NewzIntel.com

Category: Business

  • MIL-OSI China: FTZ reforms deepen China-ASEAN economic, trade ties

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

    NANNING, Oct. 22 — In a bustling fruit processing facility in south China’s Guangxi Zhuang Autonomous Region, the air is sweet with the luscious aroma of mangoes. Workers diligently manage a state-of-the-art, fully automated production line, preparing to send delectable products to eager markets across Southeast Asia.

    In recent years, with the deepening of economic cooperation and the trade exchange of agricultural products between China and the Association of Southeast Asian Nations (ASEAN), the complementary advantages of agricultural products trade between Guangxi and ASEAN have become more prominent. The geographical advantages of land and sea links with ASEAN have also injected vitality into the continuous expansion of Guangxi’s fruit exports.

    According to data from Nanning Customs, in 2023, Guangxi imported 16.71 billion yuan (about 2.4 billion U.S. dollars) of ASEAN agricultural products, a year-on-year increase of 43.1 percent. At the same time, Guangxi’s special fruits, such as orah mandarins and sweet tangerines, have also been well received in the ASEAN market.

    The thriving fruit trade has also spurred related companies to invest and establish their operations in Guangxi.

    Guangxi Junyi Agricultural Science and Technology Co., Ltd, a mango-processing company established in 2020 in the Chongzuo area in the China (Guangxi) Pilot Free Trade Zone (FTZ), is the region’s first border-based fruit processing enterprise with an annual main business turnover of at least 20 million yuan.

    “The pilot FTZ’s policies, including tax incentives, streamlined trade procedures and financial innovations, have not only laid fertile ground for growth but also provided substantial cost benefits to businesses,” said Shen Wuyang, the company’s deputy general manager.

    Guangxi, often described as China’s gateway to ASEAN, has risen to the forefront of China’s trade and cooperation with ASEAN in recent years, thanks to the establishment of the pilot FTZ.

    In 2019, the pilot FTZ was established to promote China’s opening up to ASEAN and to pilot new mechanisms in China-ASEAN cooperation. Since its inception, the pilot FTZ has proven to be a powerhouse, taking up a 37.7 percent share of Guangxi’s total foreign investment and a notable 38.6 percent share of the region’s foreign trade volume.

    The pilot FTZ comprises the Nanning area in the region’s capital city, the Qinzhou Port area along the coast and the Chongzuo area bordering Vietnam.

    The Chongzuo area is home to Youyiguan Port, or Friendship Pass, one of China’s busiest land ports for the trade of fruit.

    Thanks to the development of economic and trade relations between China and ASEAN, Youyiguan Port’s cargo clearance efficiency has doubled.

    “Our cargo predominantly goes to Southeast Asia, with Vietnam taking up 80 percent of our shipments and the remainder being distributed to places like Malaysia and Thailand,” noted Wang Shuqing, operations supervisor of a supply chain management company in Guangxi.

    The zone’s Nanning area focuses on the development of modern finance, the digital economy and modern services. It is pioneering innovation in cross-border finance and renminbi businesses, especially those working with ASEAN nations.

    “Previously, cross-border transactions between Guangxi and Indonesian companies involved an intermediate step of converting RMB to U.S. dollars before changing it to Indonesian rupiah. Now, we can achieve direct settlements,” said Bai Lili, deputy general manager of a China CITIC Bank branch located in the Nanning area of the pilot FTZ.

    As the pilot FTZ’s only coastal area, Qinzhou Port Area is establishing itself as a high-level gateway port that facilitates the transportation of cargo between China and ASEAN.

    According to Ye Jun, an official with the administrative committee of Qinzhou Port Area, the industrial focus of the area is on petrochemical projects, with quite a number of petrochemical enterprises having already set foot in raw material and preliminary processing in ASEAN countries.

    So far, more than 38,000 new enterprises have been established in Qinzhou Port Area, including 355 foreign-funded companies. Among the over 150 industrial projects operational or under construction, the area has attracted investments exceeding 300 billion yuan and is home to four enterprises with annual outputs of over 10 billion yuan.

    MIL OSI China News –

  • MIL-OSI New Zealand: Unreported in New Zealand

    Source: ACT Party

    The Haps

    The Solicitor General backed down on prosecution guidelines that told prosecutors to ‘think carefully’ about someone’s race before prosecuting. It shows New Zealand has really changed. Not so long ago such policies bucketed down and people felt helpless. Now we are getting real change.

    CPI inflation at 2.2 per cent, amidst the 1-3 per cent target band, is the news we’ve been waiting for. Inflation first broke out in 2021, with high interest rates following close behind. It’s taken less than a year of the new Government, one mini-budget, and one budget to get it under control. Now the way is clear for significant further rate cuts at the next Reserve Bank announcement on November 27.

    Unreported in New Zealand

    Last week, the Nobel Prize in economics was awarded to three economists, Acemoglu, Johnson, and Robinson “for studies of how institutions are formed and affect prosperity.” You won’t have read about this in the New Zealand press, besides syndicated cut and paste jobs, even though it is about colonisation, institutions, and prosperity.

    The official Nobel Citation says: The richest 20 per cent of the world’s countries are now around 30 times richer than the poorest 20 per cent. Moreover, the income gap between the richest and poorest countries is persistent; although the poorest countries have become richer, they are not catching up with the most prosperous. Why? This year’s laureates have found new and convincing evidence for one explanation for this persistent gap – differences in a society’s institutions.

    The economists studied many countries’ histories over the last 400 years, focusing on the influence of European countries that colonised most of the world. They conclude that what kind of set-up, or institutions, those colonising countries left has a strong bearing on the colonised countries’ prosperity today.

    They divide countries into two types. There are inclusive countries, that give people equal rights, to vote, own property, and operate under the rule of law. There are extractive countries, set up to extract natural resources and benefit a small number of people.

    The extractive countries tend to be the ones that weren’t very welcoming to colonisers, for example if there was a lot of malaria. In these cases, e.g. African ones, a small number of settlers arranged to get the wealth out of the ground, and that was about it.

    The alternative is inclusive countries, with free markets, the rule of law and democracy. The United States is the obvious example, along with Australia, New Zealand, and Canada. These countries attracted settlers in large numbers and there were too many of them to simply exploit natural resources. Instead they created inclusive institutions.

    There is a twist, an historic reversal of fortunes. The countries that were relatively poorer before colonisation, and ended up adopting more colonial institutions, are now relatively wealthier.

    Another important observation is that history is not static. Over time, countries liberalise. Colonial institutions were not set down in a state of perfection, far from it. But they were capable of improvement, widening voting rights, compensating for past wrongs, and enhancing civil liberties.

    You are probably starting to get a sense of why this work has not been discussed in the NZ Press. It finds that institutions matter if you want people to be prosperous. It doesn’t matter where you start, it’s where you finish that counts, and that depends on adopting the best institutions, democracy, the rule of law, property rights, free speech, and all of those values that allow people to flourish.

    No doubt New Zealand universities will be holding book burnings in case these Nobel Prize winners’ ideas make students ‘feel unsafe.’ The same institutions trained the journalists, which may be why there’s been so little discussion about this.

    Nonetheless, somewhere in our future is a country where free and open debate is not only allowed but cherished. It would be a country where we can discuss what works to create prosperity.

    The central lesson of these economists’ work is really that wealth is not given or taken, it is not ‘owned’ rightfully by any historic group. It can be created, to the point that everyone is richer than 200 years ago, but some people are 30 times richer. The trick is to adopt the right institutions, the policies that work, as quickly as possible, and those institutions are democracy, free markets, the rule of law, and equal rights for all.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: FS speaks at APEC meeting

    Source: Hong Kong Information Services

    Financial Secretary Paul Chan speaks on various topics while attending day two of the APEC Finance Ministers’ Meeting (FMM) in Peru yesterday.

     

    The topics included global and regional economic and financial outlooks, sustainable finance, sustainable infrastructure, digital finance, and enhancing resilience against climate change.

     

    This year’s APEC FMM takes the theme of “Sustainable + Digital + Resilient = APEC.”

     

    In the session on global and regional economic and financial outlooks, Mr Chan shared the latest economic situation in Hong Kong and reiterated the city’s firm support for rules-based free trade and multilateralism.

     

    He pointed out that as a super connector, Hong Kong plays a bridging role between traditional and emerging markets, promoting the regional digital economy and innovative technology for better collective development.

     

    During the discussion session on sustainable finance and infrastructure, Mr Chan highlighted Hong Kong’s functions as an international financial centre, facilitating the effective matching of funds with green and infrastructure projects.

     

    He noted that through financial innovation and co-operation with international institutions, Hong Kong has been able to securitise infrastructure loans from various countries and issue catastrophe bonds, guiding more international capital to support projects in developing countries and helping them address climate challenges.

     

    He also shared updates and experience on Hong Kong’s efforts in advancing green and transition finance, including the release of a green taxonomy aligned with international standards and active participation in setting global green standards.

     

    Additionally, the Financial Secretary participated in discussions on digital finance at the FMM, sharing Hong Kong’s experiences in developing fintech and promoting inclusive finance, including how regulatory sandboxes encourage fintech innovation and the application of new technologies.

     

    He noted that Hong Kong’s robust and internationalised financial infrastructure, along with a balanced regulatory system that promotes security and innovation, is conducive to building a thriving fintech ecosystem.

     

    At a luncheon of the APEC Business Advisory Council, Mr Chan shared Hong Kong’s experiences on leveraging private market capital to better support sustainable infrastructure and climate change projects, as well as creating a more favourable environment for micro, small and medium enterprises to embrace digital finance.

     

    Furthermore, he exchanged views with representatives and business leaders from other economies.

     

    Also during the FMM, Mr Chan spent time meeting South Korea’s Deputy Prime Minister and Minister of Economy & Finance of the Republic of Korea Choi Sang-mok, and Vietnam’s Deputy Minister of Finance Vo Thanh Hung.

     

    In the evening, he departed Peru for the US city of New York where he plans to attend the Bloomberg Global Regulatory Forum today and deliver a speech.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: October 21st, 2024 Heinrich Highlights $2.5 Million for Mobile Training Unit to Connect Rural New Mexicans to In-Demand Careers in the Skilled Trades, Participates in Training Demo with U.A. Local 412

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    PHOTOS & VIDEO
    ALBUQUERQUE, N.M. — U.S. Senator Martin Heinrich (D-N.M.), Chairman of the U.S. Joint Economic Committee and a member of the Senate Appropriations Committee, highlighted more than $2.5 million he has secured through the Appropriations process for the United Association of Plumbers & Pipefitters Local 412 (U.A. Local 412) to operate a mobile training unit that provides pre-apprenticeship training to New Mexicans living in rural and Tribal communities. 
    The mobile training unit is creating more pathways to in-demand careers in the skilled trades and has already trained dozens of New Mexicans in Española, Taos, Las Vegas, Mora, Raton, and Santa Fe. Heinrich also participated in a training demonstration with U.A. Local 412 leadership and apprentices who are learning skills in the plumbing, pipefitting, and HVAC trades.

    U.S. Senator Martin Heinrich (D-N.M.) participates in a training demonstration with the United Association of Plumbers & Pipefitters Local 412 (U.A. Local 412), October 21, 2024.
    “Thanks to our Inflation Reduction Act and CHIPS and Science Act, New Mexico is experiencing a manufacturing and clean energy renaissance that is creating new high-quality careers New Mexicans can build their families around,” said Heinrich. “I’m focused on expanding pathways to skills training and apprenticeships that connect New Mexicans to careers in their own communities. This is how we can address workforce shortages, grow the middle class, and strengthen our economy.”
    Heinrich-Secured Federal Investments for the Mobile Training Unit:
    The U.A. Local 412 Mobile Training Unit was initially paid for by an Economic Development Administration (EDA) Good Jobs Challenge Grant, as part of a $6.4 million award to the Northern N.M. Workforce Integration Network. The Good Jobs Challenge funds were authorized by the American Rescue Plan, the critical economic recovery legislation that Heinrich was proud to pass in 2021. 
    Through his work on the Senate Appropriations Committee, Heinrich has further supported the U.A. Local 412’s workforce development efforts by securing more than $2.5 million in Congressionally Directed Spending (CDS) in the Fiscal Year 2023 and Fiscal Year 2024 Appropriations Bills. These awards helped the union secure the equipment and staffing they need to train New Mexicans for jobs in the skilled trades, including specialized training needed to fill the many new, well-paying jobs being created by the CHIPS and Science Act and the Inflation Reduction Act. 
    Heinrich is currently fighting to pass the Fiscal Year 2025 Appropriations Bills, which include an additional $870,000 CDS award that he secured within the Senate Appropriations Committee-passed Labor, Health and Human Services, Education Appropriations Bill to sustain the U.A. Local 412’s mobile training unit’s operations past the original EDA funding, and to expand its reach to new communities including Grants, Gallup, Silver City, and Zuni Pueblo. 
    Heinrich’s Longtime Support for Workforce Training and Apprenticeships:
    Heinrich has long championed proven workforce training programs like U.A. Local 412’s apprenticeship and pre-apprenticeship programs that are growing the middle class, creating and connecting New Mexicans to high-quality careers they can access in their communities, and continuing New Mexico’s leading role in the clean energy transition that is being built by union workers in the skilled trades. 
    Last week, Heinrich hosted a “Pro-Worker, Pro-Business Opportunities” roundtable to talk directly with New Mexicans about how federal legislation he helped pass into law, like the Inflation Reduction Act and Infrastructure Law, is creating careers in high-demand sectors and strengthening New Mexico’s health care, early childhood education, and skilled trades workforce.  
    Last year, Heinrich introduced the bipartisan Apprenticeship Pathways Act, legislation to create pathways to careers for high school students by expanding access to apprenticeship programs for occupations with high need, including the building trades, healthcare, manufacturing, technology, telecommunications, and early childhood education. Earlier this year, Heinrich introduced the Pre-Apprenticeships To Hardhats (PATH) Act, legislation to strengthen the pipeline for careers in New Mexico, address rising workforce shortages, and grow the state’s economy through quality pre-apprenticeship programs. 
    Last year, Courtenay Eichhorst, Business Manager of U.A. Local 412 and President of New Mexico Building Trades, testified about the importance of apprenticeships and pre-apprenticeships during a hearing that Heinrich convened as the Chairman of the Joint Economic Committee on “Job Training for the Clean Energy Transition.” 
    Eichhorst said during that JEC hearing, “In addition to our ‘gold standard’ apprenticeship programs, the UA and other Building Trades’ unions are also increasingly investing in pre-apprenticeship programs that can be designed to help prepare high school students or individuals from underrepresented communities for a career in the trades. These programs help fill the role that used to be filled by the ‘shop classes’ that were found in high schools but have become increasingly rare. Pre-apprenticeship programs also focus on the ‘soft skills’ that are necessary for success in any industry, such as showing up on time and other work etiquette.”
    Earlier this year, also in the Fiscal Year 2024 Appropriations Bills, Heinrich secured $1,200,000 in Congressionally Directed Spending for the SMART Local Union No. 49 Joint Apprenticeship and Training Committee to enhance and expand specialized HVAC apprenticeship training. 
    In March, Heinrich introduced the Providing Resources and Opportunities for Health Education and Learning (PRO-HEAL) Act, legislation that will tackle the health care provider shortage in New Mexico and nationwide by expanding pathways to high-quality, in-demand health care careers that medical professionals can access in their communities. Specifically, the PRO-HEAL Act addresses medical provider shortages by incentivizing states and institutions of higher education to expand or create health care provider pipeline programs, particularly in underserved and rural communities. The legislation is inspired by the success of the Combined BA/MD Degree Program at the University of New Mexico, where over 65% of students who have graduated from their program practice medicine in New Mexico.    
    Last year, Heinrich introduced the Pathways to Health Careers Act, legislation that reauthorizes and modernizes the Health Profession Opportunity Grant (HPOG) program to help address health care shortages in New Mexico and across the country and create pathways to high-quality, in-demand health care careers. The HPOG program has a proven track record of successfully educating workers for jobs in the health care industry, while also providing career coaching, job placement, and a mix of other support services. The Pathways to Health Careers Act would restart and expand the HPOG Program, providing $425 million to make HPOG available nationwide from FY2024 through FY2028 and includes set asides for Tribes and U.S. Territories.  
    In 2021, Heinrich introduced the Championing Apprenticeships for New Careers and Employees in Technology (CHANCE in Tech) Act, legislation to create earlier pathways to high-paying careers in the information technology (IT) industry. Heinrich previously introduced similar bipartisan legislation in 2019 with former Senator Cory Gardner (R-Colo.).

    MIL OSI USA News –

  • MIL-OSI USA: Murray, Cantwell, Kilmer Announce $51M Federal Grant to Repair Hood Canal Bridge

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Hood Canal Bridge is a vital link between Olympic and Kitsap peninsulas & helps more than 30,000 daily commuters avoid a 100-mile detour around Puget Sound
    As the longest floating saltwater bridge in the world, the structure is deteriorating in the harsh marine environment
    WASHINGTON, D.C. – Today, U.S. Senators Patty Murray (D-WA) , Maria Cantwell (D-WA) and U.S. Representative Derek Kilmer (D, WA-06) announced that the Washington State Department of Transportation will receive $51,125,917 in federal funds to repair the Hood Canal Bridge.
    The funding comes from the Infrastructure for Rebuilding America (INFRA) Grant Program, which provides grants to nationally and regionally significant transportation projects to improve the country’s freight network.
    “The Hood Canal Bridge is an absolutely critical connection for people and businesses on the Olympic and Kitsap peninsulas,” said Sen. Murray. “This is a piece of infrastructure that must remain safe and reliable so people can get to where they need to go—whether that’s work, a doctor’s appointment, or anything else. With thousands of travelers relying on this bridge just about every day, I’m proud to have worked together with Senator Cantwell and Representative Kilmer to ensure we bring these federal dollars home to replace outdated portions of this bridge.”
    “Thanks to the Bipartisan Infrastructure Law, the Hood Canal Bridge will receive the repairs it needs to continue providing a vital connection between Kitsap, Jefferson, and Clallam Counties, with more than 30,000 crossings per day. Without this bridge, drivers would need to take a 100-mile detour around Puget Sound. And if the bridge’s retractable span were to fail, submarines and other vessels would be cut off from Naval Base Kitsap – Bangor,” Sen. Cantwell said. “This bridge is critical to the quality of life for residents and our national security.”
    “The Hood Canal Bridge is often a lifeline for folks on the Olympic Peninsula, enabling them to get where they need to go,” said Rep. Kilmer. “This federal funding is a major step toward improving the safety and reliability of the bridge, helping ensure that it will remain open, accessible and resilient for years to come. And with federal support it means this project can move forward without the costs falling solely on the backs of taxpayers in our state. That’s a win-win.”
    This project will replace over 3,400 linear feet of the western half of the bridge including the replacement of 55 reinforced concrete crossbeams and 216 prestressed concrete girder lines and the placement of nearly 4,800 cubic yards of concrete. Preliminary design work is scheduled to begin in November 2025, with project completion scheduled for June 2027. The project’s total budget is $85.2 million.
    The Hood Canal Bridge links the Olympic and Kitsap peninsulas, allowing over 30,000 motorists to get to and from work each day. As the longest floating bridge in the world over saltwater, this unique structure sits in a harsh marine environment that’s deteriorated its condition over the past 40 years. Currently, vehicles that can cross the bridge are weight-restricted at 17,000 lbs per axle or less, and overweight vehicles are forced to drive nearly 100 miles around Puget Sound.  If the bridge’s condition goes unaddressed, further deterioration and restrictions would have severe impacts on commerce and the livelihood of those who depend on the bridge every day.
    The Hood Canal Bridge also crosses a channel used by U.S. Navy submarines to reach the Pacific Ocean from Naval Base Kitsap -Bangor. Should the bridge’s retractable span become unusable, those vessels would be cut off from the base.
    Sen. Murray, as a senior appropriator and then Assistant Majority Leader, helped secure $3.2 billion for the INFRA grant program in advance appropriations in addition to the $4.8 billion funded through the Highway Trust Fund when she helped pass the Bipartisan Infrastructure Law, for a total of $8 billion over five years. 
    Sen. Cantwell authored the INFRA Grant Program in the FAST Act of 2015, to provide grants to nationally and regionally significant freight and highway projects. This grant program was the first discretionary grant program to focus on improving the multimodal freight network and addressing freight bottlenecks. In 2022, as chair of the Senate Committee on Commerce, Science, and Transportation, Sen. Cantwell helped secure $8 billion over five years for the INFRA Grant Program as part of the Bipartisan Infrastructure Law, a 78 percent increase in funding. Additionally, in August 2024, Sen. Cantwell wrote a letter to Department of Transportation Secretary Pete Buttigieg in support of the Hood Canal Bridge project’s INFRA grant application. The State of Washington has received 11 INFRA Grants, for a total of $532,300,108 since the start of the program.

