Category: Business

  • MIL-OSI Economics: Foreign Investment and Gender Equality in India: Competitive Pressures or Technology Transfer?

    Source: Asia Development Bank

    We examine the relationship between foreign direct investment (FDI) inflows into a large, emerging economy and advances in gender equality. Several studies have examined how competitive FDI pressures might lower gender inequality by reducing an employer’s ability to practice taste-based discrimination. Other studies examine how FDI-induced technology transfer reduces gender employment and gender wage gaps in developing countries. To the best of our knowledge, we are the first to consider the possibility that foreign investment both places strong competitive pressures on domestic industries and also allows for technology adoption. These ideas are particularly important in service-oriented sectors, where the highest values of foreign investments flow and the largest shares of women are employed. We expect increased competition associated with foreign investment to reduce gender inequality in occupations that suffer most from discrimination, while technology transfer serves to further reduce gender gaps in occupations for which automation reduces the demand for tasks. We use worker-level data from India to examine the differential effects on women relative to men of horizontal (measuring competition) and vertical (measuring technology transfer) FDI across occupational categories. Our findings suggest that competitive pressures associated with horizontal FDI narrow the gender employment gap in nonroutine cognitive occupations, while the technology transfer associated with vertical FDI supports increases in the relative demand for women in routine-manual occupations.

    WORKING PAPER 1486

    MIL OSI Economics

  • MIL-OSI New Zealand: Energy Resources Aotearoa welcomes pragmatic approach in Electricity GPS

    Source: Energy Resources Aotearoa

    Energy Resources Aotearoa welcomes the refreshing pragmatism in the Government’s Policy Statement (GPS) to the Electricity Authority.
    The GPS says mitigating climate change is not the job of the Electricity Authority, and Minister Brown has made it clear that the Authority should take a “fuel agnostic” approach to the electricity sector.
    Chief Executive John Carnegie says, “This is a welcome dose of pragmatism and the direction we need as we transition to a low-carbon electrified economy.
    This winter highlighted that we still need thermal generation to ensure a secure energy system.
    “We must keep our options open with facilities like Genesis’ Huntly Power Station, which can generate energy from domestic gas, coal, and biomass” Carnegie says.
    The GPS also says that the Government will not intervene in the wholesale market as this “can undermine incentives on market participants to manage their risks properly, chilling hedging and new investment leading to increased scarcity, more periods of high prices and reduced security. We couldn’t agree more”.
    The statement clarifies that the Electricity Authority must refrain from favouring one form of fuel or technology over another, something we have consistently advocated for over the last five years. Carnegie says it is great to see the government agree with Energy Resources’ Aotearoa’s long-standing position on fuel and technology agnosticism. 
    If thermal generation is cheaper than renewable alternatives, we should use it. It also says that the Emissions Trading Scheme with carbon pricing should be the mechanism for addressing climate change.
    Carnegie says, “This is a welcome departure from ideologically driven policy, which contorted our largely renewable energy system into a vehicle for reducing emissions. Right now, thermal generation is a necessary part of our generation mix, and it is great that the government acknowledges this. 
    “Now we need the right regulatory and market conditions to encourage the development of gas-fired peaking plants and the fuel we so badly need to keep the lights on.” 

    MIL OSI New Zealand News

  • MIL-OSI Banking: Results of Underwriting Auctions Conducted on October 11, 2024

    Source: Reserve Bank of India

    In the underwriting auctions conducted on October 11, 2024, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    (₹ crore)
    Nomenclature of the Security Notified Amount Minimum Underwriting Commitment (MUC) Amount Additional Competitive Underwriting Amount Accepted Total Amount underwritten ACU Commission Cut-off rate
    (paise per ₹100)
    7.04% GS 2029 14,000 7,014 6,986 14,000 0.04
    7.34% GS 2064 15,000 7,518 7,482 15,000 0.09
    Auction for the sale of securities will be held on October 11, 2024.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1268

    MIL OSI Global Banks

  • MIL-OSI Global: High skills, low protection: the legal hurdles for foreign workers in Indonesia

    Source: The Conversation – Indonesia – By Wayne Palmer, Senior Research Fellow, Bielefeld University

    ilikeyellow/Shutterstock

    Developing countries like Indonesia use foreign high-skilled and high-wage workers to drive economic growth and innovation. However, protection of their legal rights is often neglected, affecting these workers’ productivity and well-being and Indonesia’s reputation as a destination country for employment.

    My research delves into the flaws of Indonesia’s labour market institutions, such as the national labour dispute settlement system, revealing that current mechanisms are inadequate in protecting the rights of high-skilled foreign workers.

    The study

    My findings show the national dispute settlement system exhibits significant systemic shortcomings, such as processing cases slowly and siding with employers, which limit its capacity to protect all workers effectively. But disputes involving foreign workers are further complicated by the fact that immigration law allows employers to cancel residence permits, meaning that the government requires the workers to leave the country even though the workers may have been unfairly dismissed.

    Foreign workers are mainly from Northeast Asia (China, Japan and Korea), and their use on investment-tied projects coupled with Indonesia’s downstreaming programme will ensure their numbers continue to grow. In 2023, the Indonesian government issued 168,048 permits for foreigners to work in Indonesia with the top three destinations being Central Sulawesi (18,678), Jakarta (13,862) and West Java (10,807). By July 2024, the government had already issued more than 14% more permits than by the same time the previous year.

    My study examined 92 labour disputes involving foreign workers between 2006 (when the new national dispute settlement system was implemented) and 2022, which were settled by the Industrial Relations Court. One additional dispute was filed in 2023, but the Industrial Relations Court has not yet published the settlement despite a legal requirement to do so.

    I complemented these court settlements with 98 qualitative interviews with other stakeholders, including policymakers, labour rights activists, legal professionals, and other foreign workers, such as foreign spouses, remote workers and digital nomads.

    As in other countries too, the number of registered labour disputes is only the tip of the iceberg, as workers tend to cut their losses and move on rather than invest time, energy and limited financial resources in challenging their better-resourced employers.

    Employers were all Indonesian companies, so no foreign workers who filed a lawsuit worked for a multinational company, and those who did so had at least 20 nationalities.


    CC BY

    In terms of geographical distribution, the studied disputes were settled in 13 local jurisdictions, and were mostly lodged by workers rather than employers.

    The nature of the disputes mostly involved claims that an employment contract had been terminated prematurely (87 cases), while a much smaller number involved resignation (4 cases) or were unknown (1 case). Of the 92 claims, 83 were initiated by workers, and eight by an employer. In one case, the lodging party was not recorded in the final decision.

    Hiring a private lawyer

    Employers used the Immigration Law to undermine the protective role of the Manpower Law – as it stands foreign workers are only entitled to employment protection if they hold a valid residence permit, which employers can and do shorten. Doing so shows that the Indonesian government prioritizes the flexibility of employers at the expense of employment protection for foreign workers.

    In at least 92% cases, foreign workers used paid assistance of a private lawyer to represent themselves at formal meetings and hearings required by the Disputes Settlement Law, the cost of which could be hefty.

    As one foreign worker explained:

    It’s always in the back of your mind, to do whatever to make employers happy if you want to stay. No matter what the work permit and contract say, they can ask immigration to kick us out within a week!“

    A retired government official responsible for designing policy regarding foreign workers was surprised when he heard this, explaining that:

    I thought they could look after themselves because they earn such high wages. Well, higher than the average Indonesian worker, that is.

    Hiring a private lawyer is the only way to represent themselves throughout the dispute resolution process because they need to leave Indonesia once they are fired. Not having the legal right to remain in Indonesia makes it very difficult – even impossible – to do it without them.

    Addressing institutional failures

    Engaging a private lawyer served as an ‘institutional fix’ that enabled most foreign workers to engage with Indonesia’s labour dispute settlement system by attending formal meetings and hearings, as well as filling out required paperwork and sending essential letters and replies.

    Addressing this institutional failure requires a shift in law and policy. Firstly, legal reforms are essential to ensure that immigration and employment laws are integrated to enable foreign workers to have access to legal processes intended to help protect labour rights. At a minimum, this would involve amending policy to prevent employers from cancelling residence permits so that foreign workers need to leave the country prematurely.

    Alternatively, the Directorate-General of Immigration could still permit employers to do so, but then provide the affected foreign workers with a limited-stay visa so that they can remain in Indonesia to engage with the legal process. The Hong Kong Immigration Department does this for Indonesian migrant workers.

    Secondly, there is a need for enhanced support systems that provide immediate and effective assistance to foreign workers. Government agencies tasked with settling labour disputes, such as local manpower offices and the Industrial Relations Court, should be equipped with adequate resources and trained personnel to handle migrant labour issues. Doing so would decrease the reliance of foreign workers on private lawyers.

    Failure to protect the employment rights of foreign workers has the potential to damage Indonesia’s reputation as a destination country for employment. Such damage could undermine Indonesia’s ambitious plans to build a new capital city (Ibu Kota Nusantara) with the assistance of foreign workers, and undermine the government’s downstreaming programme, which helps Indonesia earn more from the export of raw minerals.

    Wayne Palmer has received research funding from the International Labour Organization, the Freedom Fund, and the Australian Research Council.

    ref. High skills, low protection: the legal hurdles for foreign workers in Indonesia – https://theconversation.com/high-skills-low-protection-the-legal-hurdles-for-foreign-workers-in-indonesia-230795

    MIL OSI – Global Reports

  • MIL-OSI Economics: Samsung’s AI-Powered Home Appliances Are Becoming More Secure With Knox Matrix

    Source: Samsung

    Samsung Electronics is taking protection to the next level with Samsung Knox, the proprietary security platform safeguarding its AI home appliances, alongside additional solutions. The company aims to strengthen the security of not only individual products but also interconnected devices, providing users with peace of mind when using AI home appliances.
     
    At Samsung Developer Conference 2024 (SDC24), Samsung announced plans to extend Knox Matrix from mobile devices and TVs to home appliances following Samsung Knox’s expansion. Knox Matrix provides integrated protection for interconnected devices, allowing them to mutually monitor for security threats and notify users of threat-blocking measures.
     
    ▲ Jong-Hee Han, Vice Chairman, CEO and Head of Device eXperience (DX) Division at Samsung Electronics, delivers the SDC24 keynote address.
     
    In addition, Samsung plans to introduce mobile biometric authentication to its home appliances next year — eliminating the need to enter IDs and passwords and preventing login information from being exposed.
     
