NewzIntel.com

Category: Business

  • MIL-OSI Banking: ADB, Arnur Credit Sign Deal to Boost Financial Access for Women-Owned Small Businesses in Kazakhstan

    Source: Asia Development Bank

    ASTANA, KAZAKHSTAN (15 October 2024) – The Asian Development Bank (ADB) and Arnur Credit Limited Liability Company have signed a senior unsecured loan of up to $5 million (in tenge equivalent) to expand access to finance for micro, small, and medium-sized enterprises (MSMEs) in Kazakhstan, with a focus on women-led MSMEs (WMSMEs) and as well as green loans.

    Arnur Credit will use the finance package to lend to eligible MSMEs, with at least half of the loan proceeds directed towards WMSMEs and at least 10% towards green loans. The green loans will aim to support the procurement of energy and resource-efficient equipment and small-scale renewable energy projects.

    “ADB’s partnership with Arnur Credit will enhance credit access for MSMEs in Kazakhstan, contributing to job creation, innovation, entrepreneurship, poverty reduction, and economic growth,” said ADB Director General for Private Sector Operations Suzanne Gaboury. “By supporting women entrepreneurs and promoting green business, we enhance inclusive, sustainable and resilient growth.”

    MSMEs comprise nearly all of Kazakhstan’s 2 million registered businesses, employing nearly half of the total labor force and contributing 36.5% of gross domestic product. Nearly half of MSMEs are owned or operated by women. Despite their significance to the economy, MSMEs lack access to credit, with a finance gap of an estimated $42 billion.

    “Partnering with ADB to help MSMEs in Kazakhstan will enable us to reach a greater number of entrepreneurs, particularly women, and champion green initiatives essential for our country’s sustainable development,” said Arnur Credit CEO Raushan Kurbanaliyeva. “By enhancing access to finance for MSMEs, especially those managed by women, we are helping to build a more resilient and equitable economy.”

    Established in 2001, Arnur Credit is a leading microfinance institution in Kazakhstan serving over 21,000 customers through 47 branches across southern Kazakhstan. Arnur Credit’s strategic focus is financial inclusion for MSMEs. Nearly half of its clients are women, the majority from rural areas. It is one of the few microfinance institutions offering green loans to MSMEs.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Global Banks –

  • MIL-Evening Report: Are market giants endangering Australia’s live music scene? Industry veterans and local artists are worried

    Source: The Conversation (Au and NZ) – By Ben Green, Research Fellow, Centre for Social and Cultural Research, Griffith University

    Multinational concert promoter Live Nation Entertainment has come under fire, with an ABC Four Corners investigation saying its unprecedented market power is open to abuse.

    The report follows concerns about the introduction of dynamic pricing – where ticket prices change according to demand – to the Australian concert market. A parliamentary inquiry into the live music sector is also underway.

    Industry luminaries such as Peter Garrett and Michael Chugg told the ABC that Australia’s music scene is under threat, echoing the concerns of frustrated bands and fans. Live Nation issued a statement ahead of the program, calling it inaccurate and unbalanced.

    So what is Live Nation and how is market concentration affecting our music scene?

    The business

    Live music is one of our most popular forms of cultural participation, engaging almost half of Australians over 15. In the decade before COVID, ticket buying and revenue for contemporary music doubled.

    Ticket revenue doubled again in the year 2022–23 to well above pre-pandemic levels. How can such growth be squared against widespread talk of a sector in crisis, with venues closing and festivals cancelled?

    This is because the growth is top-heavy. Overall figures have been boosted by an influx of stadium concerts by international superstars such as Taylor Swift and Ed Sheeran. Rising revenue outpaced attendance growth by almost three to one, with average ticket prices rising 47.4% to A$128.21. Market power is increasingly concentrated in a few corporate hands, notably Live Nation Entertainment.

    ‘We’re in an extinction event right now.’

    What is Live Nation?

    Live Nation began in the United States as a concert promoter. Traditionally, a promoter funds and arranges live events, negotiating with artists, their agents, venues and ticketing services. But Live Nation has integrated many such components into its operations. Now, everything from artist management to venues and merchandise can be done in-house.

    In 2010, the US Department of Justice allowed the merger of Live Nation with major ticketing company Ticketmaster. The resulting entity, Live Nation Entertainment, has since acquired a growing set of interests internationally.

    Live Nation’s acquisitions over the past decade in Australia include:

    Live Nation Entertainment also acquired venues, leasing Melbourne’s Palais Theatre for 30 years from 2017 and Festival Hall. The group purchased Anita’s Theatre in Thirroul in 2022 and opened Brisbane’s Fortitude Music Hall (2020) and Adelaide’s Hindley Street Music Hall (2022) in partnership with local entities.

    Ticketmaster is the authorised ticketing agency for Melbourne’s Marvel Stadium and for Australian tours promoted by Live Nation. These include concerts by Oasis, Green Day, P!nk and Red Hot Chili Peppers.

    Live Nation has also acquired several Australian booking agencies, including Village Sounds, which represents Bernard Fanning, Courtney Barnett and Vance Joy.

    The only competitors are TEG (which owns Ticketek) and AEG-Frontier. Music industry stakeholders are concerned about the oversized influence of these three “corporate giants”.

    Keeping the shareholders happy

    For consumers, a lack of competition can mean higher prices. Dynamic pricing made headlines, but Four Corners also alleged there were a range of “hidden fees” in the price of tickets ordinarily sold by Ticketmaster and Ticketek.

    Artists are at a disadvantage when negotiating with a mass of connected businesses that are often owned by one entity and which sometimes includes their own agent.

    South Australian rock band Bad//Dreems told the ABC they were left with just $9,000 from a tour that grossed $100,000.

    Veteran promoter Michael Chugg complained major artists were being overpaid, skewing the sector to the detriment of local musicians. While Australian promoters, including Chugg and the late Michael Gudinski, have a history of consolidating interests and crowding out competition, they also had skin in the Australian music game. Live Nation is a publicly listed company with duties to its shareholders, including US hedge funds and Saudi royalty.

    Midnight Oil singer and former politician Peter Garrett said this meant there was “no loyalty” to Australian artists. A multinational promoter with a shareholder-driven approach might be more likely to cancel a festival after weak opening sales, instead of weathering short-term losses to preserve the brand and relationships.

    That cancellation might even consolidate demand for the company’s upcoming headline tours. But opportunities are lost for Australian artists, businesses and culture.

    What can be done?

    Federal Arts Minister Tony Burke told Four Corners he has put Live Nation on notice and warned the company not to use its power in an anti-competitive way. But he did not commit to legislative change.

    In the United States, the Department of Justice and dozens of states have sued Live Nation for antitrust, seeking “to break up Live Nation-Ticketmaster’s monopoly and restore competition for the benefit of fans and artists”.

    Australian courts currently have no power to break up monopolies without new legislation. However, the Australian Competition and Consumer Commission can investigate and prosecute misuse of market power, as alleged by some in this case.

    Fair trading authorities in the United Kingdom and Europe are examining Ticketmaster’s dynamic pricing in the wake of the Oasis ticket-pricing controversy. However, Burke said surge pricing is something consumers have always dealt with, and “not something we’re looking at, at the moment”.

    Governments could also regulate more transparency in ticket fees, as well as the rights of artists, who sit uncomfortably between employees and small businesses. Their union, MEAA’s Musicians Australia, is currently advocating about these matters.

    Those passionate about Australia’s live music scene fear that if the sector isn’t better regulated, it’ll soon be too late to save it.

    Ben Green receives research funding from the Australian Research Council and the Australasian Performing Right Association.

    Sam Whiting receives funding from RMIT University and the Winston Churchill Trust.

    – ref. Are market giants endangering Australia’s live music scene? Industry veterans and local artists are worried – https://theconversation.com/are-market-giants-endangering-australias-live-music-scene-industry-veterans-and-local-artists-are-worried-241244

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Speakers, vacuums, doorbells and fridges – the government plans to make your ‘smart things’ more secure

    Source: The Conversation (Au and NZ) – By Abu Barkat ullah, Associate Professor of Cyber Security, University of Canberra

    gorodenkoff/Shutterstock

    The Australian government has introduced its first-ever standalone cyber security act. Along with two other cyber security bills, it’s currently being reviewed by a parliamentary committee.

    Among the act’s many provisions are mandatory “minimum cyber security standards for smart devices”.

    This marks a crucial step in defending the digital lives of Australians. So what devices would it apply to? And what can you do right now to protect your smart devices from cyber criminals?

    Smart devices are everywhere

    The new legislation aims to cover a wide range of smart devices – products that can connect to the internet in some way.

    This includes “internet-connectable” products – think smartphones, laptops, tablets, smart TVs and gaming consoles. It also includes indirect “network-connectable” products, which can send and receive data. This means things like smart home devices and appliances, wearables (smart watches, fitness trackers), smart vacuums and many more.

    Simple electronic devices that don’t connect to the internet or can’t store or process sensitive data are not included.

    According to one study, 7.6 million Australian households – more than 70% – had at least one smart home device by the end of 2023, and 3 million of those households had more than five.

    To work as well as they do, smart devices typically collect, store and share data. This can include sensitive personal information, health data and geo-location data, making them attractive targets for cyber criminals.

    A notorious example is the Mirai botnet in 2016, when cyber criminals infected more than 600,000 devices such as cameras, home routers, and video players globally to use them in massively disruptive network attacks, known as a distributed denial-of-service (DDoS).

    Even implantable medical devices, such as pacemakers and insulin pumps, can have security flaws that could be exploited.

    Just last week, the ABC reported that one of the world’s largest home robotics companies has failed to address security issues in its robot vacuums despite warnings from the previous year.

    The consequences of such vulnerabilities can be even more dangerous when smart devices are part of critical infrastructure. As these devices become more interconnected, a breach in one can compromise entire networks, amplifying the security risks.

    What will be the ‘minimum’ security standards?

    The new cyber security act provides for “mandatory security standards” for smart devices. It establishes the legal framework for enforcing these standards, but doesn’t explicitly outline the technical details smart devices must meet. In the past the Department of Home Affairs has suggested that Australia consider adopting an international security standard, such as ETSI EN 303 645.

    The bill’s focus is on securing connected devices to protect users from internet-based threats, vulnerabilities and risks.

    In practice, this means manufacturers will have to ensure their products meet these minimum security standards and provide a statement of compliance. And suppliers will have to include statements of compliance with the product, and will be forbidden from selling non-compliant products.

    All this will be enforced through the Secretary of Home Affairs, who can issue compliance, stop, or recall notices for violations of these rules.

    You can do your bit to stay safe

    The proposed cyber security act is a significant step forward in protecting Australians from the growing threat of cyber attacks on smart devices.

    But this may only apply to new devices or ones still receiving updates from manufacturers. Exact details on how the legislation will apply to existing devices will be determined by the government agency responsible for its implementation.

    “Legacy” devices with outdated software – older products that are no longer supported and don’t receive the latest security patches – are particularly vulnerable to cyber attacks.

    While the government works on introducing the new cyber security laws, there are several things you can do to protect your smart devices:

    • set up a strong wifi password to prevent unauthorised access to your home network
    • create a dedicated, more secure wifi network for smart home devices
    • always install security patches and updates promptly
    • create unique and complex passwords for each account
    • where possible, use two-factor authentication to add an extra layer of security
    • disable unnecessary features or permissions, and be mindful of the information you share with apps and devices
    • make sure you understand how your data is collected and used by apps and devices.

    By mandating minimum cyber security standards and providing for effective enforcement mechanisms, Australia’s new cyber security act will help keep consumer devices safer.

