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 14, 2024, Monday, as under:
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) Press Release: 2024-2025/1280 |
Source: GlobalData
MiniMed recall could erode patient trust in Medtronic’s diabetes care offerings, says GlobalData
Posted in Medical Devices
Medtronic has recently announced an FDA class I recall of its MiniMed insulin pump system. A defect relating to battery life and pumps being dropped or hit was identified by Medtronic, leading to a recall of approximately 785,000 devices. The company has already reported 181 adverse events because of the defect. This announcement comes during continued weak performance from Medtronic’s diabetes care division, and could adversely affect patient trust in its diabetes care offerings, says GlobalData, a leading data and analytics company.
The recall affects pump systems from both the MiniMed 600 and 700 lines of insulin pumps manufactured by Medtronic. Most insulin pumps, including Medtronic’s, are powered by an AA battery. If there is any damage to the battery casing, the insulin pump may fail to warn the user about a low battery, which can result in a lack of insulin being delivered to the patient if the pump is not receiving power.
David Beauchamp, Medical Analyst at GlobalData, comments: “Lack of insulin in a diabetic patient can result in hyperglycemia and diabetic ketoacidosis, both of which can be life-threatening. As such, ensuring that insulin pumps do not have these points of failure is very important. The FDA recall is a logical step to prevent any more adverse events.”
According to the GlobalData Medical Intelligence Center, the US traditional insulin pump market is worth $953 million in 2024, growing at a compound annual growth rate (CAGR) of 3.19% from 2024 to 2033. The global traditional pump market is valued at approximately $2.6 billion and is growing at a CAGR of 7.12% in the same period. Medtronic holds a significant amount of market share within this market; however, they face competition from other diabetes device manufacturers, such as Tandem Diabetes Care. This recall could cause patients to lose trust with Medtronic, potentially reducing their market share.
Beauchamp concludes: “This recall has already had effects on Medtronic’s stock performance. Due to the danger to patients posed by this failure of Medtronic’s insulin pump, the company could be facing a loss of trust. Since 2022, Medtronic’s diabetes division has been performing poorly, as its own devices fail to meet patient expectations and the competition has intensified its own research and development to market superior products.”
Source: GlobalData
India coronary stent market set for 4% CAGR growth during 2024-2033, forecasts GlobalData
Posted in Medical Devices
As coronary artery disease (CAD) cases continue to rise in India, the demand for advanced treatment options such as drug-eluting stents (DES) is gaining momentum. Against this backdrop, India coronary drug eluting stent market is expected to grow at a compound annual growth rate (CAGR) of 4% from 2024 to 2033, forecasts GlobalData, a leading data and analytics company.
GlobalData’s latest report “Coronary Stents Market Size by Segments, Share, Regulatory, Reimbursement, Procedures and Forecast to 2033” reveals that India’s coronary drug eluting stent market accounts for around 32% of the Asia-Pacific market in 2024.
Sahajanand Medical Technologies (SMT), an India-based developer and manufacturer of minimally invasive coronary stent systems, has recently received approval from the Australian Therapeutic Goods Administration (TGA) for its flagship drug-eluting stent, Supraflex Cruz. This approval enables SMT to expand into the highly regulated Australian market, highlighting India’s growing influence in the global medical device sector.
Kanchan Chauhan, Medical Devices Analyst at GlobalData, comments: “While drug eluting stents have significantly improved patient outcomes, treating tortuous and calcified lesions remains a challenge due to the complex structure of the vessels. Stents with enhanced flexibility, ultrathin struts, and lower crossing profiles are designed to address these challenges more effectively by reducing complications such as restenosis and promoting faster recovery. Increasing the availability of such advanced solutions is crucial for enhancing cardiovascular care.”
Supraflex Cruz delivers a combination of the sirolimus drug and a biodegradable polymer promoting faster vessel healing and reducing the risk of restenosis. The stent has been approved in over 80 countries, and with the recent TGA approval, it is set to be introduced in Australia, further solidifying its reputation for safety and efficacy.
Chauhan concludes: “As India continues to innovate in the cardiovascular space, the international success of devices such as Supraflex Cruz highlights the country’s growing presence in cardiovascular market. With increasing foreign interest and a developing domestic market, India has the potential to enhance its role in the global medical device industry.”
Source: GlobalData
Consumer demand for novelty and customization compels brands to explore new product segments in India, finds GlobalData
Posted in Consumer
Novelty and experimentation trends have changed the consumption patterns of consumers. Consequently, brands are continuously innovating in line with the growing personalization trend to maintain consumer interest while gaining a competitive edge over the rivals in India. New market disruption will help the brands tap into emerging markets and enhance their relevance, says GlobalData, a leading data and analytics company.
Savitha Kruttiventi, Consumer Analyst at GlobalData, comments: “Brands need to ensure they meet consumers’ needs and expectations of novelty and uniqueness along with the important dietary considerations. In line with this, Keventers, an India-based milkshake and ice cream brand, launched waffles for the first time as part of its expansion strategy. These 100% vegetarian waffles are available in six different flavors and cater to consumers who have special dietary preferences such as vegetarians. The brand also allows consumers to customize their waffles with their favorite ice cream toppings. The manufacturer leveraged its brand image to enter a new product segment.”
Francis Gabriel Godad, Consumer Business Development Manager, GlobalData India, notes: “In the current competitive landscape, it is extremely important to prioritize innovation to thrive. Manufacturers must focus on launching products that are innovative and align with consumers’ preferences to create deeper connections with them. In GlobalData’s 2024 Q2 consumer survey, 74% of Indian consumers admit that they find novelty/uniqueness to be an essential feature influencing purchase decisions^.
“Consumers in India are actively on the lookout for the brands that give them options to customize according to their interest. 65% of Indian consumers admit that their purchase decisions are always or often influenced by products’ alignment with their needs and personality. Hence, brands need to embrace customization to have a higher chance of enhancing their customer satisfaction and brand loyalty among consumers.”
Kruttiventi concludes: “Consumers are seeking novel products that align with customization and personalization trends. This highlights the need for the brands to adapt and innovate to retain their customer base. Brands that emphasize these factors tend to gain a competitive edge and attain success in the long run.”
^GlobalData 2024 Q2 Consumer Survey – India, published in July 2024, with 897 respondents
Source: GlobalData
APAC EV infrastructure market to expand at 13.5% CAGR over 2024-29, forecasts GlobalData
Posted in Automotive
Governments worldwide currently face the challenge of creating the strong infrastructure required to accelerate the shift toward electric vehicles (EVs). The Asia-Pacific (APAC) region is experiencing significant growth in this area, with China leading as a major EV market and boasting an extensive infrastructure. Government agencies and private entities in other nations in the region, such as South Korea, India, Japan, and Indonesia, are also actively participating and investing in the expansion of charging station networks. Against this backdrop, the APAC EV infrastructure market is expected to record a compound annual growth rate (CAGR) of 13.5% over 2024–29, according to GlobalData, a leading data and analytics company.
GlobalData’s latest report, “Global Sector Overview & Forecast: EV Infrastructure Q3 2024,” reveals that the automotive EV infrastructure market covering two types of charging stations, fast charging stations powered by direct current and slow charging stations powered by alternating current, is estimated at 3.3 million units in 2024 and is forecast to reach 6.2 million units by 2029 in the APAC region.
Madhuchhanda Palit, Automotive Analyst at GlobalData, comments: “To facilitate the widespread adoption of EVs in the APAC region, it is critical to enhance the EV charging infrastructure. Considering that APAC is the most densely populated region in the world, the prospect of long wait times at charging stations may deter potential EV consumers. Therefore, to achieve the electrification goals set by the governments of APAC countries and to drive EV adoption, there is an urgent need to augment the quantity of EV charging stations, with a particular focus on fast charging stations.”
Several initiatives are underway to address the need to expand EV infrastructure. For instance, Volt, an EV charging company within the infrastructure division of Singapore-based Keppel, announced in July 2024, the deployment of a new fast-charging hub in the country. This hub features ratings of 360 kilowatts and 120 kilowatts, enabling electric cars to be charged in as little as 10 minutes.
Palit adds: “The expansion of fast-charging stations for EVs is essential, but there is also a pressing need to ensure equitable distribution across the nation. This distribution challenge has impeded EV adoption, even in countries like China, which is the world’s largest EV market. In China, the concentration of EV charging infrastructure in urban areas far exceeds that in rural areas. This disparity may discourage potential EV customers in rural areas and those planning longer journeys.”
Additionally, the overabundance of chargers in urban areas can lead to underutilization, while those along highways and in rural areas may not meet peak demand during holidays, resulting in potential profit loss and job cuts for EV charging businesses in both urban and rural settings.
A significant percentage of EV charging stations still rely on electrical power produced using fossil fuels, which can limit the environmental benefits of EVs. However, the landscape has changed significantly in recent years, with multiple initiatives by both the public and private sectors to transition the power source to renewable energy. For example, in India, The Climate Pledge, co-founded by Amazon and Global Optimism, announced in September 2024, an investment of $2.7 million in a new project, the Joint Operation Unifying Last-mile Electrification (JOULE), to build a network of shared EV charging stations powered by renewable energy in Bengaluru.
Recognizing the concerns and needs for growth in the sector, multiple innovations are being introduced at various stages of implementation. For instance, crowdsourced EV charging, V2G power management, and bidirectional charging are some of the innovations in the early stages of development with steadily rising adoption rates. Meanwhile, EV inductive charging and dual-voltage charging stations are examples of innovations in the maturing stage, which have become well-established within the industry.
Palit concludes: “Establishing adequate infrastructure is a time-sensitive matter, and the pace of progress varies among different nations. The increasing demand for EVs, coupled with substantial investments and research and development efforts, is expected to drive significant growth in the EV infrastructure sector in the near future.”
