NewzIntel.com

Category: Business

  • MIL-OSI China: Business giants moving to Xiong’an New Area

    Source: China State Council Information Office

    An aerial drone photo taken on Feb. 7, 2024 shows the Xiong’an Science and Technology Innovation Center in Xiong’an New Area, north China’s Hebei Province. [Photo/Xinhua]

    More and more business giants are settling in Xiong’an New Area, North China’s Hebei province, as part of a plan to relieve the national capital Beijing from non-capital functions.

    China Satellite Network Group Co, an enterprise engaged in the design, construction and operation of satellite internet services, has opened its new headquarters in the area’s internet industrial park.

    Making up of a group of low-rise buildings and shaping like a flower when viewed from above, the office complex was completed last month and involved the moving of its headquarters and four subordinate companies on Oct 14.

    The company was the first centrally administered State-owned enterprise to settle down in the area. The SOE will facilitate the gathering of resources in fields such as industry-related companies, technology and talent in Xiong’an and thus promote the development of satellite internet applications and the aerospace information industry.

    As Xiong’an has charted ambitious development plans for the satellite internet sector, many upstream and downstream enterprises and innovation platforms have rushed to the area.

    A national laboratory of aerospace flight technology has been established in the area, according to local media Hebei Daily. Other companies in the sector, including a spatiotemporal information group, have also registered and settled there.

    Sinochem Holdings, a chemical conglomerate, and China Huaneng Group Co, a major power company, have completed their main headquarters buildings in Xiong’an.

    Projects of other companies and institutes, including Sinomine Resource Group Co and Beijing Jiaotong University, also report progress on the construction of their buildings.

    SOEs have set up nearly 300 various types of institutions in Xiong’an, according to the local government.

    Located about 100 kilometers southwest of downtown Beijing, Xiong’an was set up in 2017 as part of a strategy to promote the coordinated development of the Beijing-Tianjin-Hebei region.

    One of its main roles is to serve as the receiver of non-capital functions previously shouldered by Beijing but not essential to Beijing’s role as the capital city, such as universities, company headquarters and research institutions.

    MIL OSI China News –

  • MIL-OSI China: Probe into US company PVH Corp underway

    Source: China State Council Information Office

    An investigation into the U.S. firm PVH Corp., led by China’s unreliable entity list mechanism, is advancing in accordance with the law and in an orderly manner, the Ministry of Commerce (MOC) said Thursday.

    “We will fully safeguard PVH’s rights to make statements and defenses during the investigation,” MOC spokesperson He Yadong told a press conference.

    After the investigation, the mechanism office will make decisions based on the results in accordance with the regulations on unreliable entity list, the spokesperson added.

    The U.S. company, which owns fashion brands like Tommy Hilfiger and Calvin Klein, is suspected of boycotting cotton products from China’s Xinjiang Uygur Autonomous Region without any factual basis and terminating normal transactions with Chinese companies as well as other organizations or individuals, according to the ministry.

    China introduced the unreliable entity list mechanism in September 2020 to protect its national interests and business environment. The spokesperson said China has been prudent when handling issues related to the unreliable entity list, which targets only a few foreign entities that disrupt market rules and violate Chinese laws. He added that foreign entities that operate with integrity and abide by the law have no reason to be concerned.

    The Chinese government, as always, welcomes enterprises from around the world to invest and do business in China, and is committed to providing a stable, fair and predictable business environment for foreign companies that abide by the law and regulations, said the spokesperson.

    MIL OSI China News –

  • MIL-OSI China: Coca‑Cola reports rising revenue in Q3

    Source: China State Council Information Office 3

    The Coca-Cola Company reported its third-quarter earnings results Wednesday, with the revenue reaching 11.85 billion U.S. dollars, exceeding the estimate of 11.61 billion U.S. dollars.

    The company’s operating income reached 2.51 billion U.S. dollars, and its net income reached 2.85 billion U.S. dollars. Comparable earnings per share grew 5 percent to 0.77 U.S. dollars, beating estimates.

    “Our business continues to demonstrate resilience in the face of a dynamic external environment,” said James Quincey, chairman and CEO of The Coca-Cola Company.

    In terms of categories, sales of sparkling soft drinks and trademark Coca-Cola were steady. Coca-Cola Zero Sugar grew 11 percent, and tea grew 7 percent, driven by growth in the Asia Pacific, Latin America, Europe, the Middle East and Africa.

    Quincey mentioned the growth potential of the Chinese market, reaffirming the company’s long-term confidence in its prospects. He also stated that the company will continue to invest to seize future growth opportunities.

    In recent years, Coca-Cola China has actively expanded its presence across various regional markets in the Chinese mainland, with a particular focus on deepening its development in the South China market.

    MIL OSI China News –

  • MIL-OSI China: CATL launches new battery for hybrid vehicles

    Source: China State Council Information Office 3

    Aerial photo taken on June 24, 2022 shows the building of the Contemporary Amperex Technology Co., Ltd. (CATL) in Ningde, east China’s Fujian Province. [Photo/Xinhua]

    Contemporary Amperex Technology Co., Ltd. (CATL), China’s leading battery maker, on Thursday unveiled a new battery designed for hybrid vehicles in Beijing.

    The battery, known as Freevoy, is the world’s first hybrid battery with a range of over 400 kilometers and superfast-charging capabilities, and just a 10-minute charge can add a driving distance of more than 280 kilometers, according to Gao Huan, chief technology officer of CATL’s China E-car Business.

    Packing sodium-ion batteries and lithium-ion batteries, Freevoy also addresses the low-temperature limitations of new energy vehicles (NEVs), enabling them to operate in extremely cold environments — temperatures as low as minus 40 degrees Celsius for discharging and minus 30 degrees Celsius for recharging.

    More Chinese consumers are favoring hybrids as they offer a greater driving range than pure EVs and can cost less than gasoline-powered cars.

    Data from the China Association of Automobile Manufacturers shows that the sales of hybrids in the first nine months this year hit 3.32 million units, up 84.2 percent year on year.

    “The penetration rate of hybrid vehicles in the NEV market reached 43 percent, which is a force that cannot be ignored in the electrification process,” said Luo Jian, CATL’s chief marketing officer.

    Freevoy has already been adopted by various Chinese EV enterprises, including Li Auto and AVATR, and is expected to be installed in models made by other carmakers including Geely and Chery.

    According to market research firm SNE Research, CATL’s EV battery consumption volume has ranked first globally for seven consecutive years, holding 36.8 percent of the global EV battery market share in 2023.

    Headquartered in Ningde, east China’s Fujian Province, CATL has inked supply contracts with a slew of global car manufacturers, including BMW, Volkswagen, Daimler and Honda.

    MIL OSI China News –

  • MIL-OSI China: Platform focuses on inclusivity

    Source: China State Council Information Office 3

    Project mBridge — a platform for experimenting with central bank digital currencies (CBDCs) including the e-CNY for cross-border payments — is open to cooperation with traditional payment infrastructure and any US dollar usage, said officials and experts close to the matter.

    They said mBridge primarily focuses on small-value transactions under the current account that have been underserved by banks, aiming at improving the efficiency and inclusiveness of global monetary and payment systems while facilitating cross-border trade and investment, especially among Asia’s emerging economies.

    Lu Lei, deputy governor of the People’s Bank of China, the country’s central bank, said that a CBDC system should not only be interoperable with other CBDC systems, but also with traditional payment systems and other financial market infrastructure modalities, and both are achievable by mBridge.

    “We must avoid new cross-border payment frictions while removing existing ones,” Lu said while addressing a Financial Street Forum event on Wednesday, titled Project mBridge: Bridging Global Economies with CBDCs.

    Lu said that mBridge should step up addressing urgent pain points regarding cross-border payments that are undersupplied by banks — in particular payments in cross-border e-commerce and remittances — due to their small values and high costs.

    Project mBridge resulted from collaboration beginning in 2021 between the Bank for International Settlements’ innovation arm, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the PBOC and the Hong Kong Monetary Authority. The project aims to tackle inefficiencies in cross-border payments with new technologies.

    Echoing Lu’s remarks, an expert who requested anonymity told China Daily that mBridge is “compatible and inclusive” and is open to be connected with traditional payment systems, including large-value, small-value and rapid payment systems, as well as existing international payment infrastructures.

    “Project mBridge represents a new technological approach. It is inclusive and does not rule out cooperation with anyone,” the expert said.

    The project reached the minimum viable product (MVP) stage in June, inviting private sector firms to propose new solutions and use cases that help develop the platform. The Saudi Central Bank joined mBridge as a participant of the MVP platform in June.

    Among the mBridge participating economies, China, the United Arab Emirates and Saudi Arabia are also BRICS members.

    Lu said the transaction value of mBridge has been growing steadily over the past few months, a telling sign of market confidence in the platform, without giving specific figures.

    In terms of geographical coverage, Lu said mBridge may deepen collaboration with the Association of Southeast Asian Nations and Belt and Road economies, as these economies have close trade ties and stable geopolitical conditions, while cross-border payments and currency services may be underserved.

    “Project mBridge, as a public good, may have a role to play in strengthening collaboration among them and thus facilitate the sound development of the international monetary and payment system,” Lu said.

    Citing the views that mBridge may impede the reputation and usage of the US dollars, Zhou Xiaochuan, vice-chairman of Boao Forum for Asia and a former governor of the PBOC, said that mBridge is primarily aimed at filling in gaps in the international payment system.

    Project mBridge does not exclude US dollar usage, Zhou said at the same event as Lu, adding that relevant developments would depend on efficiency, cost, security and user choice.

    The greenback and other “hard currencies” have been traditionally used in cross-border payments, which cannot fully satisfy demand in Asia in recent years amid the region’s fast development of interconnections, giving rise to the growth of mBridge and other platforms to facilitate cross-border payments within the region, according to Zhou.

    Zhou said that mBridge should first facilitate the payments and settlements of current account transactions, especially small-amount ones, aligning with the demand of Asian economies in terms of economic, trade and travel development.

    As for some opinions that mBridge might have a substitutional relationship with financial telecommunication infrastructure Swift, Zhou said he deems mBridge more as a cross-border payment system.

    MIL OSI China News –

  • MIL-OSI China: Global economy in danger of getting stuck on low-growth high-debt path: IMF

    Source: China State Council Information Office 3

    The International Monetary Fund (IMF) warned on Thursday that the global economy is in danger of getting stuck on a low-growth high-debt path, urging policymakers to act on debt and carry out pro-growth reforms.

    “The global economy is in danger of getting stuck on a low-growth high -debt path, that means lower incomes and fewer jobs. It also means lower government revenues, so less investment to support families and fight long-term challenges like climate change,” IMF Managing Director Kristalina Georgieva said at a press conference during the ongoing 2024 IMF and World Bank Group Annual Meetings.

    Firstly, Georgieva called on policymakers to ensure that inflation gets back to target everywhere, noting that the trick now for central banks is to “finish the job of inflation without unnecessarily damaging the job market.”

    Secondly, “now is the time to act on debt and deficits after years of much-needed fiscal support in response shots. Now is the time to rebuild fiscal buffers in most countries. That can be done gradually, but it needs to start now,” she continued.

    Third and most important, she said, it is crucial that countries carry out pro-growth reforms from cutting red tape to improving governance, noting that IMF analysis shows that these reforms can boost output by 8 percent over four years in developing countries.

    In the latest World Economic Outlook (WEO) released Tuesday, the IMF maintained its global growth forecast in 2024 at 3.2 percent, consistent with its projection in July. Growth prospects for five years from now remain lackluster, at 3.1 percent, the lowest in decades.

    Advanced economies are projected to grow by 1.8 percent this year, while emerging market and developing economies will grow 4.2 percent. The Chinese economy is on track to grow 4.8 percent, according to the projection.

