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Category: Business

  • MIL-OSI: Notice to convene the annual general meeting of Danske Banks A/S

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no 8 2025 Danske Bank
    Bernstorffsgade 40
    DK-1577 København V
    Tel. + 45 45 14 14 00

    21 February 2025

    Page 1 of 1

    Notice to convene the annual general meeting of Danske Banks A/S

    Danske Bank A/S will hold its annual general meeting on Thursday 20 March 2025 at 3.00pm (CET).

    As was the case in 2024, the annual general meeting will be held as a fully electronic general meeting without the possibility of attending in person.

    A fully electronic general meeting facilitates participation for a wider audience, including our international investors, while ensuring that all shareholders can exercise their rights to participate in, ask questions and vote at the general meeting on the same terms.

    Attached is the agenda, including complete proposals.

    Get more information on our general meeting on www.danskebank.com/agm

    The Board of Directors of Danske Bank A/S

    Contact: Stefan Kailay Wind, Head of Corporate Communications & Media Relations, tel. +45 45 14 14 00

    Attachments

    • Agenda – annual general meeting 2025
    • Company announcement no 8 2025

    The MIL Network –

    February 21, 2025
  • MIL-OSI United Nations: WFP welcomes Japan’s commitment to action against global hunger

    Source: World Food Programme

    YOKOHAMA – The United Nations World Food Programme (WFP) has welcomed a timely contribution of US$58 million from the Government of Japan. This contribution will enable WFP to support vulnerable populations affected by conflict, climate change, and economic crisis in 28 countries across Asia, the Middle East and Africa.

    Over US$10 million will be allocated to provide emergency food assistance in Palestine, supporting severely food-insecure Palestinians in the West Bank and Gaza Strip hard-hit by conflict and consecutive shocks. This assistance will help them access lifesaving foods to meet their essential needs and open a window of hope for families.  

    In Afghanistan, a US$7 million contribution will be used to provide lifesaving food and nutrition assistance, including for an emergency school feeding programme. With US$4 million to Myanmar, WFP continues to deliver emergency food assistance to the most vulnerable populations in crisis-affected states and regions. Additionally, in Thailand, Japan’s contribution will be allocated to deliver urgent food and nutrition assistance in border areas affected by the unpredictable and rapid evolution of the conflict in Myanmar.

    This contribution also highlights Japan’s consistent commitment to addressing food insecurity in Africa seizing the momentum of the Ninth Tokyo International Conference on African Development (TICAD 9), which will be held in August in Japan.

    Among the Horn of Africa countries, US$3 million will be allocated to deliver emergency food and nutrition assistance to populations affected by conflict and climatic shocks in Somalia. With another US$3 million, WFP will support vulnerable populations including refugees, asylum seekers, and migrants in Djibouti by sustaining emergency food and nutrition assistance amid successive and complex crises. 

    In Angola, Ethiopia, Malawi and Zambia, with a US$5.5 million contribution, WFP aims to enhance collaboration with Japanese corporations to jointly achieve Zero Hunger with their technology and expertise. 

    “We highly appreciate the contribution from the Government of Japan, which enables us to address critical food needs at scale across the world at this challenging moment, when our joint multilateral solidarity is needed more than ever,” said Yasuhiro Tsumura, Director of the WFP Japan Relations Office. “No one should be left behind. With generous funding from Japan, WFP will support the lives and livelihoods of the most vulnerable households, ensuring the global food security is our joint mandate. We earnestly seek the continued support of the Japanese people to help us in our mission at a time when we face severe funding shortfalls worldwide.” 

    Japan has consistently been one of WFP’s top donors. The countries and regions benefitting from US$58 million Japan’s Supplementary Budget are: Afghanistan, Angola, Bangladesh, Burkina Faso, Burundi, Cameroon, Chad, Djibouti, Ethiopia, Ghana, Guinea-Bissau, Iran, Jordan, Lebanon, Madagascar, Malawi, Mali, Myanmar, Palestine, Rwanda, Somalia, South Sudan, Thailand, the Gambia, Uganda, Yemen, Zambia, and Zimbabwe. 

     

    #                 #                   #

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters, and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media @WFP_JP

    MIL OSI United Nations News –

    February 21, 2025
  • MIL-OSI: StoneX Unites with Women’s Run Series to Champion Athletics Diversity

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 21, 2025 (GLOBE NEWSWIRE) — StoneX Financial Ltd, the U.K. based subsidiary of StoneX Group Inc., is proud to continue their partnership with the Women’s Run Series – a pioneering running initiative designed to increase female and ethnic minority participation in athletics. The next event scheduled is on International Women’s Day – Saturday, March 8, 2025 – at the Queen Elizabeth Olympic Park in London, previously a venue for the 2012 Olympic and Paralympic Games.

    Supported by RunThrough, the Women’s Run Series represents a significant step forward in reducing the barriers to participation in athletics, by inspiring an inclusive environment that welcomes runners of all backgrounds.

    Victoria Lepadden, Head of Client Management (Non-Banks) at StoneX Payments, said, “I’m so excited that StoneX and Women’s Run Series have come together to organise the groundbreaking Women’s Run Series. This event ties in so well with our ‘Women in StoneX’ movement. Both StoneX and Women’s Run Series have provided opportunities for women to come together, have fun, and get fit at the same time. I’m delighted to see that the series will be expanding across the country this year, giving more women the chance to join in and help them thrive in a supportive community.”

    Lucy Wood, Race Director at Women’s Run Series, added, “We are thrilled to bring this event to life in partnership with StoneX. This partnership strengthens our commitment to increasing female and ethnic minority participation in running events, ensuring that everyone, regardless of background, feels welcome and supported. Together, we’re creating more opportunities for women to experience the joy of running in an environment designed just for them.”

    For more information about the Women’s Run Series and to register for upcoming events, visit www.womensrunseries.co.uk.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The group strives to be the one trusted partner to its clients, providing its network, products, and services to enable them to pursue trading opportunities, manage market risks, make investments, and improve business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, as well as more than 400,000 retail accounts, from more than 80 offices spread across six continents.

    The MIL Network –

    February 21, 2025
  • MIL-OSI Economics: RBI retains Advisory Committee of Aviom India Housing Finance Private Limited

    Source: Reserve Bank of India

    It may be recalled that, in exercise of powers conferred under Section 45-IE (5) (a) of the RBI Act, 1934, the Reserve Bank had, on January 30, 2025, constituted a three-member Advisory Committee to assist Shri Ram Kumar, Administrator of Aviom India Housing Finance Private Limited (AVIOM) in discharge of his duties. The members of the Committee are:

    1. Shri Paritosh Tripathi, ex-CGM, State Bank of India

    2. Shri Rajneesh Sharma, ex-CGM, Bank of Baroda

    3. Shri Sanjaya Gupta, ex-MD & CEO, PNB Housing Finance Limited

    Upon admission of the petition for insolvency resolution process by the New Delhi Bench of the Hon’ble National Company Law Tribunal in respect of AVIOM vide order dated February 20, 2025, the Reserve Bank has decided that the above mentioned three-member Committee shall continue as the Advisory Committee under Rule 5 (c) of the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. The Advisory Committee shall advise the Administrator in the operations of AVIOM during the Corporate Insolvency Resolution Process.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2216

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Video: President von der Leyen receives Mr Marcel Ciolacu, Prime Minister of Romania

    Source: European Commission (video statements)

    Follow us on:
    -X: https://twitter.com/EU_Commission
    -Instagram: https://www.instagram.com/europeancommission/
    -Facebook: https://www.facebook.com/EuropeanCommission
    -LinkedIn: https://www.linkedin.com/company/european-commission/
    -Medium: https://medium.com/@EuropeanCommission

    Visit our website: http://ec.europa.eu/

    https://www.youtube.com/watch?v=BjbUsRQM0rQ

    MIL OSI Video –

    February 21, 2025
  • MIL-OSI China: Beijing-Tianjin-Hebei region hits 6th trln-yuan milestone

    Source: China State Council Information Office 2

    Over the past 11 years of coordinated development, the Beijing-Tianjin-Hebei region has crossed six trillion-yuan milestones in GDP.
    In 2024, the region’s GDP reached 11.5 trillion yuan ($137.9 billion), more than doubling that in 2013; the economic growth rates of the three logged 5.2%, 5.1%, and 5.4%, respectively, all exceeding the national average.
    Over the past 11 years, Beijing has fueled growth in high-tech industries, with the proportion of new market entities in sectors like technology and commerce rising from 40.7% to 67.7%.
    Xiong’an New Area, located over 100 kilometers from Beijing, has seen an investment of 835.4 billion yuan since its establishment in April 2017. A total of 4,792 buildings have been constructed, with some housing companies, hospitals, and universities from Beijing.
    The coordinated development has also promoted collaboration in technological sectors.
    For instance, a technological industrial park in Tianjin has adopted Beijing’s Zhongguancun pilot policies, enabling resident companies to benefit from the same support that businesses in Beijing’s tech hub enjoy.
    In the 11 years, Beijing’s technology transfer to Tianjin and Hebei has grown exponentially, with the transaction volume increasing from 7 billion yuan to over 84 billion yuan.
    New transportation infrastructure is now underway to enhance connectivity. An airport express from Xiong’an to Beijing’s Daxing airport is being built, alongside other railway and highway expansions.

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI China: Alibaba sees record revenue of 38.4 bln USD

    Source: China State Council Information Office

    Chinese tech giant Alibaba Group Holding Ltd reported on Thursday night that its revenue stood at 280.15 billion yuan ($38.4 billion) during the October-December period, an increase of 8 percent year-on-year, while its net income reached 46.43 billion yuan, surging 333 percent year-on-year.

    For the quarter ending on Dec 31, revenue from its cloud business rose 13 percent year-on-year to 31.7 billion yuan, with artificial intelligence-related product revenue achieving triple-digit growth for the sixth consecutive quarter.

    The company said it will continue to invest in technological innovation, particularly in AI infrastructure, to increase cloud adoption for AI. “This quarter’s results demonstrated substantial progress in our ‘user first, AI-driven’ strategies and the reaccelerated growth of our core businesses,” said Wu Yongming, CEO of Alibaba Group.

    Looking ahead, Wu said revenue growth at Cloud Intelligence Group driven by AI will continue to improve. “We will continue to execute against our strategic priorities in e-commerce and cloud computing, including further investment to drive long-term growth,” he added.

    Revenue from Alibaba’s core e-commerce business, which refers to its Taobao and Tmall platforms, rose 5 percent year-on-year to 136.1 billion yuan during this period.

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI New Zealand: Legal Issues – Health and safety obligations highlighted in sentencing of former port chief executive

    Source: Maritime New Zealand

    A chief executive who oversaw the Port of Auckland for more than a decade has been sentenced today (21 February) in a significant case in relation to a 2020 fatal incident at the port.
    In November last year, Judge Bonnar KC in the District Court at Auckland released a decision finding Tony Gibson guilty of one Health and Safety at Work charge, after stevedore Pala’amo Kalati was killed in August 2020.
    This is the first time in New Zealand an officer of a large company has been convicted of a breach of their due diligence duty.
    The Judge’s decision is seen as one that clarifies legislative health and safety obligations for officers of large companies.
    Maritime NZ Director, Kirstie Hewlett, says people are at the centre of prosecutions such as this, and Mr Kalati’s family, will forever feel the impact of what occurred at the Port of Auckland nearly four and a half years ago.
    “Our thoughts continue to go out to Mr Kalati’s family, friends, as well as those also impacted by this tragic incident, including the other surviving victim.
    “This has not been a quick process, and we fully understand how difficult the ongoing proceedings against the Port and Mr Gibson would have been for those close to Mr Kalati, and the other victim,” says Ms Hewlett.
    The District Court found that, as the chief executive of Port of Auckland, Mr Gibson did not exercise his due diligence responsibility for ensuring that the Port complied with its health and safety responsibilities.
    “This was a serious departure from the duty of care he should have provided to the workers at the port as the senior officer in charge (the chief executive).
    “Mr Gibson had the knowledge, influence, resources and opportunity to address safety gaps and ensure that appropriate systems were in place at the port, but failed to do so,” Ms Hewlett says.
    During his more than a decade managing it, the port company was convicted of several offences under health and safety legislation. These past incidents resulting in fatalities and serious injuries.
    Mr Gibson knew of safety issues raised around the critical risks that could hurt people on the Port, but did not take timely action to address them, even though it was in his control and influence to do so.
    It is hoped this case will serve as a strong reminder to chief executives of large companies that they need to understand the critical risks at their businesses; and assure themselves, through reliable sources, that there are controls and systems in place, and that these are working effectively on the ground.
    “In saying this, I recognise there are many officers in New Zealand who are meeting their health and safety obligations, and they should be confident this decision reaffirms the work they do to keep their people safe at work.
    “More broadly I also want to recognise the work of the Port sector- port companies, stevedores and unions since the death of Mr Kalati to improve safety on New Zealand ports. This work has included the delivery of the Approved Code of Practice (for loading and unloading cargo at ports and on ships) which was launched last year to ensure consistent base line safety standards. It is important that this work continues to ensure we prevent tragedies like this and that workers come home healthy and safe,” Ms Hewlett says.
    Sentencing notes:
    In sentencing Judge Bonnar KC fined Tony Gibson $130,000. He awarded Maritime NZ costs of $60,000

    MIL OSI New Zealand News –

    February 21, 2025
  • MIL-OSI Russia: Dmitry Chernyshenko: The latest domestic developments are presented at the Future Technologies Forum

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    February 21, 2025

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    February 21, 2025

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    February 21, 2025

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    February 21, 2025

    Previous news Next news

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    Deputy Prime Minister Dmitry Chernyshenko inspected the exhibition of the Future Technologies Forum, which is taking place in Moscow on February 20–21.

