest, partisan, economic, or personal, can justifiably be the ground to compromise national interest.

    Ladies and gentlemen, Issues of constitutional clarity, whether Constitution is categorical, our founding fathers have given us the path. On issues like language, common civil code, seats of divisions are being sown. The response of the government emanates from constitutional

    prescriptions.

    We have to work in overdrive to see that these issues that are premised on our Constitution are not politicised to the detriment of the Nation.

    Leadership must seek national consensus and public awareness to sensitize people of the dangers that are inherent in such approaches. India’s civilizational ethos offer a rich repository of leadership principles that predate modern governance theories by millennia.

    Our Vedic knowledge offers insight for leadership. Leadership in public life requires vision, character, and commitment to nationalism. We have seen what wonders visionary leadership can do in the last 10 years. The nation has navigated from a disturbed scenario of gloom to one of hope and possibility.

    We must always remember, ladies and gentlemen, we are the land of Vedas, Upanishads, Ramayan, Mahabharat, Srimad Bhagavad Gita and the wisdom therein guides us all throughout.

    The Bhagvad Gita provides timeless leadership lessons through Lord Krishna’s counsel to Arjuna.

    “यद्यदाचरति श्रेष्ठस्तत्तदेवेतरो जनः।

    स यत्प्रमाणं कुरुते लोकस्तदनुवर्तते॥”

    “Whatever a great man does, others follow. Whatever standard he sets by his exemplary acts, the world pursues.”

    This verse underscores the profound responsibility of leaders, because they are naturally taken as torchbearers, role models whose actions shape the course of the society.

    But a challenge that is coming to society from these people is very dangerous. An informed mind, having held credible positions, trades on the ignorance of people to monetise politically. And that happened on many occasions in the last ten years. People in authority, who presided over our financial institutions for long, had no qualms in indicating to the world that India can never register economic rise beyond 5%. And we had one and a half times of that, that very year. On such matters, ladies and gentlemen, our memory should not be short.

    Kautilya’s Arthashastra, perhaps the world’s earliest comprehensive treatise on statecraft and governance, offers sophisticated insights on leadership.

    I quote “The king shall consider as good not what pleases himself but what pleases his subject.”

    This ancient wisdom resonates with modern governance principles, where true leadership transcends self-interest to embrace collective welfare. We all have seen this development. We need to continue it.

    Let us reflect on what is there in our civilisational essence and ethos. Vasudhaiva Kutumbakam, Sarvajan Hitaaya, Sarvajan Sukhaaya.

    These are the twin pillars of governance from our scriptures, and look at how it translated for the entire world to know. During India’s presidency of G20, one earth, one family, one future, this was universally accoladed and accepted.

    Friends, democracy flourishes with expression and dialogue. Abhivyakti or samvad are its jewels. One is incomplete without the other. Expression complements dialogue and the other way round. If you believe in the right of expression without taking note of the dialogue, then you miss the point. In the process you indicate, I alone am right, to the exclusion of every other thought. And that is why we have emanated from our scriptures, Anantavada. This is essential. Inalienable facet of good governance, judgemental response to different viewpoints, differing viewpoints, a point that is different than yours, reflects absolutism. And absolutism has no place in democracy. Democracy requires consensual approach.  The other point of view must be considered. And there should be an effort for convergence to an agreed viewpoint.

    Constituent Assembly debates exemplify this approach. For little less than three years, in 18 sessions, Constituent Assembly deliberated very contentious issues, very divisive issues that took recourse to dialogue, debate, discussion, and deliberation.

    There never was an occasion for disruption or disturbance but when we find such a big change taking place. Disruption is being weaponized as a political strategy to make Parliament or legislatures dysfunctional. This does not augur well for the health of democracy and in some situations, it will pronounce death knell of democracy. If these temples of democracy do not perform constitutional ordainment, then people in the country are bound to be concerned and worried.

    I, as Chairman of the Council of States, express my deep anguish. And I appeal to people at large, academia, intellectuals, those in business, trade, commerce and industry, those in media, public servants, to create a mindset to put pressure on Parliamentarians and representatives. You perform because there can be no vacuum in democracy. If the legitimate platform of debate is dysfunctional. People will take to the streets. They have to voice their concerns in one way or the other.

    Ladies and gentlemen, coming to another challenge. Last 10 years, the nation has witnessed exponential economic upsurge, phenomenal infrastructural growth, deep digitization, technological penetration, unknown before. Global institutions are accommodating Bharat as a favorite destination of investment and opportunity. The rural landscape has been revolutionized with every house having toilet, electric connection, pipe water is on the way, gas connection, road connectivity, health and education centers. And people therefore have gravitated to politics of development as indicated by Eknath Shinde Ji. In that scenario, this phenomenal success story during the last 10 years brings with it a great challenge. On one hand, no nation in the world has this kind of growth as Bharat has had in the last 10 years.

    India at the moment on account of this growth is the most aspirational nation in the world. Imagine a country of 1.4 billion with that kind of demographic dividend getting into aspirational mode. The leadership has to perform at rocket speed. Because there can be restiveness, restlessness. And therefore I call upon every person, do not look at the government alone. Your opportunity basket is flattening every day, blossoming. When you look at surface of the sea, or deep sea, or ground surface, or deep ground, or sky, or space.

    India’s performance has increased your participation. Blue economy or space economy, you can take to that area.

    Good governance requires that we prevent problems, we preempt problems. It is not merely solving a problem. We must have a full diagnosis. Why should a problem be there at all? Real-time delivery is quintessential.

    There was a time not long ago when power corridors were infested with lies and agents, corrupt elements, who extra-legally leveraged decision-making. Patronage was the password for a contract or a job. But on account of introduction of technology, expedition service delivery, transparent and accountable mechanism. These power corridors now are fully sanitised. The world is looking to India for generating transparency, accountability, quick service delivery, people-centric policies in their countries

    Ladies and gentlemen, I see one concern, and that concern is across the political spectrum. There is emergence of a new strategy, and the strategy is of appeasement or being placatory.

    Now, election is important in Democracy but not the end of it. Our scriptures have indicated means are as important as the end.

    And the governments, we are in a state where financial position is very strong. The financial capital of the country, a global center for business and trade, but some governments that took recourse to this appeasement and placatory mechanisms are finding it very difficult to sustain in power, but one consequence is very categorical and those in economics know it.

    We have stalwarts of economics sitting here and that is if there is excessive spending on electoral promises, then the state’s ability to invest in infrastructure is correspondingly reduced. This is detrimental to the growth scenario.

    And therefore, I would call upon leadership of all political parties in the interest of democratic values to generate a consensus that engages into such kind of electoral promises that can be performed only at the cost of CAPEX expenditure of the state.

    I should not be misunderstood, ladies and gentlemen, because while the Indian Constitution has given us right of equality, it does provide in Article 14, 15 and 16 an acceptable category of affirmative governance, affirmative action, the reservation for SC, ST, for those who are in the economically weaker section. That is sanctified.

    There are exceptional situations for rural India, for the farmer, where affirmative steps are required to be taken. But this is very distinct from the other aspects I was talking about. This is not placatory or appeasing. It is justifiable economic policy. And therefore, it is good leadership that can take a call, where to draw the line in the fiscal sense in the matter of political foresight and leadership spine.

    There is another aspect on which we need to focus. National debate is required so that we take note of the shift from Democracy to Emocracy. Emotion-driven policies, emotion-driven debates, discourses threaten good governance. Historically, populism is bad economics. And once a leader gets attached to populism it is difficult to get out of the crisis. And therefore, the central factor has to be the good of the people, the largest good of the people, and the lasting good of the people. Empower people to empower themselves rather than empower them momentarily, because that affects their productivity.

    Our institutions are very critical. Our institutions must continue to be relevant. Political leadership must address declining relevance of institutions due to disruption and divisive politics. We have an example before us, as I said earlier. We have the legacy of our Constitution being negotiated through dialogue without acrimony. Today’s leaders should consult this spirit.

    Parliament is much beyond ideological discourse. Its democracy is a temple where discussions should focus on progress and people’s welfare. Sliding parliamentary institutions into irrelevance is a challenge to democracy and our existence. It is worrisome when disruption and disturbance are weaponised, as I said. A dysfunctional Parliament, particularly in Bharat, that is the world’s oldest, largest, and most vibrant democracy, is injustice to the people. Our people deserve much better from our parliamentarians.

    From this sacred place, I urge parliamentarians and legislators to soul-search. Democracy cannot function when expression and dialogue are compromised, while citizens must hold representatives accountable. For eternal vigilance remains freedom’s price. Institutional perimeters must be maintained. Judicial overreach into executive governance disrupts democratic values. I do not mean to reflect more on it, but I affirm governance is the sole prerogative of the executive and this is premised because executive is accountable to the people, to the legislature, every five years or before, the executive has to go to the people to get their approval. And every action taken by the executive is amenable to legislature intervention but if this executive function is performed by any other institution, including judicial, it will be difficult to look for accountability and, furthermore the wherewithal, the information, the database, that help arrive at a decision cannot be available at other institutions other than the executive.

    Leadership is purpose driven and not position of power. It has been said in Upanishad. The Ishavasya Upanishad ईशवस्य उपनिषद counsels: “तेन त्यक्तेन भुञ्जीथाः” (Ten Tyakten bhunjitha)– “Enjoy through renunciation.”

    Our leaders will have to embrace this philosophy. Selfless service in governance by blending India’s timeless wisdom with today’s needs create Tagore’s vision. Rabindranath Tagore has said, I tread where mind is without fear and head is held high.

    “सत्यमेव जयते नानृतम्”, which emanates from Mundaka Upanishad, it says, truth alone must survive and nothing else. The Rig Veda, moving together in harmony principle, must be our North Star.

    ****

    JK/RC/SM

    (Release ID: 2108969) Visitor Counter : 146

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Text of the Vice-President’s address at ‘Murli Deora Memorial Dialogue’ (Excerpts)

    Source: Government of India

    Posted On: 06 MAR 2025 10:30PM by PIB Delhi

    We had such a feast, both of governance and leadership. Shinde Ji, you have stolen the thunder. I am wonderstruck whether I can add anything. I may only repackage it. I recall every moment I spent with Shinde Ji, but more when me and my wife, went to his residence and had the good fortune to perform puja.

    His address is remarkably relevant, full of depth, assessment of contemporary scenario and challenges. He speaks of spinal experience he has gained from worker to leader and a leader is always a leader. It doesn’t matter in a cricket team you play at which number.

    I am absolutely elated that a leader has such a sacrificial attitude. My congratulations to you.

    We have amongst us, Shrimati Hema Deora Ji. I was greatly touched because she is privy to the hand holding which I received as a young parliamentarian from Shri Murli Deora Ji. I was elected to Parliament in 1989 and that was a big change. Congress had lost power and I was a Union Minister. He was a congressman. He took me to then Bombay, now Mumbai, and he helped me and introduced me to people who matter in industry and in the Marwadi community. When she revealed this briefly I had vivid recollection of those days. A man of sterling qualities, Murli Deora Ji. Ma’am your presence matters to us. I’m sure you will have the good occasion to see your son perform in Rajya Sabha. Eknath Shinde Ji has sent a jewel to Rajya Sabha. He marks his addresses with due diligence, thorough study, calm and composed. I’m sure you’ll be in Chairman’s Gallery to applaud him someday.

    We have amongst us distinguished Members of Parliament. Though the audience is absolutely very imminent and each one of you matters to me hugely but I don’t believe in taking risks. Therefore I must recognise presence of Members of Parliament. One on the dais, Shri Milind Deora Ji. A stalwart of politics in the State and the Nation, Shri Ashok Chauhan Ji. Shri G.K. Vasan Ji, whose father had handheld me in a similar manner as Murli Deora Ji. Young, energetic, youthful, but in third term, Shrikant Shinde Ji. I hope I don’t miss any parliamentarian otherwise, I may suffer at their hands

    Shri Raghavendra Singh, President Kotak Mahindra Bank is energy capsule has great administrative capacities, but what I gather from him, having known him, for the third generation, is full of positivity. I must recognize presence of some who are present here, Shri Ashok Hinduja Ji is here, We have Shri Uday Kotak Ji.

    I’ll come to Amrita Ji a little later because she is much beyond the spouse of the Chief Minister for me. His Holiness Syedna Sahab Ji.