    In response to a question from Xinhua, Georgieva said at the press conference that the IMF will have to carefully assess the measures recently announced by Chinese authorities to be able to determine what exactly is the likely impact, while noting that “there are measures that go in the right direction.”

    The IMF chief noted that for quite some time, China has been faced with a fork in the road: continue with the export-led growth policies or boost domestic consumption, and shift the growth engine to the Chinese consumer. “We are on the view that as the Chinese economy has grown so big, it is the latter, domestic consumption that is the reliable source of growth,” she said.

    In the short term, one big obstacle to consumer confidence is in the property sector, and a decisive action to resolve that would help lift up consumer confidence, she said.

    Looking ahead, “by having social security and pension reform that gives people confidence that they don’t need to save excessively, they can rely on the system, that would mean that they spend more,” she continued.

    “Taking the sectors of the economy that are somewhat less developed from a consumer standpoint, like healthcare, education, elderly care, making services more of a driver for growth, that would help,” she said, adding that “I’m sure the leadership in China is looking into these choices.”

    MIL OSI China News –

  • MIL-OSI China: Singaporean firms eye broader cooperation with China

    Source: China State Council Information Office 3

    Workers get the venue ready for the upcoming 7th China International Import Expo (CIIE) at National Exhibition and Convention Center (Shanghai), east China’s Shanghai, Oct. 22, 2024. [Photo/Xinhua]

    A delegation of nearly 400 representatives from 44 Singaporean businesses will attend China’s upcoming landmark import expo in a bid to seek stronger and high-quality partnerships in both traditional and new sectors.

    Among the participating exhibitors for the 7th China International Import Expo (CIIE), 70 percent are repeat exhibitors, according to the Singapore Business Federation (SBF), the delegation’s organizer. This will be the seventh year for the SBF’s delegation to participate in the CIIE.

    The 7th CIIE is scheduled to be held in Shanghai from Nov. 5 to 10, with participants from 152 countries, regions and international organizations.

    CIIE remains a critical platform for Singapore’s businesses in the Chinese market, said SBF CEO Kok Ping Soon.

    With a total exhibition area of close to 912 square meters, the Singapore Pavilion, which spans across the Consumer Goods Hall, Food & Agricultural Products Hall and Trade in Services Hall, will see Singapore companies showcase a wider range of innovative, high-quality, and reliable products and services.

    The Singapore-China Trade and Investment Forum will also be held on the sidelines of the 7th CIIE in Shanghai, according to the SBF.

    China has been Singapore’s largest trading partner for 11 consecutive years. Singapore is the second-largest source of foreign investment for China and the top destination for Chinese overseas investment.

    According to the SBF National Business Survey 2023/2024, China is one of the top three countries that Singapore businesses have a presence in and is among the top three countries in Asia that Singapore businesses are looking to expand into.

    “We are committed to supporting Singapore companies in furthering their businesses in China, while boosting innovation and ensuring sustained growth through stronger bilateral partnerships,” Kok said.

    MIL OSI China News –

  • MIL-OSI China: ECB rate-setters consider 50-bp rate cut for December

    Source: China State Council Information Office

    Some rate-setters of the European Central Bank (ECB) have floated the idea of a possible 50-basis point rate cut, signaling a shift in focus from inflation concern to growth challenges in the eurozone.

    The prospect of such a cut could be considered during the ECB’s December meeting, when the central bank will decide its next move, according to Portugal’s central bank governor, Mario Centeno. Speaking to CNBC on Wednesday, Centeno cited recent data that could support a more aggressive rate cut.

    Inflation in the euro area unexpectedly fell in September, leading the ECB to lower key interest rates by 25 basis points last Thursday. This marked the third rate cut this year and the first back-to-back rate reduction in 13 years.

    Although ECB President Christine Lagarde insisted that the rate cut was based on the view that the “disinflationary process is well on track,” speculation is growing in the market regarding a potential 50-basic point cut in December.

    Klaas Knot, president of the Dutch Central Bank, expressed confidence that inflation will return to target levels sometime next year, noting that a 50-basis point rate cut should not be ruled out for December.

    In contrast, Austrian central bank chief Robert Holzmann believes that, based on current data, a 50-basis point rate cut is unlikely in December.

    Inflation in the euro area dropped sharply to 1.7 percent in September, down from 2.2 percent in August. This marks the first time inflation has dipped below the 2-percent target since mid-2021.

    Following the governing council meeting last Thursday, Lagarde acknowledged that the inflation figure was a surprise. “I’m not sure we had anticipated that 1.7 percent, nor did anyone else for that matter.”

    An ECB survey of professional forecasters published last Friday adjusted the inflation expectation for 2025, lowering it to 1.9 percent from two percent.

    Lagarde stressed that the fight against inflation is not over and it is still premature for the central bank to claim victory.

    The euro area economy stagnated throughout 2023 and recovery has been slow in 2024. While Lagarde dismissed concerns about a recession, she acknowledged that economic activity has been weaker than expected.

    There are rising concerns that the current restrictive monetary policy may hinder the fragile economic recovery.

    Knot told CNBC that the ECB should be as concerned about undershooting targets as it is about overshooting them. He noted that the ECB can continue to cut rates until it reaches a neutral stance, defined as neither expansionary nor contractionary, particularly if the December projections align with further deterioration in economic data.

    There have been calls for the ECB to lower its key interest rate to the neutral rate, also known as the natural rate, which is neither expansionary nor contractionary. The natural rate is not constant over time and was near zero during the 2010s (equivalent to a nominal rate of two percent), according to an ECB study published in September.

    Given that the current policy rate remains significantly higher than the neutral rate, analysts suggest that the ECB will need to implement further cuts in the future to quickly reach neutral territory.

    MIL OSI China News –

  • MIL-OSI China: Cambodia, China-ASEAN Information Harbor sign MoU to boost digital infrastructure, economy

    Source: China State Council Information Office

    Cambodia and the China-ASEAN Information Harbor Co., Ltd. (CAIH) have signed a memorandum of understanding (MoU) to boost technological innovation, digital infrastructure, and digital economy, said a news release on Thursday.

    The deal was inked in Phnom Penh on Wednesday between Cambodia’s Ministry of Industry, Science, Technology & Innovation (MISTI) and the CAIH under the presence of MISTI’s Undersecretary of State Hul Seingheng.

    The MoU marks a significant step for Cambodia towards enhancing technological innovation and connectivity in the Association of Southeast Asian Nations (ASEAN), the news release said.

    “This agreement aims to leverage advanced digital infrastructure and cutting-edge technologies to promote economic development and improve quality of life across the region,” the news release said.

    Seingheng said the partnership builds on years of collaboration, which gained momentum after a MISTI delegation visited the CAIH in June 2024 and that the visit laid the groundwork for this formalized agreement.

    “This agreement is another milestone in our efforts to enhance digital cooperation and strengthen Cambodia’s science, technology, and innovation ecosystem,” he said.

    “It aims to increase digital connectivity and the exchange of expertise that will benefit both Cambodia and the ASEAN region,” he added.

    Leveraging CAIH’s skills in the digital economy, intelligent interconnection, and data interoperability, the MoU highlights key areas of collaboration, including advanced digital infrastructure, digital economy, and knowledge sharing.

    “Both parties will focus on sectors such as healthcare and tourism, utilizing digital technologies to spur economic growth and elevate living standards,” the news release said.

    Kong Mengke, deputy general manager of CAIH International, expressed enthusiasm for the MoU’s potential.

    “To implement these areas of cooperation, we propose to prioritize the development of a digital government. The next step will be to create a smart governance platform,” he said.

    “We strive to be a ‘super-connector’ of industries, resources, and customers, positioning ourselves as enablers of digital transformation and leaders of the Digital Silk Road,” he said.

    According to the news release, the CAIH is a digital tech company approved by China’s State Council in 2016 in line with the Belt and Road Initiative.

    Its mission is to build and operate the Digital Silk Road and Digital Guangxi, promoting closer ties between China and ASEAN and supporting the 21st Century Maritime Silk Road, it said.

    MIL OSI China News –

  • MIL-OSI New Zealand: Plant elicitors – a vaccine for plants? (BDIS)

    Source: Plant and Food New Zealand – Press Release/Statement:

    Headline: Plant elicitors – a vaccine for plants? (BDIS)

    Plant elicitors have huge potential to help protect New Zealand crops from disease. Acting much like a vaccine, these elicitors allow plants to defend themselves better against disease. Coming from a biological source like seaweed, they offer a more ecologically friendly crop protection option, too.
    This week James Sainsbury from our Ruakura site speaks to Dr Joel Vanneste about his research on the recently Ministry of Business, Innovation and Employment-funded, 5-year project on plant elicitors led by Dr Marie Magnuson and Chris Glasson from Waikato University. Listen along to learn more about plant elicitors and how they could help manage plant diseases, whether in crops or our native trees. To view our catalogue of podcasts, including extra links on some podcasts, please go to our Scigest page: www.plantandfood.com/scigest

    – –

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: Extending the “1+” mechanism to all new drugs on November 1

    Source: Hong Kong Government special administrative region

    Extending the “1+” mechanism to all new drugs on November 1
    Extending the “1+” mechanism to all new drugs on November 1
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         The Department of Health (DH) today (October 25) said that according to measures announced in “The Chief Executive’s 2024 Policy Address”, the “1+” mechanism will extend to all new drugs, including vaccines and advanced therapy products, on November 1, 2024, facilitating good drugs for use in Hong Kong. Extending the “1+” mechanism will attract more new drugs from different parts of the world seeking approval for registration in Hong Kong, giving patients more choices and further strengthening the local capacity for drug evaluation while enhancing the development of relevant software, hardware and expertise with a view to progressing towards “primary evaluation”. The Government will complement technological innovation with institutional innovation, developing Hong Kong into an international health and medical innovation hub.     Under the Pharmacy and Poisons Ordinance (Cap. 138), pharmaceutical products must satisfy the criteria of safety, efficacy and quality and be registered with the Pharmacy and Poisons Board of Hong Kong before they can be sold or supplied in Hong Kong. According to the “1+” mechanism that came into effect on November 1 last year, new drugs used for the treatment of life-threatening or severely debilitating diseases that are supported by local clinical data and whose scope of application is recognised by local relevant experts are required to submit approval from one reference drug regulatory authority (instead of two in the past) for application for registration in Hong Kong. The “1+” mechanism will be extended on November 1, applicable to applications for registration of all new drugs.     The DH has announced on its relevant website the arrangement for extending the “1+” mechanism to all new drugs and issued letters to notify relevant stakeholders (including relevant pharmaceutical associations and holders of certificates of drug registration) about the extension measure and relevant details of the “1+” mechanism. For further details, please refer to the Drug Office’s website. The DH will also introduce consultation service for new drug applications under the “1+” mechanism in the first quarter of 2025 to enhance efficiency in processing relevant applications.     Since the implementation of the “1+” mechanism, the DH has received more than 260 enquiries from over 80 pharmaceutical companies, including those from overseas and the Mainland. A total of five new drugs have been approved under this mechanism. These included two new drugs for treating metastatic colorectal cancer, one for treating paroxysmal nocturnal haemoglobinuria, and two new drugs for treating hypercalcaemia in patients with parathyroid carcinoma and in certain patients with primary hyperparathyroidism, bringing new hope for treatment to patients.     The first two new drugs approved under the “1+” mechanism for treating metastatic colorectal cancer have been listed under the category of “Special Drug” on the Hospital Authority (HA) Drug Formulary. Patients prescribed these two drugs under specified clinical applications are only required to pay standard fees and charges, which are substantially subsidised, greatly alleviating their financial burden. The HA will encourage drug manufacturers or suppliers to apply for local registration of unregistered drugs with ongoing needs and continue to liaise closely with the DH regarding the “1+” mechanism.     The Policy Address also announced other measures to expedite the reform of the approval mechanism of drugs. These include putting forward a timetable for establishing the Hong Kong Centre for Medical Products Regulation and charting a roadmap towards “primary evaluation” in the first half of 2025, as well as formulating strategies and measures to facilitate research and development of medical products.