    The forum’s exposition brought together developments from high-tech enterprises and startups from all over the country – achievements are presented at the stands of the largest corporations that develop science-intensive production.

    “The joint work of representatives of science, business and the state is of key importance in achieving Russia’s technological leadership – a national goal set by President Vladimir Putin. The Future Technologies Forum exhibition shows striking examples of such interaction. It presents dozens of the latest domestic developments that are being introduced into industrial production and have high export potential,” the Deputy Prime Minister emphasized.

    The Russian Ministry of Industry and Trade presented the national project “New Materials and Chemistry” at the forum. The ministry’s stand featured developments and samples in four areas of the national project: chemistry, biotechnology, composites and rare earth metals. The exhibits included an absorbent carbon dressing for healing open wounds and burns; synthetic blood vessel prostheses that allow replacing critically damaged areas of blood vessels in atherosclerosis, aneurysm, and thrombosis; polymeric materials for the manufacture of bone substitutes that are similar in properties to human bone tissue; samples of raw biomass obtained from medicinal plants without harming the environment; innovative fertilizers; composite materials based on carbon fiber and thermoplastics, which are used in aviation, UAV design, and automotive engineering, as well as products made of rare and rare earth metals, which are used in high-tech products, and other developments.

    “It is extremely important that Russia ensures its sovereignty, including in the extraction of minerals for the needs of our industry. It is also important to form directions and invest in science: the processing of these materials and the creation of technologies based on them,” noted Dmitry Chernyshenko.

    The Kurchatov Institute National Research Center, one of the leaders in modern Russian materials science, demonstrated aircraft parts manufactured using additive technologies, polymeric materials for medical use, heat-resistant materials for engine building, special cold-resistant steels and coatings for Arctic use, and other developments.

    The stand presents a model of the synchrotron-laser complex “SILA” – a fundamentally new research mega-installation, which is being built at the site of the National Research Center “Kurchatov Institute” in Protvino (Moscow Region) and will allow obtaining unique data on the structure and properties of any substances at the level of individual atoms.

    Rosatom demonstrated developments of nuclear industry organizations, they were presented by the CEO of the state corporation Alexey Likhachev. Composite material with boron carbide is capable of effectively blocking different types of radiation. The material is indispensable in nuclear power plants, where it reduces the impact of radiation on personnel and equipment, in medicine (in radiotherapy) and in industry, where they work with radioactive substances.

    The drug synthesis platform is designed to create radiopharmaceuticals – drugs with radioactive elements. The essence of the development is that radioactive substances are added to microspheres that can decompose in the body, which help directly destroy diseased cells. The drugs attack only the affected cells without harming healthy ones – this is their main advantage.

    The Rosatom stand also features beryllium-based materials, which have high strength, withstand high temperatures and can be used in spacecraft, in the production of spark-proof alloys and in the radio-electronic industry.

    Another exhibit is carbon fiber, a unique component for the production of composite materials. The fiber consists almost entirely of carbon atoms, which means high strength with a significantly lower weight than metals and their alloys, and is used to create structural elements of aircraft, to strengthen wind turbine blades and in gas centrifuges, to create prostheses and orthoses, in automobile and shipbuilding, sports and construction.

    Gazprombank presented several high-tech developments of Russian startups at once. The companies Prokeramika and M-Shape demonstrated titanium and steel intervertebral disc prostheses printed using 3D technologies, ceramic scaffolds – biological tissue implants grown on a 3D printer.

    “Such work needs to be supported and accelerated. Especially now, in the conditions of the SVO, when a lot is required for operations and for the creation of implants,” the Deputy Prime Minister emphasized.

    Gazprombank’s subsidiary N2Tech demonstrated the innovative CryoSafe-42 tank container, which allows for safe and lossless transportation of liquid hydrogen, one of the most promising sources of clean energy, over a distance of up to 15,000 km. All developments are designed to ensure high efficiency of their implementation and use in practice with a focus on saving resources and technological leadership in Russian industry, medicine, and the aerospace industry. The stand also demonstrated the interface and workflow of products from KuBoard, a developer of quantum software.

    At the Moscow government stand, Dmitry Chernyshenko was presented with samples of the latest materials and products manufactured at Moscow enterprises. Among them are lithium-ion and sodium-ion batteries, composite panels, carbon fibers, innovative building materials, and much more. For example, prototypes of implants for bone tissue restoration, forearm and hip prostheses with biocoating, and knee modules with microprocessor control, which are used in restorative medicine and surgery, are on display.

    “In the context of rapid changes in the global economy and technological progress, events such as the Future Technologies Forum are becoming a platform for exchanging knowledge, experience and innovation. Moscow actively promotes research and development in the field of new materials. The prospects for using achievements in this area are enormous. This concerns not only industry, but also the daily life of the capital’s residents. We are talking about improving the quality of life through the creation of safer, more durable and efficient products, such as building materials, medical products and much more. This approach not only meets modern requirements for sustainable development, but also emphasizes our commitment to creating a comfortable environment for every resident,” said Anatoly Garbuzov, Minister of the Moscow Government and Head of the Department of Investment and Industrial Policy.

    During the Future Technologies Forum, Sber demonstrated the concept of the AI for Science platform with artificial intelligence (AI) tools, which is designed to improve the quality of scientific research in Russia. The main goal of the platform is to help scientists speed up research, improve its quality and facilitate the writing of scientific articles.

    At the stand, Dmitry Chernyshenko made a number of proposals on the possible use of digital technologies in the work of scientists.

    Detailed information about the events of the Future Technologies Forum is available on the website Futura-forum.The.

     

    The Future Technologies Forum is a flagship event where leading researchers and industry leaders present high-tech technologies, innovative scientific developments and implemented projects that determine the vector of development of economic sectors in the coming years.

    The forum has been held in Moscow annually since 2023 with the participation of the President of Russia. The event is supported by the Government of Russia, and the operator is the Roscongress Foundation.

    In 2023, the FBT was dedicated to quantum technologies, in 2024 it focused on the future of medicine. In 2025, the forum is dedicated to new materials and chemistry.

    In 2025, the forum is held with the support of the Russian Academy of Sciences, the Russian Science Foundation, and the Russian Quantum Center. The co-organizers of the forum are Gazprombank, the Moscow government, and the Rosatom state corporation. The general partner is Sber, the strategic partner is PJSC Rosseti, and the strategic scientific partner is the Kurchatov Institute National Research Center.

     

    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 21, 2025
  • MIL-OSI Russia: The Acceleration Interuniversity Program “City Energy. Environment 2.0” has been launched at the State University of Management

    Translartion. Region: Russians Fedetion –

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

    The acceleration program is carried out by the State University of Management in cooperation with the industrial partner of the State University of Management – OOO TEN Group – the TechnoSpark technology park in the city of Troitsk.

    Thematic areas of the accelerator: – TN1. Technologies for comfortable and safe human life; – TN2. Technologies of “green energy”; – TN3. Resource-saving systems, lean, digital technologies.

    These thematic areas of the Accelerator correspond to the critical technologies of the Russian Federation, approved by the Decree of the President of the Russian Federation of July 7, 2011 N 899, contribute to solving the problems of ensuring the technological sovereignty of the Russian Federation, and correspond to the markets of the National Technology Initiative.

    The acceleration program implementation period is February – June 2025.

    The acceleration program consists of the following educational events: — lectures; — traction meetings (held in the form of team meetings with a tracker to develop a project); — expert presentations from representatives of the partner companies of the State University of Management in the thematic areas of the accelerator; — the Equator event, where teams present the intermediate results of their projects; — the Pre-Defense event, where teams present to other teams and trackers. Trackers make a decision on admission and recommendation of a team to participate in DemodDen; — the DemodDen event, where teams present the results of their projects to invited external experts.

    The head of the acceleration program “City Energy. Environment 2.0” Ekaterina Khalimon talks about the features of the program:

    “This year, the implementation model of the 7th acceleration program based on the State University of Management has undergone some changes. Firstly, it is implemented entirely by the State University of Management, without attracting third-party funding and without attracting the services of third-party organizations. Today, the State University of Management has a sufficient number of highly qualified specialists who can efficiently implement the conceived ideas. The State University of Management has already accumulated practical experience. The acceleration program “City Energy. Environment 2.0” is the 7th acceleration program carried out on the basis of the State University of Management. Since 2022, over 5,000 students have been trained in acceleration programs in the field of technological entrepreneurship based on the State University of Management.

    Secondly, an important emphasis was placed on interuniversity coverage: if in previous accelerators 80% of participants were SUM students, then in this program we want to achieve a 40/60 ratio, where 40% are SUM students, and 60% are students from third-party universities, attracted by SUM students themselves based on the team’s requests. We understand that SUM trains talented managers who can package any project, calculate, plan, and brilliantly present it to investors. But if we want to achieve prototypes and deep project development, then engineers, programmers, doctors, and students from other fields of study need to be attracted at the earliest stages of project development. The experience of the 6th acceleration program “Healthy Life Technologies 2.0” showed that teams that included both managers and students from other universities demonstrated a high degree of development of their projects, demonstrated prototypes, sketches, and conducted experiments in the laboratories of partner universities.

    And finally, the third feature of the current acceleration program “City Energy. Environment 2.0″ is that at the project initiation stage we provide students with requests for technological innovations received in January 2025 from the industrial partner of the State University of Management – the TechnoSpark technology park. The requests concern such areas as: urban infrastructure, hydrogen energy, automation of warehouse complexes, waste disposal, synthesis of coal, peat, biomass. In total, over 30 requests have been received in these areas. Close cooperation with such a large partner allows us to develop projects and products that are already urgently needed by our domestic manufacturers.”

    The accelerator trackers are teachers from the project management department who are certified project management specialists, active entrepreneurs, and experts in tracking and mentoring student startups.

    Following the results of the Acceleration Program, teams that have passed the Demo Day will receive feedback from invited experts and representatives of the technology park, the best teams will be invited to practice at the company for further work on projects.

     

    Subscribe to the tg channel “Our State University” Announcement date: 02.21.2025

    технопарком «ТехноСпарк» города Троицка….” data-yashareImage=”https://guu.ru/wp-content/uploads/IMG_6074-1-scaled.jpg” data-yashareLink=”https://guu.ru/%d0%b2-%d0%b3%d1%83%d1%83-%d1%81%d1%82%d0%b0%d1%80%d1%82%d0%be%d0%b2%d0%b0%d0%bb%d0%b0-%d0%b0%d0%ba%d1%81%d0%b5%d0%bb%d0%b5%d1%80%d0%b0%d1%86%d0%b8%d0%be%d0%bd%d0%bd%d0%b0%d1%8f-%d0%bc%d0%b5%d0%b6/”>

    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 21, 2025
  • MIL-OSI China: ‘Ne Zha 2’ brings surging orders to Chinese toy factories

    Source: China State Council Information Office 3

    In the bustling production workshop of a cultural products company in south China’s Guangdong Province, miniature figurines of Ne Zha, Ao Bing and Tai Yi — all from the Chinese animated blockbuster “Ne Zha 2” — are rolling off the assembly line at full speed.

    As demand skyrockets, company president Sun Wenke finds his phone ringing off the hook. In addition to updates on mold production, inquiries from distributors, and collaboration requests from eager brands are flooding in.

    The driving force behind this frenzy is the phenomenal success of the film, which has shattered multiple box office records around the globe. The film’s popularity has triggered a buying spree for themed figurines, keychains, and badges.

    Many products have sold out both online and offline, with resale prices soaring several times higher than before. Fans have jokingly remarked that after scrambling to secure cinema tickets, they now find themselves fighting for collectibles.

    Many of these sold-out products are made in Dongguan, known as China’s “capital of designer toys.” Established toy manufacturers such as Sun’s WoFactory are turning the film’s characters into highly sought-after real-world collectibles through innovative designs and craftsmanship.

    Founded in 2017, WoFactory is a cultural and creative company specializing in design, research, and production, having supported over 2,000 designer brands.

    “Our initial order before the film’s release was 10,000 sets. Just days ago, an additional order was placed, multiplying demand by several hundred times, with total orders exceeding 100 million yuan (about 13.95 million U.S. dollars),” Sun said.

    The unprecedented surge in orders has left companies both excited and feeling the pressure.

    “We have accelerated mold production to shorten the manufacturing cycle. Typically, it takes 35 to 60 days to produce a mold and another 45 to 90 days to complete a product, but now we can deliver the products to consumers in just over 20 days,” Sun said.

    To cope with the overwhelming demand, WoFactory has leveraged Dongguan’s industrial ecosystem. After securing the massive order, the company partnered with dozens of local toy manufacturers to maximize production capacity and fulfill orders efficiently.

    Meanwhile, at Guangdong Henglitai Craft Products Co., Ltd., production lines are running 24/7 to meet demand.

    “We are working around the clock to manufacture Ne Zha merchandise,” said Cheng Shuiqiao, the company’s engineering manager.

    Henglitai’s first batch of 300,000 Ne Zha-themed acrylic posters, transparent cards, badges, and filmstrip – nicknamed “life must-haves” by fans — sold out instantly before the Chinese New Year. The company has since received orders ten times that size.

    Dongguan has in recent years become a global hub for designer toys, producing a quarter of the world’s anime-related merchandise and 85 percent of China’s designer toy products.

    The city’s well-established industrial chain and supply network have given companies a competitive edge. In Shipai Town, where WoFactory is based, within a 5-kilometer radius, a fully integrated ecosystem covers everything from design and mold manufacturing to assembly and logistics — all accessible within a 15-minute drive.

    “We are building an AI-powered prototyping center to integrate AI into toy manufacturing,” said Liu Xueyi, deputy director of the economic development bureau of Shipai. “This will boost production efficiency by 20 percent and cut the average manufacturing time by 20 days.”

    Beyond manufacturing, brand partners have also been blown away by the meticulous attention to detail shown in various products.

