Category: Business

MIL-OSI Economics: Recommendations on merger control
Source: International Chamber of Commerce

Headline: Recommendations on merger control
Competitive markets

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To enhance compliance and proper enforcement of merger control regulations, ICC proposes recommendations and underscores the importance of companies, lawyers and antitrust agencies working side by side to pursue shared goals.

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Why are ICC’s recommendations on merger control relevant?

Over the past 40 years, a growing number of countries have adopted merger rules to examine the impact of mergers on competition and ensure the functioning of their markets. This unprecedented development has been spurred by recommendations from the Organisation for Economic Cooperation and Development and the International Competition Network.

As more jurisdictions establish merger control regimes, inconsistencies and procedural issues have emerged. Emphasising the importance of clear guidelines, ICC addresses these challenges by providing a comprehensive framework and recommendations for improving merger control practices.

The recommendations cover key areas such as the concept of reportable mergers, notification thresholds, simplified forms, funding of antitrust agencies, guidelines and gun jumping fines.

They aim to

enhance predictability,

reduce costs,

ensure effective enforcement,

promote consistency at a global level and

reduce administrative burdens.

What makes ICC’s recommendations on merger control unique?

The recommendations are the result of a cooperative and inclusive effort involving nearly 200 ICC in-house counsel, private practitioners from 20 key jurisdictions and several antitrust agencies providing feedback.

The broad representation included in the country annex ensures that the recommendations reflect a global perspective and consider the needs and challenges faced by companies operating across borders.

ICC underscores the importance of continued collaboration among companies, lawyers and antitrust agencies to pursue the following shared goals:

ensure that transactions are reported in jurisdictions where they might have an impact on competition;

secure and dedicate resources that are proportionate to the issues at stake in an individual case;

enhance predictability and legal certainty with clear legal tests and consistent sanctions.

Who are the recommendations on merger control for?

companies, private practitioners, and antitrust agencies involved in merger transactions;

companies engaged in cross-border transactions involving multiple merger control jurisdictions;

antitrust agencies seeking insights and proposals for streamlining processes and achieving more effective enforcement

Should you have any further questions, contact us.
MIL OSI Economics –
January 25, 2025
MIL-OSI Submissions: Stats NZ information release: New Zealand business demography statistics: At February 2024
Source: Statistics New Zealand

New Zealand business demography statistics: At February 2024 – information release – 31 October 2024 – Business demography statistics provide an annual snapshot of the characteristics of New Zealand businesses. The statistics cover economically significant enterprises that produce goods and services in New Zealand.

Key facts
Provisional data showed that at February 2024:

New Zealand had 612,420 enterprises, an increase of 1.0 percent from February 2023; this followed a 2.0 percent increase in the previous February year

the number of paid employees in these enterprises (not an official employment statistic) was 2.5 million, up 1.5 percent from February 2023

these enterprises had 649,160 business locations, an increase of 0.9 percent from February 2023

of the 19 industries, 11 had more enterprises compared with February 2023, and 14 had more employees

of the 16 regions, 14 had more business locations than a year ago, and 11 had more employees.

Visit Statistics NZ’s website to read this information release and to download CSV files:

New Zealand business demography statistics: At February 2024

CSV files for download
MIL OSI –
January 25, 2025
MIL-OSI New Zealand: Reserve Bank of NZ – Home buyers remain cautious in subdued housing market

Source: Reserve Bank of New Zealand

31 October 2024 – Housing market activity is currently subdued, with interest rates still at elevated levels. Households continue to show resilience following the significant price rises and falls seen over the last four years, according to a special topic on housing from the upcoming Reserve Bank of New Zealand – Te Pūtea Matua Financial Stability Report.

Understanding the dynamics of the housing market is crucial for Te Pūtea Matua, as home loans account for more than 60 percent of total bank lending. Residential property makes up over half of New Zealand households’ wealth and the housing market directly influences financial stability, affects consumer confidence, and shapes economic growth.

“Ensuring that we remain vigilant in monitoring these trends and market dynamics is essential for safeguarding the financial system and broader economy,” says Kerry Watt, Director of Financial Stability Assessment & Strategy.

“House prices remain a stretch for many prospective buyers and are hovering around the top of our estimate of sustainable levels. Banks are currently facing competitive pressures to attract a limited pool of creditworthy borrowers, ” Mr Watt says.

Borrowers’ capacity to take on more debt is increasing as monetary policy is eased. However, the weaker economic environment means households are exercising caution. The level of interest rates is still high by recent standards and lending growth has been low over the past year. It is uncertain when and by how much demand for new borrowing will pick up.

New Zealand saw a rapid house price cycle over the past few years. The special topic compares our experience with some international examples of house price cycles, including those that led to significant financial system distress.

“Although New Zealand’s recent house price cycle has been rapid compared to overseas examples, there has been comparatively less stress on our financial system, demonstrating the robustness of our institutions and regulatory frameworks,” Mr Watt says.

Looking ahead, government policy changes are underway to increase long-term supply responsiveness in the housing market. Better supply responses to housing demand will help to moderate future house price cycles and improve housing affordability. Debt-to-income restrictions will also play an important role in moderating demand cycles and reducing the buildup of risks.

More information

Read our update on the housing market https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=8ebee3769c&e=f3c68946f8
The 2024 November Financial Stability report will be published on our website at 9:00am on Tuesday 5 November, with a media conference starting at 1:00pm. See the full details. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=2e769bc10c&e=f3c68946f8

What is the Financial Stability report https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=2731de53b7&e=f3c68946f8

MIL OSI New Zealand News –

January 25, 2025
MIL-OSI New Zealand: Stats NZ information release: New Zealand business demography statistics: At February 2024
Source: Statistics New Zealand

New Zealand business demography statistics: At February 2024 – information release – 31 October 2024 – Business demography statistics provide an annual snapshot of the characteristics of New Zealand businesses. The statistics cover economically significant enterprises that produce goods and services in New Zealand.

Key facts
Provisional data showed that at February 2024:
- New Zealand had 612,420 enterprises, an increase of 1.0 percent from February 2023; this followed a 2.0 percent increase in the previous February year
- the number of paid employees in these enterprises (not an official employment statistic) was 2.5 million, up 1.5 percent from February 2023
- these enterprises had 649,160 business locations, an increase of 0.9 percent from February 2023
- of the 19 industries, 11 had more enterprises compared with February 2023, and 14 had more employees
- of the 16 regions, 14 had more business locations than a year ago, and 11 had more employees.
Visit our website to read this information release and to download CSV files:

MIL OSI New Zealand News –
January 25, 2025

MIL-OSI: OP Mortgage Bank: Interim Report 1 January–30 September 2024

Source: GlobeNewswire (MIL-OSI)

OP Mortgage Bank
Interim Report 1 January–30 September 2024
Stock Exchange Release 31 October 2024 at 10.00 EET

OP Mortgage Bank: Interim Report 1 January–30 September 2024

OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Financial Group. Together with OP Corporate Bank plc, its role is to raise funding for OP Financial Group from money and capital markets.

Financial standing

The intermediary loans and loan portfolio of OP MB totalled EUR 16,628 million (16,988)* on 30 September 2024. Bonds issued by OP MB totalled EUR 14,915 million (14,915) at the end of September.

OP MB’s covered bonds after 8 July 2022 are issued under the Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The collateral is added to the EMTCB cover pool from the member cooperative banks’ balance sheets via the intermediary loan process on the issue date of a new covered bond.

In January, OP MB issued a covered bond in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of seven years and six months. All proceeds of the bond were intermediated to 63 OP cooperative banks in the form of intermediary loans.

The terms of issue are available on the op.fi website, under Debt investors: www.op.fi/op-ryhma/velkasijoittajat/issuers/op-mortgage-bank/emtcb-debt-programme-documentation.

On 30 September 2024, 98 OP cooperative banks had a total of EUR 14,800 million (14,800) in intermediary loans from OP MB.

Impairment loss on receivables related to loans in OP MB’s balance sheet totalled EUR 0.1 million (-0.2). Loss allowance was EUR 2.4 million (2.6).

Operating profit was EUR 6.4 million (8.3). The company’s financial standing remained stable throughout the reporting period.

* The comparatives for 2023 are given in brackets. For income statement and other aggregated figures, the January–September 2023 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2023) serve as comparatives.

Collateralisation of bonds issued to the public

The covered bonds issued under the EMTCB programme worth EUR 25 billion established on 11 October 2022, in accordance with the Act on Mortgage Credit Banks and Covered Bonds (151/2022), totalled EUR 5,250 million. The cover pool included a total of EUR 5,781 million in loans serving as collateral on 30 September 2024. Overcollateralisation exceeded the minimum requirement under the Act (151/2022).

The covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 20 billion established on 12 November 2010, in accordance with the Act on Mortgage Credit Banks (Laki kiinnitysluottopankkitoiminnasta, 688/2010), totalled EUR 9,665 million. The cover pool included a total of EUR 11,900 million in loans serving as collateral on 30 September 2024. Overcollateralisation exceeded the minimum requirement under the Act (688/2010).

Capital adequacy

OP MB’s Common Equity Tier 1 (CET1) ratio stood at 49.3% (41.8) on 30 September 2024. The ratio was improved by the decrease in mortgages on OP MB’s balance sheet and the resulting reduction in capital requirement for credit risk. The minimum CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer is 2.5%. The minimum total capital requirement is 8% (or 10.5% with the increased capital conservation buffer). Because OP MB covers capital requirements in their entirety with CET1 capital, the CET1 capital requirement is 10.5%. Estimated profit distribution has been subtracted from earnings for the reporting period.

OP MB uses the Standardised Approach (SA) to measure its capital adequacy requirement for credit risk. The Standardised Approach is also used to measure the capital requirement for operational risks.

OP MB belongs to OP Financial Group. As part of the Group, OP MB is supervised by the European Central Bank. OP Financial Group presents capital adequacy information in its financial statements bulletins and interim and half-year financial reports in accordance with the Act on the Amalgamation of Deposit Banks. OP Financial Group also publishes Pillar III disclosures.

Own funds and capital adequacy, TEUR	30 Sep 2024	31 Dec 2023
Equity capital	369,686	372,160
Excess funding of pension liability	-13	-13
Share of unaudited profits		-7,490
Proposed profit distribution	-5,016
Insufficient coverage for non-performing exposures	-4,632	-2,856
CET1 capital	360,024	361,800
Tier 1 capital (T1)	360,024	361,800
Total own funds	360,024	361,800
Total risk exposure amount
Credit and counterparty risk	679,352	812,205
Operational risk	26,636	25,140
Other risks*	24,774	27,336
Total	730,762	864,682
Ratios, %
CET1 ratio	49.3	41.8
Tier 1 capital ratio	49.3	41.8
Capital adequacy ratio	49.3	41.8
Capital requirement
Own funds	360,024	361,800
Capital requirement	76,765	90,829
Buffer for capital requirements	283,259	270,971

* Risks not otherwise covered.

Liabilities under the Resolution Act

Under regulation applied to crisis resolution of credit institutions and investment firms, the resolution authority is authorised to intervene in the terms and conditions of investment products issued by a bank in a way that affects an investor’s position. The EU’s Single Resolution Board (SRB) based in Brussels is OP Financial Group’s resolution authority. The SRB has confirmed a resolution strategy for OP Financial Group whereby the resolution measures would focus on the OP amalgamation and on the new OP Corporate Bank that would be formed in case of resolution. According to the resolution strategy, OP MB will continue its operations as the new OP Corporate Bank’s subsidiary.

