Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.
In 2024, the Samaraneftegaz company (part of the Rosneft oil and gas production complex) received an economic effect of more than 2.7 billion rubles thanks to the implementation of a program to improve production efficiency.
Over the past year, the company’s specialists have implemented about 100 innovative solutions. For the first time in Russia, Samara oil workers tested a domestic technology for simultaneous and separate oil production using small-sized deep-well pumping equipment. Due to the reduction in bottomhole pressure during the simultaneous operation of two layers in a sidetrack, additional production at three wells of the company amounted to more than 16 thousand tons of oil, and the economic effect was over 100 million rubles.
In addition, a new Russian automated drilling control system was tested at three wells under construction, which accurately executes the set commands and controls the parameters within the permissible range. This system helps to increase the mechanical drilling speed, reduces beating, vibration and wear of the drill string elements, allowing to reduce the construction time of wells due to the increase in the trip speed. Based on the results of the pilot tests, specialists noted an increase in the mechanical drilling speed by 10% of the planned one.
Samaraneftegaz is constantly looking for innovative solutions that allow maximizing efficiency at all stages of hydrocarbon production and transportation. Since 2018, when the production efficiency improvement system was introduced, the company has saved more than 8.5 billion rubles. During this time, specialists have developed and approved more than a hundred relevant passports, 32 of which were issued in the past year alone.
Systematic work to improve production efficiency is one of the key elements of Rosneft’s development strategy. The company is carrying out large-scale work aimed at reducing operating costs, including through the introduction of advanced technological solutions.
Reference:
JSC Samaraneftegaz, a subsidiary of NK Rosneft, carries out production activities in the Samara and Orenburg regions. Cumulative oil production since the beginning of field development exceeds 1.3 billion tons of oil.
Department of Information and Advertising of PJSC NK Rosneft February 17, 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.
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Summary
At around 05:40 on Monday 4 March 2024, a passenger train struck a section of redundant rail that had been left foul of the track on the approach to Walton-on- Thames station. At the time of the collision with this rail, the train was travelling at around 85 mph (137 km/h). The front coach derailed, and the train came to a stand around 500 metres beyond the point of derailment.
The redundant rail had inadvertently been left there by a team that had completed work in the area over the previous weekend. Checks undertaken after the work was completed did not identify that a section of redundant rail was in a potentially hazardous position before the railway was handed back for normal operation. This was because no person in charge had supervised the work and because a track handback engineer had not been effectively briefed as to what work had been undertaken before they inspected the track.
RAIB found that the arrangements in place for planning and delivering the work did not effectively manage the risk of a section of rail being left foul of the running line and that the process for inspecting the railway after the work was completed did not provide staff with clear guidance on which areas should be checked. Additionally, the relevant railway rules and standards do not clearly define the roles and responsibilities required to safely deliver work on complex work sites like the one involved in the accident.
Recommendations
As a result of its investigation, RAIB has made two recommendations. The first is addressed to Colas Rail (in consultation with Network Rail), to review its processes related to collecting redundant material when working on or near the line. The second is addressed to Network Rail (in consultation with the Rail Safety and Standards Board) to review the rules and standards relating to how tasks delivered in complex work sites should be co‑ordinated and supervised and to create a coherent process for confirming that the line is safe for the passage of trains after the work is complete.
Additionally, two learning points have been identified. The first reinforces the importance of infrastructure maintainers arranging adequate site lighting. The second concerns the importance of railway organisations ensuring that guidance material relating to superseded standards is removed from resource libraries when new standards are issued.
Andrew Hall, Chief Inspector of Rail Accidents said:
Following a passenger train striking redundant rail on the track in 2018, RAIB issued Urgent Safety Advice to Network Rail regarding safety of the line after engineering work. Since this advice was issued, RAIB has examined a number of further accidents caused by objects, including temporary road-rail access points and a trolley, being left on the track after the completion of maintenance work. These accidents caused damage to the railway infrastructure, the trains involved and resulted in temporary closures to the affected lines. This most recent accident at Walton-on-Thames resulted in a passenger train derailing at speed. Although no one was hurt on this occasion, the train could easily have deviated from the line of the track and struck other trains or objects.
Maintenance work is often carried out at night which makes ensuring the line is subsequently safe for the passage of trains particularly challenging. The risk is very clear. Unfortunately, this accident happened because that risk was not effectively managed. This, following other similar recent incidents, should serve as a stark reminder of the importance of effectively managing the risk of objects being left on the track after overnight maintenance.
Notes to editors
The sole purpose of RAIB investigations is to prevent future accidents and incidents and improve railway safety. RAIB does not establish blame, liability or carry out prosecutions.
RAIB operates, as far as possible, in an open and transparent manner. While our investigations are completely independent of the railway industry, we do maintain close liaison with railway companies and if we discover matters that may affect the safety of the railway, we make sure that information about them is circulated to the right people as soon as possible, and certainly long before publication of our final report.
Chinese animated blockbuster “Ne Zha 2” rounded out the top five at the North American box office on its opening weekend, making it the biggest opening weekend for any Chinese production in recent years.
Data from measurement firm Comscore showed on Sunday that the highly-anticipated film has generated an estimated three-day cume of 7.2 million U.S. dollars in North America through Sunday.
The animated epic fantasy film’s North American pre-sale box office alone has exceeded the opening weekend box office record in North America for any Chinese-language film in the past 20 years.
Marvel’s “Captain America: Brave New World” debuted atop the North American box office this weekend with an estimated 88.5 million dollars in 4,105 theaters.
“Ne Zha 2” is being released by CMC Pictures in Mandarin with English subtitles in about 750 selected theaters in North American cities including Los Angeles, San Francisco, Houston, Chicago, New York, Boston, Atlanta, Toronto, Vancouver and a few other cities with a large overseas Chinese population, according to the company.
Paul Dergarabedian, a senior media analyst at Comscore, noted that “Ne Zha 2” is a “global box office juggernaut.”
“The widely reported global box office success and amazing reviews of this incredible and beautifully presented animated film has put it high on the must-see list for movie fans in the North American market and that was reflected in the solid numbers this weekend,” he told Xinhua.
A lady, who gave her name as Emily Li, told Xinhua that she brought her two children to watch the movie.
“Kids love the story. They even watched the original Ne Zha film online in advance for the plot,” she added.
“Ne Zha 2” is a sequel to the 2019 animated blockbuster “Ne Zha.” Both films were inspired by China’s 16th-century classic novel “The Investiture of the Gods.”
The animated film has captivated Chinese audiences with its exquisite animation production, grand visual imagination and rich cultural expression. After opening on Jan. 29, the film swiftly smashed box office records, becoming the highest-grossing film of all time in China.
As the film continues its record-breaking run, it has grossed an astounding 11.9 billion yuan (about 1.64 billion U.S. dollars) through Sunday. It has become the first non-Hollywood production to break into the top 20 highest-grossing films ever worldwide.
Industry insiders believe the Chinese movie is on track to becoming the highest-grossing animated film of all time globally. So far, the highest-grossing animated film of all time is Disney’s 2024 film “Inside Out 2,” which earned 1.699 billion dollars worldwide.
The success of “Ne Zha 2” has attracted widespread attention from the international media.
CNN reported that “An unruly Chinese boy who battles dragons and defies destiny has made his way to Western cinema screens after smashing box office records in China.”
“For decades, China’s movie market had been dominated by Hollywood blockbusters. But in recent years, homegrown titles — in genres from action and sci-fi to romance and animation — have increasingly outpaced Western films, a pivot fueled by rising cultural pride, more sophisticated storytelling and rapid technological progress,” the news outlet said.
Details 2025-02-11 President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples. A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.
Details 2025-02-11 Presidential Office thanks US and Japan for joint leaders’ statement On February 7 (US EST), President Donald Trump of the United States and Prime Minister Ishiba Shigeru of Japan issued a joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community.” In the statement, the two leaders also “encouraged the peaceful resolution of cross-strait issues, and opposed any attempts to unilaterally change the status quo by force or coercion” and “expressed support for Taiwan’s meaningful participation in international organizations.” Presidential Office Spokesperson Karen Kuo (郭雅慧) on February 8 expressed sincere gratitude on behalf of the Presidential Office to the leaders of both countries for taking concrete action to demonstrate their firm support for peace and stability across the Taiwan Strait and for Taiwan’s international participation. Spokesperson Kuo pointed out that there is already a strong international consensus on the importance of peace and stability in the Indo-Pacific region. The spokesperson emphasized that Taiwan, as a responsible member of the international community, is capable and willing to work together with the international community and will continue strengthening its self-defense capabilities as it deepens its trilateral security partnership with the US and Japan and works alongside like-minded countries to uphold the rules-based international order. The spokesperson said that Taiwan will work toward ensuring a free and open Taiwan Strait and Indo-Pacific region, as well as global peace, stability, and prosperity, as it continues to act as a force for good in the world.
Details 2025-02-11 President Lai’s response to Pope Francis’s 2025 World Day of Peace message President Lai Ching-te recently sent a letter to Pope Francis of the Catholic Church in response to his message marking the 58th World Day of Peace. The following is the full text of the president’s letter to the pope: Your Holiness, In your message for the 2025 World Day of Peace entitled Forgive us our trespasses: grant us your peace, you called for a cultural change that would bring an end to the governance of interpersonal and international relations by a logic of exploitation and oppression and herald true and lasting peace. I wholeheartedly admire and identify with your point of view. Since transitioning from a medical career to politics, I have remained true to my original intentions in the sense that, while a doctor can help only one person at a time, a public servant can simultaneously assist many people in resolving the difficulties affecting their lives. In my inaugural address in May 2024, I pledged that every day of my term, I would strive to act justly, show mercy, and be humble, which accord with the teachings of the Bible. I promised to treat the Taiwanese people as family and prove myself worthy of their trust and expectations. With an unwavering heart, I have accepted the people’s trust and taken on the solemn responsibility of leading the nation forward and building a democratic, peaceful, and prosperous new Taiwan. In this new year, the changing international landscape continues to present many grave challenges to democratic nations around the world. As the Russia-Ukraine war persists, the steady convergence of authoritarian regimes, including China, Russia, North Korea, and Iran, threatens the rules-based international order and severely impacts peace and stability in the Indo-Pacific and the world at large. Your Holiness has stated that war is a defeat for everyone. I, too, firmly believe that peace is priceless and that war has no winners. A high level of consensus has formed in the international community on upholding peace and stability across the Taiwan Strait. The Taiwanese people also maintain an unyielding commitment to safeguarding a way of life that encompasses freedom, equality, democracy, and human rights. Taiwan will continue to spare no effort in preserving regional peace and stability and serving as a pilot for global peace. In your World Day of Peace message, you urged prosperous countries to assist poorer ones. This compassion is truly touching. Taiwan is proactively implementing values-based diplomacy and, under the Diplomatic Allies Prosperity Project, enhancing allies’ development through a range of initiatives. Over many years, Taiwan has accumulated abundant and unique experience of providing foreign assistance. Seeking to foster self-reliance among disadvantaged countries, we have extended genuine support to help alleviate poverty through such avenues as strengthening basic infrastructure, transferring technology, and cultivating talent. In your message, you reminded countries worldwide that assistance should not be merely an isolated act of charity and pointed to the need to devise a new global financial framework so that food crises, climate change, and other challenges could be jointly addressed. I hold this view in high regard. I therefore earnestly hope that international organizations will stop excluding Taiwan for political reasons. Taiwan is willing to shoulder its international responsibilities so that it can contribute and share its valuable experience through many global platforms. On behalf of the government and people of the Republic of China (Taiwan), I again express our interest in collaborating with the Holy See to advance world peace through concrete action. We also aspire to demonstrate Taiwanese values and the Taiwanese spirit and work together with the Holy See to uphold the core values of justice, democracy, freedom, and peace. Please accept, Your Holiness, the renewed assurances of my highest consideration, as well as my best wishes for your good health and the continued growth of the Catholic Church.