    Shri Gauranga Das, Shri Gaur Gopal Das, they both are from ISCON. People in Industry, Shri Pranav Adani, Shri Neeraj Bajaj, Mr. Jalas Dhani, and let me tell you, everyone who is present here, I am greatly indebted, but never miss a journalist if he is your friend. You may suffer at his hands forever. I am referring to none other than Sanjay Pugalia, whom I have known for more than four decades. We had such a wonderful cricket match and India is in the finals so why not remember Surya Kumar Yadav? He’s known as Mr. 360 degrees

    Now, Amrita ji. Amrita ji, you have created a problem for me because of a condition I set for Devendra Fadnavis, that I will receive him at Upa-Rashtrapati Niwas as only if he is accompanied by Amrita ji. Every time he makes excuse, please ensure. I would love to receive both of you at Upa-Rashtrapati Niwas, where I have had the great occasion to receive Shinde Ji.

    Now, ladies and gentlemen, I come to the inaugural lecture.

    It is an absolute honour and privilege to deliver the Murli Deora Memorial Lecture Dialogue, dedicated to one of the finest public figures in politics, who nurtured friendships all his life. He bridged the differences and was loved by all. In his life, he missed one thing. He had no adversaries that was his stature. Murali bhai, as fondly reminisced by his peers, exemplified public spirit and dedication.

    He was a statesman in the mould of a politician, a rare blend of foresight and pragmatism. From being the youngest mayor of Bombay, now Mumbai, to serving seven terms in Parliament, he showed deep commitment to democratic values and public service. His belief in dialogue, debate, discussion, deliberation, consensual approach, cooperative approach, coordination, are being missed now.

    Murli Deora will always be remembered for his proactive efforts to save the country from the hazards of smoking. He approached the highest Court of the land, sought affirmative intervention to secure a ban on smoking at public places. Life of Murli Deora Ji was a testament to the idea of leadership, that this idea is not a pedestal but a pilgrimage, a journey of service to the last, the least and the lonely.

    I commend, ladies and gentlemen, Milind Deora, a senior parliamentarian, former Union Minister, and his friends for organising this annual feature as a befitting tribute to Murli Ji. The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only Nation in the world that has constitutionally structured democratic institutions from village to National level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’  the ultimate repository of sovereignty. A sovereignty that we cannot afford to dilute or to be taken away.

    We the people through electoral platforms constitute Parliament, Legislatures, panchayats, municipalities and elect the President and the Vice- President. The sanctity of this repository of sovereignty is essential for democratic governance. Imagine what will befall us if we are deprived of our sovereignty. The integrity of ‘We the People’ in the present times is being stressed and challenged and the challenge is surfacing in multiple ways. Leadership faces a daunting task to preserve and sustain this.

    Let me advert to some worrying trends. There are many, I am referring only to some. The Nation houses millions of illegal migrants causing a demographic upheaval. Millions of illegal migrants are in this country making a huge demand on our health services, education services. They are depriving our people of employment opportunities. Such elements have alarmingly secured electoral relevance in some areas and their securing electoral relevance is shaping the essence of our democracy. Emerging dangers can be evaluated through historical reference where Nations were swept off their ethnic identity by similar demographic invasions.

    As a matter of fact there are countries where demographic invasion resulted in complete eclipse of ethnicity where ethnicity was in complete majority.

    Ladies and gentlemen, this malaise, far more severe than COVID, is aggravatingly intersected with conversions through allurements, with vulnerable sections trying to be trapped, the marginalised, the tribal, the weaker become easy prey to these temptations and allurements.

    Faith is your own, faith is dictated by conscience. The Indian constitution gives freedom of faith but if this faith is held hostage by temptations, it is according to me, defacing freedom of faith. The concerning objective behind these pernicious designs is to detrimentally vary and ultimately eclipse ‘We the people’s’ identity and secure for themselves a majoritarianism position. I’m sure no one will disagree. This danger has to be thwarted.

    This is too serious an onslaught to be either countenanced or overlooked. Just reflect for a moment the change that has taken place in our demography in the last two decades. Look at some of the areas where impregnable fortresses emerged.

    The theme “Leadership and Governance” is indeed thought provoking as also of great contemporaneous relevance.

    Bharat, home to one sixth of humanity, is the oldest, largest and most vibrant and functional democracy. Bharat is the only nation in the world that has constitutionally structured democratic institutions from village to national level.

    First, I focus on the source of Governance in Democracy. Our Constitution’s Preamble indicates ‘We The People’ as the foundational source and premise of Governance. The Preamble of the Constitution also reveals purpose of governance being Justice, Equality, Fraternity for all.  We must appreciate the contours of ‘We The People’ – the ultimate repository of sovereignty.

    A sovereignty that we cannot afford to dilute or to be taken away.

    The power of ‘We the people’ cannot suffer any sacrilege or dilution. Leadership must engage in overdrive, generating National consensus to preserve the sanctity of ‘We the people’ and work in togetherness, in tandem, to neutralise all misadventures against it.

    ‘We The People’ faces onslaughts from within and without. Forces inimical to Bharat have converged to systemically weaken nationalistic spirit. Constitutional institutions face orchestrated public ridicule as part of political strategy. Even the Presidency isn’t spared. Tarnishing institutions, especially on foreign land, is against our culture, is against our national interest.

    Every citizen has the power of social media. I beseech everyone in the interest of this country to be alive to these trends and make contributions. Anti-national narratives gain evil-inspired momentum. Misinformation aimed at destabilising the nation is rising.

    We had the painful occasion to see it during COVID. The pandemic that shook the world, then a nation of over 1.3 billion faced it by innovative mechanisms initiated by the Prime Minister and it was successfully handled. The entire global fraternity, as I call it, in Bharat, while tackling pandemic at home, lent assistance to hundreds of other countries. But some amongst us did not spare any effort to run us down. Such category of people who are recipe for chaos need to be exposed. Leadership must navigate this challenge through citizens’ mindset response.

    Friends, Bharat is a global beacon of inclusivity and thrives with unity in diversity. This calls for all to prioritise nation first. Commitment to nationalism marks freedom and democracy.

    No interest, partisan, economic, or personal, can justifiably be the ground to compromise national interest.

    Ladies and gentlemen, Issues of constitutional clarity, whether Constitution is categorical, our founding fathers have given us the path. On issues like language, common civil code, seats of divisions are being sown. The response of the government emanates from constitutional

    prescriptions.

    We have to work in overdrive to see that these issues that are premised on our Constitution are not politicised to the detriment of the Nation.

    Leadership must seek national consensus and public awareness to sensitize people of the dangers that are inherent in such approaches. India’s civilizational ethos offer a rich repository of leadership principles that predate modern governance theories by millennia.

    Our Vedic knowledge offers insight for leadership. Leadership in public life requires vision, character, and commitment to nationalism. We have seen what wonders visionary leadership can do in the last 10 years. The nation has navigated from a disturbed scenario of gloom to one of hope and possibility.

    We must always remember, ladies and gentlemen, we are the land of Vedas, Upanishads, Ramayan, Mahabharat, Srimad Bhagavad Gita and the wisdom therein guides us all throughout.

    The Bhagvad Gita provides timeless leadership lessons through Lord Krishna’s counsel to Arjuna.

    “यद्यदाचरति श्रेष्ठस्तत्तदेवेतरो जनः।

    स यत्प्रमाणं कुरुते लोकस्तदनुवर्तते॥”

    “Whatever a great man does, others follow. Whatever standard he sets by his exemplary acts, the world pursues.”

    This verse underscores the profound responsibility of leaders, because they are naturally taken as torchbearers, role models whose actions shape the course of the society.

    But a challenge that is coming to society from these people is very dangerous. An informed mind, having held credible positions, trades on the ignorance of people to monetise politically. And that happened on many occasions in the last ten years. People in authority, who presided over our financial institutions for long, had no qualms in indicating to the world that India can never register economic rise beyond 5%. And we had one and a half times of that, that very year. On such matters, ladies and gentlemen, our memory should not be short.

    Kautilya’s Arthashastra, perhaps the world’s earliest comprehensive treatise on statecraft and governance, offers sophisticated insights on leadership.

    I quote “The king shall consider as good not what pleases himself but what pleases his subject.”

    This ancient wisdom resonates with modern governance principles, where true leadership transcends self-interest to embrace collective welfare. We all have seen this development. We need to continue it.

    Let us reflect on what is there in our civilisational essence and ethos. Vasudhaiva Kutumbakam, Sarvajan Hitaaya, Sarvajan Sukhaaya.

    These are the twin pillars of governance from our scriptures, and look at how it translated for the entire world to know. During India’s presidency of G20, one earth, one family, one future, this was universally accoladed and accepted.

    Friends, democracy flourishes with expression and dialogue. Abhivyakti or samvad are its jewels. One is incomplete without the other. Expression complements dialogue and the other way round. If you believe in the right of expression without taking note of the dialogue, then you miss the point. In the process you indicate, I alone am right, to the exclusion of every other thought. And that is why we have emanated from our scriptures, Anantavada. This is essential. Inalienable facet of good governance, judgemental response to different viewpoints, differing viewpoints, a point that is different than yours, reflects absolutism. And absolutism has no place in democracy. Democracy requires consensual approach.  The other point of view must be considered. And there should be an effort for convergence to an agreed viewpoint.

    Constituent Assembly debates exemplify this approach. For little less than three years, in 18 sessions, Constituent Assembly deliberated very contentious issues, very divisive issues that took recourse to dialogue, debate, discussion, and deliberation.

    There never was an occasion for disruption or disturbance but when we find such a big change taking place. Disruption is being weaponized as a political strategy to make Parliament or legislatures dysfunctional. This does not augur well for the health of democracy and in some situations, it will pronounce death knell of democracy. If these temples of democracy do not perform constitutional ordainment, then people in the country are bound to be concerned and worried.

    I, as Chairman of the Council of States, express my deep anguish. And I appeal to people at large, academia, intellectuals, those in business, trade, commerce and industry, those in media, public servants, to create a mindset to put pressure on Parliamentarians and representatives. You perform because there can be no vacuum in democracy. If the legitimate platform of debate is dysfunctional. People will take to the streets. They have to voice their concerns in one way or the other.

    Ladies and gentlemen, coming to another challenge. Last 10 years, the nation has witnessed exponential economic upsurge, phenomenal infrastructural growth, deep digitization, technological penetration, unknown before. Global institutions are accommodating Bharat as a favorite destination of investment and opportunity. The rural landscape has been revolutionized with every house having toilet, electric connection, pipe water is on the way, gas connection, road connectivity, health and education centers. And people therefore have gravitated to politics of development as indicated by Eknath Shinde Ji. In that scenario, this phenomenal success story during the last 10 years brings with it a great challenge. On one hand, no nation in the world has this kind of growth as Bharat has had in the last 10 years.

    India at the moment on account of this growth is the most aspirational nation in the world. Imagine a country of 1.4 billion with that kind of demographic dividend getting into aspirational mode. The leadership has to perform at rocket speed. Because there can be restiveness, restlessness. And therefore I call upon every person, do not look at the government alone. Your opportunity basket is flattening every day, blossoming. When you look at surface of the sea, or deep sea, or ground surface, or deep ground, or sky, or space.

    India’s performance has increased your participation. Blue economy or space economy, you can take to that area.

    Good governance requires that we prevent problems, we preempt problems. It is not merely solving a problem. We must have a full diagnosis. Why should a problem be there at all? Real-time delivery is quintessential.

    There was a time not long ago when power corridors were infested with lies and agents, corrupt elements, who extra-legally leveraged decision-making. Patronage was the password for a contract or a job. But on account of introduction of technology, expedition service delivery, transparent and accountable mechanism. These power corridors now are fully sanitised. The world is looking to India for generating transparency, accountability, quick service delivery, people-centric policies in their countries

    Ladies and gentlemen, I see one concern, and that concern is across the political spectrum. There is emergence of a new strategy, and the strategy is of appeasement or being placatory.

    Now, election is important in Democracy but not the end of it. Our scriptures have indicated means are as important as the end.

    And the governments, we are in a state where financial position is very strong. The financial capital of the country, a global center for business and trade, but some governments that took recourse to this appeasement and placatory mechanisms are finding it very difficult to sustain in power, but one consequence is very categorical and those in economics know it.

    We have stalwarts of economics sitting here and that is if there is excessive spending on electoral promises, then the state’s ability to invest in infrastructure is correspondingly reduced. This is detrimental to the growth scenario.