    However, it’s important to note that as technology continues to evolve rapidly, the cyber crime ecosystem is also expanding. The global cost of cyber crime is projected to reach US$9.5 trillion in 2024.

    Given the dynamic nature of cyber threats, relying solely on standards may not be sufficient to address all potential risks. New vulnerabilities are discovered regularly, and it’s essential for every one of us to remain vigilant and practice good cyber hygiene by following the tips above.

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

    – ref. Speakers, vacuums, doorbells and fridges – the government plans to make your ‘smart things’ more secure – https://theconversation.com/speakers-vacuums-doorbells-and-fridges-the-government-plans-to-make-your-smart-things-more-secure-241057

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Economics: Money Market Operations as on October 14, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 532,740.60 6.26 4.50-6.50
         I. Call Money 10,988.08 6.42 5.10-6.50
         II. Triparty Repo 369,234.60 6.24 6.20-6.45
         III. Market Repo 151,494.92 6.29 4.50-6.50
         IV. Repo in Corporate Bond 1,023.00 6.40 6.39-6.45
    B. Term Segment      
         I. Notice Money** 284.80 6.30 5.50-6.50
         II. Term Money@@ 704.00 – 6.65-7.25
         III. Triparty Repo 1,065.00 6.35 6.35-6.35
         IV. Market Repo 352.39 6.45 6.36-6.55
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 14/10/2024 4 Fri, 18/10/2024 24,070.00 6.49
    3. MSF# Mon, 14/10/2024 1 Tue, 15/10/2024 1,982.00 6.75
    4. SDFΔ# Mon, 14/10/2024 1 Tue, 15/10/2024 94,487.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -116,575.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,217.52  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -33,517.48  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -150,092.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 14, 2024 999,295.71  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 1,001,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 14, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 418,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
     Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1291

    MIL OSI Economics –

  • MIL-OSI Economics: Media release: Opposition’s pledge to include gas in Capacity Investment Scheme welcomed – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: Opposition’s pledge to include gas in Capacity Investment Scheme welcomed – Australian Energy Producers

    Opposition’s pledge to include gas in Capacity Investment Scheme welcomed 

    Australian Energy Producers welcomes the Federal Opposition’s plan to include gas in the Capacity Investment Scheme (CIS) to help secure urgently needed investment in gas power generation capacity. 

    Australian Energy Producers Chief Executive Samantha McCulloch said the announcement sent a strong signal about the critical, long-term role of gas in Australia’s energy mix and would redress a policy failure of omitting gas from the scheme.  

    “The energy market operator recently highlighted that the National Electricity Market will need an additional 13 GW of new gas power generation to be built by 2050 as part of the least-cost transition, underscoring the increasingly important role of gas for Australia’s energy security,” she said. 

    “Australia urgently needs investment in new gas supply and infrastructure, and the CIS is an important lever to support this necessary investment.” 

    “Amid an increasingly difficult regulatory and investment environment in Australia, the Coalition has recognised the critical role of gas and the need for more supply to ensure reliable and affordable energy for households and businesses.” 

    Today’s announcement complements Coalition commitments to address the regulatory barriers to new gas supply, unlock key gas basins, and to reinstate annual acreage releases.  

    “Australia needs energy policies that provide certainty around project approvals and regulatory stability to restore investor confidence,” she said. 

    “The deliberate exclusion of gas from the current CIS was a mistake that needs correcting to incentivise the significant investment needed to ensure Australians have reliable and affordable energy. 

    “This is not a measure that needs to wait until the next federal election – it is a conversation that state and federal energy ministers should be having today.” 

     

    Media Contact: Brad Thompson on 0401 839 227 

    MIL OSI Economics –

  • MIL-OSI: Policyholder expectations pose challenges for life insurers at every stage of the customer journey

    Source: GlobeNewswire (MIL-OSI)

    Press contact:
    Fahd Pasha
    Tel.: + 1 647 860 3777
    E-mail: Fahd.Pasha@capgemini.com

    Policyholder expectations pose challenges for life insurers at every stage of the customer journey

    • Best-in-class life insurers – those delivering quantifiably outstanding customer experience – achieve a 38% higher Net Promoter Score (NPS®) than their mainstream counterparts
    • 67% of best-in-class carriers are ready to leverage generative AI to innovate their policyholders’ experience and optimize operations
    • Life insurance industry must shift perception away from simply ‘death insurance’ to engage new generation of policyholders

    Paris, October 15, 2024 – The Capgemini Research Institute’s World Life Insurance Report 2025, published today, reveals that the life insurance industry is struggling to meet today’s customer experience expectations, with legacy technology being a major barrier to driving meaningful change. However, the report identifies a small group of life insurers globally delivering quantifiably outstanding customer experience to achieve ‘best-in-class’ status. In comparison to mainstream insurers, these innovative companies have been rewarded with a 38% higher Net Promoter Score (NPS®), an 11% lower expense ratio, and a 6% higher revenue growth than the rest of the industry in the last three years.

    Faced with high inflation, economic uncertainty, and waning interest, life insurers are at a critical juncture as the industry confronts a 33% fall in penetration in mature markets1 between 2007 and 20232, with one-in-two policyholders saying their experience is underwhelming. Much of this dissatisfaction permeates through the entire customer journey, particularly across product offerings, onboarding, servicing and claims/surrenders.

    Insurers face challenges at every stage of the customer journey
    At the onboarding stage, one-in-three (35%) retail policyholders struggle with complex terms and 27% don’t like the lengthy application process. After purchasing a policy, one-in-four (25%) retail and group customers express frustration due to long wait times, while 23% are frustrated by the inability to access self-service options for policy changes. The claims process also poses challenges, primarily due to a lack of digitization: one-third (35%) of retail policyholders say they face a complicated claim application process, with 27% noting a lack of empathy during the claims experience.

    The research shows that younger policyholders (between 18-40 years) are more frustrated by a challenging experience than older customers (between 41-60 years) throughout their insurance journey. This includes slow and complex onboarding processes, lack of dedicated communication channels, and an inability to self-service policies. They also demand greater claims flexibility, with 42% citing inflexible payouts as a critical concern, versus only 26% of older customers.

    Despite a desire to redesign the onboarding, service and claims experience, only 9% of carriers have established ecosystem-wide processes that capture data from multiple sources to create a unique view of customers, and in turn, deliver personalized experiences through policyholders’ preferred channels.

    “Life insurance is shifting from a must-have to a maybe proposition. Carriers must shake off the perception that life insurance is just ‘death insurance’. They can achieve this by focusing on engaging the next generation of policyholders, moving beyond a product-driven approach to put the customer at the center of their strategies,” said Samantha Chow, Global Leader for Life Insurance, Annuities and Benefits Sector at Capgemini. “Many insurers are struggling with legacy technology or investments that have failed to deliver the target returns. The path forward is a customer-centric transformation that draws inspiration from the best-in-class by embedding AI-augmented, human-touch service into core processes.”

    Efforts to improve customer experience have stalled for most carriers
    Insurers recognize an urgent need to modernize their operations, however, only 41% met or exceeded their latest transformation goals. Past transformation initiatives fell short of delivering the intended results as insurers prioritized multiple goals which hindered their efforts. The challenges were further complicated by unexpected integration complexities (50%), lack of alignment with business objectives (42%) and insufficient skilled resources (42%).

    Despite these headwinds, the report finds an elite group of 5% of best-in-class insurers who are delivering a superior customer experience. These best-in-class carriers lean into the latest technologies, like generative AI, to offer exceptional onboarding, self-service, and claims capabilities.

    The best-in-class stand out against their counterparts:

    • 78% of best-in-class insurers have automated underwriting compared to 15% of mainstream insurers to optimize onboarding efforts
    • 78% offer policyholders self-service portals compared to only 13% of mainstream carriers
    • 56% provide a seamless and intelligent claims experience through AI assistance for voice and sentiment analysis versus only 3% of mainstream insurers

    Generative AI can be a catalyst, although talent gaps remain a hurdle
    While the transformative potential of generative AI is undeniable for the life insurance industry, it brings to light a pressing talent challenge. Today, 67% of best-in-class insurers are technically ready to leverage and maximize generative AI’s capabilities across their operations, with readiness levels dropping to 25% for mainstream insurers. Generative AI, when augmented with human intelligence, can revolutionize the consumer experience, while simultaneously driving operational efficiencies. However, one-in-three executives (34%) highlight identifying talent as a significant obstacle hindering their ability, with critical gaps in roles such as behavioral scientists, experience designers, and AI prompt engineers.

    According to the report, success will hinge not only on the implementation of the technology, but also on insurers’ ability to attract, develop, and retain the right talent. Carriers who can effectively blend cutting-edge technology with skilled professionals will be well-positioned to lead the industry into a new era of innovation and customer-centricity.

    Report Methodology
    The World Life Insurance Report 2025 draws data from two primary sources: the Global Voice of the Customer Survey, administered during May and June 2024, and the Global Insurance Executive Survey, conducted during May and June 2024. This primary research covers insights from 20 markets: Australia, Belgium, Brazil, Canada, Finland, France, Germany, Hong Kong, India, Italy, Japan, Mexico, the Netherlands, Norway, Portugal, Singapore, Spain, Sweden, the United Kingdom, and the United States. First, our comprehensive Voice of the Customer Survey, administered in collaboration with Phronesis Partners, polled 6,186 life insurance customers in 18 countries. These markets represent all three regions of the globe – the Americas (The United States, Mexico, Canada, and Brazil), Europe (Belgium, France, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, and the United Kingdom), and Asia-Pacific (Australia, Hong Kong, India, Japan, and Singapore). Second, the report also includes insights from interviews with 213 leading life insurance company executives across 16 markets. These markets together represent all three regions of the globe – the Americas (The United States, Canada, and Brazil), Europe (Belgium, Finland, France, Germany, Italy, the Netherlands, Norway, Spain, and the United Kingdom) and Asia-Pacific (Australia, Hong Kong, India, and Singapore).

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.

    Get The Future You Want | http://www.capgemini.com

    About the Capgemini Research Institute
    The Capgemini Research Institute is Capgemini’s in-house think-tank on all things digital and their impact across industries. It is the publisher of Capgemini’s flagship World Report Series, which has been running for over 28 years, with dedicated thought leadership on Financial Services focussing on digitalization, innovation, technology and business trends that affect banks, wealth management firms, and insurers across the globe.

    To find out more or to subscribe to receive reports as they launch, visit https://worldreports.capgemini.com

    1 Note: Mature markets: North America includes Canada and the United States. Western Europe includes Portugal, Luxembourg, Italy, Netherlands, Germany, Belgium, Austria, France, Greece, Malta, Finland, Spain, Switzerland, Denmark, Sweden, Norway, and Cyprus. APAC includes Australia, New Zealand, Japan, Hong Kong, Singapore, South Korea, and Taiwan.
    2Swiss Re – sigma explorer

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Interview with Ros Childs, ABC News

    Source: Australian Treasurer

    ROS CHILDS:

    Let’s stay with the government’s proposal to ban debit card surcharges from 2026. The Assistant federal Treasurer, Stephen Jones, joins us now. Stephen Jones, welcome.

    STEPHEN JONES:

    Good to be with you.

    CHILDS:

    So, how much do surcharges cost consumers and small businesses right now?

    JONES:

    Look, the charging arrangements are incredibly opaque, but our estimates are anywhere between $1.5 and $4 billion a year is being taken out of the system by a combination of the banks, the card system providers, and the payment rail providers. The end result is that consumers are paying to access their own money, and they’re saying, quite rightly, it’s harder to get cash, fewer places are accepting it, we’re being forced into electronic payment systems and we’re being forced to pay surcharges to access our own money.

