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Category: Business

  • MIL-OSI United Kingdom: Mayor says Times Square could provide inspiration for the future regeneration of London’s Oxford Street

    Source: Mayor of London

    • Times Square regenerated with new pedestrian plazas improving public safety, air quality and economic output
    • Sadiq given tour by former New York Transport Commissioner, Janette Sadik-Khan
    • Mayor says scheme can provide inspiration for his plans to transform Oxford Street

    The Mayor of London, Sadiq Khan, will today visit Times Square to see at first-hand how the iconic New York landmark could provide inspiration for the future regeneration of Oxford Street.

    Times Square and its surrounding areas have been comprehensively regenerated since 2009 to create a series new and enhanced spaces to walk, sit, and cycle, transforming it from one of New York’s most notoriously congested spacesinto a world-class civic space that has boosted economic activity and improved safety.

    Accompanied by Janette Sadik-Khan, a principal with Bloomberg Associates who was New York Transport Commissioner and the driving force behind the Times Square scheme under former Mayor Michael Bloomberg, the Mayor learnt how the project has doubled the amount of pedestrian space and led to improvements in public safety, air quality, and economic output.  As a result, 93 per cent of visitors said that the pedestrian plaza makes Times Square a more pleasant place to be. The number of pedestrians in Times Square soared by nearly a quarter in just five years, to 482,000 people a day in 2013, helping spur a more than doubling in the value of retail space in Times Square as major retailers opened new stores. Within two years of the project being implemented, Times Square was made the list of the 10 most desirable locations to do business, according to Cushman and Wakefield. 

     In total, more than 110,000 square feet of pedestrian space has been created, leading to a 40 per cent reduction in pedestrian injuries and a 15 per cent drop in road traffic casualties. Crime in the area fell by 20 per cent and more than 80 per cent of visitors said that they feel safer. While it comprises only 0.1 per cent of New York City’s land area, Times Square supported nearly 10 per cent of the city’s jobs before the pandemic, generating 15 per cent of its economic output. 

    Last week, Sadiq set out proposals to transform Oxford Street to ensure it can be a catalyst of London’s economic prosperity for decades to come. These proposals include transforming it into a traffic-free pedestrian boulevard and delivering an enhanced experience for shoppers, residents, employees, visitors and tourists.

    Sadiq believes that Times Square can provide inspiration for the future regeneration of Oxford Street, creating new jobs and economic prosperity.

    The Mayor is in New York this week to encourage US businesses to expand and invest in London, and promote the capital as an unrivalled destination for tourists and sporting events.

    The Mayor of London, Sadiq Khan said: “I am delighted to visit Times Square to see how the incredible regeneration here can provide inspiration for our plans for Oxford Street.

    “We have a once-in-a-generation opportunity to transform Oxford Street to deliver a safer, greener part of the capital that creates new jobs and boosts growth for London and other parts of the UK.

    “If we can replicate some of the aspects of Times Square on Oxford Street, I am sure we can create a high street destination that will be the envy of the world once again.” 

    Former New York Transport Commissioner, Janette Sadik-Khan, said: “Great streets make great cities. Bringing new life to old streets like Broadway and Oxford Street offers new possibilities for a city that is healthier and more prosperous for millions of people. Reimagining Broadway showed that this can be done quickly, inexpensively and that it can be wildly popular.”  

    John Dickie, Chief Executive at BusinessLDN, said: “Oxford Street is one of the world’s most celebrated shopping destinations and, like Times Square, needs modernisation to keep it a truly twenty-first century global destination. The Oxford Street Mayoral Development Corporation, working with local stakeholders and learning from other global cities, is a powerful vehicle to deliver the change that Oxford Street needs, to make it cleaner, greener and more attractive to visitors and Londoners alike.” 

    Dee Corsi, Chief Executive of New West End Company, the body representing 600 businesses in London’s West End, said: “The regeneration of iconic spaces like Times Square offers valuable insights as we work towards Oxford Street’s transformation and secure its place as a world-class flagship retail and leisure destination. By learning from successful projects in global cities, including New York, we can ensure that Oxford Street continues to deliver for visitors, residents, and businesses alike. It is crucial that we maintain momentum to deliver this transformation swiftly, realising its benefits for Londoners and the wider UK economy as soon as possible.” 

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Waste to wealth: solutions for a sustainable future

    Source: South Africa News Agency

    By Deputy Minister Bernice Swarts

    For decades, the rapid urbanisation and industrial growth experienced by many nations, had come at a high environmental cost. Landfills overflowed, plastic waste contaminated rivers and oceans, and emissions from improper waste disposal intensified the climate crisis.

    The International Solid Waste Association (ISWA) Congress 2024, themed “Waste to Wealth: Solutions for a Sustainable Future,” signalled a turning point, with the idea that waste could be transformed into wealth resonating deeply. 

    The congress brought together global experts, policymakers, and business leaders to share cutting-edge practices in waste management and the circular economy. But more importantly, it showcased South Africa’s commitment to turning its waste challenges into economic opportunities.

    The government’s introduction of the Extended Producer Responsibility (EPR) Regulations and the accent of the Climate Change Bill into an Act marked a significant shift in how the nation approached waste. The EPR Regulations require manufacturers to take responsibility for the lifecycle of their products, from production to post-consumer waste. This policy forces businesses to rethink how they design, produce, and manage products, pushing them toward more sustainable practices.

    The Climate Change Act further aligns the nation’s policies with its environmental goals. It ensures that South Africa’s response to climate change, particularly in transitioning to a low-carbon, climate-resilient economy is supported by robust legislation. This act not only aims to reduce greenhouse gas emissions but also promotes the creation of green jobs and investments in the emerging circular economy.

    However, one of the most remarkable aspects of South Africa’s waste management evolution is the active role the private sector plays. While government policies set the framework, it is private companies that help drive real change. Faced with regulatory requirements, businesses are beginning to take ownership of their waste, investing in recycling technologies, sustainable product designs, and waste-to-energy initiatives.

    The idea that waste could be a resource, rather than a burden, has begun to reshape industries. For instance, South Africa’s plastic manufacturing sector was forced to adapt to new requirements mandating the inclusion of recycled content in products. This sparked a wave of innovation, as companies began developing new methods to incorporate recyclates into their production processes. Similarly, the construction industry began embracing the reuse of demolition waste, reducing its dependence on raw materials and lowering its environmental footprint.

    While these changes are promising, the waste crisis is still far from being resolved. This is due to municipalities across South Africa being overwhelmed and lacking the necessary infrastructure to handle the growing volume of waste. Many cities and towns have inadequate waste collection services, let alone the advanced recycling and waste-to-energy facilities needed to close the loop in a circular economy. Additionally, the waste management sector is in dire need of investment, and the ISWA Congress offered a unique platform for South Africa to engage with international experts and potential investors.

    What made the congress particularly significant was its global scope. Waste management has long since ceased being a local problem; it is a global one, particularly in the fight against plastic pollution.
    South Africa found itself in the unique position of contributing to international discussions on the issue, especially through its involvement in the development of a legally binding instrument on plastic pollution. The country is increasing its recycling capacity for plastic waste, and it supports global efforts to eliminate plastic pollution by regulating product design and prioritizing recyclates.

    As South Africa prepares for its G20 presidency in 2025, the outcomes of the ISWA Congress took on even greater importance. The country has an opportunity to set the agenda on sustainability for some of the world’s most powerful economies. The government-to-government (G2G) session held during the congress provided a critical forum for sharing best practices with other nations, many of which were facing similar challenges. These exchanges were crucial, as they not only helped shape South Africa’s preparations for the G20 but also fostered greater international cooperation in addressing global waste and sustainability issues.

    One of the most pressing priorities for the South African government remained job creation. The waste management sector, particularly through the circular economy, offers a promising avenue for addressing the nation’s high unemployment rate. Small, Medium, and Micro Enterprises (SMMEs) are already benefitting from government and private sector support to enter the waste management space.

    Bernice Swarts is the Deputy Minister of Forestry, Fisheries and the Environment
     

    MIL OSI Africa –

  • MIL-OSI Security: DC Accountant Charged with Mortgage Fraud and Tax Crimes

    Source: United States Attorneys General 7

    Defendant Allegedly Did Not File Tax Returns and Falsified Documents to Obtain Mortgage

    A federal grand jury in Washington, D.C., returned an indictment yesterday, which was unsealed today, charging a CPA with not filing income tax returns, bank fraud and aggravated identity theft.

    According to the indictment, Timothy Trifilo, of Washington, D.C., was a partner or managing director at several large accounting and finance firms and worked in tax compliance. Nevertheless, Trifilo allegedly did not file federal income tax returns for himself for nearly a decade despite earning more than $7.7 million during that time.

    In February 2023, Trifilo allegedly sought to obtain a $1.36 million bank-financed loan to purchase a home in D.C. and was working with a mortgage company to do so. After the mortgage company allegedly told Trifilo that the bank would not approve the loan without copies of Trifilo’s filed tax returns, Trifilo allegedly provided the mortgage company with fabricated documents to make it appear as if he had filed tax returns and provided copies of tax returns for 2020 and 2021 that Trifilo never filed with the IRS. On these returns and other documents that he submitted to the mortgage company, Trifilo allegedly listed a former colleague as the individual who prepared the returns and uploaded them for filing with the IRS. This individual allegedly did not prepare the returns, has never prepared tax returns for Trifilo and did not authorize Trifilo to use his name on the returns and other documents that Trifilo submitted to the mortgage company. Based on Trifilo’s false representation, the bank allegedly approved the loan and Trifilo purchased the home.

    If convicted, he faces a maximum sentence of two years in prison on the identity theft charge, a maximum sentence of 30 years in prison on the bank fraud charge, and a maximum sentence of one year in prison on each count of failure to file tax returns. Trifilo also faces a period of supervised release, monetary penalties and restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Melissa S. Siskind and Alexandra K. Fleszar of the Tax Division are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI USA: Maryland Woman Sentenced for Conspiring to Destroy the Baltimore Region Power Grid

    Source: US State of North Dakota

    Sarah Beth Clendaniel, 36, of Catonsville, Maryland, was sentenced today to 18 years in prison and a lifetime of supervised release for conspiring to damage or destroy electrical facilities in Maryland and a concurrent sentence of 15 years in prison and three years of supervised release for being a felon in possession of a firearm.

    “Those who seek to attack our country’s critical infrastructure will face the full force of the U.S. Department of Justice,” said Attorney General Merrick B. Garland. “Sarah Beth Clendaniel sought to ‘completely destroy’ the city of Baltimore by targeting five power substations as a means of furthering her violent white supremacist ideology. She will now spend the next 18 years in federal prison. The Justice Department will continue to aggressively counter, disrupt, and prosecute those who seek to launch these kinds of hate-fueled attacks that target our critical infrastructure, endanger entire cities, and threaten our national security.” 

    “The defendant plotted to disable the power grid around the entire Baltimore region and cause harm to thousands of people in pursuit of a racially motivated violent extremist agenda,” said FBI Director Christopher Wray. “Her plan failed thanks to the great work of the FBI and our law enforcement partners. Today’s sentencing should serve as a warning to others that you will be held accountable if you attempt to carry out violent attacks on our infrastructure or threaten the safety of those in our communities.”

