Category: Business

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

Translartion. Region: Russians Fedetion –

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

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

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

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

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

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

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

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

MIL OSI Russia News –

February 18, 2025
MIL-OSI: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S
Source: GlobeNewswire (MIL-OSI)

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

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

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

18 February 2025

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

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

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

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

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

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

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

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

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

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

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

About Spar Nord Bank

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

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

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

About Nykredit

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

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

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

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

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

Questions and further information

Any questions concerning the Offer may be directed to:

Nykredit Bank A/S

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

Sundkrogsgade 25

2150 Nordhavn
Denmark

Telephone: +45 7010 9000

and

Carnegie Investment Bank

Filial af Carnegie Investment Bank AB (publ), Sverige

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

Overgaden Neden Vandet 9 B

1414 Copenhagen K
Denmark

E-mail: annette.hansen@carnegie.dk

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

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

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

Restricted jurisdictions

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

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

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

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

Important Information for Shareholders in the United States

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

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

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

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

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

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

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

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

1 Executive Order no. 636 of 15 May 2020

Attachment
- Announcement of extension of Offer Period
The MIL Network –
February 18, 2025
MIL-OSI: Morrisons Partners with Quadient for Convenient Parcel Delivery at its Morrisons Daily Stores
Source: GlobeNewswire (MIL-OSI)

Paris

Quadient (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announced a new partnership with Morrisons. The partnership will see Parcel Pending by Quadient parcel lockers installed at 230 Morrisons Daily stores by spring 2025.

All of Morrisons circ. 1,000 wholly owned Morrisons Daily convenience stores have a parcel solution offer and this new partnership will enable consumers to pick up and return parcels securely from Royal Mail, Evri, DPD and UPS.

Michael Weightman, Convenience Trading Director at Morrisons, said, “Customers have told us that they want a broader range of services when it comes to parcel pickups and returns so we’re delighted to be expanding the options available at our Morrisons Daily stores via this partnership with Quadient.”

Quadient’s consumer research shows that people appreciate the positive impact businesses make by hosting lockers, for instance reducing traffic on local roads by decreasing the volume of delivery van journeys. The research also uncovered a tangible benefit for retailers; when visiting lockers hosted at stores, more than half of consumers make additional purchases.

“Our lockers seamlessly integrate into people’s daily routines, making parcel pickup and drop-off more convenient than ever. This partnership with Morrisons Daily will enhance accessibility for communities across the UK,” said Katia Bourgeais Crémel, Director, Lockers Automation for Europe at Quadient. “Our vision is to build an open, carrier-agnostic locker network that provides consumers with greater flexibility and retailers with new opportunities to engage customers—driving footfall, enhancing the shopping experience and boosting in-store sales.”

Quadient’s secure parcel lockers automatically notify customers when parcels are ready for collection, providing a pickup code and barcode customers use to open the secure locker compartments. Customers returning items may use the lockers’ built-in label printer, meaning they may send items back even if they don’t have a printer at home.

Quadient continues to expand its locker network across key markets in the U.S., Japan and Europe. With more than 25,000 units now installed worldwide, the company continues to progress toward its long-term goal of deploying 40,000 units globally by 2030. Learn more at parcelpending.com/en-gb.

About Morrisons

Morrisons has a rich history that dates back to 1899 when William Morrison first opened an egg and butter stall in Bradford. 125 years on, customers continue to enjoy our great quality British food and our Market Street heritage is clear to see in our c. 500 stores where skilled colleagues such as our butchers, fishmongers, and bakers proudly make and serve customers fresh food every day.

As well as our supermarkets, we also have 1,600 Morrisons Daily convenience stores—around 600 of which are franchise stores—and an online delivery service where our customers can order their groceries from the comfort of their own home and have them delivered by us or one of our partners including Amazon, Deliveroo and Just Eat.

We also have our own manufacturing business – Myton Food Group – spread across 18 sites where we pack and process fresh meats and fish, savoury and sweet pies, fruit and veg, flower bouquets, bread and more. As a result, we’re proud to be British farming’s single biggest direct customer.

Our wholesale business serves customers across the UK and further afield through our extensive network of national and regional distribution depots.

About Quadient®
Quadient is a global automation platform powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing. For more information about Quadient, visit www.quadient.com.

Quadient UK press contact:
Dominic Walsh, Spark Communications +44 (0)20 7436 0420 or quadient@sparkcomms.co.uk

Attachments
- Morrisons Daily – Quadient Open Locker Network – EN
- Parcel Pending by Quadient Open Network Locker at Morrisons Daily in UK
The MIL Network –
February 18, 2025
MIL-OSI: Terranet invites to presentation of Year-end report on February 19, 2025
Source: GlobeNewswire (MIL-OSI)

On February 19^th 2025, Terranet AB (publ) will release its Year-end report for 2024. On the same day at 10 a.m. CET, the company’s Acting CEO Dan Wahrenberg and CTO Pierre Ekwall will provide an update on the operations in a webcast.

The event will be broadcast digitally and is open to the public. The presentation will be held in English. Via the webcast, there is an opportunity to ask written questions.

Link to the webcast: https://terranet.events.inderes.com/q4-report-2024
A recording of the presentation will be available afterwards on Terranet’s website.

For more information, please contact:
Dan Wahrenberg, Acting CEO
E-mail: dan.wahrenberg@terranet.se

About Terranet AB (publ)
Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.

The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B). Follow our journey at: www.terranet.se

Attachment
- 250218_Terranet_Webcast_Q4_ENG
The MIL Network –
February 18, 2025
MIL-OSI: Correction: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S
Source: GlobeNewswire (MIL-OSI)

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

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

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

18 February 2025

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

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

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

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

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

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

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

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

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

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

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

About Spar Nord Bank

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

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

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

About Nykredit

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

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

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

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

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

Questions and further information

Any questions concerning the Offer may be directed to:

Nykredit Bank A/S

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

Sundkrogsgade 25

2150 Nordhavn
Denmark

Telephone: +45 7010 9000

and

Carnegie Investment Bank

Filial af Carnegie Investment Bank AB (publ), Sverige

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

Overgaden Neden Vandet 9 B

1414 Copenhagen K
Denmark

E-mail: annette.hansen@carnegie.dk

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

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

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

Restricted jurisdictions

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

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

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

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

Important Information for Shareholders in the United States

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

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

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

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

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

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

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

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

1 Executive Order no. 636 of 15 May 2020

Attachments
- Announcement of extension of Offer Period
- Supplement to the Offer Document
The MIL Network –
February 18, 2025
MIL-OSI: Stopping Cloud Attacks at the Source: Check Point Software Leads the Charge in Cloud Security, Championing a Prevention-First Approach
Source: GlobeNewswire (MIL-OSI)

BANGKOK, Feb. 18, 2025 (GLOBE NEWSWIRE) — CPX APAC– Check Point Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today announced that its Check Point CloudGuard solution has been recognized as a Leader across three key GigaOm Radar reports: Application & API Security, Cloud Network Security, and Cloud Workload Security. The reports highlight Check Point’s platform unification, prevention-first approach, and AI-powered threat prevention as key differentiators in the rapidly evolving cloud security landscape.

