Category: Business

MIL-OSI: Amundi: Third quarter and nine-month 2024 results

Source: GlobeNewswire (MIL-OSI)

Amundi: Third quarter and nine-month 2024 results

Net income¹^,²up +16% Q3/Q3 and record assets under management at €2.2 trillion

Strong growth in earnings and revenues		Q3 – adjusted net income¹^,² at €337m, fast-growing: +16.1% Q3/Q3 Thanks to revenue growth (+10.5%) and positive jaws effect Q3/Q3 cost/income ratio improvement at 52.9%³ 9 months – adjusted net income¹^,² at €1,005m, up +10.4% 9M/9M Earnings per share²: €1.65 for Q3, €4.91 for 9M

Record AuM & dynamic MLT inflows⁵		Record assets under management³: €2,192bn at 30 September 2024, up +11% year-on-year Q3 net inflows³ of +€2.9bn, or +€14.5bn excluding the exit from a large, low-income institutional mandate⁴ +€9.1bn in MLT assets⁴^,⁵^,⁶ Solid commercial momentum of Asian JVs: +€5.3bn

Continued strategic progress		ETFs⁶: +€8bn in Q3 net inflows, now more than €250bn in assets under management Third-party distribution: +€7bn Q3 net inflows, with contribution from all regions and asset classes Asia: +€7bn in Q3 net inflows, from JVs and direct distribution in Japan, Singapore, Hong Kong, Taiwan and China Technology: revenues +42% Q3/Q3 Victory Capital: approval⁷ of the partnership with Amundi secured at EGM, transaction expected to close in Q1 2025

Paris, 30 October 2024

Amundi’s Board of Directors met on 29 October 2024 under the chairmanship of Philippe Brassac, and reviewed the financial statements for the third quarter and the first 9 months of 2024.

Valérie Baudson, Chief Executive Officer, said:
« Amundi’s results in the third quarter of 2024 demonstrate our ongoing strategic progress and continued growth potential. Our Q3 net profit¹^,²of €337m, increased by +16% compared to the same period in 2023 and exceeded one billion euros over 9 months. Assets under management reached a record level of €2.2 trillion.

We have been able to support our clients whatever their profile and needs, which has resulted in a high level of net inflows in our strategic development areas, namely Asia, Third-Party Distributors, and ETFs.

By putting clients at the heart of our strategy and by continuing to develop the areas of expertise that primarily seek to meet their needs, we are ideally positioned to seize growth opportunities in the savings industry. »

* * * * *

Further progress in achieving our 2025 Ambitions plan

Q3 2024 saw key areas of focus under the “2025 Strategic Ambitions” plan contribute to activity and earnings growth.

ETFs exceeded €250bn in assets under management at the end of September, up +31% year-on-year, thanks in particular to very dynamic net inflows reaching +€17bn over 9 months, including +€8bn in Q3. This places Amundi in second place in the European market in terms of net inflows this quarter⁸. these inflows are well diversified across equity and fixed income products, with a high share of products classified as responsible investment⁹ in net inflows (+€3bn, or 34% market share in flows in this market segment). Amundi has had many commercial successes this quarter: for example, the Amundi ETF Stoxx Europe 600 is the best-selling (+€0.85bn) European equity ETFs in Q3, the Amundi ETF Euro Government Tilted Green Bond, launched last year, saw its assets under management exceed €3bn after gathering +€1.1bn since the beginning of the year, and the Amundi ETF Prime ACWI exceeded €1bn in assets under management 8 months after its launch.
Third-Party Distribution reached €377bn in assets under management at the end of September, up +24% year-on-year, with net inflows +€19bn for 9 months 2024, and +€7bn in Q3, thanks to contributions from all regions and asset classes, from ETFs, treasury products and active management;
Asia assets under management increased by +17% year-on-year to €458bn; net inflows for 9 months 2024 stood at +€30bn with a significant contribution from Amundi’s Indian JV SBI MF, which now has €278bn in assets, up +19% year-on-year (+€18bn in net inflows); €103bn of total Asian assets under management come from direct distribution excluding JVs (+20% year-on-year), with net inflows for 9 months 2024 standing at +€3bn in Japan, +€2.4bn Singapore, +€1.4bn Hong Kong and also +€1.7bn in China outside the two JVs, mainly with institutional clients;
The Technology & Services offering is also experiencing strong growth, with technology revenues of €54m over 9 months, up +28% compared to the same period in 2023, and even +42% Q3/Q3; the Fund Channel fund distribution platform exceeded €490bn in assets at the end of September 2024; during the quarter it signed a distribution agreement with ING Germany and integrated the fintech AirFund into its ecosystem to digitise access to private markets; Fund Channel was also ranked “Best Distribution Platform” for the third consecutive year by the consulting and research firm Platforum;
In fixed income expertise, Amundi now manages €1,160bn in assets¹⁰ across a wide range of solutions, from treasury products to target maturity funds, offering attractive returns and capital protection; fixed income net inflows stood at +€46bn¹⁰ over 9 months and +€14bn¹⁰ in Q3 thanks to sustained activity in active bond strategies (+€11bn excluding JV) and ETFs (+€2.5bn);
The partnership project with Victory Capital reached an important milestone with shareholder approval of resolutions⁷ necessary to finalise the transactions, expected in Q1 2025. As a reminder, this partnership aims at creating a larger US investment platform, via the contribution of Amundi US to Victory Capital in return for Amundi taking a 26%-stake of the combined entity as well as 15-year distribution agreements, to serve the clients of both companies; Amundi would thus have a greater number of US and global management expertise to offer its clients. The transaction, which involves no disbursement of cash, is expected to bring a low single-digit accretion for Amundi shareholders, with an increase in the contribution of our US operations to the adjusted net income and EPS.

Activity

Market environment

In the third quarter of 2024, equity markets¹¹ increased by +1.1% in average compared to the previous quarter and by +15.6% compared to Q3 2023. The European bond markets¹² also rose, reflecting the shift in monetary policy and the ECB’s decision to cut rates. Year-on-year, our benchmark index¹² increased by +6.3% in Q3 2024 compared to Q3 2023 and by +2.1% compared to Q2 2024. The market effect is therefore positive on the evolution of Amundi’s revenues and net income.

When compared to the 2021 averages used as a reference for the 2025 Ambitions plan, the market effect is only slightly positive.

The European asset management market continues its gradual recovery. Open-ended fund volumes¹³, at +€213bn in the third quarter, continued to be driven by treasury products (+€93bn) and passive management (+€75bn). Nevertheless, the third quarter recorded positive flows in medium- to long-term active management for the second quarter in a row (+€45bn), driven by fixed income strategies (+€69bn).

High level of activity over the quarter in MLT assets⁵, assets under management at a record level of €2.2tn

Activity this quarter continues to be marked, like the rest of the European market, by risk aversion among retail clients. However, Amundi performed well, driven in particular by ETFs, bond solutions, third-party distributors and Asia. Excluding the exceptional exit from a low-income insurance mandate⁴, net inflows were positive in all major medium- to long-term areas of expertise (passive, active, structured products and real assets), in all client segments (Retail, Institutional and JV), and in all major markets (France, Italy, Germany, Asia and the United States).

Amundi’s assets under management at 30 September 2024 increased by +11.1% year-on-year (compared to the end of September 2023) and by +1.6% quarter-on-quarter (compared to the end of June 2024), to €2,192bn, an all-time high.

In the third quarter of 2024, the market and currency effect amounted to +€32.5bn (+€175.9bn over a year) and Amundi generated positive net inflows of +€2.9bn. As announced at the time of the second quarter results publication, this amount includes the exit of a low-income multi-asset mandate⁴ with a European insurer, of €11.6bn.

Adjusted for this exit⁴, net inflows for the quarter were +€14.4bn of which +€9.1bn in MLT Assets⁵. It was positive in active management (+€4.3bn) and ETFs (+€7.8bn), partially offset by outflows from index strategies. Structured products and real and alternative assets also recorded positive net inflows (+€0.8bn), while treasury products were flat (+€0.1bn).

Finally, the JVs¹⁴continued their solid commercial momentum, with net inflows of +€5.3bn, reflecting a positive contribution from India (SBI MF, +€6.0bn) and South Korea (NH-Amundi, +€0.4bn), partially offset this quarter by slight net outflows in China (ABC-CA) despite continued open-ended net inflows.

By Client Segment, Retail recorded net inflows of +€6.3bn, of which +€1.3bn in MLT assets⁵, with contrasting developments according to the sub-segments:

Third-Party Distributors had another very good quarter in terms of total net inflows (+€6.8bn); all regions contributed to these inflows, which were highly diversified across asset classes, with positive contributions from ETFs, treasury products but also active management (+€1.5bn);
Risk aversion has a larger impact on the activity of partner network clients in France (+€1.1bn) and outside France excluding Amundi BOC WM (-€0.9bn), despite the good performance of structured and treasury products as well as bond strategies; Sabadell’s network in Spain continues its sales momentum (+€0.4bn);
In China, Amundi BOC WM posted net outflows this quarter (-€0.7bn), as the maturities of fixed-term funds were not offset by open-ended fund subscriptions.

Excluding the loss of the low-income insurance mandate already mentioned⁴, the Institutional segment recorded very positive inflows in MLT Assets⁵(+€7.8bn), in all sub-segments: Institutional & Sovereigns with +€4.4bn, CA & SG insurance mandates with +€2.4bn thanks to the continued recovery of the traditional life insurance Euro contracts this quarter, Corporates and Employee Savings (+€1.0bn) thanks to net inflows in short-term bond products from corporates. Net outflows in Treasury Products (-€4.9bn) are to a large extent seasonal.

Results

Sustained growth in net income, +16% Q3/Q3 to €337m, and more than €1bn in the 9 months of 2024

Adjusted data²

In the third quarter of 2024, adjusted net income²reached €337m, up +16.1% compared to the third quarter of 2023. Since the second quarter, it includes Alpha Associates, whose acquisition was finalised in early April.

The growth in net income was mainly due to organic revenue growth, amplified by operating efficiency, which led to a positive jaws effect, and by the very strong momentum of Asian JVs. These results were achieved against the backdrop of continued client risk aversion, and inflation.

Adjusted net revenues² reached €862m, up +10.5% compared to the third quarter of 2023.

The sustained growth in net management fees, up +9.2% compared to the third quarter of 2023, to €805m, reflects the good level of activity and the increase in average assets under management excluding JVs (+8.6% over the same period);
Performance fees (€20m) doubled compared to the third quarter of 2023 (€10m), a low basis of comparison; however, they were down compared to the second quarter of 2024 (€50m) due to the lower level of crystallisation¹⁵ in the third quarter than in the second and fourth quarters, as it does every year; however, the performance of Amundi’s management is at a good level, with more than 71% of assets under management ranked in the first or second quartiles according to Morningstar¹⁶ over 1, 3 or 5 years and 257 Amundi funds rated 4 or 5 stars by Morningstar as of 30 September;
Amundi Technology’s revenues, at €20m, continued to grow steadily (+41.8% compared to the third quarter of 2023; +13.0% compared to the second quarter of 2024), confirming the development of this business;
Finally, the Financial and other income² amounted to €17m, down slightly compared to the third quarter of 2023 and previous quarters.

The increase in operating expenses², by +7.4% compared to the third quarter of 2023, to €456m, remains lower than the increase in revenues (+10.5%) over the same period, thus generating a positive jaws effect which reflects the Group’s operational efficiency.

The increase is mainly due to:

the first consolidation of Alpha Associates;
the provision for individual variable remuneration in line with the increase in results;
and finally the acceleration of investments in development initiatives according to the axes of the 2025 Ambitions Plan, particularly in technology.

The Cost income ratio improved to 52.9% in adjusted data² compared to the same quarter last year, and remains in line with the 2025 target and at the best level in the industry.

The Adjusted gross operating income²(EBIT) amounted to €406m, up +14.2% compared to the third quarter of 2023, reflecting double-digit revenue growth amplified by operational efficiency.

Income from equity-accounted companies, which reflects Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), was up +36.5% compared to the third quarter of 2023, to €33m, representing 10% of adjusted net income, reflecting the good level of activity in India and Korea.

Adjusted earnings per share²in the third quarter of 2024 reached €1.65, up +16.0%.

Accounting data in the third quarter of 2024

Accounting Net income Group share amounted to €320m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€24m before tax in the quarter including the corresponding new charges related to Alpha Associates, see details in p. 11), representing a total of -€17m after tax.

Accounting earnings per share in the third quarter of 2024 reached €1.56.

In the first 9 months of 2024, adjusted net income²amounted to €1,005m, up +10.4%, reflecting the same trends as in the third quarter:

Adjusted net revenues² grew by +7.3% compared to the first 9 months of 2023, to €2,573m, reflecting as in the quarter the sustained growth in management fees (+6.6%) and the strong increase in Amundi Technology’s revenues (€54m, +28.2%) and financial and other income² (€67m, +38.2%); performance fees, on the other hand, were down by -2.0% to €88m;
Adjusted operating expenses² are well controlled with an increase of +5.9% compared to the first 9 months of 2023, at €1,356m, resulting in a positive jaws effect;
Adjusted cost income ratio² stands at 52.7%.

Adjusted gross operating income² was €1,217m, up +8,9% compared to the first 9 months of 2023, showing a higher growth rate than revenue growth thanks to operating efficiency.

Income from equity-accounted companies increased by +28.6% compared to the first 9 months of 2023, to €94m.

Adjusted earnings per share²for the first 9 months of 2024 reached €4.91, up +10.1% compared to the first 9 months of 2023.

Accounting data for the first 9 months of 2024

Accounting Net income Group share amounted to €956m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€68m before tax in the 9 months including the corresponding new charges related to Alpha Associates, see details on p. 11), representing a total of -€49m after tax in the first 9 months of 2024.

Accounting earnings per share for the first 9 months of 2024 reached €4.67.

To be noted for the fourth quarter and full-year 2024

Success of the capital increase reserved for employees – The capital increase reserved for employees “We Share Amundi”, announced on 23 September 2024, is expected to be completed tomorrow, 31 October 2024. This operation offered for the seventh consecutive year a subscription of shares at a discount.