Details 2025-02-11 President Lai meets former US Vice President Mike Pence On the afternoon of January 17, President Lai Ching-te met with former Vice President of the United States Mike Pence. In remarks, President Lai thanked former Vice President Pence for his contributions to the deepening of Taiwan-US relations, noting that he actively helped to strengthen Taiwan-US cooperation and facilitate the normalization of military sales to Taiwan, and did his utmost to deepen the Taiwan-US economic partnership. The president indicated that former Vice President Pence also spoke up for Taiwan on numerous occasions at international venues, backing Taiwan’s international participation. President Lai expressed hope for a stronger Taiwan-US partnership to maintain peace and stability throughout the world, and that the two sides can advance bilateral exchanges in such areas as the economy, trade, and industry. A translation of President Lai’s remarks follows: I am delighted to welcome former Vice President Pence and Mrs. Karen Pence to the Presidential Office. Former Vice President Pence is not only an outstanding political leader in the US, but also a staunch supporter of Taiwan on the international stage. On behalf of the people of Taiwan, I would like to take this opportunity to extend our deepest gratitude to former Vice President Pence for his contributions to the deepening of Taiwan-US relations. Thanks to former Vice President Pence’s strong backing, ties between Taiwan and the US rose to unprecedented heights during President Donald Trump’s first administration. Former Vice President Pence actively helped to strengthen Taiwan-US security cooperation and facilitate the normalization of military sales to Taiwan, helping Taiwan reinforce its self-defense capabilities. He also did his utmost to deepen the Taiwan-US economic partnership. Former Vice President Pence also paid close attention to the military threats and diplomatic isolation faced by Taiwan. He spoke up for Taiwan on numerous occasions at international venues, taking concrete action to back Taiwan’s international participation. We were truly grateful for this. As we speak, China’s political and military intimidation against Taiwan persist. China and other authoritarian regimes, such as Russia, North Korea, and Iran, are continuing to converge and present serious challenges to democracies around the globe. At this moment, free and democratic nations must come together to bolster cooperation. I believe that a stronger Taiwan-US partnership can be an even more powerful force in maintaining peace and stability throughout the world. Former Vice President Pence has previously supported the signing of a trade agreement between Taiwan and the US. Taiwan looks forward to continuing to work with the new US administration and Congress to advance bilateral exchanges in such areas as the economy, trade, and industry. This is the first time that former Vice President Pence and Mrs. Pence are visiting Taiwan, and their visit is significantly meaningful for Taiwan-US exchanges. On behalf of the people of Taiwan, I want to extend a warm welcome. Moving forward, I hope we will jointly realize even more fruitful achievements through Taiwan-US cooperation. Former Vice President Pence then delivered remarks, thanking President Lai for his hospitality on his and his wife’s first visit to Taiwan, saying that it is an honor to be here to reaffirm the bonds of friendship between the people of America and the people of Taiwan, which are strong and longstanding. The former vice president indicated that the American people admire the people of Taiwan and all that has been accomplished in a few short decades for Taiwan to rise to one of the world’s preeminent economic powers and free societies. He said that he is grateful for President Lai’s courageous and bold leadership of Taiwan, and grateful to be able to express the support of the overwhelming majority of the American people for this alliance. Former Vice President Pence indicated that the values shared by Taiwan and the US, including freedom, the rule of law, and respect for human rights, bind us together in a partnership that transcends geographic boundaries and cultures. He then assured President Lai that China’s increasingly aggressive posture in the Taiwan Strait and across the Indo-Pacific, for the values and interests that both sides share, is deeply concerning to the American people. Former Vice President Pence stated that America is a Pacific nation, and is committed to the status quo, adding that they recognize it is China that wants to change the status quo that America, Taiwan, and other allies in the region want to preserve, which has created an environment of extraordinary growth and prosperity. The former vice president concluded by once again thanking President Lai and his team for their gracious hospitality and conveying best wishes to him and the people of Taiwan. Former Vice President Pence then assured President Lai that just as Taiwan will never surrender its freedom, he will continue to be a voice for a strong US-Taiwan relationship in the defense and the benefit of Taiwan, the US, and the free world. Later that day, Vice President Bi-khim Hsiao hosted a banquet for former Vice President Pence and his delegation at Taipei Guest House to thank him for his longstanding friendship and staunch support for Taiwan-US ties.
Details 2025-02-11 President Lai meets delegation to 60th Inaugural Ceremonies of US president and vice president On the morning of January 16, President Lai Ching-te met with Taiwan’s delegation to the 60th Inaugural Ceremonies of the President and Vice President of the United States. In remarks, President Lai stated that democratic Taiwan stands united, working hard to deepen Taiwan-US ties together. He then entrusted the delegation with three missions: to convey best wishes from the people of Taiwan, convey our firm commitment to democracy, and help Taiwan-US relations reach a new milestone. A translation of President Lai’s remarks follows: The 60th Inaugural Ceremonies of the President and Vice President of the US will be held on January 20. I want to thank Speaker Han Kuo-yu (韓國瑜), president of the Legislative Yuan, for accepting my invitation to lead our nation’s representative delegation to the event. I also thank Legislative Yuan Members Ko Chih-en (柯志恩), Wang Ting-yu (王定宇), Ko Ju-chun (葛如鈞), Lee Yen-hsiu (李彥秀), Chen Kuan-ting (陳冠廷), Kuo Yu-ching (郭昱晴), and Chen Gau-tzu (陳昭姿) for joining this visit to the US to attend the inauguration of President Donald Trump and Vice President J.D. Vance. We have gathered together today despite differences in party affiliation because in democratic Taiwan, while parties may compete domestically, when it comes to engagement externally, they stand united and share responsibility, working hard to deepen Taiwan-US ties and strive for the best interests of the nation. We share the value of defending freedom and democracy, and we share the goal of advancing peace and prosperity. Today, we engage with the world together as those from the same country – the Republic of China (Taiwan). In this complex and volatile new international landscape, and as the nation faces difficulties and challenges, I want to stress that in Formosa, there is no hostility that cannot be let go, and no hardship that cannot be overcome. Unity is the most important, and I hope that Taiwan can stand united, because there is true strength in unity. Democratic Taiwan must stand united in engaging with the world and initiate exchanges with confidence. On that ground, I am entrusting this delegation with three key missions. First, convey best wishes from the people of Taiwan. Just last year, Taiwan and the US celebrated the 45th anniversary of the passage of the Taiwan Relations Act. And on May 20, the US sent a senior bipartisan delegation to congratulate me and Vice President Bi-khim Hsiao on our inauguration. As the leader of this cross-party delegation, Speaker Han must clearly convey the well-wishes of the people of Taiwan, congratulate President Trump and Vice President Vance on their inauguration, and wish success to the new administration and prosperity to the US. Second, clearly convey the firm commitment of the people of Taiwan to democracy. The theme of these inaugural ceremonies is “Our Enduring Democracy: A Constitutional Promise.” Taiwan and the US share the universal value of democracy and are staunch allies. I hope that the delegation can faithfully convey the firm commitment to democracy that the people of Taiwan have, which will not change even in the face of authoritarian threats. Taiwan is willing to stand side by side with the US and other members of the democratic community to defend the sustainable development of global democracy and prevent the expansion of authoritarianism. Third, help Taiwan-US relations reach a new milestone. In recent years, Taiwan-US relations have continued to grow, with the first agreement under the Taiwan-US Initiative on 21st Century Trade having formally taken effect last month. This morning, the House of Representatives also passed the US-Taiwan Expedited Double-Tax Relief Act. I hope that the delegation can help Taiwan-US relations reach a new milestone through these exchanges so that our relations continue to grow, our cooperation expands even more, and so that we can achieve even greater success after the new administration takes office. Four years ago, Taiwan’s representative to the US inaugural ceremonies was Vice President Hsiao, who was then our representative to the US. Everyone has a lot to learn from her. I have specially invited everyone here to converse so that you can draw from Vice President Hsiao’s experience and ensure an even smoother visit. Washington, DC was also hit by a rare blizzard recently, and the weather has been very cold, so make sure to stay warm. I am sending everyone off with hand warmers and thermoses so that you can bring some warmth from Taiwan with you on your journey. And I ask that Speaker Han exercise his wisdom to help generate some warmth between the ruling and opposition parties through cooperation, which they can then bring back to Taiwan. Let us unite to give our all for diplomacy so that we can unite to give our all for Taiwan. I wish the delegation a smooth and safe trip, and hope your missions can be carried out successfully. Speaker Han then delivered remarks, stating that it was an honor to be invited by President Lai to organize a delegation to represent our nation at the 60th Inaugural Ceremonies of the President and Vice President of the US in Washington, DC, and express the Republic of China’s sincere and cordial best wishes. The Legislative Yuan’s president has assumed this important task numerous times in the past, he said, not only to represent the government of the Republic of China, but also to take on the mission of conveying the voices of 23 million people. He went on to say that he is honored to take up the baton, lead eight legislators to the US to attend this celebration that will attract global attention, and express sincere best wishes to newly elected President Trump, Vice President Vance, and the new administration’s team. As enjoined by President Lai, he hopes the delegation’s trip will help open a new chapter in Taiwan-US exchanges. Speaker Han stated that the US is the most free and democratic country in the world. He noted that in 1776 in the US Declaration of Independence, founding father Thomas Jefferson propounded the concept of “unalienable rights,” and emphasized that the people have a right to freedom and the pursuit of happiness, democratic ideas that have long been rooted in the people’s hearts. Today, he said, democracy is also embedded in the DNA of Taiwan’s 23 million people, and this hard-won democratic achievement is a result of the concerted efforts of our pioneering predecessors, thinkers, and activists over the past 100 years. Speaker Han stated that during this visit, the Legislative Yuan delegation hopes to convey the voice of Taiwan as a democratic country. Taiwan’s security, he said, is like the four legs of a table: The first leg is defending the Republic of China, the second is defending freedom and democracy, the third is maintaining Taiwan-US relations, and the fourth is maintaining cross-strait peace. The delegation will travel to the US amidst severe cold weather to show that we value our relationship with the US, and our citizens have great hopes and expectations. Speaker Han stated that this will be a cross-party delegation of eight legislators, all of whom have a strong sense of mission. He hopes that all democratic nations will acknowledge Taiwan’s importance, and pay attention to Taiwan’s 23 million people. The delegation, he said, will do its utmost to convey the goodwill and warmth that the people of Taiwan give to each and every one of our good friends.
Details 2025-02-14 President Lai holds press conference following high-level national security meeting On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.
Headline inflation increased from 1.7 percent in December 2024 to 2.5 percent in January 2025, remaining below the lower bound of the medium-term objective range of 3 – 6 percent, and was lower than the 3.9 percent recorded in January 2024. The increase in inflation between December 2024 and January 2025 was mainly due to the base effects associated with the downward adjustment in domestic fuel prices on 21 December 2023, which reduced headline inflation by 0.42 percentage points in January 2024. Furthermore, inflation rose on account of the acceleration in the rate of annual price changes of some categories of goods and services, including Education, Food & Non-Alcoholic Beverages and Alcoholic Beverages & Tobacco. Inflation for domestic tradeables increased from 4.3 percent to 4.6 percent between December 2024 and January 2025. Similarly, inflation for imported tradeables increased significantly from 0.1 percent to 1.6 percent over the same period, mainly on account of base effects associated with the adjustment of domestic fuel prices. As a result, all tradeables inflation rose from 1.2 percent in December 2024 to 2.4 percent in January 2025. Meanwhile, inflation for non-tradeables increased marginally from 2.4 percent to 2.5 percent over the same period.
Similarly, the 16 percent trimmed mean inflation and inflation excluding administered prices increased from 1.7 percent and 3.3 percent to 2.2 percent and 3.5 percent, respectively, between December 2024 and January 2025.
A report on Coventry City Council’s budget plans for April 2025 to March 2026 will recommend that fewer savings are needed than first feared.
Councillors will hear that the Local Authority has received a better than expected funding package from the government and that, coupled with the Council’s rigorous and careful approach to its financial planning, means not all of the cutbacks consulted on will be needed.
There will also be £2.2m of one-off investment to boost services covering highways, street cleansing, community safety and community events.
However, financial challenges are still there as the Council tries to deal with the impact of chronic historical underfunding.
Cllr Richard Brown, Cabinet Member for Finance and Resources, said: “I have always said that we should hope for the best but prepare for the worst and the settlement from the government is better than expected.
“We have always been very careful with our financial management, and ongoing work has put us in a better financial position than many other local councils. It means that many of the savings identified won’t be needed, which I’m really pleased about.
“We’ve listened to the consultation feedback from the public and stakeholders and have identified areas that we are recommending should not now be included in the budget setting process.
“At the same time, looking at the years ahead, the same challenges are still here. A combination of higher demand on services, inflation, and historical underfunding leaves us still well below the national average of government funding compared to other councils.”
Savings proposals that are no longer needed include:
Voluntary Sector Review in adult social care
Reductions in funding of street cleaning
Plans to increase War Memorial Car Park charges
Changes to The Council Tax Support Scheme
Reductions in funding to parks and open spaces
Despite the improved financial position, the Council will still be forced to announce an increase in Council Tax.
Cllr Brown added: “We still have to increase Council Tax to achieve a balanced budget, and this is an expectation that the government places on all local authorities. In future years I hope that reforms to the Council Tax system can be introduced that reduce the burden on local residents.
“The additional money we are receiving is welcome and it is good to know that the new government is listening to what we have been saying and the lobbying we have been doing on a fairer funding deal for local authorities for the last two years is being heard.
“That work will continue because if the city received the national average, then we’d have an additional £17m for our services for the residents in the city and we would be talking about investment in services rather than savings.
“We are not asking for special treatment but just that funding more accurately reflects the levels of need, demand and deprivation the city has overall.”
The Council is already investing £10m in new, LED streetlights that more efficient than the lights they will replace. It means that eventually lights will be kept on overnight through the savings made.
The Council is also proposing setting aside more than £2m in additional one-off funding to improve services. It includes £700,000 extra for road and pavement defects and £500,000 for tackling fly-tipping – two of the issues highlighted by residents during the recent consultation.
The Council report will be considered at its full Council meeting by all Council members on Tuesday 25 February before a final decision is made.
Financial pressures facing the Council include:
Approximately 83 per cent of the Council’s net budget is spent on three areas – homelessness, adult social care and children’s social care – up from just over 50 per cent in 2010. It leaves less than 17 per cent to pay for hundreds of other services the Council delivers every year.
This year the Council is already having to make £30m savings, on top of savings in previous years.
In the past 14 years there have been significant reductions in staff employed by the Council from 10,000 to 5,000, yet the city’s population has grown by 18 per cent in that time.
Over the past 14 years, Coventry’s core spending power has fallen in real terms by £1.6bn. That’s more than £100m (one average) every year.
In real terms, Coventry’s core spending power has fallen on average by over £100m every year or, in other words, we have £653 less to spend on every Coventry household.
Coventry’s spending power is also one of the lowest funding per head at £46 less per head compared to other councils nationally. The equivalent of £17m of a year.
Danske Bank Bernstorffsgade 40 DK-1577 København V Tel. + 45 33 44 00 00
17 February 2025 Page 1 of 1
Danske Bank share buy-back programme: transactions in week 7
On 7 February 2025, Danske Bank A/S announced a share buy-back programme for a total of DKK 5 billion, with a maximum of 45,000,000 shares, in the period from 10 February 2025 to 30 January 2026, at the latest, as described in company announcement no. 6 2025.
The Programme is carried out in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).
The following transactions on Nasdaq Copenhagen A/S were made under the share buy-back programme in week 7:
Number of shares
VWAP DKK
Gross value DKK
Accumulated, last announcement
–
–
–
10/02/2025
5,000
232.3009
1,161,505
11/02/2025
5,000
232.4115
1,162,058
12/02/2025
5,000
233.1137
1,165,569
13/02/2025
5,000
229.9277
1,149,639
14/02/2025
5,000
231.1261
1,155,631
Total accumulated over week 7
25,000
231.7760
5,794,400
Total accumulated during the share buyback programme
25,000
231.7760
5,794,400
With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.003% of Danske Bank A/S’ share capital.