    “For Ne Zha-themed merchandise, we introduced subtle design touches such as adding a glitter effect to color cards to replicate the film’s fiery visuals, and applying iridescent film to acrylic keychains to create shifting colors depending on the angle,” said Cheng.

    The rise of China’s designer toy industry is also a reflection of growing cultural confidence.

    “Two years ago, only 40 percent of our products were based on Chinese intellectual properties (IPs), while the majority came from foreign franchises. Now, that trend has seen a complete reversal — Chinese IPs dominate our production line,” Cheng said. “It’s a sign of our cultural soft power strengthening on the global stage.” 

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI: ANNUAL RESULTS 2024: MOBILIZE FINANCIAL SERVICES CONTINUES TO GROW

    Source: GlobeNewswire (MIL-OSI)

       

    PRESS RELEASE

    21 February 2025
    ANNUAL RESULTS 2024:
    MOBILIZE FINANCIAL SERVICES CONTINUES TO GROW
    In 2024, Mobilize Financial Services reported an increase in sales1, with growth in the amount of financing of 2.4%. Mobilize Financial Services also reported a rise in pre-tax income to 1,194 million euros, thanks to strong growth in net banking income. This solid annual performance reflects the effective operational management of Mobilize Financial Services and the commercial dynamism of Renault Group brands.

    KEY FIGURES

    Sales performance

    • The number of financing contracts is stable (+0.6%) compared with 2023.
    • The amount of new financings is up 2.4% compared with 2023
    • The penetration rate for electric vehicles is 45% in 2024, i.e. 2.9 points higher than the penetration rate for other types of engines
    • The penetration rate, all engines combined, was 42.3%, down 1.1 point on 2023.
    • In a growing market, Mobilize Lease&Co’s portfolio of financing contracts is up 11% compared with 2023.
    • Mobilize Financial Services sold 3.7 million service and insurance contracts in 2024, down 4.4% on 2023.

    Financial performance

    • Net banking income (NBI) came to 2,180 million euros, up 11.2% on 2023.
    • Operating costs reached 1.30% of Average Performing Assets (APA)2, an improvement of 8 basis points compared with 2023.
    • The total cost of risk was 0.31% of APAs in 2024, compared with 0.30% in 2023.
    • At the end of the year, net assets at end3 amounted to 61 billion euros compared with 54.7 billion euros in 2023, an increase of 11.6%.
    • Net deposits collected increased by 2.3 billion euros to 30.5 billion euros.
    • Pre-tax income was 1,194 million euros, compared with 1,034 million euros at the end of December 2023.

    Gianluca De Ficchy, Chairman of the Board of Directors of RCI Banque SA: “In a rapidly changing automotive and banking environment, Mobilize Financial Services continues to demonstrate its strength by delivering an excellent commercial and financial performance and making a significant contribution to Renault Group’s results. In 2025, we will leverage synergies with the Group to accelerate the adoption of more sustainable mobility, while placing customer experience and satisfaction at the heart of our strategy. Together, we will continue to create value for all our stakeholders. “

    Martin Thomas, Chief Executive Officer of Mobilize Financial Services: “In 2024, Mobilize Financial Services delivered remarkable growth and proved its resilience, with a 2.4% increase in financing amounts and an 11.2% rise in net banking income. As we start 2025, we are determined to support our customers in adopting a more sustainable form of mobility by offering products and services tailored to new uses. We will also continue our efforts to achieve operational excellence, through exemplary management of our costs and risks “.

    SOLID SALES PERFORMANCE DRIVEN BY AN INCREASE IN NEW FINANCING

    Mobilize Financial Services will see the amount of new financings (excluding cards and personal loans) rise by 2.4% compared with 2023, to 21.5 billion euros, thanks to the growth in registrations by Renault Group, Nissan and Mitsubishi, the increase in average amounts financed and the acquisition of MeinAuto. Mobilize Financial Services financed 1,282,066 contracts in 2024, a stable volume compared with 2023 (+0.6%).

    In an automotive market that grew slightly by 2.3%, volumes for Renault Group, Nissan and Mitsubishi brands reached 2.25 million vehicles in 2024, up 3.9%.

    The penetration rate, all engines combined, will be 42.3% in 2024, down 1.1 points on 2023. The penetration rate for electric vehicles is 45%, 2.9 points higher than for other types of engines.

    Mobilize Financial Services sold 3.7 million service and insurance contracts in 2024, down 4.4% on 2023.

    Used vehicle financing was down 5.9% on 2023, with 310,747 loans financed.

    Mobilize Financial Services is continuing to roll out operational leasing offers in partnership with its dealer network, via Mobilize Lease&Co. In a buoyant operational leasing market, Mobilize Lease&Co aims to expand its fleet to one million vehicles by 2030. Renault Group’s full-service leasing offerings in Europe and Latin America are showing a very positive trend for 2024, with volumes up 11% on the previous year.

    In 2024, Mobilize Financial Services achieved a record level of customer recommendation with a Net Promoter Score4 of +59 in June 2024, up one point compared to November 2023, the date of the previous edition of this barometer. Mobilize Financial Services has also achieved a 79% satisfaction rate among its dealer customers, up 4 points compared with 2023, and a Net Promoter Score of +49 (+11 points compared with 2023).

    FINANCIAL PERFORMANCE CONFIRMS THE RELEVANCE OF MOBILIZE FINANCIAL SERVICES’ STRATEGY

    At the end of 2024, net assets at end of business reached 61 billion euros compared with 54.7 billion euros at the end of 2023, an increase of 11.6% on the previous year.

    Net banking income (NBI) came to 2,180 million euros, up 11.2% on 2023. This increase is due to growth in outstandings, the non-recurrence of a negative impact on the valuation of swaps observed in 2023 and the acquisition of MeinAuto at the beginning of 2024.

    Services account for 34% of NBI, down 2.8 points on 2023.

    The deposit collection business was buoyant. The net savings collected increased by 2.3 billion euros to 30.5 billion euros, compared with 28.2 billion euros at the end of December 2023.

    Operating costs amount to 727 million euros, up 21 million euros on 2023. This increase is due to the inclusion of MeinAuto’s operating costs in 2024. Operating expenses represent 1.30% of average performing assets (APA), an improvement of 8 basis points compared with 2023.

    The overall cost of risk is 0.31% of APAs, compared with 0.30% in 2023.

    Pre-tax income was therefore 1,194 million euros, compared with 1,034 million euros at the end of December 2023.

    MOBILIZE FINANCIAL SERVICES, MORE THAN 4,000 EMPLOYEES COMMITTED TO SUPPORTING THE TRANSITION TO MORE SUSTAINABLE MOBILITY

    Mobilize Financial Services focuses on four priorities:

    • Offers based on usage throughout the vehicle’s life cycle to meet the changing mobility needs of professional and retail customers. Mobilize Financial Services is continuing to develop its loyalty-building operational leasing offers, with the aim of developing a pan-European range of offers for new and used vehicles.
    • Insurance and services tailored to new mobility needs: new offers will be tested and deployed according to the value they bring to customers and to Renault Group, to cover new uses and the real needs of the market.
    • The ongoing development of information systems: Mobilize Financial Services continues to invest in the transformation of its digital tools, in order to benefit from the latest technological standards and increased flexibility in the management of its activities. This development is being carried out with particular attention to the customer experience, in compliance with cybersecurity and data protection requirements.
    • Operational excellence: the Group will take great care to improve its efficiency by simplifying and harmonising its processes, to the benefit of all its businesses.

    In pursuing these focus areas, Mobilize Financial Services relies on two fundamental levers:

    • Consolidate the management of its sustainable development strategy, in line with Renault Group’s ESG approach.
    • Managing risks and ensuring compliance throughout the Group to protect its customers and its business.
     
    About Mobilize Financial Services

    Attentive to the needs of all its customers, Mobilize Financial Services, a subsidiary of Renault Group, creates innovative financial services to build sustainable mobility for all. Mobilize Financial Services, which began operations over 100 years ago, is the commercial brand of RCI Banque SA, a French bank specializing in automotive financing and services for customers and networks of Renault Group, and also for the brands Nissan and Mitsubishi in several countries. With operations in 35 countries and over 4,000 employees, Mobilize Financial Services financed more than 1,2 million contracts (new and used vehicles) in 2023 and sold 3,7 million service contracts. At the end of December 2024, average earning assets stood at 61 billion euros of financing and pre-tax earnings at 1 194 million euros. Since 2012, the Group has deployed a deposit-taking business in several countries. At the end of December 2024, net deposits amounted to 30,5 billion euros, or 50 % of the company’s net assets.    

    The consolidated financial statements of RCI Banque Groupe and RCI Banque S.A. at 31 December 2024 were approved by the Board of Directors on 11 February 2025. The audit procedures on the consolidated financial statements for the year ended 31 December 2024 have beeń substantially completed. The audit reports relating to the certification of these consolidated financial statements will be issued after verification of the management report and finalisation of the procedures required for the purposes of publication of the 2024 Annual Financial Report in ESEF format. The 6-page business report with an analysis of the financial results for 2024 and the uncertified consolidated financial statements are available on www.mobilize-fs.com under the headings ‘Business Report’ and ‘Financial Reports’ on the ‘Finance’ page.

    Find more about Mobilize Financial Services on : www.mobilize-fs.com/

    Read this press release online, click here
    Press contacts

    Hopscotch PR
    +33 (0)1 41 34 22 03
    mobilize-fs-presse@hopscotch.fr

     

    1 Except Equity Accounted Companies
    2 Average performing assets: APA corresponds to average performing assets plus assets related to operating leases. For customers, this is the average of month-end performing assets. For the dealer network, it is the average of daily performing assets.
    3 Net assets at-end = Total net outstandings at-end + operating leases transactions net of depreciation and impairement.
    4 The Net Promoter Score (NPS) is the percentage of customers who rate their likelihood of recommending a company, product or service to a friend or colleague as 9 or 10 (“promoters”) minus the percentage who rate this likelihood as 6 or less (“detractors”) on a scale of 0 to 10.

    Attachment

    • UK – PR Annual Results 2024 MFS

    The MIL Network –

    February 21, 2025
  • MIL-OSI: Notice to annual general meeting in Konsolidator A/S

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no 6-2025

    Søborg, February 21, 2025

    Notice to annual general meeting in Konsolidator A/S

    Notice is hereby given to shareholders in Konsolidator A/S of the annual general meeting, which is scheduled for March 13, 2025 at 15:00, at Vandtårnsvej 83A, 2., DK-2860 Søborg. Shareholders who are not able to attend the general meeting will be able to follow the live webcast of the general meeting by a link, which will be available from March 7, 2024 on the Konsolidator investor site.

    Enclosed please find notice and agenda for the annual general meeting.

    Attachments

    • Notice to ordinary general meeting 2025 / Indkaldelse til ordinær generalforsamling 2025
    • Ordering of admission card / Bestilling af adgangskort
    • Proxy and postal vote form / Fuldmagt og brevstemme
    • Appendix 1 / Bilag 1

    For further information please contact the company.

    Contacts

    Certified Adviser

    About Konsolidator
    Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

    Attachments

    The MIL Network –

    February 21, 2025
  • MIL-OSI Economics: Result of the 45-day Variable Rate Repo (VRR) auction held on February 21, 2025

    Source: Reserve Bank of India

    Tenor 45-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 57,951
    Amount allotted (in ₹ crore) 57,951
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.28
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2214

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI: Aurora Mobile’s MoonFox Data Releases AI Industry Landscape Report for 2025

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Feb. 21, 2025 (GLOBE NEWSWIRE) — Aurora Mobile (NASDAQ: JG), a leading customer engagement and MarTech service provider in China, proudly announces the release of a groundbreaking AI Industry Report by its data insight and analysis brand, MoonFox Data. The report is jointly published by MoonFox Data and the CEIBS AIMI Research Center, which provides an in-depth analysis of the global AI landscape, offering valuable insights into market trends, technological advancements, and the future trajectory of AI applications across industries.

    As the global AI market continues its rapid growth, with an average annual growth rate of 19.1% projected over the next decade, MoonFox Data’s report serves as a vital resource for businesses, policymakers, and industry leaders seeking to navigate this dynamic sector.

    Key Highlights from the Report

    Global AI Market Dynamics

    The report observes that the global AI market is maintaining steady growth, with an average annual growth rate of 19.1% projected over the next decade. Investment activities in the sector have shown signs of recovery, particularly in Q3 2024, where transaction volumes returned to levels seen in early 2022. The United States continues to lead in AI financing and technological applications, while China is making notable progress in large language model (LLM) development.

    Technological Developments

    The report highlights advancements in AI product iterations, particularly in large language models (LLMs), which are seeing improvements in reasoning capabilities and application versatility. Additionally, emerging areas such as embodied intelligence and humanoid robots are identified as key trends shaping the future of AI.

    Regional Trends

    Insights into Southeast Asia reveal high consumer acceptance of AI applications, with usage rates nearing 80%. The report also examines the challenges and opportunities for Chinese AI companies expanding internationally, emphasizing the importance of localized solutions and partnerships.

    Applications Across Industries

    The report explores the application of AI across various sectors, including healthcare, education, and enterprise services. It provides examples such as AI-driven problem-solving tools in education and emotional support applications, which are gaining traction in specific markets.

    Empowering Businesses with Data-Driven Insights

    MoonFox Data leverages over a decade of expertise in mobile development and big data to provide actionable insights for businesses. Its AI Industry Report is a testament to its commitment to empowering organizations with the knowledge they need to thrive in an increasingly AI-driven world.

    Chen Guangyan, General Manager of Aurora Mobile, stated:

    “The AI revolution is reshaping industries and redefining possibilities. With this report, MoonFox Data aims to provide a comprehensive understanding of the AI landscape, helping businesses and policymakers make informed decisions and seize emerging opportunities.”