It was once again a great success this year: more than 2,000 employees in 15 countries subscribed to this capital increase, for a total amount of €36.3m. This represents nearly two out of three employees in France and more than two out of five worldwide.
This transaction, which is in line with the existing legal authorisations voted by the Shareholders’ Meeting on 12 May 2023, reflects Amundi’s desire to involve its employees not only in the development of the Company but also in the creation of economic value.

The impact of this transaction on earnings per share will be very limited: the number of shares to be created will be 771,628 (i.e. ~0.4% of the share capital before the transaction).
This issue will bring the number of shares making up Amundi’s share capital to 205,419,262 as of 31 October 2024, i.e. a share capital increased to €513,548,155.
Employees will now hold around 1.7% of Amundi’s capital, compared to 1.3% before the transaction. In the fourth quarter of 2024, the Amundi Group will record in its consolidated financial statements a charge relating to the subscription discount of €12.3m before tax.

On the basis of the Finance Bill presented by the French government, an exceptional tax contribution on the profits of large companies would apply to Amundi, whose turnover in France for tax purposes is more than €3bn.

* * * * *

APPENDICES

Adjusted income statement²of the first 9 months of 2024 and 2023

(€m)	9M 2024	9M 2023	% chg. 9M/9M

Net revenue – Adjusted	2,573	2,397	+7.3%
Management fees	2,364	2,217	+6.6%
Performance fees	88	89	-2.0%
Technology	54	42	+28.2%
Net financial & other net income	67	49	+38.2%
Operating expenses – Adjusted	(1,356)	(1,280)	+5.9%
Cost income ratio – Adjusted (%)	52.7%	53.4%	-0.7pp
Gross operating income – Adjusted	1,217,	1,117,	+8.9%
Cost of risk & other	(7)	(5)	+24.5%
Equity-accounted companies	94	73	+28.6%
Income before tax – Adjusted	1,305	1,185	+10.1%
Corporate tax	(302)	(277)	+8.8%
Non-controlling interests	2	3	-25.2%
Net income, Group share – Adjusted	1,005	910	+10.4%
Depreciation of intangible assets after tax	(49)	(44)	+11.6%
Integration costs net of tax	0	0	NS
Net income, Group share	956	866	+10.3%
Earnings per share (€)	4.67	4.25	+10.0%
Earnings per share – Adjusted (€)	4.91	4.46	+10.1%

Adjusted income statement²of the third quarter of 2024

(€m)	Q3 2024	Q3 2023	% chg. Q3/Q3	Q2 2024	% chg. Q3/Q2

Net revenue – Adjusted	862	780	+10.5%	887	-2.9%
Management fees	805	737	+9.2%	794	+1.3%
Performance fees	20	10	+97.3%	50	-58.9%
Technology	20	14	+41.8%	17	+13.0%
Net financial & other net income	17	19	-10.6%	26	-34.0%
Operating expenses – Adjusted	(456)	(424)	+7.4%	(461)	-1.1%
Cost income ratio – Adjusted (%)	52.9%	54.4%	-1.5pp	51.9%	+1.0pp
Gross operating income – Adjusted	406	356	+14.2%	426	-4.8%
Cost of risk & other	(2)	(3)	-36.0%	(5)	-63.4%
Equity-accounted companies	33	24	+36.5%	33	-0.1%
Income before tax – Adjusted	437	377	+15.9%	454	-3.9%
Corporate tax	(101)	(88)	+14.9%	(105)	-3.8%
Non-controlling interests	1	1	-23.5%	0	NS
Net income, Group share – Adjusted	337	290	+16.1%	350	-3.7%
Depreciation of intangible assets after tax	(17)	(15)	+17.9%	(17)	+1.2%
Integration costs net of tax	0	0	NS	0	NS
Net income, Group share	320	276	+16.0%	333	-4.0%
Earnings per share (€)	1.56	1.35	+15.9%	1.63	-4.0%
Earnings per share – Adjusted (€)	1.65	1.42	+16.0%	1.71	-3.7%

Evolution of assets under management from the end of 2020 to the end of September 2024¹⁷

(€bn)	Assets under management	Net inflows	Market & Forex Effect	Scope effect			Change in AuM vs. previous quarter
As of 31/12/2020	1,729				/	+4.0%
Q1 2021		-12.7	+39.3		/
As of 31/03/2021	1,755				/	+1.5%
Q2 2021		+7.2	+31.4		/
As of 30/06/2021	1,794				/	+2.2%
Q3 2021		+0.2	+17.0		/
As of 30/09/2021	1,811				/	+1.0%
Q4 2021		+65.6	+39.1		+148¹⁸
As of 31/12/2021	2,064				/	+14%
Q1 2022		+3.2	-46.4		/
As of 31/03/2022	2,021				/	-2.1%
Q2 2022		+1.8	-97.75		/
As of 30/06/2022	1,925				/	-4.8%
Q3 2022		-12.9	-16.3		/
As of 30/09/2022	1,895				/	-1.6%
Q4 2022		+15.0	-6.2		/
As of 31/12/2022	1,904				/	+0.5%
Q1 2023		-11.1	+40.9		/
As of 31/03/2023	1,934				/	+1.6%
Q2 2023		+3.7	+23.8		/
As of 31/06/2023	1,961				/	+1.4%
Q3 2023		+13.7	-1.7		/
As of 30/09/2023	1,973				/	+0.6%
Q4 2023		+19.5	+63.8		-20
As of 31/12/2023	2,037				/	+3.2%
Q1 2024		+16.6	+63.0		/
As of 31/03/2024	2,116				/	+3.9%
Q2 2024		+15.5	+16.6		+8
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		/
30/09/2024	2,192					+1.6%

Total over one year between September 30, 2023 and September 30, 2024: +11.1%

Net inflows +€54.5bn
Market & exchange rate effects +€175.9bn
Scope effects -€12.2bn
(disposal of Lyxor Inc. in Q4 2023, first consolidation of Alpha Associates in Q2 2024)

Details of assets under management and net inflows by client segments¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
French networks	138	126	+9.1%	+1.1	+0.9	+0.3	+4.6
International networks	167	156	+7.1%	-1.6	-1.0	-4.4	-3.2
o/w Amundi BOC WM	3	4	-26.9%	-0.7	-0.5	-0.5	-3.3
Third-party distributors	377	305	+23.5%	+6.8	+2.1	+19.2	+4.1
Retail	681	587	+16.1%	+6.3	+2.0	+15.1	+5.6
Institutional & Sovereigns (*)	518	489	+6.0%	-9.3	+17.9	+1.4	+14.4
Corporates	113	97	+16.0%	+2.3	-3.8	-5.8	-7.4
Employee savings plans	92	84	+9.8%	-0.5	-0.9	+2.5	+2.6
CA & SG insurers	428	406	+5.3%	-1.2	-3.9	+0.5	-9.6
Institutional	1,151	1,076	+6.9%	-8.7	+9.3	-1.4	+0.0
JVs	360	310	+16.0%	+5.3	+2.4	+21.3	+0.7
Total	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3

Details of assets under management and net inflows by asset classes¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
Equity	527	443	+18.9%	-0.7	+7.0	+0.0	+2.0
Multi-assets	274	274	-0.0%	-15.4	-5.9	-22.3	-17.0
Bonds	732	624	+17.3%	+12.8	+7.7	+36.8	+10.1
Real, alternative & structured assets	114	124	-8.3%	+0.8	-1.1	+1.5	+2.4
MLT ASSETS excl. JVs	1,647	1,465	+12.4%	-2.5	+7.8	+16.1	-2.4
Treasury products excl. JVs	185	198	-6.5%	+0.1	+3.5	-2.4	+8.0
Assets excl. JVs	1,832	1,663	+10.1%	-2.4	+11.3	+13.6	+5.6
JVs	360	310	+16.0%	+5.3	+2.4	+21.3	+0.7
TOTAL	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3
*o/w MLT assets*	*1,973*	*1,745*	*+13.1%*	*+3.4*	*+11.3*	*+34.9*	*-0.7*
*o/w Treasury products*	*219*	*229*	*-4.2%*	*-0.5*	*+2.5*	*+0.1*	*+7.1*

Details of assets under management and net inflows by management type and asset classes¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
Active management	1,136	1,022	+11.1%	-7.1	-1.9	+2.2	-15.6
Equity	208	187	+11.4%	-2.3	-1.6	-5.4	-2.5
Multi-assets	263	265	-0.9%	-15.7	-6.3	-23.4	-18.2
Bonds	665	570	+16.6%	+10.8	+6.1	+31.0	+5.1
Structured products	43	35	+22.3%	+0.8	-0.2	+2.7	+2.9
Passive management	397	319	+24.5%	+3.8	+10.8	+12.4	+10.8
ETFs & ETC	251	192	+31.1%	+7.8	+3.6	+17.3	+8.0
Index & Smart Beta	146	127	+14.5%	-4.0	+7.2	-5.0	+2.8
Real & alternative assets	71	89	-20.5%	+0.0	-0.9	-1.2	-0.5
Real assets	67	63	+4.8%	+0.2	-0.3	-0.1	+0.2
Alternative assets	4	25	-83.8%	-0.2	-0.6	-1.1	-0.7
MLT ASSETS excl. JVs	1,647	1,465	+12.4%	-2.5	+7.8	+16.1	-2.4
Treasury products excl. JVs	185	198	-6.5%	+0.1	+3.5	-2.4	+8.0
TOTAL ASSETS excl. JVs	1,832	1,663	+10.1%	-2.4	+11.3	+13.6	+5.6
JVs	360	310	+16.0%	+5.3	+2.4	+21.3	+0.7
TOTAL	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3

Details of assets under management and net inflows by geographical areas¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
France	987	903	+9.3%	+2.8	+4.1	+12.8	-1.2
Italy	202	197	+2.7%	-10.8	-1.5	-13.8	-2.2
Europe excl. France & Italy	421	353	+19.2%	+1.9	-0.8	+6.0	+6.0
Asia	458	392	+17.0%	+7.4	+3.4	+29.6	-0.3
Rest of the world	124	129	-4.3%	+1.7	+8.4	+0.4	+4.0
TOTAL	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3
*TOTAL outside France*	1,204	1,070	+12.5%	+0.1	+9.6	+22.2	+7.5

Methodology Appendix

Accounting & adjusted data

Accounting data – These include the amortization of intangible assets, recorded as other income, and since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recognized as deductions from net income, in finance costs.

The aggregate amounts of these items are as follows for the different periods under review:

Q1 2023: -€20m before tax and -€15m after tax
Q2 2023: -€20m before tax and -€15m after tax
Q3 2023: -€20m before tax and -€15m after tax
9M 2023: -€61m before tax and -€44m after tax
2023: -€82m before tax and -€59m after tax
Q1 2024: -€20m before tax and -€15m after tax
Q2 2024: -€24m before tax and -€17m after tax
Q3 2024: -€24m pre-tax and -€17m after tax
9M 2024: -€68m before tax and -€49m after tax

There were no significant integration costs recorded in the third quarter as a result of the acquisition of Alpha Associates

Adjusted data – in order to present an income statement closer to economic reality, the following adjustments are made: restatement of the amortization of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortization and non-cash expenses are recorded as a deduction from net revenues.

Acquisition of Alpha Associates

In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

goodwill of €290m;
an intangible asset of €50m representing client contracts, depreciable on a straight-line basis until the end of 2030;
a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortized over 6 years.

In the Group’s income statement, the following is recorded:

amortization of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax)
other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; These expenses are recorded as deductions from net income, as finance costs.

In Q3 2024, the amortization of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax). Over the first 9 months of 2024, these expenses are respectively -€3.8m and -€2.9m (-€6.6m in total), since they only started in Q2.

Alternative Performance Measures²⁰

In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
Adjusted, normalized data are reconciled with accounting data as follows:

= accounting data

= adjusted data

(m€)	9M 2024	9M 2023	Q3 2024	Q3 2023	Q2 2024

Net operating income	2,452	2,307	825	747	844
Technology	54	42	20	14	17
Net financial income and other income	(1)	(13)	(6)	(1)	3
Adjusted net financial income and other income	67	49	17	19	26

Net revenues (a)	2,505	2,336	838	760,	864,
– Depreciation of intangible assets before tax	(65)	(61)	(22)	(20)	(22)
– other non-cash charges relating to Alpha Associates	(3)	0	(1)	0	(1)
Net revenues – Adjusted (b)	2,573	2,397	862,	780,	887

Operating expenses (c)	(1,356)	(1,280)	(456)	(424)	(461)
– Integration costs before tax	0	0	0	0	0
Operating expenses – Adjusted (d)	(1,356)	(1,280)	(456)	(424)	(461)

Gross operating income (e) = (a) + (c)	1,149	1,056	382	335	403
Gross operating income – Adjusted (f) = (b) + (d)	1,217	1,117	406	356	426
Cost-income ratio (%) -(c)/(a)	54.1%	54.8%	54.4%	55.9%	53.4%
Cost-income ratio – Adjusted (%) -(d)/(b)	52.7%	53.4%	52.9%	54.4%	51.9%
Cost of risk & other (g)	(7)	(5)	(2)	(3)	(5)
Equity-accounted companies (h)	94	73	33	24	33
Income before tax (i) = (e) + (g) + (h)	1,237	1,124	413	356	431
Income before tax – Adjusted (j) = (f) + (g) + (h)	1,305	1,185	437	377	454
Income tax (k)	(283)	(260)	(94)	(82)	(98)
Income tax – Adjusted (l)	(302)	(277)	(101)	(88)	(105)
Non-controlling interests (m)	2	3	1	1	0
Net income, Group share (o) = (i)+(k)+(m)	956	866	320	276	333
Net income, Group share – Adjusted (p) = (j)+(l)+(m)	1,005	910	337	290	350

Earnings per share (€)	4.67	4.25	1.56	1.35	1.63
Adjusted earnings per share (€)	4.91	4.46	1.65	1.42	1.71

Shareholding

	30 September 2023		31 December 2023		30 September 2024
(units)	Number of shares	% of share capital	Number of shares	% of share capital	Number of shares	% of share capital
Crédit Agricole Group	141,057,399	68.93%	141,057,399	68.93%	141,057,399	68.93%
Employees	3,042,292	1.49%	2,918,391	1.43%	2,751,891	1.34%
Treasury shares	1,297,231	0.63%	1,247,998	0.61%	958,031	0.47%
Free float	59,250,712	28.95%	59,423,846	29.04%	59,880,313	29.26%

Number of shares at end of period	204,647,634	100.0%	204,647,634	100.0%	204,647,634	100.0%
Average number of shares year-to-date	204,050,516	–	204,201,023	–	204,647,634	–
Average number of shares quarter-to-date	204,425,079	–	204,647,634	–	204,647,634	–

Average number of shares on a pro rata basis.