Danske Bank
Contact: Claus Ingar Jensen, Head of Group Investor Relations, tel. +45 25 42 43 70
Al Ula, Saudi Arabia, – February 16, 2025: On the sidelines of the inaugural annual global Conference on Emerging Market Economies in Al Ula, Saudi Arabia (February 16-17), the Saudi Finance Ministry and the International Monetary Fund (IMF) co-hosted a high-level roundtable on “Working Together to Support Recovery in the Middle East’s Conflict-Affected Economies”, bringing together finance ministers of countries in the region, the Foreign Affairs Minister of Syria, representatives from the World Bank, and heads of other International Financial Institutions and the Arab Coordination Group.
Following the meeting, Kristalina Georgieva, Managing Director of the IMF, and Mohammed Aljadaan, Finance Minister of Saudi Arabia, made the following statement:
“This important meeting brought together representatives from the Middle East and key economic and development partners to discuss how we can work together to support recovery in the Middle East’s conflict-affected economies.”
“We thank all participants for recognizing the urgency and importance of this task, as well as for their commitment to work together to ensure that the conflict-affected countries can start addressing their humanitarian needs. This would help them start rebuilding their economies in an efficient, swift, and durable way for the benefit of their people.”
“Participants welcomed the meeting as an opportunity to discuss recent developments and build a common understanding of the challenges facing conflict-affected countries. They emphasized the importance of strengthening coordination to support the recovery of these countries as the spillovers would impact all. Particular attention was paid to the situation in Syria.”
Participants agreed on the following priorities to support conflict-affected countries:
A Continuous Diagnosticof the challenges and economic and social context facing each conflict-affected country, including an assessment of humanitarian and reconstruction needs. Such a diagnostic should identify institution-building priorities, gaps in policies, and financing needs.
Enhanced Capacity Development (CD) aimed at rapidly scaling up IMF and World Bank CD initiatives to help strengthen and, as needed, build new institutions. Support would need to be tailored to strengthen essential functions of fiscal, monetary and banking institutions.
Mobilization of financial assistance from the international community . Financial support—coordinated with international and regional development partners—will be needed to fund comprehensive reform programs, including reconstruction and humanitarian aid.
“Participants underscored their readiness to work together and complement each other’s efforts while focusing on their institutional mandates. They will continue to work closely and with other partners to further support the international response to the recovery of conflict-affected economies in the Middle East region.”
They agreed to establish an informal coordination group to support these efforts. Discussions will be continued at the upcoming IMF/World Bank Spring Meetings on April 21-26 in Washington, D.C.”
A spontaneous memorial of flowers in St Petersburg, Russia, on the day of Alexei Navalny’s death, February 16 2024.Aleksey Dushutin/Shutterstock
This is the best day of the past five months for me … This is my home … I am not afraid of anything and I urge you not to be afraid of anything either.
These were Alexei Navalny’s words after landing at Moscow’s Sheremetyevo Airport on January 17 2021. Russia’s leading opposition figure had spent the past months recovering in Germany from an attempt on his life by the Russian Federal Security Service (FSB). Minutes after making his comments, Navalny was detained at border control. And he would remain behind bars until his death on February 16 2024, in the remote “Polar Wolf” penal colony within the Arctic Circle.
“Why did he return to Russia?” That’s the question I’m asked about Navalny most frequently. Wasn’t it a mistake to return to certain imprisonment, when he could have maintained his opposition to Russia’s president, Vladimir Putin, from abroad?
But Navalny’s decision to return didn’t surprise me. I’ve researched and written about him extensively, including co-authoring Navalny: Putin’s Nemesis, Russia’s Future?, the first English-language, book-length account of his life and political activities. Defying the Kremlin by returning was a signature move, reflecting both his obstinacy and bravery. He wanted to make sure his supporters and activists in Russia did not feel abandoned, risking their lives while he lived a cushy life in exile.
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Besides, Navalny wasn’t returning to certain imprisonment. A close ally of his, Vladimir Ashurkov, told me in May 2022 that his “incarceration in Russia was not a certainty. It was a probability, a scenario – but it wasn’t like he was walking into a certain long-term prison term.”
Also, Navalny hadn’t chosen to leave Russia in the first place. He was unconscious when taken by plane from Omsk to Berlin for treatment following his poisoning with the nerve agent Novichok in August 2020. Navalny had been consistent in saying he was a Russian politician who needed to remain in Russia to be effective.
In a subsequent interview, conducted in a forest on the outskirts of the German capital as he slowly recovered, Navalny said: “In people’s minds, if you leave the country, that means you’ve surrendered.”
Video: ACF.
Outrage, detention and death
Two days after Navalny’s final return to Russia, the Anti-Corruption Foundation (ACF) – the organisation he established in 2011 – published its biggest ever investigation. The YouTube video exploring “Putin’s palace” on the Black Sea coast achieved an extraordinary 100 million views within ten days. By the start of February 2021, polling suggested it had been watched by more than a quarter of all adults in Russia.
Outrage at Navalny’s detention, combined with this Putin investigation, got people on to the streets. On January 23 2021, 160,000 people turned out across Russia in events that did not have prior approval from the authorities. More than 40% of the participants said they were taking part in a protest for the first time.
But the Russian authorities were determined to also make it their last time. Law enforcement mounted an awesome display of strength, detaining protesters and sometimes beating them. The number of participants at protests on January 31 and February 2 declined sharply as a result.
Between Navalny’s return to Russia in January 2021 and his death in February 2024, aged 47, he faced criminal case after criminal case, adding years and years to his time in prison and increasing the severity of his detention. By the time of his death, he was in the harshest type of prison in the Russian penitentiary system – a “special regime” colony – and was frequently sent to a punishment cell.
The obvious intent was to demoralise Navalny, his team and supporters – making an example of him to spread fear among anyone else who might consider mounting a challenge to the Kremlin. But Navalny fought back, as described in his posthumously published memoir, Patriot. He made legal challenges against his jailers. He went on hunger strike. And he formed a union for his fellow prisoners.
He also used his court appearances to make clear his political views, including following Russia’s full-scale invasion of Ukraine in February 2022, declaring: “I am against this war. I consider it immoral, fratricidal, and criminal.”
Navalny’s final public appearance was via video link. He was in good spirits, with his trademark optimism and humour still on display. Tongue firmly in cheek, he asked the judge for financial help:
Your Honour, I will send you my personal account number so that you can use your huge salary as a federal judge to ‘warm up’ my personal account, because I am running out of money.
Navalny died the following day. According to the prison authorities, he collapsed after a short walk and lost consciousness. Although the Russian authorities claimed he had died of natural causes, documents published in September 2024 by The Insider – a Russia-focused, Latvia-based independent investigative website – suggest Navalny may have been poisoned.
A mourner adds her tribute to Alexei Navalny’s grave in Moscow after his burial on March 1 2024. Aleksey Dushutin/Shutterstock
Whether or not Putin directly ordered his death, Russia’s president bears responsibility – for leading a system that tried to assassinate Navalny in August 2020, and for allowing his imprisonment following Navalny’s return to Russia in conditions designed to crush him.
Commenting in March 2024, Putin stated that, just days before Navalny’s death, he had agreed for his most vocal opponent to be included in a prisoner swap – on condition the opposition figure never returned to Russia. “But, unfortunately,” Putin added, “what happened, happened.”
‘No one will forget’
Putin is afraid of Alexei, even after he killed him.
Yulia Navalnaya, Navalny’s wife, wrote these words on January 10 2025 after reading a curious letter. His mother, Lyudmila Navalnaya, had written to Rosfinmonitoring – a Russian state body – with a request for her son’s name to be removed from their list of “extremists and terrorists” now he was no longer alive.
The official response was straight from Kafka. Navalny’s name could not be removed as it had been added following the initiation of a criminal case against him. Even though he was dead, Rosfinmonitoring had not been informed about a termination of the case “in accordance with the procedure established by law”, so his name would have to remain.
This appears to be yet another instance of the Russian state exercising cruelty behind the veil of bureaucratic legality – such as when the prison authorities initially refused to release Navalny’s body to his mother after his death.
“Putin is doing this to scare you,” Yulia continued. “He wants you to be afraid to even mention Alexei, and gradually to forget his name. But no one will forget.”
Alexei Navalny and his wife, Yulia Navalnaya, at a protest rally in Moscow, May 2012. Dmitry Laudin/Shutterstock
Today, Navalny’s family and team continue his work outside of Russia – and are fighting to keep his name alive back home. But the odds are against them. Polling suggests the share of Russians who say they know nothing about Navalny or his activities roughly doubled to 30% between his return in January 2021 and his death three years later.
Navalny fought against an autocratic system – and paid the price with his life. Given the very real fears Russians may have of voicing support for a man still labelled an extremist by the Putin regime, it’s not easy to assess what people there really think of him and his legacy. But we will also never know how popular Navalny would have been in the “normal” political system he fought for.
What made Navalny the force he was?
Navalny didn’t mean for the humble yellow rubber duck to become such a potent symbol of resistance.
In March 2017, the ACF published its latest investigation into elite corruption, this time focusing on then-prime minister (and former president), Dmitry Medvedev. Navalny’s team members had become masters of producing slick videos that enabled their message to reach a broad audience. A week after posting, the film had racked up over 7 million views on YouTube – an extraordinary number at that time.
The film included shocking details of Medvedev’s alleged avarice, including yachts and luxury properties. In the centre of a large pond in one of these properties was a duck house, footage of which was captured by the ACF using a drone.
Video: ACF.
Such luxuries jarred with many people’s view of Medvedev as being a bit different to Putin and his cronies. As Navalny wrote in his memoir, Medvedev had previously seemed “harmless and incongruous”. (At the time, Medvedev’s spokeswoman said it was “pointless” to comment on the ACF investigation, suggesting the report was a “propaganda attack from an opposition figure and a convict”.)
But people were angry, and the report triggered mass street protests across Russia. They carried yellow ducks and trainers, a second unintended symbol from the film given Medvedev’s penchant for them.
Another reason why so many people came out to protest on March 26 2017 was the organising work carried out by Navalny’s movement.
The previous December, Navalny had announced his intention to run in the 2018 presidential election. As part of the campaign, he and his team created a network of regional headquarters to bring together supporters and train activists across Russia. Although the authorities had rejected Navalny’s efforts to register an official political party, this regional network functioned in much the same way, gathering like-minded people in support of an electoral candidate. And this infrastructure helped get people out on the streets.
The Kremlin saw this as a clear threat. According to a December 2020 investigation by Bellingcat, CNN, Der Spiegel and The Insider, the FSB assassination squad implicated in the Novichok poisoning of Navalny had started trailing him in January 2017 – one month after he announced his run for the presidency.
At the protests against Medvedev, the authorities’ growing intolerance of Navalny was also on display – he was detained, fined and sentenced to 15 days’ imprisonment.
The Medvedev investigation was far from the beginning of Navalny’s story as a thorn in the Kremlin’s side. But this episode brings together all of the elements that made Navalny the force he was: anti-corruption activism, protest mobilisation, attempts to run as a “normal” politician in a system rigged against him, and savvy use of social media to raise his profile in all of these domains.
Courting controversy
In Patriot, Navalny writes that he always “felt sure a broad coalition was needed to fight Putin”. Yet over the years, his attempts to form that coalition led to some of the most controversial points of his political career.
In a 2007 video, Navalny referred to himself as a “certified nationalist”, advocating for the deportation of illegal immigrants, albeit without using violence and distancing himself from neo-Nazism. In the video, he says: “We have the right to be Russians in Russia, and we’ll defend that right.”
Although alienating some, Navalny was attempting to present a more acceptable face of nationalism, and he hoped to build a bridge between nationalists and liberals in taking on the Kremlin’s burgeoning authoritarianism.
But the prominence of nationalism in Navalny’s political identity varied markedly over time, probably reflecting his shifting estimations of which platform could attract the largest support within Russia. By the time of his thwarted run in the 2018 presidential election, nationalist talking points were all but absent from his rhetoric.
However, some of these former comments and positions continue to influence how people view him. For example, following Russia’s annexation of Crimea in 2014, Navalny tried to take a pragmatic stance. While acknowledging Russia’s flouting of international law, he said that Crimea was “now part of the Russian Federation” and would “never become part of Ukraine in the foreseeable future”.
Many Ukrainians take this as clear evidence that Navalny was a Russian imperialist. Though he later revised his position, saying Crimea should be returned to Ukraine, some saw this as too little, too late. But others were willing to look past the more controversial parts of his biography, recognising that Navalny represented the most effective domestic challenge to Putin.
Another key attempt to build a broad political coalition was Navalny’s Smart Voting initiative. This was a tactical voting project in which Navalny’s team encouraged voters to back the individual thought best-placed to defeat the ruling United Russia candidate, regardless of the challenger’s ideological position.
The project wasn’t met with universal approval. Some opposition figures and voters baulked at, or flatly refused to consider, the idea of voting for people whose ideological positions they found repugnant – or whom they viewed as being “fake” opposition figures, entirely in bed with the authorities. (This makes clear that Navalny was never the leader of the political opposition in Russia; he was, rather, the leading figure of a fractious constellation of individuals and groups.)
But others relished the opportunity to make rigged elections work in their favour. And there is evidence that Smart Voting did sometimes work, including in the September 2020 regional and local elections, for which Navalny had been campaigning when he was poisoned with Novichok.
In an astonishing moment captured on film during his recovery in Germany, Navalny speaks to an alleged member of the FSB squad sent to kill him. Pretending to be the aide to a senior FSB official, Navalny finds out that the nerve agent had been placed in his underpants.
