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Category: Business

  • MIL-OSI: Anoto resolves on a SEK 15 million directed issue, a SEK 50 million rights issue and a set-off issue of SEK 21 million to strengthen the company’s financial position and for the implementation of the company’s business plan

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, BELARUS, HONG KONG, JAPAN, CANADA, NEW ZEALAND, RUSSIA, SINGAPORE, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

    Anoto Group AB (“Anoto” or the “Company“) hereby informs that the Board of Directors has resolved to carry out a directed share issue amounting to approximately SEK 15 million, a rights issue amounting to approximately SEK 50 million and a set-off issue amounting to approximately SEK 21 million. The issues are being carried out in order to strengthen the Company’s financial position and to implement the Company’s business plan. The rights issue is covered by subscription and guarantee undertakings amounting to in total 100 percent. The rights issue, the directed share issue and the set-off issue are subject to approval by an Extraordinary General Meeting.

    Background and Rationale

    Anoto is a global Swedish technology company in digital writing and drawing. The Company develops and manufactures smart pens and related software using its proprietary technology. Anoto bridges the analogue and digital worlds with its solution, pattern recognition, optics and image processing. Anoto’s business idea is to offer an intuitive digital pen that works easily, connecting the art and experience of writing on paper with instant usability on digital devices. The Company has two main business areas: B2C (Livescribe) and B2B (Enterprise Forms). Enterprise Solutions offers digital pens for professional and legal purposes, such as signatures, forms and documents while Livescribe is aimed at consumers who want to use digital pens for note-taking, meetings, messaging and creative applications. Anoto’s sales of hardware and software generate two different types of revenue streams; one-off revenue per digital pen sold from Livescribe and subscription fees from Enterprise Forms.

    Over the last year the Company has recruited a new management team with experience from building and scaling companies on an international scale as well as with a long track-record of successful product launches within the consumer sector. The new management team has, together with the Board of Directors, developed a new consumer centric strategy that is focused on growth and profitability and that includes new product launches including improved supporting software. As a first step, Anoto will launch its new product LivePen in November of 2024. The LivePen is an affordable digital pen that comes along with the accompanying LivePen app. The app allows users to instantly transfer their handwritten notes into digital form, creating a seamless integration between traditional writing and digital platforms. A key part of Anoto’s new strategy is to use a data-driven approach to understand user experiences and feedback. By analysing how users interact with the LivePen and the app, Anoto can continuously improve its products and services. This approach will inform future developments in both the pen and software segments, ensuring that products meet user needs and expectations.

    The demand for digital pens is expected to be strong and grow over the coming years, and Anoto sees a high potential for the LivePen as well as for the next-generation of digital pens and supporting software where, inter alia, Artificial intelligence (AI) powered handwriting and orientation recognition will be central. In order to capture these growth opportunities, the Company will need to build inventory and invest in marketing for LivePen with the accompanying LivePen app as well as invest in research and development for the next generation of digital pens. In order to facilitate growth, the Company also has a need to strengthen its financial position by reducing debt and improving its working capital.

    In view of the above, the Board of Directors has resolved to carry out a directed share issue of approximately SEK 15 million (the “Directed Issue”), a right issue of approximately SEK 50 million, which is covered by subscription and guarantee undertakings amounting to in total 100 percent (the “Rights Issue”), and a set-of issue of approximately SEK 21 million (the “Set-off Issue”) (and together with the Directed Issue and the Rights Issue the “Issues”).

    The proceeds from the Issues amounts to approximately SEK 86 million before transaction related costs. Of the issue proceeds, approximately SEK 40.0 million relates to set-off of loans in the Issues. The Company intends to use the net proceeds expected to be received in connection with the New Share Issues for the following purposes and in the order of priority set out below.

    The Directed Issue

    • Manufacturing                                                    approximately 47 per cent
    • Selling, general and administrative expenses        approximately 35 per cent
    • Marketing                                                          approximately 7 per cent

    Rights issue

    • Manufacturing                                                    approximately 62 per cent
    • Selling, general and administrative expenses        approximately 27 per cent
    • Marketing                                                          approximately 7 per cent
    • General corporate purpose                                  approximately 4 per cent

    Directed Issue

    The Board of Directors of Anoto has, with deviation from the shareholders’ preferential rights, resolved on the issue of no more than 125,043,750 new ordinary shares at a subscription price of SEK 0.12 per share. Payment for the subscribed shares shall be made through payment in cash or through set-off of claim. The Directed Issue provides the Company with proceeds of a total of approximately SEK 15 million before transaction related. The Directed Issue is subject to the approval by an Extraordinary General Meeting, which is scheduled to be held on 26 November 2024 (the “EGM”). The new shares have been subscribed for by institutional and other qualified investors. Payment for the subscribed shares shall be made no later than on 27 November 2024.

    The reason for the deviation from the shareholders’ preferential rights is that the Company is in great need of capital and the Board of Directors believes that the expected issue proceeds in a timely and cost-effective manner will enable the Company to (i) ensure continued operations until a rights issue has been completed, and (ii) diversify and strengthen the Company’s shareholder base with institutional investors, which justifies the issue’s deviation from the shareholders’ preferential rights. The Directed Issue will, unlike the Rights Issue, broaden the shareholder base and provide the Company with new reputable owners, which the Board of Directors believes will strengthen the liquidity of the share and be favorable for the Company. In light of the above, the Board of Directors has made the assessment that the Directed Issue with deviation from the shareholders’ preferential rights is favorable for the Company and in the best interest of the Company’s shareholders.

    The subscription price has been determined through arm’s length negotiations with the subscribers in the Directed Issue. The Board of Directors has also taken into account that the Rights Issue (as described below) is carried out with a subscription price of SEK 0.12 per ordinary share and has therefore deemed it reasonable that the Directed Issue is carried out on equivalent terms.

    The new shares in the Directed Issue corresponds to approximately 11.3 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Rights Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

    Rights Issue

    The Board of Directors of Anoto has resolved on the issue of no more than 414,823,830 new ordinary shares with preferential rights for the shareholders, raising proceeds of approximately SEK 50 million before transaction related costs. The Rights Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

    In the Rights Issue, Anoto’s current shareholders will have a preferential right to subscribe for new shares in proportion to the number of shares held on the record date on 28 November 2024. The last day of trading in Anoto’s share including the right to participate in the Rights Issue will be 26 November 2024. The subscription period is expected to run from 2 December 2024 to 16 December 2024.

    One (1) share held on the record date entitles to one (1) subscription right, according to the proposed terms and conditions. Four (4) subscription rights entitle the holder to subscribe for five (5) new shares. The subscription price has been set to SEK 0.12 per share.

    Shares which are subscribed for without preferential rights will be offered to current shareholders and other investors who have applied to subscribe for new shares without preferential rights. The new shares in the Rights Issue corresponds to approximately 37.6 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

    Set-off Issue

    As previously communicated through a press release, on 27 June 2024, the Company entered into a convertible investment agreement with Mark Stolkin and DDM Debt AB, two major shareholders in Anoto, providing Anoto with a total of USD 1.5 million in the form of convertible loans (the “Investment Agreement“). The Investment Agreement has since been increased by a total of USD 0.5 million with the following investors having adhered the Investment Agreement: Gary Butcher, BLS Futures Limited, Rocco Homes Ltd, Machroes Holdings Ltd and Adrian Weller.

    Under the terms of the Investment Agreement, upon the request of a lender, the outstanding loan amount, in full or in part, plus accrued interest, shall be converted into newly issued ordinary shares of the Company at a conversion price of SEK 0.42, which corresponds to the current quota value of the shares, and at a fixed exchange rate of 10.51 SEK/USD. However, in the event of a Qualified Financing Round (see further details in the press release published by the Company on 27 June 2024) the outstanding loan amounts shall automatically be converted into newly issued ordinary shares in Anoto at a conversion price corresponding to 75 percent of the subscription price in the Qualified Financing Round.

    Due to the Rights Issue constituting a Qualified Financing Round, the Board of Directors has resolved on a directed issue of a total of 230,636,111 ordinary shares with payment by way of set-off to the lenders Mark Stolkin, DDM Debt AB, Gary Butcher, BLS Futures Limited, Rocco Homes Ltd., Machroes Holdings Ltd and Adrian Weller. The subscription price per ordinary share is SEK 0.09, which corresponds to 75 percent of the subscription price in the Rights Issue. The subscription price in the Set-off Issue has been determined in accordance with the Investment Agreement between Anoto and the lenders. Payment shall be made through set-off of claims in connection with subscription. The Set-off Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

    The new shares in the Set-Off Issue correspond to approximately 20.9 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Rights Issue and assuming that the Rights Issue is fully subscribed.