The average number of shares is unchanged between Q2 and Q3 2024, it increased by +0.1% between Q3 2023 and Q3 2024 and by +0.3% between the first 9 months of 2023 and the same period of 2024;
A capital increase reserved for employees will be carried out on October 31, 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction), bringing the share of employees to about 1.7% of the capital, compared to 1.34% at September 30, 2024, before the transaction.

Financial communication calendar

Q4 and Full Year 2024 Results: February 4, 2025
Q1 2025 earnings release: April 29, 2025
Annual General Meeting: May 27, 2025
Q2 and H1 2025 earnings release: July 29, 2025
Q3 and 9-month 2025 results: October 28, 2025

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players²¹, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.2 trillion of assets²².

With its six international investment hubs²³, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society.

www.amundi.com

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

WARNING

This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. [In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.]

Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.

¹        Net income Group share
²        Adjusted data: excluding amortisation of intangible assets relating to distribution and client contracts as well as other non-cash charges relating to the acquisition of Alpha Associates recorded in net financial income (see note p. 11)
³        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
⁴        As announced at the time of the publication of the Q2 results, exit in Q3 from a large low-income mandate (€11.6 billion) with a European insurer, in multi-asset; including this exit, net inflows were positive by +€2.9bn in Q3 and +€35bn over 9 months
⁵        Medium-Long Term Assets
⁶        Excluding JVs
⁷        Extraordinary General Meeting of Shareholders of Victory Capital, held on 11 October 2024
⁸        Source: TrackInsight Q3 2024
⁹        Classified as article 8 or 9 of the SFDR regulation of the European Union
¹⁰        Including JV: €234bn in assets, +€12bn net inflows over 9 months and +€1bn in Q3
¹¹        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
¹²        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
¹³        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of the end of June 2024.
¹⁴        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
¹⁵        Anniversary dates of the funds triggering the recognition of these fees
¹⁶        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, September 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1063 at the end of September 2024. © 2024 Morningstar, all rights reserved
¹⁷        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
¹⁸        Lyxor, integrated as of 31/12/2021
¹⁹        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30 billion in outstandings) as Bonds previously classified as Treasury until that date; Outstanding amounts up to that date have not been reclassified in these tables
²⁰        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on April 18, 2024
²¹Source: IPE “Top 500 Asset Managers” published in June 2024, based on assets under management as at 31/12/2023
²²Amundi data at 30/09/2024
²³Boston, Dublin, London, Milan, Paris and Tokyo

Attachment

Amundi PR results Q3&9M 2024

The MIL Network –

January 25, 2025

MIL-OSI Economics: Result of the Overnight Variable Rate Reverse Repo (VRRR) auction held on October 30, 2024

Source: Reserve Bank of India

Tenor	1-day
Notified Amount (in ₹ crore)	75,000
Total amount of offers received (in ₹ crore)	35,525
Amount accepted (in ₹ crore)	35,525
Cut off Rate (%)	6.49
Weighted Average Rate (%)	6.49
Partial Acceptance Percentage of offers received at cut off rate	NA

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/1399

MIL OSI Economics –

January 25, 2025

MIL-OSI: Sampo plc’s share buybacks 29 October 2024

Source: GlobeNewswire (MIL-OSI)

Sampo plc, stock exchange release, 30 October 2024 at 8:30 am EET

Sampo plc’s share buybacks 29 October 2024

On 29 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:

Sampo plc’s share buybacks	Aggregated daily volume (in number of shares)	Daily weighted average price of the purchased shares*	Market (MIC Code)
	4,184	41.39	AQEU
	35,180	41.39	CEUX
	980	41.39	TQEX
	50,822	41.41	XHEL
TOTAL	91,166	41.40

*rounded to two decimals

On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

After the disclosed transactions, the company owns in total 9,597,138 Sampo A shares representing 1.74 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

Details of each transaction are included as an appendix of this announcement.

On behalf of Sampo plc,
Morgan Stanley

For further information, please contact:

Sami Taipalus
Head of Investor Relations
tel. +358 10 516 0030

Distribution:
Nasdaq Helsinki
Nasdaq Stockholm
Nasdaq Copenhagen
London Stock Exchange
The principal media
FIN-FSA
DEN-FSA
www.sampo.com

Attachment

Sampo_share_buyback_29_10_2024

The MIL Network –

January 25, 2025

MIL-OSI China: Harbin hits ‘home stretch’ for Games

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

With venues ready, volunteers recruited and testing events underway, Harbin is nearly ready to take up its hosting duties for the 9th Asian Winter Games, with preparatory work almost done entering the 100-day countdown.

As a traditional hot spot for ice and snow sports activities in Northeast China, Harbin, capital of Heilongjiang province, is pushing ahead with preparations for the 2025 edition of the Games, with full confidence that the continental gala event will be a resounding success in promoting sports and culture exchanges in the region.

With 100 days to go before the Feb 7 opening ceremony, all 13 existing competition venues for the Games — five for ice sports in downtown Harbin and another eight for snow events in Yabuli, a ski resort cluster 200 kilometers from Harbin — have been renovated and have updated equipment to meet international standards, with workers trained and ready to be deployed to each site, according to the organizing committee.

The national men’s and under-18 women’s ice hockey championships, which were held during the National Day holiday, were the first of 14 test events to be held in Harbin through January to optimize various venue operations, including capacity, facility function and spectator services.

Over 6,000 volunteers, mostly local college students, have been recruited from over 10,000 applicants, with a quarter of them having experience serving at international events such as the 2022 Beijing Winter Olympics and last year’s Hangzhou Asian Games, according to organizers.

The 2025 Harbin Asian Winter Games will mark the biggest representation of Asian countries and regions, with 34 National Olympic Committees — the most in the event’s history — having confirmed their entries, including first-timers Cambodia and Saudi Arabia. Over 1,500 athletes are expected to participate.

A total of 64 medal events across six sports will be held from Feb 7 to 14. Among them, mixed doubles curling, ski mountaineering and synchronized aerials of freestyle skiing will make their debut at the Games.

Meanwhile, many Southeast Asian countries and regions, including Thailand, Malaysia and Singapore, have signed up for the alpine skiing competition, which will have more participants than any other event in Harbin’s program, underlining winter sports’ expanding landscape on the continent.

It will be Harbin’s second time staging the continental gala since it hosted in 1996, and the third edition to be held in China after the 2007 edition in Changchun, Jilin province.

Boasting ready-made facilities and abundant experience in winter sports promotion, Harbin is confident it can deliver a memorable edition of the Games with strong Chinese characteristics and Asian style, organizers said.

“With full support from the government, the public and all shareholders, we’ve moved into the home stretch of preparations,” Han Shengjian, vice-governor of Heilongjiang and vice-president of the Harbin organizing committee, said during a news conference on Tuesday. “We are committed to hosting a world-class event representing Asian spirit and Chinese style to promote winter sports across Asia, as well as the unique charm of Harbin as a generous host.”

Already a popular winter holiday destination in the country, Harbin is keen on taking advantage of the Games to make the city more appealing to winter sports fans and foreign tourists, according to Wang Hesheng, mayor of Harbin and secretary-general of the organizing committee.

To help boost tourism in the city, a new metro line will be launched at the end of this month in Harbin, and a newly built second runway at the city’s airport will open in January. In addition, more frequent high-speed railway services connecting mountain resorts in Yabuli with downtown Harbin and other major cities are coming in the near future.

“Hopefully after hosting the Games, Harbin will make its name as a winter wonderland more prominent, not just in our country, but also across Asia,” Wang said.

MIL OSI China News –

January 25, 2025
MIL-OSI China: Scholarship quota for undergrads doubled

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

China has recently optimized scholarships and bursary granting systems to senior high school and college students with an aim of providing financial aid to youth pursuing higher education.

The initiative jointly launched by the Ministry of Finance, the Ministry of Education and the Ministry of Human Resources and Social Security will double the number of undergraduate students receiving the State-level scholarships, while financial aid will also be significantly increased, starting this year.

As per the policy, 120,000 undergraduate students from universities and junior colleges can receive the scholarship, and each will be awarded 10,000 yuan ($1,400) annually. Previously, the quota of students was 60,000, and they could receive no more than 8,000 yuan a year.

The State-level scholarship provides major assistance for higher education students, rewarding them for achieving outstanding academic performance, diligence and good moral qualities.

The new policy will also double the number of such scholarships to postgraduate students from 45,000 to 90,000 from this year, among whom 70,000 will be master’s degree candidates and 20,000 doctoral students.

Meanwhile, China will also channel more funds to assist students with financial difficulties. They will receive 3,700 yuan of State-level financial aid on average from this semester, with some receiving as much as 5,000 yuan. Previously, the financial aid offered was 3,300 yuan per year.

Beginning in the spring semester next year, aid will also be extended to students from regular senior high schools facing financial difficulties. On average, they will receive 2,300 yuan, while the neediest can receive up to 3,500 yuan per year in accordance with local practices. Previously, senior high students received 2,000 yuan in such aid annually.

The nation will expand the coverage of its financial aid to more vocational high school students and raise the amount from 2,000 yuan per year to 2,300 yuan starting next spring. Vocational high school students who are in their third year and having financial difficulties are included in the new policy.

Guo Tingting, vice-minister of finance, said at a recent news conference that China has established an all-around financial support system for students to give them security and make it easier for them to access higher education.

According to the finance ministry, the nation channeled 93.2 billion yuan in scholarships and aid to students last year, with over 31 million higher education students benefiting.

MIL OSI China News –

January 25, 2025
MIL-OSI Asia-Pac: LCQ16: Recovery for reuse and upcycling of wood waste

Source: Hong Kong Government special administrative region

LCQ16: Recovery for reuse and upcycling of wood waste
LCQ16: Recovery for reuse and upcycling of wood waste
*****************************************************

Following is a question by the Hon Shiu Ka-fai and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (October 30): Question: Some members of the local timber industry have relayed that Hong Kong generates a large amount of wood waste from areas such as home decoration (including replacement of furniture and floor boards) and construction works every year. However, due to the lack of effective arrangements for recovery for reuse and upcycling, most of these wood materials are disposed of at landfills. They are of the view that this not only depletes the space resources of the landfills, but also runs contrary to environmental protection principles as the waste is not converted into resources. They aspire that the Government will provide adequate support to enable the recovery for reuse and upcycling of used wood materials. In this connection, will the Government inform this Council: (1) of the amount of wood waste (excluding yard waste) generated in Hong Kong in each of the past five years, and set out in tables a breakdown of the amount and percentage by source (e.g. used furniture, floor boards and construction materials) and way of handling (e.g. disposed of at landfills and recovered for reuse); (2) of the respective ways by which wood waste (excluding yard waste) is recovered for reuse and upcycled in Hong Kong currently, and the use of the products so produced; whether it has assessed the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (3) whether it has studied the practices adopted in other places for the recovery for reuse and upcycling of wood waste and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (4) considering the factors required for the recovery for reuse and upcycling of wood waste, such as land and manpower, whether the authorities have plans to study the handling of wood waste jointly with Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area or other neighbouring cities; if so, of the details; if not, the reasons for that; and (5) whether it will plan to work with chambers of commerce and relevant stakeholders of the local timber industry through negotiation and co-operation to improve the ways in which wood waste is recovered for reuse and upcycled and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that? Reply: President, The Government’s support to the recycling industry is primarily based on the principles of market economy and fair competition. Meanwhile, consideration is also given to the feasibility of converting different types of waste into energy or resources for various types of recyclables, in order to enhance the cost effectiveness of recycling. One of the most important support measures is the provision of land resources specifically for recycling purposes, such as the EcoPark, at affordable rents for the recycling industry (including the waste wood recycling industry), to nurture and promote the development of local recycling industry, with a view to establishing a circular economy in the long run. At present, a waste wood recycler which mainly handles waste wooden pallets and tree trunks has been operating in the EcoPark since August 2017. The reply to the question raised by the Hon Shiu Ka-fai is as follows:(1) The disposal quantity of waste wood, its share in the total municipal solid waste (MSW), recovery quantity and recovery rate in the past five years are set out below:

Year
Waste Wood (Note)

Disposal quantity(tonnes per day)
Share in MSW
Recovery quantity(tonnes per day)
Recovery rate

2018
427
3.7%
16
3.6%

2019
348
3.1%
20
5.3%

2020
345
3.2%
11
3.2%

2021
262
2.3%
29
10.0%

2022
207
1.9%
32
13.5%

Note: Under the compilation framework of statistics regarding MSW adopted by the Environmental Protection Department (EPD), “waste wood” only includes waste made of wood such as timber, rattan, wooden pallets, wooden articles, wooden chopsticks. The EPD does not collect data and statistics on wooden furniture and waste wood generated from home renovation or construction works. The compilation of relevant statistics for 2023 is underway.(2) At present, waste wood in Hong Kong after being processed by recyclers will be manufactured into products such as cat litter, wood chips, wood granules, furniture and outdoor paving materials. For instance, the foregoing recycler in the EcoPark has commenced operation since August 2017, treating an average of about 1 200 tonnes of waste wood per year in the past five years. The Government will continue to closely monitor the operational needs of the waste wood recycling industry and provide appropriate assistance as far as possible.(3) and (4) In the course of formulating relevant policies with regard to the handling of different recyclables, the Government will make reference and pay heed to the development and relevant work in other places, as well as taking into account the actual circumstances in Hong Kong in the process of implementation. As for regional co-operation, the “Guangdong-Hong Kong-Macao Greater Bay Area Ecological Environmental Protection Plan” promulgated by the Ministry of Ecology and Environment vigorously promotes the development of a “Zero Waste” Bay Area. With this opportunity, Guangdong and Hong Kong have established a close co-operation and exchange mechanism on environmental issues to jointly explore the capacity and modes for developing a circular economy in the region, leveraging the competitive advantages of the two places, complementing each other’s strengths, and mutually developing green industries, green energy and related facilities.(5) The EPD has been maintaining communication with stakeholders of the waste wood recycling industry, and supporting the waste wood recycling industry through the Recycling Fund. Since 2015, the Recycling Fund has approved six projects related to waste wood, involving a total funding of about $7.8 million. These approved projects include support for environmental protection technology and furniture companies to collect and recycle waste wood, upcycling it into furniture and outdoor paving materials.

