Category: Business

MIL-OSI Global: Thatcher, Blair and a brief history of class in British politics – podcast

Source: The Conversation – UK – By Laura Hood, Host, Know Your Place podcast, The Conversation

When Tony Blair came to power in 1997 as the first Labour prime minister in a generation, his government became associated with the phrase “we’re all middle class now”.

In the second part of Know Your Place: what happened to class in British politics, a podcast series from The Conversation Documentaries, we look back at a century of class in British politics to understand why Blair’s decision to move Labour away from the working class was such a watershed moment.

The British Labour party was created in 1900 by trade unionists who wanted to give a voice to working class people. At the time, the class structure was rigid and only property-owning men over the age of 21 could vote.

But the rupture of the first world war ushered in universal adult suffrage, and with it, says Mark Garnett, senior lecturer in politics at Lancaster University, a feeling among opponents of the Labour party that it would eventually become the main electoral force. He says:

When we get to the middle part of the 20th century, being a supporter of the Labour party was something that one inherited almost … it would certainly be very peculiar if you were a very conscious member of the working class who didn’t also see yourself as a Labour party supporter.

After the second world war and the election of Clement Attlee as Labour prime minister, class still looked firmly cemented into British political allegiances, as Martin Farr, senior lecturer in contemporary British history at Newcastle University explains.

The most dramatic illustration of class I can give you is in the 1951 general election: 98% of voters voted Conservative or Labour. No other parties mattered.

Thatcher’s greatest achievement

For Farr, the political and economic turmoil of the 1970s, ending in the winter of discontent under the Labour government of James Callaghan, marked the beginning of the end of this political arrangement, paving the way for the election of Margaret Thatcher as Conservative prime minister.

Margaret Thatcher said that her greatest achievement was Tony Blair. The Thatcher years created a different sort of Labour Party … which necessarily wasn’t the party of trade unions to the same extent because there were weaker trade unions and fewer trade unionists.

After 17 years of Conservative rule, Blair’s election in 1997 brought Labour back into power. But its attitude toward its working class base had changed.

Tim Bale, professor of politics at Queen Mary University of London, says Blair’s advisers realised that the working class in Britain was shrinking and that, unlike the past, Labour couldn’t put together a winning electoral coalition based purely on working-class voters. But he also says they wanted to build a cross-class coalition.

They spent more time rhetorically appealing to the middle-class votes and thought the working-class vote will look after itself as long as they got the economy and public services right. And perhaps they should have done more … to appeal to both sides of that electoral coalition, that cross-class coalition that they hoped to build.

For more analysis, listen to the full episode of Know Your Place: what happened to class in British politics on The Conversation Documentaries, which also includes interviews with the former Labour MPs Reg Race and David Hanson, who is now a member of the House of Lords and minister of state for the Home Office.

A transcript is available on Apple Podcasts.

Know Your Place: what happened to class in British politics is produced and mixed by Anouk Millet for The Conversation. It’s supported by the National Centre for Social Research.

Newsclips in the episode from A P Archive, New Labour, British Movietone, British Pathé, SirEdwardHeath and ITN Archive.

Listen to The Conversation Documentaries via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

Tim Bale has previously received funding for research on the Conservative Party and party members from the Leverhulme Trust and from the Economic and Social Research Council. Martin Farr and and Mark Garnett do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment. Know Your Place: what happened to class in British politics is supported by the National Centre for Social Research.

– ref. Thatcher, Blair and a brief history of class in British politics – podcast – https://theconversation.com/thatcher-blair-and-a-brief-history-of-class-in-british-politics-podcast-240738

MIL OSI – Global Reports –

January 23, 2025
MIL-OSI Global: Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic reforms

Source: The Conversation – Africa – By Roy Havemann, Research Associate, Stellenbosch University

Tito Mboweni, former South African Reserve Bank Governor, Minister of Finance, and Minister of Labour was arguably one of the country’s most consequential economic policymakers and drove several significant economic
reforms.

Mboweni passed away on 12 October 2024 after a short illness.

Born on 16 March 1959, he received a Bachelor of Arts in Economic and Political Science from the National University of Lesotho in 1985. He had attended the University of the North between 1979 and 1980 but left South Africa to go into exile in his second year of studies. In 1987, he obtained a Master of Arts in Development Economics from the University of East Anglia in the UK.

He began his career in government as Minister of Labour in President Nelson Mandela’s 1994 administration. As the first Minister of Labour in the new democratic South Africa, he took several steps to improve the relationship between business and labour.

Among these were major legislative reforms, including the Basic Conditions of Employment Act, Labour Relations Act, Mines Health Safety Act and the NEDLAC Act, designed to improve cooperation between different “constituencies” – labour, business, and government.

He was appointed as the Eighth Governor of the South African Reserve Bank in
1999. In this role he introduced inflation targeting and presided over the first monetary policy committee meetings. This substantially modernised the Bank’s approach. For instance, Mboweni introduced a monetary policy statement outlining the reasons for the Bank’s decisions. These were televised, bringing new transparency to the conduct of monetary policy. Before this, the bank’s targeted monetary policy aggregates, and its communications, were made through printed documents.

Monetary Policy Forums took monetary policy to many parts of the country, bringing a new openness and engagement between the Bank and ordinary South Africans.

He held the position of Governor until 2009. But his legacy endures. The South African Reserve Bank is highly regarded across the world, with an inflation rate that is firmly within the target range and well-anchored inflation expectations.

As finance minister

Shortly after Cyril Ramaphosa was inaugurated as President of the Republic of South Africa in 2018, the then Finance Minister Nhlanhla Nene resigned. The President appointed Mboweni as Minister of Finance in October 2018.

Mboweni made three consequential decisions in South Africa’s economic policy
trajectory.

The first was the decision, in 2019, to freeze government wages from 2020. He was alarmed by the rapid and unsustainable increase in government wages. Together with slowing economic growth, this led to a fiscal position that was deteriorating at an alarming pace. The wage freeze ultimately started the slow return to the fiscal rectitude that had been the hallmark of the period of government before Jacob Zuma became president in 2009.

The second, also in 2019, was the publication of a paper on economic growth. It was known officially as “Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for South Africa”.

Unofficially it was known as the “Tito Paper”.

This set out a programme of much-needed economic reforms – including steps to lift the restrictions on private power generation. In the six years since the publication of the policy paper (and the subsequent reforms), a total of 6 GW of non-Eskom electricity has been added to the grid, saving South Africa six stages of load-shedding.

Other recommendations of the paper are being followed, including those for rail, telecommunications and ports.

The third was the introduction of a comprehensive response to the COVID-19 pandemic. This included a significant expansion of the grants system, with a Social Relief of Distress grant pegged at R350 per person per month. Research by the NIDS-CRAM initiative, led by Dr Nic Spaull of Stellenbosch University, has highlighted how the grant positively affected millions of people’s lives.

Enduring legacy

It is difficult to think of any other economic policymaker who has left such an enduring legacy.

Stellenbosch University awarded him an honorary doctorate in 2010 and appointed him Professor Extraordinary of Economics from 2002 to 2005 . He was a frequent participant at Bureau for Economic Research conferences. There, his engaging speaking style made him a popular drawcard.

His love of red wine and engaging conversation made him a popular visitor at the university. In 2010, he spent time at the Stellenbosch Institute for Advanced Studies as part of a research group working on the global financial crisis and its consequences for democracy.

This is an edited version of a tribute published by the Bureau for Economic Research, Stellenbosch University.

Roy Havemann is a senior economist at the Bureau for Economic Research where he leads the Impumelelo Economic Growth Lab. He was previously at the National Treasury where, amongst other things, he was Tito Mboweni’s speechwriter.

– ref. Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic
reforms – https://theconversation.com/tito-mboweni-south-african-minister-and-reserve-bank-governor-who-drove-significant-economic-reforms-241236

MIL OSI – Global Reports –

January 23, 2025
MIL-OSI Global: The remarkable career of Tito Mboweni: from South African freedom fighter to central bank governor and trusted politician

Source: The Conversation – Africa – By Jannie Rossouw, Visiting Professor at the Business School, University of the Witwatersrand

It is sad to write about Tito Mboweni in the past tense.

Tito Titus Mboweni, who was born on 16 March 1959 in Tzaneen, a town in South Africa in what was then the Transvaal, passed away after a short illness in Johannesburg on 12 October 2024.

After the announcement of his death, tributes poured in for this South African leader. Many have been touched by his legacy in politics, business, governance and the economy of South Africa.

While not without some shortcomings, his career from being a freedom fighter to becoming a trusted and popular public figure serves as an enduring example to others in leadership.

A career in service of society

During his lifetime, Mboweni managed to achieve multiple accomplishments. The first period of his career was as member of the African National Congress (ANC) liberation movement in exile, where he served as deputy head of the Department of Economic Policy in the ANC.

Political and public service was a second part of his career.

After the democratic elections of 1994, Mboweni served as minister of labour in the first cabinet of Nelson Mandela. In a surprise announcement in 1998, Mboweni was appointed as an advisor to the then governor of the South African Reserve Bank, Chris Stals. This was to prepare Mboweni for appointment as governor after the retirement of Stals.

Mboweni could not move directly into the position as governor, as section 4(2)(a) of the South African Reserve Bank Act states that the “governor shall be a person of tested banking experience”.

By serving as an advisor to Stals for a little over a year, Mboweni met this legal requirement. He was appointed as the eighth governor of the central bank on 8 August 1999.

At the time there were concerns about his commitment to the continuation of a policy of controlling inflation, ushered in successfully by Stals in the preceding decade. But Mboweni soon showed his commitment to the continued control of inflation.

He replaced the previous structure used for monetary policy decisions by Stals by establishing the Monetary Policy Committee in October 1999. This was in preparation for the adoption of inflation targeting as a policy objective for the bank.

After his retirement from the Reserve Bank, Mboweni commenced with the next stages of his career: a successful stint in business, which was interrupted by his return to politics. He served as minister of finance from 9 October 2018 to 5 August 2021. In this role he made it very clear that South Africa had to adopt a more prudent fiscal policy to avoid a too rapid growth in government debt. But this viewpoint made him unpopular with many cabinet and ANC colleagues, trade unions and others.

Once he left politics, Mboweni resumed his career in business. He also served the South African community in different ways. He held a number of appointments as honorary professor and was also a patron of the arts. He was also well-known for his enthusiasm for cooking, which he often posted about on social media.

Challenges

Mboweni had to withstand political pressure on the issue of the role of the Reserve Bank. He was exemplary in his protection of the autonomy and independence of bank, which is set out in sections 223 to 225 of the South African Constitution.

In this respect, he followed in the footsteps of Stals.

Politicians favour lower interest rates, particularly during election periods. But Mboweni was not afraid of being unpopular. He was steadfast in protecting the autonomy and independence of the South African Reserve Bank. Mboweni also led the central bank during the global financial crisis of 2008 . South Africa was one of the countries that did not suffer a banking crisis or collapse during that period.

Achievements

Mboweni’s single biggest achievement was his successful transition from an ANC freedom fighter in exile to his roles as senior politician, central bank governor and businessman.

His successful adoption of a policy of inflation targeting despite opposition was also a major achievement. Under Mboweni’s leadership the South African Reserve Bank showed critics that South Africa can make a continuous commitment to a low rate of inflation.