    And therefore, I would call upon leadership of all political parties in the interest of democratic values to generate a consensus that engages into such kind of electoral promises that can be performed only at the cost of CAPEX expenditure of the state.

    I should not be misunderstood, ladies and gentlemen, because while the Indian Constitution has given us right of equality, it does provide in Article 14, 15 and 16 an acceptable category of affirmative governance, affirmative action, the reservation for SC, ST, for those who are in the economically weaker section. That is sanctified.

    There are exceptional situations for rural India, for the farmer, where affirmative steps are required to be taken. But this is very distinct from the other aspects I was talking about. This is not placatory or appeasing. It is justifiable economic policy. And therefore, it is good leadership that can take a call, where to draw the line in the fiscal sense in the matter of political foresight and leadership spine.

    There is another aspect on which we need to focus. National debate is required so that we take note of the shift from Democracy to Emocracy. Emotion-driven policies, emotion-driven debates, discourses threaten good governance. Historically, populism is bad economics. And once a leader gets attached to populism it is difficult to get out of the crisis. And therefore, the central factor has to be the good of the people, the largest good of the people, and the lasting good of the people. Empower people to empower themselves rather than empower them momentarily, because that affects their productivity.

    Our institutions are very critical. Our institutions must continue to be relevant. Political leadership must address declining relevance of institutions due to disruption and divisive politics. We have an example before us, as I said earlier. We have the legacy of our Constitution being negotiated through dialogue without acrimony. Today’s leaders should consult this spirit.

    Parliament is much beyond ideological discourse. Its democracy is a temple where discussions should focus on progress and people’s welfare. Sliding parliamentary institutions into irrelevance is a challenge to democracy and our existence. It is worrisome when disruption and disturbance are weaponised, as I said. A dysfunctional Parliament, particularly in Bharat, that is the world’s oldest, largest, and most vibrant democracy, is injustice to the people. Our people deserve much better from our parliamentarians.

    From this sacred place, I urge parliamentarians and legislators to soul-search. Democracy cannot function when expression and dialogue are compromised, while citizens must hold representatives accountable. For eternal vigilance remains freedom’s price. Institutional perimeters must be maintained. Judicial overreach into executive governance disrupts democratic values. I do not mean to reflect more on it, but I affirm governance is the sole prerogative of the executive and this is premised because executive is accountable to the people, to the legislature, every five years or before, the executive has to go to the people to get their approval. And every action taken by the executive is amenable to legislature intervention but if this executive function is performed by any other institution, including judicial, it will be difficult to look for accountability and, furthermore the wherewithal, the information, the database, that help arrive at a decision cannot be available at other institutions other than the executive.

    Leadership is purpose driven and not position of power. It has been said in Upanishad. The Ishavasya Upanishad ईशवस्य उपनिषद counsels: “तेन त्यक्तेन भुञ्जीथाः” (Ten Tyakten bhunjitha)– “Enjoy through renunciation.”

    Our leaders will have to embrace this philosophy. Selfless service in governance by blending India’s timeless wisdom with today’s needs create Tagore’s vision. Rabindranath Tagore has said, I tread where mind is without fear and head is held high.

    “सत्यमेव जयते नानृतम्”, which emanates from Mundaka Upanishad, it says, truth alone must survive and nothing else. The Rig Veda, moving together in harmony principle, must be our North Star.

    ****

    JK/RC/SM

    (Release ID: 2108969) Visitor Counter : 27

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Written question – Transparency and fairness of very large online platform (VLOP) designations under the Digital Services Act – E-000855/2025

    Source: European Parliament

    Question for written answer  E-000855/2025
    to the Commission
    Rule 144
    Christine Anderson (ESN)

    The Digital Services Act introduces significant obligations for very large online platforms (VLOPs) and very large online search engines (VLOSEs), aiming to enhance transparency, accountability and user protection. However, recent legal challenges by companies such as Amazon and Zalando have raised concerns about the criteria and methodology used to designate platforms as VLOPs. These companies argue that their core business models differ from social media or traditional large-scale digital platforms, and that their inclusion under this category lacks transparency and consistency.

    Given the implications of VLOP designation – ranging from increased compliance burdens to potential competitive disadvantages – I seek clarification on the following:

    • 1.Criteria and justification: What specific quantitative and qualitative criteria does the Commission use to classify a platform as a VLOP, and how does it ensure that these criteria fairly and accurately reflect the platform’s actual role in the digital ecosystem?
    • 2.Appeal and redress mechanisms: What formal procedures exist for companies to challenge their VLOP designation, and what safeguards are in place to prevent misclassification or arbitrary enforcement?
    • 3.Consistency across the market: How does the Commission ensure that similar platforms are treated consistently, avoiding discrepancies in the application of VLOP rules that could distort market competition or place disproportionate burdens on certain companies?

    Submitted: 26.2.2025

    Last updated: 7 March 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Measures to reduce red tape – E-000828/2025

    Source: European Parliament

    Question for written answer  E-000828/2025
    to the Commission
    Rule 144
    Georgios Aftias (PPE)

    Addressing Parliament, the European Central Bank’s former president and former prime minister of Italy, Mario Draghi, stressed that ‘progress is now happening outside of Europe’ and that ‘Europe’s internal barriers are equivalent to a tariff of 45% for manufacturing and 110% for services’.

    The EU has wound up being a single market of obstacles rather than of unhindered access to markets and services, which was the initial idea behind the European project. It is therefore losing the main advantage upon which it was founded. All obstacles must be overcome. For instance, European regulatory rules on tech companies alone pose a significant burden, as the cost of complying with the GDPR has reduced profits for small European tech companies by up to 12 %. As a result, bureaucracy and over-regulation are leading European companies to boost trade with non-EU countries, such as the US and China, which have simpler legislative frameworks.

    Based on the above, can the Commission answer the following:

    • 1.Does it intend to take measures to reduce red tape within the EU, while boosting transparency and trade?
    • 2.Will it introduce self-help financing schemes that will strengthen the EU’s domestic industries so as to reduce its dependence on third partners?
    • 3.Is it aiming to introduce single energy prices?

    Submitted: 24.2.2025

    Last updated: 7 March 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – A set of measures to support cancer startups – E-000820/2025

    Source: European Parliament

    Question for written answer  E-000820/2025
    to the Commission
    Rule 144
    Dimitris Tsiodras (PPE)

    There are around 1 027 cancer startups in the EU (1 325 in the US), with 41.6 % in the early stage of development, while 34.7 % are still in the seed stage[1].

    In contrast, US companies are growing faster, with 40 % of them being at a more advanced stage (compared to 24 % in the EU) and holding significantly larger patent portfolios (in technologies such as cellular immunotherapy, gene therapy and image analysis) than their European counterparts. US-based companies hold 82 % more international patents than their EU counterparts, while startups and early-stage companies exceed EU portfolios by 58 % and 56 %, respectively.

    In view of the above:

    • 1.What actions will the Commission take to ensure that Europe remains at the forefront of global cancer research?
    • 2.In view of the Startup Strategy, how will the Commission enhance access to finance, and is the Commission considering the creation of a European initiative to enhance the participation of institutional investors in venture capital?
    • 3.How will the Commission support startups in securing and strategically using their intellectual property rights?

    Submitted: 24.2.2025

    • [1] European Patent Office, New frontiers in oncology: an evolving innovation ecosystem, 2025.
    Last updated: 7 March 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Greece’s role in the EU’s next Multiannual Financial Framework – E-000883/2025

    Source: European Parliament

    Question for written answer  E-000883/2025
    to the Commission
    Rule 144
    Nikolaos Anadiotis (NI)

    In its Communication on ‘The Road to the next Multiannual Financial Framework’[1], published on 12 February 2025, the Commission sets out the main political and budgetary challenges ahead of the next Multiannual Financial Framework (MFF).

    Although Greece has benefited from the European Structural and Investment Funds, it needs to be supported even further with sufficient resources. It is essential that funding for Greece is secured in the upcoming MFF, in order to support its economy, among other things, and help it to address additional needs relating to the management of migration flows at the EU’s external borders and geopolitical pressures, as well as to deal with a number of challenges such as budgetary constraints, the green transition and the cohesion and agricultural policies.

    In view of the above, can the Commission answer the following:

    • 1.How will it ensure that the new MFF continues to provide sufficient support to the cohesion and agricultural policies for countries such as Greece?
    • 2.Has it made provision for specific funding mechanisms for Member States, with a view to addressing increased migration flows at the EU’s external borders and geopolitical challenges?
    • 3.What initiatives will it take to ensure that the green and digital transition does not adversely affect industry and small and medium-sized entrepreneurship in Greece, but instead boosts the competitiveness of small and medium-sized enterprises?

    Submitted: 28.2.2025

    • [1] https://ec.europa.eu/commission/presscorner/detail/en/ip_25_486
    Last updated: 7 March 2025

    MIL OSI Europe News

  • MIL-OSI Europe: EIB lends Latvian energy utility Latvenergo €200 million loan to refurbish power-distribution network

    Source: European Investment Bank

    • EIB lends Latvian energy utility Latvenergo €200 million loan to refurbish power-distribution network
    • Project to make electricity supply more reliable for Latvian residents and businesses
    • Financing also promotes renewable energy and climate action

    The European Investment Bank (EIB) is lending Latvian energy utility Latvenergo AS €200 million to upgrade the country’s electricity distribution network. State-owned Latvenergo AS will use the EIB credit to make the electricity-distribution system both more efficient and more capable of delivering clean power.

    This project, due to be completed by the end of 2026, will add digital features to the network, improve the dependability of electricity supply for the almost 1.9 million customers and contribute to the European Union’s fight against climate change.

    “Modernising Latvia’s electricity-distribution network is important both for the climate and for energy security,” said EIB Vice-President Thomas Östros. “This project will significantly boost the reliability of electricity supply for the country and accelerate the integration of renewable-energy sources into the energy mix, paving the way for a sustainable and resilient energy future. The EIB is glad to be able to support Latvenergo in this transformative endeavour.”

    The EIB’s financing offers Latvenergo favourable terms – including flexible disbursements and a longer duration – compared with market alternatives. The support is expected in turn to attract more long-term financing for Latvenergo and strengthen its green credentials.

    The credit marks the seventh financing accord between the EIB and Latvenergo, highlighting their strong partnership.

    “We are investing to promote energy sector transition to renewable resources and in modernisation of distribution network to make a significant contribution to the economy of the country,” said Guntars Baļčūns, Member of the Management Board of Latvenergo AS. “These targets require significant financial resources, and the EIB provides access to competitive funding that supports both business and climate objectives. Our successful cooperation with the EIB has continued for more than 25 years, and this loan will allow us to use the resources we invest in solar and wind parks more efficiently.”

    The investment programme aligns with Latvia’s National Energy and Climate Plan for 2021-2030 and the EIB’s Energy Lending Policy. In addition to supporting climate action, it aims to promote economic, social and regional cohesion.

    Background information  

    EIB 

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    Latvenergo

    Latvenergo Group is one of the largest providers of energy supply services in the Baltic states, engaged in the generation and trade of electricity and thermal energy, and distribution of electricity. Since 1939, Latvenergo is the largest producer of renewable energy in the Baltics and one of the greenest electricity generators in Europe – approximately half of the electricity is generated in three large hydropower plants. They are complemented by modernized combined heat and power plants, where electricity is obtained from natural gas. The Group develops new green wind and solar energy generation capacities in Baltics and is also a leader in the field of electromobility services. All shares of Latvenergo AS are owned by the state and held by the Ministry of Economics of the Republic of Latvia.

    MIL OSI Europe News

  • MIL-OSI: Lithium Carbonate Futures Now Live for Trading on Abaxx Exchange

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, March 07, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, indirect majority shareholder of Abaxx Singapore Pte Ltd. (“Abaxx Singapore”), the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, today announced that its three regional, physically-deliverable Lithium Carbonate futures contracts are now live for trading.

    The energy transition is driving demand for battery metals to unprecedented levels, while countries race to secure critical supply chains — yet commodity futures markets have not kept pace with these new realities. Globally, lithium carbonate demand is projected to grow by 16% per year through 2030, according to the IEA¹, reinforcing the need for transparent price benchmarks and effective risk management tools. Abaxx’s Lithium Carbonate futures establish the first USD-denominated, physically-deliverable benchmark for lithium carbonate outside of China, offering transparent price discovery, precise hedging, and supply chain optimization in a market shaped by geopolitical shifts and evolving trade flows.