Ends/Wednesday, October 30, 2024Issued at HKT 14:45

NNNN

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: Opening address by Permanent Secretary for Financial Services and the Treasury (Financial Services) at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia (English only) (with photo)

Source: Hong Kong Government special administrative region

Following is the opening address by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, at the ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia today (October 30):

Peter (Chief Executive Officer of the Asia Securities Industry & Financial Markets Association (ASIFMA), Mr Peter Stein), Boris (Managing Director, Head of Institutional Banking Group of DBS Bank (Hong Kong) Limited, Mr Boris Chan), distinguished guests, ladies and gentlemen,

     Good morning. It is my great pleasure to join you today at the 5th Annual Sustainable Finance Conference organised by ASIFMA. ASIFMA’s events always draw an inquisitive and enthusiastic crowd with a lot of brain power. Today is no exception, but perhaps with somewhat more seriousness than usual as we are addressing the serious topic of enabling transition finance in the sustainability pathway towards net zero carbon emissions.

     The seriousness is compounded when one reads the Asian Development Bank’s thematic report on “Asia in the Global Transition to Net Zero” published last year. According to the report, developing Asia accounted for 44 per cent of global greenhouse gas (GHG) emissions in 2019, and growth in the region still tends to rely substantially on emission-intensive activities. Obviously, there is a huge need for transition finance to assist heavy-emitting industries and economic activities to go down the path of net zero while managing economic development implications. Market estimates put the funding gap at over US$3 to 4 trillion in annual investment over the next three decades in the region. Policy trade-offs will certainly be involved in finding the right solutions.

     For this, I note a keyword in the topic of the Conference today and that is “enabling”. Hong Kong, being an international financial centre as well as a premier sustainable finance hub, is well-positioned to play important enabling roles in expediting Asia’s transition to net zero in an enabling or conducive environment.

     With well-functioning capital markets offering a wide range of investment products and an international pool of financial services professionals, Hong Kong can contribute to mobilising international capital to finance transition initiatives in the region. We are already doing so and enriching our ecosystem. For example, the number of ESG funds authorised by the Securities and Futures Commission (SFC) has increased significantly in recent years, with assets under management reaching close to US$170 billion as of June this year.

     The bond market also helps issuers raise sustainable financing in support of low-carbon transition efforts. The volume of green and sustainable bonds arranged in Hong Kong increased by about five times from around US$6 billion in 2019 to almost US$30 billion last year, topping the Asian market from 2021 to 2023. Among these, the Government Green Bond Programme has issued bonds of various tenors denominated in different currencies including RMB, euro and USD. The programme has recently been expanded to cover sustainable projects. The bonds issuances have been well received by institutional and retail investors alike, and have taken tokenisation form for two recent tranches.

     Two points specifically on transition finance:

(a) First, we published the first edition of the Hong Kong Taxonomy for Sustainable Finance in May this year to provide a clear set of definitions or classification of green activities for application by the industry in their green transition journey. It aligns with the two mainstream taxonomies of the Mainland and the European Union, and currently encompasses 12 economic activities under four sectors of power generation, transportation, construction, and water and waste management. The Taxonomy is now under the next phase development, where the scope of sectors and economic activities will be expanded to cover transition activities as well. The Hong Kong Monetary Authority (HKMA) plans to conduct a public consultation on the updated taxonomy prototype in the first half of 2025.

(b) Second, to cater for the increasingly significant need for transition finance in the region, we have expanded the scope of the Green and Sustainable Finance Grant Scheme to cover transition bonds and loans, helping to incentivise relevant industries in the region to make use of Hong Kong’s transition financing platform towards the decarbonisation mission. Since its inception in 2021 to mid-October this year, we have granted around $280 million to 470 green and sustainable debt instruments under the Scheme.

        Moving into another subject which is important to today’s topic, data clarity and transparency is often cited as one of the primary challenges hindering the development of transition finance. Hong Kong operates a highly open and internationalised market aligning with international standards and best practices. We stand ready to promote the adoption of data transparency in the market to facilitate and encourage more transition financing activities.

     Earlier this month, for example, the Hong Kong Code of Conduct for ESG Ratings and Data Products Providers was published by an industry working group sponsored by the SFC. Its aim is to establish and promote a globally consistent, interoperable, and proportionate voluntary code for providers offering ESG ratings and data products and services in Hong Kong. The Code was modelled on international best practices recommended by the International Organization of Securities Commissions (IOSCO). It is intended to enhance transparency of methodologies for ESG ratings and data products and improve standards generally across the market with a view to combating greenwashing and instilling integrity in the growing green and sustainable finance ecosystem.

     Another important measure on standards is our commitment to launch a roadmap on the full adoption of the ISSB Standards on sustainability disclosure within this year, leading Hong Kong to be among the first jurisdictions in the world to align its local requirements with ISSB Standards. The Hong Kong Institute of Certified Public Accountants has already issued the exposure drafts for consultation. I am sure they will come up with final Hong Kong standards aligning with the ISSB Standards soon. I know that the afternoon session of this Conference has scheduled a dedicated panel to dive deep into this subject. I will spare the detail here.

     Blended finance is an evolving concept and is quickly developing. An OECD (Organisation for Economic Co-operation and Development) report defines it as a combination of official development finance, private philanthropic funds and commercial finance where the principal purpose is commercial rather than development. I look forward to the Panel’s discussion on this. I would note here that as Asia’s primary asset and wealth management hub for international investors, Hong Kong is well placed to harness the finance power of the public and private sectors.

     On the home front, the HKMA launched last week the Sustainable Finance Action Agenda, setting out its goals and actions to be taken to further support green and sustainable financing needs in Asia and globally. Under the Agenda, one of the action areas is investment in a sustainable future, under which the HKMA aims to achieve net-zero emissions for the investment portfolio of the Exchange Fund by 2050 through continuing to actively expand the scope and variety of its sustainable investments, particularly those supporting the theme of climate transition across the public and private markets. The Exchange Fund will also deepen its focus on transition opportunities and mobilise stakeholders to actively support this effort through stewardship and engagement.

     Another emerging source of funds to support sustainable initiatives comes from philanthropy and impact investing of family offices. In Hong Kong, the philanthropic landscape is underscored by the existence of more than 10 000 charities that have been established in Hong Kong, reflecting a diverse and robust ecosystem of giving. Meanwhile, the global impact investing market, valued at about US$1.6 trillion, attaches growing recognition of the need to address critical challenges such as climate change. We have seen growing interest from family offices in impact investing as they do not just allocate funds for charitable purposes but also seek financial returns and measurable social outcomes. To this end, we will soon consult the industry on proposals to enhance the tax arrangements for funds and single family offices, including expanding the definition of “fund” to cover pension fund and endowment fund, and include emission derivatives and emission allowance as eligible exemption items.

     Added to this, Hong Kong is exceptionally well placed to serve the sustainable initiatives and transition needs of entities on the Mainland. Various Mainland local governments including Shenzhen, Hainan Province and Guangdong Province have issued offshore RMB local government bonds including green, blue, sustainability and social bonds in Hong Kong over the past few years. And Core Climate, our carbon credit marketplace, is exploring co-operation initiatives with its Mainland counterparts. We will certainly contribute our best to the country’s drive to achieve the goal of peaking carbon emissions by 2030 and reaching net zero by 2060.

     Ladies and gentlemen, all these being said, a lot remains to be done. Hong Kong takes our 2050 net zero commitment very seriously and has set up a high-level steering committee comprising policy bureaux with both environmental protection and financial services policy responsibilities, and all financial regulators to co-ordinate and take forward relevant initiatives. Our Financial Secretary is also chairing the Green Technology and Finance Development Committee. We look forward to having your advice and participation in the journey. On this note, I wish you all a rewarding day at the Conference today. Thank you.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI: Quadient secures €25 million Schuldschein facility from EBRD to finance R&D programs in Czech Republic
Source: GlobeNewswire (MIL-OSI)

Quadient secures €25 million Schuldschein facility from EBRD
to finance R&D programs in Czech Republic

Paris, October 30, 2024

Quadient S.A. (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announces that it has secured a new €25 million Schuldschein facility from the European Bank of Reconstruction and Development (EBRD) to finance R&D programs in Czech Republic.

The Schuldschein loan from the EBRD is for a total nominal amount of €25 million with maturities spread equally between 5 and 7 years. The new credit facility aims at financing R&D programs at Quadient’s state of the art R&D center in Hradec Králové, Czech Republic.

Quadient’s R&D center in Czech Republic is the Company’s hub for its Digital automation platform development. It currently hosts around 400 employees, including software developers, testers, IT consultants, trainers and UX designers. The R&D team is responsible for driving continuous improvements to Quadient software offerings and developing innovative Digital solutions, by leveraging advanced technologies such as Artificial Intelligence, complex frameworks, and programming languages. A strong focus is placed on fostering continuous learning and collaboration by partnering with local schools and universities to train future engineers and developers. Notably, Quadient regularly collaborates with the University of Hradec Králové, offering classes, organizing IT events, and hosting BarCamps on new technologies.

In addition to the headquarters in Hradec Králové, Quadient also has offices established in Olomouc and Ostrava in the Czech Republic. This strong presence in the Královéhradecký region is well recognized locally as Quadient Czech Republic has been named Employer of the Year for several consecutive years and recently achieved 4^th place nationally.

Laurent du Passage, Chief Financial Officer of Quadient, said: “We are pleased to be partnering with the EBRD to strengthen our R&D activities in Czech Republic. Our R&D center in Hradec Králové is central to Quadient’s Digital strategy and plays a key role in the local community. We are excited to be able to further enhance our development capabilities while maintaining our leadership in the field of innovation and Artificial Intelligence, continuing to offer best in class solutions to our customers.”

In the full-year 2023, Quadient dedicated a total of €63.2 million to R&D spending across its three automation platforms, representing 5.9% of its Group revenue.

About Quadient®

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

For more information about Quadient, visit https://invest.quadient.com/en/

Contacts

About EBRD

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated.

Attachment
- Quadient EBRD loan vGB
The MIL Network –
January 25, 2025

MIL-OSI: Falcon Oil & Gas Ltd. – Results of Special Meeting of Shareholders

Source: GlobeNewswire (MIL-OSI)

FALCON OIL & GAS LTD.

(“Falcon”)

Results of Special Meeting of Shareholders

30 October 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) held its special meeting of shareholders in Dublin, Ireland yesterday.

All resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.

Ends.

CONTACT DETAILS:

Falcon Oil & Gas Ltd.	+353 1 676 8702
Philip O’Quigley, CEO	+353 87 814 7042
Anne Flynn, CFO	+353 1 676 9162

Cavendish Capital Markets Limited (NOMAD & Broker)
Neil McDonald / Adam Rae	+44 131 220 9771

About Falcon Oil & Gas Ltd.

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

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

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

The MIL Network –

January 25, 2025

MIL-OSI: Redemption of 2024 Zero Dividend Preference Shares and Notice of Cancellation

Source: GlobeNewswire (MIL-OSI)

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

Redemption of 2024 Zero Dividend Preference Shares and Notice of Cancellation

30 October 2024

NB Private Equity Partners (NBPE), the $1.3bn¹, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces that the Company will request the admission to and trading of the 2024 ZDPs on the Specialist Fund Segment of the Main Market of London Stock Exchange plc be cancelled. The cancellation will follow the redemption of the 2024 Zero Dividend Preference Shares (“2024 ZDPs”), with effect from 12:00 pm on 30 October 2024.

As previously announced, the maturity date of the 2024 ZDPs is 30 October 2024 and the final capital entitlement is 130.63 pence per share.

Cheques are expected to be mailed to holders on 30 October 2024.

CREST accounts are expected to be credited on 30 October 2024.

For further information, please contact:

NBPE Investor Relations +44 (0) 20 3214 9002
Luke Mason NBPrivateMarketsIR@nb.com

Kaso Legg Communications +44 (0)20 3882 6644

Charles Gorman nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $509 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

(firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of September 30, 2024.

¹Based on net asset value.

The MIL Network –

January 25, 2025

MIL-OSI: RIBER: Solid Business Growth at End-September 2024
Source: GlobeNewswire (MIL-OSI)

SOLID BUSINESS GROWTH AT END-SEPTEMBER 2024
- Revenues up +14% to €18.5m
- Order book strengthened to €38.3m (+14%)
Bezons, October 30, 2024 – 8:00am – RIBER, the global leader for molecular beam epitaxy (MBE) equipment serving the semiconductor industry, is reporting its revenues for the year to end-September 2024.

Change in revenues

€m 2024 2023 Change

First quarter 4.5 3.7 +20 %

Second quarter 9.3 8.5 +10 %

Third quarter 4.7 4.0 +19 %

Total 9-month revenues 18.5 16.2 +14 %

At end-September (€m) 2024 2023 Change

Systems 12.3 9.6 +28 %

Services and accessories 6.2 6.6 -6 %

Total 9-month revenues 18.5 16.2 +14 %

At September 30, 2024, RIBER revenues amounted to €18.5m, up +14% compared with the same period in 2023, reflecting the company’s strengthened position in the MBE market for both research and industrial production.

Systems revenues came to €12.3 m, up +28% with the delivery of 4 machines, compared with 5 machines in the first nine months of 2023.

Revenues for services and accessories totaled €6.2 m, down 6% compared with the previous year.

The geographical breakdown of revenues at end-September 2024 was as follows: Asia 68%, Europe 25% and North America 6%.

Order book developments

At end-September (€m) 2024 2023 Change

Systems 31,9 27,6 +16%

Services and accessories 6,4 6,1 +6%

Total order book 38,3 33,6 +14%

The systems order book came to €31.9m, up +16%, with a total of 13 systems, including 8 production machines. This figure does not include the order for a production system announced on October 21, 2024.

The services and accessories order book reached €6.4m, up +6% from the previous year.

As a result, at September 30, 2024, the total order book came to €38.3m, up +14% compared with the same period in 2023.

Outlook

Based on the fourth-quarter delivery schedule, RIBER expects to exceed €40m in full-year revenues, along with further improvements in earnings.

