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Category: Business

  • MIL-OSI Submissions: Asia Pacific – Regional UN forum calls for targeted and evidence-based solutions to speed up sustainable development progress

    Source: United Nations – ESCAP

    Sustained economic growth in Asia and the Pacific has lifted millions out of poverty. Yet, the attainment of the 17 Sustainable Development Goals (SDGs) by 2030 remains well beyond the region’s grasp as less than a sixth of SDG targets will be met on current trends.

    At the opening of the 12th Asia-Pacific Forum on Sustainable Development today, government officials, civil society, youth and international organization representatives called for prioritized, targeted actions with strong multiplier effects across different sectors so that the region moves closer to as many targets as possible.

    “With the technology and finance that drive the world now largely coming from the region, the means to attain sustainable development lie within us. Our commitments must be translated into concrete actions,” urged Armida Salsiah Alisjahbana, United Nations Under-Secretary-General and Executive Secretary of the Economic and Social Commission for Asia and the Pacific (ESCAP).

    “This region has immense potential to accelerate SDG progress – through action to harness the power of technology, accelerate the energy transition and transform food systems, driving progress across all the Goals,” said United Nations Deputy Secretary-General Amina J. Mohammed in her video remarks. “Use your voice to ensure that the needs and priorities of this region shape action over the coming years.”

    Asia and the Pacific faces defining challenges, urgent actions needed

    With recent years being the warmest on record, the world is rapidly approaching the critical +1.5°C threshold. The consequences — ranging from disruptions in agriculture and health to the increasing frequency of disasters and challenges for human settlements — are set to reshape livelihoods and economies. Delegates at the opening further called for urgent action to mitigate climate change risks and build resilience. This includes an accelerated shift towards renewable energy and regional power systems, integrating cooling solutions into sectoral policies and investing in climate adaptation to safeguard communities.

    Additionally, they drew attention to the fundamental demographic shift taking place with increasingly ageing populations, especially in countries still developing. Delegates highlighted the need to invest in future generations: better education, health and youth employment as well as intergenerational collaboration to ensure everyone remain well-integrated into society.

    “It is time to move beyond conversations, trust young people with inclusive, innovative and science-based solutions and facilitate intergenerational linking and learning for a cohesive sustainable development agenda,” said Shayal Nand, who presented the Youth Call to Action at the session.

    Speaking on behalf of the Asia-Pacific Regional Civil Society Engagement Mechanism, Beena Pallical said, “We call on all states and UN agencies to commit to comprehensive redressal of systemic barriers, centering people and the planet over profits, in line with the principle of equity and inclusivity to realize development justice for a far better world for our tomorrow.”

    APFSD serves as a crucial regional platform to shape global development dialogue

    Suman Bery, Vice Chair of NITI Aayog of India was elected Chair of the session. He underscored the Forum’s importance as a key platform to review regional progress and discuss sustainable development priorities moving forward at a fast pace.

    Over the next four days, Forum participants will undertake an in-depth review of the region’s progress on Sustainable Development Goals 3 (good health and well-being); 5 (gender equality); 8 (decent work and economic growth); 14 (life below water) and 17 (partnership for the Goals). The outcome of the regional Forum will feed into the global High-Level Political Forum in July.

    Bob Rae, President of the United Nations Economic and Social Council noted that of the 39 countries that will present their Voluntary National Reviews at the High-Level Political Forum in July in New York, 12 are ESCAP members. “This very strong number demonstrates the region’s commitment to evidence-based follow-up and shared learning which is so critical in pursuit of the SDGs,” he said.

    ESCAP, ADB and UNDP launch report on advancing a just transition

    At the Forum, ESCAP, the Asian Development Bank and the United Nations Development Programme jointly launched the latest edition of the Asia-Pacific SDG Partnership Report 2025, which highlights the critical need for a just transition to green and blue economies. This is a necessary step to addressing climate change while ensuring sustainable development, but it must be fair and inclusive, creating decent work opportunities and leaving no one behind.

    The report reveals that a just transition has the potential to generate millions of new jobs while addressing the risks of disruptions to employment and livelihoods, particularly for workers in carbon-intensive industries, the informal sector and those lacking social protection. It further highlights more than 50 examples of potential solutions and good practices implemented across the region, showcasing how a just transition can be pursued on many fronts as well as scalable and adaptable across diverse national contexts.

    Note:
    The Asia-Pacific Forum on Sustainable Development is hosted annually by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) to assess regional progress on the Sustainable Development Goals and explore solutions to accelerate action. The forum provides a space for countries to identify regional trends, discuss best practices and lessons learned as well as strengthen regional collaboration to ensure no one is left behind.  

    For more information on the 12th APFSD: https://www.unescap.org/events/apfsd12
     
    Access the full Asia-Pacific SDG Partnership Report 2025: https://www.unescap.org/kp/2025/delivering-just-transition-advancing-decent-work-gender-equality-and-social-protection

    MIL OSI – Submitted News –

    February 25, 2025
  • MIL-OSI Submissions: Business – Gebrüder Weiss expands its logistics services in Poland

    Source: Gebrüder Weiss

    Since the beginning of the year, Gebrüder Weiss has been offering partial and full truck loads (LTL / FTL) as well as extended logistics solutions in addition to air and sea freight services / Poland continues to gain in importance as a logistics center for the transport of goods in Europe

    Krakow / Lauterach, February 25, 2025. Gebrüder Weiss is further expanding its transport and logistics services in Poland: since the beginning of 2025, the international logistics company has also been offering its customers national and international partial and full truck loads (LTL / FTL) as well as additional warehousing and logistics solutions, including order picking. Companies can use the myGW customer portal to track their shipments in real time and have all documents available in digital form. The new services complement Gebrüder Weiss’ existing logistics, air and sea freight services on offer since 2020. As a result, the team is growing to 70 employees.

    “Our goal is to offer companies in Poland with a first-class and comprehensive range of logistics services,” emphasizes René Stranz, Area Manager Slovakia and Poland at Gebrüder Weiss. “By combining different modes of transport, our customers will be able to react even more flexibly to market requirements and make their supply chains more efficient in the future.” Poland has become a sought-after production and warehousing location within Europe. Its economy grew three times faster than the EU average in 2024 thanks to rising consumer spending. Poland is an important trading partner and export market, especially for German companies, but also for imports from Asia and the US. At the same time, the transport infrastructure is being continually expanded, including a new major airport with an international freight center.

    Today, Gebrüder Weiss in Poland has branches in Krakow, Wroclaw, Gdynia and Warsaw. Its customers come mainly from the high-tech, automotive, consumer goods and e-commerce industries. In addition to transport, the logistics provider also handles the storage and order picking of pharmaceuticals that require special refrigeration for companies in the pharmaceutical industry. In order to optimize its customers’ supply chains even more comprehensively, the logistics company is also planning to expand its offer as a Lead Logistics Provider in the medium term. “Depending on how the economy develops, further locations are also possible,” says Maciej Szczyglowski, Country Manager Poland Land & Logistics at Gebrüder Weiss. “For example, in Wroclaw or Katowice, where we can imagine new logistics terminals for goods handling.”

    About Gebrüder Weiss

    Gebrüder Weiss Holding AG, based in Lauterach, Austria, is a globally operative full-service logistics provider with about 8,600 employees at 180 company-owned locations. The company generated revenues of 2.46 billion euros in 2023. Its portfolio encompasses transport and logistics solutions, digital services, and supply chain management. The twin strengths of digital and physical competence enable Gebrüder Weiss to respond swiftly and flexibly to customers’ needs. The family-run organization – with a history going back more than half a millennium – has implemented a wide variety of environmental, economic, and social initiatives. Today, it is also considered a pioneer in sustainable business practices. www.gw-world.com

    MIL OSI – Submitted News –

    February 25, 2025
  • MIL-OSI United Kingdom: Yorkshire engineer jailed for breaching director ban and bankruptcy offence

    Source: United Kingdom – Executive Government & Departments

    Press release

    Yorkshire engineer jailed for breaching director ban and bankruptcy offence

    Father and son sentenced after multiple offences committed

    • Repeat offender Leslie Crossland again breached the rules of his director disqualification by managing two companies when he was not allowed to do so 
    • He also committed a bankruptcy offence in 2020 during the course of interviews with Insolvency Service officials 
    • Crossland was assisted in breaking his director ban by his son, Richard Crossland, who was given a suspended sentence at the same hearing 

    A Yorkshire electrical engineer who continued to manage his businesses while he was disqualified as a company director has been jailed. 

    Leslie Crossland, of Netherfield Croft, Shafton, Barnsley, was sentenced to 16 months in prison when he appeared at Sheffield Crown Court on Friday 21 February. 

    The 75-year-old had previously admitted acting as a director of R&L Electrical Engineers Ltd (R&L) and R&L (BMS) Installations Ltd (BMS) when he was banned from doing so. 

    He also failed to inform Insolvency Service officials that he had withdrawn four of his pensions, disposing of £23,300 in assets in the months before he was declared bankrupt. 

    Crossland was already serving a 14-year director disqualification, which began in November 2008, at the time he was managing R&L and BMS. His 2008 disqualification was for failing to deliver accounting records to the liquidator and ignoring a previous 10-year director ban from September 2005. 

    He was also jailed in 2014 for breaching the 14-year disqualification. 

    Crossland was supported in breaching his most recent directorship ban by Richard Crossland, his son, who was also sentenced after failing to deliver records to the liquidator for R&L. 

    Richard Crossland, 45, and also of Netherfield Croft, Shafton, Barnsley, was sentenced to 10 months in prison, suspended for two years, at the same hearing. 

    He was also ordered to complete 300 hours of unpaid work, five days of rehabilitation activity, and pay £2,000 in costs. 

    David Snasdell, Chief Investigator at the Insolvency Service, said: 

    Leslie Crossland clearly breached the terms of his director disqualification, making all the executive decisions and using deceptive tactics such as impersonating those who were named as directors of his companies.  

    He is a repeat offender, with this not being the only time he has blatantly ignored director bans in the past. 

    Crossland was actively enabled to carry out these actions by his son, who allowed him to continue as a company director in all but name. 

    The public deserves to be protected from those who are unfit to direct or manage company affairs, putting them at risk of financial harm. 

    We will continue to work hard to ensure the UK remains a safe and fair place to do business.

    R&L was established in September 2016, continuing the business of RL Installations run by Leslie and Richard Crossland but as a limited company, not sole tradership as had been the case before. 

    BMS was incorporated in November 2018 when it became clear that R&L would be entering administration. 

    Leslie Crossland was serving his 14-year director ban at the time both companies were trading. 

    Richard Crossland was appointed as director of R&L in January 2018 and BMS when it was set up in November 2018. 

    In interviews with the Insolvency Service, Richard Crossland admitted that his father made the executive decisions for both companies, not him. 

    Statements from employees and financial records uncovered by investigators supported the claims that Leslie Crossland was responsible for the management of both companies despite his disqualification. 

    R&L entered liquidation in May 2019. Richard Crossland failed to provide accounting records to the liquidator on request, committing an offence under the Companies Act in the process. 

    Liquidators were appointed for BMS in August 2022. 

    Leslie Crossland was declared bankrupt in January 2020. Both him and his son had outstanding debts to a fellow electrical company of more than £40,000. 

    Two months after his bankruptcy, Leslie Crossland failed to inform the Official Receiver that he had drawn down on four of his pensions just months before his bankruptcy, with money transferred to his own account and £9,000 paid to his wife to buy a car. 

    He signed documents stating he had not transferred, sold or given away any of his personal possessions or business assets in the previous five years.  

    Similarly, he also declared that he did not have any personal pension arrangements.  

    These inaccurate declarations, referred to in this case as failing to inform the Official Receiver of the disposal of property, were found to be offences under the Insolvency Act 1986. 

    Leslie and Richard Crossland were each disqualified as company directors again in 2020, this time for the maximum 15 years and 11 years respectively. 

    Ashley Crossland, the wife of Richard Crossland, was handed a two-year conditional discharge for also assisting Leslie Crossland in breaching his director ban. The 35-year-old, of Marsala Walk, Darfield, Barnsley, was the director of R&L between September 2016 and January 2018. 