The SRB has set a Minimum Requirement for Own Funds and Eligible Liabilities (MREL) for OP MB. From May 2024, the MREL is 16% of the total risk exposure amount and 18.5% of the total risk exposure amount including a combined buffer requirement, and 6% of leverage ratio exposures. The requirement entered into force on 15 May 2024. The requirement includes a Combined Buffer Requirement (CBR) of 2.5%.

OP MB’s buffer for the MREL requirement was EUR 215 million. The buffer consists of own funds only. OP MB clearly exceeds the MREL requirement. OP MB’s MREL ratio was 46% of the total risk exposure amount.

Joint and several liability of amalgamation

Under the Act on the Amalgamation of Deposit Banks (599/2010), the amalgamation of cooperative banks comprises the organisation’s central cooperative (OP Cooperative), the central cooperative’s member credit institutions and the companies belonging to their consolidation groups, as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 30 September 2024, OP Cooperative’s member credit institutions comprised 99 OP cooperative banks, OP Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc.

The central cooperative is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy, and for compliance with harmonised accounting policies in the preparation of the amalgamation’s consolidated financial statements.

As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions the amount necessary to preventing the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution’s assets.

Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as a support measure or to a creditor of such a member bank in payment of an overdue amount which the creditor has not received from the member bank. Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing liability for the central cooperative’s debts as referred to in the Co-operatives Act.

Each member bank’s liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member banks in proportion to their last adopted balance sheets. OP Financial Group’s insurance companies do not fall within the scope of joint and several liability.

According to section 25 of the Act on Mortgage Credit Banks (688/2010), which was valid at that time, the creditors of covered bonds issued prior to 8 July 2022 have the right to receive payment, before other claims, for the entire term of the bond, in accordance with the terms and conditions of the bond, out of the funds entered as collateral for the bond, without this being prevented by OP MB’s liquidation or bankruptcy. A similar and equal priority also applies to derivative contracts entered in the register of bonds, and to marginal lending facilities referred to in section 26, subsection 4 of said Act. For mortgage-backed loans issued prior to 8 July 2022 and included in the total amount of collateral of covered bonds, the priority of the covered bond holders’ payment right is limited to the amount of loan that, with respect to home loans, corresponds to 70% of the value of shares or property serving as security for the loan and entered in the bond register at the time of the issuer’s liquidation or bankruptcy declaration.

Under section 20 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022), which entered into force on 8 July 2022, the creditors of bonds issued after 8 July 2022, including the related management and clearing costs, have the right to receive payment from the collateral included in the cover pool, before other creditors of OP MB or the OP cooperative bank which is the debtor of an intermediary loan. A similar priority also applies to creditors of derivative contracts related to covered bonds, including the related management and clearing costs. Interest and yield accruing on the collateral, and any substitute assets, fall within the scope of said priority. Section 44, subsection 3 of the Act on Mortgage Credit Banks and Covered Bonds includes provisions on the creditor’s priority claim regarding cover pool liquidity support. According to said subsection, the creditor has the right to receive payment against the funds contained in the cover pool after claims based on the principal and interest of covered bonds secured by the cover assets included in the cover pool, obligations based on derivatives contracts associated with covered bonds, as well as administration and liquidation costs.

Sustainability and corporate responsibility

Responsible business is one of OP Financial Group’s strategic priorities. OP Financial Group’s sustainability programme guides the Group’s actions and is built around three themes: Climate and the environment, People and communities, and Corporate governance. Read more about the sustainability programme at www.op.fi/en/op-financial-group/corporate-social-responsibility.

At OP Financial Group, sustainability and corporate responsibility are guided by a number of principles and policies. OP Financial Group is committed to complying not only with all applicable laws and regulations, but also with a number of international initiatives. The Group is committed to complying with the ten principles of the UN Global Compact initiative in the areas of human rights, labour rights, the environment and anti-corruption. OP Financial Group is a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Furthermore, OP Financial Group is committed to complying with the UN Principles for Responsible Investment and the UN Principles for Sustainable Insurance.

As of the reporting year 2024, OP Financial Group reports on its sustainability and corporate responsibility in accordance with the European Sustainability Reporting Standards (ESRS) under the EU’s Corporate Sustainability Reporting Directive (CSRD).

OP Financial Group has drawn up a biodiversity road map that includes measures to promote biodiversity at OP Financial Group. The aim is to create a nature positive handprint by 2030. ‘Nature positive’ means that OP Financial Group’s operations will have a net positive impact (NPI) on nature.

OP Financial Group has also drawn up a Human Rights Statement and Human Rights Policy. OP Financial Group respects all recognised human rights, and the Human Rights Statement includes the requirements and expectations that OP Financial Group has set for itself and actors in its value chains. OP Financial Group is committed to remediation actions if it causes adverse human rights impacts.

In March 2024, OP MB published a Green Covered Bond Report on the allocation and impacts of Finland’s first green covered bonds issued in March 2021 and April 2022. Under OP MB’s Green Covered Bond Framework, the proceeds from the bonds have been allocated to mortgages with energy-efficient residential buildings as collateral.

The environmental impacts allocated to the green covered bonds in 2023 were 59,000 MWh of energy use avoided per year and 8,800 tonnes of CO2-equivalent emissions avoided per year.

Personnel

On 30 September 2024, OP MB had six employees. OP MB has been digitising its operations and purchases all key support services from OP Cooperative and its Group members, reducing the need for its own personnel.

Management

The Board composition is as follows:

Chair	Mikko Timonen	Chief Financial Officer, OP Cooperative
Members	Satu Nurmi	Head of Personal Finance and Real Estate Services, OP Retail Customers plc
	Mari Heikkilä	Head of Group Treasury & ALM, OP Corporate Bank plc

OP MB’s Managing Director is Sanna Eriksson. The deputy Managing Director is Tuomas Ruotsalainen, Senior Covered Bonds Manager at OP MB.

Risk profile

OP MB has a strong capital base, capital buffers and risk-bearing capacity, and they are expected to remain strong throughout the rest of the year.

OP MB’s most significant risks are related to the quality of collateral and to the structural liquidity and interest rate risks on the balance sheet for which limits have been set in the Banking Risk Policy. The key credit risk indicators in use show that OP MB’s credit risk exposure is stable. OP MB has used interest rate swaps to hedge against its interest rate risk. Interest rate swaps have been used to swap home loan interest, intermediary loan interest and interest on issued bonds onto the same basis rate. OP MB has concluded all derivative contracts for hedging purposes, applying fair value hedges which have OP Corporate Bank plc as their counterparty. OP MB’s interest risk exposure is under control and has been within the set limit.

The liquidity buffer for OP Financial Group is centrally managed by OP Corporate Bank and therefore exploitable by OP MB. At the end of the reporting period, OP Financial Group’s Liquidity Coverage Ratio (LCR) was 214% and the Net Stable Funding Ratio (NSFR) was 130%. OP MB monitors its cash flows on a daily basis to secure funding liquidity and its structural funding risk on a regular basis as part of the company’s internal capital adequacy assessment process (ICAAP).

An analysis of OP MB’s risk exposure should always take account of OP Financial Group’s risk exposure, which is based on the joint and several liability of all its member credit institutions. The member credit institutions are jointly liable for each other’s debts. All member banks must participate in support measures, as referred to in the Act on the Amalgamation of Deposit Banks, to support each other’s capital adequacy.

OP Financial Group analyses the business environment as part of the ongoing risk assessment activities and strategy process. Megatrends and worldviews behind OP Financial Group’s strategy reflect driving forces that affect the daily activities, conditions and future of the Group and its customers. Factors currently shaping the business environment include climate, biodiversity loss, scientific and technological innovations, polarisation, demography and geopolitics. External business environment factors are considered thoroughly, so that their effects on customers’ future success are understood. OP Financial Group provides advice and makes business decisions that promote the sustainable financial success, security and wellbeing of its owner-customers and operating region while managing the Group’s risk profile on a longer-term basis. Advice for customers, risk-based service sizing, contract lifecycle management, decision-making, management and reporting are based on correct and comprehensive information.

Events after the reporting period

In October, OP MB issued a covered bond in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of five years. All proceeds of the bond were intermediated to 48 OP cooperative banks in the form of intermediary loans.

The terms of issue are available at the op.fi website, under Debt investors: www.op.fi/op-ryhma/velkasijoittajat/issuers/op-mortgage-bank/emtcb-debt-programme-documentation.

In October, OP MB’s Board of Directors decided to sell OP MB’s on-balance sheet loan portfolio of EUR 1,825 million to 85 OP cooperative banks later this year.

Outlook for 2024

The Finnish economy was sluggish in the first half. GDP contracted over the previous year and unemployment increased. Forecast data suggests that the Finnish economy began to grow in the third quarter of 2024. Falling inflation and interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises may abruptly affect capital markets and the economic environment.

OP MB’s capital adequacy is expected to remain strong and risk exposure favourable. This will enable the issuance of new covered bonds also in the future.

Time of publication of 2024 reports

Report by the Board of Directors and Financial Statements 2024	Week 11, 2025
Corporate Governance Statement 2024	Week 11, 2025

Schedule for Financial Statements Bulletin 2024 and Interim Reports in 2025

Financial Statements Bulletin 1 January‒31 December 2024	6 February 2025
Interim Report 1 January–31 March 2025	7 May 2025
Half-year Financial Report 1 January–30 June 2025	30 July 2025
Interim Report 1 January–30 September 2025	28 October 2025

Helsinki, 31 October 2024

OP Mortgage Bank
Board of Directors

Additional information:

Managing Director Sanna Eriksson, phone +358 10 252 2517

DISTRIBUTION

LSE London Stock Exchange
Euronext Dublin (Irish Stock Exchange)
Officially Appointed Mechanism (OAM)
Major media
op.fi

The MIL Network –

January 25, 2025

MIL-OSI: CoinShares Appoints Lisa Avellini as Group General Counsel

Source: GlobeNewswire (MIL-OSI)

31^stOctober 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European investment company specialising in digital assets, is pleased to announce the appointment of Lisa Avellini as Group General Counsel, effective November 4, 2024.

Lisa brings a wealth of valuable experience to CoinShares, with an extensive background in legal and compliance roles within leading global financial institutions. She joins CoinShares after three years at Balyasny Asset Management, where she oversaw global legal and compliance requirements for the credit division.

Prior to her tenure at Balyasny, Lisa spent three years at Citadel, where she provided strategic legal guidance across a range of complex financial transactions and regulatory matters.

Jean-Marie Mognetti, CEO of CoinShares, commented:

“As the digital asset ecosystem increasingly aligns with traditional finance and its regulatory frameworks, Lisa’s extensive legal and regulatory experience with established investment firms strengthens our expertise to navigate this evolving landscape.

Lisa’s appointment reinforces our leadership team and underscores our unwavering commitment to exemplary legal and regulatory compliance. Her arrival not only enhances our capabilities but also signifies CoinShares’ entry into a new growth phase, demonstrating our ability to attract premier talent from the world’s foremost investment companies.”