     
    Ends/Friday, October 25, 2024Issued at HKT 12:15

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: UK startups secure $12 billion VC funding during Q1-Q3 2024, finds GlobalData

    Source: GlobalData

    UK startups secure $12 billion VC funding during Q1-Q3 2024, finds GlobalData

    Posted in Business Fundamentals

    The UK witnessed the announcement of a total of 877 venture capital (VC) funding deals during January to September (Q1-Q3) 2024, marking a year-on-year (YoY) decline of 15.1%. However, despite the decline in volume, the total disclosed funding value of these deals was up by 9.4% YoY to $12 billion, reveals GlobalData a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that a total of 1,033 VC deals were announced in the UK during Q1-Q3 2023 while the disclosed funding value of these deals stood at $10.9 billion.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The improvement in the total funding value despite a fall in deal volume can be attributed to some big-ticket deals announced during the review period.”

    Some of the notable VC funding deals announced in the UK during Q1-Q3 2024 included $1.05 billion worth of funding raised by Wayve Technologies, $1 billion raised by Abound, $431 million raised by Monzo, and $200 million worth funding raised by DNEG Group, among others.

    Bose adds: “The UK, apart from being the top European market, continues to remain one of the top five global markets for VC funding activity both in terms of deal volume and value.”

    The UK accounted for 7.2% share of the total number of VC deals announced globally during Q1-Q3 2024 while its share of the corresponding disclosed funding value stood at 6.5%.

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

    MIL OSI Economics –

  • MIL-OSI Economics: Citi and Jefferies top M&A financial advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Citi and Jefferies top M&A financial advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Citi and Jefferies were the top mergers and acquisitions (M&A) financial advisers in the oil & gas sector during Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Citi achieved the top position in terms of value by advising on $53 billion worth of deals. Meanwhile, Jefferies led in terms of volume by advising on a total of 15 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both Citi and Jefferies registered improvement in the volume and value of deals advised by them, respectively, as well as their ranking during Q1-Q3 2024 compared to Q1-Q3 2023. Jefferies’ ranking by volume improved from 11th during Q1-Q3 2023 to the top position during Q1-Q3 2024. Meanwhile, Citi went ahead from occupying the eighth position by value during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.

    “During Q1-Q3 2024, Citi advised on six billion-dollar deals* that also included two mega deals valued more than $10 billion. The involvement in these big-ticket deals helped Citi register a significant jump in terms of value.”

    JP Morgan occupied the second position in terms of value, by advising on $48.9 billion worth of deals, followed by Goldman Sachs with $39.7 billion, Jefferies with $39.5 billion and Evercore with $38.3 billion.

    Meanwhile, Evercore occupied the second position in terms of volume with 15 deals, followed by RBC Capital Markets with 12 deals, Barclays with 10 deals and Lazard with nine deals.

    * ≥ $1 billion

    MIL OSI Economics –

  • MIL-OSI Economics: Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the oil & gas sector during Q1-Q3 2024 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, , a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Wachtell, Lipton, Rosen & Katz achieved the top position in terms of value by advising on $71.7 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 31 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Interestingly, Kirkland & Ellis was the top adviser by both value and volume during Q1-Q3 2023. While it managed to retain the top position by volume during Q1-Q3 2024, it lost the top position in terms of value by a whisker to Wachtell, Lipton, Rosen & Katz.

    “The total value of deals advised by Wachtell, Lipton, Rosen & Katz increased by close to 10 times and resultantly it witnessed a massive jump in its ranking by value from 17th position during Q1-Q3 2023 to the top position during Q1-Q3 2023. During the review period, Wachtell, Lipton, Rosen & Katz advised on six billion-dollar deals*, that also included two mega deals valued more than $10 billion. The involvement in these big-ticket deals helped Wachtell, Lipton, Rosen & Katz register a massive jump in terms of value.”

    Kirkland & Ellis occupied the second position in terms of value, by advising on $70.3 billion worth of deals, followed by Vinson & Elkins with $59.2 billion, Latham & Watkins with $43.9 billion and Paul, Weiss, Rifkind, Wharton & Garrison with $35 billion.

    Meanwhile, Vinson & Elkins occupied the second position in terms of volume with 22 deals, followed by Latham & Watkins with 21 deals, White & Case with 16 deals and Gibson, Dunn & Crutcher with 14 deals.

    *≥ $1 billion

    MIL OSI Economics –

  • MIL-OSI Economics: South Korea insurance industry to surpass $191 billion by 2029, forecasts GlobalData

    Source: GlobalData

    South Korea insurance industry to surpass $191 billion by 2029, forecasts GlobalData

    Posted in Insurance

    South Korea’s insurance industry is forecast to grow at a compound annual growth rate (CAGR) of 3.4% from KRW 218.3 trillion ($167.1 billion) in 2025 to KRW 249.7 trillion ($191.2 billion) in 2029, in terms of direct written premiums (DWP), according to GlobalData, a leading data and analytics company.

    GlobalData’s Insurance Database reveals that the insurance industry in South Korea is expected to grow by 1.2% in 2024, supported by changing demographics that will lead to an increase in demand for health and retirement pensions products.

    Sneha Verma, Insurance Analyst at GlobalData, comments: “The South Korean insurance industry contracted by 7.5% in 2023 due to slower economic growth which impacted the demand for life insurance products. The growth is expected to bounce back in 2024, supported by a recovery in economy and increase in ageing population.”

    Life insurance and pension is the leading segment in the South Korean insurance industry and is expected to account for an 84% share of the premiums in 2024. After declining by 9.3% in 2023, the life insurance segment is expected to grow by 0.5% in 2024, driven by changing demographic factors, which will drive the demand for health and annuity products. Life insurance and pension is expected to grow at CAGR of 3.1% during 2025-29.

    South Korea is rapidly changing into a super-ageing society. Higher life expectancy and low fertility rates are adding significant pressure on the working age population. As per the Economic and Social Commission for Asia and the Pacific (ESCAP), the share of people aged 65 years and above reached 18.4% in 2023. It is expected to increase sharply and reach 39.4% by 2050, which will support the demand for life insurance.

    Sneha adds: “Increased awareness about health and financial planning will also support life insurance growth in South Korea. The demand for health insurance is increasing due to rising cases of life-threatening diseases. According to the Central Dementia Center of the Ministry of Health and Welfare, the number of dementia cases have increased significantly, and one dementia patient is being identified every 12 minutes.”

    General insurance will account for the remaining 16% share of the DWP in 2024. The segment is expected to grow by 4.9% in 2024 as compared to 4.1% growth in 2023, driven by compulsory lines and increased awareness for liability protection, leading to higher demand for liability insurance products.

    Motor insurance, which is the leading line of business in the general insurance segment, is expected to witness a flat growth in 2024, due to declining vehicle sales. According to Korea Automobile Mobility Industry Association (KAMA), domestic sales decreased by 10.1% to 8,00,000 units in the first half of 2024 compared to 8,90,000 units during the same period in 2023. Weak consumer sentiment driven by economic slowdown and high interest rates have slowed down the sales for new vehicles.

    South Korea is also prone to frequent natural-catastrophic (nat-cat) events, which will support the demand for policies covering fire and natural hazards. As per the National Fire Information System, South Korea has faced 30,316 incidents of fire accidents with a total loss of KRW589.9 billion ($456 million) till October 2024. General insurance is expected to grow at CAGR of 5.1% from 2025-29.

    Sneha concludes: “The South Korean insurance industry is set to experience steady growth over the next five years, with demographic changes driving the demand for life and health insurance. Products catering to the growing needs of a rapidly aging population are expected to be a focus area for insurers over the coming years.”

    MIL OSI Economics –

  • MIL-OSI Economics: Results of Underwriting Auctions Conducted on October 25, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 25, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    6.79% GS 2034 22,000 11,004 10,996 22,000 0.05
    7.46% GS 2073 10,000 5,019 4,981 10,000 0.09
    Auction for the sale of securities will be held on October 25, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1368

    MIL OSI Economics –

  • MIL-OSI: LA Airsoft, Founded by Sutton Smith, Announces Significant Growth and Expansion, Solidifying Position as a Leading Airsoft Retailer and Manufacturer

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Oct. 25, 2024 (GLOBE NEWSWIRE) — LA Airsoft laairsoft.com, a premier airsoft retailer and manufacturer founded by Sutton Smith, proudly announces its remarkable growth and expansion over the past year. With revenues surpassing $2.3 million in the last fiscal year and over 30,000 orders fulfilled, LA Airsoft has firmly established itself as one of the leading brands in airsoft retail and aftermarket part manufacturing.

    Company Expansion and New Retail Storefront

    In early 2024, LA Airsoft relocated its operations to a new 3,700+ sq ft facility in Fort Worth, Texas, tripling its previous space. The state-of-the-art facility features a comprehensive retail storefront, dedicated office spaces, a specialized tech room, a media production area, and an optimized fulfillment center. This expansion has enabled the company to significantly increase its inventory, offering a wider range of products to meet the growing demands of the airsoft community.

    Product Line Diversification and Innovation

    LA Airsoft has substantially expanded its product line to include over 200 new items, featuring more than 50 new base rifles, batteries, chargers, and other essential airsoft equipment. The company continues to innovate within the industry, holding two utility patents pending for proprietary designs. Notably, LA Airsoft introduced regulated large CO2 cartridges as an alternative air source for airsoft guns. Collaborating with a leading company in high-pressure air systems, LA Airsoft designed a special adapter, revolutionizing the way players experience the game.

    Manufacturing Excellence: LA Innovations and LA Capa Customs

    Under its manufacturing brands, **LA Innovations** and **LA Capa Customs**, the company produces a wide array of aftermarket parts for high-end airsoft pistols and rifles. LA Airsoft prides itself on innovative designs, exceptional color matching, and ease of installation. By manufacturing its own products, the company maintains control over supply chains, ensuring consistent availability and quality for its customers.

    Awards and Recognition

    LA Airsoft has been voted “Best Hi Capa Company” by the airsoft community for two consecutive years, 2022 and 2023. These accolades reflect the company’s commitment to excellence, innovation, and customer satisfaction.

    About Founder Sutton Smith

    At just 21 years old, Sutton Smith has transformed LA Airsoft from a small startup into a thriving multi-million-dollar enterprise. Balancing his role as CEO with his full-time undergraduate studies, Sutton’s entrepreneurial drive and strategic vision have been key factors in the company’s rapid growth and ongoing success. To learn more about Sutton’s professional journey and connect with him directly, visit his LinkedIn profile.

    Future Endeavors

    Looking ahead, LA Airsoft plans to continue expanding its operations, increasing manufacturing capabilities, and exploring new markets. The company is enhancing its online presence by selling select products on Amazon via FBA and boosting its social media engagement. LA Airsoft aims to become the one-stop shop for all airsoft needs, both domestically and internationally.

    About LA Airsoft

    Founded in 2020 by Sutton Smith, LA Airsoft has evolved from a modest startup into a multi-million-dollar enterprise. Specializing in airsoft retail and aftermarket part manufacturing, the company serves customers worldwide from its headquarters in Fort Worth, Texas. LA Airsoft is dedicated to providing high-quality products and exceptional service to the global airsoft community.

    For more information, please visit
    laairsoft.com or
    follow us on social media:
    – Instagram: @lacapacustoms
    – YouTube: LA Capa Customs

    Media Contact:

    Company name: LA Airsoft
    Contact Name: Sutton Smith
    Contact Title: Founder
    Email: sutton@laairsoft.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9eab2b72-7b30-467d-8e3a-f92234f1dbda

    The MIL Network –

  • MIL-OSI Asia-Pac: FS concludes US visit

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan wrapped up his visit in New York yesterday by meeting representatives from several family offices and touring a technology accelerator and venture capital platform.