Other than establishing the Monetary Policy Committee, Mboweni also played a major role in bringing monetary policy closer to the people. Under his leadership, the bank was one of the first central banks in the world to announce monetary policy decisions about interest rates at a media conference. He also introduced the central bank’s Monetary Policy Forums, where the public can engage the senior leadership of the central bank on monetary policy.

Shortcomings

Mboweni had many successes in business, central banking and politics. He also a few shortcomings. One was that he did not insist on the readoption of the lower inflation target (3%-5%) announced in 2001, that was later abandoned. A lower inflation target some 20 years ago would have anchored South Africa’s inflation rate and inflation expectations on a lower trajectory.

It is difficult to judge whether Mboweni’s somewhat untimely (though not necessarily unexpected) resignation as finance minister can also be regarded as a failure. However, a finance minister can only function optimally with the support of the head of state. Such support was clearly lacking.

Legacy

Mboweni leaves a legacy of a successful transformation from a freedom fighter to a businessman, central banker and politician. If more former freedom fighters made this successful transition, South Africa’s prospects would look considerably better.

Another legacy is honesty and integrity. Mboweni was never embroiled in scandals or questionable business dealings. If other ANC cadres could follow this example, South Africa would also offer a better future for all its citizens.

As an NRF-rated researcher, Jannie Rossouw received research funding from the NRF. He serves as independent non-executive Board member of Finbond Mutual Bank, Noordelike Helpmekaar Study Fund and Satsanga Fintech Holdings.

– ref. The remarkable career of Tito Mboweni: from South African freedom fighter to central bank governor and trusted politician – https://theconversation.com/the-remarkable-career-of-tito-mboweni-from-south-african-freedom-fighter-to-central-bank-governor-and-trusted-politician-241234

MIL OSI – Global Reports –

January 23, 2025
MIL-OSI Economics: Verizon Foundation donates $2 Million towards Hurricane Helene and Hurricane Milton relief efforts
Source: Verizon

Headline: Verizon Foundation donates $2 Million towards Hurricane Helene and Hurricane Milton relief efforts

NEW YORK – The Verizon Foundation is stepping up to support communities devastated by Hurricane Helene and Hurricane Milton with a total of $2 million in donations to aid relief and recovery efforts. The contributions will provide essential support and rebuilding efforts to those who have been devastated by the storms.

The donations include $1 million to the American Red Cross to assist with emergency relief and recovery efforts for both Hurricane Helene and Hurricane Milton.

The remaining $1 million is directed to various regional organizations providing crucial services on the ground in the hardest-hit areas, including $400,000 allocated to organizations in Florida for Hurricane Milton relief and $600,000 to support communities in Georgia and North Carolina affected by Hurricane Helene:
- $400,000 to Volunteer Florida: Supporting Hurricane relief efforts, these funds will assist organizations providing food, shelter, and recovery resources to those affected by the storm.
- $600,000 to Georgia and North Carolina: Focused on aiding communities devastated by Hurricane Helene, these contributions will help address immediate needs like food and shelter while also supporting longer-term recovery and rebuilding initiatives. Specifically, these contributions include:
  ○ $300,000 to NC Hurricane Helene Fund–United Way of North Carolina
  ○ $50,000 to Second Harvest of South Georgia, Inc., Valdosta, Georgia
  ○ $50,000 to United Way of Greater Valdosta, Georgia
  ○ $100,000 to Community Foundation for the CSRA, Augusta, Georgia
  ○ $100,000 to Weathered But Strong Fund–Georgia Foundation for Agriculture
“We are committed to supporting communities when they need it most, and we are working closely with local organizations to ensure resources reach those who need them urgently,” said Donna Epps, Verizon’s Chief Responsible Business Officer. “In the aftermath of Hurricane Helene and Hurricane Milton, the Verizon Foundation is here to support the American Red Cross and other trusted partners as they provide relief for communities to recover and rebuild.”

“The American Red Cross is working around the clock to provide help and hope to people across the country impacted by disasters big and small, including storms and countless other crises,” said Cliff Holtz, president and CEO of the American Red Cross. “We cannot thank Verizon Foundation enough for their generosity as we work together to offer relief and comfort to those in need.”

“On behalf of Volunteer Florida, we are deeply grateful for the Verizon Foundation’s generous $400,000 donation in response to Hurricanes Helene and Milton. This contribution will have an immediate and lasting impact on our communities as they recover and rebuild,” said Volunteer Florida CEO Josie Tamayo. “The generosity of our donors allows us to provide essential resources and support to those in need during these challenging times.”

“We want to express our gratitude to Verizon for the additional contribution of $300,000 to the NC Disaster Relief Fund. Your commitment to supporting our community in times of need makes a profound difference in the lives of those affected by Hurricane Helene,” said President and CEO of United Way of North Carolina, Brittany Pruitt Fletcher. “This generous donation will help provide essential resources and aid to individuals and families working to rebuild their lives. Your dedication to making a positive impact showcases the true spirit of corporate responsibility and compassion. Thank you for standing with us during this challenging time. Together, we are stronger, and your support brings hope and healing to our community.”

“The Greater Valdosta United Way is honored to receive these funds so recovery and healing can happen. It will take communication and connections which Verizon understands for communities to recover. Thank you for stepping up and supporting South Georgia,” said CEO of Greater Valdosta United Way, Michael Smith.

“Second Harvest of South Georgia is grateful for this gift from Verizon. It will help the impacted families of South Georgia following the devastating destruction caused by hurricane Helene,” said President and CEO of Second Harvest of South Georgia Franklin J. Richards II. Gifts like this truly make a difference in these difficult times and help Second Harvest of South Georgia provide much needed food and resources to all the citizens that were affected by the storm.”

“I’m incredibly thankful to the team at Verizon, not only for their generous donation of $100,000 to the Weathered But Strong Hurricane Relief Fund but also for all their work to get Georgians back online in the aftermath of Hurricane Helene,” said Commissioner of Georgia Department of Agriculture, Tyler Harper. “When disaster hits our state, we need all hands on deck to help our fellow Georgians recover, and this donation will go a long way to help Georgia farm families bounce back stronger than before.”
MIL OSI Economics –
January 23, 2025
MIL-OSI Economics: Introducing a digital euro: The cross-border dimension
Source: Bundesbank

Check against delivery.
1 Introduction

Dear Governor Das,

dear colleagues,

ladies and gentlemen,

I am delighted to be here with you today, at this wonderful location, visiting this wonderful country – one of the cradles of world civilisation and culture.

The Reserve Bank of India is currently celebrating its foundation 90 years ago. My heartfelt congratulations to all members of staff on this anniversary! Last year, Indian real-time payment systems processed about 129 billion digital transactions.[1] This means that 84% of electronic payment transactions took place in real time. During the same period, only about 19% of electronic payments worldwide were real-time transactions. In my view, this is impressive evidence of the excellent work the RBI has accomplished over the last few years.

Payment systems and their cross-border interaction are also an important topic at this conference. This is because cross-border payments are an integral part of our globalised world. Historically, from the Renaissance to modern times, correspondent banks have acted as the bedrock for cross-border payment transactions.[2] However, even today, transferring funds by means of correspondent banking is often slow, involves many steps and may result in high and non-transparent fees.

Moreover, in the last two decades, correspondent banking has been subject to a downward trend, mainly due to increasingly strict compliance requirements. Between 2011 and 2022, the number of active correspondents decreased by roughly one third, while the value of cross-border payments increased by almost 40%.[3] Obviously, this is an alarming trend in terms of market competition.

To some extent, technical progress might be able to compensate for a tighter correspondent banking market. In particular, in the last decade, a number of FinTech companies have provided new opportunities to streamline cross-border payments using innovative methods like blockchain and digital wallets. The FinTech revolution focused on private money. However, it now appears there may be another revolution on the horizon – this time involving payments in central bank money: the introduction of central bank digital currencies (CBDC).

In my talk, I would like to address CBDC developments with a particular focus on cross-border payments. First, I will outline some general points about the potential impact and benefits of the introduction of CBDC for processing cross-border transactions. Second, I will aim to highlight this topic in the context of the Eurosystem’s work on a digital euro – the envisaged European retail CBDC.

2 CBDCs and cross-border payments

Given that there are correspondent banks and FinTechs working on digital innovations as well, let me begin with a question. What would be the additional benefits of CBDCs in the area of digital payments? The introduction of CBDCs would facilitate a setup of new infrastructures for digital payments. On the one hand, this makes high initial investment necessary. On the other hand, once a CBDC is established with its new infrastructure, it could catalyse broad improvements in payment systems, including cross-border transactions – by introducing new message standards and shorter process chains, for example.[4]

Starting on a green field may be one major advantage of CBDCs. Experience shows that, in particular, implementing common standards is not an easy task. Take ISO 20022, for example.[5] The International Organisation for Standardisation proposed this common standard for financial messages in cross-border payments in 2004. It will be probably more widely used in payment systems on a global level next year – 21 years after the initial proposal. This period feels even longer when you think of all the innovations that have taken place in the meantime – the first iPhone was presented in 2007, the concept of a decentralised blockchain in 2008.

However, to be able to reap the benefits for cross-border payment, interoperability between CBDCs must be ensured early on. To this end, central banks should already begin to consider the best ways for interaction in the planning phase. In my view, we have a historic opportunity to vastly improve cross-border transactions by making different CBDCs interoperable from the very beginning.

Indeed, a number of projects are already researching the best ways of making CBDCs interoperable. For instance, the Bank for International Settlement (BIS) Innovation Hub in Singapore and a number of national central banks in the Indo-Pacific region set up Project Dunbar to explore how a common platform for CBDCs could enable cheaper, faster and safer cross-border payments.[6]

I am strongly in favour of a multilateral approach in this area, because this best serves the interests of all participants. If central banks proceed in a largely unilateral way instead, we not only risk inefficiencies, but also undesirable interferences. Consider a scenario in which a CBDC is made available for holders abroad in a unilateral way. In such a case, we could see currency substitution or appreciation pressure for the domestic currency. Also, the balance sheet of the CBDC emitting central bank could strongly expand. A knock-on effect may be that domestic monetary policy in countries that suffer from increased currency substitution becomes less effective. By contrast, a multilateral approach including reasonable holding limits could mitigate these risks.

Meanwhile, the RBI has made valuable contributions to the topic of retail CBDC. The digital rupee based on blockchain technology was launched on 1 December 2022. It is issued by the central bank and distributed by commercial banks. As I understand it, the RBI intends to tap the potential for using CBDCs in cross-border payments as well.

3 A digital euro: The cross-border dimension

In the Eurosystem, we expect a digital euro to be launched in just a few years’ time. The primary goal of a digital euro is meet the domestic needs of the euro area. To some extent, however, this goal already includes a significant cross-border dimension. Let me explain what I mean by that. A quarter century on from the introduction of the euro, there is still no single pan-European solution for digital payments when people go shopping in stores or online. This means there is a risk that traditional cashless payment solutions offered by private European payment service providers will not match customer needs.

To be fair, some euro area Member States have successfully implemented innovative digital solutions in the area of payments – I am thinking, for example, of the online payment system iDEAL in the Netherlands or Bizum Wallet in Spain. However, such payment solutions by themselves usually only function within national borders. Promising initiatives have been underway in recent years to widen the scope of these solutions. For example, iDEAL was successfully acquired by the European Payments Initiative, a company founded by several European banks and financial services companies. This initiative seeks to create a truly pan-European payment solution in the near to medium term.