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Names Small Business of the Week, Kaleidoscope Factory

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Ranking Member of the Senate Small Business Committee, today announced her Small Business of the Week: Kaleidoscope Factory of Pocahontas County. Throughout this Congress, Ranking Member Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    “Woodworking, like a kaleidoscope, is an art that celebrates transformation – with each cut and carve, new beauty emerges,” said Ranking Member Ernst. “The Kaleidoscope Factory reveals fresh perspectives with every twist, uncovering the hidden potential in every piece of wood.”
    In 1997, Leonard Olson received his first kaleidoscope as a gift, sparking a lifelong passion for woodworking. He began making them on his own and opened Kaleidoscope Factory in Pomeroy, Iowa in 2004. In 2014, Leonard moved Kaleidoscope Factory to downtown Pocahontas.
    After Leonard passed away in 2019, his sisters, Lois Hessenius and Margaret Egli, kept the business running while other family and friends stepped up to help craft a variety of products like kaleidoscopes, toy trains, and puzzles. Kaleidoscope Factory partnered with the Pocahontas County Economic Development Commission to install life-sized kaleidoscopes throughout the community. This past April, Kaleidoscope Factory celebrated its 20th anniversary.
    Stay tuned as Ranking Member Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

    MIL OSI USA News –

  • MIL-OSI USA: Murphy, Young Urge President Biden To Protect Undersea Cables From China, Russia

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    October 21, 2024

    WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Todd Young (R-Ind.), members of the U.S. Senate Foreign Relations Committee, on Monday led 6 of their Senate colleagues in sending a bipartisan letter to President Biden expressing concerns about the security of the global network of undersea communications and energy cables upon which American workers and businesses rely.
    More than 95% of international internet traffic travels via these undersea cables, resulting in trillions of dollars in financial transactions each day. The locations of these cables are often openly published to prevent accidental damage.
    As American companies look to expand and invest in this critical infrastructure, it is imperative that the United States has a complete understanding of existing vulnerabilities, especially those that impact our economic and national security.
    “America’s adversaries have been developing their capabilities to attack or disrupt critical undersea infrastructure. There is a long tradition, dating back well over a century, of belligerents attacking their opponents’ underwater communications lines in the first phase of a conflict,” the senators wrote. “Given these threats and challenges, it is imperative that the United States undertake a review of existing vulnerabilities to global undersea cable infrastructure, including the threat of sabotage by Russia as well as the growing role of the People’s Republic of China in cable laying and repair. If we are truly to deepen vital commercial and security relationships with willing partners and allies, this must be a national priority.”
    U.S. Senators Marco Rubio (R-Fla.), Tim Kaine (D-Va.), Pete Ricketts (R-Neb.), Jeanne Shaheen (D-N.H.), Dan Sullivan (R-Alaska), and Brian Schatz (D-Hawaii) also signed the letter.
    Full text of the letter is available HERE and below:
    Dear Mr. President: 
    We write to you to express our concern about the security of global undersea communications and energy cables, especially those that impact America’s economic and national security and that of our allies and partners. As you are well aware, more than 95% of international internet traffic travels via undersea cables, including trillions of dollars in financial transactions each day. Moreover, the exact locations of most of these cables are openly published in order to reduce the likelihood of accidental damage from ships’ anchors or fishing activities. Internet and telecommunications providers, including American firms, intend to invest billions of dollars in expanding the global network of undersea communications cables. Additionally, energy transmission cables are proliferating as governments look to new sources of electricity generation. 
    America’s adversaries have been developing their capabilities to attack or disrupt critical undersea infrastructure. There is a long tradition, dating back well over a century, of belligerents attacking their opponents’ underwater communications lines in the first phase of a conflict. For example, in both World Wars, Britain’s first naval actions were to cut the telegraph cables connecting Germany to the Americas, and in 1918 a German U-boat severed lines connecting New York to both Nova Scotia and Panama. In addition to this kind of overt, kinetic attack, the nature of undersea infrastructure increases the feasibility of gray zone actions with plausible deniability. It is difficult to distinguish between an accident and a deliberate action on the seabed, and more difficult still to confirm who conducted such an action. On top of this, because this infrastructure is privately owned by commercial enterprises, repairs are the responsibility of these private companies, which are likely not prepared to maintain them under wartime conditions and are likely to seek the most cost-effective repair and maintenance options—even if that option is owned or operated by a foreign adversary or strategic competitor. 
    Given these threats and challenges, it is imperative that the United States undertake a review of existing vulnerabilities to global undersea cable infrastructure, including the threat of sabotage by Russia as well as the growing role of the People’s Republic of China in cable laying and repair. If we are truly to deepen vital commercial and security relationships with willing partners and allies, this must be a national priority. We respectfully request that you provide responses to the following questions and direct senior administration officials to brief Members of Congress, including members of relevant committees of jurisdiction, on your plans and the resources and authorities needed to carry them out.
    What is your Administration’s overall strategy to guarantee the security of America’s undersea infrastructure and to promote the security of that of our allies and partners? 
    The National Defense Authorization Act for Fiscal Year 2020 established the Cable Security Fleet (CSF). If authorized and sufficiently funded, what would be your assessment of the ideal size of the U.S.-flagged and -operated cable laying and repair vessel fleet to ensure sufficient cable repair capacity during a conflict or national emergency? How can the United States work with trusted allies and partners for additional capacity to support the expansion and repair of trusted undersea cable networks? 
    What is the Administration’s strategy to encourage other nations to choose trusted suppliers in their selection of undersea cable manufacturers, particularly in any nation of concern or which may be vulnerable to coercion or covert action by America’s adversaries? 
    How is the Administration working with the private sector to ensure that commercial enterprises’ investments in undersea cables align with U.S. national security priorities? 
    How do you intend to protect the physical security of undersea cables in the open ocean, including through any interpretation of customary international law? 
    How is the Administration working multilaterally to collectively enhance security and monitor potential threats to undersea infrastructure, including through NATO, the Quad, and the Indo-Pacific Economic Framework for Prosperity? 
    Thank you for your prompt attention to this request. As Congress works to continue its oversight of national security, it is vital that we understand the current state of the information backbone of our economy and efforts to protect it. 
    Sincerely, 

    MIL OSI USA News –

  • MIL-OSI USA: Governor Walz Announces $138 Million for I-494 Project

    Source: US State of Minnesota

    Governor Tim Walz today announced that Minnesota received $138 million in federal funding to improve I-494, one of the busiest corridors in the Twin Cities Metropolitan area. The funding comes from President Biden’s Infrastructure Investment and Jobs Act.

    MIL OSI USA News –

  • MIL-OSI Translation: 07/10/2024 Conversation between the deputy ministers of foreign affairs of Poland and Panama

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    Conversation between the deputy ministers of foreign affairs of Poland and Panama07/10/2024The Undersecretary of State at the Ministry of Foreign Affairs, Jakub Wiśniewski, met on October 4 with the deputy head of Panamanian diplomacy, Carlos Guevara Mann.

    The talks concerned cooperation at the Community of Democracies forum, including the celebration of the 25th anniversary of the signing of the Warsaw Declaration. Panama and Poland currently sit on the Community’s Executive Committee, the deliberations of which, with the participation of the Panamanian Deputy Minister as an honorary guest, took place on October 3 in Warsaw. They also discussed the promotion of democracy in the world, emphasizing that in the face of contemporary global beliefs, cooperation between countries is becoming crucial de mentalidad similar. The interlocutors also expressed their interest in deepening economic cooperation. During their stay in Poland, the Panamanian delegation also met with representatives of the National Chamber of Commerce, among others. Deputy Minister Carols Guevara Mann spoke about preparations for the celebration of the 200th anniversary of the Panama Congress of 1926. To commemorate this event, in 2026 Panama will host, among others, the Summit of the Organization of American States. The celebrations will also be a good opportunity to prepare joint cultural and historical projects, including those concerning the struggle for independence of Polish heroes in the region.

    Photo: Konrad Laskowski/Ministry of Foreign Affairs

    Photos (3)

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Translation: 04/10/2024 Undersecretary of State Jakub Wiśniewski met with a delegation from the EU Council of Ministers.

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    Undersecretary of State Jakub Wiśniewski met with a delegation from the EU’s Home Rule 04/10/2024On October 3, 2024, a meeting was held at the headquarters of the Ministry of Foreign Affairs between Undersecretary of State Jakub Wiśniewski and a delegation from the EU’s Home Rule 04/10/2024, led by President Susan Danger. Amcham a la UE is a business organization that brings together over 160 American companies operating on the European market.

    During the meeting, issues related to the upcoming Polish presidency of the Council of the European Union were raised. The deputy head of Polish diplomacy emphasized that the Polish presidency will be held at a difficult time, at a time when the war in Ukraine significantly affects the stability and security of not only Poland, but the whole of Europe. Undersecretary of State Jakub Wiśniewski also noted that the Polish presidency coincides with the beginning of a new institutional cycle of the European Union, which means cooperation with the new European Parliament and the new European Commission. The meeting was also an opportunity to exchange opinions on the need to take action to improve the competitiveness of the EU and support the innovation of European companies. Both sides emphasized the ties between Poland and the United States, including the growing trend of trade between our countries. In 2023, our countries achieved a record trade turnover of almost 28 million USD. It was pointed out that Poland has become one of the most attractive destinations under the so-called friendshoring process, which includes investments in allied countries. Issues relating to energy, new technologies and intellectual property were also discussed.

    Photo: Sebastian Indra/Ministry of Foreign Affairs

    Photos (3)

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Russia: Denis Manturov visited aviation enterprises in Kazan

    Translation. Region: Russian Federation –

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

    Denis Manturov visited aviation enterprises in Kazan. At the Kazan Aviation Plant named after S.P. Gorbunov

    October 22, 2024

    Denis Manturov visited aviation enterprises in Kazan. At the Kazan Helicopter Plant

    October 22, 2024

    Denis Manturov visited aviation enterprises in Kazan. At the Kazan Helicopter Plant

    October 22, 2024

    Previous news Next news

    Denis Manturov visited aviation enterprises in Kazan. At the Kazan Aviation Plant named after S.P. Gorbunov

    First Deputy Prime Minister Denis Manturov visited the aircraft manufacturing enterprises of the Rostec state corporation in Kazan. Together with the head of Tatarstan Rustam Minnikhanov, he familiarized himself with the implementation of the program for the Tu-214 civil airliner and the expansion of the production capacity of the Kazan Aviation Plant named after S.P. Gorbunov. The First Deputy Prime Minister also visited the Kazan Helicopter Plant, where he assessed the progress of work on the import-substituting Ansat helicopter and inspected the latest modification of the Mi-171A3 in the Aurus configuration.

    The First Deputy Prime Minister’s visit took place ahead of the BRICS summit, which will be held in Kazan from October 22 to 24. Guests of the event, as part of the Made in Tatarstan exhibition, will be shown aircraft and helicopters manufactured by Rostec enterprises. In particular, the Mi-171A3 helicopter in the Aurus configuration, the modernized Ansat with an ambulance module, the Mi-38 in a business configuration, and the Tu-214 civil airliner will be on display.

    First Deputy Head of UAC, Managing Director of JSC Tupolev Konstantin Timofeev reported to Denis Manturov on the modernization of the Kazan Aircraft Plant and the prospects for increasing the production of Tu-214 aircraft. Large-scale construction and reconstruction work at the enterprise is planned to be completed by the end of 2026. The process of constructing new and modernizing existing production buildings, a flight test base and a number of other facilities is currently underway.

    “Of the 24 planned facilities, nine have already been commissioned, 15 facilities are at various stages of readiness. With the commissioning of all planned facilities, the enterprise will significantly reduce the production time. The new premises and equipment will allow us to begin serial production of civil aircraft and ensure the construction of 20 Tu-214 aircraft per year,” said Konstantin Timofeev.

    The First Deputy Prime Minister also inspected high-tech equipment for manufacturing large-sized parts, recently launched at the Kazan Aviation Plant. The new product was developed and manufactured by specialists from the STAN holding company of the Rostec state corporation. The Russian portal 5-axis milling machining center with a vacuum table will make it possible to manufacture components from aluminum alloys, including wing parts with a maximum size of up to 24 meters. At the same time, the time required to complete individual stages of the production cycle will be reduced several times. In 2025, the aircraft plant plans to commission another similar machine.

    In addition, the First Deputy Prime Minister, accompanied by the Director General of the Kazan Helicopter Plant Nikolay Yakovlev, inspected the main production workshops of the enterprise. The site produces helicopters of the Mi-8/17 family, multi-purpose Mi-38 and light Ansat helicopters. Denis Manturov also inspected a prototype of the light single-engine Mi-34M1 helicopter, equipped with a VK-650 engine, which took to the air for the first time last week, and spoke with test pilot Sergei Barkov.

    The First Deputy Prime Minister got acquainted with the progress of a major modernization of the helicopter manufacturing enterprise. He inspected the mechanical assembly production building under construction, visited the new building of the final assembly shop and the hangar of the flight test complex. There, Denis Manturov was shown the Mi-8MTV-1 helicopters and the latest multi-purpose Mi-38, and was also informed about the status of the import-substituting Ansat program. At the moment, all foreign components of the control system and autopilot have been replaced with domestic ones, and Russian VK-650V engines manufactured by the United Engine Corporation (part of Rostec) have been installed. Preparations are currently underway for ground checks of the aircraft, which will be followed by flight tests of the Ansat with the new engines. The first flight is planned to be completed before the end of this year.

    In addition, a program to modernize the helicopter is being implemented in parallel – increasing its takeoff weight and installing an anti-icing system. The flight range will also increase to 640 km (up to 800 km with an additional fuel tank).

    The Deputy Prime Minister inspected the Mi-171A3 in its latest Aurus modification, created specifically for business transportation. In this version, the helicopter can carry up to ten passengers, its cabin includes everything necessary for a comfortable flight over long distances. This helicopter is a successful example of expanding interplant cooperation. The Kazan Helicopter Plant manufactures the cargo floor and propeller blades. The Far Eastern enterprise AAK Progress manufactures composite elements – the pilot’s cabin and side panels of the fuselage, the production of other elements and final assembly is carried out at the Ulan-Ude Aviation Plant.

    Denis Manturov was also shown the newest Production and Training Center (PTC). This unique industrial and educational complex will train up to 3.5 thousand highly qualified multi-specialists per year. Classes have already begun here for students and plant employees, who are simultaneously receiving several in-demand professions. Educational programs have been developed for the center in eight areas and 38 professions. The emphasis in training is on practice, which takes up to 70% of the training time. For this purpose, the PTC has 15 production sites, 12 laboratories and 21 classrooms.

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

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

    http://government.ru/nevs/53074/

    MIL OSI Russia News –

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Türkiye

    Source: IMF – News in Russian

    October 11, 2024

    Washington, DC: On September 27, 2024, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Türkiye.

    A decisive shift in economic policies over the past year has tightened Türkiye’s overall policy stance. The Central Bank of the Republic of Türkiye (CBRT) has brought the ex ante real policy rate into positive territory while reducing regulatory complexity. Tax and expenditure measures underpin efforts to restore fiscal prudence and the commitment to stronger incomes policies has strengthened credibility.

    The policy turnaround has reduced economic imbalances and revived confidence. Headline inflation has fallen as tighter financial conditions are weighing on domestic demand. Market sentiment has sharply improved, with domestic and foreign investors shifting into lira-denominated assets while lower commodity prices, buoyant exports, and reduced gold imports have strengthened the current account, supporting a large improvement in both the gross and net reserves position. The financial and corporate sectors appear to have weathered the policy tightening and financial liberalization so far. Credit default swaps (CDS) spreads are now at about half their mid-2023 levels.

    Under the authorities’ gradual policy adjustment, inflation is expected to further decline. Contractionary ex ante real policy rates, moderating wage growth, and more contractionary fiscal policy in 2025 are expected to reduce inflation to 43 percent this year and 24 percent in end-2025. After a strong first quarter, growth has weakened and is expected to fall to 3 percent in 2024 and 2.7 percent in 2025, recovering toward 4 percent in the medium term. Disinflation and improved confidence will support a narrowing of the current account deficit to about 2 percent of GDP and reserves to around 100 percent of the IMF’s adequacy metric.

    Risks around the baseline are significant and tilted to the downside. They include stronger-than-expected wage and price inertia, a reversal of capital flows, higher global energy prices, and escalating geopolitical tensions. Significant financial and external vulnerabilities remain. The authorities’ gradual approach to fighting inflation prolongs the period during which risks might occur.

    Executive Board Assessment[2]

    The Executive Directors agreed with the thrust of the staff appraisal. They commended the authorities for the decisive policy tightening since mid-2023, which has helped to significantly reduce macroeconomic imbalances and risks. However, with inflationary pressures still high, and significant downside risks, they urged the authorities to press ahead with coordinated fiscal, monetary, and incomes policies to anchor inflationary expectations and entrench macroeconomic stability.

    While noting sustainable public debt levels, Directors recommended a larger and more frontloaded fiscal consolidation to support disinflation efforts and further strengthen buffers. They supported strengthening tax administration, rationalizing tax expenditures, broadening the tax base, energy subsidy reform, limiting capital spending to essential projects, and enhancing risk monitoring while protecting earthquake related spending. Directors also urged further efforts to address fiscal risks arising from contingent liabilities in state owned enterprises, public private partnerships, and pension costs.

    While noting the challenges, Directors considered that phasing out backward looking indexation and shifting toward setting wages in line with inflation expectations could significantly help reduce inflation.

    Directors called for continued tight, data dependent monetary policy until inflation converges to target levels. They agreed that the central bank should stand ready to tighten further if needed to ensure that the path of disinflation stays on track. Directors highlighted that further strengthening the monetary transmission mechanism and central bank independence and communication would enhance policy credibility.

    Directors encouraged foreign exchange intervention to focus on smoothing potentially destabilizing exchange rate movements that could dislodge inflation expectations, and to be scaled back as inflation recedes. They highlighted the need to effectively manage volatile capital flows and agreed that capital flow measures should be discontinued gradually as FX liquidity risk and inflation recede.

    Directors underscored the importance of ongoing vigilance and further reforms to maintain financial stability. They supported continued implementation of the 2023 FSAP recommendations and efforts to align the supervisory and regulatory framework with Basel III standards. Directors commended the authorities for recent improvements to the AML/CFT framework and exit from the FATF grey list, while noting that further progress was needed, including to mitigate virtual assets risks.

    Directors called for advancing structural reforms to achieve more inclusive, greener, and higher medium-term growth. Further energy and labor market reforms, including to boost female participation, remain important priorities.

    Türkiye: Selected Economic Indicators, 2019−29

    Population (2023): 85.4 million

    Per capita GDP (2023): US$13,243

    Quota: SDR 4,658.6 million
     

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

     

    Proj.