    “Such cowardice, designed to disrupt and endanger the lives of Maryland’s citizens, will not be tolerated,” said U.S. Attorney Erek L. Barron for the District of Maryland. “My office remains committed to protecting the security and well-being of the community by prosecuting such conduct to the full extent of the law.”

    According to her plea agreement and other court documents, in 2018, Clendaniel became acquainted with Brandon C. Russell, a Florida resident, who is currently charged with conspiracy to damage or destroy electrical facilities in Maryland and is awaiting trial. Clendaniel and Russell espouse a white supremacist ideology and advocate a concept known as “accelerationism.” To “accelerate” or to support “accelerationism” is based on a white supremacist belief that the current system is irreparable and without an apparent political solution, and therefore violent action is necessary to precipitate societal and government collapse.

    According to court documents, from at least December 2022 through February 2023, Clendaniel conspired with Russell to damage energy facilities involved in the transmission and distribution of electricity and to cause a significant interruption and impairment of the Baltimore regional power grid. The intended monetary loss associated with the planned attacks would have exceeded $75 million.

    As set forth in her plea agreement, Clendaniel admitted that she communicated and planned over encrypted communication applications (ECA) to carry out attacks against energy facilities. Russell and Clendaniel communicated their plans to commit an attack on the Baltimore region power grid to a confidential human source (CHS-1).

    Their plans began to coalesce on Jan. 12, 2023, when CHS-1 and Russell discussed the planned substation attack in Maryland with a goal of working with Clendaniel to “maximize impact” and “to coordinate to get multiple [substations] at the same time.” Later that same day, Clendaniel, using the moniker “Nythra88,” sent a message to CHS-1 on ECA confirming her support of the attack.

    In the ensuing conversation, which continued through Jan. 14, 2023, Clendaniel told CHS-1 that she lived near Baltimore. She also stated that she was a felon, and had previously, but unsuccessfully, attempted to obtain a rifle. She asked CHS-1 to purchase a rifle for her, stating that she wanted to “accomplish something worthwhile” and that she wanted the rifle “within the next couple of weeks” to “accomplish as much as possible before June, at the latest.” On Jan. 18, 2023, on ECA, Clendaniel told CHS-1 that she had identified a few potential locations to target in her attack. CHS-1 stated that CHS-1 would have to be the “driver” and Clendaniel would have to be the “shooter” in the attack. Clendaniel confirmed that she was “determined to do this” and stated she would have done something earlier on her own if she had not lost her rifle “a few months ago.” The conversation continued with CHS-1 and Clendaniel discussing the specifics of the desired rifle and agreeing that Clendaniel would send CHS-1 a “wish list,” which she did the following day.

    At various times from Jan. 21, 2023, through Jan. 29, 2023, CHS-1 exchanged encrypted messages, separately with Clendaniel and with Russell, in which they discussed in detail the rifle and specific firearms accessories that Clendaniel wanted and potential targets for their attack.

    On Jan. 29, 2023, Clendaniel told CHS-1 that the five substations she planned to target included “Norrisville, Reisterstown, and Perry Hall.” Clendaniel described how there was a “ring” around Baltimore and if they hit a number of them all in the same day, they “would completely destroy this whole city.” She added that they needed to “destroy those cores, not just leak the oil . . . ” and that a “good four or five shots through the center of them . . . should make that happen.” Further, she stated that: “[i]t would probably permanently completely lay this city to waste if we could do that successfully.” When CHS-1 asked if it would accomplish a “cascading failure,” Clendaniel replied, “[y]es . . . probably” and that the attack targets are all “major ones.” Clendaniel also said that the most difficult target that they would have to do together has “fire walls on three sides.”

    During that conversation, Clendaniel sent CHS-1 five links to the “Open Infrastructure Map” which showed the locations of five specific Baltimore, Gas and Electric (BGE) electrical substations in Maryland. BGE is an energy company that utilizes substations, like the five targeted sites, to produce, convert, transform, regulate and distribute energy. Three of the five substations were located near the towns of Norrisville, Reisterstown, and Perry Hall. The remaining two substations were in the vicinity of Baltimore City. Each location is a BGE substation with significant infrastructure.

    On or about Jan. 31, 2023, Russell discussed with CHS-1 the attack of the targeted substations on ECA, including how to “make sure it’s done right,” how “it has been studied,” and how to make it “cascading” so as to maximize damage. Russell and Clendaniel believed that attacking these five electrical substations in the greater Baltimore area would serve accelerationism.

    On Feb. 3, 2023, law enforcement agents executed a search warrant at Clendaniel’s residence in Catonsville, Maryland. During the search, law enforcement agents recovered from Clendaniel’s bedroom various firearms and hundreds of rounds of ammunition. Federal law prohibits Clendaniel from possessing these items because she is a convicted felon, including convictions in Cecil County, Maryland, for robbery in 2006 and robbery and attempted robbery in 2016.

    The FBI investigated the case.

    Assistant U.S. Attorneys Kathleen O. Gavin and Michael Aubin for the District of Maryland prosecuted the case with valuable assistance from the National Security Division’s Counterterrorism Section.

    The U.S. Attorney’s Office for the District of Maryland is a partner in the Justice Department’s United Against Hate community outreach program. The United Against Hate initiative seeks to directly connect federal, state, and local law enforcement with traditionally marginalized communities in order to build trust and encourage the reporting of hate crimes and hate incidents. Attorney General Garland announced the nationwide launch of the initiative and its expansion to all 94 U.S. Attorneys’ Offices.

    MIL OSI USA News –

  • MIL-OSI USA: DC Accountant Charged with Mortgage Fraud and Tax Crimes

    Source: US State of North Dakota

    Defendant Allegedly Did Not File Tax Returns and Falsified Documents to Obtain Mortgage

    A federal grand jury in Washington, D.C., returned an indictment yesterday, which was unsealed today, charging a CPA with not filing income tax returns, bank fraud and aggravated identity theft.

    According to the indictment, Timothy Trifilo, of Washington, D.C., was a partner or managing director at several large accounting and finance firms and worked in tax compliance. Nevertheless, Trifilo allegedly did not file federal income tax returns for himself for nearly a decade despite earning more than $7.7 million during that time.

    In February 2023, Trifilo allegedly sought to obtain a $1.36 million bank-financed loan to purchase a home in D.C. and was working with a mortgage company to do so. After the mortgage company allegedly told Trifilo that the bank would not approve the loan without copies of Trifilo’s filed tax returns, Trifilo allegedly provided the mortgage company with fabricated documents to make it appear as if he had filed tax returns and provided copies of tax returns for 2020 and 2021 that Trifilo never filed with the IRS. On these returns and other documents that he submitted to the mortgage company, Trifilo allegedly listed a former colleague as the individual who prepared the returns and uploaded them for filing with the IRS. This individual allegedly did not prepare the returns, has never prepared tax returns for Trifilo and did not authorize Trifilo to use his name on the returns and other documents that Trifilo submitted to the mortgage company. Based on Trifilo’s false representation, the bank allegedly approved the loan and Trifilo purchased the home.

    If convicted, he faces a maximum sentence of two years in prison on the identity theft charge, a maximum sentence of 30 years in prison on the bank fraud charge, and a maximum sentence of one year in prison on each count of failure to file tax returns. Trifilo also faces a period of supervised release, monetary penalties and restitution. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorneys Melissa S. Siskind and Alexandra K. Fleszar of the Tax Division are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Wage and Payroll Statistics for June 2024

    Source: Hong Kong Government special administrative region

    Overall Wage and Payroll Statistics
     
         According to the figures released today (September 26) by the Census and Statistics Department (C&SD), the average wage rate for all the selected industry sections surveyed, as measured by the wage index, increased by 3.7% in nominal terms in June 2024 over a year earlier.
     
         About 63% of the companies reported increase in average wage rates in June 2024 compared with a year ago. A total of 32% of the companies recorded decrease in average wage rates over the same period. The remaining 5% reported virtually no change in average wage rates.
     
         After discounting the changes in consumer prices as measured by the Consumer Price Index (A), the overall average wage rate for all the selected industry sections surveyed increased by 1.9% in real terms in June 2024 over a year earlier.  
     
         As for payroll, the index of payroll per person engaged for all the industry sections surveyed increased by 3.5% in nominal terms in the second quarter of 2024 over a year earlier. 
     
         After discounting the changes in consumer prices as measured by the Composite Consumer Price Index, the average payroll per person engaged increased by 2.2% in real terms in the second quarter of 2024 compared with a year earlier.
     
         The wage rate includes basic wages and other regular and guaranteed allowances and bonuses. Payroll includes elements covered by wage rate as well as other irregular payments to workers such as discretionary bonuses and overtime allowances. The payroll statistics therefore tend to show relatively larger quarter-to-quarter changes, affected by the number of hours actually worked and the timing of payment of bonuses and back-pay.
     
    Sectoral Changes
     
         For the nominal wage indices, year-on-year increases were recorded in all selected industry sections in June 2024, ranging from 3.1% to 4.5%.
     
         For the real wage indices, year-on-year increases were also recorded in all selected industry sections in June 2024, ranging from 1.3% to 2.7%.
     
         The year-on-year changes in the nominal and real wage indices for the selected industry sections from June 2023 to June 2024 are shown in Table 1.
     
         As for the nominal indices of payroll per person engaged, year-on-year increases were recorded in all selected industry sections in the second quarter of 2024, ranging from 1.6% to 8.6%.

         For the real payroll indices, year-on-year increases were also recorded in all selected industry sections in the second quarter of 2024, ranging from 0.4% to 7.3%.
     
         The year-on-year changes in the nominal and real indices of payroll per person engaged for selected industry sections from the second quarter of 2023 to the second quarter of 2024 are shown in Table 2. The quarterly changes in the seasonally adjusted nominal and real indices of payroll per person engaged in the same period are shown in Table 3.
     
    Commentary
     
         A Government spokesman said that wages and labour earnings continued to record decent increases in the second quarter of 2024 over a year earlier.
     
         The average wage rate for all selected industries rose further by 3.7% in nominal terms in June 2024. After discounting for inflation, the average wage rate increased by 1.9% in real terms.
     
         Payroll per person engaged, which includes basic wage, discretionary bonuses and other irregular payments, increased further by 3.5% in nominal terms in the second quarter of 2024. After discounting for inflation, payroll per person engaged increased by 2.2% in real terms. All selected industries saw increases in payroll per person engaged in both nominal and real terms.
     
         Looking ahead, the tight overall labour market should provide support to growth in wages and labour earnings in the near term, though the pace of growth may vary across sectors in tandem with their business performance.
     
    Other Information
     
         Both wage indices and payroll indices are compiled quarterly based on the results of the Labour Earnings Survey (LES) conducted by C&SD. Wage index only covers employees up to the supervisory level (i.e. not including managerial and professional employees), whereas payroll index covers employees at all levels and proprietors actively engaged in the work of the establishment.
     
         Apart from the differences in employee coverage, wage statistics are conceptually different from the payroll statistics. Firstly, wage rate for an employee refers to the sum earned for his normal hours of work. It covers basic wages and other regular and guaranteed allowances and bonuses, but excludes earnings from overtime work and discretionary bonuses, which are however included in payroll per person engaged. Secondly, the payroll index of an industry is an indicator of the simple average payroll received per person engaged in the industry. Its movement is therefore affected by changes in wage rates, number of hours of work and occupational composition in the industry. In contrast, the wage index of an industry is devised to reflect the pure changes in wage rate, with the occupational composition between two successive statistical periods being kept unchanged. In other words, the wage index reflects the change in the price of labour. Because of these conceptual and enumeration differences between payroll and wage statistics, the movements in payroll indices and in wage indices do not necessarily match closely with each other.
     