Check Point: Leading the Future of Cloud Security
In our interconnected world, managing and securing multiple cloud environments is a daunting task. Check Point CloudGuard provides automated, AI-powered protection, making cloud management easier while ensuring the safety of workloads, applications, and data. Howard Holton, Chief Operating Officer at GigaOm, stresses, “Cloud and API security is crucial for every organization in 2025.” He further highlights that, “Check Point’s Infinity platform, along with its extensive range of cloud protections, is vital for any organization looking to protect its assets.”

“We’re proud to be recognized for our holistic approach to cloud security, combining cloud network security, workload protection, and posture management into a truly unified framework,” said Paul Barbosa, VP of Cloud Security at Check Point Software Technologies. “Our leadership across these categories validates our continued innovation as we drive forward one of the industry’s most comprehensive cloud security platforms.”

AI-Enhanced WAF & API Security: Leading the Market in Advanced Threat Prevention
GigaOm positioned Check Point as a Leader in Application & API Security, citing its innovative dual-layer AI approach that enhances detection and prevention capabilities. Key strengths include:
- AI-driven vulnerability detection, delivering highly accurate threat identification with minimal false positives
- Real-time threat detection and response, offering unmatched insight into security incidents by providing comprehensive logging and reporting
- Data leak protection that automatically learns application schemas and enforces content rules while providing comprehensive DLP.
Cloud Network Security: Real-Time, Dynamic Protection Across Multi-Cloud Environments
Check Point CloudGuard earned recognition for its capability to gather and analyze data from all major cloud providers, enabling the implementation of adaptive security measures instantly. Other notable features include:
- Extensive hybrid-cloud support, ensuring uniform security policies across both public and private clouds
- Rapid innovation pipeline, with multiple major releases annually, ensuring the latest defenses against emerging cloud threats
- Automated security policy adaptation, allowing security teams to respond to cloud environment changes without manual intervention
Cloud Workload Security: Full-Stack Protection for Enterprise Cloud Environments
In the Cloud Workload Security report, CloudGuard received recognition for its comprehensive security strategy. Check Point recently announced strategic partnership with Wiz, a top CNAPP (Cloud Native Application Protection Platform) provider, also highlighted as a Leader in this GigaOm report. This collaboration will allow Check Point and Wiz to leverage their combined strengths in the following areas:
- Hybrid environment, support provides seamless security with a multilayered approach across physical, virtual, and cloud environments
- Workload detection and response, to preemptively identify and mitigate attacks before they impact business operations
- Automated configuration enforcement, ensuring security and compliance are embedded before workloads go live in cloud environments.
For additional details about Check Point’s acknowledgment in GigaOm’s Radar reports and to obtain a free copy of the report, please visit the following links:

GigaOm Radar for Web Application Firewall (WAF) & API Security
GigaOm Radar for Cloud Network Security
GigaOm Radar for Cloud Workload Security

Follow Check Point via:
LinkedIn: https://www.linkedin.com/company/check-point-software-technologies
Twitter: https://www.twitter.com/checkpointsw
Facebook: https://www.facebook.com/checkpointsoftware
Blog: https://blog.checkpoint.com
YouTube: https://www.youtube.com/user/CPGlobal

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Platform Services for collaborative security operations and services.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

The MIL Network –
February 18, 2025
MIL-OSI United Kingdom: CMA provisionally clears poultry feed merger
Source: United Kingdom – Executive Government & Departments

An independent inquiry group has provisionally cleared Boparan’s deal to buy ForFarmers’ Burston and Radstock feed mills in an interim report published today.
iStock

The Competition and Markets Authority’s (CMA) independent inquiry group has provisionally cleared Boparan’s proposed purchase of ForFarmers’ Burston and Radstock feed mill sites, following an in-depth Phase 2 investigation.

ForFarmers and Boparan (through 2Agriculture) both manufacture and supply chicken feed and other types of poultry feed in the UK. 

The inquiry group’s investigation has provisionally found that Boparan’s purchase of ForFarmers’ Burston feed mill site could reduce the capacity available to manufacture chicken feed for chicken suppliers in the area around the mill in East Anglia. However, these suppliers will still have choice and the option to switch providers due to competition from other chicken feed providers in the market. Therefore, the inquiry group does not believe the merger would lead to a substantial lessening of competition as a result.

Kirstin Baker, chair of the independent inquiry group, said:

Having assessed the evidence, we have provisionally found that Boparan’s purchase of ForFarmers’ Burston feed mill does not raise competition concerns. We’re reassured by the evidence which shows that farmers and chicken suppliers in the UK will continue to have options when it comes to choosing chicken feed providers, should the deal go ahead.

We’re now seeking feedback and views on our interim report before reaching a final decision.

The independent inquiry group will now consult on its interim report and is inviting any feedback from interested parties by Tuesday 11 March 2025. A final decision will be made by the statutory deadline of 13 May 2025.

For more information, visit the Boparan / ForFarmers (Burston and Radstock mills) case page.

Notes to Editors:

ForFarmers is a European manufacturer and supplier of animal feed, based in the Netherlands. 2Agriculture, a subsidiary of Boparan, is one of the UK’s largest suppliers of poultry feed and supplies feed to Hook 2 Sisters, a company affiliated with Boparan, as well as farmers on the open market.

At the Phase 1 investigation stage, the CMA concluded that Boparan’s purchase of the Radstock feed mill site does not raise competition concerns and the sale of this mill has completed.

The CMA has a statutory duty to promote competition for the benefit of consumers and assesses each case on its individual merits. This includes a duty to investigate mergers that could raise competition concerns in the UK where it has jurisdiction to do so. In this case, the CMA has concluded that the CMA has jurisdiction to review this merger because a relevant merger situation has been created: each of Boparan and ForFarmers’ Burston and Radstock feed mills is an enterprise that will cease to be distinct as a result of the merger and the turnover test is met. More information on the CMA’s mergers jurisdiction and procedure can be read on its guidance page.

All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460.

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Published 18 February 2025
MIL OSI United Kingdom –
February 18, 2025
MIL-OSI Russia: NSU students’ project included in the rating of 100 promising Russian startups of 2024, according to RB.RU

Translartion. Region: Russians Fedetion –

Source: Novosibirsk State University – Novosibirsk State University –

RB.RU is a media outlet for business owners and those who want to become one. RB Chuyka — an annual special project in which the media selects 100 promising Russian company projects. The goal is not just to highlight companies that have shown themselves in the past year, but also to introduce readers to new faces on the market, as well as to show which niches are promising for startups and investors.