Lisa Avellini added:

“I am excited to join CoinShares at such a pivotal time in the company’s development. My career has always been driven by curiosity and innovation, and the digital asset industry presents unique challenges and opportunities. This is why I have decided to join a leader in this emerging industry. I look forward to contributing my experience to support CoinShares’ strategic objectives and to further enhance its strong compliance culture.”

In her role as Group General Counsel, Lisa will oversee all legal and regulatory matters for CoinShares globally, providing strategic advice to the executive team and supporting the company’s growth initiatives.

ABOUT COINSHARES

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

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

PRESS CONTACT

CoinShares
Benoît Pellevoizin
bpellevoizin@coinshares.com

M Group Strategic Communications
Peter Padovano
press@coinshares.com

The MIL Network –

January 25, 2025
MIL-OSI: YXT.com Group Holding Limited Announces Change of Auditor

Source: GlobeNewswire (MIL-OSI)

SUZHOU, China, Oct. 31, 2024 (GLOBE NEWSWIRE) — YXT.com Group Holding Limited (“YXT.com” or the “Company”), a leader and disruptor of the digital corporate learning industry in China, today announced the appointment of Marcum Asia CPAs LLP (“Marcum Asia”) as the Company’s independent registered public accounting firm, effective on October 31, 2024.

Marcum Asia succeeds PricewaterhouseCoopers Zhong Tian LLP (“PwC”), which was previously the independent auditor providing audit services to the Company. The change of the Company’s independent auditor was made after careful consideration and an evaluation process by the Company and has been recommended by the audit committee of the board of directors of the Company and approved by the board of directors of the Company. The decision to change auditor was not as a result of any disagreement between the Company and PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures.

Marcum Asia is engaged to audit and report on the consolidated financial statements of the Company for the fiscal year ending December 31, 2024. The audit reports issued by PwC on the Company’s consolidated financial statements for the fiscal years ended December 31, 2022 and 2023 did not contain any adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.

The Company would like to take this opportunity to express its sincere gratitude to the PwC team for their professionalism and quality of services rendered to the Company over the past years.

About YXT.com
As a technology company, YXT.com provides corporations with digital corporate learning solutions, including SaaS platforms, learning content, and other services. YXT.com is a leader and disruptor of the digital corporate learning industry in China. Established in 2011, YXT.com has supported Fortune 500 companies and other leading companies with their transformation and digitalization of learning and development, and has received recognition, respect and recurring business.

Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to”, or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

Contact
Robin Yang
ICR, LLC
YXT.IR@icrinc.com
+1 (646) 405-4883

The MIL Network –

January 25, 2025
MIL-OSI: HPH Announces Results of its Extraordinary General Meeting and Separate Class Meeting

Source: GlobeNewswire (MIL-OSI)

GUANGZHOU, China, Oct. 31, 2024 (GLOBE NEWSWIRE) — Highest Performances Holdings Inc. (NASDAQ: HPH) (“HPH” or the “Company”) today announced the results of its extraordinary general meeting of shareholders and separate class meeting of the holders of ordinary shares of the Company (the “Combined Meeting”) held in Guangzhou on October 31, 2024.

At the Combined Meeting, the shareholders passed the following resolutions to:

(i) change the authorized share capital of the Company FROM US$2,000,000 divided into 2,000,000,000 shares consisting of (i) 1,950,000,000 Ordinary Shares of a nominal or par value of US$0.001 each (the “Ordinary Shares”); and (ii) 50,000,000 Preference Shares of a nominal or par value of US$0.001 each (the “Preference Shares”) TO US$5,000,000 divided into 5,000,000,000 shares consisting of (i) 4,000,000,000 Class A Ordinary Shares of a nominal or par value of US$0.001 each (the “Class A Ordinary Shares”); and (ii) 1,000,000,000 Class B Ordinary Shares of a nominal or par value of US$0.001 each (the “Class B Ordinary Shares”). All of the previously issued and outstanding Ordinary Shares will be re-designated as Class A Ordinary Shares. Each Class A Ordinary Share shall have one vote per Class A Ordinary Share while each Class B Ordinary Share shall have 100 votes per Class B Ordinary Share, among other rights, preferences, privileges and restrictions as set out in the AR M&A (as defined below).

(ii) replace the existing third amended and restated memorandum and articles of association of the Company in their entirety with a new fourth amended and restated memorandum and articles of association of the Company (the “AR M&A”) to reflect, among others, the aforementioned changes; and

(iii) authorize any director of the Company (the “Director”) to take any and all action that might be necessary to effect the foregoing resolutions as such Director, in his or her absolute discretion, thinks fit.

About HPH
Founded in 2010 and formerly known as Puyi Inc., we have evolved with a vision to become a leading provider of artificial intelligent technology-driven family and enterprise services. Our mission is to enhance the quality of life for families worldwide by leveraging two primary driving forces: technological intelligence and capital investments. We are dedicated to investing in high-quality enterprises with global potential, focusing on areas such as asset allocation, education and study tours, healthcare and elderly care, and family governance.

We currently hold controlling interests in two leading financial service providers in China. The first is Fanhua Inc., a technology-driven independent financial service platform traded on the Nasdaq. The second is Fanhua Puyi Fund Distribution Co., Ltd., an independent wealth management service provider.

Highest Performances Holdings Inc., formerly known as Puyi Inc., was renamed on March 13, 2024 to reflect its strategic transformation.

Forward-looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When HPH uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from HPH’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: HPH’s ability to obtain proceeds from the Agreement; HPH’s goals and strategies; HPH’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the third-party wealth management industry in China; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions in China and the international markets HPH serves and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by HPH with the Securities and Exchange Commission. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in HPH’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. HPH undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Highest Performances Holdings Inc.

The MIL Network –

January 25, 2025
MIL-OSI: The recording of Šiaulių Bankas Investor Conference Webinar of introducing the financial results for Q3 2024

Source: GlobeNewswire (MIL-OSI)

   During the Investor Conference Webinar by Vytautas Sinius, CEO, Tomas Varenbergas, Head of Investment Management Division and Tautvydas Mėdžius, Strategy Partner introduced the Bank’s financial results for Q3 2024 and recent developments and answered the participant questions afterwards.

     The recording of it can be found on Šiaulių Bankas youtube channel here.

Presentation and the recording of webinar are also posted on the Bank’s website https://sb.lt/en/investors

    Šiaulių bankas thanks all participants.

If you would like to receive Šiaulių Bankas news for investors directly to your inbox, subscribe to our newsletter.

Additional information:
Tomas Varenbergas
Head of Investment Management Division
tomas.varenbergas@sb.lt

The MIL Network –

January 25, 2025
MIL-OSI Asia-Pac: Granting of banking licences

Source: Hong Kong Government special administrative region

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority announced today (October 31) that the Monetary Authority has granted banking licences to Guanyin International Limited (GIL) and KGI Bank Co., Ltd. (KGIB) under the Banking Ordinance. The granting of these banking licences take effect today (October 31, 2024).

     GIL is incorporated in Hong Kong and is a wholly-owned subsidiary of Bank of Dongguan Co., Ltd. KGIB is incorporated in Taiwan, China.

     After the grant of the above banking licences, the number of licensed banks in Hong Kong is 151.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Security: Defense Contractor, Former Executive Indicted for Bribing Government Employee

Source: Office of United States Attorneys

SAN DIEGO – A federal grand jury has returned an indictment charging Cask Technologies, LLC and former company executive Mark Larsen with bribing a government employee to win lucrative government contracts.

According to court records, Larsen and his subordinates at Cask gave former Naval Information Warfare Center employee James Soriano various things of value, including expensive meals, golf outings, and full-time jobs for Soriano’s close family friend and immediate family member. At the time of the conspiracy, Larsen was the director, and later the managing director, vice president, and executive vice president of Cask with offices in San Diego and Stafford, Virginia.

In return, Soriano took official action to benefit Cask, such as steering non-competitive small business contracts to Cask and its “family” of companies; allowing Larsen and other Cask employees to draft procurement documents for various contracting efforts, including competitive procurements; and allowing Larsen and others to “ghost write” emails, official government correspondence, and performance evaluations for Soriano’s signature, all to benefit Cask and others in its “family” of companies.

Soriano also agreed in an email exchange to “create & award” a $50 million supposedly competitive contract for services to Cask. Soriano then allowed Cask to draft the contract requirements and the price the government was expected to pay, and took other actions to ensure that Cask was awarded the “competitive” contract.

To conceal their activities, Larsen, Cask and Soriano failed to disclose organizational conflicts of interest in relation to their contracting efforts and that Cask was affiliated to other companies in its “family” of companies, including two Native Hawaiian 8(a) companies that were subcontracting millions of dollars of work on 8(a) contracts to Cask.

Soriano has already pleaded guilty to multiple bribery schemes, including facts related to his relationship with Larsen and Cask. He is scheduled to be sentenced in May 2025.

“Defense contracts support our military, and as such play an important role in keeping us all safe,” said U.S. Attorney Tara K. McGrath. “Allowing bribery and corruption to dictate who obtains those important contracts undermines the system and dishonors our defense operations.”

“This newest indictment is another constructive step toward accountability in this ongoing multi-year investigation,” said Bryan D. Denny, Special Agent in Charge for the Department of Defense Office of Inspector General, Defense Criminal Investigative Service, Western Field Office. “Mr. Larsen and Cask Technologies are accused of feeding their own greed by knowingly corrupting the government’s acquisition process and some government officials at the expense of our nation’s warfighters and taxpayers.”

“The allegations in this case highlight the serious repercussions of undermining the integrity of the Department of the Navy’s procurement process. By prioritizing personal gain over fair competition, such actions can compromise the readiness and, potentially, the safety of our warfighters,” said Special Agent in Charge Greg Gross of the NCIS Economic Crimes Field Office. “We, alongside our investigative partners, are committed to exposing unlawful activity and restoring public trust in the systems designed to protect our nation’s security.”

“This case demonstrates our commitment to working with our law enforcement partners to root out fraud and corruption in government contracting,” said Weston King, SBA OIG Western Region Special Agent in Charge. “These defendants are accused of working together to exploit the 8(a) program, actions that would defraud the government but also compromise the integrity of the program designed to uplift deserving entrepreneurs. I would like to thank the U.S. Attorney’s Office and law enforcement partners for their continued pursuit of justice and holding accountable those who engage in fraudulent schemes.”

“This indictment demonstrates IRS CI’s commitment to leaving no stone unturned when we investigate DOD contract fraud,” said Special Agent in Charge Tyler Hatcher, IRS Criminal Investigation, Los Angeles Field Office. “Those who undermine the DOD contracting process put our warfighters at risk, and we will not rest on a case until we find all complicit parties and the evidence necessary to bring them to court.”

This case is being prosecuted by Assistant U.S. Attorneys Patrick Swan and Katherine McGrath.

DEFENDANTS                                 Case Number 24cr2111-TWR

Mark Larsen                                        Age: 46                                   San Diego, CA

Cask Technologies, LLC Stafford, VA

SUMMARY OF CHARGES

Conspiracy to Commit Bribery – Title 18, U.S.C., Section 371

Maximum penalty: Five years in prison; $250,000 fine

Bribery – Title 18, U.S.C., Section 201

Maximum penalty: Fifteen years in prison; $250,000 fine for an individual or $500,000 for an organization, or three times the monetary equivalent of the thing of value, whichever is greater.