         It should also be noted that different consumer price indices are used for compiling the real indices of wage and payroll to take into account the differences in their respective occupation coverage. Specifically, the Composite Consumer Price Index, being an indicator of overall consumer prices, is taken as the price deflator for payroll of workers at all levels of the occupational hierarchy. The Consumer Price Index (A), being an indicator of consumer prices for the relatively low expenditure group, is taken as the price deflator for wages in respect of employees engaged in occupations up to the supervisory level.
     
         Detailed breakdowns of the payroll and wage statistics are published in the “Quarterly Report of Wage and Payroll Statistics, June 2024”. Users can browse and download the publication at the website of C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1050009&scode=210).
     
         For enquiries on wage and payroll statistics, please contact the Wages and Labour Costs Statistics Section (1) of C&SD (Tel: 2887 5550 or email: wage@censtatd.gov.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Moscow exporters, with the support of the city, found new partners in 24 friendly countries

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Since the beginning of the year, the capital’s exporters, with the support of the city, have visited 11 international exhibitions in friendly countries. Among them are Gulfood in the United Arab Emirates (UAE), Tibo in Belarus, Gitex Africa in Morocco and Vietnam Expo in Vietnam. This was reported by Natalia Sergunina, Deputy Mayor of Moscow.

    The costs of renting and building the negotiation area, delivering exhibits and organizing business meetings were covered by the Moscow Export Center (MEC).

    “Since January, more than 180 Moscow brands have presented their products at the Made in Moscow stand. Another 122 companies have joined foreign business missions in nine countries,” said Natalia Sergunina.

    Delegations from Indonesia, Mexico, Algeria, Morocco and Egypt came to the capital on a return visit.

    “As a result of participation in exhibitions and business missions, city entrepreneurs found new partners in 24 friendly countries. Among them are the United Arab Emirates, Serbia, Thailand, India and Uruguay. The total amount of contracts exceeded 1.5 billion rubles. Foreign buyers were interested in Moscow digital solutions, technology and equipment, food products and cartoons,” noted Natalia Sergunina.

    Successful experience of participants

    Thus, the adventure series about the magical girl Yesenia found a response from the foreign audience. Commercial director of the animation bureau Marina Povkh said that the story is universal and understandable to children from any corner of the world, but without the support of the city, it would have been more difficult for the company to reach the international level.

    “If we went to exhibitions ourselves, we would have a small, unremarkable stand. But the Moscow Export Center pavilion provides us with scale, because we become part of the Made in Moscow brand,” said Marina Povkh.

    The authors signed one of the contracts for the delivery of the series during the China International Cartoon and Animation Festival.

    “The story about the sorceress is now being broadcast on children’s channels in Latin America, and will soon be shown in Thailand. The city does not forget about our successes, talks about them, and we are becoming more recognizable in the domestic market. Our bureau will continue to use the capital’s tools to develop its business, we are sure that this will bring new results,” the commercial director concluded.

    Another active participant in the MEC programs is a manufacturer of innovative simulators for students of medical universities. The hybrid dental simulator allows practicing manipulations on a jaw model. Unique software monitors the accuracy of work due to electromagnetic tracking technology.

    “With the support of the city, we attend leading industry events, it is completely free. After the exhibition in Alma-Ata, our simulators appeared in medical universities of Kazakhstan and the UAE,” shared the company’s founder Zalim Balkizov.

    The capital will organize other trips before the end of the year.

    Extensive toolkit

    The Moscow Export Center was created seven years ago with the aim of creating a single window of support for businessmen engaged in foreign economic activity. Since the beginning of the year, over two thousand entrepreneurs have used its services. In addition to participation in exhibitions and business missions, educational programs have been developed for the business community of the capital, grants, expert support, and placement of products on the largest marketplaces and retail chains are available.

    Before entering new markets, entrepreneurs should familiarize themselves with the rules of conduct at the international level. Legislation, culture, and mentality are unique in each country. Key aspects of working in specific markets can be learned during training at the Moscow School of Exporters.

    Lectures, master classes and conferences tell about which goods are in demand in a particular region, how to find a common language with potential partners, what are the features of customs clearance and logistics. Each event focuses on a particular topic: opportunities in the Persian Gulf market, certification in Mexico or export of IT solutions to Malaysia. The current schedule is published on the MEC website.

    Another convenient format for acquiring knowledge is accelerators. For example, within the framework of the program “Exporters 2.0” students analyze the competitive environment, develop a strategy, create a portrait of a future buyer and adapt the product to their needs. The course takes four months.

    The “Accelerator for High-Tech Companies and Technology Export” lasts three months. During this time, participants go from choosing a foreign market to increasing turnover. More than 85 percent of the cost of training in accelerators is subsidized by the city.

    Export cashback

    Cooperation with foreign partners and the first experience in a new country require not only comprehensive preparation, but also financial investments. High-tech and manufacturing industries can cover part of the costs by receiving an export grant. The maximum amount is 10 million rubles per year (or 50 percent of the amount of taxes paid to the city budget).

    The capital’s manufacturer of laser equipment for various industries, including surgical operations and microprocessing of materials (diamonds, sapphires and silicon), has had several applications approved in recent years for a total of more than 10 million rubles.

    “The funds were used to develop technologies and production. Entering the foreign market is not easy, especially given the current situation in the world. But the grants motivate us not to slow down,” said the company’s deputy director Matvey Konyashchenko.

    The enterprise cooperates with partners from the Eurasian Economic Union and China. This year, the size of grants for new and active exporters has been doubled — from 10 to 20 percent of the contract amount. Applications for them are open until October 31.

    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/144482073/

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

    MIL OSI Russia News –

  • MIL-OSI Russia: The city will put commercial premises in the Troparevo-Nikulino area up for sale

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The capital will put up for auction a property with a free designation in the Troparevo-Nikulino district. Anyone can take part in the auction.

    “In the fall, investors will be able to take part in an auction to purchase a space of almost 590 square meters. The property is located on the first floor of building 127 on Vernadsky Avenue, which is a 15-minute walk from the Yugo-Zapadnaya station of the Sokolnicheskaya metro line. Any type of activity can be carried out there: opening a pick-up point, a store, a catering outlet. Due to its large area, it is suitable for implementing several business ideas at once,” said the Minister of the Moscow Government, head of the Moscow Department of City Property

    Maxim Gaman.

    The premises are equipped with offices, which will allow the future owner to organize a shopping and office center or rent out the available space, for example, for travel agency offices, hairdressers and other types of services that are in demand among the population.

    In addition, you can open a business providing household services. Next to the residential building, on the ground floor of which there is a commercial space, there is a hotel.

    The non-residential facility has three separate entrances, two of which face the intersection of Leninsky and Vernadsky Avenues. This arrangement will allow separating the flows of customers, workers and residents of the apartment building.

    All information about the premises put up for auction is presented on the Moscow investment portal. You can learn more about the property being sold by the capital, study the lot documentation and the rules for conducting auctions in the section “Property from the city”.

    Entrepreneurs can purchase 27 commercial premises in the center of the capitalInvestors have purchased almost 90 real estate properties in the Southern Administrative District from the city in six months

    Development of electronic services for business corresponds to the objectives of the national project “Digital Economy”. You can find out more about this and other national projects being implemented in Moscow Here.

    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/144480073/

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

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Unauthorised email access

    Source: Scotland – City of Perth

    On 23 September 2024, Perth and Kinross Council detected unauthorised access to a limited number of emails. This incident involved one user’s email account and access to emails containing invoicing data from some of our service providers.

    The breach was identified and secured promptly, but eight emails were accessed. Some of these emails had attachments which may also have been accessed which contained bank account numbers and sort codes of some businesses, individual suppliers and commercial waste customers.

    Rest assured, this incident does not affect recipients of other Council services, such as welfare payments or payments made for Council Tax and housing rent.

    We will directly contact affected individuals to inform them as soon as possible. In the meantime, we urge everyone to be cautious of any unusual emails claiming to be from Perth and Kinross Council. Always verify that emails come from @pkc.gov.uk addresses and be wary of unexpected changes or requests and treat links and attachments with caution. If something seems off, please speak to your usual Council contact using a different communication method than the one given on the email you are concerned about.

    We take the protection of personal and company information very seriously and are very sorry for the inconvenience and concern that this incident has caused.

    Last modified on 26 September 2024

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    MIL OSI United Kingdom –

  • MIL-OSI Africa: Illegal business occupants given 14 days to comply with the law

    Source: South Africa News Agency

    Businesses illegally occupying government premises in Mthatha have been given 14 days to apply for legal leases from the Eastern Cape Department of Public Works and Infrastructure, should they wish to continue with their businesses on the current premises.

    This was revealed when Public Works and Infrastructure Deputy Minister Sihle Zikalala, together with the Department of Public Works and Infrastructure MEC Siphokazi Lusithi, issued eviction orders to a number of businesses in the Mthatha CBD as part of Operation Bring Back (OBB), which aims to reclaim hijacked and illegally occupied government properties.

    READ | Reclaiming State property

    “Our aim is not to shut down legally operating businesses, but we want these businesses that are paying rent to criminals, who have stolen government properties, to start paying the rent to the rightful owners of these properties,” the Deputy Minister said on Wednesday.

    Zikalala and Lusithi visited mixed business premises housing offices, driving school, salons, tombstones and a hardware store, where they addressed business owners and workers who voiced their fears of losing their businesses.  

    In the Eastern Cape, there are 82 properties that are currently going through legal channels, including 57 eviction orders. 

    Of these, 21 have been evaluated and are recommended for execution, with a target of completing 36 evictions by the end of the 2024/2025 financial year.  

    All eviction actions will strictly adhere to legal standards and respect tenant rights. The two DPWI leaders allayed the fears of the concerned businesses, promising that should they follow the correct legal routes, their businesses would not be out in the cold.

    “As the province, we are undertaking the Operation Bring Back, which aims at bringing back government properties that are illegally occupied. The illegal occupation of government properties both commercial and residential undermines the state’s capacity to generate revenue and maintain our properties, but even more tragically, it victimizes small business owners who are unaware they are being taken advantage of by these bogus landlords. 