    Real sector

    (Percent)

    Real GDP growth rate

    0.8

    1.9

    11.4

    5.5

    5.1

    3.0

    2.7

    3.2

    3.4

    3.7

    3.9

    Contributions to real GDP growth

    Private consumption

    0.9

    1.9

    9.2

    11.7

    9.5

    1.1

    0.3

    1.9

    2.0

    2.0

    2.0

    Public consumption

    0.5

    0.3

    0.4

    0.6

    0.3

    0.4

    0.5

    0.5

    0.4

    0.5

    0.4

    Investment (incl. inventories)

    -3.0

    4.8

    -3.2

    -7.5

    -1.6

    0.6

    2.6

    1.1

    1.2

    1.6

    1.7

    Net exports

    2.4

    -5.2

    5.0

    0.7

    -3.1

    0.9

    -0.6

    -0.2

    -0.2

    -0.3

    -0.2

    Output gap

    -2.1

    -4.6

    1.1

    1.5

    1.9

    0.7

    -0.3

    -0.5

    -0.5

    -0.2

    0.0

    GDP deflator growth rate

    13.9

    14.8

    29.0

    96.0

    68.2

    60.0

    31.4

    20.4

    16.6

    15.3

    15.2

    Inflation (period-average)

    15.2

    12.3

    19.6

    72.3

    53.9

    60.9

    33.0

    19.2

    16.0

    15.0

    15.0

    Inflation (end-year)

    11.8

    14.6

    36.1

    64.3

    64.8

    43.0

    24.0

    17.2

    15.3

    15.0

    15.0

    Unemployment rate

    13.7

    13.1

    12.0

    10.4

    9.4

    9.3

    9.9

    9.6

    9.5

    9.3

    9.2

    Fiscal sector

    (Percent of GDP)

    Nonfinancial public sector overall balance

    -5.0

    -4.7

    -3.0

    -2.7

    -5.4

    -5.3

    -3.7

    -3.1

    -3.2

    -3.1

    -3.1

    General government overall balance (headline) 1/

    -3.0

    -4.0

    -2.6

    -0.8

    -5.2

    -5.3

    -3.5

    -3.0

    -3.0

    -3.0

    -3.0

    General government gross debt (EU definition)

    32.4

    39.4

    40.4

    30.8

    29.3

    25.2

    26.0

    26.0

    26.0

    25.9

    25.6

    External sector

    (Percent of GDP)

    Current account balance

    2.0

    -4.3

    -0.8

    -5.1

    -4.0

    -2.2

    -2.1

    -2.0

    -1.9

    -1.9

    -1.9

    Gross external debt

    54.5

    59.8

    53.9

    50.5

    45.2

    41.3

    39.8

    40.9

    40.4

    39.9

    39.3

    Gross financing requirement

    18.0

    24.8

    21.0

    22.9

    21.2

    19.1

    20.0

    20.5

    20.1

    20.0

    19.8

    Monetary conditions (Percent)

    Real average cost of CBRT funding to banks

    5.4

    -1.7

    -1.9

    -59.4

    -35.4

    …

    …

    …

    …

    …

    …

    Growth of broad money (M2)

    27.3

    33.9

    53.0

    59.2

    70.1

    …

    …

    …

    …

    …

    …

    Growth of credit to private sector

    10.9

    34.7

    37.0

    54.7

    54.0

    …

    …

    …

    …

    …

    …

    Sources: Turkish authorities; and IMF staff estimates and projections.

    1/ Headline (or authorities’ definition), which includes items excluded from the IMF ‘program’ definition.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing ups can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/11/pr-24369-turkiye-imf-executive-board-concludes-2024-aiv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Translation: 17/10/2024 The International Monetary Fund positively assesses the Polish economy

    MIL ASI Translation. Region: Polish/Europe –

    Fuente: Gobierno de Polonia en poleco.

    On Wednesday, October 17, 2024, the International Monetary Fund (IMF) completed its mission in Poland, presenting the conclusions and recommendations resulting from the annual economic review. After reviewing the country’s current economic situation and plans for economic, fiscal and monetary policy, the Fund’s experts positively assessed the state of the Polish economy. The mission took place on October 8-17, 2024 under Article IV of the IMF’s Statute. The International Monetary Fund positively assessed the state of the Polish economy. According to the Fund’s experts, Poland’s prospects have improved compared to last year, despite the difficult economic conditions in Europe and the ongoing war in Ukraine. According to the Minister of Finance, Andrzej Domański, the International Monetary Fund’s assessment confirms the stability and resilience of the Polish economy to global challenges. The report shows that Poland’s growth prospects are supported by the unblocked European Union funds, which, combined with a moderate level of debt, significant foreign exchange reserves and solid financial sector buffers, contributes to the economy’s recovery. Risks related to the geopolitical situation and the slowdown in Europe are effectively mitigated, providing grounds for optimism for the future.

    MILES AXIS

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Security: Five Defendants Sentenced for Long-Running Bid-Rigging Conspiracy in Georgia Concrete Industry

    Source: United States Department of Justice Criminal Division

    Four executives and a corporation were sentenced for participating in a long-running conspiracy to fix prices, rig bids and allocate jobs for ready-mix concrete in the greater Savannah, Georgia area.

    James Clayton Pedrick, Gregory Hall Melton, John David Melton, Timothy “Bo” Strickland and Evans Concrete LLC were charged in September 2020 with conspiring to fix prices, rig bids and allocate jobs for the sale of ready-mix concrete used in residential, commercial and public projects. Pedrick, Strickland and Evans Concrete later pleaded guilty for their participation in this conspiracy. Gregory Hall Melton and John David Melton were convicted by a jury in the U.S. District Court in Savannah earlier this year. Argos USA LLC separately admitted to its role in the conspiracy and entered into a deferred prosecution agreement (DPA) with the Justice Department’s Antitrust Division in January 2021.

    Gregory Hall Melton was sentenced today to 41 months in prison, and three years of supervised release and to pay a $50,000 fine. John David Melton was sentenced today to 26 months in prison, three years of supervised release and to pay a $10,000 fine. The court previously sentenced Strickland to five months in prison and to pay $150,000 fine, Pedrick to one year of probation and Evans Concrete to pay a $2.7 million fine. Argos USA LLC paid a $20 million criminal penalty as part of its DPA.

    According to court documents, the defendants effectuated their conspiracy by coordinating the issuance of price-increase letters to customers, allocating specific ready-mix concrete jobs in the coastal Georgia area, and submitting bids to customers at collusive and noncompetitive prices. The charged conspiracy began as early as 2010 and continued until about July 2016.

    “These sentences reflect the egregious nature of rigging bids for materials like ready-mix concrete which are essential to the American economy,” said Deputy Assistant Attorney General Manish Kumar of the Justice Department’s Antitrust Division. “The Antitrust Division and its law enforcement partners will hold accountable those who seek to exploit the critical need for these materials to harm consumers.”

    “Concrete is an essential material in construction projects, with prices set in the free market by the forces of supply and demand,” said U.S. Attorney Jill E. Steinberg for the Southern District of Georgia. “However, the defendants in this case for several years illegally rigged the system to benefit themselves at the expense of customers and are being held accountable for their conduct.”

    “Activities related to bid-rigging and collusion do not promote an environment conducive to open competition which harms the consumer,” said Executive Special Agent in Charge Kenneth Cleevely of U.S. Postal Service’s Office of Inspector General (USPS OIG). “The sentencing in this case represents a win for all law enforcement agencies who investigate those who engage in this type of harmful conduct to ensure that justice is served.”

    “The sentences imposed today send a clear message to anyone who chooses corporate greed over open and fair competition,” said Special Agent in Charge Joseph Harris of the Department of Transportation’s Office of Inspector General (DOT OIG), Southern Region. “Our commitment to working with our law enforcement partners and DOJ’s Antitrust Division is unwavering as we continue to pursue and uncover corrupt conduct and hold companies that intentionally engage in wrongdoing accountable.”

    The FBI Washington Field Office, DOT OIG and USPS OIG investigated the case.

    Trial Attorney Patrick S. Brown and former Trial Attorney Julia M. Maloney of the Antitrust Division’s Washington Criminal Section and Assistant U.S. Attorney E. Greg Gilluly Jr. for the Southern District of Georgia prosecuted the case.

    Anyone with information on bid rigging, price fixing, market allocation or other anticompetitive conduct in the ready-mix concrete industry should contact the Antitrust Division’s Complaint Center at 888-647-3258 or visit http://www.justice.gov/atr/report-violations.

    MIL Security OSI –

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Praise Japan for Criminalising Non-Consensual Sexual Intercourse, Ask about Women’s Representation in Public and Private Bodies and the Single Surname System for Married Couples

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today considered the ninth periodic report of Japan, with Committee Experts praising the State’s revision of legislation on rape to criminalise non-consensual sexual intercourse, and raising questions about women’s representation in public and private bodies and the single surname system for married couples.

    Bandana Rana, Committee Expert and Rapporteur for Japan, commended the State party for redefining rape as “non-consensual sexual intercourse” and for raising the age of consent to 16.

    Ms. Rana noted, however, that Japan had been ranked one hundred and twenty-fifth globally in terms of gender equality, due to, among other factors, the low level of women’s representation in government and deeply rooted gender stereotypes that hampered women’s standing.  The State party needed to address these issues, she said.

    Several Committee Experts raised concerns regarding women’s representation in public and private bodies.  One Expert noted that the number of women representatives in government had decreased recently, and that only around 0.8 per cent of company chief executive officers and 7.1 per cent of senior diplomats were women.  How would the State party improve female representation?

    A Committee Expert noted that 94.7 per cent of women adopted their husband’s surname under the current single surname system.  This had negative impacts on their identity and employment.  What were the prospects of reforming the law to allow for a dual surname system?

    Introducing the report, Keiko Okada, Director-General, Gender Equality Bureau, Cabinet Office of Japan and head of the delegation, said revisions to the Penal Code in 2023 clarified that non-consensual sexual acts constituted crimes regardless of marital status and raised the age of sexual consent from 13 to 16.  Multiple other laws addressing sexual violence, including against children, had also been enacted.

    Ms. Okada said the Government aimed to increase the percentage of women among candidates for the House of Representatives and the House of Councillors to 35 per cent by 2025.  The Act on Promotion of Women’s Participation and Advancement in the Workplace made it obligatory for national and local governments to set targets for women’s representation and make information about women’s participation publicly available. 

    The delegation added that companies with 301 employees or more were obliged to develop action plans on promoting women’s participation and publish statistics on women’s representation in workforces, and there were plans to extend this obligation to companies with 101 employees or more. There had been a gradual increase in women’s representation in managerial positions in private companies in recent years.

    Ms. Okada also said public opinion in Japan varied greatly regarding separate surnames for married couples.  The Government would proceed with deliberations on the introduction of such a system while closely monitoring public opinion. It was raising awareness that former surnames could be recorded alongside formal surnames on many official documents.

    In closing remarks, Ms. Okada said the delegation had engaged sincerely in the dialogue.  It hoped that the responses it had provided would be useful for the Committee.

    Ana Peláez Narváez, Committee Chair, in her concluding remarks, said that the dialogue had provided further insight into the situation of women in Japan. The Committee encouraged the State party to undertake further efforts to implement the Convention more comprehensively for the benefit of all women and girls in the State.

    The delegation of Japan consisted of representatives from the Cabinet Office; Cabinet Secretariat; National Police Agency; Children and Families Agency; Ministry of Justice; Ministry of Foreign Affairs; Ministry of Education, Culture, Sports, Science and Technology; Ministry of Health, Labour, and Welfare; and the Permanent Mission of Japan to the United Nations Office at Geneva.

    The Committee will issue concluding observations on the report of Japan at the end of its eighty-ninth session on 25 October.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Friday, 18 October to consider the ninth periodic report of Cuba (CEDAW/C/CUB/9).

    Report

    The Committee has before it the ninth periodic report of Japan (CEDAW/C/JPN/9).

    Presentation of Report

    KEIKO OKADA, Director-General, Gender Equality Bureau, Cabinet Office of Japan and head of the delegation, said that for nearly 40 years since ratifying the Convention in 1985, Japan had committed itself to implementing gender equality measures with the aim of eliminating discrimination against women both in its legislation and in practice.

    Following Committee recommendations, a bill to revise the Civil Code to make the minimum legal age of marriage the same for men and women was enacted in 2018 and took effect in 2022.  Another revision to the Civil Code enacted in 2022 abolished the waiting period for women to remarry after divorce.  This took effect in 2024.

    Public opinion in Japan varied greatly regarding separate surnames for married couples. The Fifth Basic Plan for Gender Equality stated that the Government would proceed with deliberations on the introduction of such a system while closely monitoring public opinion and developments in the National Diet’s discussion on the matter.  The Government was committed to expanding the use of former surnames; it was raising awareness that former surnames could be recorded alongside formal surnames on many official documents.

    The Hate Speech Elimination Act, the Act on the Promotion of the Elimination of Buraku Discrimination, and the Act on Promoting Measures for the Ainu People all incorporated the principle that discrimination was unacceptable, while the Basic Plan on Human Rights Education and Human Rights Awareness-Raising promoted human rights education and awareness-raising, identifying issues concerning women, the Buraku community, the Ainu people, and foreign nationals.  The content of the Plan was now being reviewed to address emerging issues.

    Revisions to the Penal Code in 2023 introduced crimes of “penetrative sexual assault” and “indecent assault”; clarified that non-consensual sexual acts constituted crimes regardless of marital status; raised the age of sexual consent from 13 to 16; criminalised requesting or engaging in a meeting with a child aged 15 or under for the purpose of an indecent act; and extended the statute of limitations for prosecuting sexual crimes.  Multiple other laws had also been enacted, including acts establishing the crime of non-consensual recording of a sexual image, preventing harm as a result of performing in sexually explicit videos, and stipulating measures to prevent sexual violence against children in schools and childcare providers. As of 2023, courts were able to issue orders banning spouses, including same-sex spouses, from approaching victims not only in cases of physical violence, but also in cases of non-physical acts causing psychological harm.  A 2022 law also stipulated comprehensive provision of a wide range of assistance for women victims of violence.

    Following 2019 legislation, a lump-sum payment of 3.2 million yen was provided to people with disabilities who underwent forced surgeries or other sterilization procedures. As of 2024, 1,129 claimants, including 817 women, had been approved for receipt of such payments.  In July 2024, the Supreme Court ruled that the provisions of the now-defunct Eugenic Protection Act relating to sterilization surgeries were unconstitutional.  The Prime Minister subsequently apologised on behalf of the Government for its role in enforcing the Act.  In September 2024, a “Basic Agreement” was signed with stakeholders aiming for a comprehensive solution to the issues of the now-defunct Eugenic Protection Act. The Diet also passed and enacted a bill on payment of compensation to persons who underwent eugenic surgery in October 2024.

    Following another Committee recommendation, Japan enacted and enforced domestic legislation to give effect to the United Nations Convention against Transnational Organized Crime and its supplementary protocol on trafficking in persons in 2017.

    In June 2021, measures to combat sexual harassment and harassment related to pregnancy and childbirth were made mandatory.  The Government aimed to increase the percentage of women among candidates for the House of Representatives and the House of Councillors to 35 per cent by 2025. The Act on Promotion of Women’s Participation and Advancement in the Workplace made it obligatory for national and local governments to set targets for women’s representation, formulate action plans comprising measures to achieve their targets, and make information about women’s participation publicly available.

    The Government aimed to ensure that by 2031, 40 per cent of single-parent households received child support, and that 70 per cent of single-parent households that had a child support agreement received it.  Revisions to the Civil Code in May 2024 introduced a statutory child support system that enabled a parent who lived with a child to claim child support from the parent who lived separately.  The revisions updated provisions relating to child support, parental responsibility and custody, making it possible for both parents to be designated as having parental responsibility following divorce.  Sole parental responsibility was always mandated in potential cases of child abuse, domestic violence, or other potential harm.

    Following the Committee’s recommendations, the Government had revised legislation to make it obligatory for employers with 301 or more regularly employed workers to make information about the gender wage gap publicly available.  The Government also offered a consultation service to help companies analyse the factors and reduce gender wage gaps and was promoting the use of digital tools to help companies calculate those gaps.  Local and national governments were also required to make information on gender wage gaps for all their agencies publicly available.

    The Act on Childcare and Family Care Leave was revised in June 2021, creating a parental leave system that allowed fathers to take leave twice, up to a maximum total of four weeks, within the first eight weeks after the birth of their child. Employers with more than 300 employees were required to make uptake rates of parental leave publicly available. Employers were also required to provide flexible ways of working for workers with preschool age children. Legislation was revised to allow employees who took childcare leave for 14 days or more to receive 80 per cent of their pre-leave pay for 28 days.

    ATSUYUKI OIKE, Permanent Representative of Japan to the United Nations Office at Geneva, said Japan had successfully formulated three national action plans on women, peace and security and was eagerly ensuring cross-cutting intergovernmental coordination.  Bodies promoting women, peace and security were established within the Ministry of Foreign Affairs and the Ministry of Defence.  Japan was currently implementing 57 projects across the globe, contributing to promoting the women, peace and security agenda in Asia, Africa and Latin America.  In 2025, Japan would assume the role of Co-Chair of the Women, Peace and Security Focal Points Network; it would make every effort to advance the agenda internationally.

    Questions by Committee Experts 

    BANDANA RANA, Committee Expert and Rapporteur for Japan, commended Japan for its efforts since its last report.  Ms. Rana said that Hiroko Akizuki, the Committee’s Vice-Chair, made valuable contributions to the Committee.  Japan was also congratulated for being nominated as the Co-Chair of the Women, Peace and Security Focal Points Network for 2025.

    Challenges remained for fully achieving gender equality.  Japan had been ranked one hundred and twenty fifth globally in terms of gender equality, due to, among other factors, the low level of women’s representation in government and deeply rooted gender stereotypes that hampered women’s standing.  The State party needed to address these issues.

    Ms. Rana commended the State party for redefining rape as “non-consensual sexual intercourse” and for raising the age of consent to 16.  There was a lack of enforcement of gender equality legislation, leading gender gaps and discriminatory practices to persist.  What legal complaint mechanisms were in place for women who faced discrimination and how was the State party raising awareness of these mechanisms?

    Ms. Rana commended the State party on adopting several laws that addressed discrimination.  There was no definition of intersectional discrimination in legislation.  Would the State party adopt such a definition?  What was the status of efforts to ratify the Convention’s Optional Protocol?

    Japan’s Basic Plan for Gender Equality lacked concrete commitments to address structural barriers for women. How would the State party address the shortcomings in the Plan?

    International treaties had the same effect as domestic legislation in Japan, but courts reportedly rarely applied the Convention.  There were commendable training programmes for judges on the Convention.  How would the State party further promote implementation and awareness of the Convention?

    A Committee Expert commended Japan on its stand on lethal autonomous weapons systems, which was in line with the Committee’s general recommendation 30.

    Responses by the Delegation

    The delegation said that under the Constitution and domestic laws, gender-based discrimination was prohibited. The Fifth Basic Plan on Gender Equality called on the Government to raise awareness about remedy mechanisms available to the public.  The plan would run until the end of 2025.  Consideration of the next plan would begin at a later stage.

    Japan was taking into consideration various issues, including organisational frameworks, in its deliberations on ratifying the Optional Protocol, and would seriously consider ratifying it soon.

    All international human rights treaties ratified by Japan had the same effect as domestic law, and were referred to when necessary in courts.  The Convention attached rights and obligations to the State party, not individuals.  The Legal Training and Research Institute trained judges each year on human rights issues.  Prosecutors also received training on international conventions. 

    Non-governmental organizations had contributed to the State party’s policies on gender; women, peace and security; and to drafting the State party’s report.

    Questions by Committee Experts 

    A Committee Expert said Japan had created shelters and strong policies to address human trafficking.  There were problems in the State party’s measures to address trafficking, which had not changed in the last five years and did not cover the whole country.  What was the role of women in the peacebuilding process in Japan?  Had the Diet implemented gender budgeting?  Would the State party develop an independent national human rights institute for the benefit of women?  Japan needed to provide increased support for non-governmental organizations.

    Another Committee Expert acknowledged legislative measures to promote women’s participation in public life.  The Basic Plan for Gender Equality set targets to increase women’s representation in political bodies, disaster management bodies, and leadership positions to 30 per cent.  Other countries of similar economic capacity were seeking to achieve parity, so it was disappointing that these modest targets had not been reached.  What progress had been made in achieving the targets in the Plan?  Would the State party adopt temporary special measures to reduce the fee of three million yen required for running for political office?  Were there temporary special measures targeting Buraku women and women with disabilities?  The Expert congratulated Nihon Hidankyo on receiving the 2024 Nobel Peace Prize and asked how the Government was supporting women hibakusha and women and girls affected by the Fukushima Daiichi nuclear disaster.

    Responses by the Delegation

    The delegation said Japan had 10 women ambassadors and six general counsels who were women.  Forty per cent of Foreign Ministry employees were women, and this percentage was expected to increase.

    The Government had announced preventative measures to address sexual abuse by United States forces in Okinawa.  A new forum had been established between the military and residents of Okinawa.  Japan had primary jurisdiction over offences committed by military personnel.

    National and regional legal affairs bureaus had staff members that received complaints of human rights violations from women. There had been a significant increase in the budget promoting gender equality in recent years.  The Government’s 2024 budget included investments of 10.6 trillion yen in gender policies.

    The Government was working to promote the participation of women with disabilities in decision-making processes.  The Government had a policy committee for persons with disabilities; 40 per cent of its members were women with disabilities. The central government mandated local governments to formulate plans supporting persons with disabilities.

    The Convention did not apply to the period of the Second World War.  However, Japan had legally concluded all claims and property issues related to comfort women.  It had also established a fund that provided atonement for former comfort women, who were also sent letters of apology by the Prime Minister.  Meetings had been conducted with former comfort women.  The Government had also significantly invested in a healing foundation for comfort women and provided direct support to 65 surviving comfort women.

    Some women who had evacuated Fukushima after the nuclear incident had returned.  Experts monitored the health impact of radioactive material and were providing accurate information on risks to residents.