How do Russians feel about Navalny now?
It’s like a member of the family has died.
This is what one Russian friend told me after hearing of Navalny’s death a year ago. Soon afterwards, the Levada Center – an independent Russian polling organisation – conducted a nationally representative survey to gauge the public’s reaction to the news.
The poll found that Navalny’s death was the second-most mentioned event by Russian people that month, after the capture of the Ukrainian city of Avdiivka by Russian troops. But when asked how they felt about his death, 69% of respondents said they had “no particular feelings” either way – while only 17% said they felt “sympathy” or “pity”.
And that broadly fits with Navalny’s approval ratings in Russia. After his poisoning in 2020, 20% of Russians said they approved of his activities – but this was down to 11% by February 2024.
Video: BBC.
Of course, these numbers must be taken for what they are: polling in an authoritarian state regarding a figure vilified and imprisoned by the regime, during a time of war and amid draconian restrictions on free speech. To what extent the drop in support for Navalny was real, rather than reflecting the increased fear people had in voicing their approval for an anti-regime figure, is hard to say with certainty.
When asked why they liked Navalny, 31% of those who approved of his activities said he spoke “the truth”, “honestly” or “directly”. For those who did not approve of his activities, 22% said he was “paid by the west”, “represented” the west’s interests, that he was a “foreign agent”, a “traitor” or a “puppet”.
The Kremlin had long tried to discredit Navalny as a western-backed traitor. After Navalny’s 2020 poisoning, Putin’s spokesman, Dmitry Peskov, said that “experts from the United States’ Central Intelligence Agency are working with him”. The Russian state claimed that, rather than a patriot exposing official malfeasance with a view to strengthening his country, Navalny was a CIA stooge intent on destroying Russia.
Peskov provided no evidence to back up this claim – and the official propaganda wasn’t believed by all. Thousands of Russians defied the authorities by coming out to pay their respects at Navalny’s funeral on March 1 2024. Many, if not all, knew this was a significant risk. Police employed video footage to track down members of the funeral crowd, including by using facial recognition technology.
The first person to be detained was a Muscovite the police claimed they heard shouting “Glory to the heroes!” – a traditional Ukrainian response to the declaration “Glory to Ukraine!”, but this time referencing Navalny. She spent a night in a police station before being fined for “displaying a banned symbol”.
Putin always avoided mentioning Navalny’s name in public while he was alive – instead referring to him as “this gentleman”, “the character you mentioned”, or the “Berlin patient”. (The only recorded instance of Putin using Navalny’s name in public when he was alive was in 2013.)
However, having been re-elected president in 2024 and with Navalny dead, Putin finally broke his long-held practice, saying: “As for Navalny, yes he passed away – this is always a sad event.” It was as if the death of his nemesis diminished the potency of his name – and the challenge that Navalny had long presented to Putin.
Nobody can become another Navalny
Someone else will rise up and take my place. I haven’t done anything unique or difficult. Anyone could do what I’ve done.
So wrote Navalny in the memoir published after his death. But that hasn’t happened: no Navalny 2.0 has yet emerged. And it’s no real surprise. The Kremlin has taken clear steps to ensure nobody can become another Navalny within Russia.
In 2021, the authorities made a clear decision to destroy Navalny’s organisations within Russia, including the ACF and his regional network. Without the organisational infrastructure and legal ability to function in Russia, no figure has been able to take his place directly.
More broadly, the fate of Navalny and his movement has had a chilling effect on the opposition landscape. So too have other steps taken by the authorities.
Russia has become markedly more repressive since the start of its war on Ukraine. The human rights NGO First Department looked into the number of cases relating to “treason”, “espionage” and “confidential cooperation with a foreign state” since Russia introduced the current version of its criminal code in 1997. Of the more than 1,000 cases, 792 – the vast majority – were initiated following Russia’s full-scale invasion of Ukraine in 2022.
Russian law enforcement has also used nebulous anti-extremism and anti-terrorism legislation to crack down on dissenting voices. Three of Navalny’s lawyers were sentenced in January 2025 for participating in an “extremist organisation”, as the ACF was designated by a Moscow court in June 2021. The Russian legislature has also passed a barrage of legislation relating to so-called “foreign agents”, to tarnish the work of those the regime regards as foreign-backed “fifth columnists”.
Mass street protests are largely a thing of the past in Russia. Restrictions were placed on public gatherings during the COVID pandemic – but these rules were applied selectively, with opposition individuals and groups being targeted. And opportunities for collective action were further reduced following the full-scale invasion of Ukraine.
Freedom of speech has also come under assault. Article 29, point five of the Russian constitution states: “Censorship shall be prohibited.” But in September 2024, Kremlin spokesperson Peskov said: “In the state of war that we are in, restrictions are justified, and censorship is justified.”
Legislation passed very soon after the 2022 invasion of Ukraine made it illegal to comment on the Russian military’s activities truthfully – and even to call the war a war.
YouTube – the platform so central to Navalny’s ability to spread his message – has been targeted. Without banning it outright – perhaps afraid of the public backlash this might cause – the Russian state media regulator, Roskomnadzor, has slowed down internet traffic to the site within Russia. The result has been a move of users to other websites supporting video content, including VKontakte – a Russian social media platform.
In short, conditions in Russia are very different now compared to when Navalny first emerged. The relative freedom of the 2000s and 2010s gave him the space to challenge the corruption and authoritarianism of an evolving system headed by Putin. But this space has shrunk over time, to the point where no room remains for a figure like him within Russia.
In 2019, Navalny told Ivan Zhdanov, who is now director of the ACF: “We changed the regime, but not in the way we wanted.” So, did Navalny and his team push the Kremlin to become more authoritarian – making it not only intolerant of him but also any possible successor?
There may be some truth in this. And yet, the drastic steps taken by the regime following the start of the war on Ukraine suggest there were other, even more significant factors that have laid bare the violent nature of Putin’s personal autocracy – and the president’s disdain for dissenters.
Plenty for Russians to be angry about
How can we win the war when dedushka [grandpa] is a moron?
In June 2023, Evgeny Prigozhin – a long-time associate of Putin and head of the private military Wagner Group – staged an armed rebellion, marching his forces on the Russian capital. This was not a full-blown political movement against Putin. But the target of Prigozhin’s invective against Russia’s military leadership had become increasingly blurry, testing the taboo of direct criticism of the president – who is sometimes referred to, disparagingly, as “grandpa” in Russia.
And Prigozhin paid the price. In August 2023, he was killed when the private jet he was flying in crashed after an explosion on board. Afterwards, Putin referred to Prigozhin as a “talented person” who “made serious mistakes in life”.
In the west, opposition to the Kremlin is often associated with more liberal figures like Navalny. Yet the most consequential domestic challenge to Putin’s rule came from a very different part of the ideological spectrum – a figure in Prigozhin leading a segment of Russian society that wanted the Kremlin to prosecute its war on Ukraine even more aggressively.
Video: BBC.
Today, there is plenty for Russians to be angry about, and Putin knows it. He recently acknowledged an “overheating of the economy”. This has resulted in high inflation, in part due to all the resources being channelled into supporting the war effort. Such cost-of-living concerns weigh more heavily than the war on the minds of most Russians.
A favourite talking point of the Kremlin is how Putin imposed order in Russia following the “wild 1990s” – characterised by economic turbulence and symbolised by then-president Boris Yeltsin’s public drunkenness. Many Russians attribute the stability and rise in living standards they experienced in the 2000s with Putin’s rule – and thank him for it by providing support for his continued leadership.
The current economic problems are an acute worry for the Kremlin because they jeopardise this basic social contract struck with the Russian people. In fact, one way the Kremlin tried to discredit Navalny was by comparing him with Yeltsin, suggesting he posed the same threats as a failed reformer. In his memoir, Navalny concedes that “few things get under my skin more”.
Although originally a fan of Yeltsin, Navalny became an ardent critic. His argument was that Yeltsin and those around him squandered the opportunity to make Russia a “normal” European country.
Navalny also wanted Russians to feel entitled to more. Rather than be content with their relative living standards compared with the early post-Soviet period, he encouraged them to imagine the level of wealth citizens could enjoy based on Russia’s extraordinary resources – but with the rule of law, less corruption, and real democratic processes.
‘Think of other possible Russias’
When looking at forms of criticism and dissent in Russia today, we need to distinguish between anti-war, anti-government, and anti-Putin activities.
Despite the risk of harsh consequences, there are daily forms of anti-war resistance, including arson attacks on military enlistment offices. Some are orchestrated from Ukraine, with Russians blackmailed into acting. But other cases are likely to be forms of domestic resistance.
Criticism of the government is still sometimes possible, largely because Russia has a “dual executive” system, consisting of a prime minister and presidency. This allows the much more powerful presidency to deflect blame to the government when things go wrong.
There are nominal opposition parties in Russia – sometimes referred to as the “systemic opposition”, because they are loyal to the Kremlin and therefore tolerated by the system. Within the State Duma, these parties often criticise particular government ministries for apparent failings. But they rarely, if ever, now dare criticise Putin directly.
Nothing anywhere close to the challenge presented by Navalny appears on the horizon in Russia – at either end of the political spectrum. But the presence of clear popular grievances, and the existence of organisations (albeit not Navalny’s) that could channel this anger should the Kremlin’s grip loosen, mean we cannot write off all opposition in Russia.
Navalny’s wife, Yulia, has vowed to continue her husband’s work. And his team in exile maintain focus on elite corruption in Russia, now from their base in Vilnius, Lithuania. The ACF’s most recent investigation is on Igor Sechin, CEO of the oil company Rosneft.
But some have argued this work is no longer as relevant as it was. Sam Greene, professor in Russian politics at King’s College London, captured this doubt in a recent Substack post:
[T]here is a palpable sense that these sorts of investigations may not be relevant to as many people as they used to be, given everything that has transpired since the mid-2010s, when they were the bread and butter of the Anti-Corruption Foundation. Some … have gone as far as to suggest that they have become effectively meaningless … and thus that Team Navalny should move on.
Navalny’s team are understandably irritated by suggestions they’re no longer as effective as they once were. But it’s important to note that this criticism has often been sharpest within Russia’s liberal opposition. The ACF has been rocked, for example, by recent accusations from Maxim Katz, one such liberal opposition figure, that the organisation helped “launder the reputations” of two former bank owners. In their response, posted on YouTube, the ACF referred to Katz’s accusations as “lies” – but this continued squabbling has left some Russians feeling “disillusioned and unrepresented”.
So, what will Navalny’s long-term legacy be? Patriot includes a revealing section on Mikhail Gorbachev – the last leader of the Soviet Union, whom Navalny describes as “unpopular in Russia, and also in our family”. He continues:
Usually, when you tell foreigners this, they are very surprised, because Gorbachev is thought of as the person who gave Eastern Europe back its freedom and thanks to whom Germany was reunited. Of course, that is true … but within Russia and the USSR he was not particularly liked.
At the moment, there is a similar split in perceptions of Navalny. Internationally, he was nominated for the Nobel Peace Prize, awarded the Sakharov Prize by the European Parliament, and a documentary about him won an Oscar.
But there are also those outside of Russia who remain critical: “Navalny’s life has brought no benefit to the Ukrainian victory; instead, he has caused considerable harm,” wrote one Ukrainian academic. “He fuelled the illusion in the west that democracy in Russia is possible.”
Trailer for the Oscar-winning documentary Navalny.
Inside Russia, according to Levada Center polling shortly after his death, 53% of Russians thought Navalny played “no special role” in the history of the country, while 19% said he played a “rather negative” role. Revealingly, when commenting on Navalny’s death, one man in Moscow told RFE/RL’s Russian Service: “I think that everyone who is against Russia is guilty, even if they are right.”
But, for a small minority in Russia, Navalny will go down as a messiah-like figure who miraculously cheated death in 2020, then made the ultimate sacrifice in his battle of good and evil with the Kremlin. This view may have been reinforced by Navalny’s increasing openness about his Christian faith.
Ultimately, Navalny’s long-term status in Russia will depend on the nature of the political system after Putin has gone. Since it seems likely that authoritarianism will outlast Putin, a more favourable official story about Navalny is unlikely to emerge any time soon. However, how any post-Putin regime tries to make sense of Navalny’s legacy will tell us a lot about that regime.
While he was alive, Navalny stood for the freer Russia in which he had emerged as a leading opposition figure – and also what he called the “Beautiful Russia of the Future”. Perhaps, after his death, his lasting legacy in Russia remains the ability for some to think – if only in private – of other possible Russias.
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Ben Noble has previously received funding from the British Academy and the Leverhulme Trust. He is an Associate Fellow of Chatham House.
Leeds City Council has today welcomed confirmation of £15m in central government funding for two major cultural projects.
The Ministry of Housing, Communities and Local Government (MHCLG) has committed £10m to help breathe fresh life into Holbeck’s historic Temple Works building, paving the way for it to become the home of a new British Library North.
A further £5m in funding has been confirmed in support of plans to create a National Poetry Centre at the landmark Trinity St David’s Church on Woodhouse Lane.
Councillor James Lewis, leader of Leeds City Council, said:
“The British Library North project aims to create a world-class space for learning, research, exhibitions and events that would unlock the huge potential of Temple Works and boost the ongoing regeneration of the wider Holbeck and South Bank areas.
“It is therefore really welcome news that the Ministry of Housing, Communities and Local Government has confirmed that, following a consultation, this £10m of funding is now in place to support the process of bringing the Temple Works building into public ownership and back into use.
“We have worked hard in recent months with partners, including the West Yorkshire Combined Authority, Homes England and the British Library itself, to make the case for this funding.
“Together we were able to emphasise the importance of the scheme and the economic and social benefits it would bring to Leeds, West Yorkshire and the North, not least through engagement and connections with local communities.
“We were very pleased to welcome the Deputy Prime Minister to Temple Works last week so she could see first-hand what this remarkable heritage asset is all about.
