NewzIntel.com

Category: Business

  • MIL-OSI China: Malta issues special zodiac stamps to mark Year of the Snake

    Source: China State Council Information Office 3

    Photo taken on Feb. 12, 2025 shows a set of newly released Year of the Snake zodiac postage stamps in Valletta, Malta. MaltaPost unveiled these stamps here on Wednesday, marking the second consecutive year the country has issued stamps celebrating the Chinese Lunar New Year. (Photo by Jonathan Borg/Xinhua)

    MaltaPost unveiled its Year of the Snake zodiac postage stamps on Wednesday in Valletta, marking the second consecutive year the country has issued stamps celebrating the Chinese Lunar New Year.

    The newly released set of two stamps, designed by Maltese artist Fabio Agius and Chinese designer Fang Jun, showcases a unique blend of Maltese and Chinese cultural motifs.

    Agius’s design intricately weaves the sinuous form of a snake with Malta’s iconic floral-patterned ceramic tiles, symbolizing the fusion of ancient heritage and contemporary artistry. Meanwhile, Fang’s creation incorporates the traditional Chinese knot, a symbol of good fortune, alongside the “Eye of Horus,” an ancient Maltese maritime emblem representing protection and safe voyages. Together, the designs embody the themes of growth, peace, and prosperity associated with the Wood Snake year in the Chinese zodiac.

    Speaking at the launch ceremony, MaltaPost Chairman Joseph Said emphasized the stamps’ cultural significance and their role in fostering international friendship. “I am confident that this philatelic initiative will strengthen cultural exchanges between Malta and China, bringing our nations even closer,” he stated.

    A parallel launch event was held in Beijing, co-organized by the Beijing Zodiac Philatelic Research Association and the Beijing Zodiac Culture Theme Post Office.

    Yuan Xikun, director of the Beijing Jintai Art Museum, highlighted the growing global appreciation of zodiac culture as a bridge for cross-cultural dialogue. “The issuance of these stamps is not only a tribute to traditional Chinese culture but also a vivid reflection of the friendship and cooperation between our two nations,” he said. “It will deepen the Maltese people’s understanding of Chinese culture and inject new vitality into cultural exchanges between our countries.”

    Liao Hongyun, president of the Beijing Zodiac Philatelic Research Association, echoed these sentiments, describing the stamp issuance as a testament to the enduring friendship between China and Malta.

    As a key advocate for Malta’s zodiac stamp series, Chen Juheng, councilor of the Maltese Chinese Chamber of Commerce, noted that this marks the first time a Chinese designer’s work has been featured in Malta’s zodiac collection. He expressed hope for further postal collaborations to promote Chinese zodiac culture within Malta’s philatelic community. 

    MIL OSI China News –

  • MIL-OSI China: Beijing’s Mentougou to open AI tech park this year

    Source: China State Council Information Office 2

    Construction began Wednesday on the main facility of Zhongguancun (Western Beijing) Artificial Intelligence Technology Park. The park, set to open in the second half this year, is projected to generate an annual output of 10 billion yuan ($1.49 billion).
    Located in Mentougou district, the park spans 800,000 square meters, with its first phase project covering 310,000 square meters. Workers have finished the exterior walls of the park’s first phase, a 3.9 billion yuan project, and are now focusing on interior renovations. The park, designed with a sunken courtyard and winding waterways, aims to host more than 200 AI companies.
    Mentougou district, formerly a major coal mining area in western Beijing, ended its “millennium-long coal mining history” in 2019. AI has since emerged as the district’s leading industry, alongside ultra-high-definition digital audio-visual and cardiovascular medical devices.
    The park, a key project in Beijing’s “two zones” initiative, aims to advance the city’s AI industry. It will develop an ecosystem centered on computing power, data and AI models while focusing on seven sectors: intelligent manufacturing, smart healthcare, AI-driven audio-visual technology, intelligent education, smart cultural tourism, robotics and intelligent transportation. By attracting industry leaders, the park is expected to drive innovation and accelerate the integration of AI across various sectors.
    In addition to financial and technological support, the park will feature specialized industrial facilities, including three factory buildings designed for inspection, testing and small-scale production.
    Zhongguancun Development Group and Mentougou district have established a 1 billion yuan AI industry fund to attract investment while fostering innovation and accelerating industry expansion.

    MIL OSI China News –

  • MIL-OSI China: Announcement on Open Market Operations No.28 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.28 [2025]

    (Open Market Operations Office, February 13, 2025)

    In order to keep liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB125.8 billion through quantity bidding at a fixed interest rate on February 13, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB125.8 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月13日

    MIL OSI China News –

  • MIL-OSI: Flow Traders 4Q and FY 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Flow Traders 4Q and FY 2024 Results

    Amsterdam, the Netherlands – Flow Traders Ltd. (Euronext: FLOW) announces its unaudited 4Q and FY 2024 results.

    Flow Traders posts record fourth quarter results and the second-best fiscal year results in its 20-year history with €159.0m and €479.3m in Total Income, respectively. The company also ends 2024 with record levels of Trading Capital and Shareholders’ Equity at €775m and €766m, respectively.

    Financial Highlights

    4Q 2024

    • Flow Traders recorded Net Trading Income of €153.8m and Total Income of €159.0m in 4Q24, increases of 112% and 114% when compared to the €72.7m and €74.3m in 4Q23, respectively.
    • Flow Traders’ ETP Value Traded increased by 13% in 4Q24 to €424m from €376m in 4Q23.
    • Fixed Operating Expenses were €45.3m in the quarter, an increase of 12% when compared to the €40.4m in 4Q23, due mostly to increased employee and technology expenses and an abnormally low 4Q23 given timing of expenses.
    • Total Operating Expenses were €76.8m in 4Q24, an increase of 23% when compared to the €62.5m in 4Q23, due mostly to higher variable employee compensation expenses.
    • EBITDA was €82.1m in the quarter, an almost seven-fold increase when compared to the €11.8m in 4Q23. EBITDA margin was 52% in 4Q24 vs. 16% in 4Q23.
    • Net Profit came in at €63.2m in 4Q24, yielding a basic EPS of €1.47 and diluted EPS of €1.42, an almost ten-fold increase compared to a Net Profit of €6.4m, basic EPS of €0.15, and diluted EPS of €0.14 in 4Q23.
    • Flow Traders employed 609 FTEs at the end of 4Q24, compared to 605 at the end of 3Q24 and 613 at the end of 4Q23 (see note 1).

    FY 2024

    • For full year 2024, Net Trading Income totaled €467.8m and Total Income was €479.3m, increases of 56% and 58% when compared to €300.3m and €303.9m in FY 2023, respectively.
    • Flow Traders’ ETP Value Traded increased by 5% in FY 2024 to €1,545b from €1,465b in FY 2023.
    • Fixed Operating Expenses for the year totaled €179.1m, an increase of 3% from €174.1m in FY 2023, which is in-line with guidance.
    • Total Operating Expenses for the year was €264.4m, an increase of 12% from €236.3m in FY 2023, due mostly to higher variable employee compensation expenses.
    • EBITDA for the year was €214.9m, up 218% compared to €67.5m in FY2023. EBITDA margin was 45% in FY 2024 vs. 22% in FY 2023.
    • Total Net Profit for the year totaled €159.5m with basic EPS of €3.69 and diluted EPS of €3.56, a more than four-fold increase compared to €36.2m, €0.84 and €0.81 in FY 2023, respectively.

    Trading Capital and Shareholders’ Equity

    • Trading capital stood at €775m at the end of 4Q24 and FY 2024, an increase of 16% compared to €668m at the end of 3Q24 and 33% compared to €584m at the end of 4Q23 and FY 2023.
    • Return on average trading capital2 was 69% in 4Q24 and FY 2024, compared to 49% in 4Q23 and FY 2023. With the accelerating growth of trading capital following the Capital Expansion Plan announced in July 2024, trading returns will be calculated as LTM NTI / Average Trading Capital going forward.
    • Shareholders’ equity was €766m at the end of 4Q24 and FY 2024, an increase of 15% compared to €666m at the end of 3Q24 and 31% compared to €586m at the end of 4Q23 and FY 2023.
    • Flow Traders generated a Return on Equity of 24% in FY 2024, compared to 6% in FY 2023.

    Financial Overview

    €million 4Q24 4Q23 Change FY2024 FY2023 Change
    Net trading income 153.8 72.7 112% 467.8 300.3 56%
    Other income 5.1 1.6   11.5 3.6  
    Total income 159.0 74.3 114% 479.3 303.9 58%
    Revenue by region3            
    Europe 86.9 42.6 104% 274.1 167.8 63%
    Americas 18.2 18.1 1% 93.6 82.1 14%
    Asia 53.8 13.6 295% 111.5 53.9 107%
    Employee expenses            
    Fixed employee expenses 20.2 17.5 15% 81.6 76.0 7%
    Variable employee expenses 31.5 22.1 43% 85.3 57.9 47%
    Technology expenses 16.9 15.3 10% 66.6 64.4 3%
    Other expenses 8.2 7.6 8% 30.9 33.7 (8%)
    One-off expenses4 – –   0.0 4.3 (100%)
    Total operating expenses 76.8 62.5 23% 264.4 236.3 12%
    EBITDA 82.1 11.8 597% 214.9 67.5 218%
    Interest Expense 0.5 –   1.1 0.0  
    Depreciation & amortisation 4.6 4.2 9% 17.4 18.4 (5%)
    Profit/(loss) on equity-accounted investments (0.1) (0.1) 5% (2.0) (4.5) (55%)
    Profit before tax 76.9 7.4 935% 194.4 44.7 335%
    Tax expense 13.7 1.0 1230% 34.8 8.5 310%
    Net profit 63.2 6.4 888% 159.5 36.2 341%
    Basic EPS5 (€) 1.47 0.15   3.69 0.84  
    Fully diluted EPS6 (€) 1.42 0.14   3.56 0.81  
    EBITDA margin 52% 16%   45% 22%  

    Revenue by Region

    €million 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
    Europe 58.5 33.1 33.6 42.6 68.4 48.6 70.2 86.9
    Americas 32.8 9.3 22.0 18.1 41.3 13.4 20.8 18.2
    Asia 19.2 9.0 12.1 13.6 19.9 14.2 23.6 53.8

    Value Traded Overview

    €billion 4Q24 4Q23 Change FY2024 FY2023 Change
    Flow Traders ETP Value Traded 424 376 13% 1,545 1,465 5%
    Europe 195 151 29% 655 619 6%
    Americas 193 203 (5%) 776 754 3%
    Asia 36 22 65% 114 93 22%
    Flow Traders non-ETP Value Traded 1,233 1,074 15% 4,703 4,115 14%
    Flow Traders Value Traded 1,657 1,450 14% 6,248 5,580 12%
    Equity 809 762 6% 3,217 3,009 7%
    FICC 783 641 22% 2,817 2,396 18%
    Other 64 48 33% 214 176 22%
    Market ETP Value Traded7 13,192 11,714 13% 47,933 43,081 11%
    Europe 728 557 31% 2,518 2,039 24%
    Americas 9,954 9,877 1% 38,545 35,874 7%
    Asia 2,510 1,280 96% 6,871 5,168 33%
    Asia ex China 582 383 52% 2,020 1,578 28%

    Trading Capital

      1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24
    Trading Capital (€m) 647 574 585 584 609 624 668 775
    Return on Avg Trading Capital2 67% 65% 56% 49% 50% 58% 62% 69%
    Average VIX8 21.0 16.7 15.1 15.4 13.9 14.2 17.1 17.3

    Market Environment

    Europe

    Equity trading volumes in the quarter across major exchanges saw double-digit percentage point improvements when compared to the same period a year ago and single-digit improvements when compared to last quarter. Market volatility increased by single-digits compared to both the same period a year ago and last quarter.

    Fixed Income trading volumes on MTFs saw low double-digit percentage point improvements compared to the same period a year ago and single-digit improvements compared to last quarter.

    Americas

    Equity trading volumes in the U.S. saw single-digit percentage point improvements when compared to both the same period a year ago and last quarter. Market volatility increased slightly when compared to the same period a year ago and was flat compared to last quarter.

    Fixed Income trading volumes in the U.S. were mixed across the various trading venues but were in general better when compared to the same period a year ago but weaker compared to last quarter. Volatility declined when compared to the same period a year ago and was relatively flat when compared to last quarter.

    Asia

    Equity trading volumes in Asia were mixed as Hong Kong and China saw significant increases while Japan experienced declines both when compared to the same period a year ago as well as last quarter. Market volatility, for the most part, increased across all the regions both year-on-year and quarter-on-quarter, with the exception being Japan, where it declined compared to last quarter.

    Digital Assets

    Within Digital Assets, which trades across regions on a 24/7 basis, trading volumes increased significantly both compared to the same period a year ago and last quarter. Volatility increased slightly both year-on-year and quarter-on-quarter.

    Trading Capital Expansion Plan

    In recent years, Flow Traders has successfully diversified its core trading model across different asset classes and geographies, which resulted in increased optionality for the business. The company sees a range of emerging opportunities to accelerate growth by systematically expanding its trading capital base.

    With the 2Q 2024 results, the company announced the suspension of the dividend and bank term loan as the initial steps in boosting the firm’s trading capital. The bank loan and strong net profit generation boosted trading capital by €191m over the course of the year and immediately helped increase the capacity of the firm to capture more of the opportunities that arose during the year given the increased volatility and dislocations across different asset classes and regions around the world. Given the success of the Trading Capital Expansion Plan thus far, the firm will continue to pursue the most strategic debt financing options to further support its growth.

    Treasury Shares

    As a result of the second-best year in company history, portions of the previously repurchased shares from the €25m share buyback program conducted in July 2022 will be reallocated to employee incentive plans.

    Outlook

    Fixed operating expenses for FY 2025 are expected to be in the range of €190-210m given additional technology investments and targeted additions of subject matter experts in growth areas, partially offset by expected operational efficiency gains.

    CEO Statement

    Mike Kuehnel, CEO
    “Flow Traders closed out 2024 with a record fourth quarter and the second-best year in the company’s 20-year history. Following the strategic decision to accelerate the expansion of our trading capital base last July, the additional capital has enabled us to capture additional opportunities and leverage dislocations in the market during a period of heightened volatility across different regions and asset classes. Following one of the calmest markets in recent memory in 2023, we were able to achieve a 69% return on average trading capital in 2024. This demonstrates the robustness and coverage of our trading strategies and is a result of the company’s growth and diversification strategy.

    In the fourth quarter, market trading volumes and volatility increased meaningfully across Europe and Asia, and within equity and digital assets. We were able to capitalize on this increased activity given the significant multi-year investments in talent and technology that we made in Asia and digital assets. Additionally, our partnerships with emerging financial infrastructure providers, such as the Börse Stuttgart Digital and Wormhole partnerships in the digital assets space and OpenYield in the fixed income space, will allow the company to further participate in and shape the future of financial markets.