INVESTIGATING AGENCIES

Defense Criminal Investigative Service

Naval Criminal Investigative Service

Small Business Administration – Office of Inspector General

Internal Revenue Service Criminal Investigation

Department of Health and Human Services – Office of Inspector General

*The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

If you have information regarding fraud, waste, or abuse relating to Department of Defense personnel or operations, please contact the DoD Hotline at 800-424-9098.



MIL Security OSI –

January 25, 2025
MIL-OSI: International Petroleum Corporation to release Third Quarter 2024 Financial and Operational Results on November 5, 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 31, 2024 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) will publish its financial and operating results and related management’s discussion and analysis for the three and nine months ended September 30, 2024, on Tuesday, November 5, 2024 at 07:30 CET, followed by an audiocast at 09:00 CET.

Listen to William Lundin, President and CEO, and Christophe Nerguararian, CFO, commenting on the third quarter 2024 financial and operating results and the latest developments from IPC.

Follow the presentation live starting at 09:00 CET on Tuesday, November 5, 2024 on www.international-petroleum.com or using the link/dial-in details below:

Presentation Link: ipc.videosync.fi/2024-11-05-q3

Dial-in numbers Canada/USA: +1 786 697 3501

UK: +44 33 0551 0200

Sweden: +46 8 50520424

Password Quote “IPC Q3” when prompted by the operator

International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm under the symbol “IPCO”.

For further information, please contact:

Rebecca Gordon
SVP Corporate Planning and Investor Relations
rebecca.gordon@international-petroleum.com
Tel: +41 22 595 10 50
Or
Robert Eriksson
Media Manager
reriksson@rive6.ch
Tel: +46 701 11 26 15

Forward-Looking Statements
This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

The MIL Network –

January 25, 2025

MIL-OSI Russia: Bank working hours on pre-holiday days and holidays

Translation. Region: Russian Federation –

Source: Bank “ROSSIA” Russia Bank –

Press Releases and Events

10/31/2024

Bank working hours on pre-holiday days and holidays

We present to your attention information about the work of Bank “ROSSIYA” offices from November 1 to 4, 2024.

On November 1, the Bank’s offices will work as on Friday. November 2 is a working day as on Monday, but service hours are shortened by one hour. November 3 and 4 are days off in all offices. From November 5, the Bank will work as usual.

Exception:

Remote service point “Zhigulina Roshcha”Republic of Crimea, Simferopol municipal district, Mirnovskoye rural settlement, Mirnoye village, Krymskoy Vesny st., 5, bldg. 1, room 330

November 2 from 9:00 to 15:00

No service November 3-5

Back to list

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

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://abr.ru/about/nevs/13780/

MIL OSI Russia News –

January 25, 2025

MIL-OSI Europe: Commission reports on progress and priorities for candidate countries to join EU
Source: European Union 2

The Commission has adopted the 2024 enlargement reports, which offer a detailed assessment of the state of play and the progress made by the countries seeking to join the European Union. The reports also provide guidance on key reform priorities for each country.

The reports cover:
- Georgia
- Moldova
- Türkiye
- Ukraine
- Western Balkans (Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, Serbia)
The enlargement process gained new momentum throughout 2023 and 2024 with several enlargement countries making progress on their respective paths towards EU accession. However, countries must focus on accelerating structural reforms to enable sustainable growth and make progress in meeting the economic criteria for EU membership. This involves ensuring functioning market economies and demonstrating they can withstand the competitive pressures of the EU market. Additionally, their economic policies should align with the green and digital transition goals.

The enlargement process is merit-based and depends on the progress made by each of the partners. They must implement irreversible reforms in all areas of EU law, with special emphasis on the fundamentals of the enlargement process. The EU supports the enlargement countries through financing instruments and tools. In addition to the Economic and Investment Plan, the €6 billion Reform and Growth Facility for the Western Balkans and the €50 billion Ukraine Facility aim to bring forward some of the benefits of single market access to these countries before they join the EU. Similarly, the recent €1.8 billion Growth Plan for Moldova will support its socio-economic reforms and boost investment.

For more information

Press release: Commission adopts 2024 Enlargement Package

2024 Communication on EU Enlargement Policy

How enlargement works

Factsheet on the EU accession process

Economic and Investment Plan for Western Balkans

New Growth Plan for the Western Balkans

Ukraine Facility

Growth Plan for Moldova

Albania: Report; Country factsheet

Bosnia and Herzegovina:  Report; Country factsheet

Kosovo:  Report; Country factsheet

Montenegro:  Report; Country factsheet

North Macedonia: Report; Country factsheet

Serbia: Report; Country factsheet

Georgia: Report; Country factsheet

Moldova: Report; Country factsheet

Ukraine:  Report; Country factsheet

Türkiye:  Report; Country factsheet
MIL OSI Europe News –
January 25, 2025
MIL-OSI: Lars Moesgaard is leaving Nykredit Bank’s Executive Board – Nykredit Bank A/S
Source: GlobeNewswire (MIL-OSI)

To Nasdaq Copenhagen

Lars Moesgaard is leaving Nykredit Bank’s Executive Board

Lars Moesgaard is leaving his position as Head of Banking Retail and member of the Executive Board of Nykredit Bank as a result of reorganisation.

Tonny Thierry Andersen, Group Managing Director, says:

“In recent years, Nykredit Bank has welcomed many new customers who opt for the attractive value propositions a customer-owned bank can offer. I would like to extend my sincere thanks to Lars Moesgaard for his contribution to the Bank’s development, and I wish Lars all the best in the future.”

Nykredit Bank’s Executive Board will subsequently consist of Dan Sørensen and Søren Kviesgaard.

Contact:

Questions may be addressed to Press Relations, tel +45 31 21 06 39.

Attachment
- Lars Moesgaard is leaving Nykredit Bank’s Executive Board
The MIL Network –
January 25, 2025
MIL-OSI Economics: Julie Oates ACA

Source: Isle of Man

Published on: 31 October 2024

Notice is hereby given that Julie Oates ACA, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 31/10/2024.

MIL OSI Economics –

January 25, 2025
MIL-OSI China: WSTDF 2024: Highlighting AI innovation, global governance

Source: China State Council Information Office 2

The 2024 World Science and Technology Development Forum (WSTDF) hosted a thematic session in Beijing on Oct. 23 focused on “AI Governance Innovation: Building an International Trust Foundation for Cultivating the Ecology of Science and Technology Governance”. The session brought together global experts and scholars, representatives of international organizations, and industry leaders to explore the innovative breakthroughs of artificial intelligence (AI), its applications across various industries, and the necessary frameworks for managing associated risks.

Attendees take part in the “AI Governance Innovation: Building an International Trust Foundation for Cultivating the Ecology of Science and Technology Governance” thematic session at WSTDF 2024, Beijing, Oct. 23, 2024. [Photo courtesy of WSTDF]
AI as a catalyst for sci-tech advancement
Wan Gang, chairman of WSTDF 2024 and president of the China Association for Science and Technology, emphasized the critical role of AI in advancing scientific research. “We hope to establish a new paradigm for cutting-edge scientific research that is fundamentally supported by artificial intelligence, accelerating the development of new industries and building new engines for growth,” Wan stated. He further called for joint efforts to promote the alignment and coordination of laws, regulations and standards, and establishing evaluation, education, warning and control mechanisms for AI applications to enhance the credibility, reliability and controllability of AI.
At the conference, experts and industry leaders engaged in in-depth discussions on AI’s technological breakthroughs and its industrial applications. Qiao Hong, president of the World Robot Cooperation Organization and an academician at the Chinese Academy of Sciences, highlighted that AI has become a driving force of the technological revolution, finding extensive applications in intelligent manufacturing, smart cities, health care and financial services. She presented the “2024 Outlook for the Top 10 Frontier Technology Trends in AI,” covering advancements in general AI technologies, large-scale pre-trained models, embodied intelligence and generative AI, showcasing the boundless potential and possibilities of AI.
Qiao said, “These cutting-edge technologies hold immense potential. The advancements will not only make daily life more convenient and efficient, but also spur innovation and drive progress across a wide range of industries.”
As a cutting-edge field within AI, embodied intelligence is transitioning from concept to reality, drawing significant attention at the conference. Chang Lin, founder and CEO of Leju Robotics, noted that embodied intelligence and humanoid robots have shifted from niche concepts to mainstream relevance. “The rapid development of AI, especially large models, has greatly enhanced the adaptability of humanoid robots, significantly improving their general capabilities,” said Chang. “This progress paves the way for robots to take on flexible, intelligent tasks in household settings, potentially transforming everyday life.”
Han Fengtao, founder and CEO of Spirit AI, emphasized that while embodied intelligence is not a new term, recent technological breakthroughs have brought it into the mainstream. In the robotics industry, for example, “the core advancement has reduced the need for human intervention at every stage,” Han explained. With technologies like text-to-image and text-to-action generation, robots are now capable of performing tasks with greater autonomy, he said.
Ethical challenges and the need for responsible AI governance
As artificial intelligence rapidly advances, ethical concerns and social challenges have emerged.
Zhang Ping, an academician at the Chinese Academy of Engineering and professor at the Beijing University of Posts and Telecommunications, pointed out that while breakthroughs in generative AI bring convenience, they also pose security and ethical challenges. “Issues like identity fraud through AI-generated content, and inappropriate messaging are rising,” he said.
Zhang shared research progress from a Beijing AI safety governance lab, which focuses on building a theoretical framework for general AI to ensure safe, controllable development. The lab is also pioneering super-alignment technologies to better align AI outputs with human values and decisions. Additionally, they are enhancing interpretability and automating assessments to confirm that general AI aligns with societal good.
Huang Tiejun, a professor at Peking University, echoed these concerns, warning of the risks in commercial AI applications. He urged companies to prioritize human welfare, even when faced with lucrative business opportunities, emphasizing that global regulation is essential to prevent AI-dominant corporations from monopolizing benefits, concentrating wealth and worsening social inequality.
Chang Lin stressed the importance of adopting a responsible approach to AI, highlighting the need for companies to continuously address and resolve emerging risks. Meanwhile, founder and CEO of Accelerated Evolution, Cheng Hao, added that ensuring AI safety is a complex matter, which involves physical and algorithmic domains. He explained that robot malfunctions or algorithmic errors could harm humans, underscoring the need for safety mechanisms that allow systems to stop in hazardous situations.
Global cooperation to shape AI for humanity
Experts at the session emphasized the critical need for international collaboration and effective global governance to address associated risks and challenges.
Huang Tiejun, also director of the Beijing Academy of Artificial Intelligence, highlighted that AI’s immense power must be managed on a global scale to prevent its misuse by a few companies. “International cooperation on AI governance is essential,” he stated. “This is a shared challenge for humanity, and we must use technical safeguards to ensure AI’s benefits aren’t abused.”
Huang said that scientists worldwide share more consensus than division regarding AI’s development. He noted that scientific collaboration is often more open than political cooperation. “Platforms like the WSTDF play a vital role in advancing the AI industry. Despite current global complexities, in-person exchanges ease tensions and increase collaborative opportunities,” he added.
Framing it within the vision of building a community with a shared future for humanity, Huang emphasized that AI development must advance the common welfare of all. “Guiding AI to benefit humanity is the direction we must follow.”
Chang Lin noted that, despite geopolitical challenges, grassroots international exchanges remain robust and active. “We must overcome obstacles and keep advancing global partnerships,” Chang said.
Gong Ke, former president of the World Federation of Engineering Organizations, highlighted the importance of supporting developing regions, noting that many international conflicts stem from unequal development. He stressed the role of advanced technology in helping developing nations achieve sustainable growth. “Enhanced productivity can be a driving force for peace,” Gong said.