Against a favorable backdrop of growth in the compound semiconductor market, new orders should continue to be booked before the end of the year.

Next date: 2024 full-year revenues will be released on Wednesday January 29, 2025 (before start of trading).

About RIBER

Founded in 1964, RIBER is the global market leader for MBE – molecular beam epitaxy – equipment. It designs and produces equipment for the semiconductor industry, and provides scientific and technical support for its clients (hardware and software), maintaining their equipment and optimizing their performance and output levels.
Accelerating the performance of electronics, RIBER’s equipment performs an essential role in the development of advanced semiconductor systems that are used in numerous applications, from information technologies to photonics (lasers, sensors, etc.), 5G telecommunications networks and research, including quantum computing.

RIBER is a BPI France-approved innovative company and is listed on the Euronext Growth Paris market (ISIN: FR0000075954).
www.riber.com

Contacts

RIBER : Annie Geoffroy| tel: +33 (0)1 39 96 65 00 | invest@riber.com

CALYPTUS : Cyril Combe | tel: +33 (0)1 53 65 68 68 | cyril.combe@calyptus.net

Attachment
- 2024 10 30 RIBER_CA_T3 2024_EN
The MIL Network –
January 25, 2025
MIL-OSI Asia-Pac: Speech by SITI at Green Tech Summit 2024 (English only) (with photo)

Source: Hong Kong Government special administrative region

Speech by SITI at Green Tech Summit 2024 (English only) (with photo)
Speech by SITI at Green Tech Summit 2024 (English only) (with photo)
********************************************************************

Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Hong Kong Green Tech Summit 2024 today (October 30): Alice Chow (President of Stanford GSB Hong Kong Alumni Club), Jason Tu (Founder and CEO of MioTech), and participants of the Hong Kong Green Tech Summit 2024, I am delighted to join you today at this important occasion, the first ever Hong Kong Green Tech Summit 2024 – The Tech Afternoon, where leading experts, policymakers, and innovators gather to discuss and explore the latest advancements in innovation and technology (I&T), with a focus on green technology and sustainable practices. In the face of intensifying climate change challenges, promoting green transformation to achieve sustainable development is a crucial issue for countries worldwide. Hong Kong has pooled together numerous green tech enterprises and talent, giving it a significant advantage in fostering the development of green tech. There are more than 250 green-technology companies now in the two I&T flagships in Hong Kong, i.e. the Hong Kong Science Park and Cyberport, with some equipped with globally competitive technologies and having successfully tapped into Mainland and overseas markets. This also enables Hong Kong to contribute its strengths to addressing global climate issues. Green tech plays a vital role in supporting the reduction of carbon emissions and environmental protection, serving as a key engine for accelerating green transformation. Promoting the development of green tech is a long-term and challenging task. Throughout this process, stakeholders from various fields collaborate across sectors to identify pain points and needs in the low-carbon transition of different industries. They jointly develop and refine solutions, and support and promote applications, aiming to balance environmental protection and societal needs while driving economic development. Under the National 14th Five-Year Plan, Hong Kong is positioned to be an international I&T centre. The Hong Kong SAR Government has been attaching much importance to enhancing the I&T ecosystem in Hong Kong by rolling out various initiatives in recent years, and I am pleased to share with you that Hong Kong ranked first in Asia and third globally among the world’s top 100 emerging ecosystems in the Global Startup Ecosystem Report 2024. We also ranked second worldwide in the “Technology” Factor and 10th overall in the World Digital Competitiveness Ranking 2023 published by the International Institute for Management Development. In fact, Hong Kong has robust capability in basic research and development (R&D). Our city is the only one in Asia with five of the world’s top 100 universities. In addition, the level of internationalisation among our I&T talent is world-leading, with four of our universities ranked among the world’s top 10 most international universities. These, coupled with our robust intellectual property protection regime, could help pool global innovation resources to Hong Kong. To support the development of various I&T industries, including green tech, the Government has been proactively enhancing Hong Kong’s I&T ecosystem, which hinges on the comprehensive development of and positive interaction among the upstream, midstream and downstream sectors. To this end, the Government has been actively promoting interactive development of the upstream, midstream and downstream sectors. To further promote upstream basic R&D, we endeavour to consolidate Hong Kong’s R&D strengths and strengthen universities’ capacity for breakthrough researches. The Government has been implementing different initiatives to fund R&D projects, including those on green technologies. For example, the Green Tech Fund provides focused funding support to R&D projects that can help Hong Kong decarbonise and enhance environmental protection. In addition, the I&T Fund provides funding to R&D projects in various technology areas, including green tech. The R&D Centres established by the Government have been carrying out R&D work in different areas, including green tech. For example, one of the centres developed a new generation of materials incorporating plant stems into biodegradable plastics, which could aid the production of eco-friendly products at a competitive cost. To support the transformation and realisation of the R&D outcomes in the midstream, we launched the $10 billion Research, Academic and Industry Sectors One-plus Scheme (RAISe+) last year, to fund, on a matching basis, research teams from universities with good potential to become successful start-ups to transform and commercialise their R&D outcomes. We welcome investors around the world to explore collaboration opportunities with the universities in Hong Kong and invest in their RAISe+ projects. As for the promotion of downstream development of new industrialisation, we have launched the $10 billion New Industrialisation Acceleration Scheme this year to provide funding support for enterprises in industries of strategic importance to set up new smart production facilities in Hong Kong. Such industries include life and health technology, along with AI and data science, advanced manufacturing and new energy technology industries, etc. To further support our tech enterprises, the Government introduced enhancement measures to the New Industrialisation Funding Scheme to encourage local manufacturers to switch to smart manufacturing. The scheme benefits enterprises to, among others, upgrade and transform by adopting green technology. In addition, to give further impetus to the promotion of new industrialisation, the Chief Executive has announced in his 2024 Policy Address (PA) that a $10 billion I&T Industry-Oriented Fund will be set up to form a fund-of-funds to channel more market capital to invest in specified emerging and future industries of strategic importance. Hong Kong’s two I&T flagships, the Hong Kong Science and Technology Parks Corporation and Cyberport, have been providing technology start-ups with incubation programmes and one-stop support services. These I&T parks have nurtured a group of passionate and high-quality green tech companies. The 2024 PA also announced the launch of the I&T Accelerator Pilot Scheme with a funding allocation of $180 million at a one-to-two matching ratio between the Government and the institution, up to a subsidy ceiling of $30 million, with an aim to attract professional start-up service providers with proven track records in and beyond Hong Kong to set up accelerator bases in Hong Kong. Ladies and gentlemen, Hong Kong is fully committed to positioning as an international I&T centre. I would like to express my sincere appreciation to the Stanford GSB Hong Kong Alumni Club and MioTech for hosting this meaningful event. I encourage all participants to engage in meaningful discussions, share best practices, and forge collaborations that will drive real change. Together, let us embrace the opportunities before us and solidify Hong Kong’s position as a global leader in green tech. Thank you.

Ends/Wednesday, October 30, 2024Issued at HKT 15:15

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MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Economics: Q&A: Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP)
Source: Asia Development Bank
Workers walking by a solar power plant in Kazakhstan

Article | 30 October 2024
Read time: 6 mins

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IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank.

Various simulations have shown that for every $1 that is guaranteed, up to $4.5 of new climate finance will be generated under IF-CAP’s mechanism.

IF-CAP will strengthen ADB’s developing member countries’ capacity to develop their low-carbon and climate-resilient strategies and build a larger pipeline of potential investments.

What is IF-CAP?

The Innovative Finance Facility for Climate in Asia and the Pacific, or IF-CAP, is a multi-donor financing partnership facility with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific. IF-CAP partners will provide guarantees for parts of ADB’s sovereign loan portfolios to enable ADB to free up capital to increase lending for climate investments. Supplementary grants will facilitate project preparation, capacity building, and knowledge solutions.

Why is IF-CAP being formed?

The battle against climate change will be won or lost in Asia and the Pacific. And our region is uniquely vulnerable to the impacts. More than 40% of climate-related disasters occurred in Asia and the Pacific since the start of the century, affecting nearly 3.6 billion people. ADB estimates that $1.7 trillion per year will need to be invested in infrastructure in developing Asia between 2016-2030 to meet both climate and development goals. The Intergovernmental Panel for Climate Change (IPCC) says the year 2030 is a significant crossroad after which it will become considerably harder to meet climate targets.

As Asia and the Pacific’s climate bank, the Asian Development Bank is spearheading significant climate change financing and expertise across the region. IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank. It is inspired by the International Finance Facility for Education (IFFEd), which aims to use innovative financing to unlock new education funding in low-and middle-income countries.

What will IF-CAP do?

IF-CAP will allow ADB to significantly increase climate finance for investments that are aligned with the Paris Agreement and other key ADB policies, including the forthcoming Climate Change Action Plan.

With a model of “$1 in, $4.5 out”, IF-CAP’s current guarantee size of $2.5 billion will create over $11 billion in climate finance for much-needed climate projects across Asia and the Pacific. Alongside lending facilitated by IF-CAP, ADB will provide up to $1 billion in concessional ordinary capital resources lending (COL) from its own resources, in support of projects enabled by IF-CAP’s guarantee structure. In total, resources aligned with IF-CAP amount to over $12 billion.

IF-CAP enabled projects will address both climate change mitigation, which focuses on reducing greenhouse gas emissions, and climate change adaptation, which focuses on building resilience to the worsening effects of climate change. These investments could cover a wide range of sectors, such as transportation, energy, urban, and agriculture and natural resources, as well as social sectors such as health and education, for projects with high climate impacts.

What will IF-CAP not do?

IF-CAP will not support new or existing fossil fuel-based electricity generation facilities or dedicated transmission, or any new or existing natural gas-related projects. Climate finance enabled by IF-CAP will not be used towards early retirement or repurposing of fossil fuel fired power plants.

Developing Asia’s share of global greenhouse gas emissions nearly doubled, from 22% in 1990 to 44% in 2019 and is expected to remain at this level until mid-century under current policies.

Asia and the Pacific can only realize its climate goals if it pursues a transition away from coal-based energy in the near term.

How does the leverage mechanism work?

The program is based on the use of financial guarantees from our partners. By guaranteeing a portfolio of ADB sovereign loans on a first-loss basis, they will help shoulder some of the loss in case of a default by one of our borrowers included in our portfolio.

This is a groundbreaking arrangement because IF-CAP’s portfolio guarantee enables ADB to optimize the usage of our balance sheet, supported by the strength of our triple-A credit ratings and preferred creditor status. This allows ADB to reduce the capital held for credit risk and release more capital for climate loans. Every dollar of guarantee into IF-CAP will result in the capacity to provide more climate finance for eligible projects. Simulations show that for every $1 that is guaranteed, $4.5 of climate finance could be generated. That is a fundamental shift from the traditional “one dollar in, one dollar out” facilities at MDBs, because of IF-CAP’s leverage effect.

Who are the partners supporting IF-CAP?

IF-CAP’s founding partners are Denmark, Japan, Norway, Republic of Korea, Sweden, the United Kingdom, and the United States. In 2023, the Global Energy Alliance for People and Planet established a trust fund under the IF-CAP Financing Partnership Facility.

What sovereign portfolios will their guarantees cover?

IF-CAP will cover a dynamic and diversified reference portfolio consisting of ADB’s exposures to a board spectrum of developing member countries, which have been identified to achieve the desired leverage based on the risk appetite of the partners.

Which countries are eligible for IF-CAP financing?

All ADB’s developing member countries (DMCs) are eligible. Individual financing partners may exercise discretion for certain projects based on their policies and priorities.

Will IF-CAP differ from ADB’s regular climate financing?

Functionally, there will be no difference. IF-CAP’s role will be to enable ADB to approve climate financing more quickly and at a higher volume.

What are the benefits of IF-CAP?

For DMCs, IF-CAP can help them advance operations with high climate ambition that are currently not in their pipeline, increase climate finance components of existing pipeline projects, and enable greater visibility and demonstration effects for projects including those with innovative components or high climate impact.

For IF-CAP partners, it can enable them to make a greater impact through a leveraged guarantee mechanism not offered by other financing partnership facilities, providing them with an effective and efficient way to fight climate change in support of their national commitments.

For ADB, IF-CAP is an innovative method to optimize our balance sheet, unlock capital resources, and increase our lending capacity by over $11 billion so we can make more resources available for critical climate projects in Asia and the Pacific.

Will IF-CAP contribute to ADB’s ambition of $100 billion climate financing for 2019-2030?

IF-CAP will be one of the flagship instruments to enable ADB to reach its climate finance target beyond $100 billion and support our target for climate finance to reach 50% of the total committed financing volume by 2030.

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Subjects

ADB funds and products

Climate change

Climate finance
MIL OSI Economics –
January 25, 2025
MIL-OSI Russia: What excursions await the participants of the ninth season of the project “Discover

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

From November 5 to 22, more than 170 excursions will be held around the capital’s high-tech industrial enterprises. Participants will visit production facilities that produce cosmetics, footwear, clothing, confectionery and bakery products, ventilators, emergency medical supplies, elevators and other products. You can register for the excursion on the project’s website “Open. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy Anatoly Garbuzov.

“We continue to introduce Moscow residents to the production processes of food products, children’s educational kits, laser equipment, pharmaceuticals, auto parts and other high-tech products. In November, we prepared over 170 excursions to 35 enterprises, as well as 75 master classes. This season, four new factories have joined the project, which produce Christmas tree decorations, clothing, cable products and printed products,” said Anatoly Garbuzov.

The new season will see the first tours of the Kolomeyev Christmas tree toy factory. Guests will see how the products are blown and painted. The company makes classic Soviet toys: pine cones, Christmas trees, houses, astronaut figurines, as well as New Year’s decorations for the interior and dolls for the tree. Most of the products are made using traditional technologies and hand-painted by master artists.

For the first time, the company “Printing House “Tissot”” will welcome visitors. The company’s specialists will show how postcards, books, calendars, folders and other products are produced. In addition, a master class on making notebooks will be held here.

In addition, Muscovites will be able to visit the production of PLNB Jeans, where jeans, trousers, jackets, shirts and much more are produced. The tour will tell about all stages of preparation and production of products, as well as the history of denim culture and the capital brand.