    CHILDS:

    So, the banks, though, say that fees and charges have been reducing every year for the past decade. That there is an option for businesses to use what’s called Least Cost Routing so payment terminals automatically default to the cheapest surcharge. What’s your response to that argument?

    JONES:

    What we want to see is that customers aren’t paying to access their own money to buy a cup of coffee or to fill their shopping trolley, and that’s what’s happening at the moment. We want to ensure that at least, at the very least, on these debit charges, this surcharging is knocked on the head.

    What’s occurred over the last year or so is we’ve seen a whole heap of changes going on in the way these charges are imposed upon the small businesses. Big differentials between what a big retailer like a Coles and Woolies is paying, compared to a small business when it comes to these surcharges – the payments they’re making to their banks. Not a lot of clarity about what’s being paid, where and by whom, except when it comes to the consumer. So, we’ve got the Reserve Bank spending the next few months having a look at it – a detailed analysis of the cost of providing these services and the charges that are being charged by all the participants in the system – there’s at least 3 or 4 different participants in the system – as a precursor to us getting some clear guidelines, making it very, very clear to industry that we will introduce a ban by the beginning of 2026 on debit charges, on debit card surcharges.

    They don’t have to wait till then. They can move ahead of that. But we want to ensure that we do it in a way that doesn’t look like a benefit to consumers, but it ends up being the small businesses who cop it in the neck—they’re prevented from covering the costs of a surcharge by recouping it from a consumer, but they’re still getting the banks and the payment system providers charging these exorbitant costs. That’s why we need to take a little bit of time to get it right, but sending a very clear message to all the participants, this has got to stop.

    CHILDS:

    Ok, so you say you’re sending a signal, a message with this proposal, but how hopeful, realistically, are you that the banks will move on this without you having to take action, even though in the past they have proved very resistant, haven’t they, to making changes that will hit their bottom line?

    JONES:

    What I can say I’m certain about is that if the banks, the payment system providers, the card operators don’t get it right and don’t knock this on the head themselves, then we are willing to move ourselves and using the levers available to us to ensure that these debit card surcharges are ended.

    CHILDS:

    So, we heard a couple of political voices there, the Greens Senator, Sarah Hanson‑Young, and the Opposition Leader, Peter Dutton, both saying that the cost‑of‑living crisis means that consumers can’t wait until 2026, the start date for the proposed ban, they need the surcharge ban now. Also, Sarah Hanson‑Young calling for the ban to be extended to credit card surcharges, as well as to debit cards. How would you answer that?

    JONES:

    To Peter Dutton – 9 years, nothing? Not a single thing on this problem? It was a problem on his watch. He’s done nothing on it. In the first 2 years of our government, we’ve moved across a whole range of areas of consumer policy, lifting protections on consumers. We’re determined to do it. So, the bloke who has done nothing for 9 years, now thinks there’s an urgent problem to be fixed, doesn’t have a lot of credibility, particularly when he’s voted against every single piece of cost‑of‑living relief that this government has introduced. Peter Dutton is batting on zero when it comes to helping consumers. And, for the Greens, frankly, their form on this is whatever Labor does and then another 10 per cent. So, frankly, this is just situation normal from the Greens. We’re taking a considered approach. We’ll get a benefit to consumers, but without making small businesses pay for it. We’ll do it in the right way. Very clear message to industry: they’ve got to get their act into order.

    CHILDS:

    Assistant Treasurer Stephen Jones. Thank you.

    MIL OSI News –

  • MIL-OSI Asia-Pac: Speech by SFST at HKEX FIC Summit APAC 2024 (English only) (with photo)

    Source: Hong Kong Government special administrative region

    Speech by SFST at HKEX FIC Summit APAC 2024 (English only) (with photo)
    Speech by SFST at HKEX FIC Summit APAC 2024 (English only) (with photo)
    ***********************************************************************

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKEX FIC Summit APAC 2024 today (October 15): Bonnie (Chief Executive Officer of Hong Kong Exchanges and Clearing Limited, Ms Bonnie Chan), distinguished guests, ladies and gentlemen,      It is both an honour and a privilege to stand before you today at the HKEX FIC Summit APAC 2024. We gather to explore the rich landscape of fixed income and currency markets, particularly as they pertain to the burgeoning opportunities in Mainland China. This year’s summit comes at a pivotal moment for not only Hong Kong but also for the broader Asia-Pacific region as we navigate the complexities of a rapidly evolving financial world.      As we delve into the exciting topics surrounding Chinese government bonds, Renminbi (RMB) internationalisation, and the innovative Swap Connect initiative, we recognise that Hong Kong is uniquely positioned at the intersection of global finance and the vast opportunities that lie within Mainland China’s fixed income space. Hong Kong as an international financial centre      Hong Kong has long been heralded as a beacon of international finance, a vibrant hub characterised by its openness, robust regulatory framework, and professional expertise. Our market is not just a financial centre; it is a dynamic environment where diverse talents converge, facilitating the free flow of information and capital. This unique position allows us to leverage the advantages of both worlds – global access coupled with deep insights into the Mainland’s economic landscape.      As the world’s second-largest economy, Mainland China is increasingly integrated with the international financial world, and we are thrilled to be part of this journey. The rise of the RMB as a significant player in international trade, investment, and cross-border transactions is not just a trend; it is a transformation that presents us with incredible opportunities. The rise of the Renminbi      The growth trajectory of the RMB is remarkable. According to various reports, the proportion of RMB used in global transactions has been steadily increasing. RMB is the fourth most active currency for global payments by value as of August this year, with its share rising to 4.7 per cent, according to SWIFT data. This is not merely a consequence of Mainland China’s economic growth; it reflects a strategic rise of the RMB as a global currency.      Here in Hong Kong, we have been at the forefront of this initiative since 2004, establishing ourselves as the world’s leading offshore RMB business hub. The developments we have witnessed – such as the largest offshore pool of RMB funds and a vibrant market for foreign exchange and interest rate derivatives – highlight our commitment to creating a diversified ecosystem that enhances the RMB’s global standing.      The opportunities for businesses and investors are vast. As we facilitate the growth of the RMB, we also open doors for international investors looking to capitalise on the Mainland’s economic potential. Our position as a financial conduit for RMB transactions allows us to attract global capital, creating a win-win scenario that benefits all parties involved. Advancing the FIC market development      As we strive to strengthen our position as a leading international financial centre, we are dedicated to enhancing our fixed income and currency (FIC) markets. Our vision is to transform Hong Kong into a premier FIC hub in the Asia-Pacific region, a goal that aligns with our broader market development objectives.      The local bond market is a vital component of this strategy. We are committed to developing it further to complement the financing functions of the stock market and banking system. According market statistics, Hong Kong ranked the first in the region for 16 consecutive years in terms of arranging international bond issuance by Asian institutions, and has ranked first in the world for nine of those years. The amount of issuance arranged through Hong Kong last year was close to US$90 billion, which accounted for nearly a quarter of the market.      Our dedication to strengthening the local bond market is evident on many fronts. Earlier this year, we successfully offered approximately HK$25 billion worth of green bonds denominated in RMB, USD and EURO. Impressive response was received from global investors with the subscription amount exceeding HK$120 billion equivalent, which was about four times of oversubscription. In particular, the 20-year and 30-year RMB Green Bonds were offered for the first time by the Government, among which the 30-year bond is also the longest tenor RMB bond offered by the Government so far, providing new benchmarks for the market. We have seen significant progress, particularly with the issuance of RMB sovereign bonds and municipal government bonds in Hong Kong. These bonds not only enhance our local bond market but also help establish a benchmark yield curve for offshore RMB bonds. So far, the Ministry of Finance has issued a total of RMB352 billion RMB sovereign bonds in Hong Kong. Furthermore, recent tax exemptions for debt instruments issued by Mainland local governments underscore our commitment to fostering a robust bond market. This exemption, effective from March last year, extends the profits tax exemption to debt instruments issued in Hong Kong by all Mainland local governments, thus encouraging more participation and investment. The impact of Bond Connect      We must also acknowledge the transformative impact of the Bond Connect scheme. Launched in 2017, Bond Connect has facilitated mutual access between Hong Kong and Mainland bond markets, enabling overseas investors to participate in the China Interbank Bond Market. This scheme has fundamentally changed the landscape of bond investment in the region. As of August this year, foreign holdings of Mainland onshore bonds through Bond Connect have exceeded RMB4,500 billion, illustrating the strong demand for Chinese assets. The total monthly trading volume has also increased from RMB31.0 billion in July 2017 to about RMB1,000 billion in August this year.      The launch of Southbound trading in September 2021 has further enriched this initiative, providing an effective avenue for qualified onshore investors to diversify their asset allocation while presenting enormous opportunities for Hong Kong’s financial industry. Not only does this enhance the attractiveness of Hong Kong as a bond-issuing platform, but it also promotes the liquidity of our bond market and facilitates the progress of RMB internationalisation.      The interconnectedness fostered by Bond Connect not only enriches our markets but also serves as a catalyst for RMB internationalisation. As we continue to enhance this framework, we create new opportunities for collaboration and investment that will benefit both local and international stakeholders. Innovations with Swap Connect      The introduction of Swap Connect is another significant milestone in our journey toward enhancing Hong Kong’s offshore RMB market. Launched in May 2023, Swap Connect allows for mutual access between interest rate swap markets in Hong Kong and the Mainland. This initiative provides a much-needed avenue for global investors to manage interest rate risks associated with their bond investments.      As we celebrate the first anniversary of Swap Connect, we are excited about the recent enhancements that have been launched. The enhancements expand the range of products available, enhance operational efficiency, and reduce participation costs. It has also been announced that offshore investors will be able to use onshore bonds issued by the Ministry of Finance and policy banks on the Mainland as margin collateral for transactions. This measure will improve capital efficiency and also stimulate greater market participation.      We are committed to ensuring that Swap Connect remains a robust and dynamic platform for investors. We believe that by addressing the diverse risk management needs of domestic and foreign investors, we can further invigorate market participation in the Connect Schemes. Future opportunities      Looking ahead, there are abundant opportunities on the horizon. As we embrace the development of the Guangdong-Hong Kong-Macao Greater Bay Area, we find ourselves in a unique position to facilitate RMB internationalisation and strengthen our role as a testing ground for innovative financial practices. This initiative is not only vital for economic growth but also positions us as a leader in the global financial arena.      Moreover, we will continue to leverage technological advancements to enhance our financial services. The integration of fintech solutions into our FIC markets will not only improve efficiency but also attract a new generation of investors who are looking for innovative ways to engage with the market. Building on the success of the first tokenised green bond issuance, we have issued the world’s first multi-tranche digitally native green bonds this year, denominated in HKD, CNH, USD and EUR. By embracing technology, we can enhance transparency, streamline operations, and create a more inclusive financial environment. Conclusion      As we continue to leverage our distinctive advantages, I am confident that we will solidify Hong Kong’s status as a leading international financial centre and offshore RMB business hub. Together, let us explore the pathways to greater collaboration, innovation, and growth. I look forward to fruitful discussions and collaborations in the days to come. Your participation and insights are invaluable as we chart a course toward a prosperous financial future for Hong Kong, China, and the Asia-Pacific region. Thank you. 

     
    Ends/Tuesday, October 15, 2024Issued at HKT 11:57

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI New Zealand: Government extends fight against cybercrime

    Source: New Zealand Government

    Legislation that will help protect New Zealanders from cybercrime has passed first reading in Parliament today, Justice Minister Paul Goldsmith says. 

    “11% of New Zealanders were victims of fraud and cybercrime in 2023, causing significant financial harm and emotional distress.

    “The Budapest Convention, also known as the Council of Europe Convention on Cybercrime, is the only binding international treaty on cybercrime. 