MIL OSI China News –

January 25, 2025
MIL-OSI China: WSTDF 2024: Collaboration boosts intelligent manufacturing

Source: China State Council Information Office 2

The 2024 World Science and Technology Development Forum (WSTDF) held a thematic session in Beijing on Oct. 24 focused on “Cross-Industry Resource Collaboration and Integration to Provide Innovative Application Scenarios for Enhancing the Intelligent Manufacturing Industry.” Leaders, scholars and business representatives from around the globe took part in the event, with the aim of sharing global insights to promote collaboration across industries and drive innovation in intelligent manufacturing.
The session was hosted by the China Association for Science and Technology, organized by the International Coalition of Intelligent Manufacturing, supported by the Beijing International Science and Technology Exchange Center and co-organized by the ASEAN Federation of Smart Industry.

Attendees take part in the “Cross-Industry Resource Collaboration and Integration to Provide Innovative Application Scenarios for Enhancing the Intelligent Manufacturing Industry” thematic session at WSTDF 2024, Beijing, Oct. 24, 2024. [Photo courtesy of WSTDF]
Participants in the event agreed that intelligent manufacturing is crucial to the global technological revolution and industrial transformation. They emphasized the importance of intelligent, green and integrated industrial manufacturing for sustainable global progress.
Lu Daming, vice president of the Chinese Mechanical Engineering Society (CMES), said: “Efficiently integrating cross-sector resources and innovating in intelligent manufacturing applications are crucial for enhancing manufacturing competitiveness and facilitating a transformation toward smarter, greener and service-oriented operations.” Lu also highlighted the CMES’s ongoing efforts to foster an open, collaborative and mutually beneficial innovation ecosystem to address the challenges within the intelligent manufacturing sector.
Chee Fai Tan, president of the ASEAN Federation of Smart Industry, stressed the growing importance of cross-sector collaboration in today’s globalized world. China, a global leader in resources, has made substantial strides in intelligent manufacturing, offering valuable insights to ASEAN countries, he said. Tan urged increased cooperation among nations to drive innovation in the intelligent manufacturing industry by exploring new application scenarios.
Several business leaders shared their experiences on how they are transforming manufacturing to be smarter, greener and more sustainable.
Zhan Jingtao, vice president of Siemens (China), illustrated the immense potential of intelligent manufacturing in achieving carbon neutrality and sustainable development. “Our CNC factory in Nanjing has significantly boosted production efficiency and product quality by blending virtual design with real-world application, increasing factory efficiency by 20%, flexibility by 30%, and reducing time-to-market by 20%, while cutting CO2 emissions by 3,300 tons annually,” he said.
Ni Yueyong, director of environmental affairs at Mitsubishi Electric (China) Co. Ltd., shared the company’s successful journey toward efficient carbon neutrality. By integrating production, energy and environmental management systems, Mitsubishi Electric has optimized its operations and reduced its carbon footprint. The company has transformed seven of its Chinese factories into national-level green factories, with one achieving zero carbon emissions in 2021. Ni emphasized the significance of efficient carbon neutrality, which combines environmental sustainability with economic benefits, and encouraged wider adoption of the approach.
Zhu Shiming, chief engineer at Phoenix Contact Asia-Pacific Nanjing Co. Ltd., discussed how the company is helping businesses, especially small- and medium-sized enterprises, reap the benefits of digital transformation. By improving digital infrastructure and data quality, the company is enabling businesses to overcome obstacles in industrial and factory applications.
The session also highlighted the critical roles of international cooperation and talent development in advancing the industry. Henry Adamson, an academician of the European Academy of Sciences and chief scientist at the Guangdong Greater Bay Area Institute of Integrated Circuit and System, emphasized the need for greater international collaboration, particularly through talent exchange programs, to propel technological advancements. “China must create more innovation platforms to attract and cultivate top scientific and technical professionals,” he stated.
“Technological exchange transcends borders,” said Lee Chean Chung, chairman of the Malaysia-China Technology Promotion Association, noting that international forums on technological development are vital for fostering cooperation.
He emphasized the importance of establishing mechanisms for mutual benefit and moving beyond zero-sum thinking: “Only by elevating the living standards of all humanity can we truly achieve maximum benefits.”
Lee said that the Belt and Road Initiative has strategically supported technological collaboration between China and Malaysia. He also noted that China’s three global initiatives — the Global Development Initiative, Global Security Initiative and Global Civilization Initiative — provide an extensive framework for technological cooperation.
Goi Bok Min, vice president for internationalisation and academic development at the Universiti Tunku Abdul Rahman, stressed the importance of integrating both hard and soft skills in education to meet the demands of the 21st century. He highlighted the university’s role in designing industry-aligned courses and promoting hands-on learning to enhance student skills, further supported by joint research initiatives with prominent academic institutions to foster innovation.

Yang Huayong, chairman of the International Coalition of Intelligent Manufacturing, presents the forum’s consensus statement at WSTDF 2024, Beijing, Oct. 24, 2024. [Photo courtesy of WSTDF]
At the conclusion of the session, Yang Huayong, chairman of the International Coalition of Intelligent Manufacturing, presented the forum’s consensus statement. It stressed the pivotal role of intelligent manufacturing in driving the new global scientific and technological revolution and industrial transformation. “We must expand the application scenarios for intelligent manufacturing, embrace sustainable development principles, and foster cross-sector resource integration to collaboratively enhance the new quality productive forces,” the statement declared.

MIL OSI China News –

January 25, 2025
MIL-OSI Europe: Euro area bank interest rate statistics: September 2024
Source: European Central Bank

31 October 2024

Bank interest rates for corporations

Chart 1

Bank interest rates on new loans to, and deposits from, euro area corporations

(percentages per annum)

Data for cost of borrowing and deposit interest rates for corporations (Chart 1)

The composite cost-of-borrowing indicator, which combines interest rates on all loans to corporations, decreased in September 2024. The interest rate on new loans of over €1 million with a floating rate and an initial rate fixation period of up to three months decreased by 31 basis points to 4.72%, driven by the interest rate effect. The rate on new loans of the same size with an initial rate fixation period of over three months and up to one year fell by 31 basis points to 4.47%, driven by the interest rate effect. The interest rate on new loans of over €1 million with an initial rate fixation period of over ten years decreased by 22 basis points to 3.58%. In the case of new loans of up to €250,000 with a floating rate and an initial rate fixation period of up to three months, the average rate charged fell by 12 basis points to 5.02%.
As regards new deposit agreements, the interest rate on deposits from corporations with an agreed maturity of up to one year fell by 14 basis points to 3.28% in September 2024. The interest rate on overnight deposits from corporations stayed almost constant at 0.88%.
The interest rate on new loans to sole proprietors and unincorporated partnerships with a floating rate and an initial rate fixation period of up to one year decreased by 22 basis points to 5.19%, driven by the interest rate effect.

Table 1

Bank interest rates for corporations

i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

Data for bank interest rates for corporations (Table 1)

Bank interest rates for households

Chart 2

Bank interest rates on new loans to, and deposits from, euro area households

Data for cost of borrowing and deposit interest rate for households (Chart 2)

The composite cost-of-borrowing indicator, which combines interest rates on all loans to households for house purchase, decreased in September 2024. The interest rate on loans for house purchase with a floating rate and an initial rate fixation period of up to one year decreased by 11 basis points to 4.59%. The rate on housing loans with an initial rate fixation period of over one and up to five years fell by 6 basis points to 3.82%. The interest rate on loans for house purchase with an initial rate fixation period of over five and up to ten years decreased by 10 basis points to 3.52%. The rate on housing loans with an initial rate fixation period of over ten years fell by 10 basis points to 3.27%, mainly driven by the interest rate effect. In the same period the interest rate on new loans to households for consumption decreased by 7 basis points to 7.75%.
As regards new deposits from households, the interest rate on deposits with an agreed maturity of up to one year remained broadly unchanged at 2.97%. The rate on deposits redeemable at three months’ notice stayed constant at 1.75%. The interest rate on overnight deposits from households remained broadly unchanged at 0.37%.

Table 2

Bank interest rates for households

i.r.f. = initial rate fixation
* For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories; deposits placed by households and corporations are allocated to the household sector. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.
** For this instrument category, the concept of new business is extended to the whole outstanding amounts and therefore the business volumes are not comparable with those of the other categories. Outstanding amounts data are derived from the ECB’s monetary financial institutions balance sheet statistics.

Data for bank interest rates for households (Table 2)

Further information

The data in Tables 1 and 2 can be visualised for individual euro area countries on the bank interest rate statistics dashboard. Additionally, tables containing further breakdowns of bank interest rate statistics, including the composite cost-of-borrowing indicators for all euro area countries, are available from the ECB Data Portal. The full set of bank interest rate statistics for both the euro area and individual countries can be downloaded from ECB Data Portal. More information, including the release calendar, is available under “Bank interest rates” in the statistics section of the ECB’s website.

For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

Notes:
- In this press release “corporations” refers to non-financial corporations (sector S.11 in the European System of Accounts 2010, or ESA 2010), “households” refers to households and non-profit institutions serving households (ESA 2010 sectors S.14 and S.15) and “banks” refers to monetary financial institutions except central banks and money market funds (ESA 2010 sector S.122).
- The composite cost-of-borrowing indicators are described in the article entitled “Assessing the retail bank interest rate pass-through in the euro area at times of financial fragmentation” in the August 2013 issue of the ECB’s Monthly Bulletin (see Box 1). For these indicators, a weighting scheme based on the 24-month moving averages of new business volumes has been applied, in order to filter out excessive monthly volatility. For this reason the developments in the composite cost of borrowing indicators in both tables cannot be explained by the month-on-month changes in the displayed subcomponents. Furthermore, the table on bank interest rates for corporations presents a subset of the series used in the calculation of the cost of borrowing indicator.
- Interest rates on new business are weighted by the size of the individual agreements. This is done both by the reporting agents and when the national and euro area averages are computed. Thus changes in average euro area interest rates for new business reflect, in addition to changes in interest rates, changes in the weights of individual countries’ new business for the instrument categories concerned. The “interest rate effect” and the “weight effect” presented in this press release are derived from the Bennet index, which allows month-on-month developments in euro area aggregate rates resulting from changes in individual country rates (the “interest rate effect”) to be disentangled from those caused by changes in the weights of individual countries’ contributions (the “weight effect”). Owing to rounding, the combined “interest rate effect” and the “weight effect” may not add up to the month-on-month developments in euro area aggregate rates.
- In addition to monthly euro area bank interest rate statistics for September 2024, this press release incorporates revisions to data for previous periods. Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions. Unless otherwise indicated, these euro area statistics cover the EU Member States that had adopted the euro at the time to which the data relate.
- As of reference period December 2014, the sector classification applied to bank interest rates statistics is based on the European System of Accounts 2010 (ESA 2010). In accordance with the ESA 2010 classification and as opposed to ESA 95, the non-financial corporations sector (S.11) now excludes holding companies not engaged in management and similar captive financial institutions.
MIL OSI Europe News –
January 25, 2025
MIL-OSI Asia-Pac: Speech by FS at SAB Invest Hang Seng Hong Kong ETF Listing Ceremony (English only) (with photos)

Source: Hong Kong Government special administrative region

     Following is the speech by the Financial Secretary, Mr Paul Chan, at the SAB Invest Hang Seng Hong Kong ETF Listing Ceremony in Riyadh, Saudi Arabia, today (October 31, Riyadh time):

Diana (Executive Director and Chief Executive of Hang Seng Bank, Ms Diana Ferreira Cesar), Rosita (Director and Chief Executive Officer of Hang Seng Investment Management Limited, Ms Rosita Lee), Mr Al-Hussan (Chairman of the Board of Directors of the Saudi Exchange, Mr Khalid Abdullah Al-Hussan), distinguished guests, ladies and gentlemen,

     Good morning. It is a great pleasure to join you today in celebrating the fast-growing financial collaboration between Hong Kong and Saudi Arabia.