    Subscription undertakings and guarantee commitments

    Anoto has received subscription undertakings amounting to approximately 30.2 percent of the Rights Issue from existing shareholders.

    Furthermore, the Company has entered into underwriting agreements consisting of a so-called bottom guarantee of approximately SEK 21.2 million, corresponding to approximately 42.6 percent of the Rights Issue, and a so-called top guarantee of approximately SEK 13.6 million, corresponding to approximately 27.3 percent of the Rights Issue. The bottom guarantee ensures, provided that subscription takes place at least corresponding to the subscription undertakings, that approximately 72.7 percent of the Rights Issue is subscribed and paid. The top guarantee ensures that 100 percent of the Rights Issue is subscribed for and paid for, provided that subscriptions are at least equivalent to the subscription undertakings and the bottom guarantee.

    For the guarantee undertakings a fee of 14 percent of the guaranteed amount is paid in cash compensation or in the form of new shares. The guarantee undertakings is subject to customary conditions. The guarantee undertaking is not secured through a bank guarantee, blocked funds, or pledge of collateral or similar arrangement.  

    New Board Member

    Adrian Weller, one of the investors in the Directed Issue and the Set-off Issue, will be proposed as a new member of the Board of Directors at the EGM scheduled to be held on 26 November 2024.

    Extraordinary General Meeting

    The Rights Issue is subject to approval by the EGM scheduled to be held on 26 November 2024. Notice to the EGM will be published in a separate press release later today and will be available on www.anoto.com.

    Prospectus

    Complete terms and conditions for the Rights Issue, as well as other information regarding the Company, will be provided in the prospectus that is planned to be published on or about 29 November 2024. The Prospectus which will be published on the Company’s website (www.anoto.com).

    Advisers

    Setterwalls Advokatbyrå is acting as legal advisor and Bergs Securities AB (“Bergs Securities”) is acting as Sole Global Coordinator and Bookrunner to the Company in connection with the Issues.

    This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person below for publication 25 October 2024 at 08:15 CEST.

    For further information, please contact:

    Kevin Adeson, Chairman of the board of Anoto Group AB (publ)

    For more information about Anoto, please visit www.anoto.com or email ir@anoto.com

    Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116 74 Stockholm

    About Anoto Group

    Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a lead-er in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has three main business lines: Livescribe retail, Enterprise Forms and OEM. Anoto also holds a stake in Knowledge AI, a leading AI based education solution company. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.

    IMPORTANT INFORMATION

    The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction where such offer would be considered illegal. This press release does not constitute an offer to sell or an offer to buy or subscribe for shares issued by the Company in any jurisdiction where such offer or invitation would be illegal. In a member state within the European Economic Area (“EEA”), shares referred to in the press release may only be offered in accordance with applicable exemptions under the Prospectus Regulation.

    This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

    In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

    A prospectus will be prepared in connection with the offering and admission to trading of shares in Anoto. The prospectus will be scrutinized and approved by the Swedish Financial Supervisory Authority. The Swedish Financial Supervisory Authority’s approval of the prospectus should not be understood as an endorsement of the securities being offered and admitted to trading. The prospectus will contain a description of the risks and rewards associated with an investment in Anoto and potential investors are recommended to read the prospectus in its entirety before making an investment decision.

    The prospectus will be published by the Company on or around 29 November 2024 and available on the Company’s website, www.anoto.com. This release is however not a prospectus in accordance to the definition in the Prospectus Regulation. In accordance with article 2 k of the Prospectus Regulation this press release constitutes an advertisement. Complete information regarding the Rights Issue can only be obtained through the Prospectus. Anoto has not authorized any offer to the public of shares or rights in any other member state of the EEA. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Rights Issue must be made on the basis of all publicly available information relating to the Company and the Company’s shares. Such information has not been independently verified by Bergs Securities. Bergs Securities is acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

    Information to distributors

    Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Anoto have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Anoto may decline and investors could lose all or part of their investment; the shares in Anoto offer no guaranteed income and no capital protection; and an investment in the shares in Anoto is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Rights Issue.

    For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Anoto.

    Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Anoto and determining appropriate distribution channels.

    Attachment

    The MIL Network –

  • MIL-OSI: Municipality Finance issues USD 150 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    25 October 2024 at 10:00 am (EEST)

    Municipality Finance issues USD 150 million notes under its MTN programme

    Municipality Finance Plc issues USD 150 million notes on 28 October 2024. The maturity date of the notes is 28 October 2027. MuniFin has a right, but no obligation, to redeem the notes early on 28 October 2025. The notes bear interest at a fixed rate of 4.06% per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 October 2024. 

    Natixis SA, Paris acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.
    The Group’s balance sheet totals over EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI Russia: The II Forum of the Eurasian Network University was held in Minsk

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On October 22-23, 2024, the II Forum of the scientific and educational consortium “Eurasian Network University” was held in Minsk. The goal of the Forum is to deepen the interaction of science, education and business, develop network forms of implementing higher education programs, as well as programs of additional professional education and retraining of personnel for the labor market of the EAEU member states.

    The Forum was organized by the State University of Management with the support of the Belarusian State University of Economics, the Belarusian State University and the Belarusian-Russian University. The event was attended by heads and representatives of more than 20 leading universities in the Eurasian space, representatives of ministries, authorized government bodies and the business community.

    The Forum’s formal ceremony was opened by moderators: Rector of the State University of Management Vladimir Stroyev and Rector of the Belarusian State University of Economics Alexey Egorov. Deputy Minister of the Ministry of Science and Higher Education Konstantin Mogilevsky addressed the Forum participants with a welcoming speech. The Deputy Minister noted the results of the fruitful and effective work of the Eurasian Network University over a two-year period, including the successfully launched project “Eurasian International Olympiad”, new joint educational programs launched, implemented programs for advanced training for the business community and civil servants in the field of business and management, and teachers of universities in the EAEU countries.

    Next, a welcoming address was presented to the Forum participants by Senator of the Russian Federation Lyudmila Skakovskaya. The Senator emphasized the special importance of the event in the context of modern challenges that require an active exchange of knowledge and technology in the field of education, science and culture, as well as promoting intercultural dialogue and the implementation of innovative projects. Head of the Representative Office of Rossotrudnichestvo of the Russian Federation in the Republic of Belarus Yuri Makushin delivered a welcoming speech, emphasizing that the Forum is a unique platform not only for the exchange of experience, developments and ideas for the future development of science and the education system in the territory of the EAEU member states, but also for establishing partnerships, developing effective mechanisms for the development of interaction, which is especially relevant today, in the context of modern geopolitical turbulence.

    The leading speakers of the plenary session of the Forum were: First Deputy Chairman of the State Duma Committee on Science and Higher Education Vladimir Sipyagin, Chairman of the Committee on Education and Science of the CIS Business Center for Economic Development Dmitry Repnikov, Academician of the Russian Academy of Sciences, Doctor of Economics, Professor Sergei Glazyev, Director of the branch of the National Accreditation Agency in Education Mikhail Petropavlovsky, Rector of the State University of Management Vladimir Stroyev, Rector of the National Research University “MPEI” Nikolay Rogalev, Rector of the Mari State University Mikhail Shvetsov, Rector of the University under the Interparliamentary Assembly of the EurAsEC Irlan Iskakov, Vice-Rector for Academic Affairs of the Belarusian-Russian University Natalia Vologina, Vice-Rector for Academic Affairs of the Almaty Technological University Lyazzat Baibolova.

    In their reports, the speakers presented models of inter-university cooperation, the advantages of network forms of education, areas of coordination of scientific and educational cooperation, the implementation of foreign internships as a driver for the development of trade and economic relations, and ways of integrating universities in the EAEU space.

    The International Scientific and Practical Conference of the Eurasian Network University “Priority Directions for the Development of Eurasian Integration” was held within the framework of the forum. The key topics of the sectional sessions were “Education in the Context of Eurasian Integration” and “Moral and Patriotic Education of Young People in the EAEU: Main Directions and Features of Organization”. The conference participants discussed issues of integration of government agencies, academic and business communities, prospects for the formation of a common educational space of the EAEU, tools for spiritual and moral-patriotic education of young people in EAEU universities.