    As digital assets continue to gain acceptance by governments and institutions around the world, we believe Flow Traders has a pivotal role to play given our strong capabilities in both traditional finance and digital assets ecosystems. With our unique distribution network, technology and pricing capabilities, we aim to be an important bridge by connecting various stakeholders to bring the 24/7 trading currently available in digital assets to the traditional financial landscape. Our partnership with DWS and Galaxy in AllUnity is one example of a platform which we believe could be pivotal in achieving this transition.

    Looking forward to 2025, we will continue to invest in the expansion of our trading capabilities and increasing sophistication, with tailored investments in technology and additional talent given the attractive opportunities in front of us. Opportunities which would otherwise not be possible without the accelerated growth of our trading capital base as a result of our trading capital expansion plan. To offset some of the additional investments, we stay fully committed to the streamlining and automation work to systematically improve efficiency and strengthen our core operations as the firm continues to grow and scale.”

    Preliminary Financial Calendar

    24 April 2025                1Q25 Trading Update

    Analyst Conference Call and Webcast

    The 4Q24 results analyst conference call will be held at 10:00 am CET on Thursday 13 February 2025. The presentation can be downloaded at https://www.flowtraders.com/investors/results-centre and the conference call can be followed via a listen-only audio webcast. A replay of the conference call will be available on the company website for at least 90 days.

    Contact Details

    Flow Traders Ltd.

    Investors
    Eric Pan
    Phone:         +31 20 7996799
    Email:        investor.relations@flowtraders.com

    Media
    Laura Peijs
    Phone:         +31 20 7996799
    Email:        press@flowtraders.com

    About Flow Traders

    Flow Traders is a leading trading firm providing liquidity in multiple asset classes, covering all major exchanges. Founded in 2004, Flow Traders is a leading global ETP market marker and has leveraged its expertise in trading ETPs to expand into fixed income, commodities, digital assets and FX. Flow Traders’ role in financial markets is to ensure the availability of liquidity and enabling investors to continue to buy or sell financial instruments under all market circumstances, thereby ensuring markets remain resilient and continue to function in an orderly manner. In addition to its trading activities, Flow Traders has established a strategic investment unit focused on fostering market innovation and aligned with our mission to bring greater transparency and efficiency to the financial ecosystem. With nearly two decades of experience, we have built a team of over 600 talented professionals, located globally, contributing to the firm’s entrepreneurial culture and delivering the company’s mission.

    Notes

    1. Figures restated to include only active employees and exclude those on garden leave per CSRD definition.
    2. Return on trading capital defined as LTM NTI divided by the average of the prior and current end of period trading capital.
    3. Revenue by region includes NTI, Other Income, and inter-company revenue.
    4. One-off expenses related to the completed corporate holding structure update and capital structure review work.
    5. Weighted average shares outstanding: 4Q24 – 43,066,302; 3Q24 – 43,095,744; 4Q23 – 43,166,257.
    6. Determined by adjusting the basic EPS for the effects of all dilutive share-based payments to employees.
    7. Source – Flow Traders analysis.
    8. Starting in 3Q24, average VIX is calculated as the average of VIX daily closing prices.

    Important Legal Information

    This press release is prepared by Flow Traders Ltd. and is for information purposes only. It is not a recommendation to engage in investment activities and you must not rely on the content of this document when making any investment decisions. The information in this document does not constitute legal, tax, or investment advice and is not to be regarded as investor marketing or marketing of any security or financial instrument, or as an offer to buy or sell, or as a solicitation of any offer to buy or sell, securities or financial instruments.

    The information and materials contained in this press release are provided ‘as is’ and Flow Traders Ltd. or any of its affiliates (“Flow Traders”) do not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaim liability for any errors or omissions. This press release is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Flow Traders. All intellectual property rights, including trademarks, are those of their respective owners. All rights reserved. All proprietary rights and interest in or connected with this publication shall vest in Flow Traders. No part of it may be redistributed or reproduced without the prior written permission of Flow Traders.

    This press release may include forward-looking statements, which are based on Flow Traders’ current expectations and projections about future events, and are not guarantees of future performance. Forward looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Words such as “may”, “will”, “would”, “should”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “believe”, “could”, “hope”, “seek”, “plan”, “foresee”, “aim”, “objective”, “potential”, “goal” “strategy”, “target”, “continue” and similar expressions or their negatives are used to identify these forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Flow Traders. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Flow Traders expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this press release to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law.

    Financial objectives are internal objectives of Flow Traders to measure its operational performance and should not be read as indicating that Flow Traders is targeting such metrics for any particular fiscal year. Flow Traders’ ability to achieve these financial objectives is inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond Flow Traders’ control, and upon assumptions with respect to future business decisions that are subject to change. As a result, Flow Traders’ actual results may vary from these financial objectives, and those variations may be material.

    Efficiencies are net, before tax and on a run-rate basis, i.e. taking into account the full-year impact of any measure to be undertaken before the end of the period mentioned. The expected operating efficiencies and cost savings were prepared on the basis of a number of assumptions, projections and estimates, many of which depend on factors that are beyond Flow Traders’ control. These assumptions, projections and estimates are inherently subject to significant uncertainties and actual results may differ, perhaps materially, from those projected. Flow Traders cannot provide any assurance that these assumptions are correct and that these projections and estimates will reflect Flow Traders’ actual results of operations.

    By accepting this document you agree to the terms set out above. If you do not agree with the terms set out above please notify legal.amsterdam@nl.flowtraders.com immediately and delete or destroy this document.

    All results published in this release are unaudited.

    Market Abuse Regulation

    This press release contains information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Attachment

    The MIL Network –

  • MIL-OSI: Equinor ASA: Ex. dividend third quarter 2024 today-Oslo Børs

    Source: GlobeNewswire (MIL-OSI)

    The shares in Equinor ASA (OSE: EQNR; NYSE: EQNR) will as from today be traded on Oslo Stock Exchange exclusive the third quarter 2024 cash dividend as detailed below. 

    Ex. date: 13 February 2025

    Ordinary cash dividend amount: 0.35

    Extraordinary cash dividend amount: 0.35

    Announced currency: USD

    This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

    The MIL Network –

  • MIL-OSI: Falcon Oil & Gas Ltd. – Operational Update on the Stimulation Campaign

    Source: GlobeNewswire (MIL-OSI)

    Falcon Oil & Gas Ltd.
    (“Falcon”, “Group”)

    Operational Update on the Stimulation Campaign

    13 February 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides the following update on the stimulation campaign for the Shenandoah S2-2H ST1 (“SS-2H ST1”) and Shenandoah South 4H (“SS-4H”) wells in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Operator”).

    SS-2H ST1

    • As previously announced stimulation operations were successfully completed over 35 stages across the 1,671-metre (5,483-feet) horizontal section of the Amungee Member B-shale with Liberty Energy (NYSE: LBRT) stimulation equipment.
    • The SS-2H ST1 well is being prepared for the commencement of initial flow back and extended production testing.
    • Targeting announcement of 30 day initial production (“IP30”) flow rates in April 2025.

    SS-4H

    • Commenced stimulation operations in January 2025.
    • The Operator took proactive and precautionary steps to pause completion operations due to the detection of stress in a casing connection.
    • Reinforcement activities are planned to be conducted in Q1 2025, aiming for stimulation activities to recommence in Q2 2025, as soon as the IP30 flow test is completed at SS-2H ST1.
    • The deferred stimulation program should provide an opportunity to incorporate lessons from the SS-2H ST1 campaign.
    • Targeting announcement of IP30 flow rates in mid-2025.

    Working Capital

    • Falcon Australia has received a A$4.7 million (~US$3 million) research and development tax offset in cash.
    • The Group’s current cash balance is US$8.2 million.

    Philip O’Quigley, CEO of Falcon commented:
    “We continue to be extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling, together with the completion of a successful stimulation program on SS-2H ST1 well. We look forward to updating the market on the IP30 flow test results from both wells as soon as they become available.”
                                                    

    Ends.
    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Technical Advisor. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

    Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

    For further information on Falcon Oil & Gas Ltd. Please visit www.falconoilandgas.com

    About Beetaloo Joint Venture (EP 76, 98 and 117)

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5%
    Tamboran (B2) Pty Limited 77.5%
    Total 100.0%

    Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres1

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 5.0%
    Tamboran (B2) Pty Limited 95.0%
    Total 100.0%

    1Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

    About Tamboran (B2) Pty Limited
    Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Corporation and Daly Waters Energy, LP.

    Tamboran Resources Corporation, is a natural gas company listed on the NYSE (TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

    Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company.

    Advisory regarding forward-looking statements
    Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, details on the completion of the stimulation, preparation for initial flow back and targeting an IP30 flow rate of April 2025 for SS-2H ST1; steps taken to pause operations, planned reinforcement activities in Q1 2025, aiming for recommencement of activities in Q2 2025, opportunity to incorporate lessons from the SS-2H ST1 campaign and targeting IP30 flow rates in mid-2025 for SS-4H.

    This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

    Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

    Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Falcon. Such rates are based on field estimates and may be based on limited data available at this time.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    YEAR 2024 FOR SIILI: Profitability affected by declined revenue, successful launch of the new data and AI focused strategy 

    Siili Solutions Plc Financial statements bulletin 13 February 2025 at 9:00 am (EET)

    In 2024 we clarified our new strategy and successfully launched its implementation. We focused on strengthening our competitiveness and securing profitability in a continuously challenging market situation. However, the challenging market situation affected negatively on Siili’s revenue and growth both domestically and internationally.

    July-December 2024

    • Siili published its new strategy in August
    • Siili signed an agreement to purchase majority stake of the Finnish Integrations Group Oy
    • Siili appointed Maria Niiniharju as Siili’s VP, Private Business and member of Siili’s management team
    • Revenue for the second half of the year was EUR 52,713 (57,414) thousand, representing decline of 8.2% year on year
    • Adjusted EBITA for the second half of the year was EUR 2,100 (3,732) thousand, which corresponds to 4.0% (6.5%) of revenue

    January-December 2024

    • We focused on streamlining our organization and creation of our new strategy
    • We strengthened data and AI expertise through training and recruitment
    • We achieved 10th place in the Young Professional A raction Index survey by Academic Work
    • Full-year revenue amounted EUR 111,899 (122,702) thousand, representing decline of 8.8% year on year
    • Adjusted EBITA was EUR 5,409 (8,742) thousand, which corresponds to 4.8% (7.1%) of revenue
      H2/2024 H2/2023 2024 2023 Q4/2024 Q4/2023
    Revenue, EUR 1,000 52,713 57,414 111,899 122,702 28,589 30,365
    Revenue growth, % -8.2% -3.4% -8.8% 3.7% -5.9% -6.7%
    Organic revenue growth, % -8.2% -5.5% -8.8% 0.1% -5.9% -6.7%
    Share of international revenue, % 30.2% 27.7% 29.0% 26.7% 28.8% 25.8%
    Adjusted EBITA, EUR 1,000 2,100 3,732 5,409 8,742 1,403 2,471
    Adjusted EBITA, % of revenue 4.0% 6.5% 4.8% 7.1% 4.9% 8.1%
    EBITA, EUR 1,000 2,058 3,399 4,752 8,409 1,361 2,138
    EBIT, EUR 1,000 1,482 2,763 3,592 6,909 1,075 1,844
    Earnings per share, EUR 0.20 0.18 0.43 0.61 0.18 0.14
    Number of employees at the end of the period 942 1,007 942 1,007 942 1,007
    Average number of employees during the period 954 1,034 975 1,026 944 1,030
    Total full-time employees and subcontractors (FTE)
    at the end of the period    		 1,033 1,091 1,033 1,091 1,033 1,091

    Outlook for 2025 and financial goals for 2025-2028

    Revenue for 2025 is expected to be EUR 108-130 million and adjusted EBITA EUR 4.7-7.7 million.

    On 26 November 2024, the company announced the financial goals for the years 2025–2028 as follows:

    • Annual revenue growth of 20 percent, of which organic growth accounts for about half.
    • Adjusted EBITA 12 percent of revenue.
    • The aim is to keep the ratio of net debt-to-EBITDA below two.
    • The aim is to pay a dividend corresponding to 30–70 percent of net profit annually.

    CEO TOMI PIENIMÄKI:

    2024 was another challenging year from a market perspective, both for Siili and the entire IT service sector. During the year, we focused on crystallising our strategy and creating a foundation for stronger competitiveness and profitability.

    The market situation affected both Siili’s revenue and the rate of growth both domestically and internationally. Full-year revenue amounted to approximately EUR 112 million, representing a decline of 9% year on year. The share of international operations in the Group’s revenue continued to increase and rose from the previous year’s level of 27% to 29% in 2024.

    The slowdown in growth also weighed on profitability. Adjusted EBITA for the year was EUR 5.4 million, which corresponds to about 5% of revenue. This year, we aim to improve Siili’s profitability by focusing on operational efficiency and growth with focus on the Data and AI business.

    Despite the challenges of the operating environment, last year was, however, successful for Siili in many ways. During the first half of the year, we focused on designing our new strategy and streamlining the organisation. We also launched a three-level training programme in artificial intelligence for our consultants and continued to strengthen the data and AI expertise of the Siili team through both training and recruitment throughout the year.

    Our new strategy has been well received

    In the new strategy published in August, we placed data and artificial intelligence at the core of the strategy. Our objective is to be a pioneer in the AI transition as a developer of generative AI solutions and as an AI partner that reinforces its customers’ competitiveness.

    We have now three strategic priorities that strengthen our position as a leader in leveraging AI:

    • Significant growth in Data and AI business
    • Pioneer in AI-powered digital development
    • Community of top talent

    Our updated strategy and our promise “Impact driven, AI powered” have been well received in the markets. During the year, we were selected as a partner for several AI and data projects in line with our strategy. Towards the end of the year, we had many successful openings consistent with the strategy in projects dealing with, for example, AI strategies, training, and implementation. We will continue to focus on expanding our business with strategic customers and building long-standing partnerships.

    We focus on improving our profitability

    We continue to improve our operational efficiency. We will focus in particular on capacity and utilization management, cost efficiency, offer development and pricing optimization. Improving profitability is progressing according to plan in stages. We have made a concrete action plan to improve our efficiency and profitability and we will implement it with determination and monitor its progress.

    Last year, we also started to develop our operating models towards more data-driven decision-making and better forecasting. In addition, we are strongly investing in the implementation of a new management model that increases efficiency, recruitments that support the strategy and optimization of subcontracting. We strive to seek profitable growth in growth areas in line with the strategy, while firmly protecting profitability in more challenging market segments.