     
    Detecting Security Threats and Notifying Users
    All Samsung smart home appliances1 are safeguarded by Samsung Knox, a holistic and multi-defense security platform that protects users’ data from external threats including malicious software. Nonetheless, Samsung set out to build a secure environment for interconnected devices since strong connectivity between devices creates an improved user experience and protection against data exposure in the age of AI home appliances.
     
    Knox Matrix is a security solution that comprehensively protects connected devices and networks using private blockchain technology. The system consists of Trust Chain, Cross Platform and Credential Sync.
     
    ▲ Knox Matrix is comprised of three main technical elements.
     
    Based on blockchain technology, Trust Chain allows connected devices to monitor each other for security threats and notifies users of threat-blocking measures if there is a problem with the security status. Cross Platform ensures consistent security standards are applied to connected devices, even if they run on different operating systems (OS) and platforms. Credential Sync encrypts data shared between devices and synchronizes credentials to maintain security.
     
    First introduced to the 2024 Bespoke 4-Door Refrigerator with AI Family Hub , Credential Sync uses end-to-end encryption (E2EE) technology to share data between devices on the server. Information can be safely shared between connected devices, and existing user data can be restored when a new product is purchased.
     
    Samsung plans to expand the application of Knox Matrix’s Trust Chain, Cross Platform and Credential Sync to major products such as the refrigerator with AI Family Hub beginning next year.
     
     
    Introducing Biometric Authentication
    At SDC24, Samsung also announced that Passkey will be introduced next year to the refrigerator with AI Family Hub as well as home appliances equipped with the 7-inch AI Home LCD screen. Part of Credential Sync, Passkey is a digital credential that allows users to log in to home appliance apps and websites2 using biometrics such as fingerprints on their smartphones.
     
    With the increasing use of apps and web services, the risk of password leaks is on the rise. Passkey alleviates this concern and eliminates the inconvenience of having to remember passwords for each login.
     
    Furthermore, Samsung is planning to apply Knox Vault to its AI home appliances starting next year to further improve hardware-based security. Samsung home appliances equipped with Knox Vault will store sensitive personal information such as passwords and biometric data on a separate hardware security chip — protecting sensitive information from OS-based security breaches or physical hacks.
     
     
    Expanding Recognition From Top-Tier Organizations
    Samsung is committed to improving the reliability of its AI home appliances by expanding security verification from authorized organizations. In February, the Bespoke 4-Door Flex Refrigerator with AI Family Hub + became the first in the global home appliance industry to receive the highest rating of Diamond in the IoT Security Rating conducted by leading certification company UL Solutions. Now, five products including the Bespoke AI Laundry Combo and the Bespoke Jet Bot Combo AI have received the same rating — setting an industry record.3
     
    ▲ The Bespoke AI Laundry Combo received the Diamond security rating from UL Solutions.
     
    UL Solutions’ IoT Security Rating uses a five-level rating system based on rigorous testing of hacking risks and the security capabilities of smart home appliances. The Diamond rating requires passing stringent evaluations including detecting malicious software tampering, preventing illegal access attempts and anonymizing user data. Samsung plans to expand Diamond certification to even more of its AI home appliances.
     
    Additionally, Samsung conducts internal cyberattack simulations at least once a quarter to verify the security of its AI home appliances. The company’s software developers perform these hacking tests on products and services to identify vulnerabilities and create updates to address any security flaws.
     
    “As the connected ecosystem of AI home appliances expands, the importance of security is growing exponentially,” said Miyoung Yoo, EVP and Head of the Software Development Team, Digital Appliances Business at Samsung Electronics. “Samsung will continue to develop security solutions and achieve new certifications to ensure that users can experience peace of mind when using AI home appliances and services in Samsung’s ecosystem.”
     
     
    1 Samsung Knox is applied to select appliances launched in 2018 and later.2 Available on websites that support the international Fast Identity Online (FIDO) standard.3 As of August 2024.

    MIL OSI Economics

  • MIL-OSI Economics: RBI to conduct 3-day Variable Rate Reverse Repo (VRRR) auction under LAF on October 11, 2024

    Source: Reserve Bank of India

    On a review of the current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Reverse Repo (VRRR) auction on October 11, 2024, Friday, as under:

    Sl. No. Notified Amount
    (₹ crore)
    Tenor
    (day)
    Window Timing Date of Reversal
    1 75,000 3 11:30 AM to 12:00 Noon October 14, 2024
    (Monday)

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

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1269

    MIL OSI Economics

  • MIL-OSI Economics: AIIB and AMRO Sign MOU to Strengthen Cooperation for Regional Economic Resilience and Sustainable Development 

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) and the ASEAN+3 Macroeconomic Research Office (AMRO) signed a memorandum of understanding (MOU) to enhance cooperation aimed at fostering regional macroeconomic resilience and sustainable development. This strategic partnership will leverage joint research, knowledge sharing, capacity building and staff exchanges to create a more robust economic landscape for the region.

    AMRO Director Kouqing Li and AIIB President Jin Liqun signed the three-year agreement in Vientiane, Lao PDR this week on the sidelines of the 2024 ASEAN Summit, marking a significant step forward in the two organizations’ shared commitment to addressing pressing economic challenges for their respective member economies.

    “Amid rising global uncertainty and increasing geoeconomic fragmentation, forging strategic partnerships is paramount to deepen our understanding of the challenges faced by the ASEAN+3 region,” Li said. “I am confident AMRO’s collaboration with AIIB will unlock synergies as we work toward securing the macroeconomic and financial resilience and stability of the region.”

    “This partnership reflects our shared vision of fostering sustainable, resilient growth in Southeast Asia,” Jin said. “AIIB is committed to financing Infrastructure for Tomorrow, underpinned by rigorous analysis of local conditions and strong cooperation with local and regional partners. By strengthening joint efforts with AMRO, we are building a solid foundation for a more prosperous and inclusive future for all.”

    The new partnership signifies both organizations’ commitment to enhancing their collaborative initiatives to generate enduring economic benefits for their respective member economies and to navigate the challenges of an evolving global economy.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond—infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity. 

    About AMRO

    AMRO is an international organization comprising the 10 members of the Association of Southeast Asian Nations (Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Viet Nam) and China; Hong Kong, China; Japan; and Korea. AMRO’s mandate is to conduct macroeconomic surveillance, support regional financial arrangements, and provide technical assistance to the members. In addition, AMRO also serves as a regional knowledge hub and provides support to ASEAN+3 financial cooperation.

    MIL OSI Economics

  • MIL-OSI Australia: (WIP) New cyber incident response obligations for Australian organisations

    Source: Allens Insights

    The rationale for mandatory reporting is the Government’s limited visibility over threats to the private sector and the current underreporting of ransomware payments.

    A ransomware reporting regime has previously been supported by both major parties so we expect this reporting regime will receive bipartisan support.

    Two key elements of the Government’s proposal are:

    • reporting obligations will be triggered on payment of a ransom, rather than on awareness of an extortion attempt, or commencement of negotiations with threat actors; and
    • the reporting obligations extend to cyber theft extortion (holding data hostage), not just ransomware (locking functionality).
    Restrictions on use of ransomware payment reports

    Importantly, the Cyber Bill makes clear that ransomware payment reports may only be used or disclosed by the designated federal body or a secondary entity (if such reports are disclosed by the designated federal body), in limited circumstances. Relevantly, the designated federal body must not use or disclose the relevant information it obtains for the purposes of investigating or enforcing any contravention by the reporting business entity of a federal, state or territory law (other than a law that imposes a penalty for a criminal offence).

    To the extent that payment of a ransom is an offence under a criminal sanctions, terrorism financing or other financial crime law, federal or state bodies will be permitted to record, use or disclose the information.

    Admissibility in proceedings

    The Cyber Bill clarifies that information in ransomware payment reports is inadmissible in a broad range of proceedings—including for certain criminal proceedings, civil proceedings for contraventions of civil penalties and proceedings for breaches of any federal, state or territory laws (including the common law). Whilst this provision does not amount to safe harbour from all criminal liability, it does provide broad comfort that information (which is not subject to LPP) may not be admitted in legal proceedings.

    Importantly, because this protection is specifically expressed to attach to information provided by the reporting entity, careful consideration will need to be given in circumstances where a group of companies has suffered an incident.

    Claims of legal professional privilege

    The Cyber Bill also expressly states that information provided in a ransomware payment report does not affect a claim of LPP that anyone may make in relation to information in any proceedings. The express LPP carveout is important as statutory provisions that abrogate legal professional privilege must do so expressly and unambiguously.2 However, the position as to whether and when provision of information the subject of LPP to government agencies constitutes a waiver of LPP is far from settled.3 Further, the protections in respect of LPP are not as broad or far reaching as those in respect of the admissibility of evidence (see below). Accordingly, careful consideration will need to be given prior to the disclosure of any material to which LPP may apply.

    MIL OSI News

  • MIL-OSI China: The Ninth Round of China-ASEAN FTA 3.0 Negotiations was Held in Bangkok, Thailand

    Source: People’s Republic of China Ministry of Commerce

    The Ninth Round of China-ASEAN FTA 3.0 Negotiations was Held in Bangkok, Thailand

    From August 30 to September 3, 2024, the ninth round of China-ASEAN FTA 3.0 negotiations was held in Bangkok, Thailand, joined by nearly 200 officials from competent authorities of China, ten ASEAN countries and the ASEAN Secretariat. Both sides implemented the consensus of Chinese and ASEAN leaders and accelerated the negotiations with positive progress.

    The China-ASEAN FTA 3.0 Upgrade Negotiations were launched in November 2022 by Chinese and ASEAN leaders. The upgrade will expand and deepen economic and trade cooperation between China and ASEAN, adding new substance to the China-ASEAN comprehensive strategic partnership.

    (All information published on this website is authentic in Chinese. English is provided for reference only.)

    MIL OSI China News

  • MIL-OSI: NBPE Announces September Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    NBPE Announces September Monthly NAV Estimate

    11 October 2024

    NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 30 September 2024 monthly NAV estimate.