    The exhibition of the Eurasian Network University, which was held at the Forum venue, also aroused great interest among students of Belarusian universities. Students got acquainted with the materials of the universities participating in the ENU, received information about the opportunities for participation in academic exchange programs at the universities participating in the ENU, Olympiads that provide opportunities to study within the quotas of the Government of the Russian Federation, and about additional professional education programs.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/25/2024

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

    MIL OSI Russia News –

  • MIL-OSI China: Apple CEO Tim Cook vows to increase investment in China

    Source: China State Council Information Office 3

    Apple CEO Tim Cook pledged on Friday to continue to increase investment in China in areas such as supply chain and research and development.

    Cook made the remarks when meeting with Chinese Minister of Commerce Wang Wentao. 

    MIL OSI China News –

  • MIL-OSI Security: National Armaments Directors meet to enhance Allied defence planning and production and strengthen their engagement with partners

    Source: NATO

    As NATO works to enhance defence production and ensure better defence planning, NATO Secretary General Mark Rutte spoke to the Conference of National Armaments Directors (CNAD) on the urgency of the task ahead. “Defence industrial issues are at the core of my agenda,” Mr Rutte explained. “NATO has made significant progress in kick-starting defence production, supporting Ukraine with munitions, and rebuilding stockpiles, but there is more to do, together.”

    The meeting on 23 and 24 October brought representatives from Allied and Interoperability Partner nations together at NATO Headquarters for their 2024 Autumn Plenary Session. Delegates discussed the most pressing challenges for the armaments community across the Alliance and beyond. They addressed defence planning and production, joint procurement, and standardization. They also spoke about how to strengthen engagement with partners, in particular on supply chain security and defence industrial cooperation.

    The CNAD plays an essential role in delivering the interoperable capabilities needed for the Alliance’s deterrence and defence. The Secretary General commended their work, highlighting the important part that Armaments Directors play in “turning political priorities and decisions into action.” This is vital not only among Allies but also with Partners. The recently appointed Assistance Secretary General for Defence Investment and CNAD’s Permanent Chair, Tarja Jaakkola, underscored the value of the of “ensuring that the CNAD contributes to bringing on board partners in NATO discussions to the fullest extent possible.”

    MIL Security OSI –

  • MIL-OSI Europe: Follow-up of UN framework for biodiversity at CBD COP16

    Source: Government of Sweden

    The UN global agreement to halt and reverse the ongoing loss of biodiversity – the Kunming-Montreal Global Biodiversity Framework – was adopted in 2022. Implementation efforts are being followed up at the 16th Conference of the Parties to the Convention on Biological Diversity (CBD COP16) taking place in Cali, Colombia on 21 October–1 November 2024.

    Taking place in conjunction with COP16 are Conferences to the Parties of two protocols: the Cartagena Protocol on Biosafety (COP-MOP11) and the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization (COP-MOP5).

    Sweden is part of the EU negotiating delegation at COP16. The top priority for Sweden is issues that are particularly important for the implementation of the Framework – the Conference’s adoption of an updated monitoring framework and a transparent review process for follow-up of the global targets, including reporting.  

    Decisions are also expected to be taken at the Conference on the following priority issues for Sweden:

    • a long-term strategy for resource mobilisation from all sources;
    • intensifying cooperation between climate and biodiversity, since climate change and the threat to biodiversity must be addressed collectively; 
    • the design of the mechanism for digital sequence information (DSI), 
    • a new work programme and stronger engagement in the Convention’s work for indigenous people and local communities; and 
    • action plan on biodiversity and health.

    In addition, negotiations on marine issues will be held to further the work on ecologically or biologically significant marine areas, which is also a priority issue for Sweden. Earlier this year, the Government presented the Bill ‘A living sea – increased protection, reduced eutrophication and sustainable fishing’, in which its proposals include reaching the target of protecting 30 per cent of marine areas – one of the key objectives in the Kunming-Montreal Framework – by 2030.

    Several representatives of Business Sweden and the business sector are in Cali. Business engagement is key to halting and reversing the loss of biodiversity, which Minister for Climate and the Environment Romina Pourmokhtari highlighted as she delivered the opening address at a Confederation of Swedish Enterprise seminar in September 2024. 

    Ms Pourmokhtari is leading the Swedish negotiating delegation, which consists of more than 20 people from the Government Offices, the Swedish Environmental Protection Agency, the Swedish Agency for Marine and Water Management, the Swedish International Development Cooperation Agency (Sida), the Sami Parliament, Stockholm Resilience Centre and the Riksdag.

    Sida Director-General Jakob Granit and the Embassy of Sweden in Colombia are also taking part. This year, Sweden and Colombia are celebrating 150 years of bilateral relations. They enjoy close cooperation on a number of issues, none more so than the green transition.

    MIL OSI Europe News –

  • MIL-OSI Video: European Commission President Ursula von der LEYEN Western Balkans tour (Kosovo)

    Source: European Commission (video statements)

    Press Conference with HE Vjosa Osmani-Sadriu, President of the Republic of Kosovo

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

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

    https://www.youtube.com/watch?v=Zgfi87kZdkw

    MIL OSI Video –

  • MIL-OSI United Kingdom: Australian funds back British economy with major moves to the UK

    Source: United Kingdom – Executive Government & Departments

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK. 

    • Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific   

    • This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property 

    • Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.   

    The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.    

    Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

    The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

    The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.   

    Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

    Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

    Prime Minister Keir Starmer said:

    “These investments are a major vote of confidence in the UK, and in this government.

    “I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

    “By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.”

    AustralianSuper chief executive Paul Schroder said:

    “We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

    “By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

    “This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.”

    Aware Super chief executive Deanne Stewart:

    “Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.” 

    Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.  

    No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.   

    The deal has allowed the companies to expand their UK operations to more than 250 people.   

    The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.   

    The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.   

    The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.   

    They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.   

    The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island. During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI: Unlock Your Crypto Potential: KuCoin Launches Advanced Options Trading Platform with Greater Investor Flexibility

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 25, 2024 (GLOBE NEWSWIRE) — KuCoin, a leading global crypto exchange, is excited to announce significant enhancements to its options trading service. The upgraded platform introduces European-style options catering to sophisticated traders seeking to optimize their cryptocurrency investments, focusing on major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

    The new options trading feature on KuCoin allows for exercises only at the expiration date, however, positions can be closed at any time prior, providing traders with greater flexibility and control over their strategies. This service simplifies options trading by supporting major cryptocurrencies like BTC and ETH and using USDT for all transactional pricing and settlements. Such features underscore KuCoin’s commitment to accessibility and user convenience, making advanced trading tools available to a broader audience.

    KuCoin’s options trading service is tailored to maximize capital efficiency, allowing traders to control significant positions with relatively small capital outlays. This presents a substantial leverage opportunity, enhancing the potential for significant returns. Additionally, the design of KuCoin’s options trading platform emphasizes risk mitigation, limiting potential losses to the premiums paid. This feature is particularly crucial in the often volatile cryptocurrency markets, providing traders with much-needed security.

    Furthermore, the platform facilitates a variety of strategic trading approaches, including hedging and speculative trading, thereby enhancing users’ ability to manage their investment portfolios effectively. The minimum order size of just 10 USDT makes this innovative trading tool accessible to all traders, ranging from beginners to seasoned professionals.

    This launch highlights KuCoin’s ongoing commitment to innovation and its dedication to enhancing the user experience. By providing comprehensive, secure, and user-friendly trading solutions, KuCoin continues to empower its users worldwide, reinforcing its position as a leader in the crypto industry.

    About KuCoin

    Launched in September 2017, KuCoin is a leading cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform with a focus on inclusiveness and community engagement. It offers over 800 digital assets across Spot trading, Margin trading, P2P Fiat trading, Futures trading, and Staking to its 36 million users in more than 200 countries and regions. KuCoin ranks as one of the top 6 crypto exchanges. KuCoin was acclaimed as “One of the Best Crypto Apps & Exchanges of June 2024” by Forbes Advisor and has been included as one of the top 50 companies in the “2024 Hurun Global Unicorn List”. Learn more at https://www.kucoin.com/.