     I am delighted to congratulate SAB, Hang Seng Investment Management and the Saudi Tadawul for this cheering listing.

     Following last November’s listing, on the Hong Kong Stock Exchange, of the first Asian ETF (exchange-traded fund) investing in Saudi Arabia, the SAB Invest Hang Seng Hong Kong ETF is just another remarkable product that encourages mutual access of our two markets.

     Today’s ETF invests into the Tracker Fund of Hong Kong, which tracks more than 80 of the largest, most liquid stocks on the Hong Kong Stock Exchange. It creates another channel for Saudi investors to participate in Hong Kong’s equity market on a diversified basis, covering such key sectors as finance, technology and property, in Hong Kong and Mainland China.

     And the Tracker Fund itself is an eligible ETF for Southbound trading under our Stock Connect Scheme with the Mainland, meaning that it will enjoy the liquidity of the investment from the Mainland, too.

     The Hong Kong Stock market is, of course, a global market, boasting capitalisation of more than US$4.5 trillion. That’s 12 times our GDP.

     It counts more than 2 600 listed companies, including some 1 460 from the Mainland. And they represent nearly 80 per cent of our market capitalisation. In other words, HK is the global fund raising platform for Mainland companies.

     Investing in our market, by extension, is investing in the Mainland economy, which will prove to be a rewarding endeavour as our country, China, is forecast to grow on a relatively faster pace on a sustainable basis for the long term.

     But the benefits are much more. Last year, we reached an MOU with the Saudi Tadawul, enhancing co-operation in such areas as cross-listings. We also encourage Saudi issuers to secondary list on our Stock Exchange. We believe these will be important steps to drive more mutual flow of capital, and widening the accessibility to both markets and enhancing their liquidity.

     Hong Kong is connecting issuers, investors and capital around the world and are forging more two-way capital flows with the Middle East, China, Asia and beyond.

     I’m glad that the ETF listed today is helping to deepen our efforts in connecting emerging markets with global capital. It is more than a financial product; it signifies our determination to create innovative ways to co-operate, to realise mutually rewarding opportunities with Saudi Arabia and the Middle East.

     I would like to thank all the parties for your hard work. And for that, I look forward to more mutually beneficial cross-border financial innovation to emerge to benefit our markets and our people.

     I wish you all the best of business, and investing, long down this 21st century of opportunity. Thank you.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-Evening Report: Islands Business publisher Samantha Magick – storyteller, risk-taker and community champion

By Teagan Laszlo, Queensland University of Technology

For Samantha Magick, journalism isn’t just a job. It is a lifelong commitment to storytelling, advocacy, and empowering voices often overlooked in the Pacific.

As the managing editor and publisher at Islands Business, the Pacific Islands’ longest surviving news and business monthly magazine, Magick’s commitment to quality reporting and journalistic integrity has established her as a leading figure in the region’s news industry.

Magick’s passion for journalism began at a young age.

“I wanted to be a journalist when I was like 12,” Magick recalls. “When I left school, that’s all I wanted to study.”

She remembers her family’s disapproval when she would write stories as a child, as they thought she was “sharing secrets”. Despite that early condemnation, Magick’s thriving journalism career has taken her across continents and exposed her to diverse media landscapes.

After completing a Bachelor of Communications with a major in journalism at Charles Sturt University in Bathurst, Australia, Magick began her career at Communications Fiji Limited (CFL), a prominent Fijian commercial network.

She progressed over 11 years from a cadet to CFL’s news director.

Guidance of first boss
Magick attributes some of her early success to the guidance of her first boss and CFL’s founder, William Parkinson. She considers herself fortunate to have had a supportive mentor who led by example and dared to take risks early in life, such as founding a radio station in his 20s.

After leaving CFL, Magick’s career took her across the globe, including regional Pacific non-government organisations, news publications in Hawai’i and Indonesia, and even international legal organisations in Italy.

Magick, who is of both Fijian and Australian heritage, returned to Suva in 2018, where she began her current role as Islands Business’s managing editor.

“I’ve chosen to make my life in Fiji because I feel more myself here,” Magick says, reflecting on her deep connection to the island nation.

Magick’s vision for Islands Business focuses on delving into the deeper, underlying narratives often overshadowed by breaking news cycles and free, readily available news content.

“We need to be able to demonstrate the value of investigation, big picture reporting rather than the day-to-day stuff,” Magick says.

Magick prides herself on creating a diverse and inclusive newsroom that reflects the communities it serves.

Need for diverse newsroom
“You have to have a diverse newsroom,” she emphasises, recognising the importance of amplifying marginalised voices. “For example, there is a conscious effort to make sure our magazine is not full of photos of men shaking hands with other men.”

Magick also believes journalists have a responsibility to advocate for change, as demonstrated by Islands Business’s dedication to tackling pressing issues from climate change to media freedom.

“Why would I give a climate change denier space?” Magick questions when discussing the need to balance objectivity and advocacy. “Because it’s kind of going to sell magazines? Because it’s going to create a bit of a stir online? That’s not something we believe in.”

Despite her success, Magick’s career has not been without challenges. Magick worked through Fiji’s former draconian media restriction laws under the Media Industry Development Act 2010, while also navigating the shift to digital media.

Islands Business managing editor Samantha Magick (right) with Fiji Times reporter Rakesh Kumar and chief editor Fred Wesley (centre) celebrating the repeal of the draconian Fiji media law last year . . . ““Why would I give a climate change denier space?” Image: Lydia Lewis/RNZ Pacific

Magick emphasises the need to constantly upskill and re-evaluate strategies to ensure she and Islands Business can effectively navigate the constantly evolving media landscape.

From learning to capitalise on social media analytics to locating reputable information sources when many of them feared to speak to the journalists due to the risk of legal retribution, Magick believes flexibility and perseverance are crucial to staying ahead in media.

In her early career, Magick also faced sexism and misogyny in the media industry. “When I think back about the way I was treated as a young journalist, I feel sick,” Magick says as she reflects on how she and her female colleagues would warn each other against interviewing certain sources alone.

Supporting aspiring journalists
The challenges Magick has faced undoubtably contribute to her dedication to supporting aspiring journalists, as evident through Kite Pareti’s journey. Starting as a freelance writer with no newswriting experience in March 2022, Pareti has since progressed to one of two full-time reporters at Islands Business.

Pareti expresses gratitude for the opportunities she’s had while working at Islands Business, and for the mentorship of Magick, whom she describes as “family”.

“Samantha took a chance on me when I had zero knowledge on news writing,” Pareti says. “So I’m grateful to God for her life and for allowing me to experience this once-in-a-lifetime opportunity.”

Magick reciprocates this sentiment. “Recently, I am inspired by some of our younger reporters in the field, and their ability to embrace and leverage technology — they’re teaching me.”

Magick anticipates an exciting period ahead for Islands Business, as she aims to attract a younger, professionally driven, and regionally focused audience to their platforms.

When asked about her aspirations for journalism in the region, Magick says she hopes to see a future where Pacific voices remain at the centre, “telling their own stories in all their diversities”.

Teagan Laszlo was a student journalist from the Queensland University of Technology who travelled to Fiji with the support of the Australian Government’s New Colombo Plan Mobility Programme. This article is published in a partnership of QUT with Asia Pacific Report, Asia Pacific Media Network (APMN) and The University of the South Pacific.

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-OSI Africa: Malawi Accedes to the Establishment Agreement for Afreximbank’s Fund for Export Development in Africa (FEDA)

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

KIGALI, Rwanda, October 31, 2024/APO Group/ —

The Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), has announced the Republic of Malawi’s accession to the FEDA Establishment Agreement.

This key milestone reflects the Fund’s growing support across Africa, bringing the total number of participating countries in FEDA to eighteen. Malawi’s accession to FEDA highlights the Fund’s growing momentum, following the recent accession of Benin, Nigeria, Ghana, the Arab Republic of Egypt and Equatorial Guinea among others, to its membership.

New memberships are crucial to broadening the scope of FEDA’s interventions and advancing its mission of delivering long-term capital to African economies with a focus on industrialization, intra-African trade and value-added exports. The rapid growth of FEDA reflects the strong support and confidence African states have in its mandate.

Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, commented: “We welcome the Republic of Malawi to the growing FEDA family. This step lays the groundwork for an enhanced and more effective cooperation and gives the country better access to the full range of interventions offered by Afreximbank Group. The dividends of Malawi’s accession are best illustrated by the launch of the Magwero Industrial Park project, being developed by Arise IIP in collaboration with Afreximbank and FEDA. The project which aims to unlock Malawi’s manufacturing export potential represents a significant investment in the country.”

Marlène Ngoyi, Chief Executive Officer of FEDA, said: “The signing of the FEDA Establishment Agreement builds on FEDA’s investment in strategic projects in Malawi, through Arise IIP, that aim to promote industrialisation, intra-African trade and value-added exports. FEDA will continue supporting Malawi to foster an environment that promotes economic diversification and enhances value-added production.”

FEDA’s recent key strategic investments across the continent, include a further USD300 million capital injection in Arise Integrated Industrial Platforms (Arise IIP) in October 2024, its strategic investment in Team Drogba, competing in the inaugural E1 Series, the world’s first-ever all-electric boat racing championship and the partnership with the Republic of Malawi in June 2024 to develop the Magwero Industrial Park to expedite Malawi’s industrialization process.

MIL OSI Africa –

January 25, 2025
MIL-OSI United Kingdom: UK approves use of export finance to secure critical minerals
Source: United Kingdom – Executive Government & Departments 4

UK Export Finance can now provide financial support for overseas projects that source critical minerals for use in major UK industries.
Lithium, an example of a critical mineral

Chancellor announces availability of export credit financing to help British industries access a stable, long-term supply of critical minerals.

There is high global demand for critical minerals which are increasingly vital to long-term industrial growth, emerging technology and the net zero transition.

The Chancellor has announced that UK Export Finance (UKEF), the government’s export credit agency, will offer financial support for overseas projects that supply critical minerals fuelling UK industrial growth and the net zero transition.

By securing contracts which increase and diversify UK access to critical minerals, this will help the UK to build economic resilience and lower the risk of supply-chain disruption in major industries like automotive, defence and aerospace.