    In the morning, Mr Chan held a breakfast meeting with representatives from several family offices, introducing Hong Kong’s unique advantages as a global leading hub for asset and wealth management, as well as the latest developments in this field.

    He welcomed them to leverage Hong Kong’s efficient and diverse capital markets, robust family office service network and ecosystem, and global business connections for wealth succession and developing family philanthropies, while exploring more investment opportunities in the Mainland and Asia.

    The Financial Secretary then visited the technology accelerator and venture capital platform Newlab, where apart from touring the startups they nurture and support, he met their staff in charge.

    Noting that the platform is considering expanding its business overseas and establishing more locations, Mr Chan highlighted the Innovation & Technology Accelerator Pilot Scheme in the recently announced Policy Address.

    He said that with over 4,200 startups in Hong Kong, the city has a vibrant and active startup ecosystem, a full-chain fundraising market, and a listing system tailored for specialised tech companies.

    Furthermore, with ongoing deepening co-operation with the Guangdong-Hong Kong-Macao Greater Bay Area cities in innovation and technology, he welcomed the platform to set up a base in Hong Kong and explore collaboration opportunities.

    Mr Chan is expected to arrive back in Hong Kong tonight.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: RBI@90 Art Competition for Fine Art Students

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) conducted an Art Competition, as part of the commemoration of its 90th year, for fine art students in India. 71 undergraduate fine arts students from 71 colleges in the country participated in the competition.

    Eligible artworks focusing on themes associated with the Reserve Bank of India, received during the month of August and September 2024, were displayed and evaluated in an event organised by the Reserve Bank at its New Delhi Regional Office on October 22, 2024. Students and faculty members of participating colleges/ institutes from 25 states of India attended the event. The artworks, inspired by Indian art forms showcased the creative talents of undergraduate students at fine art institutes in the country.

    A panel of judges from the art world evaluated the artworks. 15 artworks out of the submissions received were awarded and felicitated.

    The event also included a panel discussion on evolution of Indian art, influence of social media on art, future of traditional painting forms with advent of digital tools and artificial intelligence, impact of globalisation, art fairs, biennales, etc.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1369

    MIL OSI Economics –

  • MIL-OSI Russia: NSU scientists have received the first pilot batch of synthetic fuel from non-recyclable plastic

    Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    A catalytic unit for processing liquid products of polymer waste pyrolysis into synthetic fuel has been installed in the laboratory of the Department of Physical Chemistry of the Faculty of Natural Sciences of Novosibirsk State University. During the first three weeks of its operation, scientists obtained the first three liters of kerosene. At present, optimal operating modes of the capillary reactor are being determined, important catalyst regeneration cycles are being worked out, optimal parameters of the catalytic process are being selected, a catalyst is being selected, the most important performance indicators of the unit are being monitored, and the resulting product is being analyzed.

    The equipment was provided to NSU scientists by specialists from Onium Plus LLC (Yaroslavl). They were also involved in the installation of the equipment. Publication about the joint work of scientists from the Department of Physical Chemistry Faculty of Natural Sciences of NSU, the Boreskov Institute of Catalysis of the Siberian Branch of the Russian Academy of Sciences and representatives of this company to create a technology for converting non-recyclable plastic into synthetic fuel was published on the NSU website in December 2023. You can read it by link.

    The jointly developed technology consists of several stages. First, non-recyclable plastic undergoes pyrolysis – thermal destruction without oxygen at temperatures from 400 to 600 ° C. The output is pyrolysis oil – a heterogeneous liquid mixture of hydrocarbons containing a large number of undesirable impurities, dark yellow in color with a strong unpleasant odor. Then the multicomponent mixture is divided into fractions based on boiling point. Pyrolysis oil and its fractions are not yet suitable for use as fuel – due to the high content of unsaturated hydrocarbons, this substance can damage internal combustion engines. It can be converted into usable fuel through the use of catalytic technology. Representatives of Onium Plus LLC asked NSU researchers to develop it, who conducted preliminary experiments with nickel-molybdenum catalysts on an aluminum oxide support. The first positive results were obtained using them in tubular reactors – a transparent, colorless liquid with a faint odor of kerosene was synthesized. However, before using it for internal combustion engines, it is necessary not only to develop a new composition and method of catalyst synthesis, but also to modify the hydrogenation plant, select the optimal parameters of the catalytic process, and work out all cycles of automatic catalyst regeneration. For this purpose, the company’s specialists created two more catalytic installations – a pilot and a laboratory. The pilot one is working at the enterprise, and the laboratory one was made available to NSU researchers at the end of May. Parallel trials of the catalytic process are currently underway. NSU scientists select catalyst compositions, process conditions, temperature conditions, pressure, flow rates, and company specialists conduct life tests on an enlarged scale. An important condition of the experiment is that both installations must operate around the clock in a continuous mode.

    — The liquid product of plastic waste pyrolysis, which mainly consists of medium and heavy fractions with a large amount of unsaturated hydrocarbons, is fed from the feedstock tank using a high-pressure liquid pump to the mixer, where it is mixed with hydrogen under a pressure of 40 atmospheres. Then the mixture is fed in portions to the reactor, inside which a catalytic reaction occurs under conditions of high pressure and high temperature. Depending on the composition of the catalyst, hydrogenation, hydrocracking or hydroisomerization occurs. At the moment, this is hydrocracking at a pressure of 40 atmospheres and a temperature of 360 – 400 degrees Celsius, which is considered the norm for this process. These parameters are selected depending on what product needs to be obtained. In this case, the task is to obtain kerosene, — said Anton Lysikov, a researcher at the Department of Physical Chemistry of the Faculty of Natural Sciences of Novosibirsk State University, about the device of the installation.

    From the reactor, the product mixture enters the separator via a coil, where it cools down and separates into gas and liquid. The gas goes up, and the liquid gradually condenses in the accumulator. When the liquid weight reaches a specified value, it is discharged using the lock method: the first valve of the discharge line is turned on, and the liquid product is poured into the buffer tank. After the weight decrease is recorded, this valve closes and the second one opens, the liquid enters the receiver, and the product yield is assessed in accordance with the scale readings. Then the second valve is also closed until the next sampling. This design with automatic overflow allows to avoid a significant pressure drop when removing products from the process and to accumulate them stably during long-term experiments.

    — Our first attempts to process the liquid product of polymer waste pyrolysis resulted in obtaining a substance similar to what we are synthesizing now, only its freezing temperature was about zero degrees Celsius. This figure is much higher than what we intended to achieve. Therefore, we had to select a catalyst composition that would initiate a cracking and isomerization reaction, leading to a strong decrease in the freezing temperature. And now it is already -20 degrees. In three weeks of continuous round-the-clock work, we extracted about 3 liters of high-quality non-freezing kerosene from the pyrolysis product, which can be used as a fuel additive. The production rate is 6 ml per hour, — said Ekaterina Parkhomchuk, Associate Professor of the Department of Physical Chemistry of the NSU Natural Sciences Department.

    The finished product undergoes a thorough analysis: researchers study its fractional, group, component and elemental composition. They measure the sulfur and chlorine indicators at the outlet, flash point and turbidity. These parameters are very important for the further use of the final product, they determine its practical purpose.

    The first experiments were suggested by NSU scientists to start with widespread and well-known systems: nickel-molybdenum catalysts on an aluminum oxide carrier. They managed to obtain the first positive results.

    — We have gained the first experience — we have determined the activity of this catalyst, observed the process, acquired the skill of working with unusual raw materials, and identified the main problem. It is that pyrolysis oil is very different from traditional oil. Most often, such raw materials contain long-chain hydrocarbons and are characterized by a high content of C17 hydrocarbons, which have high freezing and boiling points. They accumulate in the cold zones of the reactor, forming “wax” plugs, due to which pressure drops can occur. Having encountered this problem, we began to select hydrocracking and hydroisomerization catalysts to break long-chain hydrocarbons into smaller molecules, making them branched. This allowed us to solve the problem of reactor waxing, as well as reduce the freezing and turbidity temperatures of the product, and at the output we received higher quality and flammable hydrocarbons, — explained Ekaterina Vorobyova, a postgraduate student of the Department of Physical Chemistry of the Faculty of Natural Sciences of NSU.

    First, a hydrogenation catalyst was obtained, then a hydroisomerization and hydrocracking catalyst, on which the first positive results were obtained: the cloud point began to decrease significantly, hydrocarbons began to burn differently. Now scientists are working on a catalyst with increased activity in hydrocracking and hydroisomerization, while obtaining a product with a cloud point below -20. It is important to note that this is its stable operation for several hundred hours. But the most important thing is that products were obtained that flash and burn as needed, hydrogenation and hydrocracking processes are underway, the products contain a large number of isomers, which is required to obtain synthetic motor fuels and oils.

    The installation with the new catalyst has been operating continuously for almost four weeks, and the catalyst activity has not been lost, no pressure drops have been observed, and no coking has occurred.

    — The main thing is that while developing this technology, we continue to improve our skills in working with this special raw material, which is so different from oil. For us, this is a very interesting task, since plastic waste is really growing. And not all of it is recyclable. Burying it in landfills is not a solution to the problem. For me, from a scientific point of view, it is interesting to identify the features of processing this raw material, as well as the requirements for the properties of the catalyst, which will allow us to stably and for a long time obtain high-quality motor fuels and oils from non-recyclable waste into valuable fuel, — said Ekaterina Vorobyova.

    Scientists assess the results of their work as encouraging, and the production of fuel from pyrolysis products as profitable, because only 5% of the original substance turns into gas, the rest of the mass turns into high-quality synthetic fuel. At the moment, this technology can be considered almost ready for implementation, which will be determined only by the speed of construction of catalytic units. The main difference between production samples and a laboratory unit is the number of reactors. In a laboratory unit, there is one reactor, and in industrial ones, it is theoretically possible to install hundreds and even thousands. Then the productivity will increase many times over.

    — Each type of catalyst or new parameters, before being implemented, requires thousands of running hours. The more parallel tests, the faster the process optimization and confirmation of the success of certain solutions. By the end of the year, we will put into operation two additional laboratory units for hydrogenation, increasing the number of simultaneously running processes. But the most interesting task, in our area of responsibility, which we are currently implementing, is the creation of a pilot unit with dozens of micro reactors simultaneously. This module will allow the process to be carried out with a capacity of liters per hour. All systems will be integrated in it, as in a “large” plant. It is equipped with its own hydrogen source, its own hydrogen purification and recompression unit and an automatic regeneration system. In addition to confirming the readiness of the catalytic system for industrial use, this device will also confirm the economic aspects of fuel production. The cost of the process will be very accurately determined, which is necessary for further industrial implementation, — explained Alexander Klimov, a representative of the company OOO Onium Plus.

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

    MIL OSI Russia News –

  • MIL-OSI Australia: Next round of funding opens to boost mobile network resilience

    Source: Australian Ministers 1

    The Albanese Government is continuing to strengthen the resilience of mobile network communications in regional, remote and peri-urban Australia to keep communities safer and better connected during, and after, natural disasters.
     
    Up to $20 million (GST exclusive) is available through Round 3 of the Albanese Government’s Mobile Network Hardening Program (MNHP), with applications open and guidelines available at www.grants.gov.au
     
    The MNHP co-funds projects with mobile carriers and tower companies to deliver upgrades that reduce the risk of outages and improve restoration times, for example, portable generators, back-up power equipment and physical mobile tower hardening.
     
    Round 3 of the MNHP is open to projects located natural disaster-prone areas in regional and remote Australia and, for the first time, in the peri-urban fringe of 19 capital and major regional cities.
     
    Applications for Round 3 of MNHP close 5 PM AEDT Friday, 20 December 2024.
     
    An online Project Noticeboard allows communities to provide advice to the telco industry on potential projects or locations.