    “In response, we have entered into negotiations with these small businesses to regularize their leases, ensuring that they are protected, and that government assets are not exploited for personal gain,” the MEC said. – SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI Europe: Monetary developments in the euro area: August 2024

    Source: European Central Bank

    26 September 2024

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 increased to 2.9% in August 2024 from 2.3% in July, averaging 2.5% in the three months up to August. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -2.1% in August, compared with -3.1% in July. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 10.6% in August from 11.4% in July. The annual growth rate of marketable instruments (M3-M2) increased to 22.0% in August from 21.4% in July.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed -1.4 percentage points (up from -2.1 percentage points in July), short-term deposits other than overnight deposits (M2-M1) contributed 3.0 percentage points (down from 3.2 percentage points) and marketable instruments (M3-M2) contributed 1.3 percentage points (up from 1.2 percentage points).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households increased to 2.3% in August from 2.1% in July, while the annual growth rate of deposits placed by non-financial corporations stood at 1.8% in August, compared with 1.7% in July. Finally, the annual growth rate of deposits placed by investment funds other than money market funds increased to 11.7% in August from 6.3% in July.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in August 2024, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 4.0 percentage points (up from 3.8 percentage points in July), claims on the private sector contributed 1.2 percentage points (up from 0.9 percentage points), claims on general government contributed -0.4 percentage points (as in the previous month), longer-term liabilities contributed -1.8 percentage points (up from -1.9 percentage points), and the remaining counterparts of M3 contributed 0.0 percentage points (up from -0.1 percentage points).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents increased to 0.6% in August 2024 from 0.3% in the previous month. The annual growth rate of claims on general government stood at -1.1% in August, unchanged from the previous month, while the annual growth rate of claims on the private sector increased to 1.2% in August from 0.9% in July.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 1.6% in August from 1.3% in July. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 0.6% in August, compared with 0.5% in July, while the annual growth rate of adjusted loans to non-financial corporations increased to 0.8% in August from 0.6% in July.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Europe News –

  • MIL-OSI: Adeah calculates the future market swing days, swing times of the day and prices with high probability accuracy days in advance

    Source: GlobeNewswire (MIL-OSI)

    CHEYENNE, Wyo., Sept. 26, 2024 (GLOBE NEWSWIRE) — US-based fintech startup Adeah LLC has announced the development of its Asset Timing Analyst (ATA) software project, which uses a mathematical modeling cycle to predict the swing days of assets in financial markets and giving pricing for entries and profit targeting. This model, grounded in mathematical inferences, minimizes market risks and enables high-yield trading opportunities.

    Supported by GlobalTrader.Club, which has built a strong presence in the trader community since 2005, Adeah, a fintech startup focused on mathematical success in financial markets, invites angel investors interested in early-stage investments in fintech companies to revolutionize fund management and short term or day trading in financial markets.

    Know What Will Happen Before It Happens. Timing is critical in financial markets

    Swing days are the days when asset price fluctuations, such as those of stocks, commodities, and currency pairs, become more pronounced or take a turn. When traders time the days and the hours correctly, they can capitalize on buying or selling opportunities while also reducing risk tremendously.

    Adeah LLC Founder and CEO Marty Meydan stated, “In financial markets, where timing is crucial for performance, ATA enables traders to identify the right time and ATAM indicator provides the right pricing, reducing risks while capitalizing on opportunities at just the right moment,” and emphasized that ATA conducts dynamic calculations based on market movements, measured in hours, days, weeks, and months. Knowing the days and the hours to trade before markets even open with clear pricing, allows to plan much better in a 24 hour global market, without getting stuck to the screen.

    As a unique financial markets technology company and a market education company, Adeah brings a new dimension to the process of predicting market movements through mechanisms based on mathematical models. Data from ATA software’s performance in the first half of 2024 shows success rates of 80.95% in gold, 74.55% in the S&P 500, and 66% in the EUR/USD pair.

    Consistently demonstrated the predictability of market swings and major day movements up to weeks in advance!

    “Trading and investing in financial markets have always been portrayed as unpredictable and filled with uncertainties,” said Marty Meydan, adding, “However, the model we developed at Adeah has shown that market swings and major day movements can often be calculated with a high probability of success.”

    In addition to its software development, fintech startup Adeah offers educational programs that teach traders how to invest in financial markets with timing calculations and the intricacies of technical analysis. The “101 Day Trader Career Program” includes live market analysis following the education.

    According to Marty Meydan, the technical analysis strategy based on accurate swing timing calculations provides traders with a mathematical, model-driven approach that increase their chances of success and profitability across any financial asset they chose to trade.

    The MIL Network –

  • MIL-OSI United Kingdom: Press release: PM meeting with President Abbas of the Palestinian Authority: 25 September 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The Prime Minister met Palestinian President Mahmoud Abbas at UNGA this afternoon.

    The Prime Minister met Palestinian President Mahmoud Abbas at UNGA this afternoon.

    President Abbas opened by condemning the Hamas attacks of October 7th. He also highlighted the civilian death toll in Gaza since then, with 41k killed and 100k injured, plus 70% of infrastructure devastated. The Prime Minister agreed that the loss of civilian life had been intolerable. 

    The President and Prime Minister also condemned the increase in settler violence and settlement activity there has been on the West Bank. 

    The President and Prime Minister agreed that we need an immediate ceasefire, the release of the hostages and a surge in humanitarian aid getting in. 

    They also discussed what needed to come next in terms of supporting and reforming the Palestinian Authority and working towards a political horizon which was the only long term solution to this crisis: a viable Palestinian state along a safe and secure Israel.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM meeting with President Abbas of the Palestinian Authority: 25 September 2024

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister met Palestinian President Mahmoud Abbas at UNGA this afternoon.

    The Prime Minister met Palestinian President Mahmoud Abbas at UNGA this afternoon.

    President Abbas opened by condemning the Hamas attacks of October 7th. He also highlighted the civilian death toll in Gaza since then, with 41k killed and 100k injured, plus 70% of infrastructure devastated. The Prime Minister agreed that the loss of civilian life had been intolerable. 

    The President and Prime Minister also condemned the increase in settler violence and settlement activity there has been on the West Bank. 

    The President and Prime Minister agreed that we need an immediate ceasefire, the release of the hostages and a surge in humanitarian aid getting in. 

    They also discussed what needed to come next in terms of supporting and reforming the Palestinian Authority and working towards a political horizon which was the only long term solution to this crisis: a viable Palestinian state along a safe and secure Israel.

    Updates to this page

    Published 26 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI Global: Easing Africa’s debt burdens: a fresh approach, based on an old idea

    Source: The Conversation – Africa – By Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria

    The statistics are stark: 54 governments, of which 25 are African, are spending at least 10% of their revenues on servicing their debts; 48 countries, home to 3.3 billion people, are spending more on debt service than on health or education.

    Among them, 23 African countries are spending more on debt service than on health or education.

    While the international community stands by, these countries are servicing their debts and defaulting on their development goals.

    The Group of 20’s current approach for dealing with the debts of low income countries is the Common Framework.

    It requires the debtor to first discuss its problems with the International Monetary Fund (IMF) and obtain its assessment of how much debt relief it needs. Then it must negotiate with its official creditors – international organisations, governments and government agencies – over how much debt relief they will provide. Only then can the debtor reach an agreement – on comparable terms to the official creditors – with its commercial creditors.

    Unfortunately, this process has been sub-optimal.

    One reason is that it works too slowly to meet the urgent needs of distressed borrowers. As a result, it condemns debtor countries to financial limbo. The resulting uncertainty is not in anyone’s interest. For example, Zambia has been working through the G20’s cumbersome process for more than three and a half years and has not yet finalised agreements with all its creditors.

    The need for a new approach is overwhelmingly evident. Although the current crisis has not yet become the “systemic” threat it was in the 1980s when multiple countries defaulted on their debt, it is a “silent” sovereign debt crisis.

    We propose a two-part approach that would improve the situation of sovereign debtors and their creditors. This proposal is based on the lessons we have learned from our work on the legal and economic aspects of developing country debt, particularly African debt.

    First, we suggest that official creditors and the IMF create a strategic buyer of “last resort” that can purchase the bonds of debt distressed countries and refinance them on better terms.

    Second, we recommend that all parties involved in sovereign debt restructurings adopt a set of principles that they can use to guide the debtor and its creditors in reaching an optimal agreement and monitoring its implementation.

    The current approach fails to deal effectively and fairly with both the concerns of the creditors and all the debtor’s legal obligations and responsibilities. Our proposed solution would offer debtors debt relief that does not undermine their ability to meet their other legal obligations and responsibilities, while also accommodating private creditors’ preference for cash payments.

    Our proposal is not risk-free. And buybacks are not appropriate for all debtors. Nevertheless it offers a principled and feasible approach to dealing with a silent debt crisis that threatens to undermine international efforts to address global challenges such as climate, poverty and inequality.

    It uses the IMF’s existing resources to meet both the bondholders’ preferences for immediate cash and the developing countries’ need to reduce their debt burdens in a transparent and principled way.

    It also helps the international community avoid a widespread default on debt and development.

    Bondholders are a major problem

    Foreign bondholders, who are the major creditors of many developing countries, have proven to be particularly challenging in providing substantive debt relief in a timely manner. In theory, they should be more flexible than official creditors.

    Developing countries have been paying bondholders a premium to compensate them for providing financing to borrowers that are perceived to be risky. As a result, bondholders have already received larger payouts than official creditors. Therefore, they should be better placed than official creditors to assist the debtor in the restructuring processes.

    However, despite having received large returns from defaulted bonds, bondholders have remained obstinate in debt restructurings.

    Our proposal seeks to overcome this hurdle in a way that is fair to debtors, creditors and their respective stakeholders.

    How it would work

    First, the official creditors and the IMF should create and fund a strategic buyer “of last resort” who can purchase distressed (and expensive) debt at a discount from bondholders. The buyer, now the creditor of the country in distress, can repackage the debt and sell it to the debtor country on more manageable terms. The net result is that the bondholders receive cash for their bonds, while the debtor country benefits from substantial debt relief. In addition, the debtor and its remaining official creditors benefit from a simplified debt restructuring process.

    This concept has precedent. In 1989, as part of the Highly Indebted Poor Countries Initiative, the international community’s effort to deal with the then existing debt burdens of poor countries, the World Bank Group established the Debt Reduction Facility, which helped eligible governments repurchase their external commercial debts at deep discounts. It completed 25 transactions which helped erase approximately US$10.3 billion in debt principal and over US$3.5 billion in interest arrears.

    Some individual countries have also bought back their own debt. In 2009, Ecuador repurchased 93% of its defaulted debt at a deep discount. This enabled the government to reduce its debt stock by 27% and promote economic growth in subsequent years.

    Unfortunately, the countries currently in debt distress lack sufficient foreign reserves to pursue such a strategy. Hence, they need to find a “friendly” buyer of last resort.

    The IMF is well positioned to play this role. It has the mandate to support countries during financial crises. It also has the resources to fund such a facility. It can use a mix of its own resources, including its gold reserves, and donor funding, such as a portion of the US$100 billion in Special Drawing Rights (SDR), the IMF’s own reserve currency, which rich economies committed to reallocate for development purposes.

    Such a facility, for example, would have enabled Kenya to refinance its debts at the SDR interest rate, currently at 3.75% per year, rather than at the 10.375% rate it paid in the financial markets.

    It is noteworthy that the 47 low-income countries identified as in need of debt relief have just US$60 billion in outstanding debts owed to bondholders. Our proposed buyer of last resort would help reduce the burden of these countries to manageable levels.

    Second, we propose that both debtors and creditors should commit to the following set of shared principles, based on internationally accepted norms and standards for debt restructurings.

    Guiding principles

    1. Guiding norms: Sovereign debt restructurings should be guided by six norms: credibility, responsibility, good faith, optimality, inclusiveness and effectiveness.

    Optimality means that the negotiating parties should aim to achieve an outcome that, considering the circumstances in which the parties are negotiating and their respective rights, obligations and responsibilities, offers each of them the best possible mix of economic, financial, environmental, social, human rights and governance benefits.