    About MoonFox Data

    As a sub-brand of Aurora Mobile, MoonFox Data is a leading expert in data insights and analysis services across all scenarios. With a comprehensive, stable, secure and compliant mobile big data foundation, as well as professional and precise data analysis technology and AI algorithms, MoonFox Data has launched iAPP, iBrand, iMarketing, Alternative Data and professional research and consulting services of MoonFox Research, aiming to help companies gain insights into market growth and make accurate business decisions.

    About Aurora Mobile

    Aurora Mobile (NASDAQ: JG) established in 2011, is a leading customer engagement and marketing technology service provider in China. Its business includes notification services, marketing growth, development tools, and data products.

    For more information or to access the full AI Industry Landscape Report 2025, please visit https://www.moonfox.cn/en/insight/report/1491 or contact us at zhouxt@jiguang.cn

    For Media Inquiries:
    Contact: zhouxt@jiguang.cn  | Website: http://www.moonfox.cn/en

    The MIL Network –

    February 21, 2025
  • MIL-OSI Economics: Panasonic in Numbers: Panasonic HX

    Source: Panasonic

    Headline: Panasonic in Numbers: Panasonic HX

    Panasonic Manufacturing UK Ltd. (Location: Cardiff, Wales, UK; hereinafter referred to as “PMUK”), which develops, manufactures, and sells microwave ovens and other products in the UK, has completed the installation and begun trial operation of a demonstration power generation system. The microwave oven assembly factory is powered by renewable energy generated by the system through the integrated control of three types of energy sources: pure hydrogen fuel cell generators, photovoltaic generators, and storage batteries. This demonstration system, the first of its kind outside Japan, will bring Panasonic HX to scale with the Group seeking to build relationships with government agencies, local partner companies and business customers related to the hydrogen business to establish a foundation that will contribute to UK society and climate change countermeasures in the UK and across Europe.
    This demonstration uses green hydrogen produced in the UK for in-house power generation and aims to supply 100% of the electricity consumed in PMUK’s microwave assembly from renewable sources by means of pure hydrogen fuel cell generators using green hydrogen, in combination with photovoltaic generators and storage batteries. This globally unique initiative integrating the three energy sources into a demonstration facility is the first attempt even for Panasonic. Through this demonstration, Panasonic is committed to developing its hydrogen business from a long-term perspective toward the realization of a future hydrogen society and carbon neutrality.

    The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI USA: Senator Murray on Senate Republicans’ Pro-Billionaire Budget Resolution, Trump and Musk’s Devastating Funding Freeze and Mass Firings

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Murray: “Republicans are going down this partisan path because they know Democrats are not going to join them in throwing Medicaid, nutrition assistance, and veterans’ benefits into the wood chipper so they can throw more tax cuts at billionaires and the biggest corporations.”

    Murray: “We should not be taking kids out of child care to give billionaires a tax break. We should not be taking food off the family table to put more fuel in private jets.”

    ICYMI: Senator Murray speaks at Budget Committee markup of resolution, offers common sense amendments rejected by Republicans

    ***VIDEO HERE***

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former chair of the Senate Budget Committee, took to the Senate floor to forcefully speak out against Senate Republicans’ budget resolution that will help billionaires at working families’ expense—as well as the Trump administration’s lawless mass firings and ongoing funding freeze that is hurting people and jeopardizing critical services they need in every part of the country. She also underscored how a clean full-year CR is not an acceptable solution to government funding.

    Senator Murray’s remarks, as delivered, are below:

    “Thank you M. President. We need to be focused on solving problems—and I think most of us here get that.

    “No matter who the President is, our constituents expect us to work for them. They expect us to fight for them. And they expect us to do the hard work of passing laws to make their lives better.

    [TRUMP LEAVING FARMILIES IN THE DUST]

    “People don’t send us here to make their lives worse. But that’s exactly what Trump and Musk are doing. They are looking at our most pressing problems—and making them so much worse. And this budget proposal will only add fuel to the fire.

    “Right now—even as egg prices hit an all time high—Trump and Musk have done nothing to lower prices.

    “They’ve done nothing to address the housing crisis, or help families get quality, affordable child care—or address other issues I hear about from folks all the time.

    “Instead, they are slashing programs that help our families make ends meet, they are gutting an agency that saves working people money and protects them from scams, and starting trade wars that will impose what is effectively a Trump sales tax entirely on the backs of American workers.

    “As China works to strengthen its global leadership, Trump and Musk have ceded the ground almost entirely—illegally cutting off investments we make to continue our country’s leadership and help allies.

    “At the most precarious moment for the Middle East in decades—Trump is casually proposing to ethnically cleanse Gaza so that Trump and his family can build waterfront property there.

    “When it comes to helping our allies in Ukraine secure a just peace—Trump is giving away countless concessions to Putin out of the gate, calling our ally a dictator and meeting with Russia without inviting Ukraine.

    “When it comes to the Bird Flu—Trump and Musk are firing the very workers who are responsible for tracking the disease and keeping it from spreading further. And now, suddenly, they are desperately trying to hire them back.

    “And as Texas deals with a serious measles outbreak, Trump’s Health Secretary can’t even confirm the obvious, and tell parents the vaccine doesn’t cause autism—which, to be clear, it does not!


    “And, almost unbelievably, just weeks after the deadliest commercial plane crash in the U.S. in over two decades—Trump and Musk are firing FAA workers who make sure flying is safe. Who does that help?

    “And now Trump is letting Musk run wild by inappropriately accessing and rifling through sensitive SSA and Treasury files, with IRS being next—your data! How does that make sense?

    “But while President Trump is busy making problems worse, and trampling our laws, and quoting dictators—what are we doing here in the Senate?

    “Are we holding President Trump accountable? Are we holding his co-President, Elon Musk—the richest man in the world, who has billions of dollars in conflicts of interest—accountable? 

    “Are we putting a stop to the catastrophic cuts and reckless firings that are hurting people and our communities, and setting our country back decades?

    “Seems to me that would be a good use of our time—after all, I’ve even heard some Republicans admit that cutting things like medical research, and firing people like VA workers are bad ideas. So you would think—maybe—we could work together from that common ground.

    “But instead—Republicans are throwing all their effort behind a partisan plan to slash and burn programs that help our families, and raise costs for everyday Americans, and shovel billions of dollars to help people who already have billions of dollars.

    “Meanwhile, I would like to remind my colleagues we are less than a month away from a deadline to pass bills to fund our government. And as we approach that deadline, the entire world is watching as President Trump and Elon Musk shut the government down bit-by-bit—whatever parts Elon doesn’t like.

    [TRUMP AND MUSK’S RECKLESS, HEARTLESS MASS FIRINGS]

    “Trump and Musk are already showing thousands of essential workers the door—despite the fact that they have no clue what these workers do, or why their jobs matter. They’re just turning off the lights and hoping for the best! 

    “I am hearing so much alarm about this back home—from fired workers and from the people who depend on them.

    “Trump and his co-president are shuttering entire agencies, they are locking workers out of their devices and out of their buildings, and demanding the work of the American people come to a screeching halt—again, for no good reason.

    “And let me really drive home just how damaging and extreme these firings are—because we are not talking about some routine changing of the guard or some thoughtful or strategic plan to make government more efficient.

    “Trump and Musk are just taking a wrecking ball through the U.S. government. They don’t care what they smash up. They don’t care who they hurt. And they don’t seem to have any idea just how painful this is for American families.

    “We are talking about tens of thousands of people—and counting—being pushed out the door without any plan, and without any justification beyond Trump and Elon want to slash and cut with reckless abandon.

    “This has nothing to do with making government more efficient—it is about breaking it beyond repair.

    “Fundamentally, this is not about cutting waste or curbing fraud. Instead, this is about putting the federal workforce into ‘trauma’—that’s how OMB Director Russ Vought callously put it. 

    “So, they are mass firing hardworking women and men—many of them veterans—whose only mistake was serving our country, serving our communities, and believing they wouldn’t get stabbed in the back by a wannabe dictator and the richest man in the world.

    “And, setting aside the fact that many were illegally fired and without real cause, it’s not just the workers who are suffering because of this.

    “These cuts undermine essential services for the American people—right down to some of the most basic functions of government.

    “Trump and Musk are firing people who help Americans find quality, affordable health insurance, people who help small businesses get a loan, people who help communities and families get back on their feet after a disaster, and people who help Americans get their tax refunds.

    “They are firing people who help our economy stay competitive—from firings that undermine energy projects and thousands of good, new jobs, to firings that undermine innovation and technology, to firings that are hurting our farmers and undermining agricultural research.

    “They are laying off National Park Rangers—which will mean longer wait times, dirtier bathrooms, delayed emergency responses, and closed parks.

    “They fired Forest Service workers who are crucial to preventing wildfires.

    “Again, I have to emphasize, they are firing FAA workers for crying out loud—including personnel who work on radar, landing, and other critical infrastructure that help our aircraft navigate safely.

    “They are firing these people, and pretending it is no big deal, all just weeks after the deadliest crash our nation has seen in decades.

    “Trump and Elon might not fly commercial—but the rest of us do.

    “In the Pacific Northwest, the Bonneville Power Administration is losing hundreds of highly skilled workers. This includes everyone from electricians and engineers, to dispatchers, to lineworkers, to cybersecurity experts, and so many others.

    “These are literally the people who help keep the lights on—and now they’re being fired on a whim because Trump and Elon Musk don’t have a clue about what they do and why it’s important, and you know what? They don’t care to learn.

    “They don’t even seem to understand that these are positions funded by ratepayers—by all of us who live in the Northwest—they are not from federal funding.

    “Trump and Musk have even fired over a thousand VA workers, including people who are doing lifesaving research for our veterans—research to prevent veteran suicide, build life changing prosthetics, address opioid addiction, and more.

    “These layoffs could mean longer wait times for veterans to see their health care providers. It could mean ongoing clinical trials coming to a sudden stop. It could mean delays getting your disability claims approved.

    “Because Trump and Musk went ahead and fired clinicians and claims raters—even while the current back log of disability claims is over 250,000!

    “That is not just a betrayal of these public workers—it is a betrayal of our women and men who have served us in uniform.

    “And it is also worth noting—many of the workers being fired are veterans themselves. Trump is firing veterans.

    “And let’s not forget the thousands of NIH researchers who are having their research thrown into jeopardy, and the patients who are watching President Trump carelessly toss their best hope for a cure into the shredder.

    “Or CMS experts, who were working on improving maternal health outcomes so fewer pregnant women die in this country.

    “And medical research layoffs aren’t the only ones putting American lives at risk because Trump and Musk are firing public health workers who respond to disease outbreaks, cybersecurity experts who protect our critical infrastructure, sensitive systems, and our data, scientists who make sure our water and air are clean, and that we are ready for extreme weather, workers that help communities prepare for, respond to, and recover from disasters—not to mention, members of law enforcement who help stop violent criminals—and of course, our nuclear engineers!

    “Seriously—people who manage our nuclear weapons stockpile were being fired by the hundreds, with no real strategy. 

    “And we know there isn’t a strategy—because then Trump and Musk frantically turned around and rehired many of them.

    “And we also know they haven’t learned their lesson—because they just did the exact same thing to workers responding to bird flu.

    “Reckless layoffs—followed by ‘Wait, no! Come back!’ That is not a plan.

    “To callously fire people who help us stay ahead of deadly diseases, or who maintain a safe, secure, and reliable nuclear weapons stockpile—that is the height of dangerous incompetence.

    “And nuclear clean-up work has been hit as well. I’ve been fighting to get more resources for the Hanford clean-up in Washington state for years—it is already understaffed, and now Trump is actively making things worse.

    “I have heard directly from workers at Hanford who have been laid off—even after some were recognized just this past year for their outstanding work. And by the way: that underscores another reality of these firings—they have absolutely nothing to do with merit.

    “In fact, the way they are targeting new employees includes people who were recently promoted—so now these workers are getting fired from their newly earned jobs. Literally pushing out some of our best performers and our most committed workers.

    “Oh, and one more thing—they are even illegally firing the government watchdogs who provide accountability and prevent fraud.

    “If Trump and Musk were really committed to tackling waste, fraud, and abuse, would they fire the very people serving in nonpartisan roles whose very job is to uncover and reduce waste, fraud, and abuse?

    “If they were really interested in transparency, would they have torn down websites where the public can find information about agencies’ spending and policy?

    “The list of pointless, actively dangerous firings goes on, and on, and on. It grows by the day—as does the fallout and alarm being caused by it. My phones have been ringing off the hook—and I know I am not the only one.

    “Again, these sweeping layoffs do not address fraud or waste. These firings are totally arbitrary—pushing out high performers and the promising next generation of our federal workforce who won’t be easily replaced. Not to mention—the hiring freeze prevents them from even trying!

    “And here’s the thing that is so important to remember: these are people who have families, who work hard, who love their country. They are not being sent packing because they’ve done anything wrong or because their work is not important.

    “They are being pushed out simply because Trump and Musk are trying to break the government—trying to make it not work for the people who need it. It is wrong, and if this doesn’t stop now, it will be catastrophic.

    “The scale and scope of Trump and Elon’s purge will set our country back decades. It is not like you can fire everyone, say ‘oh wait, my bad,’ and rehire everyone with the snap of a finger.

    “If you are a VA medical researcher working for less than you could make in the private sector, and you’re fired by a billionaire who decides your research on cancer and burn pit exposure isn’t worth the investment, would you want to come back? Especially with the chaos and sheer incompetence of this administration?

    “The federal government is not Twitter. You can’t just fire everyone and break things and hope for the best—people’s lives are at stake.

    “Elon Musk has no clue what nuclear safety engineers do at Hanford. He doesn’t care that the Social Security Administration is already understaffed, and that pushing more of those federal workers out the door will make life harder for seniors.