    Questions by Committee Experts

    A Committee Expert said the State party was promoting awareness of unconscious gender bias, but patriarchal attitudes continued to be present in various aspects of life.  How did the Government measure the effectiveness of awareness activities? Would the State party consider policies to counter gender stereotyping at all levels, which appeared to be normalised in society?  How would the State party prohibit discriminatory remarks by politicians?

    How could rape be prosecuted without accusation from victims? There were reports that perpetrators of offences by United States military personnel in Okinawa against women were not brought to justice.  How was the State party addressing this?  Could the State party provide data on arrests, prosecutions and convictions?

    Resource allocations to enforce prevention of spousal violence were reportedly insufficient.  Would the State party consider revising legislation to address coercion and psychological violence?  How was it building the capacity of the judiciary related to their understanding of gender-based violence?  How were shelters for victims of domestic violence being funded?  Was there a level of awareness amongst women regarding new legislation on non-consensual sex and their right to refuse sex?

    BANDANA RANA, Committee Expert and Rapporteur for Japan, commended the 2014 national action plan to combat trafficking in persons and the establishment of the council to combat trafficking in persons.  What measures were in place to improve identification mechanisms for victims of trafficking?  Current legal provisions did not fully encompass non-coercive forms of trafficking. How would this be addressed? Labour trafficking remained significantly underreported.  How would the State party secure convictions in trafficking cases and enhance cross-border cooperation to ensure the safe return of trafficking victims? Victimisation of girls persisted in the online sphere through child prostitution and pornography.  How was this being addressed?  Did programmes to prevent trafficking reach rural areas? What measures were in place to prevent the trafficking of young women and girls forced into prostitution by economic hardship?

    The Committee acknowledged efforts made by Japan to address the comfort women issue.  These steps needed to be sustained and enhanced to ensure the rights of victims to truth, justice and reparation.

    ANA PELÁEZ NARVÁEZ, Committee Chair, asked how legislation addressed sexual acts against persons who could not give consent, such as children and persons with disabilities.

    Responses by the Delegation

    The delegation said that the Cabinet Office had conducted surveys in 2021 and 2022 that revealed unconscious bias related to gender.  It had since implemented various measures to promote awareness of unconscious bias in government and society.  The Act on Promotion of Gender Equality in the Political Field required political bodies to implement training to prevent sexual harassment against persons holding public office.  Individual cases of harassment were handled according to the law.

    In 2023, the Penal Code was revised to specify that non-consensual sexual relations were prohibited in all situations. Information had been posted on Government websites, and leaflets and posters had been created, informing women and girls about the new legislation.  Lectures on the new law had also been provided for staff at one-stop support centres.  Persons who had sex with persons who could not give consent due to a disability or other factors were punished under the law.

    A victim-centred approach was taken to addressing the issue of sexual abuse by military personnel against women in Okinawa. Suspects were held by the military until the Japanese Government indicted them.  The Government was committed to holding all perpetrators accountable.  There were three arrests of United States forces for non-consensual sex with women and one arrest for indecent assault.

    The Act against Sexual Violence was amended in 2023 to address threats of violence and extend restraining orders for perpetrators of domestic violence.  The Legal Training and Research Institute had conducted training on domestic violence for family court clecks and investigators.  Courts could order prohibition of repeated phone calls to victims. Forty-seven publicly run shelters were provided for victims of sexual and gender-based violence, and the Government also supported privately run shelters.  Livelihood support was provided for victims, as was education support for their children.  In 2023, 1,100 protection orders were issued by courts.

    In 2022, the Government introduced an action plan on trafficking in persons, which promoted the identification and support of victims. After 2022, Japan had been attending the meetings of the Bali Process and contributing funds to the International Organization for Migration to promote awareness of trafficking and voluntary returns of victims.  Japan had supported the return of over 600 victims.  The Japan Coast Guard conducted inspections of vessels and took protective measures if there were suspicions of trafficking.  The Immigration Services Agency investigated whether asylum seekers were victims of trafficking.  Residence visas could be issued to persons found to be victims.  The Agency provided consultations and information on trafficking in persons in multiple languages, and victim protection services through regional contact points.  The police had also been trained in identifying victims of trafficking.

    Legislation had been enacted to address online child pornography and child prostitution.  Persons who distributed child pornography were prosecuted under this legislation.

    Japan aimed to lead global efforts to prevent gender-based violence.  It was providing financial contributions to organizations supporting women affected by conflict and was conducting awareness raising campaigns to prevent such incidents.

    Questions by Committee Experts

    A Committee Expert commended efforts to remove barriers to female political representation in Japan.  It was concerning that the number of women representatives in government had decreased recently.  Only around 0.8 per cent of company chief executive officers were women, there were only two female justices in the Supreme Court, and only 7.1 per cent of senior diplomats were women.  How would the State party improve female representation in these areas? Would it implement penalties or incentives to improve female representation?

    Another Committee Expert said that mixed nationality couples and single foreign parents had issues with passing nationality onto their children.  Did children of mixed couples obtain Japanese nationality upon birth, regardless of the marital status of their parents? Could more detail be provided about changes in the nationality law in 2024?  Children of foreign nationals born in Japan were not granted Japanese nationality and foreign residents were not allowed the right to vote.  Could they be appointed to government positions?  Was there a complaints mechanism for denied nationality applications?

    Responses by the Delegation

    The delegation said the Basic Act for Gender Equality called on the Government to pursue affirmative actions to promote gender equality.  It set numerical targets for women’s representation and measures were developed to achieve those targets.  Numerical targets had been set for the representation of women in private sector companies.  More than half of new employees of the Foreign Ministry were women.  Currently, the Supreme Court had three women judges, meaning 20 per cent of its judges were women.  The Government was exerting efforts to increase the representation of women in the judiciary.  Companies with more than 301 employees were obliged to develop action plans on promoting women’s participation and publish statistics on women’s representation in their workforces, and there were plans to extend this obligation to companies with more than 101 employees.  There had been a gradual increase in women’s representation in managerial positions in private companies in recent years.

    The 2024 revision to the law on nationality was enacted to ensure that nationality was not granted when false claims were made by applicants.  There was no specific complaint mechanism related to obtaining nationality. Nationality could be obtained through naturalisation and other means.

    Questions by Committee Experts

    BANDANA RANA, Committee Expert and Rapporteur for Japan, said that Japan was one of the world’s largest donors to international efforts promoting gender equality.  How would the State party promote women’s participation in peace negotiations?

    Another Committee Expert said horizontal segregation persisted in Japan.  The share of female students in physical science education was 15 per cent, and around 10 per cent in engineering education. Women professors made up around 17 per cent of professors in universities.  Would the State party introduce temporary special measures to address these issues?  Why were many female lecturers hired in temporary positions?  How was the State party encouraging women to become doctors?

    How did the State party ensure standardisation and the accuracy of information in history textbooks?  How many male teachers were there in primary schools?  What measures were in place to improve the working environment for women teachers?  Did teacher training address verbal and psychological violence?  Would the State party adopt Convention standards related to sexual education?  What measures were in place to address bullying against lesbian, gay, bisexual, transgender and intersex children and children from non-conventional families?

    A Committee Expert said the Penal Code had recently been revised to address online insults; how many cases of online insults had since been prosecuted?  Marginalised women experienced disproportionate levels of workplace harassment.  The gender wage gap was wide, at 23 per cent, and there was a large proportion of unemployed work-age women.  What measures were in place to address these issues?  Most women worked in irregular employment positions; would the State party consider requiring companies to report on the percentage of women in such positions?  What protections were available for workplace harassment of whistle-blowers?  The Convention needed to be upheld in Supreme Court deliberations regarding selective surnames for women.

    Responses by the Delegation

    The delegation said that in 2023, Japan positioned gender mainstreaming as an important part of official development assistance.  It was promoting women’s empowerment through foreign policies. Wide-ranging discussions were held on the empowerment of women at the G-7 as a part of gender mainstreaming efforts. Women were encouraged to participate in humanitarian aid activities.

    Under the fifth Basic Plan for Gender Equality, there was a target for increasing women and girls’ participation in science, technology, engineering and maths education.  Women’s participation in this education had gone up this year.  The Government was also promoting diversity among university students and supporting women studying science, technology, engineering and maths subjects through scholarships.  It also awarded universities that took positive measures to enrol women students and was distributing increased funding for universities that employed high percentages of women professors and women in leadership positions.  The Government was supporting women to return to work in research after childbirth.  It found that there had been discrimination against women in three medical schools’ entrance examinations.  Measures had been taken to ban such discrimination and prevent its recurrence.

    The Government had national curriculum standards that textbook publishers needed to adhere to.  School textbooks promoted harmony between students and provided education on gender equality.  In the authorisation process, academic and other experts assessed draft textbooks created by private sector companies to ensure that they explicitly promoted gender equality.

    Overtime payment was not provided to teachers, but teachers’ salaries were adjusted based on the amount of work they conducted.  The Government was trying to reduce working hours for teachers by hiring additional teachers and implementing other measures. Teacher training covered respect for human rights and support for students of diverse backgrounds.

    Bullying, including of lesbian, gay, bisexual, transgender and intersex children, was not tolerated in schools.  Psychological health surveys and individual support teams were employed to respond quickly to school bullying, and guidelines were being revised to strengthen responses to bullying.  A policy to address deep-fake pornography was included in the Basic Plan for Gender Equality.

    Employers were not allowed to select employees based on weight, height or physical strength, or based on their ethnic background or belief. Each public and private entity had a quota for employment of persons with disabilities.  This had led to increased employment of such persons.  A workplace diversity promotion project was launched in 2019.  Companies that actively employed women were certified and provided with tax incentives. The Government, over the next three years, would introduce measures to support women’s employment in the digital field.  There were 73 prosecutions involving insults in 2023.

    Questions by Committee Experts

    A Committee Expert said the Equal Employment Act did not recognise discrimination based on pregnancy, rural background or age. Would the State party amend this legislation?  More than 50 per cent of female workers were in temporary positions.  This needed to be addressed.  The 2025 World Expo was an opportunity to showcase that the future of work was female.

    Another Committee Expert asked about the slow pace of dismantling single-sex schools, which validated differences between the sexes.  What timeline did the Government have to achieve this?  What reparation had been provided to women who had been denied admission to medical schools due to discrimination?  How would the State party address negative comments by authorities related to reproductive education?

    A Committee Expert said a 2023 Government pilot had made emergency contraception pills available in pharmacies.  Would this pilot project be made permanent, and would contraception be provided to persons under 18?  Women in Japan had to get consent from spouses to seek abortions.  There were even cases where single women had had to seek permission from partners to obtain abortions.  Would the Government remove this requirement?  Only around three per cent of clinics offered abortion pills that were as expensive as other abortion procedures and needed to be taken in front of medical staff.  What measures were in place to increase access to abortion pills and to allow women to take these pills at home?

    The Committee commended the Government for apologising for the sterilisation of persons with disabilities conducted under the former eugenic protection law and for committing to provide compensation to victims. What reproductive rights did women with disabilities currently have?  What progress had been made in reducing per- and polyfluoroalkyl substances in water supplies, which were harmful for pregnant women?

    Another Committee Expert commended the revised Pension Act and support provided for start-ups created by women.  Around 15 per cent of women in Japan lived below the poverty line. Women in part-time work lacked adequate safety nets to keep them from poverty.  What measures were in place to further extend women’s access to employment opportunities and low-interest credit?  How would the State party address the gender digital skills gap? Were there financial literacy programmes for women in rural areas?  What percentage of the social security budget was devoted to older women, women with disabilities, foreign students and rural women workers?  Had the State party considered reforms that would establish guaranteed pensions for all individuals and family benefits for women with children classified as “illegitimate”?  How was the State party promoting women’s participation in sports and cultural programmes?

    Responses by the Delegation

    The delegation said the Government would continue to consider expanding the scope of legislation on indirect discrimination in recruitment, considering societal attitudes.  Japan’s efforts to promote women’s empowerment would be showcased at World Expo 2025. 

    Japan had no plans to dismantle single-sex schools.  Schools and boards of education made decisions related to single-sex education in individual schools.  Sexual and reproductive education called on students to respect the opposite gender and to make informed decisions regarding sexual activities.

    A trial was being conducted on the sale of emergency contraception pills at pharmacies and a research project on the provision of the abortion pill at medical clinics had been concluded this year.  The Government would analyse their results.  Male spouses needed to permit pregnant women to seek abortions, except in cases of domestic abuse or for unmarried mothers. The Government would deepen social discussions on this issue.

    The Government had developed a plan for promoting female digital talent; it was expanding opportunities for female high school and university students to receive education on programming.  The Government provided loans to female entrepreneurs who had difficulties obtaining funds and was collecting statistics on the number of start-ups created by women.  Seminars had been conducted to promote capacity building for women entrepreneurs.

    In 2022, the Government published cross-sectoral guidelines on business and human rights.  It would continue to study the possibility of future laws on human rights due diligence.

    The average monthly pension as of 2022 was 58,000 yen for men and 54,000 yen for women.  There was no gender gap in the system itself; the difference was due to gaps in work style between men and women.  Japan had a universal pension system.  The Government would expand the scope of employees qualified to receive pensions and would provide additional support to elderly women recipients of pensions.

    Questions by Committee Experts

    A Committee Expert asked about the timeline for the trial of emergency contraception, and asked whether the Government would change legislation to remove the requirement for people who wished to change genders to be sterilised.  It was extraordinary that women in Japan needed to get permission from spouses to obtain abortions, except in cases of divorce, domestic violence or death of spouses. Would the State party revise this?

    Another Committee Expert asked about the number of female beneficiaries of financial loans.  How would the State party provide pension coverage for all vulnerable groups, including women not in employment, education or training?

    Responses by the Delegation

    The delegation said it was currently difficult to indicate a timeline for the trial of emergency contraception, but the Government would continue to consider this.

    The poverty rate was higher for females than for males. To address this, a supplementary pension benefit was provided for low-income households.

    The Government provided various sporting opportunities for women and was promoting women’s participation in governance of sporting organizations.  A plan had been adopted that promoted women’s participation in cultural activities.

    Questions by Committee Experts

    BANDANA RANA, Committee Expert and Rapporteur for Japan, commended plans to support land ownership for rural women.  Rural women lacked access to adequate social benefits such as maternity and sickness leave. How would the State party address this? 

    Ms. Rana welcomed inspections that had led to the detection of abuse of migrant technical intern trainees.  However, migrant women workers continued to face discrimination, threats of repatriation abroad, and poor working conditions.  How was the State party addressing these issues?  What measures were in place to address barriers to accessing health care for women with disabilities?

    Women’s representation in climate change decision making was low.  How would the Government address this, and ensure that extraterritorial investments protected women’s rights?  How would the State party take responsibility for monitoring nuclear standards with regards to the dumping of nuclear treatment water into the ocean?

    Another Committee Expert said that 94.7 per cent of women adopted their husband’s surname under the current single surname system.  This had negative impacts on their identity and employment. What were the prospects of reforming the law to allow for a dual surname system?

    What measures were in place to address the impact of discriminatory practices against children born out of wedlock?  There were barriers to women accessing assets in divorce settlements.  How was the Government working to train the judiciary on these issues so that justice could be imparted with a gender perspective?  How would it protect victims of family violence after the introduction of joint custody decisions?  Were there plans to increase court resources for this purpose?  Would the State party allow for adoption by same-sex couples?  The Committee suggested that the State party consider establishing equality between men and women regarding the appointment of female emperors.

    Responses by the Delegation

    The delegation said foreigners could be appointed to certain public servant positions, but not all positions.  In 2022, several thousands of inspections were carried out under the technical intern trainee law, which had identified human rights violations.  Employers that violated migrant workers’ rights were sanctioned.

    The Ministry of Environment was actively employing women. Discharged water from the Fukushima Daiichi nuclear plant was not contaminated with nuclear material.  The International Atomic Energy Agency had determined that the radiation impact of this water was negligible and that the disposal of this water into the ocean was safe.

    Opinions were mixed regarding selective separate surnames. The Government was offering information to deepen debate on the topic in the public and in the Diet.

    The best interests of the child needed to be considered regarding visitation rights for parents.  The revision of legislation on visitation did not harm the rights of children. In 2024, the Civil Code was revised to promote the separation of property after divorces.  The period in which claims could be made to family courts were extended from two to five years.  The revised law promoted the fair division of property.

    It was not appropriate for the Committee to raise the issue of revising the system of succession to the Imperial Throne of Japan.

    Questions by Committee Experts

    ANA PELÁEZ NARVÁEZ, Committee Chair, said that the Committee had capacity to raise relevant questions regarding equality between men and women, including regarding succession to the throne.  This was a topic that was directly relevant to the Convention.

    A Committee Expert welcomed that the Government had removed a policy offering grants to women to move away from Tokyo to get married. What was the level of engagement of women in policy making such as this?

    Another Committee Expert asked about efforts to ensure that family law included a gender perspective.

    Responses by the Delegation

    The delegation said the Japanese Government had set targets regarding the percentage of per- and polyfluoroalkyl substances in drinking water.  There had been no reports of health issues related to levels of these substances, but monitoring of water resources would continue to ensure the safety of the public.

    The Government would continue to support the capacity building efforts of family courts.  It was providing information about women’s ability to use maiden names to apply for certain State services.

    Concluding Remarks

    KEIKO OKADA, Director-General, Gender Equality Bureau, Cabinet Office of Japan and head of the delegation, said the delegation had engaged sincerely in the dialogue.  It hoped that the responses it had provided would be useful for the Committee.

    ANA PELÁEZ NARVÁEZ, Committee Chair, said that the dialogue had provided further insight into the situation of women in Japan.  The Committee encouraged the State party to undertake further efforts to implement the Convention more comprehensively for the benefit of all women and girls in the State.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW24.030E

    MIL OSI United Nations News –

  • MIL-OSI USA News: Remarks by Vice President Harris at a Campaign Event | Scottsdale,  AZ

    Source: The White House

    Grayhawk Golf Club
    Scottsdale, Arizona

    12:12 P.M. MST

    THE VICE PRESIDENT:  Hi, everyone.  Good afternoon.  Please have a seat.  Good afternoon.  (Applause.)  Thank you. 

    Thank you.  Thank you very much.  Thank you.  I appreciate you.  Thank you very much.  Thank you.  Thank you.  Thank you.  (Applause.) 

    Thank you.  Thank you.  Thank you.  I’m touched.  Thank you.  Thank you.  Thank you.  That means a lot.  Thank you, (inaudible).  (Applause.) 

    Thank you.  Please, please, please have a seat.  I’m — I’m very touched and very honored.  And thank you, all leaders who are here. 

    Mayor Giles, I thank you.  You’ve been an extraordinary friend.  And I really — I so appreciate the courage that you have shown to be so open and forward about the importance of us all working together, and your support has meant the world to me.  So, in front of all of the friends, I thank you very much for all you’ve done.  (Applause.)  Thank you.  Thank you.  Thank you.

    And former State Rep Shaw, I thank you as well.  Is sh- — I — there you are.  (Laughter.)  Thank you for all the support that you have given as well.  Thank you.  (Applause.)  Thank you.  Thank you.  Thank you.

    So, we are all here together because we love our country.  We love our country.  And I was talking with some folks recently about the importance of understanding the — the duality, frankly, that exists in terms of our democracy. 

    You know, as your vice president, I have now met over 150 world leaders — presidents, prime ministers, chancellors, and kings — and when we, representing the United States, walk in those rooms, traditionally, we’ve been able to walk in those rooms chin up, shoulders back, with the earned and self-appointed authority to talk about the importance of democracies, rule of law.  But I say, to a room of role models, here’s the thing about being a role model: When you’re a role model, folks watch what you do to see if it matches up to what you say. 

    And I tell you because I have traveled the country recently — including the many, many trips that I have taken over the last almost four years — but recently, in particular, where world leaders, allies have come up to me — we’re now on a first-name basis; I’ve met with so many of them so many times — and they have said to me, “Kamala, I hope you guys are going to be okay.”

    One of the things that I think about and weighs on me sometimes is I hope we, as Americans, really understand how important we are to the world.  We are so important to the world.  Those people who fight for democracy, who fight for freedom, who fight for a life in which they can have opportunity, they hold us up and they hold us out as a model. 

    And that, as much as anything, is at stake right now in this election.  And I know I’m speaking to a group of people who know that and know that well. 

    You know, I was raised to believe that hard work is important, it is important to look out for each other, it is important to understand that the vast majority of u- — of us have so much more in common than what separates us. 

    I was raised in a community of folks who understood that when we stand together, when we look for commonality, that’s when we thrive. 

    And part of what we know has been happening in the last several years in our country is there’s some powerful forces that are trying to divide us as Americans, would have us and cheer us on if we point fingers at one another. 