    NAV Highlights (30 September 2024)

    • NAV per share was $27.37 (£20.40), a total return of (0.3%) in the month
    • Year to date NAV TR of 0.9%
    • $73 million invested in new and follow on investments year to date
    • $391 million of available liquidity at 30 September 2024
    As of 30 September 2024 YTD 1 Year 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised
    0.9% 4.3% (2.8%)
    (1.0%)
    70.9%
    11.3%
    172.2%
    10.5%
    MSCI World TR (USD)*
    Annualised
    19.3% 33.0% 30.7%
    9.3%
    89.1%
    13.6%
    175.2%
    10.7%
    Share price TR (GBP)*
    Annualised
    0.8% 6.4% 14.1%
    4.5%
    76.0%
    12.0%
    245.2%
    13.2%
    FTSE All-Share TR (GBP)*
    Annualised
    9.9% 13.4% 23.9%
    7.4%
    32.2%
    5.7%
    83.6%
    6.3%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 30 September 2024

    NAV performance during the month driven by:

    • 0.2% NAV increase ($2 million) from the receipt of private company valuation information
    • 0.2% NAV increase ($3 million) from positive FX movements
    • 0.3% NAV decrease ($4 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
    • 0.4% NAV decrease ($5 million) attributable to expense accruals and changes in the Zero Dividend Preference share (ZDP) liability

    Realisations from the portfolio continue in 2024

    • $160 million of realisations received year to date, driven by Action, Cotiviti and previously announced sales of Melissa & Doug, FV Hospital and Safefleet as well as sales of public stock and continued realisations from the legacy income investment portfolio

    $391 million of total liquidity at 30 September 2024

    • $181 million of cash and liquid investments with $210 million of undrawn credit line available

    $73 million invested in 2024 in new and follow-on investments

    • $25 million invested in FDH Aero, a leading parts distributor to the aerospace and defense industry
    • $38 million invested into two U.S. healthcare businesses, Benecon and Zeus
    • $10 million of additional new and follow on investments

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 30 September 2024 was based on the following information:

    • 6% of the portfolio was valued as of 30 September 2024
      • 6% in public securities
    • 94% of the portfolio was valued as of 30 June 2024
      • 93% in private direct investments
      • 1% in private funds

    For further information, please contact:

    NBPE Investor Relations         +44 (0) 20 3214 9002
    Luke Mason                              NBPrivateMarketsIR@nb.com 

    Kaso Legg Communications   +44 (0)20 3882 6644

    Charles Gorman                        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 30 September 2024)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer                        68.9 5.4%
    Osaic 2019 Reverence Capital Financial Services                        62.7 4.9%
    Solenis 2021 Platinum Equity Industrials                        58.2 4.6%
    BeyondTrust 2018 Francisco Partners Technology / IT                        42.0 3.3%
    Branded Cities Network 2017 Shamrock Capital Communications / Media                        40.1 3.2%
    Monroe Engineering 2021 AEA Investors Industrials                        38.3 3.0%
    Business Services Company* 2017 Not Disclosed Business Services                        37.1 2.9%
    True Potential 2022 Cinven Financial Services                        35.8 2.8%
    Kroll 2020 Further Global / Stone Point Financial Services                        31.4 2.5%
    Constellation Automotive 2019 TDR Capital Business Services                        30.9 2.4%
    Marquee Brands 2014 Neuberger Berman Consumer                        30.8 2.4%
    Staples 2017 Sycamore Partners Business Services                        30.7 2.4%
    GFL (NYSE: GFL) 2018 BC Partners Business Services                        30.5 2.4%
    Fortna 2017 THL Industrials                        28.7 2.3%
    Viant 2018 JLL Partners Healthcare                        27.2 2.1%
    Stubhub 2020 Neuberger Berman Consumer                        26.6 2.1%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT                        25.8 2.0%
    FDH Aero 2024 Audax Group Industrials                        25.3 2.0%
    Agiliti 2019 THL Healthcare                        25.3 2.0%
    Benecon 2024 TA Associates Healthcare                        25.2 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT                        24.4 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services                        23.8 1.9%
    USI 2017 KKR Financial Services                        23.2 1.8%
    Auctane 2021 Thoma Bravo Technology / IT                        22.5 1.8%
    Excelitas 2022 AEA Investors Industrials                        21.9 1.7%
    Qpark 2017 KKR Transportation                        21.5 1.7%
    AutoStore (OB.AUTO) 2019 THL Industrials                        21.3 1.7%
    Exact 2019 KKR Technology / IT                        20.1 1.6%
    Renaissance Learning 2018 Francisco Partners Technology / IT                        19.4 1.5%
    Bylight 2017 Sagewind Partners Technology / IT                        18.7 1.5%
    Total Top 30 Investments                            $938.5 73.8%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 76%
    Europe 23%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 23%
    Consumer / E-commerce 20%
    Industrials / Industrial Technology 17%
    Financial Services 14%
    Business Services 12%
    Healthcare 9%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 11%
    2017 19%
    2018 16%
    2019 14%
    2020 12%
    2021 16%
    2022 5%
    2023 2%
    2024 5%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $481 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years (firms with more than 1,000 employees). Visit http://www.nb.com for more information. Data as of June 30, 2024.


    1Based on net asset value.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    Attachment

    The MIL Network

  • MIL-OSI: Ageas announces exclusive negotiations to strengthen its partnership with UK over 50s specialist Saga

    Source: GlobeNewswire (MIL-OSI)

    Ageas announces that it has entered into exclusive negotiations with Saga plc, the UK specialist provider of products and services to people aged over 50, to establish a 20-year partnership with Saga Services Limited (SSL) for the distribution of personal lines Motor and Home insurance products to Saga’s customers. Alongside this, Ageas would also acquire Saga’s Insurance Underwriting business, AICL (Acromas Insurance Company Limited), which together form the Proposed Transaction.

    The Proposed Transaction aligns perfectly with Ageas’s recently unveiled Elevate27 strategy, to capitalise on its robust Non-Life presence across Europe, while accelerating solutions targeted at an ageing population, a rapidly expanding customer segment where the Group and Ageas UK already has real strength and expertise. Furthermore, it presents Ageas with the opportunity to enhance its position as a leading personal lines insurer in the UK, adding scale to a core European market of the Group. By combining Saga’s insights with Ageas UK’s personal lines insurance expertise particularly in this customer segment, the partnership offers a unique competitive advantage in the expanding over 50s market.

    Under the Proposed Transaction, Ageas UK, a subsidiary of Ageas, would enter into a 20-year Affinity Partnership with SSL, Saga’s Insurance Broking business, which distributed in excess of GBP 479 million in Gross Written Premiums (GWP) in the 12-month period ended 31 July 2024 across its motor and home insurance products. The Proposed Transaction represents a total cash payment of GBP 147.5 million, subject to customary completion adjustments, with a potential additional contingent consideration of up to GBP 60 million, subject to meeting agreed policy volumes and profitability targets. Completion of the AICL transaction remains conditional on the signing of definitive transaction documentation and regulatory approvals. As of January 2024, AICL’s Own Funds (Unrestricted Tier1) and Solvency Capital Requirement stand at GBP 83 million and GBP 54 million, respectively.

    Based on the initial consideration and including capital synergies, the estimated impact on the Ageas Group Solvency is – 5%.

    The Proposed Transaction will not affect the Group’s current share buyback programme.

    Background on Saga

    Saga, created over 70 years ago, is a specialist in the provision of products and services for people over 50. The Saga brand is one of the most recognised and trusted in the UK. Saga is known for its high level of customer service and its high-quality, award-winning products and services including cruises and travel, insurance, personal finance and media. (http://www.saga.co.uk)

    Hans De Cuyper, CEO of Ageas said: “We eagerly anticipate further strengthening our partnership with Saga, a well-known brand in the UK. This proposed deal aligns seamlessly with the Ageas Group recently launched Elevate27 strategy, which aims to leverage our strong European presence in Non-Life, add scale to our business, and benefit from material capital diversification. This transaction allows us to grow in a market where we already have real strength and expertise. Ageas has a longstanding tradition of successful partnerships, and we are confident that this collaboration with Saga will open new avenues for creating and accelerating profitable growth.”

    Ant Middle, CEO of Ageas UK said: “This proposed deal with Saga aligns perfectly with our strategy to profitably grow in UK personal lines and in creating powerful partnerships to the benefit of our customers. Deepening our relationship with Saga unlocks even more opportunity to increase our competitiveness in a rapidly expanding over 50s customer segment; an area where we already have real strength and expertise. It also draws on our strengths of technical and operational excellence, and customer care, providing more potential for us to leverage the significant investments made in our business over the last three years and offer our expertise in meeting the unique needs of Saga’s customers.”

    Mike Hazell, CEO of Saga plc said: “We are hugely excited at the opportunity to grow our home and motor Insurance business through this proposed partnership with Ageas. The coming together of Saga’s fantastic brand and Ageas’s unrivalled expertise in operating successful affinity insurance partnerships, would create a winning combination. Our joint reputation for delivering exceptional products and services to people over 50 means this partnership would allow us to serve even more customers with great products at excellent value. Saga is a unique business with a long heritage, great people and loyal customers. We have been clear for some time that developing a partnership approach is the right strategy, providing us with a capital-light route to growth and the ability to reduce debt, leading to the creation of long-term sustainable value for all our stakeholders.”

    Whilst Ageas and Saga are in exclusive negotiations, the Proposed Transaction remains subject to the parties agreeing binding documentation as well as regulatory approvals, and therefore there is currently no certainty that it will occur. A further announcement will be made in due course, as appropriate.

    Proposed terms

    Affinity Partnership

    • The Affinity Partnership would be for a 20-year term, with the ambition to ‘go live’ by the end of 2025.
    • Ageas UK would pay Saga an upfront consideration of GBP 80 million payable at or around the ‘go live’ date.
    • Additionally, Saga may receive contingent consideration of up to GBP 30 million in 2026 and up to GBP 30 million in 2032, subject to certain policy volume and profitability targets being met.
    • SSL would receive commission on the GWP generated over the term of the Affinity Partnership representing the value that SSL will continue to provide through the Partnership.

    Ageas acquisition of AICL

    • Ageas UK would acquire AICL for a total consideration of GBP 67.5 million, subject to customary completion adjustments.
    • Completion of the AICL transaction is targeted in Q2 2025 and is conditional on the signing of definitive transaction documentation and certain regulatory approvals.

    Ageas is a listed international insurance Group with a heritage spanning almost 200 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow, and is also engaged in reinsurance activities. As one of Europe’s larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Portugal, Türkiye, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long-term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of about 44,000 people and reported annual inflows of more than EUR 17 billion in 2023.

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    The MIL Network

  • MIL-OSI New Zealand: Luxon wraps up East Asia Summit

    Source: New Zealand Government

    The annual East Asia Summit (EAS) held in Laos this week underscored the critical role that the Association of Southeast Asian Nations (ASEAN) plays in ensuring a peaceful, stable and prosperous Indo-Pacific, Prime Minister Christopher Luxon says.

    “My first participation in an EAS has been a valuable opportunity to engage with leaders on complex issues facing our region, from geopolitical tensions to expanding trade. In my statement, I emphasised the importance of regional security to our collective economic prosperity,” Mr Luxon says.