“We will now continue to work alongside partners on detailed plans for the full funding, design and development of a project that remains a complex and challenging undertaking, but one that offers a major regeneration opportunity for both Temple Works and the surrounding area.
“The council also welcomes today’s confirmation that £5m in funding for Leeds’s proposed National Poetry Centre is now in place.
“We were pleased to have the opportunity, during the MHCLG consultation, to add our voice to the widespread support for this project, which is being led by the National Poetry Centre Charitable Trust with the University of Leeds and poet laureate Simon Armitage.”
Al Ula, Saudi Arabia, – February 16, 2025: On the sidelines of the inaugural annual global Conference on Emerging Market Economies in Al Ula, Saudi Arabia (February 16-17), the Saudi Finance Ministry and the International Monetary Fund (IMF) co-hosted a high-level roundtable on “Working Together to Support Recovery in the Middle East’s Conflict-Affected Economies”, bringing together finance ministers of countries in the region, the Foreign Affairs Minister of Syria, representatives from the World Bank, and heads of other International Financial Institutions and the Arab Coordination Group.
Following the meeting, Kristalina Georgieva, Managing Director of the IMF, and Mohammed Aljadaan, Finance Minister of Saudi Arabia, made the following statement:
“This important meeting brought together representatives from the Middle East and key economic and development partners to discuss how we can work together to support recovery in the Middle East’s conflict-affected economies.”
“We thank all participants for recognizing the urgency and importance of this task, as well as for their commitment to work together to ensure that the conflict-affected countries can start addressing their humanitarian needs. This would help them start rebuilding their economies in an efficient, swift, and durable way for the benefit of their people.”
“Participants welcomed the meeting as an opportunity to discuss recent developments and build a common understanding of the challenges facing conflict-affected countries. They emphasized the importance of strengthening coordination to support the recovery of these countries as the spillovers would impact all. Particular attention was paid to the situation in Syria.”
Participants agreed on the following priorities to support conflict-affected countries:
A Continuous Diagnosticof the challenges and economic and social context facing each conflict-affected country, including an assessment of humanitarian and reconstruction needs. Such a diagnostic should identify institution-building priorities, gaps in policies, and financing needs.
Enhanced Capacity Development (CD) aimed at rapidly scaling up IMF and World Bank CD initiatives to help strengthen and, as needed, build new institutions. Support would need to be tailored to strengthen essential functions of fiscal, monetary and banking institutions.
Mobilization of financial assistance from the international community . Financial support—coordinated with international and regional development partners—will be needed to fund comprehensive reform programs, including reconstruction and humanitarian aid.
“Participants underscored their readiness to work together and complement each other’s efforts while focusing on their institutional mandates. They will continue to work closely and with other partners to further support the international response to the recovery of conflict-affected economies in the Middle East region.”
They agreed to establish an informal coordination group to support these efforts. Discussions will be continued at the upcoming IMF/World Bank Spring Meetings on April 21-26 in Washington, D.C.”
VICTORIA, Seychelles, Feb. 17, 2025 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, announced the launch of its first Bitget Graduate Program, an initiative designed to recruit and cultivate the next generation of blockchain and Web3 talent from top global universities. As part of Bitget’s Blockchain4Youth Corporate Social Responsibility (CSR) initiative, this program aligns with the company’s plans of driving education, innovation, and long-term growth in the blockchain industry.
The Bitget Graduate Program seeks outstanding graduates with a global mindset, a passion for innovation, and a strong drive to explore the future of Web3. The program provides career opportunities across various fields, including operations, product management, marketing, risk & compliance, data management, and engineering, enabling participants to gain hands-on experience in one of the fastest-growing sectors.
Applications are now open on the Bitget official website and will remain available until March 15, 2025. Successful candidates will receive offer letters to join Bitget, with the earliest start date being April 1. Through this program, Bitget plans to hire around 30 exceptional graduates, offering them a structured development program, cross-functional training, and direct mentorship from industry experts. Participants will have the opportunity to work on cutting-edge blockchain projects and contribute to expanding Web3 applications.
“At Bitget, we believe the future of Web3 lies in the hands of the next generation,” said Vugar Usi Zade, Chief Operating Officer at Bitget. “The Graduate Program is designed to bridge the gap between ambition and opportunity, providing young professionals with a direct pathway to immerse themselves in the blockchain industry. As Web3 adoption accelerates, we are committed to equipping future leaders with the skills and experiences they need to shape the decentralized world.”
Bitget offers a dynamic and diverse workplace, with over 1,800 employees from over 60 countries and a culture that values efficiency, innovation, and collaboration. The program offers competitive compensation, clear career development pathways, and growth opportunities within Bitget.
Launched in May 2023, Blockchain4Youth aligns with Bitget’s commitment to inspiring the next generation to embrace blockchain. With a $10 million pledge over five years, the initiative offers courses, hackathons, and scholarships. By the end of 2024, Bitget had entered over 60 universities, including Massachusetts Institute of Technology (MIT), University College London (UCL), Hong Kong University of Science and Technology, National Technological University of Argentina, National Taiwan University, and RMIT University, hosting nearly 100 talks and reaching over 13,000 students.
For more details on the Bitget Graduate Program and application process, visit this link.
About Bitget
Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.
Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.
Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.
Nasdaq Copenhagen London Stock Exchange Euronext Dublin Danish Financial Supervisory Authority Other stakeholders
Date 17 February 2025
Share buyback programme–week 7
The share buyback programme runs in the period 28 January 2025 up to and including 28 May 2025 provided that the forthcoming annual general meeting, to be held on 5 March 2025, gives the board a new authority to permit the bank to acquire its own shares.
During the period the bank will thus buy back its own shares for a total of up to DKK 500 million under the programme, but to a maximum of 800,000 shares.
The programme is implemented in compliance with EU Commission Regulation No. 596/2014 of 16 April 2014 and EU Commission Delegated Regulation No. 2016/1052 of 8 March 2016, which together constitute the “Safe Harbour” regulation.
The following transactions have been made under the programme:
Date
Number of shares
Average purchase price (DKK)
Total purchased under the programme (DKK)
Total in accordance with the last announcement
53,200
1,157.24
61,564,920
10 February 2025
6,800
1,119.76
7,614,368
11 February 2025
6,800
1,130.62
7,688,216
12 February 2025
6,800
1,133.20
7,705,760
13 February 2025
6,800
1,140.23
7,753,564
14 February 2025
6,800
1,141.12
7,759,616
Total under the share buyback programme
87,200
1,147.78
100,086,444
With the transactions stated above, Ringkjøbing Landbobank now owns the following numbers of own shares, excluding the bank’s trading portfolio and investments made on behalf of customers:
1,402,242 shares under the completed and present share buyback programme(-s) corresponding to 5.3 % of the company’s share capital.
In accordance with the above regulation etc., the transactions related to the share buyback programme on the stated reporting days are attached to this corporate announcement in detailed form.
Yours sincerely,
Ringkjøbing Landbobank
John Fisker CEO
Detailed summary of the transactions on the above reporting days
Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –
The Polytechnic University is hosting another collection of humanitarian aid for military personnel and children from social institutions of the DPR and LPR, residents of the Kursk and Belgorod regions as part of the regional Headquarters campaign
Every polytechnician can join this campaign. Fleece blankets, thermal socks, balaclavas, thermoses, thermal underwear, tools, electric power extension cord on a reel from 25 m, batteries, tonometers, tactical first aid kits, T-shirts, long sleeves, tactical backpacks, sleeping bags, hunting matches, reinforced tape, three-in-one coffee, portioned sugar, tea bags, canned meat, fish factory-made, condensed milk, towels, wide water-repellent plasters, large sterile wipes, large hemostatic sponges, wide and sterile bandages, Esmarch tourniquets or tourniquets, absorbent diapers for adults, tactical medical pouches, etc. are accepted.
Humanitarian aid can be delivered on weekdays from 10:00 to 18:00 to the following addresses:
Room 206 of the Main Cultural Institution of SPbPU (Volunteer Projects Center “Harmony” (Dobro.Center SPbPU); Polytechnic Tower; Building 6, room 1 (Humanities Institute Directorate); Building 9, room 324; Student Club (on the territory of the Lepota coworking space).
Activists of the SPbPU Dobro.Center “Harmony” conduct master classes on weaving tactical bracelets and making talismans of goodness, organize art exhibitions and perform in hospitals, help in warehouses of humanitarian aid. The guys meet children from evacuated territories, accompany wounded servicemen during examinations in hospitals, bring things, fruits and sweets to hospital wards. Excursions to the Polytechnic University of military personnel are planned in the near future.
For more information, please contact the group VKontakte or bymail.
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.
Source: Novosibirsk State University – Novosibirsk State University –
Last week, innovative companies Papillon and SafeVision signed a cooperation agreement with Novosibirsk State University. Plans for 2025-2026 include opening a laboratory based Institute of Medicine and Medical Technologies NSU (IMMT NSU) to combine efforts in the development of new treatment methods and the use of an innovative medical bed, as well as a Medical Decision Support System.
This agreement is the first step towards interaction between the organizations, allowing for the creation of a long-term scientific and educational partnership. As a result, it is planned to create a Laboratory integrated into the educational process in the specialty “Medical Cybernetics” – this is a new direction, the first recruitment for which will take place in September 2025.
Students will be involved in the company’s production activities as part of their diploma projects. This will allow for the unification of efforts in developing new treatment methods using the potential of medical equipment and new approaches to AI, computer vision and machine learning for monitoring patients. The main goal is to create a scientific base where students and teachers will conduct their scientific research, publishing the results in international journals.
— One of the tasks of medical cybernetics is to create smart devices for interaction with patients. It is very important that during the training process, students could see live how such devices are created, and most importantly — take part in their creation. In cooperation with dynamically developing companies, I see huge potential in both the educational and scientific spheres for students of the new training program — the specialty “Medical Cybernetics”, opened at the Faculty of Pharmacy and Medical Cybernetics of the IMMT NSU.
Igor Mendzebrovsky, Development Director of Papillon LLC and SafeVision LLC, noted:
— We provide our products as a platform for students. They can form new solutions and even new business concepts. We help them make their idea as viable as possible, for example, if students want to turn their solution into a product, get a registration certificate and bring it to market.
Several working groups of 2nd and 3rd year students of the NSU Institute of Intelligent Robotics have already been created. Computer science students are working on creating algorithms for the SafeVision software and hardware complex, designed for contactless monitoring of the patient’s condition and risk factor analysis. For example, active work is underway to identify APNEA syndrome in patients (sleep apnea for more than 10 seconds): the device will be able to identify such a disorder in a patient and signal the doctor about it.
Anton Meleshkin, scientific programs manager at SafeVision LLC, senior researcher at the SB RAS IT, PhD in engineering, senior lecturer at NSU, added:
— We develop technological startups, which means we work at the cutting edge of science and technology. We see NSU as a great partner with whom we can build long-term cooperation not only in joint research, but also in the educational process. Our developments can be useful for students to conduct laboratory work, and as topics for course and diploma theses.
For reference:
Papillon LLC — a domestic developer and manufacturer of functional medical beds equipped with automated functions to increase comfort, reduce patient trauma and minimize the burden on medical personnel.
SafeVision LLC — a domestic developer and manufacturer of AI-based medical decision support systems (MDSS) for contactless monitoring of the condition of patients in a medical facility.
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.
Powered by Willow-Tree Consensus, Tectum 4.0 delivers high-performance Layer-1 scalability for real-world applications and digital payments.
At the PayFi forefront, Tectum connects tradFi with decentralized payments, enabling seamless blockchain transactions.
Tectum 4.0 supports dApps and smart contracts, while Tectum 3.0 powers SoftNote, a zero-fee, transactionless payment system.
With 1.7 million SoftNote bills minted, it enables wallet-free, fee-free, and offline crypto transactions, revolutionizing digital payments.
The following consensus upgrade set for Q2 2025, with Tectum Labs (Q1) driving CBDCs/tokenization and Tectum Keys (Q2) launching quantum-resistant security
Dubai, Feb. 17, 2025 (GLOBE NEWSWIRE) — –Tectum, the next-generation performance-driven blockchain, has officially launched Tectum 4.0 – its public Layer-1 mainnet, delivering industry-leading scalability and efficiency to support real-world applications, seamless digital payments, and enterprise adoption.
Tectum 4.0 vs. Tectum 3.0: A Dual-Layer Blockchain for Performance & Payments
Tectum operates a dual-blockchain ecosystem, where Tectum 4.0 functions as a public, high-performance Layer-1 blockchain optimized for speed, scalability, and decentralized applications (dApps). This allows developers to build scalable, real-world solutions that leverage blockchain efficiency without bottlenecks.
In contrast, Tectum 3.0 is a private centralized blockchain specifically designed to support SoftNote, Tectum’s flagship transactionless payment system. The private nature of Tectum 3.0 ensures zero-fee transactions, making SoftNote an optimal payment solution that functions without gas fees or network congestion.
This hybrid architecture allows Tectum 4.0 to power high-speed smart contracts and dApps, while Tectum 3.0 ensures seamless, fee-free crypto transactions through SoftNote.
SoftNote vs. Traditional Crypto Payments: A Paradigm Shift
Unlike traditional crypto payments, which require on-chain confirmations, high gas fees, and network processing delays, SoftNote eliminates these barriers by offering a transactionless model that allows instant peer-to-peer transfers of Bitcoin (BTC), Ethereum (ETH), USDT, and other digital assets.
Key Advantages of SoftNote Over Traditional Crypto Payments:
Bankless & Accountless: SoftNote eliminates the need for traditional banking infrastructure—users can transact freely without requiring a bank account or even a crypto wallet. As bearer instruments, SoftNotes functions like physical cash, allowing users to hold, print, and transfer them seamlessly.
Transaction-less: Unlike traditional crypto transactions that require network confirmations and gas fees, SoftNote operates on Tectum’s Layer-3 architecture, enabling instant, off-chain transactions without network congestion or added costs.