    “It aligns member countries’ laws and makes it easier for them to cooperate on criminal investigations.

    “By joining the convention, we are signalling to the other like-minded countries that we take cybercrime seriously and we are prepared to do our part to eliminate it.

    “It will help our law enforcement agencies to protect New Zealanders, by providing the tools they need to detect, investigate, and prosecute criminal offending, even when it happens online.”

    The Bill contains provisions to ensure our domestic laws meet the requirements of the Convention. These include:

    • New ‘preservation directions’ in the Search and Surveillance Act, to enable law enforcement agencies to require companies to preserve records that could be evidence of offending.
    • Amendments to the Mutual Assistance in Criminal Matters Act to enhance our ability to seek assistance from foreign countries for criminal investigations, and to provide assistance in return.
    • Minor amendments to the Crimes Act to ensure offences related to cybercrime and the use of computers are comprehensive and fully align with the Convention.

    MIL OSI New Zealand News –

  • MIL-OSI China: Policies to support smaller enterprises

    Source: China State Council Information Office

    Employees work on the production line of a high-tech company in Tianjin. [Photo/Xinhua]

    China will implement a batch of policies, including those addressing financing and credit, to support small and micro-sized enterprises, platform firms and unicorns, so as to help them expand business and unleash vitality, it was announced on Monday at a conference by the State Council, the nation’s Cabinet.

    Buoyed by such signals of support for the private sector, share prices rose in China on Monday. The CSI 300, an index of large companies traded in Shanghai and Shenzhen, closed 1.9 percent higher. The ChiNext Index, which tracks China’s Nasdaq-style board of growing and emerging enterprises, gained 2.6 percent.

    Luo Wen, head of the State Administration for Market Regulation, the country’s top market regulator, said that the country will work to introduce innovative quality financing and credit enhancement policies to ease financing challenges for SMSEs.

    Under such policies, financial institutions will factor in a company’s quality management and brand reputation when issuing loans. Together with equity, funds and bond-based financing tools, the country aims to generate a credit enhancement and financing quota of 300 billion yuan ($42 billion) each year, Luo said.

    Luo emphasized that the SAMR will roll out a guideline to guide platform operators to help merchants on the platform enhance brand awareness, increase market transactions and harness traffic.

    It will help businesses, especially new entrants, agricultural firms and some unique companies on the platform, to enhance their ability to utilize online traffic more efficiently and tap into larger audiences, he added.

    Beyond SMSE support, Wang Jiangping, vice-minister of the Ministry of Industry and Information Technology, said the ministry will collaborate with the China Securities Regulatory Commission to launch the third batch of specialized boards for “little giant” companies in regional equity markets.

    Little giant companies refer to small and medium-sized enterprises that typically specialize in niche sectors, command high market shares and boast strong innovative capacity. By the end of June this year, China had cultivated 12,000 such enterprises.

    The ministry also plans to sign a strategic cooperation agreement with the Beijing Stock Exchange to further streamline financing channels for these firms, Wang said.

    At the conference on Monday, Wang said that China is also placing a greater emphasis on developing unicorn companies — startups valued at over $1 billion — in emerging high-tech fields such as 6G and brain-computer interfaces.

    He said a nationwide unified system will be established to coordinate the development of unicorn companies between the central government and provincial government levels.

    Unicorn companies will be supported in technological innovation, and will be encouraged and guided to address national strategic needs and master unique, proprietary technologies, Wang said, adding that more efforts will be made to increase financial backing for these unicorns, including support for public listings, mergers and acquisitions, to accelerate their growth.

    Despite China’s growing unicorns, the country still lags behind the United States in terms of the overall number, according to the Hurun Research Institute. Last year, China had 340 unicorns while the US had 700.

    Wang Peng, a senior researcher at the Beijing Academy of Social Sciences, said that encouraging SMSEs, platform firms and unicorn companies are part of broader efforts to spur the private sector, which is of great significance to counter the current global economic slowdown.

    A report on private sector development by the State Council showed that private companies accounted for 92.3 percent of the country’s total number of business entities in 2023, a significant increase from 79.4 percent in 2012.

    “The Chinese economy will continue gathering momentum if the private sector, including smaller businesses, remains sound. More importantly, private enterprises stood undoubtedly at the forefront of technological innovations and the digital economy in recent years, especially in fields like new energy, information, communication, biopharmaceuticals and AI,” the senior researcher said.

    MIL OSI China News –

  • MIL-OSI China: China continues to impose anti-dumping duties on US, Japanese hydriodic acid

    Source: China State Council Information Office

    China’s Ministry of Commerce (MOC) on Tuesday announced its decision to continue to impose anti-dumping duties on hydriodic acid originating in the United States and Japan.

    China introduced the duties on Oct. 16, 2018 for a period of five years as such imports had caused substantial damage to its domestic industry. Following the end of the term last year, the MOC launched investigations to review the anti-dumping at the request of the domestic industry.

    The MOC said in a ruling that if the duties are terminated, the dumping practice and related damage will likely continue or reoccur.

    The duties will be levied for another five years starting Wednesday, with a tax rate of 123.4 percent for U.S. companies and 41.1 percent for Japanese companies.

    MIL OSI China News –

  • MIL-OSI China: China’s yuan loans grow by 16.02 trillion yuan

    Source: China State Council Information Office

    Photo taken on Oct. 19, 2020 shows an exterior view of the People’s Bank of China in Beijing, capital of China. [Photo/Xinhua]

    China’s yuan-denominated loans rose by 16.02 trillion yuan (about 2.27 trillion U.S. dollars) in the first three quarters of the year, central bank data showed on Monday.

    The M2, a broad measure of money supply that covers cash in circulation and all deposits, increased 6.8 percent year on year to 309.48 trillion yuan at the end of September.

    The M1, which covers cash in circulation plus demand deposits, stood at 62.82 trillion yuan at the end of September, down 7.4 percent year on year.

    The increase in social financing scale reached 25.66 trillion yuan in the first nine months, down 3.68 trillion yuan compared to the same period last year.

    Outstanding yuan loans totaled 253.61 trillion yuan at the end of last month, marking an increase of 8.1 percent year on year, the data revealed.

    MIL OSI China News –

  • MIL-OSI Economics: Global partnerships to foster Singapore Project RESET against cardiovascular diseases, says GlobalData

    Source: GlobalData

    Global partnerships to foster Singapore Project RESET against cardiovascular diseases, says GlobalData

    Posted in Medical Devices

    Given the rising prevalence of cardiovascular diseases (CVDs) among Singapore’s aging population, the National University of Singapore (NUS) Medicine has taken proactive steps with initiatives such as MOMENTUM-CVD and Project RESET to develop preventive measures. International collaborations are expected to strengthen these efforts, considerably advancing cardiovascular research in the country, says GlobalData, a leading data and analytics company.

    Agilent Technologies Inc. has recently formed a strategic partnership with the NUS, through NUS Medicine, to establish a Center of Excellence in Cell Metabolism. This collaboration aims to advance research in cardiovascular and metabolic diseases over the next four years.

    Shreya Jain, Medical Devices Analyst at GlobalData, comments: “Global collaborations such as Duke-NUS partnership and Global Alliance for Chronic Diseases are significantly advancing Singapore’s initiatives for CVD research and prevention by providing access to international expertise, technology, and funding. Partnerships with global leaders such as Agilent Technologies and academic institutions are likely to further enhance the country’s capabilities in developing innovative solutions for CVDs.”

    Agilent’s integrated metabolic and cellular phenotyping platforms such as xCELLigence, Seahorse XF, and BioTek technologies are said to offer multimodal workflow solution, enabling cell studies at exceptional speed and scale. Such combinations will facilitate the discovery of new therapeutic targets and cardio-liver-metabolic biomarkers to prevent CVDs.

    Jain concludes: “By developing innovative, preventative healthcare strategies and enhancing local expertise in cardiovascular research, Singapore aims to reduce healthcare costs associated with CVDs. Furthermore, international collaborations will elevate Singapore’s status as a hub for biomedical research, attracting investment, talent, and boosting the local economy over time.”

    MIL OSI Economics –

  • MIL-OSI Economics: New duties to reduce competitiveness of European brandy in China, says GlobalData

    Source: GlobalData

    New duties to reduce competitiveness of European brandy in China, says GlobalData

    Posted in Consumer

    Trade wars between the West and China have been an ongoing affair for more than five years. In a fresh salvo, the European Union decided to impose anti-dumping duties on Chinese-origin electric vehicles (EVs). In return, China opened an anti-dumping case and has imposed additional import duties on European-origin brandies. The elevated tariffs, which came into effect on October 11, are expected to drastically reduce the competitiveness of EU brandy in China, leading to a potential decline in sales volume, says GlobalData, a leading data and analytics company.

    Bokkala Parthasaradhi Reddy, Consumer Lead Analyst at GlobalData, comments: “The higher prices resulting from the tariffs may deter Chinese consumers from purchasing EU brandy, which could result in a shift towards domestic or other non-EU brands that are more competitively priced. This shift could diminish the market share of EU brands in one of their key growth markets, as consumers may opt for alternatives that offer better value for money due to the increased costs associated with imported brandy. This will be detrimental to the global spirits business, and the Chinese market, in particular.

    “The imposition of tariffs could lead to a long-term shift in consumer sentiment towards EU brandy. If consumers perceive EU brandy as a luxury that is now out of reach due to high tariffs, they may become less inclined to purchase it, even if prices stabilize in the future. This shift in perception could have lasting effects on brand loyalty and market dynamics, as consumers may turn to other spirits that remain affordable.”

    Elyn Gao, Business Development Director, GlobalData China, adds: “The imposition of the new tariffs can lead to higher prices for consumers and businesses alike. Companies may struggle to absorb these costs, resulting in price increases for end consumers or reduced profit margins. This inflationary pressure can impact consumer spending and overall economic activity, affecting sectors like retail, manufacturing, and food services. The psychological impact of tariffs and trade conflicts can dampen consumer sentiment. For instance, the decline in housing prices in China has already affected consumer confidence, leading to reduced spending.”

    Reddy continues: “The impact will significantly impact the fortunes of leading brandy companies, especially French cognac producers, such as Remy Cointreau, LVMH, and Pernod Ricard. Remy Cointreau is expected to be the worst affected as it has a significant exposure to China. Meanwhile, Pernod Ricard is expected to face a lower impact as it expects the import duties to be lower for its products due to its cooperation with Chinese authorities.”

    Reddy concludes: “This situation is part of a larger pattern of trade disputes between China and Western countries, as seen in the previous tensions with Australia over wine imports, where similar accusations of dumping led to temporary tariffs of over 100%. In response to these challenges, EU brandy producers may need to reassess their strategies in the Chinese market. This could involve exploring cost-reduction measures, enhancing marketing efforts to emphasize the quality and heritage of EU brandy, or even considering partnerships with local distributors to navigate the new pricing landscape more effectively.

    “Additionally, producers might need to diversify their markets to reduce dependency on China, especially if the tariffs remain in place for the foreseeable future.”

    MIL OSI Economics –

  • MIL-OSI: Coop Pank AS will hold an investor webinar to introduce the results for the Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Coop Pank invites shareholders, investors, analysts and other stakeholders to join its investor webinar, scheduled on 18 October 2024 at 9 am (EET). The webinar will be held in Estonian.

    The webinar will be hosted by the Chairman of the Board Margus Rink and the Chief Financial Officer Paavo Truu, who present the unaudited financial results of the Third Quarter of 2024.

    During the webinar all attendees can ask questions. All questions will be answered after the presentation.