    Each regional contract is US dollar-denominated, physically deliverable DAP (Delivered at Place, as defined by Incoterms 2020), representing 1 tonne of lithium carbonate, with delivery locations at ports in Singapore, Rotterdam, and Baltimore.

    “Lithium carbonate sits at a critical point in the supply chain — between spodumene and hydroxide — where a benchmark price is most needed,” said Sacha Lifschitz, Head of Battery Materials at Abaxx Exchange. “By introducing a physically-deliverable contract with a direct delivery mechanism, we’re ensuring alignment with real-world trade flows. With contracts for lithium carbonate deliverable in Singapore, Rotterdam, and Baltimore, market participants now have access to pricing that reflects the market conditions specific to each region, creating a more transparent and effective pricing tool for the industry.”

    Abaxx’s suite of futures contracts for energy, environmental markets and battery metals is open for trading 14 hours a day, Monday through Friday. Visit abaxx.exchange/resources-clearing-members-brokers for a full list of clearing firms and execution brokers.

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is an indirect majority-owner of subsidiaries Abaxx Exchange and Abaxx Clearing, recognized by MAS as a “recognised market operator” (RMO) and “approved clearing house” (ACH), respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: +1 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 246 271 0082
    E-mail: ir@abaxx.tech

    ¹ International Energy Agency (IEA), Critical Minerals Data Explorer, Stated Policies Scenario. Available at: https://www.iea.org/data-and-statistics/data-tools/critical-minerals-data-explorer.

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes, but is not limited to: Abaxx’s objectives, goals or future plans, benefits of the introduction of its Lithium Carbonate contracts; introduction of new battery materials products; the delivery of commodities subject to futures contracts; expectations related to the global energy transition; and positive impacts from the growth of global battery metal demand. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third- party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management discussion and analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network

  • MIL-OSI: Advantage Solutions Reports Fourth Quarter and 2024 Results: Transformation Initiatives Continue to Strengthen the Company

    Source: GlobeNewswire (MIL-OSI)

    Delivered Adjusted EBITDA growth through strong execution and cost discipline

    Continued progress on the transformation to enhance capabilities and increase operating efficiencies

    Management expects growth in Revenues and Adjusted EBITDA in 2025

    ST. LOUIS, March 07, 2025 (GLOBE NEWSWIRE) — Advantage Solutions Inc. (NASDAQ: ADV) (“Advantage,” “Advantage Solutions,” the “Company,” “we,” or “our”), a leading business solutions provider to consumer goods manufacturers and retailers, today reported financial results for the three and 12 months ended Dec. 31, 2024.

    Unless otherwise noted, results presented in this release are from continuing operations, and comparisons are on a prior year basis. Revenues for the three months were $892.3 million compared with $991.9 million, and net loss was $177.9 million compared to a net loss of $2.7 million. Revenues for the full year were $3,566.3 million compared with $3,900.1 million, and net loss was $378.4 million compared to a net loss of $81.2 million.

    Q4 and 2024 Full Year Financial Highlights

    • Organic revenues(1) in Q4 declined 2.4% and increased 1% for the full year. Adjusted EBITDA increased 8.9% to $94.6 million in Q4 and 1.1% to $356.0 million for the full year compared to the prior year.  
    • Achieved healthy profit performance in 2024 across Experiential Services and Retailer Services, while right-sizing Branded Services to adjust to the demand environment.  
    • The Company remains focused on disciplined capital allocation with 2024 voluntary debt repurchases and share buybacks of approximately $158 million and $34 million, respectively.
    “In 2024, we made solid progress against our ongoing transformation and took operational actions to remain resilient in a dynamic market,” said Advantage CEO Dave Peacock. “We believe we are in a better position today to navigate market uncertainties as we execute on key initiatives designed to increase our operating efficiencies and capabilities, bringing greater speed, precision and insight to our clients, while positioning the company to accelerate growth in the coming years.”

     

       
      Consolidated Financial Summary from Continuing Operations
      (amounts in thousands) Three Months Ended December 31,   Change (Reported)   Organic(1)  
        2024   2023   $   %   %  
      Total Revenues $ 892,285     $ 991,948     $ (99,663 )   (10.0%)   (2.4%)  
      Total Net Loss $ (177,935 )   $ (2,663 )   $ (175,272 )   NMF      
      Total Adjusted EBITDA $ 94,555     $ 86,825     $ 7,730     8.9%      
      Adjusted EBITDA Margin   10.6 %     8.8 %                
                                 
          Year Ended December 31,   Change (Reported)   Organic(1)  
        2024   2023   $   %   %  
      Total Revenues $ 3,566,324     $ 3,900,125     $ (333,801 )   (8.6%)   1.0%  
      Total Net Loss $ (378,404 )   $ (81,211 )   $ (297,193 )   NMF      
      Total Adjusted EBITDA $ 356,014     $ 352,248     $ 3,766     1.1%      
      Adjusted EBITDA Margin   10.0 %     9.0 %                
       

    The complete earnings release can be found here.

    Media Contact: Peter Frost | press@youradv.com
    Investor Contact: Ruben Mella | investorrelations@youradv.com 

    (1)  Excludes ~$76 million and ~$374 million in 4Q’23 and  2023, respectively, related to the deconsolidation of the European JV, which occurred in 4Q’23.
    NMF = Not Meaningful

    Conference Call Details
    Date/Time  Mar. 7, 2025, 8:30 am EST
    Dial-in
    (10 minutes before the call)
    800-225-9448 within the United States or +1-203-518-9708 outside the United States
    Dial-in Code: ADVQ4
    Webcast Available at: ADV 4Q and 2024 FY Earnings Webcast
    Replay 844-512-2921 within the United States or +1-412-317-6671 outside the United States
    Replay ID: 11158219
       

    About Advantage Solutions

    Advantage Solutions is the leading omnichannel retail solutions agency in North America, uniquely positioned at the intersection of consumer-packaged goods (CPG) brands and retailers. With its data- and technology-powered services, Advantage leverages its unparalleled insights, expertise and scale to help brands and retailers of all sizes generate demand and get products into the hands of consumers, wherever they shop. Whether it’s creating meaningful moments and experiences in-store and online, optimizing assortment and merchandising, or accelerating e-commerce and digital capabilities, Advantage is the trusted partner that keeps commerce and life moving. Advantage has offices throughout North America and strategic investments and owned operations in select international markets. For more information, please visit YourADV.com.

    Included with this press release are the Company’s consolidated and condensed financial statements as of and for the three months and year ended December 31, 2024. These financial statements should be read in conjunction with the information contained in the Company’s Annual Report on Form 10-K, to be filed with the Securities and Exchange Commission (the “SEC”) on March 7, 2025.

    Forward-Looking Statements

    Certain statements in this press release may be considered forward-looking statements within the meaning of the federal securities laws, including statements regarding the expected future performance of Advantage’s business and projected financial results. Forward-looking statements generally relate to future events or Advantage’s future financial or operating performance. These forward-looking statements generally are identified by the words “may”, “should”, “expect”, “intend”, “will”, “would”, “could”, “estimate”, “anticipate”, “believe”, “predict”, “confident”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Advantage and its management at the time of such statements, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, market-driven wage changes or changes to labor laws or wage or job classification regulations, including minimum wage; future potential pandemics or health epidemics; Advantage’s ability to continue to generate significant operating cash flow; client procurement strategies and consolidation of Advantage’s clients’ industries creating pressure on the nature and pricing of its services; consumer goods manufacturers and retailers reviewing and changing their sales, retail, marketing and technology programs and relationships; Advantage’s ability to successfully develop and maintain relevant omni-channel services for our clients in an evolving industry and to otherwise adapt to significant technological change; Advantage’s ability to maintain proper and effective internal control over financial reporting in the future; Advantage’s substantial indebtedness and our ability to refinance at favorable rates; and other risks and uncertainties set forth in the section titled “Risk Factors” in the Annual Report on Form 10-K to be filed by the Company with the SEC on March 7, 2025, and in its other filings made from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Advantage assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Non-GAAP Financial Measures and Related Information

    This press release includes certain financial measures not presented in accordance with generally accepted accounting principles (“GAAP”), including Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow and Net Debt. These are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Advantage’s financial results. Therefore, the measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with GAAP, and should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Advantage’s presentation of these measures may not be comparable to similarly titled measures used by other companies. Reconciliations of historical non-GAAP measures to their most directly comparable GAAP counterparts are included below.

    Advantage believes these non-GAAP measures provide useful information to management and investors regarding certain financial and business trends relating to Advantage’s financial condition and results of operations. Advantage believes that the use of Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations, Adjusted EBITDA by Segment, Adjusted Unlevered Free Cash Flow, and Net Debt provide an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing Advantage’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Non-GAAP financial measures are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. Additionally, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore Advantage’s non-GAAP measures may not be directly comparable to similarly titled measures of other companies.

    Adjusted EBITDA from Continuing Operations, Adjusted EBITDA from Discontinued Operations and Adjusted EBITDA by Segment are supplemental non-GAAP financial measures of our operating performance. Adjusted EBITDA from Continuing Operations and Adjusted EBITDA from Discontinued Operations mean net (loss) income before (i) interest expense (net), (ii) provision for (benefit from) income taxes, (iii) depreciation, (iv) amortization of intangible assets, (v) impairment of goodwill, (vi) changes in fair value of warrant liability, (vii) stock based compensation expense, (viii) equity-based compensation of Karman Topco L.P., (ix) fair value adjustments of contingent consideration related to acquisitions, (x) acquisition and divestiture related expenses, (xi) (gain) loss on divestitures, (xii) restructuring expenses, (xiii) reorganization expenses, (xiv) litigation expenses (recovery), (xv) costs associated with COVID-19, net of benefits received, (xvi) costs associated with (recovery from) the Take 5 Matter, (xvii) EBITDA for economic interests in investments and (xviii) other adjustments that management believes are helpful in evaluating our operating performance. 

    Adjusted EBITDA by Segment means, with respect to each segment, operating income (loss) from continuing operations before (i) depreciation, (ii) amortization of intangible assets, (iii) impairment of goodwill, (iv) stock based compensation expense, (v) equity-based compensation of Karman Topco L.P., (vi) fair value adjustments of contingent consideration related to acquisitions, (vii) acquisition and divestiture related expenses, (viii) restructuring expenses, (ix) reorganization expenses, (x) litigation expenses (recovery), (xi) costs associated with COVID-19, net of benefits received, (xii) costs associated with (recovery from) the Take 5 Matter, (xiii) EBITDA for economic interests in investments and (xiv) other adjustments that management believes are helpful in evaluating our operating performance, in each case, attributable to such segment.

    Adjusted EBITDA Margin means Adjusted EBITDA from Continuing Operations divided by total revenues. 

    Adjusted Unlevered Free Cash Flow represents net cash provided by (used in) operating activities from continuing and discontinued operations less purchase of property and equipment as disclosed in the Statements of Cash Flows further adjusted by (i) cash payments for interest, (ii) cash received from interest rate derivatives, (iii) cash paid for income taxes; (iv) cash paid for acquisition and divestiture related expenses, (v) cash paid for restructuring expenses, (vi) cash paid for reorganization expenses, (vii) cash paid for contingent earnout payments included in operating cash flow, (viii) cash paid for costs associated with COVID-19, net of benefits received, (ix) cash paid for costs associated with the Take 5 Matter, (x) net effect of foreign currency fluctuations on cash, and (xi) other adjustments that management believes are helpful in evaluating our operating performance. Adjusted Unlevered Free Cash Flow as a percentage of Adjusted EBITDA means Adjusted Unlevered Free Cash Flow divided by Adjusted EBITDA from Continuing Operations and Adjusted EBITDA from Discontinued Operations.

    Net Debt represents the sum of current portion of long-term debt and long-term debt, less cash and cash equivalents and debt issuance costs. With respect to Net Debt, cash and cash equivalents are subtracted from the GAAP measure, total debt, because they could be used to reduce the debt obligations. We present Net Debt because we believe this non-GAAP measure provides useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and to evaluate changes to the Company’s capital structure and credit quality assessment.