    The Noticeboard is available on the Department’s website until Friday 13 December 2024, at: https://www.infrastructure.gov.au/media-communications-arts/phone/mobile-network-hardening-program/mobile-network-hardening-program-round-3-project-noticeboard
     
    In total, the Albanese Government is investing $2.2 billion in regional communications – the most significant investment in this critical area since the inception of the National Broadband Network.
     
    Including up to $100 million towards improving the resilience of networks against natural disasters through the Better Connectivity Plan for Regional and Rural Australia.
     
    Rounds 1 and 2 of the MNHP are funding 1,386 projects nationwide, with 896 already complete.
     
    For more information on the Government’s Better Connectivity Plan, visit: www.infrastructure.gov.au/bcp.
     
    For more information on the Mobile Network Hardening Program, visit: www.infrastructure.gov.au/mnhp
     
    Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP:
     
    “The Albanese Government understands how vital telecommunication services are for keeping communities safe, connected and informed during disruptions, emergencies and natural disasters – in some circumstances, it can mean the difference between life and death.
     
    “Through the Better Connectivity Plan for Regional and Rural Australia, we are investing up to $100 million towards improving the resilience of networks against natural disasters.

    “This includes $20 million through the latest round of the Mobile Network Hardening Program to boost the resilience of communications networks outside major cities.
     
    “For the first time, this program is available for communities on the urban fringes of our major cities, which are prone to natural disasters.
     
    “I encourage local communities to speak with their Councillors, State, Territory and Federal representatives to identify potential projects or locations that could benefit from improved communications resilience.”

    MIL OSI News –

  • MIL-OSI: Sampo plc’s share buybacks 24 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 25 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 24 October 2024

    On 24 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)
      4,428 40.36 AQEU        
      44,395 40.37 CEUX
      135 40.39 TQEX
      44,537 40.37 XHEL
    TOTAL 93,495 40.37  

    *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 9,321,206 Sampo A shares representing 1.69 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

    The MIL Network –

  • MIL-OSI Economics: Result of the 6-day Variable Rate Repo (VRR) auction held on October 25, 2024

    Source: Reserve Bank of India

    Tenor 6-day
    Notified Amount (in ₹ crore) 25,000
    Total amount of bids received (in ₹ crore) 48,700
    Amount allotted (in ₹ crore) 25,005
    Cut off Rate (%) 6.55
    Weighted Average Rate (%) 6.57
    Partial Allotment Percentage of bids received at cut off rate (%) 17.12

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1370

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Glass cladding breaks at Citywalk

    Source: Hong Kong Information Services

    The Buildings Department said that it is following up on an incident of broken glass cladding at the external wall of Citywalk in Tsuen Wan tonight and added that no obvious danger to the overall building structure was noted.

    Upon notification of the incident by Police at about 7.30pm, the department immediately deployed staff to carry out a site inspection and found that a piece of glass cladding, measuring about 3m by 2m, at the external wall of the building’s fifth floor facing Wo Tik Street was broken. 

    The affected pavement is temporarily fenced off and the department will continue to follow up on the matter.

    As instructed by the department, the property management company (PMC) of the building has arranged a contractor to remove the remaining loose pieces of glass tonight.

    The PMC is also tasked with arranging to have the other glass cladding inspected and carrying out necessary repairs as soon as possible to ensure public safety.

    The department will issue an investigation order to require the owner to appoint an authorised person to conduct the investigation and submit an investigation report together with a remedial proposal.

    It will also maintain contact with the PMC to monitor the progress of the investigation and repair works.

    The department pointed out that it has specific requirements on the quality and construction of glass cladding. For example, the testing of materials and procedures before installation should comply with the relevant statutory requirements. 

    It emphasised that it is the owners’ responsibility to ensure the safety of their buildings, adding that timely repair and maintenance of private buildings is the owners’ basic responsibility.

    Owners may be liable to criminal prosecution and civil proceedings if the building dilapidation causes damage to property or injury to persons, the department said.

    MIL OSI Asia Pacific News –

  • MIL-OSI: QPR Software Plc: Interim Report January-September 2024

    Source: GlobeNewswire (MIL-OSI)

    QPR SOFTWARE PLC           STOCK EXCHANGE RELEASE          25 October 2024, AT 9.00 AM EET

    QPR Software Plc Interim Report for January-September 2024: The growth in SaaS net sales supports positive development, with profitability improving already for the eighth consecutive quarter compared to the same period last year. The most significant achievement of the third quarter was the signing of a contract with a global luxury brand.

    FINANCIAL DEVELOPMENT BRIEFLY

    JULY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales decreased by -3% 
    • Net sales was 1,409 thousand euros, down -22% (July-September 2023: 1,806) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 269 thousand euros (242), an increase of +11%
    • The operating profit was -6 thousand euros (-12), +6 thousand euros change compared to the previous period
    • Profit before taxes was -33 thousand euros (-37), +4 thousand euros change compared to the previous period
    • The result was -33 euros (-37), +4 thousand euros change compared to the previous period
    • Earnings per share was -0.002 euros (-0.002) 
    • Cash flow from operations 34 thousand euros (-640), +674 thousand euros change compared to the comparison period

    JANUARY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales increased by +4% 
    • Net sales was 4,651 thousand euros, down -22% (January-September 2023: 5,951) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 745 thousand euros (213), a difference of +532 thousand euros from the comparison period 
    • The operating profit was -39 thousand euros (-529), a difference +490 thousand euros from the comparison period  
    • Profit before taxes was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • The result was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • Earnings/share was -0.006 euros (-0.038)  
    • Cash flow from operations -226 thousand euros (20), a difference of -246 thousand euros from the comparison period 

    OUTLOOK FOR 2024

    The company monitors the development of the world’s economic situation and geopolitical tensions. The slowly budding recovery of economic growth, falling interest rates and normalizing inflation will improve the financial position of customers, and investment decisions can be expected to accelerate towards the end of 2024.

    Supported by the current contract base and the projected growth of SaaS (Software as a Service) net sales, QPR expects the growth of SaaS net sales to be double-digit and estimates that the entire software net sales will grow in 2024 (2023: 5,122 thousand euros).

    The company expects the operating result to improve significantly in the financial year 2024. The operating result in 2023 was -813 thousand euros.

    CEO REVIEW

    In the third quarter, we continued to execute our strategy as planned, and the company’s turnaround is progressing steadily. We have achieved our eighth consecutive quarter of improved results compared to the same period last year, indicating positive development. However, growth this time was modest, as market recovery has been slower than anticipated. Strengthening customer relationships, expanding our partner network, and acquiring new clients continue to support long-term growth. The most significant achievement of the quarter was securing a contract with a global luxury brand, which selected QPR ProcessAnalyzer to optimize its business processes, solidifying our position as a leader in process mining.

    SaaS revenue grew by 15% in July-September, while software revenue decreased by 3%, mainly due to the timing of deals. Overall revenue declined because of our decision to discontinue external consulting services in Finland at the end of 2023. Our positive EBITDA, totaling EUR 269,000, increased by 11% compared to the previous year. The company’s result was slightly negative, and the timing of individual deals continues to significantly impact quarterly outcomes. This quarter also saw one-off write-offs related to the relocation of our headquarters, which affected the results.

    One of our most significant product development milestones was advancing our flagship product, QPR ProcessAnalyzer, into a native app on the Snowflake Marketplace. This development significantly changes how process mining software is bought and sold, offering our customers using Snowflake cloud services a fast and straightforward way to acquire software cost-effectively. Our goal is to have our product listed on the Snowflake Marketplace by the end of October.

    At the core of our strategy is the development of our international partner network. In the first half of the year, we established several key partnerships in the United States, which have led to active sales efforts to attract new customers. We continue to seek new potential partners, and the EDGE 2024 Supply Chain Conference held in Nashville in September was an important part of this strategy.

    The market situation in the Middle East also showed positive development in the third quarter. Our strong partner network and growing interest in our process mining solutions provide excellent opportunities for expanding our market share. Snowflake has acquired several customers in the region, which also presents us with new opportunities to expand in this market.

    Our focus now turns to the final quarter of the year, where we plan to leverage our strengths and focus on securing deals effectively. Despite challenges in the business environment, we believe in our innovations and strategic partnerships that support the company’s long-term growth goals.

    QPR appointed Taru Mäkinen as CFO in July, and under her leadership, our financial processes are being developed to support our growth strategy. Additionally, Antti Kivalo started as the company’s new Sales Director at the beginning of September.

    I would like to extend my warmest thanks to our customers, partners, and investors for their trust. A special thank you also to all our employees for their hard work towards the success of our company.

    Heikki Veijola

    CEO

    KEY FIGURES

    EUR in thousands,
     unless otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    EBITDA 269 242 11 745 213 249 182
    % of net sales 19.1 13.4   16.0 3.6   2.4
    Operating result -6 -12 55 -39 -529 93 -813
    % of net sales -0.4 -0.7   -0.8 -8.9   -10.8
    Result before tax -33 -37 11 -107 -617 83 -924
    Result for the period -33 -37 11 -107 -617 83 -924
    % of net sales -2.4 -2.1   -2.3 -10.4   -12.2
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
    Equity per share, EUR 0.018 0.036 -48 0.019 0.036 -48 0.020
                   
    Cash flow from operating
     activities    		 34 -640 105 -226 20 -1,202 850
    Cash and cash equivalents 99 181 -46 99 181 -45 885
    Net borrowings 1,513 1,639 -8 1,513 1,639 -8 934
    Gearing, % 451.3 257.2 75 451.3 257.2 75 268.3
    Equity ratio, % 11.0 13.7 -20 11.0 13.7 -20 8.1
    Return on equity, % -38.6 -49.7 22 -41.8 -146.4 71 -221.5
    Return on investment, % -6.3 -11.6 23 -9.0 -35.9 75 -42.0

    REPORTING AND BUSINESS OPERATIONS

    QPR Software Plc is a pioneer in business process optimization solutions and has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology and one of the most advanced process mining software companies in the world.

    QPR innovates, develops, and delivers software for analyzing, monitoring and modeling the operations of organizations. The company also offers consulting services to ensure that customers get full value from the software and associated methods.

    QPR Software reports one business segment, which is Organizational Development of organizations. In addition to this, the Company reports revenue from products and services as follows: Software licenses, Renewable software licenses, Software maintenance services, Cloud services, and Consulting.

    The company’s reported recurring revenues consist of SaaS net sales, maintenance services, as well as revenue from renewable licenses. Licenses are sold to customers for perpetual use or for an agreed, limited period. The revenue from SaaS and maintenance services is recorded monthly as recurring revenue over the contract period.

    Renewable software licenses are sold to customers as a user right with an indefinite-term contract. These contracts are automatically renewed at the end of the agreed period, usually one year, unless the agreement is terminated within the notice. Renewable license revenue is recognized at one point in time, in the beginning of the invoicing period, yet at the earliest on the delivery.

    The geographical areas reported are Finland, the rest of Europe (including Turkey), and the rest of the world. Net sales are reported according to the location of the customer’s headquarters. Until 2023, the company provided consulting services, predominantly to public administration, which were unrelated to its core business. In the end of 2023, the company discontinued these activities. In the future, the company will prioritize offering consulting services tailored to the software it develops, aiming to deliver maximum added value to its customers.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    NET SALES DEVELOPMENT

    NET SALES BY PRODUCT GROUP  

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Software licenses 85 174 -51   406 383 6 485
    Renewable software licenses 43 78 -45   334 453 -26 504
    Software maintenance services 430 428 0   1,268 1,272 0 1,720
    SaaS 673 585 15   2,020 1,754 15 2,371
    Consulting 179 541 -67   623 2,089 -70 2,469
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    NET SALES BY GEOGRAPHIC AREA

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Finland 555 793 -30   1,881 2,799 -33 3,499
    Europe incl. Turkey 623 702 -11   2,026 2,398 -16 3,128
    Rest of the world 232 310 -25   745 754 -1 923
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    JULY-SEPTEMBER 2024

    The net sales for July to September was 1,409 thousand euros (1,806), and it decreased by 22% compared to the same period last year. The group discontinued consulting services outside our core business in Finland at the end of 2023. The proportion of recurring revenue in the total revenue increased from 56 percent to 79 percent.

    SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales decreased by 3% during July-September.

    The software license net sales was 85 thousand euros (174), representing a 51% decrease. The decline was due to larger individual new license deals in the comparison period, which exceeded the new license deals reported in the current period. Expansions with existing customers partially offset the lower new customer license sales. The net sales mainly consisted of additional sales through partner transactions and to existing and new customers, additional sales to existing direct customers, as well as the expansion of the partner network, which brought new commercial opportunities and customer relationships.

    The net sales from renewable software licenses was 43 thousand euros (78), a decrease of 45%. This decline was primarily due to the expiration of individual customer contracts and the earlier renewal timing, partially offset by new customer acquisitions and price increases made in response to inflationary pressures.

    The net sales from software maintenance services amounted to 430 thousand euros (428). The net sales was positively impacted by Middle Eastern customers transitioning to a software maintenance model, increased maintenance revenue from new license acquisitions, and winning back lost customers. Additionally, price increases to counter inflationary pressures and favorable exchange rate effects contributed to the net sales growth. However, the growth was offset by customer churn and a decline in revenue from certain individual customers.

    SaaS net sales grew by 15% and amounted to 673 thousand (585). The growth was primarily driven by new customer acquisitions, the expansion of existing customer relationships, and price increases to counter inflationary pressures. On the other hand, customer churn and a decrease in revenue from individual clients had a negative impact on the overall SaaS revenue development.

    Net sales from consulting was 179 thousand euros (541), a 67% decrease due to the company’s discontinuation of consulting services outside its core business in Finland. During the comparison period, the company had a large customer project in Europe, but no similar project occurred in this reporting period.

    The Group’s net sales was 39 % (44) from Finland, 44% (39) from the rest of Europe (including Turkey) and 17 % (11) from the rest of the world.

    JANUARY-SEPTEMBER 2024

    The net sales January-September was 4,651 thousand euros (5,951), and it decreased by 22 % compared to the same period last year. This decline is due to the company’s decision to discontinue non-core consulting services in Finland at the end of 2023. The proportion of recurring revenue of the total revenue increased from 51 percent to 71 percent.

    Our SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales grew by 4% in the January-September period. The proportion of software net sales in the total net sales grew from 65 percent to 87 percent.

    The net sales from software licenses was 406 thousand euros (383) and it grew by 6%. The growth was primarily driven by an increase in partner sales volume, particularly among customers in the Middle East, as well as the expansion with a global pharmaceutical company in accordance with a previous agreement. Additionally, the company achieved broader success in partner sales across multiple geographical regions.

    The net sales from renewable software licenses amounted to 334 thousand euros (453), a decrease of 26%. The decline was driven by several factors, including customer churn, individual customers transitioning to a SaaS service model, and negative currency exchange effects. These factors were partially offset by new customer acquisitions and price increases implemented to counter inflationary pressure.

    The net sales from software maintenance services amounted to 1,268 thousand euros (1,272). The decline in net sales was negatively impacted by customer churn, a decrease in revenue from individual customers, and, to a lesser extent, the transition of existing customers to the SaaS service model. The decline was partially offset by the expansion of cooperation with existing customers, the inclusion of Middle Eastern customers’ projects under maintenance services, new customer contracts, and the previously agreed expansion with a global pharmaceutical company. Additionally, price increases to counter inflationary pressures and favorable currency exchange rate effects contributed to net sales growth.

    SaaS net sales grew by 15% to 2,020 thousand euros (1,754). The growth was primarily driven by the expansion of existing customer relationships and successes in acquiring new customers. The shift of customers from licenses to the SaaS service model and, to some extent, price increases due to inflationary pressures also contributed to the growth. On the other hand, fluctuations in exchange rates and customer churn had a negative impact on the development of SaaS net sales.

    Consulting revenue was 623 thousand euros (2,089), a decrease of 70%, following the company’s discontinuation of consulting services outside its core business in Finland. Additionally, the company recognized revenue from fixed-price projects in the Middle East according to their to their completion status during the first half of 2023. These projects were completed in the second quarter of the same year. In the comparison period, the company had a large customer project in Europe, but there was no similar project during this reporting period.

    The Group’s net sales was 40% (49) from Finland, 44% (40) from the rest of Europe (including Turkey) and 16 % (11) from the rest of the world.

    FINANCIAL DEVELOPMENT

    JULY-SEPTEMBER 2024

    The group’s EBITDA for July-September was 269 thousand euros (242), an improvement of 27 thousand euros compared to the previous year. The operating profit was -6 thousand euros (-12), an increase of 6 thousand euros compared to the reference period. The season’s result was -33 thousand euros (-37).

    The active measures implemented by the company in 2023 to improve cost structure and enhance business profitability are already partially visible in the first half of 2024 and to be fully realized by the third quarter.

    The Group’s variable costs amounted to 210 thousand euros (240). The decrease in costs was mainly due to lower partner commissions, resulting from lower software license sales through partners compared to the reference period.

    The company’s fixed expenses amounted to 931 thousand euros (1,324), a decrease of 30% compared to the same period last year. This decrease was due to savings programs implemented in the second and final quarters of 2023, as well as reduced personnel expenses resulting from change negotiations. The full impact of the cost-saving measures materialized starting from the third quarter of 2024. The effect of these savings was partially offset by lower product development capitalizations, investments in reorganizing the company’s operational activities, and a one-time write-off of 24 thousand euros related to the company’s headquarters relocation.

    Earnings per share were -0.002 euros (-0.002) per share.

    JANUARY-SEPTEMBER 2024

    The Group’s EBITDA for January–September was 745 thousand euros (213), an increase of 532 thousand euros compared to the previous year. The operating result was -39 thousand euros (-529), showing an improvement of 490 thousand euros compared to the same period last year. The result for the period was -107 thousand euros, which is a significant improvement from the previous year (-612).

    The active measures implemented by the company in 2023 to improve cost structure and develop business profitability are already partially visible in the first quarter of 2024 and fully realized by the third quarter.

    The Group’s variable costs amounted to 693 thousand euros (1,013). The decrease in expenses was primarily due to the completion of challenging fixed-price software delivery projects in the Middle East during the second quarter of 2023. This completion significantly reduced the need for external services, further lowering costs.

    The company’s fixed expenses amounted to 3,214 thousand euros (4,726 thousand), a decrease of 32% compared to the same period last year. This decrease was driven by cost-saving programs implemented in the second and final quarters of 2023, as well as lower personnel expenses resulting from the outcomes of change negotiations. The full impact of the cost-saving measures realized starting from the third quarter of 2024. The effect of these savings was partially offset by lower R&D capitalizations and investments required for the reorganization of the company’s operational activities.

    Earnings per share were EUR -0.006 (-0.038) per share.

    FINANCE AND INVESTMENTS

    The cash flow from operations during the review period amounted to -226 thousand euros (20). The main reason for this change compared to the comparable period was successful collection in the last quarter of 2023, particularly regarding the advanced license payments for 2024. A larger portion of the prepayments was collected in the final quarter of 2023, leading in lower cash flow from annual licenses in the first quarter of 2024. Annual billing is mostly concentrated around the end of the year, making it seasonal.

    The change in working capital was affected by higher sales commissions paid to the company’s personnel for 2023, as well as holiday compensation for employees who left due to the change negotiations. The negative cash flow was also due to the fact that the largest new deals occurred in a market where payment behavior is slow.

    The positive cash flow from operations in the third quarter was driven by successful receivables collection and lower costs. Compared to the same period last year, a significant reduction in expenses is a key reason for the clear improvement in operational cash flow. During the comparison period, the company conducted a directed share issue, resulting in significantly higher cash flow from financing activities.

    Net financial expenses amounted to 19 thousand euros (30), including exchange losses of 1 thousand euros (4).

    Investments totaled 357 thousand euros (511), and those were mainly research and development investments.

    The company’s financing net cash flow for the period January to September was -318 thousand euros (656). The negative net cash flow was primarily due to the company reducing its loan by 500 thousand euros and having a credit limit in use. Additionally, during the comparison period, the company raised 760 thousand euros through a directed share issue.

    The group’s financial situation is fair. At the end of the review period, the group’s cash and cash equivalents were 99 thousand euros (181). Short-term receivables were 1,290 thousand (1,468). 

    Euro-denominated receivables accounted for 68%, and 68% of invoices had not yet matured. Of the total amount of short-term receivables, the share of 1-30 days overdue receivables was 16%, 30-60 days 11% and more than 60 days 5%. 

    The group has a credit limit of 500,000 euros available.                                                                 

    At the end of the review period, the group had a bank loan of EUR 1,000 thousand, of which 500 thousand euros was long-term. In accordance with the original financing agreement, the first installment of EUR 0.5 million was due on January 31, 2024. After this, installments of EUR 0.5 million will mature annually in January 2025 and 2026. The covenants related to the loan are based on the company’s EBITDA and equity ratio. The EBITDA of the covenants is tested every six months, and the equity ratio is tested annually according to the situation on the last day of the year. The EBITDA exceeded the agreed covenant limit for the first half of the year.

    The company’s free cash flow, including operating and investment cash flows, and office lease costs totaled -37 thousand euros (-735) in the third quarter. The significant improvement in free cash flow is due to both lower operating expenses and enhanced receivables collection. From January to September, free cash flow was -486 thousand euros (-595). The change was influenced by shifts in the timing of operating cash flows, which were mitigated by a significant decrease in investment cash flows and lower paid office lease costs.

    The equity ratio was 11%, lower than the comparison period (14%) due to a loss of -307 thousand euros in the final quarter of 2023 and a -107 thousand euros loss for the reporting period, January to September. Additionally, the new lease agreement signed in June 2024 negatively impacts the company’s equity ratio, as the IFRS 16 interest effect increases the lease liability by approximately 100 thousand euros.

    PRODUCT DEVELOPMENT

    QPR has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology. The company innovates and develops software products that analyze, measure, and model the operations of organizations. The Company develops the following software products: QPR ProcessAnalyzer, QPR EnterpriseArchitect, QPR ProcessDesigner, and QPR Metrics.

    In the third quarter of the year, product development expenses amounted to 183 thousand euros (248), and 69 thousand euros (80) of development costs were capitalized on the balance sheet. Product development depreciation was recorded at 228 thousand euros (220). The amortization period for capitalized development costs is four years.

    PERSONNEL

    At the end of the review period, the group employed 29 people (52). The average number of personnel in April-June was 28 (60).

    The average age of the personnel is 45 (47) years. Women account for 23% (23) of employees, and men for 77% (76). Of all personnel, 21% (16) work in sales and marketing, 32% (31) in consulting and customer care, 40% (42) in product development, and 7% (11) in administration.

    Personnel expenses were 2,499 thousand euros (4,085), of which the share of salaries and bonuses was 2,127 thousand euros (3,406).

    For incentive purposes, the company has a bonus program covering the entire personnel. The top management’s short-term remuneration consists of monetary salary, fringe benefits and a possible annual bonus, mainly determined by the net sales development of the group and profit units. In addition, the company has a stock option program for key personnel.