    Further information 

    • Leslie Crossland is of Netherfield Croft, Shafton, Barnsley. His date of birth is 12 October 1949 
    • Sentenced for: Acting as a director or in the management of a company whilst disqualified contrary to section 13 of the Company Directors Disqualification Act 1986; and failing to disclose to the Official Receiver disposal of property contrary to section 353(1)(b) of the Insolvency Act 1986 
    • Richard Crossland is of Netherfield Croft, Shafton, Barnsley. His date of birth is 28 December 1979 
    • Sentenced for: Aiding and abetting Leslie Crossland to commit the offence of acting as a director or in the management of a company, whilst he was disqualified from doing so contrary to section 8 of the Accessories and Abettors Act 1861; and failing to keep adequate accounting records contrary to section 387 of the Companies Act 2006 
    • Ashley Crossland is of Marsala Walk, Darfield, Barnsley. Her date of birth is 6 May 1989 
    • Sentenced for: Aiding and abetting Leslie Crossland to commit the offence of acting as a director or in the management of a company, whilst he was disqualified from doing so contrary to section 8 of the Accessories and Abettors Act 1861 
    • R&L Electrical Engineers Ltd (company number 10363568) 
    • R&L (BMS) Installations Ltd (company number 11700997) 
    • Individuals subject to a disqualification order or undertaking are bound by a range of restrictions 
    • Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

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    Updates to this page

    Published 25 February 2025

    MIL OSI United Kingdom –

    February 25, 2025
  • MIL-OSI Video: UK Misinformation and harmful algorithms | Part Two – Science, Innovation and Technology Committee

    Source: United Kingdom UK Parliament (video statements)

    In a two-part session, the Science, Innovation and Technology Committee hears from Google and the social media companies TikTok, Meta and X as part of its inquiry into misinformation and harmful algorithms.

    #SocialMedia #Misinformation #Algorithms #UKParliament #SelectCommittees

    https://www.youtube.com/watch?v=INz3-r_uZv8

    MIL OSI Video –

    February 25, 2025
  • MIL-OSI Video: UK Misinformation and harmful algorithms | Part One – Science Innovation and Technology Committee

    Source: United Kingdom UK Parliament (video statements)

    In a two-part session, the Science, Innovation and Technology Committee hears from Google and the social media companies TikTok, Meta and X as part of its inquiry into misinformation and harmful algorithms.

    #SocialMedia #Misinformation #Algorithms #UKParliament #SelectCommittees

    https://www.youtube.com/watch?v=7jeDT9aPUpM

    MIL OSI Video –

    February 25, 2025
  • MIL-OSI China: Chinese peacekeeping troops to Lebanon pass military capability assessment 2025-02-25 17:05:26 Recently, the 23rd Chinese peacekeeping multi-role engineering company to the United Nations Interim Force in Lebanon (UNIFIL) passed the military capability assessment organized by the UNIFIL with excellent performance.

    Source: People’s Republic of China – Ministry of National Defense

      The UNIFIL assessment team assesses the military capabilities of the 23rd Chinese peacekeeping multi-role engineering company to the United Nations Interim Force in Lebanon (UNIFIL). (Photo by Zhang Boyu)

      BEIRUT, Feb. 25 — Recently, the 23rd Chinese peacekeeping multi-role engineering company to the United Nations Interim Force in Lebanon (UNIFIL) passed the military capability assessment organized by the UNIFIL with excellent performance.

      The UNIFIL assessment team conducted an overall assessment on the combat-readiness and mission-performing capabilities of the Chinese peacekeepers through debriefing, material reviewing, field inspection and random inquiry.

      The UNIFIL assessment team noted that based on its outstanding equipment performance, sufficient supply stock and all-round personnel quality, the Chinese peacekeeping multi-role engineering company is capable enough to execute diversified peacekeeping missions.

      The UNIFIL assessment team assesses the military capabilities of the 23rd Chinese peacekeeping multi-role engineering company to the United Nations Interim Force in Lebanon (UNIFIL). (Photo by Zhang Boyu)

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    MIL OSI China News –

    February 25, 2025
  • MIL-OSI Russia: Communicating with neighbors and resolving issues: how the Electronic House platform helps Muscovites every day

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Moscow is considered one of the smartest cities in the world. The capital uses information technology for the comfortable life of its citizens, allowing them to solve important issues in a couple of clicks.

    One example is the platform “Electronic House”. It has become a convenient tool for managing an apartment building, thanks to which residents can quickly contact management company And neighbors, to conduct general meeting of owners(OSS) and much more. The platform’s experts have identified the advantages of the “Electronic House” for residents of the capital.

    General meeting of owners

    At the general meeting of owners, residents discuss important issues – for example, they vote for the installation of a barrier and a video intercom, elect a house council and its chairman, decide to change the security. In 2024, about 11 thousand meetings were held in the “Electronic House”. If voting online is inconvenient, then owners can fill out paper ballots. All votes will be counted – the meeting administrator (at the first general meeting of owners, this role is performed by the initiator, and subsequently the owners elect him to this position) will collect ballots from the participants and enter them into the system.

    For convenience, the platform has been created special page, where you can learn about the benefits of holding meetings in the system. Here you can also find examples of a bulletin and minutes, recommendations and step-by-step instructions that will help you organize a meeting.

    Muscovites will be able to participate in the life of their home even during the New Year holidays with the Electronic Home platform“Electronic House” made general meetings of owners more transparent

    Troubleshooting

    In the “Applications” section of the “Electronic House” platform, residents can report the need to fix problems in the house and the surrounding area, including a damaged front door, a faulty lock, uncleaned territory, and others. The topic of the message can be entered in the search bar or selected from the catalog. Residents can also use the “Topical Topics” block, which displays the most popular requests over the past 30 days. Users have full control over the progress of the request – for example, they can see the status and performers in the card.

    In the “Applications” section, platform participants can leave a request for paid services, such as connecting household appliances to the power grid, a dishwasher to the water supply system, or replacing a faucet.

    Quick resolution of issues

    On the Electronic House platform, residents of apartment buildings communicate directly with specialists management organization. They get answers online to questions for which there is no topic in the “Applications” section – for example, how to replace a gas stove with an electric one or get access to a video recording in the entrance. You can even ask to install a squirrel feeder.

    To send a message, select the “Management Organization” section in the menu on the left side of the screen and click the “Create a request” button. Users of the application simply select the “My Home” section on the main page, click the “House Management” button and then “Requests to the Management Organization”.

    Major repairs

    Users of the Electronic House platform communicate directly with the Capital Repairs Fund (CRF) and quickly learn about planned and ongoing work in the building. You can send a question to the CRF from the main page of the website and the application of the Electronic House platform. To do this, click the “Capital Repairs Question” button in the “Popular” section and select a topic – for example, about the work schedule or the repair deadline. You can also leave a message in the “Capital Repairs” category of the “My Home” section. It should be noted that only users who have confirmed their ownership in their personal account will be able to send a question on the mos.ru portal, residents registered at the address, payers single payment document or residents with basic or advanced guest access.

    Comments from FKR specialists are sent to your personal account. They are available in the “Major Repairs” category of the “My Home” section. Communication takes place in a chat format, where all questions and answers are visible. In the event of inactivity, the chat is closed five days after the last answer is received.

    In addition, in the section “My home”the user can view the status of capital repairs (current, planned, completed). There he will also find the registry number of the contract for their implementation and information about the contractor.

    Digital Assistant: How the Electronic House Platform Makes Life Easier for Muscovites

    Only real neighbors: reliable common house chat on the platform

    The chat on the Electronic House platform is a closed group where neighbors discuss important aspects of life at home and exchange useful information. For example, they warn about noisy work, discuss the need to hold a general meeting of owners, or ask to borrow a stepladder for a couple of hours. There are no strangers in the chat, since only users of the platform with confirmed address on the mos.ru portal, as well as the owners enhanced guest access.

    Guests with access: new functions for apartment owners and residents have appeared on the Electronic House platform

    In addition to communicating in the common house chat, users have the opportunity to contact neighbors registered on the platform, knowing only their apartment number. To use this function, you need to log in to the website or in the Electronic House application using account any level on mos.ru. Then you need to check the availability of the required address (it must be confirmed) in the profile and select the “My neighbors” tab in the “Popular” section and the menu on the left on the site or on the main page – in the application. Then in the line that appearsYou must enter the number of the apartment you need.

    Platform “Electronic House”started work in November 2020. The project is being developed by the State Institution “New Management Technologies” together with Department of Information Technology of the City of Moscow.

    The creation, development and operation of the e-government infrastructure, including the provision of mass socially significant services, as well as other services in electronic form, corresponds to the objectives of the national project “Data Economy and Digital Transformation of the State”and the regional project of the city of Moscow “Digital Public Administration”.

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

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

    https: //vv.mos.ru/nevs/ite/150510073/

    MIL OSI Russia News –

    February 25, 2025
  • MIL-OSI United Nations: UNECE launches the 2025 UN Global Survey on digital and sustainable trade facilitation jointly with UN Regional Commissions and UNCTAD

    Source: United Nations Economic Commission for Europe

    UNECE has launched the Sixth UN Global Survey on Digital and Sustainable Trade Facilitation 2025, jointly with the other four United Nations Regional Commissions and United Nations Trade and Development (UNCTAD).

    The 2025 UN Global Survey consists of 62 measures, including new measures on ‘Trade Facilitation for E-Commerce’ and ‘Green Trade Facilitation’. Aside from measures supporting the implementation of the World Trade Organization Trade Facilitation Agreement (WTO TFA), the survey also covers the implementation of cutting-edge paperless and cross-border trade facilitation measures, as well as measures supporting more inclusive and sustainable trade, thus moving forward towards a “WTO TFA+” implementation.  

    The preliminary results of the 2025 Survey are expected to be published in July at untfsurvey.org, followed by the production of a Global and Regional Reports. The Survey aims to provide insightful information to support countries and policy makers to harness trade as a key means of implementation of the 2030 Agenda for Sustainable Development.  

    Furthermore, by presenting an overview of the progress on digital and sustainable trade facilitation, the Survey also supports countries in:  

    • Better inform the accession process for UNECE member States to the WTO. For instance, the UNECE Regional Report 2024 included a spotlight section which highlighted the progress of the trade facilitation implementation in Azerbaijan, Turkmenistan and Uzbekistan in the context of their accession process to the WTO. 

    The UNECE Regional Report 2024, based on the results of the 2023 UN Global Survey, revealed that the performance on trade facilitation of the 48 UNECE member States, who participated in the survey, has improved by 5% compared to the 2021 Survey results, with the implementation rate of trade facilitation measures rising from 76% in 2021 to almost 81% in 2023.  

    Among all UN Regional Commissions, UNECE had an overall higher implementation rate compared to the average results globally, with measures on “Transparency” at the highest implementation rate of 96%, followed by “Formalities” at 87%. On the implementation rates for digital trade facilitation measures in the UNECE region, the average rate for “Paperless trade” reached 82%, with the rate for “Cross-border paperless trade” being relatively lower, at 56%. 

    The report findings also offer clear directions for the future, highlighting the importance of actively engaging UNECE member States and partner international organizations in fast-tracking the implementation of trade facilitation measures. In light of the current challenges facing international trade, increased cooperation between governments and international organizations is critical.  

    Governments, specialized agencies, intergovernmental organizations can contribute to developing UN/CEFACT additional standards and accelerating the implementation of trade facilitation measures, particularly those leveraging digital technologies that contribute to climate-smart trade while reducing trade costs and streaming trade-related procedures.  

    UNECE calls upon all relevant actors and donors to further contribute to the substantive work of the UN/CEFACT in the development and update of its policy instruments and tools, including recommendations, standards and guideline materials, as well as continue to provide additional support and funding resources related to the capacity building and technical assistance activities in its 17 programme countries for the implementation of those UN/CEFACT recommendations and enhancement of the progress on trade facilitation in the region. 

    The Survey is an initiative under the Joint UNRECs Approach to Trade Facilitation, agreed by the Executive Secretaries of the five UN Regional Commissions. The approach was designed to enable the Regional Commissions to present a joint view on key trade facilitation issues, particularly from the regional and interregional level, and to enhance the effectiveness of technical assistance and capacity building initiatives. 

    As the international focal point for trade facilitation recommendations and standards, UNECE develops instruments to reduce, harmonize and digitalize procedures in international trade. The Survey also provides an opportunity to monitor the uptake and impact of such solutions for economic cooperation and integration, both in the region and globally. 

    If you are an expert in trade facilitation for your country and would like to participate in the Survey, click here for the questionnaire and more details about the methodology of the Survey. For more information, please directly contact Ms. Jie Wei.  

    MIL OSI United Nations News –

    February 25, 2025
  • MIL-OSI: No. 2/2025 – Publication of annual report

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen                                                                                   
    Nikolaj Plads 6
    DK-1067 Copenhagen K   

    Copenhagen, 25 February 2025
    ANNOUNCEMENT no. 2/2025

    PUBLICATION OF ANNUAL REPORT

    The annual report for 2024 of Cemat A/S has now been published in advance of the expected approval at the company’s annual general meeting. Please note that Cemat A/S’ official annual report has been prepared in compliance with the ESEF Regulation and can be visited in the attached zip file and via the weblink on Cemat A/S’ website. An unofficial copy of the annual report is also attached to this announcement in a pdf file.

    Cemat A/S

    Frede Clausen
    Chairman of the Board

    This announcement has been prepared in a Danish-language and an English-language version. In case of doubt, the Danish version prevails.