    To join the webinar, you need to register in advance via following link: https://bit.ly/18102024-registreerumine-veebiseminarile

    Registrants will be sent a link to the webinar and a reminder email one hour before the start of the webinar. The webinar will be recorded and published on the company’s website http://www.cooppank.ee and on our YouTube account.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking has reached 200,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.

    Additional information:
    Katre Tatrik
    Communication Manager
    Tel: +372 5151 859
    E-mail: katre.tatrik@cooppank.ee

    The MIL Network –

  • MIL-OSI Economics: Media Registration for the 2024 APEC Economic Leaders’ Week Opens Singapore, Peru | 15 October 2024 APEC Secretariat APEC Secretariat

    Source: APEC – Asia Pacific Economic Cooperation

    Media registration is now open for the 2024 APEC Economic Leaders’ Week (AELW), which will be held in Lima, Peru, from 9 to 16 November 2024. Peru President Dina Boluarte will chair the APEC Economic Leaders’ Meeting on 16 November.

    Minister for Foreign Affairs of Peru Elmer Schialer and Minister of Foreign Trade and Tourism Úrsula León will host their foreign affairs and trade counterparts for the APEC Ministerial Meeting. The AELW will also include the 2024 APEC CEO Summit and the APEC Business Advisory Council (ABAC) Dialogue with Leaders.

    Media representatives are invited to apply for accreditation to cover these high-level meetings and associated events.

    Background

    APEC Peru 2024 is centered around the theme “Empower. Include. Grow.” This theme reflects Peru’s commitment to fostering inclusive growth and sustainable development across the Asia-Pacific region. The priorities for this year include:

     

    1. Trade and Investment for Inclusive and Interconnected Growth: This focus aims to strengthen open and inclusive trade policies that facilitate economic growth across diverse sectors of society, ensuring long-term sustainability.

       

    2. Innovation and Digitalization to Promote Transition to a Formal and Global Economy: This priority seeks to support vulnerable economic actors in their transition from informal to formal participation in the global economy through innovation and digital tools.

       

    3. Sustainable Growth for Resilient Development: This involves promoting energy transitions, decarbonization of economic activities, and enhancing food security to build resilience in the face of climate change and other challenges.

     The AELW schedule is as follows:

    • 10-12 November: 4th APEC Business Advisory Council (ABAC) Meeting
    • 11-12 November: Senior Officials’ Retreat and Concluding Senior Officials’ Meeting
    • 13 November: Dialogue on Indigenous Peoples: Indigenous Perspectives on Inclusive Growth and Economic Empowerment
    • 14 November: APEC Ministerial Meeting
    • 14-15 November: APEC CEO Summit
    • 15 November: APEC Economic Leaders’ Dialogue with ABAC
    • 16 November: APEC Economic Leaders’ Meeting

    Accreditation procedure

    Access to media facilities, services and specific events will only be available to accredited media representatives. Media badges will be issued for accredited media only. To be accredited for the AELW, media representatives need to submit a cover letter in PDF format to [email protected] that includes information outlined below:

     

    • Name of the media organization
    • Contact person responsible for the accreditation including their email and mobile number
    • Full name of team who will cover the AELW
    • Passport or ID of the team who will cover the AELW

    After the submission, the media accreditation officer will review the documents. The person responsible for the accreditation will then receive a user ID and password to initiate the registration process for the media team through the registration portal.

    Once the pre-registration process is completed, the verification stage will begin, which may take several days. A notification email with either confirmation or request for additional requirements will be sent to the contact person responsible for the accreditation process.

    Details regarding the date, time and place for credential pick-up will be provided via email. The deadline for the media registration is Monday, 4 November, Peru time. We strongly encourage media representative to register as soon as possible to allow sufficient time for visa arrangements, as needed, and the temporary importation of equipment.

    Media credentials will be available for pickup from 1-16 November at Prom Peru at Av. Jorge Basadre 610, San Isidro, Lima, Peru from 08:00 to 17:00. Please address all media-related inquiries to [email protected] and [email protected]. Read the full media accreditation details in this link.

    For further details, please contact:

    APEC Media at [email protected]

    Michael Chapnick +65 9647 4847 at [email protected]

    MIL OSI Economics –

  • MIL-OSI: Forbion raises in excess of €2 billion for two new funds

    Source: GlobeNewswire (MIL-OSI)

    • Forbion’s largest fundraising to date, with Forbion’s Growth Opportunities Fund III raising €1.2 billion and Forbion Ventures Fund VII raising €890 million
    • Assets under management now at €5 billion
    • Fundraising follows strong performance, with six exits of $1 billion+ within a 12-month period

    NAARDEN, The Netherlands, Oct. 15, 2024 (GLOBE NEWSWIRE) — Forbion, a leading global life sciences venture capital firm with deep expertise in Europe, today announces that it has raised over €2 billion ($2.2 billion) across its two newest funds, Forbion Growth Opportunities III and Forbion Ventures VII, bringing assets under management at Forbion to €5 billion ($5.5 billion). Both funds exceeded their original target sizes and reached €1.2 billion ($1.3 billion) and €890 million ($980 million) respectively.

    The fundraising enables an increase of both the number of investments and the average size of Forbion’s participation in future portfolio company financings, reflecting the opportunities it sees for superior returns in development-stage life sciences companies. It is anticipated that the Forbion Growth Opportunities Fund III and Forbion Ventures Fund VII will each invest in approximately 15 portfolio companies.

    Sander Slootweg, Managing Partner and co-founder of Forbion, said: “I thank all our investors for their continued confidence in our ability to source and support innovative biotechs and to deliver impactful returns. With greater levels of capital, we are able to extend more support to our portfolio companies as they grow and seek to maximize their potential. We continue to see great opportunities to deploy capital in Europe and North America, backing talented management teams that develop novel therapeutics with the potential to impact the future of medicine.”

    Robbert van de Griendt, General Partner, Investor Relations and Impact, said: “We are delighted to have achieved this record fundraising against a backdrop of volatile market conditions. The strong demand we have seen from both existing and new investors is directly related to our strong and consistent historical returns as well as an impressive string of recent exits and also reflects investors’ conviction in our specialist investment strategy and in the positive fundamentals of our sector.”

    A track record of strong performance
    Forbion’s latest fundraising builds on its successful track-record of generating consistently impactful returns based on an investment strategy focused on companies with strong fundamentals, anchored in unique science and deep due diligence, while its platform approach enables its funds to support biotechs through company building (Ventures funds) and company expansion (Growth Opportunities funds). Following this approach has led to many valuable exits over time, including, most recently, that of Yellow Jersey Therapeutics, a subsidiary of Numab Therapeutics, Mariana Oncology and Aiolos Bio. Forbion’s success has led to it being recognized as the Top Performing European VC Manager as part of Preqin’s1 2024 awards. Forbion has 58 active investments, and has led or co-led 88% of the initial investment rounds of the 26 portfolio companies across Forbion Growth Opportunities Fund II and Forbion Ventures Fund VI.2

    Brian Frieser, Principal Portfolio Manager PE & Infrastructure at MN, a major Dutch pension advisor, said: “Our pension fund clients are dedicated to achieving the best possible risk-return for their participants. Investments in biotech not only promise strong returns but also make a positive societal impact. The capital commitments to Forbion’s new fund on behalf of our clients are expected to contribute significantly to this two-sided goal.”

    Investing in cutting edge science
    Since its launch over two decades ago, Forbion has made 128 investments. During this time, Forbion’s portfolio companies have contributed to advancing medical science and innovation through the development of many breakthrough therapies, including pioneering the development of new technologies such as gene and immune therapies, and via 256 scientific publications. At the end of 2023, active portfolio companies reported a total of 129 drug programs under development and/or in discovery and 80% of drug programs were ‘disease modifying’, in line with Forbion’s focus on enabling the development of novel therapeutics in critical areas of unmet medical need.3

    Expertise and partnerships
    Forbion’s team of over 30 investment professionals and drug development experts makes it one of the largest life sciences venture capital teams in Europe. Its portfolio companies also benefit from the deep industry expertise of Forbion’s 15 operating and venture partners, and its strategic collaborations with industry leading service providers such as Lonza, Thermo Fisher Scientific and Charles River Laboratories. Forbion supports its portfolio companies from its headquarters in Naarden, The Netherlands, its Munich office, as well as from its recently opened office in Boston, Massachusetts.

    For more information, please contact:

    Forbion Investor Relations
    Email: Robbert.van.de.Griendt@forbion.com
    General Partner IR & Impact

    Forbion Communications
    Email: laura.asbjornsen@forbion.com
    Head of Communications

    Brunswick Group
    Ayesha Bharmal, Charis Gresser
    Email: Forbion@Brunswickgroup.com

    About Forbion
    Forbion is a leading global venture capital firm with deep expertise in Europe and offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

    About Forbion Growth Opportunities Fund III
    Forbion’s Growth Opportunities Fund III is focused on investing primarily in European as well as North American later-stage biopharma companies developing novel therapies in areas of high medical need.

    About Forbion Ventures Fund VII
    Forbion Ventures Fund VII will build a portfolio of innovative therapeutics-focused biotechs, both existing companies as well as NewCos, (co-) founded by Forbion, created around assets sourced from pharma or academic institutions, or around proven management teams.

    For more information, please visit: http://www.forbion.com

    1 Preqin awards are compiled using public domain information and data reported to Preqin by the participants; they are not independently verified or assessed. Preqin cannot therefore guarantee the accuracy of the information provided
    2 As of 30 September 2024
    3 Source: Forbion’s Impact & ESG report 2023

    The MIL Network –

  • MIL-OSI Economics: RBI to conduct 2-day Variable Rate Reverse Repo (VRRR) auction under LAF on October 15, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 15, 2024, Tuesday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor
    (day)    		 Window Timing Date of Reversal
    1 50,000 2 11:00 AM to 11:30 AM October 17, 2024
    (Thursday)

    2. The operational guidelines for the auction as given in the Reserve Bank’s Press Release 2019-2020/1947 dated February 13, 2020 will remain the same.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1292

    MIL OSI Economics –

  • MIL-OSI Australia: Interview with Nadia Mitsopoulos, Perth Mornings, ABC Radio

    Source: Australian Treasurer

    NADIA MITSOPOULOS:

    Well, we have spoken a lot about that fee you are charged when you use your debit card. Put simply, you hate it and it feels particularly unfair when you are forced to use that card by a business which is no longer taking cash. Well, the federal government is finally listening and it looks like it will get rid of these charges. How far will it go? When will this happen, if it does? Let’s get more from Stephen Jones, who is the Assistant Treasurer. Good morning and thank you for joining me.

    STEPHEN JONES:

    Nadia, good to be back with you.

    MITSOPOULOS:

    First of all, these fees, how much are they costing Australians every year?

    JONES:

    Look, industry sources say as much as $4 billion a year is being charged in one fee or another. All of that ends up with the consumer in one way or another. So, that’s a lot of money. We’re particularly concerned about debit card fees. That’s the one where you get charged a surcharge to access your own money to pay for a cup of coffee. Consumers are rightly had enough of it. As you said in your introduction, they feel like it’s harder and harder to get cash, harder and harder to use it, and then you’re getting whacked with a surcharge fee when you’re paying with a tap‑and‑go everywhere from a coffee shop to a restaurant to a hotel, and we’ve had a look at it, the practice has got to stop. Consumers are being ripped off. It’s time to end the rip‑off.

    MITSOPOULOS:

    Ok, I’ll talk more about ending the rip‑off in a moment. But who pockets it? Is it the bank, the business or the merchant?