    Advantage Solutions Inc.
    Reconciliation of Net Income (Loss) to Adjusted EBITDA
    (Unaudited)
     
    Continuing Operations Three Months Ended December 31,     Year Ended December 31,  
    (in thousands) 2024     2023     2024     2023  
    Net loss from continuing operations $ (177,935 )   $ (2,663 )   $ (378,404 )   $ (81,211 )
    Add:                      
    Interest expense, net   32,308       45,851       146,792       165,734  
    Benefit from income taxes from continuing operations   (24,745 )     (21,653 )     (62,787 )     (37,648 )
    Depreciation and amortization   51,622       51,420       204,553       208,856  
    Impairment of goodwill and indefinite-lived asset   175,500       43,500       275,170       43,500  
    Gain on deconsolidation of subsidiaries         (58,891 )           (58,891 )
    Changes in fair value of warrant liability   (225 )     (873 )     (584 )     (286 )
    Stock-based compensation expense (a)   6,794       9,533       31,019       38,933  
    Equity-based compensation of Karman Topco L.P. (b)   1,381       754       723       (2,524 )
    Fair value adjustments related to contingent consideration related to acquisitions (c)         665       1,678       11,152  
    Acquisition and divestiture related expenses (d)   39       142       (1,168 )     3,206  
    Restructuring expenses (e)   5,933             30,051        
    Reorganization expenses (f)   14,820       17,829       88,800       56,133  
    Litigation (recovery) expenses (g)   482       855       (1,940 )     9,519  
    Costs associated with COVID-19, net of benefits received (h)         (2 )           3,283  
    Costs associated with the Take 5 Matter, net of (recoveries) (i)   764       63       1,845       (1,380 )
    EBITDA for economic interests in investments (j)   7,817       295       20,266       (6,128 )
    Adjusted EBITDA from Continuing Operations $ 94,555     $ 86,825     $ 356,014     $ 352,248  
                                   
    (a) Represents non-cash compensation expense related to performance stock units, restricted stock units, and stock options under the 2020 Advantage Solutions Incentive Award Plan and the Advantage Solutions 2020 Employee Stock Purchase Plan.
    (b) Represents expenses related to (i) equity-based compensation expense associated with grants of Common Series D Units of Karman Topco L.P. made to one of the sponsors of Advantage and (ii) equity-based compensation expense associated with the Common Series C Units of Karman Topco L.P.
    (c) Represents adjustments to the estimated fair value of our contingent consideration liabilities related to our acquisitions, for the applicable periods.
    (d) Represents fees and costs associated with activities related to our acquisitions, divestitures, and related reorganization activities, including professional fees, due diligence, and integration activities.
    (e) Restructuring charges including programs designed to integrate and reduce costs intended to further improve efficiencies in operational activities and align cost structures consistent with revenue levels associated with business changes. Restructuring expenses include costs associated with the Voluntary Early Retirement Program (“VERP”) and employee termination benefits associated with a reduction-in-force (“2024 RIF”) and other optimization initiatives.
    (f) Represents fees and costs associated with various internal reorganization activities, including professional fees, lease exit costs, severance, and nonrecurring compensation costs.
    (g) Represents legal settlements, reserves, and expenses that are unusual or infrequent costs associated with our operating activities.
    (h) Represents (i) costs related to implementation of strategies for workplace safety in response to COVID-19, including employee-relief fund, additional sick pay for front-line associates, medical benefit payments for furloughed associates, and personal protective equipment; and (ii) benefits received from government grants for COVID-19 relief.
    (i) Represents cash receipts from an insurance policy for claims related to the Take 5 Matter and costs associated with investigation and remediation activities related to the Take 5 Matter, primarily professional fees and other related costs.
    (j) Represents additions to reflect our proportional share of Adjusted EBITDA related to our equity method investments and reductions to remove the Adjusted EBITDA related to the minority ownership percentage of the entities that we fully consolidate in our financial statements.

    The MIL Network

  • MIL-OSI: Baltic Horizon Fund to sell Meraki Business Home in Vilnius, Lithuania

    Source: GlobeNewswire (MIL-OSI)

    Baltic Horizon Fund recently announced a structured process with the intention to dispose certain real estate assets, where the Fund does not see significant short-term opportunities for further value optimization.

    Today, the owner of Meraki Business Home in Vilnius, BH Meraki UAB, an SPV of Baltic Horizon Fund, signed a real estate sale and purchase agreement with Groa Real Estate Opportunity Fund UAB, a fund managed by Groa Capital to sell Meraki Business Home in Vilnius, Lithuania.

    The Meraki office building development commenced in 2019, and the first tower was completed in August 2022. The project included a second tower that has not been realized. The development was affected by COVID-19 as well as the high inflation rate levels.

    “Despite difficult conditions, we have been able to achieve a close to 90% occupancy level for the property. Today, Meraki remains as one of the most modern buildings in the area, which is also confirmed by its BREEAM Excellent New Construction certification,” commented Fund manager Tarmo Karotam.

    “We are pleased with the purchase of the Meraki office building as this acquisition will enable Groa Capital to further grow our portfolio of quality office buildings. We believe that this also presents an attractive opportunity for Groa Capital to build the second Meraki tower with around 8500 m2,” commented Nerijus Dagilis, CEO of Groa Capital. “We will start discussions with potential tenants immediately upon the closing of the transaction,” further added CEO of Groa Capital Nerijus Dagilis.

    The sales price of the asset is approximately EUR 16 million, which is close to the latest valuation. The proceeds of the transaction will be used to redeem EUR 3 million of Baltic Horizon Fund bonds and repay the loan from Bigbank.

    “Baltic Horizon Fund is in the process of deleveraging and has been decreasing its allocation in the B-class office segment since 2021. With the proceeds, the Fund plans to reduce its debt level and increase liquidity for its operations,” added fund manager Tarmo Karotam.

    Closing of the transaction is expected to take place by mid March 2025.

    For additional information, please contact:

    Tarmo Karotam
    Baltic Horizon Fund manager
    E-mail tarmo.karotam@nh-cap.com
    www.baltichorizon.com

    The Fund is a registered contractual public closed-end real estate fund that is managed by Alternative Investment Fund Manager license holder Northern Horizon Capital AS. 

    Distribution: GlobeNewswire, Nasdaq Tallinn, Nasdaq Stockholm, www.baltichorizon.com

    To receive Nasdaq announcements and news from Baltic Horizon Fund about its projects, plans and more, register on www.baltichorizon.com. You can also follow Baltic Horizon Fund on www.baltichorizon.com and on LinkedIn, FacebookX and YouTube.

    The MIL Network

  • MIL-OSI Economics: RBI imposes monetary penalty on Bridge Fintech Solutions Private Limited (“Finzy”)

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated March 04, 2025, imposed a monetary penalty of ₹10.00 lakh (Rupees Ten Lakh only) on Bridge Fintech Solutions Private Limited (the company), also referred to as “Finzy”, for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

    A scrutiny of the company was conducted by RBI in September 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing , RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty.

    The company:

    1. disbursed loans to individual borrowers without the specific approval of individual lenders;

    2. took partial credit risk, which was not provided under the ‘Scope of Activities’ for NBFC-P2P companies;

    3. did not, in certain instances, (a) ensure that its agreements with service providers included clauses to recognise the right of RBI to cause an inspection to be made of the service providers, and (b) undertake an annual review of the service providers; and

    4. did not conduct periodic review of the compliance of the Fair Practices Code and functioning of the Grievances Redressal Mechanism.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2333

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Visionary Financepeer Private Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 25, 2025, imposed a monetary penalty of ₹16.60 lakh (Rupees Sixteen Lakh Sixty Thousand only) on Visionary Financepeer Private Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

    A scrutiny of the company was conducted by RBI in September 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty.

    The company:

    1. disbursed loans to individual borrowers without the specific approval of individual lenders, and it did not ensure that each individual lender and borrower had signed a loan agreement;

    2. did not disclose the required details of the borrowers to the lenders;

    3. did not have a Board approved policy for pricing of services provided by it;

    4. did not, in certain instances, (a) ensure that its agreements with service providers included clauses to recognise the right of RBI to cause an inspection to be made of the service providers, and (b) undertake an annual review of the service providers; and

    5. took partial credit risk, which was not provided under the ‘Scope of Activities’ for NBFC-P2P companies.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2334

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Fairassets Technologies India Private Limited (‘Faircent’)

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 11, 2025, imposed a monetary penalty of ₹40 lakh (Rupees Forty lakh only) on Fairassets Technologies India Private Limited (the company) (also referred to as ‘Faircent’) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Peer to Peer Lending Platform (Reserve Bank) Directions, 2017’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

    A scrutiny of the company was conducted by RBI in September 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty.

    The company:

    1. disbursed loans without the specific approval of individual lenders;

    2. did not undertake and disclose credit assessment and risk profile of the borrowers to the prospective lenders;

    3. took partial credit risk by foregoing the management fee partially / fully, which was not provided under the ‘Scope of Activities’ for NBFC-P2P companies; and

    4. did not comply with RBI’s directions on ‘Fund Transfer Mechanism’, when it allowed repayments to lenders from fresh funds provided by new / existing lenders or through repayments pooled from the borrowers, rather than from a specific borrower to a specific lender.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2332

    MIL OSI Economics

  • MIL-OSI Economics: Isabel Schnabel: Interview with wochentaz

    Source: European Central Bank

    Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patricia Hecht and Beate Willms on 5 February 2025

    7 March 2025

    Ms Schnabel, do you remember the first time you held money in your hand?

    That must have been during primary school. I often used my pocket money to buy sweets or an ice lolly.

    So money was just a means of payment for you, something that let you buy things?

    Exactly. However, my father placed great importance on me understanding how to deal with money early on – even though as a teenager I wasn’t that interested. He later recommended an apprenticeship at a bank to me when I wasn’t sure what to do after I had finished school. And one of his arguments was that I should learn how to manage money.

    Did you have the impression he was particularly concerned because you were a girl?

    Well, he didn’t make the same suggestion to my brother. That bothered me a little. It was just taken for granted that my brother could deal with money. But, at the end of the day, my father’s recommendation may have been one of the reasons why I ended up in a male-dominated field.

    Is it true that women engage too little with money?

    I do think so. On average, women have a lower level of financial literacy than men. That’s a problem. It can lead to them making suboptimal financial decisions and possibly ending up in financial difficulties. For example, women are more at risk of poverty in old age. So financial planning is particularly important for women.

    Are women themselves to blame for being financially worse off?

    There are many structural reasons, for example interrupted career paths due to becoming a mother or caring for elderly relatives. In addition, women are significantly more likely to work part-time. These factors contribute to women having lower incomes and smaller pensions. The insufficient engagement with financial matters is also linked to traditional gender roles. However, there’s also an element of individual responsibility. Just as one needs to think about one’s health, one needs to also deal with finances. Today, there are plenty of ways to get informed, for example, through podcasts or YouTube channels, to name just a few.

    Today you are one of the people responsible for deciding on the financing conditions for 350 million people in the euro area, because it’s the ECB’s task to keep inflation in check. Out of the 26 members of the Governing Council, only two are women – Christine Lagarde and you. Is the monetary policy that you pursue different from that of the men?

    Research shows that men and women do behave differently when it comes to economic issues. So it is possible that monetary policy may change when more women join the decision-making bodies. What is key here is diversity – also in terms of views and experiences. That’s what makes decision-making more robust.

    How do financial decisions made by men and women differ?

    Women tend to be more risk-averse in their financial decisions and they are more afraid of losses. This, for example, leads them to invest less in the stock market and thus achieve lower returns. Women also have less confidence in their financial decision-making. So improving financial literacy would be particularly important for women.

    Is there a feminist monetary policy?

    To be honest, I haven’t really thought about this. Monetary policy used to focus primarily on the economy as a whole, for instance on aggregate economic activity or consumption. Meanwhile, research has evolved and is now looking more into the underlying heterogeneity. We know, for instance, that poorer people are particularly affected by rising energy and food prices. There are likely also noticeable differences across genders.

    What are you doing to attract more women to the ECB?

    As an institution, we have a keen interest in equal opportunities. This does not always mean a fifty-fifty distribution, but we aim to represent the society for which we make our decisions and to use the entire talent pool available. This is why we have set targets at all levels of hierarchy. In order to achieve those, around half of all new hires and promotions should be women, as long as we are below our targets.

    What else are you doing?

    We try to remove barriers. Often this concerns obstacles like a lack of childcare. The ECB offers good childcare facilities, starting at infancy, and we also have a European School. Additionally, we noticed that women applied for promotions less frequently than men. When reading a vacancy notice, women have more doubts than men whether they fulfill all the criteria perfectly. We are now more explicitly encouraging women to apply. This strategy has proven to be very successful.

    Are salary differences transparent at the ECB?