    Mr Luxon confirmed New Zealand will hold an ASEAN-New Zealand Commemorative Leaders’ Summit in Malaysia in November 2025. 

    “This will be a fitting way to mark 50 years of New Zealand-ASEAN dialogue relations next year,” Mr Luxon says.

    “My Government is lifting the energy New Zealand brings to our relationships across Southeast Asia and we continue to deepen our ties with ASEAN. This includes work to upgrade to a New Zealand-ASEAN Comprehensive Strategic Partnership.”

    Mr Luxon held bilateral talks with the leaders of Cambodia, India, the Philippines, Viet Nam and Thailand. He also delivered a speech to the ASEAN Business and Investment Summit.

    “I had a lengthy and warm bilateral with Prime Minister Modi, who invited me to visit India in the new year. We discussed the many connections between India and New Zealand, how we could grow the relationship further, and the contribution the 300,000 India diaspora make to New Zealand both culturally and economically.

    “I also sat with Prime Minister Modi at the Leaders’ Gala dinner where we continued our conversation. We will look at finding a mutually agreeable time to visit India early in 2025.”

    Prime Minister Luxon also met with the Prime Ministers of Canada and Australia in Laos. Prime Ministers Trudeau, Albanese and Luxon traversed common interests such as their work together on the troubling situation in the Middle East, CPTPP, and the Commonwealth.

    Mr Luxon arrives back in New Zealand on Saturday.

    MIL OSI New Zealand News

  • MIL-OSI: Sampo plc’s share buybacks 10 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 11 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 10 October 2024

    On 10 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      4,228 40.86 AQEU        
      36,970 40.85 CEUX
      919 40.87 TQEX
      50,217 40.85 XHEL
    TOTAL 92,334 40.85  

    *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 8,408,617 Sampo A shares representing 1.53 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

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    The MIL Network

  • MIL-OSI: Tryg A/S – Interim report Q3 2024 and Q1-Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Tryg’s Supervisory Board has today approved the Q3 and Q1-Q3 2024 interim report.

    Tryg reported an insurance service result of DKK 2,130m (DKK 1,513m) and a combined ratio of 78.2% (83.8%) in Q3 2024. The insurance service result was supported by significantly lower weather and large claims compared to the corresponding period in 2023. The underlying claims ratio for the Group improved by 30 basis points driven by continued profitability initiatives. The underlying claims ratio for the Private segment deteriorated by 20 basis points while it deteriorated 40 basis points in Q2 2024. Tryg reported a top-line growth of 3.9% (4.4%) in Q3 2024. The top-line development was mainly driven by price adjustments across all segments to offset inflationary pressure, whilst there was a continued and expected drop in the Corporate business following higher churn in the first part of the year and in line with Tryg’s re-balancing strategy. Synergies from the RSA Scandinavia acquisition were DKK 58m in the quarter reaching DKK 864m accumulated. The investment result was DKK 444m (DKK 265m) driven by positive returns across all asset classes. Pre-tax profit was DKK 2,134m (DKK 1,225m) and profit after tax was DKK 1,611m. Quarterly dividend of DKK 1.95 (DKK 1.85) per share increased by more than 5%, and a solvency ratio of 202% supportive of future shareholders’ remuneration.

    Financial highlights Q3 2024

    • Insurance revenue growth of 3.9% in local currencies (4.4%)
    • Insurance service result of DKK 2,130m (DKK 1,513m)
    • Combined ratio of 78.2% (83.8%)
    • Expense ratio of 13.3% (13.3%)
    • Investment result of DKK 444m (DKK 265m)
    • Profit before tax of DKK 2,134m (DKK 1,225m)
    • Quarterly ordinary dividend of DKK 1.95 (DKK 1.85) per share and solvency ratio of 202%

    Financial highlights Q1-Q3 2024

    • Insurance revenue growth of 4.2% in local currencies (4.3%)
    • Insurance service result of DKK 5,617m (DKK 4,745m)
    • Combined ratio of 80.5% (82.9%)
    • Expense ratio of 13.5% (13.3%)
    • Investment result of DKK 908m (DKK 485m)
    • Profit before tax of DKK 5,270m (DKK 3,640m)
    • Dividend per share of DKK 5.85 (DKK 5.55) per share

    Customer highlights Q3 2024

    • Customer satisfaction score of 86 (86)

    Statement by Group CEO Johan Kirstein Brammer:
    We have delivered a solid insurance service result in the third quarter, once again highlighting our strength as a full-scale insurance operator in Denmark, Norway and Sweden. Today’s results are the last before we present our new strategy, and the numbers underpin our expectation of achieving our financial goals for the strategy period. These goals include an insurance service result of between DKK 7.2 and 7.6 billion and a combined ratio at or below 82% by the end of 2024,” says Johan Kirstein Brammer, CEO of Tryg.

    Conference call
    Tryg hosts a conference call today at 10:00 CET. CEO Johan Kirstein Brammer, CFO Allan Kragh Thaysen, CTO Mikael Kärrsten and Head of IR, SVP Gianandrea Roberti will present the results in brief followed by Q&As.

    The conference call will be held in English. An on-demand version will be available shortly after the conference call has ended.

    Conference call details:
    Danish participants:              +45 78 76 84 90
    UK participants:                    +44 203 769 6819
    US participants:                    +1 646 787 0157
    PIN: 560768

    The interim report material can be downloaded on http://www.tryg.com/downloads-2024 shortly after the time of release.
    Contact information:

    Visit tryg.com for more information. 

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    The MIL Network

  • MIL-OSI China: Festival celebrates renowned playwright

    Source: China State Council Information Office 3

    The Lao She Theater Festival, an annual cultural event in Beijing, celebrates renowned Chinese playwright and novelist Lao She (1899-1966).

    Named after the famous writer, whose works explore social issues in modern China with wit and humanism, the festival features performances of Lao She’s plays and other contemporary theatrical works, with a highlight on the connection between theatrical productions and literary works.

    On Sept 27, the eighth edition of the festival was announced at the Beijing Tianqiao Performing Arts Center. In the following three months, 35 theatrical productions will be staged in the capital with 90 performances divided into seven sections. The festival showcases a variety of theatrical performances not just by Lao She but also new plays by contemporary playwrights from China and beyond.

    These productions explore themes relevant to modern audiences, including social issues, cultural identity and human nature, according to Yang Cheng, president of the Beijing Artists Management Corp, the festival organizer.

    “Literature can evoke deep emotions through the reader’s imagination and connection to the written word, while theater amplifies this emotional impact by presenting stories live. The immediacy and presence of actors onstage allow audiences to feel the tension, humor or sorrow in real-time, making the emotional engagement more direct,” he says.

    Last year, the festival commissioned director Fang Xu to adapt Lao She’s classic novel Rickshaw Boy into a play. Featuring an all-male cast, the play has been staged in over 20 shows across the country. On Sunday and Monday, it was staged again at the Beijing Tianqiao Performing Arts Center.

    Fang says that while literature is often the product of a single author’s vision, theatrical productions are highly collaborative. The process of staging a play involves writers, directors, actors, set designers and more, contributing their skills to interpret the original text. This collaboration can lead to multiple layers of meaning beyond what is present in the original literary work.

    This year, the festival announced its second commission for the event. Chinese director Zhang Xiao will adapt Chinese writer Du Liang’s popular novel Peking in Flames into a play, which will premiere on Dec 12 with shows running till Dec 15.

    The novel is a historical drama set in Beijing (formerly Beiping) during the late stages of the War of Liberation (1946-49), specifically in 1948, just before the founding of the People’s Republic of China in 1949. The novel was turned into a hit TV drama in 2009 featuring actor Liu Peiqi playing the lead role of Wen San’er, who makes a living by pulling a rickshaw and is depicted as clever, street-smart and knows how to navigate the complex political landscape of Beiping.

    “The novel focuses on the lives of various characters from different social classes caught up in the political and military struggles of the time. Du Liang is known for his detailed and immersive storytelling, bringing historical events to life with rich characterizations and dramatic tension,” says Zhang. “The writer uses the setting of Beiping to symbolize the broader transformation of Chinese society during this period. The character Wen San’er is vivid and, despite his petty, streetwise demeanor, possesses a trait that shines brightly. This trait carries a resilient vitality.”

    On Dec 7 and 8, the festival will stage The Family by the Jiangsu Performing Arts Group adapted from Chinese writer Ba Jin’s novel of the same title. Depicting the oppressive effect of traditional feudal families upon younger generations, the novel is Ba Jin’s most famous and influential work, which has been adapted into different art forms.

    Over the years, the Lao She Theater Festival has expanded to include collaborations with international theater groups, bringing diverse theatrical styles and influences to the event. This has helped position it as a platform for cross-cultural exchange.

    The Armazem Theatre Company from Brazil will debut in Beijing by staging its production Posthumous Memoirs of Bras Cubas from Oct 31 to Nov 3. Adapted from the book by Brazil’s celebrated writer Machado de Assis, the production, directed by Paulo de Moraes, sold out when it was staged during the 10th edition of the Wuzhen Theater Festival — an annual theater event in the ancient water town of Wuzhen, Zhejiang province.

    The Song of the Goat Theatre from Poland will return with its theatrical experiment Hamlet — A Commentary, featuring actors interpreting the characters, events and emotions through sounds. The text is given a melody and the dialogue is presented as musical harmonies. The words and music reflect the characters’ and family’s emotions. In 2019, the theater company staged its production Songs of Lear, an interpretation of Shakespeare’s tragedy King Lear, during the third edition of the Lao She Theater Festival.

    Other highlights of the ongoing festival will include a new section for dance productions. Chinese filmmaker Lu Chuan will present the dance drama Tian Gong Kai Wu, or The Exploitation of the Works of Nature, inspired by the science classic of the same title by Song Yingxing, a scientist who lived in the late Ming (1368-1644) and early Qing (1644-1911) dynasties. First published in 1637, the book offers a summary of ancient China’s manufacturing and farming techniques, earning recognition as an encyclopedia of science and technology. The eponymous drama, coproduced by the Jiangxi Cultural Performance Group and the Beijing Dance Academy, revolves around Song’s quest, portraying his journey to gather the techniques and tools and emphasizing the craftsmanship of ancient Chinese laborers.

    Since its launch in 2017, the festival has supported young theater lovers from various universities. Eighteen theatrical productions by students of Chinese universities will be staged during the festival, selected among 60 productions from 33 universities.