Source: GlobeNewswire (MIL-OSI)
Sampo plc, stock exchange release, 14 October 2024 at 8:30 am EEST
Sampo plc’s share buybacks 11 October 2024
On 11 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) |
| 3,250 | 41.00 | AQEU | |
| 41,981 | 41.02 | CEUX | |
| 546 | 41.09 | TQEX | |
| 46,199 | 41.00 | XHEL | |
| TOTAL | 91,976 | 41.01 |
*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 8,500,593 Sampo A shares representing 1.55 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
Source: The Conversation (Au and NZ) – By Julia Powles, Associate Professor of Law and Technology; Director, UWA Tech & Policy Lab, Law School, The University of Western Australia
Since 2019, the Australian Department for Industry, Science and Resources has been striving to make the nation a leader in “safe and responsible” artificial intelligence (AI). Key to this is a voluntary framework based on eight AI ethics principles, including “human-centred values”, “fairness” and “transparency and explainability”.
Every subsequent piece of national guidance on AI has spun off these eight principles, imploring business, government and schools to put them into practice. But these voluntary principles have no real hold on organisations that develop and deploy AI systems.
Last month, the Australian government started consulting on a proposal that struck a different tone. Acknowledging “voluntary compliance […] is no longer enough”, it spoke of “mandatory guardrails for AI in high-risk settings”.
But the core idea of self-regulation remains stubbornly baked in. For example, it’s up to AI developers to determine whether their AI system is high risk, by having regard to a set of risks that can only be described as endemic to large-scale AI systems.
If this high hurdle is met, what mandatory guardrails kick in? For the most part, companies simply need to demonstrate they have internal processes gesturing at the AI ethics principles. The proposal is most notable, then, for what it does not include. There is no oversight, no consequences, no refusal, no redress.
But there is a different, ready-to-hand model that Australia could adopt for AI. It comes from another critical technology in the national interest: gene technology.
Gene technology is what’s behind genetically modified organisms. Like AI, it raises concerns for more than 60% of the population.
In Australia, it’s regulated by the Office of the Gene Technology Regulator. The regulator was established in 2001 to meet the biotech boom in agriculture and health. Since then, it’s become the exemplar of an expert-informed, highly transparent regulator focused on a specific technology with far-reaching consequences.
Three features have ensured the gene technology regulator’s national and international success.
First, it’s a single-mission body. It regulates dealings with genetically modified organisms:
to protect the health and safety of people, and to protect the environment, by identifying risks posed by or as a result of gene technology.
Second, it has a sophisticated decision-making structure. Thanks to it, the risk assessment of every application of gene technology in Australia is informed by sound expertise. It also insulates that assessment from political influence and corporate lobbying.
The regulator is informed by two integrated expert bodies: a Technical Advisory Committee and an Ethics and Community Consultative Committee. These bodies are complemented by Institutional Biosafety Committees supporting ongoing risk management at more than 200 research and commercial institutions accredited to use gene technology in Australia. This parallels best practice in food safety and drug safety.
Third, the regulator continuously integrates public input into its risk assessment process. It does so meaningfully and transparently. Every dealing with gene technology must be approved. Before a release into the wild, an exhaustive consultation process maximises review and oversight. This ensures a high threshold of public safety.
Together, these factors explain why Australia’s gene technology regulator has been so successful. They also highlight what’s missing in most emerging approaches to AI regulation.
The mandate of AI regulation typically involves an impossible compromise between protecting the public and supporting industry. As with gene regulation, it seeks to safeguard against risks. In the case of AI, those risks would be to health, the environment and human rights. But it also seeks to “maximise the opportunities that AI presents for our economy and society”.
Second, currently proposed AI regulation outsources risk assessment and management to commercial AI providers. Instead, it should develop a national evidence base, informed by cross-disciplinary scientific, socio-technical and civil society expertise.
The argument goes that AI is “out of the bag”, with potential applications too numerous and too mundane to regulate. Yet molecular biology methods are also well out of the bag. The gene tech regulator still maintains oversight of all uses of the technology, while continually working to categorise certain dealings as “exempt” or “low-risk” to facilitate research and development.
Third, the public has no meaningful opportunity to assent to dealings with AI. This is true regardless of whether it involves plundering the archives of our collective imaginations to build AI systems, or deploying them in ways that undercut dignity, autonomy and justice.
The lesson of more than two decades of gene regulation is that it doesn’t stop innovation to regulate a promising new technology until it can demonstrate a history of non-damaging use to people and the environment. In fact, it saves it.
The UWA Tech & Policy Lab receives funding from nationally competitive research grants and philanthropic partners. The present research was supported by GA308883: Effective Ethical Frameworks for the State as an Enabler of Innovation, funded by the Department of Foreign Affairs and Trade.
Julia Powles is the Director of the Lab and has served as an independent member of the National AI Centre’s Think Tank on Responsible AI, the Australian Government’s National Robotics Strategy Advisory Committee, and the Advisory Panel supporting the Australian Parliamentary Inquiry into the Use of Generative AI in the Australian Education System. Through each of these bodies, she has provided advice on comparative AI regulation.
Haris Yusoff 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. Australia has led the way regulating gene technology for over 20 years. Here’s how it should apply that to AI – https://theconversation.com/australia-has-led-the-way-regulating-gene-technology-for-over-20-years-heres-how-it-should-apply-that-to-ai-240571
Source: Asia Development Bank
The PPP Development Department (PPPDD), established in 2018 under the Ministry of Economy and Finance (MOEF), monitors PPP progress in Uzbekistan. As of 5 August 2024, the government had signed 973 PPPs, totaling about $2.152 billion. These include 463 water management projects, 220 heating system projects, 91 education projects, 52 healthcare projects, and only 2 in transportation. Most PPP projects are small, averaging about $2.2 million each. The benefits of PPPs are more tangible for large projects, such as roads. Currently, no road PPPs have been signed, but two are in the pipeline: the Tashkent-Andijan Road (TAR), estimated at $5.35 billion, and the Tashkent-Samarkand Road (TSR), estimated at $1.4 billion.
Road construction and rehabilitation typically require higher investment than other infrastructure sectors. The World Bank estimates Uzbekistan’s Road Development Plan faces a $1.5 billion annual funding gap. Mobilizing private sector and external financiers is crucial to bridge this gap.
PPP projects generally progress through six phases: project identification, appraisal, structuring, tendering, delivery, and operation. Both the TAR and TSR are at the structuring stage. For TAR, the World Bank funded a pre-investment study in 2015 at a cost of $2.85 million, building on a pre-feasibility study completed in 2020. An investment teaser was prepared in December 2023, and the government invited expressions of interest by March 2024, with prequalification expected later in the year. The TSR feasibility study, funded by the European Bank for Reconstruction and Development (EBRD), began in 2019 but remains incomplete.
Besides TAR and TSR, other potential PPP road projects include the Kungrad-Daut-Ata A380 Highway (KDH) operations and maintenance, a nationwide electronic tolling system, real-time traffic monitoring, weigh-in-motion systems, the Takhtakaracha tunnel construction, and the development of a new road crash and vehicle operations and maintenance database.
In December 2023, EBRD approved a €10 million loan to establish the Uzbekistan PPP Project Development Facility (UPDF), which will finance the preparation of priority PPP projects, including in the road sector.
Uzbekistan’s PPP framework is built on the 2019 PPP Law (amended in 2021), Resolution 259 (2020), and a draft toll road law developed with World Bank support. The draft law aims to provide a foundation for tolling roads, complementing the existing PPP Law, and was expected to be submitted to Parliament by June 2024.
The International Monetary Fund (IMF) recommended improving fiscal risk assessments, including for state-owned enterprises and PPPs, to better manage external borrowing and integrate investment planning into the medium-term budget. Uzbekistan’s public debt rose from 28% of GDP in 2019 to 36.8% in July 2023, reaching $31.5 billion. The Debt Law caps public debt at 60% of GDP, with policies tightening if debt reaches 50%. Attracting private sector financing for high-cost road projects is essential to avoid increasing the public debt burden.
The government plans to introduce toll roads to ease budget constraints and improve road services. A draft toll law, prepared with World Bank assistance, aims to establish tolling mechanisms. Preliminary estimates suggest toll fees for the TAR route could be $5-7 for cars and $15 for trucks and buses. Tolling alone may not cover construction and operations and maintenance costs, requiring availability payments or co-funding from development partners.
The ADB has supported road infrastructure in Uzbekistan with $1.3 billion from 2007 to 2022. The Ministry of Transport requested ADB’s assistance in introducing a tolling system, with the KDH project selected to pilot this system. The KDH could become the first ADB-supported PPP road project in Uzbekistan, with potential involvement in other PPP efforts, such as transforming State Unitary Entities (SUE) for road operations and maintenance and improving urban bus services in Karakalpakstan.
Source: Government of Canada regional news
Today, the Government of Yukon introduced Bill No. 43, the Act to Amend the Business Corporations Act (2024), in the Yukon Legislative Assembly. These amendments are part of the Government of Yukon’s efforts to participate in national and international efforts to safeguard against money laundering, tax evasion and other illegal activities.
Bill 43 meets the Government of Yukon goal of improving transparency, enhancing corporate governance, protecting market integrity and supporting sustainable economic growth.
Source: GlobeNewswire (MIL-OSI)
PARIS, Oct. 14, 2024 (GLOBE NEWSWIRE) — Mavenir, a pioneer in cloud-native network infrastructure, has been recognized as a global leader in telecom innovation, winning the esteemed 2024 Network X Award for Most Innovative Cloud Product. This accolade reaffirms Mavenir’s excellence in delivering cutting-edge Cloud-Native Automation solutions to mobile network operators (MNOs). Building on its momentum, Mavenir adds this award to its impressive track record, having previously received the 2023 Network X Award for Outstanding Automation Solution in Open RAN.