At the Spetskabel plant, which will also welcome visitors for the first time, guests will see how modern cable and wire products are manufactured. The company manufactures cables for all industries, including the oil and gas, energy, shipbuilding and space sectors. Many of the company’s developments have no analogues in the world. The plant produces more than 40 thousand kilometers of cable per year.

The Open Project

Sobyanin: This year, the project “Open

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://vvv.mos.ru/nevs/item/145935073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: Sergei Sobyanin named the most popular measures to support technology companies

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Moscow is constantly increasing support for high-tech companies in the form of grants and loans. This was reported by Sergei Sobyanin in his telegram channel.

“In May, they determined

main tasks to support innovation and business development until 2030. We approach the issue comprehensively: over the past years, we have formed a unique line of tools,” the Mayor of Moscow emphasized.

Source: Sergei Sobyanin’s Telegram channel @mos_sobyanin

One of the successful and fast growing programs is preferential loans under the pledge of rights to the results of intellectual activity. With the support of the city, entrepreneurs concluded 20 contracts for the amount of 608 million rubles, 13 of them this year for the amount of 452 million rubles, which is already almost three times more than for the whole of last year.

Sobyanin: 66 billion rubles were attracted to the city’s SME economy through guarantees Moscow Mayor Talks About City Projects to Support Tech Business

Thus, a loan was received by a company that produces special pipeline fittings for heating systems of housing and communal services. Support was also provided to a company that creates briquettes from small waste of large industrial enterprises for their further use as raw materials or fuel.

Another measure in demand is grants for the purchase of equipment and development of activities. The city compensates businesses for expenses already incurred. Since the beginning of the year, Moscow entrepreneurs have been approved for over 450 applications for a total of almost 1.9 billion rubles. This is 17 percent more than last year’s figure for the same period. Thanks to the capital’s support, companies have purchased equipment for over 4.2 billion rubles.

Among those receiving compensation was a company that produces vaccines for adults and children. In addition, the list includes a developer and manufacturer of equipment for precision machining of parts in various industries with numerical control.

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.

https://vvv.mos.ru/major/themes/11970050/

MIL OSI Russia News –

January 25, 2025
MIL-OSI: Sydbank’s Interim Report – Q1-Q3 2024
Source: GlobeNewswire (MIL-OSI)

Company Announcement No 51/2024
30 October 2024

Sydbank’s Interim Report – Q1-Q3 2024

Bigger Sydbank – new 3-year strategy plan
On the back of the highly satisfactory results achieved during the present strategy period, which will expire at the end of 2024, Sydbank is announcing today a new 3-year strategy plan to ensure that the Bank will continue the positive momentum demonstrated since 2014. The strategy is called: “Bigger Sydbank – value for all through advice and relationships”.

Q1-Q3 2024 – highlights
- Profit for the period of DKK 2,396m equals a return on equity of 21.7% p.a. after tax
- Core income of DKK 5,447m is 4% higher compared to the same period in 2023
- Trading income of DKK 223m compared to DKK 240m in the same period in 2023
- Costs (core earnings) of DKK 2,453m compared to DKK 2,335m in the same period in 2023
- Core earnings before impairment of DKK 3,217m are 3% higher compared to the same period in 2023
- Impairment charges for loans and advances etc represent an expense of DKK 87m
- Bank loans and advances have risen by DKK 8.0bn, equal to an increase of 11% compared to year-end 2023
- The CET1 ratio stands at 18.0%, equal to a decrease of 0.9pp compared to year-end 2023
CEO Mark Luscombe comments on the result:
- It is positive that we were able to lift core income and total income in the first 9 months of the year from their all-time high levels last year. Costs have risen by 3% – excl Coop Bank – compared with a year ago. Thanks to the Bank’s constant focus on becoming increasingly efficient, the increase in costs is smaller than the effects of the agreed overall pay rises and the abolition of Great Prayer Day. Profit for the first 9 months of the year is on the same level as that of the record year 2023 and equals a return on equity of 21.7%, which is highly satisfactory.
Mark Luscombe comments on developments in business volume:
- We are pleased that the continued effect of our strong focus on providing value-creating advice to our customers has boosted our business volume in terms of bank loans and advances, deposits and the investment area. Bank loans and advances constitute DKK 82.5bn – an increase of DKK 8.0bn during the period. Deposits make up DKK 114.8bn – – and are thus at a historically all-time high.
Board chairman Lars Mikkelgaard-Jensen comments on Sydbank’s new 3-year strategy plan:
As a natural next step for the current strategy “Growing our business” we will be raising the bar and we will create a Bigger Sydbank in the next strategy period. This means that we will maintain our starting point as Denmark’s Corporate Bank and increase our market share in the corporate segment. Our ambition is to have more satisfied retail clients and significantly more retail clients and Private Banking clients. Assets under management will increase as a result of our customer focus within Wealth Management.

Mark Luscombe elaborates:
Our strategy “Bigger Sydbank” centres on 5 themes: “Customer-focused”, “Bigger and efficient”, “Attractive and cooperating”, “Data, digitization, AI and security”, and “ESG integrated in core business”. The themes must go hand in hand with a level of profitability at the very top of the Danish banking industry. We will continue to focus on the customer and be the workplace for some of the industry’s brightest and most dedicated employees.

Outlook for 2024
- Moderate growth is projected for the Danish economy.
- Profit after tax is expected to be in the range of DKK 2,800-3,100m.
- The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.
Additional information
Jørn Adam Møller, Deputy Group Chief Executive, Tel +45 74 37 20 30
Lars Grubak Lohff, Press Manager Tel +45 20 31 54 65

Attachments
- SM 51 UK
- Interim Report Q1-Q3 2024
The MIL Network –
January 25, 2025
MIL-OSI Economics: Historical data on currency exposure and hedging are now available

Source: Danmarks Nationalbank

Insurance and pension

30 October 2024Statistics period: September 2024

In May 2024, Danmarks Nationalbank published an extended statistic on insurance and pension companies’ currency exposure and hedging including data from January 2019 onwards.* The statistic has now been expanded to also include historical data from January 2015 onwards, whereby the time series now covers close to a full decade. You can read more about recent developments in the dollar hedge ratio of the Danish insurance and pensions companies in the newest edition of Danmarks Nationalbank’s biannual analysis Monetary and financial trends.**

The data coverage approaches a full decade

Note:

Danish insurance and pension companies’ dollar hedge ratio measured as the hedged dollar exposure divided by the total dollar exposure.

Source:

Danmarks Nationalbank, DNFPVALE.

* See Extended Statistic on Currency Exposure and Hedging (link).

** See Policy rates have been lowered, but monetary policy remains restrictive, Danmarks Nationalbank Analysis (Monetary and financial trends), no. 13, September 2024 (link).

MIL OSI Economics –

January 25, 2025
MIL-OSI Asia-Pac: SFST’s speech at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia today (October 30):

Distinguished guests, ladies and gentlemen,

It is both an honour and a privilege to stand before you today at ASIFMA’s 5th Annual Sustainable Finance Conference. I would like to extend my heartfelt gratitude to ASIFMA (Asia Securities Industry & Financial Markets Association) for hosting this significant event, now in its fifth year, and for bringing together an impressive gathering of leaders and advocates in the realm of sustainability. We are here to engage in critical discussions about how we can collectively scale and enable transition finance in Asia – a topic that has never been more urgent.

Today’s theme, “Enabling Transition Finance in Asia”, reflects a vital aspect of our collective effort to combat climate change. As we know, climate change poses unprecedented challenges to our societies and economies. We must take bold steps to address these challenges. Hong Kong serves as a crucial financial gateway in Asia, bridging the East and West. This unique position makes it an ideal location for managing and channelling investments aimed at sustainable development. With our robust banking system, flourishing financial market, and strong regulatory framework, Hong Kong is well-positioned to facilitate transition finance.

As we gather here today, we are acutely aware of the challenges that climate change poses to our societies and economies. Today, I would like to outline Hong Kong’s efforts in driving sustainability, encapsulated in four key “C” pillars: Capital, Creation, Commitment, and Collaboration.

Capital – A vital tool for green financing

The first “C” is Capital, which highlights Hong Kong’s well-developed capacity for green investment. This is not just a financial mechanism; it is a vital tool for green financing that underpins our commitment to sustainability. Hong Kong has set an ambitious goal to achieve carbon neutrality by 2050, with a target to halve carbon emissions by 2035. To realise these goals, we are implementing a range of policies and initiatives designed to promote green finance and support the transition to a low-carbon economy.

As Asia’s leading international financial centre and green finance hub, Hong Kong stands ready to channel international investment toward sustainable purposes. Our financial ecosystem is equipped to facilitate a robust green transition. Recent market research estimates that sustainable bond issuance will approach US$1 trillion in 2024. Moreover, it is projected that annual climate investments must reach US$9 trillion by 2030 and US$10 trillion by 2050, underscoring the immense demand for green finance.

To this end, we launched the Government Green Bond Programme (renamed Government Sustainable Bond Programme) in 2019. This initiative aims to raise funds for government green projects that contribute to sustainable development. I am pleased to report that our issuance has been attracting strong interest from both local and international investors. For example, for the issuance in July this year, our offer of HK$25 billion of bonds attracted more than HK$120 billion equivalent in orders, about five times of the offer size. So far a total of HK$220 billion in government green bonds has been successfully issued, including a diverse array of bonds – retail, institutional, and tokenised – across multiple currencies and tenors. These efforts have effectively raised funds for the Government’s green projects, reinforcing our commitment to fostering a greener future for Hong Kong.

The momentum towards sustainable investment has gained unprecedented traction in our financial markets. Over 230 ESG (environmental, social, and governance) funds have been authorised by our Securities and Futures Commission, collectively managing over HK$1.3 trillion in assets. This represents a significant year-on-year increase of 19 per cent in the number of funds and an 8 per cent rise in assets. These encouraging statistics reflect a growing recognition among investors of the importance of sustainable finance and their commitment to supporting responsible investment initiatives.

Creation – innovating the green fintech market

The second “C” is Creation, which emphasises Hong Kong’s role in innovation for adoption of green fintech. In addition to capital, technology plays a crucial role in green transition. The global shift toward sustainability is not just creating new markets; it is also driving innovation and opening up investment opportunities. The Government recognises that sustainable development and financial innovation must go hand in hand. By positioning Hong Kong as a leader in sustainable finance, we can attract capital, stimulate innovation, and contribute to a more sustainable future for all.

As we strive to integrate fintech with green finance and accelerate our green transformation, we are actively expanding the green fintech ecosystem. This year in June, we launched the Green and Sustainable Fintech Proof-of-Concept Funding Support Scheme. This initiative aims to provide early-stage funding to technology companies or research institutes conducting green fintech activities, allowing them to collaborate with local enterprises to co-develop new projects that address industry pain points. By facilitating the completion of the commercialisation and proof-of-concept stages, this scheme aims to enable wider adoption of green and sustainable fintech solutions in our local business landscape.

Fostering partnerships that drive innovation in financial products is another crucial element in promoting sustainable practices and ensuring that our financial systems are resilient and future-ready. Earlier this year, in March, we launched the Prototype Hong Kong Green Fintech Map, developed in collaboration with various stakeholders. This map serves as a one-stop resource, providing comprehensive information on the current status of green fintech companies in Hong Kong and the related services available. By enhancing the visibility of these companies, we support their growth and ultimately contribute to our vision of a greener and more sustainable financial ecosystem.

Commitment – building a comprehensive foundation

The third “C” is our commitment to building a comprehensive green finance ecosystem. Recent market studies indicate that approximately 90 per cent of issuance in the green bond market relates to financing climate transition projects. Transition finance encompasses more than just capital; it empowers various industries to evolve towards sustainable practices while acknowledging that the journey to a low-carbon economy varies across sectors.

The time is ripe for Hong Kong to seize the opportunities ahead in developing a sustainable community. We are committed to enabling transition finance in Asia and working towards a more sustainable future. As part of this commitment, Hong Kong is a forerunner in setting regulatory requirements and guidance for the financial sector. In the recent Policy Address, the Chief Executive announced significant steps towards enhancing our financial reporting framework.

We will soon launch a roadmap for the full adoption of the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards). Our goal is clear: We aim for Hong Kong to be among the first jurisdictions to align our local requirements with these internationally recognised standards. This initiative not only underscores our commitment to transparency and sustainability but also positions Hong Kong as a leader in the global financial landscape.

Transparency and accountability are essential for the success of sustainable finance. As a crucial initial step, Hong Kong Stock Exchange has introduced new climate-related disclosure requirements. These requirements, developed based on the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures, will be implemented for listed companies under a phased approach starting next year. These initiatives reflect our ongoing efforts to foster a sustainable environment that resonates throughout our financial ecosystem.

Collaboration – the key to a sustainable future

The last “C”, but certainly not least, is collaboration. While government initiatives are crucial, the transition to a sustainable economy cannot be achieved in isolation. It requires collaboration among all stakeholders – the Government and regulators, financial institutions, corporations, and the community.

In 2020, the Government established the Green and Sustainable Finance Cross-Agency Steering Group, comprising representatives from various sectors. This group is working diligently to formulate strategies that enhance Hong Kong’s role as a green finance hub and engage industry participants and relevant stakeholders to advance sustainable finance in Hong Kong.

As we look ahead, we are also mindful of the international context. In just a few weeks, the global climate challenge will be front and centre at COP29 (29th Conference of the Parties to the United Nations Framework Convention on Climate Change) in Azerbaijan. This conference presents an opportunity for world leaders to ramp up climate action and provide stronger protections for those on the frontlines of climate change. COP29 is being billed as the “finance COP”, a pivotal moment for countries to establish a new global climate finance goal. We look forward to actively exploring collaboration with other regions on zero-carbon projects and initiatives, enhancing our collective capacity to address these urgent challenges.

Closing

In closing, the journey to a sustainable future is one that requires capital, creation, commitment, and collaboration. As we gather here today, we reaffirm our shared responsibility to enable transition finance in Asia and harness the power of finance to drive meaningful change. Together, we can create a better world for future generations.

Your commitment to advancing the agenda of sustainable finance in Asia is truly inspiring. I am grateful for your attention to this pressing global issue, and I look forward to the fruitful discussions and insights that will emerge from today’s conference. Together, let us turn our vision of a sustainable future into a reality.