    Contact:
    Eden Gao
    eden.gao@kucoin.com

    Disclaimer: This content is provided by KuCoin. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/37d27027-a55e-45d1-ad7c-ebe171932581
    https://www.globenewswire.com/NewsRoom/AttachmentNg/c7d89b66-d5ca-43a7-bd54-aec113a8c70c

    The MIL Network –

  • MIL-OSI United Kingdom: Press release: Australian funds back British economy with major moves to the UK

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK. 

    • Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific   

    • This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property 

    • Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.   

    The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.    

    Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

    The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

    The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.   

    Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

    Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

    Prime Minister Keir Starmer said:

    “These investments are a major vote of confidence in the UK, and in this government.

    “I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

    “By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.”

    AustralianSuper chief executive Paul Schroder said:

    “We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

    “By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

    “This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.”

    Aware Super chief executive Deanne Stewart:

    “Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.” 

    Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.  

    No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.   

    The deal has allowed the companies to expand their UK operations to more than 250 people.   

    The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.   

    The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.   

    The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.   

    They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.   

    The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island. During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The government has identified additional incentive measures for state-owned companies to achieve key performance indicators

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The government has created conditions for improving the quality of work of employees of state-owned companies, as well as individual non-profit organizations. An order has been signed establishing an expanded list of indicators for depriving officials and managers of such structures of bonuses if they fail to achieve the established key performance indicators (KPIs).

    New grounds for reducing the size of annual bonuses include failure to comply with recommendations related to reducing the level of operating expenses of the organization. The funds freed up by such reduction allow for more effective resolution of tasks defined by national development goals. For failure to achieve the established results of such work, the CEO of the organization may lose 20% of the bonus.

    Also, officials and managers who fail to meet the established indicators of the organization’s digital transformation will be subject to a 20% bonus reduction.

    In 2021, the Government initiated a reform of development institutions and state-owned companies. The transformations were aimed at making these structures more efficient and reorienting them towards achieving the national development goals approved by the President of Russia.

    With regard to state-owned companies, methodological recommendations for the formation of key performance indicators were approved for a more accurate assessment of their activities.

    KPIs were divided into two groups: financial, characterizing the profitability of the organization, and industry-specific, related to national development goals.

    State-owned companies were required to publish reports on the achievement of key performance indicators, and top managers’ remuneration began to be calculated depending on the achievement of specified parameters.

    The document will be published.

    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 Europe: ECB Consumer Expectations Survey results – September 2024

    Source: European Central Bank

    25 October 2024

    Compared with August 2024:

    • median consumer inflation perceptions over the previous 12 months and consumer inflation expectations for the next 12 months and for three years ahead all declined;
    • expectations for nominal income growth over the next 12 months increased, while expectations for spending growth over the next 12 months remained unchanged;
    • expectations for economic growth over the next 12 months were unchanged, while the expected unemployment rate in 12 months’ time increased;
    • expectations for growth in the price of homes over the next 12 months increased slightly, while expectations for mortgage interest rates 12 months ahead declined slightly.

    Inflation

    The median rate of perceived inflation over the previous 12 months declined further in September to 3.4%, from 3.9% in August. Perceptions of past inflation have thus declined by 5.0 percentage points since their peak of 8.4% in September 2023. Median expectations for inflation over the next 12 months declined to 2.4%, from 2.7% previously, and stood at their lowest level since September 2021. Median expectations for inflation three years ahead also declined in September, by 0.2 percentage points to 2.1%, their lowest level since February 2022 (when Russia invaded Ukraine). Inflation expectations at the one-year and three-year horizons remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months remained unchanged, also at its lowest level since February 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, expectations for lower income quintiles were slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than previously. (Inflation results)

    Income and consumption

    Consumer nominal income growth expectations increased to 1.3%, from 1.2% in August. The increase in income expectations continued to be driven by the lowest two income quintiles. Perceptions of nominal spending growth over the previous 12 months remained unchanged at 5.2%. Similarly, expectations for nominal spending growth over the next 12 months remained stable at 3.2%, their lowest level since February 2022. For the first time since March 2023, there was no drop in either perceptions or expectations of nominal spending, while inflation perceptions and expectations both continued on their downward trajectory, which might indicate a positive turning point for real spending. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were stable in September, standing at -0.9%. Meanwhile, expectations for the unemployment rate 12 months ahead increased to 10.6%, from 10.4% in August. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.3%), implying a broadly stable labour market. The lowest income quintile continued to report the highest expected and perceived unemployment rate, as well as the lowest economic growth expectations. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 2.8% over the next 12 months, which was slightly higher than in August (2.7%). Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.4% and 2.5% respectively). Expectations for mortgage interest rates 12 months ahead declined slightly to 4.7%, 0.8 percentage points lower than their peak in November 2023 and the lowest level since September 2022. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.3%), while the highest-income households expected the lowest rates (4.2%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months declined, as did the net percentage of those expecting a tightening over the next 12 months. (Housing and credit access results)

    The release of the CES results for October is scheduled for 29 November 2024.

    For media queries, please contact: Eszter Miltényi-Torstensson, Tel: +49 171 769 5305

    Notes

    MIL OSI Europe News –

  • MIL-OSI Europe: Monetary developments in the euro area: September 2024

    Source: European Central Bank

    25 October 2024

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in September 2024 from 2.9% in August, averaging 2.8% in the three months up to September. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -1.2% in September, compared with ‑2.1% in August. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 9.7% in September from 10.4% in August. The annual growth rate of marketable instruments (M3-M2) decreased to 21.8% in September from 22.3% in August.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed -0.8 percentage points (up from -1.4 percentage points in August), short-term deposits other than overnight deposits (M2-M1) contributed 2.8 percentage points (down from 2.9 percentage points) and marketable instruments (M3-M2) contributed 1.3 percentage points (as in the previous month).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households increased to 2.8% in September from 2.3% in August, while the annual growth rate of deposits placed by non-financial corporations decreased to 1.6% in September from 1.8% in August. Finally, the annual growth rate of deposits placed by investment funds other than money market funds increased to 11.9% in September from 11.7% in August.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in September 2024, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 3.9 percentage points (down from 4.0 percentage points in August), claims on the private sector contributed 1.1 percentage points (as in the previous month), claims on general government contributed -0.5 percentage points (down from -0.4 percentage points), longer-term liabilities contributed -1.8 percentage points (as in the previous month), and the remaining counterparts of M3 contributed 0.5 percentage points (up from 0.0 percentage points).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents stood at 0.5% in September 2024, unchanged from the previous month. The annual growth rate of claims on general government stood at -1.2% in September, compared with -1.1% in August, while the annual growth rate of claims on the private sector stood at 1.2% in September, unchanged from the previous month.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) stood at 1.6% in September, compared with 1.5% in August. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 0.7% in September, compared with 0.6% in August, while the annual growth rate of adjusted loans to non-financial corporations increased to 1.1% in September from 0.8% in August.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Europe News –

  • MIL-OSI: Scintilla relaunches as a pioneer in digital asset solutions, expanding its role in the future of finance

    Source: GlobeNewswire (MIL-OSI)

    Dubai, UAE, Oct. 25, 2024 (GLOBE NEWSWIRE) — Following a management buy-out by the management team at TOKO FZE, the business has been rebranded as Scintilla, the revolutionary platform providing on-chain solutions and services to make investments more inclusive, accessible, and efficient. Having been developed within DLA Piper’s Law& innovation portfolio, TOKO – now Scintilla has a fresh brand identity, new leadership, and innovative product offerings. Scintilla is set to reshape the future of finance by enabling businesses to unlock the power of blockchain technology across various asset classes, with DLA Piper remaining as a minority shareholder. 

    Regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Scintilla is one of the first digital asset companies to gain full market licenses, marking a significant milestone in the sector’s landscape. Being a regulated entity underscores Scintilla’s commitment to the highest standards of compliance and security while pioneering new solutions for tokenization in the global market.

    Innovating Finance Through Tokenization
    Scintilla offers a comprehensive suite of tokenization services designed to bring liquidity, transparency, and efficiency to traditional finance sectors. From tokenized financial products, and real estate all the way to new legal funding products, Scintilla’s digital asset solutions enable clients to tokenize assets that were previously inaccessible to investors or illiquid.