Startup Lexis Voice from NSU Catalist— a special acceleration program from NSU Startup Studios, which helps to reveal creative and scientific potential, create and bring technological projects to the market, was included in the RB Choice rating. Its founders are students of the Higher College of Informatics of NSU and the Faculty of Economics of NSU.

The Lexis Voice project is a practical simulator for training managers in “cold sales” using artificial intelligence. The system simulates dialogues with clients, analyzes the results and offers recommendations for improving sales skills. This solution frees experienced employees from performing the standard procedure for training newcomers.

“We help companies with sales departments that want to improve the skills of sales managers and reduce the time for their training through our AI Model, which is able to parody the client’s behavior and give personalized recommendations for training the manager based on his conversation with it,” they write in their telegram channelfounders of the project.

In 2024, Lexis Voice entered the TOP-5 projects of the Phystech.Idea accelerator from MIPT and successfully conducted a pilot project with Rostelecom. The main goal of the experiment was to identify the key problems that sales managers face during the onboarding process, as well as to assess the potential of the Lexis Voice product being developed to solve these problems.

— During the experiment, we focused on the following aspects. The first was to analyze existing training methods and their effectiveness. The second was to test the hypothesis that our AI-based training algorithm could significantly reduce the onboarding time for new employees. The third was to evaluate the potential increase in manager performance in the long term. The approach we used included a comparison of the standard employee training process and the updated process we offer, — the developers say.

The team divided the employees into two groups of four people each: one group underwent the training that the company provides, and the other followed the new algorithm that underlies the product. Results:

1. The adaptation time was reduced by 5 times in the group that followed the new method.

2. Managers from the AI group achieved their KPIs faster.

3. The level of skills in handling objections and closing deals increased by more than 30%.

More details about the results of the experiment can be found by link.

It is safe to say that the guys’ hypothesis was confirmed. Acceleration of training, reduction of the workload of senior managers and increase in the efficiency of new employees are indicators that can be reproduced in other companies.

There is a high probability that this approach can revolutionize this conservative area and significantly change the standard methods of training employees.

“We are confident that these achievements can be scaled and benefit companies and, most importantly, the people who work in them,” the students conclude.

Currently, more than 10 companies from various fields, from fitness centers to remote sales departments, are showing interest in implementing the solution.

In addition to Lexis Voice, the list of 100 promising startups in Russia also included the MPlays project, a service that analyzes external advertising traffic on marketplaces. The startup from Novosibirsk received support from the Innovation Assistance Fund and the federal project University Technological Entrepreneurship Platform.

The following materials were used in preparing the news: RB.ru.

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 18, 2025
MIL-OSI New Zealand: Trump has sent a message on trade: Time to scrap Kiwi tariffs

Source: ACT Party

Responding to President Trump’s announcement of a reciprocal tariff regime, ACT Finance spokesperson Todd Stephenson says:

“ACT has previously argued to scrap our remaining tariffs. President Trump’s announcement makes this urgent.

“New Zealand charges tariffs on imported products like clothing, makeup, biscuits, gardening tools, railway locomotives, and ambulances. Under Trump’s plan, these tariffs would be reflected in tariffs charged on our exports to the US – unless we choose to ditch the tariffs, in which case Trump’s reciprocal tariffs will be lifted.

“It’s a no-brainer. By scrapping our remaining tariffs we can spare local exporters from the cost of a reciprocal American regime. At the same time, we’ll be cutting the cost of popular imported goods for Kiwi households and firms.

“When two countries trade, both are better off. New Zealand has preached the gospel of free trade on the world stage since the 1980s, and it’s time to start practising what we preach.

“It appears possible that Trump’s plan will impose a reciprocal tariff in response to our GST regime. This would impose a significant cost on companies exporting to the US. Abolishing our remaining tariffs would at least somewhat offset this cost.”

MIL OSI New Zealand News –

February 18, 2025
MIL-OSI China: Tourist trains gaining popularity among seniors

Source: China State Council Information Office 2

Chinese consumers have indicated a growing interest in taking dedicated tourist trains, with rising search volumes related to the sector seen, following the country’s plan to retrofit tourist trains to make them more senior-friendly.
Specifically, the country plans to launch more green and comfortable travel products and develop more themed routes for the trains, according to a guideline issued on Feb 11 by nine entities, including the Ministry of Commerce, the Ministry of Culture and Tourism and China State Railway Group Co Ltd.
On Wednesday and Thursday, search volume for travel products related to such tourist trains more than tripled over the same period in January, said Tongcheng Travel, a Suzhou, Jiangsu province-based online travel agency.
Tourist trains have been one of the most popular travel products among seniors in China. In 2024, nearly 80 percent of consumers who booked tourist trains were aged 60 and above, Tongcheng said.
Tourist trains connecting Gansu province and the Xinjiang Uygur autonomous region; Heilongjiang province and the Inner Mongolia autonomous region; as well as the China-Laos Railway, have been quite popular among senior travelers, Tongcheng said.
China has the world’s largest passenger railway network, while the operation of tourist trains in the country is still in its development stage. In 2024, China operated a total of 1,860 tourist trains nationwide, a record high, and the number jumped nearly 50 percent over the pre-pandemic period in 2019, said China Railway.
“Compared with traditional modes of travel, tourist trains are more comfortable and they satisfy traveler demand for catering, accommodation, transportation and sightseeing, making them more friendly to senior travelers,” said Li Zhun, a senior researcher at the Tongcheng Research Institute.
“In the next three to five years, demand for cultural and tourism products suitable for senior travelers will further grow in China. Besides raising the supply of tourist train products, there is still room for improvement in the quality of service and operation,” Li said.
He added that in the next step, tourist trains may be envisioned as a peer to mature business models like luxury cruise ships. More tourist train products suitable for different types of consumers and a new marketing system should be promoted.
Meanwhile, the domestic tourism market has gradually returned to normalcy after the Spring Festival holiday, and prices of flight tickets and hotels have declined, making it friendly for senior travelers who seek to travel during off-peak periods.
Tongcheng Travel said after the Spring Festival break, the company has received an increasing number of travel inquiries from senior travelers aged between 55 and 70. Compared with office employees and students, older travelers have more flexible schedules, and they are able to opt for off-peak travel periods to avoid crowds, the company said.
During off-peak periods, some popular outbound destinations for Chinese travelers include Tokyo, Osaka and Sapporo in Japan; Seoul, South Korea; Bangkok, Thailand; Singapore; New Zealand; and Bali, Indonesia. In addition, cruise tourism products to Japan and South Korea, as well as Mediterranean cruises, have been sought after by consumers, the online travel agency found.