    There’s this kind of backward thinking coming from some folks that suggests that the measure of the strength of a leader is based on who you beat down, instead of what we know, which is the real measure of the strength of a leader is based on who you lift up.  That’s strength.  (Applause.)

    But — but truly, like i- — but — but I mean that intentionally.  It’s not only good and right.  That’s strength. 

    Because that’s part of what is the perversion of what some people are suggesting, as though it is a sign of weakness to have empathy, to have some level of concern and care about the suffering of other people and then take it upon oneself to do something about that that is about lifting the condition of your fellow human being. 

    So, when we think about what’s at stake in this election — whoa, it’s packed with some stuff.  (Laughter.)  It’s packed with some fundamental stuff — (applause) — I say rather articulately.  (Laughs.)  There’s so much at stake. 

    Mayor, you mentioned John McCain.  Okay.  So, I’ll tell you, I was in the United States Senate for about four years, and — and I worked with John McCain.  And so, I’ll tell you, so there was this — we were on a committee together.  And, you know, these committee rooms in the United States Senate, they’re very grand and — and very impressive.  And John McCain was on one side of the dais; I was on the other — horseshoe. 

    And he’s going after me.  He’s going after me.  We’re having some conversation.  I think it was about one of the nominees.  This — this was during President Trump’s years.  He’s going after me, and I’m going back after him.  (Laughter.)  I’m going back after him.  And that was it.  And this is what the public saw. 

    And then I step onto the floor of the well of the Senate later that day — we had votes — and I passed by John McCain, and he looks at me and he says, “Kid, come over here.”  (Laughter.)  “You’re going to make a great senator.”  (Laughter and applause.)  True story.  True story.  True story.

    That was John McCain.  That was John McCain. 

    I was talking about him last night at a rally, right?  John McCain, who — you know, we didn’t agree on everything, but, man, I mean, what about an incredible American hero?  (Applause.) 

    Again, strength — strength — right? — we know what the former president said about John McCain; I’m not going to repeat it here — but strength.

    John McCain stood on principle.  He stood on a belief in the — in the importance of — of patriotism, of sacrifice, of what we stand for as a country. 

    And part of what I talked about at a rally last night is — I — I shared with the folks in the room: I was there on the Senate floor, way into the middle of the night, when it was yet another attempt of the former president to get rid of the Affordable Care Act, which, as we know, has been literally a lifesaver for people, right?  (Applause.)  What it has done to no longer allow preexisting conditions to be the reason that an insurance company can’t give you assistance.  Right?

    And you all may have seen it.  I was there on the floor that night, and we were all standing around because whether or not the Affordable Care Act would continue to be relied on one vote.  And we were all standing on the floor.  And, of course, I had voted to keep it going.  And — and I say this, and it sounds like it’s out of a movie, but this is how I experienced it.

    On the flo- — floor with my colleagues in the Senate well — it was late into the night, and they — in the Senate, they had the — you walk onto the Senate floor, and there are these big, wooden ornate doors.  And those ornate doors opened — (laughter) — and John McCain came out. 

    And he went to the floor, and he said, “No, you don’t.”  (Applause.)  He said, “No, you don’t.”  “No, you don’t take away health care for millions of people.” 

    And that is but one example of an individual that we all respect who put country before party in terms of what they thought was right.  I am honored to have the endorsement of Jeff Flake, someone I also worked with — (applause) — again, putting country before party.

    And so, I say all of that to say that those are examples that are situated right here in this beautiful state of Arizona, a tradition that everyone, and all of us, I will say, stand on. 

    And then, of course, most recently, what Maricopa did in terms of the clerk refusing to participate in the intention to undo the will of the people in a free and fair election.  The people of this state have always shown extraordinary courage to stand up for the principles upon which we as a country were founded.  And I thank you for that.  I thank you for that.

    I know we are going to win this election, and it is not going to be easy.  There are forces at play that are making us, as-  — as Americans, I think, call into question certain fundamentals that we have always taken for granted, that is part of our pride: freedom — freedom — freedom from the government making decisions about a person’s body, a woman’s body; freedom to just be; freedom over matters of heart and home, I like to say; fundamental principles around the importance of rule of law, whether we should actually be concerned and have a question — a legitimate question in an election for president of the United States, the commander in chief, of whether they will abide by the oath.  (Applause.) 

    But imagine — imagine.  That’s a legitimate question we are asking.  It’s not rhetorical.  It’s a legitimate question we are asking.

    He who said that he would, quote, “terminate” the Constitution of the United States.  He who said he would be a dictator on day one.  He who intends to weaponize the Department of Justice against his political enemies — take away the independence of the Department of Justice and put in place loyalists.

    Fundamental notions about who and what we are as a democracy are at play in this election.  And you all, each of you, have had the courage to say, hey, we may not agree on every single thing — that’s also what a democracy looks like — but foundational, first principles cannot be in question, not for the sake of our children, not for the sake of our future and well-being, not for the sake of our standing in the world.

    And so, I tell you all this to just reaffirm that we — we share not only a concern but a commitment to our country and what’s most important about, in a moment of crisis — dare I say, I think this is one — do we stand together as Americans being our first identity and come together around these issues?

    And I — I’m going to actually announce — we have press in the room — that I have decided also — not only will I have a Republican in my Cabinet, but I’m also going to — I — I was talking to my team about it.  I want to create some structure around the following, which is: I love good ideas.  Wherever they come from, I love good ideas.  (Applause.)  Right?

    And so, part of what I intend to do, Mayor, and put some structure around is creating a bipartisan council of advisers who can then give feedback on policy as we go forward.  Because here’s the thing I also understand and feel strongly about: In order for us as America to maintain our status as the strongest democracy in the world, we need a healthy two-party system.  We have to have a healthy two-party system.  (Applause.)  We have to.  It’s in the best interest of all of us.  It’s in the best interest of all of us. 

    You know, the way that I like to lead — I bring folks in my office all the time, and they know I don’t want any “yes” people.  I want people to come in and, first of all, be prepared.  (Laughter.)  Yeah, no time to waste.  But come in and then let’s — let’s, as I often say, kick the tires on ideas.  Because the best ideas will survive those kinds of challenges, and the best ideas will then be most relevant to the American people, most in- — effective to the American people. 

    And so, I’m going to create a bipartisan council so we can put some structure around exactly this point and do the work that is important. 

    And then I’m — I’m just going to close with this.  You know, again, I think on the fundamentals, we have more in common than what separates us, including across faiths. 

    So, I know there are mem- — a lot of members of the LDS community here, and you may or may not know my pastor actually spoke at the 100th birthday of President Nelson.  (Applause.)  Yeah.  Yeah. 

    And I just — and that wasn’t a plan as part of this.  It just is.  And — and I just think if we think in our lives and in what we know, there are so many examples of that point.  We have so much more in common than what separates us, especially on the fundamentals. 

    And so, with that, I say that I am committed to all of you to be a president for all Americans and to work as we must — together — again, knowing we have so much more in common than what separates us.  And on the biggest and most important issues, I think we know that this is a fight that is not against something as much as it is a fight that is for something.  (Applause.)

    Thank you. 

    God bless you.  God bless you.  And God bless the United States of America.  Thank you.  (Applause.)

                              END                 12:28 P.M. MST

    MIL OSI USA News –

  • MIL-OSI: Exosens announces agreement to acquire NVLS (Night Vision Laser Spain), specialist in night vision equipment

    Source: GlobeNewswire (MIL-OSI)

    EXOSENS ANNOUNCES AGREEMENT TO ACQUIRE NVLS (NIGHT VISION LASER SPAIN), SPECIALIST IN NIGHT VISION EQUIPMENT

    PRESS RELEASE
    MÉRIGNAC, FRANCE– MADRID, SPAIN, OCTOBER, 22nd 2024

    • Exosens announces having reached a definitive agreement to acquire Spanish-based NVLS, a specialist in night vision equipment, widening its optical and mechanical deep know-how
    • This acquisition will enable NVLS to develop its business in Spain, Latin America and Asia and will contribute to providing enhanced night vision solutions to Armed Forces.

    Exosens, a high-tech company focused on providing mission and performance-critical amplification, detection and imaging technology, today announces the signing of the acquisition of Spain-based company NVLS, a specialist developer and manufacturer of man-portable night vision and thermal devices.

    “With the acquisition of NVLS, we will enhance our long-term innovation capabilities for multi-sensor platforms using detectors and cameras made by Exosens.

    Serving and delivering large volumes of high-performance image intensifiers to all our customers and end-users remain our priority in the years to come. We are committed to our customers to maintain the same high level of service and support that we have thrived to constantly deliver as the reference ITAR-free image intensifier tube provider».” commented Jérôme Cerisier, CEO of Exosens.

    NVLS, based in Spain with 63 employees, has developed a strong expertise in the field of man-portable night vision equipment, offering ultra-compact large field of view devices that provide enhanced visibility for land and aviation missions. These devices have been introduced as the new standards within the Spanish Armed Forces, Customs Police and Guardia Civil.

    “We are very pleased to join Exosens group with which we have built a strong supplier relationship since many years. All our products lines have always been using Photonis image intensifier tubes which ensure a high level of image quality and reliability. We will continue to benefit from their extended sensors technology platform to develop a new generation of devices, bringing unrivaled performances to armed forces.” stated Jorge de la Torre, CEO of NVLS.

    The transaction is expected to be finalized in the coming months. Terms of the transaction are not being disclosed and are pending customary clearances and approvals.

    ABOUT EXOSENS:

    Exosens is a high‐tech company, with more than 85 years of experience in the innovation, development, manufacturing and sale of high‐end electro‐optical technologies in the field of amplification, detection and imaging. Today, it offers its customers detection components and solutions such as travelling wave tubes, advanced cameras, neutron & gamma detectors, instrument detectors and light intensifier tubes. This allows Exosens to respond to complex issues in extremely demanding environments by offering tailor‐made solutions to its customers. Thanks to its sustained investments, Exosens is internationally recognized as a major innovator in optoelectronics, with production and R&D carried out on 11 sites, in Europe and North America and with over 1,700 employees.

    Exosens is listed on compartment A of the regulated market of Euronext Paris ﴾Ticker: EXENS – ISIN: FR001400Q9V2﴿ and is a member of Euronext Tech Leaders segment.

    For more information: exosens.com

    Forward-looking statements

    Certain information included in this press release are not historical facts but are forward-looking statements. These forward-looking statements are based on current beliefs, expectations and assumptions, including, without limitation, assumptions regarding present and future business strategies and the environment in which Exosens operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to be materially different from the forward-looking statements included in this press release.

    Media contacts for Exosens:
    Brunswick group – exosens@brunswickgroup.com
    Laetitia Quignon, + 33 6 83 17 89 13
    Nicolas Buffenoir, + 33 6 31 89 36 78

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    The MIL Network –

  • MIL-OSI: BW Energy: Q3 2024 trading update 

    Source: GlobeNewswire (MIL-OSI)

    BW Energy: Q3 2024 trading update

    BW Energy will publish financial figures for Q3 2024 on Friday, 15 November 2024. 

    Net production to BW Energy was 2.4 million barrels of oil (bbls) in Q3 2024, equal to 25,570 bbls per day, from the Dussafu licence in Gabon (73.5% working interest) and the Golfinho field (100% working interest) in Brazil.    

    Volume (mmbbls)  Q3 2024  Q2 2024 
    Net production    2.4  2.1 
    Dussafu    1.9  1.4 
    Golfinho    0.5  0.7 
         
    Net volume sold    2.5  1.9 
    Dussafu*    2.0  0.9 
    Golfinho    0.5  1.0 
           
    Average realised price (USD/bbl)     
    Dussafu    82.0  76.3 
    Golfinho    81.7  86.4 
           
    *Includes State Profit Oil and DMO deliveries     

    DUSSAFU 

    • Highest quarterly production since inception 
    • Operating cost (excluding royalties) of USD 20.5/bbl 
    • The net volume sold (basis for revenue recognition), included 195,000 bbls of DMO deliveries and 232,000 bbls of state profit oil, with an under-lift position of 391,500 bbls at period-end 
    • The DHBSM-2H well on Hibiscus South was completed in July with the first conventional ESP (Electrical Submersible Pump) system 
    • The DHIBM-3H well was worked over in early August with a conventional ESP 
    • The DHIBM-7H well, on the northern flank of Hibiscus Main, started production utilizing a conventional ESP in early October and is performing to expectation 
    • The DHBSM-1H ESP failed on 20 September, as the last of the defective generation, with change-out to a conventional ESP completed and production restarted mid-October  
    • The ESP replacement program on track for completion by year-end and to reach gross production target of 40,000 bbls/day  

    GOLFINHO 

    • Inventory at period end of 340,700 bbls  
    • Production cost (excluding royalties) of USD 63.3/bbl primarily due to lower production 
    • Production impacted by a planned maintenance shutdown on the FPSO Cidade de Vitória. Production availability set to improve in Q4 following maintenance completion on one gas lift compressor, with full compressor capacity expected to be back in service in Q1 2025 

    HEDGING, LIQUIDITY AND DEBT 

    • Q3 expected gain from hedging of USD 8.6 million, all of which is unrealised.  
    • Period-end cash balance of USD 209 million vs. USD 244 million end-June 2024, with the change reflecting cash flow from operations, debt repayment and investments including acquisition of shares in ReconAfrica. 
    • Period-end gross debt of USD 556 includes MaBoMo lease, Dussafu RBL, Golfinho prepayment facility and bond debt. 

    For further information, please contact:

    Brice Morlot, CFO BW Energy, +33.7.81.11.41.16 

    ir@bwenergy.no 

    About BW Energy: 

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 580 million barrels of oil equivalent at the start of 2024. 

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

    The MIL Network –

  • MIL-OSI: Sampo plc’s share buybacks 21 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 22 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 21 October 2024

    On 21 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      4,877 41.73 AQEU        
      44,103 41.69 CEUX
      594 41.74 TQEX
      40,928 41.70 XHEL
    TOTAL 90,502 41.70  

    *rounded to two decimals                

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

    After the disclosed transactions, the company owns in total 9,042,747 Sampo A shares representing 1.64 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

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

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

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

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

    Attachment

    The MIL Network –

  • MIL-OSI: Wendel announces a transformational transaction in line with its strategic roadmap

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE – OCTOBER 22, 2024

    Wendel announces a transformational transaction
    in line with its strategic roadmap

    • Acquisition of Monroe Capital LLC dramatically expands Wendel’s Asset Management platform and rebalances its business model towards more recurring cash flows and growth
    • Wendel’s Asset Management platform will represent c.€31 billion1 of AuM in private assets and is expected to generate c.€160 million2 of Fee Related Earnings and c.€185 million of total pre-tax profit in 2025

    Wendel (MF-FP) today announced that it has entered into a definitive partnership agreement including the acquisition of 75% of Monroe Capital LLC (“Monroe Capital” or “the Company”), and a sponsoring program of $800 million to accelerate Monroe Capital’s growth, and will invest in GP commitment for up to $200 million.

    For Wendel, the acquisition of a controlling stake in Monroe Capital, a private credit market leader focused on the U.S. lower middle market that has established an outstanding track record, would represent a significant and transformational advancement of the strategy it announced in March 2023 to develop its third-party asset management platform to complement its longstanding principal investments business.

    This transaction follows Wendel’s recent acquisition of IK Partners, a European leader in middle market private equity, as it seeks to build a scaled third-party asset management platform, based on strong performing General Partners with distinctive and focused expertise, an entrepreneurial mindset and an emphasis on the middle market. The embedded organic growth of those acquisitions will be complemented by Wendel’s unique value proposition which includes:

    • Capital to sponsor new strategies and fund organic and inorganic initiatives ($800 million in the sponsoring program and up to $200m of GP commitment for Monroe Capital)
    • Wendel’s network to develop long term strategic partnerships with highly regarded LPs (Wendel and Monroe Capital intend for AXA-IM Prime to participate in the transaction)
    • Cross selling opportunities by combining the expertise and client bases of GPs
    • Development of centralized fundraising platform to address new markets

    The transaction is subject to the satisfaction of closing conditions and receipt of regulatory approvals. It is expected to be completed in the first half of 2025.

    A private credit leader in the U.S. middle market with a demonstrated strong track record across market cycles

    Founded in 2004 by Ted Koenig, Monroe Capital provides private credit solutions to borrowers in the U.S. and Canada, managing $19.53 billion of assets across 45+ investment vehicles. Monroe Capital’s strategic verticals are Lower Middle Market Direct Lending, Alternative Credit, Software & Technology, Real Estate, Venture Debt, Independent Sponsor and Middle Market CLOs. Each vertical has demonstrated strong investment performance and offers potential for significant organic growth.

    Through July 1, 2024, Monroe Capital has directly originated over 700 transactions, has invested over $44 billion and has earned c.10% gross unlevered IRR4 for its directly originated transactions. Monroe Capital’s LP base is very broad and diversified, including public pensions, insurance companies, family offices and high net worth individuals from across the globe.

    The firm, which is headquartered in Chicago, maintains eleven offices, of which nine are in the U.S., one in Abu Dhabi, UAE and one in Seoul, South Korea. Monroe Capital has grown to a team of over 270 employees, including 110 investment professionals.

    A transaction aligning strategic interests of all stakeholders over the long-term

    The envisaged transaction is a strategic partnership in which Monroe Capital’s teams — who remain committed for the long term — will continue to operate independently and autonomously in day-to-day management of current markets and strategies, under the same brand. Monroe Capital’s Investment Committee also would remain fully independent.

    A key feature of the planned partnership will be the commitment of significant capital by Wendel to support Monroe Capital’s present and future funds, as well as the development of new strategies. The contemplated transaction would lead to the full acquisition by Wendel of Monroe Capital over time, with subsequent transactions structured to ensure alignment of interests of all stakeholders:

    (i)      Initial transaction

    As part of the initial transaction, which is expected to be finalized in the first half of 2025, Wendel shall invest $1.13 billion, to acquire 75% of Monroe Capital’s shares (50% from Monroe management and 25% from Bonaccord Capital Partners who is a minority interest owner of Monroe) together with rights to c.20% of the carried interest generated on past and future funds. Monroe management will continue to own 25% of the Company post-closing.

    (ii)      Long-term alignment and subsequent transactions

    This transaction aims to maintain a long term and uncapped alignment of interests between Wendel and Monroe Capital’s 23 partners and employees:

    The initial transaction involving 75% of Monroe Capital would be complemented by an earn-out mechanism in the maximum amount of $255 million, subject to Fee Related Earnings (“FRE”) performance thresholds (Max if CAGR above c.26%) in the period, and if achieved would be paid in cash in 2028.

    The total consideration for the 75% would correspond to c. 14.7x to 18.5x 2025e pre-tax FRE depending on the earn out effectively paid and a 4.2x 2025e pre-tax Performance Related Earnings.

    Wendel will have a path to purchase the remaining 25% of Monroe Capital’s shares in subsequent transactions (put / call mechanisms) that would take place in three instalments over 2028 and 2032 and be payable in cash. The purchase of the remaining 25% shares would be valued through variable purchase multiples determined depending on realized FRE growth.

    (iii)      Capital commitment

    In addition, to accelerate Monroe Capital’s growth, Wendel would seed future new initiatives launched by the Company, with sponsor money, up to a maximum of $800 million in total, thereby supporting Monroe’s growth and diversifying Wendel’s investments in asset classes. In addition, Wendel will fund GP commitment of c.1% of funds to be raised, up to a maximum of $200 million. In total, Wendel will invest $1 billion into Monroe Capital’s funds.

    (iv)      AXA IM Prime’s investment alongside Wendel

    In addition, Wendel and Monroe Capital intend for AXA IM Prime to participate in the transaction. Wendel and AXA IM Prime have longstanding relationship and have jointly worked since inception on the current transaction. Both companies are now in discussion to confirm AXA IM Prime investment (up to $50m) as a minority shareholder, through its GP-stake fund “AXA IM Prime Capital Partners I” (“PCP I”), alongside Wendel in Monroe Capital. AXA Group (CS-FP) is the anchor investor of PCP I and already a significant and historic Limited Partner in Monroe Capital’s funds.

    Wendel to become an Asset Manager alongside its historical Principal Investment activity

    Wendel’s ambition is to build a sizeable Asset Management platform managing investments in multiple private asset classes, alongside its historical Principal Investment activity. The development of the third-party Asset Management platform will provide Wendel with recurring and growing cashflows as well as exposure to multiple and high performing asset classes. As a result, Wendel’s dual business model is expected to generate an attractive and recurring return to shareholders.

    With IK Partners and Monroe Capital, Wendel’s third party private asset management platform will reach c.€31 billion in AUM5, c.€ 455 million revenues, c.€160 million pre-tax FRE (c.€101 million in pre-tax FRE (Wendel share) by 2025 and is expected to reach €150 million (Wendel share) in pre-tax FRE by 2027 through double-digit organic growth.