    We are part of the public service, which means that we follow a clear salary structure that depends on qualifications and tasks. Then there are various allowances, which depend on things like staff members’ family situation but not on their gender.

    How do you deal with the responsibility for decisions that affect the lives of so many people?

    When I learnt in 2019 that I would be nominated for the ECB’s Executive Board, I had just arrived by train at Bonn’s main station. I saw the people on the platform and thought – in the future, I will have to make decisions affecting all these people! That’s a completely different role from that of a researcher, and one that carries a lot of responsibility. I take my job extremely seriously and try to take all decisions to the very best of my knowledge.

    You worked at different universities in Germany and the United States for 15 years, became a professor in 2007, and you were also a member of the German Council of Economic Experts. Throughout your career, you were always one of few women – often the only one, as in the case of the ”wise (wo)men”.

    The higher you go, the fewer women there are. That is still the case. And it shapes the style of communication. An example was the research seminars at university, where all the professors were men and the tone was often very harsh and aggressive. As a young researcher, that bothered me, and I know my female colleagues felt the same.

    How did you deal with it?

    I simply accepted it at the time, but it made me feel insecure. You need to have confidence in your career potential. Some women are better at handling a male-dominated environment than others. But there are also women who have a different type of personality. Some of my female colleagues left the university back then.

    Does the tone change when there is another woman in the room?

    Yes, it changes the entire tone of the conversation. This is especially true when an institution or committee is led by a woman, as is the ECB. Christine Lagarde can set the tone here. I am really impressed by how she manages to create such an inclusive and friendly climate.

    Is there something like female solidarity between the two of you?

    Absolutely. We have a close personal relationship. We also talk about private matters and we trust each other. She listens to my concerns. I can always approach her and she finds time for me even though she is extremely busy.

    Is it different with your male colleagues?

    There are a number of male colleagues with whom I have a similarly trusting relationship, but it is indeed different. There is greater emotional closeness among women.

    How important are women’s networks in your field?

    Very important. It took me a long time to understand that. Today, I am part of many informal women’s networks. It is particularly important to invite younger women and to support each other. Former US Secretary of State, Madeleine Albright, once said there is a special place in hell for women who don’t help other women. We must support each other rather than seeing each other primarily as competitors. I myself benefited from having a female mentor who later became a colleague at the University of Mainz.

    You do that too. During the pandemic, your colleague Isabella Weber – a left-leaning economist from the University of Massachusetts who was then in her mid-30s – suggested tackling inflation with strategic price controls. As this contradicted the textbooks, Nobel laureate Paul Krugman, among others, publicly dismissed her idea as “truly stupid”.

    I found this treatment of Isabella Weber intolerable. And I had the impression that a man would have been treated differently. That simply shouldn’t be the case. Although I didn’t share the view on price controls, we must be open to consider unconventional ideas. It was probably also about maintaining power and thought leadership. In general, I would find it disastrous if women were discouraged from challenging the mainstream because of this.

    Have you yourself ever felt that people were treating you differently because you are a woman?

    I experience this constantly on social media. I am sometimes besieged with sexist comments and I then mute those people. But I don’t experience this in my immediate professional environment.

    But did you suffer from any disadvantages because of being a woman?

    At the beginning of my career, during my studies, I was firmly convinced that it didn’t matter whether one was a man or a woman. I thought I just had to be good enough, and then I would make it. At that time, I wasn’t particularly positive about the promotion of women. It took a while before I realised that there were a number of gender-specific barriers. For example, during my entire university studies in Germany, I didn’t have a single female professor. So I had no role models. These issues became more obvious when I had children. I have three daughters, which means that I was either pregnant or breastfeeding for around six years. The time between the ages of 32 and 38 were very exhausting for me. And that was precisely the critical phase for progressing in an academic career. When I arrived at the office completely rushed in the morning, I already had my first major task behind me. I sometimes struggled with that. Travelling also wasn’t easy when the children were small. I wasn’t very keen on it either, as I wanted to be with my family.

    How did you manage it nonetheless?

    My doctoral advisor Martin Hellwig played a major role in this. He had helped me to build up networks already during my doctoral studies – before I had children. At the time, I hadn’t yet realised how important that was. When the children came, he gave me complete flexibility.

    How soon did you return to work?

    Very quickly. With the first child, I was back at my computer right away. With the second, I took my daughter to the office in the beginning. By the time of the third child, I was already a professor, so I brought her with me when commuting by train from Bonn to Mainz during the breastfeeding period. Just getting the stroller into those old trains was a real challenge. All of the commuters knew me – the woman with the baby! At university, I had many people to support me. I sometimes recruited students to look after my baby while I was teaching. I even breastfed during office hours.

    Did your husband bring the children to work too?

    No, because I was breastfeeding. But it wouldn’t have been possible without him. My husband has always been very involved in our family work, even more so than me in recent years. I now work in Frankfurt, but our family is still in Bonn. Besides, we have had a wonderful nanny for over 20 years, who has been with us every day and helped us tremendously.

    Not everyone can afford a nanny.

    At the beginning, almost an entire salary went to that. But it’s sometimes overlooked that paid childcare is also an investment. It allows you to stay on your career path. And I always knew that my children were very well taken care of. That’s why I rarely had a guilty conscience.

    Did you have to make compromises because of your dual role as a mother and as an economist?

    Constantly. One must not have the expectation of being absolutely perfect in each role at all times. Otherwise, you will fail to live up to your own standards. But that wasn’t always easy for me.

    What did you have to compromise on?

    Mostly on my personal needs – I didn’t have much time for myself. And the same was true for my husband. But we also learned to be efficient. In the evenings, we would sometimes put our children to bed with their tights on to speed things up in the morning.

    Have you ever been accused of being a “raven mother” (bad mother)?

    Subtly, yes. But I didn’t take on that role. The paediatrician and author Remo Largo once said, in essence, that the most important thing was to be happy as a parent and a good role model. Children imitate what they see. And I believe I am a good mother to my daughters.

    It took you a few years to call yourself a feminist. Where do your daughters stand on that today?

    My daughters grew up knowing that women can achieve anything they want. Of course they complained from time to time that I wasn’t at home as much as other mothers. But they really like what I do and take it as motivation. My daughters are true feminists who will speak up when they are disadvantaged. I wouldn’t have had the confidence to do that at their age, but of course the world has also changed in that regard.

    And how do you introduce them to the topic of money?

    My husband and I are both economists and we have often talked about how to deal with money. But they tended to find financial investment rather tedious. Today, two of my daughters are studying economics, so they have automatically come closer to these topics.

    Mark Zuckerberg recently said that companies needed more “masculine energy”. Do you find that worrying, also in relation to your daughters?

    That worries me a lot. There’s a risk that society will go backwards, even though we are far from where we want to be. In the United States, this is currently more pronounced than it is here. But it’s spilling over. For the ECB, I can say that we stand firmly behind our diversity and inclusion strategy.

    MIL OSI Economics

  • MIL-OSI Economics: President Lagarde hosts International Women’s Day event on closing gender gap in financial literacy

    Source: European Central Bank

    7 March 2025

    • New financial literacy network of central banks and national competent authorities to focus on actions for women
    • Committed to harmonising financial literacy data for comprehensive insights across Europe
    • Panel discussion with Claudia Buch, Chair of the ECB’s Supervisory Board; Klaas Knot, President of De Nederlandsche Bank; Joachim Nagel, President of the Deutsche Bundesbank; Fabio Panetta, Governor of the Banca d’Italia and Annamaria Lusardi, Professor at Stanford University

    The European Central Bank (ECB) today hosted an event to mark International Women’s Day, addressing financial literacy with a special emphasis on the gender gap.

    “Today Europe must address two key challenges: increasing sluggish productivity growth to stay competitive; and maintaining price stability in an increasingly volatile world,” ECB President Christine Lagarde told participants. “And improving financial literacy among women can facilitate efforts to address both issues”.

    The 2023 Eurobarometer found that women are 12 percentage points less likely to understand the concept of inflation than men. The ECB Consumer Expectations Survey for 2023 found that 52% of Europeans lack basic financial literacy and that 60% of this group are women. The actions discussed at today’s event underscore that euro area central banks can significantly help to advance financial literacy and promote financial inclusion, particularly among women.

    President Lagarde’s opening remarks were followed by a panel discussion with Claudia Buch, Chair of the ECB’s Supervisory Board; Klaas Knot, President of De Nederlandsche Bank; Joachim Nagel, President of the Deutsche Bundesbank; Fabio Panetta, Governor of the Banca d’Italia; and Annamaria Lusardi, Professor at Stanford University and expert on financial literacy. President Lagarde and the panellists committed to several actions, such as creating a financial literacy network of central banks, focusing on actions to strengthen financial literacy in general and for women in particular, and the harmonisation of financial literacy data across Europe.

    Chair Buch focused on how financially literate bank customers contribute to a healthier banking sector and therefore support financial stability. Governors Knot, Nagel and Panetta described the financial literacy strategy of their respective countries, such as developing educational programmes to be used in schools or at the workplace. These best practices can be shared with other countries looking to tackle financial literacy disparities.

    Highlighting the urgent need to accelerate efforts to close the gender gap in financial literacy across Europe, Professor Lusardi said that “differences in financial literacy between women and men are large and stubborn; they persist over time and across countries”. Speaking during the panel discussion, she added “We all have to bundle our resources to promote financial literacy and reduce the gender gap”.

    The event was the first in a series of annual gatherings designed to raise awareness and foster cooperation to close the gender gap in financial literacy. The ECB is committed to serving as a facilitator within the Eurosystem, promoting interaction and the exchange of best practices. This event aligns with the ECB’s broader diversity and inclusion efforts, aiming to inspire action and cooperation among stakeholders.

    For more information, please visit our website with the financial literacy initiatives in Europe.

    Photos of the event can be found on the ECB’s Flickr account.

    For media queries, please contact Anne Grüttner, tel.: +49 162 449 2511.

    MIL OSI Economics

  • MIL-OSI Europe: Isabel Schnabel: Interview with wochentaz

    Source: European Central Bank

    Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Patricia Hecht and Beate Willms on 5 February 2025

    7 March 2025

    Ms Schnabel, do you remember the first time you held money in your hand?

    That must have been during primary school. I often used my pocket money to buy sweets or an ice lolly.

    So money was just a means of payment for you, something that let you buy things?

    Exactly. However, my father placed great importance on me understanding how to deal with money early on – even though as a teenager I wasn’t that interested. He later recommended an apprenticeship at a bank to me when I wasn’t sure what to do after I had finished school. And one of his arguments was that I should learn how to manage money.

    Did you have the impression he was particularly concerned because you were a girl?

    Well, he didn’t make the same suggestion to my brother. That bothered me a little. It was just taken for granted that my brother could deal with money. But, at the end of the day, my father’s recommendation may have been one of the reasons why I ended up in a male-dominated field.

    Is it true that women engage too little with money?

    I do think so. On average, women have a lower level of financial literacy than men. That’s a problem. It can lead to them making suboptimal financial decisions and possibly ending up in financial difficulties. For example, women are more at risk of poverty in old age. So financial planning is particularly important for women.

    Are women themselves to blame for being financially worse off?

    There are many structural reasons, for example interrupted career paths due to becoming a mother or caring for elderly relatives. In addition, women are significantly more likely to work part-time. These factors contribute to women having lower incomes and smaller pensions. The insufficient engagement with financial matters is also linked to traditional gender roles. However, there’s also an element of individual responsibility. Just as one needs to think about one’s health, one needs to also deal with finances. Today, there are plenty of ways to get informed, for example, through podcasts or YouTube channels, to name just a few.

    Today you are one of the people responsible for deciding on the financing conditions for 350 million people in the euro area, because it’s the ECB’s task to keep inflation in check. Out of the 26 members of the Governing Council, only two are women – Christine Lagarde and you. Is the monetary policy that you pursue different from that of the men?

    Research shows that men and women do behave differently when it comes to economic issues. So it is possible that monetary policy may change when more women join the decision-making bodies. What is key here is diversity – also in terms of views and experiences. That’s what makes decision-making more robust.

    How do financial decisions made by men and women differ?

    Women tend to be more risk-averse in their financial decisions and they are more afraid of losses. This, for example, leads them to invest less in the stock market and thus achieve lower returns. Women also have less confidence in their financial decision-making. So improving financial literacy would be particularly important for women.

    Is there a feminist monetary policy?