    Attachments

    The MIL Network –

    February 25, 2025
  • MIL-OSI Economics: Trump’s tariffs threaten profitability of North American insurers, says GlobalData

    Source: GlobalData

    Trump’s tariffs threaten North American insurers’ profitability, says GlobalData

    Posted in Insurance

    On 1 February 2025, US President Donald Trump signed three executive orders to impose tariffs on imports from Canada, Mexico, and China. In retaliation, Canada announced it would impose a 25% tariff on CAD155 billion ($117.8 billion) worth of US goods. Moreover, Trump increased the US tariff rate on steel and aluminum to 25% on 10 February, removing country-specific exceptions and quota arrangements. Consequently, North American region insurers may see increased claims costs in 2025 across various insurance lines, potentially affecting their profitability, says GlobalData, a leading data and analytics company.

    After discussions between the US President and leaders from Mexico and Canada, the proposed tariffs on imports from Canada and Mexico and the retaliatory tariff are delayed by a month. In its retaliation, Canada specified that tariffs on CAD30 billion ($22.8 billion) would take effect immediately from 4 February 2025, and tariffs on the remaining CAD125 billion ($95 billion) would follow within 21 days. Set to take effect on 12 March 2025, the US tariffs will impact imports of millions of tons of steel and aluminum, affecting goods previously duty-free from countries like Canada, Brazil, Mexico, and South Korea.

    Manogna Vangari, Insurance Analyst at GlobalData, comments: “Upon implementation, high tariffs will significantly affect trade throughout North America, not solely due to the substantial volume of commerce but also owing to the critical role of supply chains, which account for more than half of intra-regional trade, as per GlobalData’s estimates.

    “Furthermore, the Trump administration plans to raise tariffs on oil and gas in March 2025. This is expected to have a detrimental impact on the insurance industry, manifested by reduced economic activity and consumer spending. However, it is expected that Canada, Mexico, and China will soon contest these tariffs by initiating a legal case with the World Trade Organization (WTO).”

    The North America region’s property and motor insurance claims are projected to represent a 13.4% and 16.1% share of total general insurance claims in 2025. However, the full and actual implementation of the tariff rates may push actual claims even higher. Consequently, the profitability of North America’s general insurance sector is expected to be notably affected, with claims projected to grow at a rate of 6.9% in 2025 from 3.3% in 2024.

    According to GlobalData’s Global Insurance Database, North America’s general insurance industry is expected to grow at a compound annual growth rate (CAGR) of 6.7% over 2025–29, from $2.7 trillion in 2025 to $3.5 trillion in 2029, in terms of written premiums.

    Vangari continues: “Tariffs on imported materials like building supplies, car parts, and electronics will increase the cost of vehicle repairs and property reconstruction after disasters, causing insurers to pay more claims across the region. Insurance companies may raise premiums for property and motor policies.”

    Around 90% of auto exports from Mexico and Canada go to the US, according to the Mexican and Canadian Automotive Manufacturers’ Associations. High tariffs and supply chain delays will increase repair times, causing higher costs for living arrangements and rental vehicles, and protracted business interruptions. This could impact the competitiveness of the North American production and manufacturing industry, and the insurance industry.

    Vangari concludes: “A global trade war is a looming concern. If tariffs escalate or supply chains get tangled, economic growth could take a hit, which would change the fundamental risk pool for insurers across North America’s region. As broader tariffs on Canada and Mexico remain on hold, businesses and insurance companies must prepare for potential adverse outcomes across the region in the next few years.”

    MIL OSI Economics –

    February 25, 2025
  • MIL-OSI Economics: Tesla job postings suggest renewed focus on India, reveals GlobalData

    Source: GlobalData

    Tesla is ramping up its hiring efforts in India, marking a pivotal move in its strategy to strengthen its presence in the country. The recent job postings across various roles highlights the American electric vehicle (EV) and clean energy company’s renewed focus on establishing a foothold in India’s rapidly growing EV market, underscoring its long-awaited expansion plans, according to GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Job Analytics Database reveals that the company has posted around 15 jobs in February 2025 across Mumbai and Pune, reflecting its commitment to building a strong sales, service, and support network in India.

    Tesla’s hiring strategy in India is aimed at driving growth and increasing brand presence in the market. The company is focusing on building a strong service infrastructure, improving customer engagement, and expanding its market share through targeted marketing strategies.

    Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “These job postings indicate a focus on areas such as charging, engineering & information technology, vehicle service, sales & customer support, operations & business support, among others. This also indicates plans for possibly more hires and setting up new EV market team in India.”

    Tesla is focusing on strengthening its sales support infrastructure with the introduction of Consumer Engagement Manager positions. These roles are pivotal in analyzing local market trends, generating leads, and supporting the sales process through content creation, event management, and targeted marketing strategies.

    Additionally, Tesla is prioritizing exceptional customer service by recruiting Service Advisors and Parts Advisors. These positions are designed to address customer concerns, oversee vehicle servicing, manage parts inventory, ensure effective communication, and ultimately deliver a seamless customer experience

    A deep dive into GlobalData’s News Database also reveals several media reports indicating that the company is already scouting for showroom sites in some Indian cities.

    Sriprada concludes: “The recent job postings, along with media reports on potential showroom locations, not only suggest the company’s renewed focus on the Indian market but also its serious strategic intent to establish a strong operational presence in the country.”

    MIL OSI Economics –

    February 25, 2025
  • MIL-OSI Africa: One Month to Go Until the Congo Energy & Investment (CEIF) 2025

    Source: Africa Press Organisation – English (2) – Report:

    BRAZZAVILLE, Republic of Congo, February 25, 2025/APO Group/ —

    With just one month remaining until the inaugural Congo Energy & Investment (CEIF) 2025, set to take place from March 24-26 in Brazzaville, the Republic of Congo will host a dynamic program of discussions, keynote speeches, technical presentations and industry updates. Under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société nationales des pétroles du Congo (SNPC), CEIF 2025 highlights Congo’s expanding influence in Africa’s energy landscape.

    The forum will bring together a diverse range of participants, including SNPC subsidiaries, International Oil Companies, Congolese and foreign banks, energy organizations and technology providers. CEIF 2025 reaffirms the country’s commitment to maximizing its energy potential and streamlining licensing and regulatory processes. As sub-Saharan Africa’s fourth-largest oil producer – with a daily output of 250,000 barrels per day (bpd) – Congo has recently attracted a new wave of independent explorers and investments, positioning itself as a competitive player alongside oil giants like Angola and Nigeria.

    The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société nationales des pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

    The three-day conference kicks off with a series of high-level technical sessions, focusing on the latest investment opportunities, regulatory reforms and key developments in oil, gas and power generation. These sessions will explore opportunities for monetizing stranded gas resources and developing infrastructure to meet growing demand, positioning Congo as a potential regional hub for gas production with lucrative opportunities for both local and international stakeholders.

    In addition to oil, Congo has made significant strides in the floating LNG (FLNG) sector, delivering its first LNG exports in February 2024 through the Tango FLNG facility, operated by Eni. The forum will feature a “Hallmark Celebration of FLNG” session, showcasing its transformative impact on Congo’s energy landscape by supporting energy security and contributing to industrial development. By enabling offshore gas liquefaction, FLNG units provide a flexible and efficient way to monetize natural gas resources, facilitate exports and generate revenues.

    Congo is also taking proactive steps to enhance the appeal of its energy sector to investors. Notably, the government plans to launch a 2025 licensing round at CEIF, targeting accelerated oil and gas exploration and production. Key gas monetization initiatives, such as the Congo LNG and Banga Kayo initiatives, will be highlighted during the “Energy & Investment Outlook” session, showcasing the country’s efforts to diversify its revenue streams and advance energy infrastructure.

    A “Gas as Fuel for Progress” session will focus on Congo’s plans to monetize associated gas, with significant progress made in the natural gas sector through collaborations with international companies like Eni and Wing Wah. Eni’s Congo LNG project marks the country’s first liquefaction initiative, paving the way for natural gas exports. Meanwhile, Wing Wah is leading the Banga Kayo project, which focuses on monetizing flared gas by converting it into LNG, butane and propane, contributing to both energy security and economic diversification. A new Gas Code will be unveiled at CEIF 2025 to establish a supportive legal and regulatory framework for gas exploration and production investments.

    As part of its strategy to boost energy investments and socioeconomic development, Congo aims to double its oil production to 500,000 bpd by 2027. At CEIF 2025, the government will also unveil its new Gas Master Plan, designed to consolidate the position of existing companies and attract new investments to the sector. CEIF 2025 is poised to play a crucial role in advancing Congo’s energy success and strategic investment opportunities.

    MIL OSI Africa –

    February 25, 2025
  • MIL-OSI United Kingdom: Budget: Greens secured vital action for people and planet

    Source: Scottish Greens

    25 Feb 2025 Finance

    The Scottish Greens have secured investment in our climate and communities.

    More in Finance

    The Scottish Greens have secured cheaper bus travel, expanded free school meals and increased funding for schools, says the party’s finance spokesperson Ross Greer ahead of the final budget vote taking place today.

    Through budget negotiations the Scottish Greens secured record investment in climate action, more money for local services including schools, social care and bin collections, free ferry travel for young islanders and free bus travel for people seeking asylum.

    The party also secured the expansion of free school meals for thousands more S1-S3 pupils, more funding for nature restoration and a year-long trial where bus fares in one region of the country will be capped at £2. They also increased the tax paid when buying a second or holiday home, giving a boost to first-time home buyers and raising more money for public services.

    Mr Greer said:

    “More children will be fed and lifted out of poverty, buses will be cheaper and nature will be protected because of Scottish Green MSPs.

    “We want to build a fairer and greener Scotland where no child is hungry at school and where public transport is always affordable and accessible. This budget is an important step in that journey.

    “Scotland’s Green MSPs worked to deliver record funding for nature restoration, building on the huge progress we delivered when we were in government. That money will create more well-paid jobs across the country, especially in rural communities.”

    Mr Greer added:

    “There is a stark contrast between what Green MSPs have achieved and the antics of Scottish Labour, who asked for nothing and got nothing.

    “Other parties may have been happy to play silly games, but the Scottish Greens worked to support families in poverty, create jobs and protect the world around us.”

    MIL OSI United Kingdom –

    February 25, 2025
  • MIL-OSI Economics: Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Source: GlobalData

    Hong Kong card payments market to surpass $185 billion in 2025, forecasts GlobalData

    Posted in Banking

    The card payment market in Hong Kong is poised to register 11.0% growth in 2025, reaching HKD1.5 trillion ($186.5 billion), driven by rising consumer spending and growing consumer preference for electronic payments, reveals GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Hong Kong (China SAR) Cards and Payments: Opportunities and Risks to 2028,” reveals that card payment value in Hong Kong registered a growth of 15.7% in 2023, driven by the rise in consumer spending. The value grew further to register an estimated growth of 12.2% in 2024 to reach HKD1.3 trillion ($168.1 billion).

    Shivani Gupta, Senior Banking and Payments Analyst at GlobalData, comments: “Cash payments are on the decline in Hong Kong as electronic methods increasingly gain popularity, supported by a high adult population, rising consumer awareness of electronic payments and a well-established payment infrastructure. This shift in consumer behavior signals a move away from conventional payment approaches to embrace digital alternatives.”

    Among the card types, credit and charge cards accounted for 77.7% share of the overall card payment value in 2024. This is mainly due to the value-added benefits associated with these cards, such as flexible payment options and reward programs.

    Debit cards, on the other hand, account for the remaining 22.3% share. Although debit cards are traditionally preferred for cash withdrawals, they are now increasingly being used for payments as well, especially low-to-medium value transactions. Consumers are embracing debit cards, with the domestic scheme Electronic Payment Service (EPS) driving growth. EPS cards are accepted at over 30,000 merchant locations in Hong Kong and Macau.

    Gupta adds: “Widespread adoption and usage of contactless cards are contributing to overall card payments usage. Consumers and merchants in Hong Kong are increasingly becoming aware of the benefits of contactless cards, leading to their increased usage. According to GlobalData’s 2024 Financial Services Consumer Survey*, over 56% of the respondents in Hong Kong indicated having access to a contactless card and used it for payments.”

    The rising usage of contactless payments for public transport payments is also contributing to card payments growth. For instance, in August 2024, Mastercard announced its integration into the mass transit railway system MTR Corporation’s contactless credit and debit card payment services. This allows Mastercard cardholders to use their contactless payment cards at MTR entry and exit gates when traveling on the MTR heavy rail network, excluding the Airport Express.

    Gupta concludes: “The upward trajectory of Hong Kong’s card payments market is expected to persist in the coming years, driven by the convenience of electronic payments, widespread payment infrastructure, and the increased accessibility of contactless technology. The card payments market is anticipated to increase at a CAGR of 7.3% between 2025 and 2029 to reach HKD1.9 trillion ($247.5 billion) in 2029.”

    *GlobalData’s 2024 Financial Services Consumer Survey was carried out in Q2 2024. Approximately 67,292 respondents aged 18+ were surveyed across 41 countries.