The award honors the network cloud-based product that has delivered the biggest change in network performance for MNOs. The Network X Award judges evaluated Mavenir’s cloud-native 5G automation solution based on five key criteria. The judges assessed Mavenir’s solution for its level of innovation, impact of cloud technology on network performance, time and cost-efficiency of deployment, operational efficiency, and relevance and effectiveness demonstrated through real-world case studies. This recognition solidifies Mavenir’s leadership in automating cloud-native 5G network deployments, empowering MNOs to accelerate time-to-market and reduce total cost of ownership (TCO).
Mavenir’s Cloud-Native Automation empowers MNOs to accelerate their 5G transition. The solution provides end-to-end automation and orchestration of network functions software deployment and lifecycle management, enabling faster network deployment, enhanced flexibility, and seamless scaling. Mavenir’s comprehensive automation capabilities include infrastructure automation, cloud platform automation, network functions automation, and CI/CD pipeline automation. The solution streamlines both day-1 initial deployment of cloud-native network functions (CNFs) and day-2 lifecycle management operations, including upgrades and rollbacks.
Bejoy Pankajakshan, Chief Technology and Strategy Officer, at Mavenir, “Our solution simplifies and accelerates network and services deployment, providing a cost-effective path to 5G. By reducing time, cost, and resource requirements, our customers can quickly implement new innovations and features, staying ahead in a rapidly evolving market.”
The Network X awards showcase the advancements and leadership across the global telecommunications industry with projects and initiatives that celebrate innovation, collaboration, and sustainability.
Notes to the Editor:
Cloud-Native Automation – Mavenir
Network X Awards 2023: Mavenir’s Cloud-Native Network Automation and Open RAN Intelligent Controller (O-RIC) Win Outstanding Automation Solution in Open RAN Award at Network X 2023 – Mavenir
Network X Awards 2022: Mavenir Wins Outstanding CORE Network Solution and Outstanding Open RAN Solution at Network X Awards – Mavenir
About Network X:
Network X, taking place on 8-10 October 2024 at Paris Expo Porte de Versailles, is the only event that brings the fixed and mobile markets together to connect and build business models, frameworks and approaches to monetise B2B and consumer segments with AI and cloud-enabled fibre and 5G networks.
Network X attracts a global audience of 5,000+ senior network infrastructure and service professionals from telcos, leading vendors, industry bodies, governments, analysts and media, including 1,500+ operators. The 2024 event will address current industry challenges and changes through five key themes: Fibre, Wi-Fi Networks and Services, Optical Transport, Mobile Networks and Mobile Services.
About Mavenir
Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit http://www.mavenir.com
Mavenir PR Contacts:
Emmanuela Spiteri
PR@mavenir.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/27577da1-f134-4ab5-be3f-76c08e051304
MILES AXLE Translation. Region: Russian Federation –
Source: State University of Management – Official website of the State –
Last week, as part of the project day at the State University of Management, a presentation was held by DPD, the leader in the Russian market for express delivery of parcels and cargo.
DPD is a reliable transport company providing a full range of transport and logistics services in the business sector.
At the presentation, students were told about the organization’s activities and its services. Not only senior students were invited to it, but also first-year students studying in the specialty “Logistics and Supply Chain Management” in order to delve into the complex, but very important and interesting process of cargo delivery from the very beginning of their studies.
The presentation was given by the Director of the Department of Operations of Moscow and the Moscow Region DPD, a graduate of the State University of Management Dmitry Yakushin and the Head of the Department of Technology and Development of Client Services in DPD Operations Svetlana Salakhutdinova. They were very happy to share their experience of working not only at DPD, but also in this area in general. In addition, they answered the students in detail to every question that arose.
The students were also told about the procedure for completing an internship at DPD, and interested students were given individual consultations regarding further employment.
Subscribe to the TG channel “Our GUU” Date of publication: 10/14/2024
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
Source: Reserve Bank of India
Ajit Prasad Press Release: 2024-2025/1283 |
Source: People’s Republic of China – State Council News
BEIJING, Oct. 14 — China will step up financing support for enterprises by incorporating quality credibility into lending decisions, said Luo Wen, head of the State Administration for Market Regulation on Monday.
Financial institutions will factor in a company’s quality management and brand reputation when evaluating loan applications, Luo said at a press conference, adding that the move is expected to improve businesses’ access to financing.
Beyond traditional loans, China will also promote the use of equities, funds and bonds to create comprehensive financing channels for companies. The initiative aims to secure an additional 300 billion yuan (42.4 billion U.S. dollars) in quality-based credit approvals annually, benefiting enterprises across various sectors, said Luo.
Luo called for efforts to provide tailored financial products and services for micro, small and medium-sized companies, including differentiated credit limits, interest rates, financing terms and repayment options.
Source: City of York
Financial support to help residents cope with the cost of living crisis is being extended until the end of end of March 2025.
The council has been allocated £1,037,906 for the next 6 months and residents are urged to make sure they claim all benefits that they are eligible for.
This Household Support Funding (HSF) from the government will be used in York to provide a variety of financial assistance to help residents meet essential expenses. These include:
Councillor Katie Lomas, joint Executive Member for Finance, Performance, Major Projects, Human Rights, Equality and Inclusion, said:
Nearly half of the £1,037,906.47 we’ve been allocated through the Household Support Fund (HSF), will be issued as direct payments for working-age residents who are receiving Council Tax support. This translates to a cash payment of around £115 for every qualifying resident and we’re contacting those who are eligible, to make sure they receive this vital support.
“Of the remaining funds, £180,000 will be allocated to a discretionary support scheme, which will be open to applications to anyone struggling with their finances. We’ll also be allocating money from the HSF to continue supporting Warm Places and energy advice services to support people with the effects of rising energy costs this winter, as well as community food support and support to take up unclaimed benefits.”
Councillor Bob Webb, with joint responsibility for financial inclusion, said:
We reckon as many as 1,600 people in York are missing out on Pension Credit. It’s really important that they know about it and claim the extra £100s as well as unlocking other benefits like the Winter Fuel Payment.
“We know that between April and June 2024, an extra 31 residents claimed Pension Credit who are benefiting from a total extra £134,825 to help them through these uncertain financial times.
“We’re writing to over 450 residents who we know are eligible for Pension Credit because they already claim Council Tax Support and Housing Benefit. Information on the 1,150 or so other eligible people is held by the Government’s Department for Work and Pensions (DWP) and can’t be shared for data protection reasons. So, we’ve been reaching out to them through other council services and voluntary sector organisations, to help people check their eligibility and to support them to apply.”
Anyone who needs help to claim Pension Credit can click here, or contact these local support services:
Anyone who needs help to claim Council Tax Support can call the City of York Council Benefits Advisors on telephone: 01904 552044 or contact these local support services:
Find more information for residents on other benefits.
The next Talk Money campaign to encourage residents to claim all they can, spend less and get good advice, will run from Monday 4 November to Friday 15 November 2024.
Source: Hong Kong Government special administrative region
Consultation conclusions on proposed renaming of Virtual Bank
Consultation conclusions on proposed renaming of Virtual Bank
*************************************************************
The following is issued on behalf of the Hong Kong Monetary Authority: The Hong Kong Monetary Authority (HKMA) published today (October 14) the conclusions on the public consultation on the proposal to rename “Virtual Bank” (Conclusions Paper). The Conclusions Paper sets out the key comments received in the consultation, the HKMA’s responses to these comments, and the HKMA’s conclusions on the proposed renaming. The HKMA received a total of 26 submissions from various parties including industry/professional associations, virtual banks and members of the public in the consultation. The respondents were broadly supportive of the proposal, and the majority of them agreed with the proposed new name “Digital Bank”. The HKMA will embark on the amendments to the Guideline on Authorization of Virtual Banks to effect the new name “Digital Bank” shortly. The Conclusions Paper is available on the HKMA website.
Ends/Monday, October 14, 2024Issued at HKT 16:05
NNNN
Source: China State Council Information Office 2
The 2024 World Science and Technology Development Forum (WSTDF) will convene in Beijing from Oct. 22 to 24. As a major event in the global science community, the forum will gather scientists, educators, entrepreneurs, and other leading figures from around the world to share insights and technological solutions for sustainable development.
The China Association for Science and Technology (CAST) initiated the forum in 2019 and has held five successful sessions to date. Chinese President Xi Jinping sent a congratulatory letter to the inaugural WSTDF, highlighting the forum’s role in building consensus and deepening cooperation.
Since its inception, the forum has explored new approaches and fostered innovation, establishing itself as a world-class hub for pioneering ideas. It has created an international platform for scientific exchange and collaboration, a venue for bringing together leading talents, and a driving force for global sustainable development. These efforts have significantly contributed to advancing the Global Development Initiative and promoting the vision of building a community with a shared future for mankind.
Sci-tech innovation: The way to sustainable development
In his congratulatory letter to the first forum, President Xi stressed the role of scientific and technological innovation in addressing global challenges. He noted that the ongoing revolution in science and technology and industrial transformation significantly impacts human civilization and global governance.
“Promoting sustainable development with sci-tech innovation has become the way that we must take to solve some important global issues of common concern,” Xi said.
The past five sessions of the forum have always focused on advancing sustainable development through technological innovation, covering crucial topics from basic science to climate change, the digital economy and green innovation. The forum has invited global scientific leaders to present their latest research and propose solutions to pressing challenges.
Each year, the forum releases a list of the top 10 scientific issues concerning the development of human society, evaluating major global challenges and promoting the achievement of the U.N. Sustainable Development Goals. The second forum introduced the World Journal Clout Index of Scientific and Technological Periodicals and included the results on the “Innovation China” platform. The third, fourth and fifth forums released the annual IUPAC Top 10 Emerging Technologies in Chemistry.
The research findings released by the forum represent the collective wisdom of the scientific community, showcasing advancements in science and technology while offering practical solutions for global challenges and sustainable development goals.
Building consensus: A platform for global exchange
Beyond technological discussions, the forum serves as a vital space for building international consensus and fostering cooperation. President Xi has highlighted China’s commitment to openness and collaboration, expressing hope that the forum will help scientists, educators and entrepreneurs from different countries build consensus, exchange ideas, and deepen cooperation to contribute wisdom and strength to building a community with a shared future for mankind.