MIL OSI China News –

February 18, 2025
MIL-OSI China: Announcement on Open Market Operations No.32 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.32 [2025]

(Open Market Operations Office, February 18, 2025)

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

Details of the Reverse Repo Operations

Maturity

Volume

Rate

7 days

RMB489.2 billion

1.50%

Date of last update Nov. 29 2018

2025年02月18日

MIL OSI China News –

February 18, 2025
MIL-Evening Report: NACC belatedly to investigate whether six Robodebt referrals engaged in ‘corrupt conduct’

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

The National Anti-Corruption Commission will finally investigate whether six people referred to it by the royal commission into Robodebt engaged in corrupt conduct.

This follows an independent reconsideration by former High Court judge Geoffrey Nettle, who examined the NACC”s original decision not to pursue the referrals.

That decision was highly controversial, bringing a plethora of complaints, and sharp criticism of NACC chief Paul Brereton.

The NACC’s inspector, Gail Furness, found Brereton had not adequately excused himself when the matter was considered. Brereton had delegated the decision-making because he knew one of the people referred professionally, but the inspector found he was still involved in the process.

In its Tuesday statement the NACC said:“The purpose of the investigation is to determine whether or not any of the 6 referred persons engaged in corrupt conduct”.

The names of those referred to the NACC – contained in a sealed section of the royal commission report – were not made public. The sealed section has not been released.

The NACC statement said: “Consistent with its usual practice, the Commission does not publish reasons for commencing an investigation, as doing so may prejudice the investigations, disclose information which the Commission is required by law to keep confidential, compromise investigative pathways and/or unfairly impact reputations and rights of individuals to impartial adjudication.”

The NACC stressed its arrangements would ensure the investigation was “impartial and fair”. Brereton and those deputy commissioners involved in the original decision not to investigate the referrals won’t be part of the investigation.

Robodebt used a flawed system of income averaging to determine debts. The scheme, later found to be illegal, raised $1.76 billion from hundreds of thousands of welfare recipients. But many of the debts were wrong, and eventually the money had to be repaid.

In its findings, the royal commission targeted multiple public officials including ministers who had overseen the scheme (one of them Scott Morrison who as social services minister had been an initiator of it) and public servants.

A number of the bureaucrats who’d been involved with the scheme, including two who had been departmental heads, were later found to have breached the public service code of conduct.

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

– ref. NACC belatedly to investigate whether six Robodebt referrals engaged in ‘corrupt conduct’ – https://theconversation.com/nacc-belatedly-to-investigate-whether-six-robodebt-referrals-engaged-in-corrupt-conduct-250145

MIL OSI Analysis – EveningReport.nz –

February 18, 2025

MIL-OSI: Full-year 2024 results

Source: GlobeNewswire (MIL-OSI)

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

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

Full-year 2024 results

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

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

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

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

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

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

KEY FIGURES

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

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

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

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

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

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

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

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

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

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

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

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

CAPITAL ALLOCATION & BALANCE SHEET

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

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

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

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

OPERATIONS BY REGION

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

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

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

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

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

OPERATIONS BY BUSINESS

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

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

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

OPERATIONS IN Q4 2024

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

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

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

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

HEADCOUNT

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

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

ESG PERFORMANCE

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

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

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

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

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

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

OUTLOOK

The Group’s financial targets for 2025 are:

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

CONFERENCE CALL

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

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

PROVISIONAL CALENDAR

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

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

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

DISCLAIMER

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

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

ABOUT CAPGEMINI

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

Get the Future You Want | www.capgemini.com

* *

APPENDIX3F²

BUSINESS CLASSIFICATION

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

DEFINITIONS

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

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

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

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

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

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

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

RESULTS BY REGION

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

RESULTS BY BUSINESS

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

SUMMARY INCOME STATEMENT AND OPERATING MARGIN

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

NORMALIZED AND DILUTED EARNINGS PER SHARE

(in millions of euros)	2023	2024	*Change*
Average number of shares outstanding	171,350,138	170,201,409	-0.7%
BASIC EARNINGS PER SHARE (in euros)	9.70	9.82	+1.2%
Diluted average number of shares outstanding	177,396,346	176,375,256
DILUTED EARNINGS PER SHARE (in euros)	9.37	9.47	+1.1%

(in millions of euros)	2023	2024	*Change*
Profit for the period, Group share	1,663	1,671	+0.5%
Effective tax rate	27.2%	28.8%
(-) Other operating income and expenses, net of tax	469	412
Normalized profit for the period	2,132	2,083	-2.3%
Average number of shares outstanding	171,350,138	170,201,409	-0.7%
NORMALIZED EARNINGS PER SHARE (in euros)	12.44	12.23	-1.7%

CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW

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

NET DEBT

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

ESG PERFORMANCE

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

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

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

Attachments

The MIL Network –

February 18, 2025

MIL-OSI: WISeKey Announces Holistic Technology Consolidation for Digital Trust Leadership

Source: GlobeNewswire (MIL-OSI)

WISeKey Announces Holistic Technology Consolidation for Digital Trust Leadership

Geneva, Switzerland, February 18, 2025 –WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today announces the consolidation of its advanced technologies into a unified ecosystem, aiming to enhance security, interoperability, and innovation. This initiative integrates AI, quantum-resistant cryptography, blockchain, and IoT security to ensure holistic digital trust across industries.

Specifically, WISeKey is integrating:

WISeID is advancing digital identity solutions by incorporating AI-driven behavioral and post-quantum cryptographic algorithms for enhanced authentication. The platform ensures secure and seamless identity verification for individuals, enterprises, and governments, leveraging blockchain and AI to offer a decentralized identity framework resistant to cyber threats.
SEALSQ (Nasdaq: LAES) is embedding quantum-resistant chips into WISeKey’s digital identity and IoT security solutions, fortifying data protection. The deployment of post-quantum cryptographic microcontrollers ensures long-term security against emerging quantum threats, positioning SEALSQ at the forefront of semiconductor innovation. Additionally, SEALSQ’s AI-driven predictive security mechanisms enhance threat intelligence, providing real-time responses to cyber vulnerabilities. SEALSQ Quantum Roadmap is designed to invest in quantum related companies expanding its quantum positioning
OISTE RootKey is expanding trust models through blockchain-based root-of-trust systems, reinforcing the Company’s role as a global trust anchor. This ensures that digital identities, transactions, and communications remain protected against unauthorized access and cyber fraud, enhancing the overall trustworthiness of WISeKey’s security architecture.
WISeSat is securing satellite-based communications with post-quantum cryptographic security, addressing the growing need for secure IoT communications. With an increasing number of IoT devices relying on satellite infrastructure, WISeSat integrates quantum-resistant key exchange mechanisms to prevent unauthorized access and data breaches in remote and critical infrastructure applications.
WISeCoin is transforming blockchain-based financial transactions, ensuring fraud-proof, tokenized markets. The use of AI-driven fraud detection systems, coupled with secure digital identity and data verification, enhances the integrity of financial transactions, reducing risks associated with identity theft and cybercrime in digital finance.
SEALCOIN platform is designed to create a secure, decentralized platform for IoT, enabling real-time peer-to-peer transactions and data exchanges through the TIOT token. SEALCOIN platform empowers devices to operate independently and securely in a trusted ecosystem, driving innovation and efficiency.
WISeArt is pioneering AI and blockchain technology to authenticate and protect digital and physical art assets, mitigating risks of forgery and fraud. The platform ensures traceability and verification of ownership, allowing for secure art tokenization and digital rights management.
WISeAi.IO is the latest addition to WISeKey’s technology stack, revolutionizing AI-driven cybersecurity and identity protection. WISeAi.IO harnesses machine learning models to detect anomalies in real time, predict cyber threats, and automate security protocols. Integrated with WISeID, SEALSQ, and WISeSat, WISeAi.IO enhances cybersecurity resilience by identifying potential threats before they manifest, ensuring proactive security management across WISeKey’s ecosystem.