    MIL OSI Economics –

    February 25, 2025
  • MIL-OSI Economics: GLP-1 receptor agonists hold potential to treat opioid use disorder, says GlobalData

    Source: GlobalData

    GLP-1 receptor agonists hold potential to treat opioid use disorder, says GlobalData

    Posted in Pharma

    A three-week Phase I study conducted at the Caron Treatment Centers in Pennsylvania, enrolling 20 participants undergoing residential treatment for opioid use disorder (OUD), assessed Novo Nordisk’s Saxenda (liraglutide), a GLP-1 receptor agonist (GLP-1RA), as a monotherapy for OUD. The study displayed its potential to rival existing treatments and showed a 40% reduction in opioid cravings among those taking Saxenda. The results have opened a realm of new treatment possibilities for OUD patients, says GlobalData, a leading data and analytics company.

    Jos Opdenakker, Pharma Analyst at GlobalData, comments: “Originally developed for treating diabetes, GLP-1RAs work by stimulating insulin secretion and suppressing glucagon release, thereby helping regulate blood sugar. However, there are GLP-1 receptors in the brain’s mesolimbic system, which is inextricably linked to motivation and reward. This has piqued the interest of drug developers looking to expand the label of their products to combat the opioid crisis. Early clinical work has shown that GLP-1RAs are a promising new avenue in the treatment of OUD, as the current treatment landscape is stifled by a lack of innovation and a heavy reliance upon opioid agonist therapies.”

    According to GlobalData’s Drug Database, six out of the seven agents currently in late-stage development (Phase IIb–III) are non-opioids. Despite their non-opioid mechanisms, key opinion leaders (KOLs) interviewed by GlobalData are skeptical regarding the ability of these therapeutic candidates to replace first-line treatments. Currently, there is a lack of available efficacy data for many of the pipeline agents. Therefore, despite the presence of non-opioids in the pipeline, high-efficacy non-opioid OUD treatments remain an exploitable opportunity.

    Opdenakker continues: “However, KOLs have cast doubt over the use of a reduction in cravings as an outcome measure in clinical trials and have questioned how transferrable the measure is to the real world. This is because OUD is a relapsing-remitting disorder in which the natural tendency of an OUD patient is to use opioids. Furthermore, the use of addictive substances is inextricably tied to social context and environment, which are not easily replicated in a study. Thus, a reduction in cravings in a laboratory may not necessarily translate to the real world, meaning that expectations of GLP-1RAs must be managed until further data is obtained.”

    In addition to OUD, according to GlobalData’s Drug Database, GLP-1RAs are also being investigated in other neurology indications, such as to treat Alzheimer’s disease and associated cognitive impairment, Parkinson’s disease, alcohol dependence, peripheral neuropathy, and intracranial hypertension. Developers have recognized the potential of GLP-1RAs, and a new class of neurological agents is developing.

    Opdenakker concludes: “The entry of GLP-1RAs into an array of CNS indications is underway. As the understanding of the role of the GLP-1 receptors in the brain is developing, the treatment of OUD is the latest frontier to be tackled by this drug class. However, GLP-1RAs will have to demonstrate significantly improved efficacy in order to displace the gold standards of treatment, methadone and buprenorphine.”

    MIL OSI Economics –

    February 25, 2025
  • MIL-OSI Russia: The AtomSkills-2025 qualifying championship was held at the Polytechnic University

    Translartion. Region: Russians Fedetion –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Civil Engineering Institute hosted the AtomSkills-2025 qualifying divisional championship in the Engineering Design competency. The event was supported by Rosatom State Corporation and became a significant event for our university.

    The competition was held in two leagues: industry and student. Three teams from Rosatom State Corporation took part in the industry league: JSC FCNIVT SNPO Eleron, JSC KIS ISTOK and JSC KIS ISTOK-2. Five teams of 2nd, 3rd and 5th year students of the Civil Engineering Institute competed in the student league.

    The participants had to develop a project for a capital construction project with utility lines for subsequent construction. They had to use the initial data specified in the technical assignment and apply information modeling technologies.

    The experts of the championship were experienced teachers of the institute and specialists of leading companies, such as JSC VNIPIPT, JSC KIS ISTOK, JSC FCNIVT SNPO Eleron and CSoft Development.

    Following a tense competition week, the winners were determined.

    Student League:

    1st place: Dmitry Zharkov, Alina Doroshenko, Tatyana Slobodanyuk, Vitaly Naumovich — 5th-year students of the specialist program. 2nd place: Alexander Kolosov, Ilya Kazinsky, Daniil Milyutin, Lev Kharitonov — 2nd and 3rd-year students of the specialist program. 3rd place: Semyon Ivanov, Dmitry Laptev, Ivan Kelyin, Ilya Glazov — 2nd-year students of the specialist program.

    Industry League:

    1st place: team of JSC FCNIVT SNPO Eleron 2nd and 3rd places: two teams from JSC KIS ISTOK.

    Now the winners of the selection round are preparing for the next challenge – participation in the final of the industry championship AtomSkills-2025, which will be held in Yekaterinburg.

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

    MIL OSI Russia News –

    February 25, 2025
  • MIL-OSI Russia: Trends of Literate People: State University of Management Conducts Financial Security Lessons

    Translartion. Region: Russians Fedetion –

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

    Recently, financial fraudsters have become more active, actively using not only artificial intelligence, but also modern achievements of social engineering to involve young people in their criminal schemes. The onslaught of fraudsters can only be effectively countered by raising public awareness in the field of financial security, legal, economic and financial literacy.

    The traditional lesson on financial security, which has been the first stage of the International Financial Security Olympiad for several years, is aimed at developing critical thinking skills and raising awareness among young people about threats to financial security. This year, the lesson is called “Not Child’s Play: 2.0. Drop Against Your Will” and is dedicated to issues of involving young people in schemes for cashing out funds obtained through criminal means.

    The State University of Management, as an active participant of the International Network Institute in the field of AML/CFT, did not remain aloof from conducting the lesson. On February 18, Deputy Head of the Department of Finance and Credit of the Institute of Economics and Finance of the State University of Management, PhD in Economics, Associate Professor Valentina Polyakova conducted a lesson with 10th-grade students of School No. 1935 of the socio-economic and technological profile.

    On February 20 and 21, Galina Sorokina, Director of the Institute of Economics and Finance, together with specialists from the Center for Inter-Olympiad Training of Schoolchildren and Students of the P.N. Lebedev Physical Institute of the Russian Academy of Sciences, organized a training seminar on conducting a thematic lesson on financial security and preparing schoolchildren for the V International Olympiad on Financial Security for teachers of the DPR, LPR, Kherson and Zaporizhia regions.

    And this Wednesday, February 26, at 11:30, you will be able to join the lesson conducted by the Director of the Institute of Economics and Finance Galina Sorokina for students of the Pre-University of the State University of Management, using the link to the broadcast on the official channel of the State University of Management on Rutube.

    We remind you that from February 1 to 28, the invitational stage of the V International Financial Security Olympiad is taking place on the Sodruzhestvo platform. First of all, students in grades 8-11 and undergraduates are invited to participate. Upon completion of the stage, participants who have completed the tasks will receive a certificate. To participate, you must register on the Sodruzhestvo platform.

    Subscribe to the tg channel “Our State University” Announcement date: 02/25/2025

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

    MIL OSI Russia News –

    February 25, 2025
  • MIL-OSI: Karolinska Development’s portfolio company AnaCardio includes first patient in a phase 2a study of its drug candidate AC01

    Source: GlobeNewswire (MIL-OSI)

    STOCKHOLM, SWEDEN February 25, 2025. Karolinska Development AB (Nasdaq Stockholm: KDEV) today announces that its portfolio company AnaCardio has dosed the first patient in the phase 2a part of the GOAL-HF1 clinical study. The study will evaluate AnaCardio’s drug candidate AC01 in patients with heart failure and reduced ejection fraction. Study results from GOAL-HF1 are expected by the end of the year.

    AnaCardio AB is a privately held Swedish clinical-stage biopharmaceutical company developing novel drugs to treat heart failure. The company´s lead asset, AC01, is currently being evaluated in a clinical phase 1b/2a study, GOAL-HF1, in patients with heart failure and reduced ejection fraction (HFrEF).

    The phase 2a part of the GOAL-HF1 study is randomized, double-blind and placebo-controlled, aiming to evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of AC01 in patients with HFrEF following 28 days of treatment. The study is being conducted at 13 highly specialized heart failure centers in Sweden, the Netherlands, Italy and the UK.

    ”Following the promising results from the first part of the phase 1b/2a study, we are pleased to see our portfolio company AnaCardio advancing the clinical development of AC01 by initiating the second part of the study,” says Viktor Drvota, CEO, Karolinska Development.

    Karolinska Development’s ownership interest in AnaCardio amounts to 10%.

    For further information, please contact:

    Viktor Drvota, CEO, Karolinska Development AB
    Phone: +46 73 982 52 02, e-mail: viktor.drvota@karolinskadevelopment.com 

    Johan Dighed, General Counsel and Deputy CEO, Karolinska Development AB
    Phone: +46 70 207 48 26, e-mail: johan.dighed@karolinskadevelopment.com

    TO THE EDITORS

    About Karolinska Development AB

    Karolinska Development AB (Nasdaq Stockholm: KDEV) is a Nordic life sciences investment company. The company focuses on identifying breakthrough medical innovations in the Nordic region that are developed by entrepreneurs and leadership teams. The Company invests in the creation and growth of companies that advance these assets into commercial products that are designed to make a difference to patients’ lives while providing an attractive return on investment to shareholders.

    Karolinska Development has access to world-class medical innovations at the Karolinska Institutet and other leading universities and research institutes in the Nordic region. The Company aims to build companies around scientists who are leaders in their fields, supported by experienced management teams and advisers, and co-funded by specialist international investors, to provide the greatest chance of success.

    Karolinska Development has a portfolio of eleven companies targeting opportunities in innovative treatment for life-threatening or serious debilitating diseases.

    The Company is led by an entrepreneurial team of investment professionals with a proven track record as company builders and with access to a strong global network.

    For more information, please visit www.karolinskadevelopment.com.

    Attachment

    • AnaCardio PM FPI_ENG

    The MIL Network –

    February 25, 2025
  • MIL-OSI Economics: Development Asia: Expanding Access to Housing in Uzbekistan through Market Reforms

    Source: Asia Development Bank

    Through the Mortgage Market Sector Development Program, ADB is providing a $50-million policy-based loan to support mortgage market reforms that will economize the government’s housing subsidy and policy framework and create a conducive environment and infrastructure for market-based mortgage lending. It is also providing a $300-million financial intermediation loan to finance the country’s new mortgage refinancing company that enables domestic commercial banks to provide residential mortgage and housing improvement loans. A technical assistance grant of $800,000 supports the implementation of the program.

    Strengthening the policy, regulatory, and legal framework. Findings from a review of the policy, regulatory, and legal framework for the mortgage finance sector and housing market assessment formed the basis for the design of the program. The study recommended that subsidy arrangements be revised to ensure that higher subsidies are provided to lower income households and regressive subsidies are changed.

    Improving the housing strategy and subsidy framework. ADB provided the Ministry of Economy and Finance recommendations on revising the housing finance and subsidy approach as a result of which the government adopted series of changes to enable gradual transformation of state housing programs toward a market-based principles and improving the subsidy targeting.

    Establishing and operationalizing a wholesale mortgage refinance company. The government established the Uzbekistan Mortgage Refinancing Company with ADB support and equity investment from government and commercial banks. It provides banks with access to local currency long-term funding. The company prefinances and refinances eligible mortgage loans and housing improvement loans issued by participating banks at an interest rate close to market rates.

    To support operationalization of the company, the project tapped the Frankfurt School of Finance & Management and its consulting team of experts, most of them active and retired CEOs and board chairpersons of international and national mortgage refinance corporations including from Armenia, France, Malaysia, and Pakistan. The team prepared the company’s business plan, human resources plan, legal framework, institutional arrangement, internal policies and procedures, list of products and services, and risk management plan. The government believed that the first CEO of the mortgage refinancing company was of utmost importance to building everyone’s confidence in this new institution and was directly involved in vetting and hiring the CEO.

    Expanding and improving data collection. The project supported work on improving housing statistics, introducing a housing price index in Uzbekistan, and developing a mortgage market database and website. International experts provided in-person and on-line training to ministries, banks, and other stakeholders. A new system was introduced to collect housing sector data (i.e., mortgage loans by type, terms, program and other categories) through updates to the annual statistical reporting forms for commercial banks. The collected data is also shared with the Ministry of Finance.