    2. Transparency: All parties should have access to the information that they need to make informed decisions.

    3. Due diligence: The sovereign debtor and its creditors should each undertake appropriate due diligence before concluding a sovereign debt restructuring process.

    4. Optimal outcome assessment: The parties should publicly disclose why they expect their restructuring agreement to result in an optimal outcome.

    5. Monitoring: There should be credible mechanisms for monitoring the implementation of the restructuring agreement.

    6. Inter-creditor comparability: All creditors should make a comparable contribution to the restructuring of debt.

    7. Fair burden sharing: The burden of the restructuring should be fairly allocated between the negotiating parties.

    8. Maintaining market access: The process should be designed to facilitate future market access for the borrower at affordable rates.

    The G20’s current efforts to address the silent debt crisis are failing. They are contributing to the likely failure of low income countries in Africa and the rest of the global south to offer all their residents the possibility of leading lives of dignity and opportunity.

    Danny Bradlow, in addition to his university position, is Co-Chair of the T20 task force on sovereign debt, and Co-Chair of the Academic Circle on the Right to Development.

    Marina Zucker-Marques is a co-chair for the Brazil T20 Task Force 3 on reforming the International Financial Architecture

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

    – ref. Easing Africa’s debt burdens: a fresh approach, based on an old idea – https://theconversation.com/easing-africas-debt-burdens-a-fresh-approach-based-on-an-old-idea-239427

    MIL OSI – Global Reports –

  • MIL-OSI USA: Mississippi Seafood Distributor and Managers Plead Guilty to Conspiracy and Misbranding of Seafood

    Source: US Department of Health and Human Services – 3

    Department of Justice
    Office of Public Affairs

    FOR IMMEDIATE RELEASE
    Tuesday, August 27, 2024

    Company Agrees to Pay More than $1.1M in Criminal Penalties

    A Mississippi seafood distributor and two company managers pleaded guilty today to conspiring with others to mislabel seafood and to commit wire fraud by marketing inexpensive and frozen imported substitutes as more expensive and premium local species. 

    Quality Poultry and Seafood Inc. (QPS), the largest seafood wholesaler on the Mississippi Gulf Coast, has agreed to pay the United States $1 million in forfeitures and a criminal fine of $150,000. QPS sales manager Todd A. Rosetti and business manager James W. Gunkel, both of Ocean Springs, Mississippi, also pleaded guilty to misbranding seafood to facilitate QPS’ fraud. 

    QPS admitted to participating in this fish substitution scheme from as early as 2002 and continuing through November 2019. The indictment alleges that QPS recommended and sold to its restaurant customers foreign-sourced fish that could serve as convincing substitutes for the local species the restaurants advertised on their menus. QPS also labeled the cheap imports that it sold to customers at its own retail shop and café as premium local fish.

    “QPS and company officials went to great lengths in conspiring with others to perpetuate fraud for more than a decade, even after they knew they were under federal investigation,” said Assistant Attorney General Todd Kim of the Justice Department’s Environment and Natural Resources Division. “Mislabeling seafood harms local wholesalers and fishermen who compete to sell locally sourced, premium fish in a market unfairly flooded with less expensive fish, frozen and imported from overseas.”

    “When imported substitutes are marketed as local domestic seafood, it depresses the value of authentic Gulf Coast seafood, which means that honest local fishermen and wholesalers have a harder time making a profit,” said U.S. Attorney Todd W. Gee for the Southern District of Mississippi. “This kind of mislabeling fraud hurts the overall local seafood market and rips off restaurant customers who were paying extra to eat a premium local product. These convictions should serve as a warning: restaurants and wholesalers will face criminal prosecution if they are not honest with customers about what they are actually buying.”

    “U.S. consumers expect their seafood to be correctly identified. When sellers purposefully substitute one fish species for another, they deceive consumers and cause potential food safety hazards to be overlooked or misidentified by processors or end users,” said Special Agent in Charge Justin Fielder of the Food and Drug Administration (FDA)’s Office of Criminal Investigations, Miami Field Office. “We will continue to investigate and bring to justice those who put profits above public health.”

    The indictment alleges that even after agents from the FDA executed a criminal search warrant at QPS to investigate its sale of mislabeled fish, QPS continued for over a year to sell frozen fish imported from Africa, South America and India for use as substitutes for local premium species.

    Mary Mahoney’s, which pleaded guilty in May, admitted that between December 2013 and November 2019, it fraudulently sold, as local premium species, approximately 58,750 pounds (over 29 tons) of fish that was not the species identified on its menu. QPS supplied seafood to Mary Mahoney’s and many other restaurant restaurants and retailers.

    QPS, Rosetti and Gunkel will be sentenced on Dec. 11. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    FDA’s Office of Criminal Investigations is investigating the case.

    Senior Trial Attorney Jeremy F. Korzenik of the Environment and Natural Resources Division’s Environmental Crimes Section and Assistant U.S. Attorney Andrea Jones for the Southern District of Mississippi are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI USA: Founder and Chief Executive Officer of Injectable Stem Cell Product Manufacturer Pleads Guilty to Felony Distribution of Unapproved Drug

    Source: US Department of Health and Human Services – 3

    Department of Justice
    Office of Public Affairs

    FOR IMMEDIATE RELEASE
    Tuesday, August 27, 2024

    The founder and chief executive officer of a California-based company that marketed stem cell-based products linked to multiple hospitalizations pleaded guilty yesterday to a felony violation of the Federal Food, Drug and Cosmetic Act.

    John W. Kosolcharoen, 53, most recently of Orange County, California, pleaded guilty to introducing an unapproved new drug into interstate commerce with the intent to defraud and mislead. Kosolcharoen is currently in custody serving a sentence for a separate, unconnected conviction. U.S. District Judge Otis D. Wright II for the Central District of California presided over the hearing pursuant to a plea agreement with the government. The court set Kosolcharoen’s sentencing for Sept. 23.

    According to court documents, beginning in 2016, Kosolcharoen created two companies, Liveyon LLC and Genetech Inc., to manufacture and distribute injectable stem cell products made from human umbilical cord blood. Liveyon marketed the products under different brand names, including “ReGen.” In pleading guilty, Kosolcharoen admitted that he and others misrepresented ReGen as suitable for the treatment of a variety of conditions, such as lung and heart diseases, autoimmune disorders, Alzheimer’s disease, Parkinson’s disease and others. Liveyon marketed the products throughout the United States until about April 2019 using advertising materials that contained multiple false and misleading statements about their purported safety and effectiveness.

    In recent years, the U.S. Food and Drug Administration (FDA) has warned consumers that patients seeking cures and remedies for serious diseases and conditions may be misled about unapproved stem cell products that are illegally marketed, have not been shown to be safe or effective, and, in some cases, may have significant safety issues that put patients at risk. Stem cell products are regulated by FDA, and generally they must have FDA approval before being introduced into interstate commerce.

    As part of the plea agreement, Kosolcharoen admitted that to mislead FDA about Liveyon’s activities, he directed Liveyon’s purchase orders to falsely state that the stem cell products were being sold “for research purposes only.” In 2018, FDA and the Centers for Disease Control and Prevention (CDC) received reports of patients in multiple states requiring hospitalization for bacterial infections after receiving Liveyon products. Kosolcharoen admitted that he and others fraudulently induced customers into purchasing stem cell-derived Liveyon products by, among other things, misleading the public about the cause and severity of adverse events suffered by Liveyon patients, and falsely reporting and concealing material facts regarding the outcome of an FDA inspection of Genetech. According to FDA records, that inspection documented evidence of significant deviations from good manufacturing and tissue practices.

    “Unapproved stem cell treatments not only endanger public health but also exploit the hopes of patients who seek relief from the most serious of diseases,” said Principal Deputy Assistant Attorney General Brian Boynton, head of the Justice Department’s Civil Division. “The Department of Justice is committed to safeguarding the public from these schemes and will vigorously pursue legal action to hold accountable those who unlawfully market and sell these unproven therapies.”

    “This defendant recklessly put people’s lives in danger, giving false hope to patients with serious illnesses,” said U.S. Attorney Martin Estrada for the Central District of California. “Today’s guilty plea shows that we will hold accountable corporate executives and healthcare professionals who put profits over patients.”

    “We are grateful for the work by the Department of Justice to hold accountable establishments that prey upon vulnerable populations by marketing potentially dangerous stem cell products with false and misleading claims about their safety and effectiveness,” said Director Peter Marks, M.D., Ph.D. of FDA’s Center for Biologics Evaluation and Research.

    “When unscrupulous providers offer umbilical cord blood stem cell products and treatments that are both unapproved and unproven, they put consumers’ health at risk, and multiple users of this firm’s products in fact suffered adverse events,” said Special Agent in Charge Robert Iwanicki of FDA Office of Criminal Investigations Los Angeles Field Office. “FDA will continue to investigate and bring to justice those who endanger the public’s health for material gain.”

    “This investigation was a joint effort between multiple federal agencies and state and local health departments to quickly put a stop to the distribution of unsafe, contaminated products,” said Director Michael Bell, M.D. of CDC’s Division of Healthcare Quality Promotion. “The rapid response by our public health system identified products marketed as stem cell treatments to be the source of serious infections in dozens of patients. Our message to all consumers and providers is to heed the warning against the use of unapproved products like these with unproven claims of effectiveness for conditions like joint disease, chronic pain, or COVID-19. Please don’t let products like these put you or your patients’ health at risk.”

    FDA’s Office of Criminal Investigations, FBI, Amtrak Office of Inspector General, Defense Criminal Investigative Service, Department of Health and Human Services Office of Inspector General, Department of Labor Employment Benefits Security Administration and California Department of Health Care Services investigated the case.

    Assistant U.S. Attorneys Mark Aveis and David Chao for the Central District of California, Assistant Director Ross S. Goldstein and Trial Attorneys Meredith B. Healy, Kathryn A. Schmidt and Peter J. Leininger of the Justice Department’s Consumer Protection Branch are prosecuting the case.

    Additional information about the Consumer Protection Branch and its enforcement efforts can be found at www.justice.gov/civil/consumer-protection-branch.

    MIL OSI USA News –

  • MIL-OSI USA: Conspiracy and Fraud Charges Added Against Operator of Central California Bio-Lab and His Partner in Connection with Sale of Millions of Dollars in COVID-19 Test Kits

    Source: US Department of Health and Human Services – 3

    Department of Justice
    U.S. Attorney’s Office
    Eastern District of California

    FOR IMMEDIATE RELEASE
    Thursday, August 15, 2024

    FRESNO, Calif. — The operator of a Reedley lab, who was indicted in November 2023, faces additional charges of conspiracy and wire fraud after a federal grand jury returned a 12-count superseding indictment today, U.S. Attorney Phillip A. Talbert announced.

    Jia Bei Zhu, 62, a citizen of China, was previously indicted for distributing adulterated and misbranded COVID-19 test kits in violation of the federal Food, Drug, and Cosmetic Act and making false statements to authorities about his identity and involvement with the biolabs. The superseding indictment also charges Zhu’s romantic and business partner, Zhaoyan Wang, 38, a citizen of China, who operated the biolabs Universal Meditech Inc. (UMI) and Prestige Biotech Inc. (PBI) in Fresno and Reedley along with Zhu. UMI and PBI distributed COVID-19, pregnancy, and other types of test kits.