The WSTDF serves as more than just a platform for scientific discussion; it is a vital opportunity for building global consensus and fostering international cooperation. Since its inception in 2019, the forum has consistently brought together Nobel laureates, leading scientists, educators, economists and entrepreneurs. Each year, it attracts about 200 distinguished participants from over 20 countries and regions, including academicians, experts, heads of major scientific organizations, prominent entrepreneurs and university presidents.
The forum facilitates communication through high-level dialogues, keynote speeches and roundtable discussions, creating valuable connections among scientists, entrepreneurs and policymakers. These exchanges encourage in-depth reflection and foster consensus on critical scientific issues. Over the past five years, the forum has drawn thousands of scientific leaders globally, publishing reports and generating influential scientific policy initiatives.
A notable example is the “Openness, Trust, and Cooperation” initiative introduced at the third forum by 260 scientific organizations, emphasizing the international scientific community’s commitment to unity and collaboration. The initiative outlined concrete measures such as maintaining the legitimate boundaries of scientific openness, fostering mutual trust and respect among collaborators, and finding common ground for cooperation.
At the fourth forum, the organizers partnered with globally recognized scientific organizations to launch the initiative of Basic Sciences for Sustainable Development and Discipline Development Report. It called for a renewed global focus on fundamental scientific research, deepening practical cooperation, promoting science popularization, and advancing sustainable development.
In this era of profound transformation, forming a broad consensus is crucial for leading global scientific development. The WSTDF provides a foundation for uniting global wisdom and building a better future.
Building bridges for global collaboration
The WSTDF aims to foster deeper cooperation among governments, industry, and academia, which aligns with President Xi’s vision. It promotes an open, collaborative ecosystem to address global challenges.
Each forum focuses on international cooperation, promoting the sharing of global scientific resources through initiatives like establishing international scientific issues and talent databases for global cooperation.
The inaugural forum introduced an innovative model for organizing the event through a collaborative approach involving CAST, the Chinese Academy of Sciences, the Chinese Academy of Engineering and internationally renowned scientific organizations. This partnership established a flagship platform facilitating cooperation between China’s scientific community and the global science community.
The second forum emphasized collaboration, introducing the Innovation and Cooperation Forum of Open Science and Open Source as a parallel session. The third forum promoted discussions on global cooperation in scientific and technological innovation.
The fourth forum continued with the theme of “Openness, Trust, and Cooperation,” establishing a sub-forum for collaboration between academicians and multinational companies. This initiative aimed to deepen international cooperation in fundamental research, industry partnerships and technological innovation. The fifth forum, based in the Guangdong-Hong Kong-Macao Greater Bay Area, focused on international regional cooperation, resulting in a series of high-quality recommendation reports.
After five years of progress, the WSTDF has become a key platform for global innovation and scientific collaboration. The 2024 forum, themed “Science and Technology for the Future,” will focus on six key ideas: intelligence, interdisciplinary, infrastructures, innovation, interaction, and integration. It will continue gathering global wisdom to empower high-quality development and promote international scientific cooperation and innovation.
Guided by the principles of President Xi’s congratulatory letter, the WSTDF remains committed to building a community with a shared future for mankind. By deepening international cooperation, building global consensus and advancing the three global initiatives — the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative — the forum aims to continue providing strong momentum for global scientific innovation, illuminating the path toward a better, more sustainable future.
Source: GlobeNewswire (MIL-OSI)
Municipality Finance Plc
Stock exchange release
14 October 2024 at 11:00 am (EEST)
Municipality Finance will redeem early notes issued under its MTN programme
Municipality Finance Plc will exercise its right to redeem in whole its USD 150 million notes (ISIN XS2548900146) on 28 October 2024.
The notes are admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. MuniFin has today filed an application to remove the notes from trading.
MUNICIPALITY FINANCE PLC
Further information:
Joakim Holmström
Executive Vice President, Capital Markets and Sustainability
tel. +358 50 444 3638
MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland. The Group’s balance sheet totals over to EUR 50 billion.
MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.
MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.
Read more: http://www.kuntarahoitus.fi/en
Important Information
The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.
This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.
Source: GlobeNewswire (MIL-OSI)
FIXING OF COUPON FROM October 14 2024
Interest coupon for the period 14.10.2024 – 14.01.2025:
DK0030497953, (RT1), 3 months CIBOR +3.40%: 6.53% p.a.
Contact
Please direct any questions regarding this announcement to:
Investors and equity analysts:
Direktør, IR Rating og ESG Rapportering
Mads Lerche Thinggaard
Mobile no. +45 2025 5469
Attachment
Source: GlobeNewswire (MIL-OSI)
| Company announcement no. 45 2024 | Group Communications Bernstorffsgade 40 DK-1577 København V Tel. +45 45 14 00 00 14 October 2024 |
Danske Bank share buy-back programme: Transactions in week 41
On 2 February 2024, Danske Bank A/S announced a share buy-back programme for a total of DKK 5.5 billion, with a maximum of 70 million shares, in the period from 5 February 2024 to 31 January 2025, at the latest, as described in company announcement no. 2 2024.
The programme is being carried out under Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 and the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016, also referred to as the Safe Harbour Rules.
The following transactions were made under the share buy-back programme in week 41:
| Number of shares |
VWAP DKK |
Gross value DKK |
|
| Accumulated, last announcement | 19,623,768 | 202.0885 | 3,965,737,313 |
| 07/10/2024 | 160,000 | 194.3999 | 31,103,984 |
| 08/10/2024 | 110,000 | 196.3523 | 21,598,753 |
| 09/10/2024 | 146,256 | 195.1451 | 28,541,142 |
| 10/10/2024 | 97,607 | 197.3579 | 19,263,513 |
| 11/10/2024 | 78,782 | 198.5271 | 15,640,362 |
| Total accumulated over week 41 | 592,645 | 195.9820 | 116,147,753 |
| Total accumulated during the share buyback programme | 20,216,413 | 201.9095 | 4,081,885,067 |
With the transactions stated above the total accumulated number of own shares under the share buy-back programme corresponds to 2.34% of Danske Bank A/S’ share capital.
We enclose share buy-back transaction data in detailed form of each transaction in accordance with the Commission’s delegated regulation (EU) 2016/1052 of 8 March 2016.
Danske Bank
Contact: Stefan Singh Kailay, Group Press Officer, tel. +45 45 14 14 00
Attachments
Source: The Conversation – UK – By Tomas Sniegon, Associate Professor, Department of European Studies, Lund University
The overthrow of Nikita Khrushchev from the posts of first secretary of the Soviet Communist Party and the leader of the Soviet state in October 1964 was an unprecedented event in the history of the Soviet Union.
The old leader was deposed by the opposition without violence. He was not imprisoned or killed after losing power. While his predecessors Lenin and Stalin and successors Brezhnev, Andropov and Chernenko all died in power, Khrushchev was sent into retirement, where he lived under supervision for another seven years.
Unlike the era of the last Soviet leader, Mikhail Gorbachev, the Soviet Union did not disintegrate when its leader had to relinquish power. Six decades have now passed since what has become known as the “most democratic coup” in Soviet history – sometimes referred to as the “little October revolution”.
Khrushchev, who rose to power on the death of Josef Stalin in 1953, actually came close to being overthrown as early as 1957. At that time, Stalin’s former collaborators and close comrades, including Georgy Malenkov and Vyacheslav Molotov, opposed him. They even gained an upper hand in the party’s highest body, the presidium. But Khrushchev was saved by the support of the army leadership, the KGB political police and the wider party leadership, the central committee.
Seven years later, however, he was brought down by politicians from the next generation – men who largely owed their powerful positions to him.
Strongest among them was Leonid Brezhnev, who duly took Khrushchev’s place as first secretary (shortly afterwards renaming his position general secretary, the same title as Stalin). Next in line was Alexander Shelepin, the powerful secretary of the party’s central committee who had run the KGB from 1958 to 1961.
The role of the KGB, which in October 1964 was headed by Shelepin’s successor Vladimir Semichastny, was crucial in ensuring Khrushchev’s downfall, as its ninth directorate – which was responsible for the protection of state officials – not only protected but also constantly monitored them.
Semichastny not only knew about the revolt against Khrushchev but was actively involved in it. Had he informed the leader about the plotting, pretty much what he was in the job to do, Khrushchev would more than likely have averted the palace coup this time as well.
In his memoirs, Semichastny even mentioned the fact that Brezhnev raised the possibility of Khrushchev’s assassination during one conversation with him. But this plan was never put into action. In the event the plot to remove the Soviet leader was completed by non-violent means.
Khrushchev has gone down in history as a reformer who wanted to make Soviet communism less brutal. He strongly criticised Stalin for his abuse of power but, at the same time, he gradually increased his own powers.
His efforts at political and economic reforms stopped when they posed a threat to maintaining the monopoly of communist power. Despite paying lip service to the idea of less heavy-handed domination of the Soviet bloc from Moscow, he became known for his bloody suppression of the Hungarian revolt in 1956. During the Cuban missile crisis in 1962, he then brought the world to the brink of nuclear war.
His initially positive reforms improved the living standards) of the people in his country, but later became chaotic and led to social unrest, including the massacre of workers in Novocherkassk in 1962 and the need to buy grain from the west, which he had previously wanted to ideologically “bury”.
Also, the rift between the Soviet Union and China at the turn of the 1950s and 1960s caused a certain resentment in Moscow. Khrushchev’s moves towards liberalisation had not caused the rift, which was more due to China’s increased authoritarianism under Mao Zedong during that era. This was exacerbated by border disputes between the two countries as well as disagreements over international relations. But Khrushchev’s critics felt he could – and should – have handled relations more skilfully.