    Scintilla’s services include:

    • Advisory Services:
      The gateway to successful market entry. From initial opportunity assessment to strategic development of game-changing tokenization-based solutions. 
    • Use Case Development:
      Bringing products to life. From initial POC development and iteration towards MVP all the way through to the full market launch. 
    • Broker/Dealer Services:
      Creating new markets. Regulated primary market trading, ensuring the highest levels of trust and security within the tokenization space. 
    • Exchange Services:
      Universal participation. Seamless, secure secondary trading of tokenized assets, with industry-leading technology and compliance standards.

    Scintilla is uniquely positioned to capitalize on the confluence of Dubai’s world-leading regulatory environment, cutting-edge technology, and the burgeoning RWA market.

    A New Era for Scintilla
    The relaunch of Scintilla represents more than just a rebranding—it signifies the company’s growing ambition to lead in the digital asset space. With an expanded team of industry experts, including continuing Board representation from DLA Piper, and a clear strategic vision, Scintilla is set to drive the adoption of tokenization in traditional financial markets.

    “Our relaunch marks the beginning of an exciting new chapter for Scintilla and the wider industry. We are committed to pushing the boundaries of what is possible in digital finance while ensuring our solutions are underpinned by strong regulatory compliance,” said Tim Popplewell, CEO of Scintilla. “With our new suite of products and services, we are empowering investors to transform the way they manage and access value.”

    Jean-Pierre Douglas-Henry, Managing Director, Sustainability and Resilience, DLA Piper added: “Innovation is a key strand in our business strategy. As our business focuses on developing and nurturing innovations that add significant value to our clients through our Law& innovation program, it is fantastic to see this solution spun out into the thriving digital asset space for the next stage of its growth and development.”

    NOTE: All regulated advisory, broker/dealer, and exchange services are currently carried out by TOKO FZE, a VARA-regulated body. (VARA License No.VL 23/07/002.)
    Leading the Way in the Digital Asset Economy

    Scintilla is at the forefront of the digital asset revolution, creating new opportunities in the global marketplace. Born out of the global law firm DLA Piper, Scintilla is a digital asset creation platform that couples the compliance and regulatory rigor of a law firm with the innovative technology solutions of tomorrow. Fully regulated by Dubai’s Virtual Assets Regulatory Authority (VARA), Scintilla provides end-to-end virtual assets solutions; empowering asset owners, issuers, and investors to solve real-world problems and promote financial inclusion.

    For more information, visit scintillanetwork.com

    The MIL Network –

  • MIL-OSI Economics: Intercap Consulting Limited

    Source: Isle of Man

    Notice is hereby given that Intercap Consulting Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 25/10/2024.

    MIL OSI Economics –

  • MIL-OSI Africa: African Development Bank President calls for bold, innovative and practical solutions to tackle poverty in Africa

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

    WASHINGTON D.C, United States of America, October 25, 2024/APO Group/ —

    Climate change, global financial shocks and growing food insecurity are threatening Africa, the world’s fastest-growing continent and hampering achievement of global development goals. To tackle these challenges and speed up the continent’s efforts to achieve these goals, the president of the African Development Bank (www.AfDB.org), Dr. Akinwumi Adesina on Thursday called for bold reforms from development partners.  

    “We need bolder resolve, innovative and practical solutions, and stronger coordinated action at scale,” he said during a meeting of multilateral development bank (MDB) heads with the G20 Global Alliance against Hunger and Poverty (http://apo-opa.co/3YzKsaP). The MDB leaders met on the sidelines of the International Monetary Fund and the World Bank Group’s ongoing annual meetings in Washington DC.

    Adesina who is leading the Bank’s delegation participating in key sessions of the Bretton Wood institutions’ meetings, will highlight his priority concerns for Africa: combatting hunger and eliminating malnutrition, providing electricity to 300 million people by 2030, scaling up infrastructure for agricultural and industrial transformation, combatting climate change, and supporting some of the world’s most fragile nations by mobilizing additional resources for the African Development Fund – the  Bank Group’s concessional lending arm.

    “Our strength lies in consolidating our collaboration, mobilizing resources at speed and scale, and deploying them where they are needed most,” Adesina said.

    High on Adesina’s agenda is the opportunity to consolidate partnerships with partner multilateral development banks such as the World Bank.

    The two institutions are working on co-hosting an Africa Energy Summit in Tanzania in January 2025 to accelerate Mission 300, a joint initiative to connect 300 million people in Africa to electricity by 2030. At that summit, African leaders are expected to endorse an Africa Energy Compact.

    Dr. Adesina is accompanied by a team of the institution’s senior management team  including the Bank’s Senior Vice President Marie Laure Akin-Olugbade, Hassatou N’Sele, Vice President for Finance and Chief Financial Officer, Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, Beth Dunford, Vice President, Agriculture, Human and Social Development, Chief Economist and Vice President, Economic Governance and Knowledge Management, Kevin Urama, as well as Nnenna Nwabufo, Vice President for the Regional Development, Integration and Business Delivery Complex.

    Also in Washington, Adesina will participate in a meeting of heads of MDBs, hold bilateral meetings with development partners and host a meeting of the Africa Investment Forum’s founding partners.

    The 2024 Africa Investment Forum (http://apo-opa.co/3YzKsrl) which will take place in Morocco in December, offers bountiful opportunities for international investors. The forum has attracted over $180 billion in investment interest in Africa over the last five years across various sectors including agribusiness, energy, roads and transport, health, and digital technology.

    Earlier this week, US Secretary of the Treasury Janet Yellen spoke on the Evolution of MDBs and their significant achievements in the development agenda for Africa and the world.  She highlighted the increase in May of the Bank’s callable capital, the Mission 300 joint initiative with the World Bank and the African Development Bank’s work on addressing fragility in various parts of the continent.

    “Outside of crisis contexts, countries are increasingly addressing the underlying drivers of fragility and conflict, such as in the case of an African Development Bank loan to the Democratic Republic of Congo to invest in increasing agricultural productivity in communities that had been displaced,” Yellen said.

    Next week, Adesina will travel to Des Moines, Iowa, where he will take part in the 2024 Borlaug Dialogue and World Food Prize. A number of African Heads of State and Government are expected in Iowa for high-level meetings around global food security and agricultural innovation.

    The 2024 IMF Annual Meetings take place from October 21–26 in Washington, DC. The meetings include the International Monetary and Financial Committee (IMFC) and the Development Committee, a joint forum of the IMF and the World Bank.

    President Akinwumi Adesina participates at the 4th G20 Finance Ministers and Central Bank Governors Meeting – African Development Bank Group https://apo-opa.co/4fegwX8

    President Akinwumi Adesina co-hosts and delivers opening remarks at the Financing for the G20 Global Alliance against Hunger and Poverty through SDR event https://apo-opa.co/3YiSMKE

    MIL OSI Africa –

  • MIL-OSI United Kingdom: PM call with crew of HMS Tamar: 25 October 2024

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister spoke to the crew of HMS Tamar this evening to thank them for their service and praise their role in securing Royal New Zealand Navy ship HMNZS Manawanui earlier this month.

    The Prime Minister spoke to the crew of HMS Tamar this evening to thank them for their service and praise their role in securing Royal New Zealand Navy ship HMNZS Manawanui earlier this month.

    The Prime Minister heard firsthand from members of the ship about their 650-mile high-speed transit from Fiji following the mayday call on October 5. They remained at the scene for almost two weeks providing recovery and pollution control efforts.

    This week, the ship has been bolstering security to Samoa for the Commonwealth Heads of Government Meeting, patrolling off the coast of the island while the summit is taking place.

    The Prime Minister paid tribute to the crew’s dedication and commitment so far away from home.

    He asked the ship’s company to pass on his sincere thanks to their families for their sacrifice at home too.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Australia funds back British economy with major moves to the UK

    Source: United Kingdom – Executive Government & Departments

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.

    • Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific   
    • This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property 
    • Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

    The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.    

    Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

    The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

    The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.   

    Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

    Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

    Prime Minister Keir Starmer said:

    These investments are a major vote of confidence in the UK, and in this Government.

    I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

    By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.

    AustralianSuper chief executive Paul Schroder said:   

    We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

    By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

    This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.

    Aware Super chief executive Deanne Stewart:

    Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.

    Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.  

    No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.   

    The deal has allowed the companies to expand their UK operations to more than 250 people.   

    The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.   

    The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.   

    The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.   

    They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.   

    The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island.  During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: PM call with crew of HMS Tamar: 25 October 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The Prime Minister spoke to the crew of HMS Tamar this evening to thank them for their service and praise their role in securing Royal New Zealand Navy ship HMNZS Manawanui earlier this month.