    According to court documents, from August 2020 through March 2023, Zhu and Wang conspired to defraud buyers of UMI and PBI’s COVID-19 test kits. They imported hundreds of thousands of COVID-19 test kits from Ai De Ltd., which was a company in China that they controlled, and falsely represented to the buyers that the test kits were made in the United States. They illegally imported the COVID-19 test kits, which they were not approved to import, by falsely declaring them as pregnancy test kits, which they were approved to import.

    Zhu and Wang also falsely represented to the buyers that UMI and PBI could make up to 100,000 COVID-19 test kits per week in the United States and that the test kits were made in connection with other labs that were certified by the Centers for Disease Control and Prevention. Finally, they falsely represented to the buyers that the test kits were approved by the Food and Drug Administration (FDA). Zhu and Wang made over $1.7 million through their fraud.

    When buyers requested to inspect UMI and PBI’s facilities in Fresno and Reedley, Zhu and Wang denied them access and fabricated reasons for the denial. The fabricated reasons included that the facilities were undergoing construction and renovation, and that proprietary and confidential information and technology was inside. In reality, however, they did not want the buyers to know that UMI and PBI were obtaining the COVID-19 test kits from China.

    Zhu is currently detained in custody pending his federal trial. His next status conference is scheduled for Sept. 11, 2024. Wang is not in custody.

    This case is the product of an investigation by the Federal Bureau of Investigation and the FDA Office of Criminal Investigations. Assistant U.S. Attorneys Arelis Clemente, Joseph Barton, and Henry Carbajal III are prosecuting the case.

    If convicted, Zhu and Wang each face maximum statutory penalties of 20 years in prison for the conspiracy and wire fraud charges, and an additional three years in prison for the distribution of adulterated and misbranded medical device charges. Zhu also faces another five years in prison for the false statements charge. Any sentences, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations. Zhu and Wang are presumed innocent until and unless proven guilty beyond a reasonable doubt.

    23cr219.sup_.ind_.0815.pdf

    MIL OSI USA News –

  • MIL-OSI China: Announcement on Open Market Operations No.192 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.192 [2024]

    (Open Market Operations Office, September 25, 2024)

    The People’s Bank of China (PBOC) issued the ninth batch of central bank bills in 2024 on the Central Moneymarkets Unit (CMU) bond tendering platform of the Hong Kong Monetary Authority (HKMA) through interest rate bidding on September 25, 2024.

    Issue

    Volume

    Maturity

    Rate

    The ninth Batch of Central Bank Bills (2024) (Hong Kong)

    RMB25 billion

    6 months

    (182 days)

    1.55%

    Date of last update Nov. 29 2018

    2024年09月25日

    MIL OSI China News –

  • MIL-OSI China: Announcement on Open Market Operations No.193 [2024]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.193 [2024]

    (Open Market Operations Office, September 26, 2024)

    In order to keep liquidity adequate at a reasonable level in the banking system at quarter-end, the People’s Bank of China conducted reverse repo operations in the amount of RMB292 billion through quantity bidding at a fixed interest rate on September 26, 2024.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    14 days

    RMB292 billion

    1.85%

    Date of last update Nov. 29 2018

    2024年09月26日

    MIL OSI China News –

  • MIL-OSI Asia-Pac: STL visits Tianjin (with photos)

    Source: Hong Kong Government special administrative region

    STL visits Tianjin (with photos)
    STL visits Tianjin (with photos)
    ********************************

         The Secretary for Transport and Logistics, Mr Lam Sai-hung, attended the 11th China Air Finance Development (DFTP) Summit in Tianjin today (September 26).     This year’s summit, with the theme “Openness Leads, Multi-dimensions Surge, New Chances for China’s Air Finance”, brings together representatives from various sectors of the aviation industry to exchange views on topics including the opportunities and challenges of China’s air finance, as well as the current status and future trends of international aircraft leasing enterprises.     In his speech at the opening ceremony of the Summit, Mr Lam said that the global aircraft leasing market has changed rapidly in recent years. The Dongjiang Free Trade Port Zone is the largest aircraft leasing hub in China and the second largest in the world. The delivery of the domestic C919 aircraft has also brought greater momentum to Dongjiang’s rapid growth. The co-operation between Hong Kong and Dongjiang will provide new driving forces and opportunities for the development of the aircraft leasing industry.     “With the support of our motherland, the Hong Kong Special Administrative Region Government has been leveraging the strengths of its sound legal and banking systems, well-developed and diversified capital markets, excellent aviation infrastructure and talent as well as the city’s proximity to the huge Mainland market to help Mainland enterprises go global while attracting foreign investments. Hong Kong, together with the Dongjiang Free Trade Port Zone, will establish closer co-operation to jointly promote the development of the aircraft leasing industry, offering more opportunities and options for airlines around the world and making more contributions to the global air transport industry,” Mr Lam said.     Mr Lam then met with representatives of the Administrative Commission of the Tianjin Dongjiang Free Trade Port Zone and aircraft leasing and financing companies to introduce Hong Kong’s advantages in the aviation industry, including the latest developments in aircraft leasing policies and the preferential tax regime.      ???Mr Lam concluded his two-day visit to Beijing and Tianjin and will return to Hong Kong this evening.

     
    Ends/Thursday, September 26, 2024Issued at HKT 15:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: 100 best projects selected for fourth stream of “Academy of Innovators”

    MIL OSI Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The selection of the 100 best projects for the fourth stream of the “Academy of Innovators” has been completed. Most of the ideas can become import-substituting solutions that will later be implemented in the city and business infrastructure. Applications were accepted from June 17 to September 15 on the project website.

    “Moscow pays special attention to comprehensive support for aspiring technology entrepreneurs – the “Academy of Innovators” project was created in the capital specifically for this purpose, which was recently completely updated. Since the relaunch, interest in the program has increased significantly. 517 projects from 115 cities in Russia were submitted for the fourth stream. As a result, experts selected 100 best participants and teams who began implementing their ideas,” she said.

    Kristina Kostroma, head of the capital’s Department of Entrepreneurship and Innovative Development.

    The most popular areas of the program were information technology, as well as innovations in education, medicine, e-commerce and creative industries. Among the applications for acceleration, the number of projects using cross-cutting technologies increased: artificial intelligence, blockchain, virtual and augmented reality.

    Not only Muscovites, but also residents of other Russian cities have shown interest in the program. In particular, the project is popular with aspiring entrepreneurs from St. Petersburg, Kazan, Perm and Samara. In addition, representatives of Armenia, Belarus, Nigeria and Kazakhstan have registered on the platform.

    Participants who pass the selection will develop their ideas together with personal mentors. As part of the acceleration, they will have access to coworking in the Lomonosov cluster and training sessions in the field of innovation and business, as well as meetings with potential investors and customers.

    Residents of the “Innovators Academy” will be offered to test the final product on city and business platforms. On the project platform, they have the opportunity to select requests from large corporations, refine the idea and bring it to the finished product with the support of personal mentors and experts from companies and the Moscow Innovation Agency.

    From drones to exoskeletons: the most interesting projects of the fourth stream

    Among the participants of the new stream of the “Academy of Innovators” is Vadim Skvortsov, the inventor of an intelligent platform for creating a digital twin of the production of mechanical engineering enterprises. The development allows optimizing production processes, increasing their efficiency and reducing costs. With this project, Vadim has already become a laureate of the award “Innovator of Moscow” in the nomination “Changing Reality” in the “Industry” direction.

    Gleb Kim is the author of the first project in Russia that allows the use of artificial intelligence in cardiac surgery and cardiology. The solution helps improve the quality of medical care and speed up diagnostics by 10 times.

    Marina Letovaltseva has developed modular systems based on conductive fabrics to protect against hypothermia at low temperatures. Their effectiveness has been proven in extreme situations – when climbing Elbrus and in the climate of the Far North.

    Anton Moskaluk has created a robotic exoskeleton for the knee joint. It helps people with leg injuries restore their mobility and gradually return to an active life.

    Nikita Usachev has developed an unmanned surface vehicle with machine vision modules. The device is designed to monitor protected areas and the state of the environment, it helps ensure safety and environmental protection.

    The Innovators Academy has been running since 2021, but was relaunched in 2023 with significant changes. It is now a continuous program for the intensive development of technology projects, which can be joined at any time and at any stage. It no longer has restrictions on accepting applications by industry, and the age limit for participants has been reduced to 14 years.

    Since its relaunch, more than 20,000 developers, scientists, and entrepreneurs from Russia and friendly countries have joined the Innovators Academy. They have created over four thousand innovative projects and over 290 startups, and attracted over 200 million rubles in investments and grants. The total revenue of the program residents exceeded 260 million rubles.

    Moscow Innovation Agency— the Institute for Innovative Development of the Capital, subordinate to the city Department of Entrepreneurship and Innovative Development. The institution offers a range of programs for businesses at different stages of development – from the implementation of an idea to the moment when the company has a finished product and a desire to enter new markets. The organization’s projects help technology companies develop, test and implement their products, attract investment, scale up and find large customers.

    The agency brings together aspiring innovators, startups and technology companies from the capital and other regions. For those who are just starting out and are just planning to found a startup, the organization offers three large-scale projects. These are the “Digital Transformation Leaders” and “Moscow Innovator” competitions, as well as the ongoing program for the development of technology projects “Academy of Innovators”.

    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/144483073/

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

    MIL OSI Russia News –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹34,000 crore on September 27, 2024

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on September 27, 2024.

    As per the extant scheme of underwriting notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) for the underwriting auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount Minimum Underwriting Commitment (MUC) amount per PD Minimum bidding commitment per PD under ACU auction
    7.04% GS 2029 12,000 286 286
    7.23% GS 2039 12,000 286 286
    7.09% GS 2054 10,000 239 239

    The underwriting auction will be conducted through multiple price-based method on September 27, 2024 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1161

    MIL OSI Economics –

  • MIL-OSI: Nokia Bell Labs and e& announce R&D collaboration to innovate for strategic industrial sectors

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia Bell Labs and e& announce R&D collaboration to innovate for strategic industrial sectors

    • Collaboration is expected to develop AI-based use cases for strategic industrial sectors.
    • Responsible AI solutions aim for sustainable enterprise and industrial automation applications.

    26 September 2024
    Espoo, Finland – Nokia’s research arm, Nokia Bell Labs, and e&, a global technology group, announced today that they have signed a year-long, non-binding memorandum of understanding (“MoU”) for R&D collaboration to create AI-based use cases for strategic industrial sectors.

    The goal is to develop responsible AI solutions for sustainable enterprise and industrial automation applications and accelerate innovation concepts toward real world deployments.

    The MoU includes exploring collaboration opportunities with industry, universities and research centers. Both organizations aim to develop innovative solutions in the areas of AI and information and communication technologies that fit into an overall vision of industrial automation and digitalization. Network connectivity, AI and advanced computing are foundational in solving the difficult industrial challenges of productivity, efficiency, safety, health and sustainability faced by many industrial sectors today.

    e& has emerged as a pioneering force of AI and Generative AI in the United Arab Emirates and its 33 operating markets in addition to declaring its commitment to reach net zero status in its home market of the UAE by 2030 and across all operations by 2040.

    Nokia Bell Labs is an industry leader in Responsible AI and has defined six principles to guide AI research in the future along the lines of fairness, reliability, privacy, transparency, sustainability and accountability. These principles not only reflect the future of AI standards but also comprehensively account for the telecom industry’s renewed focus on environmental sustainability, social responsibility and good governance.