Having faced down a coup attempt in 1957, by October 1964 Khrushchev found himself politically isolated and without support in either the presidium or in the central committee. His opponents forced him to return prematurely from his vacation in the Georgian report town of Pitsunda to Moscow where he was confronted by his political opponents, led by Brezhnev with the support of other powerful politicians, including Shelepin, Alexei Kosygin and Mikhail Suslov.
Realising his supporters in the presidium were in the minority and that to retain power would mean involving the army or KGB, which he was not confident would back him, Khruschev resigned.
Reflecting on how his leadership had rejected Stalinism, he is reported to have said: “I am glad that, finally, the party has matured and can control any individual.”
But Brezhnev, who manoeuvred himself into power in Khrushchev’s stead, learned from the fall of his predecessor and tightened his grip on the levers of power. Yet the Soviet Union – thanks in large part to Khrushchev – never returned the state terror and mass murder of Stalinism.
The Soviet Union was to experience another coup attempt against a leader in 1991, when conservative opponents tried to overthrow another reformer, Mikhail Gorbachev. But this attempt, much less prepared and elaborate and lacking the necessary wider support, failed. The Soviet Union collapsed and was formally disbanded just a few months later.
But for many people, it’s Khrushchev whose reforms and governing style began the gradual disintegration of the Soviet Union as far back as the 1950s, partly thanks to his efforts to impose more democratisation. It is not surprising that the current Russian president, Vladimir Putin, disdains him – especially since Khrushchev, according to Putin, “senselessly donated” Crimea to Ukraine in 1954.
At least Khrushchev himself was able to live to focus on the positives. He would recall in his memoir how he freed his country from the suffocating fear of Stalinism and was able to raise a generation of younger politicians who were finally not afraid to stand up to him. Sadly, this is no longer a hallmark under the current leadership.
Tomas Sniegon 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. Fall of Khrushchev: 60 years since the ‘most democratic coup’ in Soviet history, how Comrade Nikita was toppled – https://theconversation.com/fall-of-khrushchev-60-years-since-the-most-democratic-coup-in-soviet-history-how-comrade-nikita-was-toppled-241053
Source: Securelist – Kaspersky
Headline: Whispers from the Dark Web Cave. Cyberthreats in the Middle East
The Kaspersky Digital Footprint Intelligence team analyzed cybersecurity threats coming from dark web cybercriminals who targeted businesses and governments in the Middle East in H1 2024. Our research highlights the most severe and pervasive threats, and identifies potential risks and consequences as well as defensive strategies.
The report covers threats that targeted entities in the following countries and territories:
The five prevalent cybersecurity threats in the Middle East covered in the report are related to:
Staying aware of all possible risks coming from the dark web helps organizations and governments to be one step ahead of cybercriminals and thus, to prevent attacks or fraud that could compromise their network infrastructure or operational integrity.
Out report will be beneficial for:
The full version of the report is available on Kaspersky Digital Footprint Intelligence website.
· At its recently concluded Board Meeting, Professor Kelly Mua Kingsley was elected as the new Chair of the Board and Ms. Christina Westholm- Schröder was elected as the new Vice Chair of the Board.
· ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction.
Nairobi, 14 October 2024 — At its 101st meeting held on 5 October 2024, the Board of Directors of African Trade & Investment Development Insurance – ATIDI (commonly known as the African Trade Insurance Agency), announced the election of Professor Kelly Mua Kingsly as the new Chair of the Board. He is deputized by Ms. Christina Westholm- Schröder.
The election of the new Board leadership follows the appointment of new Board Members by ATIDI’s Annual General Meeting in line with ATIDI’s continued commitment to strong corporate governance.
The new Board, which includes ATIDI’s first Independent Director, will play a critical role in steering the organization’s strategic direction and governance, further enhancing the organization’s efforts to foster sustainable growth across the continent.
Professor Kelly is the Director of Finance Operations at the Ministry of Finance’s Directorate General of Treasury in Cameroon. In this capacity, he has been instrumental in designing and implementing strategies for monitoring public revenue and expenditure, preparing comprehensive financial reviews and spearheading public finance reforms.
In addition to his role at the Ministry of Finance, Professor Kelly serves as the Censor at the Central Bank of Central African States (BEAC) and represents Cameroon at the Regional Advisory Commission on Financial Markets (COSUMAF). His recent appointment as Cameroon’s designated representative with the United Nations Development Program and the European Investment Bank for GEF projects underscores his commitment to managing climate finance and enhancing regional debt resilience.
Accepting his appointment, Prof. Kelly said his vision is to support best corporate governance practices within ATIDI and drive economic growth that benefits the continent by working closely with ATIDI’s leadership.
“I aim to expand ATIDI’s outreach and visibility across Africa. I encourage all the Central African Economic and Monetary Community (CEMAC) countries to consider applying for membership in ATIDI, as this will further strengthen regional cooperation and open new avenues for economic collaboration,” prof. Kelly said.
Prof. Kelly’s election as the first Cameroonian Board Chair has a significant impact on fostering relationships and networks within the CEMAC and the broader West African region. His role is set to facilitate collaboration among member states, enhance trade relations and promote regional integration. For more information on the membership process, visit
https://www.atidi.africa/investorrelations/membership-process/
Prof. Kelly succeeds Dr. Yohannes Ayalew Birru who has diligently served for two consecutive terms of three years. He was deputised by Ms. Hope Murera, the Managing Director of Zep-Re. During their leadership, ATIDI’s member states increased from 14 to 24 (current member states include Kenya, Cameroon, Nigeria, Ethiopia, Ghana, Malawi, South Sudan, Tanzania, Zimbabwe, Uganda, Zambia, Rwanda, Burundi, Côte d’Ivoire, Benin, Mali, Democratic Republic of Congo, Chad, Senegal, Togo, Madagascar, Niger, Burkina Faso, and Angola). Similarly, gross exposure increased from USD 4.8 million to USD9.6 billion, profits from USD12 million to USD69.1 million and assets from USD419 million to USD837 million.
“I take this opportunity to express my deep appreciation to the outgoing Board Chairman and his team for their outstanding leadership in bringing ATIDI to such a level of performance,” prof. Kelly said.
The new Vice Chairperson, Ms. Westholm-Schröder is Sovereign’s Chief Underwriter and Senior Vice President, with more than 35 years of experience in the political risk insurance industry. She is responsible for all aspects of Sovereign’s transactional underwriting and also leads Sovereign’s successful cooperation with multilaterals and export credit agencies.
Welcoming the new Board of Directors, ATIDI CEO Manuel Moses the new board’s vision and leadership would be instrumental in guiding ATIDI’s future.
“With the Board’s diverse expertise, we expect that we will drive impactful initiatives that foster sustainable trade and investment across Africa. This new leadership team will further enhance our outreach efforts and engage our stakeholders more effectively, creating a stronger and more connected community. Together, we are poised to make a significant difference in the economic landscape of the continent,” Mr. Manuel said.
Rating upgrade
ATIDI was recently upgraded by Moody’s from A3/Positive to A2/Stable – while S&P affirmed its A/Stable rating, reflecting the organization’s strong financial management and strategic direction. This positive assessment positions ATIDI well as it implements its 2024-2027 strategy, which aims to expand its footprint and strengthen its impact across the region. The Board’s support will be crucial in navigating this ambitious strategy, ensuring that ATIDI leverages its strengths and address challenges effectively. Their insights and networks will be vital ATIDI seeks to build new partnerships and enhance its investment initiatives.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The Federal Financial Supervisory Authority (BaFin) warns consumers about services purportedly offered by the company Blockchain Consulting GmbH, based in Munich. Unknown perpetrators are using the company’s name without permission and are contacting consumers via telephone and e-mail. They are suspected of providing payment services.
The perpetrators offer to enable purported trading profits to be paid out or to compensate for losses that have previously been incurred through investments on fraudulent trading platforms. In doing so, they attempt to persuade consumers to make payments for “taxes” or “fees” that are to be paid in advance. Based on the information currently available to BaFin, this is attempted fraud.
Anyone wishing to conduct banking business or provide financial or investment services or payment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been authorised by BaFin can be found in BaFin’s database of companies.
The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: Australian Government – Minister of Foreign Affairs
Even with my highest hopes, when I became Foreign Minister I would not have imagined in little more than two years I would be here with Sean, at his book launch.
One of the very first tasks on my desk when I first became Foreign Minister was to get Sean out of prison in Myanmar.
It was perfectly clear how difficult this would be. We all know how brutal and oppressive the regime in Myanmar is.
We know the escalating conflict and worsening humanitarian crisis in Myanmar.
We are all appalled by the reports of widespread human rights abuses and atrocities.
According to a recent report of the United Nations High Commissioner for Human Rights on the situation in Myanmar, at least 5,350 civilians have been killed.
And half of the population is living below the poverty line, primarily due to the military violence since the 2021 coup.
And of course Sean had spent years working to improve the lives of the people of Myanmar.
Working as an adviser to Aung San Suu Kyi, at the invitation of the elected government of the day, to serve the people of Myanmar, and help them realise their hopes for their country.
His work reinforcing the catastrophic failure of the junta.
And so there was not a lot of cause for optimism about Sean’s release.
Sean’s return was an extraordinary moment of relief for all of his family, friends and supporters, as well as the Australian Government, our regional partners and ASEAN members. Each of whom played important roles in securing Sean’s release.
The multifaceted nature of the work behind Sean’s release was one factor in my decision to ask my department to review its approach to supporting Australians detained in complex circumstances overseas.
That review included consulting with partners, stakeholders, and former detainees to ensure our methods are fit for purpose.
We have deeply appreciated our engagement with Sean as part of these efforts.
We are now better equipped to manage these complex and often highly distressing cases, which we handle on a case-by-case basis to ensure the safety and protection of the individual.
We don’t ever want to jeopardise the welfare or safety of an Australian overseas.
We also recognise that a level of public understanding and in some cases, public pressure, can contribute to better outcomes.
In my position, I have to make a judgment about the best way to balance these options, always with their welfare front of mind.