    JONES:

    Really good question. The one we’re pretty certain it’s not is the small business. And if you look at the fees that are being charged small businesses, sometimes they’re being charged twice the fee that a large retailer like a Coles or a Woolworths would be charged to use those electronic payment methods. So, it’s definitely not the small business. They’re passing on a cost which is imposed on them by the bank, by the payment service providers and by the card provider. So, that’s your Visa cards, your Mastercards, your EFTPOS’. Then there’s the system that nobody knows about, which is the payments network, which transmits all the payments traffic around the country from bank to bank and from system to system. And the banks are in there as well. They’re at the front end of all of it. So, there’s at least 3 different players here, very opaque about the way the costs are charged. They all end up at a consumer. They look like a small charge, but they all add up and they punch a big hole in the wallet of the consumer in the takings of a small business.

    MITSOPOULOS:

    Do you agree that, well, first of all, these charges have been creeping up, but it’s more than the cost of doing that transaction. What consumers are being charged?

    JONES:

    Well, for the small business, they’re passing on, in most instances, some, but not all of the cost. Some small businesses say that they’ll just lose market share if they’re passing on the entire cost of using those charging mechanisms that they don’t. Many of them do if they’re able to. So, it’s not the cost of the small business. But if you’re asking me, are the banks or the card providers or the payment system providers making a healthy profit out of all of this, the answer is absolutely.

    MITSOPOULOS:

    Okay, so what’s your plan? What do you plan to do?

    JONES:

    We want to do this in a smart way. We want to ensure that whatever we do, particularly around banning of debit charge surcharges, debit card surcharges, we don’t just whack the small business. So, you stop the small business charging it, but they’re still copying that fee from the bank and the payment system providers. So, we’ve got to ensure that we get all ends of this sorted out so that we don’t save the consumer a dollar, but that just gets passed on in another way by the small business. So, we’ve got the Reserve Bank having a look at it using its powers over the next couple of months. They’ll hand us a report by the end of the year. We’ll look at the proposals in the first few months of next year. But we’re sending a very clear message to the market, to the operators, the banks, the card providers, the payment system providers, a very clear message to all of them – this has got to stop. And we are willing to impose a ban on it by the beginning of 2026 at the latest if these guys do not get their act together.

    MITSOPOULOS:

    And so you would then be banning the banks and the merchants from charging this fee because the concern is the small business could still be charged the fee and then can’t pass it on.

    JONES:

    Yeah, and you’ve got to the heart of it. That’s what we’re adamant we don’t want to do. We don’t want to create an elusive benefit for consumers, but the small business cops it in the neck. So, we’re not going to do that. We’ve got to ensure that we protect the position of the small business and the consumer. And somebody somewhere further up the chain, they’re going to have to review their pricing mechanisms. A lot of really opaque and tricky things have gone on over the last year or so in this area. Things like blended pricing, where they’re charging the same for a credit card transaction as they are for a debit card transaction when they’re completely different. So, a bunch of these things we’re going to get to the bottom of. But the thing that your listeners can be absolutely certain of, we’re going to protect the interests of small business. We’re going to protect the interests of consumers.

    MITSOPOULOS:

    Stephen Jones, the Assistant Treasurer, is my guest this morning. So, this will only apply if you go down this path, will only apply to debit cards, not credit cards.

    JONES:

    That’s where the biggest problem is, and they are very different transactions. As your listeners and all know, when you’re using a debit card, you’re accessing your own money to pay for something. It’s the modern form of cash.

    MITSOPOULOS:

    It’s the tap‑and‑go.

    JONES:

    It’s the tap‑and‑go, and it’s the modern form of cash, particularly for young people. Increasingly, young people won’t have a credit card, but they will have a debit card, or they might have some other form of buy now, pay later, but most of their transactions will go on a debit card for good reasons. They don’t want to rack up an interest bill. They also don’t want to rack up all the charges that they’re getting through these opaque surcharges. So, that’s why we’re focusing on this. It’s the biggest part of the big problem.

    MITSOPOULOS:

    Minister, why can’t you do this now? Why do you have to wait till 2026?

    JONES:

    Because we don’t want to do something that looks popular but actually ends up hitting small business in the neck. We want to ensure that we do this in a way that protects the interests of small business and gets the benefit for consumers. That’s why we’ve got to work through these things, and we’ll probably have to use a couple of different levers. Nothing is stopping the banks and the payment system providers getting ahead of the game by the way.

    MITSOPOULOS:

    And when we look at retail transactions, only about 12 per cent of those are now made using cash. Is using a card a cheaper way of doing business? I mean, again, we’re being charged for it, but is that cheaper than moving cash around?

    JONES:

    Certainly cheaper for the banks. It’s certainly cheaper for the big retailers and probably a lot of the smaller ones as well. If you think of it like – there’s always been a cost involved in using cash. It’s just not very transparent. When somebody’s got to go to the bank, get the money out to put the float in the till, somebody’s then got to add all of that up at the end of the day and take the bags of money back to the bank for safekeeping. There’s a cost involved in all of that and it’s just embedded in the price of the goods. The difference between the cost involved in money and the cost involved in electronic transactions is that they are very, very transparent from a consumer point of view because you can see them on your bill. We need to ensure that all of it’s transparent all the way upstream so that all the payment providers, the banks, the card providers are being very clear about what they’re charging and for what, and then we get a better deal for consumers.

    MITSOPOULOS:

    But a ban, are you certain that a ban is on the cards?

    JONES:

    Absolutely.

    MITSOPOULOS:

    You’ve just got to work out how to do it.

    JONES:

    Best way of doing it. That’s exactly right.

    MITSOPOULOS:

    When we look at bank profits, the feeling is they could probably absorb this charge. Do you agree?

    JONES:

    I agree that between the banks, the payment system providers, the card providers, all of these are participants in the scheme. It’s not always obvious to consumers. They just think it’s the bank. But there’s actually 3 or 4 different players in there and there is people in all up the stream who are clipping the ticket. The consumers are paying and it’s got to stop.

    MITSOPOULOS:

    I’ll leave it there. Appreciate your time. Thank you.

    JONES:

    Good to be with you.

    MIL OSI News –

  • MIL-OSI: Atos appoints Philippe Salle Chairman of the Board of Directors with effect from October 14, 2024 and Chairman and Chief Executive Officer from February 01, 2025

    Source: GlobeNewswire (MIL-OSI)

                                                                                                                                                                                                                                      Press release

    Atos appoints Philippe Salle Chairman of the Board of Directors with effect from October 14, 2024

    and Chairman and Chief Executive Officer from February 01, 2025

    Paris, France, 15 October 2024 – Atos today announces the appointment of Philippe Salle as Chairman of the Board of Directors of the Company with immediate effect and as Chairman and Chief Executive Officer with effect from February 01, 2025.

    In the context of the Group’s financial restructuring, the Nominations and Governance Committee chaired by Lead Independent Director Elizabeth Tinkham, conducted a rigorous selection process with the support of an internationally renowned recruitment firm and in consultation with selected Company creditors.

    At its meeting on October 14, 2024, the Board of Directors approved unanimously, on the recommendation of the Nominations and Governance Committee:

    • the co-optation of Philippe Salle as a Director, subject to ratification by shareholders at the next Annual General Meeting;
    • his appointment as Chairman of the Board of Directors with immediate effect; and
    • his appointment as Chairman and Chief Executive Officer with effect from 1st February 2025.

    With extensive experience as CEO, notably in listed companies, Philippe Salle will bring invaluable skills and insights to support the deployment of the business plan and the restructuring of the Group.

    Jean-Pierre Mustier will act as Chief Executive Officer of the Company until January 31, 2025, and remain a member of the Board of Directors, ensuring an orderly, constructive and effective transition. In particular, he will be responsible for monitoring and ensuring the proper implementation of the accelerated safeguard plan, which is essential for the Group.

    The Board meeting of October 14, 2024 also noted Philippe Salle’s intention to participate in the financial restructuring of the Company by investing a total amount of at least €9 million in the Company. This investment would take the form of a subscription to the right issue with preferential subscription rights, decided in the context of the accelerated safeguard plan, if the conditions for completion so permit, or subsequently directly on the market.

    Jean-Pierre Mustier, Chief Executive Officer of Atos, said: ” I am delighted to welcome Philippe Salle to the Board. Philippe Salle is a highly experienced executive whose qualities and expertise in leading blue-chip companies will be a crucial asset as Atos looks to the future. He has also an extensive track record in creating shareholders value. We will work closely together to ensure a smooth transition and the effective deployment of the Group’s business and restructuring plan, in the interests of all stakeholders.”

    Philippe Salle, Chairman of the Board of Directors of Atos, said: “It is with great enthusiasm and conviction that I join the Atos Group. I am aware of the challenges that lie ahead, but also of the Group’s strengths, from the quality of its services to the ongoing commitment of its employees, which will enable us, together, to open a new chapter in the Group’s history.”

    About Philippe Salle

    Philippe Salle began his career with Total in Indonesia in 1988. He then joined Accenture in 1990 where he was promoted to senior consultant. He joined McKinsey in 1995 and became senior manager in 1998. He joined the Vedior group in 1999 (now Randstad, a company listed on Euronext Amsterdam), and became Chairman and CEO of Vedior France in 2002. He became a member of the Executive Board in 2003 and was appointed Head of Southern Europe in 2006. In 2007, he joined the Geoservices group (sold to Schlumberger in 2010), a technology company in the oil sector and under LBO, first as Deputy CEO and then as Chairman and CEO. In June 2011, Philippe Salle was appointed Chairman and CEO of Altran Group (a company listed on Euronext Paris), an engineering consultancy and world leader in innovation. In April 2015, Philippe Salle was appointed Chairman and Chief Executive Officer of the Elior Group (a company listed on Euronext Paris), a world leader in catering and services. In December 2017, Philippe Salle was appointed Chief Executive Officer of Emeria (a company under LBO), the world’s leading provider of real estate services and technologies.

    Philippe Salle has also served as Chairman of the Board of Directors of Viridien (formerly CGG) since 26 April 2018, and as a member of the Board of Directors of Banque Transatlantique since 2010.

    Philippe Salle is a graduate of the Ecole des Mines de Paris and holds an MBA from the Kellogg Graduate School of Management, Northwestern University (Chicago, USA). He is a Chevalier de l’ordre national du Mérite, Chevalier de la Légion d’honneur and Commandeur de l’ordre du Mérite de la République italienne.

    ***

    About Atos

    Atos is an international leader in digital transformation with around 92,000 employees and annual revenues of €10 billion. The European leader in cloud computing, cybersecurity and supercomputing, the Group provides integrated solutions to all sectors, in 69 countries. A pioneer in decarbonisation services and products, Atos is committed to delivering secure, decarbonised digital solutions to its customers. Atos is an SE (Société Européenne) listed on Euronext Paris.

    Atos’ raison d’être is to help shape the information space. With its skills and services, the Group supports the development of knowledge, education and research in a multicultural approach and contributes to the development of scientific and technological excellence. Everywhere in the world, Atos enables its customers and employees, and more generally the greatest number of people, to live, work and progress sustainably and with complete confidence in the information space.

    Contacts

    Investor Relations: David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    Attachment

    The MIL Network –

  • MIL-OSI: Sampo plc’s share buybacks 14 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 15 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 14 October 2024

    On 14 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      4,387 41.34 AQEU        
      35,540 41.34 CEUX
      883 41.36 TQEX
      49,980 41.34 XHEL
    TOTAL 90,790 41.34  

    *rounded to two decimals                

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

    After the disclosed transactions, the company owns in total 8,591,383 Sampo A shares representing 1.56 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

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

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

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

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

    Attachment

    The MIL Network –

  • MIL-OSI Banking: Human-centered Design Improves Transport in Ulaanbaatar’s Ger Areas

    Source: Asia Development Bank

    ADB used human-centered design for the Improving Transport Services in Ger Areas project. Prior to the start of the project, ADB conducted a detailed needs assessment, engaging residents in Ulaanbaatar’s ger areas to understand what improving transport meant for community members instead of defaulting to usual problem statements and solutions. The project conducted focus group discussions with residents including persons with disabilities, older people, school children, women and other community members. 