This shows that the European payments sector has made meaningful progress; however, there are challenges further ahead. International payment providers, particularly those offering credit card schemes, still heavily dominate the European market for payment services – and even more when it comes to payments abroad.

A digital euro would be a major step forward in this context. It would provide a standardised digital means of payment for day-to-day transactions throughout the euro area. Despite the need for a more integrated payment system, we are determined to prevent the Eurosystem’s footprint in the European financial system from becoming too large. We are therefore planning to issue a digital euro, but not to distribute it. This means that banks and other payment providers should assume the role of the CBDC interface between the Eurosystem and the customers.

The euro area currently consists of 20 Member States, each of which has its own banking system with its own unique features. Against this background, I am sure you can imagine the overall complexity of our task. Therefore, our current focus is on making the digital euro accessible for all users within the euro area. We are investing great effort in our work on this, and we are constantly explaining what we do and why we do it, not least because a number of people are sceptical of CBDCs.

Once we have accomplished a digital euro for all users within the euro area, it will, in my view, be worth considering making it accessible to users outside the euro area as well. Rules for geographical access to a digital euro will be set down in legislation. If European legislation allows, access to a digital euro can also be granted to consumers and firms in the Member States of the European Economic Area outside the euro area. Selected non-EU countries can be included as well.[7]

Ideally, the D€ would be interoperable with other CBDCs from the very start, for example, for person-to-person payments or commercial payments from or to firms outside the euro area. However, this is currently a vision for the future, since, as already mentioned, we first have to overcome numerous challenges to establish a retail digital euro that works within the euro area.

4 Concluding remarks

Let me conclude. So far, CBDCs are newcomers to the world of payment systems. We can only estimate how large a role they will end up playing in payment transactions. This is all the more true when it comes to cross-border payments.

The scepticism about CBDCs in many quarters is not uncommon for many technological innovations. For example, in the early 1980s, “computerphobia” was a widespread phenomenon.[8] This took a wide range of forms, even fear of physically touching a computer or feeling threatened by those who worked with them. Today, this may seem very strange to us. Computers have since become an essential day-to-day tool for us.

And so we will continue our efforts to implement CBDCs. I am confident that this will ultimately make our payment systems better, faster and more efficient.

Footnotes:

ACI Worldwide Inc., It’s prime time for real-time: Real-time payments adoption and growth around the globe, Payment report 2024.

Lothian, J. R. (2002), The internationalization of money and finance and the globalization of financial markets, Journal of International Money and Finance 21, Vol. 6, p. 699-724.

Garratt, R., Wilkens, P. K. and H. S. Shin, Next generation correspondent banking, BIS Bulletin No. 78, 30 May 2024.

Deutsche Bundesbank, Cross-border interoperability of central bank digital currency, Monthly Report, July 2022, p. 59-75.

ISO 20022 | ISO20022

Project Dunbar – International settlements using multi-CBDCs (mas.gov.sg)

International aspects of CBDCs: update on digital euro (europa.eu)

LaFrance, A., When People Feared Computers, The Atlantic, 30 March 2015.
MIL OSI Economics –
January 23, 2025
MIL-OSI Russia: Financial news: Innovations in the precious metals market from October 21

MILES AXLE Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

Launch of PLT and PLD trading

Trading in platinum (PLT/RUB) and palladium (PLD/RUB) will begin on the Foreign Exchange Market and the Precious Metals Market.

Trading platinum and palladium provides a wide range of investors with the opportunity to diversify their portfolio and hedge risks.

Trading parameters: Trading will be carried out with TOD and TOM settlements, and SWAP transactions will also be available.

Trading time schedule in System mode: 10:00 – 19:00.

To access trading, you must open Trading and Banking Accounts in platinum and palladium using the application form located on the website of NPO NCC (JSC) (Application for opening a trading bank account in precious metal): https://www.nationalslaringcenter.ru/catalog/02100101

For all questions, you can contact your personal manager.

Contact information for media 7 (495) 363-3232PR@moex.com

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

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

https://www.moex.com/n73942

MIL OSI Russia News –

January 23, 2025

MIL-OSI Economics: RBI imposes monetary penalty on SG Finserve limited

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated October 1, 2024, imposed a monetary penalty of ₹28.30 lakh (Rupee Twenty Eight Lakh Thirty Thousand only) on SG Finserve limited (formerly known as M/s Moongipa Securities Limited) (the company) for non-compliance with specific conditions under which the company was issued the Certificate of Registration (CoR) by RBI under section 45IA(5) of Reserve Bank of India Act, 1934 (RBI Act). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of clause (a) of sub-section (1) of Section 58G read with sub-section (6) of Section 58 B of the RBI Act.

The financial statements of the company for FY 2022-23 revealed inter alia, non-compliance with the specific conditions of the CoR. Based on the same, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for failure to comply with the said conditions of the CoR.

After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty:

The company had accepted public funds and extended loans in violation of the specific conditions of the CoR issued to it.

This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/1284

MIL OSI Economics –

January 23, 2025

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi hails 3 years of PM GatiShakti National Master Plan

Source: Government of India

Prime Minister Shri Narendra Modi hails 3 years of PM GatiShakti National Master Plan

PM GatiShakti National Master Plan has emerged as a transformative initiative aimed at revolutionizing India’s infrastructure: Prime Minister

Thanks to GatiShakti, India is adding speed to fulfil our vision of a Viksit Bharat: Prime Minister

Posted On: 13 OCT 2024 10:32AM by PIB Delhi

The Prime Minister, Shri Narendra Modi has lauded the completion of 3 years of PM GatiShakti National Master Plan.

Sharing on X, a post by Union Commerce and Industry Minister, Shri Piyush Goyal and a thread post by MyGov, the Prime Minister wrote:

“PM GatiShakti National Master Plan has emerged as a transformative initiative aimed at revolutionizing India’s infrastructure. It has significantly enhanced multimodal connectivity, driving faster and more efficient development across sectors.

The seamless integration of various stakeholders has led to boosting logistics, reducing delays and creating new opportunities for several people.”

“Thanks to GatiShakti, India is adding speed to fulfil our vision of a Viksit Bharat. It will encourage progress, entrepreneurship and innovation.”

PM #GatiShakti National Master Plan has emerged as a transformative initiative aimed at revolutionizing India’s infrastructure. It has significantly enhanced multimodal connectivity, driving faster and more efficient development across sectors.

The seamless integration of… https://t.co/aQKWgY0sFs

— Narendra Modi (@narendramodi) October 13, 2024

PM #GatiShakti National Master Plan has emerged as a transformative initiative aimed at revolutionizing India’s infrastructure. It has significantly enhanced multimodal connectivity, driving faster and more efficient development across sectors.

The seamless integration of… https://t.co/aQKWgY0sFs

— Narendra Modi (@narendramodi) October 13, 2024

***

MJPS/TS

(Release ID: 2064478) Visitor Counter : 16

MIL OSI Asia Pacific News –

January 23, 2025
MIL-OSI Asia-Pac: Central Consumer Protection Authority directs Ola to develop mechanism providing choice to consumers regarding refund mode
Source: Government of India (2)

Central Consumer Protection Authority directs Ola to develop mechanism providing choice to consumers regarding refund mode

Consumers may choose refund via Bank Account or Coupon in Grievance Redressal Process

Central Consumer Protection Authority’s intervention leads to crucial consumer-centric changes in the Ola app

Posted On: 13 OCT 2024 4:05PM by PIB Delhi

In a landmark decision, the Central Consumer Protection Authority (CCPA) has directed Ola, a leading online ride-hailing platform, to implement a mechanism allowing consumers to choose their preferred method of refund—either directly to their bank account or via coupon—during the grievance redressal process. Additionally, Ola has been instructed to provide consumers with a bill or receipt or invoice for all Auto rides booked through its platform, ensuring greater transparency and accountability in its services. The Authority is headed by Chief Commissioner Smt. Nidhi Khare.

CCPA observed that the whenever consumer raised any grievance on the Ola app, as part of its no-question-asked refund policy, Ola only provided a coupon code which could be used for the next ride without providing an clear choice to the consumer to opt between a bank account refund or a coupon. It was observed that this violates consumer rights and the no-question-asked refund policy cannot mean that the company incentivises people to simply use this facility for taking another ride.

Further, CCPA observed that if a consumer attempts to access invoice for Auto rides booked on Ola, the app shows the message ‘Customer invoice for Auto rides will not be provided due to changes in Ola’s auto service T&Cs.’ It was observed that not issuing bill or invoice or receipt for the goods sold or services rendered constitutes an ‘unfair trade practice’ under the Consumer Protection Act, 2019.

2. Definitions.

(47) “unfair trade practice” means a trade practice which, for the purpose of promoting the sale, use or supply of any goods or for the provision of any service, adopts any unfair method or unfair or deceptive practice including any of the following practices, namely:—

(vii) not issuing bill or cash memo or receipt for the goods sold or services rendered in such manner as may be prescribed.

In addition to the above, CCPA’s intervention has led to the following consumer-centric changes in the Ola app –
1. Previously, no details of Grievance officer and nodal officer were prominently visible on the website. Now, Name, Phone number and e-mail of Grievance officer and nodal officer are mentioned, in Support section of website.
2. Permitted time of cancellation as per cancellation policy, now prominently displayed at the time of booking ride.
3. The amount of cancellation fee amount is now clearly mentioned on the ride booking page, so that the consumer is clearly aware of the amount which could be charged on cancelling the ride before she/he proceeds to cancel.
4. New acceptance screen added for drivers where address of both pickup and drop location is shown to drivers.
5. In order to avoid inconvenience and confusion, more reasons added against which consumer wishes to cancel ride.
6. List of components that constitute the total fare added now publically available such as base fare, per km fare, pre-wait charges etc.
7. Communications issued to drivers to encourage taking digital payments and switch on AC.
8. Revised payment cycles for drivers so that they get payment swiftly.
As per information on the National Consumer Helpline (NCH), a total of 2,061 complaints have been registered against Ola from 01.01.2024 to 09.10.2024. The top categories of complaints include –
1. Higher fare charged from consumer than what was shown at the time of booking the ride
2. Non-refund of amount to the consumer
3. Driver asking for extra cash
4. Driver did not reach the correct location or dropped at incorrect location
Through its regulatory intervention, the CCPA has been steadfast in ensuring that Ola adheres to the legal framework established to secure the rights of consumers. These measures aim to empower consumers, enhance trust, and improve service provider accountability, reflecting the CCPA’s commitment to ensuring a fair and secure experience for all consumers on e-commerce platforms.

****

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MIL OSI Asia Pacific News –
January 23, 2025
MIL-OSI Africa: Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic reforms

Source: The Conversation – Africa – By Roy Havemann, Research Associate, Stellenbosch University

Tito Mboweni, former South African Reserve Bank Governor, Minister of Finance, and Minister of Labour was arguably one of the country’s most consequential economic policymakers and drove several significant economic reforms.

Mboweni passed away on 12 October 2024 after a short illness.