‘Critical minerals’ are raw materials like lithium, graphite and cobalt which are essential to the UK’s largest exporting sectors. They are used in range of emerging and sustainable technologies like electric vehicles, solar panels and wind turbines.

Financing will be offered in the form of credit guarantees to overseas companies, helping them access debt financing for projects which supply UK exporters with critical mineral products – including both raw and processed materials.

It is expected that UKEF will work with other ECAs and public financial institutions to finance eligible projects and support investment into new supply routes.  

This would make it easier for UK manufacturers to secure contracts with critical mineral suppliers in countries with vast mineral deposits, including Australia, which holds large deposits of lithium.

Jonathan Reynolds, Secretary of State for Business and Trade, said:

There is intense global competition for critical minerals like lithium, tin and cobalt which are essential for industrial growth, British industries and our journey towards net zero.

As the energy transition pushes demand to new highs, this financing offer will help UK companies to get a seat at the table, build international partnerships and secure their critical mineral needs.

Helping exporters to access these vital resources will support UK industrial growth and our leadership in emerging technology.

Kirsty Benham, Chief Executive Officer, Critical Minerals Association (UK), said:

We welcome the new export finance offering for critical minerals, which supports UK manufacturers and supply chain security. The offer demonstrates the importance of critical minerals to UK Government, and showcases the UK’s strengths as a serious buyer of these strategically important materials.

We look forward to working closely with UKEF and supporting the development of this offer into secure, resilient, responsible critical mineral supply chains for the UK and MSP partners.

Sean Sargent, Chief Executive Officer, Green Lithium, added:

Green Lithium’s refinery in Teesside will be a future importer of critical raw materials and, following processing, a UK exporter of battery chemicals. This new export finance offering from UKEF is precisely the sort of initiative that will help UK businesses strengthen relationships with international partners and contribute to the development of stronger international supply chains, while also supporting critical minerals industrial development in the UK.

It is a welcome development from the UK Government, and a facility that will be of interest to several of our international supply chain partners.

The UK government is a founding member of the US-initiated Minerals Security Partnership (MSP), which aims to help member economies secure a stable access to critical minerals.

Today’s announcement follows the recent launch of an MSP finance network, in which UKEF is working with other export credit agencies and financial bodies to help de-risk and increase financing for critical minerals projects.

UKEF has also used its existing products to support UK capability in critical minerals production. It recently announced a guarantee supporting machinery exports to one of Central Asia’s largest copper-production facilities.

Contact

Media enquiries:

Email newsdesk@ukexportfinance.gov.uk

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Published 31 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI: Prairie Provident Announces Closing of Rights Offering

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 31, 2024 (GLOBE NEWSWIRE) — Prairie Provident Resources Inc. (“Prairie Provident” or the “Company”) (TSX:PPR) is pleased to announce the successful completion of its previously announced equity rights offering (the “Rights Offering”), which expired at 5:00 p.m. (Mountain time) on October 28, 2024.

Prairie Provident issued an aggregate of 480,000,000 common shares of the Company (“Common Shares”) pursuant to the Rights Offering and the Standby Commitment (defined below) at a price of $0.025 per share, for aggregate gross proceeds of $12.0 million. This includes the 400,000,000 Common Shares issued in the initial closing described below. Following completion, there are 1,196,405,336 Common Shares issued and outstanding.

As previously announced, the Company’s principal shareholder, PCEP Canadian Holdco, LLC (“PCEP”), fully exercised its basic subscription privilege under the Rights Offering to purchase 400,000,000 Common Shares in an initial closing completed on September 27, 2024, and also provided a standby commitment to purchase up to an additional 64,000,000 Common Shares not otherwise subscribed for under the Rights Offering by others (the “Standby Commitment”). In addition to the 400,000,000 Common Shares purchased on the early exercise of its basic subscription privilege, PCEP acquired 15,434,906 Common Shares under the Standby Commitment at the same subscription price of $0.025 per share. Following closing of the Rights Offering and Standby Commitment, PCEP holds 956,360,015 Common Shares, or approximately 79.9% of the total Common Shares outstanding.

Of the 64,565,094 Common Shares purchased under the Rights Offering by shareholders other than PCEP, 41,429,021 were issued pursuant to exercise of the basic subscription privilege and 26,136,073 were issued pursuant to exercise of the additional subscription privilege. These numbers include 16,600,046 Common Shares acquired by directors and management of the Company under the Rights Offering (2,087,453 pursuant to the basic subscription privilege and 14,512,593 pursuant to the additional subscription privilege).

No fees or commissions were paid by the Company in connection with the Rights Offering or the Standby Commitment.

Net proceeds from the Rights Offering are expected to fund a capital program focused on drilling at least two wells in the Basal Quartz formation before the end of 2024, workovers to enhance the productivity of existing wells and general corporate purposes. A portion of the net proceeds was also used to settle a US$2.3 million advance under the Company’s second lien note facility, by way of a $3.13 million setoff (being the Canadian dollar equivalent of the advance) against the $10.0 million subscription price paid by PCEP on the early exercise of its basic subscription privilege.

For details regarding the Rights Offering, please see Prairie Provident’s rights offering circular dated September 13, 2024, a copy of which is available under the Company’s issuer profile on SEDAR+ at www.sedarplus.ca or from its website at www.ppr.ca.

ABOUT PRAIRIE PROVIDENT

Prairie Provident is a Calgary-based company engaged in the exploration and development of oil and natural gas properties in Alberta, including a position in the emerging Basal Quartz trend in the Michichi area of Central Alberta.

For further information, please contact:

Dale Miller, Executive Chairman
Phone: (403) 292-8150
Email: investor@ppr.ca

The MIL Network –

January 25, 2025
MIL-Evening Report: Grattan on Friday: furore over Anthony Albanese’s Qantas perks chips away at public trust in politicians

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

A major takeout from the inquiry into the national response to COVID is that a lack of trust would likely mean a less cooperative public during a future pandemic.

Trust spiked early in the crisis, as fear ran high and people turned to known institutions and authority figures. Later, trust declined and frustrations rose, with people reacting against harsh measures.

Criticism has grown in retrospect. In a 2024 survey, 54% said the government’s handling at the time was appropriate. This had been 80% at the pandemic’s peak. By 2024, 29% said the government had overreacted; they were more likely to rate its performance poorly than were people earlier.

The review, by an independent panel, stressed the importance of better communication and coordination in planning for future crises. But a few wrinkles should also be considered.

If we had another pandemic in five years, people would indeed be more resistant to restrictions. But if the next similar crisis was, say, 50 years on, the then-public’s attitude would be anyone’s guess. Trust might surge and subside in a similar pattern.

The change in views is unsurprising. Looking back, memories of the threat fade somewhat – because overall Australia did well – while those of the restraints (some of them notable overreach) loom larger.

The pandemic’s lift in public trust was a blip – driven by extraordinary circumstances – in a long-term decline. This decline is a serious intractable problem in our democracy, as in many other countries.

You’d have to be super optimistic to expect a revival in trust in the foreseeable future. But if it continues to fall away, the foundations of our political institutions and our society will become shakier.

In the United States, Donald Trump made a huge assault on people’s trust in the electoral system after he lost the 2020 presidential election. There’d be fears he would do the same if he loses next week.

Thankfully, in Australia trust around election management remains absolutely solid. But there’s mounting concern about the corrosive effect of misinformation and disinformation in the political debate and, equally, distrust of proposals to curb these.

The polarisation in our media is a much paler version of what we see in the US, but is still wearing away at trust.

Distrust and cynicism are closely related, and can be fuelled by relatively small things.

Australians have always been disrespectful of the political class. To a degree this can be positive, if it is healthy scepticism. But if it descends into a belief politicians are more likely to serve themselves than serve the public good, that pulls democracy downwards.

Independent Helen Haines wrote this week: “in a world of aggressive lobbying, of jobs for mates, and acceptance of pork-barrelling, it is no surprise that in Australia there is diminishing trust in politics and governments”.

The furore over Anthony Albanese obtaining Qantas upgrades, arising from Joe Aston’s just-published The Chairman’s Lounge, might be seen as small beer, as “scandals” go.

But it raises suspicions, justified or not, in voters’ minds about decision-making. If big corporations are so cosy with politicians, are the politicians more likely to lend them sympathetic ears?

After all, the pursuit of access and influence is behind much of the money that’s donated to politics. The same applies to privileges extended.

Integrity is vital to trust. It didn’t pass the integrity test for Albanese to have accepted upgrades from Qantas, especially for personal travel, when he was transport minister in the former Labor government, overseeing regulation of the airline.

After dodging for days – he said it took a long time to check his records – Albanese finally denied ever contacting then Qantas chief Alan Joyce (or other executives) to request upgrades. But, it will be asked, did a mates network mean he didn’t need to?

Albanese is highly sensitive over the Qantas story, insisting to colleagues and others it is just a media beatup.

The affair has chipped away at public trust not just in the prime minister but, to an extent, more generally, as scrutiny stretched to travel largesse received by opposition figures, including Peter Dutton asking to use Gina Rinehart’s plane.

Research for the COVID inquiry showed a distrustful public wants more transparency from their politicians.

It’s a paradox that we’ve seen an expansion of mechanisms for transparency, yet there’s the perception, and often the reality, of things being deeply opaque.

In the upgrades affair, Albanese has made much of the fact he declared everything on his parliamentary register of interests. Yet that doesn’t get us to the core of the relationship between a senior politician and key people in an airline.

It’s the same with the gambling industry. What has been going on behind the scenes to delay the government’s decision on gambling reform, expected months ago? We can find from the record the donations the gambling industry gave, but not the influence exerted privately.

The increasing professionalisation of politics may have worked against trust. It distances voters from the politicians, and provides more tools for manipulating public opinion.

This may be one reason why “community candidates”, with their grassroots campaigning, have appealed. But the apparent shyness of Simon Holmes à Court, whose Climate 200 fund donates to some of these candidates, about finding himself on the Australian Financial Review’s “covert power” list only turned more attention to the backstory of money and politics.

Concern about integrity and trust was a driver of the Albanese government’s establishment, with much fanfare, of the National Anti-Corruption Commission (NACC). Now a scathing report released this week threatens to undermine public trust in that body.

It followed the NACC’s decision not to investigate six people referred to it by the royal commission into Robodebt.

Robodebt had delivered a massive blow to people’s trust in government and the public service, and it was vital full accountability was pursued.

The NACC head, Paul Brereton, delegated the decision-making on whether to open an investigation to another commissioner, because he’d had a professional relationship with one of the people referred.

But, in a damning report, the Inspector of the NACC found Brereton had not adequately excused himself.

“I found that the NACC Commissioner’s involvement in the decision-making was comprehensive, before, during and after the 19 October 2023 meeting at which the substantive decision was made not to investigate the referrals,” the Inspector concluded.

Brereton’s response has been to say mistakes happen, the important thing is to correct them, and this will be done – through the appointment of an “eminent person” to review whether the referrals should be investigated.

Both government and opposition are declaring faith in Brereton. But crossbench senator David Pocock argues Brereton should go. Anthony Whealy, former judge and chair of the Centre for Public Integrity, told the ABC that while Brereton hadn’t committed a sackable offence, in his shoes he would step down, to protect the NACC’s reputation.