    SHARES AND SHAREHOLDER

    Trading of shares Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
             
    Shares traded, pcs 3,407,075 1,729,586 97 3,538,455
    Volume, EUR 1,685,250 898,702 88 1,585,931
    % of shares 19.0 9.7 96 19.8
    Average trading price, EUR 0.49 0.52 -5 0.45
    Average trading value per day, EUR 8,917 4,755 88 6,318
    Treasury shares acquired during the year, pcs 0 0 0 0
    Shares and market capitalization Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Total number of shares, pcs 18,175,192 18,175,192 0 18,175,192
    Treasury shares, pcs 256,849 339,471 -24 339,471
    Book counter value, EUR 0.11 0.11 – 0.11
    Outstanding shares, pcs 17,918,343 17,835,721 0 17,835,721
    Number of shareholders 2,117 1,863 14 1,943
    Closing price, EUR 0.60 0.39 54 0.33
    Market capitalization, EUR 10,751,006 6,938,095 55 5,957,131
    Book counter value of all treasury
    shares, EUR    		 28,253 37,342 -24 37,342
    Total purchase value of all treasury
    shares, EUR    		 244,349 347,552 -30 347,552
    Treasury shares, % of all shares 1.4 1.9 -26 1.9
             

    GOVERNANCE

    The Annual General Meeting of QPR Software Plc was held on May 15, 2024, in Helsinki. The General Meeting adopted the Company’s financial statements for the financial year 2023 and discharged the members of the Board of Directors and the CEO from liability. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023, and adopted the Company’s Remuneration Report and Remuneration Policy. Further, the General Meeting resolved to authorize the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares as well as on the acquisition of own shares.

    Annual accounts and the use of the profit shown on the balance sheet

    The General Meeting adopted the Company’s financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial period January 1 – December 31, 2023. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023.

    Remuneration of the members of the Board of Directors and the Auditor

    The General Meeting resolved that the Chairman of the Board of Directors be paid EUR 45,000 per year and the other members of the Board of Directors EUR 25,000 per year. Approximately 40 percent of the remuneration will be paid in shares and 60 percent in cash. The shares will be granted as soon as possible after the Annual General Meeting and if the insider regulations allow it. The members of the Board of Directors will also be reimbursed for travel and other expenses incurred while they are managing the Company’s affairs. 

    The remuneration of the Auditor shall be paid according to the reasonable invoice.

    Board of Directors and Auditor

    The General Meeting confirmed that the number of Board members is four (4). Pertti Ervi was re-elected as the Chairman of the Board of Directors and Antti Koskela and Jukka Tapaninen were re-elected as members of the Board of Directors. Linda von Schantz was elected as a new member of the Board of Directors.

    Authorised Public Accountants KPMG Oy Ab was re-elected as the Company’s auditor. KPMG Oy Ab has announced that Petri Kettunen, Authorized Public Accountant, will act as the principal auditor.

    Authorization of the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares

    The General Meeting resolved to authorize the Board of Directors to decide on issuances of new shares and conveyances of the own shares held by the Company (share issue) either in one or more instalments. The share issues can be carried out against payment or without consideration on terms to be determined by the Board of Directors. The authorization also includes the right to issue special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, which entitle to the Company’s new shares or own shares held by the Company against consideration. Based on the authorization, the maximum number of new shares that may be issued and own shares held by the Company that may be conveyed in share issues or on the basis of special rights is 6,361,317 shares. The authorization includes the right to deviate from the shareholders’ pre-emptive subscription right. The authorization is in force until the next Annual General Meeting.

    Authorization of the Board of Directors to decide the acquisition of own shares

    The General Meeting resolved to authorize the Board of Directors to decide on the acquisition of the Company’s own shares. Based on the authorization, an aggregate maximum amount of 500,000 own shares may be acquired, either in one or more instalments. The authorization includes the right to acquire own shares otherwise than in proportion to the existing shareholdings of the Company’s shareholders, using the Company’s non-restricted shareholders’ equity. The authorization is in force until the next Annual General Meeting.

    SHORT-TERM RISKS AND UNCERTAINTIES

    Internal control and risk management at QPR Software aim to ensure that the Company operates efficiently and effectively, distributes reliable information, complies with regulations and operational principles, reaches its strategic goals, reacts to changes in the market and operational environment, and that business continuity is secured considering the financial position.

    The Company has identified the following three groups of risks related to its operations: risks related to business operations (country, customer, personnel, legal), risks related to information and products (QPR products, IPR, data privacy, and security), and risks related to financing and liquidity (foreign currency, short-term cash flow).

    The Company has an insurance policy covering property, operational, and liability risks. Financial risks include reasonable credit risk concerning individual business partners, which is characteristic of any international business. QPR seeks to limit this credit risk by continuously monitoring standard payment terms, receivables, and credit limits.

    Approximately 68% of the Group’s trade receivables were in euros at the end of the quarter (79%). At the end of the quarter, the Company had not hedged its non-euro trade receivables.

    EVENTS AFTER THE REVIEW PERIOD

    No events after the review period.

    QPR SOFTWARE PLC

    BOARD OF DIRECTORS

    For further information:

    Heikki Veijola

    Chief Executive Officer

    QPR Software Plc

    Tel. +358 40 922 6029

    QPR Software in Brief

    QPR Software (Nasdaq Helsinki) is a leading player in the Digital Twin of an Organization (DTO) use case and one of the most advanced process mining software companies in the world. The company innovates, develops, and delivers software for analyzing, monitoring, and modeling organizational operations. Additionally, QPR provides consulting services to ensure its customers derive full benefits from the software and associated methodologies.

    www.qpr.com

    DISTRIBUTION

    Nasdaq Helsinki

    Key medias

    www.qpr.com

    INTERIM REPORT JANUARY-SEPTEMBER

    QPR Software’s Board of Directors has approved this interim report for January 1–September 30, 2024, to be published. 

    The financial figures for the full fiscal year 2023 presented in the interim report have been audited. The interim report financial figures are unaudited.

    CONSOLIDATED COMPREHENSIVE INCOME STATEMENT          

    EUR in thousands, unless
     otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    Other operating income – – – – 1 – 1
                   
    Materials and services 210 240 -13 693 1,013 -32 896
    Employee benefit expenses 658 1,056 -38 2,499 4,085 -39 5,287
    Other operating expenses 273 268 2 714 640 12 1,186
    EBITDA 269 242 11 745 213 249 182
                   
    Depreciation and amortization 274 254 8 784 743 6 995
    Operating result -6 -12 55 -39 -530 93 -813
                   
    Financial income and expenses -28 -25 -12 -68 -87 22 -111
    Result before tax -33 -37 11 -107 -617 83 -924
                   
    Income taxes – – – 0 – 0 –
    Result for the period -33 -37 11 -107 -617 83 -924
                   
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
                   
    Consolidated statement of
    comprehensive income:    		              
    Result for the period -33 -37 11 -107 -617 83 -924
    Exchange differences on
     translating foreign operations    		 3 – – 2 1 100 1
    Total comprehensive income -30 -37 19 -105 -616 83 -925

    CONDENSED CONSOLIDATED BALANCE SHEET 

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Assets        
             
    Non-current assets:        
    Intangible assets 1,788 2,357 -24 2,245
    Goodwill 358 358 0 358
    Tangible assets 30 95 -69 81
    Right-of-use assets 393 320 23 318
    Other non-current assets 277 277 0 277
    Total non-current assets 2,847 3,407 -16 3,279
             
    Current assets:        
    Trade and other receivables 1,782 1,896 -6 1,706
    Cash and cash equivalents 100 181 -45 884
    Total current assets 1,881 2,077 -9 2,590
             
    Total assets 4,728 5,484 -14 5,869
             
    Equity and liabilities        
             
    Equity:        
    Share capital 80 80 0 80
    Other funds 21 21 1 21
    Treasury shares -244 -348 -30 -348
    Translation differences -68 -67 -1 -67
    Invested non-restricted equity fund 4,925 4,925 0 4,925
    Retained earnings -4,379 -3,974 -10 -4,263
    Equity attributable to shareholders of
    the parent company    		 335 637 -47 348
    Total equity 335 637 -47 348
             
    Non-current liabilities:        
    Interest-bearing liabilities 500 1,000 -50 1,000
    Interest-bearing lease liabilities 386 209 85 192
    Total non-current liabilities 886 1,209 -27 1,192
             
    Current liabilities:        
    Provisions – – – –
    Interest-bearing liabilities 697 500 39 500
    Interest-bearing lease liabilities 29 110 -73 126
    Advances received 1,169 841 39 1,558
    Accrued expenses and prepaid income 1,102 1,496 -26 1,539
    Trade and other payables 511 690 -26 607
    Total current liabilities 3,507 3,638 -4 4,329
             
    Total liabilities 4,393 4,847 -9 5,521
             
    Total equity and liabilities 4,728 5,484 -14 5,869

    CONSOLIDATED CONDENCED CASH FLOW STATEMENT

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Cash flow from operating activities:              
    Result for the period -33 -37 10 -107 -555 81 -924
    Adjustments to the result 381 264 44 962 745 29 1,078
    Working capital changes -282 -791 64 -1,001 -54 -1,755 821
    Interest and other financial
     expenses paid    		 -32 -74 -57 -79 -104 -24 -107
    Income taxes paid – -2 – – -11 – -19
    Net cash from operating activities 34 -640 105 -226 20 -1,228 849
                   
    Cash flow from investing activities:              
    Purchases of tangible and
     intangible assets    		 -68 -80 -15 -246 -512 -52 -620
    Proceeds from sales of tangible and intangible assets 6 – – 6 – – –
    Net cash used in investing activities -62 -80 22 -240 -512 53 -620
                   
    Cash flow from financing activities:              
    Proceeds from short term
     borrowings    		 102 – – 1,197 1,500 -20 1,500
    Repayments of short term
     borrowings    		 – – – -1,500 -1,500 0 -1,500
    Payment of lease liabilities -3 -15 -81 -15 -103 -86 -121
      Share issue net – 760 – – 760 – 760
    Net cash used in financing activities 99 745 -87 -318 656 -149 639
                   
    Net change in cash and cash
    equivalents    		 70 26 -169 -784 164 578 868
    Cash and cash equivalents
     at the beginning of the period    		 31 156 -80 884 17 5,100 17
    Effects of exchange rate changes
     on cash and cash equivalents    		 -2 – – -1 – – –
    Cash and cash equivalents
     at the end of the period    		 99 181 -46 99 181 -45 884

    *Including non-interest bearing short term liabilities related to cash flow for investment

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    EUR in thousands Share
     capital    		 Other
     funds    		 Translation
     differences    		 Treasury
     shares    		 Invested non-
     restricted
     equity fund    		 Retained
     earnings    		 Total
    Equity Jan 1, 2023 1,359 21 -66 -406 2,943 -3,364 487
    Stock option scheme           36 36
    Reduction of share capital -1,279       1,279   0
    Disposal of own shares       58   -10 48
    Share issue, net         703   703
    Comprehensive income     -1     -924 -925
    Equity Dec 31, 2023 80 21 -67 -348 4,925 -4,263 348
    Stock option scheme           46 46
    Reduction of share capital             0
    Disposal of own shares       103   -55 48
    Share issue, net             0
    Comprehensive income     -2     -107 -109
    Equity Sept 30, 2024 80 21 -68 -244 4,925 -4,379 335

    NOTES TO INTERIM FINANCIAL STATEMENTS

    ACCOUNTING PRINCIPLES

    This report complies with the requirements of IAS 34” Interim Financial Reporting”.

    The interim report does not contain full notes and other information presented in the financial statements, and therefore the interim report should be read in conjunction with the Financial Statements Bulletin published for 2023.

    In preparing the interim report, the same accounting principles have been followed as in the 2023 annual financial statements, except for new standards and standard amendments that came into effect starting January 1, 2024. The new standards and standard amendments had no significant impact on QPR Software’s consolidated financial statements.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    Considering the company’s financial position, this financial statement has been prepared on a going concern basis. The company entered into a refinancing agreement in January 2023.

    In preparation of the consolidated financial report, company’s management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from those estimated.

    All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported.