    MIL OSI China News

  • MIL-OSI China: Tai chi activities spread Chinese culture overseas

    Source: China State Council Information Office 3

    When 24-year-old Peter Onyango arrived in Chenjiagou village in Henan province, he encountered a 75-year-old woman who challenged him to push her with all his might.

    Despite his hesitation, to his surprise the young man failed to move her. “People you see in Chenjiagou engage in exercises frequently, a sight I’ve never witnessed elsewhere. It truly inspired me to practice tai chi more,” he said.

    Onyango, from Kenya, was one of 31 participants who recently took part in on-site instruction, seminars and interactive sessions in Chenjiagou, the birthplace of tai chi. He expressed gratitude for the immersive experience in Henan.

    Organized by the Ministry of Commerce and hosted by Henan University of Technology, the program was designed to cater to developing countries such as Ethiopia, Burundi, Kenya and Sierra Leone from Aug 22 to Sept 11. It offered participants firsthand experience of tai chi’s captivating charm.

    Chen Bing, president of Chenjiagou Tai Chi Boxing Association, said most participants are dedicated martial arts enthusiasts and could quickly and earnestly grasp the teachings.

    “We are showcasing our culture to them. Tai chi is inclusive, emphasizing the balance between yin and yang, hardness and softness, inspiring individuals,” Chen said.

    “Not only can they learn martial arts and tai chi movements, but I also hope they can get traditional Chinese culture and wisdom to enrich their training,” Chen added.

    Iva Kufr, a 61-year-old from the Czech Republic, said it was a new and positive experience, especially since it was her first visit to Henan. “Even though I have been practicing tai chi for more than 25 years, I got innumerable new information from here,” she said.

    She said that her visit to the Tai Chi Museum in Chenjiagou was an “unforgettable experience and permanent source of information” for her.

    “And our master is very good, he knows what is important for our improvement. He is a great inspiration for me as a teacher, and I am sure I will follow some of his teaching methods and communication in my future teaching life,” she added.

    Liu Kefei, dean of the School of Education and Training of Henan University of Technology, highlighted Henan’s abundant cultural heritage. After returning to their own countries, many participants like to focus on establishing wushu associations and clubs to promote and spread traditional Chinese martial arts culture.

    Also as director of the Henan Foreign Aid Training Center, Liu said that the center has successfully conducted 58 sessions for traditional martial arts culture-themed training. Approximately 1,700 sports officials, athletes and coaches from foreign countries have immersed themselves in and experienced traditional Chinese culture.

    “We have also forged enduring friendships with individuals worldwide, expanding the circle of friends in the countries involved in the Belt and Road Initiative,” Liu added.

    MIL OSI China News

  • MIL-OSI United Kingdom: Employment Rights Bill: statement on lateness of IA submission

    Source: United Kingdom – Executive Government & Departments

    RPC statement about the late submission of the Employment Rights Bill impact assessment.

    The Regulatory Policy Committee (RPC) produces opinions of impact assessments (IAs) and Options Assessments (OAs) to help departments ensure that the evidence and analysis in them is sufficiently robust. We provide an independent opinion to assist ministerial decision making and parliamentary scrutiny of regulatory proposals. We publish these to assist parliamentarians and to ensure that they are available to external stakeholders. Government departments are expected to submit IAs to the RPC in time for the RPC to issue an opinion before the relevant legislation is laid before Parliament.

    As part of the King’s Speech, the Government made clear its intention to introduce an Employment Rights Bill. Since this was a manifesto commitment, the Better Regulation Framework urgent measures process allows the department (the Department for Business and Trade) to submit an IA for the proposal, rather than an OA as normally required.

    The Employment Rights Bill was introduced to Parliament yesterday (10th October 2024). An IA has yet to be submitted to the RPC for scrutiny.

    The RPC will, on receipt of the IA, produce its opinion as soon as possible. Our opinion will be made available to the Government and Parliament and published on our website as soon as it is complete, when we will update this statement.

    Updates to this page

    Published 11 October 2024

    MIL OSI United Kingdom

  • MIL-OSI: Bitget Wallet Integrates Tonstakers, Enabling TON Staking with a Minimum 3% APY

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Oct. 11, 2024 (GLOBE NEWSWIRE) — Bitget Wallet, a leading non-custodial Web3 wallet, has integrated Tonstakers, the top staking protocol by Total Value Locked (TVL) in the TON ecosystem. This new feature lets users stake their TON tokens easily, with just a tap on the mobile app. Users can earn additional rewards from the ecosystem, with an annual return estimated between 3% and 5.5%.

    Beyond TON tokens, Bitget Wallet supports a wide range of staking services, including ETH, popular stablecoins such as USDT, USDC, and DAI, as well as Bitget Wallet’s ecosystem token, BWB. Users can also participate in other re-staking assets, utilizing strategies designed to boost yields. These options provide more ways for token holders to grow their returns. With the intuitive “DeFi” tab on the wallet app’s homepage, users can visualize and manage their staking activities in real-time, tracking daily earnings and unstaking whenever they wish. By offering flexible strategies that accommodate different risk profiles, the wallet helps users find the right balance between maximizing safety and earning potential. This streamlined design makes staking easy and increases both liquidity and overall returns for participants.

    As one of the first Web3 wallets to fully support the TON/Telegram ecosystem, Bitget Wallet employs MPC (Multi-Party Computation) technology, which removes the need for private keys. Users can create and manage their wallets through various login options, including Telegram. With this innovative keyless solution for the TON mainnet, Bitget Wallet enables users to securely create TON wallets without the hassle of traditional private keys. Additionally, Bitget Wallet has developed a Telegram trading bot that offers a one-stop service, including multi-chain trading, a zero gas fee experience for TON DApps, and popular project airdrops. It has also introduced OmniConnect, a software development kit (SDK) that enables Telegram mini-apps to effortlessly link to more than 500 blockchains, simplifying interactions like signing and transactions within DApps.

    This deep connection to the TON ecosystem has led to a significant surge in both user growth and wallet activity. In Q3 2024 alone, the number of TON addresses on Bitget Wallet saw a staggering increase of 4886%. According to research, Bitget Wallet is the most popular wallet in the TON ecosystem, with 68% of users favoring this mobile platform over browser-based solutions. Bitget Wallet’s success is also reflected in the project it supports – Tonmarket, a TON ecosystem app, has amassed over 30 million users in less than three months, quickly becoming a dominant player in the sector.

    Bitget Wallet’s collaboration with the TON ecosystem is fueled by a vision of a decentralized future where financial tools are accessible to everyone. As the TON ecosystem evolves, the emphasis will move from basic staking and tap-to-earn models to more advanced applications in finance, gaming, and social interaction, aiming to provide users with lasting, sustainable value beyond short-term incentives. Alvin Kan, COO of Bitget Wallet, remarked, “Our integration with Tonstakers is just the beginning. The future growth of the TON ecosystem will stem from innovative applications that foster meaningful engagement. We’re excited to contribute to a future where decentralized finance meets real-world needs.

    About Bitget Wallet

    Bitget Wallet stands as one of the world’s leading non-custodial Web3 wallets and decentralized ecosystem platform. With the Bitget Onchain Layer, the wallet is well-poised to develop a burgeoning DeFi ecosystem through co-creation and strategic incubation. Aside from a powerful Swap function, Bitget Wallet also offers multi-chain asset management, smart money insights, a native Launchpad, Inscriptions Center, and an Earning Center. Supporting over 100 major blockchains, 500,000+ tokens, and a wide array of DApps, Bitget Wallet is your top wallet for asset discovery and Web3 exploration.

    For more information, visit: Website | Twitter | Telegram | Discord

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0b1f59be-7ca1-4542-8250-d7d4760d814c

    The MIL Network

  • MIL-OSI Economics: Result of the 3-day Variable Rate Reverse Repo (VRRR) auction held on October 11, 2024

    Source: Reserve Bank of India

    Tenor 3-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of offers received (in ₹ crore) 45,260
    Amount accepted (in ₹ crore) 45,260
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1270

    MIL OSI Economics

  • MIL-OSI: Outlook for earnings per share in 2024 upgraded to DKK 75-80

    Source: GlobeNewswire (MIL-OSI)

    For 2024, Jyske Bank expects a net profit of DKK 5.0bn-5.3bn, corresponding to earnings per share of DKK 75-80. Previously, guidance was for a net profit in the upper half of DKK 4.3bn-5.1bn and earnings per share in the upper half of DKK 64-76.

    Net profit amounted to slightly above DKK 1.4bn in the third quarter and slightly above DKK 4.0bn for Q1-Q3 2024. The upgrade follows favourable financial markets amid declining market rates that led to significant value adjustments in the third quarter. The credit quality remained solid and loan impairment charges amounted to an income in the quarter.

    Jyske Bank’s Interim Financial Report for the first nine months of 2024 is expected to be published on 29 October 2024.

    Yours faithfully, 
    Jyske Bank

    Contact: Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

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    The MIL Network

  • MIL-OSI Russia: A school will be built in the Akademichesky district

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The Moscow Committee for Architecture and Urban Development has amended the land use and development rules for the construction of a school in the Akademichesky District. This was reported by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “The school will be designed for a thousand places. It is planned to be built at the address: Shvernika Street, Building 17, Building 2 as part of the city’s Address Investment Program. The maximum area of the educational institution will be 30 thousand square meters,” said Vladimir Efimov.

    As specified Juliana Knyazhevskaya, Chairman of the Moscow Committee for Architecture, the area of the land plot for the new educational institution will be 2.29 hectares. It will house the school building itself, sports and playgrounds, and recreation areas.

    In recent years, the city has built seven schools with a capacity of one thousand or more students.

    “All new educational facilities are located in areas that have received an impetus for development. Three of them are in the Nekrasovka district, one each in Obruchevsky, Levoberezhny and Molzhaninovsky, and another one is on the territory of the former ZIL industrial zone in the Danilovsky district. The building in Akademichesky will become a new school built at the expense of the city,” noted the head of the capital’s Department of Civil Construction.

    Rafik Zagrutdinov.

    Earlier, Sergei Sobyanin spoke about construction of social infrastructure in the capital.

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

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

    http://vvv.mos.ru/nevs/item/145086073/

    MIL OSI Russia News

  • MIL-OSI Africa: Afreximbank to Host 2024 Trade Finance Seminar and Factoring Workshop in Windhoek, Namibia

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

    CAIRO, Egypt, October 11, 2024/APO Group/ —

    African bankers, financiers, legal practitioners, insurers, and professionals from regulatory agencies and corporates, from across the African continent involved in trade finance will gather in Windhoek, Namibia, from 5 to 8 November for the annual Afreximbank Trade Finance Seminar (ATFS) and Factoring Workshop (https://ATFS2024.AfreximbankEvents.com).