    The Prime Minister spoke to the crew of HMS Tamar this evening to thank them for their service and praise their role in securing Royal New Zealand Navy ship HMNZS Manawanui earlier this month.

    The Prime Minister heard firsthand from members of the ship about their 650-mile high-speed transit from Fiji following the mayday call on October 5. They remained at the scene for almost two weeks providing recovery and pollution control efforts.

    This week, the ship has been bolstering security to Samoa for the Commonwealth Heads of Government Meeting, patrolling off the coast of the island while the summit is taking place.

    The Prime Minister paid tribute to the crew’s dedication and commitment so far away from home.

    He asked the ship’s company to pass on his sincere thanks to their families for their sacrifice at home too.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Launch of Phase 2 Budget Consultation 2025/26

    Source: Scotland – City of Aberdeen

    Aberdeen City Council has today launched the second and final phase of its Budget 2025/26 consultation. 

    The second phase provides additional proposed savings options and invites people to have their say on these, and comment on how changes might affect them if taken forward.  

    Councillor Alex McLellan, Convener of the Finance and Resources Committee, said: “The next phase of the consultation continues to offer the public an opportunity to express their views on proposed savings being put forward by council officers ahead of the Council setting the 2025/26 budget.

    “It is important that people participate as this will give us a greater understanding of what services are important to individuals and their families, and the potential impact any change or removal of a service may have on them.”

    Anyone who has access to the internet at home or on their mobile phone can access the consultation here.

    For anyone who does not have internet access at home, digital assistance is available at local libraries including the Central Library, and at the Customer Service Centre, Marischal College during opening hours.

    A series of virtual and in-person events have been arranged to help encourage public engagement. During these events, the public will have the opportunity to discuss any of the proposed options with council staff.  There will also be targeted engagement with community groups and other stakeholders.

    Monday 4 November – 5.30pm-7pm – virtual
    Microsoft Teams 
    Advanced booking is required. To book, please click here

    Monday 11 November – 11am-12.30pm – in-person

    Town and County Hall, Town House (entry via Union Street)

    Advanced booking is required. To book, please click here

    Tuesday 12 November – 5.30pm-7pm – virtual
    Microsoft Teams 
    Advanced booking is required. To book, please click here

    Wednesday 6 November – 6pm-7.30pm – in-person
    Customer Service Centre, Marischal College, Broad Street 
    Advance booking is required. To book, please click here

    The Council will host a series of pop-up events to offer digital assistance to citizens who would like support to complete the consultation online.  These sessions will be held within Aberdeen City Vaccination Centre located inside the Bon Accord Shopping Centre, George Street.  

    Advanced booking is NOT required to attend the below pop-up sessions.  

    • Thursday 31 October – 2pm-4pm
    • Thursday 7 November – 2pm-4pm
    • Thursday 14 November – 2pm-4pm

    For anyone who needs information provided in a different format, such as accessible PDF, large print, easy to read, audio recording or braille, or have any accessibility requirements, please email equality_and_diversity@aberdeencity.gov.uk

    The consultation closes on Sunday, November 17 and the results will be presented to Full Council on Wednesday, December 11. 

    MIL OSI United Kingdom –

  • MIL-OSI Russia: BRICS Congress. The Role of Education in Solving Global Economic Problems

    Translation. Region: Russian Federation –

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

    On October 20 and 21, the BRICS Scientific and Educational Congress on Ecology and Climate Change was held at the Sirius Federal Territory. It brought together more than 500 representatives of science, education, the business community and governments of BRICS member countries, including India, Brazil, Iran and Ethiopia.

    The event was attended by the Director of the Institute of Civil Engineering of SPbPU Marina Petrochenko, Professor of the Higher School of Hydrotechnical and Power Engineering (HSHPE) Natalia Politaeva and Associate Professor of the HSHPE Alexander Chusov.

    Over the course of two days, business representatives and scientists discussed the following issues:

    The role of education in addressing global climate change issues; Water management in the context of climate change; New technologies for clean energy; Talent economy: New professions and skills in the context of “green” energy; Permafrost and climate change; Water purification technologies.

    In the expert session “New technologies for environmentally safe waste management and their role in the closed-loop economy” Natalia Politaeva presented a report “Innovative waste processing technologies”. In the poster session, the Civil Engineering Institute presented a team report “Utilization of organic waste with the production of biomethane”.

    On the second day of the event, with the assistance of SPbPU partner, the investment and technology company EFIR (RUSNANO Ecology and Nature Management cluster), representatives of the ISI held talks with Sirius University and the Russian-Singapore Business Council on the development of cooperation in the field of scientific and educational activities.

    The congress participants went on excursions to the Sirius educational center and the laboratory complex of the local university, where the latest infrastructure for training and supporting scientific research of talented young people is presented.

    At the congress, Polytech presented its unique technologies and developments in the field of waste management, which are of interest to businesses and the federal environmental operator that organizes and controls the collection, transportation, processing, recycling, neutralization and placement of waste of the first and second hazard classes. It was also important for us to exchange opinions with our foreign colleagues from Brazil, India and other countries. Everyone has common problems. It is obvious that we need to combine efforts and use the resource base, as well as the potential of foreign partners to solve the main problems of the environmental agenda, – commented on the results of the work, Director of the Civil Engineering Institute Marina Petrochenko.

    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 Asia-Pac: Business expectations for the fourth quarter of 2024

    Source: Hong Kong Government special administrative region

    Business expectations for the fourth quarter of 2024
    Business expectations for the fourth quarter of 2024
    ****************************************************

         The Census and Statistics Department (C&SD) released today (October 25) the results of the Quarterly Business Tendency Survey for the fourth quarter (Q4) of 2024. Business situation      For all surveyed sectors taken together, the proportion of respondents expecting their business situation to be better (13%) in Q4 2024 over the preceding quarter is lower than that expecting it to be worse (16%).       When compared with the results of the Q3 2024 survey round, the proportion of respondents expecting a better business situation in Q4 2024 is 13%, higher than the corresponding proportion of 11% in Q3 2024, while the proportion of respondents expecting a worse business situation had increased from 12% in Q3 2024 to 16% in Q4 2024.      Analysed by sector, respondents in most of the surveyed sectors expect their business situation to decrease on balance or remain broadly unchanged in Q4 2024 as compared with Q3 2024. In particular, more respondents in the retail, manufacturing and construction sectors expect their business situation to be worse in Q4 2024 as compared with Q3 2024.      The results of the survey should be interpreted with care. In this type of survey on expectations, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents’ perception of the future accords with the underlying trends. The enumeration period for this survey round was from September 3, 2024 to October 15, 2024.  Volume of business/output      Respondents in all of the surveyed sectors expect their volume of business/output to decrease on balance or remain broadly unchanged in Q4 2024 as compared with Q3 2024. In particular, more respondents in the construction, retail and manufacturing sectors expect their volume of construction output/sales/production to decrease in Q4 2024 over Q3 2024. Employment      Respondents in quite a number of the surveyed sectors expect their employment to remain broadly unchanged in Q4 2024 as compared with Q3 2024. Nevertheless, more respondents in the transportation, storage and courier services sector expect their employment to increase, as compared to those expecting it to decrease. Selling price/service charge      Respondents in most of the surveyed sectors expect their selling prices/service charges to remain broadly unchanged in Q4 2024 as compared with Q3 2024. In the construction and manufacturing sectors, however, more respondents expect their tender prices/selling prices to go down in Q4 2024 over Q3 2024. Commentary      A Government spokesman said that large enterprises’ overall business sentiment for the fourth quarter remained soft. Meanwhile, large enterprises’ appetite for hiring varied across sectors, but stayed largely steady in overall terms.      Looking forward, the spokesman said that the gradually easing financial conditions, the Central Government’s latest policy measures for supporting the Mainland economy as well as its various measures benefitting Hong Kong should bode well for business sentiment, though global economic uncertainties and trade conflicts may pose some negative impacts. The Government will monitor the situation closely. Further information      The survey gathers views on short-term business performance from the senior management of about 550 prominent establishments in various sectors in Hong Kong with a view to providing a quick reference, with minimum time lag, for predicting the short-term future economic performance of the local economy.      The survey covers 10 major sectors in Hong Kong, namely manufacturing; construction; import/export trade and wholesale; retail; accommodation and food services (mainly covering services rendered by hotels and restaurants); transportation, storage and courier services; information and communications; financing and insurance; real estate; and professional and business services sectors.      Views collected in the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in, and are limited to the expected direction of quarter-to-quarter change (e.g. “up”, “same” or “down”) but not the magnitude of change. In collecting views on the quarter-to-quarter changes, if the variable in question is subject to seasonal variations, respondents are asked to provide the expected changes after excluding the normal seasonal variations.      Survey results are generally presented as “net balance”, i.e. the difference between the percentage of respondents choosing “up” and that choosing “down”. The percentage distribution of respondents among various response categories (e.g. “up”, “same” and “down”) reflects how varied their business expectations are. The “net balance”, with its appropriate sign, indicates the direction of expected change in the variable concerned. A positive sign indicates a likely upward trend while a negative sign indicates a likely downward trend. However, the magnitude of the “net balance” reflects only the prevalence of optimism or pessimism, but not the magnitude of expected change, since information relating to such magnitude is not collected in the survey.      Furthermore, owing to sample size constraint, care should be taken in interpreting survey results involving a small percentage (e.g. less than 10%) of respondents in individual sectors.      Chart 1 shows the views on expected changes in business situation for the period Q4 2023 to Q4 2024.      Table 1 shows the net balances of views on expectations in respect of different variables for Q4 2024.      The survey results are published in greater detail in the “Report on Quarterly Business Tendency Survey, Q4 2024”. Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1110008&scode=300).            Users who have enquiries about the survey results may contact the Business Expectation Statistics Section of the C&SD (Tel: 3903 7263; email: business-prospects@censtatd.gov.hk).