Born on 16 March 1959, he received a Bachelor of Arts in Economic and Political Science from the National University of Lesotho in 1985. He had attended the University of the North between 1979 and 1980 but left South Africa to go into exile in his second year of studies. In 1987, he obtained a Master of Arts in Development Economics from the University of East Anglia in the UK.

He began his career in government as Minister of Labour in President Nelson Mandela’s 1994 administration. As the first Minister of Labour in the new democratic South Africa, he took several steps to improve the relationship between business and labour.

Among these were major legislative reforms, including the Basic Conditions of Employment Act, Labour Relations Act, Mines Health Safety Act and the NEDLAC Act, designed to improve cooperation between different “constituencies” – labour, business, and government.

He was appointed as the Eighth Governor of the South African Reserve Bank in 1999. In this role he introduced inflation targeting and presided over the first monetary policy committee meetings. This substantially modernised the Bank’s approach. For instance, Mboweni introduced a monetary policy statement outlining the reasons for the Bank’s decisions. These were televised, bringing new transparency to the conduct of monetary policy. Before this, the bank’s targeted monetary policy aggregates, and its communications, were made through printed documents.

Monetary Policy Forums took monetary policy to many parts of the country, bringing a new openness and engagement between the Bank and ordinary South Africans.

He held the position of Governor until 2009. But his legacy endures. The South African Reserve Bank is highly regarded across the world, with an inflation rate that is firmly within the target range and well-anchored inflation expectations.

As finance minister

Shortly after Cyril Ramaphosa was inaugurated as President of the Republic of South Africa in 2018, the then Finance Minister Nhlanhla Nene resigned. The President appointed Mboweni as Minister of Finance in October 2018.

Mboweni made three consequential decisions in South Africa’s economic policy trajectory.

The first was the decision, in 2019, to freeze government wages from 2020. He was alarmed by the rapid and unsustainable increase in government wages. Together with slowing economic growth, this led to a fiscal position that was deteriorating at an alarming pace. The wage freeze ultimately started the slow return to the fiscal rectitude that had been the hallmark of the period of government before Jacob Zuma became president in 2009.

The second, also in 2019, was the publication of a paper on economic growth. It was known officially as “Economic transformation, inclusive growth, and competitiveness: Towards an Economic Strategy for South Africa”.

Unofficially it was known as the “Tito Paper”.

This set out a programme of much-needed economic reforms – including steps to lift the restrictions on private power generation. In the six years since the publication of the policy paper (and the subsequent reforms), a total of 6 GW of non-Eskom electricity has been added to the grid, saving South Africa six stages of load-shedding.

Other recommendations of the paper are being followed, including those for rail, telecommunications and ports.

The third was the introduction of a comprehensive response to the COVID-19 pandemic. This included a significant expansion of the grants system, with a Social Relief of Distress grant pegged at R350 per person per month. Research by the NIDS-CRAM initiative, led by Dr Nic Spaull of Stellenbosch University, has highlighted how the grant positively affected millions of people’s lives.

Enduring legacy

It is difficult to think of any other economic policymaker who has left such an enduring legacy.

Stellenbosch University awarded him an honorary doctorate in 2010 and appointed him Professor Extraordinary of Economics from 2002 to 2005 . He was a frequent participant at Bureau for Economic Research conferences. There, his engaging speaking style made him a popular drawcard.

His love of red wine and engaging conversation made him a popular visitor at the university. In 2010, he spent time at the Stellenbosch Institute for Advanced Studies as part of a research group working on the global financial crisis and its consequences for democracy.

This is an edited version of a tribute published by the Bureau for Economic Research, Stellenbosch University.

– Tito Mboweni: South African Minister and Reserve Bank governor who drove significant economic
reforms
– https://theconversation.com/tito-mboweni-south-african-minister-and-reserve-bank-governor-who-drove-significant-economic-reforms-241236

MIL OSI Africa –

January 23, 2025
MIL-OSI Africa: The remarkable career of Tito Mboweni: from South African freedom fighter to central bank governor and trusted politician

Source: The Conversation – Africa – By Jannie Rossouw, Visiting Professor at the Business School, University of the Witwatersrand

It is sad to write about Tito Mboweni in the past tense.

Tito Titus Mboweni, who was born on 16 March 1959 in Tzaneen, a town in South Africa in what was then the Transvaal, passed away after a short illness in Johannesburg on 12 October 2024.

After the announcement of his death, tributes poured in for this South African leader. Many have been touched by his legacy in politics, business, governance and the economy of South Africa.

While not without some shortcomings, his career from being a freedom fighter to becoming a trusted and popular public figure serves as an enduring example to others in leadership.

A career in service of society

During his lifetime, Mboweni managed to achieve multiple accomplishments. The first period of his career was as member of the African National Congress (ANC) liberation movement in exile, where he served as deputy head of the Department of Economic Policy in the ANC.

Political and public service was a second part of his career.

After the democratic elections of 1994, Mboweni served as minister of labour in the first cabinet of Nelson Mandela. In a surprise announcement in 1998, Mboweni was appointed as an advisor to the then governor of the South African Reserve Bank, Chris Stals. This was to prepare Mboweni for appointment as governor after the retirement of Stals.

Mboweni could not move directly into the position as governor, as section 4(2)(a) of the South African Reserve Bank Act states that the “governor shall be a person of tested banking experience”.

By serving as an advisor to Stals for a little over a year, Mboweni met this legal requirement. He was appointed as the eighth governor of the central bank on 8 August 1999.

At the time there were concerns about his commitment to the continuation of a policy of controlling inflation, ushered in successfully by Stals in the preceding decade. But Mboweni soon showed his commitment to the continued control of inflation.

He replaced the previous structure used for monetary policy decisions by Stals by establishing the Monetary Policy Committee in October 1999. This was in preparation for the adoption of inflation targeting as a policy objective for the bank.

After his retirement from the Reserve Bank, Mboweni commenced with the next stages of his career: a successful stint in business, which was interrupted by his return to politics. He served as minister of finance from 9 October 2018 to 5 August 2021. In this role he made it very clear that South Africa had to adopt a more prudent fiscal policy to avoid a too rapid growth in government debt. But this viewpoint made him unpopular with many cabinet and ANC colleagues, trade unions and others.

Once he left politics, Mboweni resumed his career in business. He also served the South African community in different ways. He held a number of appointments as honorary professor and was also a patron of the arts. He was also well-known for his enthusiasm for cooking, which he often posted about on social media.

Challenges

Mboweni had to withstand political pressure on the issue of the role of the Reserve Bank. He was exemplary in his protection of the autonomy and independence of bank, which is set out in sections 223 to 225 of the South African Constitution.

In this respect, he followed in the footsteps of Stals.

Politicians favour lower interest rates, particularly during election periods. But Mboweni was not afraid of being unpopular. He was steadfast in protecting the autonomy and independence of the South African Reserve Bank. Mboweni also led the central bank during the global financial crisis of 2008 . South Africa was one of the countries that did not suffer a banking crisis or collapse during that period.

Achievements

Mboweni’s single biggest achievement was his successful transition from an ANC freedom fighter in exile to his roles as senior politician, central bank governor and businessman.

His successful adoption of a policy of inflation targeting despite opposition was also a major achievement. Under Mboweni’s leadership the South African Reserve Bank showed critics that South Africa can make a continuous commitment to a low rate of inflation.

Other than establishing the Monetary Policy Committee, Mboweni also played a major role in bringing monetary policy closer to the people. Under his leadership, the bank was one of the first central banks in the world to announce monetary policy decisions about interest rates at a media conference. He also introduced the central bank’s Monetary Policy Forums, where the public can engage the senior leadership of the central bank on monetary policy.

Shortcomings

Mboweni had many successes in business, central banking and politics. He also a few shortcomings. One was that he did not insist on the readoption of the lower inflation target (3%-5%) announced in 2001, that was later abandoned. A lower inflation target some 20 years ago would have anchored South Africa’s inflation rate and inflation expectations on a lower trajectory.

It is difficult to judge whether Mboweni’s somewhat untimely (though not necessarily unexpected) resignation as finance minister can also be regarded as a failure. However, a finance minister can only function optimally with the support of the head of state. Such support was clearly lacking.

Legacy

Mboweni leaves a legacy of a successful transformation from a freedom fighter to a businessman, central banker and politician. If more former freedom fighters made this successful transition, South Africa’s prospects would look considerably better.

Another legacy is honesty and integrity. Mboweni was never embroiled in scandals or questionable business dealings. If other ANC cadres could follow this example, South Africa would also offer a better future for all its citizens.

– The remarkable career of Tito Mboweni: from South African freedom fighter to central bank governor and trusted politician
– https://theconversation.com/the-remarkable-career-of-tito-mboweni-from-south-african-freedom-fighter-to-central-bank-governor-and-trusted-politician-241234

MIL OSI Africa –

January 23, 2025
MIL-OSI Video: UK Watch live: Lords debates response to the Infected Blood Inquiry

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

Members of the House of Lords will debate the response to the Infected Blood Inquiry on Tuesday 15 October. Watch live here on YouTube from 3.15pm.

Find out more about the debate https://www.parliament.uk/business/news/2024/october/lords-debates-infected-blood-inquiry/

Catch-up on House of Lords business:

Watch live events: https://parliamentlive.tv/Lords
Read the latest news: https://www.parliament.uk/lords/

Stay up to date with the House of Lords on social media:

• Twitter: https://twitter.com/UKHouseofLords
• Instagram: https://www.instagram.com/UKHouseofLords/
• Facebook: https://www.facebook.com/UKHouseofLords
• Flickr: https://flickr.com/photos/ukhouseoflords/albums
• LinkedIn: https://www.linkedin.com/company/the-house-of-lords
• Threads: https://www.threads.net/@UKHouseOfLords

#HouseOfLords #UKParliament

https://www.youtube.com/watch?v=Y8tffSRwLyg

MIL OSI Video –

January 23, 2025
MIL-OSI Video: UK Watch: House of Lords debates the UK’s electric vehicle strategy

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

Look out for this House of Lords debate on electric vehicles, coming up on Wednesday 16 October. Members are expected to discuss the process of a successful transition to electric vehicles (EVs) and meeting net zero targets.

Find out more https://committees.parliament.uk/committee/515/environment-and-climate-change-committee/news/199773/the-uks-electric-vehicle-strategy-needs-a-rapid-recharge-says-lords-committee/

Catch-up on House of Lords business:

Watch live events: https://parliamentlive.tv/Lords
Read the latest news: https://www.parliament.uk/lords/

Stay up to date with the House of Lords on social media:

• Twitter: https://twitter.com/UKHouseofLords
• Instagram: https://www.instagram.com/UKHouseofLords/
• Facebook: https://www.facebook.com/UKHouseofLords
• Flickr: https://flickr.com/photos/ukhouseoflords/albums
• LinkedIn: https://www.linkedin.com/company/the-house-of-lords
• Threads: https://www.threads.net/@UKHouseOfLords

#HouseOfLords #UKParliament #StateOpening

https://www.youtube.com/watch?v=qhT9n6LYNLk

MIL OSI Video –

January 23, 2025
MIL-OSI United Kingdom: Still time to vote in BID Fort William

Source: Scotland – Highland Council

Ballot papers were issued on Thursday 3 October 2024 to all businesses who were eligible and who would become levy payers and members of the Fort William Business Improvement District (BID).