    We are strengthening our community of top talent

    At the beginning of November, we strengthened the data and AI expertise of the management team when Maria Niiniharju took up the position as the leader of Siili’s Private Business and became a new member of Siili’s management team. In accordance with our strategy, we also expanded our competence through recruitment of data and AI experts, who we have now 43% more compared to previous year. Towards the end of the year, we strengthened our integration expertise by signing an agreement to purchase a majority stake in Integrations Group Oy. With Integrations Group, we will be a stronger partner for our customers in various demanding AI and data integration projects.

    We aim to be the best community for digital development professionals, and we continued to develop our culture and leadership further last year. Our efforts to develop Siili’s community were recognized in autumn when Siili achieved 10th place in the Young Professional Attraction Index survey by Academic Work.

    In 2025, we will celebrate Siili’s 20th anniversary. With two decades of innovation and growth under our belt, this is a good time to continue Siili’s journey by focusing on the implementation of the strategy and the improvement of profitability during the year. Although we cannot see immediate signs of an improvement in market conditions, our successes in 2024 have proven the performance of our strategy. I want to extend my thanks to the entire Siili team and our customers for the past year. I am looking forward to the opportunity to build new and innovative solutions at the cutting edge of the AI transition.

    RISKS AND UNCERTAINTY FACTORS

    Siili is exposed to various risk factors related to its operational activities and business environment. The realisation of risks may have an unfavourable effect on Siili’s business, financial position or company value. The most significant risks related to Siili’s operations are described below, along with other known risks that may become significant in the future. In addition, there are risks that Siili is not necessarily aware of and which may become significant.

    • The loss of one or more key clients, a considerable decrease in purchases, financial difficulties experienced by clients or a change in a client’s strategy with regard to the procurement of IT services could have a negative effect on the company.
    • Failure to achieve recruitment goals in terms of both quality and quantity, and failure to match supply to customer demand in a timely manner.
    • Probability and adverse effects of the realisation of the aforementioned risks are more likely in an uncertain economic environment.
    • Failure in pricing, planning, implementation and improving cost efficiency of customer projects.
    • Loss of the contribution of key personnel or deterioration of the employer’s reputation.
    • Realisation of information security risks, for example, as a result of data breach and/or human error by an employee.

    General negative or weakened economic development and the resulting uncertainty in the clients’ operating environment. The general economic cycle and changes in the clients’ operating environment can have negative effects through slowing down, postponing or cancelling decision-making on IT investments.

    Russia’s war of aggression against Ukraine has not had and is not expected have a direct impact on Siili’s business. However, the general uncertainty and inflation in 2024 continued to affect in particular our clients’ investment decisions, thereby also weighing on Siili’s business. Slow recovery of the economy is expected to continue to affect Siili’s business and growth opportunities also in the current financial year. According to management observations and estimates, the impacts of the market environment in the financial year 2024 were moderate, and they are expected to reduce in 2025. We prepare for these effects by taking care of customer satisfaction and cost efficiency.

    EVENTS AFTER THE END OF THE FINANCIAL YEAR

    Acquisition of Integrations Group Oy

    On 18 November 2024, Siili Solutions Plc announced it had signed an agreement to purchase a stake of 51% of the shares in the Finnish company Integrations Group Oy. The transaction in Integrations Group Oy shares was completed on 2 January 2025. Siili is committed to purchasing the remaining 49% of shares in Integrations Group Oy over the coming years in parts as detailed in the shareholders’ agreement; hence, Integrations Group Oy is consolidated 100% in the Siili Group as of 2 January 2025.

    Integrations Group Oy is a company specialising in integration implementations and services, based in Espoo and Tampere. The company’s unaudited revenue for the financial year 2024 was EUR 2.2 million, and its operating profit amounted to EUR 0.3 million. The company has 13 employees. Integrations Group Oy will continue to operate as a stand-alone company under its own brand.

    The acquisition of the majority stake in Integrations Group executes on Siili’s strategic objective to expand its business in the growing data and generative AI market.

    The acquisition does not have a material effect on the Siili Group’s revenue, adjusted EBITA or balance sheet values. The company will prepare an acquisition cost calculation under IFRS 3 during the first year-half.

    DIVIDEND PROPOSAL

    In line with the dividend policy approved by its Board of Directors, Siili seeks to distribute 30–70% of its profit for the period to shareholders. In addition, an additional profit distribution can be made.

    On 31 December 2024, the distributable assets of the parent company of Siili Solutions Plc amounted to EUR 35,291,522.61, including the profit for the period EUR 1,629,162.50. The Board of Directors proposes to the Annual General Meeting 2025 that a dividend of EUR 0.18 per share be paid for the financial year 2024. According to the proposal, a total dividend of EUR 1,460,215.62 would be paid. The proposed dividend represents approximately 42% of the Group’s profit for the financial year.

    No significant changes have taken place in Siili’s financial position since the end of the financial year. The company has a good level of liquidity, and the Board believes that the proposed dividend will not pose a risk to liquidity.

    FINANCIAL CALENDAR FOR 2025

    Siili will hold a results announcement event for analysts, portfolio managers and the media on 13 February 2025 at 1:00 p.m. The presentation materials will be published on the company website after the event.

    • The Annual Report 2024 will be published in electronic format on the company website on 14 March 2025.
    • The Annual General Meeting will be held on 8 April 2025.
    • The business review for 1 January–31 March 2025 will be published on 22 April 2025.
    • The half-year report for 1 January–30 June 2025 will be published on 12 August 2025.
    • The business review for 1 January–30 September 2025 will be published on 21 October 2025.

    Helsinki, 13 February 2025

    Board of Directors, Siili Solutions Plc

    FURTHER INFORMATION:

    CEO Tomi Pienimäki

    tel. +358 40 834 1399

    CFO Aleksi Kankainen

    tel. +358 40 534 2709

    SIILI SOLUTIONS IN BRIEF:

    Siili Solutions Plc is a unique combination of a digital agency and a technology powerhouse. We believe in human-centricity in everything we deliver. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Siili has offices in Finland, Germany, Poland, Hungary, Netherlands, United Kingdom, Austria and USA. Siili Solutions Plc shares are listed on Nasdaq Helsinki Ltd. Siili has grown profitably since it was founded in 2005. / www.siili.com

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹39,000 crore on February 14, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on February 14, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.64% GS 2027 7,000 167 167
    6.79% GS 2034 22,000 524 524
    7.09% GS 2074 10,000 239 239

    The underwriting auction will be conducted through multiple price-based method on February 14, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2143

    MIL OSI Economics –

  • MIL-OSI Security: Breaking the Ice, Breaking up Ground: III MSB Marines conduct joint training event with Army 11th Engineer Battalion Soldiers

    Source: United States INDO PACIFIC COMMAND

    DAGMAR NORTH TRAINING AREA, South Korea  –  

    Early on the morning of February 6, 2025, the Marines of III Marine Expeditionary Force Support Battalion, III MEF Information Group joined Soldiers from 63rd Clearance Company, 11th Engineer Battalion, 2nd Infantry Division Sustainment Brigade, 2nd Infantry Division at the frozen grounds of Dagmar North Training Area, South Korea to conduct a joint training event.

    This joint training event took place during III MSB’s preparation for their Marine Corps Combat Readiness Evaluation, which is scheduled to take place this week. The MCCRE is designed to test Marines and Sailors within the unit on how well they can perform their mission essential skills, and the preparation for it has spurred III MSB leaders to continuously seek and initiate opportunities to maximize the success of the MCCRE. Sgt. Wyatt Miller, platoon sergeant of III MSB’s engineer platoon, contacted the Army’s engineer unit to request heavy equipment operations at Dagmar North prior to the evaluation.

    “There will be times where there’s interservice training, interservice operations or interservice communication, where something’s got to get done and it can only get done with help from both sides,” explained Sgt. Miller.

    Miller noted that this was his first experience engaging in joint training during his time at III MSB, and that it certainly reinforced the idea that continuous training in a joint environment fosters better teamwork. “I think that’s a very valuable experience from both sides,” Miller added.

    In the days leading up to the event, internal coordination and reconnaissance of the designated site for the event would help to set the stage and establish lateral limits for both units involved. Marines and Soldiers could be seen shoulder-to-shoulder in the freezing cold, planning and crafting a training event to fulfill both unit’s missions while increasing their interoperability.

    Soldiers from 4th platoon were tasked with creating berms as fixed fighting positions for the Marines. At the same time, the Marines were tasked with supporting the Soldiers by providing security in the area and conducting patrol maneuvers, a form of training that provided insight on how to better prepare for their upcoming MCCRE. Following a convoy insert that preceded the dawn, the servicemembers began to set in and take their positions.

    “This is exactly what we are here to do,” stated 2nd Lt. Melissa Wences, 4th Platoon leader of the Army engineers, emphasizing the value of the training event. “Getting my platoon of horizontal construction engineers out here and guiding them onto the construction of fighting positions in different terrain and difficult weather conditions is a reality check of where they are and what it’s going to be like for future exercises.”

    As a support asset to the unit, the company’s primary focus is to dig vehicle positions and individual fighting positions to strengthen security around the area of operation. In light of the unit’s upcoming schedule, Wences saw this as an ideal opportunity to further her Soldiers’ training.

    “This will lead into our battalion’s field training exercise next month,” said Wences. “Most of the Soldiers currently in the platoon are new to the Korean Peninsula, and it’s necessary for them to be familiarized with overcoming the challenges of a different terrain.”

    The intent of this training was for the Marines of III MSB to establish a dynamic security posture, effecting a protective perimeter around a site designated for the Army’s excavation operations. The soldiers would operate and guide heavy construction equipment for vertical and horizontal engineer operations. Joint training events such as this one serve to hone the interoperability and integration capabilities of the joint force.

    III MSB provides and coordinates direct combat service support, security, and administrative services to III MEF, 3d Marine Expeditionary Brigade, and III MEF Information Group Command Elements to enable III MEF to win in competition and conflict.

    MIL Security OSI –

  • MIL-OSI Russia: Gazprom Transgaz Saint Petersburg Continues Cooperation with Polytech

    Translartion. Region: Russians Fedetion –

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

    On February 12, Georgy Fokin, CEO of Gazprom Transgaz Saint Petersburg, and Andrey Rudskoy, Rector of Peter the Great Saint Petersburg Polytechnic University (SPbPU), signed a new version of the cooperation agreement.

    At the meeting held at the university, prospects for further cooperation were discussed. One of the important achievements is the creation in 2014 of the basic department of the company “Gas Turbine Units for Gas Pumping Stations” as part of the Institute of Energy and Transport Systems of SPbPU, where joint scientific research is carried out in priority areas of science and technology applicable to the gas industry and the fuel and energy complex. Training is conducted according to bachelor’s and master’s degree programs.

    Since 2012, Gazprom Transgaz Saint Petersburg LLC and Peter the Great Saint Petersburg Polytechnic University have had a cooperation agreement in the area of developing joint educational, scientific and research activities.

    According to the terms of the agreement, university students undergo industrial and pre-graduation practice at the enterprise’s facilities, take part in conferences for young workers and research projects, and participate in a competition to receive the Society’s Personal Scholarship. The most promising of them receive the opportunity for employment and professional development at Gazprom Transgaz Saint Petersburg.

    Gazprom Transgaz Saint Petersburg LLC is a 100% subsidiary of Gazprom PJSC. The company transports gas to Saint Petersburg, Leningrad, Novgorod, Pskov, Kaliningrad, Tver, Smolensk, Bryansk regions, the Republic of Karelia, and the Republic of Belarus.

    The company operates over 12 thousand kilometers of gas pipelines. The enterprise’s area of responsibility includes 34 compressor shops with 206 gas pumping units, 251 gas distribution stations, heat, power and water supply facilities, communications, metrology and automation. The company has 18 branches, including 14 linear production departments of main gas pipelines.

    The company’s staff numbers over 7,000 people. The head office is located in St. Petersburg.

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

    MIL OSI Russia News –

  • MIL-OSI: LHV Group financial plan for 2025 and the five-year financial forecast

    Source: GlobeNewswire (MIL-OSI)

    The largest financial group based on Estonian capital will be driven this year by an increase in business volumes and client activity, and by more efficient operations. However, in an environment of falling interest rates, the net profit of LHV Group in 2025 will decrease compared to the previous year.

    Key indicators 2024 FP 2025 ∆
    Profit before taxes 175.1 153.3 -12%
    Net profit 150.3 125.1 -17%
    Deposits 6,910 7,558 9%
    Loans 4,552 5,345 17%
    Volume of funds 1,558 1,735 11%
    Number of payments related to financial intermediaries (million pcs) 75 75 0%
    Cost/income ratio 43.4% 47.7% +4.3 pp
    ROE* (before taxes; owners’ share) 28.7% 22.1% -6.6 pp
    ROE* (from net profit; owners’ share) 24.7% 18.1% -6.6 pp
    Capital adequacy 20.7% 21.0% +0.3 pp

    * Calculated on the basis of the average end-of-month equity volumes
     Business volumes in millions of euros

    According to the latest financial plan, LHV Group’s business volumes will continue to grow significantly this year. The consolidated loan portfolio is set to grow by 17%, i.e. EUR 793 million, over the year to EUR 5.35 billion. Of this, EUR 223 million will come from corporate banking in Estonia and EUR 278 million from retail loans, while in the United Kingdom the plan is to increase lending by EUR 292 million. As a result of the improving economic environment, write-down costs are planned to decrease to EUR 10.2 million in 2025.

    The focus remains on growing deposits. Consolidated deposits are expected to grow by EUR 648 million, i.e. 9%, to EUR 7.56 billion this year. Of the additional deposits, EUR 302 million are to be raised by LHV Pank in Estonia and EUR 388 by LHV Bank in the United Kingdom.

    LHV Pank’s interest income will decrease, but net fee and commission income is planned to increase mainly from higher business volumes resulting from the growth and activation of the client base. It is planned to reduce the bank’s expenses by 2% compared to the previous year, which will be helped by the automation of processes. The goal is to continue to provide the best service to clients in all channels by developing digital channels and supplementing services.

    The number of payments by financial intermediaries reached 75 million in 2024, and it will remain similar this year according to the financial plan.

    In the United Kingdom, in addition to corporate loans, the focus is on introducing retail offering to the market and, consequently, increasing the number of retail clients. In the first half of the year, deposits and direct debits will be added to the new bank app, and the issuance of bank cards will begin. The plans for the second half of the year include the inclusion of other currencies and the opening of accounts for corporate clients. In order to expand the offering, LHV Bank plans to apply for a consumer credit activity licence, join the real-time euro payments scheme, and develop additional payment collection solutions.

    According to the financial plan, the volume of funds managed by LHV will increase by 11% this year to EUR 1.74 billion, i.e. by EUR 177 million. The volumes are supported by increased contributions to the II pension pillar and the opening of the new LHV Euro Bond Fund. Varahaldus continues with an investment strategy that stands out clearly from its competitors, focusing on different high-yield asset classes. The forecast for 2025 does not include earning a success fee from pension funds.