     
    Ends/Friday, October 25, 2024Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HKMA designates Primary Liquidity Providers and expands Scheme

    Source: Hong Kong Government special administrative region

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

         The Hong Kong Monetary Authority (HKMA) announced today (October 25) the designation of eleven banks as Primary Liquidity Providers (PLPs) for offshore renminbi (RMB) market in Hong Kong (i.e. CNH market) for a two-year term, with effect from October 27, 2024 following the expiry of the current term, and the increase in the total amount of RMB liquidity available in the PLP Scheme.
     
    The eleven PLPs are:
    Agricultural Bank of China Limited
    Bank of China (Hong Kong) Limited
    Bank of Communications Co., Ltd.
    BNP Paribas
    China CITIC Bank International Limited
    China Construction Bank (Asia) Corporation Limited
    Citibank, N.A.
    Hang Seng Bank, Limited
    Hongkong and Shanghai Banking Corporation Limited, The
    Industrial and Commercial Bank of China (Asia) Limited
    Standard Chartered Bank (Hong Kong) Limited
     
         The PLPs were selected among the current PLPs and the contributing banks for CNH HIBOR fixing, and are all active participants in the CNH market. The selection was based on a range of criteria, including the institution’s capability in providing CNH funding and making market for CNH instruments, and commitment to using Hong Kong as a global hub for offshore RMB business. As the result of the designations, the total RMB repo facility dedicated to all PLPs will increase from RMB18 billion to RMB20 billion. The expansion of the PLP Scheme will enhance offshore RMB liquidity and is conducive to the continuing development of Hong Kong as the offshore RMB business hub.
          
         The HKMA regularly reviews the operation of the scheme and the performance of PLPs and consider the need for refinements, including the number of PLPs and the size of the repo facility.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Press release: Australia funds back British economy with major moves to the UK

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.

    • Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific   
    • This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property 
    • Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

    The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.    

    Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

    The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

    The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.   

    Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

    Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

    Prime Minister Keir Starmer said:

    These investments are a major vote of confidence in the UK, and in this Government.

    I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

    By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.

    AustralianSuper chief executive Paul Schroder said:   

    We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

    By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

    This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.

    Aware Super chief executive Deanne Stewart:

    Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.

    Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.  

    No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.   

    The deal has allowed the companies to expand their UK operations to more than 250 people.   

    The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.   

    The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.   

    The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.   

    They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.   

    The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island.  During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Task Force on Promoting the Development of Asset and Wealth Management holds first meeting (with photo)

    Source: Hong Kong Government special administrative region

         The Task Force on Promoting the Development of Asset and Wealth Management, chaired by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, was established and convened its first meeting today (October 25).
     
         Hong Kong is an international asset and wealth management (WAM) centre. To drive market development, the Financial Secretary has announced in the 2024-25 Budget the establishment of the Task Force to discuss with the industry measures for further developing the WAM industry. The Task Force comprises nine non-official members from the WAM industry, government officials, and representatives of financial regulators and relevant bodies.
     
         The Chief Executive’s 2024 Policy Address has set out the need to further enhance Hong Kong’s status as an international WAM centre. In this respect, the Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds, single-family offices, etc. At its first meeting, the Task Force had a focused discussion on the proposed enhancements.
     
         Mr Hui said, “As an international WAM centre, Hong Kong has long been a hub for global capital and family offices. As of end-2023, assets under management in Hong Kong reached over HK$31 trillion, and net fund inflows of close to HK$390 billion were registered, representing a year-on-year increase of over 3.4 times. Funding sourced from non-Hong Kong investors has consistently accounted for a high percentage, reflecting the confidence of international investors in Hong Kong’s WAM industry. Also, market research estimates that Hong Kong is home to about 2 700 single-family offices, with over half of them set up by ultra-high-net-worth-individuals with a wealth of US$50 million or above.
     
         “In view of the development trends in global finance, Hong Kong will continue to consolidate and enhance its competitive advantages and pursue continuous reforms. The Task Force brings together industry leaders and professionals, and I believe their valuable advice will help propel the long-term development of the WAM industry.”
     
         The membership of the Task Force is as follows, with the term of non-official members taking effect from October 25, 2024, for two years:
     
    Chairman
    ———–
    Secretary for Financial Services and the Treasury
     
    Non-official members
    ————————
    Mr Kent Chen
    Mr Jiang Jingjing
    Ms Lian Shaodong
    Ms Luanne Lim
    Ms Amy Lo
    Ms Elisa Ng
    Mr Murray Steel
    Mr Peter Stein
    Mr Sun Yu
     
    Official members
    ——————-
    Permanent Secretary for Financial Services and the Treasury (Financial Services)
    Commissioner of Inland Revenue
    Deputy Chief Executive, Hong Kong Monetary Authority
    Executive Director (Investment Products), Securities and Futures Commission
    Executive Director (Policy), Mandatory Provident Fund Schemes Authority
    Head of Equities Product Development, Hong Kong Exchanges and Clearing Limited
    Executive Director, Financial Services Development Council   

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Back on Earth: NASA’s SpaceX Crew-8 Mission Splashes Down Off Florida

    Source: NASA

    NASA’s SpaceX Crew-8 mission successfully splashed down at 3:29 a.m. EDT Friday, off Pensacola, Florida, concluding a nearly eight-month science mission and the agency’s eighth commercial crew rotation mission to the International Space Station.  
    After launching March 3 on a SpaceX Falcon 9 rocket from NASA’s Kennedy Space Center in Florida, NASA astronauts Matthew Dominick, Michael Barratt, and Jeanette Epps, as well as Roscosmos cosmonaut Alexander Grebenkin, spent 232 days aboard the space station.
    Recovery teams from NASA and SpaceX quickly secured the spacecraft and assisted the astronauts during exit. The crew now will head to NASA’s Johnson Space Center in Houston, while the Dragon spacecraft will return to SpaceX facilities at Cape Canaveral Space Force Station in Florida for inspection and refurbishment for future missions.
    During their mission, crew members traveled nearly 100 million miles and completed 3,760 orbits around Earth. They conducted new scientific research to advance human exploration beyond low Earth orbit and benefit human life on Earth. Research and technology demonstrations included conducting stem cell research to develop organoid models for studying degenerative diseases, exploring how fuel temperature affects material flammability, and studying how spaceflight affects immune function in astronauts. Their work aims to improve astronaut health during long-duration spaceflights, contributing to critical advancements in space medicine and benefitting humanity.
    Crew-8’s return follows the arrival of NASA’s SpaceX Crew-9 to the orbiting laboratory Sept. 29. These missions are part of NASA’s Commercial Crew Program, which provides reliable access to space, maximizing the use of the station for research and development and supporting future missions beyond low Earth orbit by partnering with private companies to transport astronauts to and from the space station. 
    Learn more about NASA’s Commercial Crew program at:
    https://www.nasa.gov/commercialcrew
    -end-
    Josh Finch / Jimi RussellHeadquarters, Washington202-358-1100joshua.a.finch@nasa.gov / james.j.russell@nasa.gov
    Leah Cheshier / Sandra JonesJohnson Space Center, Houston281-483-5111 leah.d.cheshier@nasa.gov / sandra.p.jones@nasa.gov  
    Steve Siceloff / Stephanie PlucinskyKennedy Space Center, Florida321-867-2468steven.p.siceloff@nasa.gov / stephanie.n.plucinsky@nasa.gov

    MIL OSI USA News –

  • MIL-OSI Economics: Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra – Extension of Period

    Source: Reserve Bank of India

    The Reserve Bank of India had issued Directions to The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive No. CO.DOS.SED.No.S2729/12-07-005/2022-2023 dated July 29, 2022 for a period of six months up to the close of business on January 29, 2023, which were last extended up to the close of business on October 29, 2024 vide Directive DOR.MON.D-38/12.22.130/2024-25 dated July 23, 2024.