Any businesses who think they are eligible to vote but may not have received their ballot papers, or any electors requiring a replacement ballot must contact The Highland Council’s Election Office on 01349 886657 or email: election@highland.gov.uk.

The ballot is being conducted entirely by post. For the BID to be successful there must be a minimum of 25% turnout by the number of businesses and by combined rateable value. Of those that vote, over 50% by number and 50% by combined rateable value must vote in favour of the BID.

A Business Improvement District is a partnership between a local authority and the local business community to develop projects and services that will benefit the trading environment within the boundary of a clearly defined commercial area, where businesses have voted to invest collectively in local improvements which will benefit the local economy.

BIDs have a maximum current duration of 5 years and are either dissolved at the end of their term or go back to a vote to be renewed by a further ballot of all eligible businesses.

All ballot papers must be returned in the pre-paid envelope provided to the CIVICA Election Services by no later than 5pm on Thursday 21 November 2024. Ballot papers will be counted on Friday 22 November 2024 and the result announced thereafter.

For further information on the BID, please contact BID Fort William, MacLean House, Belford Road, Fort William, PH33 6BT; http://www.bidfortwilliam.co.uk; Email: mark@bidfortwilliam.co.uk or phone: 07804 484650.

For further information on the ballot visit http://www.highland.gov.uk/bidfortwilliam

14 Oct 2024

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MIL OSI United Kingdom –

January 23, 2025

MIL-OSI: Form 8.3 – [KEYWORDS STUDIOS PLC – 11 10 2024] – (CGWL)

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

1. KEY INFORMATION

(a) Full name of discloser:	CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
(b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.	N/A
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	KEYWORDS STUDIOS PLC
(d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:	N/A
(e) Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure	11 OCTOBER 2024
(f) In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:	1p ORDINARY
	Interests		Short positions
	Number	%	Number	%
(1) Relevant securities owned and/or controlled:	1,366,589	1.6969
(2) Cash-settled derivatives:
(3) Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:	1,366,589	1.6969

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b) Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:

3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

The currency of all prices and other monetary amounts should be stated.

(a) Purchases and sales

Class of relevant security	Purchase/sale	Number of securities	Price per unit
1p ORDINARY	SALE	300	2436.201p
1p ORDINARY	SALE	755	2438.2p

(b) Cash-settled derivative transactions

Class of relevant security	Product description e.g. CFD	Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position	Number of reference securities	Price per unit
NONE

(c) Stock-settled derivative transactions (including options)

(i) Writing, selling, purchasing or varying

Class of relevant security	Product description e.g. call option	Writing, purchasing, selling, varying etc.	Number of securities to which option relates	Exercise price per unit	Type e.g. American, European etc.	Expiry date	Option money paid/ received per unit
NONE

(ii) Exercise

Class of relevant security

Product description
e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d) Other dealings (including subscribing for new securities)

Class of relevant security	Nature of dealing e.g. subscription, conversion	Details	Price per unit (if applicable)
NONE

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

NONE

(b) Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

NONE

(c) Attachments

Is a Supplemental Form 8 (Open Positions) attached?

Date of disclosure:	14 OCTOBER 2024
Contact name:	MARK ELLIOTT
Telephone number:	01253 376539

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at http://www.thetakeoverpanel.org.uk.

The MIL Network –

January 23, 2025

MIL-OSI: Nokia, Windstream Wholesale and Colt Technology Services join forces to complete world’s first ultra-fast 800GbE optical and IP service trial connecting London and Chicago
Source: GlobeNewswire (MIL-OSI)

Press release
Nokia, Windstream Wholesale and Colt Technology Services join forces to complete world’s first ultra-fast 800GbE optical and IP service trial connecting London and Chicago
- Transatlantic partnership extends potential for capacity, speed and latency while reducing power usage on popular Europe/US route.
- Service trial spanned 8500km subsea and terrestrial route over live production network.
- 800GbE can support advanced network applications like AI data center networking, content delivery networks, and financial data hub connections.
14 Oct 2024
Espoo, Finland – Nokia, Windstream Wholesale (WW), an optical technology leader in advanced network solutions, and Colt Technology Services (Colt) today announced the successful completion of a world-first 800 Gigabit Ethernet (800GbE) service trial connecting London, UK with Chicago, US across an 8500km subsea and terrestrial route over the production network. The trial showcased innovative power-saving networking technologies from the three global tech businesses to test the boundaries of next-generation wavelength, capacity, speed and latency between two of the world’s largest financial trading hubs.

The field trial involved connecting one of Colt’s five powerful transatlantic subsea cables and part of its extensive terrestrial fiber optic network with Windstream Wholesale’s domestic U.S. low latency, optical fiber Intelligent Converged Optical Network (ICON) monitoring speed and performance. Together, Colt and Windstream Wholesale have partnered to demonstrate the world’s first transoceanic 800 gigabit ethernet (GbE) end-to-end service transport from router to router over 1Tbps optical transport. The trial was successfully delivered using Nokia’s pioneering sixth-generation Photonic Service Engine (PSE-6s) coherent optics and 7750 Service Router (SR) high-performance routing platforms boosting internet service speeds and supporting ultra-high wavelength capacity, while maintaining power efficiency.

800G marks a breakthrough in service bandwidth, doubling capacity to support advanced network applications like AI data center networking, content delivery networks, and financial data hub connections.

Buddy Bayer, Chief Operating Officer of Colt Technology Services, said: “Pushing the boundaries of technology innovation is a fundamental part of our customer commitment: it means we stay a step ahead of the market, so we’re ready when our customers ask, “What’s next for us?” This trial has seen us build a powerful industry collaboration to explore the ‘what’s next?’. It’s tested the limits of infrastructure performance and capability across thousands of miles of land and sea with incredible networking technologies, and it’s demonstrated the power and potential of what can be achieved, without skipping a beat.”

Joe Scattareggia, President of Windstream Wholesale, said: “Our latest innovation represents a true game-changer for global connectivity. By partnering with two extraordinary leaders in the industry, we’re enabling unprecedented bandwidth capabilities that are essential for driving AI-powered applications worldwide for our customers. As an optical technology leader, Windstream Wholesale and our partners are establishing 800GbE as the next evolutionary advancement increase for wave services. This collaboration has pushed the boundaries of what’s possible, creating a network solution like no other. Together, we’re not just meeting the demands of the future—we’re shaping it.”

Federico Guillén, President of Network Infrastructure at Nokia, said: “Such an ambitious project — to link two of the world’s most important financial hubs — sets the bar very high for network capacity, speed, security and reliability. This demonstration would simply not have been possible without the commitment of Nokia and our partners to the highest standards of innovation in networking technology. Together, we are redefining the art of the possible for IP and optical networks enabling cross-continental subsea and terrestrial communications.”

Following the successful completion of the trial, the organizations are currently exploring options to bring 800GbE connectivity services to market for global business customers.

Resources and additional information
Webpage: Nokia PSE-6s
Webpage: Nokia Optical Networks

About Nokia
At Nokia, we create technology that helps the world act together.

As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

About Colt Technology Services

Colt Technology Services (Colt) is a global digital infrastructure company which creates extraordinary connections to help businesses succeed. Powered by amazing people and like-minded partners, Colt is driven by its purpose: to put the power of the digital universe in the hands of its customers, wherever, whenever and however they choose.
Since 1992, Colt has set itself apart through its deep commitment to its customers, growing from its heritage in the City of London to a global business spanning 40+ countries, with over 6,000 employees and more than 80 offices around the world. Colt’s customers benefit from expansive digital infrastructure connecting 32,000 buildings across 230 cities, more than 50 Metropolitan Area Networks and 250+ Points of Presence across Europe, Asia, the Middle East, Africa and North America’s largest business hubs.

Privately owned, Colt is one of the most financially sound companies in the sector. Obsessed with delivering industry-leading customer experience, Colt is guided by its dedication to customer innovation, by its values and its responsibility to its customers, partners, people and the planet.

For more information, please visit http://www.colt.net

About Windstream Wholesale

Windstream Wholesale is an innovative optical technology leader that delivers fast, flexible, and customized wavelength and dark fiber solutions to carriers, content providers, and hyperscalers in the U.S. and Canada. Windstream Wholesale is one of three brands managed by Windstream. The company’s quality-first approach connects customers to new opportunities and possibilities by delivering a full suite of advanced communications services. Windstream also offers fiber-based broadband to residential and small business customers in 18 states as well as managed cloud communications and security services to mid-to-large enterprises and government entities across the U.S. Windstream is a privately held company headquartered in Little Rock, Ark. Additional information about Windstream Wholesale is available at windstreamwholesale.com. Follow us on X (Twitter) @Windstream and LinkedIn at @Windstream.

To view the Windstream Wholesale network map, visit https://www.windstreamwholesale.com/wp-content/uploads/2022/05/Windstream-Wholesale-National-Network.pdf

Media inquiries

Nokia
Sarah Miller
Phone: 613-720-9716
Email: sarah.miller@nokia.com

Colt
Anne Amlot
Email: Anne.Amlot@colt.net

Windstream
Scott Morris
Phone: 501-748-5342
Email: scott.l.morris@windstream.com

Follow us on social media
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The MIL Network –
January 23, 2025
MIL-OSI Russia: Polytechnicians at the first gathering of target students of the TITAN-2 holding

MILES AXLE Translation. Region: Russian Federation –

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

The first meeting of target students of the TITAN-2 holding took place in Sosnovy Bor (Leningrad Region). 6 cities, 9 universities and 75 best students. For several days they immersed themselves in the work of the enterprise and learned a lot about their future profession.

The students got acquainted with the city, visited the Leningrad Nuclear Power Plant (LNPP), the working shop of TITAN TECHNOLOGY PIPELINE LLC and the holding’s historical museum, and also took part in educational programs. At a meeting with the company’s management, the students asked questions of interest to them and received professional answers.

Polytechnic was represented by 12 students from the Civil Engineering Institute. On the first day of the gathering, the guys went on a tour of the holding’s facilities. They visited the construction site of the Leningrad Nuclear Power Plant, the largest in Russia. There they assessed the huge pit, in which a concrete platform for a new power unit is already being built, and also saw unique Chinese construction tower cranes.

At TITAN TECHNOLOGY PIPELINE, students learned about the production of pipelines and metal structures for industrial and civil facilities. Then there was the holding’s museum, where the children learned about the history of the enterprise and the development of industry in the Leningrad Region.

After this, the participants of the meeting competed with each other in a game format.

In the competition “We build the complex simply” the children were divided into teams. They had to build a working mechanism from improvised means. Everyone did a great job.

“Project from scratch”. Here it was necessary to come up with new forms of development of the current directions of a large construction company. Students showed themselves here too, offering new ideas for the holding.

“Process Factory”. Here, participants had to modernize an existing process to achieve a given task.

The first trip of the target students to the TITAN-2 enterprise was an unforgettable event that gave a lot of emotions and new acquaintances. These two days in Sosnovy Bor flew by in an instant. During this time, we managed to visit construction sites and participate in cool events. We have already established communication so that we can successfully work together in the future. I really made friends with the guys from other universities and I am looking forward to our next meeting, – Egor Chernykh, a student of the Institute of Social Studies of St. Petersburg Polytechnic University, commented on the results of the meeting.