    “This effort to push out and arbitrarily fire federal workers is going to break something, worse than it already has—and it’s going to break it irreparably.

    “When that happens, the blame will fall squarely on Trump, Musk, and Republicans.

    [TRUMP AND MUSK’S ILLEGAL FUNDING FREEZE]

    “And it is not just people being fired that is a serious problem—there are also funds still being frozen without rhyme, or reason, or any legal authority for Trump to do that.

    “So I’m not only worried about the fast-approaching funding deadline in March—I’m worried about the de facto government shutdown happening right now.

    “As we speak, Trump and Musk are still illegally blocking hundreds of billions of dollars in funding we all secured for the people we represent back home, putting good-paying jobs on the chopping block, creating incredible uncertainty for businesses, stalling funds for infrastructure and energy projects, and so much else.

    “As another week of Trump’s illegal funding blockade has come and gone, still, reports are coming in from across my state, and across the country—of the chaos and cuts this is causing.

    “And yet, little to nothing has been done by this administration to restore investments people in red and blue states are counting on. And Republicans here in Congress continue to sit by idly while our communities are robbed of hundreds of billions of dollars in bipartisan spending.

    “Meanwhile, it’s our workers, it’s our families, it’s our businesses that are feeling this consequence.

    “With each day that passes, the uncertain fate of these investments takes a toll of its own: ever-growing anxiety for workers whose jobs are in jeopardy, for farmers who are eyeing the calendar and waiting on resources that they are owed, and for business owners worried a ripped-up contract might put them under.

    “I’ve heard USDA grants have been cut off to rural businesses and farmers in my home state of Washington—and it is putting those hard-working Americans in dire straits.

    “A small laundromat ordered new machines—but Trump is now stiffing them on funds they need to make the payment.

    “A wheat farmer installed solar panels under a federal program—but Trump is going to leave them holding the bag.

    “A greenhouse has completed its end of the bargain to install upgrades—but Trump has stopped the federal government from doing the part it promises.

    “And there are so many other federal investments on hold as well: Forest Service funding to reduce wildfire risks and restore ecosystems. EPA funding for clean water infrastructure and clean-up work at superfund sites. HUD and Department of Energy investments to bring down folks’ energy costs and create new, good-paying jobs. Funding for our roads, bridges, transit, flood mapping, fisheries—and so many other things.

    “Medical research has also been completely upended at research institutions across the country—throwing lifesaving research, clinical trials, and patients into uncertainty.

    “Meanwhile they have not only illegally blocked our foreign assistance and shuttered USAID programs that bolster our global leadership and make the world safer for Americans—they are now illegally dismantling the Department of Education.

    “They have already bulldozed the independent research arm of the Department of Education—taking a wrecking ball to ongoing evidence-based research and basic collection data we need for accountability to improve student outcomes at our K-12 schools and colleges.

    “And, among the many contracts Trump cancelled with his executive orders was funding for a program that helps students with disabilities transition from high school to work and work to improve adoption of evidence-based literacy practices in Washington state. These billionaires have no idea what programs they are cutting.

    “Given the chaos of all these efforts—from Trump’s sweeping, radical, and illegal Executive Orders, to Elon Musk jumping from agency to agency and doing seemingly whatever he pleases and whatever is good for his businesses—it’s getting hard to even keep track of all the funding that is being illegally blocked.

    “Even stuff they say is not blocked, or say has been unblocked—is still frequently frozen.

    “But one thing that is clear? This is hurting our families. It is hurting our communities. And it needs to stop.

    “Remember, Musk is the richest man on earth—with deep business ties to China and a direct line to Putin.

    “Republicans have chosen to stand by and twiddle their thumbs, as he unilaterally, clandestinely, and illegally cuts our constituents off from the federal investments they are owed and badly need.

    “We have zero insight or oversight of what conflicts of interest Musk has as he chokes off government funding left and right, and as he hands over our sensitive financial data and systems to patently unqualified individuals with no accountability.

    “This multi-billionaire is operating completely in the dark, hoping his lies are loud enough to drown out any calls for truth or for transparency.


    “You can agree or disagree about federal spending—goodness knows we have debates on it here—but it is a complete lie to try and say this is all fraud, or waste, or a conspiracy.

    “As a long-time Appropriator—I can tell you—we debate these bills publicly, we post the details out in the open. We pass them in a bipartisan way.

    “Republicans overwhelmingly supported the individual bills we put together in Committee last year—many unanimously.


    “Spending is not a ‘conspiracy’ just because Elon Musk doesn’t know how to read USA-Spending.gov.

    “A program is not waste just because it doesn’t help the richest man in the world. It is not fraud just because he doesn’t like it.

    “A law is not illegal just because he disagrees with it. This guy just does not know what he is talking about—and it is frankly embarrassing, he doesn’t know how to count!

    [MUSK, DOGE LIES AND CORRUPTION]

    “The ‘DOGE’ website says it is slashing $55 billion—but it only lists $16.6 billion, and half of that is a typo.

    “They took $8 million with an M—as in ‘Musk can’t count’—and counted it as $8 billion with a B—as in ‘BS.’ That is not saving money—it is poor reading comprehension.

    “Speaking of reading comprehension—I don’t think Elon fully grasps what the concepts of ‘transparency’ and ‘accountability’ mean.

    “When he tweeted out the names of government employees months ago—and again this month even—that was ‘accountability,’ but when reporters name people gaining illegal access to Treasury’s payment system, that is a crime?

    “Elon Musk gets to look at all of our most sensitive data but no one gets to look at what he is actually doing? That cannot be the standard.

    “It’s not ‘maximally transparent’ for Elon Musk to decide for himself what he shares publicly about his actions.

    “It is maximally concerning—especially given there are many obvious conflicts of interest—but Elon has not recused himself from a single decision.

    “How is it not a conflict—when the owner of Space X is gutting NASA while taxpayer funds to his company keep flowing?

    “How is it not blatant corruption—when the owner of Tesla is freezing grants and loans that benefit his competitors?

    “How are we supposed to just trust him, when he is probing agencies that have done—or are doing right now—investigations into his businesses?

    “Trump fired the Ag Inspector General who was investigating Elon’s company, Neuralink—and then fired the FDA officials who were reviewing it.


    “He fired the EPA Inspector General and Transportation Inspector General as they were looking at Tesla.


    “He fired the Labor Inspector General—as the Department has several investigations into Musk’s companies.

    “And Trump fired the Defense Inspector General who was looking at Space X—and notably, Musk’s connections to Putin.

    “And it’s not just Musk who is concerning—he’s brought on an army of walking red flags to pry into our government’s most sensitive data.

    “How are Americans supposed to feel, knowing someone who was previously fired for leaking sensitive information from their employer is digging through your most private financial data?

    “How are Americans supposed to feel, knowing someone who engaged with prominent white supremacists and misogynists online is helping to shutdown USAID?

    “How are they supposed to feel, knowing someone who tweeted explicitly racist statements, someone who said they were, quote, ‘racist before it was cool,’ was given control over incredibly important Treasury payment systems?

    “What sort of vetting—if any—is going on here? Are they trying to pick the least qualified, most concerning people? Hey Elon—you are supposed to filter out red flags—not select for them!

    “The American people deserve transparency—if Elon Musk really has nothing to hide, then he should leave his safe place on X and at Trump rallies and come before us at a Congressional hearing to be held accountable to the public.

    [TRUMP HURTING PEOPLE IN RED AND BLUE STATES]

    “What they are doing here is not just illegal—it is devastating for working people in every single zip code in America, red and blue states alike.

    “Right now, we need to be speaking out with a unified voice to ensure that when Congress passes a bill, the law is followed.

    [DANGERS OF A FULL-YEAR CR]

    “And we need to focus on negotiating serious funding bills on a bipartisan basis ahead of the fast-approaching March 14th deadline. That is exactly what I am trying to do right now. And, a long term CR should not be acceptable for anyone here.

    “As I have reminded my colleagues many times now: there is a world of difference between a short term CR that gives us additional time for good faith negotiations on our full-year funding bills, and a long term CR that would not only create major shortfalls for critical programs, but would also hand vast power over spending decisions to an administration that absolutely cannot and should not be trusted.

    “Passing a clean full year CR would, first of all, create major shortfalls and fail to adjust for new realities on the ground.

    “It could mean that instead of babies getting fed through WIC, moms are getting put on a waitlist for the first time in that program’s history. And instead of families getting rental assistance, they get cut off.

    “A clean full year CR means veterans are not able to get the care they need and benefits they have earned in a timely way.

    “And it means our military falling behind—from forcing cuts across DoD, to pausing promotions, station changes, and other really essential functions.

    “It also means losing opportunities to provide new resources for new challenges, and to provide a check on Trump policies—including ones it is clear members on both sides have issues with.

    “And on that note, I want to emphasize this—because this is really critical—unlike a short-term CR, a clean, full-year CR means hundreds of specific funding directives from Congress fall away, effectively creating slush funds for this administration to adjust spending priorities and potentially eliminate longstanding programs as they see fit. That is a nonstarter.


    “With a full-year CR, Congress would be turning over our power of the purse to a President who has already shown he couldn’t care less about the separation of powers.

    “A yearlong CR could be a green light for President Trump, Elon Musk, and Russell Vought to redirect funding to their own pet projects—and slash, burn, and zero out programs we have supported from Congress, that our families count on.

    “Maybe they siphon money away from public schools. Maybe they slash federal work study grants and other financial aid. Maybe they zero out money for national parks or monuments they think are too ‘Woke…’ or what would that even mean!

    “Maybe they scrap all our oversight of immigration courts, or end family reunification efforts, or dismantle the guardrails for detaining immigrants—something we are already seeing, by the way, with the use of Guantanamo Bay.

    “They could cut funding to eliminate HIV, address maternal mortality, or increase vaccination rates.

    “They could turn our constituents’ priorities into slush funds. Clean energy investments could become a payday for fossil fuels. Money meant to stop fentanyl and opioids could fuel private prison operations and mass deportations.

    [THE COMMON SENSE, BIPARTISAN PATH FORWARD]

    “Congress must detail its spending priorities—and direct President Trump to implement these programs faithfully by passing appropriations bills just as it does every year.

    “There is truly no telling just how far they will go in bending our federal budget from what our constituents need into whatever Trump and Musk want.

    “If you don’t think things could get worse—you’re wrong. A clean, yearlong CR is frankly an unacceptable outcome.


    “We cannot tell our constituents, that instead of using our authority to check a President, we give him the keys to the kingdom.

    “We cannot say, instead of fighting to get you the resources you need, we’ll let a billionaire have more say in where your tax dollars go instead.

    “So we need Republicans to get serious about bipartisan funding bills. And we have got to know that once those bills become law, Trump will actually follow them.

    “We cannot just reach an agreement, pass a bill, and then stand by while President Trump rips our laws in half.

    “There is a serious, bipartisan path forward for our country—but it is one where Congress works together to avoid a shutdown, stops the de facto shutdown that is already happening, and reasserts its authority to protect the funding our communities need.

    [REPUBLICANS’ PRO-BILLIONAIRE BUDGET RESOLUTION]

    “But unfortunately, that’s a far cry from the path Republicans are going down with this pro-billionaire, anti-middle-class budget resolution.

    “Let’s be very clear: Republicans’ budget resolution doesn’t just accept, it actually doubles down on what Trump and Musk are doing.

    “And it is not about balancing the budget—we all know that, because they don’t plan to reverse one of the biggest drivers of the debt: Republican tax cuts.

    “Despite all of the boogeymen that Republicans like to point to as driving the national debt—the reality is that the single biggest driver of our national debt since 2001 has been Republican tax cuts.

    “The Trump and Bush tax cuts have cost our nation over $10 trillion dollars and counting. And you’ll never guess what our colleagues on the other side of the aisle are focused on right now—nothing to lower the cost of eggs—it’s actually more Republican tax cuts!

    “And, no, they will not be paid-for. And, yes, they will blow up the national debt.

    “While Elon Musk hacks and chops his way through the government in the name of meager ‘savings’ and Republicans are cheering him on, they are all hoping we will ignore the elephant they brought into the room.

    “Even as this budget is a roadmap for painful cuts to programs families count on each and every day—all so they can give billionaires more tax cuts.

    “Republicans are going down this partisan path because they know Democrats are not going to join them in throwing Medicaid, nutrition assistance, and veterans’ benefits into the wood chipper, so they can throw more tax cuts at billionaires and the biggest corporations.

    “Make no mistake—this budget resolution is the DOGE resolution, as it assumes the staggering amount of $1 trillion in unspecified cuts in 2025 alone and $9 trillion over 10 years.

    “Where do we think those sort of dramatic cuts are going to come from? It’s going to come out of SNAP benefits that keep our kids from going hungry. It is going to come out of public schools and community health centers. It is going to come out of life-saving medical research.

    “It will mean costs going up for everyday Americans. 

    “It means child care costs going up when families lose access to Head Start and other quality, affordable options.

    “It means heating and cooling costs going up when families get cut off from LIHEAP.

    “It means rent going up as assistance programs get slashed.

    “It means your health care costs go up as community health centers and family planning providers are forced to close their doors.

    “It means grocery costs going up as programs like SNAP and WIC are gutted—not to mention what happens when you cut support for farmers, and for ag-research.

    “And make no mistake, if you are cutting that deeply, that painfully, you are going to start cutting things like veterans’ disability and education benefits, you are going to start cutting Medicare and Medicaid—which, for the information of all Senators, 30 million children rely on.

    “There is just no other way to make their numbers work. Especially when we know that this is just step one in their plan—and step two: tax breaks for billionaires and massive corporations.

    “So, first they are handing Elon Musk a chainsaw to cut programs families rely on with no accountability—then they are rewarding him with enormous tax breaks. And that is completely unacceptable.

    “We should not be taking kids out of child care to give billionaires a tax break.


    “We should not be taking food off the family table to put more fuel into private jets.