    The event will address critical trade finance trends, tools and offer training in innovative strategies to bolster Africa’s trade ecosystem.

    Mr. Titus Ndove, Executive Director, Ministry of Finance and Public Enterprises, Namibia will deliver the Keynote Address, underscoring Namibia’s commitment to advancing intra-Africa trade as well as global trade facilitation.

    The Seminar will host a number of world class speakers covering a broad range of topics and technical training workshops.

    Ms. Gwen Mwaba, Managing Director Trade Finance & Correspondent Banking, Afreximbank, said: “This Seminar aims to equip participants with essential knowledge and skills to navigate the complexities of financing transactions and structuring viable trade deals amidst increasing and heightened global economic uncertainty.

    “By enhancing expertise in trade and trade-related deals, participants will not only drive national economic growth and boost public and private sector revenues through enhanced income generation, but also enable governments to execute critical development projects. Our aim is to foster a collaborative environment where these key stakeholders can share insights and strategies to strengthen Africa’s trade finance landscape and unlock new opportunities for growth.”

    Africa’s trade finance gap (https://apo-opa.co/4eBnsOn) is estimated to be between US$90 billion and US$120 billion per year.

    The exiting and scaling back of many international banks from Africa have severely limited local lenders’ ability to finance clients’ import and export needs and created record demand for trade finance in Africa.

    The Afreximbank Trade Finance Seminar (ATFS) and Factoring Workshop (https://ATFS2024.AfreximbankEvents.com) is a cost- and time-efficient capacity-building seminar tailored to African markets for professionals involved directly or indirectly in trade finance, providing them with valuable knowledge and expert training.

    Among the speakers at the workshop is Mr Neal Harm, the Secretary General of the FCI, the Global Representative Body for Factoring and Financing of Open Account Domestic and International Trade Receivables headquartered in the Netherlands.

    The full-day Factoring Workshop on 8 November will focus on “Solving the African Micro Small Medium Enterprise (MSMEs) Trade Finance Gap through Factoring and Supply Chain Finance” and provide valuable insights into how this alternative financing method can effectively bridge the finance gap for MSMEs.

    Factoring is a vital trade finance tool that provides MSMEs with access to financing, helping to boost trade under the African Continental Free Trade Area (AfCFTA).

    Interested attendees can register for the Afreximbank Trade Finance Seminar and Factoring Workshop by clicking on this link (https://apo-opa.co/3YjsWav).

    MIL OSI Africa

  • MIL-OSI United Nations: Secretary-General’s Opening Remarks at the 14th ASEAN-UN Summit

    Source: United Nations secretary general

     
     
    Mr. Chair, Prime Minister Siphandone, thank you for your warm welcome and congratulations on your leadership of ASEAN this year. 
     
    Distinguished leaders of ASEAN,
     
    Excellencies,
     
    Ladies and gentlemen,
     
    For nearly six decades, the family of South-East Asian countries has blazed a path of collaboration.
     
    Every day, you grow more integrated, dynamic and influential.
     
    And our ASEAN-UN partnership is growing ever stronger, too and it is today a strategic partnership from the UN point of view.
     
    The ASEAN-UN Plan of Action is making important progress across the political, security, economic and cultural fronts.
     
    I am particularly grateful for the important contribution of ASEAN members to our peacekeeping operations.
     
    Allow me to express my total solidarity with the Indonesian delegation. Two Indonesian peacekeepers [serving in Lebanon] were wounded by Israeli fire. We are together with you and the Indonesian people at this time.
     
    I also welcome your work on the preparation of the Community Vision 2045.
     
    This region has always been about looking ahead.
     
    And so is the Pact for the Future, adopted last month at the United Nations.
     
    We need to keep looking ahead.  
     
    Let me point to four key areas. 
     
    First, connectivity — your theme for the year.
     
    We start with a fundamental objective: technology should benefit everyone.
     
    Across Southeast Asia, broadband and mobile internet connectivity has soared. Yet the digital divide persists. 
     
    And a new divide is now with us — an Artificial Intelligence divide. 
     
    Every country must be able to access and benefit from these technologies.
     
    And every country should be at the table when decisions are made about their governance.
     
    The Pact for the Future includes a major breakthrough — the first truly universal agreement on the international governance of Artificial Intelligence that would give every country a seat at the AI table.
     
    It also calls for international partnerships to boost AI capacity building in developing countries.
     
    And it commits governments to establishing an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations.
     
    Second, finance. 
     
    International financial institutions can no longer provide a global safety net – or offer developing countries the level of support they need.
     
    The Pact for the Future says clearly: we need to accelerate reform of the international financial architecture.
     
    To close the financing gap of the Sustainable Development Goals. 
     
    To ensure that countries can borrow sustainably to invest in their long-term development. 
     
    And to strengthen the voice and representation of developing countries.
     
    This includes calling on G20 countries to lead on an SDG Stimulus of $500 billion a year.
     
    Substantially increasing also the lending capacity of Multilateral Development Banks.
     
    Recycling more Special Drawing Rights.
     
    And restructuring loans for countries drowning in debt.
     
    Third, climate.
     
    ASEAN countries are feeling the brunt of climate chaos – disasters like Super Typhoon Yagi – while the 1.5 degree goal is slipping away.
     
    We need dramatic action to reduce emissions.
     
    The G20 is responsible for 80 per cent of total emissions – they must lead the way.
     
    I welcome the pioneering Just Energy Transition Partnerships in Indonesia and Vietnam.
     
    By next year, every country must produce new NDCs aligned with limiting the global temperature rise to 1.5 degrees Celsius.
     
    Developed countries must keep their promises to double adaptation finance.
     
    And we need to see significant contributions to the new Loss and Damage Fund.
     
    Every person must be covered by an alert system by 2027, through the United Nations’ Early Warnings for All Initiative. 
     
    We must secure also an ambitious outcome on finance at COP29.
     
    Fourth and finally, peace.
     
    I recognize your constructive role in continuing to pursue dialogue and peaceful means of resolving disputes from the Korean Peninsula to the South China Sea. 
    And I salute you for doing so in full respect of the UN Charter and international law – including the UN Convention on the Law of the Sea.
     
    Meanwhile, Myanmar remains on an increasingly complex path.
     
    Violence is growing.
     
    The humanitarian situation is spiralling.
     
    One-third of the population is in dire need of humanitarian assistance.  Millions have been forced to flee their homes. 
     
    Seven years after the forced mass displacement of the Rohingya, durable solutions seem a distant reality.
     
    I support strengthened cooperation between the UN Special Envoy and the ASEAN Chair on innovative ways to promote a Myanmar-led process, including through the effective and comprehensive implementation of the ASEAN Five-Point Consensus and beyond.
     
    The people of Myanmar need peace. And I call on all countries to leverage their influence towards an inclusive political solution to the conflict and deliver the peaceful future that the people of Myanmar deserve.
     
    Excellencies,
     
    ASEAN exemplifies community and cooperation.
     
    You are far more than the sum of your parts.
     
    In a world with growing geopolitical divides, with dramatic impacts on peace and security and sustainable development, ASEAN is a bridge-builder and a messenger for peace.
     
    Peace that is more necessary than ever, when we see the immense suffering of the people in Gaza, now extended to Lebanon, not forgetting Ukraine, Sudan, Myanmar and so many others.
     
    Allow me to tell you that the level of death and destruction in Gaza is something that has no comparison in any other situation I have seen since I became Secretary-General.
     
    I am extremely grateful for your constant efforts to keep our world together.
     
    You play a key role in shaping a world that is prosperous, inclusive and sustainable with respect for human rights at its heart.
     
    And you can always count on my full support and that of the United Nations in this essential effort.
     
    Thank you.
     

    MIL OSI United Nations News

  • MIL-OSI Africa: Secretary-General’s Opening Remarks at the 14th ASEAN-UN Summit

    Source: United Nations – English

    strong> 
     
    Mr. Chair, Prime Minister Siphandone, thank you for your warm welcome and congratulations on your leadership of ASEAN this year. 
     
    Distinguished leaders of ASEAN,
     
    Excellencies,
     
    Ladies and gentlemen,
     
    For nearly six decades, the family of South-East Asian countries has blazed a path of collaboration.
     
    Every day, you grow more integrated, dynamic and influential.
     
    And our ASEAN-UN partnership is growing ever stronger, too and it is today a strategic partnership from the UN point of view.
     
    The ASEAN-UN Plan of Action is making important progress across the political, security, economic and cultural fronts.
     
    I am particularly grateful for the important contribution of ASEAN members to our peacekeeping operations.
     
    Allow me to express my total solidarity with the Indonesian delegation. Two Indonesian peacekeepers [serving in Lebanon] were wounded by Israeli fire. We are together with you and the Indonesian people at this time.
     
    I also welcome your work on the preparation of the Community Vision 2045.
     
    This region has always been about looking ahead.
     
    And so is the Pact for the Future, adopted last month at the United Nations.
     
    We need to keep looking ahead.  
     
    Let me point to four key areas. 
     
    First, connectivity — your theme for the year.
     
    We start with a fundamental objective: technology should benefit everyone.
     
    Across Southeast Asia, broadband and mobile internet connectivity has soared. Yet the digital divide persists. 
     
    And a new divide is now with us — an Artificial Intelligence divide. 
     
    Every country must be able to access and benefit from these technologies.
     
    And every country should be at the table when decisions are made about their governance.
     
    The Pact for the Future includes a major breakthrough — the first truly universal agreement on the international governance of Artificial Intelligence that would give every country a seat at the AI table.
     
    It also calls for international partnerships to boost AI capacity building in developing countries.
     
    And it commits governments to establishing an independent international Scientific Panel on AI and initiating a global dialogue on its governance within the United Nations.
     
    Second, finance. 
     
    International financial institutions can no longer provide a global safety net – or offer developing countries the level of support they need.
     
    The Pact for the Future says clearly: we need to accelerate reform of the international financial architecture.
     
    To close the financing gap of the Sustainable Development Goals. 
     
    To ensure that countries can borrow sustainably to invest in their long-term development. 
     
    And to strengthen the voice and representation of developing countries.
     
    This includes calling on G20 countries to lead on an SDG Stimulus of $500 billion a year.
     
    Substantially increasing also the lending capacity of Multilateral Development Banks.
     
    Recycling more Special Drawing Rights.
     
    And restructuring loans for countries drowning in debt.
     
    Third, climate.
     