WISeKey’s long-term strategy includes substantial investments in AI and Quantum Computing. AI-powered cybersecurity solutions are being developed to predict and prevent cyber threats, while quantum-resistant cryptography is safeguarding digital assets from future quantum computing risks. Self-sovereign digital identity solutions will integrate AI to enhance authentication mechanisms, and blockchain will ensure secure AI model verification to prevent manipulation and breaches.

To accelerate technology adoption and market leadership, WISeKey has actively pursued strategic acquisitions and partnerships. Specifically, WISeKey has:

Acquired AI-driven cybersecurity technology to enhance its predictive threat detection capabilities.
Collaborated with quantum computing startups to strengthen its expertise in post-quantum security.
Established joint ventures with space technology providers to expand secure satellite-based communications.
Partnered with digital asset firms to enhance blockchain-based identity verification and create a robust, decentralized digital economy.

Carlos Moreira, Founder and CEO of WISeKey, emphasizing the strategic importance of this consolidation, noted, “By unifying our technologies into a comprehensive digital trust ecosystem, WISeKey is reinforcing its position as a global leader in cybersecurity. The integration of AI, quantum computing, and blockchain ensures we are prepared for the challenges of the digital future. We are delivering future-ready solutions that protect individuals, enterprises, and governments worldwide.”

SEALSQ, together with WISeKey, boasts a rich portfolio of over 46 patent families encompassing more than 100 fundamental individual patents https://www.sealsq.com/investors/news-releases/sealsq-expands-protection-of-luxury-and-valuable-assets-with-patented-advanced-digital-certification-and-nft-technology.

For further information, please visit www.wisekey.com.

About WISeKey

WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

Disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

Press and Investor Contacts

WISeKey International Holding Ltd
Company Contact: Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
info@wisekey.com

WISeKey Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
lcati@equityny.com

The MIL Network –

February 18, 2025

MIL-OSI: LHV Group results in January 2025
Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

Attachment
- LHV Group 2025-01-EN
The MIL Network –
February 18, 2025
MIL-OSI: CoinShares Announces Q4 2024 Results
Source: GlobeNewswire (MIL-OSI)

18^thFebruary 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a leading global investment company specialising in digital assets, has today published its results for the quarter ending 31^st December 2024.

Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

“Q4 2024 was arguably the most transformative quarter in digital asset history, marked by groundbreaking policy shifts. It was also one of CoinShares’ strongest quarters since inception, with EBITDA reaching £33.6 million (£109.8 million year-to-date), a 37% increase from Q4 2023 and 116% year-on-year growth.

Over the past three years, we have systematically built a strong foundation, establishing leading platforms in both Europe and the United States. With our infrastructure in place and market position stronger than ever, we are uniquely poised to seize this pivotal moment in digital assets.”

Q4 2024 financial highlights
- Q4 revenue, gains and other income of £48.3 million (Q4 2023: £31.6 million)
- Q4 adjusted EBITDA of £33.6 million (Q4 2023: £24.5 million)
- Total comprehensive income for Q4 2024 of £46.7 million (Q4 2023: £15.8 million)
Full Year 2024 financial highlights
- 2024 revenue, gains and other income of £126.8 million (2023: £76.3 million)
- 2024 adjusted EBITDA of £109.8 million (2023: £50.9 million)
- Total comprehensive income for 2024 of £107.5 million (2023: £38.4 million)
Q4 2024 operational highlights
- CoinShares’ Asset Management division achieved its strongest quarter to date, with the Physical platform seeing notable growth in Q4. Our Physical Staked Ethereum ETP led inflows with $75 million, while our Physical XRP ETP attracted $31 million in new investments. The CoinShares Physical platform’s total assets increased by 54% to $2.3 billion, with our Physical Bitcoin ETP becoming Europe’s largest. Despite outflows in our XBT platform, strong crypto price appreciation drove AuM up by 30% to $3.74 billion. In the U.S., our CoinShares-Valkyrie business line saw positive net flows of $19 million, led by WGMI with $52 million in inflows, amidst a broader U.S. market that saw $16 billion flow into crypto spot, futures, and equity ETPs. The Asset Management division generated £25.3 million in revenue for the quarter and £87.1 million in revenue for the full year 2024.
- The Capital Markets and Hedge Fund Solutions division demonstrated robust performance across all business lines in Q4. Our trading team capitalized on market volatility, while liquidity provisioning saw materially higher flows than previous quarters. The lending book remained stable with a focus on credit quality, and staking activities generated consistent yields between 3-3.5%. Together with gains from our Bitcoin treasury position, the division delivered £21.2 million in Q4, bringing the full year 2024 revenue to £57.4 million.
The performance for Q4 marks one of the Group’s strongest quarter ever and has contributed to 2024 being the second strongest year in the Group’s history after 2021. Full details of the Q4 results, inclusive of financial information on each of the Group’s business units, are included within the full report, available here.

Proposed Dividend

The Board of the Company today announces that, subject to finalisation of the Group audit, it has resolved to declare and pay in four equal instalments an annual dividend in relation to the financial year ending 31 December 2024 amounting to £20,000,000, to be paid from the Group’s reserves.

The annual dividend payment will be made in four quarterly instalments via the Euroclear Sweden settlement system, subject to an assessment by the Board of the financial health and cash requirements of the Group prior to each payment being made.

ENDS

Download the Swedish Executive Summary here.

The Annual Report for the Group, inclusive of full audited financials is due to be released on 30^th April 2025.

ABOUT COINSHARES

CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

For more information on CoinShares, please visit: https://coinshares.com
Company | +44 (0)1534 513 100 | enquiries@coinshares.com
Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at 7:00 am CET on 18^th February 2025.