    “I grew up in a family that knew what it was like to fall on hard times. My dad— who was a veteran—got too sick to work. He had multiple sclerosis.

    “My mom, kept us afloat with Dad’s VA benefits, food stamps, and the new job she got thanks to a federal workforce program.

    “It wasn’t easy. Mom always said they crawled—crawled—to Social Security and Medicare. But she worked hard, and our government was there for them when those hard times came.

    “I know there are families struggling now, just like my family struggled then. I hear from them every day—in the letters we get here in Washington D.C., and in the conversations I have back home in Washington state.

    “They work hard. They play by the rules. They deserve—at the very least—the same opportunity my parents had when I was growing up.

    “And I am not going to stand by silently while Republicans try to sell that opportunity away, to pay for even more tax breaks for billionaires.

    “I get why that sounds like a good idea to billionaires like Donald Trump. I get why it’s a sweet deal for Elon Musk—the richest man in the world. It’s great for them—because they are not the ones footing the bill!

    “The bill for these tax breaks, the cost of these cuts, is going to be paid by folks like my mom and dad.

    “Everyday Americans will pay for billionaire tax breaks with their health care. They will pay for billionaire tax breaks with abandoned medical research. They will pay for billionaire tax breaks with shuttered family farms and small businesses

    “Republicans can try and spin a fairy tale about how this will pay for itself, how this will work out for everyone and nobody cares about what will be affected—but the reality is going to show through pretty darn quick, and pretty darn painfully.

    “Because spin is not going to put food on the table. It will not pay the rent. It won’t fix the roads. It won’t lower prices. It won’t lower interest rates. And it won’t put money in families’ dwindling bank accounts.

    “When it comes to the job we were all sent here to do helping people, and solving problems—families need real solutions, not tax breaks for billionaires and talking points for everyone who loses out.

    “So, M. President, I would urge all of my colleagues: hit the breaks, and not just on this devastating, partisan budget resolution. Hit the brakes on what President Trump and Elon Musk are doing right now.

    “Let’s instead come together, and work on serious, bipartisan bills to fund the government. Let’s get investments that are sorely needed out to the folks we represent. Let’s pass legislation to give folks a hand—instead of this Republican plan that gives billionaires a handout.”

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI United Kingdom: CMA reaches settlement with banks in competition case

    Source: United Kingdom – Executive Government & Departments

    Banks agree to pay fines for past exchanges of sensitive information about UK government bonds.

    • CMA and 4 banks agree to settle separate cases related to UK government bonds, known as gilts
    • Citi, HSBC, Morgan Stanley and Royal Bank of Canada will pay fines totalling over £100 million – Deutsche Bank has immunity for reporting its conduct which began in 2009 and ended in 2013
    • Individual traders at each of the banks took part in private one-to-one Bloomberg chatrooms in which they shared sensitive information relating to buying and selling gilts on specific dates

    Gilts are an important type of UK government bond that help to finance public spending. Investors in gilts lend money to the UK government and in return receive a steady and stable stream of cash interest payments.

    Healthy competition drives investment, innovation and growth, and it is important that competitors decide their price and strategies independently in order to ensure effective competition in a market. 

    Following an investigation by the Competition and Markets Authority (CMA), the banks have agreed to pay fines for specific instances in which traders shared competitively sensitive information about aspects of the pricing of UK bonds. The sharing of information occurred in one-to-one exchanges between traders about the buying and selling of gilts and gilt asset swaps.

    This conduct took place on various dates between 2009-2013, with the last exchanges occurring in 2010 for HSBC, 2012 for Morgan Stanley, and 2013 for each of Citi, Deutsche Bank and Royal Bank of Canada. Since then, the banks have implemented extensive compliance measures to ensure this behaviour does not happen again.

    Juliette Enser, Executive Director of Competition Enforcement at the CMA, said:

    Following constructive engagement between the banks and the CMA, we are pleased that we have been able to settle these 5 cases involving the past sharing of competitively sensitive information about pricing.

    The financial services sector is an integral part of the UK economy, contributing billions every year, and it’s essential that it functions effectively. Only through healthy and competitive markets can we ensure businesses and investors have confidence to invest and grow – for the benefit of all in the UK.

    The fines imposed today reflect the CMA’s commitment to dealing with competition law breaches and deterring anti-competitive conduct. The fines would have been substantially higher had the banks not already taken unusually extensive steps to make sure that this doesn’t happen again.

    Unlawful exchanges in one-to-one chatrooms

    Each of the exchanges took place in separate bilateral online Bloomberg chatrooms between individual traders at 2 banks [see Figure 1] and included information relevant to the pricing of UK government bonds – specifically, gilts and gilt asset swaps.

    In particular, each one-to-one exchange of information took place in relation to one or more of the following: firstly, the sale of gilts by the UK Debt Management Office via auctions on behalf of HM Treasury, secondly the subsequent buying and selling, i.e. trading, of gilts and gilt asset swaps, and thirdly the selling of gilts to the Bank of England – known as ‘buy back’. Not all banks were involved in unlawful exchanges in all 3 contexts.

    Figure 1 – Parties to the separate one-to-one exchanges

    Consequences

    Four banks – Citi, HSBC, Morgan Stanley and Royal Bank of Canada – have settled and agreed to pay fines totalling £104,460,000.

    Deutsche Bank is exempt from a financial penalty as it alerted the CMA to its participation in the chats via the authority’s leniency policy. Citi applied for leniency during the CMA’s investigation and as a result has received a reduced fine.

    In agreeing to settle with the CMA, the banks have agreed to pay these fines, bringing the investigation to a close.

    The fines for each bank are:

    • Citi: £17,160,000 – this includes a 35% leniency discount and a 20% reduction for settling in advance of the CMA issuing its Statement of Objections
    • HSBC: £23,400,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections
    • Morgan Stanley: £29,700,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections
    • Royal Bank of Canada: £34,200,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections

    The fines take into account the length of time that has passed since the end of the infringements and the extensive compliance measures that the banks have implemented since then – some of which were in place before the start of the CMA’s investigation.

    The firms have until 22 April 2025 to pay their fines.

    More information on this investigation and the CMA’s update is available on the UK government bonds: suspected anti-competitive arrangements case page.

    Notes to editors

    1. A gilt is a UK government bond issued by HM Treasury through the UK Debt Management Office (‘DMO’). This case concerned conventional gilts only, i.e. gilts that pay a fixed rate of interest to the holder. Gilts are commonly issued through auction by the DMO in the UK to gilt-edged market makers (‘GEMMs’) and are actively traded in the financial market following issuance. All 5 banks investigated by the CMA are GEMMs.
    2. In 2009, in response to the financial crisis, the Bank of England adopted a quantitative easing (‘QE’) policy, which involved the Bank of England buying assets – the majority of which were gilts. The Bank of England therefore conducted regular buy-back auctions at certain points during the relevant period.
    3. The DMO, the Bank of England and HM Treasury were not under investigation. The DMO, on behalf of HM Treasury, and the Bank of England have assisted the CMA with the investigation by responding to information requests.
    4. The CMA has issued five separate bilateral infringement decisions. Decision documents are addressed to the following entities: Citigroup Global Markets Limited and its ultimate parent company Citigroup Inc. (together ‘Citi’), Deutsche Bank Aktiengesellschaft (‘Deutsche Bank’), HSBC Bank Plc and its ultimate parent company HSBC Holdings Plc (together ‘HSBC’), Morgan Stanley & Co. International Plc and its ultimate parent company Morgan Stanley (together ‘Morgan Stanley’), and RBC Europe Limited and its ultimate parent company Royal Bank of Canada (together ‘Royal Bank of Canada’).
    5. In each decision, the CMA has found a single and repeated ‘by object’ infringement (i.e. that the conduct had, as its object, the restriction or distortion of competition within the UK). The CMA has not made any finding as to whether the conduct at issue had the effect of preventing, restricting or distorting competition.
    6. The information exchanges took place between: – Citi and Deutsche Bank: on 12 specific dates between July 2012 and January 2013 – Citi and Morgan Stanley: on 3 specific dates between December 2011 and February 2012 – Deutsche Bank and HSBC: on 12 specific dates between October 2009 and June 2010 – Deutsche Bank and Morgan Stanley: on 8 specific dates between October 2009 and June 2011 – Deutsche Bank and Royal Bank of Canada: on 41 specific dates between November 2009 and April 2013
    7. In the case of 4 of the banks (Citi, Deutsche Bank, HSBC and Morgan Stanley) the information was exchanged by a single trader based in the UK. In the case of the Royal Bank of Canada, the information was exchanged on different occasions by 2 traders based in the UK. None of the traders remain employed by the bank they worked for at the time.
    8. Bloomberg chatrooms are a means of electronic communication through which participants can exchange messages. Although the information exchanged through certain Bloomberg chatrooms formed part of the CMA’s investigation, Bloomberg was not under investigation.
    9. All banks were involved in unlawful exchanges relating to trading. In addition, Citi, Deutsche Bank, HSBC and Morgan Stanley were involved in unlawful exchanges relating to auctions; and Deutsche Bank, Citi and Morgan Stanley were involved in unlawful exchanges relating to buy-back auctions. Deutsche Bank and RBC also coordinated their strategies for trading gilts via brokers on a limited number of occasions.
    10. Under the CMA’s leniency policy, a business that has been involved in cartel activity may be granted immunity from penalties or a reduction in penalty in return for reporting the cartel activity and assisting the CMA with its investigation.
    11. A party under investigation by the CMA may enter into a settlement agreement if it is prepared to admit that it has breached competition law, is willing to pay a fine and agree to a streamlined administrative procedure for the remainder of the investigation. Settlement can take place before or after the CMA issues a Statement of Objections, which sets out the CMA’s provisional findings of fact and its legal and economic assessment of them.
    12. The CMA and the Financial Conduct Authority have concurrent functions to enforce competition law in the financial services sector. It was agreed that the CMA would exercise those functions in relation to this investigation.
    13. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.

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    Updates to this page

    Published 21 February 2025

    MIL OSI United Kingdom –

    February 21, 2025
  • MIL-OSI Russia: Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program of the Russian Federation “Development of physical culture and sports”

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    February 20, 2025

    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    February 20, 2025

    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    February 20, 2025

    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    February 20, 2025

    Previous news Next news

    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    Deputy Prime Minister Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program of the Russian Federation “Development of physical culture and sports”.

    Dmitry Chernyshenko recalled that in 2024, at a meeting of the Sports Council, the President instructed to increase the level of coordination of the management of physical education and sports, affecting various areas and spheres of the economy. This Government Commission was established by a Government Resolution.

    “President Vladimir Putin has set us the task of developing a unified approach to the development of physical education and sports under the state program. The total expenditure of budgets at all levels on sports in the country alone is more than 700 billion rubles, and there are also corporate expenses. The commission is called upon to unite all available resources and increase the efficiency of financial investments. Within the framework of the state program, large-scale construction of sports facilities is planned for 2030: flat sports grounds, modular complexes and capital sports facilities, and much more,” Dmitry Chernyshenko emphasized.

    The Deputy Prime Minister added that, on the instructions of the President, work is underway to increase the level of transparency of payments and create a system of incentives for coaches and athletes, which will be implemented, including through funds from the Russian Sports Fund.

    The draft law on the Russian Sports Fund has already been approved by the Government and submitted to the State Duma. The fund will also direct funds to the development of children’s and youth and mass sports, support for Olympians and Paralympians, and, if necessary, to the development of sports infrastructure. When selecting applications, the development of sports, the effectiveness of organizations, the volume of invested funds and attracted private investments will be taken into account.

    On the instructions of the head of state, the Government prepared directives for joint-stock companies with a Russian Federation share of more than 50% on the regular submission of information on extra-budgetary expenditures in the field of sports and the coordination of regions in the construction of sports infrastructure.

    Sports Minister Mikhail Degtyarev emphasized key changes in the approach to the development of the industry, and also outlined priorities for the coming years.

    “In accordance with the instructions of the President of the Russian Federation Vladimir Vladimirovich Putin, the program “Development of Physical Culture and Sports” received the status of a comprehensive one. An important criterion for efficiency is now not only the fulfillment of plans, but also the level of satisfaction of the population with the conditions created for sports. For us, this is now the main guideline,” the head of the department noted.

    The comprehensive state program until 2030 provides for large-scale construction of sports facilities throughout the country. The planned projects include 150 capital sports facilities, 637 smart sports grounds, 1078 small sports grounds and 86 quickly erected modular facilities: swimming pools, halls, skating rinks with artificial ice.

    In addition, the Ministry of Sports will continue to build modular sports facilities in historical regions that have returned to Russia. Five such facilities will be built there annually with a total funding of 1 billion rubles.

    The Minister stressed that taking into account existing sources of funding will be an important part of the work.

    “Information on consolidated regional expenditures, as well as on off-budget sources of development at the expense of state corporations, large businesses and sports federations will be systematized in the second quarter of this year. I would like to emphasize that this will not be additional financing for the industry, but a consideration of existing sources,” noted Mikhail Degtyarev.

    This approach will allow for more effective coordination between regions and the federal center, which will ensure the comprehensive development of sports infrastructure throughout the country.

    The President of the Russian Gymnastics Federation, CEO and Chairman of the Board of JSC Russian Railways Oleg Belozerov emphasized that JSC Russian Railways, being the largest company in Russia, is ready to actively integrate into the implementation of the sports development program.

    “More than 600 physical culture and sports clubs have been created and are developing in the Russian Railways system, including at its own sports facilities. This is the largest organization in terms of personnel in the Russian Federation. We hold more than 11 thousand events, covering more than 2.6 million employees, family members and veterans of the industry. All-Russian sports federations, as well as clubs and other components, receive financial support. And we can definitely say that good unified coordination within the framework of the mechanisms being created is extremely important. This will improve the quality of missionary activities,” said Oleg Belozerov.