    This evolution of Wendel’s business model is designed to enable the development, over time, of a value-creating platform with the potential to generate operational synergies.

    The third-party Asset Management platform will be developed alongside Wendel’s Principal Investment strategy, with the objective of generating double-digit Total Shareholder Return.

    Laurent Mignon, Wendel Group CEO, commented:

    “One year after announcing the acquisition of 51% of IK Partners, we are proud to announce the acquisition of 75% of Monroe Capital LLC, creating a strong partnership with a private credit leader in the U.S. lower midmarket. This acquisition marks an important step forward for Wendel’s asset management platform, which we are committed to scaling. Wendel is becoming an asset manager alongside our decades-long activity as a long-term equity investor. Monroe Capital, founded by Ted Koenig in 2004, is a terrific company that has consistently delivered strong performance across various market cycles in North America, bolstered by a surge in demand for private credit solutions and with the scale to capitalize on the growing opportunity set we see in private credit. Monroe Capital is strategically positioned to capitalize on this increasing demand, attracting both institutional and retail investors.

    Through this partnership with Monroe Capital, we are thrilled to collaborate with Ted Koenig, Chairman and CEO, Zia Uddin, President, and their talented teams to support their success and their ability to deliver robust financial performance over the coming years. It will be also a great privilege for Wendel to partner with such a renowned investor as AXA IM Prime.

    Wendel is executing its strategic plan with determination, rigor and financial discipline, as demonstrated by this transformational acquisition, while also focusing on premium assets in our principal investment activities, highlighted by the recent acquisition of Globeducate. Our transformation to a dual-strategy model is now well-grounded, with top partners in asset management such as IK Partners in private equity and now Monroe Capital in private credit. Our priority for the near future will be to build our platform and to work on the rotation of our Principal Investment assets.

    I would like to express my gratitude to the Wendel teams for their unwavering dedication and to the Supervisory Board of Wendel for its constant support in driving this ambitious strategy forward.”

    Theodore L. Koenig, Chairman & CEO of Monroe Capital commented:

    “We are excited to partner with Wendel and AXA IM on this next chapter of Monroe’s growth. Their commitment to our business will provide meaningful and stable capital to thoughtfully scale our platform and better capture the attractive and expanding opportunity in middle market private credit. Specifically, Wendel’s $1 billion commitment will accelerate our client-centric growth strategy and deliver meaningful benefits to our global investor base.”

    UBS acted as exclusive financial advisor to Wendel and Kirkland & Ellis LLP acted as legal counsel to Wendel. Wendel was also assisted by Fenchurch Advisory for this transaction. Goldman Sachs & Co. LLC acted as exclusive financial advisor to Monroe Capital, and Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Monroe Capital.

    About Monroe Capital

    Monroe Capital LLC (“Monroe”) is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, alternative credit solutions, structured credit, real estate and equity. Since 2004, the firm has been successfully providing capital solutions to clients in the U.S. and Canada. Monroe prides itself on being a value-added and user-friendly partner to business owners, management, and both private equity and independent sponsors. Monroe’s platform offers a wide variety of investment products for both institutional and high net worth investors with a focus on generating high quality “alpha” returns irrespective of business or economic cycles. The firm is headquartered in Chicago and maintains 11 offices throughout the United States and Asia.

    About Wendel

    Wendel is one of Europe’s leading listed investment firms. The Group historically has made long-term equity investments in European and North American companies that are leaders in their field, including its current investments ACAMS, Bureau Veritas, Crisis Prevention Institute, Globeducate, IHS Towers, Scalian, Stahl and Tarkett. With Wendel Growth, Wendel also invests via funds or directly in innovative, high-growth companies. In 2023, Wendel announced its intention to build out a third-party private asset management platform to complement its principal investment activities. In the first step in advancing this dual-strategy model, Wendel in May 2024 finalized the acquisition of a 51% stake in IK Partners.

    Agenda

    Thursday, October 24, 2024

    Q3 2024 Trading update – Publication of NAV as of September 30, 2024 (post-market release)

    Friday, December 6, 2024,

    2024 Investor Day.

    Wednesday, February 26, 2025

    Full-Year 2024 Results – Publication of NAV as of December 31, 2024, and Full-Year consolidated financial statements (post-market release)

    Thursday, April 24, 2025

    Q1 2025 Trading update – Publication of NAV as of March 31, 2025 (post-market release)

    Thursday, May 15, 2025

    Annual General Meeting

    Wednesday, July 30, 2025

    H1 2025 results – Publication of NAV as of June 30, 2025, and condensed Half-Year consolidated financial statements (post-market release)

    1 As of September 2024

    2 c.€101m of FRE expected in 2025, Wendel share.

    3 committed and managed capital (as of July 1, 2024)

    4 Across fully exited companies

    5 As of September 2024

    Attachment

    The MIL Network –

  • MIL-Evening Report: Huge volumes of whey go to waste. We could do much more with this nutrient rich liquid

    Source: The Conversation (Au and NZ) – By Jack Hetherington, Phd Candidate in circular business models, University of Adelaide

    Cheesemaking leaves large volumes of whey Lysenko Andrii/Shutterstock

    Every year, 7.6 million tonnes of food is lost or wasted in Australia. When we think about this, we might picture mouldy fruit, stale bread and overly full fridges. But in fact, almost half of this waste happens before food ever gets to us. Waste is common in food production, processing and transportation.

    For example, the process of making cheese from milk results in a comparatively small amount of cheese and a lot of whey – up to 90% the mass of the raw milk.

    Whey is useful, as it still has about half the nutrients of milk. But whey remains one of the largest sources of food loss and waste in Australia’s large dairy sector. Every year, about 350 million litres goes down the drain, costing businesses over A$580 million to dispose of it and wasting some of the resources it takes to make milk.

    In our new research, we interviewed cheesemakers from 42 companies – representing almost a third of Australia’s cheese industry.

    We found cheesemakers knew what waste whey could be used for but were put off by practical challenges.

    Whey is produced in large volumes – and much of it goes to waste.
    Jasen Wright/Shutterstock

    What can you do with whey?

    You can already buy whey products such as fermented drinks and protein powders. Infant formula may contain the highly valuable lactoferrin, which would be usually left in whey. A popular Swiss soft drink, Rivella, is also made from whey.

    In Australia, some producers have begun making alcoholic spirits by fermenting the lactose in whey. Researchers have found whey-based alcohol can emit less greenhouse gases than traditional grains.

    Our research found over half of our cheesemakers were using multiple methods to reduce whey going to waste, from making animal feed to making ricotta to irrigating paddocks. Even so, there is still room to make much more use of whey.

    What did we find?

    Every year, 43% of all milk produced in Australia is used to make cheese – about eight billion litres a year. When we did this research, there were 132 cheesemakers, using cow, goat, sheep, and camel milk to make cheese. The industry is characterised by a few large manufacturers (about 2% of companies) and many small manufacturers (about 90% of the total). Cheesemakers are largely concentrated in Australia’s southeast.

    To understand the challenge of avoiding whey waste, we spoke to cheesemakers, big and small, right across Australia between November 2022 and June 2023.

    All of our cheesemaker respondents knew of at least one whey-based product.

    But there were barriers to using whey themselves by a range of things, from the set-up cost of a new facility to the challenge of scale, competing priorities and the distance to potential partners. As one respondent said:

    Every single part of the business would have to be changed, upgraded, or increased to accommodate using the whey in any way

    Another said:

    We’re all doing 60 to 70-hour weeks and you [need] someone to actually drive it

    How can we overcome the barriers?

    Based on our interviews, we found four possible ways to encourage cheesemakers to put their whey to use:

    1. turning whey into value-added products in-house. This could be quite effective – one of our respondents reported making more money from whey-based products than cheese. But setting it up requires time and money.

    2. engaging other companies to take the waste. Partnering with outside companies can help overcome time and money issues – but everyone needs to agree on a price for a product previously considered waste.

    3. starting joint ventures, such as teaming up with other cheesemakers. This method suits cheesemakers wanting to keep the value of the whey. Successful ventures require clear leadership and transparent business plans.

    4. scaling up. Some cheesemakers are already using their own whey. If they move to accept whey from other makers, they can scale up – as long as the new whey sources can meet their specifications.

    We found giving Australian cheesemakers the full range of options greatly increased how willing they were to find ways to use whey.

    When they only had in-house options, 33% of respondents said they would find ways to use way. This rose to 79% when all four options were available.

    Even once the cheese has been made, the whey left behind contains proteins and other nutrients.
    guys_who_shoot/Shutterstock

    Which whey forward?

    Our research shows there’s no silver bullet to solve whey waste. We’ll have to come at it from different angles and focus on collaboration between cheesemakers, governments, industry bodies and consumers.

    One crucial thing is to make sure there there is demand for these changes. In separate research, we found there is currently little expectation from consumers and retailers about what happens to whey waste. Increasing demand for whey-based products and setting expectations for cheesemaking practices could drive this change. But food safety regulations and taxes on alcohol can make it more challenging still for makers.

    In regions with a cluster of cheesemakers, it might make more sense for one or two makers to take all the whey waste and turn it into value-added products to benefit from the scale. While many cheesemakers told us they felt isolated from potential partners, we found a potential partner was right around the corner – just one or two kilometres in most cases.

    This is where decision support tools may be able to help in future. These software tools help you lay out your options so you can compare them and pick the best one. They can take into account financial outlay, risks and environmental impacts.

    The good news is, there is an abundant, nutrient rich byproduct able to be converted into other products. The challenge now is to find ways of boosting collaboration between cheesemakers and other companies – and ensuring whey-based products have a market.

    Jack Hetherington’s PhD project receives funding from the End Food Waste Cooperative Research Centre, CSIRO and the University of Adelaide. Jack is currently the Treasurer for the Landcare Association of South Australia and a member of the SA Crawford Fund committee.

    Adam James Loch has received funding from the Australian Research Council, the South Australian Department for Environment and Water, and the European Commission.

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

    – ref. Huge volumes of whey go to waste. We could do much more with this nutrient rich liquid – https://theconversation.com/huge-volumes-of-whey-go-to-waste-we-could-do-much-more-with-this-nutrient-rich-liquid-241588

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Sorensen Demands Answers from Deere & Company Regarding Layoffs

    Source: United States House of Representatives – Congressman Eric Sorensen (IL-17)

    ROCK ISLAND, IL – Today, Congressman Eric Sorensen (IL-17) sent a letter to Deere & Company’s leadership demanding answers regarding their recently announced round of layoffs.  

    “I write to express my deep concern with the continued rounds of layoffs that have impacted more than 2,000 workers this year alone,” Sorensen wrote in the letter. “These losses hit our Quad Cities community hard. With declining sales, I recognize the challenging business climate you must operate within. However, I remain concerned that Deere & Company has not been forthcoming with your employees and the community about your plans.” 

    Read the full letter to Deere & Company CEO John C. May below. 

    John C. May  

    Chief Executive Officer  

    Deere & Company 

    One John Deere Place  

    Moline, IL 61265  

    Dear Mr. May:  

    I write to express my deep concern with the continued rounds of layoffs that have impacted more than 2,000 workers this year alone. These losses hit our Quad Cities community hard. With declining sales, I recognize the challenging business climate you must operate within. However, I remain concerned that Deere & Company has not been forthcoming with your employees and the community about your plans. 

    As a Quad Citizen, I have always been proud to share a hometown with John Deere. Every time I fly back over the corn and soybean fields of western Illinois, I look down at the landscape dotted with green John Deere tractors. On my Congressional trips around the world, I see the same. Our region feeds and fuels the world, from the men and women at Harvester Works who assemble the machines to the family farmers who drive them. This is a special place with a special way of life.   

    In my position on the House Agriculture Committee, I have done everything within my power to create favorable market conditions for our U.S. agricultural manufacturing sector, our family farmers, and our workers. I understand that times are tough with a global production slowdown, declining grain prices, and rising input costs. I know that Deere & Company must make tough decisions in a competitive market environment. At the same time, your company reported $1.3 billion in profit last quarter. As CEO, you took home $26.7 million last year, 284 times more than the average worker, and a $6 million increase over the previous year. That isn’t fair to the workers whose efforts made Deere’s profits — and your generous executive compensation package — possible.   

    I request a detailed understanding of your plans to avoid future layoffs. 

    1. What steps is Deere & Company taking to prevent future layoffs?  
    1. Understanding that the business climate demands cost-cutting measures and sacrifice, what salary and bonus adjustments does Deere & Company plan to make at the executive level?   
    1. What steps are you taking to keep jobs – both salaried and production – here in the Quad Cities?  
    1. What steps will you take to help laid off employees find new employment?  
    1. Will you commit to keeping employees and the community fully apprised of your plans moving forward? 

    I am committed to ensuring our world class workers receive the opportunities and respect they deserve. I look forward to your prompt response.  

    Congressman Eric Sorensen serves on the House Committee on Agriculture and the House Committee on Science, Space, and Technology. Prior to serving in Congress, Sorensen was a local meteorologist in Rockford and the Quad Cities for nearly 20 years. His district includes Illinois’ Quad Cities, Rockford, Peoria, and Bloomington-Normal.

    ###

    MIL OSI USA News –

  • MIL-OSI Russia: IMF Reaches Staff-Level Agreement with Tanzania on the Fourth Review of the Extended Credit Facility and the First Review of the Resilience and Sustainability Facility

    Source: IMF – News in Russian

    October 17, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • The Tanzanian authorities and the IMF have reached staff-level agreement on the fourth review under the Extended Credit Facility (ECF) and the first review under the Resilience and Sustainability Facility (RSF).
    • Economic growth momentum is picking up in 2024 with improved external and fiscal balances and low inflation. Policy priorities continue to be focused on enhancing exchange rate flexibility, strengthening the monetary policy framework, continuing to implement growth-friendly fiscal consolidation, enhancing domestic revenue mobilization, and expediting structural reform implementation.
    • The RSF is supporting the authorities’ efforts to advance structural reforms and investments in adaptation and mitigation to address risks and challenges associated with climate change.

    Washington, DC: A staff team from the International Monetary Fund (IMF) led by Mr. Charalambos Tsangarides, IMF mission chief for Tanzania, visited Dodoma and Dar es Salaam from October 2 to 17, 2024, to hold discussions with the authorities on the fourth review under the Extended Credit Facility (ECF) and the first review under the Resilience and Sustainability Facility (RSF). Subject to approval by the IMF Executive Board,  the review will make available SDR198.61 million (about US$265.78 million), bringing the total IMF financial support under the ECF arrangement to SDR568.84 million (about US$758.11 million), and SDR85.24 million (about US$114.07 million) under the RSF.

    At the conclusion of the mission, Mr. Tsangarides issued the following statement:

    “I am pleased to announce that the IMF team and the Tanzanian authorities have reached a staff-level agreement on the policies needed to complete the fourth review under Tanzania’s ECF-supported program, and the first review of the RSF arrangement. The IMF’s Executive Board will discuss these requests in the coming weeks.

    “The momentum in Tanzania’s economy is continuing in 2024 with economic activity growing at about 5.4 percent in the first half of 2024 after an annual growth of 5.1 percent in 2023. Inflation in September remained stable at 3.1 percent (yoy), well within the Bank of Tanzania (BoT) target. Earlier headwinds to the economy have subsided, and improved liquidity in the foreign exchange market has alleviated some of the shortage in the formal market, although pressures remain. The outlook is favorable, with growth expected to pick up to 5.4 percent in 2024; however, risks are tilted to the downside as intensification of regional conflicts, increased commodity price volatility, a global slowdown, reemergence of FX pressures in the first half of 2025, and climate related disasters, could weigh negatively on the economy.

    “The current account deficit improved markedly to about 3.1 percent of GDP in FY2023/24 from 6.5 percent of GDP the previous year, on the back of strong service exports growth and a slowdown in imports of goods and services helped by lower commodity prices. Improvements in the current account balance year-on-year, a 13 percent exchange rate depreciation over the same period, and the seasonal inflows of dollars in the second half of the year have helped ease some of the foreign exchange market pressures. The BoT remains committed to continue to allow exchange rate flexibility to ensure a market determined exchange rate, while limiting FX interventions to avoid disorderly market conditions, in line with its intervention policy. Maintaining a moderately tight monetary policy stance will complement efforts to ease pressures in the FX market, while preserving price stability.

    “Fiscal consolidation in FY2023/24 was achieved through improvements in tax revenue collections and adjustments in current spending. The FY2024/25 budget envisages continued growth-friendly consolidation, supported by tax policy and revenue administration efforts. The government is committed to increase priority social spending to protect the most vulnerable. The authorities’ structural reform agenda aims to support a resilient, sustainable, and inclusive growth through improving the business environment and strengthening governance.

    “At its meeting in October, the BoT Monetary Policy Committee maintained the policy rate, the Central Bank Rate, at 6 percent, to contain emerging inflationary pressures. The BoT will continue to calibrate its monetary policy to maintain low and stable prices, while safeguarding the recovery of economic activities from the impacts of global economic shocks and unfavorable weather conditions.

    “Supported by the RSF, the authorities are implementing their climate reform agenda to address climate policy challenges and enhance the resilience and sustainability of the Tanzanian economy. Efforts are underway to clearly define the institutional framework for climate change related policies and strengthen public investment management in line with climate impacts and risks. Progress on the implementation of the RSF reforms continues, and the authorities are mobilizing technical and financial assistance from development partners.

    “The mission met with Minister of Finance, Dr. Mwigulu Nchemba, Bank of Tanzania Governor, Mr. Emmanuel Tutuba, other senior officials, development partners, and private sector representatives. The IMF team would like to thank the Tanzanian authorities and other counterparts for their hospitality, and the candid and productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/17/pr-24378-tanzania-imf-reaches-staff-level-agreement-on-the-4th-rev-of-ecf-and-1st-rev-of-rsf

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: EBC Financial Group Expands Partnership with DiNapoli’s Leading Indicators, Revealing Key Strategies for Navigating Black Swan Events

    Source: GlobeNewswire (MIL-OSI)

    TAIPEI, Taiwan, Oct. 22, 2024 (GLOBE NEWSWIRE) — EBC Financial Group (EBC), in partnership with DiNapoli Experts, is proud to host ‘Harnessing the Power of DiNapoli Indicators to Conquer Black Swan Events,’ an exclusive gathering that brought together financial experts, traders, investors, and economic strategists to explore key strategies for navigating volatile markets. This event, part of EBC’s broader commitment to thought leadership in finance, offered critical insights not only for traders but for those seeking a deeper understanding of global financial trends, including the impacts of geopolitical tensions, inflation, and the evolving role of technology in market prediction.

    Operating across global financial hubs such as London, Hong Kong, Tokyo, Singapore, and Sydney, EBC Financial Group is regulated by major international bodies, including the UK’s FCA, CIMA in the Cayman Islands, and ASIC in Australia. These credentials underscore the Group’s mission to deliver sound, ethical, and transparent financial services across key markets.

    With markets facing challenges from geopolitical instability, rising inflation, and shifting monetary policies, EBC’s commitment to investor empowerment and education stands firm. The discussions provided participants with exclusive insights into managing risk and seizing opportunities in global markets, and attendees engaged with some of the industry’s top experts, gaining hands-on insights into critical factors influencing today’s global markets.

    Building on the momentum from the successful signing ceremony in Thailand, where EBC Financial Group solidified its partnership with DiNapoli’s Leading Indicators, the Taiwan event marks a key milestone in EBC’s ongoing mission. Through this collaboration, EBC is empowering traders with advanced tools to navigate Black Swan events.

    Global Instabilities Threaten Market Stability: Insights from David Barrett
    David Barrett, CEO of EBC Financial Group (UK) Ltd, issued a stark warning about the growing economic fragility facing global markets. Speaking to an audience of financial professionals, Barrett highlighted that the Federal Reserve’s recent rate cuts have unsettled bond markets, exposing deep vulnerabilities in the global financial system. While the U.S. equity market has enjoyed a brief rally, Germany’s economic downturn threatens to spiral into a wider Eurozone crisis, Barrett explained.

    Barrett emphasised that the risks extend far beyond economics. Geopolitical conflicts—from the ongoing war in Ukraine to instability in the Middle East—are now global flashpoints, disrupting energy supplies and pushing commodity markets toward dangerous levels of volatility. According to Barrett, this combination of factors could drag the global economy into deeper, more unpredictable volatility, leaving even experienced investors facing unprecedented uncertainty.