    To be honest, I haven’t really thought about this. Monetary policy used to focus primarily on the economy as a whole, for instance on aggregate economic activity or consumption. Meanwhile, research has evolved and is now looking more into the underlying heterogeneity. We know, for instance, that poorer people are particularly affected by rising energy and food prices. There are likely also noticeable differences across genders.

    What are you doing to attract more women to the ECB?

    As an institution, we have a keen interest in equal opportunities. This does not always mean a fifty-fifty distribution, but we aim to represent the society for which we make our decisions and to use the entire talent pool available. This is why we have set targets at all levels of hierarchy. In order to achieve those, around half of all new hires and promotions should be women, as long as we are below our targets.

    What else are you doing?

    We try to remove barriers. Often this concerns obstacles like a lack of childcare. The ECB offers good childcare facilities, starting at infancy, and we also have a European School. Additionally, we noticed that women applied for promotions less frequently than men. When reading a vacancy notice, women have more doubts than men whether they fulfill all the criteria perfectly. We are now more explicitly encouraging women to apply. This strategy has proven to be very successful.

    Are salary differences transparent at the ECB?

    We are part of the public service, which means that we follow a clear salary structure that depends on qualifications and tasks. Then there are various allowances, which depend on things like staff members’ family situation but not on their gender.

    How do you deal with the responsibility for decisions that affect the lives of so many people?

    When I learnt in 2019 that I would be nominated for the ECB’s Executive Board, I had just arrived by train at Bonn’s main station. I saw the people on the platform and thought – in the future, I will have to make decisions affecting all these people! That’s a completely different role from that of a researcher, and one that carries a lot of responsibility. I take my job extremely seriously and try to take all decisions to the very best of my knowledge.

    You worked at different universities in Germany and the United States for 15 years, became a professor in 2007, and you were also a member of the German Council of Economic Experts. Throughout your career, you were always one of few women – often the only one, as in the case of the ”wise (wo)men”.

    The higher you go, the fewer women there are. That is still the case. And it shapes the style of communication. An example was the research seminars at university, where all the professors were men and the tone was often very harsh and aggressive. As a young researcher, that bothered me, and I know my female colleagues felt the same.

    How did you deal with it?

    I simply accepted it at the time, but it made me feel insecure. You need to have confidence in your career potential. Some women are better at handling a male-dominated environment than others. But there are also women who have a different type of personality. Some of my female colleagues left the university back then.

    Does the tone change when there is another woman in the room?

    Yes, it changes the entire tone of the conversation. This is especially true when an institution or committee is led by a woman, as is the ECB. Christine Lagarde can set the tone here. I am really impressed by how she manages to create such an inclusive and friendly climate.

    Is there something like female solidarity between the two of you?

    Absolutely. We have a close personal relationship. We also talk about private matters and we trust each other. She listens to my concerns. I can always approach her and she finds time for me even though she is extremely busy.

    Is it different with your male colleagues?

    There are a number of male colleagues with whom I have a similarly trusting relationship, but it is indeed different. There is greater emotional closeness among women.

    How important are women’s networks in your field?

    Very important. It took me a long time to understand that. Today, I am part of many informal women’s networks. It is particularly important to invite younger women and to support each other. Former US Secretary of State, Madeleine Albright, once said there is a special place in hell for women who don’t help other women. We must support each other rather than seeing each other primarily as competitors. I myself benefited from having a female mentor who later became a colleague at the University of Mainz.

    You do that too. During the pandemic, your colleague Isabella Weber – a left-leaning economist from the University of Massachusetts who was then in her mid-30s – suggested tackling inflation with strategic price controls. As this contradicted the textbooks, Nobel laureate Paul Krugman, among others, publicly dismissed her idea as “truly stupid”.

    I found this treatment of Isabella Weber intolerable. And I had the impression that a man would have been treated differently. That simply shouldn’t be the case. Although I didn’t share the view on price controls, we must be open to consider unconventional ideas. It was probably also about maintaining power and thought leadership. In general, I would find it disastrous if women were discouraged from challenging the mainstream because of this.

    Have you yourself ever felt that people were treating you differently because you are a woman?

    I experience this constantly on social media. I am sometimes besieged with sexist comments and I then mute those people. But I don’t experience this in my immediate professional environment.

    But did you suffer from any disadvantages because of being a woman?

    At the beginning of my career, during my studies, I was firmly convinced that it didn’t matter whether one was a man or a woman. I thought I just had to be good enough, and then I would make it. At that time, I wasn’t particularly positive about the promotion of women. It took a while before I realised that there were a number of gender-specific barriers. For example, during my entire university studies in Germany, I didn’t have a single female professor. So I had no role models. These issues became more obvious when I had children. I have three daughters, which means that I was either pregnant or breastfeeding for around six years. The time between the ages of 32 and 38 were very exhausting for me. And that was precisely the critical phase for progressing in an academic career. When I arrived at the office completely rushed in the morning, I already had my first major task behind me. I sometimes struggled with that. Travelling also wasn’t easy when the children were small. I wasn’t very keen on it either, as I wanted to be with my family.

    How did you manage it nonetheless?

    My doctoral advisor Martin Hellwig played a major role in this. He had helped me to build up networks already during my doctoral studies – before I had children. At the time, I hadn’t yet realised how important that was. When the children came, he gave me complete flexibility.

    How soon did you return to work?

    Very quickly. With the first child, I was back at my computer right away. With the second, I took my daughter to the office in the beginning. By the time of the third child, I was already a professor, so I brought her with me when commuting by train from Bonn to Mainz during the breastfeeding period. Just getting the stroller into those old trains was a real challenge. All of the commuters knew me – the woman with the baby! At university, I had many people to support me. I sometimes recruited students to look after my baby while I was teaching. I even breastfed during office hours.

    Did your husband bring the children to work too?

    No, because I was breastfeeding. But it wouldn’t have been possible without him. My husband has always been very involved in our family work, even more so than me in recent years. I now work in Frankfurt, but our family is still in Bonn. Besides, we have had a wonderful nanny for over 20 years, who has been with us every day and helped us tremendously.

    Not everyone can afford a nanny.

    At the beginning, almost an entire salary went to that. But it’s sometimes overlooked that paid childcare is also an investment. It allows you to stay on your career path. And I always knew that my children were very well taken care of. That’s why I rarely had a guilty conscience.

    Did you have to make compromises because of your dual role as a mother and as an economist?

    Constantly. One must not have the expectation of being absolutely perfect in each role at all times. Otherwise, you will fail to live up to your own standards. But that wasn’t always easy for me.

    What did you have to compromise on?

    Mostly on my personal needs – I didn’t have much time for myself. And the same was true for my husband. But we also learned to be efficient. In the evenings, we would sometimes put our children to bed with their tights on to speed things up in the morning.

    Have you ever been accused of being a “raven mother” (bad mother)?

    Subtly, yes. But I didn’t take on that role. The paediatrician and author Remo Largo once said, in essence, that the most important thing was to be happy as a parent and a good role model. Children imitate what they see. And I believe I am a good mother to my daughters.

    It took you a few years to call yourself a feminist. Where do your daughters stand on that today?

    My daughters grew up knowing that women can achieve anything they want. Of course they complained from time to time that I wasn’t at home as much as other mothers. But they really like what I do and take it as motivation. My daughters are true feminists who will speak up when they are disadvantaged. I wouldn’t have had the confidence to do that at their age, but of course the world has also changed in that regard.

    And how do you introduce them to the topic of money?

    My husband and I are both economists and we have often talked about how to deal with money. But they tended to find financial investment rather tedious. Today, two of my daughters are studying economics, so they have automatically come closer to these topics.

    Mark Zuckerberg recently said that companies needed more “masculine energy”. Do you find that worrying, also in relation to your daughters?

    That worries me a lot. There’s a risk that society will go backwards, even though we are far from where we want to be. In the United States, this is currently more pronounced than it is here. But it’s spilling over. For the ECB, I can say that we stand firmly behind our diversity and inclusion strategy.

    MIL OSI Europe News

  • MIL-OSI Europe: EIB Group and partners announce new initiatives to champion gender equality and women’s economic empowerment

    Source: European Investment Bank

    In collaboration with the European Commission, the EIB has launched the “Gender Finance Lab for commercial banks” under the InvestEU Advisory Hub. This advisory programme is designed to assist EU commercial banks in enhancing access to finance for women-owned and women-led businesses.

    The initiative will kick off with 25 European banks participating in a masterclass program focused on closing the gender finance gap and leveraging the economic potential of women entrepreneurs. By equipping financial institutions with the tools and strategies to effectively support women-led SMEs, the lab aims to unlock untapped opportunities in the market.

    EIB

    Just before the launch of the Gender Finance Lab, the EIB and CBNK (the bank for key engineering and health professionals formed by the merger of Banco Caminos and Bancofar) announced a historic initiative to support women entrepreneurs in the pharmaceutical sector in Spain. The operation represents the first EIB intermediated loan within the EU that is fully dedicated to supporting women entrepreneurs. It will benefit women who want to start or grow in the pharmaceutical sector, in urban and rural areas. This would represent around 600 pharmacies across the country. It will involve access to loans of an average size of 450,000 euros, with which women entrepreneurs can finance from the establishment of their business (purchase of licenses), working capital (stocks) or materials such as counters, shelves or computer equipment.

    Despite making up a majority of the workforce in the pharmacy sector, women continue to face barriers such as limited access to finance, wage gaps and underrepresentation in leadership positions. This operation seeks to address these challenges by providing tailored financial support to women entrepreneurs and business leaders, enabling them to scale their businesses and contribute to Spain’s economic growth.

    CBNK is among the 25 European banks that have already joined the InvestEU Gender Finance Lab.

    Women Climate Leaders Network celebrates one year of advocacy

    March 2025 marks the first anniversary of the Women Climate Leaders Network (WCLN), launched by the EIB Group to champion sustainable practices and empower businesses in their green transition. Over the past year, the network has developed actionable recommendations to help small and medium-sized enterprises (SMEs) and mid-sized companies adopt greener approaches and scale climate-friendly innovations, that they shared with EU policymakers at the EIB Group Forum.

    Recommendations include local knowledge-sharing platforms, simplified reporting, capacity building, and linking green to business benefits. Additionally, the Network advocates for enhanced policies to scale green innovation through temporary tax incentives, adjusted financial regulations, and regulatory sandboxes. The Network confirms that a single point of entry guidance for the next Multiannual Financial Framework – EU’s long-term budget – will be crucial in informing SMEs about available EU financing.

    As the Women Climate Leaders Network enters its second year, it remains dedicated to empowering businesses in the EU’s transition to a greener, more inclusive future.

    For more information: Gender equality and women’s economic empowerment 

    MIL OSI Europe News

  • MIL-OSI Europe: President Lagarde hosts International Women’s Day event on closing gender gap in financial literacy

    Source: European Central Bank

    7 March 2025

    • New financial literacy network of central banks and national competent authorities to focus on actions for women
    • Committed to harmonising financial literacy data for comprehensive insights across Europe
    • Panel discussion with Claudia Buch, Chair of the ECB’s Supervisory Board; Klaas Knot, President of De Nederlandsche Bank; Joachim Nagel, President of the Deutsche Bundesbank; Fabio Panetta, Governor of the Banca d’Italia and Annamaria Lusardi, Professor at Stanford University

    The European Central Bank (ECB) today hosted an event to mark International Women’s Day, addressing financial literacy with a special emphasis on the gender gap.

    “Today Europe must address two key challenges: increasing sluggish productivity growth to stay competitive; and maintaining price stability in an increasingly volatile world,” ECB President Christine Lagarde told participants. “And improving financial literacy among women can facilitate efforts to address both issues”.

    The 2023 Eurobarometer found that women are 12 percentage points less likely to understand the concept of inflation than men. The ECB Consumer Expectations Survey for 2023 found that 52% of Europeans lack basic financial literacy and that 60% of this group are women. The actions discussed at today’s event underscore that euro area central banks can significantly help to advance financial literacy and promote financial inclusion, particularly among women.

    President Lagarde’s opening remarks were followed by a panel discussion with Claudia Buch, Chair of the ECB’s Supervisory Board; Klaas Knot, President of De Nederlandsche Bank; Joachim Nagel, President of the Deutsche Bundesbank; Fabio Panetta, Governor of the Banca d’Italia; and Annamaria Lusardi, Professor at Stanford University and expert on financial literacy. President Lagarde and the panellists committed to several actions, such as creating a financial literacy network of central banks, focusing on actions to strengthen financial literacy in general and for women in particular, and the harmonisation of financial literacy data across Europe.