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

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

https://vvv.spbstu.ru/media/nevs/partnership/polytechnics-at-the-first-gathering-of-target-students-of-holding-titan-2/

MIL OSI Russia News –

January 23, 2025
MIL-OSI Russia: Alexander Novak held a meeting on the current economic situation

MILES AXLE Translation. Region: Russian Federation –

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

Alexander Novak held a meeting on the current economic situation

October 14, 2024

Alexander Novak held a meeting on the current economic situation

October 14, 2024

Previous news Next news

Alexander Novak held a meeting on the current economic situation

Deputy Prime Minister Alexander Novak held a meeting within the framework of the incident on the current situation in the economy. The event was attended by representatives of the Ministry of Economic Development, the Ministry of Finance, the Ministry of Industry and Trade, the Ministry of Energy, the Ministry of Construction, the Ministry of Agriculture, the Ministry of Transport, the Ministry of Labor, the Bank of Russia, as well as the scientific and expert community.

“Overall, our economy is developing better than expected: GDP growth for the first eight months of this year was 4.2%, industrial production – 4.5%, including manufacturing – 8.1%. The unemployment rate remains at historical lows and was 2.4% in January – August,” noted Alexander Novak.

The meeting examined the main development trends and possible risks for the Russian economy, taking into account the task of forming a supply-side economy and the need to achieve national goals.

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/52989/

MIL OSI Russia News –

January 23, 2025
MIL-OSI United Kingdom: Mayor announces record-breaking £100m investment deals for Londoners
Source: Mayor of London
- Mayor announces record investment deals in London so far in 2024 despite global economic downturn and uncertainty
- In 10 months, London has already seen nearly £10m more invested than in previous years
- Three tech businesses that Sadiq met in New York announce further investment plans in the capital
- International investment across the capital has created nearly 10,000 jobs for Londoners in industries of the future such as technology, life sciences, and the green sector in the last five years
- The Mayor is attending the International Investment Summit bringing together policymakers and business leaders, as the Government drives forward its national mission for growth
Today, the Mayor of London, Sadiq Khan, has announced record-breaking investment deals worth more than £100million for Londoners so far in 2024 – bucking the global trend – as he attends the Government’s first International Investment Summit to drive forward the national mission for economic growth.

The Mayor has confirmed that three tech businesses whom he met on his recent trip to New York to bang the drum for London have further plans to invest in the capital. Indian IT giant Mphasis, which opened a new London office in September – has expanded its UK presence over the past year and will look to double its business over the next three years. Constant Contact, a digital marketing and automation platform that has helped millions of small businesses and nonprofits globally, will announce its official launch into the UK in the coming weeks. Financial technology company MoonPay, which builds payment infrastructure for crypto, is working with London & Partners as they look to invest and expand further in the capital.

The deals done in partnership with London & Partners, the growth agency funded by the Mayor of London, have seen companies from China, Europe, India, and the US invest in the capital in the last five years, with 543 companies creating nearly 10,000 jobs for Londoners in industries of the future such as technology, life sciences, and the green sector.

This year has so far seen more than £100m in investment deals for Londoners at a time of global economic downturn and uncertainty. In 10 months, London has already seen nearly £10m more invested than in previous years. This includes companies such as Recursion – a US biotech company that uses advanced technology like machine learning and robotics to speed up the discovery of new treatments for complex diseases – opening a new office in the ‘Knowledge Quarter’ in King’s Cross, joining Microsoft and Google DeepMind in rapidly expanding the fast-growing life sciences sector.

One of the Mayor’s 10 key priorities is the new London Growth Plan, with a target of helping to create more than 150,000 good jobs by 2028 and increasing living standards for Londoners. The new growth plan aims to grow London’s economy, so we can improve the lives of all Londoners, drive London’s green transition and support prosperity in London and across the country. Sadiq is also investing £380m a year into skills, careers, and employment activity to ensure that Londoners get the skills and support that they need to progress into good quality jobs. Grow London Local is a free service supported by the Mayor of London giving small businesses access to in-person and digital support to help grow.

Today’s International Investment Summit marks a key moment for Mayors and other leaders who were held back by the previous government to work hand-in-hand with the new Government. Sadiq will work in partnership with the new Government to drive forward investment in the capital, promoting London as one of the world’s best cities in which to invest and do business, and to deliver the change London deserves, helping to create more well-paid jobs and opportunities for Londoners.

Sadiq Khan, Mayor of London, said: “I’m proud that in 10 months London has already had a record-breaking year for investments – proving that our city is one of the best in the world to start and scale a business. My message is that London is open: open to business, open to investment, and open to new and fruitful partnerships.

“London is home to fast-growing sectors at the innovation frontier like life sciences, AI, deep tech and climate tech, as well as a world leader in financial and professional services, digital technology and creative industries like film, TV and gaming, and the experience economy.

“I am delighted to be attending the International Investment Summit, as we work with the new government to forge new partnerships, reset relationships and seize the opportunity to secure the long-term investment for London and continue building a better and more prosperous city for everyone.”

Laura Citron OBE, CEO of London & Partners, the growth agency funded by the Mayor of London, said: “We all know that London is a brilliant place to grow a business. But with competition from other cities hotting up, we can’t just expect investors to come here.

“That’s why we’re out fighting for every win. We target the most exciting, innovative companies and give them a world-class concierge service to invest in London.

“We hold their hands every step of the way. That’s why London is bucking the global trend with record levels of investment despite a tough market.”

Business Secretary Jonathan Reynolds said: “Mayors up and down the country are working with us on our pro-growth, pro-business, pro-worker economy and these investment deals in London are the jewel in the crown.

“This is just the beginning. We’re showing what can be achieved when we work together to give global businesses the certainty they need.”

Nitin Rakesh, CEO and Managing Director, Mphasis, said: “We are thrilled to expand our operations in London, a city that aligns with our vision of innovation and growth. We extend our sincere thanks to Mayor Sadiq Khan and the supportive London ecosystem for their constant support.

“London, a global hotbed for technology development is an ideal location for Mphasis’ latest innovation centre. Our centre highlights Mphasis’ commitment to delivering cutting-edge, AI-powered threat detection and response services for our clients. We look forward to strengthening partnerships and driving impactful innovation from this hub.”

Keith A. Grossman, President of Enterprise at MoonPay, said: “The UK is well-positioned to drive innovation in Web3 and fintech. Since opening our flagship office in London this July, we’ve been impressed by the city’s exceptional talent pool and the support from partners like London & Partners and Mayor Sadiq Khan. We’re eager to expand our team in the area and expect to have over 100 employees by next year.”

Frank Vella, CEO of Constant Contact said, “Small business has long been the engine that drives the economy, and London has long been a hub for small business innovation. We are proud to support this entrepreneurial spirit. By investing in London and the UK, we aim to empower small businesses with the tools and resources they need to market their businesses online, helping them reach new heights and contribute to the growth of local communities. Our commitment is to fuel their potential and foster a robust ecosystem where small businesses can succeed.”
MIL OSI United Kingdom –
January 23, 2025
MIL-OSI United Kingdom: Kids Invent Stuff and Taskmaster Education competition
Source: United Kingdom – Executive Government & Departments

The Intellectual Property Office partners with Kids Invent Stuff and Taskmaster Education to launch nationwide competition for young innovators.
the Intellectual Property Office (IPO) is supporting Taskmaster Education and Kids Invent Stuff to launch a new invention competition for UK children aged 4 to 11 nationwide

the competition aims to encourage innovation and creativity, develop problem-solving skills, and promote understanding of idea ownership among young people

the challenge is to create an invention to help Little Alex Horne be the best Taskmaster’s Assistant. The winning entry will be built by Kids Invent Stuff and tested by Little Alex Horne at the Taskmaster House

the winning invention will be revealed during British Science Week in March 2025

The Intellectual Property Office has joined forces with Taskmaster Education and Kids Invent Stuff to launch an exciting invention competition for children aged 4 to 11 nationwide.

The competition challenges young minds to create an invention to help Little Alex Horne become the best Taskmaster’s Assistant ever. Children will create inventions to improve Alex’s performance as Greg Davies’ assistant on the BAFTA-winning TV show Taskmaster. The winning invention will be brought to life by Kids Invent Stuff and tested by Little Alex Horne at the Taskmaster House.

The IPO is helping bring the competition to all corners of the UK. The competition aims to encourage creativity, develop problem-solving skills, and nurture an understanding of the ownership of ideas among the UK’s budding young inventors and creators.

The IPO’s Chief Executive Officer (CEO) Adam Williams said:

The IPO is delighted to be working with supporters of young innovation to inspire the next generation of UK inventors. It’s great to see a competition for young people that looks to celebrate and develop innovation skills, and I can’t wait to see the ingenious and no doubt pretty wacky and wonderful ideas it will bring.

Young people are fantastic creators and innovators, and this nationwide competition combines entertainment, education, and innovation brilliantly. This exciting venture will encourage them to develop their skills and understanding from an early age, impressing on them the importance of IP in protecting their ideas in a challenging and fun way.

Ruth Amos, Inventor & Director at Kids Invent Stuff said:

We are thrilled to be working with Taskmaster Education and the IPO on this very exciting challenge. At Kids Invent Stuff, we believe that every child is an inventor, so to be able to bring to life an idea in the Taskmaster House is a dream come true. We can’t wait to see the entries and build the winning invention.

Dr Ali Struthers, Co-Founder of Taskmaster Education said:

We’re so excited to be partnering with the brilliant YouTube channel, Kids Invent Stuff, and the IPO in this exciting venture. Our noble quest is to make Little Alex Horne the best Taskmaster’s Assistant he can possibly be. We can’t wait to see what the kids come up with (the wackier, the better, we think) and then watch as Ruth and Shawn bring it to life. We’re sure Alex is going to have lots of fun giving the invention a whirl at the Taskmaster House.

Little Alex Horne said:

It’s brilliant that Taskmaster Education have teamed up with Kids Invent Stuff and the IPO to give children the chance to bring their invention ideas to life. Kids Invent Stuff and Taskmaster Education have similar goals, to make learning really fun and exciting, so we’d encourage entrants to think big and be creative. I can’t wait to road test the winning entry at the Taskmaster House (as long as I don’t get injured in the process…).

Entries can be drawings, pictures, or videos showcasing the children’s most imaginative ideas. The competition welcomes entries from both individuals and from groups.

The winner will see their invention brought to life by Ruth Amos and Shawn Brown, the engineering experts behind the Kids Invent Stuff YouTube channel. With an audience reaching around 70,000 subscribers, the channel is known for turning children’s creative ideas into real inventions.

The deadline for entries is Friday, 13 December 2024. The winning invention will be revealed during British Science Week in March 2025.

For more information and competition resources, visit Cracking Ideas.

Notes to editors:

Taskmaster Education adapts the format of Channel 4’s Taskmaster to create fun and educational experiences for children and young people. In the show, the Taskmaster and his assistant Little Alex Horne challenge comedians with creative tasks. Taskmaster Education uses similar activities to develop important skills in children. These skills include problem-solving, teamwork, and critical thinking. Taskmaster Education provides a flexible and engaging way to inspire learning in classrooms and beyond

schools can set up their own Taskmaster Club for pupils. This allows children to try more tasks while developing important life skills. These skills include teamwork, creativity, and reasoning. The Club series that includes the Kids Invent Stuff task is called ‘Bathtub’. To find out more, visit the Taskmaster Education website

Kids Invent Stuff is an innovative YouTube channel that brings young people’s inventions to life. Founded by engineers Ruth and Shawn, Kids Invent Stuff offers children aged 4 to 11 the opportunity to see their creative ideas transformed into reality. To find out more visit the Kids Invent Stuff website

the IPO has curated a YouTube playlist showcasing the incredible inventions from past IPO and Kids Invent Stuff competitions

The competition is open to UK residents aged 4 to 11. Competition terms and conditions apply

How to Enter:

Visit Cracking Ideas to access the competition resources.