Thank you.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: 2024 Edition of “Hong Kong Annual Digest of Statistics” published

Source: Hong Kong Government special administrative region

2024 Edition of “Hong Kong Annual Digest of Statistics” published
2024 Edition of “Hong Kong Annual Digest of Statistics” published
***************************************************************************

The 2024 Edition of the “Hong Kong Annual Digest of Statistics” was published by the Census and Statistics Department (C&SD) today (October 30). The Digest is available for downloading at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010003&scode=460). The Digest is a comprehensive and convenient collection of official statistics. It contains some 300 statistical tables on a wide range of topics, including: – Population- Labour- External trade- National income and Balance of Payments- Prices- Business performance- Innovation and technology- Energy- Housing and property- Government accounts, finance and insurance- Transport, communications and tourism- Education- Health- Social welfare- Law and order- Culture, entertainment and recreation- Environment, climate and geography This Digest aims to provide key annual statistical series on various aspects of the social and economic developments of Hong Kong. Most of the data series presented reflect the latest situation covering a time span of the last decade, enabling readers to understand the trends of development in recent years. Descriptions of the scope of the statistical data and definitions of the terms used in this Digest are provided in the “Concepts and methods” in each chapter. Enquiries about the “Hong Kong Annual Digest of Statistics” can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 5073; email: gen-enquiry@censtatd.gov.hk).

Ends/Wednesday, October 30, 2024Issued at HKT 16:00

NNNN

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: Land Registry releases Trading Fund Annual Report

Source: Hong Kong Government special administrative region

     The Land Registry (LR) today (October 30) released the Land Registry Trading Fund (LRTF) Annual Report 2023/24.

     â€‹The Land Registrar, Ms Joyce Tam, said, “Due to an overall decrease in business volume of registration of documents, searches, copying, reports on title and e-Alert services, the LRTF recorded a loss from operations (i.e. before interest income) of $36.1 million and a negative return on fixed assets of -10.5 per cent for the financial year ending March 31, 2024. After taking into account interest income, the LRTF achieved a profit of $18.3 million.”

     The total number of documents delivered for registration and searches of land registers decreased by 12.6 per cent and 10.2 per cent respectively when compared to the financial year of 2022/23.

     Ms Tam said the LR continues to implement initiatives to reform the land registration system and is working on the amendment bill on the Land Titles Ordinance (Cap. 585) (LTO). The target is to introduce the amendment bill into the Legislative Council (LegCo) in the first quarter of 2025. The implementation of the title registration system under the LTO aims to provide better assurance and greater certainty of property titles and simplify conveyancing procedures.

     The LR is also committed to promoting digitalisation and enhancing services to support the property market and the economy. Ms Tam said that the LR is working with the Digital Policy Office and the Hong Kong Monetary Authority (HKMA) on land data interchange through the secure data gateway of the Government and the HKMA to facilitate enhancement of banking services. The initiative is targeted to be implemented progressively in 2025.

     The report was tabled in the LegCo today. It can also be viewed or downloaded from the LR’s website (www.landreg.gov.hk).

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI: Netcompany – Final transactions in connection with share buyback programme

Source: GlobeNewswire (MIL-OSI)

Company announcement
No. 47/2024

30 October 2024

On 14 August 2024, Netcompany Group A/S (“Netcompany”) announced that a share buyback programme of up to DKK 150m and a maximum of 1,000,000 shares had been initiated with the purpose of adjusting Netcompany’s capital structure and meeting its obligations relating to share-based incentive programmes.

The share buyback programme is executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisions of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the “Safe Harbour Regulation”). The share buyback programme was set to end no later than 29 October 2024.

Today, Netcompany announces the final transactions carried out under the current share buyback programme.

The following transactions have been executed in the period 25 October 2024 to 29 October 2024:

	Number of shares	Average purchase price, DKK	Transaction value, DKK
25-10-2024	4,000	308.07	1,232,280
28-10-2024	4,000	308.59	1,234,360
29-10-2024	6,500	309.67	2,012,855
Accumulated for the period	14,500	–	4,479,495
Accumulated under the programme	495,800	–	149,990,713

Detailed information on all transactions under the share buyback programme during the period is included in the attached appendix.

Following the above transactions, Netcompany owns a total of 2,228,909 treasury shares corresponding to 4.5% of the total share capital.

Additional information
For additional information, please contact:

Netcompany Group A/S
Thomas Johansen, CFO, +45 51 19 32 24
Frederikke Linde, Head of IR, +45 60 62 60 87

Attachments

The MIL Network –

January 25, 2025

MIL-OSI: INVL Technology Interim unaudited information for 9 months of 2024
Source: GlobeNewswire (MIL-OSI)

Equity of the Company and the Company’s net asset value as of 30 September 2024 was EUR 44.44 million or EUR 3.71 per share. At the end of 2023, these figures were EUR 43.53 million and EUR 3.61 respectively.

Investments of the Company into managed companies amounted to EUR 44.83 million at the end of September 2024 and EUR 34.20 million at the end of September 2023.

The net profit of the Company for 9 months of 2024 was EUR 1.11 million, the net loss of the Company for 9 months of 2023 amounted EUR 538 thousand.

Additional information:

INVL Technology, a company that invests in IT businesses, had an equity and a net asset value of EUR 44.44 million at the end of September this year, which is 2.1% more than at the start of the year. Their per share value of its equity and NAV was EUR 3.7067 and was up 2.8% from the start of the year.

INVL Technology had an unaudited net profit of EUR 1.11 million in nine months of 2024, compared to a loss of EUR 0.538 million in the same period last year.

“INVL Technology’s portfolio companies, which work in the areas of cybersecurity, artificial intelligence, and the development and deployment of supercomputers and information systems, are growing their revenues and profit. In selling the business, we hope to attract the interest of international and regional investors,” says Kazimieras Tonkūnas, INVL Technology’s managing partner.

In mid-March this year, the company announced that it had signed an agreement with the Zurich branch of M&A intermediation service provider Corum Group’s Luxembourg-based unit Corum Group International, to advise and serve as M&A intermediary on the sale of the company’s portfolio of businesses.

Performance of INVL Technology’s portfolio companies

INVL Technology’s portfolio companies had aggregated revenues of EUR 47.60 million in the January-September, which is 12.5% more than in the same period last year. Their gross profit increased 14.5% in the same period of comparison to EUR 13.22 million, while their aggregated EBITDA grew 2.2 times larger to EUR 3.45 million.

INVL Technology owns and manages the cybersecurity company NRD Cyber Security, the GovTech company NRD Companies, and the Baltic IT company Novian.

NRD Cyber Security, which also owns NRD Bangladesh, in January-September of 2024 increased its consolidated revenue by 26.74% from the same period last year to EUR 5.853 million. The company’s gross profit grew 14.9% in the period of comparison to EUR 3 million, while its EBITDA rose 28.9% to EUR 941,000.

NRD Companies had consolidated revenue of EUR 6.88 million in the first nine months of this year, which is 17.9% less than in the same period of 2023. The company earned a gross profit of EUR 3.3 million, or 9.3% more than in January-September last year, while the group’s EBITDA decreased by 2.1% to EUR 0.69 million. Norway-based NRD Companies has the subsidiaries Norway Registers Development in Norway, with a branch in Lithuania, and NRD Systems and Etronika in Lithuania.

Novian had aggregated revenues of EUR 31.54 million in January-September 2024, 18.6% more than in the same period of 2023, while its gross profit of EUR 6.12 million was 24.2% larger than a year earlier. The Novian group’s EBITDA for the first three quarters of this year increased 6.7 times versus the same period of 2023 to EUR 1.799 million. The group consists of Novian in Lithuania with the technology-area businesses Novian Technologies, Zissor in Norway, Novian Eesti in Estonia, Andmevara in Moldova, and Novian Rwanda (earlier Norway Registers Development Rwanda) in Rwanda, and the software services businesses Novian Systems and Novian Pro in Lithuania.

INVL Technology’s managing partner Kazimieras Tonkūnas notes that the companies are expected to deliver good results for the full year 2024 as well.

INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company which must exit its investments no later than mid-July 2026 and distribute the money to shareholders.

The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail k.tonkunas@invltechnology.lt

Attachment
- INVL Technology Factsheet 2024 Q3
The MIL Network –
January 25, 2025
MIL-OSI Africa: Islamic Corporation for the Development of the Private Sector (ICD) Commits Eur 40 Million to Nakkas- Basaksehir Section of Türkiye’s Northern Marmara Highway Project
Source: Africa Press Organisation – English (2) – Report:

ISTANBUL, Turkey, October 30, 2024/APO Group/ —
- ICD is investing EUR 40 million in the Nakkaş-Başakşehir section as part of a EUR 1.04 billion funding package.
- The project incorporates solar energy and LED lighting, aiming to cut energy use and emissions significantly.
- It’s backed by a consortium led by Rönesans Holding, with support from MDBs and ECAs.
The Islamic Corporation for the Development of the Private Sector (ICD) (www.ICD-ps.org) has signed a EUR 40 million to co-finance the Nakkaş-Başakşehir section of Türkiye Northern Marmara Highway Project.

The Project aimes to enhance Istanbul’s east-west connectivity, improve road safety and reduce congestion. It is being developed under a build-operate-transfer agreement by a consortium led by Rönesans Holding A.Ş. in partnership with Samsung C&T Corporation and other Korean investors. It involves a 31.3-km toll road, including a 1.6-km cable-stayed bridge and multiple overpasses and underpasses.

ICD’s EUR 40 million contribution is part of a broader EUR1.04 billion senior debt package, fully financed by international institutions, including the European Bank for Reconstruction and Development (EBRD), the Asian Infrastructure Investment Bank (AIIB), the Islamic Development Bank (IsDB), alongside Atradius and SERV as European export credit agencies, ICIEC, and a consortium of commercial lenders.

Thanks to Solar Energy Production System to be installed within the scope of the Nakkaş-Başakşehir project, which has “sustainability” at the center of its design, the clean energy obtained from solar panels will meet the energy needs of the highway’s operation and management (O&M) center and service stations.

The installation of over 4,500 LED lamps, replacing sodium lamps, will cut energy consumption by 37.5%, saving over 35 MWh. Within the scope of the project, in which all O&M highway vehicles are planned to be hybrid or electric, it is expected to save approximately 112 thousand liters of fuel annually.

While the Nakkaş-Başakşehir Highway Project is expected to prevent 7.9 million tons of greenhouse gas (GHG) emissions in 30 years, in particular, it will reduce particulate matter (PM) emissions by 1,399 tons, nitrogen oxides (NOx) by 58,699 tons and sulfur dioxide (SO2) by 95 tons. tons reduction is aimed.

MIL OSI Africa –
January 25, 2025
MIL-OSI Video: Press conference by President Ursula von der LEYEN and Former Finnish President Sauli NIINISTÖ

Source: European Commission (video statements)

Press conference by European Commission President Ursula von der LEYEN and Former Finnish President Sauli NIINISTÖ

Watch on the Audiovisual Portal of the European Commission:
Follow us on:
-X: https://twitter.com/EU_Commission
-Instagram: https://www.instagram.com/europeancommission/
-Facebook: https://www.facebook.com/EuropeanCommission
-LinkedIn: https://www.linkedin.com/company/european-commission/
-Medium: https://medium.com/@EuropeanCommission

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

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

MIL OSI Video –

January 25, 2025
MIL-OSI Russia: Technograd opens free courses on programming and protection against cyber threats

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

Muscovites can get a profession in the field of programming and information security for free, as well as master design and marketing on free courses at the Technograd innovation and educational complex, subordinate to the capital’s Department of Entrepreneurship and Innovative Development. Training will begin in November.

During the classes you can learn programming languages C

In the same language with the IT sphere

Python is considered an ideal language for starting a career in programming. It will suit students who are attracted by web development and data analysis, machine learning, simplicity of code and a variety of ready-made solutions. Course “Python for Web Development. Flask and Web Application Development” will start on November 1st.

Students will be introduced to the Flask software platform, style templates and writing code to create a request form, databases and much more. Students will learn the basics of web development using Python and the Flask framework, learn how to manage database storage and build user authentication on websites.

Classes under the program will begin on November 3 “Functional Programming in Python. Basic Level”. The teacher will tell about the structure of the language, teach how to write and read program code, solve algorithmic problems and create flow charts. As a result, students will be able to analyze other people’s programs and work with data arrays.

On the same day, November 3, classes on the course will begin. “Functional programming in C. Learning a universal programming language will be useful for students who want to create games, desktop applications for Windows, web services, neural networks or graphics for metaverses. This language is used by banks, digital agencies, communication providers and large IT companies. Choosing this direction of study will help beginners find a job in a short time. During the classes, students will master the language structures, learn to use branches and cycles, work with the selection operator and data arrays.

Well “JavaScript. Basic Level” will start on November 6. Webinars will help expand knowledge in the field of web technologies for designers and marketers, as well as those who are already mastering programming in a comprehensive manner. JavaScript does not require complex concepts and technical details from beginners. The visual part of most websites on the Internet is written in it. Therefore, programmers who have studied this language are always in demand. The course program includes training in the principles of object-oriented programming, working with control structures and data structures, as well as familiarity with the logic of program execution.

In addition, Technograd is opening courses and for advanced JavaScript users. Training will begin on November 6th.

Future mobile developers for iOS and macOS, as well as gamedev and ackend developers will find this useful Webinars on the basic level of programming in Swift. Starting November 16, the teacher will introduce students to the basics of the language, the Xcode development environment, data collection, and user interface elements. During the training, students will create the To-Do List and Exchange Rates applications and test them in the iPhone Simulator.

Russian companies are always in demand for specialists who can find and eliminate vulnerabilities in the system and minimize the consequences of cyber attacks. From November 1, it will be possible to study the specifics of the profession and solve real problems on the course “Computer networks and information security”. Students will learn about the structure, topology, infrastructure and security of networks, protocols and network services. Particular attention will be paid to threat analysis and vulnerability detection, cryptography and advanced security methods.

Creativity and self-realization

Marketing and design are traditionally popular areas among young professionals. These areas offer creative freedom, the opportunity for self-realization and a dynamic career. Given digitalization and the development of new media formats, social networks and online trade, the demand for employees in these areas remains high.

In November, Technograd offers 11 specialized programs, where you can master the graphic editors Figma and Photoshop, the website builder Tilda, the 3D engine Blender, animation and video in After Effects. And also learn how to set up targeted advertising, engage in promotion in social networks and create selling photo and video content.