    MIL OSI Economics –

    February 25, 2025
  • MIL-OSI: Municipality Finance issues EUR 15 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    25 February 2025 at 10:00 am (EET)

    Municipality Finance issues EUR 15 million notes under its MTN programme 

    Municipality Finance Plc issues EUR 15 million notes on 26 February 2025. The maturity date of the notes is 26 February 2036. MuniFin has a right, but no obligation, to redeem the notes early on 26 February 2026. The notes bear interest at a fixed rate of 3.51% per annum until 26 February 2026, after which the interest is paid at 3.25% per annum, unless MuniFin redeems the notes early.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 26 February 2025.

    Barclays Bank Ireland PLC acts as the dealer for the issue of the notes. 

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet totals over EUR 53 billion.
    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. 
    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

    February 25, 2025
  • MIL-OSI: Nokia, Vodafone and RingCentral to showcase future of voice calls at Mobile World Congress #MWC25

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia, Vodafone and RingCentral to showcase future of voice calls at Mobile World Congress #MWC25

    • Immersive Voice and Audio Services (IVAS): The most significant advancement in voice-call audio technology in decades, will be jointly presented by Nokia, Vodafone and RingCentral highlighting the latest 5G Advanced audio capabilities.
    • The joint demonstration underscores the partners’ intention to bring future IVAS-enabled calling experiences to a broad customer base.

    25 February 2025
    Espoo, Finland – Nokia today announced it is working with Vodafone and RingCentral to showcase Immersive Voice and Audio Services (IVAS) – the future of voice communication, providing users with a natural, three-dimensional sound experience even when calling from a remote location. The joint demonstration on the Vodafone booth at MWC 2025 highlights the companies’ commitment to deliver advanced IVAS-enabled business, industrial and consumer use cases and enhance voice communication.

    IVAS will transform traditional voice services by adding an immersive audio experience that allows people to hear sound spatially in real-time, making conversations and interaction natural, and lifelike. There are significant opportunities for enhanced audio services, from elevating business communications if dialing into a meeting remotely to transforming industrial operations, education, sports and events, as well as mobile voice calls.

    “Showcasing IVAS technology, the future of voice communication, with Vodafone and RingCentral at MWC this year enables us to bring new use cases to life on today’s devices. It highlights our commitment to growing the ecosystem for Immersive Voice and Audio Services while delivering impactful, immersive audio experiences across communications platforms,” said Jyri Huopaniemi, Head of Audio Research, Nokia Technologies.

    “Videoconferencing with multiple people dialing in both remotely or from within the office can be an alienating and unproductive experience. That’s why Vodafone is delighted to be at the forefront of new immersive voice technology with Nokia and RingCentral. The virtual surround sound experience possible with immersive voice can enhance business meetings, improve industrial operations in noisy locations like warehouses and transport hubs, and even improve everyday voice calls,” added Nadia Benabdallah, Network Strategy and Engineering Director, Vodafone.

    “Voice is more than just sound —it conveys intent, tone, and emotion in a way that written messages never can. With IVAS Spatial Audio we’re restoring the power of voice as the most natural way to connect and collaborate and demonstrating how voice can address hybrid work equity, promote inclusivity for visually impaired workers, and unlock the potential of AI-enhanced collaboration,” commented Homayoun Razavi, EVP & General Manager of Global Service Providers at RingCentral.

    Developed through the collaboration of 13 companies, the IVAS standard was included in the 3GPP Release 18, building on the widely used Enhanced Voice Services (EVS) known as HD Voice+.

    One of the key innovations during IVAS standardization was the creation of a new parametric audio format, Metadata-Assisted Spatial Audio (MASA), designed specifically for devices with design constraints and challenging form factors for spatial audio, like smartphones. The IVAS codec integrates a built-in renderer that supports head-tracked binaural audio and multi-loudspeaker playback for immersive formats, including MASA.

    To enable the experiences at Mobile World Congress an immersive voice client software development kit serves as the IVAS front-end, capturing spatial audio from device microphones and converting it into the standardized MASA format. This technology enables true 3D immersive audio experiences for various types of voice calls.

    Experience new IVAS concepts at MWC 2025
    As part of imagining future calling with IVAS the following benefits will be available to experience on the Vodafone and Nokia booths.

    Multi-stream teleconferencing: Showcasing seamless audio for complex, multi-participant meetings, where remote participants can feel left out or struggle to follow discussions. IVAS enabled teleconferencing services bridge this gap by enabling:

    • Spatially distinguishing voices: Each speaker occupying a unique auditory position, making it easy to identify and follow conversations in real time. 
    • Inclusive soundscapes: Giving remote participants the sense of being “in the room” with their colleagues. 
    • Reducing cognitive strain: Natural soundscapes reduce the mental effort needed to process complex discussions, improving engagement and participation. 

    Immersive 1-to-1 calling: Enjoying a truly immersive, spatial audio calling allows for richer, more engaging voice interactions as well as immersion in the callers surrounding area through:

    • Closeness and clarity: 360° audio transforms calling experiences allowing you to step into the world of the caller, creating natural interaction for a truly shared experience.
    • Accurate directional sound: With head-tracking enabled headphones, the audio adjusts to reflect the direction of the sound source, making it easier to distinguish exactly where the sounds are coming from, in real time.

    Enhanced access in industrial environments: IVAS Spatial Audio is adaptable to dynamic environments and facilitates new audio enabled skills including:

    • Enhanced remote servicing or critical operations: Helping detect and isolate abnormal machine sounds in factory environments.
    • Improving communication in high-noise workplaces: enabling clear communications in manufacturing plants and construction sites.

    In short, IVAS addresses the growing demand for both enhanced voice and immersive multimedia services across various communication platforms.

    The new IVAS technology concepts are on show at MWC 2025 from March 3-6 on the Vodafone booth Hall 3 Stand 3E11, on the Nokia booth Hall 3 Stand 3B20, or in RingCentral’s Executive Meeting Room 12Ex, Hall 7E. This showcases future opportunities for new products that leverage both the 5G Advanced IVAS codec and Nokia’s Immersive Voice technology.

    Resources and additional information
    Whitepaper: Nokia Immersive Voice Whitepaper
    Web Page: Nokia Immersive Voice
    Web Page: Voice over 5G (Vo5G) core

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation. 

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

    February 25, 2025
  • MIL-OSI: Futu to Report Fourth Quarter and Full Year 2024 Financial Results on March 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 25, 2025 (GLOBE NEWSWIRE) — Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that it will report its financial results for the fourth quarter and full year ended December 31, 2024, before U.S. markets open on March 13, 2025.

    Futu’s management will hold an earnings conference call on Thursday, March 13, 2025, at 7:30 AM U.S. Eastern Time (7:30 PM on the same day, Beijing/Hong Kong Time).

    Please note that all participants will need to pre-register for the conference call, using the link
    https://register.vevent.com/register/BIb8967ae69ba64a7eab0c02d765ce1339.

    It will automatically lead to the registration page of “Futu Holdings Ltd Fourth Quarter and Full Year 2024 Earnings Conference Call”, where details for RSVP are needed.

    Upon registering, all participants will be provided in confirmation emails with participant dial-in numbers and personal PINs to access the conference call. Please dial in 10 minutes prior to the call start time using the conference access information.

    Additionally, a live and archived webcast of this conference call will be available at https://ir.futuholdings.com/.

    About Futu Holdings Limited

    Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.

    Investor Contact

    Investor Relations
    Futu Holdings Limited
    ir@futuholdings.com

    The MIL Network –

    February 25, 2025
  • MIL-OSI Economics: Samsung Launches High-Performance SSD 9100 PRO with PCIe 5.0 Interface – Delivering Breakthrough Performance for AI, Gaming, and Content Creation

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today launched the Samsung 9100 PRO SSD, the latest addition to its consumer SSD lineup. Equipped with the PCIe 5.0 interface, the 9100 PRO delivers industry-leading speeds, improved power efficiency, and expanded storage capacity, rendering it the perfect option for gaming, content creation in AI, and multitasking across a wide range of devices, including laptops, desktops, and gaming consoles.
     
    With its advanced architecture, the 9100 PRO offers a significant boost in sequential read and write speeds, reaching up to 14,800 MB/s and 13,400 MB/s. This is a 99% performance improvement over its predecessor, the 990 PRO.
     
    Additionally, its enhanced random read and write speeds, reaching up to 2,200K IOPS and 2,600K IOPS, ensure seamless multitasking and accelerated data processing.  This makes the 9100 PRO an exceptional choice for professional creators managing AI-driven workloads and gaming enthusiasts seeking a truly immersive experience.
     
    “With the launch of the Samsung 9100 PRO SSD, we’re proud to offer a ground-breaking storage solution that sets new standards in speed, power efficiency, and capacity. Designed for the next generation of gaming, content creation, and multitasking, the 9100 PRO’s PCIe 5.0 interface and innovative architecture deliver unmatched performance, enabling professionals and enthusiasts alike to push the limits of their devices. Whether it’s accelerating AI-driven workloads or enhancing the gaming experience, the 9100 PRO is built to keep up with the demands of tomorrow’s technology,” said Puneet Sethi, Vice President, Head of Enterprise & Display Business, Samsung India.
     
    The 9100 PRO is designed with an advanced heat management solution that improves power efficiency by 49% compared to previous models. Its optimized thermal control, achieved through an integrated 8.8mmT heatsink for 1TB to 4TB models and an 11.25mmT heatsink for the 8TB variant, ensures consistent high-speed performance without overheating. The introduction of the 8TB model, a first for Samsung’s consumer NVMe SSD lineup, further enhances the product’s appeal by providing ample storage for high-performance gaming, next-generation content creation, and professional workloads.
     
    Ensuring broad compatibility, the 9100 PRO supports installation across a wide range of devices, including laptops, desktops, and gaming consoles, enabling users to upgrade their systems effortlessly. The SSD is also equipped with Samsung’s proprietary Magician software that offers a suite of optimization tools, streamlined data migration, and advanced security features to enhance functionality and ensure data protection in the long run.
     
    Samsung will roll out the 9100 PRO models worldwide in four capacities — 1TB, 2TB, 4TB, and 8TB. Starting March 18, 2025, the 1TB, 2TB, and 4TB models, along with the 8TB model is expected to be released in the second half of 2025. The manufacturer’s suggested retail prices (MSRPs) for the 1TB, 2TB, and 4TB variants are set at INR 14999, INR 25499, and INR 49999, respectively.
     
    For further details on availability, warranty, and technical specifications, please visit samsung.com/SSD or semiconductor.samsung.com/internal-ssd.

    MIL OSI Economics –

    February 25, 2025
  • MIL-OSI China: Private sector encouraged to invest in major energy projects

    Source: China State Council Information Office

    As the country’s energy sector is shifting toward greater market-driven dynamics, private companies will be further encouraged to invest in energy development, utilization and infrastructure construction, according to China’s top energy authority.

    The government will continue promoting private sector involvement in major energy projects this year, including nuclear power, energy storage and smart grids, to deliver a more efficient and smooth operation of the market, according to the National Energy Administration.

    The administration will continue encouraging private enterprises to participate in the nuclear power industry’s supply chain and to invest in nuclear power projects. Furthermore, the government will continue to support private companies in various forms of oil and gas exploration, power infrastructure construction and other projects, it said.

    There will be an emphasis on supporting private businesses to invest in and build new technologies such as new energy storage, smart microgrids and innovative business models.

    Private companies are expected to spur more technological innovation and increased efficiency within the energy sector, enhancing its overall competitiveness and sustainability, said Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University.

    The energy sector requires substantial long-term investment for expansion, especially in emerging fields such as new energy storage and smart grids, he said.

    China vows to further deepen its energy market reform this year, working to improve mechanisms where energy prices are mainly determined by the market, legally regulate the energy market order and strengthen the construction of a unified national market.

    Zhu Gongshan, chairman of GCL (Group) Holdings Co Ltd, China’s largest private power conglomerate, said a more market-driven energy sector could lead to increased efficiency in the allocation of resources.

    China’s solar power sector, from upstream silicon production to downstream photovoltaic power station construction, exemplifies the growing role of China’s private economy in energy transformation, he said.

    To deepen market-oriented price reforms of new energies, the National Development and Reform Commission and the National Energy Administration issued a notice recently to promote the integration of new energy sources like wind and solar power into the electricity market.

    This means that around 80 percent of China’s power consumption and generation will be transacted through competitive markets, significantly up from the 61 percent traded in 2024, according to Deng Simeng, a senior analyst for renewables and power research at global consultancy Rystad Energy.

    GCL Group said the company is very optimistic about the virtual power plant market in China, which, according to estimates by Huatai Securities, is projected to reach 10.2 billion yuan ($1.4 billion) this year and further grow to over 100 billion yuan by 2030.

    A virtual power plant is a network of decentralized energy resources that are controlled via software to function as a single, flexible power source. It allows these dispersed resources to operate in a way that mimics the behavior of a traditional power plant, providing electricity to the grid or responding to changes in demand.