    The head of the Federal Medical and Biological Agency, Veronika Skvortsova, noted that in order to improve the results of athletes, it is necessary to extend unified approaches to medical and biological support and analysis to regional teams, expand the digital health system for athletes, create a single database of permits based on an electronic passport, and modernize complex scientific groups, which will allow sports achievements to be brought to a new level.

    Dmitry Chernyshenko also instructed to create an expert council to support the commission and propose innovative solutions, and to continue collecting proposals to increase the level of citizen satisfaction with the conditions for physical education and sports, including through the public services portal.

    In addition, the Deputy Prime Minister noted the importance of providing information support for the development of sports and gave instructions regarding the coverage of the successes of Russian athletes.

    The work plan of the government commission for the implementation of the comprehensive state program “Development of Physical Culture and Sports” for 2025 and the composition of its presidium were also approved.

    The meeting was attended by the Minister of Sports Mikhail Degtyarev, the head of the Federal Medical and Biological Agency Veronika Skvortsova, the President of the Russian Gymnastics Federation, CEO and Chairman of the Board of JSC Russian Railways Oleg Belozerov, the Governor of the Tula Region, Chairman of the State Council Commission on Physical Culture and Sports Dmitry Milyaev, the CEO of the National Priorities ANO Sofia Malyavina, as well as representatives of relevant departments, organizations and subjects of the Russian Federation.

    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 21, 2025
  • MIL-OSI Economics: Fixed communication services revenue in Malaysia to grow at 1.8% CAGR during 2024-2029, forecasts GlobalData

    Source: GlobalData

    Fixed communication services revenue in Malaysia to grow at 1.8% CAGR during 2024-2029, forecasts GlobalData

    Posted in Technology

    The fixed communication services revenue in Malaysia is expected to increase at a compound annual growth rate (CAGR) of 1.8% from $1.9 billion in 2024 to $2.1 billion in 2029. This growth will be driven by the increasing demand for fixed broadband, particularly fiber-optic services, while fixed voice services are expected to decline due to the shift towards mobile and OTT communications. Telekom Malaysia is set to remain a leader in both segments, reveals GlobalData, a leading data and analytics company.

    GlobalData’s research reveals that the fixed voice service revenue will decline at a CAGR of 8.9% over 2024-2029 owing to consumer shift from traditional telephony to mobile/over-the-top (OTT) based communication services and the subsequent decline in voice service average revenue per user (ARPU) levels.

    Fixed broadband service revenue, on the other hand, will increase at a CAGR of 4.4% during 2024-2029, driven by the growing adoption of higher ARPU fibre-optic (FTTH/B) services.

    Pradeepthi Kantipudi, Telecom Analyst at GlobalData, says: “Fiber lines accounted for more than 97% share of the total fixed broadband lines in 2024 and will remain the leading broadband technology through 2029. This growth in fiber lines will be driven by the growing demand for high-speed broadband connectivity and efforts by the government and telecom operators to upgrade and expand fiber broadband infrastructure in the country.”

    Telekom Malaysia will lead both fixed voice and fixed broadband segments by subscriber share through 2029. The telco’s leading position in the fixed broadband segment is driven by its strong presence in the FTTH/B service segment and continued focus on fibre network expansions. For instance, Telekom Malaysia in partnership with government and under the 12th Malaysia Plan, aims to deploy 4,370 fiber-optic network hubs in the country by the end of 2025 with majority of them to be installed in rural areas to bring better and faster internet connectivity to homes. This project is expected to further boost digital connectivity and economic development for Malaysia.

    Kantipudi concludes: “As fixed voice services continue to decline, the expansion of fiber infrastructure will play a pivotal role in supporting economic growth and bridging the digital divide, particularly in underserved rural areas.”

    Information based on GlobalData’s Malaysia Fixed Communication Forecast (Q4 2024), which quantifies current and future demand and spending on fixed voice and data services. The data is published quarterly.

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: APAC motor insurance industry to surpass $301 billion by 2029, forecasts GlobalData

    Source: GlobalData

    APAC motor insurance industry to surpass $301 billion by 2029, forecasts GlobalData

    Posted in Insurance

    The motor insurance industry in the Asia-Pacific (APAC) region is projected to grow at a compound annual growth rate (CAGR) of 5.6% from an estimated $229.2 billion in 2024 to $301.7 billion in 2029, in terms of written premiums, according to GlobalData, a leading data and analytics company.

    GlobalData’s Global Motor Insurance Market report reveals that China, Japan, Australia, South Korea, and India are the key markets in the APAC motor insurance industry, collectively accounting for 92% of the industry’s written premiums in the region in 2024. The industry is expected to grow by 5.6% in 2025 driven by increased sales of motor vehicles including electric vehicles (EVs), government subsidies and carbon dioxide reduction policies, regulatory changes, increasing motor insurance tariffs, and technological advancements.

    Swarup Kumar Sahoo, Senior Insurance Analyst at GlobalData, comments: “The APAC motor insurance market is witnessing a transformation, driven by the rise of EVs and regulatory changes. The region’s economic growth and demographic shifts are also playing a crucial role in shaping the market dynamics. For instance, the surge in vehicle sales post-COVID-19 has increased motor policy sales. Additionally, the increasing adoption of AI and digitalization in the insurance industry is enhancing service quality and operational efficiency, paving the way for future growth.”

    Insurers are developing new policies to cover EVs, which come with a new set of risks, as EV sales increased significantly in 2023-24 and further growth is anticipated in 2025 and beyond. Regulatory bodies in Taiwan, Singapore, and China are formulating specific insurance regulations for EV-related products, ensuring that the market adapts to the evolving landscape. This trend is expected to continue, with government subsidies and carbon reduction policies further boosting EV sales and, consequently, motor insurance demand.

    The strategic move by vehicle manufacturers to acquire insurance companies will also contribute to the growth. In May 2024, BYD, an electric carmaker, received regulatory approval for its new motor liability insurance offering after acquiring an insurance company in China. This trend highlights the increasing integration of vehicle manufacturers and insurance providers to offer enhanced experience for consumers and expand the market’s reach. The rise in new energy vehicles (NEVs) in China, accounting for a third of sales in 2023, underscores the potential for further growth in the motor insurance sector.

    Sahoo adds: “The adoption of AI and digitalization is also reshaping the motor insurance landscape in APAC. Insurers are leveraging vast amounts of data to develop risk curves and pricing models for NEVs, enhancing their ability to offer competitive and tailored products. However, the market remains tightly regulated, with constraints on premium increases posing challenges for insurers. Despite these hurdles, the focus on underwriting rigor and moderate rate increases is expected to sustain profitability and drive growth in the coming years.”

    Pay As You Drive (PAYD) motor policies are becoming increasingly popular in the APAC markets such as South Korea, Singapore, Malaysia, and India. As the major benefit of such policies is lower premium rates based on good driving behavior, distance traveled, and driving patterns, its wider adoption and popularity will offset premium hikes in the short term, impacting the industry’s performance.

    Sahoo concludes: “The increasing adoption of EVs, pay-as-you-go policies, regulatory advancements, and technological innovations are set to redefine the market landscape. As countries like Indonesia plan to mandate motor third-party liability insurance and Malaysia aims for a significant EV market share by 2030, the motor insurance market in APAC is poised for substantial growth. Insurers must continue to adapt to these changes, leveraging technology and strategic partnerships to capitalize on emerging opportunities and ensure sustained success.”

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: China VC funding remains unchanged in January 2025 despite 31.9% YoY drop in deal volume, reveals GlobalData

    Source: GlobalData

    China VC funding remains unchanged in January 2025 despite 31.9% YoY drop in deal volume, reveals GlobalData

    Posted in Business Fundamentals

    The venture capital (VC) funding landscape in China experienced a significant decrease in deal volume in January 2025 compared to January 2024 while the corresponding value mostly remained at the same level. The number of VC deals announced in China fell from 326 in January 2024 to 222 in January 2025, representing a 31.9% year-on-year (YoY) decrease. Meanwhile, the corresponding funding value just fell marginally by 0.5% from $3.07 billion in January 2024 to $3.06 billion in January 2025, according to GlobalData, a leading data and analytics company.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “One possible factor for volume decline could be the regulatory crackdown on companies creating uncertainty among investors, leading to a cautious approach towards funding startups in China. On the other hand, thriving tech ecosystem continue to attract investors looking for opportunities in one of the world’s largest markets.

    “Resultantly, while the overall deal volume may have decreased, there were still significant investments being made across some deals in the Chinese market. Moreover, China has still continued to maintain a strong position in the global VC funding space.”

    When looking at high-value deals (valued more than or equal to $100 million), China saw consistent performance with five high-value deals in both January 2024 and January 2025.

    An analysis of GlobalData’s Deals Database further revealed that China accounted for 16.8% share of the total number of VC deals announced globally in January 2025, occupying the second position by deal volume after the US. In terms of deal value, China accounted for a 12.3% share of the global total, holding the second position globally by this metric as well.

    Bose concludes: “As China continues to navigate regulatory changes and economic challenges, it is likely that the VC funding landscape will evolve, with new opportunities and trends emerging in the coming period.”

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: Companies prioritize new departments, roles and teams in hiring strategies, reveals GlobalData

    Source: GlobalData

    Companies prioritize new departments, roles and teams in hiring strategies, reveals GlobalData

    Posted in Business Fundamentals

    Companies across industries are increasingly prioritizing efficiency, product development, and business expansion in their hiring strategies to enhance organizational effectiveness. There is also a focus on improving customer experience, fostering innovation, and driving performance. Meanwhile many organizations are creating new departments, roles, teams, and business units, reveals the  Job Analytics Database of GlobalData, a leading data and analytics company.

    GlobalData’s research reveals that some of the notable companies such as HP, Novo Nordisk, Walmart, Unilever, Takeda Pharmaceutical (Takeda), and The Campbell’s Company are looking to form new teams, departments or set up new roles.

    Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “The key areas of focus include business strategy, omni penetration, go-to-market execution, innovation and collaboration of drug discovery, and strengthening brand partnerships.”

    HP Inc’s HP Solutions (HPS), for instance, is a new global business unit that brings together all commercial solutions organizations across HP under one leader to provide a comprehensive portfolio of services and solutions to enterprise, mid-market, and even – in partnership with strategic channel partners – to the small and midsize business (SMB) segment.

    The Cardio Business Unit is a newly created department at Novo Nordisk Italy to implement cardio business strategy and create a competitive advantage in the market. The Walmart LocalFinds team is a new venture that builds on Walmart’s leading omni-channel platform to revolutionize the local shopping experience, incubating new business lines to expand category penetration for in-demand assortment and enable sellers to grow within the Walmart ecosystem – national including omni penetration.

    Unilever’s newly created “Ice Cream Technology” function will oversee the development, independent design, and implementation of all required technology capabilities to enable Unilever’s ice cream business to become a fully functioning standalone company, separate from Unilever.

    The Gastrointestinal and Inflammation (GI2) Drug Discovery Unit at Takeda is creating a new team researchers to build a portfolio of drugs for a range of inflammatory diseases with high unmet medical.

    The Campbell’s Co’s “Director, North America (NA) Goldfish Strategy” is a newly created role responsible to drive the growth and profit for the Goldfish brand. Furthermore, the role also looks at building the goldfish NA strategy playbook, outlining the optimal way of working to deliver growth and connection efficiently.

    Sriprada concludes: “These developments reflect a shift towards agility and innovation. By aligning with evolving business strategies—centered on customer experience, product development, and market expansion—companies are positioning for efficiency and growth.”

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI China: China open to green industry cooperation with Europe

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

    China hopes to expand green industry cooperation with Europe, including the cooperation on electric vehicles, and hopes for an early signing and taking effect of the China-EU Comprehensive Agreement on Investment, the Ministry of Commerce said on Thursday.

    “China and Europe are important economic and trade partners, with complementary advantages and mutual benefits in economic and trade cooperation. This year marks the 50th anniversary of the establishment of diplomatic relations between China and Europe,” He Yadong, a spokesman of the commerce ministry, said during a news conference in Beijing.

    He made the comments following Commerce Minister Wang Wentao’s holding of a video talk with Ola Kallenius, president of the European Automobile Manufacturers’ Association and CEO of the Mercedes-Benz Group on Feb 14.

    During the video talk, Wang once again expressed China’s support of the European automotive industry and hoped the two sides will resolve their differences through dialogue and consultation.

    Wang said China has been making its best effort to promote dialogue and consultation, and hoped that the European side will listen to the voices of the industry and take practical actions to jointly promote the negotiation and achieve good results.

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI Australia: MEDIA RELEASE: ‘Definite decision’ trigger a win for common sense – AREEA

    Source: Australian Mines and Metals Association – AMMA

    Statement by AREEA Chief Executive Officer Steve Knott AM

    The Fair Work Commission has taken a common sense approach by retaining the definite decision trigger in the new model consultation term for enterprise agreements.

    Today, a FWC Full Bench published its final decision on enterprise agreement model terms for consultation, flexibility and dispute resolution in workplaces.

    While employers and employees can negotiate their own terms provided they meet legal requirements, the new model terms will serve as the default in various circumstances.

    Union calls to lower the threshold for employer consultation with employees from a “definite decision” on a major workplace change to merely proposing to introduce such were shrill and ill-advised.

    As AREEA underscored in its submissions to the Full Bench, caving in to union demands on the definite decision trigger would have abandoned decades of precedent and best practice.

    Consultation is properly and only about the consequential decisions for employment that arise from a substantive business decision.

    It would be absurd to require a board of directors to consult employees on issues such as company mergers, acquisitions or business closures prior to discharging their duties to make such decisions in the best interests of the company and its shareholders.

    The 40-year-old precedent behind the definite decision trigger – based upon the landmark 1984 Termination, Change and Redundancy case – has stood the test of time as it makes sense for commercial decision-making and with respect to directors’ legal obligations.