    The gross premiums of LHV Kindlustus will increase by 11% this year to EUR 42 million. It is planned to increase sales volumes and improve efficiency. This should be supported by extending the provision of property insurance to businesses as well. The goal of LHV Kindlustus is to position itself as the most preferred insurance partner on the market.

    In summary, the financial plan for 2025 foresees a 7% decrease in the income of the LHV Group consolidation group to EUR 313 million. Expenditure is expected to increase by 2% to EUR 149.4 million. The company’s net profit for this year is estimated at EUR 125.1 million, which means a decrease of 17% compared to the previous record year. LHV Group’s return on equity (ROE) ratio will remain at 18.1% in 2025 and the company forecasts a cost/income ratio of 47.7%.

    This year, in addition to the decrease in base interest rates, the profitability of LHV Group is affected by the interest expense and increased tax rates associated with the revaluation of liabilities and the growth of volume, while positively increasing efficiency, increasing net fee and commission income and lower write-downs due to the improvement of the economic environment, as well as increasing efficiency.

    Comment by Madis Toomsalu, the Chairman of the Management Board at LHV Group:
    “In recent years, LHV has developed into a financial institution with a significant impact on the Estonian economy. Over the course of five years, the volume of LHV’s loans and deposits has increased by as much as 2.6 times, with new loans issued in Estonia in the amount of EUR 7.6 billion, while the loan portfolio has grown by EUR 2.5 billion during this period. The bank belonging to LHV Group in the United Kingdom has also entered the growth phase from the creation phase, with its share increasing.

    We will continue to be ambitious for the next five years. Of the business volumes, we expect our loan portfolio to double, including a fivefold increase in the loan portfolio in the United Kingdom. We also expect double growth from insurance activities, the volume of funds will increase more than one and a half times. Our goal is to provide the best access to financial services and capital through high-quality relations.

    We want to fulfil our long-term growth ambitions more effectively than before. In Estonia, we continue to innovate technology, the main keywords here are moving systems to the cloud and thoroughly updating the data strategy. In the United Kingdom, we are opening the direction of retail banking, and throughout the year we are developing new products there.

    In 2024, we will continue to grow business volumes to offset falling interest rates. However, the net profit will fall as planned, partly due to the increase in the advance income tax of the banks to 18%, which effectively is the taxation of current profits. The return on equity is influenced by capitalization that, supported by strong results, has grown above the optimal level and which, according to the financial plan, does not find fully efficient use within the group.”

    Financial forecast for 2025–2029

    AS LHV Group discloses its financial forecast for the next five years. The forecast has been prepared on the basis of the assumptions that the Estonian economy will grow from 2025, tax rates in Estonia will rise, and base interest rates will fall rapidly until mid-2025. It is expected that the long-term dividend policy will be maintained, that capital layers will be optimised, and that LHV Varahaldus will earn a success fee from 2026.

    Key indicators FP2025 FP2026 FP2027 FP2028 FP2029
    Profit before taxes  153.4 192.5 233.1 287.6 328.5
    Net profit 125.1 154.0 184.7 229.2 268.5
    Deposits  7,558 8,473 9,485 10,339 11,375
    Loans 5,345 6,227 7,099 7,956 8,865
    Volume of funds  1,735 1,978 2,233 2,497 2,774
    Number of payments related to financial intermediaries (million pcs) 75 75 75 76 76
    Cost/income ratio 47.7% 42.3% 38.3% 34.8% 32.9%
    ROE (before taxes; owners’ share) 22.1% 25.1% 26.8% 29.1% 29.6%
    ROE* (from net profit; owners’ share) 18.1% 20.1% 21.2% 23.2% 24.1%
    Capital adequacy 21.0% 20.4% 20.8% 20.6% 20.3%

    * Calculated on the basis of the average end-of-month equity volumes
    Business volumes in millions of euros

    According to the long-term forecast, all important business volumes of LHV will grow organically over the next five years. The volume of loans will increase 1.9 times to EUR 8.87 billion in five years, with corporate loans increasing by EUR 1.2 billion, home loans by EUR 1.4 billion, and the United Kingdom loan portfolio by EUR 1.4 billion. The volume of deposits will increase by 65% to EUR 11.38 billion. The volume of funds will increase by 78% to EUR 2.77 billion in five years.

    According to the financial forecast, within five years, revenue will grow faster than expenditure, with revenue from the United Kingdom taking on an increasing share. Costs are increasing mainly due to increased labour costs and IT costs. Due to changes in the economic environment and the growth of the credit portfolio, costs from write-downs will decrease in 2025, but they are expected to increase in the future.

    According to the five-year forecast, LHV’s consolidated net profit will reach nearly EUR 268.5 million by 2029, with an average annual growth of 12%. Although this year the return on equity will be below the long-term target of 20%, it is planned to exceed it in the coming years. The Group’s cost/income ratio continues to decline.

    LHV Group will amend the financial plan for 2025 if it becomes likely that the planned net profit will differ by more than 10% from the financial plan. The company will update its five-year forecast in early 2026.

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

    To introduce the financial plan, LHV will organise an investor meeting (in Estonian) on 13 February at 9.00 via Zoom, the online seminar environment. Investors and interested parties are invited to register at: https://lhvbank.zoom.us/webinar/register/WN_h9xQnBP2Qj-Gaa3m6DIRnA.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of December, LHV’s banking services are being used by nearly 460,000 clients, the pension funds managed by LHV have 114,000 active clients, and LHV Kindlustus is protecting a total of 170,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

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

    Attachment

    The MIL Network –

  • MIL-OSI: Unaudited financial results of Coop Pank for Q4 and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Coop Pank’s business results for 2024 were positively impacted by solid business volume growth – both the number of customers and the loan portfolio showed strong growth. The overall economic and interest rate environment had a negative impact on business results.

    Over the year, the number of Coop Pank customers increased by 26,000 (+14%) and the number of active customers increased by 17,400 (+21%). Of the new customers, 23,000 were private customers and 3,000 were business customers. By the end of 2024, the number of Coop Pank customers reached 208,000, of which 99,400 were active customers.

    By the end of 2024, deposits of Coop Pank reached 1.89 billion euros, increased by 164 million euros (+10%) over the year. Term deposits increased by 7% over the year and demand deposits by 15%. The bank’s financing cost increased over the year from the level of 2.4% to the level of 3.3%. The market share of the bank’s deposits increased from 6.0% to 6,1% over the year.

    By the end of 2024, loan portfolio of Coop Pank reached 1.77 billion euros, increased by 283 million euros (+19%) over the year. Business loans and home loans made the biggest contribution to portfolio growth. Business loans portfolio increased by 129 million euros (+20%) and home loan portfolio increased by 121 million euros (+20%). Leasing portfolio increased by 24 million euros (+16%) and consumer finance portfolio increased by 9 million euro (+9%). The market share of the bank’s loans increased from 6.0% to 6.3% over the year.

    In 2024, the quality of the loan portfolio remained very good, despite of the changes in the economic environment. To cover possible loan losses, 4.6 million euros provisions were made in 2024 – that was 26% less than a year earlier. The cost ratio for credit risk decreased from 0.5% to 0.3%.

    The net income of Coop Pank reached 81.9 million euros, decreased by 3.3 million euros (-4%) over the year. Net interest income decreased 3.7 million euros (-5%) over the year. Net service fee revenues decreased 0.5 million euros (-10%) over the year. The bank’s operating cost reached 40.6 million euros, increased by 5.4 million euros (+16%) over the year. Personnel, IT and marketing costs continued to make up the largest part of operating costs.

    Net profit of Coop Pank in 2024 was 32.2 million euros, decreased by 18% over the year. The bank’s cost / income ratio increased from 41% to 50% over the year and the return on equity decreased from the level from 23.5% to 16.2% – similar level was also seen in 2022.

    As of 31 December 2024, Coop Pank has 35,885 shareholders.

    Results in Q4

    In Q4 2024, the number of the bank’s customers increased by 6,000 (+3%), of which 5,000 were private customers and 1000 were corporate customers. By the end of the year 2024, Coop Pank had 208,000 daily banking customers.

    In Q4 2024, the volume of deposits increased by 47 million euros (+3%) and reached 1.89 billion euros by the end of the year. Over the quarter, the volume of demand deposits decreased by 14 million euros and the volume of term deposits increased by 61 million euros.

    The bank’s net loan portfolio increased by 113 million euros (+7%) over the quarter, reaching 1.77 billion euros by the end of the year. The volume of corporate loans increased by 73 million euros and the volume of home loans increased by 32 million euros. Consumer financing increased by 5 million euros and leasing by 4 million euros.

    In Q4 2024, Coop Pank earned a profit of 6.4 million euros, which is 26% less than in Q3 and 24% less than in the same period last year. Quarterly profitability was negatively impacted primarily by the interest rate environment, which was partially offset by business volume growth.

    Comments of the CEO of Coop Pank Margus Rink:

    “To evaluate Coop Pank’s activities and results in 2024, it is essential to consider the broader context. We operate in an environment shaped by rising base interest rates during 2022–2023, which resulted in decreased purchasing power, diminished corporate investment appetite, and a cooling economy. In 2024, we reached the bottom of the economic downturn, and gradually, signs began to emerge that set the stage for a cyclical turnaround: base interest rates are now declining, real wages have increased over recent quarters, tax changes have been fixed for the coming years, energy prices are stable, and entrepreneurs are dusting off business plans that were shelved.

    Based on this context, Coop Pank’s performance in 2024 was influenced by two factors. First – declining interest rates. This was an independent process beyond our control, which simultaneously significantly reduced both our interest income and interest expenses at the same time. Secondly, the growth of business volumes. This factor depended entirely on us. As a growth-focused bank, we worked hard and managed to increase business volumes (loan portfolio size, customer base) by approximately 19% during the year of economic downturn. This is 2–3 times higher than the overall Estonian banking market. This achievement is one we are proud of.

    In 2024, our customer base grew by 26 000 (+14% YoY). Increasingly, account openings are followed by customers switching their primary banking relationship to Coop Pank. At the same time, this also represents our greatest challenge moving forward. Primary banking relationships bring growth in demand deposits and help lower financing costs. Currently, demand deposits constitute only one-third of our total deposits.

    Coop Pank’s loan portfolio grew by 283 million euros (+19% YoY) in 2024. Throughout the year, home loans and car leasing showed strong growth, indicating that demand for personal loans remained solid despite the challenging economic environment. Demand for business loans was low during the first half of the year. In the fall, demand emerged, and in the final months of the year, we achieved significant growth in the business loan portfolio. Demand for consumer loans remained weak throughout the year. The quality of the loan portfolio remained strong all year.
    Coop Pank’s net profit for 2024 amounted to 32,2 million euros, decreasing 8%. The decline in profit was primarily caused by the low-interest economic environment, which could not be offset by 19% growth in business volumes.

    We adhered to our current dividend policy and distributed 25% of the consolidated group’s 2023 pre-tax profit as dividends, amounting to a net total of 8.9 million euros (8.7 cents per share, nearly double the amount of the previous year. In addition, 2 million euros in income tax on dividends was paid. Over 98% of the dividends were paid into the accounts of Estonian individuals and companies. By the end of the year, Coop Pank had 35 885 shareholders.

    In 2024, we further expanded our role as contributors to society. While we have previously contributed the advancement of life in Estonia primarily through our extensive branch network and Coop stores’ cash network, we have now begun directly supporting Estonia’s defense capabilities with the innovative Kaardivägi client program. Additionally, Coop Pank became a major sponsor of both the national volleyball team and Estonian decathletes. Furthermore, in collaboration with the TalTech Arengufond, we started awarding scholarships.

    Last year, a public discussion arose about teachers’ workload and salaries. We responded quickly and started offering teachers mortgage loans on favorable terms, a program we are continuing this year. In collaboration with the Estonian startup Montonio Finance, we also launched the most competitive e-commerce payment solution for merchants.

    Beginning of 2024, we secured a subordinated loan of 15 million euros to support the bank’s growth strategy. This is a capital instrument classified as part of the bank’s Tier 2 own funds.

    Eesti Pank designated Coop Pank as a systemically important credit institution, justifying its decision by stating that the bank’s significance in Estonia’s financial system has steadily increased in recent years. The rating agency Moody’s affirmed Coop Pank’s Credit rating on the level Baa2 and raised outlook to positive. This confirms that the bank is trustworthy with solid capital base and high quality of the loan portfolio even in difficult times and has shown good profitability.

    In November, on the proposal of Estonian Financial Supervision Authority, the European Central Bank granted to the bank an additional activity license enabling the issuance of covered bonds. The actual issuance, including the timing, volume, and other conditions, will be decided by the bank based on market conditions and the bank’s financing needs.

    Coop Pank’s strategic goal is to increase its market share in Estonia to 10% by the beginning of 2027 and grow its loan portfolio to at least 2 billion euros. This will position us as the primary bank for more than one in ten Estonians – amounting to at least 150 000 active customers. Through business volume growth, the bank aims to operate with high efficiency (cost-to-income ratio below 50%) and deliver a solid return on equity (ROE of at least 15%).

    I would like to thank all Coop Pank customers, shareholders, and employees for the year 2024. Our goal is to build Coop Pank into a success story for everyone: a success story for customers, shareholders, employees and society alike.”

    Income statement, in th. of euros Q4 2024 Q3 2024 Q4 2023 12M 2024 12M 2023
    Net interest income 19 148 20 021 20 594 77 570 81 265
    Net fee and commission income 1 303 1 040 1 489 4 358 4 847
    Net other income -483 167 -1 666 -45 -908
    Total net income 19 968 21 228 20 415 81 883 85 204
    Payroll expenses -6 007 -6 138 -5 495 -23 411 -20 234
    Marketing expenses -788 -593 -912 -2 690 -2 587
    Rental and office expenses, depr. of tangible assets -798 -729 -678 -3 097 -2 776
    IT expenses and depr. of intangible assets -1 731 -1 579 -1 363 -6 189 -4 803
    Other operating expenses -1 473 -1 221 -1 498 -5 189 -4 728
    Total operating expenses -10 797 -10 261 -9 948 -40 575 -35 128
    Net profit before impairment losses 9 171 10 967 10 468 41 306 50 076
    Impairment costs on financial assets -1 821 -1 022 -1 148 -4 643 -6 302
    Net profit before income tax 7 351 9 945 9 322 36 663 43 774
    Income tax expenses -957 -1 296 -935 -4 486 -4 570
    Net profit for the period 6 393 8 649 8 386 32 178 39 204
               
    Earnings per share, eur 0,06 0,08 0,08 0,31 0,38
    Diluted earnings per share, eur 0,06 0,08 0,08 0,31 0,38
    Statement of financial position, in th. of euros 31.12.2024 30.09.2024 31.12.2023
    Cash and cash equivalents 343 678 404 472 428 354
    Debt securities 37 751 37 445 36 421
    Loans to customers 1 774 118 1 661 152 1 490 873
    Other assets 33 066 31 956 30 564
    Total assets 2 188 614 2 135 025 1 986 212
    Customer deposits and loans received 1 886 145 1 838 626 1 721 765
    Other liabilities 27 683 28 026 28 435
    Subordinated debt 63 148 63 410 50 187
    Total liabilities 1 976 977 1 930 062 1 800 387
    Equity 211 637 204 963 185 825
    Total liabilities and equity 2 188 614 2 135 025 1 986 212

    The reports of Coop Pank are accessible at: https://www.cooppank.ee/aruandlus.