Is that the price of maintaining trust in this institution that was supposed to help restore trust?

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

– ref. Grattan on Friday: furore over Anthony Albanese’s Qantas perks chips away at public trust in politicians – https://theconversation.com/grattan-on-friday-furore-over-anthony-albaneses-qantas-perks-chips-away-at-public-trust-in-politicians-242589

MIL OSI Analysis – EveningReport.nz –

January 25, 2025
MIL-OSI Russia: Rosneft held the 6th scientific and practical conference on hydrogeology

Translation. Region: Russian Federation –

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

Rosneft held the 6th corporate scientific and practical conference on hydrogeology and water supply, bringing together more than 50 Russian experts in this field. The conference was traditionally organized by the Company’s scientific institute in Izhevsk.

One of the priority tasks of the Rosneft-2030 strategy is to achieve leading positions in industrial safety, labor protection and the environment. The company pays great attention to the rational use of water resources.

During the conference, experts discussed a number of key challenges facing the Russian oil and gas industry. The key topic of discussion was the results of the implementation of the RN-Aqua software package, developed by specialists from the Izhevsk Scientific Institute, into production. The participants noted the positive experience of working with this product, identifying areas for further expansion of its functionality.

The conference also featured scientific and applied reports devoted to the updating and development of new areas of work and competencies in hydrogeology, as well as best practices used in the design of hydrogeological work.

Reference:

Since 2018, a specialized Rosneft institute for hydrogeology and water supply has been operating on the basis of the Izhevsk Scientific Institute. The institute carries out comprehensive work on hydrogeology in all regions of the Company’s operations, including all types of design and reporting documentation for water production and placement of associated water, conducts experimental filtration studies and is engaged in the development of specialized software.

Department of Information and Advertising of PJSC NK Rosneft October 31, 2024

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 –

January 25, 2025
MIL-OSI: Virtune Reaches 1 Billion SEK in Assets Under Management

Source: GlobeNewswire (MIL-OSI)

Stockholm, 31st of October 2024 – Virtune, a leading Swedish regulated crypto asset manager and issuer of exchange-traded products (ETP), announces that it has reached one billion SEK in assets under management.

Virtune is proud to announce that it has reached a significant milestone in its growth journey by achieving 1 billion SEK in assets under management (AUM). This marks an important step in the vision of becoming the leading asset manager within crypto in the Nordics. Virtune offers 100% physically backed exchange-traded products within crypto that are available for both institutional and private investors and collaborates with industry-leading partners such as Coinbase as the custodian.

Since its inception, Virtune has been committed to educating the market about exchange-traded products, crypto assets, the market development, and how Bitcoin and other crypto assets can form a natural part of a traditional investment portfolio. In addition to this, Virtune is driving the development of crypto assets forward by listing innovative and reliable crypto ETPs that meet the market’s demands for transparency, security, and growth. This success reflects the trust of Nordic investors and the hard work of the Virtune team.

Virtune’s products are listed on Nasdaq Stockholm, Euronext Amsterdam, Euronext Paris, and Boerse Stuttgart. Virtune’s product portfolio today includes 12 ETPs, divided into three categories:

Single asset ETPs that provide exposure to a single crypto asset:
Virtune Bitcoin ETP
Virtune XRP ETP
Virtune Avalanche ETP
Virtune Chainlink ETP
Virtune Arbitrum ETP

Staked single asset ETPs that provide exposure to a single crypto asset combined with staking for enhanced returns:
Virtune Staked Ethereum ETP
Virtune Staked Solana ETP
Virtune Staked Polkadot ETP
Virtune Staked Cardano ETP
Virtune Staked Polygon ETP

Index ETPs that provide exposure to a basket of 10 leading crypto assets:
Virtune Crypto Top 10 Index ETP SEK
Virtune Crypto Top 10 Index ETP EUR

Christopher Kock, CEO of Virtune, comments: “Today, Virtune reached a critical milestone as we exceeded 1 billion SEK in assets under management. Since our market entry on May 15, 2023, we have been passionate and dedicated in educating the market about crypto assets as an asset class and their purpose, as well as about exchange-traded products in a professional and transparent manner. We are pleased with the strong reception in the Nordic market with accelerating interest also from Nordic institutional investors. We will continue our tireless work and the entire Virtune team is fully motivated and engaged in our mission to drive the acceptance of crypto assets forward among institutional and retail investors in the Nordics. We look forward to accelerating our growth further and achieving many more milestones ahead.”

If you, as an (institutional) investor, are interested in meeting Virtune to discuss the possibilities with our ETPs for your asset management/discretionary asset management offering, to learn more about Virtune and/or the company’s ETPs, please do not hesitate to contact us at hello@virtune.com. You can also read more about Virtune and our ETPs on www.virtune.com and register your email address on our website to subscribe to our newsletters that covers updates on Virtune’s upcoming ETP launches and other news related to digital assets.

Stockholm, 31st of October 2024

Press contact

Christopher Kock, CEO Virtune AB (Publ)
Christopher@virtune.com
+46 70 073 45 64

Virtune with its headquarters in Stockholm is a fully regulated Swedish digital asset manager and issuer of crypto exchange traded products on regulated European exchanges. With regulatory compliance, strategic collaborations with industry leaders and our proficient team, we empower investors on a global level to access innovative and sophisticated investment products that are aligned with the evolving landscape of the global crypto market.

Cryptocurrency investments are associated with high risk. Virtune does not provide investment advice. Investments are made at your own risk. Securities may increase or decrease in value, and there is no guarantee that you will recover your invested capital. Please read the prospectus, KID, terms at www.virtune.com.

The MIL Network –

January 25, 2025
MIL-OSI: Intermediate Capital Group plc: Holding(s) in Company (Correction)

Source: GlobeNewswire (MIL-OSI)

Intermediate Capital Group plc

Holding(s) in Company (Correction)

On 21 October 2024, it was announced that JPMorgan Chase & Co. had notified Intermediate Capital Group plc (the “Company”) that its holding had fallen below the minimum threshold for notification.

JPMorgan Chase & Co. subsequently notified the Company on 30 October 2024 that the last notification it provided to the Company was incorrect and that its holding had not fallen below the minimum threshold for notification.

Accordingly, the TR1 notification published on 21 October 2024 should be disregarded and shareholders should instead refer to the TR1 notification published on 20 August 2024.

Ends

Contacts

Andrew Lewis
Company Secretary, ICG plc
+44 (0) 20 3545 1344

Chris Hunt
Shareholder Relations, ICG plc
+44 (0) 20 3545 2020

The MIL Network –

January 25, 2025
MIL-OSI: Temenos Named a Leader in IDC MarketScapes for Digital Core Banking Platforms

Source: GlobeNewswire (MIL-OSI)

GRAND-LANCY, Switzerland, Oct. 31, 2024 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN) today announced that it has been named a Leader in the 2024 IDC MarketScapes for Digital Core Banking Platforms in North America, EMEA and Asia Pacific.^[1] Temenos attributes this recognition to the rich functionality of its core banking platform, helping banks enhance their customer experiences and increase business agility.

In North America, the IDC MarketScape evaluated 10 technology vendors, while the IDC MarketScapes for APAC and EMEA assessed 15 vendors each. In this competitive global landscape, Temenos is one of just two vendors to be named a Leader in all three evaluations.

Jerry Silva, Vice President, IDC Financial Insights, said: “The Temenos Core Banking solution portfolio is a cloud-native and cloud-agnostic composable microservices-based offering. It uses a modern technology stack that can evolve to cater for new needs as they arise. This enables banks to compose, extend, and deploy banking capabilities at scale via cloud and SaaS, or to deploy on premise. The solution is used by clients all over the world and Temenos has earned a reputation for being customer-centric and collaborative.”

Barb Morgan, Chief Product and Technology Officer, Temenos, commented: “We’re proud to be recognized by the IDC MarketScape as a market leader across multiple regions in digital core banking platforms. We believe this demonstrates the proven value of our comprehensive core banking solutions, providing banks globally with the agility they need to innovate faster and elevate the digital banking experience for their customers. We are committed to keep investing on Temenos’ core banking platform and delivering solutions that create long-term value and success for our customers.”

The IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of ICT suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. The Capabilities score measures vendor go-to-market and business execution in the short-term. The Strategy score measures alignment of vendor strategies with customer requirements in a 3-5-year timeframe. Vendor market share is represented by the size of the icons.

[1] Source: IDC MarketScape: North American Digital Core Banking Platforms 2024 Vendor Assessment (doc #US50463523, September 2024); IDC MarketScape: EMEA Digital Core Banking Platforms 2204 Vendor Assessment (doc #EUR150463623, September 2024); and IDC MarketScape: Asia Pacific Digital Core Banking Platforms 2024 Vendor Assessment (doc #AP50463723, September 2024).

About IDC MarketScape
IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of technology and service suppliers in a given market. The research utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of technology suppliers can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective suppliers.

About Temenos
Temenos (SIX: TEMN) is the world’s leading platform for composable banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2X the industry average. These banks’ IT spend on growth and innovation is also 2X the industry average.

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

The MIL Network –

January 25, 2025

MIL-OSI Economics: Sectoral Deployment of Bank Credit – September 2024

Source: Reserve Bank of India

Data on sectoral deployment of bank credit for the month of September 2024¹ collected from 41 select scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II.

On a year-on-year (y-o-y) basis, non-food bank credit² in September 2024³ grew at 14.4 per cent, as compared to 15.3 per cent a year ago.

Highlights of the sectoral deployment of bank credit³ are given below:

Credit to agriculture and allied activities continued to be robust with the growth of 16.4 per cent (y-o-y) in September 2024, compared with 16.7 per cent in September 2023.
Credit growth to industry improved to 9.1 per cent (y-o-y) in September 2024 compared with 6.0 per cent a year ago. The improved industrial credit growth was broad-based across ‘micro & small’, ‘medium’ and ‘large’ industries. Among major industries, credit to ‘chemicals and chemical products’, ‘food processing’, ‘petroleum, coal products and nuclear fuels’, and ‘all engineering’ recorded a higher growth in September 2024 as compared to their respective growth rates a year ago, while credit growth to ‘basic metal and metal product’, and ‘textiles’ moderated.
Credit growth to services sector decelerated to 15.2 per cent (y-o-y) in September 2024 from 21.6 per cent a year ago, primarily due to lower growth in credit to ‘non-banking financial companies’ (NBFCs). However, within the segment, during the same period, growth (y-o-y) in credit to ‘commercial real estate’ accelerated.
Personal loans growth moderated to 16.4 per cent (y-o-y) in September 2024 as compared with 18.2 per cent a year ago, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’. However, ‘housing’ – the largest constituent of this segment – recorded accelerated growth.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/1407

MIL OSI Economics –

January 25, 2025

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Category: Business

Why are ICC’s recommendations on merger control relevant?

What makes ICC’s recommendations on merger control unique?

Who are the recommendations on merger control for?

Bank working hours on pre-holiday days and holidays

Bank interest rates for corporations

Chart 1

Table 1

Bank interest rates for households

Chart 2

Table 2

Further information

Notes:

Jonathan Reynolds, Secretary of State for Business and Trade, said:

Kirsty Benham, Chief Executive Officer, Critical Minerals Association (UK), said:

Sean Sargent, Chief Executive Officer, Green Lithium, added:

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