    MIL OSI China News –

    February 25, 2025
  • MIL-OSI Economics: Notification of Transition to a Company with an Audit and Supervisory Committee to Reinvigorate the Board

    Source: Toyota

    Headline: Notification of Transition to a Company with an Audit and Supervisory Committee to Reinvigorate the Board

    At the Board of Directors meeting held today, Toyota Motor Corporation (“TMC”) resolved to transition from a company with an Audit and Supervisory Board to a company with an Audit and Supervisory Committee, following approval at the 121st Ordinary General Meeting of Shareholders to be held in June 2025.

    MIL OSI Economics –

    February 25, 2025
  • MIL-OSI: Aktsiaselts Infortar Unaudited Consolidated Interim Report for fourth quarter and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Aktsiaselts Infortar (Infortar) will organize a webinar for introducing fourth quarter 2024 results today. Please join the webinar via the following links:

    25 February 2025 at 12:00 (EET) Estonian webinar

    25 February 2025 at 14:00 (EET) English webinar

    Estonia’s largest investment holding company, Infortar assets increased from €1.4 billion to €2.7 billion following the acquisition of a majority shareholding in Tallink Group (Tallink) and the purchase of a gas sale- and distribution company in Poland. Infortar’s stock price raised by 70% in its first year on the Tallinn stock exchange, raising the company’s total valuation from €548 million to €916 million.

    “Over the past few years, our investments have amounted to nearly half a billion euros. We have grown into one of Estonia’s largest companies in terms of assets within a year. We will continue seeking growth opportunities across the region,” said Ain Hanschmidt, Chairman of the Management Board of Infortar.

    “Today, changes in corporate competitiveness and energy policy across Estonia, Europe, and the United States recognize an increasing role for natural gas as a supporter of renewable energy and a provider of controllable capacity. The outlook for the maritime transport sector is set to improve,” Hanschmidt added.

    Major events

    Maritime transportation

    In the summer, Infortar invested €110 million in acquiring Tallink shares, increasing its shareholding in Tallink to 68.5%.

    The total number of passengers in 2024 reached 5.6 million. As of the end of the financial year, Tallink operated 14 vessels. Three vessels were chartered out during the year. The number of transported cargo units exceeded 303,000, and passenger vehicles transported totaled 777,000.

    Energy

    Infortar’s subsidiary, Elenger Group (Elenger), signed a €120 million agreement with the German energy conglomerate EWE AG to acquire EWE Group’s business operations in Poland. The transaction included natural gas assets, a distribution network in Western Poland, and all energy sales segments.

    In 2024, Elenger sold a total of 18.4 TWh of energy (15.9 TWh in 2023). Sales in Estonia accounted for 16% of the total energy sales in 2024. The company’s market share in gas sales across the Finland-Baltic gas market for the year was 24.3%.

    Real estate

    Infortar’s real estate portfolio has expanded from 100,000 to 141,000 square meters over the past year. At the end of last year, the Rimi logistics center in Saue received its occupancy permit. This summer, a new bridge in Pärnu will be completed, followed by the opening of Lasnamäe’s second DEPO store in Estonia next year. In early 2028, the Kangru-Saku section of the Rail Baltica main route will also be completed.

    Key figures of financial year

    Key figures Q4 2024 Q4 2023 12 months 2024 12 months 2023
    Sales revenue, m€ 446.168 337.734 1 371.775 1 084.626
    Gross profit, m€ 34.871 42.235 128.629 149.473
    EBITDA, m€ 27.892 37.418 145.415 143.283
    EBITDA margin (%) 6.3% 11.1% 10.6% 13.2%
    Net profit, EBIT, m€ -6.792 28.967 77.025 123.628
    Total profit(-loss), m€ -11.988 24.206 175.351 293.830
    Net profit (-loss) holders of the Parent m€ -11.188 24.232 172.934 293.778
    EPS (euros)* -0.54 1.18 8.46 14.62
    Total equity m€ 1 166.222 820.210 1 166.222 820.210
    Total liabilities m€ 1 223.287 441.160 1 223.287 441.160
    Net debt m€ 1 055.708 354.045 1 055.708 354.045
    Investment loans to EBITDA (ratio) 3.0x 1.7x 3.0x 1.7x

    Earnings per share (EPS) in euros is calculated using the following formula: the profit attributable to the parent company’s owners is divided by the weighted average number of ordinary shares (20,443,629 as of 31.12.2024 and 20,100,000 as of 31.12.2023). The number of shares, 20,443,629, is determined as follows: Infortar has a total of 21,166,239 issued ordinary shares, from which 722 610 own shares are deducted. These own shares were issued under the employee stock option program and have not been exercised.

    Revenue

    2024. financial year, the group´s consolidated sales revenue increased by 287.149 million euros reaching 1 371.775 million euros (compared to 1 084.626 million euros in 2023). A significant impact was made by the consolidation of Tallink Grupp’s results into Infortar’s consolidated financial statements starting from August 1, 2024.

    EBITDA and Segment Reporting

    Maritime transport Segment: The EBITDA for the maritime transport segment in 2024 financial year was 175.181 million euros (compared to 214.528 million euros in the 2023 financial year). In segment reporting 100% Tallink results are presented.

    Tallink´s financial results were affected by difficult economic environment across all our home markets, and the lowest consumer confidence levels in a decade.

    Energy Segment: The EBITDA for the energy segment of the 2024 financial year was 77.235 million euros (compared to 135.999 million euros in 2023). Warmer winter led to a decrease in sales volumes, which in turn impacted profitability in the fourth quarter.

    Real Estate Segment: The profitability assessment considers the EBITDA of individual real estate companies. The EBITDA for the real estate segment of the 2024 financial year was 13.567 million euros (compared to 12.39 million euros in 2023). Three new buildings at Liivalaia 9, Tähesaju 9, and Tähesaju 11 were included in the accounting for the 2023 financial year.

    Net Profit

    The consolidated net profit for the 2024 financial year was 175.351 million euros (compared to 293.83 million euros in 2023 financial year). One-time significant transactions impacting the net profit calculation for the 2023 financial year included the effects related to the acquisition of the Latvian gas distribution network company, Gaso.

    The consolidated operating profit for the 2024 financial year was 77.025 million euros (compared to 123.628 million euros in the 2023 financial year).

    Investments

    Infortar entered the agricultural sector by acquiring one of Estonia’s largest dairy farms in Halinga and began constructing a biogas plant next to the farm for local gas production. Infortar invested 110 million euros in purchasing Tallink shares, increasing its shareholding in Tallink to 68,5%.

    Infortar subsidiary Elenger signed a 120 million euros agreement with the German energy group EWE AG to acquire EWE Group’s entire Polish business. The transaction includes the natural gas distribution network in Western Poland as well as all energy sales operations.

    In the fourth quarter Infortar Group’s total investments amounted to approximately 140 million euros, reaching 279 million euros over twelve months.

    Financing

    Loan and lease liabilities amounted to 1 223.287 million euros in 2024 financial year (compared to 441.16 million euros in 2023 financial year). Significant increase in the 2024 financial year is primarily due to the line-by-line consolidation of Tallink Grupp, which resulted in the full inclusion of Tallink’s liabilities among the group’s obligations. Proportionally to the growth in assets, Infortar’s net debt increased by 701.663 million euros, reaching 1 055.708 million euros (compared to 354,045 million euros in 2023 financial year). The net debt to EBITDA ratio was 3.4.

    Dividends

    According to the dividend policy, the objective is to pay dividends of at least 1 euro per share per finiancial year. Dividend payments are made semi-annually. Infortar Group’s management proposes to pay a dividend of 3 euros per share for the 2024 financial year results. According to the proposal, the first payout is planned to be made no later than July, and the second payout in December 2025. The dividend consists of three parts:

    1 euro per share, as per the dividend policy.

    Carried-over dividend from AS Tallink Grupp, which is rounded upwards.

    Additional dividend based on the high deliveries of the financial results in 2024.

    AS Infortar has a total of 21,166,239 shares, of which 722 610 are company´s own shares. Dividends are therefore paid for 20,443,629 shares, which amounts to approximately 61 million euros.

    Consolidated statement of profit or loss and other comprehensive income

    (in thousands of EUR) Q4 2024 Q4 2023 12 months 2024 12 months 2023
    Revenue 446 168 337 734 1 371 775 1 084 626
    Cost of goods (goods and services) sold -411 237 -295 439 -1 243 033 -934 811
    Write-down of receivables -60 -60 -113 -342
    Gross profit 34 871 42 235 128 629 149 473
    Marketing expenses -12 459 -511 -21 086 -1 620
    General administrative expenses -22 759 -9 522 -50 438 -22 085
    Profit (loss) from biological assets -156 0 -139 0
    Profit (loss) from the change in the fair value of the investment property -6 749 -4 074 -9 640 -4 074
    Unsettled gain/loss on derivative financial instruments 2 098 902 26 672 1 969
    Other operating revenue -767 1 458 4 682 2 523
    Other operating expenses -871 -1 521 -1 655 -2 558
    Operating profit -6 792 28 967 77 025 123 628
             
    (in thousands of EUR) Q4 2024 Q4 2023 12 months 2024 12 months 2023
    Profit (loss) from investments accounted for by equity method 846 1 938 22 974 39 639
    Financial income and expenses        
    Other financial investments 269 54 72 789 -4
    Interest expense -13 808 -8 569 -38 274 -22 573
    Interest income 760 465 4 979 2 765
    Profit (loss) from changes in exchange rates -56 -13 100 -173
    Other financial income and expenses 16 287 -58 15 892 159 158
    Total financial income and expenses 3 452 -8 121 55 486 139 173
    Profit before tax -2 494 22 784 155 485 302 440
    Corporate income tax -9 494 1 422 19 866 -8 610
    Profit for the financial year -11 988 24 206 175 351 293 830
    including:        
    Profit attributable to the owners of the parent company -11 188 24 232 172 934 293 778
    Profit attributable to non-controlling interest -800 -26 2 417 52
             
    Other comprehensive income     12 months 2024 12 months 2023
    Revaluation of risk hedging instruments -46 786 -58 233
    Exchange rate differences attributable to foreign subsidiaries 53 -42
    Total of other comprehensive income -46 733 -58 275
    Total income, including:     128 618 235 555
    including:        
    Comprehensive profit attributable to the owners of the parent company 126 201 235 503
    Comprehensive profit attributable to non-controlling interest 2 417 52
    Ordinary earnings per share (in euros per share) 8,46 14,26
    Diluted earnings per share (in euros per share) 8,16 14,10

    Consolidated statement of financial position

    (in thousands of EUR) 31.12.24 31.12.23
    Current assets    
    Cash and cash equivalents 167 579 87 115
    Short term financial investments 1 0
    Derivative financial assets 8 333 28 728
    Settled derivative receivables 676 5 958
    Other prepayments and receivables 155 351 162 575
    Prepayments for taxes 3 831 925
    Trade and other receivables 38 517 20 185
    Prepayments for inventories 2 498 3 493
    Inventories 215 914 146 884
    Biological assets 941 0
    Total current assets 593 641 455 863
         
    Non-current assets 31.12.24 31.12.23
    Investments to associates 16 603 346 014
    Long-term derivative instruments 3 214 1 125
    Long-term loans and other receivables 35 163 9 072
    Investment property 67 931 176 024
    Property, plant and equipment 1 909 458 446 748
    Intangible assets 38 874 14 366
    Right-of-use assets 47 598 11 300
    Biological assets 2 753 0
    Total non-current assets 2 121 594 1 004 649
    TOTAL ASSETS 2 715 235 1 460 512
         
    (in thousands of EUR) 31.12.24 31.12.23
    Current liabilities    
    Loan liabilities 477 162 184 259
    Rental liabilities 9 020 1 766
    Payables to suppliers 87 941 74 751
    Tax obligations 49 354 32 822
    Buyers’ advances 31 126 3 099
    Settled derivatives 8 728 1 463
    Other current liabilities 63 431 10 851
    Short term derivatives 27 704 3 659
    Total current liabilities 754 446 312 670
         
    Non-current liabilities 31.12.24 31.12.23
    Long-term provisions 9 946 8 399
    Deferred taxes 2 816 33 233
    Other long-term liabilities 43 209 30 679
    Long-term derivatives 1 471 186
    Loan-liabilities 696 670 246 410
    Rental liabilities 40 435 8 725
    Total non-current liabilities 794 547 327 632
    TOTAL LIABILITIES 1 549 013 640 302
         
    (in thousands of EUR) 31.12.24 31.12.23
    Equity    
    Share capital 2 117 2 105
    Own shares -72 -95
    Share premium 32 484 29 344
    Reserve capital 212 205
    Option reserve 6 223 3 864
    Hedging reserve* 7 455 24 118
    Unrealised currency translation differences 1 113 -39
    Employment benefit reserve -44 -44
    Retained earnings 698 914 466 140
    Net profit of the financial year 172 934 293 778
    Total equity attributable to equity holders of the Parent 921 336 819 376
    Minority interests 244 886 834
    Total equity 1 166 222 820 210
         