    Coop Pank will hold an Investor Webinar for the introduction of its financial results, which is scheduled at 09:00 on 13 February 2025. To participate, please register in advance via the following link: https://bit.ly/CP-veebiseminar-registreerimine-13-02-2025

    The webinar will be recorded and posted on the company’s website www.cooppank.ee and YouTube account.

    Coop Pank, which is based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 208,000 everyday banking customers. 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 owner of the bank is the local retail chain Coop Estonia, which has a sales network of 320 stores.

    Further information:
    Margus Rink
    Chief Executive Office
    Email: margus.rink@cooppank.ee

    Attachments

    The MIL Network –

  • MIL-OSI: KBC Group: Fourth-quarter result of 1 116 million euros

    Source: GlobeNewswire (MIL-OSI)


    KBC Group – overview (consolidated, IFRS)    		 4Q2024 3Q2024 4Q2023 FY2024 FY2023
    Net result (in millions of EUR) 1 116 868 677 3 415 3 402
    Basic earnings per share (in EUR) 2.75 2.14 1.59 8.33 8.04
    Breakdown of the net result by business unit (in millions of EUR)          
    Belgium 487 598 474 1 846 1 866
    Czech Republic 238 179 102 858 763
    International Markets 175 205 178 751 676
    Group Centre 215 -114 -77 -40 97
    Parent shareholders’ equity per share (in EUR, end of period) 56.6 54.1 53.9 56.6 53.9

    ‘We recorded a net profit of 1 116 million euros in the last quarter of 2024. Compared to the result of the previous quarter, our total income benefited from several factors, including higher net interest income, increased insurance revenues and sharply higher net fee and commission income driven by an excellent business performance. This clearly illustrates how our integrated customer offering strongly contributes to income growth and income diversification. These items were partly offset by a decrease in trading & fair value income and lower net other income. 

    Our loan portfolio continued to expand, increasing by 2% quarter-on-quarter and by 5% year-on-year. Customer deposits – excluding volatile, low-margin short-term deposits at KBC Bank’s foreign branches – were up 2% quarter-on-quarter and 7% year-on-year, with the latter figure benefiting from the successful return of customer funds after the Belgian state note had matured in the previous quarter.

    Operational expenses were up in the quarter under review but remained perfectly within our full-year 2024 guidance. Insurance service expenses were lower, as the previous quarter had been impacted by storms and floods in Central Europe (especially Storm Boris). Loan loss impairment charges, excluding the reserve for geopolitical and macroeconomic uncertainties, were down on the level recorded in the previous quarter, leading to a credit cost ratio of 16 basis points for full-year 2024, well below our guidance figure. Including the reserve for geopolitical and macroeconomic uncertainties, the credit cost ratio stood at 10 basis points for full-year 2024. We also recorded a one-off tax benefit of 318 million euros in the quarter under review, due to the forthcoming liquidation of Exicon (the remaining activities of KBC Bank Ireland).

    Consequently, when adding up the four quarters of the year, our full-year net profit amounted to an excellent 3 415 million euros, slightly up year-on-year.

    On the sustainability front, we are proud to be included for the third consecutive year in the CDP Climate A List. This recognition highlights KBC’s leading role in climate-related disclosures and actions.

    Our solvency position remained strong, with a fully loaded common equity ratio of 15.0% at the end of December 2024. Our liquidity position remained very solid too, as illustrated by an LCR of 158% and NSFR of 139%. Our Board of Directors has decided to propose a total gross dividend of 4.85 euros per share to the General Meeting of Shareholders for the accounting year 2024. That amount includes 0.70 euro per share already paid in May 2024, reflecting the surplus capital above the 15% fully loaded CET1 threshold per end 2023 and 4.15 euros per share, of which an interim dividend of 1 euro per share was already paid in November 2024 and the remaining 3.15 euros per share to be paid in May 2025. When including the proposed dividend of 4.15 euros per share and additional tier-1 coupon, the pay-out ratio would amount to approximately 51% of 2024 net profit.

    Lastly, we have also updated our short-term financial guidance. For 2025, we are aiming to achieve an annual growth rate of at least 5.5% for total income and an annual growth rate of below 2.5% for operating expenses excluding bank and insurance taxes. Furthermore, we also want to achieve a combined ratio of maximum 91% in non-life insurance.

    In closing, I would like to sincerely thank all our customers, employees, shareholders and all other stakeholders for their trust and support, and assure them that we remain committed to being the reference in bank-insurance, innovation and digitalisation in all our home markets.’ 

    Johan Thijs
    Chief Executive Officer

    Attachments

    The MIL Network –

  • MIL-OSI: DNO Shares Traded Ex-Dividend

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 13 February 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that the Company’s shares will be traded ex-dividend effective 13 February 2025.

    A dividend payment of NOK 0.3125 per share will be made on or about 21 February 2025 to all shareholders of record as of 14 February 2025.

    –

    For further information, please contact:

    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and section 4.2.5.3 of Euronext Oslo Rulebook II.

    The MIL Network –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 13, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 2,75,000
    Total amount of bids received (in ₹ crore) 2,35,619
    Amount allotted (in ₹ crore) 2,35,619
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) N.A.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2142

    MIL OSI Economics –

  • MIL-Evening Report: Here’s why some people still evade public transport fares – even when they’re 50 cents

    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

    Public transport in Queensland now costs just 50 cents. Yet in the first six months of the trial, it’s been revealed that thousands of commuters were fined for fare evasion.

    More than 3,000 people received fines of A$322 each, amounting to more than $1 million in penalties. And more than 21,000 were issued warnings over this period.

    Queensland’s 50 cent fares trial was designed to boost ridership and ease cost-of-living pressures. Now it has exposed a paradox: why do people evade fares even when the price is nearly free?

    Fare evasion isn’t just a Queensland problem — it’s a nationwide challenge. Queensland’s experience raises bigger questions about enforcement, policy, and the role of public transport funding.

    A nationwide challenge

    Across the country, fare evasion drains millions from state public transport budgets. In New South Wales, for example, fare evasion costs the state government about $80 million each year.

    The latest NSW Fare Compliance Survey inspected 52,152 tickets, including Opal cards, contactless payments, and single-trip tickets, across the NSW public transport network.

    Fare evasion costs the NSW government $80 million a year.
    Gordon Bell/Shutterstock

    It found most non-compliance came down to passengers travelling without a valid ticket. This included not only those customers carrying no ticket at all, but also those who did have an Opal or other payment card but hadn’t tapped on.

    Another form of non-compliance was when passengers used concessions for which they weren’t eligible.

    The survey also highlighted variations in compliance – across different modes of transport, times of day and days of the week.

    Overall, compliance did not significantly differ between weekends and weekdays.

    Looking at weekday use, Sydney Metro had the highest compliance rate at 97%. This was followed by Sydney Ferries (95.9%), all trains (93.6%), Sydney Light Rail (91%) and all buses (89.2%).

    Who evades fares and why?

    Fare evasion isn’t just about people trying to save money. Research shows there are different types of fare evaders, ranging from habitual dodgers to those who evade unintentionally.

    An international study on Santiago’s Transantiago system found that evaders could be categorised into four groups:

    • radical evaders who view non-payment as a form of protest
    • strategic evaders who evade when they believe the risk of being caught is low
    • ambivalent evaders who sometimes pay but don’t always see the value in it
    • accidental evaders who forget or run into ticketing system barriers.

    A separate study in Melbourne also identified a wide spectrum of attitudes on fare evasion, from those who consider it morally wrong to those who take calculated risks based on enforcement patterns.

    Does lowering fares reduce evasion?

    Queensland’s 50-cent fare trial presents a real-world test of a long-standing question: does cheaper public transport reduce fare evasion?

    Our calculations using the state’s early data show a 27% drop in fare evasion fines since the trial began, compared with the same period in the previous year.

    This aligns with the idea that fare evasion is, at least partially, a rational economic decision. When the price is lower, the incentive to evade diminishes – though it does not completely disappear.

    Modelling evidence from Santiago’s bus system also suggests price sensitivity, but with caveats. A 10% increase in fares led to a two-percentage-point rise in fare evasion.

    The role of trust and public perception

    A surprising insight from research is that fare evasion isn’t just an economic decision. It’s a social one, too.

    When passengers perceive the system as unfair (due to factors such as unreliable service, high fares or lack of investment), fare evasion rises.

    Further, if fare dodging behaviour is normalised within a city or demographic, it spreads like contagion.

    Studies have suggested that permissive social attitudes toward fare evasion are as strong a predictor as actual financial hardship.

    The limits of enforcement

    Most transit agencies rely on two standard deterrents: more ticket inspections, and harsher fines for fare evaders.

    Does this approach work? Research suggests only to a point.

    All states and territories have had to grapple with the issue of fare evasion.
    Adam Calaitzis/Shutterstock

    Empirical evidence suggests that potential evaders are more deterred by the certainty of getting caught than by the size of the fine.

    In other words, the visibility of inspectors matters more than the penalty itself. For many, the social stigma of getting caught is a key factor, regardless of how big the penalty is.

    A crucial question in the Queensland debate is: if public transport is already nearly free, does fare evasion even matter?

    The lost revenue from the unpaid fares by those who were issued a fine over the period in question amounts to just $1,663.

    Depending on the level of crackdown, at such low fees, enforcement measures could easily end up costing more than the revenue lost. Security patrols, inspections and fine processing can amount to significant costs.

    Why it matters

    There are at least two key factors to consider in relation to whether cracking down on evaders is worth it.

    First, allowing widespread fare evasion could erode social norms around paying for public services. If the expectation of compliance disappears, what happens if fares rise again?

    And second, even when fares are zero or near-zero, requiring passengers to validate a ticket (such as by tapping on and off) allows transport agencies to track demand, plan services, and prevent system abuse.

    Even in Tallinn, Estonia — where residents ride for free — tap-ons are still required for data collection and preventing system abuse.

    Even at 50 cents a trip, authorities still expect public transport to function within a structured system, with rules that encourage accountability and predictability.

    But enforcement alone won’t solve fare evasion. Winning public trust is just as important as enforcing rules. Investing in better service quality, reliability and community engagement can be as effective as increasing inspections.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Here’s why some people still evade public transport fares – even when they’re 50 cents – https://theconversation.com/heres-why-some-people-still-evade-public-transport-fares-even-when-theyre-50-cents-249739

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Sp Mortgage Bank Plc: Savings Banks Group’s Release of Financial Statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    Sp Mortgage Bank Plc 

    Stock Exchange Release 
    13th February 2025 at 6.55 am (CET +1) 

    Savings Banks Group’s Release of Financial Statements for 2024 has been published. 

    Document containing the Financial Statements Release is attached to this release. The Financial Statements Release can be also found at www.saastopankki.fi. 

    SAVINGS BANKS GROUP 

    Additional information: 

    Kai Koskela
    acting CEO  
    Savings Banks’ Union Coop  
    kai.koskela@sastopankki.fi 
    +358 40 549 0430  

    Attachment

    The MIL Network –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Annual Financial Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published. 

    Stock Exchange Release 
    13th of February 2025 at 6.55 am (CET +1) 

    The materials are attached to this release and available in English and Finnish at www.saastopankki.fi. 


    Further information:      

    Kai Brander
    Managing Director  
    Central Bank of Savings Banks Finland Plc 
    kai.brander@saastopankki.fi 
    +358 50 384 8220 

    Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services. 

    Attachment

    The MIL Network –

  • MIL-OSI: Sp Mortgage Bank Plc: Annual Financial Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Sp Mortgage Bank Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published. 

    Sp Mortgage Bank Plc 
    Stock Exchange Release 
    13th of February 2025 at 6.55 am (CET +1) 

    The materials are attached to this release and available in English and Finnish at www.saastopankki.fi. 

    Sp Mortgage Bank Plc 

    Further information: 

    Tero Kangas
    Managing Director  
    Sp Mortgage Bank Plc 
    tero.kangas@saastopankki.fi 
    +358 50 420 1022 

    Sp Mortgage Bank Plc is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group’s mortgage-secured funding by issuing covered bonds. 

    Attachment

    The MIL Network –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Savings Banks Group’s Release of Financial Statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc  

    Stock Exchange Release  
    13th February 2025 at 6.55 am (CET +1)  

    Savings Banks Group’s Release of Financial Statements for 2024 has been published.  

    Document containing the Financial Statements Release is attached to this release. The Financial Statements Release can be also found at www.saastopankki.fi.  

      

    SAVINGS BANKS GROUP  

    Additional information:  

    Kai Koskela
    acting CEO  
    Savings Banks’ Union Coop  
    kai.koskela@sastopankki.fi 
    +358 40 549 0430   

    Attachment

    The MIL Network –

  • MIL-Evening Report: This is Australia’s only icebreaker. Here’s why experts say we need another

    Source: The Conversation (Au and NZ) – By Jane Younger, Lecturer in Southern Ocean Vertebrate Ecology, Institute for Marine and Antarctic Studies, University of Tasmania

    Australia’s Antarctic territory represents the largest sliver of the ice continent. For decades, Australian scientists have headed to one of our three bases – Mawson, Davis and Casey – as well as the base on sub-Antarctic Macquarie Island, to research everything from ecology to climate science.

    But despite our role as leaders in Antarctic science, Australian funding and logistics for Antarctic research hasn’t kept pace. Our single icebreaking vessel spends most of its time on resupply missions, restricting its use for actual science. And funding is often piecemeal, which makes it hard to plan the complex, multi-year efforts it takes to do research down on the ice.

    This week, we saw a welcome change. The federal parliamentary committee on Australia’s external territories delivered a report calling for a second icebreaking vessel and more reliable funding. It also urged the government to progress work on marine protected areas in east Antarctica as well as resume fishing patrols, due to concern over illegal or exploitative fishing.

    These measures are long overdue. For those of us who work and study on the ice continent, logistics and funding have long been a challenge. Illegal fishing in Antarctica must be stamped out, and a second vessel would support our ambitious, world-leading science.

    Why is Antarctic science so important?