    As part of the Group’s mission to help investors navigate these turbulent markets, Barrett reiterated EBC’s focus on providing cutting-edge trading tools and educational initiatives. EBC’s partnership with DiNapoli Indicators is instrumental in equipping traders with the tools necessary to interpret market movements, especially in unpredictable environments. By combining advanced predictive tools like DiNapoli Indicators with real-time market analysis, EBC is ensuring that traders are not only informed but prepared to respond to global financial shifts.

    EBC’s expansion into emerging markets and its commitment to establishing regulated entities in new jurisdictions also reflect the Group’s dedication to offering clients access to global trading opportunities. With its rapidly growing footprint, EBC continues to lead with integrity and transparency, providing traders worldwide with the tools to manage risk effectively.

    As the U.S. presidential election approaches, Barrett warned that this divisive political battle could be another major destabilising factor for markets, as investors brace for shifting economic policies and potential political upheaval.

    “We are not just seeing market volatility; we are looking at a perfect storm where geopolitical tensions, inflation, and monetary policies are converging like never before,” Barrett cautioned. He urged investors and traders to take urgent action, adapting to this new reality with precision, foresight, and advanced tools like DiNapoli Indicators to help navigate through the uncertainty. Without this, Barrett stated, market participants risk being left behind in a financial environment that demands data-driven decision-making and the ability to manage complex risks.

    Capturing Trading Opportunities: Jason Zeng on DiNapoli Indicators
    At the event, Jason Zeng, General Manager of Fibonacci Investment Consulting, LLC, presented the critical role that DiNapoli Indicators play in helping investors identify key market retracement points and timing trades effectively. Zeng, a long-standing expert in DiNapoli-Levels trading, explained how these indicators are not just tools for predicting price movements, but vital systems for managing risk and profitability in highly volatile markets.

    Zeng focused on how the Fibonacci-based DiNapoli Levels have been successfully applied to forecast market retracements in a range of asset classes, including equities, commodities, and currencies. He cited recent examples where DiNapoli Indicators enabled traders to accurately pinpoint entry and exit points, even in the face of significant market fluctuations caused by geopolitical instability and central bank policy shifts.

    “Traders who rely on these indicators can enhance their risk management and improve trade execution,” Zeng said. He highlighted the use of real-world case studies, showing how DiNapoli’s approach has repeatedly outperformed traditional technical analysis by offering actionable insights during times of heightened uncertainty.

    Zeng stressed that in today’s fast-moving financial markets, timing is everything, and DiNapoli Indicators offer the precision necessary to navigate the complexities of modern trading environments. According to Zeng, these indicators are essential for traders and financial professionals aiming to capture opportunities while minimising exposure to unpredictable market swings.

    As EBC continues to expand its operations across emerging markets, it remains committed to providing global traders with tailored tools and educational resources, ensuring that they are equipped to navigate both local and international market dynamics.

    Capital Markets Under Pressure: Dr. Hua-Shen Pan on Geopolitical Risks and Economic Countermeasures
    Dr. Hua-Shen Pan, an esteemed economic analyst and columnist, delivered a pointed examination of the global geopolitical risks that are currently shaping capital flows and investment strategies. Addressing the audience, Dr. Pan highlighted how geopolitical volatility has become a primary driver of market instability, overshadowing traditional economic indicators.

    Dr. Pan drew attention to China’s economic trajectory, which he identified as a critical factor influencing the global financial system. As the Chinese government introduces new stimulus measures, the global financial community is watching closely to gauge the effectiveness of these policies in stabilising the world’s second-largest economy.

    He further explained how geopolitical flashpoints, including the ongoing conflict in Ukraine and instability in the Middle East, are exacerbating energy price shocks and complicating efforts by central banks to control inflation. Dr. Pan highlighted the growing disconnect between economic fundamentals and market reactions, pointing out that traditional models of economic forecasting are struggling to account for the disruptive influence of geopolitical events.

    Dr. Pan argued that while geopolitical tensions will continue to be a source of market volatility, investors must adapt by focusing on risk management and long-term strategies that account for unpredictable economic shifts. He highlighted the importance of understanding how global policy responses—from Federal Reserve actions to China’s economic policy—will shape the investment landscape in the years to come.

    “Markets are no longer simply reacting to economic data,” Dr. Pan observed. “We are now in an era where geopolitical conflicts are driving capital decisions, and this requires a new strategic approach.”

    Navigating Post-Fed Market Reactions: Joseph AuXano’s Key Insights
    Joseph AuXano, Director of the DiNapoli Online Course (DAP), addressed one of the most pressing concerns for market participants—the aftermath of Federal Reserve rate cuts and their impact on market dynamics. AuXano demonstrated how DiNapoli Indicators can be used to accurately assess market reactions following Fed decisions, offering traders a powerful tool to anticipate volatility and make informed decisions.

    Through a detailed analysis of recent FOMC meetings, AuXano illustrated how major stocks, including Tesla and Nvidia, responded to rate cuts. He demonstrated how the MACD Predictor and DiNapoli Expansion tools provide crucial early signals, enabling traders to identify high-probability trades by spotting key support and resistance levels in advance.

    AuXano emphasised the importance of using multi-timeframe analysis, highlighting that relying solely on short-term trends leaves traders vulnerable to unpredictable market swings. By incorporating the DiNapoli Indicators, investors are better equipped to navigate both short-term fluctuations and long-term trends.

    “After each Fed decision, markets are often thrown into chaos, with unpredictable movements. But by using these tools, traders can stay one step ahead, reading market signals more effectively,” AuXano explained.

    He added, “Today’s economic forum has provided valuable insights into the various factors impacting markets, reading the markets by observing how price interacts with DiNapoli Indicators gives traders and investors an additional edge when seeking to navigate market volatility. It’s about staying disciplined and structured, especially in today’s economic and political climate, where interest rate changes and central bank policies play a key role.”

    Mitigating Algorithmic Trading Risks: Insights from Rich Wang
    Rich Wang, CTO of Provider Space, delved into the growing reliance on algorithmic trading and the risks that come with automated systems in today’s financial markets. Wang’s presentation centred on the need for robust risk management strategies that ensure consistent profitability, even as markets become increasingly volatile.

    Wang highlighted the advantages and dangers of algorithmic trading, explaining that while automation can enhance trading efficiency and speed, it also exposes traders to greater risk if not properly managed. He shared real-world examples of how market volatility can trigger automated systems to make rapid, high-stakes trades that can spiral into significant losses without adequate safeguards in place.

    Wang stressed the importance of incorporating stop-loss mechanisms and conducting thorough backtesting of algorithms to prevent systems from failing during market disruptions. He underscored that risk management needs to evolve alongside trading technology, particularly as markets become more sensitive to geopolitical events and central bank policy shifts.

    “Automation can give traders an edge, but only when combined with solid risk management frameworks,” Wang said. He demonstrated how the latest risk mitigation strategies can be integrated into automated trading systems, allowing traders to maintain control and reduce their exposure to sudden market shocks.

    Wrapping Up the Event
    The event provided a wealth of strategic insights, equipping market participants with the tools and knowledge necessary to navigate today’s volatile financial landscape. From geopolitical risks to algorithmic trading and Fed rate-cut reactions, the symposium underscored the importance of using advanced technical indicators, like DiNapoli Levels, to manage risk and seize market opportunities.

    As the global economic outlook remains uncertain, EBC Financial Group continues to lead the conversation around financial resilience, offering investors and traders the necessary foresight to adapt to these evolving challenges.

    For more information, high-resolution images, or speaker materials, please contact:

    Media Contact:
    Angela Wu
    Global Public Relations (Taiwan)
    angela.wu@ebc.com

    Chyna Elvina
    Global Public Relations Manager (APAC, LATAM)
    chyna.elvina@ebc.com

    Douglas Chew
    Global Public Relations Lead
    douglas.chew@ebc.com

    About EBC Financial Group
    Founded in the esteemed financial district of London, EBC Financial Group (EBC) is renowned for its comprehensive suite of services that includes financial brokerage, asset management, and comprehensive investment solutions. EBC has quickly established its position as a global brokerage firm, with an extensive presence in key financial hubs such as London, Hong Kong, Tokyo, Singapore, Sydney, the Cayman Islands, and across emerging markets in Latin America, Southeast Asia, Africa, and India. EBC caters to a diverse clientele of retail, professional, and institutional investors worldwide.

    Recognised by multiple awards, EBC prides itself on adhering to the leading levels of ethical standards and international regulation. EBC Financial Group’s subsidiaries are regulated and licensed in their local jurisdictions. EBC Financial Group (UK) Limited is regulated by the UK’s Financial Conduct Authority (FCA), EBC Financial Group (Cayman) Limited is regulated by the Cayman Islands Monetary Authority (CIMA), EBC Financial Group (Australia) Pty Ltd, and EBC Asset Management Pty Ltd are regulated by Australia’s Securities and Investments Commission (ASIC).

    At the core of EBC Group are seasoned professionals with over 30 years of profound experience in major financial institutions, having adeptly navigated through significant economic cycles from the Plaza Accord to the 2015 Swiss franc crisis. EBC champions a culture where integrity, respect, and client asset security are paramount, ensuring that every investor engagement is treated with the utmost seriousness it deserves.

    EBC is the Official Foreign Exchange Partner of FC Barcelona, offering specialised services in regions such as Asia, LATAM, the Middle East, Africa, and Oceania. EBC is also a partner of United to Beat Malaria, a campaign of the United Nations Foundation, aiming to improve global health outcomes. Starting February 2024, EBC supports the ‘What Economists Really Do’ public engagement series by Oxford University’s Department of Economics, demystifying economics, and its application to major societal challenges to enhance public understanding and dialogue.

    https://www.ebc.com/

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/564383fa-f7de-4825-8a3d-d644cd768c51
    https://www.globenewswire.com/NewsRoom/AttachmentNg/fd1d9d72-b653-4979-ba30-f35bb4ed4402
    https://www.globenewswire.com/NewsRoom/AttachmentNg/f89d66ee-0f78-44df-8b49-fe8f8d96d3aa

    The MIL Network –

  • MIL-OSI: Transaction in own shares

    Source: GlobeNewswire (MIL-OSI)

    OSB GROUP PLC                                        
    ISIN: GB00BLDRH360
    22 October 2024

    LEI number: 213800ZBKL9BHSL2K459

    OSB GROUP PLC (the “Company”)
    Transaction in Own Shares

    The Company announces that on 21 October 2024 it had purchased a total of 255,244 of its ordinary shares of £0.01 each (the “ordinary shares“) on the London Stock Exchange, through the Company’s broker Citigroup Global Markets Limited as detailed below. The repurchased ordinary shares will be cancelled.

      London Stock Exchange CBOE BXE CBOE CXE
    Number of ordinary shares purchased 156,244 70,000 29,000
    Highest price paid (per ordinary share) 392.00p 381.00p 381.00p
    Lowest price paid (per ordinary share) 378.20p 378.80p 378.80p
    Volume weighted average price paid (per ordinary share) 384.09p 380.29p 380.12p

    The purchases form part of the Company’s share buyback programme announced on 05 September 2024.

    Following settlement of the above purchases and cancellation of the purchased ordinary shares, the Company’s total number of ordinary shares in issue shall be 377,402,773 ordinary shares.

    No ordinary shares are held in treasury. Therefore, the total number of voting rights in the Company is 377,402,773.

    In accordance with Article 5(1)(b) of Regulation (EU) No 596/2014 as incorporated into and implemented under English law (including by virtue of the European Union (Withdrawal) Act 2018), the detailed breakdown of individual trades made by Citigroup Global Markets Limited on behalf of the Company as part of the share buyback programme is set out below.

    This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.

    Schedule of Purchases – Individual Transactions

    Issuer Name OSB GROUP PLC
    LEI 213800ZBKL9BHSL2K459
    ISIN GB00BLDRH360
    Intermediary Name Citigroup Global Markets Limited
    Intermediary Code SBILGB2L
    Timezone GMT + 1
    Currency GBP
    Transaction Date Trade Time Currency Volume Price Trading Venue Transaction ID
    21/10/2024 16:28:54 GBp 613 379.80 XLON xHaNOzHefeC
    21/10/2024 16:28:50 GBp 576 380.00 XLON xHaNOzHefnu
    21/10/2024 16:28:49 GBp 122 380.00 XLON xHaNOzHefmg
    21/10/2024 16:28:49 GBp 492 380.00 XLON xHaNOzHefmp
    21/10/2024 16:28:49 GBp 417 380.00 XLON xHaNOzHefmr
    21/10/2024 16:28:49 GBp 176 380.00 XLON xHaNOzHefmw
    21/10/2024 16:28:49 GBp 260 380.00 XLON xHaNOzHefmy
    21/10/2024 16:28:46 GBp 1,040 380.00 XLON xHaNOzHefoo
    21/10/2024 16:28:46 GBp 507 380.00 XLON xHaNOzHefot
    21/10/2024 16:28:46 GBp 801 380.20 CHIX xHaNOzHefoH
    21/10/2024 16:28:46 GBp 43 380.20 CHIX xHaNOzHefoJ
    21/10/2024 16:28:46 GBp 45 380.20 CHIX xHaNOzHefoL
    21/10/2024 16:28:45 GBp 622 380.00 XLON xHaNOzHefza
    21/10/2024 16:28:45 GBp 47 380.00 XLON xHaNOzHefzc
    21/10/2024 16:28:45 GBp 435 380.00 XLON xHaNOzHefzm
    21/10/2024 16:28:45 GBp 790 380.00 XLON xHaNOzHefzo
    21/10/2024 16:28:45 GBp 300 380.20 CHIX xHaNOzHefzt
    21/10/2024 16:28:45 GBp 788 380.20 CHIX xHaNOzHefzv
    21/10/2024 16:28:45 GBp 47 380.20 CHIX xHaNOzHefzx
    21/10/2024 16:28:45 GBp 260 380.00 CHIX xHaNOzHefzz
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    21/10/2024 16:28:07 GBp 22 379.60 BATE xHaNOzHefTZ
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    21/10/2024 16:22:24 GBp 768 379.60 CHIX xHaNOzHeIpy
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    21/10/2024 16:21:40 GBp 51 379.80 CHIX xHaNOzHeJds
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    21/10/2024 16:15:55 GBp 600 380.00 BATE xHaNOzHeSYr
    21/10/2024 16:15:55 GBp 900 380.00 BATE xHaNOzHeSYt
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    21/10/2024 16:05:28 GBp 18 381.00 BATE xHaNOzHe7Uf
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    21/10/2024 16:02:43 GBp 681 380.40 CHIX xHaNOzHe2aD
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    21/10/2024 16:02:43 GBp 20,271 380.80 BATE xHaNOzHe2aG
    21/10/2024 16:02:43 GBp 300 380.80 BATE xHaNOzHe2aI
    21/10/2024 16:02:43 GBp 600 380.80 BATE xHaNOzHe2aK
    21/10/2024 16:02:43 GBp 600 380.80 BATE xHaNOzHe2aM
    21/10/2024 16:02:43 GBp 18 380.80 BATE xHaNOzHe2aO
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    21/10/2024 15:55:26 GBp 610 380.20 XLON xHaNOzHeFD8
    21/10/2024 15:55:26 GBp 430 380.20 XLON xHaNOzHeFDA
    21/10/2024 15:55:26 GBp 91 380.20 XLON xHaNOzHeFDC
    21/10/2024 15:55:26 GBp 89 380.20 XLON xHaNOzHeFDE
    21/10/2024 15:55:26 GBp 99 380.20 XLON xHaNOzHeFDG
    21/10/2024 15:55:26 GBp 177 380.20 XLON xHaNOzHeFDI
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    21/10/2024 15:55:21 GBp 788 379.40 XLON xHaNOzHeFB9
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    21/10/2024 15:55:15 GBp 158 379.80 XLON xHaNOzHeFTJ
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    21/10/2024 15:55:15 GBp 404 379.80 XLON xHaNOzHeFSh
    21/10/2024 15:55:15 GBp 99 379.80 XLON xHaNOzHeFSd
    21/10/2024 15:55:15 GBp 451 379.80 XLON xHaNOzHeFSf
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    21/10/2024 15:55:15 GBp 1,025 379.80 XLON xHaNOzHeFSS
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    21/10/2024 15:53:43 GBp 269 379.80 BATE xHaNOzHeD1x
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    21/10/2024 15:53:40 GBp 51 380.20 CHIX xHaNOzHeDDe
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    21/10/2024 15:53:40 GBp 45 380.20 CHIX xHaNOzHeDDq
    21/10/2024 15:53:39 GBp 45 380.20 CHIX xHaNOzHeDD9
    21/10/2024 15:53:39 GBp 348 380.20 CHIX xHaNOzHeDDB
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    21/10/2024 15:53:39 GBp 45 380.20 CHIX xHaNOzHeDDI
    21/10/2024 15:53:39 GBp 44 380.20 CHIX xHaNOzHeDDR
    21/10/2024 15:53:39 GBp 98 380.20 CHIX xHaNOzHeDDT
    21/10/2024 15:53:39 GBp 51 380.20 CHIX xHaNOzHeDDV
    21/10/2024 15:53:39 GBp 44 380.20 CHIX xHaNOzHeDCm
    21/10/2024 15:53:39 GBp 42 380.20 CHIX xHaNOzHeDCo
    21/10/2024 15:53:39 GBp 618 380.20 CHIX xHaNOzHeDC7
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    21/10/2024 15:53:39 GBp 48 380.20 CHIX xHaNOzHeDCD
    21/10/2024 15:53:39 GBp 770 380.20 CHIX xHaNOzHeDCO
    21/10/2024 15:53:39 GBp 41 380.20 CHIX xHaNOzHeDCT
    21/10/2024 15:53:39 GBp 41 380.20 CHIX xHaNOzHeDCV
    21/10/2024 15:53:39 GBp 50 380.20 CHIX xHaNOzHeDFj
    21/10/2024 15:53:39 GBp 48 380.20 CHIX xHaNOzHeDFh
    21/10/2024 15:53:38 GBp 811 380.20 CHIX xHaNOzHeDFv
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    21/10/2024 15:53:38 GBp 50 380.20 CHIX xHaNOzHeDFz
    21/10/2024 15:53:38 GBp 889 380.20 CHIX xHaNOzHeDFJ
    21/10/2024 15:53:38 GBp 546 380.20 CHIX xHaNOzHeDFN
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    21/10/2024 15:46:17 GBp 65 379.20 XLON xHaNOzHfqpp
    21/10/2024 15:46:17 GBp 219 379.20 XLON xHaNOzHfqpr
    21/10/2024 15:46:17 GBp 364 379.00 XLON xHaNOzHfqpu
    21/10/2024 15:46:17 GBp 232 379.00 CHIX xHaNOzHfqpw
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    21/10/2024 09:07:09 GBp 273 391.80 XLON xHaNOzHaeG$
    21/10/2024 09:07:09 GBp 286 391.40 XLON xHaNOzHaeG6
    21/10/2024 09:07:09 GBp 410 391.60 XLON xHaNOzHaeG8
    21/10/2024 08:59:57 GBp 447 391.20 XLON xHaNOzHaK79
    21/10/2024 08:59:57 GBp 90 391.40 XLON xHaNOzHaK7N
    21/10/2024 08:59:57 GBp 196 391.40 XLON xHaNOzHaK7P
    21/10/2024 08:59:57 GBp 410 391.60 XLON xHaNOzHaK7R
    21/10/2024 08:59:57 GBp 286 391.40 XLON xHaNOzHaK6e
    21/10/2024 08:59:57 GBp 272 391.60 XLON xHaNOzHaK6g
    21/10/2024 08:59:57 GBp 138 391.60 XLON xHaNOzHaK6i
    21/10/2024 08:52:12 GBp 129 391.80 XLON xHaNOzHaGyW
    21/10/2024 08:52:12 GBp 281 391.80 XLON xHaNOzHaGyY
    21/10/2024 08:50:54 GBp 436 391.80 XLON xHaNOzHaHbS
    21/10/2024 08:44:00 GBp 410 392.00 XLON xHaNOzHaS1c
    21/10/2024 08:35:22 GBp 208 391.60 XLON xHaNOzHaPkB
    21/10/2024 08:35:08 GBp 260 391.80 XLON xHaNOzHaPsb
    21/10/2024 08:35:08 GBp 436 392.00 XLON xHaNOzHaPsc
    21/10/2024 08:32:41 GBp 410 391.00 XLON xHaNOzHa6EU
    21/10/2024 08:32:37 GBp 286 391.40 XLON xHaNOzHa6B$
    21/10/2024 08:32:37 GBp 410 391.60 XLON xHaNOzHa6B1
    21/10/2024 08:26:35 GBp 410 389.80 XLON xHaNOzHa50N

    The MIL Network –

  • MIL-OSI: Volta Finance Limited Annual Financial Report and Notice of Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA/VTAS)
    Legal Entity Identification Code: 2138004N6QDNAZ2V3W80

    Publication of the Annual Report and Audited Financial Statements
    (the “Accounts”) for the financial year ended 31 July 2024 and
    Notice of the Annual General Meeting

    NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
    THE UNITED STATES

    *****

    Guernsey, 22 October 2024

    Volta Finance Limited has published its results for the financial year ended 31 July 2024. The 2024 Accounts are attached to this release and will be available on the Volta Finance Limited website (http://www.voltafinance.com).