Network-less: Payments can be made without an internet connection, ensuring global accessibility—even in regions with limited digital infrastructure.
Zero Fees: SoftNote transactions are fee-free, removing the financial barriers typically associated with blockchain payments.
Physical & Digital Usability: SoftNotes bridges the gap between digital and physical assets, offering the convenience of digital payments with the flexibility of cash.
With 1.7 million SoftNote bills already minted globally, SoftNote is driving mainstream adoption of crypto payments, making digital transactions as seamless as using cash.
“Blockchain must evolve beyond speculation to drive real-world utility,” said Alexander Guseff, Founder & CEO of Tectum.“With the launch of Tectum 4.0, we are setting a new standard for speed and scalability, while SoftNote transforms digital payments by making crypto as seamless as cash. By eliminating fees, delays, and infrastructure barriers, SoftNotization bridges the gap between blockchain and everyday transactions, positioning Tectum at the forefront of the PayFi movement.”
SoftNotization vs. Tokenization: Enabling Mass Crypto Adoption
While tokenization converts real-world assets into digital blockchain-based tokens, SoftNotization is a step beyond tokenization – it allows digital assets to be used in physical form, making crypto spendable in everyday transactions.
With SoftNotization, users can convert their crypto holdings into SoftNotes, enabling them to spend Bitcoin, Ethereum, stablecoins, or any digital asset just like cash – even in regions where crypto wallets and Web3 complexity hinder adoption.
This makes SoftNotization a critical driver of crypto mass adoption, especially in unbanked and underbanked economies, where a familiar cash-like payment system can simplify blockchain adoption for businesses and consumers alike.
What’s Next for Tectum?
Following the mainnet launch, Tectum will activate full consensus mechanisms in March 2025, strengthening security, decentralization, and transactional integrity. As PayFi adoption grows, Tectum will roll out SDKs on the public mainnet, equipping developers to build scalable applications for digital payments. The company is also expanding its ecosystem with new products and services.
At the forefront is Tectum Labs, an innovation hub for business tokenization and CBDCs, launching in Q1 2025. It will drive projects such as FreeSolar, TectumKeys, and SyntezNote, showcasing Tectum’s multi-industry reach. Additionally, Tectum Keys, a quantum-resistant security solution, launches in Q2 2025, setting a new standard for digital asset protection.
-ENDS-
About Tectum Tectum is transforming digital payments with Tectum 4.0, its high-performance Layer-1 blockchain, designed for scalability and real-world adoption.
Built on Tectum 3.0, SoftNote enables zero-fee, instant peer-to-peer crypto transactions, eliminating network confirmations and gas fees. The SoftNote ecosystem includes the SoftNote Wallet for secure storage, the SoftNote Merchant Terminal for seamless point-of-sale transactions, and the SoftNote Pay App for simplified everyday payments.
Beyond payments, Tectum Labs specializes in asset tokenization and CBDC solutions, helping businesses digitize assets and supporting governments in CBDC development.
Tectum empowers Bitcoin and other cryptocurrencies to become truly spendable, breaking barriers to adoption and enabling seamless micropayments. Its ecosystem includes the Tectum Emission Token ($TET) for SoftNote minting and quantum-proof authentication (XFA) for enhanced security.
A subsidiary of Crispmind Ltd., Tectum is committed to scalable, secure, and inclusive blockchain solutions that redefine global transactions. To learn more, visit www.tectum.io.
LONDON, Feb. 17, 2025 (GLOBE NEWSWIRE) — BitconeMine, the leading AI-driven cloud mining platform, is making waves in the cryptocurrency industry by offering a limited-time $10 login mining bonus to new users. The initiative aims to lower the barrier to entry for crypto enthusiasts and provide a seamless, cost-effective way to start earning Bitcoin through cloud mining.
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Source: United Kingdom – Executive Government & Departments
The CMA has found that Topps Tiles’ acquisition of CTD Tiles could reduce competitive deals and product choice for customers and businesses in parts of England and Scotland.
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The Competition and Markets Authority (CMA) has found that Topps Tiles’ £9 million purchase of 30 CTD Tiles stores raises competition concerns in 4 areas of the United Kingdom.
Topps Tiles is the biggest specialist tile retailer in the UK. Before entering administration in August 2024, CTD was the second largest specialist tile retailer in the UK. As part of the deal Topps Tiles acquired 30 stores, as well as supporting infrastructure such as stock and all related intellectual property for CTD Tiles, CTD Architectural, and CTD Housebuilders .
Following completion of the deal the CMA received several complaints, which included concerns relating to how the deal impacted businesses and retail customers in specific areas of the country. Following a Phase 1 investigation, the CMA found that a small number of sites in Dorking, Edinburgh, Inverness and Aberdeen created competition concerns in the supply of tiles to retail customers and business customers.
The investigation found both companies compete closely for retail and business customers. After reviewing the deal, including internal documents and evidence from customers and competitors, the CMA concluded that in most areas there are sufficient remaining competitors but that in a small number of areas, the deal could lead to worse deals and service for customers.
Joel Bamford, Executive Director for Mergers at the CMA, said:
Having looked at the evidence, we’re concerned Topps Tiles’ purchase of CTD Tiles may >reduce competition in Dorking, Edinburgh, Inverness and Aberdeen.
This loss of competition could lead to worse deals and service in those areas. Whether you’re retiling your own home or a business that provides renovation services, the merger could make such projects more expensive.
Topps Tiles now has the opportunity to offer solutions to our concerns, otherwise this case will proceed to a more in-depth investigation.
Topps Tiles has until Monday 24 February to submit proposals which resolve the CMA’s concerns.
Topps Tiles Plc (Topps) is a UK-wide tile retailer for both businesses and consumers based in Enderby, Leicestershire. It is the largest tile specialist in the UK with over 300 stores (and serves customers through direct sales teams and websites). The business is listed on the London Stock Exchange.
Topps acquired certain assets of Tildist Realisations Limited (formerly CTD Tiles Limited), including 30 of its stores, intellectual property such as branding and customer lists, and business divisions that supply tiles to architectural and housebuilder customers as part of a pre-pack administration deal.
For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk
Invalda INVL has signed a Subscription agreement relating to INVL Private Equity Fund II. Invalda INVL has committed to invest EUR 30.8 million in INVL Private Equity Fund II, a closed-end private equity investment fund for informed investors managed by UAB INVL Asset Management, a company wholly controlled by Invalda INVL. This currently represents 10% of the total fund size. Fundraising will continue to reach a hard cap of EUR 400 million. It is expected that funds will be called to the aforementioned fund in stages for the execution of specific transactions.
Completing the first closing of INVL Private Equity Fund II EUR 305 million were raised and its target of EUR 250 million was exceeded. INVL Private Equity Fund II is the second-generation private equity fund of Invalda INVL Group, which will build on the strategy of the INVL Baltic Sea Growth Fund, which has been successfully operating since 2019.
By signing the Partnership Agreement and investing in INVL Private Equity Fund II, as in the case of investing in INVL Baltic Sea Growth Fund, Invalda INVL committed not to invest in private equity assets that are in line with the funds’ strategy and will execute its main investment activities through these funds.
By investing in INVL Private Equity Fund II, Invalda INVL is entitled to a future return, if any, a pro rata share of the success fee. The management company of the fund is entitled to a management fee, the amount of which, depending on the size of the fund, will be the maximum INVL Asset Management has received from the management of an alternative investment fund. Cap on management fee paid to the management company over the life of the fund is 17% of total capital commitments.
The impact of the investment in INVL Private Equity Fund II on the results of Invalda INVL cannot be assessed at this stage. The predecessor, EUR 165 million the INVL Baltic Sea Growth Fund, closed the year 2024 with 25% net internal rate of return (IRR), total value to paid-in capital (TVPI) exceeding 2x. It is important to note that the result is not yet realised and is subject to change, and that past performance is no guarantee of future performance and profitability.
Additional information: Darius Šulnis CEO of Invalda INVL darius.sulnis@invl.com
Nokia upgrades Orange Jordan’s broadband network gateway to enhance connectivity across the Kingdom #MWC25
State-of-the-art Nokia 7750 SR BNG deployed to elevate broadband services and user experience in Jordan.
Strategic upgrade to 76 sites across the Kingdom reduces operational costs and boosts network efficiency.
Partnership underscores Nokia’s commitment to trusted performance and sustainable digital transformation.
17 February 2025 Amman, Jordan – Nokia and Orange Jordan have announced the successful upgrade of Orange Jordan’s Broadband Network Gateway (BNG) with Nokia’s cutting-edge 7750 Service Router (SR) platforms. This strategic initiative marks a significant milestone in enhancing broadband services across Jordan, delivering superior connectivity and operational efficiency for both the operator and its customers.
The deployment spans 76 sites across Jordan’s north, central, and southern regions, positioning Orange Jordan to meet growing subscriber demands with enriched digital experiences, including high-speed internet, IPTV, and personalized broadband services. The upgrade also supports Orange Jordan’s sustainability goals by optimizing energy consumption and reducing operational expenses.
This collaboration highlights Nokia’s value proposition of trusted performance across every network domain. By leveraging resilient, high-performance networks built on Nokia’s strong foundation of security, sustainability, and ethical standards, Orange Jordan can deliver exceptional services to its subscribers.
Waleed Al Doulat, Chief ITN & Wholesale Officer at Orange Jordan, said: “This upgrade is a testament to our commitment to delivering the best broadband services to our customers. Nokia’s 7750 SR BNG allows us to enhance network efficiency and enrich our customers’ digital lives, while aligning with our sustainability and growth goals.”
Bassel Megallaa, Head of IP Networks for Middle East & Africa at Nokia, said: “Our collaboration with Orange Jordan demonstrates Nokia’s dedication to providing trusted performance that empowers digital transformation. By providing scalable, resilient, and secure solutions, we enable Orange Jordan to deliver world-class broadband experiences while optimizing network efficiency. Together, we are driving connectivity and creating new opportunities for innovation across Jordan.”
About Nokia At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.
With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Media inquiries Nokia Communications, Middle East & Africa Email: cordia.so@nokia.com
Invalda INVL Group today announces that it has successfully completed a first closing of its second-generation private equity fund (“INVL Private Equity Fund II”), reaching EUR 305 million and exceeding its target of EUR 250 million.
The INVL Private Equity Fund II has received strong backing from both existing and new investors, forming an exceptional investor base. This includes some of the most successful entrepreneurs from across the Baltics, family offices and institutional investors such as the European Investment Fund, pensions funds managed by Luminor asset management companies, SB Asset Management and IPAS INVL Asset Management in Latvia, as well as life insurance company UAB SB Draudimas. Fundraising will continue to reach a hard cap of EUR 400 million.
The minimum investment in the INVL Private Equity Fund II was EUR 10 million. However, investors could invest in the fund via INVL Private Equity Capital Fund II with a ticket as low as EUR 125,000 which subsequently reached a total size of EUR 116 million.
To fully align interests with the INVL Private Equity Fund II investors, Invalda INVL and the fund’s management team have also invested EUR 32.7 million, currently representing 11% of the total fund size.
Darius Šulnis, CEO at Invalda INVL, commented:“This highly successful fundraising reflects investors’ trust in our work, as well as a pragmatic view on the region’s perspectives and potential. It also signals opportunities for companies and countries in the region seeking investment.
INVL Private Equity Fund II will invest in businesses across Lithuania, Latvia, Estonia, Poland, Romania and the broader EU – backing those with the potential to become leaders in their competitive fields and drive value creation, along with the talented and determined people behind their success. In a rapidly changing environment, we see an increasing number of attractive investment opportunities. Having successfully built and developed multiple businesses, we understand the dedication, ambition and challenges that come with seizing new opportunities and driving growth. We take an active role in companies’ development, believing that this is the key to delivering strong returns for our investors – whose support, capital and high standards empower us to act.”
Deimantė Korsakaitė, Managing Partner at INVL Private Equity Fund II and INVL Baltic Sea Growth Fund, added: ”This is a historic milestone for the Baltics, as we have announced the largest private equity fund ever raised in the region. We are extremely grateful to our investors for their trust. It is both an honour and a great responsibility to uphold this confidence in us. We will continue the successful strategy of our predecessor, the INVL Baltic Sea Growth Fund and remain fully committed to work hand-in-hand with management teams to drive transformative growth and create long-term value for companies, our investors as well as contributing to the growth of the economy. We strongly believe that our experience and network bolster our capabilities as a value-add partner to companies.”
Asta Jovaišienė, Head of INVL Family Office, said: “We are delighted to be part of this record alongside our clients. At the same time, it demonstrates that our family office offers exceptional solutions that meet investors’ needs for sustainable and long-term results.“
The new fund will build on the strategy of the INVL Baltic Sea Growth Fund, seizing attractive opportunities across the Baltics, Poland, Romania and the broader EU. The INVL Private Equity Fund II is sector-agnostic and will invest in companies with the potential to become regional leaders in their respective industries, focusing on acquiring majority or significant minority stakes. Through active investment management, the fund aims to drive long-term value creation.
The strategy includes forming a diversified portfolio of 10–12 investments, providing late-stage growth capital to target companies and executing both buyout and buy-and-build strategies. Investment size will typically be in the region of EUR 10 million to EUR 40 million, with a preferred equity ticket of around EUR 25-30 million. However, the fund will also pursue larger deals together with co-investors.
Deimantė Korsakaitėcontinued: “The predecessor INVL Baltic Sea Growth Fund which raised EUR 165 million closed the year in 2024 with a 25% net internal rate of return (NetIRR), total value to paid-in capital (TVPI) exceeding 2x and having announced the first agreed exit from its portfolio company InMedica that is to become one of the largest investments in healthcare services in the Baltics to date.”