Upon completion of the training, a certificate or certificate of advanced training is issued. The project is supervised by Department of Entrepreneurship and Innovative Development of the City of Moscow.

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://vvv.mos.ru/nevs/item/145917073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI China: China strongly opposes US rule on investment restrictions against China

Source: China State Council Information Office

China strongly opposes the U.S. final regulations on investment restrictions aimed at China, a spokesperson with the Ministry of Commerce said on Wednesday.

China has lodged solemn representations with the United States and reserves the right to take action, said the spokesperson in a statement published on the ministry’s website.

The United States has overstretched the concept of national security to adopt discriminatory investment restrictive measures against China, which is a typical non-market practice, the spokesperson said.

The spokesperson noted that the U.S. restrictions target sectors like chips, AI and quantum computing. Most industries related to these fields are not connected to national security, yet they will all be affected by the U.S. ban.

This will disrupt normal economic and trade cooperation between Chinese and U.S. companies, harming the interests of businesses in both countries, the spokesperson said.

China has noticed that many U.S. business associations and companies have expressed concerns that U.S. investment restrictions against China will cause American companies to give up the Chinese market to competitors from other countries, severely damaging U.S. interests, the spokesperson stated.

It is hoped that the United States will respect market economy laws, properly define the boundaries of national security in economic and trade fields, and stop politicizing and weaponizing economic and trade issues, the spokesperson added.

MIL OSI China News –

January 25, 2025
MIL-OSI United Kingdom: Labour urged to use wealth tax on super-rich to fund green transition

Source: Scottish Greens

30 Oct 2024 Finance

By taxing the super wealthy we can fund our shift to a fairer, greener and better economy.

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The Labour government must tax the super-rich and polluters to fund our green transition and tackle the climate and nature emergencies, say the Scottish Greens.

Speaking ahead of today’s UK Budget statement, the party’s Co-leader, Lorna Slater, has urged the Chancellor to apply a wealth tax on the wealthiest 1% of households in the UK – those with assets worth £3.4 million and above.

Analysis from the University of Greenwich suggests that this tax would raise over £70 billion a year and potentially up to £130 billion.

Ms Slater said:

“The world is burning around us. We urgently need to see climate leadership from Downing Street.

“There is more than enough money to support our transition to a greener future and create thousands of high quality, well paid green jobs, but so much of it is being hoarded by a tiny number of extremely wealthy people who don’t need it.

“The solution is staring us right in the face. By asking the richest people and corporations to pay their fair share we can transform our economy and protect future generations.

“Making the change is essential for our climate, but it is also crucial for our economy. The UK has a huge opportunity, but it has been squandered by 14 years of a Tory government that actively undermined our climate efforts while giving handouts and tax breaks to its super-wealthy friends and donors.

“Labour must show the level of ambition that is needed by making a generation-defining investment in clean, green renewable energy and nature restoration and ending the climate vandalism of the Tories.”

Ms Slater added:

“The pain that households and families have suffered over the last 14 years was not inevitable. The cuts and austerity were a political choice, and one that Labour has doubled down on by cutting Winter Fuel Payments and refusing to lift the cruel two child cap. Labour can put an end to the cuts and support vital services like our NHS and schools.”

The tax, supported by the Scottish Greens, would start at a marginal rate of 1%, rising to 5% for those with £5.7 million or more (the richest 0.5%), and 10% for those with £18.2 million (the richest 0.15%).

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI United Kingdom: Chewing gum litter cleaned up from Oxford’s historic streets for a second year

Source: City of Oxford

ODS, on behalf of Oxford City Council, has successfully completed the removal of chewing gum litter from key city centre streets, thanks to grant funding from the Chewing Gum Task Force.

The cleanup operation, which began in the summer, focused on heavily trafficked areas including George Street, New Inn Hall Street, Carfax, Queens Street, parts of St Ebbes, High Street, and St Aldates down to Christchurch Meadows.

Alongside removing the gum, the team deep-cleaned pavements and steam-cleaned street furniture. Educational materials have also been distributed to encourage proper gum disposal and help maintain the cleanliness of the city’s historic streets.

ODS’ street cleaning team worked early mornings to ensure minimal disruption and adapted their schedule to work around extreme weather conditions and major events, such as St Giles’ Fair and the Oxford Half Marathon.

The gum removal process is time and labour intensive. In the worst affected areas, it took as long as 30 minutes to clean just 1.5msq, this was then followed by a mechanical sweeper to eliminate any stains left by the gum.

In line with the Council and ODS’s commitment to sustainability, no chemicals were used during the cleanup, and ODS completed the work using a repurposed 1973 electric milk float, called Earnie.

This year’s cleanup was made possible by a £26,500 grant from the Chewing Gum Task Force, administered by Keep Britain Tidy. The funding supports both the immediate cleanup and long-term behaviour change to reduce future gum littering.

Comment

“I’m pleased to see our city centre streets gum-free thanks to the hard work of ODS – a big thank you to them.

“The team’s hard work over the past few months, starting early and adapting around large events and extreme weather conditions, doesn’t go unnoticed.

“I hope the clean streets and new disposal guidance will inspire people to keep the streets tidy by properly disposing of their gum in the future.”

Councillor Alex Hollingsworth, Cabinet Member for Business, Culture and an Inclusive Economy

“We’re thrilled to be working on behalf of Oxford City Council which received the Chewing Gum Task Force grant from Keep Britain Tidy for a second consecutive year. The funding helps improve the appearance of our historic streets and supports the city’s sustainability goals, using our repurposed electric milk float. Chewing gum litter affects the beauty and accessibility of Oxford, and last year’s cleanup showed promising results. We’re committed to working with the Council to make a lasting impact and keep our city clean for everyone.”

Adrian Moss, City Centre and Streetscenes Service Manager, ODS

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI New Zealand: Defence News – HMNZS Canterbury to return items from the Manawanui to New Zealand
Source: New Zealand Defence Force
- The HMNZS Canterbury, departs Apia today, for New Zealand with items from the Manawanui on board.
- Among the items are the three containers removed from the reef following the grounding and subsequent sinking of Manawanui. These have been checked and passed by the Ministry for Primary Industries in Samoa before loading on board.
- NZDF Senior National Representative, Commodore Andrew Brown took the opportunity to visit the Canterbury and thanked the ship’s company, and Embarked Aviation detachment for their contribution to CHOGM and Operation Resolution.
- Commodore Brown said, “The Canterbury supported Operation Resolution by transporting Maritime NZ equipment to Samoa. It’s now returning to New Zealand with Manawanui’s two rigid inflatable boats, equipment, and the three containers removed from the reef last week.”
- The Canterbury is returning home to prepare to respond to the high risk weather season coming up in the Pacific after contributing to New Zealand’s support of CHOGM, by providing a platform to operate helicopters and transport equipment such as Hato Hone St Johns ambulances to Samoa.
- “As Canterbury returns to New Zealand, we remain focused on our priorities and the complex and technical process of fuel removal. Work is continuing on engaging a company to undertake this task,” Commodore Brown said.
MIL OSI New Zealand News –
January 25, 2025
MIL-OSI Asia-Pac: LCQ6: BUD Fund

Source: Hong Kong Government special administrative region

Following is a question by Dr the Hon Kennedy Wong and a reply by the Secretary for Commerce and Economic Development, Mr Algernon Yau, in the Legislative Council today (October 30):

Question:

     In recent years, the Government has launched many enhancement measures to the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund). In this connection, will the Government inform this Council:

(1) given that the Government launched the “E-commerce Easy” under the BUD Fund on July 15 this year, with a view to assisting enterprises in opening up the Mainland market through developing electronic commerce (e-commerce) business, of the respective numbers of relevant applications received and approved by the Government so far, as well as the average and maximum amounts of funding involved;

(2) given that at present, enterprises applying for the BUD Fund are required to provide proof of substantive operations and commercial transactions in Hong Kong, but it is learnt that many enterprises with trademarks and other intellectual property rights registered in Hong Kong have substantive operations on the Mainland and overseas, thus rendering them unable to successfully apply for the Fund, and there are views that the original intention of the Fund is to assist enterprises in enhancing their competitiveness, whether the Government will, in the light of the relevant situation, review the eligibility criteria for applying for the Fund; if so, of the details; if not, the reasons for that; and

(3) given that there are views pointing out that the application of artificial intelligence (AI) in cross-border e-commerce is particularly innovative, such as the use of AI key opinion leaders for marketing of goods, whether the authorities will consider expanding the funding coverage of “E-commerce Easy” to include the application of AI, thereby enabling enterprises to make better use of the funding to establish marketing systems; if so, of the details; if not, the reasons for that?

Reply:

President,

     The Government is dedicated to assisting Hong Kong enterprises, including small and medium enterprises (SMEs) and start-ups, in developing brands, upgrading business operations and enhancing competitiveness. One such measure is the Dedicated Fund on Branding, Upgrading and Domestic Sales (BUD Fund), which provides funding support for non-listed Hong Kong enterprises to develop business in the Mainland and 38 economies with which Hong Kong has signed free trade agreements and/or investment promotion and protection agreements.

     The reply to the three parts of the question is as follows:

(1) With a view to assisting Hong Kong enterprises in developing the Mainland sales market through electronic commerce (e-commerce) business, the Government launched “E-commerce Easy” under the BUD Fund on July 15 this year to allow enterprises to make use of $1 million funding flexibly within the cumulative funding ceiling of $7 million per enterprise to implement e-commerce projects on the Mainland. Since the launching of “E-commerce Easy”, the number of applications received has been gradually increasing for each month. As at end September this year, 102 applications have been received. So far, eight applications have been approved or approved with conditions. Other applications are being processed earnestly by the BUD Fund Secretariat, the Hong Kong Productivity Council, which will complete the vetting as soon as possible upon receipt of clarification on the questions raised by the Secretariat and supplementary documents from applicant enterprises. So far, the average funding amount of the approved applications is about $470,000, whereas the largest funding amount approved is about $990,000.

(2) The BUD Fund aims to assist Hong Kong enterprises in exploring more diversified markets through developing brands, upgrading business operations and developing sales. As such, the application eligibility is enterprise-based, requiring that an applicant enterprise must be registered in Hong Kong under the Business Registration Ordinance (Cap. 310) and has substantive business operations in Hong Kong, but is not premised on the registration location of the relevant intellectual property rights.

     Since the setting up of the BUD Fund in 2012, the requirement of having substantive business operations in Hong Kong has been in place, and was specified in the relevant Legislative Council Finance Committee paper for setting up the BUD Fund. As such, enterprises which solely operate outside Hong Kong do not meet the application eligibility. Considering that the BUD Fund involves public funds, we should focus the resources on enterprises with substantive business operations in Hong Kong in order to maximise the benefits brought about by the BUD Fund to Hong Kong’s economy and to such enterprises, thereby meeting the public expectation. We have no plan to relax this requirement.

     In fact, many Hong Kong enterprises have developed the Mainland and overseas markets with the BUD Fund’s support, including establishing new offices and retail points at target markets, purchasing machinery/equipment, placing advertisements, thereby benefiting their business operations in both Hong Kong and outside markets. Past success stories of different types of applications are set out on the website of the BUD Fund for the reference of applicant enterprises.

     Since the launching of the BUD Fund in 2012, the Government has kept on reviewing and enhancing its operational arrangements from time to time, having regard to market changes and the needs of the trade. Over the years, the Government has launched a number of enhancement measures, including expanding the geographical scope of the BUD Fund in phases from only the Mainland originally to 39 economies at present, gradually increasing the cumulative funding ceiling per enterprise from $500,000 to $7 million, launching “Easy BUD” in June 2023 to expedite the processing of applications involving designated measures with a smaller funding amount, as well as launching “E-commerce Easy” in July this year to assist enterprises in developing the Mainland sales market through e-commerce business.

     In the 2024 Policy Address released earlier, the Chief Executive announced the injection of $1 billion into the BUD Fund to assist SMEs in upgrading their business operations and developing new markets. In view of the rapid development of the e-commerce market of the Association of Southeast Asian Nations (ASEAN), and that the ASEAN is Hong Kong’s second-largest trading partner, the geographical coverage of “E-commerce Easy” will be expanded to the 10 ASEAN countries to support enterprises to develop the ASEAN market through digital transformation. We will also provide more targeted funding support for SMEs to implement green transformation projects. We expect that the above measures will be rolled out in the first half of 2025.

(3) The funding scope of the BUD Fund – “E-commerce Easy” is broad and covers many measures related to e-commerce, including the establishment of online stores on third-party online sales platforms and placing advertisements (including the engagement of ambassadors/key opinion leaders to promote products), development and enhancement of mobile applications and websites (such as adding online payment function and chatbot on enterprises’ websites). On the condition that the existing guidelines and other funding criteria can be satisfied, the use of technological services or plans (including artificial intelligence technology) by enterprises to implement the above measures for developing e-commerce business is within the funding scope of “E-commerce Easy”.

MIL OSI Asia Pacific News –

January 25, 2025

€m	2024	2023	Change
First quarter	4.5	3.7	+20 %
Second quarter	9.3	8.5	+10 %
Third quarter	4.7	4.0	+19 %
Total 9-month revenues	18.5	16.2	+14 %

At end-September (€m)	2024	2023	Change
Systems	12.3	9.6	+28 %
Services and accessories	6.2	6.6	-6 %
Total 9-month revenues	18.5	16.2	+14 %

Category: Business

Article | 30 October 2024Read time: 6 mins

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What is IF-CAP?

Why is IF-CAP being formed?

What will IF-CAP do?

What will IF-CAP not do?

Developing Asia’s share of global greenhouse gas emissions nearly doubled, from 22% in 1990 to 44% in 2019 and is expected to remain at this level until mid-century under current policies.

Asia and the Pacific can only realize its climate goals if it pursues a transition away from coal-based energy in the near term.

How does the leverage mechanism work?

Who are the partners supporting IF-CAP?

What sovereign portfolios will their guarantees cover?

Which countries are eligible for IF-CAP financing?

Will IF-CAP differ from ADB’s regular climate financing?

What are the benefits of IF-CAP?

Will IF-CAP contribute to ADB’s ambition of $100 billion climate financing for 2019-2030?

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Subjects

The data coverage approaches a full decade

In the same language with the IT sphere

Creativity and self-realization

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Article | 30 October 2024
Read time: 6 mins