    The team then engaged closely with four community representatives—a person with disability, an elderly woman, a young girl, and a mother with three young children—to deeply understand their experiences through visual journey maps.  

    Using body cameras, the residents went through their daily travels to show pain points and issues they encountered along their journeys. The project addressed the identified challenges of accessibility and usability, personal safety and security, and road safety through system-wide interventions.  

    At the end of the project, the residents visually mapped their journeys again, but this time, they tried out the improved infrastructure and systems that they wanted addressed at the project’s start.  Ramps, low-floor buses, bus announcement speakers, better located stairs and crossings responded to accessibility issues. Bus driver training, security cameras, crime-prevention through environmental design, public communication on harassment, and feedback mechanisms responded to concerns about personal safety. Pedestrian crossings, lane demarcation, clear signage, footpaths, speed bumps, and better designed bus shelters with relevant information on routes, schedules and other transport information addressed road safety concerns.  

    The project was supported by the Municipality of Ulaanbaatar, the Public Transport Department, JFPR and EAPKF.

    Watch the other videos on the individual stories of the person with disability, mother with young children, young girl and an elderly woman, and how their inputs influenced the project’s technical design:

    Transcript

    Stories helped design this project. Partnerships built it.

    The project, Improving Transport Services in Ger Areas used human-centered design to understand user needs and design appropriate interventions.

    Byambadorj’s story filmed before the project started told us that designs cannot ignore those who travel differently.  

    The slope is very steep. 

    To go down, I have to go inch by inch, like this.

    I can only go up this steep ramp with someone else’s assistance.  

    Curb ramps should be done according to standards.

    For a person on a wheelchair, boarding a bus is a miracle.  

    It would be better if buses have ramps.

    Using Byambadorj’s story, discussions with other users, and technical review, we built new ramps in strategic places for safety and access.  

    The Public Transport Department ensured accessible low-floor buses with ramps would be used on the Chingeltei corridor to aid in mobility.

    Before the project started, Tserenbadam’s stories and stakeholder consultations emphasized that commuters deserve safer driving practices, accurate information, and a way to easily report incidents.

    Sometimes there is a long wait for the bus.

    Those with better legs would run to the bus stop.

    Bus drivers talk on the phone a lot while on the road.

    One bus is racing with another bus.

    They often race with each other to get more passengers.  

    From Tserenbadam’s stories and other user insights, we developed a customer feedback system for commuters to report issues.  

    Bus schedules and other information are visibly displayed in new bus stops.    

    Bus drivers were trained in safe driving and customer service. CCTV cameras inside buses monitor driver and passenger behavior for improved commuting experiences.

    Uzmee’s stories highlighted that infrastructure must accommodate the needs of vulnerable road users across seasons.

    There should be barriers on roadsides because children have high risk of running onto the road.

    We should analyze the frequently used exits and entrances, then put stairs where necessary.  

    A proper bus shelter would be a refuge from the cold for children.

    These stories, with road safety auditing and information from the traffic police, helped identify key areas to add speed bumps, pedestrian crossings, and stairs.

    We installed bus shelters for weather protection, comfort and information.  

    Infrastructure design removed blind spots, enforce security and prevent crime.    

    Throughout the project, we engaged with civil society and established a community council for sustainable change.  

    Infrastructure built.  

    Systems installed.  

    Enforcement in place.  

    Driver behavior improved.  

    Community mobilized.

    Stories helped design this project.

    Partnerships built it.  

    With ADB, JFPR and EAPKF support, the local government and community are taking ownership of people’s safe, and inclusive mobility. 

    MIL OSI Global Banks –

  • MIL-OSI Banking: Disasters Trigger More Displacements than Conflicts, Says New ADB-IDMC Report

    Source: Asia Development Bank

    MANILA, PHILIPPINES (15 October 2024) — Global disasters accounted for more displacements in 2023 than conflict and violence, and governments and multilateral development banks must invest more to prevent and manage these crises, according to a new report jointly authored by the Asian Development Bank (ADB) and the Internal Displacement Monitoring Centre (IDMC).

    The report found that last year, 26.4 million internal displacements—or forced movements within one’s country—were caused by disasters, compared to 20.5 million caused by conflict and violence.

    The report, Harnessing Development Financing for Solutions to Displacement in the Context of Disasters and Climate Change in Asia and the Pacific, found most of the disaster displacement recorded globally in the past 10 years occurred in Asia and the Pacific, with 177 million internal displacements reported during 2014−2023. ADB’s developing member countries (DMCs) accounted for 95% of that total—more than 168 million displacements. The report warns that the effects of climate change will likely increase the scale, duration, and severity of displaced persons globally.

    “Addressing displacement in the context of climate change and disasters is a significant challenge for the region,” said ADB Vice-President Fatima Yasmin. “However, we know what needs to be done and how to do it. Development and adaptation finance channeled through multilateral development banks, such as ADB, can support member countries in addressing the root causes of displacement through sector investments, technical assistance, and cofinancing.”

    “Disaster displacement can upend lives, cost countries billions of dollars, and set back development efforts by years, but it doesn’t have to be this way,” said IDMC Director Alexandra Bilak. “Investments in disaster risk reduction and climate adaptation plans can reduce the scale and negative impacts of displacement. The payoff could be huge.”

    The report outlines several ways development finance can be used to prevent and respond to displacement. Multilateral development banks can support and encourage displacement-inclusive policies and investments, better national data systems, and raise awareness for countries to include displacement in their development strategies.

    The report says governments also need to better reflect their priorities to reduce displacement through specific and concrete measures in the national development plans, adaptation and disaster risk reduction plans, and nationally determined contributions, and to better recognize the complexity of displacement occurring in the context of climate change.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Global Banks –

  • MIL-OSI Banking: ADB Invests $12.5 Million in Khan Bank’s Milestone Green Bonds, a First in Mongolia

    Source: Asia Development Bank

    ULAANBAATAR, MONGOLIA (15 October 2024) — The Asian Development Bank (ADB) has invested $12.5 million in a green bond issued by Khan Bank JSC under the first green thematic bond program on the Mongolian Stock Exchange. The proceeds from the three-year bonds will be used to provide green sub-loans, with a strong focus on supporting small and medium-sized enterprises (SMEs) and microenterprises, particularly those owned or managed by women.

    The European Bank for Reconstruction and Development (EBRD) has invested an equal amount in the Khan Bank bond, together ADB and the EBRD as strategic investors, fully subscribed to the entire United States dollar tranche. An additional $5 million tranche denominated in togrog was offered to local retail investors.

    “This landmark green bond offering deepens Mongolia’s green finance market while enabling inclusive investments to support small businesses, including those run by women, and improve the livelihoods of smallholder farmers,” said ADB’s Director General for the Private Sector Operations Department Suzanne Gaboury. “ADB is pleased to support Khan Bank in this milestone green bond issuance, which sets a precedent for future inclusive green financing in Mongolia.”

    In 2019, the Financial Stability Council of Mongolia approved a green taxonomy to help identify and classify investments based on their environmental sustainability. The banking sector has committed to achieving a green loan target of 10% by 2030. So far only a few banks are funding green investments, and their green loan book is nascent at only 3.2% of loans outstanding as of June 2024.

    “This placement of a United States dollar-denominated green bond in Mongolia highlights Khan Bank’s ability to attract new international funds in its capital market. This is through an innovative asset class while demonstrating the confidence that international investors have in Khan Bank,” said Khan Bank Chief Executive Officer Munkhtuya Rentsenbat. “This issuance aligns with our strategy to become the leading provider of green finance in the country while supporting our clients on their journey towards transition and adopting green and sustainable practices while contributing to the country’s climate goals.” 

    Khan Bank is Mongolia’s largest bank, serving over half a million borrowers, including low-income small and microenterprise, and self-employed farmholders and livestock herders. More than half of Khan Bank’s customers come from rural regions, and over half of SME borrowers are women

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Global Banks –

  • MIL-OSI: ING completes share buyback programme

    Source: GlobeNewswire (MIL-OSI)

    ING completes share buyback programme

    ING announced today that it has completed the share buyback programme which was announced on 2 May 2024. The total number of ordinary shares repurchased under the programme is 155,990,753 at an average price of €15.94 for a total consideration of €2,486,329,696.95.

    During the last week of the programme, from 7 October 2024 up to and including 11 October 2024, 11,348,429 shares were purchased. These shares were repurchased at an average price of €15.78 for a total amount of €179,022,796.36.

    As previously announced, we will give an update on our capital planning with the presentation of our third quarter 2024 results, which is scheduled for 31 October 2024.

    For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at https://www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm .

    Note for editors

    For more on ING, please visit http://www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. ING’s sustainability efforts have been recognised externally by environmental, social and governance (ESG) rating agencies and other benchmarks. In 2023, Sustainalytics assessed our management of ESG material risk as ‘strong’. In August 2024, ING’s ESG rating by MSCI was reconfirmed as ‘AA’. ING’s shares are included in the sustainability indices of Euronext, STOXX, FTSE Russell and Morningstar. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    Important legal information

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on http://www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-Evening Report: Banning debit card surcharges could save $500 million a year – if traders don’t claw back the money in other ways

    Source: The Conversation (Au and NZ) – By Angel Zhong, Associate Professor of Finance, RMIT University

    Galdric PS/Shutterstock

    In a move that could reshape how Australians pay for everyday purchases, the federal government is preparing to ban businesses from slapping surcharges on debit card transactions.

    This plan, pending a review by the Reserve Bank of Australia (RBA), promises to put money back into consumers’ pockets.

    The RBA, which is accepting submissions until December, released its first consultation paper on Tuesday to coincide with Prime Minister Anthony Albanese and Treasurer Jim Chalmers’ joint announcement.

    But as with any significant policy shift, it’s worth taking a closer look to see what it really means for all of us.

    How much are we really saving?

    Based on RBA data, the potential savings are huge – up to $500 million a year if surcharges on debit cards are banned.

    And if the government goes one step further and includes credit card transaction fees in the ban, those savings could hit a massive $1 billion annually.

    While these figures sound impressive, when you break it down, the savings per cardholder would amount to around $140 annually.

    It’s not a life-changing amount, but for frequent shoppers or anyone making larger purchases, it could add up.

    Of course, not everyone will benefit equally. Those who shop less might not notice the difference.

    How does Australia stack up globally?

    RBA data shows Australians are paying more in merchant service fees than people in Europe, but less than consumers in the United States.

    These fees are what businesses pay to accept card payments, and they get passed on to us in the form of surcharges.

    The proposed ban on debit card surcharges occupies a middle ground in the global regulatory landscape. The European Union, United Kingdom and Malaysia have implemented comprehensive bans on surcharges for most debit and credit card transactions.

    But in the US and Canada, businesses can still charge you for using a credit card, though debit card surcharges aren’t allowed.

    The merchant’s perspective

    While the surcharge ban seems like a clear win for consumers, it’s essential to consider the impact on merchants, especially small businesses. The reality is not all merchants are created equal when it comes to card payment fees.

    In Australia, there’s a significant disparity between the fees paid by large and small merchants. In fact, RBA data shows small businesses pay fees about three times higher than what larger businesses pay.

    It all comes down to bargaining power. Bigger businesses can negotiate better deals on fees. This difference is primarily driven by the ability of larger merchants to thrash out favourable wholesale fees for processing card transactions.