About INVL Private Equity Fund II
The EUR 305 million INVL Private Equity Fund II is the largest private equity fund in the Baltics. It aims to build a diversified portfolio by acquiring majority or significant minority stakes in high-growth companies, with investment sizes ranging from EUR 10 million to EUR 40 million. The fund focuses on businesses with strong potential to grow and compete amid intensifying global competition, targeting opportunities in the Baltic countries, Poland, Romania and the broader Europe Union.
The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager, which is a part of the Invalda INVL Group with over 30 years of experience. The group’s companies manage or have under supervision more than EUR 1.6 billion in assets across various investment strategies, including private equity, forests and agricultural land, renewable energy, real estate, and private debt. Additionally, the group provides family office services in Lithuania, Latvia and Estonia, manages pension funds in Latvia and invests in global third-party funds.
Additional information: Darius Šulnis CEO of Invalda INVL darius.sulnis@invl.com
Moody’s Investors Service has assigned a provisional (P)Aa2 long-term rating to the mortgage covered bonds issued by Coop Pank AS (Coop Pank).
The international credit ratings agency Moody’s has analysed the planned issue of covered bonds by Coop Pank and considered, inter alia, the high credit quality of the assets backing the covered bonds, the support provided by the Estonian legal framework, which provides for the issuer’s regulation and supervision, but also exposure to market risks and the increased uncertainty of the current economic environment. The long-term rating (P)Aa2 indicates high quality obligations that are subject to low credit risk.
According to Paavo Truu, CFO of Coop Pank, obtaining a credit rating is an important step to continue the preparations for the bond issue as planned and although the final date is subject to the market situation, we plan to issue the covered bonds in the first half of 2025. According to Paavo Truu the covered bonds offer an opportunity to further diversify funding and reduce costs.
Coop Pank is planning to offer covered bonds to European institutional investors. Covered bonds are expected to provide a new resilient source of funding for Coop Pank.
Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking reached 209,500. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti, comprising of 320 stores.
This interim management statement covers the first quarter of the 2024/25 financial year, 1 October 2024 to 31 December 2024. Investment performance measures contained in this report are calculated on a pence per share basis and include realised and unrealised gains and losses.
Overview
Once again, we have endured a difficult start to the financial year, albeit for very different reasons. The 2024 Autumn budget, preceded by some unhelpfully stark messaging, has weighed on economic activity. GDP, employment reports and PMI surveys all highlight a notable softening in the UK economy through the second half of (cal.) 2024.
Measures of UK consumer and business confidence dipped, suggesting that households and companies were becoming increasingly cautious. Although a very significant increase in public spending is expected to support economic activity pickup in 2025, there is clear evidence that The Office for Budget Responsibility forecast for GDP to increase from 1.1% in 2024 to 2.0% in 2025 is likely to be revised lower when next updated.
UK fiscal policy is seen as being negative to growth and positive for inflation. In the round, this adds up to fewer rate cuts in 2025. With higher inflation and lower growth undermining the case for lending to the UK Government, UK Gilt yields broke out to the upside and Sterling to the downside. The move higher in borrowing costs was exacerbated by higher yields in the US Treasuries market. The Government is on the back foot and will need to respond before the 2025 Autumn budget.
None of this has been helpful for investor interest in UK equities with outflows increasing again after a period of improving sentiment through the early Summer. This was particularly acute for AIM and, more broadly, the IA UK Small Cap sector.
Reflecting this, the FTSE AIM All-Share Index was noticeably weak ahead of and subsequent to the budget, with the index steadily declining for 7 months through to 31 December 2024. Within the period, the AIM All-Share index returned -2.32% in the three months to 31 December 2024, lagging the FTSE All Share Index (-0.35%). We continue to believe that many small companies trading on AIM offer exceptional value.
Performance
In the three months to 31 December 2024, the unaudited NAV per share decreased by 0.40 pence from 40.55 pence (cum-dividend) to 40.15 pence, giving a total return of -0.99%.
The qualifying investments fell by 0.09 pence per share whilst the non-qualifying investments made a loss of 0.25 pence per share. The adjusting balance was the net of running costs and investment income.
Qualifying Investments
Aquis Exchange (+93.1%, +£1.66m) received a takeover offer from its larger Swiss peer SIX Exchange at 727p. This was a 120% premium to the previous closing price, a 45% premium to the average share price over the prior 12 months and slightly above the 2021 share price high of 720p. This equates to an exit multiple of 4.7x for the VCT. The transaction was approved on 18 December 2024 and is expected to complete in Q2 2025.
PCI-PAL (+30.3%, +£1.09m) reported good FY24 results with revenues +20% to £18.0m and positive EBITDA of £0.9m. The company also reported strong SAAS metrics with ARR growing by 23%, Net Retention Rate at 102% and low churn. Following a £3.3m fundraise in March 2024, the balance sheet is strong with £4.3m cash. Positive news flow continued subsequently with a key contract renewal and in-line AGM trading update. Post period end, the company reported strong trading for the 6m to 31 December 2025 and re-iterated guidance for FY25.
Cohort (+15.0%, +£0.65m) announced strong interim results for the 6m to 31 October 2024 with revenues increasing by 25% and a record order book of £541m. The company confirmed it remains on track to achieve market forecasts for FY25. Separately, Cohort announced the £74m acquisition of Australian-based satellite communications company EM Solutions. The acquisition was partly funded through existing cash & debt facilities, combined with a £40m fundraise at 875p.
Following weak financial performance in FY24, Equipmake (-40.0%, -£0.93m) raised £3m in October 2024. The additional capital, when combined with cost action, has extended the company’s cash runway to March 2025. This was followed by the subsequent launch of a strategic review and a formal sale process.
Fadel (-42.9%, -£0.72m) saw customer implementation delays and an unsuccessful new business tender. Revenue forecasts for FY24 were reduced by 12% from $14.8m to $13m. The high drop through of revenues to profits meant that projected FY24 EBITDA losses increased from $2.3m to $4m. The company has adopted a more disciplined approach to cost that has yielded an improved outlook for losses and cash performance in 2025.
Team Internet (-27.7%, -£0.43m) shares fell sharply in Q4 2024 as the company announced that revenues at a recently acquired online marketing business Shinez would fall short of expectations. More recently the shares have begun to recover as the company announced it had received a preliminary takeover proposal.
Non-Qualifying Investments
The IFSL Marlborough UK Micro-Cap Growth Fund (+0.6%, +£0.06m) and IFSL Marlborough Special Situations Fund (-1.3%, -£0.13m) were broadly flat over the period. Within the non-qualifying portfolio, the weaker outlook for the UK economy following the Autumn budget impacted WH Smith, Wickes and Hollywood Bowl. Chemring also fell as earnings forecasts were impacted by rising national insurance costs and the curtailment of the company’s share buy-back in favour of preserving funds for organic investment.
Portfolio structure
The VCT is comfortably above the HMRC defined investment test and ended the period at 87.5% invested as measured by the HMRC investment test. By market value, the weighting to qualifying investments increased from 56.0% to 56.9%.
The market remains very subdued with just two VCT qualifying IPOs within the last 12 months. There were two new equity investments into companies listed on AIM and one CLN into an existing portfolio company listed on AIM. We remain hopeful that improving market conditions will help drive an increase in deal flow during 2025.
The new qualifying investments included a following on (CLN) investment into Rosslyn Data Technologies and new equity investments into Feedback and Ixico. There were no material disposals in the quarter. We sold two legacy tail investments (Gfinity and Surface Transforms) and trimmed our investment in Cohort following a period of strong share price performance.
There were no substantial changes to the allocation to the two IFSL Marlborough Funds, non-qualifying equities, fixed income, ETFs or cash which respectively represented 13.4%, 6.8%, 12.9%, 0.4% and 9.6% of net assets.
The HMRC investment tests are set out in Chapter 3 of Part 6 Income Tax Act 2007, which should be read in conjunction with this interim management statement. Funds raised by VCTs are first included in the investment tests from the start of the accounting period containing the third anniversary of the date on which the funds were raised. Therefore, the allocation of qualifying investments as defined by the legislation can be different to the portfolio weighting as measured by market value relative to the net assets of the VCT.
Share Buy Backs & Discount
3.9 million shares were acquired in the quarter at an average price of 38.27 pence per share. The share price decreased from 39.00p to 38.40p and on 31 December 2024 traded at a discount of 4.74% to the last published NAV per share (as at 27 December 2024, published on 31 December 2024).
Post Period End
The unaudited NAV per share increased from 40.15 pence to 40.22 pence (cum div) as at 7 February 2025, an increase of 0.17%. The FTSE AIM All-Share index increased by 0.09%.
END
For further information please contact:
Oliver Bedford, Canaccord Genuity Asset Management
Clarification of the duties owed by insolvency practitioners appointed to corporate trustee entities4 min read
Further to our previous Insight, the High Court has confirmed that a successor trustee does not owe a fiduciary obligation to a former trustee in respect of the entitlement of the former trustee to indemnification out of the trust assets. Nor does the successor trustee owe a fiduciary obligation to a former trustee in respect of the commensurate beneficial interest that the former trustee has in the trust assets.
Background
Anthony Naaman was a judgment creditor of a former trustee and was subrogated to the former trustee’s entitlement to indemnification. Jaken Properties Australia Pty Limited (Jaken) was the successor trustee. During its time as the successor trustee, Jaken transferred trust assets to third parties leaving insufficient trust assets to satisfy the former trustee’s entitlement to indemnification (Third Parties). Mr Naaman sought relief in the Supreme Court of New South Wales to enforce his judgment debt. Mr Naaman claimed that Jaken’s transfers of trust assets to the Third Parties were part of a dishonest and fraudulent design in breach of fiduciary duties owed by Jaken to the former trustee.
The decisions
Supreme Court decision
At first instance, the primary judge determined that a successor trustee owes a former trustee a fiduciary obligation not to deal with the trust assets so as to destroy, diminish or jeopardise the former trustee’s entitlement to indemnification. The court found that Jaken had ‘engaged in a dishonest and fraudulent design to strip itself of assets that might otherwise be available to satisfy [the former trustee’s] power of indemnity’ to which Mr Naaman was subrogated. In light of the identified fiduciary obligation, the court found that the Third Parties had knowingly assisted in the dishonest and fraudulent breach of that identified fiduciary obligation, and were amenable to orders for equitable compensation and to account.
Court of Appeal decision
On appeal, Justice Leeming, with whom Justice Kirk agreed in separate reasons, concluded that Jaken did not owe a fiduciary obligation to the former trustee at any time. Instead, the majority held that the only final recourse the former trustee had against Jaken was the appointment of a receiver. While Justice Leeming accepted that a successor trustee ‘is subject to a duty not to deal with [the trust] assets so as to prejudice the former trustee’s entitlement to be indemnified from those assets’, this duty was not fiduciary.
High Court decision
In Anthony Naaman v Jaken Properties Australia Pty Limited ACN 123 423 432 & Ors [2025] HCA 1, the sole question for determination was whether a successor trustee owes a fiduciary obligation to a former trustee in respect of the former trustee’s entitlement to indemnification out of trust assets or the commensurate beneficial interest in the trust assets that the former trustee retains following replacement of the former trustee by the successor trustee. By a 4:3 majority, the Court held that a successor trustee does not owe such a fiduciary duty to the former trustee. The explanation for that answer lies in the nature of a trustee’s entitlement to indemnification out of the trust assets being an entitlement to have the trust assets applied for the purpose of recouping expenditure or exonerating liability properly incurred by the trustee.
Further, the majority noted that one person does not come into a fiduciary relationship with another person merely by reason of holding property in which the other person has an equitable proprietary interest. Nor is a fiduciary relationship between the person holding the property and the other person having the equitable proprietary interest brought into existence merely by adding the circumstance that the person holding the property knows the other person has such an interest in the property or knows the other person claims to have such an interest in it.
In coming to its decision the Court noted that, all times since its replacement by Jaken:
the former trustee was able to enforce its entitlement by bringing a proceeding against Jaken for final relief in the form of an order for the sale of the trust assets or for payment out of trust funds; and
the former trustee was able to protect its entitlement from being destroyed, diminished or jeopardised by the conduct of Jaken by filing an interlocutory injunction or appointing a receiver.
However, despite being available to the former trustee, no such action was taken.
Given Jaken did not owe the former trustee a fiduciary obligation, the remedies of equitable compensation and account were not available to the former trustee against the Third Parties.
Key takeaways
It is not uncommon for insolvency practitioners to be appointed to insolvent former trustee companies. The conventional approach taken by insolvency practitioners to satisfy a former corporate trustee’s right of indemnity against trust assets it no longer has ownership of is to apply to a court for the appointment of a receiver over those assets. This generally remains the most effective way for a former corporate trustee to satisfy its right of indemnity.
However, in cases where there is a risk that the successor trustee will dissipate trust assets, the High Court’s decision tells us that insolvency practitioners should consider promptly seeking interlocutory injunctive relief to preserve the status quo, even before a court hears an application to appoint a receiver.
Should you wish to discuss further, please do not hesitate to contact one of our experts.
A moviegoer walks past film posters at a cinema in Jiaxing City, east China’s Zhejiang Province, Feb. 3, 2025. (Photo by Jin Peng/Xinhua)
“Ne Zha 2,” a Chinese animated blockbuster, has become a testament to the fast progress of China’s animation with its state-of-the-art technology, world-class visuals and compelling storytelling.
The film, which was released during the Chinese New Year, has shattered multiple box office records, becoming the first film to cross 1 billion U.S. dollars in a single market and the first non-Hollywood title to join the coveted billion-dollar club.
As its box office continues to climb, the film’s stunning visual effects and animation are nothing short of monumental.
State-of-the-art technology
With around 2,000 special effects shots, three times the number of characters in its predecessor “Ne Zha”, and a team of more than 4,000 creators, the film “Ne Zha 2” has redefined what animation can achieve.
One of the key technologies used in the film is the self-developed dynamic ink-wash rendering engine, which brings traditional Chinese ink-wash painting to life.