PRESS CONTACT

CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com

M Group Strategic Communications
Peter Padovano
press@coinshares.com

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The MIL Network –
February 18, 2025
MIL-Evening Report: The Reserve Bank has cut rates for the first time in four years. But it is cautious about future cuts

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

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

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

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

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

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

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

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

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

Why did the Reserve Bank cut now?

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

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

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

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

The RBA and the election

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

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

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

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

How does the Reserve Bank compare with other central banks?

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

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

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

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

Where to from here?

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

February 18, 2025
MIL-Evening Report: View from the Hill: will Albanese opt for an April election now a rate cut has him breathing more easily?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

February 18, 2025
MIL-Evening Report: Trump’s view of the world is becoming clear: America’s interests matter more than any set of rules
Source: The Conversation (Au and NZ) – By John Blaxland, Professor, Strategic and Defence Studies Centre, Australian National University

Last week in Europe, the United States sent some very strong messages it is prepared to upend the established global order.

US Vice President JD Vance warned a stunned Munich Security Conference that Europe has an “enemy within”, referring to leaders who ignore their citizens’ concerns and values. He also advocated for right-wing political groups to be brought into the mainstream.

Meanwhile, at a meeting of NATO defence ministers, US Defence Secretary Pete Hegseth talked about hard power, the warrior ethos and the need for NATO members to spend up to 5% of their GDPs on defence. Most have only just climbed to about 2%, the longstanding NATO guideline.

In Poland, he reaffirmed the US commitment to the defence of Poland (and NATO) and committed to bolstering the US military presence there. So, despite the mixed messaging, the United States is not leaving Europe anytime soon.

Meanwhile, President Donald Trump is reportedly demanding a significant levy from Ukraine as payback for US protection and support.

The combination of remarks has left pundits and policymakers wondering – is the US-led international order, with its multilateral institutions, nearing its end?

The demise of the rules-based order?

The United States played a leading role in establishing the rules-based international order from the ashes of the second world war.

Critics have decried the UN-related institutions that arose at this time. But the rules-based order is perhaps best viewed as Voltaire saw the Holy Roman Empire: “no way holy, nor Roman, nor an empire”. Those proclaiming the demise of the rules-based order should be careful what they wish for.

Such a system of trusted international exchanges barely existed prior to 1945. And while superpowers have carved out many exceptions for themselves, the rules-based order has nonetheless resulted in a time of remarkable stability and prosperity for the world.

So, why would the United States now appear to be retreating from this arrangement? The declining centrality of US influence goes some way to explain this.

China’s rise and the rise of Trump

To place the current events in proper context, we need to go back 25 years, when China joined the World Trade Organisation (WTO).

This move was supported by and facilitated by then US President Bill Clinton in a belief that market liberalisation would eventually lead to political liberalisation.

Since then, China’s growth has skyrocketed thanks to its ready access to global markets. But it’s retained a strong mercantilist approach, counter to the spirit of the WTO. This has generated much resentment and nervousness among Western powers about the changing global power balance.

Since Xi Jinping’s rise to power in 2012, in particular, China has taken on an adversarial position to the rules-based order, following its own set of rules.

In effect, the world got neither the political nor the trade liberalisation that it once sought from China. Rather, the rules as they applied in China (and to an extent in Russia) allowed state-owned enterprises to co-opt – if not outright steal – technology shared by their international industry partners.

Foreign companies were squeezed out of China and had difficulty competing with lower-priced Chinese products at home.

Trump’s rise is, in part, a reaction to these developments. During his first term from 2017–20, Trump fitfully attempted to take a retaliatory, transactional approach to international relations. Now, as he begins his second term, he has a much more clear-eyed plan of action.

What Trump expects now

What became startlingly clear at the Munich Security Conference was Trump’s new vision of transactional alliances with America’s traditional partners.

In his view, the United States is not so much retreating into isolationism as much as it’s acting as a great power with its own economic interests at heart. Trump is eager for the US to assert its place in a world where spheres of influence matter as much – if not more – than any particular set of rules.

Evidently, the US is no longer advocating for multilateralism, in which states cooperate as equals. Now, it’s focused more on multi-polarity – a world with several great powers, in which the US puts its own interests first. As Trump frequently reminds us, “America First”.

According to this world view, allies and adversaries have equally been taking unfair advantage of:
- America’s famous openness (notably its borders)
- its liberal trade policies (which, according to Trump, has led to the de-industrialisation of the American heartland).
Its allies have also taken advantage of the generosity of its security umbrella, leading to their cavalier approach to security.

The Trump administration’s remedy to all of this involves doling out sanctimonious advice. An example of this: Vance telling European allies they should unwind their relaxed immigration policies.

JD Vance’s speech to the Munich Security Conference.

It’s also doling out some tough medicine, apparently trying to provoke a reaction in European capitals so they significantly increase their defence spending. This would enable the US to step back from being Europe’s security guarantor and finally undertake its long-talked-about pivot to Asia and focus on its main adversary: China.

Russia evidently features as part of this plan. Trump appears intent to try to cleave Russia from its Chinese embrace in order to either isolate or weaken China. A hard-nosed deal with Russia over Ukraine may well be the price he’s willing to pay to make that happen.

For America’s close security and economic partners, this presents an unprecedented challenge. The old preconceptions and expectations no longer seem to apply. What’s important now is not so much America’s shared values with Europe, it’s their overlapping interests.

For America’s allies, as well as its adversaries, this is going to require some hard thinking and new strategies, both economically and militarily.

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

– ref. Trump’s view of the world is becoming clear: America’s interests matter more than any set of rules – https://theconversation.com/trumps-view-of-the-world-is-becoming-clear-americas-interests-matter-more-than-any-set-of-rules-250144
MIL OSI Analysis – EveningReport.nz –
February 18, 2025
MIL-OSI Economics: New Zealand card payments set for 3.9% growth, driven by shift to contactless and electronic payments, forecasts GlobalData

Source: GlobalData

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

Posted in Banking

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

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

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

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

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

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

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

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

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

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

MIL OSI Economics –

February 18, 2025
MIL-OSI Economics: Fragile X syndrome market to quadruple to $111.9 million in US and Germany by 2030, forecasts GlobalData

Source: GlobalData

Fragile X syndrome market to quadruple to $111.9 million in US and Germany by 2030, forecasts GlobalData

Posted in Pharma

The fragile X syndrome (FXS) market across the US and Germany is projected to experience explosive growth, quadrupling from $28.7 million in 2025 to $111.9 million by 2030, a CAGR of 31.3% (2025-2030), driven by the anticipated launch of two high-priced targeted therapies for FXS in 2027, according to GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Fragile X Syndrome: Opportunity Assessment and Forecast -Update,” anticipates a stable market until the projected US launches of Harmony Biosciences’ Zygel (cannabidiol) and Shionogi Inc’s zatolmilast in 2027. Zygel is expected to launch in Germany in 2028, whereas zatolmilast is not anticipated to launch in Germany during the forecast period. These therapies are set to represent the first treatments to be indicated for FXS.