    Thierry E. Klein, President of Bell Labs Solutions Research at Nokia, said: “This engagement between Nokia Bell Labs and e& reflects our commitment to innovating with our customers and partners. By jointly developing applications and use cases that leverage our expertise in responsible AI, software and data systems, we will accelerate the digital transformation that provides new technologies for a safer, more productive and more sustainable future. We look forward to co-creating ground-breaking solutions that can unlock new business opportunities for industrial operations in the Middle East and beyond.”

    Dena Almansoori, Group Chief AI and Data Officer at e&, said: “While we realise the immense potential of AI, it’s equally important to build strong protections to ensure its responsible development and deployment. This will be the foundation of our collaboration with Nokia Bell Labs as we both explore the potential of AI in driving sustainable industrial automation. By combining Nokia Bell Labs’ expertise in AI research and our deep understanding of industrial applications, we are set to explore the development of innovative solutions that address the urgent challenges facing industries today.”

    Resources and additional information
    Webpage: Nokia Bell Labs
    Webpage: e&

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

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

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

    About e&
    e& is one of the leading technology groups in the world. Boasting impressive financial figures for 2023, with consolidated net revenue reaching a staggering AED 53.8 billion and consolidated net profit surging to AED 10.3 billion, the Group’s impeccable credit ratings reflect its strong balance sheet and track record of sustained success.

    Founded in Abu Dhabi over 48 years ago, the Group has a rich legacy as the pioneer in telecommunications in the UAE. Today, its footprint spans 33 countries, including STARZPLAY and Careem Everything app across the Middle East, Asia, and Africa, making it a leading player in the industry.

    Innovation is ingrained in e&’s DNA to create an unbreakable bond between communities using cutting-edge digital solutions, smart connectivity and advanced technologies.

    The Group has designed five strong business pillars that address various customer segments: e& UAE, e& international, e& life, e& enterprise and e& capital. Through these pillars, we strive to revolutionise the way people communicate, work and live by providing unparalleled services and exceptional experiences.

    At e&, we are committed to pushing the boundaries of what is possible and delivering measurable results that make a difference in people’s lives.

    To learn more about e&, please visit: https://eand.com/. 

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI: Nokia Bell Labs and e& announce R&D collaboration to innovate for strategic industrial sectors

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia Bell Labs and e& announce R&D collaboration to innovate for strategic industrial sectors

    • Collaboration is expected to develop AI-based use cases for strategic industrial sectors.
    • Responsible AI solutions aim for sustainable enterprise and industrial automation applications.

    26 September 2024
    Espoo, Finland – Nokia’s research arm, Nokia Bell Labs, and e&, a global technology group, announced today that they have signed a year-long, non-binding memorandum of understanding (“MoU”) for R&D collaboration to create AI-based use cases for strategic industrial sectors.

    The goal is to develop responsible AI solutions for sustainable enterprise and industrial automation applications and accelerate innovation concepts toward real world deployments.

    The MoU includes exploring collaboration opportunities with industry, universities and research centers. Both organizations aim to develop innovative solutions in the areas of AI and information and communication technologies that fit into an overall vision of industrial automation and digitalization. Network connectivity, AI and advanced computing are foundational in solving the difficult industrial challenges of productivity, efficiency, safety, health and sustainability faced by many industrial sectors today.

    e& has emerged as a pioneering force of AI and Generative AI in the United Arab Emirates and its 33 operating markets in addition to declaring its commitment to reach net zero status in its home market of the UAE by 2030 and across all operations by 2040.

    Nokia Bell Labs is an industry leader in Responsible AI and has defined six principles to guide AI research in the future along the lines of fairness, reliability, privacy, transparency, sustainability and accountability. These principles not only reflect the future of AI standards but also comprehensively account for the telecom industry’s renewed focus on environmental sustainability, social responsibility and good governance.

    Thierry E. Klein, President of Bell Labs Solutions Research at Nokia, said: “This engagement between Nokia Bell Labs and e& reflects our commitment to innovating with our customers and partners. By jointly developing applications and use cases that leverage our expertise in responsible AI, software and data systems, we will accelerate the digital transformation that provides new technologies for a safer, more productive and more sustainable future. We look forward to co-creating ground-breaking solutions that can unlock new business opportunities for industrial operations in the Middle East and beyond.”

    Dena Almansoori, Group Chief AI and Data Officer at e&, said: “While we realise the immense potential of AI, it’s equally important to build strong protections to ensure its responsible development and deployment. This will be the foundation of our collaboration with Nokia Bell Labs as we both explore the potential of AI in driving sustainable industrial automation. By combining Nokia Bell Labs’ expertise in AI research and our deep understanding of industrial applications, we are set to explore the development of innovative solutions that address the urgent challenges facing industries today.”

    Resources and additional information
    Webpage: Nokia Bell Labs
    Webpage: e&

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

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

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

    About e&
    e& is one of the leading technology groups in the world. Boasting impressive financial figures for 2023, with consolidated net revenue reaching a staggering AED 53.8 billion and consolidated net profit surging to AED 10.3 billion, the Group’s impeccable credit ratings reflect its strong balance sheet and track record of sustained success.

    Founded in Abu Dhabi over 48 years ago, the Group has a rich legacy as the pioneer in telecommunications in the UAE. Today, its footprint spans 33 countries, including STARZPLAY and Careem Everything app across the Middle East, Asia, and Africa, making it a leading player in the industry.

    Innovation is ingrained in e&’s DNA to create an unbreakable bond between communities using cutting-edge digital solutions, smart connectivity and advanced technologies.

    The Group has designed five strong business pillars that address various customer segments: e& UAE, e& international, e& life, e& enterprise and e& capital. Through these pillars, we strive to revolutionise the way people communicate, work and live by providing unparalleled services and exceptional experiences.

    At e&, we are committed to pushing the boundaries of what is possible and delivering measurable results that make a difference in people’s lives.

    To learn more about e&, please visit: https://eand.com/. 

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI: Anmodning om ophør af suspension i enkelt afdeling under Investeringsforeningen Danske Invest

    Source: GlobeNewswire (MIL-OSI)

    NASDAQ Copenhagen

    Nikolaj Plads 6
    1007 København K

    		  

    Bernstorffsgade 40
    1577  København V
    Telefon 33 33 71 71
    Telefax 33 15 71 71
    http://www.danskeinvest.dk

    26. september 2024
       

    Der anmodes om ophør af suspension for afdeling/andelsklasse nedenfor. 

    Investeringsforeningen Danske Invest:

    Afdeling/andelsklasse ISIN-kode OMX Identifikation
    Nye Markeder 2, klasse DKK d DK0060080380 DKINM2

    Med venlig hilsen

    DANSKE INVEST
    MANAGEMENT A/S

    Tina Hjorth Hetting
    Head of Investment Management

    The MIL Network –

  • MIL-OSI Africa: Easing Africa’s debt burdens: a fresh approach, based on an old idea

    Source: The Conversation – Africa – By Danny Bradlow, Professor/Senior Research Fellow, Centre for Advancement of Scholarship, University of Pretoria

    The statistics are stark: 54 governments, of which 25 are African, are spending at least 10% of their revenues on servicing their debts; 48 countries, home to 3.3 billion people, are spending more on debt service than on health or education.

    Among them, 23 African countries are spending more on debt service than on health or education.

    While the international community stands by, these countries are servicing their debts and defaulting on their development goals.

    The Group of 20’s current approach for dealing with the debts of low income countries is the Common Framework.

    It requires the debtor to first discuss its problems with the International Monetary Fund (IMF) and obtain its assessment of how much debt relief it needs. Then it must negotiate with its official creditors – international organisations, governments and government agencies – over how much debt relief they will provide. Only then can the debtor reach an agreement – on comparable terms to the official creditors – with its commercial creditors.

    Unfortunately, this process has been sub-optimal.

    One reason is that it works too slowly to meet the urgent needs of distressed borrowers. As a result, it condemns debtor countries to financial limbo. The resulting uncertainty is not in anyone’s interest. For example, Zambia has been working through the G20’s cumbersome process for more than three and a half years and has not yet finalised agreements with all its creditors.

    The need for a new approach is overwhelmingly evident. Although the current crisis has not yet become the “systemic” threat it was in the 1980s when multiple countries defaulted on their debt, it is a “silent” sovereign debt crisis.

    We propose a two-part approach that would improve the situation of sovereign debtors and their creditors. This proposal is based on the lessons we have learned from our work on the legal and economic aspects of developing country debt, particularly African debt.

    First, we suggest that official creditors and the IMF create a strategic buyer of “last resort” that can purchase the bonds of debt distressed countries and refinance them on better terms.

    Second, we recommend that all parties involved in sovereign debt restructurings adopt a set of principles that they can use to guide the debtor and its creditors in reaching an optimal agreement and monitoring its implementation.

    The current approach fails to deal effectively and fairly with both the concerns of the creditors and all the debtor’s legal obligations and responsibilities. Our proposed solution would offer debtors debt relief that does not undermine their ability to meet their other legal obligations and responsibilities, while also accommodating private creditors’ preference for cash payments.

    Our proposal is not risk-free. And buybacks are not appropriate for all debtors. Nevertheless it offers a principled and feasible approach to dealing with a silent debt crisis that threatens to undermine international efforts to address global challenges such as climate, poverty and inequality.

    It uses the IMF’s existing resources to meet both the bondholders’ preferences for immediate cash and the developing countries’ need to reduce their debt burdens in a transparent and principled way.

    It also helps the international community avoid a widespread default on debt and development.

    Bondholders are a major problem

    Foreign bondholders, who are the major creditors of many developing countries, have proven to be particularly challenging in providing substantive debt relief in a timely manner. In theory, they should be more flexible than official creditors.

    Developing countries have been paying bondholders a premium to compensate them for providing financing to borrowers that are perceived to be risky. As a result, bondholders have already received larger payouts than official creditors. Therefore, they should be better placed than official creditors to assist the debtor in the restructuring processes.

    However, despite having received large returns from defaulted bonds, bondholders have remained obstinate in debt restructurings.

    Our proposal seeks to overcome this hurdle in a way that is fair to debtors, creditors and their respective stakeholders.

    How it would work

    First, the official creditors and the IMF should create and fund a strategic buyer “of last resort” who can purchase distressed (and expensive) debt at a discount from bondholders. The buyer, now the creditor of the country in distress, can repackage the debt and sell it to the debtor country on more manageable terms. The net result is that the bondholders receive cash for their bonds, while the debtor country benefits from substantial debt relief. In addition, the debtor and its remaining official creditors benefit from a simplified debt restructuring process.

    This concept has precedent. In 1989, as part of the Highly Indebted Poor Countries Initiative, the international community’s effort to deal with the then existing debt burdens of poor countries, the World Bank Group established the Debt Reduction Facility, which helped eligible governments repurchase their external commercial debts at deep discounts. It completed 25 transactions which helped erase approximately US$10.3 billion in debt principal and over US$3.5 billion in interest arrears.

    Some individual countries have also bought back their own debt. In 2009, Ecuador repurchased 93% of its defaulted debt at a deep discount. This enabled the government to reduce its debt stock by 27% and promote economic growth in subsequent years.