    ASEAN countries are feeling the brunt of climate chaos – disasters like Super Typhoon Yagi – while the 1.5 degree goal is slipping away.
     
    We need dramatic action to reduce emissions.
     
    The G20 is responsible for 80 per cent of total emissions – they must lead the way.
     
    I welcome the pioneering Just Energy Transition Partnerships in Indonesia and Vietnam.
     
    By next year, every country must produce new NDCs aligned with limiting the global temperature rise to 1.5 degrees Celsius.
     
    Developed countries must keep their promises to double adaptation finance.
     
    And we need to see significant contributions to the new Loss and Damage Fund.
     
    Every person must be covered by an alert system by 2027, through the United Nations’ Early Warnings for All Initiative. 
     
    We must secure also an ambitious outcome on finance at COP29.
     
    Fourth and finally, peace.
     
    I recognize your constructive role in continuing to pursue dialogue and peaceful means of resolving disputes from the Korean Peninsula to the South China Sea. 
    And I salute you for doing so in full respect of the UN Charter and international law – including the UN Convention on the Law of the Sea.
     
    Meanwhile, Myanmar remains on an increasingly complex path.
     
    Violence is growing.
     
    The humanitarian situation is spiralling.
     
    One-third of the population is in dire need of humanitarian assistance.  Millions have been forced to flee their homes. 
     
    Seven years after the forced mass displacement of the Rohingya, durable solutions seem a distant reality.
     
    I support strengthened cooperation between the UN Special Envoy and the ASEAN Chair on innovative ways to promote a Myanmar-led process, including through the effective and comprehensive implementation of the ASEAN Five-Point Consensus and beyond.
     
    The people of Myanmar need peace. And I call on all countries to leverage their influence towards an inclusive political solution to the conflict and deliver the peaceful future that the people of Myanmar deserve.
     
    Excellencies,
     
    ASEAN exemplifies community and cooperation.
     
    You are far more than the sum of your parts.
     
    In a world with growing geopolitical divides, with dramatic impacts on peace and security and sustainable development, ASEAN is a bridge-builder and a messenger for peace.
     
    Peace that is more necessary than ever, when we see the immense suffering of the people in Gaza, now extended to Lebanon, not forgetting Ukraine, Sudan, Myanmar and so many others.
     
    Allow me to tell you that the level of death and destruction in Gaza is something that has no comparison in any other situation I have seen since I became Secretary-General.
     
    I am extremely grateful for your constant efforts to keep our world together.
     
    You play a key role in shaping a world that is prosperous, inclusive and sustainable with respect for human rights at its heart.
     
    And you can always count on my full support and that of the United Nations in this essential effort.
     
    Thank you.
     

    MIL OSI Africa

  • MIL-OSI Banking: Basel Committee publishes G20 progress report on the 2023 banking turmoil and liquidity risk

    Source: Bank for International Settlements

    • Basel Committee provides update to G20 Finance Ministers and Central Bank Governors on its analytical work of the 2023 banking turmoil.
    • Report summarises empirical analysis on liquidity risk dynamics observed during the turmoil.
    • Committee will continue work to strengthen supervisory effectiveness and assess whether specific features of the Basel Framework performed as intended.

    The Basel Committee on Banking Supervision is today publishing a progress report to the G20 Finance Ministers and Central Bank Governors on its analytical work of the 2023 banking turmoil. The report, requested by the G20 Brazilian Presidency, provides an update on the Committee’s analytical work on liquidity risk dynamics observed during the turmoil. It builds on the Committee’s stocktake report published in October 2023.

    The progress report includes updated empirical analysis on the liquidity outflow rates experienced by distressed banks during the turmoil and assesses the materiality of liquidity risk factors that are not explicitly covered by the Basel III Liquidity Coverage Ratio (LCR). The report also analyses the impact of the accounting treatment and valuation of liquid assets eligible to meet the LCR and other potential impediments to banks’ ability and willingness to draw down their liquidity buffer. It also assesses the use and role of supervisory monitoring tools and other stress indicators.

    Drawing on the findings of this progress report, the Committee is continuing to pursue a series of follow-up initiatives related to the turmoil, including:

    • prioritising work to strengthen supervisory effectiveness and identify issues that could merit additional guidance at a global level; and
    • pursuing additional follow-up analytical work based on empirical evidence to assess whether specific features of the Basel Framework, such as liquidity risk and interest rate risk in the banking book, performed as intended during the turmoil and assess the need to explore policy options over the medium term.

    This follow-up work is fully in line with the imperative of implementing the Basel III standards in a full and consistent manner, and as soon as possible. 


    Note to editors

    The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members’ commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of Sveriges Riksbank. 

    More information about the Basel Committee is available here.

    MIL OSI Global Banks

  • MIL-OSI Russia: Polytechnic University Strengthens Ties with Belarusian Universities

    MILES AXLE Translation. Region: Russian Federation –

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

    Last week, a planned working trip of representatives of the Institute of Industrial Management, Economics and Trade of SPbPU to the capital of Belarus, Minsk, took place. The delegation included Professor, Deputy Director of the Higher School of Service and Trade for Research Sergey Barykin and Associate Professor, Deputy Director of the Higher School of Industrial Management for International Activities Natalia Alekseyeva. The trip included visits to four Belarusian universities.

    Sergey Barykin visited the Belarusian State University of Economics (BSEU) under the state program of the Republic of Belarus “Education and Youth Policy” at the invitation of the Dean of the Faculty of Marketing and Logistics Svetlana Lapina. He held open lectures for students on the topic “Logistics and Digitalization of Logistics”. The Polytechnic University staff also discussed issues of joint academic mobility with the Vice-Rector for Academic Affairs Olga Morozevich. At a meeting with the Vice-Rector for Ideological and Educational Work Sergey Skriba, the Polytechnicians outlined plans for joint scientific cooperation aimed at students of universities in Belarus and Russia.

    Communication with students was positive, in an atmosphere of mutual dialogue. Working meetings with colleagues allowed us to find new opportunities for interaction in various areas, – said Sergey Barykin.

    At the Belarusian National Technical University (BNTU), IPMET representatives took part in the plenary session of the XX international scientific and practical seminar. The event was held by the Faculty of Marketing, Management, and Entrepreneurship of BNTU under the auspices of the XXII international scientific and technical conference “Science for Education, Production, and Economy”, where a joint work with polytechnics “Network-centric organizations as a new basis for managing scientific and technical cooperation” was presented.

    IPMET representatives met with the dean of the faculty Alexey Danilchenko, deputy dean for research and development Irina Ustinovich and head of the department of “Economics and management of innovative projects in industry” Natalia Ponomareva. The participants summed up the results of the faculty’s performance in the international scientific conference “GDTM-2024: Global Challenges of Digital Transformation of Markets”, which took place at IPMET at the end of September.

    It is pleasant to note that over several years of cooperation with universities of the Republic of Belarus, we are met here not only as colleagues, but also as friends. In the corridors of universities we see familiar students, which came to the Polytechnic University. This gives us a sense of unity, despite the distance between our cities, shared Natalia Alekseeva.

    At the Belarusian State University (BSU), the polytechnics visited the Department of Logistics of the Institute of Business. Together with the head of the Department of Logistics Nikolai Zenchuk, they discussed promising areas of cooperation related to modeling the behavior of logistics systems and academic mobility.

    IPMET maintains strong friendly ties withFaculty of Engineering and Economics Belarusian State University of Informatics and Radioelectronics (BSUIR). This year, the collective monograph, which is being published as part of the GDTM-2024 conference, included the work of Vladimir Parkhimenko, Head of the Department of Economics and Marketing at BSUIR, and Daria Frolova, Senior Lecturer of the Department.

    Natalia Alekseeva told BSUIR students about the IPMEiT student scientific society and the annual scientific conference “Youth Week of Science IPMET”. In addition, at a meeting with the Deputy Dean of the Faculty of Engineering and Economics, Veronika Vernyakhovskaya, colleagues discussed Internship plan Belarusian teachers and students.

    Representatives of IPMET also attended a festive concert dedicated to Teacher’s Day.

    Our institute has started actively develop cooperation with Belarusian universities since 2022. And over these years we have achieved tangible results in academic mobility of teachers and students, joint scientific and congress activities. We regularly We accept students from Minsk and send our students to events organized by Belarusian universities. For several years now, teachers from partner universities have been participating in IPMEiT conferences and forums and working on joint scientific research. I would like to note that after our colleagues’ trip to Minsk, we plan to sign a cooperation agreement with the Institute of Business of the Belarusian State University and are already working on a roadmap. The Higher School of Industrial Management and the Higher School of Service and Trade are jointly developing a program for the admission of Belarusian students scheduled for the period of the annual conference “Youth Science Week of IPMEiT,” noted Vladimir Shchepinin, Director of IPMEiT.

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

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

    https://vvv.spbstu.ru/media/nevs/partnership/polytech-strengthens-ties-with-Belarusian-universities/

    MIL OSI Russia News

  • MIL-OSI United Kingdom: Housing boost for North East communities as Combined Authority deepens strategic ties with Homes England

    Source: United Kingdom – Government Statements

    Housing ambitions to support people across the North East boosted by Strategic Place Partnership between local leaders and national agency

    Credit: North East Combined Authority

    North East Combined Authority (NECA) and Homes England, the government’s housing and regeneration agency, have signed a Strategic Place Partnership that will support the region to realise its housing ambitions.

    Teams from NECA and the Agency will work together for the long-term to unlock locally-led plans to create new homes within thriving places for people across the region.

    This includes drawing on Homes England expertise and resources, including land, legal powers and funding, underpinned by the development of a shared business plan aligned to local priorities

    The agreement deepens existing local-national partnership working between NECA, North East local authorities and the Agency, with funding and expertise already supporting a range of projects including Forth Yards in Newcastle3 and West Park in Sunderland4.

    Mayor of the North East Kim McGuinness said:

    Everyone in the North East deserves a place they are proud to call home, and that is why I have made housing a key plank of my plans as Mayor. Indeed, this announcement follows closely from the news we have invested £4.5m to support the regeneration of Horden in East Durham5.

    Signing the Strategic Place Partnership with Homes England will allow us to take some of our biggest brownfield sites and turn them from eyesores into the homes and communities people need.

    It’s an opportunity to turbocharge development across the region by working with the Agency and our local authorities to create new homes that are affordable, energy efficient, and where people can thrive.

    Homes England Chief Executive Peter Denton said:

    A strategic place partnership isn’t a ceremonial bit of paper. It signals a long-term commitment where regional and national teams work together for the benefit of communities, to achieve the visions of local leaders who understand what people local to the area want and need to thrive.