    2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond the close of business on October 29, 2024.

    3. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from the close of business on October 29, 2024 to the close of business on January 29, 2025, subject to review.

    4. All other terms and conditions of the Directive under reference shall remain unchanged.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1373

    MIL OSI Economics –

  • MIL-OSI Video: UK Watch live: Lords debates the situation in Ukraine

    Source: United Kingdom UK House of Lords (video statements)

    Ukraine is at the heart of this Lords debate on Friday 25 October. Lord Coaker, Minister of State at the Ministry of Defence, will put forward the debate.

    Find out more and see the full list of members speaking https://www.parliament.uk/business/news/2024/october/ukraine-at-the-heart-of-lords-debate/

    Catch-up on House of Lords business:

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  • MIL-OSI United Kingdom: Major new crackdown on insurance fraud

    Source: United Kingdom – Executive Government & Departments 3

    A new insurance fraud charter was announced at the latest Joint Fraud Taskforce meeting.

    Insurance companies have united to step up efforts to crack down on fraudsters seeking to manipulate the UK insurance market with bogus claims and duping innocent people into buying fake insurance policies.  

    In 2023 alone, 84,400 fraudulent claims worth £1.1 billion were detected by the ABI, a 16% increase in the number of detected claims compared to the previous year. 

    Crash for cash scams are becoming a significant issue. This sees fraudsters recklessly orchestrate accidents to put forward an insurance claim, putting innocent lives at risk. Fraudsters may also make claims for accidents that never happened.  

    The Insurance Fraud Bureau is currently investigating over 6,000 suspected fraudulent motor insurance claims, which could be linked to crash for cash scams. In total, this is estimated to be worth over £70 million in potential fraud.

    The new voluntary charter is designed to identify loopholes in the insurance market, enhance collaboration and criminal justice outcomes, better understand the scale of the problem and improve victim support.  

    Pledges include:

    • the National Crime Agency’s National Assessment Centre carrying out a review into the role of professional enablers in the insurance sector – where someone provides false evidence to support a bogus insurance claim
    • identifying policies being exploited by “illegal insurance intermediaries” – someone pretending to be a broker or selling completely fake insurance to customers.
    • strengthening data security measures to stop insurance fraudsters using customer details to target people 
    • reviewing the tactics and websites being used by fraudsters to promote bogus insurance offers – this includes looking at the vulnerable victims’ notifications process, which has proven successful in the banking sector, to better identify and support victims of insurance fraud 

    Lord David Hanson, Minister of State at the Home Office with Responsibility for Fraud said: 

    Fraud is an appalling crime, and we are determined to crackdown on these callous criminals.

    Not only do honest customers face higher insurance premiums but these fraudsters do not care if people are harmed in the pursuit of profit.  

    This charter is an important step, and we will continue to work with industry and law enforcement to better protect the public from fraud.”  

    Hannah Gurga, ABI Director General, said:  

    Insurance fraud remains an ongoing threat that corrodes trust in society and undermines our economic prosperity.  

    Tackling insurance fraud is an industry priority, and requires a collaborative approach between private and public sector.  

    We’re delighted to have agreed the Insurance Sector Fraud Charter with the Home Office, boosting the industry’s resilience and ability to fight fraud.  

    We look forward to continuing to work with the Home Office and other industry signatories to implement the charter commitments.

    Temporary Assistant Commissioner Nik Adams, from the City of London Police, said:

    As the national lead force for fraud, we welcome the launch of this charter. Insurance fraud is not a victimless crime.

    It increases the cost of premiums for honest customers, while fraudsters who sell fake car insurance or deliberately cause road traffic collisions to claim compensation put motorists at risk.

    The Insurance Fraud Enforcement Department, a partnership between law enforcement and industry, is at the forefront of tackling this crime.

    This charter is another step forward in establishing a whole system approach to combatting fraud, as it is a commitment from organisations across the insurance sector to join law enforcement in tackling key threats, enhancing criminal justice outcomes and improving victim support.

    The charter covers the vast majority of the insurance sector ranging from general insurance firms to underwriters and has the backing of the British Insurance Brokers’ Association, London & International Insurance Brokers’ Association, Lloyd’s of London, Lloyd’s Market Association and the International Underwriting Association, alongside ABI. 

    Nobody is immune from fraud. According to the latest ONS Crime Survey Statistics, fraud is most common crime in England and Wales and 1 in 16 adults experienced fraud in the twelve months to the end of June 2024.  

    This is the first Joint Fraud Taskforce meeting of 2024.

    The taskforce meetings bring together government departments, law enforcement, regulators, private sector and victim groups to strengthen the response to fighting fraud and better protect the public.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: With the support of Rosneft, a school in Khanty-Mansiysk has received new educational equipment

    Translation. Region: Russian Federation –

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

    RN-Yuganskneftegaz (Rosneft’s largest oil producing enterprise) has equipped school No. 9 in Khanty-Mansiysk, where almost 1,000 schoolchildren study, with modern equipment and teaching aids. The enterprise is participating in the development of the educational sphere of the Khanty-Mansiysk Autonomous Okrug – Yugra within the framework of the cooperation agreement between Rosneft and the regional government.

    Rosneft implements social projects aimed at creating favorable living conditions in the regions of its presence. The company supports initiatives aimed at developing education and creating a comfortable urban environment.

    Thanks to the support of RN-Yuganskneftegaz, robotics kits were purchased, which allow students to develop programming and design skills. New interactive panels made the learning process visual and accessible, allowing for the demonstration of educational materials in all modern formats. Demonstration kits and manuals for chemistry classes made it possible to conduct all types of experiments and experiments provided for by the educational program. New devices and equipment help students in physics lessons better understand the patterns and practical significance of the processes being studied.

    Now the school classrooms are fully equipped with interactive digital equipment and office equipment, a classroom for the Russian Movement of Children and Youth “Movement of the First” is equipped. Particular attention is paid to creating favorable conditions for children with special needs, for whom a classroom for individual lessons with a psychologist and an adaptive physical education teacher is equipped.

    Thanks to the support of oil workers, the school received technical capabilities to improve the quality of education and expand the range of extracurricular activities for the comprehensive development of students’ abilities.

    Reference:

    RN-Yuganskneftegaz is the key production asset of Rosneft. The company develops fields in licensed areas with a total area of over 21 thousand square kilometers in the Khanty-Mansiysk Autonomous Okrug-Yugra. Cumulative oil production since the beginning of operations exceeds 2.7 billion tons.

    RN-Yuganskneftegaz implements significant social projects in the territory of its production activities. Within the framework of the Cooperation Agreement between NK Rosneft and the Government of Khanty-Mansiysk Autonomous Okrug-Yugra, the construction of cultural, leisure and sports complexes, healthcare institutions, kindergartens and schools, stadiums and sports grounds is financed.

    In 2023, Secondary School No. 8 in Khanty-Mansiysk received modern equipment, a sports and leisure complex was built and equipped in the urban settlement of Bely Yar in the Surgut district. In 2024, a sports complex was put into operation in the village of Lyamina in the Surgut district, which fully provides residents with the necessary conditions for sports.

    Department of Information and Advertising of PJSC NK Rosneft October 25, 2024

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

    MIL OSI Russia News –