    Notice of the Annual General Meeting of Volta Finance Limited on Thursday 5 December 2024 may be found at pages 86 and 87 of the Accounts.

    For further information, please contact:

    Company Secretary and Portfolio Administrator
    BNP Paribas S.A., Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Financial plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati

    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,850 professionals and €844 billion in assets under management as of the end of December 2023.

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI: Agillic releases Q3 2024 financial report with 8% decrease in ARR from Subscriptions YoY, EBITDA of DKK 1.8 million and DKK 6.7 million in cash flow from operations

    Source: GlobeNewswire (MIL-OSI)

    Announcement no. 07 2024

    Copenhagen – 22 October 2024 – Agillic A/S

    ARR from subscriptions YTD decreased 8% primarily due to clients’ technology consolidations in Q1 2024. ARR from subscriptions increased modestly by 2% in Q3 2024 vs. Q2 2024. Agillic maintains its 2024 guidance due to expected growth from both existing clients and new sales in Q4 2024. Cash flow from operations was DKK 6.7 million in Q3 2024, an increase of DKK 12.6 million YoY.

    Key financial and SaaS highlights
    (DKK million)

    Income statement YTD 2024 YTD 2023 Change Q3 2024 Q3 2023 Change  
    Revenue Subscriptions 37.0 40.2 -8% 12.1 13.6 -11%  
    Revenue Transactions 7.4 9.1 -19% 2.7 3.0 -10%  
    Other revenue 0.0 0.0 n/a 0.0 0.0 n/a  
    Total revenue 44.4 49.3 -10% 14.8 16.6 -11%  
    Gross profit  36.1 39.6 -9% 11.7 13.4 -13%  
    Gross margin 81% 80% – 79% 81% –  
    Other operating income 0.6 0.5 20% 0.2 0.2 0%  
    Employee costs -23.7 -26.0 9% -7.1 -7.9 10%  
    Operational costs -11.2 -10.6 -6% -3.6 -3.2 -13%  
    EBITDA 1.8 3.5 -49% 1.2 2.5 -52%  
    Net profit 1.2 -5.1 n/a -2.4 -0.4 -500%  
                   
    Financial position              
    Cash 3.7 11.5 -68% 3.7 11.5 -68%  
                 
    ARR development            
    ARR Subscriptions 52.5 56.8 -8% 52.5 56.8 -8%
    ARR Transactions 10.6 12.1 -12% 10.6 12.1 -12%
    Total ARR 63.1 68.9 -8% 63.1 68.9 -8%
    Change in ARR -5.8 2.5 – 1.4 2.5 –
    Change in ARR % -8% 4% – 2% 4% –

    Reclassification between other operating income, employee costs, and operational costs is updated in 2023 figures.

    ARR
    ARR from subscriptions decreased 8% YoY which was related to clients’ business and technology consolidation and in line with our expectations. ARR from transactions decreased 12% YoY as a consequence of lower volumes due to geopolitical factors. The decline in ARR mainly happened in Q1 2024, while ARR increased modestly in Q3, and we expect both ARR from subscriptions and ARR from transactions to increase further in Q4 2024.

    Revenue
    Total Revenue decreased 10% YoY related to the decrease in ARR. Total Revenue is expected to increase in Q4 2024.

    EBITDA
    EBITDA YTD was negatively impacted by the decrease in revenue and by an increase in operational costs related to a one-time cost of DKK 1.0 million for consultancy services. However, with an increase in the gross margin from 80% to 81% YTD, and a decrease in employee costs, we delivered a positive EBITDA in Q3 2024 YTD of DKK 1.8 million.

    Cash
    At the end of Q3, at the cash position was DKK 3.7 million in line with expectations. This was primarily a result of an increase in cashflow from operations to DKK 6.7 million (Q3 2023: DKK -5.9 million).

    Financial guidance 2024 (unchanged)

    Revenue DKK million 62 to 66
    EBITDA – 0 to 2
    ARR Subscriptions – 56 to 60
    ARR Transactions – 10 to 14
    Total ARR – 66 to 74

    For further information, please contact:
    Emre Gürsoy, CEO
    +45 30 78 42 00
    emre.gursoy@agillic.com

    Claus Boysen, CFO
    +45 28 49 18 46
    claus.boysen@agillic.com

    Certified Adviser
    John Norden, Norden CEF A/S

    Disclaimer
    The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

    About Agillic A/S
    Agillic is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create. automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania.
    For further information, please visit http://www.agillic.com  

    Appendix: Financial development per quarter

     DKK million   2024   2023   2022
                                     
    INCOME STATEMENT   Q3 Q2 Q1   FY Q4 Q3 Q2 Q1   FY Q4 Q3 Q2 Q1
    Revenue Subscriptions   12.1 12.3 12.6   52.4 12.2 13.6 13.5 13.1   49.9 13.5 13.1 12.2 11.1
    Revenue Transactions   2.7 2.5 2.2   12.0 2.9 3.0 2.9 3.2   16.7 6.0 4.8 3.3 2.6
    Other revenue   0.0 0.0 0.0   0.3 0.3 0.0 0.0 0.0   0.4 0.0 0.0 0.1 0.3
    Total revenue   14.8 14.8 14.8   64.7 15.4 16.6 16.4 16.3   67.0 19.5 17.9 15.6 14.0
    Gross profit    11.7 12.1 12.3   52.2 12.6 13.4 13.2 13.0   49.6 15.5 11.4 11.7 11.0
    Gross margin   79% 82% 83%   81% 82% 81% 80% 80%   74% 80% 63% 75% 78%
    Other operating income   0.2 0.2 0.2   0.6 0.1 0.2 0.2 0.1   0.3 0.3 0.0 0.0 0.0
    Employee costs   -7.1 -8.0 -8.6   -36.8 -10.8 -7.9 -9.4 -8.7   -32.5 -9.2 -7.3 -8.0 -8.0
    Operational costs   -3.6 -4.3 -3.3   -14.1 -3.5 -3.2 -3.0 -4.4   -16.3 -5.1 -2.7 -3.7 -4.8
    EBITDA   1.2 0.0 0.6   1.9 -1.6 2.5 1.0 0.0   1.1 1.5 1.4 0.0 -1.8
    Net profit   -2.4 7.0 -3.4   -27.5 -22.4 -0.4 -1.8 -2.9   -10.6 -2.0 -1.2 -2.7 -4.7
     

    BALANCE SHEET

    		                
    Cash   3.7 4.4 7.2   9.8 9.8 11.5 18.3 26.9   7.4 7.4 1.8 12.6 7.5
    Total assets   42.8 45.8 51.5   47.1 47.1 64.9 69.0 75.8   52.8 52.8 54.0 58.7 55.4
    Equity   -17.8 -16.0 -23.6   -20.2 -20.2 1.5 1.8 3.4   -15.0 -15.0 -13.2 -12.0 -9.6
    Borrowings   19.1 21.4 24.3   23.7 23.7 23.0 24.2 25.7   24.3 24.3 23.7 26.1 26.4
    CASH FLOW                
    Cash flow from operations   4.1 2.6 0.0   -6.5 -0.6 -2.8 -4.3 1.2   3.1 7.3 -4.9 9.0 -8.3
    Cash flow from investments   -2.6 -2.7 -3.0   -11.7 -2.1 -3.1 -3.2 -3.3   -13.5 -3.3 -3.3 -3.7 -3.2
    Cash flow from financing   -2.2 -2.7 0.4   20.6 1.0 -0.9 -1.1 21.6   -2.8 1.6 -2.5 -0.2 -1.6
    Net cash flow   -0.7 -2.8 -2.6   2.4 -1.7 -6.8 -8.6 19.5   -13.2 5.6 -10.8 5.1 -13.1
    EMPLOYEES & CLIENTS                
    Employees end of period   40 39 41   50 50 50 50 46   48 48 47 51 47
    Clients end of period   114 113 116   122 122 120 120 118   118 118 111 108 105
     

    ARR & SAAS METRICS

    		                
    ARR Subscriptions   52.5 51.7 52.2   57.8 57.8 56.8 54.9 54.2   54.1 54.1 50.3 49.6 48.5
    ARR Transactions   10.6 10.0 8.9   12.3 12.3 12.1 11.5 17.3   22.6 22.6 19.6 14.6 10.3
    Total ARR   63.1 61.7 61.1   70.1 70.1 68.9 66.4 72   76.7 76.7 69.9 64.2 58.8
    Change in ARR (DKK)   1.4 0.6 -9.0   -6.6 1.2 2.5 -5.1 -5.2   21.0 6.8 5.7 5.4 3.1
    Change in ARR %   2% 1% -13%   -9% 2% 4% -7% -7%   38% 10% 9% 9% 6%
    Average ARR   0.6 0.5 0.5   0.6 0.6 0.6 0.6 0.6   0.6 0.6 0.6 0.6 0.6
    Yearly CAC   – – –   0.2  – – – –   0.1 – – – –
    Months to recover CAC   – – –   6 – – – –   3 – – – –

    Definitions

    • Cash is defined as available funds less bank overdraft withdrawals.
    • ARR: the annualised value of subscription agreements and transactions at the end of the actual reporting period.
    • Average ARR: the average Total ARR per client.
    • Customer Acquisition Costs (CAC): the sales and marketing cost (inclusive salaries, commissions, direct and share of costs of office) divided by the number of new clients. CAC is calculated end of year.
    • Months to recover CAC: the period in months it takes to generate sufficient gross profit from a client to cover the acquisition cost.

    Published on 22 October 2024

    Attachment

    The MIL Network –

  • MIL-OSI USA: Connolly Leads Bipartisan Letter Urging the Administration to Take Action on Double Taxation with Taiwan

    Source: United States House of Representatives – Representative Gerry Connolly (D-Va)

    Congressman Gerry Connolly (D-VA), a senior member of the House Committee on Foreign Affairs, co-Chair of the Congressional Taiwan Caucus, and the author of the Taiwan Tax Agreement Act of 2023, led four of his colleagues in writing to Secretary of State Antony Blinken and Secretary of the Treasury Janet Yellen to urge the Administration to take action on the issue of double taxation with Taiwan.

    In addition to Connolly, the letter was signed by Congressman Greg Meeks (D-NY), the Ranking Member of the House Committee on Foreign Affairs; Congressman Joe Wilson (R-SC), the Chairman of the House Subcommittee on the Middle East, North Africa, and Central Asia; Congressman Ami Bera (D-CA), the Ranking Member of the House Subcommittee on the Indo-Pacific and a co-Chair of the Congressional Taiwan Caucus; and Congressman Greg Stanton (D-AZ), a member of the House Committee on Foreign Affairs.

    “As supporters of strong commercial ties between the U.S. and Taiwan, we write to urge you to take action to remedy double taxation burdens as we await the Senate passage of Taiwan-related provisions in the Tax Relief for American Families and Workers Act of 2024,” wrote the Members.

    “While we continue to believe legislative action in the Senate, namely the authorization included in the Tax Relief for American Families and Workers Act of 2024, is needed to conclude a double taxation agreement, we welcome the Administration’s desire to begin negotiations between the American Institute in Taiwan and the Taiwan Economic and Cultural Representative Office on said agreement,” the Members continued. “We urge that such negotiations begin in earnest and that the Departments of State and Treasury use existing statutory authority to lower these barriers to trade in order to facilitate investment, protect against tax evasion, and shield businesses and individuals in the U.S. and Taiwan from the strain that double taxation causes.”

    “Taiwan has grown to be an economic juggernaut in the Indo-Pacific and around the world. We must ensure that companies from the U.S. and Taiwan are not disadvantaged in conducting bilateral investment. Curing double taxation will be a clear reassertion of our support for a strong and prosperous Taiwan, for its own sake and as a bulwark against an increasingly aggressive China,” the Members concluded.

    Full text of the letter is available here and below.

    Dear Secretary Blinken and Secretary Yellen:

    As supporters of strong commercial ties between the U.S. and Taiwan, we write to urge you to take action to remedy double taxation burdens as we await the Senate passage of Taiwan-related provisions in the Tax Relief for American Families and Workers Act of 2024.

    While we continue to believe legislative action in the Senate, namely the authorization included in the Tax Relief for American Families and Workers Act of 2024, is needed to conclude a double taxation agreement, we welcome the Administration’s desire to begin negotiations between the American Institute in Taiwan and the Taiwan Economic and Cultural Representative Office on said agreement. We urge that such negotiations begin in earnest and that the Departments of State and Treasury use existing statutory authority to lower these barriers to trade in order to facilitate investment, protect against tax evasion, and shield businesses and individuals in the U.S. and Taiwan from the strain that double taxation causes.

    As one of the world’s largest economies and a major regional player, Taiwan is a critical economic partner for the United States. Taiwan is the United States’ seventh-largest merchandise trading partner, with $128 billion in total goods trade. The U.S., meanwhile, is Taiwan’s second-largest trading partner. In 2023 alone, U.S. direct investment stock in Taiwan grew to $19.3 billion, with Taiwan’s direct investment stock in the United States reaching $15.6 billion, a testament to our ever-growing bilateral economic partnership.

    We must do all we can to strengthen that partnership – including by implementing a tax agreement that removes unnecessary barriers and benefits businesses in both the U.S. and Taiwan. As we await Senate action on Taiwan-related provisions in the bipartisan Tax Relief for American Families and Workers Act, including an authorization for the American Institute in Taiwan and Taiwan Economic and Cultural Representative Office to negotiate a tax agreement, we urge you to take interim steps to allow businesses on either side to invest without the burden of double taxation.

    Taiwan has grown to be an economic juggernaut in the Indo-Pacific and around the world. We must ensure that companies from the U.S. and Taiwan are not disadvantaged in conducting bilateral investment. Curing double taxation will be a clear reassertion of our support for a strong and prosperous Taiwan, for its own sake and as a bulwark against an increasingly aggressive China.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: SFST’s speech at MaGESpire Game On! 2024 (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at MaGESpire Game On! 2024 today (October 22):

    Distinguished guests, ladies and gentlemen,

         I am honoured to join you today at MaGESpire Game On! 2024. This event unites innovators, technology enthusiasts, and industry leaders to explore the evolving landscape of technology and its role in shaping our modern economy. Together, we will examine the synergies between the financial services, technology, and virtual asset sectors as we forge our future. As many of you, the pioneers of Web3, know, Hong Kong is rapidly establishing itself as a global hub for virtual assets. We can encapsulate this progress with our “web” of three focuses: a warehouse of talent and investment, the evolution of money and technology, and a breakthrough to establish a new fintech innovation ecosystem.

    Warehouse of talent and investment

         In recent years, the Web3 industry has emerged as a transformative force in the global economy, reshaping the financial services landscape and creating new opportunities. I am proud to say that Hong Kong has become a magnet for talent and investment, with over 220 Web3 companies from more than 20 countries setting up operations in our vibrant city. These include key players in virtual asset exchanges, blockchain infrastructure, network security, and payment sectors. This influx of innovation underscores the supportive environment we are cultivating.

         With the rise of virtual assets, the intersection of innovative technology and financial services presents unique opportunities for economic growth. In October 2022, we issued a Policy Statement on the Development of Virtual Assets in Hong Kong, outlining our vision and policy direction. We recognise that innovation must thrive within a robust regulatory framework that ensures the security and stability of our financial ecosystem. In 2023, we introduced a licensing regime for virtual asset service providers, granting them the credibility needed to access a broader base of investors in Hong Kong. Currently, we have three licensed providers and 11 applicants in the pipeline, reinforcing our commitment to a well-regulated market.

         Looking ahead, we plan to amend regulations further, including bringing over-the-counter trading of virtual assets and virtual asset custodian service providers under our regulatory purview. We are also establishing a regulatory regime for stablecoin issuers, and the Hong Kong Monetary Authority (HKMA) has launched a sandbox for institutions to test their operational plans. These initiatives ensure that our regulatory framework remains comprehensive and responsive to the fast-changing landscape of the virtual assets sector.

         A landmark achievement for Hong Kong was the launch of the first spot Bitcoin and Ether exchange-traded funds (ETFs) in Asia this past April, positioning us to capture the benefits of these underlying technologies. The listing of virtual asset spot ETFs represents a significant milestone in Hong Kong’s ETF market development, driving innovation and economic growth for all.

    Evolution of money and technology

         The Government acknowledges the critical importance of advancements in digital money. A recent market study revealed that around 90 per cent of the world’s central banks and 134 countries are currently exploring central bank digital currencies (CBDCs). A particularly exciting development in our fintech landscape is the progression of CBDCs. In March of this year, the HKMA announced Project Ensemble, an initiative focusing on a wholesale central bank digital currency (wCBDC) to support the tokenisation market in Hong Kong. We remain committed to developing innovative financial market infrastructures that enable interbank settlements of tokenised money through wCBDC.

         In recent months, we have made substantial strides in cultivating a vibrant ecosystem for fintech innovation. Our multi-pronged approach includes expanding the cross-boundary e-CNY pilot programme to provide safe and convenient retail payment solutions for residents in both regions, as well as commencing Phase 2 of the e-HKD Pilot Programme to explore innovative use cases for new forms of digital currency, including e-HKD and tokenised deposits. These initiatives reflect our dedication to enhancing financial connectivity and driving technological advancement in Hong Kong.

    Breakthrough to establish a new fintech innovation ecosystem

         Across various industries, we are witnessing a significant uptick in the adoption of artificial intelligence (AI) in business operations. Companies are increasingly leveraging AI across multiple facets of their operations. A market report indicates that many regions are making significant progress in adopting Generative Artificial Intelligence (GenAI).

         The development of AI has become a major global trend. As an international financial centre with a robust capital market, Hong Kong attracts the world’s top financial institutions and talent, providing professional financial services that capitalise on this exciting opportunity. According to the latest Global Financial Centres Index, Hong Kong ranks ninth in fintech offerings, placing us among the top 10 fintech hubs globally. This year, we launched the GenAI Sandbox in August, empowering banks to pilot innovative GenAI use cases within a risk-managed framework, supported by essential technical assistance and targeted supervisory feedback. As announced last week in the 2024 Policy Address, we will issue a policy statement outlining our policy stance to the application of AI in financial markets, as well as promoting real-world asset tokenisation and developing a digital money ecosystem.

         In closing, I want to emphasise that the future of the fintech sector is bright, presenting tremendous opportunities. For example, the tokenised asset market is projected to reach US$30 trillion by 2034. As we gather here today, I urge all of you – our Web3 investors – to collaborate and share ideas. You are the architects of a future filled with limitless possibilities. Together, we can explore the potential of the Web3 market and develop innovative business models.

         As we embark on this exciting journey, our collaborative efforts will undoubtedly create a thriving virtual asset ecosystem and contribute to Hong Kong’s financial innovation. I look forward to witnessing the remarkable ideas and projects that will emerge from this event. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Share buybacks in Spar Nord Bank – transactions in week 42

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 63
     

    In company announcement no. 10 2024, Spar Nord announced a share buyback programme of up to DKK 500 million. The share buyback was initiated on 12 February 2024.

    The purpose of the share buyback is to reduce the bank’s share capital by the shares acquired under the programme, and the programme is executed pursuant to Regulation (EU) No 596/2014 of 16 April 2014 (“Market Abuse Regulation”).

    In last week the following transactions were made under the share buyback programme.

      Number of shares Average purchase price (DKK) Transaction value (DKK)
    Accumulated from last announcement 2,650,197    332,897,389
    14 October 2024 17,000 133.48 2,269,160
    15 October 2024 17,000 135.01 2,295,170
    16 October 2024 15,000 136.07 2.041,050
    17 October 2024 14,000 138.43 1,938,020
    18 October 2024 14,000 139.02 1,946,280
    Total week 42 77,000   10,489,680
    Total accumulated 2,727,197   343,387,069

    Following the above transactions. Spar Nord holds a total of 2,822,917 treasury shares equal to 2.40 % of the Bank’s share capital.

    Please direct any questions regarding this release to Rune Brandt Børglum, Head of Investor Relations on tel. + 45 96 34 42 36.

    Rune Brandt Børglum
    Head of Investor Relation

    Attachment

    The MIL Network –