    My colleagues and I are excited to deepen our ties with the combined authority to help accelerate progress. We are united by a passion to get things done in the right way, in the right places, to help ensure successful, sustainable regeneration and more affordable, quality home for thousands of people in the North East.

    The Agency is proud to be supporting NECA to achieve its housing vision through the SPP, with similar partnerships in place with regional authorities including South Yorkshire, West Yorkshire, the West Midlands and Greater Manchester.

    ENDS

    Notes to editors

    About Homes England

    Homes England is the government’s homes and regeneration agency. We drive the creation of more high-quality homes and thriving places so that everyone – no matter their background – has a place to live and thrive. We work in partnership with thousands of public and private bodies including local authorities, home builders, developers, affordable housing providers, commercial real estate companies  and financial institutions to make this happen. For more information visit: Homes England – GOV.UK (www.gov.uk)

    About North East Combined Authority

    The North East Combined Authority (North East CA) was formed on 7 May 2024. It is led by Elected Mayor Kim McGuinness and the Cabinet and covers the seven local authority areas of County Durham, Gateshead, Newcastle, North Tyneside, Northumberland, South Tyneside and Sunderland.  For more information visit http://www.northeast-ca.gov.uk

    Homes England acquires Quayside West as part of wider Newcastle regeneration – GOV.UK (www.gov.uk)

    Sunderland residents set to benefit from new homes after fresh investment supports city centre regeneration plans – GOV.UK (www.gov.uk)

    Mayor makes first steps to deliver new generation of social housing with County Durham investment (northeast-ca.gov.uk)

    Attached pictures caption: Mayor of the North East Kim McGuinness and Homes England Chief Executive Peter Denton launched a new partnership agreement between the organisations during a visit to the Newcastle Training Hub for bricklaying and groundworker apprenticeships.

    Contact information

    For further information, imagery or interview requests please contact media@HomesEngland.gov.uk or 0207 874 8262.

    Updates to this page

    Published 11 October 2024

    MIL OSI United Kingdom

  • MIL-OSI: Issue of Equity and Total Voting Rights

    Source: GlobeNewswire (MIL-OSI)

    OCTOPUS FUTURE GENERATIONS VCT PLC

    Issue of Equity and Total Voting Rights

    Octopus Future Generations VCT plc (the ‘Company’) announces that 780,434 Ordinary Shares of 0.1p each (the ‘Shares’) were issued and allotted on 10 October 2024 (subject to Admission) pursuant to the Company’s offer for subscription (the ‘Offer’) to raise up to £15 million, with an over-allotment facility of up to £5 million, in the 2023/24 and 2024/25 tax years. The Shares were issued at a price of 89.5p in accordance with the terms set out in the Prospectus dated 31 January 2024 that was issued by the Company in connection with the Offer (the price being calculated as the NAV per share of the Company (as at 30 June 2024 and announced on 12 September 2024) of 86.8p divided by 0.97). This is the final allotment under the Offer. 

    Application for the Shares to be admitted to the Official List of the Financial Conduct Authority (‘FCA’) and to trading on the London Stock Exchange’s main market for listed securities will be made and dealings are expected to commence on or around 24 October 2024.

    The issued share capital and total voting rights of the Company are now 53,941,104. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
    For further information please contact:

    Rachel Peat   
    Octopus Company Secretarial Services Limited
    Tel:  +44 (0)80 0316 2067

    LEI: 213800AL71Z7N2O58N66

    The MIL Network

  • MIL-OSI: Konsolidator completes private placement

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no 16-2024

    Søborg, October 16, 2024

    Konsolidator completes private placement

    In company announcement no. 15-2024, Konsolidator A/S (“Konsolidator”) announced the resolution by the Board of Directors to issue up to 573,979 new shares in a private placement. The new shares have been subscribed for by existing investors.

    Konsolidator announces the completion of the private placement as all 573,979 new shares have been subscribed for and the total subscription amount of DKK 2.2m has been received by Konsolidator.

    The new shares and the related capital increase will be registered at the Danish Business Authority today, following which the company has a registered share capital of nominal DKK 909,388. The share capital will consist of 22,734,700 shares, each with a nominal value of DKK 0.04. Each share carries one vote, corresponding to a total of 22,734,700 votes.

    The new shares represent approximately 2.6% of Konsolidator’s share capital before the capital increase and 2.6% of Konsolidator’s share capital after the capital increase.

    The new shares are expected to be admitted to trading on Nasdaq First North Growth Market Denmark on October 15, 2024 under the ISIN code of Konsolidator’s existing shares, DK0061113511.

    Following registration of the capital increase, the authorization in section 3.1.8 of the articles of association for the Board of Directors to issue shares without pre-emption rights has been reduced to a nominal value of DKK 156,089.68.

    The updated articles of association are available at http://www.konsolidator.com/investor/.

    Contacts

    Certified Adviser

    About Konsolidator
    Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

    Attachment

    The MIL Network

  • MIL-OSI United Kingdom: Lord Provost Bill Campbell Blog #28

    Source: Scotland – City of Dundee

    Hello and welcome to my End of Month Blog #28 as the Lord Provost of Dundee.

    After having taken time off from carrying out events in August due ill health, from the beginning of September I returned to active duties and seen some of the fantastic activities and events taking place in the city.

    Activities over September included:

    • On Thursday 5th, I attended the Consular Corps in Scotland Summer event in Edinburgh. I was very keen to attend this event to meet with the many Consuls based in Scotland, some of whom I had previously met, and some of whom this event facilitated me meeting some of the recently appointed Consuls for the first time. Events such as this allow me to carry out part of my duties as Lord Provost which include promoting Dundee internationally;
    • I attended the Annual Dundee Submarine Memorial Service at the Dundee International Submarine Memorial on Saturday 7th. I laid a wreath during the Service on behalf of the City and followed on to a reception at the Apex Hotel where I spoke with representatives from the Royal Navy, Dutch and French Navies, and Officers from Dundee Sea & Royal Marines Cadets;
    • On Sunday 8th, Depute Lord Provost Kevin Cordell attended and officially opened the 2024 Dundee Cyclathon. This was the landmark 20th anniversary of the Cyclathon;
    • Following an invite from a Modern Studies 1st Year class at St Paul’s RC Academy, I took part in a Question & Answer session on the role of Lord Provost of Dundee on Wednesday 11th. I was delighted to visit the class and take part in the Q&A which was a very enjoyable experience with wide-ranging and very interesting questions put to me;
    • On Thursday 12th, I attended the Order of Malta’s 2024 Scottish Mass and Investiture at St Margaret’s Chapel which is situated not far from the Meadows area in Edinburgh. I was honoured to be invited to attend and following the Mass, there were Order of Merit presentations of medals to Scots who had assisted with work over many years;
    • The Lady Provost and I attended the Nine Incorporated Trades of Dundee Glovers Dinner & Annual General Meeting on Friday 13th at the Woodlands Hotel. I have been honoured to have been regularly associated with The Nine Incorporated Trades of Dundee since becoming Lord Provost and am I hugely appreciative of their support. As Lord Provost, I was part of a Q&A event at this Dinner;
    • On Saturday 14th, the Lady Provost and I attended a service in the Congregational Church in Dundee to lay up the previous Standard for The War Widows Association and welcome in the new Standard. I had the great honour of making a speech during the Service in the Congregational Church;
    • The Lady Provost and I attended a performance of Snake in the Grass at Dundee Rep on Wednesday 18th. This was a superb performance from an amazing cast and we were engrossed in this play from start to finish;
    • On Thursday 19th, I was delighted to be asked to give a welcome speech and present the 25 Year Long Service Awards to employees of Tayside Contracts at this year’s Tayside Contracts Long Service Recognition Ceremony in the City Chambers;
    • I was very grateful to be invited by David Dorward, MBE, DL to attend the fifth birthday event on the evening of Thursday 19th for Launch It (Dundee) who support enterprising young founders and is based in Kandahar House in the city centre. David, as the chairperson, very kindly showed me around the facilities and I had the opportunity to meet with a number of current and former attendees;
    • On Saturday 21st, I attended the 140th Anniversary Celebratory Dinner for the Ye Amphibious Ancients Bathing Association (YeAABA) which was formed in 1884. This was a superb event held at Forbes of Kingennie with special stories, awards and great conviviality with the very large attendance contributing to an excellent atmosphere. I was delighted to be asked to make a speech at this event. My congratulations to YeAABA on reaching this magnificent milestone;
    • I attended the Dundee Design Festival at Michelin Scotland Innovation Parc (MSIP) on Sunday 22nd. I was delighted to be invited for a preview of Scotland’s National Festival of Contemporary Design which showcased the work of over 180 Scottish designers and design companies. MSIP provided a stunning backdrop to this amazing festival which I hugely enjoyed;
    • On the morning of Wednesday 25th, I had the pleasure of providing a Civic Welcome in the City Chambers to a group of just over 20 visitors from the Isle of Lewis as part of their visit to Dundee and Fife. They arrived at the Civic Floor for a Civic Tour and I was delighted to greet them all individually on behalf of the City as well as exchange gifts;
    • On the afternoon of Wednesday 25th, I took the Citizenship Ceremony in the Committee Rooms in City Square;
    • On the afternoon of Thursday 26th, I gave a Civic Reception to the Salvation Army in Dundee in the City Chambers;
    • Depute Lord Provost Kevin Cordell welcomed the Scottish Ambulance Service to the City Chambers for their Awards Ceremony on the evening of Thursday 26th;
    • The Lady Provost and I attended the Nine Incorporated Trades of Dundee Biennial Dinner on Friday 27th where I replied to a toast to the City of Dundee. This was an evening celebrating Raymond Edwards’ successful term as Deacon Convener and the impressive heritage of the Nine Incorporated Trades of Dundee and how they contribute to the city;
    • I attended an event at Holyrood marking the 25th Anniversary of the Scottish Parliament on Saturday 28th of which included an address by His Majesty The King and an introduction by the Rt Hon Alison Johnstone MSP, the Presiding Officer of the Scottish Parliament. The celebration also included music from the Gaelic Cóisir Alba from the Royal Conservatoire of Scotland and a performance from over 90 young people brought together by Sistema Scotland.

    Outwith the events outlined above, this was a very busy month of activities which included a number of visits to the capital and a variety of meetings and additional events held within the city.

    For updates as they occur, you can find the latest Lord Provost news and activities on both Facebook and Twitter/X.

    Thank you for taking the time to read my Blog.

    MIL OSI United Kingdom