    TOTAL LIABILITIES AND EQUITY 2 715 235 1 460 512

    Consolidated statement of cash flows

    Cash flows from operating activities    
    (in thousands of EUR) 12 months
    2024
    12 months
    2023
    Profit for the financial year 175 351 293 830
    Adjustments:    
    Depreciation, amortization, and impairment of non-current assets 58 611 15 581
    Change in the fair value of the investment property 9 640 4 074
    Equity profits/losses -156 863 -39 639
    Change in the value of derivatives 20 888 54 309
    Other financial income/expenses -827 -161 965
    Calculated interest expenses 38 274 22 573
    Profit/loss from non-current assets sold -953 -91
    Income from grants recognized as revenue 2 984 784
    Corporate income tax expense -19 866 8 610
    Income tax paid -10 551 -267
    Change in receivables and prepayments related to operating activities 52 022 54 539
    Change in inventories -12 830 -61 915
    Change in payables and prepayments relating to operating activities -22 278 -591
    Change in biological assets -322 0
    Total cash flows from operating activities 133 280 189 832
         
    Cash flows from investing activities 12 months
    2024
    12 months
    2023
    Purchases of associates 0 -10 314
    Purchases of subsidiaries -155 313 -103 414
    Received dividends 20 862 0
    Given loans 1 918 6 652
    Interest gain 4 953 2 691
    Purchases Investment property -5 071 -18 304
    Purchases of property, plant and equipment -38 332 -18 143
    Proceeds from sale of property 1 559 -252
    Total cash flows used in investing activities -169 424 -141 084
         
    Cash flows used in financing activities 12 months
    2024
    12 months
    2023
    Changes in overdraft 12 863 14 349
    Proceeds from borrowings 358 733 130 567
    Repayments of borrowings -151 790 -155 808
    Repayment of finance lease liabilities -6 222 -2 233
    Interest paid -39 153 -22 224
    Dividends paid -60 997 -15 750
    Gain from share emission 3 174 29 464
    Total cash flows used in financing activities 116 608 -21 635
      0 0
    TOTAL NET CASH FLOW 80 464 27 113
    Cash at the beginning of the year 87 115 60 002
    Cash at the end of the period 167 579 87 115
    Net (decrease)/increase in cash 80 464 27 113

    Infortar operates in seven countries, the company’s main fields of activity are maritime transport, energy and real estate. Infortar owns a 68.47% stake in Tallink Grupp, a 100% stake in Elenger Grupp and a versatile and modern real estate portfolio of approx. 141,000 m2. In addition to the three main areas of activity, Infortar also operates in construction and mineral resources, agriculture, printing, and other areas. A total of 110 companies belong to the Infortar group: 101 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Infortar employs 6,228 people.

    Additional information:

    Kadri Laanvee
    Investor Relations Manager
    Phone: +372 5156662
    e-mail: kadri.laanvee@infortar.ee
    www.infortar.ee/en/investor

    Attachments

    • 4 kvartali aruanne 31.12.2024 ENG
    • 4 kvartali presentatsioon 31.12.2024 ENG

    The MIL Network –

    February 25, 2025
  • MIL-OSI: Agillic publishes its annual results 2024 in line with preliminary results published on 6 February 2025

    Source: GlobeNewswire (MIL-OSI)

    Announcement no. 03 2025

    Copenhagen – 25 February 2025 – Agillic A/S

    Agillic has today published its annual results 2024 in line with the preliminary results published on 6 February 2025. The guidance for 2025 is also maintained.

    Christian Samsø, CEO, comments on the results: “In 2024, sales were affected by higher uncertainty and limited appetite for tech investments in the market. Client portfolio changes, driven mainly by mergers and acquisitions, where clients were forced onto other platforms as part of new global contracts and commitments, affected Agillic. However, on a positive note, several new clients chose Agillic as their customer engagement platform in 2024. In 2024, we finally closed the year-long tax credit dispute with the Danish Tax Authorities and in Agillic’s favour, positively impacting both the net result and liquidity. 2025 will undoubtedly present it’s challenges too, but with a refocused strategy and a new and committed management team, we feel confident to deliver on our ambitions for growth and profitability.”

    Key financial and SaaS highlights (DKK million)

    INCOME STATEMENT (DKK million) FY 2024 FY 2023 Change Q4 2024 Q4 2023 Change
    Revenue subscriptions 50.0 52.4 -5% 13.0 12.2 7%
    Revenue transactions 10.2 12.0 -15% 2.8 2.9 -3%
    Other revenue 0.0 0.3 -100% 0.0 0.3 -100%
    Total revenue 60.2 64.7 -7% 15.8 15.4 3%
    Gross profit  48.8 52.2 -7% 12.7 12.6 1%
    Gross margin 81% 80% – 80% 82% –
    Other operating income 0.8 0.6 33% 0.2 0.1 100%
    Employee costs -34.5 -36.8 6% -10.8 -10.8 0%
    Operational costs -14.1 -14.1 0% -2.9 -3.5 17%
    EBITDA 1.0 1.9 -47% -0.8 -1.6 50%
    Net profit -3.3 -27.5 88% -4.5 -22.4 80%
                 
    FINANCIAL POSITION            
    Cash 6.4 9.8 -35% 6.4 9.8 -35%
                 
    ARR DEVELOPMENT (DKK million)            
    ARR subscriptions 54.3 57.8 -6% 54.3 57.8 -6%
    ARR transactions 11.2 12.3 -9% 11.2 12.3 -9%
    Total ARR 65.5 70.1 -7% 65.5 70.1 -7%
    Change in ARR (DKK) -4.6 -6.6 – 2.4 -6.6 –
    Change in ARR % -7% -9% – 4% -9% –
    Reclassification between other operating income, employee costs, and operational costs is updated in 2023 figures.

     
     

    ARR
    At the end of 2024, ARR from subscriptions was DKK 54.3 million compared to DKK 57.8 million as of 2023, a decrease of DKK 3.5 million corresponding to a decrease of 6% with a decline in ARR from transactions from DKK 12.3 million to DKK 11.2 million. At the end of 2024, total ARR was DKK 65.5 million, compared to DKK 70.1 million as of 2023, a decrease of DKK 5.6 million. 

    Income statement
    The revenue from subscriptions decreased by 5% to DKK 50.0 million (2023: DKK 52.4 million) with a total revenue of DKK 60.2 million (2023: DKK 64.7 million). Gross profit was DKK 48.8 million (2023: DKK 52.2 million) with a gross profit margin of 81% (2023: 80%).

    Despite the decrease in gross profit of DKK 3.2 million as well as one-time costs for consultancy fees and severance costs of total DKK 3.1 million, EBITDA ended positive at DKK 1.0 million (2023: DKK 1.9 million).

    Cash
    As of 31 December 2024, cash at bank amounted to DKK 6.4 million compared to DKK 9.8 million as of 31 December 2023. Cash flow from operating activities increased to DKK 12.2 million (2023: DKK -6.5 million) primarily because of a reduction in working capital from trade payables, other payables, and deferred income. Cash flow from investing activities amounted to DKK -10.9 million (2023: DKK -11.7 million) primarily related to investments in developing the Agillic customer engagement platform.

    Financial guidance 2025 (unchanged)

    Revenue DKK 60-63m
    EBITDA DKK 5-8m
    ARR Subscriptions DKK 56-60m

     
      
      
    For further information, please contact:
    Christian Samsø, CEO
    +45 24 88 24 24
    Christian.samsoe@agillic.com

    Claus Boysen, CFO
    +45 28 49 18 46
    claus.boysen@agillic.com

    Certified Adviser
    HC Andersen Capital
    Pernille Friis Andersen

      
    Appendix: Financial development per quarter

    DKK million 2024   2023   2022
    INCOME STATEMENT Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1   Q4 Q3 Q2 Q1
    Revenue subscriptions 13.0 12.1 12.3 12.6   12.2 13.6 13.5 13.1   13.5 13.1 12.2 11.1
    Revenue transactions 2.8 2.7 2.5 2.2   2.9 3.0 2.9 3.2   6.0 4.8 3.3 2.6
    Other revenue 0.0 0.0 0.0 0.0   0.3 0.0 0.0 0.0   0.0 0.0 0.1 0.3
    Total revenue 15.8 14.8 14.8 14.8   15.4 16.6 16.4 16.3   19.5 17.9 15.6 14.0
    Gross profit  12.7 11.7 12.1 12.3   12.6 13.4 13.2 13.0   15.5 11.4 11.7 11.0
    Gross margin 80% 79% 82% 83%   82% 81% 80% 80%   80% 63% 75% 78%
    Other operating income 0.2 0.2 0.2 0.2   0.1 0.2 0.2 0.1   0.3 0.0 0.0 0.0
    Employee costs -10.8 -7.1 -8.0 -8.6   -10.8 -7.9 -9.4 -8.7   -9.2 -7.3 -8.0 -8.0
    Operational costs -2.9 -3.6 ½ -3.3   -3.5 -3.2 -3.0 -4.4   -5.1 -2.7 -3.7 -4.8
    EBITDA -0.8 1.2 0.0 0.6   -1.6 2.5 1.0 0.0   1.5 1.4 0.0 -1.8
    Net profit -4.5 -2.4 7.0 -3.4   -22.4 -0.4 -1.8 -2.9   -2.0 -1.2 -2.7 -4.7
                                 
    BALANCE SHEET                            
    Cash 6.4 3.7 4.4 7.2   9.8 11.5 18.3 26.9   7.4 1.8 12.6 7.5
    Total assets 44.2 42.8 45.8 51.5   47.2 64.9 69.0 75.8   52.8 54.0 58.7 55.4
    Equity -22.3 -17.8 -16.0 -23.3   -20.2 1.5 1.8 3.4   -15.0 -13.2 -12.0 -9.6
    Borrowings 19.0 19.1 21.4 24.3   23.8 23.0 24.2 25.7   24.3 23.7 26.1 26.4
                                 
    CASH FLOW                            
    Cash flow from operations 5.5 4.1 2.6 0.0   -0.6 -2.8 -4.3 1.2   7.3 -4.9 9.0 -8.3
    Cash flow from investments -2.5 -2.6 -2.7 -3.0   -2.1 -3.1 -3.2 -3.3   -3.3 -3.3 -3.7 -3.2
    Cash flow from financing -0.3 -2.2 -2.7 0.4   1.0 -0.9 -1.1 21.6   1.6 -2.6 -0.2 -1.6
    Net cash flow 2.7 -0.7 -2.8 -2.6   -1.7 -6.8 -8.6 19.5   5.6 -10.8 5.1 -13.1
                                 
    EMPLOYEES & CLIENTS                        
    Employees end of period 42 40 39 41   50 50 50 46   48 47 51 47
    Clients end of period 118 114 113 116   122 120 120 118   118 111 108 105
                                 
    ARR & SAAS METRICS                        
    ARR subscriptions 54.3 52.5 51.7 52.2   57.8 56.8 54.9 54.2   54.1 50.3 49.6 48.5
    ARR transactions 11.2 10.6 10.0 8.9   12.3 12.1 11.5 17.3   22.6 19.6 14.6 10.3
    Total ARR 65.5 63.1 61.7 61.1   70.1 68.9 66.4 71.5   76.7 69.9 64.2 58.8
    Change in ARR (DKK) 2.4 1.4 0.6 -9.0   1.2 2.5 -5.1 -5.2   6.8 5.7 5.4 3.1
    Change in ARR % 4% 2% 1% -13%   2% 4% -7% -7%   10% 9% 9% 6%
    Average ARR 0.6 0.6 0.5 0.5   0.6 0.6 0.6 0.6   0.6 0.6 0.6 0.6
    Yearly CAC 0.5         0.3         0.1      
    Months to recover CAC 12         7         3      

    Definitions

    • Cash is defined as available funds less bank overdraft withdrawals.
    • ARR: the annualised value of subscription agreements and transactions at the end of the actual reporting period.
    • Average ARR: the average Total ARR per client.
    • Customer Acquisition Costs (CAC): the sales and marketing costs (inclusive of salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
    • Months to recover CAC: the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.

    Disclaimer
    The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

    About Agillic A/S
    Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate, and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark. For further information, please visit agillic.com.  

    Attachments

    The MIL Network –

    February 25, 2025
  • MIL-OSI NGOs: Greenpeace organisations begin trial defense against Energy Transfer’s SLAPP

    Source: Greenpeace Statement –

    Mandan, North Dakota — Ten years after the world watched the Indigenous-led protests at the Dakota Access Pipeline unfold, representatives from Greenpeace International (GPI) and two Greenpeace entities in the United States arrive at a Morton County courthouse to fight a meritless lawsuit brought by Energy Transfer (ET), today. 

    The trial is currently open to the public in the North Dakota courthouse. Multiple attempts by media and watchdog groups to petition the court for greater transparency and accessibility to the trial proceedings have been denied. The Greenpeace parties’ request for public livestreaming was denied, and a request for expanded media cover by a number of outlets and journalists was also recently denied.