    For small businesses, the cost of accepting cards can range from under 1% to more than 2% of the transaction value, which can eat into profits, especially for those working with tight margins.

    While the ban may sound like good news for consumers, there’s still a need to fix the bigger issues in the payment system. Innovations like “least-cost routing”, which allows businesses to process transactions at the lowest possible cost, could potentially help level the playing field.

    How businesses might exploit the loopholes?

    If payment costs are entirely passed on to merchants, they might find ways to recover those expenses through other means. We’ve seen this happen in other countries that abolished surcharges. Some potential strategies include

    • slightly raising overall prices to cover lost surcharge revenue
    • implementing or increasing minimum purchase requirements for card payments
    • introducing new “service” or “convenience” fees for all transactions, or increasing weekend and holiday surcharges.

    Most of these tactics have been around for a while. The challenge for regulators will be to monitor and address any new practices that emerge in response to the new rules.

    Credit cards: the elephant in the room

    While the ban on debit card surcharges is a step in the right direction, it raises an obvious question: why not extend it to credit cards?

    The option to ban credit card surcharges along with debit cards is proposed in the RBA’s review consultation paper. The answer lies in the complex web of interchange fees and merchant costs associated with credit card transactions.

    Credit card transactions cost merchants more to process because of additional services and rewards programs offered by credit card issuers.

    Banning surcharges on these could potentially lead to merchants increasing their base prices to cover these costs. This could effectively result in users of lower-cost payment methods subsidising those opting for premium cards.

    The absence of surcharges could also reduce the competitive pressure on card networks to keep their fees in check, potentially leading to higher costs in the long run.

    Some countries have managed to ban surcharges on credit cards, but they usually have stricter regulations around interchange fees than we do in Australia.

    As policymakers grapple with this complex issue, they must weigh the benefits of consumer simplicity against the risk of distorting market signals and potentially increasing costs for both merchants and consumers alike.

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

    – ref. Banning debit card surcharges could save $500 million a year – if traders don’t claw back the money in other ways – https://theconversation.com/banning-debit-card-surcharges-could-save-500-million-a-year-if-traders-dont-claw-back-the-money-in-other-ways-241354

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Siili Solutions Plc: Maria Niiniharju appointed as VP Private Business and member of management team

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc: Maria Niiniharju appointed as VP Private Business and member of management team

    Siili Solutions Plc Stock exchange release 15 October 2024 at 8:45 EEST

    Siili Solutions Plc (“Siili” or “company”) makes changes in its management team and has appointed Maria Niiniharju as Siili’s VP, Private Business and member of Siili’s management team as of 1 November 2024.

    Prior to her new role at Siili, Niinharju has worked at Futurice, where she has been responsible for new business development and client management for private sector clients. At Siili Niiniharju will be leading the company’s Private Business, that will include Siili’s Finance, Industry and Services business units. Her expertise will strengthen Siili’s position as an expert in leveraging AI among private sector clients.

    “I am happy to welcome Maria to Siili. She brings us strong experience in business development as well as valuable data and AI expertise, which is perfect fit to accelerate Siili’s strategy execution,” says Siili’s CEO Tomi Pienimäki.

    “I am excited about my new role at Siili. I look forward to starting the work to implement the renewed strategy together with the business unit teams. Siili’s strong industry focus and deep customer relationships create an excellent basis for building genuine impact with data and AI,” says Maria Niiniharju.

    Further information:
    CEO Tomi Pienimäki
    Phone: +358 40 834 1399, email: tomi.pienimaki(at)siili.com 

    Distribution:
    Nasdaq Helsinki Oy
    Major media
    http://www.siili.com

    Siili Solutions in brief:
    Siili Solutions Plc is a forerunner in AI-powered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc’s shares are listed on the Nasdaq Helsinki Stock Exchange. Siili has grown profitably since its founding in 2005. http://www.siili.com/en

    The MIL Network –

  • MIL-OSI: Šiaulių Bankas has successfully placed EUR 50 million note issue on the international market

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER, INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF AKCINĖ BENDROVĖ ŠIAULIŲ BANKAS.

    Šiaulių Bankas has successfully placed EUR 50 million issue of Fixed Rate Reset Perpetual Additional Tier 1 Temporary Write Down Notes.

    The annual fixed rate coupon on the notes up to the reset date will be 8.75 %. The nearest reset date is set after 5 years. Settlement will take place on 17 October 2024. It is intended to list the notes on the Global Exchange Market multilateral trading facility operated by Euronext Dublin.

    The notes have been allocated to almost 20 institutional and professional investors, mostly from UK.

    “We have made another significant step for both the bank and the Lithuanian capital market being the first issuer in the country to issue AT1 notes. We are grateful to our international investors, who consistently show confidence in the bank’s prospects.

    This issue strengthens and optimises capital structure of the bank, allowing us to continue to grow rapidly and sustainably and to implement our new dividend policy. We strive to ensure high returns for shareholders and to increase the bank’s attractiveness to investors,” says Tomas Varenbergas, Board Member, Head of Investment Management Division of Šiaulių Bankas.

    The proceeds of the notes will be used for general corporate purposes, including to strengthen funding structure of Šiaulių Bankas, meet existing and future minimum own funds and eligible liabilities (MREL) targets, and improve its capital position.

    The notes are rated Ba3 by the international rating agency Moody’s.

    Relevant stabilisation regulations including FCA/ICMA will apply.

    Šiaulių Bankas mandated Goldman Sachs Bank Europe SE as Lead Manager.

    Šiaulių Bankas as the issuer was advised on legal matters by Dentons UK and Middle East LLP and TGS Baltic as lead issuer’s legal counsel. The Lead Manager was advised by Linklaters LLP and Sorainen on legal issues.

    This communication is not an offer of securities or investments for sale nor a solicitation of an offer to buy securities or investments in any jurisdiction where such offer or solicitation would be unlawful. No action has been taken that would permit an offering of securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

    Additional information:

    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

  • MIL-OSI China: Extensive renewable energy collaboration foreseen

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

    China and Africa are poised for extensive collaboration in the realm of renewable energy, as the continent’s abundant resources align with China’s advanced expertise in wind and solar power technologies, said experts recently.

    This partnership not only guarantees energy security but also propels Africa toward green, low-carbon practices and sustainable development, yielding a host of mutually beneficial outcomes, they said.

    Currently, the African economy is undergoing sustained growth with a continuous rise in energy demand. According to the Continental Power System Masterplan currently being developed by the African Union Development Agency, Africa’s electricity consumption may reach 3,842 terawatt-hours by 2040.

    The International Renewable Energy Agency predicts that by 2030, nearly a quarter of Africa’s energy demand can be met by new energy sources.

    While Chinese companies have implemented hundreds of renewable energy projects in Africa, aiding African nations in mitigating energy shortages and achieving sustainable development, experts said that the localization of technology and production, as well as green finance and talent development can further deepen and broaden China-Africa renewable energy cooperation.

    Lu Junling, chief economist at China’s National Energy Administration, said that energy cooperation between China and Africa aligns with the mutual interests of both parties, offering a solid foundation and promising prospects. He advocated for enhanced practical cooperation facilitation for future China-Africa energy projects, emphasizing the importance of exchanging energy project information, creating collaboration opportunities and maximizing the role of energy think tanks to realize more cooperative outcomes.

    “Now is an opportune moment for clean energy collaboration between China and Africa. Further efforts are needed to advance the cooperation mechanisms between the two regions, help with planning research and policy alignment, foster deeper technological innovation cooperation, and explore tailored green projects that benefit communities,” said Li Sheng, head of the China Renewable Energy Engineering Institute.

    A recent report on China-Africa renewable energy cooperation, jointly prepared by the CREEI and the New Partnership for Africa’s Development, an economic program of the African Union, underscores Africa’s significant potential in renewable energy development, while highlighting the need for improvements in production and consumption levels. In 2022, renewable energy accounted for a modest 9.67 percent of its total energy consumption.

    Regarding production, Africa’s total installed power generation capacity reached 252.8 gigawatts in 2023, with fossil fuels remaining the primary electricity source, constituting about three-quarters of total installed capacity. Among renewable energy sources, hydropower (excluding pumped storage) had an installed capacity of 37.1 GW, representing 3 percent of global hydropower capacity, while wind and solar power capacities were 8.7 GW and 13.5 GW, respectively, each accounting for less than 1 percent globally.

    However, over the past five years, Africa’s total installed capacity of renewable energy, excluding pumped storage, has grown by 23.2 percent, a substantial 16.8 percentage points higher than the growth rate of fossil fuel power generation capacity (6.4 percent) during the same period.

    MIL OSI China News –

  • MIL-OSI China: Global sci-tech experts to address sustainability at annual forum

    Source: China State Council Information Office 2

    The sixth World Science and Technology Development Forum will be held in Beijing from Oct. 22 to 24, the organizer announced Thursday.
    This year’s session, themed “Science and Technology for the Future,” will focus on six key ideas: intelligence, interdisciplinary, infrastructures, innovation, interaction, and integration.
    Since its initiation in 2019 by the China Association for Science and Technology, the annual forum has addressed various sustainability challenges. Previous sessions have covered topics ranging from food security to disaster prevention.
    At the inaugural session, Vania G. Zuin Zeidler, professor of green chemistry and sustainable chemistry at the Federal University of São Carlos in Brazil and visiting professor at the Green Chemistry Center of Excellence at the University of York, U.K., said about 1.3 billion tons of food is wasted annually. She discussed how the farm-to-table model can prevent food waste and how São Paulo produces healthy food through sustainable agricultural systems.
    At a previous subforum on food security during the fourth session, Deng Xingwang, a member of the U.S. National Academy of Sciences and dean of the School of Advanced Agricultural Sciences of Peking University, discussed the advantages of third-generation hybrid rice breeding technology. He emphasized that this internationally leading technology is cost-effective and safe, making it easier to apply. It has already been successfully validated and commercialized in China.
    At a subforum on carbon reduction during the fourth session, Lei Xianzhang, a member of the German National Academy of Science and Engineering, introduced electric-hydrogen coupling technology. This technology supports carbon peaking and neutrality by enabling efficient conversion between hydrogen and electricity, using clean energy sources like wind, solar and hydropower to produce hydrogen or hydrogen-based energy. 
    At the NexTus SDGs Youth Innovators’ Assembly during the fourth session, Yan Luhui, founder of Carbonstop, introduced a carbon management SaaS platform. Yan explained how big data and artificial intelligence can visualize carbon, analyze data and help companies improve carbon reduction efficiency.
    At a subforum on disaster prevention and mitigation at the fourth session, Ge Yonggang, director of the Science and Technology Division at the Institute of Mountain Hazards and Environment of the Chinese Academy of Sciences, detailed how Sichuan province combines weather monitoring with tracking mountain floods and debris flows. This innovative approach aims to create a more precise early warning system. The research, currently focused on Liangshan, is set to expand to Chengdu and Mianyang.
    Cui Peng, an academician of the Chinese Academy of Sciences, described a new platform for predicting mountain disasters. He explained how the platform includes a risk baseline database, physical parameter library and risk analysis system. With these tools, the platform can forecast mountain disasters every hour in real-time, pinpoint specific disaster locations and their features, and provide precise early warnings. Cui also suggested combining disaster management with efforts to restore nature and develop eco-friendly industries.
    The U.N. General Assembly adopted a resolution in August 2023 declaring 2024-2033 the “International Decade of Sciences for Sustainable Development.” The upcoming forum will be held during the first year of this decade. 
    The organizer said the event will continue to gather global expertise to promote high-quality development and enhance international scientific and cultural exchanges.

    MIL OSI China News –