Lorraine Palmer, Pharma Analyst at GlobalData, comments: “The introduction of Zygel and zatolmilast could mark a turning point in FXS treatment as, for the first time, there could be therapies offering the potential to address the underlying mechanisms of the disease, a significant unmet need.”

There are currently no approved therapies available for FXS; prescribed treatment consists exclusively of off-label drugs that target individual symptoms of the disease. Examples of such interventions include SSRIs for depressive symptoms and anxiety; stimulants like methylphenidate for hyperactivity, inattention, and impulsivity; antipsychotic medications for aggression; and anticonvulsant agents for seizures.

In addition, according to key opinion leaders (KOLs) interviewed by GlobalData, the behavioral symptoms of irritability, aggression, and anxiety are not adequately addressed by the available treatment options, offering only partial relief. Furthermore, these treatments often come with the burden of side effects, particularly sedation, which can limit normal activity and impact the quality of life of patients. KOLs emphasized the need for therapies that address the underlying etiology of FXS.

The US FXS market, which currently accounts for 96.5% of the combined sales in the US and Germany, is projected to reach $108.3 million by 2030. The German market is expected to grow to $3.7 million by 2030, driven by the launch of Zygel. While the anticipated high costs of Zygel and zatolmilast may be a barrier to their uptake, GlobalData still expects uptake of the agents due to their mechanism of action having the potential to address processes implicated in FXS pathogenesis. KOLs interviewed by GlobalData emphasized that the availability of therapies targeting the underlying etiology of FXS is a key unmet need within the market.

Palmer adds: “Despite the promise of these new therapies, the clinical heterogeneity of FXS suggests that efficacy may vary among patients. This underscores the need for the continued research and development of therapies targeting the underlying etiology of FXS. This need might be met in the future, as currently 73.3% of FXS pipeline agents are in Phase I and II stages of development and most seek to target underlying processes leading to FXS symptoms.”

GlobalData’s report also highlighted the growing prevalence of FXS, with diagnosed cases in the US and Germany expected to go from 69,942 in 2020 to 73,216 in 2030, an AGR of 0.47%. This will be driven by the increasing US total population.

Palmer concludes: “While there previously hasn’t been much movement in the US and German FXS markets, together they are on the cusp of a major transformation and the face of these markets will change within the next five years. The arrival of targeted therapies offers hope for significant improvements in the lives of individuals with FXS.”

MIL OSI Economics –

February 18, 2025

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

Source: Reserve Bank of India

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

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2189

MIL OSI Economics –

February 18, 2025

MIL-OSI Australia: Reserve Bank cuts cash rate

Source: Australian Treasurer

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

This is very welcome news for millions of Australians.

This is the rate relief Australians need and deserve.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI News –

February 18, 2025
MIL-OSI Submissions: Australia – CBA reduces interest rates on business loans

Source: Commonwealth Bank of Australia (CBA)

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

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

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

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

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

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

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

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

Support for small businesses customers

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

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

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

MIL OSI – Submitted News –

February 18, 2025
MIL-OSI Submissions: Australia – CBA announces interest rate reductions

Source: Commonwealth Bank of Australia

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

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

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

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

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

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

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

Support for home loan customers

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

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

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

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

MIL OSI – Submitted News –

February 18, 2025
MIL-OSI: Bitget Wallet Launches BGB Onchain Staking on Morph, Expanding BGB Utility

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 18, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, is expanding the utility of its native token, Bitget Token (BGB), alongside the launch of a limited-time BGB onchain staking program on Morph chain. BGB is evolving into a bridge connecting onchain ecosystems and real-world applications. The onchain staking program offers higher returns while enhancing fund autonomy and privacy, providing users with greater security compared to centralized options.

The first BGB onchain staking program will run from February 14, 2025, 20:00 (UTC) to February 21, 2025, 20:00 (UTC) with a staking pool capped at 350,000 BGB. Users can stake their tokens through Bitget Wallet’s BGB Center or Bitget Exchange’s Earn section for a 90-day period and earn 5% APY fixed returns along with access to 20,000 Morph Points. For every 15 BGB staked, users will receive 1 Morph Point, which can be redeemed for future Morph tokens and other rewards.

BGB’s expanding utility is central to Bitget Wallet’s long-term vision, with applications in decentralized trading, staking, and payments driving its growth. As a multi-chain gas token within Bitget Wallet, BGB eliminates the need to manage multiple gas tokens across different blockchains, simplifying onchain interactions and ensuring smoother user experiences. Staking BGB onchain allows users to earn rewards and qualify for project airdrops, while VIP holders can access exclusive benefits, including Bitget Wallet Card cashback and other premium services through Bitget Wallet’s growing PayFi ecosystem. These features bridge the gap between DeFi returns and real-world spending opportunities.

BGB’s market momentum highlights its growing demand and deflationary design. Over the past two months, BGB’s price has surged over 320%, driven by increased utility and token burn. Starting in 2025, Bitget will implement quarterly token buybacks and burns to reduce the token’s circulating supply and enhance token value. By encouraging long-term holding, this strategy aims to maintain steady growth and strengthen BGB’s role within Bitget’s ecosystem.

“BGB’s rapid growth reflects its key role in the Web3 ecosystem,” said Alvin Kan, COO of Bitget Wallet. “As we continue expanding BGB’s utilities in staking, payments, and decentralized finance, we are committed to creating long-term value and a dynamic, sustainable community.” To support community participation, Bitget Wallet will host the BGB Builders Night during the Hong Kong Consensus event, where discussions will focus on BGB’s future.

Learn more on the Bitget Wallet blog.

About Bitget Wallet
Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.

For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
For media inquiries, please contact media.web3@bitget.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/389a2046-209a-45bb-bce6-3b29311c5c12

The MIL Network –

February 18, 2025
MIL-Evening Report: What is divestiture and how would it stop insurance companies ‘ripping off’ customers?

Source: The Conversation (Au and NZ) – By Allan Fels, Professor Allan Fels, Professor of Law, Economics and Business at the University of Melbourne and Monash University., The University of Melbourne

Australia is creeping towards adding a divestiture power to its Competition and Consumer Act.

Under such a law, the courts, on the recommendation of the Australian Competition and Consumer Commission, could break a firm into parts.

Divestiture is currently used in Australia when the competition and consumer commission considers proposed mergers. Often it will only approve a merger when certain parts of the business are broken up to prevent monopolies.

It has also been used to deal with abuse of market power by electricity providers.

Under the proposed change, a company with substantial market power which breaches the Consumer and Competition Act may be forced to divest assets to restore balance and ensure the market is competitive. This would reduce the possibility of consumers being over-charged.

The Coalition has already proposed breaking up the major supermarkets, Coles and Woolworths which have been long-accused of price gouging customers.