Always considering the best way to deploy the full range of resources at Australia’s disposal when pushing to secure their release, and to support families back home.
And always seeking ways to refine and improve on this work.
I look to the Senate’s Inquiry into the wrongful detention of Australian citizens overseas to provide suggestions that are both constructive and principled.
I note we are also joined tonight by Cheng Lei and Kylie Moore-Gilbert, who went through their own terrible experiences.
And while there are certainly aspects in common, the approach in each case is different, uniquely tailored to the circumstances and the country in which they were detained.
Sean, we are so grateful to have you back in the country and with us tonight, and of course to see you resume your work as a world-leading expert on Myanmar’s economy.
Which brings me to this important book.
‘Best Laid Plans’ documents Sean’s work in Myanmar, and his efforts to help reform Myanmar’s economy in that brief period of democracy between 2015 and 2021.
It illustrates the sheer scale and ambition of Sean’s work with so many dedicated reformers in Myanmar.
And it reinforces the tragedy of the country’s trajectory since the military coup in 2021.
That coup was the latest setback for Myanmar and its people, who had seen their hopes for their country supressed yet again, following attempts before 1962 and again in 1988 to forge a more democratic and inclusive future.
The regime’s actions in 2021 reversed years of political, economic and development gains.
It has created the largest and most complex crisis in the Indo-Pacific; with humanitarian, economic, political and security dimensions.
And it has caused enormous suffering for the people of Myanmar.
The UN estimates approximately a third of the population – some 18.6 million people – are in need of humanitarian assistance and more than 3.4 million are internally displaced.
Today, I announce Australia will provide a further $9 million through the Australian Humanitarian Partnership, to support communities and conflict affected populations in Myanmar.
This will aid the delivery of life-saving food, water and shelter, as well as essential protection, education and health services for those most in need, including women, girls and people with disabilities.
In his book, Sean also reflects on the atrocities in Rakhine state, which precipitated so much of the continuing violence against and the ongoing targeting of Rohingyas who live there, by the regime and other actors.
The plight of the Rohingya people deserves greater focus in our region – which is why I visited Cox’s Bazar in May this year to talk with community leaders and humanitarian workers who have experienced the consequences of the regime’s actions.
The Rohingya crisis is Australia’s largest humanitarian response.
With my announcement today, successive governments–both Labor and Coalition–will have contributed some $880 million in assistance for Rohingya, their host communities in Bangladesh and people across Myanmar since 2017.
We support the rights of Rohingyas to live safely as citizens in Myanmar.
We want to see conditions put in place that would allow Rohingyas to return in a voluntary, safe, dignified and sustainable way.
And until such time as a safe and dignified return is possible, Australia will continue to support displaced Rohingyas in Bangladesh.
The Australian people are decent and want to help.
We are generous with our humanitarian aid – but it is not a long-term answer.
Reform is desperately needed to drive growth.
As Sean shows us in this book, Myanmar’s economy continues to face a range of constraints.
The World Bank forecasts GDP growth of one per cent in 2024-25 financial year, a revision from 2023 projection of 2 percent growth.
Businesses face operational difficulties as a result of foreign currency, labour and electricity shortages and rapidly rising prices.
And conflict has enabled illicit economic activities to thrive, including narcotics production, scam centres and human trafficking.
The regime is losing ground, but there is no sign its position is softening.
Despite territorial losses and a bleak economic outlook, the regime has not changed its approach.
And opposition groups are divided.
As a result, Myanmar is at risk of further fragmentation.
The current trajectory is not sustainable for the regime or for the region.
We want the regime to take a different path–to fulfil its commitment under ASEAN’s Five Point Consensus, and engage meaningfully and positively with ASEAN representatives.
There must be much more safe access for humanitarian assistance across the country, so that all those who are in need can receive support.
There must be an end to the violence, including the targeting of civilians.
The regime’s violent repression of its people is why the Albanese Government has applied sanctions on key members of the regime responsible for atrocities, as well as on commercial entities with direct links to the Myanmar military regime and why we will continue to keep our targeted sanctions towards Myanmar under review.
But sanctions can only achieve so much.
Genuine, inclusive dialogue is vital to any political resolution – as out of reach as that seems now.
Ultimately, a political resolution in Myanmar will require dialogue between all the actors, including the regime, and a genuine willingness for a legitimate return to civilian-led democratic government.
I have said before that we can’t only deal with those who share our views if we are to effect change.
That was our approach in engaging with the Myanmar regime to secure Sean’s release.
Which is why in 2022, ahead of Sean’s release, I spoke twice directly with the regime’s then-Foreign Minister, U Wunna Maung Lwin.
Not just to argue for a positive outcome for Sean, but so I could directly register Australia’s objections to the regime’s actions.
I also met earlier this year with the National Unity Government’s Minister for Foreign Affairs, Madam Zin Mar Aung.
Peace requires dialogue, which is why Australia will continue to engage with and listen to the many groups and voices working for democracy in Myanmar, including but not limited to the NUG. And why we will continue to support inclusive dialogues that lay the groundwork for future political transitions.
Australia stands ready to work with ASEAN and other partners to find pathways that may encourage dialogue between all players, to lend our voice to messages to the regime to take a different path, and to bring to the table any support that will help make a difference.
We are also supporting efforts to strengthen civil society and build resilience, along with local-level governance initiatives for communities in areas outside regime control.
We do all this because as Sean so powerfully reminds us, the people of Myanmar have not lost hope for their country – so we must not lose hope in them.
We must remain resolute in our support for the people of Myanmar. They have demonstrated their courage and commitment to democracy in decades’ long struggles, with determined resilience in the face of the most horrific adversity.
Tonight we celebrate not just Sean’s contribution, but all those in Myanmar who continue to work for change.
We stand with them, and share their ambitions for a better future.
Sean, congratulations on this achievement.
We admire your dedication and ongoing commitment to the people of Myanmar.
It is my pleasure to officially launch your book.
Source: IMF – News in Russian
October 14, 2024
A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.
The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.
The economy: A commodity boom
A booming mining sector, record high coal exports, and strong household and government spending have led to buoyant economic activity despite a large contraction in agriculture due to the severe winter. The large and permanent wage and pension increases in the 2023−2024 budgets, large dividend payouts by Erdenes Tavan Tolgoi, government support programs, and a minimum wage hike helped raise household incomes and salary‑backed consumer credit, boosting consumption and imports. Strong revenue collection and backloaded capex registration have contributed to a budget surplus despite significant public spending increases. Public debt declined to 47 percent of GDP at end-2023, consistent with IMF staff estimates of the appropriate debt anchor for Mongolia.
Headline inflation has eased and lies within the BOM’s 6±2 target band. The decline is largely due to softer import prices, supported by a small exchange rate (ER) appreciation, and has led to policy rate cuts. However, core inflation remains sticky and has ticked up to the upper limit of the target band in August. Moreover, credit growth in the bank and non-bank financial (NBFI) sectors, especially consumer loans, has been rapid, exceeding long-term trends and has prompted the BOM to tighten reserve requirements and debt service to income (DSTI) limits for consumer loans. Household debt is rising rapidly, especially for some segments of borrowers.
External vulnerabilities declined despite a marked deterioration in the current account deficit due to strong imports and softer coal export prices. FDI and other financing inflows have helped support gross international reserves (GIR) which remains broadly at end-2023 levels (US$4.7 billion at end-August, 3.3 months of imports or 96 percent of the ARA metric). Well-executed external debt refinancing and the BOM’s repayment of half of the outstanding PBOC swap line have reduced external debt risks, resulting in a sovereign credit ratings upgrade.
Outlook: Continuing commodity boom, robust growth, but rising imbalances
Growth is expected to remain robust in 2024−25 reflecting strong mining sector growth, bolstered by the increased production of higher‑grade copper and stronger coal exports to China, and the expansionary, and procyclical 2024 supplementary and draft 2025 budgets. Assuming the government’s spending plans on mega projects[1] is gradually phased in in line with external financing, fiscal deficits are expected to rise through 2029, raising gross financing needs, public debt, and fiscal risks. The output gap is estimated to remain positive through 2028.
Expansionary fiscal policies are likely to widen Mongolia’s external and internal imbalances. Inflation is expected to continue to rise in 2024H2 and remain above target till 2026 due to the lagged effects of the substantial fiscal stimulus in the pipeline, additional stimulus from the 2024 supplementary and 2025 budgets, energy tariff increases, and strong credit growth. Current account deficits are expected to persist due to the high import intensity of investment projects, reducing GIR buffers, despite FDI and new external borrowing.
The forecasts are subject to considerable uncertainty related to the implementation pace, financing, and private sector participation in mega projects, which is still under discussion. The greater the reliance on domestic financing, the larger the impact on GIR, ER, and inflation given the high import intensity of capex. However, procuring external financing to the tune of 67 percent of 2024 GDP within 4−5 years will be difficult. Realistically, therefore, investments are likely to proceed gradually, as implementation runs into capacity and financing constraints, thereby improving macroeconomic outcomes relative to current forecasts.
The outlook is also subject to downside risks stemming from commodity price volatility, uncertainty related to Chinese demand for coal, disruptions in fuel imports from Russia, and delays at China’s Tianjin port, a major transit point for Mongolia’s imports. Potential production and export delays in copper due to regulatory and procedural barriers pose risks. Natural disasters and geopolitical developments add uncertainty. On the upside, commodity prices or exports to China could be stronger than expected, especially in the near term. Moreover, new mining production could come onstream over the medium-term, boosting exports.
Policies: Prudent commodity boom management to sustain growth momentum
A. Fiscal tightening and adherence to fiscal rules: the top policy priority
Fiscal policy tightening is necessary to ensure external and internal balance, build buffers during the current boom and to reduce the burden on monetary policy in confronting inflationary risks. To achieve fiscal consolidation while boosting investment, additional measures are needed to reduce current spending and boost non-mining revenues, such as containing the wage bill, targeting social assistance, increasing progressivity in personal income taxes, reducing tax exemptions, and tax and customs administration reforms (IMF 2023 Report).