    Antarctica is often out of sight, out of mind for many Australians. But what happens on the ice doesn’t stay there.

    For climate science, Antarctica matters a great deal. For decades, much of the concern about melting ice focused on the Arctic and Greenland, while Antarctica stayed relatively stable. But this is now changing. Sea ice is melting more quickly than in the past. Glacial ice is retreating. Increased melting will affect sea level rise and ocean currents.

    I study diseases such as the lethal strain of bird flu which has devastated bird and some mammals populations around the world. It recently reached Antarctica, where it killed large numbers of penguins, skuas, crabeater seals and more. I saw the devastation myself on my recent journey there.

    If this strain makes it to Australia – the last continent free of it – it could come from the south and devastate both Australian wildlife and poultry.

    To study these large and important changes, we need to be down there on the ice. It’s not an easy task. Keeping our bases functional means we need regular resupply missions. Repairs and extensions require tradies. Scientists and other workers need to be brought home.

    Antarctic science has long relied on just one vessel, now the RSV Nuniya, which the Australian Antarctic Division describes as the “main lifeline to Australia’s Antarctic and sub-Antarctic research stations and the central platform of our Antarctic and Southern Ocean scientific research”.

    The problem is, resupply can trump science. After all, no one wants bases running short of food or fuel. This is, in fact, what the Nuniya is largely doing.

    Australia’s role is key

    The Australian Antarctic Territory represents about 40% of the ice continent – the largest territory by far.

    Territory, here, doesn’t mean exclusive rights. In 1959, 12 nations with a scientific interest in the ice continent signed the Antarctic Treaty. This treaty was an agreement that Antarctica – the only landmass with no indigenous human presence – would be reserved for peaceful, scientific purposes.

    But in recent years, this treaty has come under pressure. Nations such as Norway and China have expanded fishing operations for krill. Illegal and unregulated fishing from various nations continues.

    The report recommends the Australian government continue efforts to establish a marine protected area off East Antarctica – where fishing would be restricted – as well as reopening fishing patrols. China – which recently opened its fifth Antarctic base – is opposed to the idea of fishing-free zones and is pushing to expand fishing in the Southern Ocean.

    Under Antarctica’s ice lie many resources. Mining is banned in Antarctica until 2048. What happens after that is uncertain. The race to tap critical minerals in Greenland signals what may lie ahead for Antarctica.

    This is why Australia’s leadership in Antarctic science matters. Australia was an original signatory to the Antarctic Treaty, and has a long history of exploration and science. Hobart has long been the home of Australia’s Antarctic vessels.

    As Antarctica changes, Australian scientists must be there to analyse, understand and report back. To do that, improvements are needed, including new vessels and longer-term funding. This report is the first step.

    The government is yet to formally respond to the report’s recommendations. Let’s hope it takes heed of the findings.

    Jane Younger receives funding from the Australian Research Council, WIRES Australia, the Geoffrey Evans Trust and the National Geographic Society.

    – ref. This is Australia’s only icebreaker. Here’s why experts say we need another – https://theconversation.com/this-is-australias-only-icebreaker-heres-why-experts-say-we-need-another-249714

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Short-term politics keeps stalling long-term fixes. This bill offers a way forward

    Source: The Conversation (Au and NZ) – By Susan Harris Rimmer, Professor, Griffith Law School, Griffith University

    Two federal politicians from opposing camps reached across the aisle this week to promote a valuable cause – the wellbeing of future Australian generations.

    Independent MP Sophie Scamps tabled the Wellbeing of Future Generations Bill 2025, which was seconded by Liberal backbencher Bridget Archer.

    In an election year no less, this was a highly unusual moment of bipartisan collaboration.

    It is extremely rare for private members bills to be passed into law. But the ideas in the Scamps bill have merit – especially its central recommendation that all decision makers properly consider the needs of young people when drafting government policy.

    The bill was a direct response to a diverse civil society campaign in Australia and overseas to prioritise long term solutions to deliver a fairer, more sustainable future.

    We support those efforts through our involvement in the youth-driven non-profit Foundations for Tomorrow, which worked closely with Scamps on her bill.

    What is in the bill?

    The bill would introduce a range of measures to try and apply a future focus to decision making across the policy spectrum. This includes housing, environment, climate change, mental health and job security, all of which are pressing issues for young people.

    An independent Commissioner for Future Generations would be appointed to advocate for better policies and sustainable practices, while the government would have a public duty to always consider the best interests of future generations.

    Importantly, a national conversation would be launched to engage Australians in a public consultation to help shape the nation’s vision for the future.

    What is future governance?

    Globally, we are in a state of polycrisis.

    We are confronting cascading climate disasters, intense regional conflicts and geo-strategic competition. In response to this, a growing international movement representing the interests of future generations has emerged.

    The concept incorporates an approach to decision making that overcomes the trappings of short-term, inadequate solutions. Instead, the emphasis is on planning for the future, not just the here and now.

    Here in Australia, it aspires to future-proof the country by managing extreme, long-term risks that are damaging current and future prosperity.

    Growing inequality is showing up in many policy areas, none more so than in the housing wealth gap between people in their 30s and 50s, which has widened to an extraordinary 234%.

    By improving governance, it is hoped that intergenerational justice will be achieved. This ethical lens is compatible with the Australian Public Service value of good stewardship.

    A global movement

    Many countries, including Scotland, Finland, the United Arab Emirates and Singapore, are exploring ways to reorient their policy making towards a better understanding of long-term impacts of decisions taken now. It has also been taken up by the United Nations and the European Union.

    The Australian bill is based on the experience in Wales, where similar legislation was introduced in 2015.

    The Welsh model has delivered significant practical benefits by including community involvement in planning, and protecting essential services from election cycles. For instance, environmental protection has been given higher status in decision making about transport.

    The Australian landscape

    Australia has undertaken other efforts to think long term. The Intergenerational Report was launched by former treasurer Peter Costello in 2002 to build consensus around the big issues facing Australia over the next 40 years.

    The most recent report, in 2023, identified five major areas needing future generations policy. These were population and ageing, technological and digital transformation, climate change and the net zero transformation, rising demand for care and support services, and geopolitical risk and fragmentation.

    The ideas in the Wellbeing of Future Generations bill could help guide policy in these critical areas. It would be an improvement on our current approach of recognising issues, but constantly kicking the can down the road.

    There have been other excellent future generations measures at all levels of government. One of these is the Albanese government’s commitment to the Measuring What Matters framework.

    And there is merit in independent Senator David Pocock’s Duty of Care Bill and the establishment of the Parliamentary Group for Future Generations at the Commonwealth level.

    An increasing number of leaders and policy makers are recognising the power and potential of expanding our definitions of policy success.

    Young voters and the 2025 election

    However, much more needs to be done to overcome intergenerational inequities. Policy-making continues to be driven by short-term political objectives, which is eroding trust and optimism in Australia’s future.

    In a 2021 survey for Foundations for Tomorrow, 71% of young Australians said said that they “do not feel secure”. Young people are also drifting away from supporting the major parties, especially the Coalition.

    Tabling her bill, Scamps correctly pointed out that today’s young Australians are the first generation in modern history to be worse off than their parents.

    Australians want politicians to start thinking beyond their own re-election prospects. They want long term solutions, they want vision, they want hope. We owe them that much.

    A recent survey by EveryGen (a network convened by Griffith University’s Policy Innovation Hub) found that 81% of Australians feel that politicians focus too much on short-term priorities. An overwhelming 97% of people believe that current policies must consider the interests of future generations.

    Genuine futures thinking is not always easy. But it does add an important ethical dimension to decision making, that of real attention to political legacy.

    Susan Harris Rimmer receives funding from the Australian Research Council. She is affiliated with Foundations for Tomorrow as a board member who are running the For the Future campaign, and is founder of the EveryGen network. EveryGen is a member of the Intergenerational Fairness Coalition.

    Elise Stephenson receives funding from the Australian Research Council. She is a founding member of the EveryGen network and supporter of Foundations for Tomorrow. EveryGen is a member of the Intergenerational Fairness Coalition.

    – ref. Short-term politics keeps stalling long-term fixes. This bill offers a way forward – https://theconversation.com/short-term-politics-keeps-stalling-long-term-fixes-this-bill-offers-a-way-forward-249598

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country

    Source: Reserve Bank of India

    RBI//2024-2025/113
    A.P. (DIR Series) Circular No. 20

    February 13, 2025

    All Category – I Authorised Dealer Banks

    Madam/Sir

    Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the
    Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol
    Vessels (OPV) in the Borrower’s Country

    Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 31, 2024, with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 180 mn (USD One Hundred Eighty Million Only) for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country. The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.

    2. The Agreement under the LoC is effective from January 20, 2025. Under the LoC, the last date for disbursement will be 60 months after scheduled completion date of the project.

    3. Shipments under the LoC shall be declared in Export Declaration Form/Shipping Bill as per instructions issued by the Reserve Bank from time to time.

    4. No agency commission is payable for export under the above LoC. However, if required, the exporter may use his own resources or utilize balances in his Exchange Earners’ Foreign Currency Account for payment of commission in free foreign exchange. Authorised Dealer (AD) Category- I banks may allow such remittance after realization of full eligible value of export subject to compliance with the extant instructions for payment of agency commission.

    5. AD Category – I banks may bring the contents of this circular to the notice of their exporter constituents and advise them to obtain complete details of the LoC from the Exim Bank’s office at Centre One, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai 400 005 or from their website www.eximbankindia.in.

    6. The directions contained in this circular have been issued under section 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law.

    Yours faithfully

    (N Senthil Kumar)
    Chief General Manager

    MIL OSI Economics –

  • MIL-OSI China: US stocks close mixed after hot inflation data

    Source: China State Council Information Office

    U.S. stocks ended mixed on Wednesday, as the unexpected rise in inflation led to speculation that the Federal Reserve may delay interest rate cuts to manage the economy’s overheating.

    The Dow Jones Industrial Average declined by 225.09 points, or 0.50 percent, ending at 44,368.56. The S&P 500 decreased by 16.53 points, or 0.27 percent, to close at 6,051.97. In contrast, the Nasdaq Composite Index edged up by 6.09 points, or 0.03 percent, finishing at 19,649.95.

    Within the S&P 500’s 11 primary sectors, nine closed in negative territory. Energy and real estate sectors led the declines, losing 2.69 percent and 0.91 percent, respectively. Conversely, consumer staples and communication services sectors posted gains, rising 0.23 percent and 0.04 percent, respectively.

    The U.S. Bureau of Labor Statistics reported Wednesday that the consumer price index (CPI), a comprehensive measure of the costs of goods and services across the U.S. economy, accelerated by 0.5 percent on a seasonally adjusted basis for the month, pushing the annual inflation rate to 3 percent. This outcome surpassed the estimates, which had predicted a 0.3 percent monthly increase and a 2.9 percent annual rate, with the annual rate rising by 0.1 percentage point compared to December.

    Excluding volatile food and energy prices, the CPI advanced by 0.4 percent for the month, resulting in a 12-month inflation rate of 3.3 percent — again beating the respective forecasts of 0.3 percent and 3.1 percent — and the annual core rate was up by 0.1 percentage point from December.

    “Shelter costs continue to be the main driver of core inflation as higher mortgage rates push more Americans into a rental market in which vacancy rates are near record lows,” said Erik Norland, chief economist at CME Group. “Traders appear to believe that today’s data make additional Fed cuts less likely than they had expected previously.”

    “The ‘wait and see’ Fed is going to be waiting longer than anticipated after a red-hot January CPI inflation report,” wrote Josh Jamner, investment strategy analyst at ClearBridge Investments. “This report puts the final nail in the coffin for the rate cut cycle, which we believe is over.”

    Market expectations have shifted, with traders now pricing the next rate cut to occur no earlier than September, even as Fed Chair Jerome Powell cautioned against reading too much into the latest CPI report. “We don’t get excited about one or two good readings and we don’t get excited about one or two bad readings,” Powell said in testimony before the House Financial Services Committee.

    Powell reiterated Wednesday that while the Fed has made “great progress” in bringing inflation closer to its 2 percent target, it is “not quite there yet.” He emphasized the need to keep monetary policy restrictive for now.

    Meanwhile, a new round of earnings has provided insight into the resilience of Corporate America. Kraft Heinz shares slipped after the company’s 2025 profit outlook fell short of expectations, whereas CVS Health enjoyed a boost as its quarterly profit drop was smaller than anticipated.

    In after-hours trading, Reddit’s upcoming results are drawing significant attention amid lofty Wall Street expectations, and Robinhood’s report is also in the spotlight following a three-year high in its stock price.

    MIL OSI China News –

  • MIL-OSI New Zealand: Kiwi businesses to face reduced AML burden

    Source: New Zealand Government

    The Government is moving to reduce the regulatory burden on New Zealand businesses by improving the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009, Associate Justice Minister Hon Nicole McKee says.
    The Anti-Money Laundering and Countering Financing of Terrorism Amendment Bill, which had its first reading in Parliament today includes a range of amendments to reduce the compliance burden for businesses.
    “This Bill will make 26 changes to improve the effectiveness, efficiency and consistency of the AML/CFT regime by relaxing requirements on low-risk activities and entities, such as family trusts,” Mrs McKee says.
    “These amendments are the first of the Government’s programme to reform the AML/CFT regime and will benefit New Zealanders by empowering businesses to make the call about the level of checks they need to do on their customers.”
    “The changes address key difficulties for many low-risk businesses who are currently required to undertake onerous checks even when there is clearly very little risk. These are part of the Government’s plan to make the AML/CFT system work better with less overly prescriptive requirements by allowing businesses to take measures in line with the actual risks that they face.”
    The amendments also include the government’s first measures to reduce duplication in the AML/CFT system by:

    clarifying the definition of a ‘trust and company service provider’ to resolve confusion and unnecessary duplication of obligations for some businesses currently captured by two definitions; and
    removing unnecessary duplication of border cash reporting when someone physically brings cash with them when moving into New Zealand.

    “This is just one part of a wider package of reforms to improve the regime and deliver regulatory relief, to support tackling organised crime and to improve New Zealand’s compliance with international standards.
    “Other changes currently being progressed by the Ministry of Justice will build on these amendments and further improve the effectiveness and efficiency of the AML/CFT regime for businesses, agencies, and ordinary New Zealanders. These changes include a new supervisor model, the introduction of a levy, and a wider regulatory package of reforms.”

    MIL OSI New Zealand News –

  • MIL-Evening Report: Heads vs tails? A simple coin flip can be enough to change how we treat others

    Source: The Conversation (Au and NZ) – By Eliane Deschrijver, Senior Lecturer in Social Psychology and Neuroscience, University of Sydney

    Circles in a Circle (1923) Wassily Kandinsky / Philadelphia Museum of Art / The Louise and Walter Arensberg Collection, 1950

    Imagine you are asked to give a small amount of money to a stranger. It’s not your money, so it doesn’t cost you anything. You’re just deciding how much they get.