On Sunday, Coalition leader Peter Dutton signalled he was likely to introduce divestiture if elected to stop insurers from “ripping off” customers by charging exorbitant premiums or refusing to pay claims.

Premiums have soared by 16.4% in the last year as Australia has been hit by major floods and bushfires. Climate Valuation analysts last month warned one in ten properties could be uninsurable by 2035.

Repeating his position on Monday, Dutton said:

If we have a situation where people are being priced out of insurance or they’re deemed an uninsurable risk when they shouldn’t be, that is a failure of the market and we’ll respond accordingly to that.

He said insurance companies had to be responsible corporate citizens and work with their customers.

We’re not going to have a situation where people can’t afford insurance or they’re being priced out of products.

Previously the Morrison government enacted laws which enabled a breakup of energy companies in certain circumstances.

Labor has not supported a divestiture power. One reason is the Shop, Distributive and Allied Employees Association has opposed such measures.

The case for divestiture

In principle there is a strong case for a divestiture law.

Monopolies and market power stem from an industry being highly concentrated. Often the only way to prevent them from misusing their monopoly is to break them up. The solution could be left to the market or to price regulation or other remedies but these do not address the source of the problem.

A divestiture power has long existed in the United States. It was used to break up oil, cigarettes, and chemicals in the early days of antitrust law. In the mid-80s it was successfully used to break up the AT&T telephone monopoly. AT&T controlled both long distance and local calls before it was broken up.

But divestiture is only occasionally used and only when stringent criteria are satisfied.

Some 20 years ago the US Department of Justice proposed a breakup of Microsoft – the case was never finalised because of procedural problems. However, the Federal Court laid out many prerequisites before this drastic remedy could occur.

The power has been used in a number of other OECD countries including the United Kingdom.

When divesting is necessary

There has been heavy use in Australia of divestiture powers to break up gas and electricity monopolies in the last 30 years

And there is a strong case for making it a general remedy available for all industries, even though its use would be infrequent.

Importantly, the availability of this sanction would provide an incentive for firms to comply with abuse of market power provisions of the competition law. These provisions are intended to stop powerful businesses from deterring competition by making it difficult for new entrants to join the market.

The sanctions for this part of the law currently are very weak. Fines are rarely imposed and if they are, they are small and seen as a cost of doing business to be weighed up against the benefits of anti-competitive behaviour.

Another reason is that cases take many years. For example, the ACCC case v Safeway 19 years ago took seven years before a court resolution.

A divestiture power would make firms far more careful before breaching the law.

Too ‘Russian’?

Occasionally people question the desirability of this power on the grounds it is the sort of thing you would only see in a country like Russia.

In an ABC interview last February, Prime Minister Albanese said:

We have a private sector economy in Australia and not a command and control economy […]We’re not the old Soviet Union. What we have the power to do is to encourage competition and encouraging new entrants.

However, most observers agree one of the big failures of the Soviet economy has been failure to divest monopolies in energy, transport and other parts of the economy.

The Coalition’s adoption of a divestiture remedy in three industries is welcome. We need at some point to move to a divestiture power that is available for the whole economy.

Allan Fels is a former chair of the ACCC.

– ref. What is divestiture and how would it stop insurance companies ‘ripping off’ customers? – https://theconversation.com/what-is-divestiture-and-how-would-it-stop-insurance-companies-ripping-off-customers-250036

MIL OSI Analysis – EveningReport.nz –

February 18, 2025
MIL-Evening Report: View from the Hill: will Albanese opt for an April election now that a rates cut has him breathing more easily?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

MIL OSI Analysis – EveningReport.nz –

February 18, 2025
MIL-OSI Economics: African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact
Source: African Development Bank Group

African Development Bank Group President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38^th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1^st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

African Development Bank Group President Dr. Akinwumi Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s operations, which have impacted more than half a billion lives over the past decade.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:
- 127 million people gained access to better services in terms of health.
- 61 million people gained access to clean water.
- 33 million people benefited from improved sanitation.
- 46 million people gained access to ICT services, and
- 25 million people gained access to electricity.
He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

African Heads of State and Government display copies of the Dar es Salaam Energy Declaration at the closing session of the Africa Energy Summit, 28 January 2025.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” said Dr. Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

The Africa Investment Forum, a joint effort with eight other partner institutions, has mobilized over $200 billion in infrastructure investment commitments. (Picture: Africa Investment Forum Founding Partners and other officials during the Opening Session of the Africa Investment Forum 2024 Market Days, Rabat, 4 December 2024.)

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

UN Secretary-General António Guterres reiterated calls for reform of the international financial architecture.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity in addressing Africa’s challenges

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.
MIL OSI Economics –
February 18, 2025
MIL-OSI New Zealand: Reporting and monitoring – TEO-led WLN

Source: Tertiary Education Commission

Last updated 18 February 2025
Last updated 18 February 2025

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This page provides information about tertiary education organisations’ (TEOs’) reporting on TEO-led Workplace Literacy and Numeracy (TEO-led WLN) delivery, and our monitoring of their performance.
This page provides information about tertiary education organisations’ (TEOs’) reporting on TEO-led Workplace Literacy and Numeracy (TEO-led WLN) delivery, and our monitoring of their performance.

For information about Employer-led Workplace Literacy and Numeracy (EWLN) reporting and monitoring, see Employer-led Workplace Literacy and Numeracy (EWLN) Fund.
Reporting
If you receive TEO-led WLN funding, you must submit:

a progress report for the period 1 January to 31 May no later than 10 working days after 31 May; and
a progress report for the period 1 January to 30 September no later than 10 working days after 30 September; and
a final report for the period 1 January to 31 December no later than 31 January of the following year.

Each progress report and the final report must:

be submitted in accordance with the template that we will provide to you; and
relate to the specific delivery commitments outlined in your Investment Plan.

For details about the information we require you to report, please refer to Data requirements: Other Fund Actuals.
Templates for the two progress reports and one final report are available for TEOs to complete and submit by the due dates on DXP Ngā Kete.
Monitoring
We monitor TEO performance and practices to understand their performance in the sector, and to inform our decisions about future funding they may receive.
We monitor a TEO’s:

achievement of mix of provision (MoP) delivery commitments
compliance with TEO-led WLN funding conditions for the relevant year
compliance with legislative requirements, and
achievement of other expectations that we communicate to TEOs.

MIL OSI New Zealand News –

February 18, 2025

Maturity	Volume	Rate
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Category: Business

Notes to Editors:

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Updates to this page

Why did the Reserve Bank cut now?

The RBA and the election

How does the Reserve Bank compare with other central banks?

Where to from here?

The demise of the rules-based order?

China’s rise and the rise of Trump

What Trump expects now

The case for divestiture

When divesting is necessary

Too ‘Russian’?