Reorienting spending toward infrastructure investment could enhance productivity, provided it is well managed and aligned with the economy’s absorptive capacity. The government should proceed cautiously given Mongolia’s external vulnerabilities, import dependence, limited domestic financing capacity, tighter global financing conditions, and weaknesses in public investment management (PIM). Building buffers during the boom helps create the fiscal space for a gradual, more effective implementation of critical public investment priorities. A more effective Medium-Term Fiscal Framework (MTFF) including capital expenditures is needed to guide capital spending and anchor fiscal and external risks. Investments should be well-prioritized based on proper feasibility studies, with sound implementation of PIM and PPP legislative frameworks to avoid corruption and unproductive projects.
The adoption of a nominal debt ceiling of 60 percent of GDP is a major step forward in strengthening Mongolia’s fiscal rules, as it boosts transparency and accountability, and includes strong deterrence measures. Retaining the structural deficit ceiling helps contain excessive deteriorations in fiscal balances. Nevertheless, neither rule will be able to constrain spending sufficiently in the near term since the debt limit is not binding at present. The procyclicality of the new expenditure rules helps support spending when the economy is booming, and requires spending cuts when it is not, thereby aggravating economic cycles. The rules will need to place some constraints on total spending, which would also preempt potential spending misclassifications (IMF staff stand ready to assist the government in developing appropriate total spending constraints that could allow the government to undertake spending related to its reform and investment plans). Frequent changes in fiscal rules should be avoided as they undermine the effectiveness of the rules as a policy anchor.
B. Ensuring tighter domestic financial conditions
Monetary and macroprudential policies should continue to ensure that domestic financial conditions remain tight. Given the expected rise in inflation in the absence of fiscal consolidation, the BOM should ensure real policy rates remain high until there is greater certainty regarding the stabilization of inflation within the target band. In this regard, maintaining an unchanged monetary policy stance in September 2024 would have been better aligned with the BOM’s assessment of the inflationary outlook. The tightening of DSTI limits and reserve requirements to slow excessive credit growth in the banking sector, on the other hand, were timely and appropriate measures, though more maybe needed (below). The government’s plans to resume domestic debt issuances to establish a yield curve should help improve monetary policy transmission.
C. Building external buffers to strengthen resilience, increase policy space for reforms
External buffers should be increased to strengthen resilience to external shocks and create the room for an effective implementation of the government’s reform priorities. The BOM should allow greater ER flexibility to help absorb external shocks. The government should use its ability to monitor export contracts to better enforce SOE repatriation and the currency settlement law and undertake reforms to attract new FDI and external private financing (below). The newly established BOM-MOF-MOED working group to align the pace of investments with external stability considerations, is an excellent initiative and should help inform the government’s investment plans and the MTFF.
D. Ensuring a sound financial sector
Financial sector supervision should remain vigilant about emerging risks, notably credit risk, given the exceptionally strong credit growth across the financial sector. Enhanced financial soundness indicators during periods of strong economic and rapid credit growth can mask underlying vulnerabilities. It would be important to align the planned reduction in DSTI limits for NBFIs with the lower bank DSTI limits rapidly to prevent regulatory arbitrage to contain explosive consumer credit growth. Supervisors should ensure that DSTI limits are being effectively enforced, accelerate the use of FICO credit scoring, and discourage over‑leveraged consumers from additional borrowing by improving financial literacy. Adherence to NBFI regulations and a rapid approval of the upgraded NBFI regulatory framework would help reduce risks. BOM and FRC supervisors should identify and reduce interlinkages between banks and NBFIs to pre-emptively reduce financial sector vulnerabilities and systemic risks including through targeted onsite supervisions and special provisioning requirements, if necessary. The BOM Governor should be allowed to exercise powers granted by the Central Bank Law to nominate key personnel responsible for financial sector supervisory oversight immediately to facilitate financial sector risk management and reforms.
The financial sector’s ability to lend to credit worthy entities should be strengthened through broader reforms. Insolvency and creditor rights must be improved to assist financial sector institutions address poor asset quality expeditiously. To keep banking sector reforms on track to meet the new end-2026 deadline, the BOM should continue to monitor the development of time-bound plans for shareholder diversification. Shareholder limits should be increased to ensure the effective management and operation of banks, including by allowing selected IFIs to invest in multiple banks.
E. Strengthening soft infrastructure is just as important for sustainable growth
Improving Mongolia’s business climate and governance is critical for strong and sustainable growth. Key priorities for soft infrastructure reform are—a strengthened Investment Law to cut red tape; accelerated overhaul of the Minerals Law; and approval of amendments to the SOE, Insolvency and the draft Whistleblower Laws. Effective enforcement of SOE governance reforms, and a strong judiciary is also necessary, as is ensuring the operational independence of BOM. The planned energy tariff reform is long overdue and necessary to secure energy supply to households and businesses while boosting long-term growth. Tariff increases should be well communicated, appropriately paced, and supported by targeted but temporary assistance to poor households to alleviate transition costs. Ensuring regulatory coherence with tax laws and effective tax dispute resolution processes would facilitate the operation of existing FDI projects and attract new FDI. The new Sovereign Wealth Fund is welcome but a strong governance framework for its sub-funds should be quickly established.
An IMF team visited Ulaanbaatar to conduct the discussions during September 25–October 1, 2024. The IMF mission would like to thank the Mongolian authorities for frank and constructive discussions and their kind hospitality.
Table 1. Mongolia: Selected Economic and Financial Indicators, 2021−29
|
2021 |
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
||
|
Actual |
Projections |
|||||||||
|
(In percent of GDP, unless otherwise indicated) |
||||||||||
|
National Accounts |
||||||||||
|
Nominal GDP (in USD million) |
15,286 |
17,146 |
20,315 |
23,669 |
27,242 |
29,120 |
31,569 |
34,024 |
36,400 |
|
|
Real GDP growth (percent change) |
1.6 |
5.0 |
7.4 |
5.5 |
7.0 |
6.0 |
5.5 |
5.5 |
5.0 |
|
|
Contributions to Real GDP (ppts) |
||||||||||
|
Domestic Demand |
17.6 |
11.4 |
5.6 |
20.2 |
8.3 |
7.6 |
10.0 |
8.8 |
7.2 |
|
|
Exports of G&S |
-7.5 |
13.9 |
17.9 |
1.6 |
7.3 |
6.5 |
0.9 |
2.8 |
4.5 |
|
|
Imports of G&S |
-8.5 |
-20.3 |
-16.2 |
-16.4 |
-8.6 |
-8.2 |
-5.4 |
-6.1 |
-6.6 |
|
|
Consumption |
67.9 |
65.8 |
57.5 |
61.5 |
60.4 |
61.5 |
63.0 |
63.6 |
63.2 |
|
|
Private |
53.0 |
51.9 |
44.5 |
46.7 |
45.8 |
47.1 |
48.7 |
49.4 |
48.9 |
|
|
Public |
14.9 |
13.9 |
13.0 |
14.7 |
14.6 |
14.4 |
14.3 |
14.2 |
14.2 |
|
|
Gross Capital Formation |
36.7 |
42.3 |
33.9 |
35.9 |
35.4 |
35.3 |
35.5 |
35.8 |
36.0 |
|
|
Gross Fixed Capital Formation |
26.8 |
29.8 |
25.3 |
26.6 |
28.4 |
29.3 |
29.3 |
29.6 |
29.8 |
|
|
Public |
6.8 |
7.1 |
7.4 |
9.9 |
10.3 |
10.0 |
10.0 |
10.0 |
10.0 |
|
|
FDI |
13.5 |
14.2 |
10.7 |
8.6 |
9.3 |
10.3 |
9.9 |
9.4 |
9.1 |
|
|
Domestic Private (including SOEs) |
6.5 |
8.6 |
7.3 |
8.1 |
8.8 |
9.0 |
9.4 |
10.2 |
10.6 |
|
|
Gross national saving |
22.9 |
28.9 |
34.5 |
29.0 |
27.7 |
27.0 |
26.3 |
26.2 |
26.7 |
|
|
Prices |
||||||||||
|
Consumer Prices (Avg; percent change) 1/ |
7.4 |
15.2 |
10.3 |
6.5 |
9.0 |
8.3 |
7.6 |
7.2 |
6.7 |
|
|
Consumer Prices (EoP; percent change) 1/ |
13.9 |
13.2 |
7.9 |
7.5 |
9.5 |
7.6 |
7.5 |
6.8 |
6.5 |
|
|
Copper prices (US$ per ton) |
9317 |
8829 |
8491 |
9298 |
9450 |
9550 |
9584 |
9584 |
9584 |
|
|
Coal prices (US$ per ton) |
150 |
123 |
131 |
115 |
105 |
105 |
105 |
105 |
105 |
|
|
GDP deflator (percent change) |
14.4 |
17.7 |
21.8 |
10.0 |
8.9 |
6.7 |
8.1 |
7.1 |
6.6 |
|
|
General government accounts |
||||||||||
|
Primary balance (IMF definition) |
9.7 |
2.2 |
4.3 |
1.8 |
0.3 |
0.3 |
-0.3 |
-0.4 |
-0.1 |
|
|
Total revenue and grants |
32.8 |
34.4 |
34.6 |
37.6 |
36.5 |
35.6 |
34.7 |
34.4 |
34.8 |
|
|
Primary expenditure and net lending |
23.2 |
32.2 |
30.3 |
35.9 |
36.2 |
35.4 |
35.0 |
34.9 |
34.9 |
|
|
Interest |
1.9 |
1.5 |
1.6 |
1.4 |
1.3 |
1.3 |
1.5 |
1.5 |
1.6 |
|
|
Overall balance (IMF definition) |
7.8 |
0.7 |
2.7 |
0.4 |
-1.0 |
-1.1 |
-1.8 |
-2.0 |
-1.7 |
|
|
Non-mineral primary balance (in percent of GDP) |
2.0 |
-6.3 |
-5.7 |
-10.3 |
-11.1 |
-10.6 |
-10.4 |
-10.2 |
-9.9 |
|
|