    Chair Buch focused on how financially literate bank customers contribute to a healthier banking sector and therefore support financial stability. Governors Knot, Nagel and Panetta described the financial literacy strategy of their respective countries, such as developing educational programmes to be used in schools or at the workplace. These best practices can be shared with other countries looking to tackle financial literacy disparities.

    Highlighting the urgent need to accelerate efforts to close the gender gap in financial literacy across Europe, Professor Lusardi said that “differences in financial literacy between women and men are large and stubborn; they persist over time and across countries”. Speaking during the panel discussion, she added “We all have to bundle our resources to promote financial literacy and reduce the gender gap”.

    The event was the first in a series of annual gatherings designed to raise awareness and foster cooperation to close the gender gap in financial literacy. The ECB is committed to serving as a facilitator within the Eurosystem, promoting interaction and the exchange of best practices. This event aligns with the ECB’s broader diversity and inclusion efforts, aiming to inspire action and cooperation among stakeholders.

    For more information, please visit our website with the financial literacy initiatives in Europe.

    Photos of the event can be found on the ECB’s Flickr account.

    For media queries, please contact Anne Grüttner, tel.: +49 162 449 2511.

    MIL OSI Europe News

  • MIL-OSI Europe: Croatian businesses to get financing boost as EIB Group provides €132 million backing to Erste Bank

    Source: European Investment Bank

    • EIB Group offers €132 million in guarantees to Croatia-based Erste&Steiermärkische Bank d.d. to expand financing for range of businesses in the country
    • Package includes guarantees of €100 million from EIB and €32 million from EIF
    • Operation to bolster Croatian Mid-Caps, micro-entrepreneurs and social enterprises

    The European Investment Bank (EIB) Group is providing Croatia-based Erste&Steiermärkische Bank d.d. (ESB) with €132 million in support to expand lending to a range of businesses in the country. The backing is in the form of a €100 million guarantee from the EIB and two portfolio guarantees totalling €32 million from the European Investment Fund (EIF).

    ESB expects to use the EIB guarantee to generate as much as €280 million in new financing for Croatian Mid-Caps. The terms will include lower interest rates for loan recipients and higher risk-taking opportunities for ESB.

    “Ensuring businesses of all sizes have access to financing is fundamental to driving economic growth and stability,” said EIB Vice-President Teresa Czerwińska. “With this guarantee, we are reinforcing our commitment to supporting Croatian Mid-Caps, helping them seize new opportunities for expansion and innovation.”

    The EIF support totalling €32 million aims to bolster ESB lending to Croatian micro-entrepreneurs and social enterprises. It includes guarantees of €19.2 million for micro-entrepreneurs and €12.8 million for social enterprises including non-governmental organisations.

    This part of the package expands EIF-ESB cooperation under the InvestEU programme to bolster financial inclusion, facilitate entrepreneurship and drive sustainable social impact across Croatia. The expanded framework is focused particularly on start-ups and first-time borrowers and allows for favourable loan terms including reduced collateral requirements.

    “Access to finance remains one of the biggest challenges for start-ups and social enterprises,” said EIF Chief Executive Marjut Falkstedt. “On the back of strong demand in the Croatian market, we are renewing our partnership with ESB, increasing financial opportunities for these organisations and ultimately enabling them to contribute to financial and social inclusion in Croatia.”

    The new EIF guarantee for micro-entrepreneurs will enable total ESB lending to them of as much as €24 million. The guarantee for social enterprises will pave the way for total ESB financing to them of up to €16 million.

    “We are very pleased to continue and further deepen our long-standing successful cooperation with EIB Group. So far, in partnership with the EIB and EIF we have provided a total of €926 million in loans to our clients supported by the EIB funding and EIF guarantee instruments. Support for micro-entrepreneurs and social enterprises, as well as medium-sized enterprises, as important drivers of growth and economic development, is one of our key strategic pillars. With this package, we have additional financing instruments which will support client growth, contribute to job creation in our communities and result in realisation of numerous successful projects.” said Erste&Steiermärkische Bank d.d. Member of the Management Board, Mr Hannes Frotzbacher.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    The European Investment Fund (EIF) is part of the European Investment Bank Group. It supports Europe’s SMEs by improving their access to finance through a wide range of selected financial intermediaries, such as banks, guarantee and leasing companies, micro-credit providers and private equity funds. The EIF designs and offers equity and debt financing instruments fostering EU objectives in support of entrepreneurship, growth, innovation, research and development, the green and digital transitions, and employment.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    Erste & Steiermärkische Bank d.d. (ESB)  Erste&Steiermarkische Bank d.d. originates from the former strong regional banks – Riječka, Bjelovarska, Trgovačka and Čakovečka banka – and has been operating under this name since 1 August 2003. Today it is a modern bank, ranked No3 on the Croatian market by total assets, and a part of the international Erste Group, one of the leading financial service providers in CEE. What makes Erste Bank different is its employees, their approach to work, innovation, and care for the clients. The Bank has been posting great business results for years, continuously investing in digital development that facilitates innovation and creativity in customer service. By supporting the financial needs of the citizens and financing sound and profitable projects implemented by entrepreneurs and companies contributing to employment growth in the real sector, the Bank adequately supports the development of the entire economy.

    The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery and growth. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. InvestEU brings together under one roof the multitude of EU financial instruments, making funding for investment projects in Europe simpler, more efficient and more flexible. The InvestEU Fund is implemented through financial partners that will invest in projects using EU budget guarantee of €26.2 billion. That guarantee will back investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.

    MIL OSI Europe News

  • MIL-OSI: Man Group PLC : Form 8.3 – Dalata Hotel Group plc

    Source: GlobeNewswire (MIL-OSI)

    Ap27

    FORM 8.3

    IRISH TAKEOVER PANEL

    OPENING POSITION DISCLOSURE/DEALING DISCLOSURE UNDER RULE 8.3 OF THE IRISH TAKEOVER PANEL ACT, 1997, TAKEOVER
    RULES, 2022 BY PERSONS WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE

    1.      KEY INFORMATION

    (a)   Full name of discloser Man Group PLC
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a)

    The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.

     
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates

    Use a separate form for each offeror/offeree

    Dalata Hotel Group plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree (Note 1)  
    (e)   Date position held/dealing undertaken

    For an opening position disclosure, state the latest practicable date prior to the disclosure

    06/03/2025
    (f)   In addition to the company in 1(c) above, is the discloser also making disclosures in respect of any other party to the offer?

    If it is a cash offer or possible cash offer, state “N/A”

    N/A

    2.      INTERESTS AND SHORT POSITIONS

    If there are interests and short positions to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2 for each additional class of relevant security.

    Ap28

    Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
    (Note 2)

    Class of relevant security
    (Note 3)
    €0.01 ordinary shares
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled 5,885,316.00 2.78    
    (2)   Cash-settled derivatives 2,421,461.00 1.14    
    (3)   Stock-settled derivatives (including options) and agreements to purchase/ sell        
    Total 8,306,77.00 3.93    

    All interests and all short positions should be disclosed.

    Details of options including rights to subscribe for new securities and any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8.

    3.      DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE (Note 4)

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)      Purchases and sales

    Class of relevant
    security
    Purchase/sale Number of
    securities
    Price per unit
    (Note 5)
    €0.01 ordinary shares Sale 134,010 5.557
    €0.01 ordinary shares Sale 1,108 5.650
    €0.01 ordinary shares Sale 12,828 5.517
    €0.01 ordinary shares Sale 1,667 5.627
    €0.01 ordinary shares Sale 82,088 5.532
    €0.01 ordinary shares Sale 127,431 5.552
    €0.01 ordinary shares Sale 5,705 5.539
    €0.01 ordinary shares Sale 12,828 5.517

    Ap29

    (b)        Cash-settled derivative transactions

    Class of
    relevant
    security
    Product
    description
    e.g. CFD
    Nature of dealing
    e.g. opening/ closing a long/ short position, increasing/ reducing a long/ short position
    Number of
    reference
    securities
    (Note 6)
    Price
    per unit
    (Note 5)
    €0.01 ordinary shares Equity Swap Reducing a long position 11,113 5.552
    €0.01 ordinary shares Equity Swap Reducing a long position 7,159 5.532
    €0.01 ordinary shares Equity Swap Reducing a long position 497 5.539
    €0.01 ordinary shares Equity Swap Reducing a long position 1,118 5.517
    €0.01 ordinary shares Equity Swap Reducing a long position 145 5.627
    €0.01 ordinary shares Equity Swap Reducing a long position 11,687 5.557
    €0.01 ordinary shares Equity Swap Reducing a long position 96 5.650
    €0.01 ordinary shares Equity Swap Reducing a long position 135 5.532
    €0.01 ordinary shares Equity Swap Reducing a long position 21 5.517
    €0.01 ordinary shares Equity Swap Reducing a long position 221 5.557
    €0.01 ordinary shares Equity Swap Reducing a long position 1 5.650
    €0.01 ordinary shares Equity Swap Reducing a long position 2 5.627
    €0.01 ordinary shares Equity Swap Reducing a long position 210 5.552
    €0.01 ordinary shares Equity Swap Reducing a long position 9 5.539
    €0.01 ordinary shares Equity Swap Reducing a long position 800 5.404
    €0.01 ordinary shares Equity Swap Reducing a long position 39,358 5.552
    €0.01 ordinary shares Equity Swap Reducing a long position 1,763 5.539
    €0.01 ordinary shares Equity Swap Reducing a long position 25,353 5.532
    €0.01 ordinary shares Equity Swap Reducing a long position 3,963 5.517
    €0.01 ordinary shares Equity Swap Reducing a long position 516 5.627
    €0.01 ordinary shares Equity Swap Reducing a long position 41,389 5.557
    €0.01 ordinary shares Equity Swap Reducing a long position 344 5.650

    (c)      Stock-settled derivative transactions (including options)

    (i)      Writing, selling, purchasing or varying

    Class of
    relevant
    security
    Product
    description e.g. call
    option
    Writing, purchasing, selling, varying
    etc.
    Number
    of
    securities
    to which
    option
    relates
    (Note 6)
    Exercise
    price per
    unit
    Type
    e.g.
    American,
    European
    etc.
    Expiry
    date
    Option
    money
    paid/
    received per unit

    (ii)      Exercise

    Class of
    relevant
    security
    Product
    description
    e.g. call
    option
    Exercising/
    exercised
    against
    Number of
    securities
    Exercise
    price per
    unit
    (Note 5)

    (d)      Other dealings (including transactions in respect of new securities) (Note 3)

    Class of
    relevant
    security
    Nature of dealing
    e.g. subscription,
    conversion, exercise
    Details Price per unit (if
    applicable)
    (Note 5)

    Ap30

    4.      OTHER INFORMATION

    (a)      Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer.

    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

     None

    (b)      Agreements, arrangements or understandings relating to options or derivatives

    Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.
     None

    (c)        Attachments

    Is a Supplemental Form 8 attached? NO
    Date of disclosure 07/03/2025
    Contact name Mackenzie Terry
    Telephone number +442071441555

    Public disclosures under Rule 8.3 of the Rules must be made to a Regulatory Information Service.

    Ap31

    NOTES ON FORM 8.3

    1.      See the definition of “connected fund manager” in Rule 2.2 of Part A of the Rules.

    2.      See the definition of “interest in a relevant security” in Rule 2.5 of Part A of the Rules and see Rule 8.6(a) and (b) of Part B of the Rules.

    3.      See the definition of “relevant securities” in Rule 2.1 of Part A of the Rules.

    4.      See the definition of “dealing” in Rule 2.1 of Part A of the Rules.

    5.      If the economic exposure to changes in the price of securities is limited, for example, by virtue of a stop loss arrangement relating to a spread bet, full details must be given.

    6.      See Rule 2.5(d) of Part A of the Rules.

    7.      If details included in a disclosure under Rule 8 are incorrect, they should be corrected as soon as practicable in a subsequent disclosure. Such disclosure should state clearly that it corrects details disclosed previously, identify the disclosure or disclosures being corrected, and provide sufficient detail for the reader to understand the nature of the corrections. In the case of any doubt, the Panel should be consulted.

    For full details of disclosure requirements, see Rule 8 of the Rules. If in doubt, consult the Panel.

    References in these notes to “the Rules” are to the Irish Takeover Panel Act, 1997, Takeover Rules, 2022.

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