Download the competition worksheet from the competition webpage.

Design your invention and give it a catchy, creative name.

Describe how it works and its amazing features.

Write your name and age on the worksheet

Provide an adult’s full name, email address, and town/city location.

Submit your entry by either:

emailing to hello@kidsinventstuff.co.uk

uploading at kidsinventstuff.com/submit-your-invention

posting to: FAO Ruth Amos, Kids Invent Stuff, Alison Business Centre, 39-40 Alison Crescent, Sheffield, England, S2 1AS

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Published 14 October 2024
MIL OSI United Kingdom –
January 23, 2025
MIL-OSI China: Announcement on Open Market Operations No.201 [2024]

Source: Peoples Bank of China

Announcement on Open Market Operations No.201 [2024]

(Open Market Operations Office, October 12, 2024)

In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB23.2 billion through quantity bidding at a fixed interest rate on October 12, 2024.

Details of the Reverse Repo Operations

Maturity

Volume

Rate

7 days

RMB23.2 billion

1.50%

Date of last update Nov. 29 2018

2024年10月12日

MIL OSI China News –

January 23, 2025
MIL-OSI China: PBOC Officials Answer Press Questions on Improving the Pricing Mechanism for Interest Rates on Commercial Personal Mortgage Loans

Source: Peoples Bank of China

Q1: What is the background for the launch of the Announcement?

A1: To smooth the channels of monetary policy transmission and facilitate lower financing costs for the real economy, the People’s Bank of China (PBOC) reformed and improved the loan prime rate (LPR) formation mechanism in August 2019 to ensure that loan interest rates could promptly reflect changes in market interest rates. When issuing the Announcement No.16 [2019], we improved the LPR formation mechanism, and took into account the wide range, long maturity, and high public attention regarding commercial personal mortgage loans (hereinafter referred to as “mortgages”). The Announcement specified that mortgage rates should be priced as LPR plus basis points (LPR+bps) to make long-tenor mortgage rates in sync with market rates. In short, the Announcement played a significant role in promoting the market-oriented pricing of mortgage rates and supporting the stable and healthy development of the real estate market. However, deepened market-oriented interest rate reform and significant changes in the supply-demand relationship in the real estate market have exposed some shortcomings in the current pricing mechanism, which aroused public concerns and sorely needed adjustments.

To implement the guidelines of the meeting of the Political Bureau of the Communist Party of China (CPC) Central Committee and to address public concerns, the PBOC issued the Announcement No.11 [2024], which refined the pricing mechanism for mortgage rates and fostered lower interest rates on existing home loans.

Q2: What are the problems with the current mortgage rate pricing mechanism, and how will they be addressed?

A2: As agreed in contracts, the bps added to the LPR are fixed during the contract periods. As home mortgage contracts are long tenors in general, the fixed margin between mortgage rates and LPR cannot reflect changes in the borrower’s credit worthiness or shifts in market supply and demand, which may lead to widening spread between old and new mortgage rates as market conditions change. With the deepening of market-oriented interest rate reform, it has become necessary to optimize the system so that commercial banks and borrowers could adjust contracts in an appropriate manner.

In August 2023, in response to public concerns and following a quick-response mechanism, the PBOC, together with the National Financial Regulatory Administration guided commercial banks to adjust interest rates on existing home loans in bulk by negotiating rate changes in mortgage contracts. This move has delivered effective results. However, the spread between new and old mortgage rates has recently widened again due to the fixed additional bps under the current pricing mechanism. Commercial banks will take coordinated steps to lower in bulk the interest rates on qualified existing mortgages to levels close to the newly-issued nationwide, but this provides a temporary fix only. The fundamental solution to the spread is to further deepen the market-oriented interest rate reform, which will, while maintaining the integrity of contracts, remove institutional barriers that hinder commercial banks and borrowers from negotiating and adjusting terms of existing mortgages based on market-oriented principles.

Q3: What are the main changes in this Announcement?

A3: The Announcement No.11 [2024] of the PBOC includes the following major improvements. First, the bps added to LPR is adjustable. Both borrowers and lenders may adjust the LPR+bps by negotiating about contract changes to better reflect developments in market supply and demand as well as the borrower’s risk premium. In the future, market competition may drive commercial banks to negotiate with borrowers over LPR+bps adjustments in a timely manner before the spread between old and new mortgage rates becomes too wide. This will gradually ease tensions and maintain the integrity of contracts.

Second, the one-year restriction, the shortest re-pricing cycle for mortgage rates has been lifted. From November 1, 2024 onwards, for new adjustable-rate mortgage contracts, the re-pricing cycle can be negotiated by both parties, in sync with the re-pricing cycle for other adjustable-rate loans. Borrowers with qualified existing mortgages can also adjust their re-pricing cycle when negotiating changes to the LPR+bps, so as to ensure that the interest rates on existing home loans promptly reflect LPR changes, thus smoothing the channels of monetary policy transmission.

Q4: How will the interest rates on existing home loans be adjusted after the launch of the Announcement?

A4: The self-regulatory pricing mechanism for market interest rates will propose an initiative to guide commercial banks to adjust the interest rates on existing home loans in bulk by October 31, 2024. Commercial banks will release relevant announcements and detailed adjustment plans to uniformly lower the LPR+bps for mortgage rates in the most convenient manner for borrowers. Most borrowers will be able to complete the adjustment through online banking or mobile banking channels with just one click and won’t need to visit bank outlets. Please stay updated by following the relevant information published by your lender. After the adjustments in bulk, both borrowers and lenders can, based on market-oriented principles, further negotiate and dynamically adjust the interest rates on existing mortgages according to the Announcement No.11 [2024] of the PBOC.

Date of last update Nov. 29 2018

MIL OSI China News –

January 23, 2025
MIL-OSI Economics: Emma Willmott trading as Orange Cat Accounting

Source: Isle of Man

Published on: 14 October 2024

Notice is hereby given that Emma Willmott trading as Orange Cat Accounting, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 14/10/2024.

MIL OSI Economics –

January 23, 2025
MIL-OSI China: Announcement on Open Market Operations No.202 [2024]

Source: Peoples Bank of China

Announcement on Open Market Operations No.202 [2024]

(Open Market Operations Office, October 14, 2024)

In order to keep liquidity adequate at a reasonable level in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB19.5 billion through quantity bidding at a fixed interest rate on October 14, 2024.

Details of the Reverse Repo Operations

Maturity

Volume

Rate

7 days

RMB19.5 billion

1.50%

Date of last update Nov. 29 2018

2024年10月14日

MIL OSI China News –

January 23, 2025
MIL-OSI: Enlight Announces the Full Commencement of Commercial Operation of the Solar & Storage Cluster in Israel

Source: GlobeNewswire (MIL-OSI)

The Cluster includes 12 facilities, with a combined solar generation capacity of 254 MW and energy storage capacity of 594 MWh, and produces over 50% of the clean electricity in Israel’s newly deregulated power market

Distributed generation facilities located in northern and southern Israel strengthen the energy and economic security of the agricultural communities involved in the Cluster

TEL AVIV, Israel, Oct. 14, 2024 (GLOBE NEWSWIRE) — Enlight Renewable Energy (“Enlight”, “the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announces that it has completed the COD of its Solar and Storage Cluster (“the Cluster”) in Israel. The Cluster is comprised of 12 installations located in the northern and southern regions of the country, with a combined solar generation capacity of 254 MW and energy storage capacity of 594 MWh. Portions of the Cluster began commercial operation in 2023 and grid connections continued throughout 2024; this gradual COD process has been completed today.

The entire output of the Cluster will be sold to Enlight’s supplier division, which markets the electricity direct to customers in Israel’s newly deregulated power market. This includes signing corporate PPAs with large industrial clients such as Soda Stream and Applied Materials, as well as sales to households and small businesses through a joint venture with Electra Power, in which Enlight owns a 35% stake. The Cluster’s generation volumes currently account for 50% of all clean power produced under the new regulatory framework.¹

The Cluster is expected to generate revenue of $34-36 million and EBITDA of $24-26 million in the first full operating year, before taking into account the additional margin generated by Enlight’s supplier division. The transition to a deregulated electricity market combined with the low production costs of renewable energy enables the Company to provide its customers with clean power at competitive prices, while at the same time yielding attractive returns for Enlight and its partners. Cluster installations have been built in cooperation with numerous agricultural communities in Israel, and partnership in the projects increases these regions’ energy and economic security.

Gilad Peled, General Manager of Enlight MENA, commented, “Today we completed the commencement of full commercial operations at the largest group of renewable energy facilities operating in Israel’s deregulated power market. The Cluster will generate attractive returns for Enlight, while creating a stable and vital source of income for our partners in the agricultural communities of Israel.”

¹ Based on Company estimates and publicly available information.

About Enlight Renewable Energy

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Learn more at http://www.enlightenergy.co.il.

Contacts:

Yonah Weisz
Director IR
investors@enlightenergy.co.il

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s expectations relating to the Project, the PPA and the related interconnection agreement and lease option, and the completion timeline for the Project, are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; the potential impact of the current conflicts in Israel on our operations and financial condition and Company actions designed to mitigate such impact; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) and our other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as may be required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

The MIL Network –

January 23, 2025
MIL-OSI: reAlpha’s Subsidiary AiChat Partners with M1, a Telecom Provider, to Launch WhatsApp Pay Integration

Source: GlobeNewswire (MIL-OSI)

DUBLIN, Ohio, Oct. 14, 2024 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (“reAlpha” or the “Company”) (Nasdaq: AIRE), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, today announces a significant milestone recently achieved by its subsidiary, AiChat Pte. Ltd. (“AiChat”). AiChat, a leading provider of AI-powered conversational solutions, has partnered with M1 Limited (“M1”), one of Singapore’s largest mobile network operators, to launch WhatsApp Pay as part of M1’s social commerce strategy in Singapore.

As M1’s official WhatsApp business solution partner, AiChat integrated its AI chatbot capabilities with WhatsApp Pay, which is powered by Stripe’s financial infrastructure. This integration allows select M1 Corporate Individual (CORI) plan subscribers to reserve and secure flagship phones directly through WhatsApp, including making deposits and reservations within a single, conversational flow.

Kester Poh, CEO of AiChat, stated, “We believe our collaboration with M1 and the integration of WhatsApp Pay demonstrates the power of conversational commerce in driving both customer satisfaction and business growth.”

“reAlpha remains committed to advancing AI in real estate and exploring synergies with AiChat’s capabilities, while expanding through strategic acquisitions,” said Interim Chief Financial Officer, Rakesh Prasad.

About reAlpha Tech Corp.
reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha’s goal is to offer a more affordable, streamlined experience for those on the journey to homeownership. For more information, visit https://www.realpha.com/.