    The US-based fossil fuel pipeline company behind the Dakota Access Pipeline is seeking US$300 million in damages in one of the world’s most brazen examples of a Strategic Lawsuit Against Public Participation (SLAPP). ET’s lawsuit attempts to rewrite the history of the Indigenous-led protest at Standing Rock and could have a chilling impact on free speech in the US and beyond. Since 2017, GPI and Greenpeace organisations in the US have been defending against ET’s lawsuits[1], which ridiculously claim the protests were orchestrated by Greenpeace.

    Deepa Padmanabha, Senior Legal Advisor, Greenpeace USA said: “Beyond the impact that this lawsuit could have on the Greenpeace entities, one of the most worrisome things about the case is that it could establish dangerous new legal precedents that could hold any participant at protests responsible for the actions of others at those protests. And you can imagine that this would have a serious chilling effect on anybody who wants to engage in protest.”

    Kristin Casper, General Counsel, Greenpeace International said: “We are confident Greenpeace International, along with our co-defendants in the US, will ultimately prevail. We will defend Greenpeace International at trial, while also pursuing efforts to recover the costs incurred as a result of ET’s SLAPP suits in the US through legal proceedings in the Netherlands. We are grateful for the support we are receiving from around the world, because when the movement acts together, we win.”

    GPI initiated the first test of the European Union’s anti-SLAPP Directive by filing a lawsuit in Dutch court against ET earlier this month. GPI seeks to recover all damages and costs it has suffered as a result of ET’s back-to-back, meritless lawsuits demanding hundreds of millions of dollars against GPI and the Greenpeace organisations in the US.[2] 

    Energy Transfer’s lawsuits are clear-cut examples of SLAPPs.[3] ET’s lawsuits have been an attempt to bury nonprofits and activists in legal fees, push them towards bankruptcy and ultimately silence dissent. 

    ENDS 

    Notes:

    1. ET’s first lawsuit was filed in federal court under the RICO Act – the Racketeer Influenced and Corrupt Organizations Act, a US federal statute designed to prosecute mob activity. The case was dismissed, with the judge stating the evidence fell “far short” of what was needed to establish a RICO enterprise. The federal court did not decide the defamation or conspiracy claims so ET promptly filed a new case in a North Dakota state court with these and other state law claims 

    2. Greenpeace International files lawsuit against Energy Transfer in first use of EU anti-SLAPP Directive

    3. A report by the Coalition Against SLAPPs in Europe (CASE) documented 1049 SLAPP suits in Europe in the period 2010-2023, with 166 lawsuits initiated in 2023. Big Oil companies Shell, Total, and ENI have also filed SLAPPs against Greenpeace entities in recent years, with attempts at silencing ending in embarrassment for Shell and Total.

    Contacts:

    Greenpeace International Press Desk, +31 (0)20 718 2470 (available 24 hours), [email protected]

    MIL OSI NGO –

    February 25, 2025
  • MIL-OSI China: China conducts 300-bln-yuan MLF operation to sustain banking liquidity

    Source: People’s Republic of China – State Council News

    BEIJING, Feb. 25 — China’s central bank on Tuesday conducted a 300-billion-yuan (about 41.83 billion U.S. dollars) medium-term lending facility (MLF) operation to maintain ample liquidity in the country’s banking system.

    The MLF operation features a one-year maturity period and an interest rate of 2 percent, unchanged from the rate of the previous operation conducted last month, according to a statement on the website of the People’s Bank of China.

    After the latest operation, the outstanding MLF balance stood at 4.09 trillion yuan.

    Tuesday’s operation was a scaled-down rollover, as a total of 500 billion yuan of MLF will mature this month.

    The central bank conducted 1.7 trillion yuan of outright reverse repos in January, which was equivalent to releasing a degree of medium-term liquidity in advance, said Wang Qing, chief macro analyst at Golden Credit Rating.

    At present, medium-term liquidity in the market is kept abundant to support banks in increasing credit supply, facilitate government bond issuance, and stabilize market expectations, the analyst noted.

    MIL OSI China News –

    February 25, 2025
  • MIL-OSI USA: Padilla Presses for Answers on DOGE Cuts to Critical Housing Programs and Staff

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WASHINGTON, D.C. — U.S. Senator Alex Padilla (D-Calif.) and 24 other Senators sounded the alarm on concerning reports that President Trump’s Department of Government Efficiency (DOGE) Task Force will make wide-ranging, harmful cuts hampering the Department of Housing and Urban Development’s (HUD) ability to support vulnerable communities and combat the housing and homelessness crises.

    The DOGE Task Force plans reportedly include laying off 50 percent of its workforce, eliminating half of HUD’s field offices, and gutting critical programs that protect families and people with disabilities from discrimination, help address the housing and homelessness crises, and support communities recovering from disasters. HUD has three field offices in California, and these cuts are especially concerning as Southern California recovers from the devastating fires last month. HUD only recently rebuilt its workforce after a 20 percent drop between 2012 and 2019, and further cuts threaten disaster recovery efforts while delaying housing development.

    “HUD engages in critical work supporting communities in expanding their housing supply, providing rental assistance, and preventing homelessness—work that is urgently important for millions of Americans looking to purchase a home to build generational wealth or find an affordable place to rent,” wrote the Senators. “Axing these offices will handicap the Department’s ability to serve the American public and exacerbate the housing crisis we currently find ourselves in.”

    “DOGE’s actions thus far at other agencies have caused widespread chaos, hampered the ability of agencies to do their work, and provided potentially illegal data access to individuals with conflicts of interest,” continued the Senators. “There is no indication that DOGE’s work at HUD will be any less detrimental.”

    There are also reports that HUD is terminating the Green and Resilient Retrofit Program, which was authorized by Congress to help repair and improve efficiency in homes for families, seniors, and people with disabilities. These funds have already been awarded and obligated to nonprofits and other housing providers to improve more than 30,000 homes all across the country — but now DOGE at HUD is trying to claw these funds back. In 2024, California received five green and resilient retrofit program grants.

    The Senators also expressed confusion and frustration at the lack of transparency surrounding the launch of a HUD DOGE Task Force identifying a purported $260 million in wasteful HUD contracts, and asked HUD Secretary Scott Turner to provide additional information and a precise accounting of the alleged wasteful spending identified by DOGE.

    The letter, led by Senators Angela Alsobrooks (D-Md.), Elizabeth Warren (D-Mass.), and Tina Smith (D-Minn.), was signed by Padilla as well as Senators Richard Blumenthal (D-Conn.), Maria Cantwell (D-Wash.), Catherine Cortez Masto (D-Nev.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), Mazie Hirono (D-Hawaii), Tim Kaine (D-Va.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Gary Peters (D-Mich.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Chuck Schumer (D-N.Y.), Chris Van Hollen (D-Md.), Raphael Warnock (D-Ga.), and Ron Wyden (D-Ore.).

    Senator Padilla believes everyone deserves access to affordable and safe housing and recognizes the need to drastically increase the affordable housing stock to address the homelessness crisis facing California and the country, including to support disaster victims. In the aftermath of the Los Angeles fires, Padilla introduced the bipartisan Disaster Housing Reform for American Families Act to expedite, expand, and improve temporary housing available to victims of disasters like wildfires and storms. Last year, he announced the reintroduction of his Housing for All Act, a comprehensive approach to invest in proven, locally-developed solutions to address the homelessness and affordable housing crises.

    Full text of the letter is available here and below:

    Dear Secretary Turner:

    We write regarding your recent announcement that you have launched a “Department of Government Efficiency” (DOGE) Task Force at the Department of Housing and Urban Development (HUD) and your statement indicating that DOGE has identified $260 million in wasteful contracts at HUD. We are also seeking additional information about alarming reports of HUD’s plans to cancel a program serving families, seniors, and people with disabilities and fire half of its workforce. To address these questions, we request information about DOGE’s involvement at HUD, and the impact it is having on HUD funding and staffing needed to implement its mission.

    HUD engages in critical work supporting communities in expanding their housing supply, providing rental assistance, and preventing homelessness—work that is urgently important for millions of Americans looking to purchase a home to build generational wealth or find an affordable place to rent.

    According to public reports, HUD plans to lay off 50 percent of its workforce. These cuts would eliminate half of HUD’s field offices serving local communities across the country and gut the offices of Fair Housing and Equal Opportunity (FHEO), Policy Development and Research (PD&R), and Community Planning and Development (CPD), which protect families and people with disabilities from discrimination, address our homelessness crisis, and provide resources to communities to tackle our housing shortage and recover from disasters. Axing these offices will handicap the Department’s ability to serve the American public and exacerbate the housing crisis we currently find ourselves in.

    In addition to personnel cuts, you also announced that HUD and DOGE have identified $260 million in savings on wasteful contracts. If this represents legitimate waste, we are happy to work with you to wipe it out. But to date, there has been no transparency about DOGE’s involvement, or what exactly it is finding. We ask that you provide additional information on the allegedly wasteful spending identified by DOGE, and a clear accounting of how these funds have been misused. This is particularly important because, even before implementing any cuts, HUD’s DOGE Task Force is already interfering with the department’s future planning and funding which is critical to boosting our nation’s housing supply. Public reporting suggests that DOGE’s request for information on HUD’s contracts has put all “future funding grants […] effectively on pause.”

    Further, reports indicate HUD is now terminating the Green and Resilient Retrofit Program, which was provided by Congress to help repair and improve efficiency in homes for families, seniors, and people with disabilities. These funds have already been awarded and obligated to nonprofits and other housing providers to improve more than 30,000 homes all across the country.

    But now, HUD is trying to claw these funds back, cancelling signed contracts and breaking its word to residents and owners. Not only is this bad faith, but it also cuts a program that will reduce operating costs and protect families and seniors from the effects of disasters. Without these funds or continued trust in HUD as a reliable partner, some properties in dire need of rehabilitation may opt out of the program and be permanently lost from our country’s already limited stock of affordable housing, in red and blue states alike.

    DOGE’s actions thus far at other agencies have caused widespread chaos, hampered the ability of agencies to do their work, and provided potentially illegal data access to individuals with conflicts of interest. There is no indication that DOGE’s work at HUD will be any less detrimental.

    During your testimony in front of the Senate Committee on Banking, Housing, and Urban Affairs, you spoke about empowering HUD employees and serving HUD’s mission “to create strong and sustainable communities and support quality affordable homes — serving the most vulnerable of our nation.”

    It is not clear how laying off half its staff serves HUD’s mission, or whether the $260 million figure you referred to in your interview represents legitimate waste and abuse. As HUD Secretary, it is your job to ensure that the millions of Americans who rely on HUD can continue to do so without DOGE’s interference.

    As members of the Senate who have authorized and funded HUD’s programs and are responsible for its oversight, it is critical that we understand the scope of DOGE’s activities at HUD. We request that you answer the following questions by February 26, 2025:

    1. How many individuals are currently part of HUD’s DOGE Task Force? Please provide the names of all Task Force members and whether they are considered employees of HUD or any other federal agency.

    2. What are the specific components of the $260 million in contracts that you described in your February 11, 2025, interview on The Charlie Kirk Show? Please provide a list of all contracts that DOGE employees have identified as wasteful and the justification for cancellation.

    3. Do members of the DOGE Task Force have access to any non-public HUD information, including data systems, contracting systems, personnel records, or other legal records? Does this include proprietary Tribal enrollment data submitted for Native American Housing Assistance and Self-Determination Act (NAHASDA) funding?

    4. What steps have you taken to protect Americans’ data and ensure compliance with the Privacy Act?

    5. What are the objectives of the HUD DOGE Task Force and how long will the Task Force be in place?

    6. Has there been any pause or delay in disbursing or obligating HUD funds, including delays in signing grant agreements, since January 20, 2025? Please provide a detailed accounting of any pauses or delays.

    7. Has HUD cancelled – or does HUD intend to cancel – the Green and Resilient Retrofit Program, including terminating or failing to enter into awards or contracts?

    8. Please explain in detail any plans to reduce HUD staffing below the level of staff employed at the agency on January 20, 2025, including:

    a. Current or planned changes in staffing by HUD Office and the reason for any change, including retirement, participation in a Deferred Resignation Program, or other actions;

    b. The number of staff that would be present in each HUD Office after planned changes; and

    c. Whether any programs or functions of HUD would be reduced or eliminated.

    9. Are there any programs, functions, or offices you plan to eliminate at HUD? If so, please provide a list of those programs, functions, or offices. If not, please detail how you intend to perform HUD’s critical functions and prevent mismanagement of funds with the proposed staff reductions.

    As DOGE’s work is already affecting HUD programs and personnel, it is critical that Congress, which funds and oversees HUD activities, understands the full scope of DOGE’s work within HUD immediately. Thank you for your prompt attention to this urgent matter.

    Sincerely,

    MIL OSI USA News –

    February 25, 2025
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