    INTANGIBLE AND TANGIBLE ASSETS              

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
    Increase in intangible assets:      
    Acquisition cost Jan 1 14,836 14,217 14,217
    Increase 246 512 619
    Acquisition cost at the end of the period 15,082 14,729 14,836
    Increase in tangible assets:      
    Acquisition cost Jan 1 2,816 2,816 2,816
    Increase 111 – –
    Acquisition cost at the end of the period 2,927 2,816 2,816

    CHANGES IN INTEREST-BEARING LIABILITIES

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
           
    Interest-bearing liabilities Jan 1 1,818 2,279 2,279
    Proceeds from borrowings 1,197 1,500 1,500
    IFRS 16 – change in lease liability 97 -335 -319
    Repayments 1,500 1,623 1,641
    Acquisition cost at Sept 30 1,612 1,820 1,818

    PLEDGES AND COMMITMENTS

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Business mortgages (held by the Company) 2,382 2,381 0 2,382
             
    Minimum lease payments based on lease agreements:        
    Maturing in less than one year 30 30 -1 30
    Maturing in 1-5 years 3 34 -90 27
    Total 34 65 -48 57
             
    Total pledges and commitments 2,416 2,445 -1 2,439

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 RESTATED) 

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – – – – –
               
    Materials and services 210 223 260 229 240
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 199 268
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 AS PUBLISHED)

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – –   – –
               
    Materials and services 210 223 260 134 147
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 294 361
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    GROUP KEY FIGURES

    EUR in thousands, unless
     otherwise indicated    		 Jan-Sept or Sept 30, 2024 Jan-Sept or Sept 30, 2023 Jan-Dec or
     Dec 31, 2023
           
    Net sales 4,651 5,951 7,550
    Net sales growth, % -21.8 4.8 -3.5
    EBITDA 745 213 182
    % of net sales 16.0 3.6 2.4
    Operating result -39 -530 -813
    % of net sales -0.8 -8.9 -10.8
    Result before tax -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
    Result for the period -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
           
    Return on equity (per annum), % -41.8 -146.4 -221.5
    Return on investment (per annum), % -9.0 -35.9 -42.0
    Cash and cash equivalents 99 181 885
    Net borrowings 1,513 1,639 934
    Equity 335 637 348
    Gearing, % 451 257 268
    Equity ratio, % 11.0 13.7 8.1
    Total balance sheet 4,728 5,484 5,869
           
    Investments in non-current assets 357 511 637
    % of net sales 7.7 8.6 8.4
    Product development expenses 740 1,113 1,427
    % of net sales 15.9 18.7 18.9
           
    Average number of personnel 39 60 57
    Personnel at the beginning of period 49 85 85
    Personnel at the end of period 30 52 49
           
    Earnings per share, EUR
     (basic and diluted)    		 -0.006 -0.038 -0.055
    Equity per share, EUR 0.019 0.036 0.020

    The MIL Network –

  • MIL-OSI: JLT Mobile Computers AB (publ) publishes interim report for January–September 2024

    Source: GlobeNewswire (MIL-OSI)

    Växjö, Sweden, 7 May 2024 * * * JLT Mobile Computers, a leading supplier of rugged computers for demanding environments, publishes its interim report for the period January–September 2024 today.

    Summary of key figures

    • Order intake 75.4 MSEK (78.9)
    • Net sales 93.6 MSEK (117.0)
    • Operating profit -1.3 MSEK (-3.0)
    • Profit after taxes -0.4 MSEK (-2.0)

    In short

    • The challenging macroeconomic and geopolitical conditions in many of our target markets are limiting demand, resulting in an order intake of SEK 75 million for the period, which is 4% lower than the previous year.
    • Service agreements constituted a larger share of sales and gross margin during the period increased to 45% (40). Total expenses were SEK 41 million, a reduction in the cost-base by SEK 6 million compared to the previous year.
    • The operating result improved from SEK -3.0 million the previous year to SEK -1.3 million for the period, despite a lower turnover. The company generated a positive EBITDA of SEK 1.3 million (-0.5).
    • We continue to implement our strategic initiatives by:
      • Hiring a new Vice President of Marketing – North America with extensive industry experience.
      • New leadership and an expanded sales organization in JLT France.
      • Upgrading our JLT1214 series of rugged computers with faster processors, more memory and Windows 11 for better performance and support for the latest wireless connectivity standard.

    The full interim report is attached to this press release and available for download at the company’s website, jltmobile.com. Additional financial information is available online on JLT’s investor pages.

    This information is information that JLT Mobile Computers AB (pub) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 8:00 am CET on Friday, October 25, 2024.

    About JLT Mobile Computers

    Reliable performance, less hassle. JLT Mobile Computers is a leading supplier of rugged mobile computing devices and solutions for demanding environments. Almost 30 years of development and manufacturing experience have enabled us to set the standard in rugged computing, combining outstanding product quality with expert service, support and solutions to ensure trouble-free business operations for customers in warehousing, transportation, manufacturing, mining, ports and agriculture. JLT operates globally from offices in Sweden, France, and the US, complemented by an extensive network of sales partners in local markets. The company was founded in 1994, and the share has been listed on the Nasdaq First North Growth Market stock exchange since 2002 under the symbol JLT. Eminova Fondkommission AB acts as Certified Adviser. Learn more at jltmobile.com.

    Attachment

    The MIL Network –

  • MIL-OSI: FRO – 2024 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Frontline plc (the “Company”) advises that the 2024 Annual General Meeting of the Company will be held on December 12, 2024. The record date for voting at the Annual General Meeting is set to November 5, 2024. The notice, agenda and associated material will be distributed prior to the meeting.

    Limassol, Cyprus
    October 25, 2024

    This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI: Digitalist Group Plc’s Business Review, 1 January – 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Digitalist Group Plc                    Stock Exchange Release 25.10.2024 at 9:00

    Digitalist Group Plc’s Business Review, 1 January – 30 September 2024

    SUMMARY

    July–September 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 3.6 million (EUR 3.6 million), decrease: -0.8%.
    • EBITDA: EUR -0.2 million (EUR 0.4 million*), -5.0% of turnover (12.1%).
    • EBIT: EUR -0.3 million (EUR 0.2 million*), -8.7% of turnover (6.6%).
    • Net income: EUR -1.5 million (EUR -0.5 million*), -40.8% of turnover (-13.2%).
    • Earnings per share: EUR -0.00 (EUR -0.00).
    • Earnings per share (diluted): EUR -0.00 (EUR -0.00).

    *) EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction.

    January–September 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 11.5 million (EUR 12.5 million), decrease: -8.4%.
    • EBITDA: EUR -1.3 million (EUR -0.5 million*), -11.5% of turnover (-3.9%).
    • EBIT: EUR -1.7 million (EUR -1.1 million*), -14.4% of turnover (-8.8%).
    • Net income: EUR -4.0 million (EUR -2.5 million*), -35.0% of turnover (-19.7%).
    • Earnings per share: EUR -0.01 (EUR -0.00).
    • Earnings per share (diluted): EUR -0.00 (EUR -0.00).
    • Number of employees at the end of the review period: 126 (138), decrease of -9%.

    *) EBIT, EBITDA and net income of the period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction.

    CEO’s review

    The third quarter of 2024 has been one step towards a profitable business for Digitalist Group. While no major events impacted this quarter, we are seeing slowly improving market conditions in Sweden. However, the weak Finnish economy continues to affect our business operations in the region.

    Our revenues for the quarter remained consistent with the same period last year, totaling EUR 3.6 million. EBITDA for the third quarter of 2024 was EUR -0.2 million, compared to EUR 0.4 million in the same period last year, which included a EUR 0.6 million gain from the FutureLab Share transaction. This underscores the need for ongoing efforts in operational efficiency and cost management.

    A significant highlight of the quarter was the launch of our first AI offering, Digitalist Private AI Hub, in September. This platform enables companies to leverage the strengths of generative AI without compromising on data security and GDPR compliance. We believe this innovative solution positions us well to meet the growing demand for secure AI applications in the enterprise as well as in the public sector. The new offering has already brought us clients like Sandå and Pinmeto. Other new clients acquired during the third quarter are DNA, City of Tampere and Pricer.

    Looking ahead, I remain cautiously optimistic. The improving market conditions in Sweden provide a foundation for growth, and we are committed to addressing the challenges in Finland through ongoing initiatives and continued focus on efficiency.

    I extend my sincere gratitude to all our employees for their dedication and hard work. Together, we are advancing towards a stronger future for Digitalist Group.

    /CEO Magnus Leijonborg

    FUTURE PROSPECTS

    In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    EVENTS AFTER THE THIRD QUARTER

    Digitalist Group Plc decreases its earlier guidance regarding future prospects 17.10.2024

    Digitalist Group Plc (”Company”) decreases its earlier guidance regarding future prospects. The new guidance is:

    In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    The previous guidance of the company was:

    In 2024, it is expected that turnover will maintain its current level and EBITDA will improve in comparison with 2023.

    Although the third quarter shows an improvement compared to the first quarters of the year, and we are cautiously optimistic regarding the fourth quarter, we do not expect to reach last year’s reported EBITDA, which included other operating income of EUR 1.0 million. Operationally, not including the impact of other operating income, we expect that the current financial year will still be stronger than the previous year.

    The stock exchange releases are on the company’s website at https://digitalist.global/investors/releases

    Despite the implemented efficiency measures and financial arrangements, the cash flow for the next 12 months is likely to be negative, according to the forecast. However, at the time of publishing the business review, the company estimates that its working capital is sufficient for the needs of the next 12 months, taking into account the financing support provided by the main owner if needed.

    DIGITALIST GROUP OYJ
    Board of Directors

    Additional information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    Nasdaq Helsinki Ltd
    Major media
    https://digitalist.global

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Revocation of Certificate of Authorisation of UAE Exchange Centre LLC

    Source: Reserve Bank of India

    The Reserve Bank of India, in exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the below mentioned Payment System Operator (PSO):

    Sr.
    No.    		 Entity’s Name Registered Office Address CoA No. & Date Payment System Authorised Date of Revocation Reason for Revocation
    1. UAE Exchange Centre LLC (UAEEC) UAE Exchange Centre LLC, P.O No. 13304, Building of Nassar Bin Abdul Latiff Naif Street Deira, Dubai, U A E No. 16/2009 dated
    September 30, 2009    		 Cross border in-bound money transfer operator (customer to customer) as ‘Overseas Principal’ under the Master Direction on Money Transfer Service Scheme (MTSS Master Direction) October 10, 2024 Non – compliance with regulatory requirements

    Following the revocation of CoA, UAEEC cannot transact the business of cross border in-bound money transfer as ‘Overseas Principal’ under Master Direction on Money Transfer Service Scheme.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1371

    MIL OSI Economics –

  • MIL-OSI: US District Court for the Southern District of New York orders a new trial on compensatory damages in Atos’ litigation with TriZetto

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    US District Court for the Southern District of New York orders a new trial on compensatory damages in Atos’ litigation with TriZetto

    Paris, France – October 25, 2024

    On October 23, 2024, as part of Syntel’s ongoing litigation with Cognizant and its subsidiary TriZetto, the United States District Court for the Southern District of New York ordered a new trial as to what compensatory damages Syntel, now part of Atos, would be liable for due to Syntel’s alleged trade secret misappropriation and copyright infringement.

    As a reminder, the case began in 2015, before Syntel’s acquisition by Atos in 2018. On May 25, 2023, the United States Second Circuit Court of Appeals vacated the decision rendered by the United States District Court for the Southern District of New York in October 2020, finding Syntel liable for damages due to Syntel’s alleged trade secret misappropriation and copyright infringement. In its decision, the Second Circuit Court held that the use of the avoided development costs methodology, underlying the initial damages award, was contrary to the law. The Second Circuit Court remanded the case to the District Court for further consideration if any amounts of damages are still appropriate, which has now ordered a new trial.

    Further information will be shared in the next future about the development of the case.

    ***

    About Atos

    Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations:
    David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
    Sofiane El Amri | investors@atos.net | +33 6 29 34 85 67

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    Attachment

    The MIL Network –