About AiChat Pte. Ltd.
AiChat Pte. Ltd., a subsidiary of reAlpha, is a Singapore-based company that develops AI-powered conversational customer experience solutions. Its platform leverages AI to provide businesses with intelligent chatbots and automation tools that improve customer interactions and operational efficiency. For more information about AiChat, visit http://www.aichat.com.

About M1 Limited
M1 Limited is Singapore’s first digital network operator, providing a suite of communications services, including mobile, fixed line, and fiber offerings, to over two million customers. Since the launch of commercial services in 1997, they have achieved many firsts – becoming one of the first operators to be awarded one of Singapore’s two nationwide 5G standalone network licenses, first operator to offer nationwide 4G service, as well as ultra high-speed fixed broadband, fixed voice, and other services on the Next Generation Nationwide Broadband Network (NGNBN).

Forward-Looking Statements
The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about the AiChat partnership with M1; the anticipated benefits of the AiChat partnership with M1, reAlpha’s ability to anticipate the future needs of the short-term rental market; future trends in the real estate, technology and artificial intelligence industries, generally; and reAlpha’s future growth strategy and growth rate. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to integrate the business of AiChat into its existing business and the anticipated demand for AiChat’s services; reAlpha’s ability to integrate AiChat’s chatbot capabilities in its reAlpha homebuying platform; reAlpha’s ability or the inability to maintain and strengthen reAlpha’s brand and reputation; the inability to accurately forecast demand for short-term rentals and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings.

Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements.

Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements.

For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC.

Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact
irlabs on behalf of reAlpha
Fatema Bhabrawala
fatema@irlabs.ca

The MIL Network –

January 23, 2025
MIL-OSI: Radware Reports Results of 2024 Annual General Meeting

Source: GlobeNewswire (MIL-OSI)

TEL AVIV, Israel, Oct. 14, 2024 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced the results of its Annual General Meeting of Shareholders held October 10, 2024. The Company presented three proposals for the shareholders to vote on at the meeting, of which one proposal (to approve grants of equity-based awards to the President and Chief Executive Officer of the Company) was not adopted by the requisite shareholder vote. The two other proposals voted on at the Annual General Meeting were adopted by the requisite shareholder vote.

About Radware
Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

©2024 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

Contacts
Investor Relations:
Yisca Erez, +972-72-3917211, ir@radware.com

Media Contacts:
Gerri Dyrek, gerri.dyrek@radware.com

Safe Harbor Statement

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at http://www.sec.gov or may be obtained on Radware’s website at http://www.radware.com.

The MIL Network –

January 23, 2025

MIL-OSI: Invesco Ltd: Form 8.3 – StoneX Group Inc; Opening Position disclosure

Source: GlobeNewswire (MIL-OSI)

FORM 8.3

OPENING POSITION DISCLOSURE BY
A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
Rule 8.3 of the Takeover Code (the “Code”)

KEY INFORMATION

(a)

Full name of discloser:

Invesco Ltd.

(b)

Owner or controller of interests and short positions disclosed, if different from 1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.

(c)

Name of offeror/offeree in relation to whose relevant securities this form relates:
Use a separate form for each offeror/offeree

StoneX Group Inc.

(d)

If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:

(e)

Date position held/dealing undertaken:
For an opening position disclosure, state the latest practicable date prior to the disclosure

10.10.2024

(f)

In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
If it is a cash offer or possible cash offer, state “N/A”

Yes, CAB Payments Holdings PLC

POSITIONS OF THE PERSON MAKING THE DISCLOSURE

(a)

Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

Class of relevant security:

Common US8618961085

Interests

Short Positions

Number

(1)

Relevant securities owned and/or controlled:

437,054

1.37

(2)

Cash-settled derivatives:

(3)

Stock-settled derivatives (including options) and agreements to purchase/sell:

Total

437,054

1.37

All interests and all short positions should be disclosed.

Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

(b)

Rights to subscribe for new securities (including directors’ and other employee options)

Class of relevant security in relation to which subscription right exists:

Details, including nature of the rights concerned and relevant percentages:

DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

The currency of all prices and other monetary amounts should be stated.

(a)

Purchases and sales

Class of relevant security

Purchase/sale

Number of securities

Price per unit

Common US8618961085

Purchase

85.56 USD

Common US8618961085

Sale

256

85.56 USD

(b)

Cash-settled derivative transactions

Class of relevant security

Product description e.g. CFD

Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position

Number of reference securities

Price per unit

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class of relevant security

Product description e.g. call option

Writing, purchasing, selling, varying etc.

Number of securities to which option relates

Exercise price per unit

Type e.g. American, European etc.

Expiry date

Option money paid/ received per unit

(ii)

Exercise

Class of relevant security

Product description e.g. call option

Exercising/ exercised against

Number of securities

Exercise price per unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant security

Nature of dealing e.g. subscription, conversion

Details

Price per unit (if applicable)

OTHER INFORMATION

(a)

Indemnity and other dealing arrangements

None

(b)

Agreements, arrangements, or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

Date of disclosure

14.10.2024

Contact name

Philippa Holmes

Telephone number

+441491417447

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel’s website at http://www.thetakeoverpanel.org.uk.

The MIL Network –

January 23, 2025

MIL-OSI Russia: Financial news: Astra Group IPO on Moscow Exchange turns one year old

MILES AXLE Translation. Region: Russian Federation –

Source: Moscow Exchange – Moscow Exchange –

Trading in shares of PJSC Astra Group (ASTR) was launched exactly one year ago, on October 13, 2023. The company became the first public developer of infrastructure software (SW) on the Moscow Exchange.

Astra Group is one of the leaders in the Russian information technology market in the field of infrastructure software development.

At the start of trading, the free float was 5%. In April 2024, the company held a secondary public offering (SPO), which increased the free float to 15% and doubled the shareholder base, now numbering over 200,000 investors.

In August 2024, Astra Group shares were included in the first quotation list and are now included in the calculation bases of 11 indices of the Moscow Exchange, including Moscow Exchange Index, Moscow Exchange Broad Market Index, Moscow Exchange Information Technology Index And Moscow Exchange IPO Index.

Since December 2023, trading in deliverables has been conducted on the Moscow Exchange futures market. futures contracts on the company’s shares. In 2024, the Astra Group debuted in Moscow Exchange Annual Reports Competition, demonstrating best practices in information disclosure and corporate governance.

Congratulations to the company on the first anniversary of listing on the Moscow Exchange!

Astra Group is one of the leaders of the Russian IT market, a leading manufacturer of infrastructure software. The company creates solutions and services that meet the needs of customers in the creation and design of IT infrastructures. The Astra Group ecosystem includes more than 20 IT solutions: virtualization tools, domain management, backup, creation of virtual workstation infrastructures, infrastructure platforms, corporate mail, mobile workstation, etc. All the company’s solutions are included in the “Register of Russian Software” of the Ministry of Digital Development.

Moscow Exchange is the largest Russian exchange, the only multifunctional platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Moscow Exchange Group includes the central depository (Non-bank credit institution joint-stock company National Settlement Depository) and the clearing center (Non-bank credit institution – central counterparty National Clearing Center (Joint-stock company)), which performs the functions of the central counterparty in the markets, which allows Moscow Exchange to provide clients with a full cycle of trading and post-trading services.

Contact information for media 7 (495) 363-3232PR@moex.com

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

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

https://www.moex.com/n73936

MIL OSI Russia News –

January 23, 2025
MIL-OSI Africa: African Development Bank, Agence Française de Développement cement partnership to support youth entrepreneurship in Africa

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

ABIDJAN, Ivory Coast, October 14, 2024/APO Group/ —

The African Development Bank Group (www.AfDB.org) and Agence Française de Développement (AFD) on Friday announced they would renew their joint efforts to catalyse resources to boost entrepreneurship in Africa as a crucial driver of economic development, tackling unemployment and reducing inequality.

African Development Bank President Dr Akinwumi A. Adesina and Agence Française de Développement Chief Executive Officer Rémy Rioux signed a letter of intent on behalf of their institutions following a meeting in Abidjan, home to the Bank’s headquarters.

Through its Youth Entrepreneurship Investment Bank (YEB) initiative, the African Development Bank is providing an ecosystem and entrepreneurial services, promoting inclusive, private sector-led economic growth, and creating opportunities for young entrepreneurs. The Agence Française de Développement’s Choose Africa 2 program (http://apo-opa.co/3NqMq7a), seeks to deepen its impact by fostering public policy dialogue, supporting governments in creating a conducive ecosystem for entrepreneurship development, and addressing the technical and financial support needs of entrepreneurs.

Together, the organisations through these initiatives and others, will collaborate closely to support and advocate for entrepreneurship in Africa and strengthen entrepreneurial ecosystems.

Noting the challenge of transforming the demographic dividend of Africa’s over 400 million youth into economic dividends, Adesina said he was fully satisfied with the cooperation with AFD “which testifies to our commitment to job creation for the continent of Africa.”

“We will be putting our risk capital to the benefit of youth. The greatest risk is not investing in youth. The future of Africa is in on the continent,” Adesina said.

Remy Rioux said it was imperative to emphasise the economic welfare of African youth to avoid the pitfalls of economic migration. “Every year 20 million youth – the population of Senegal – join the workforce in Africa,” he noted. He commended the work of the African Development Bank, especially the Affirmative Finance Action for Women in Africa (AFAWA) initiative which has made “spectacular achievements by financing women,” he said. Under partnership between Choose Africa 2 and the African Development Bank’s youth investment banks AFD is developing instruments that will benefit and create opportunities for youth in Cote d’Ivoire, Benin and Togo, Rioux said.

Rioux was accompanied by AFD’s Director of Cabinet Tristan Mouline, Lionel Yondo, Regional Director for the Gulf of Guinea, Adrien Haye, director of the Cote d’Ivoire office and Noor Mountassir, Côte d’Ivoire country office head. From the African Development Bank, Dr Adesina was accompanied by members of the senior management team. Jerome Bertrand-Hardy, who has been seconded to the Bank from AFD, also attended.

Africa is home to the youngest population in the world with over 60% of people on the continent below 25 years. The youth population dynamic is fueling the rise of youth-led businesses but, significant hurdles remain. Africa’s finance gap for Small and Medium Enterprises stands at $ 331billion, with over half of the MSMEs unable to access the credit they need for growth and sustainability.

MIL OSI Africa –

January 23, 2025

Maturity	Volume	Rate
7 days	RMB23.2 billion	1.50%

Maturity	Volume	Rate
7 days	RMB19.5 billion	1.50%

Category: Business

Thatcher’s greatest achievement

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1 Introduction

2 CBDCs and cross-border payments

3 A digital euro: The cross-border dimension

4 Concluding remarks

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As finance minister

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A career in service of society

Challenges

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Shortcomings

Legacy

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Alexander Novak held a meeting on the current economic situation

Alexander Novak held a meeting on the current economic situation

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Prime Minister Shri Narendra Modi hails 3 years of PM GatiShakti National Master Plan

PM GatiShakti National Master Plan has emerged as a transformative initiative aimed at revolutionizing India’s infrastructure: Prime Minister

Central Consumer Protection Authority directs Ola to develop mechanism providing choice to consumers regarding refund mode

Consumers may choose refund via Bank Account or Coupon in Grievance Redressal Process