    Employers also welcome the new consultation term preserving criteria as to what constitutes major workplace change, namely major change to production, program, organisation, structure or technology.

    The removal of these clear parameters, as advocated by the ACTU, would have greatly increased the risk of disputes between unions and employers over what is considered major change.

    With employers already hit hard by the Albanese Government’s IR agenda, including new union workplace powers, such uncertainty would have only added to the red tape dragging down the productivity of Australian workplaces.

     

    MIL OSI News –

    February 21, 2025
  • MIL-OSI Economics: Result of the 14-day Variable Rate Repo (VRR) auction held on February 21, 2025

    Source: Reserve Bank of India

    Tenor 14-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 41,046
    Amount allotted (in ₹ crore) 41,046
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)   

    Press Release: 2024-2025/2213

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI China: Registration mandatory for social organizations

    Source: China State Council Information Office 2

    China will continue efforts to clamp down on illegal social organizations that harm individuals and the public interest, the Ministry of Civil Affairs said in a recently released guideline.
    The guideline clarifies that unregistered societies or groups, as well as those that have had their licenses revoked, are prohibited from organizing activities under the name of a social organization, foundation or private non-enterprise institution. Any such activity will result in the group being labeled an illegal social organization.
    Organizations operating without official permission while in their preparatory periods are also classified as illegal, according to the guideline.
    County-level authorities will be responsible for cracking down on illegal social organizations whenever their activities are detected. If an illegal group operates across multiple provinces, the civil affairs ministry or designated authorities will oversee enforcement.
    Authorities will have the power to hold regulatory talks with suspected organizations or individuals, conduct on-site investigations and review materials such as contracts, receipts, meeting records, financial ledgers and promotional materials.
    Local authorities must publicly announce and issue written decisions once an organization is confirmed to be illegal. The decision must include the organization’s name and details of its illegal activities and bear an official stamp.
    Individuals suspected of violating national laws — including fabricating, concealing or destroying evidence, providing false information, or obstructing investigations — will be referred to public security organs for further investigation.
    The guideline also states that any organization, company or individual has the right to report illegal social organizations. Supervisory authorities must publish phone numbers, email addresses and postal addresses for public reporting.
    The new guideline will take effect on May 1, replacing an interim version introduced in 2000.
    The ministry has intensified its oversight of social organizations in recent years, launching several crackdowns that have curbed illegal activity and protected public interests.
    Last year, civil affairs authorities at all levels handled 1,066 cases involving illegal social organizations.
    In December, the ministry published 10 cases highlighting illegal activities.
    In one case, an unauthorized group illegally organized a fraudulent arts competition using the name of the Belt and Road Initiative. It collected individuals’ personal information through illegal means and defrauded them by sending fabricated award lists. The Beijing Municipal Civil Affairs Bureau shut down the organization in January last year.
    By the end of 2023, China had about 881,600 registered social organizations, a decrease of 9,700 from the previous year, according to a recent report by the Chinese Academy of Social Sciences. Education-related organizations accounted for about 31 percent, while 16 percent focused on social services.

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI China: Guangzhou gears up for low-altitude unmanned aircraft operations

    Source: China State Council Information Office

    Unmanned aerial vehicles will start commercial operation in 2025, with more low-altitude aircraft entering the airworthiness certification and pilot application stage in Guangzhou, the capital of Guangdong province, according to Chen Tengfei, a deputy to the annual local legislative meeting, on Thursday.

    “Construction of airworthiness certification and flight test service infrastructure and creating demonstration application scenarios play an important role in industrial development,” said Chen, who is also chief designer at EHang Holdings Limited, one of the world’s leading urban air mobility technology companies.

    Chen noted that expanding test infrastructure and developing more application scenarios will enable the sector to thrive, driving industrial expansion and contributing to high-quality economic development.

    EHang obtained a Type Certificate and Standard Airworthiness Certificate for its EH216-S model unmanned aircraft from the Civil Aviation Administration of China in April 2024, becoming the first company ever to do so.

    Guangzhou formulated a regulation on the development of the low-altitude economy in 2024, which has given enterprises related to the industry confidence in future growth, according to Chen.

    “Companies in the low-altitude industry need more support in areas with clear scenarios and relatively fixed routes, such as urban management, healthcare, logistics, emergency rescue and air travel,” Chen said while citing a suggestion to the annual local legislative meeting.

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI China: Walmart posts strong sales growth in China

    Source: China State Council Information Office

    International retail giant Walmart Inc. saw strong sales growth in China during its fiscal quarter ending Jan. 31, according to the latest earnings report issued by the company on Thursday.

    Walmart reported 5.1 billion U.S. dollars of net sales in China on a constant currency basis in the previous quarter, rising 27.7 percent year on year, higher than the growth rate of 16 percent to 17 percent in the previous three quarters.

    Meanwhile, Walmart International had 34.3 billion U.S. dollars of net sales on a constant currency basis in the last quarter up 5.7 percent year on year.

    In particular, Walmart registered 34 percent of growth in eCommerce sales in China in the previous quarter thanks to continued strength in Sam’s Club and eCommerce.

    Sales growth was positively affected by an earlier Lunar New Year shopping season, said Walmart.

    Walmart generated 674.538 billion U.S. dollars of net sales in fiscal year 2025, up 5 percent. The company realized 2.41 U.S. dollars of diluted net income per common share attributable to Walmart in the period, up 26.2 percent year on year, according to the latest earnings.

    Still, Walmart forecasted slower growth in both revenues and net income in fiscal year 2026 which starts from Feb. 1. 

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI United Kingdom: CoSTAR Realtime Lab at Water’s Edge in Dundee will provide a major stimulus to Scotland’s screen and tech industries

    Source: University of Abertay

    CoSTAR Realtime Lab at Water’s Edge in Dundee will provide a major stimulus to Scotland’s screen and tech industries

    A new £9m virtual production studio will drive research, innovation and economic growth in Scotland’s screen, games, immersive and performance industries.

    Abertay University launched the CoSTAR Realtime Lab at Water’s Edge, Dundee on Tuesday 18 February marking the start of operations for a major infrastructure project that will provide a significant boost to Scotland’s screen industries.

    This cutting-edge programme will bring new opportunities and expert support to UK creative and technology companies working across the breadth of the creative industries.

    The CoSTAR Network represents the largest investment in Creative Industries R&D to date with a £75.6M grant awarded by the UKRI Infrastructure Fund and delivered by the Arts and Humanities Research Council.

    The CoSTAR Realtime Lab is led by Abertay University and the total project investment is £9m operated in partnership with the University of Edinburgh, CodeBase, Interface and Chroma Developments.

    Industry and academia working in partnership

    Creative companies from across the UK and beyond will have the opportunity to work with the CoSTAR Realtime Lab, benefitting from state-of-the-art research and development (R&D) facilities and access to industry experts and academic researchers.

    The studio at Chroma Developments’ Water’s Edge in Dundee marks the beginning of the CoSTAR Realtime Lab’s work, with a further studio led by the University of Edinburgh to open at First Stage Studios in Edinburgh in March 2025. The facilities will be connected through the Realtime Cloud Lab supporting remote access and collaboration from anywhere in the world.

    Virtual production—a cinematography technique that employs computer-generated imagery (CGI), augmented reality, and motion capture to create immersive virtual film, game and performance sets – will be at the heart of the CoSTAR Realtime Lab’s work and represents a significant opportunity for creative companies working with real time technologies.

    Researchers will support industry-led projects to generate new products and processes to improve production pipelines including, 3D environments and video processing, performance and motion capture, facial animation, automated speech and dynamic generation of hyper-realistic digital film sets and many others. The CoSTAR Realtime Lab’s work will also look at ways to enhance spectator experiences at concerts, live events and museums and how immersive technologies like Augmented Reality and Virtual Reality can be better used and integrated.

    Blending Abertay University’s internationally renowned expertise in video games and technology with the University of Edinburgh’s world-leading AI, animation and film capabilities, the partnership will build transformative new processes, pipelines, tools and workflows to help companies grow, while de-risking opportunities to diversify and take on new projects and clients.

    Supporting creators and creative companies

    The CoSTAR Realtime Lab will create opportunities for Scotland’s screen innovators to access next generation production technologies and support them to apply their creativity, skills and expertise to create new technologies, design new experiences and establish new markets. Access will be offered through a series of open programmes, giving companies and creatives the opportunity to test, develop and refine their ideas.

    One of the main programmes is the Realtime TEST Lab, which offers creative companies, creatives and innovators access to resources to experiment with virtual production and creative technologies in content production or software development before committing further investment in their final productions. The Realtime TEST Lab is supported with funding from Screen Scotland.

    The CoSTAR Realtime Lab will also offer support through Collaborative R&D – a way of working in partnership that can be activated by companies, individuals and project staff in conversation with the CoSTAR Realtime Lab. Scale-up and start-up training and support will also be provided by CodeBase through its Techscaler programme.

    Further CoSTAR Network programmes include the Pilots and Prototypes Programme (PPP), a £3.6 million fund for UK companies to develop new ideas by accessing technical and research capabilities, and the Enterprise and Commercial programme (E&C) supporting the growth of highly capable, inclusive, and sustainable creative technology businesses.

    In addition to its main partners, CoSTAR Realtime Lab is supported by Screen Scotland, Scottish Enterprise, Amazon Web Services, Nvidia and VSS-Scotland.

    Professor Gregor White, Director of the CoSTAR Realtime Lab said:

    With the technologies that power our screen-based experiences in film, games and performance rapidly converging there’s an opportunity for companies working in these sectors to diversify their offer, explore new markets and push the boundaries of what was previously thought possible in their sectors. Bringing together international-quality academic researchers with industry experience and enterprise support, CoSTAR Realtime Lab is a truly collaborative project which will break down barriers for the Scottish creative industries, encourage entrepreneurship and experimentation, and provide a space where innovation can flourish.

    Professor Melissa Terras MBE, Edinburgh College of Art, Co-director of the CoSTAR Realtime Lab said:

    Scotland has vibrant creative industries, with world-leading activity in festivals, film/TV, music, heritage, and games in particular. Building a bridge between creatives and technologists will allow us to support the development of new products and services, while also ensuring that we are encouraging diverse access to cutting edge facilities, which will then produce diverse outputs. The partnership behind CoSTAR Realtime Lab is expertly placed to deliver this exciting innovation vehicle to support our creative communities.

    AHRC Executive Chair Professor Christopher Smith said:

    The CoSTAR Realtime Lab will build on the strong foundations of Scotland’s gaming cluster, bringing together next generation production technologies, the latest in video game development, and AI and machine learning, to support innovators in the creation of new technologies, experiences, and markets. As part of the CoSTAR network it will play a key role in ensuring that the UK’s creative industries act as a key driver of growth as identified in the government’s industrial strategy. It is by strategically investing in the industries of the future that AHRC shows how arts and humanities research drives innovation and growth in a 21st century economy.

    Chris van der Kuyl CBE, FRSE, Chairman, 4J Studios said: 

    I’ve always believed in Dundee’s potential as a global leader in technology and digital innovation. That’s why we’ve invested in spaces like Water’s Edge to provide a collaborative infrastructure for the next generation of creators and companies to thrive. The launch of the CoSTAR Realtime Lab is a major step in that journey, bringing cutting-edge virtual production technology to Dundee and securing its position at the forefront of real-time content creation. This is a huge opportunity for Scotland’s screen industries, and I’m incredibly proud to support it.

    UK Government Scottish Secretary Ian Murray said:

    This project is beyond exciting – the possibilities it creates for the entertainment industry are endless. The UK Government’s investment in cutting-edge initiatives like this is central to our Plan for Change to create the jobs and opportunities that will raise living standards right across the UK. “It’s a tremendous feather in the cap of Brand Scotland too, demonstrating to the world that Dundee and Scotland is a centre of excellence for the screen and gaming industries as we push into new markets and further strengthen the sector. I wish the team at Abertay University every success with the opening of the new facility.

    Stephen Coleman OBE, CEO & Co-Founder of CodeBase said:

    Supporting the CoSTAR Realtime Lab is another great opportunity for CodeBase to play our part as a Scottish ecosystem builder and a champion of tech-driven enterprise and entrepreneurship. We are always looking for new ways to collaborate with specialists in different technology domains and to leverage our delivery of Techscaler, Scotland’s national tech backbone for the benefit of the ecosystem as a whole, building on Scotland’s unique strengths in talent, research, and innovation.

    Howell Davies, Head of Strategic Funding and Programmes at Interface, said: 

    CoSTAR’s Realtime Lab is a game-changer for industry seeking to harness the power of real-time technologies. With access to cutting-edge tools, a deep and diverse pool of expertise and talent with a support system for organisations to empower them to innovate and create groundbreaking experiences, it will create significant impact and legacy for the UK’s creative industry and wider.

    Councillor Mark Flynn, Leader of Dundee City Council said:

    Dundee has a long history of being at the forefront of technology and innovation for the creative industries and it is wonderful to see the CoSTAR Realtime Lab and its virtual production studio being added to the city’s digital cluster. The video games, screen and performance industries already make a significant contribution to Dundee’s economic and cultural success and collaborative projects like this, supported by both academia and business, are important for the continued growth and future of the sector.

    Isabel Davis, Executive Director of Screen Scotland said: 

    An exemplar of academia collaborating directly with industry, Abertay’s role in CoStar and its leadership of the real-time lab continues Dundee’s illustrious history of creativity, design and invention.  The project will ensure that Scotland’s tech, digital and creative pioneers are embedded in the next wave of digital and creative transformation.

    For more information visit CoSTAR Network or follow @costarnetwork.

    Full information and funding calls can be found online: Access Programmes | CoSTAR

    MIL OSI United Kingdom –

    February 21, 2025
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