Gross financing needs |
2.5 |
3.8 |
15.3 |
5.2 |
4.1 |
10.1 |
7.1 |
7.8 |
7.0 |
|
|
General government debt 2/ |
67.7 |
64.5 |
46.8 |
42.4 |
40.0 |
40.7 |
42.4 |
44.8 |
47.3 |
|
|
Domestic |
3.2 |
4.4 |
3.4 |
3.6 |
3.0 |
3.3 |
3.5 |
3.8 |
4.0 |
|
|
External |
64.6 |
60.1 |
43.4 |
38.7 |
37.0 |
37.5 |
38.9 |
41.0 |
43.3 |
|
|
Monetary sector |
||||||||||
|
Broad money growth (percent change) |
13.8 |
6.5 |
26.8 |
20.0 |
15.9 |
11.9 |
12.3 |
11.8 |
14.2 |
|
|
Reserve money growth (percent change) |
6.5 |
39.9 |
7.4 |
20.1 |
13.7 |
11.9 |
12.3 |
11.8 |
12.1 |
|
|
Credit growth (percent change) |
18.1 |
8.6 |
22.0 |
24.0 |
16.0 |
14.2 |
13.5 |
13.5 |
13.5 |
|
|
Balance of payments |
||||||||||
|
Current account balance |
-13.8 |
-13.4 |
0.6 |
-6.9 |
-7.7 |
-8.3 |
-9.2 |
-9.5 |
-9.3 |
|
|
Exports of goods 3/ |
53.2 |
57.5 |
68.5 |
62.7 |
60.0 |
58.9 |
55.1 |
53.1 |
53.3 |
|
|
Imports of goods |
44.3 |
50.3 |
46.1 |
48.8 |
45.4 |
45.4 |
43.7 |
43.7 |
43.7 |
|
|
Gross official reserves (in USD million) 4/ |
4366 |
3400 |
4921 |
5027 |
5140 |
5828 |
6736 |
7159 |
7580 |
|
|
(In months of imports) |
4.3 |
3.0 |
3.7 |
3.6 |
3.4 |
3.7 |
4.0 |
4.0 |
4.0 |
|
|
Net International Reserves (NIR) 7/ |
779.1 |
-796.6 |
570.3 |
… |
… |
… |
… |
… |
… |
|
|
(net of bank’s FX deposits held at the BOM) |
3612 |
1949 |
3612 |
… |
… |
… |
… |
… |
… |
|
|
Net international reserves (NIR) 5/ |
779 |
-797 |
720 |
… |
… |
… |
… |
… |
… |
|
|
Exchange rate |
||||||||||
|
Togrog per U.S. dollar (eop) |
2849 |
3445 |
3411 |
… |
… |
… |
… |
… |
… |
|
|
Sources: Mongolian authorities; and IMF staff projections. |
||||||||||
|
1/ Will be revised to reflect planned energy subsidy removal. |
||||||||||
|
2/ Excludes BOM liabilities to PBOC. Domestic debt includes government’s liabilities to BOM related to the TDB settlement with regard to Erdenet as well as DBM’s domestic FX borrowing and DBM’s borrowing from BOM. |
||||||||||
|
3/ The projections assume coal export volumes for 2024 and 2025 in line with the 2025 medium-term fiscal framework (75 and 80 million tons, respectively), gradually rising to 95 million tons by 2029, reflecting higher coal demand from China and better coal transportation services; Oyu Tolgoi’s revised medium-term copper production and FDI plans; and updated information on SOE off-take contracts. |
||||||||||
|
4/ Gross official reserves includes drawings from the PBOC swap line and IMF SDR allocation in 2021. |
||||||||||
|
5/ NIR is defined as GIR excl. commercial banks’ and government’s US$ deposits held at the BOM, the PBOC swap line, and liabilities to the IMF. |
||||||||||
PRESS OFFICER: Pemba Sherpa
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Source: GlobeNewswire (MIL-OSI)
|
Company Announcement No 48/2024 |
Peberlyk 4 6200 Aabenraa Denmark Tel +45 74 37 37 37 Sydbank A/S |
| 14 October 2024 |
Dear Sirs
Sydbank share buyback programme: transactions in week 41
On 28 February 2024 Sydbank announced a share buyback programme of DKK 1,200m. The share buyback programme commenced on 4 March 2024 and will be completed by 31 January 2025.
The purpose of the share buyback programme is to reduce the share capital of Sydbank and the programme is executed in compliance with the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 and Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016, collectively referred to as the Safe Harbour rules.
The following transactions have been made under the share buyback programme:
| Number of shares | VWAP | Gross value (DKK) | |
| Accumulated, most recent Announcement |
2,336,000 |
830,116,180.00 |
|
| 07 October 2024 08 October 2024 09 October 2024 10 October 2024 11 October 2024 |
17,000 17,000 17,000 16,000 16,000 |
325.14 324.75 323.67 327.10 330.06 |
5,527,380.00 5,520,750.00 5,502,390.00 5,233,600.00 5,280,960.00 |
| Total over week 41 | 83,000 | 27,065,080.00 | |
| Total accumulated during the share buyback programme |
2,419,000 |
857,181,260.00 |
All transactions were made under ISIN DK 0010311471 and effected by Danske Bank A/S on behalf of Sydbank A/S.
Further information about the transactions, cf Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse and Commission delegated regulation, is available in the attachment.
Following the above transactions, Sydbank holds a total of 2,418,890 own shares, equal to til 4.43% of the Bank’s share capital.
Yours sincerely
Mark Luscombe Jørn Adam Møller
CEO Deputy Group Chief Executive
Attachment
Source: United Kingdom UK House of Lords (video statements)
The House of Lords Science and Technology Committee questions Sir Patrick Vallance, now Lord Vallance of Balham, on his general responsibilities as Minister for Science and issues related to its ongoing inquiry into engineering biology. Watch live from 10:15am on Tuesday 15 October.
Find out more about the inquiry https://committees.parliament.uk/event/21940/formal-meeting-oral-evidence-session/
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Source: Switzerland – Department of Defence, Civil Protection and Sport
Bern, 14.10.2024 – President Viola Amherd will travel to Warsaw this week. During her visit, she will meet with Polish President Andrzej Duda on 17 October and also hold talks with the heads of Poland’s parliamentary chambers, Marshall of the Sejm Szymon Hołownia and Marshall of the Senate Małgorzata Kidawa-Błońska. Poland will assume the rotating presidency of the Council of the EU in the first half of 2025.
With a view to Poland assuming the presidency of the Council of the EU at the beginning of 2025, talks during Ms Amherd’s visit will focus on bilateral relations between Switzerland and Poland, the security situation in Europe and the ongoing negotiations between Switzerland and the European Union. Other topics will include bilateral cooperation on the second Swiss contribution to selected EU member states. With overall funding of CHF 320.1 million, Poland will be the largest beneficiary of the 15 countries receiving funding from the second Swiss contribution. This cooperation programme aims to reach socially disadvantaged regions while also supporting research and innovation at Polish universities.
Switzerland and Poland maintain close political, economic and cultural ties. Poland is Switzerland’s most important Central European partner, with a trade volume of CHF 6 billion (2023, excluding gold) and Swiss direct investment of around CHF 6.4 billion (2022). Talks on education, research, innovation and migration have intensified between the two countries as well. Switzerland and Poland also work closely in multilateral contexts such as the World Bank and the International Monetary Fund (IMF).
Address for enquiries
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+41 58 464 50 58
kommunikation@gs-vbs.admin.ch
Publisher
Federal Department of Defence, Civil Protection and Sports
http://www.vbs.admin.ch
Source: United Kingdom UK House of Lords (video statements)
Members help students engage with the work of the House of Lords through our Learn with the Lords programme.
Hear from Baroness Finlay of Llandaff, Lord Haskel, Baroness Bennett of Manor Castle and Baroness Fookes about why they take part in the programme and why they feel it’s important for young people to get involved with @UKParliament and democracy.
Find out more about Learn with the Lords https://learning.parliament.uk/en/learn-with-the-lords/
#HouseOfLords #UKParliament #LearnWithTheLords #Education #Schools
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Source: Government of Canada News
October 10, 2024 – Ottawa, Ontario
Canadian consumers require strong consumer advocacy groups to represent their interests.
Today, the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced four projects that will support efforts to ensure Canadians make informed purchases. Through the Canadian Consumer Protection Initiative, formerly the Contributions Program for Non-profit Consumer and Voluntary Organizations, the government announced more than $900,000 in funding over the next two years.
The funded projects cover a variety of affordability-related topics with a focus on challenges in the retail sector, and important issues like barriers to competition in the grocery sector.
These efforts align with the Government’s goal to enhance affordability, transparency and support for consumers so they can make informed choices.
“The input and experience of strong consumer advocacy groups are essential to informing our continued efforts to make life more affordable for Canadians and to ensure that the interests of consumers are impartially represented. That’s why we have made it a priority to fund timely, independent research that will help inform consumer protection policy in Canada.”
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
The Canadian Consumer Protection Initiative has an annual budget of $5 million for the next five years.
ISED’s Office of Consumer Affairs manages this program on behalf of the Government.
Funding available through the Initiative helps Canadian consumer organizations produce high quality, independent and timely research on consumer issues, as well as strengthen capacity building for consumer organizations to help fulfil their mandates.
Audrey Milette
Press Secretary
Office of the Minister of Innovation, Science and Industry
audrey.milette@ised-isde.gc.ca
Media Relations
Innovation, Science and Economic Development Canada
media@ised-isde.gc.ca
Find more services and information at Canada.ca/ISED.
Follow Innovation, Science and Economic Development Canada on social media.
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