    But first, a pair of coins is flipped – one for you and one for the stranger – and you are told the results.

    Would the coin flip change how much money you give? Specifically, would you give them a larger amount if you both got heads or tails than if you got different results?

    As we discovered in a series of experiments with more than 1,400 participants, the coin flip – or other seemingly insignificant points of similarity or difference – might well affect your behaviour.

    In a new paper in Proceedings of the National Academy of Sciences, we show how understanding why even a coin flip can influence behaviour might help us understand what makes people discriminate against others.

    ‘Us’ versus ‘them’

    Historically, many psychological theories that aim to explain discrimination have focused on group processes, rather than on how we respond to individual people.

    This focus on group processes followed, in part, from the discovery that people benefit their own group over another group even if the division into groups had happened based on seemingly irrelevant features.

    The use of such features has been crucial for explaining the core psychology of discrimination, stripped from any wider societal elements such as race, gender, values or attitudes.

    In the seminal “minimal group” experiment, people were assigned to one of two groups based on seemingly irrelevant differences. Some groups were split by a preference for the paintings of Paul Klee versus those of Wassily Kandinsky, others by whether they had over- or underestimated the number of dots in an image. Some were even allocated to groups by a random event like a coin flip.

    The so-called ‘minimal group’ experiment showed that separating people into groups was enough to make them favour members of their own group.
    Andrii Yalanski/Shutterstock

    The result? Klee fans tended to give financial benefits to other Klee fans ahead of Kandinsky enthusiasts. Likewise, people in the “heads” group favoured their own group over those in the “tails” group.

    The results could not be explained easily by existing research at the time. Some theories had emphasised that people show favour towards an individual after agreeing on more meaningful topics than painting preferences or dots estimations. The meaningful topics were things like one’s belief system, values or political or religious views.

    Small studies had also found that a coin flip – which didn’t lead to explicitly dividing people into groups – was not enough to make people show discriminatory tendencies.

    An influential theory called social identity theory thus concluded that social categorisation – thinking in terms of “us” versus “them” – could lead to people discriminating. This was tied to an idea that people elevate their self-image or improve their self-esteem by benefiting their own group over others.

    New research emphasises a role for even random similarity versus difference

    In our recent research, we set out to reassess whether group division is crucial to understand discriminatory tendencies.

    We carried out seven experiments with over 1,400 participants in total (all based in the United Kingdom).

    The study analysed data from participants who were asked to either repeatedly choose their preferred painting from two, estimate the number of dots presented in a “cloud”, or take part in a coin toss.

    After each choice or coin flip, participants had to assign money to another person (the same person each time).

    The result of a coin flip was enough to change how study participants treated another person.
    Motortion Films/Shutterstock

    The only information participants were given about the other individual was their outcome in the same situation. Neither participants nor the other person were assigned to groups. Someone asked to pick between two paintings, for instance, was only told which painting the person they were allocating money to preferred in that instance.

    Participants allocated on average 43.1% more money to another person who demonstrated the same judgement – or chance outcome – to their own.

    Our research demonstrates that some of our discriminatory tendencies may be driven by individual difference versus sameness even when that difference or sameness is based on random chance, like a coin flip.

    The findings raise the possibility that more basic neural processes than thinking about groups may have contributed to these outcomes.

    Detecting a difference often comes with a conflict signal in the brain, and may come with negative emotions. Sameness with another person may hence lead to a more favourable treatment. However, this potential explanation will require further research.

    Why does this matter?

    The findings can help understand our own tendencies for favouring another person.

    Previous research had suggested that “incidental similarity” with somebody, such as sharing a birthday or a name, can influence pro-social behaviour or liking because we associate the person with the way we see ourselves.

    Our research surprisingly suggests that something similar can happen on the basis of an even less-relevant chance event such as a coin flip.

    This may affect how we think about discrimination. We usually understand discrimination as making unfair distinctions between people based on groups or other social categories.

    Our research suggests future perspectives on discrimination may incorporate a role for individual-level difference, too.

    Does this new understanding suggest ways we can lessen discrimination? At this stage, they would only be speculative.

    However, earlier scientific efforts to find ways to reduce prejudice and discrimination have largely been informed by group-based theories of discrimination. For example, some interventions have aimed to influence people’s perceptions of other groups.

    In the same way, our new findings may inspire future research into interventions based on individual-level drivers of discrimination.

    Eliane Deschrijver receives funding from the Australian Research Council.

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

    – ref. Heads vs tails? A simple coin flip can be enough to change how we treat others – https://theconversation.com/heads-vs-tails-a-simple-coin-flip-can-be-enough-to-change-how-we-treat-others-249611

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: CATL aiming to raise over $5B from HK listing

    Source: China State Council Information Office

    Contemporary Amperex Technology Co Ltd, the world’s largest electric vehicle battery maker, has filed for a Hong Kong listing that is expected to be the city’s biggest initial public offering in four years.

    The long-awaited CATL listing aims to raise more than $5 billion, which the company said will fund overseas production capacity and international business expansion, supporting its long-term global strategy.

    Already an A-share listed company, CATL’s Hong Kong listing will attract more international capital, further diversifying its financing channels, said analysts.

    According to public disclosures, as of June 2024, CATL had foreign currency balances of $6.74 billion and 3.86 billion euros ($4 billion), which were challenging to cover the hefty investments in Europe and other regions, as well as the ongoing need for overseas strategic expansion that often amount to billions of euros.

    Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said CATL’s Hong Kong listing is poised to assist the company in garnering funds on a global scale to support its endeavors in overseas research and development, production capacity expansion and market outreach. Additionally, the Hong Kong listing is expected to enhance CATL’s brand influence in international markets, strengthening its global competitiveness.

    “This listing opens avenues for financing. Given CATL’s expansive global reach, substantial financial support is imperative, a need that can be met through a successful IPO. In addition, CATL’s global expansion necessitates collaboration from diverse stakeholders. By opting for a Hong Kong listing, CATL can also engage with a broad spectrum of international investors. This move is pivotal in enhancing CATL’s global standing,” Zhou said.

    In recent years, CATL has accelerated its overseas expansion efforts, establishing battery factories in European countries including Germany and Hungary. In December, CATL signed a joint venture agreement with Dutch automotive group Stellantis that will build a large-scale lithium iron phosphate battery plant in Zaragoza, Spain.

    According to SNE Research — a South Korean company providing global market research and consulting services for rechargeable battery industries — CATL maintained its top position globally in terms of battery usage for electric vehicles from January to November 2024, witnessing a 28.6 percent year-on-year growth. Following CATL are BYD and LG Energy Solution.

    Many major Chinese original equipment manufacturers such as Zeekr, Aito and Li Auto, operating in the world’s largest EV market of China, have integrated CATL’s batteries into their products.

    Furthermore, prominent global OEMs including Tesla, BMW, Mercedes-Benz and Volkswagen have also chosen CATL’s batteries for their EV models.

    MIL OSI China News –

  • MIL-OSI USA: “He’s a Danger,” King Warns in Floor Speech Against RFK Jr. Nomination

    US Senate News:

    Source: United States Senator for Maine Angus King

    WASHINGTON, D.C. — U.S. Senator Angus King (I-ME) tonight took to the floor of the Senate to share his concern over President Trump’s nomination of Robert F. Kennedy, Jr. to serve as the Secretary of Health and Human Services (HHS). In the speech, Senator King began his remarks by outlining the roles of Congress and the Presidency as America’s Founders envisioned: to make laws and to execute laws, respectively.  He then turned to the HHS candidate, speaking to Kennedy’s lack of experience and qualifications needed to run a large-scale health organization, and pointed out Kennedy’s long held public opinions as hostile toward the mission of the agency. He also warned of Kennedy’s dangerous skepticism toward proven, life-saving vaccines, sharing a childhood memory of a classmate who had polio.

    “Mr. President, I’d like to begin my remarks this afternoon by talking a little bit about the Constitution. I spent some time last week talking about the Constitution and our failure to observe that the Constitutional, fundamental structure of the division of power between the Congress and the Executive is being violated and the Congress is allowing it to happen. Another provision of the Constitution is the provision in Article I about advise and consent. It’s a fundamental check and balance built into the Constitution by the framers for a reason. It wasn’t a throw-away line or a few sentences that were put in because they wanted to fill the paragraph out. Again, it’s part of the structure that was designed to protect us from tyranny. And the structure involved the division of power, the separation of power because the framers knew that if all power was concentrated in a single individual or single institution, that institution or that individual would inevitably abuse our people. That’s human nature. That’s 1,000 years of human nature. All power corrupts and absolute power corrupts absolutely. So, the advise and consent provision was in the Constitution for a reason. It was in there for a reason, in order to provide a check on the executive and the people who were going to be put in charge of running the administration. 

    “By the way, I want to stop for a minute and focus on the word administration and the word executive, because it really goes to the discussion we’re having in this country right now about how our government is supposed to work. The executive comes from the word execute, and the word execute means put into action. It doesn’t mean initiate the action. It means put it into action. The same for the term administration. There’s a reason we call it the administration. They are to administer the laws. In fact, the obligation on the president in Article II is to see that the laws are faithfully executed. And it does not give the president the power to ignore laws or to decide which laws he or she thinks are okay, to ignore the responsibility and constitutional authority of the congress to define spending. It does not give the president that power. Although, the fellow we approved for Office of Management and Budget last week thinks he has that power. Or this President or any president has that power. That’s absolutely antithetical to the Constitution, as established by the framers. So, administration means administer the laws, executive means execute the laws, not make them. We make the laws here and the administration is to faithfully execute those laws. 

    “Now, let’s talk about advise and consent. Advise and consent means we have a responsibility — a Constitutional responsibility to consider each of the president’s nominees for these important jobs. This isn’t something that we may do or occasionally do. This is a fundamental part of our job. We take an oath when we come here to defend the Constitution against all enemies, foreign and domestic. I think it’s interesting — they knew in 1787 that there was a potential for domestic enemies to the Constitution. So we have an obligation to take advise and consent seriously. 

    “Now, I’m a former governor, as is the presiding officer. And as a former executive, I believe the executive should have the ability to choose the team that they want, to choose their advisors. To choose the people they will work with, with some limitations. In other words, I start with the premise of the person elected should perhaps get the benefit of the doubt is a little too strong, but I start with the premise that they were elected and they should be able to choose the team that they are going to be working with. However, I think there are two qualifications. This has been my stated position on this since I entered the Senate. Benefit of the doubt to the executive, however, the nominee must be manifestly qualified and not hostile to the mission of the agency to which they’ve had been appointed. Two criteria that for me give life to the idea of advise and consent. 

    “Okay, let’s talk about Robert F. Kennedy, Jr. He, unfortunately, checks both of the boxes as to being disqualified. Number one, he’s not remotely qualified to run an organization. He has no experience running anything remotely like the scope and scale of the Department of Health and Human Services. No executive experience in that sense. So that’s number one. Is he qualified? No. He’s grossly unqualified. But the second box is he hostile to the mission of the agency? And if the mission of the agency, HHS, is to protect the health of the American people, I would argue he is manifestly hostile to that mission. There’s been a lot of discussion here today and I think it’s interesting. I haven’t heard too many people come up on the floor and support this nominee and tell us why he should be approved because, you know what, Mr. President? If this were a secret ballot, this man wouldn’t get 20 votes. Everybody in this body knows he’s not qualified. Everybody in this body knows he has no business anywhere near this position. But here we are. We’re going to take a vote. Unfortunately, it will probably be on a party-line basis. 

    “But let me focus on just one little piece. On January 29, barely a week ago, before the Senate Finance Committee, here’s what Mr. Kennedy said. Quote, “news reports have claimed that I’m antivaccine or anti-industry. I am neither. I am pro-safety. All of my kids are vaccinated.” I bet that came as news to all of the folks he’s been leading astray over the last 25-30 years. I believe vaccines have a critical role in health care. I am reminded of Saul on the road to Damascus. A miraculous conversion. A bright light was shown and suddenly the scales fell from his eyes in his confirmation hearing. Okay, let’s go back a little over a year, July 6, 2023, this is a quote, a direct quote, “there is no vaccine that is safe and effective.” He later said, on the same podcast, ‘vaccines are inherently unsafe.’ Mr. President, this man shouldn’t be confirmed because he told the committee and the Senate something diametrically opposed to the position he’s taken the last 30 years, all of his adult life. 

    “Maya Angelou said, “If somebody tells you who they are, you should believe them.” And he’s told us repeatedly. And he has acted on his vaccine skepticism. This wasn’t something that was rumbling around in his head. He’s traveled the world. He’s written articles, gone on podcasts, gone on TV and he’s discouraged people from being vaccinated. And now he has this miraculous conversion 10 days ago. ‘All my kids are vaccinated. I believe vaccines have a critical role in health care.’ The same thing during COVID. He said, ‘it is criminal medical malpractice to give a child one of these vaccines.’ Wow, criminal malpractice. And of course it’s been discussed. He said I do believe that autism does come from vaccines. July of 2023 there was one study in England — I think it was in 1998 — that showed that — purported to show a tenuous convection between vaccines and — connection between vaccines and autism. I’m reasonably confident that one of the authors recanted. It was withdrawn and it’s been debunked over and over and over again, but this man has been peddling this lie for 20 years, and who knows how many parents have fallen for that on the one hand who knows how many children have paid the price. Just to talk about vaccines, at one point during the pandemic, there was a survey — July of 2021 — remember, that was the height of it — they surveyed 50 hospitals in 17 states. 94% of the patients hospitalized in July of 2021 were unvaccinated. What does that tell you? Vaccinations worked. And people who were unvaccinated were at enormously higher risk. 94% of the people were unvaccinated.

    “In addition to the vaccination issue, this guy — this man doesn’t respect the FDA, the agency that was put in place to protect our health, to regulate us, to be sure that we’re getting safe medications, to deal with some of the awful problems of the potential of harmful medications literally getting into America’s bloodstream. In December of 2024, barely a couple months ago, he said he would fire officials at the FDA. And in October 2024 he said on X, ‘FDA’s war on public health is about to end. If you work for the FDA and are part of this corrupt work, two messages for you: prepare your records and pack your bags.’ He didn’t say a certain office in the FDA or a certain part of the FDA or maybe there was one provision, a part that he didn’t think was helpful. He said, if you work for the FDA, that’s everybody, preserve your records and pack your bags. 

    “This man is not only unqualified, he’s anti-qualified. He’s a danger. We have physicians in the Senate — I believe that the Hippocratic oath, do no harm, should apply to Senate votes. You should not be voting for somebody who you know is going to do harm to the public health. So this is really a kind of surreal debate because everybody in this chamber knows this man should not be Secretary of Health and Human Services. 