In one notable scene, as Ao Bing swings his weapon across the screen, the ink flows and blends, all in a fleeting 0.8 seconds. This scene, though brief, took the film’s production team an astounding nine months to perfect.
For years, animators have been struggling to capture the fluidity and essence of ink-wash painting in the digital realm. This breakthrough, however, solved that challenge. It allows real-time simulations of ink spreading on rice paper, authentically reproducing its dynamic, ever-changing beauty.
With this technique, even the most subtle details — from characters’ skin texture to the flow of their clothing and hair — are imbued with the ink-wash effect. Take Ne Zha, for example. The movements of his iconic weapons, Huntian Cloth and Fire-tip Spear, are enhanced by the ink-wash effects, creating a balance of both power and grace.
World-class visuals
“Our goal was to create something that audiences had never seen before, something that would deliver a strong visual impact and offer a fresh artistic expression. This is the kind of work we believe is truly worth doing,” said Yang Yu, director of “Ne Zha 2,” who goes by the nickname Jiaozi.
According to Shi Chaoqun, the film’s visual effects supervisor, the scale of the film required extensive collaboration among multiple teams. Nearly 140 domestic animation companies contributed to the project, handling everything from animation production to 3D assets and effects composition.
These companies range from established media giants and specialized animation companies to smaller and lesser-known studios.
Huang Gong, the film’s technical development director, likened the project to an “Olympic Village” that attracted the best animation talents from across China, according to a media report.
This collaboration highlights the growing strength of China’s animation ecosystem, showcasing its capacity to manage large-scale, complex productions.
Compelling storytelling
“Ne Zha 2” and its predecessor the 2019 blockbuster “Ne Zha” were both inspired by the classic 16th-century novel “The Investiture of the Gods.”
Set after the events of the first film, the sequel follows Ne Zha and Ao Bing as their souls are saved but their physical forms face dissolution. With the help of the immortal Taiyi Zhenren, who uses the Seven-Colored Lotus to reconstruct their bodies, the two heroes must face numerous challenges.
The film, with a rich narrative rooted in traditional folklore, takes audiences on an emotional journey that blends action, humor, and heart.
Before the success of “Ne Zha 2”, “Monkey King: Hero is Back”, “Legend of Deification” and “White Snake: Afloat”, which are also inspired by Chinese mythologies, raised expectations for home-grown animated films.
“Chinese traditional culture is a huge treasure trove for animated films”, Jiaozi noted, “Animation needs to combine China’s excellent traditional culture with a youthful, contemporary expression.”
To this end, “Ne Zha 2” incorporates numerous elements of Chinese aesthetics: its visual style draws inspiration from Dunhuang murals; its narrative structure is influenced by the myths of the ancient text “Shan Hai Jing” (Classic of Mountains and Seas); while its soundtracks blend the features of both the Peking Opera and electronic music.
Hollywood producer Robert King praised the film’s quality and scale after watching the premiere, saying that Chinese films have made significant strides in storytelling in recent years.
By pushing the boundaries of both traditional Chinese aesthetics and modern animation techniques, “Ne Zha 2” sets a new standard. This breakthrough is not just an artistic triumph. It marks a critical transition in the Chinese animation industry, from “outsourcing” to developing original, world-class technology.
Source: United Kingdom – Executive Government & Departments
The visit was part of Westminster Foundation for Democracy’s partnership with the National Parliament of Solomon Islands which began in 2022.
The MPs also met the Speaker of the House of Commons, Rt. Hon. Sir Lindsay Hoyle MP.
It has been a learning experience for three National Members of Parliament from Solomon Islands who toured Westminster and Tynwald (Isle of Man) Parliament in the UK last month.
The MPs included Member of Parliament for Maringe Kokota Constituency Hon. Cathy Launa Nori; Member of Parliament for Ngella Constituency Hon. Choylin Yim Douglas and Member of Parliament for Central Kwara’ae Constituency Hon. Ricky Fuo’o.
The Member of Parliament for Central Kwara’ae, Ricky Fuo’o shared his experience in London saying:
Democracy is not just about elections but about a system of governance that respects human rights, allows for genuine political competition and holds leaders accountable. It is up to all of us leaders, institutions, and citizens to safeguard democracy and prevent it from sliding into authoritarian rule disguised as ‘democratic governance.
While I was there, I had to opportunity to be invited to the parliament to witness the questioning of the Prime Minister. What really surprised me is that it was not just the opposition doing the questioning, but the Ministers and Backbenchers of the ruling government were also questioning the prime minister.
The MPs also had meetings with Rt. Hon the Lord Bruce of Bennachie and Dr. Victoria Hasson, who work closely with the Westminster Foundation for Democracy and have visited Solomon Islands for the programme on several occasions.
Clerk to the National Parliament of Solomon Islands, Jefferson Hallu, accompanied the MPs who also observed a Westminster Hall Debate. They had the opportunity to observe the Prime Minister’s Question Time at the House of Commons Chamber at the Palace of Westminster.
The MPs also met with the Speaker of the House of Commons, Rt. Hon. Sir Lindsay Hoyle MP; Liam Laurence Smyth, Clerk of Legislation, House of Commons, Bob Blackman MP, Backbench Business Committee Chair amongst others at Westminster and held a meeting with the Commonwealth Parliamentary Association.
Westminster Foundation for Democracy is the UK public body dedicated to strengthening democracy around the world.
Source: The Conversation (Au and NZ) – By Louise Pryke, Honorary Research Associate, Department of Classics and Ancient History, University of Sydney
Lisa Tomasetti/Opera Australia
“It’s an old song”, Hermes (Christine Anu) sings at the opening of Hadestown, but “we’re gonna sing it again and again”.
Based on a myth first told in Greece over 2,500 years ago, Hadestown is a modern retelling of the story of lovers Orpheus and Eurydice.
In ancient Greece, Orpheus was considered the greatest of all musicians, due to his divine heritage. His musical ability makes Orpheus uniquely well suited as the lead for a musical.
In the myth and the musical, Orpheus descends into the Underworld to retrieve his wife, Eurydice, after her untimely death. Moved by his powerful song, the king and queen of the Underworld, Hades and Persephone, allow Orpheus to leave their realm with Eurydice.
One condition: Orpheus must not look back at his wife until they have fully emerged from the underworld.
It’s a tale of a love from long ago
The story of Orpheus and Eurydice is one of the most retold myths from antiquity, likely due to its narrative focus on love, loss, and the human condition.
The ancient story of Orpheus and Eurydice is best known from Ovid’s Metamorphoses and Virgil’s Georgics. While Ovid places Orpheus in a world governed by unpredictable gods, Virgil’s focus on natural order means that the tragic events feel predetermined.
There are numerous other ancient versions, including a mention in Plato’s Symposium, where the philosopher (somewhat unfairly) suggests the musician lacked commitment to his lover.
During the Middle Ages, Eurydice was paralleled with biblical Eve. Eurydice and Eve were both figures known to have unfortunate encounters with snakes, and both were viewed as vulnerable to sin (in Eurydice’s case, being carried away by Hades).
Orpheus was sometimes seen as a Christ-like figure, with his descent to hell compared to Christ’s journey to save souls. Indeed, Orpheus is referenced by his fellow traveller to Hell, Dante, in his Inferno.
Jean Raoux, Orpheus and Eurydice, about 1709. Getty Museum
The love story of Orpheus and Eurydice recently featured in the Netflix series Kaos (2024). The story is referenced in video games Don’t Look Back (2009) and Hades (2020).
Orpheus’ desperate journey to reconnect with his lost love holds continued relevance, thousands of years after its first telling.
Our lady of the underground
In the musical, the story of Orpheus and Eurydice is paralleled with the story of Hades and Persephone.
In ancient myth, the union of Hades and Persephone in the Underworld was said to cause the changing of the seasons.
Evelyn De Morgan, Demeter Mourning for Persephone,1906. Wikimedia Commons
Zeus offered the solution: Persephone would spend half the year below ground and half above.
When Persephone was with Hades, the world would enter winter. The new life connected with the coming of spring signalled Demeter’s joy at the return of her beloved daughter.
Way down Hadestown
The musical, written by Anaïs Mitchell, is largely faithful to the broad arc of the ancient story of Orpheus and Eurydice. A notable exception is seen in the death of Eurydice. In the ancient myth, this is often attributed to snakebite; in the musical she chooses to descend to the Underworld due to economic desperation.
Having Eurydice choose to sign her life over to Hades arguably lends her a limited amount of agency, although she almost immediately regrets her decision.
While in the ancient myth, Eurydice’s speech is limited to her whispered farewell, these poets all give us an insight into Eurydice’s thoughts and feelings. The musical continues this tradition of giving agency, hopes and opinions.
The story of Orpheus and Eurydice is paralleled in the musical with the story of Hades and Persephone. Lisa Tomasetti/Opera Australia
The dangers posed by unpredictable seasons, seen in the ancient myth of Hades and Persephone, is used in the musical to reflect modern concerns over climate change and environmental decline.
Rising seas and poor harvests threaten the lives of those inhabiting the industrialised world of Hadestown.
Orpheus attempts to bring a dystopian world “back in tune” through restoring environmental harmony, bringing a hopeful note to the tragic story.
Anu is a reassuring presence as the narrator and Orpheus’ confidant, the god Hermes. Lisa Tomasetti/Opera Australia
Nothing changes
In this Australian restaging of the hit Broadway production, Noah Mullins rises to the significant challenge of portraying Orpheus, the greatest of all musicians. Abigail Adriano’s raw portrayal of Eurydice’s confinement in the underworld is genuinely moving.
Anu is a reassuring presence as the narrator and Orpheus’ confidant, the god Hermes. Adrian Tamburini’s powerful bass-baritone adds to the authority of Hades, and Elenoa Rokobaro gives a dazzling performance as Persephone. The chorus and mostly on-stage band are excellent.
The story of Orpheus and Eurydice has been told for thousands of years. Lisa Tomasetti/Opera Australia
At its heart, the myth of Orpheus and Eurydice confronts one of the defining challenges of mortality: the reality that death can separate us from those we love and value most.
In retelling the myth, Hadestown offers timely meditations on the power of creativity and human connection, bringing this ancient love story alive again for modern audiences.
Hadestown is in Sydney until April 26, then touring to Melbourne.
Louise Pryke 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.
Despite the perceived outrage at Khaled Sabsabi’s depiction of Hassan Nasrallah in his 2007 work You, Australian art has long made subjects of outlaws and questionable figures. And it is all the richer for it.
Why is the Albanese government allowing a person who highlights a terrorist leader in his artwork to represent Australia on the international stage at the Venice Biennale?
I agree with you that any glorification of the Hezbollah leader Nasrallah is inappropriate.
This was followed by disapproval from Arts Minister Tony Burke. Within 24 hours, Creative Australia’s board announced Khaled Sabsabi and curator Michael Dagostino, the nominated artistic team for the Australian Pavilion at the 2026 Venice Biennale, had been scratched.
The news sparked shock resignations at Creative Australia, private funding retractions and widespread outrage across the Australian and international arts sectors.
The work in question, You, isn’t related to Sabsabi’s proposed 2026 Biennale work. It is an experimental video artwork which engages with the complexities of the 2006 Lebanon War and how Sabsabi, who was born in Tripoli and migrated to Australia in 1978, may have experienced this war remotely via newsfeed.
The work features images of now-deceased Lebanese Hezbollah leader Hassan Nasrallah. It should be noted the work was made in 2007, 14 years before Australia determined Hezbollah to be a terrorist organisation. It resides in the prestigious collection of Sydney’s Museum of Contemporary Art.
A double standard
Prior to Sabsabi, a number of prominent Australian artists have depicted outlaws and controversial figures in their work. So how were those works received?
Let’s look at Sidney Nolan’s Ned Kelly series as an example. These 27 famous paintings depict the notorious bushranger Edward (Ned) Kelly’s final days in 1880. Nolan painted the series between 1946 and 1947, in the aftermath of the catastrophic second world war.
The works can be understood as an effort to investigate homegrown violence in Australia’s history, wherein the outlaw is a metaphor used to explore conflicting migrant/settler cultures among the bright and dusty central Victorian landscape.
Similarly, late Australian painter and 2000 Archibald Prize winner Adam Cullen did not meet much controversy when his 2002 portrait of convicted violent criminal Mark “Chopper” Read was installed in the Art Gallery of NSW. That same year, Cullen illustrated Mark Read’s children’s book, Hooky the Cripple.
An acclaimed artist, Cullen is revered for depicting violence and darkness in Australian culture. His works reside in most state and national collections.
Art thrives through diverse perspectives
Marri Ngarr artist Ryan Presley’s 2018 series Blood Money revises Australian banknotes to feature historical First Nations figures, and forms part of the Reserve Bank of Australia’s art collection.
Works in the series include First Nations colonial resistance fighters and outlaws Jandamarra (1873–97), Woloa (1800-31), Pemulwuy (1750-1802) and Dundalli (circa 1820-55).
These individuals waged violence against the Crown and were classified as enemy combatants in their time. Yet it’s fair to say they make compelling and appropriate subjects for Presley’s art, which helps us better understand Australia’s complex and violent history.
Iranian-born Australian photographer Hoda Afshar’s Agonistes (2020), an award-winning portrait series with accompanying video, features various Australian whistleblowers, including Witness K Lawyer Bernard Collaery and the incarcerated Afghan Files whistleblower David McBride.
Each figure depicted in Afshar’s portraits has faced punishment and persecution by local authorities, in part due to Australia’s weak whistleblower protection laws.
Khaled Sabsabi is a distinguished Australian artist whose Biennale proposal won a rigorous open tender to be exhibited in Venice 2026. Spanning 30 years, his work examines spiritualism, optimism and the intricate beauty of a migrant Australian experience that’s particularly unique to the global microcosm of Western Sydney.
If artists are to be cancelled for making works that spark “divisive debate”, as Creative Australia has called it, there won’t be much art left to see.
Ella Barclay has previously received funding from Creative Australia.