    “Now, I want to end with a personal story. One of the few advantages of being older is that you have a long memory. And in 1952 I was entering the third grade at Macarthur School in Alexander, Virginia. In my class was a kid named Butch. And he was horribly twisted into a wheelchair. I don’t think I’d ever seen a wheelchair when I was going into the third grade. He was there, and I’m not even going to say how many years later, but I can close my eyes and see Butch in that chair. Polio was what he had. He was in pain daily. He could barely make himself understood. His arms were crossed. His legs were bent grotesquely in the wheelchair. And three years later the Salk Vaccine began what turned out to be the elimination of Polio. Where would we be as a country if this man had been the head at that time it was HEW and somehow put a stop to this vaccine, which I believe he has said even the Polio vaccine should be rescinded, which has saved millions of lives around the world. Where would we be? I can’t escape the memory of that boy in that wheelchair. I can’t forget the memory of my parents not letting me go to the public swimming pool because of the fear of Polio. Not being able to go out in the summer and play because of the fear of Polio that stalked the land. The former Republican leader was a victim of Polio. Former President Franklin D. Roosevelt was a victim of Polio. It was the vaccine. And, Mr. President, I hope this place comes to its senses and rejects this surreal nomination. It would be probably be hard to find somebody less qualified to serve in this position. I believe that it will lead to damage to our country, to our health, to our children, and I urge my colleagues to vote no. If you vote yes, you’ll regret it. Thank you, Mr. President. I yield the floor.”

    Senator King has been continuously sounding the alarm on President Donald Trump’s existential threat to the Constitution: he declared that the proposal to halt all federal grant and loan disbursement was illegal and a direct assault on the Constitution. More recently, he joined 36 Senators in a letter to Secretary of State Marco Rubio, sharing the detrimental effects of  the Trump Administration’s dismantling of the U.S. Agency for International Development (USAID). He also joined fellow Senate Select Committee on Intelligence (SSCI) colleagues in writing a letter to the White House about the risks to national security by allowing unvetted Department of Government Efficiency (DOGE) staff and representatives to access classified and sensitive government materials. Last week, he spoke on the Senate floor to share his growing concerns over the Trump Administration’s largely unconstitutional and unprecedented overreach; in the speech he cited the Founding Fathers to add historical perspective to the decision facing the Senate, including the importance of the separation of powers.

    MIL OSI USA News –

  • MIL-OSI Australia: Sally Sara, ABC Radio National

    Source: Minister for Trade

    Sally Sara: Well, Australian industry is on tenterhooks, awaiting indications on whether there’ll be an Australian exemption from US tariffs on steel and aluminium. The Trade Minister, Don Farrell, has his bags all but packed, ready to fly to the US to meet his US counterpart, Howard Lutnick, as soon as Mr Lutnick is confirmed in the role. But before that, Mr Farrell is at the centre of electoral forms. He has negotiated with the Coalition in what integrity experts have called an affront to our democracy.

    Don Farrell is with me in the studio. Don Farrell, welcome to Radio National Breakfast.

    Minister for Trade: Nice to be with you, Sally.

    Sara: You’ve got quite a bit on in your portfolios at the moment. Let’s start with the question of tariffs. Has Australia been killing the American aluminium market as Donald Trump’s senior trade adviser, Peter Navarro has accused Australia of doing?

    Minister for Trade: I don’t believe we have, Sally. We make a terrific product here in aluminium. It’s a high-quality product. Australian companies do really well in the export market, and we sell our product to willing purchasers in the United States. I think we the reason we’re making those sales, of course, is the high quality and the high value of the product we sell. And I don’t believe we have done at any stage anything that has not been agreed to by the American Government.

    Sara: Has DFAT been reporting the sales of Australian steel and aluminium to the US Commerce Department?

    Minister for Trade: Well, I can’t say I know exactly how that information is collected by the Americans. I’m sure they have accurate figures on what we export into the United States. I think it’s important to remember, Sally, that in the relationship between Australia and the United States, it’s overwhelmingly in the United States’ favour. We have trade worth about $100 billion. $30 billion of that is what we sell for the United States, but 70 billion is what the Americans sell to us.

    Sara: Minister, I’ll bring you back to the question, though. Have we been – has Australia been reporting the volumes of steel and aluminium exports to the US Commerce Department?

    Minister for Trade: I’m sure that we comply with all of the obligations that America imposes on those companies that are supplying into the United States. And it wouldn’t matter whether it was beef or lamb or grain or steel or aluminium, I would be absolutely certain Australian companies comply with all of their obligations in terms of reporting into the United States. But just getting back to my other point —

    Sara: But has DFAT been passing on those figures to the US Department of Commerce?

    Minister for Trade: I don’t know who is responsible for reporting to the United States, but whoever it would be, would be complying with all of the obligations.

    Sara: So, you you’re not sure?

    Minister for Trade: Well, I don’t know exactly – I don’t get down into those precise details, but I’m certain that we comply with all of our obligations to report to the United States Government in terms of whatever exports that we might be passing on into the United States.

    Sara: There’s a bit of a tangle of words here on the previous exemption what’s your understanding? Did the Coalition Government give a verbal agreement about limiting Australian aluminium being exported into the United States, which it then didn’t abide by?

    Minister for Trade: You’d have to ask Mr. Morrison or —

    Sara: What’s your understanding?

    Minister for Trade: Well, look, they are matters for Mr Morrison or Mr Birmingham, who was the Trade Minister at the time. What I’m aware of is what we’ve been doing over the last three years, and I think we have been complying with all of the arrangements that were in place and the appropriate arrangements that were in place to ensure that we continued to supply high-quality Australian-made aluminium into the American market.

    Sara: Has DFAT been in contact with Australian aluminium exporters urging them to contain the amount of aluminium – Australian aluminium – that’s going into the US, has that occurred?

    Minister for Trade: I would say DFAT is very commonly in contact with all of the Australian companies that sell product into the American market. Where there are arrangements in place we would ensure that the companies that export to the United States are fully aware of their obligations.

    Sara: How can you comply with a deal when you’re not sure what that deal was?

    Minister for Trade: Well, I’m not sure quite what you’re referring to —

    Sara: In terms of containing what the previous promise was.

    Minister for Trade: I would expect, and I understand that Australian companies that export to the United States are exporting on the basis of what they understand to be the rules.

    Sara: What do you understand the rules to be?

    Minister for Trade: Well, we were given an exemption by the former, well, President Trump when he was formally president for the first time, and we have supplied aluminium in accordance with that arrangement. I might say the total amount of aluminium that we supply to the United States is a relatively small amount in the scheme of things and –

    Sara: What’s your understanding of the deal when it comes to the amount that we are allowed to send?

    Minister for Trade: Well, I understand that there’s a ceiling to how much we export to the United States. Of course, in the middle of all of this you had the Russia-Ukraine war. And I understand that because of difficulties in arrangements between getting Russian aluminium into the United States, we increased the amount of aluminium that we supplied into the American market. But all of that was done with the full knowledge of the American Government. We haven’t done, at any stage, anything that the American Government has not been comfortable with.

    Sara: Minister, I need to ask you about electoral reforms. After the deal was announced yesterday, the Centre for Public Integrity issued a statement saying they’ve been advocating for political donations reform and transparency for a long time. But in terms of this agreement, they’ve described it as an affront to our democratic process and the legislation went through without proper process and scrutiny. What’s your response to those comments?

    Minister for Trade: Well, Sally, I say this. From the time that I became the Special Minister of State three years ago, we have worked on reforming the Australian electoral system. We want to make it easier for ordinary Australians to participate in the electoral process. And you shouldn’t have to be beholden to billionaires in order to successfully run for politics in Australia. I want to see the ideas of Australia being the issue that determines whether or not they are or are not elected, not their wealth. And what we did last night was, as you say, dramatically increase the transparency of the Australian political system. For the first time, when you walk into the ballot place in the election after next, so, it doesn’t apply to this election because we’re so close to the election, for the first time, you’ll know exactly who else is donating to the candidate that you’re contemplating supporting. These are significant reforms. We’re capping the amount of money that you can spend on elections. Instead of the cost of elections blowing out, we are capping those costs.

    Sara: Do you understand the criticism of the independents? Because they will be capped with this per candidate cap. But if a candidate is a member of a major party, they’ll have the money under that per candidate cap and then another pot of money that is capped with the party. In other words, they have access to two pots of money.

    Minister for Trade: Can I say that they are completely wrong about that assessment. At the moment, there is no cap at all on how much candidates or parties can spend. The major parties, the Labor Party, the Liberal Party, have voluntarily capped the amount of money that they can spend on an election. So, that, in fact, it’s the opposite of the criticism that is being made about this legislation. We’re actually reducing the amount of money that the major political parties can spend on an election and that is to the benefit of all candidates. And can I say this, Sally? We’ve kept the amount of money you can spend on a single electorate at $800,000. If you can’t get your message out to the Australian people with a spend of $800,000, then there’s something wrong with your campaigning.

    Sara: Minister, we’ll need to leave it there. You’ve got a lot on your plate at the moment. Thank you so much.

    Minister for Trade: Thanks, Sally.

    MIL OSI News –

  • MIL-Evening Report: New play Housework is a future Australian classic – a Don’s Party for our time

    Source: The Conversation (Au and NZ) – By Catherine Campbell, Lecturer, Performing Arts, UniSA Creative, University of South Australia

    Matt Byrne/STCSA

    Housework, a new play by Emily Steel, lifts the rock off politics to expose its crawling, ruthless, yet undeniably comic underside. The result is masterful, hilarious and deeply incisive.

    Housework opens with the day-to-day demands of a local MP electorate office and then sweeps to the halls of power in Canberra.

    Chief of staff Anna Cooper (Emily Taheny), media advisor Ben (Benn Welford) and junior staffer Kelly (Franca Lafosse) try to perform damage control for their headstrong, cherry-picked, first-term MP Ruth Mandour (Susie Youssef).

    In Canberra, Ruth is preparing for her first private member’s bill, calling for health care reform; Anna has a sick child back home; and Ben is absent with COVID. Add in a star-struck young female staffer, a predatory older male MP (Paul, played by Renato Musolino), and a photo of them leaving a bar together and we strap in for a rollicking ride through media manipulation, personal and political sacrifice, and the fleeting moments of power.

    It is absolutely compelling and all too recognisable.

    This is everything you’ve always wanted to know about Australian politics but were too afraid to have your worst fears confirmed. Steel’s play is laugh-out-loud funny in its satire and send-ups. But it is also deeply affecting in her bleak but loving depiction of the chasm between personal dreams and the reality of politics.

    Uproarious comedy

    Steel has based her script on interviews with politicians and staffers (confidential, of course) and media stories. She centres the experiences of women in politics, personal lives, gender roles, sexism, fighting the patriarchal socio-political systems. This sits within the story of a new MP butting up against potential scandal and the power plays of Parliament, and the relentless 24-hour news cycle.

    It is a timely reminder of the barriers that continue to obstruct social equality.

    The cleaning woman eventually gets one of the best skewering zingers of the play.
    Matt Byrne/STCSA

    Steel’s script is bookended with a woman cleaning (who eventually gets one of the best skewering zingers of the play). The constant references to rubbish disposal are a highlight, from the hilarious opening scene (“we don’t do bins”) to the frantic scramble to weaponise a “scandal” and who is sacrificed to save who.

    Steel’s writing revels in the roller coaster of political life, balancing the high comedy with deep insight into the human cost.

    This is the kind of play you want to see again to delight in Steel’s use of language, the uproarious comedy and the undercurrents of bloodthirsty power.

    A brilliant cast

    Director Shannon Rush has expertly paced this excellent cast to bring out every laugh, back stab and all-too-familiar power jostle. They don’t miss a beat or drop a spark of energy. The sense of building political pressure and personal conflict is relentless and exciting; the depiction of the sense of place and power is spot on.

    Every one of Steel’s political animals is instantly recognisable. We watch them with morbid fascination as they spar, jostle, align and detonate, revealing more of themselves as the stakes rise.

    Every one of Steel’s political animals is instantly recognisable.
    Matt Byrne/STCSA

    Taheny effortlessly makes the whip-smart staffer Anna multifaceted, with internal conflict alongside high-energy pragmatism and expertly timed comedy. Youssef’s Ruth is blunt, no-nonsense and idealistic, with comically few diplomatic skills and no idea how the machinations of government work – but an unflinching desire to make a change for good.

    Lafosse brings depth, subtlety and excellent comic foil timing to the young idealist. Musolino revels in the role of the leader-in-waiting Paul, giving us a joyously morally bankrupt character. Every moment of his scenes is a delight and his repulsively predatory-yet-attractive older white male politician was all-too recognisable. The scenes between Paul and Taheny’s Anna spark and hum with energy and presence.

    Welford is wonderful as Ben the media officer and Duncan the party apparatchik, bringing out the offhanded ruthless grabs for power and casual decimations between laughs.

    Youssef’s Ruth is blunt, no-nonsense and idealistic, with comically few diplomatic skills.
    Matt Byrne/STCSA

    The ensemble cast all play smaller roles, filling out the world of parliament with the faceless “schemers and plotters” in the back rooms and corridors, ABC news journalists, and continual stream of environmental protesters.

    Sunitra Martinelli plays both the ever-present (and mostly voiceless) cleaner, and the prime minister. This pairing is a genius move, played with presence and deft contrast. The cleaning woman, constantly fixing the mess others make, bookends the play as a constant reminder of the mopping-up required for the people in power. Politics is literally a dirty business.

    A future classic

    Ailsa Paterson’s stylish set references the stark white outside of Parliament House in Canberra. The repetitive doorways and hallways, entries and frames for the machinations of the people of government. A rotating long timber table divides the scenes and the sides of parliament.

    Sound design by Andrew Howard punctuates scene changes and mood swings with pounding relentless pace, the tick-tock of time passing, and rich sonic textures to create the insistent, driving tempo of government.

    The stylish set references the stark white outside of Parliament House in Canberra.
    Matt Byrne/STCSA

    Nigel Leavings’ lighting is superb, creating menace, blinding office fluros, and shadows in this mad-rush-to-the-top climb over the bodies of everyone to get to the top.

    Housework is firmly in the now-familiar worlds of Total Control (2019–24), Rake (2010–18) and The Thick Of It (2005–12). It is a deft capturing of a socio-political moment in time, undeniably Australian and gloriously uncompromising.

    Dare I say it, this a future Australian classic: a Don’s Party for our time, but with fewer blokes and WAGs – and a female PM.

    Housework is at the State Theatre Company South Australia until February 22.

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

    – ref. New play Housework is a future Australian classic – a Don’s Party for our time – https://theconversation.com/new-play-housework-is-a-future-australian-classic-a-dons-party-for-our-time-249019

    MIL OSI Analysis – EveningReport.nz –