    Unfortunately, the countries currently in debt distress lack sufficient foreign reserves to pursue such a strategy. Hence, they need to find a “friendly” buyer of last resort.

    The IMF is well positioned to play this role. It has the mandate to support countries during financial crises. It also has the resources to fund such a facility. It can use a mix of its own resources, including its gold reserves, and donor funding, such as a portion of the US$100 billion in Special Drawing Rights (SDR), the IMF’s own reserve currency, which rich economies committed to reallocate for development purposes.

    Such a facility, for example, would have enabled Kenya to refinance its debts at the SDR interest rate, currently at 3.75% per year, rather than at the 10.375% rate it paid in the financial markets.

    It is noteworthy that the 47 low-income countries identified as in need of debt relief have just US$60 billion in outstanding debts owed to bondholders. Our proposed buyer of last resort would help reduce the burden of these countries to manageable levels.

    Second, we propose that both debtors and creditors should commit to the following set of shared principles, based on internationally accepted norms and standards for debt restructurings.

    Guiding principles

    1. Guiding norms: Sovereign debt restructurings should be guided by six norms: credibility, responsibility, good faith, optimality, inclusiveness and effectiveness.

    Optimality means that the negotiating parties should aim to achieve an outcome that, considering the circumstances in which the parties are negotiating and their respective rights, obligations and responsibilities, offers each of them the best possible mix of economic, financial, environmental, social, human rights and governance benefits.

    2. Transparency: All parties should have access to the information that they need to make informed decisions.

    3. Due diligence: The sovereign debtor and its creditors should each undertake appropriate due diligence before concluding a sovereign debt restructuring process.

    4. Optimal outcome assessment: The parties should publicly disclose why they expect their restructuring agreement to result in an optimal outcome.

    5. Monitoring: There should be credible mechanisms for monitoring the implementation of the restructuring agreement.

    6. Inter-creditor comparability: All creditors should make a comparable contribution to the restructuring of debt.

    7. Fair burden sharing: The burden of the restructuring should be fairly allocated between the negotiating parties.

    8. Maintaining market access: The process should be designed to facilitate future market access for the borrower at affordable rates.

    The G20’s current efforts to address the silent debt crisis are failing. They are contributing to the likely failure of low income countries in Africa and the rest of the global south to offer all their residents the possibility of leading lives of dignity and opportunity.

    – Easing Africa’s debt burdens: a fresh approach, based on an old idea
    – https://theconversation.com/easing-africas-debt-burdens-a-fresh-approach-based-on-an-old-idea-239427

    MIL OSI Africa –

  • MIL-OSI: Innofactor Plc: Notification of major holdings in accordance with Chapter 9, Section 10 of the Finnish Securities Markets Act

    Source: GlobeNewswire (MIL-OSI)

    Innofactor Plc                Stock exchange release        September 26, 2024, at 9:45 (EEST)

    Innofactor Plc has on September 25, 2024, received a notification from Onni Bidco under Chapter 9, Section 5 of the Finnish Securities Markets Act, according to which Onni Bidco Oy’s direct holding in Innofactor’s shares increased above the 30 percent threshold.

    Total positions of Onni Bidco Oy according to the notification:

             
      % of shares and voting rights % of shares and voting rights through financial instruments Total of both in % Total number of shares and voting rights of issuer
    Resulting situation on the date on which threshold was crossed or reached 30.09
    (+50.32)            		 0.41 30.49
    (+50.32 = 80.81)    		 36,343,691
    Positions of previous notification
    (if applicable)    		 28.37 21.84 50.20  

    Notified details of the resulting situation on the date on which the threshold was crossed or reached:

    A: Shares and voting rights

    Class / type of shares Number of shares and voting rights % of shares and voting rights
      Direct (SMA 9:5) Indirect (SMA 9:6 and 9:7) Direct (SMA 9:5) Indirect (SMA 9:6 and 9:7)
    Onni Bidco: Innofactor Plc share FI0009007637 10,934,048
    (+18,288,674)    		   30.09
    (+50.32)    		  
    Subtotal A 10,934,048
    (+18,288,674)    		 30.09
    (+50.32)

    B: Financial instruments according to SMA 9:6a

    Type of financial instrument Expiration date Exercise / Conversion period Physical or cash settlement Number of shares and voting rights % of shares and voting rights
    Tender offer consortium agreement     Share delivery through the acceptance of the tender offer 148,127 0.41
      Subtotal B 148,127 0.41

    Full chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held starting with the ultimate controlling natural person or legal entity:

    Name % of shares and voting rights % of shares and voting rights through financial instruments Total of both
    CapMan Growth Equi-ty Fund III Ky              
    Onni Topco Oy      
    Onni Midco Oy      
    Onni Bidco Oy 30.09
    (+50.32)    		 0.41 30.49
    (+50.32 = 80.81)

    Further, according to Onni Bidco Oy’s notification:

    CapMan Growth Equity Fund III Ky, a fund managed by the investment company CapMan Growth (CapMan Growth), Sami Ensio, through the holding company Ensio Investment Group Oy controlled by him, and co-investor Osprey Capital Oy have formed a consortium for the purposes of the public tender offer for the shares in Innofactor Plc made on 22 July 2024. Onni Bidco Oy, the offeror, formed for the purposes of the public tender offer, is currently owned by CapMan Growth. Onni Bidco Oy has acquired shares of Innofactor Plc through transactions made on September 25, 2024, resulting in a direct ownership of 10,934,048 shares and its direct ownership of shares and the voting rights they generate has now exceeded the 30 percent threshold. In accordance with the announcement made on September 19, 2024, regarding the final result of Onni Bidco Oy’s public tender offer, Onni Bidco Oy has decided to proceed with the public tender offer in accordance with its terms. Therefore, the 18,288,674 shares validly tendered in the public offer (including the shares under the control of Sami Ensio, excluding certain shares received as board remuneration totaling 148,127), which represent approximately 50.32 percent of Innofactor Plc’s shares and voting rights, will be transferred to the ownership of Onni Bidco Oy following the completion of the transactions related to the public tender offer, with the transfer expected to be finalized around October 10, 2024. These shares have been reported in this notification as the direct ownership of Onni Bidco Oy in parentheses, as the completion of the tender offer has been confirmed. According to an agreement between the consortium members, Sami Ensio has undertaken, subject to certain conditions and potential limitations, to accept the public tender offer in respect of all Innofactor Plc shares under his control. As the consortium members are acting in consert in making the public tender offer, the 148,127 shares obtained as board remuneration that are still under the control of Sami Ensio disclosed in this notification are disclosed as ownership based on a financial instrument. Although the ownership of the parties acting in concert now exceeds both 30 and 50 percent of the voting rights generated by Innofactor Plc’s shares, there is no obligation to make a mandatory public tender offer due to the exemption provided by Section 21, first paragraph, of Chapter 11 of the Securities Markets Act. 

    Espoo, September 26, 2024

    INNOFACTOR PLC

    Antti Rokala, CFO

    Additional information:
    Antti Rokala, CFO, antti.rokala@innofactor.com, +358 40 480 2752
    Lasse Lautsuo, CMO, ir@innofactor.com, +358 50 480 1597

    Distribution:
    NASDAQ Helsinki
    Main media
    http://www.innofactor.com

    Innofactor
    Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its about 1,000 customers in commercial and public sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has about 600 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. http://www.innofactor.com #ModernDigitalOrganization #PeopleFirst #CreatingSmiles #BeTheRealYou

    The MIL Network –

  • MIL-OSI: AFL : First half-year 2024: Business continued to grow at a sustained pace, delivering positive earnings

    Source: GlobeNewswire (MIL-OSI)

    First half-year 2024:
    Business continued to grow at a sustained pace, delivering positive earnings

    The AFL Group has unveiled its earnings for H1 2024. Highlights include:

    • New memberships expressed as pledged capital are up €21.5 million in H1 2024 – as much as during the full year in 2023.
    • Credit origination hit a new record high after growing 18% in H1 2024 compared to H1 2023.
    • Half-year earnings, excluding non-recurring items, rose 16% between 2023 and 2024.
    • Changes to local authority risk weightings, down from 20% to 0%, allow the debt securities issued by AFL to be classified as HQLA1 (decision by ACPR in June 2024).

    Consolidated earnings – key figures at June 30, 2024:

    Member local authorities: 878 (+102 local authorities vs. 31/12/2023)

    Pledged capital: 315 million euros (+21.5 million vs. 31/12/2023)

    Loan production: 622 billion euros (+18% vs. 30/06/2023)

    Funds raised in the market: 1,400 million euros (part of a 2,500-million-euro programme) with a 39-basis point margin over the OAT yield curve.

    Net interest margin: 11.6 billion euros (-10.5% vs. 30/06/2023)

    Gross operating income: 2.9 billion euros (-25% vs. June 30, 2023)

    Net income after tax: 1.96 billion euros (-31% vs. June 30, 2023)

    Cost/income ratio: 73.1% (vs. 67.4% as of December 31, 2023)

    Solvency ratio: 77.7% (vs. 13.23% as of December 31, 2023)

    Leverage ratio for public development lending institutions: 9.69% (vs. 8.86% as of December 31, 2023)

    Banking leverage ratio1: 2.42% (vs. 2.24% as of December 31, 2023)

    Record increase in lending activity and in the number of new local authority memberships

    Record credit origination

    During H1 2024, AFL granted loans of 622 million euros to its local authority members, 18% more than as of June 2023. This trend is being observed as demand for debt remains high, fuelled by the need to fund mid-term projects and address major challenges posed by the environmental and climate transition.

    Over 100 new local authority members

    Buoyed by this lending momentum and its increasingly strong reputation, AFL registered 102 new local authority memberships, thereby bringing its total members to 878 at 30 June, 2024.

    These new members are: 3 departments, 5 unions, 2 communities of communes, 5 urban communities and 87 municipalities of various sizes. Overall, AFL Group members include a total of 6 regions, 17 French departments, 669 municipalities and 186 EPCIs (groupings of municipalities) including 15 cities and 50 unions.

    This represents an additional capital commitment of 21.5 million euros, voted in H1 2024, bringing the total to 315 million euros.

    Efficient refinancing that stands out for the continued diversification of issuances

    In H1 2024, AFL raised 1.4 billion euros in the bond market with a weighted average maturity of 7.8 years:

    • A syndicated bond issue of 750 million euros with a 10-year maturity;
    • The first syndicated issuance in Swiss francs for a total 110 million, with a 10-year maturity;
    • A new 3-year syndicated bond issuance in sterling for a total 250 million;
    • Several Euro-denominated private placements including six “callable” deals (pre-determined term) for a total 221 million euros.

    The weighted average spread on these issues was 39-basis points over the Obligations Assimilables du Trésor (OAT) curve, a substantial improvement compared to the previous financial year (average of 49 basis points over OAT in 2023).

    Financial results are aligned with the business plan

    Robust earnings (consolidated earnings under IFRS)

    At June 30, 2024, the AFL Group has generated the income needed to pursue its growth:

    • Net banking income (NBI) came in at €10,785 thousand (€12,179 thousand as of 30/06/2023).
    • Net interest margin for the AFL Group stood at €11,586 thousand (€12,940 thousand of 30/06/2024). This decline stems from the exceptional results recorded in the first half of 2023, boosted notably by the substantial drop in cash carrying costs after the ECB raised its deposit rate.
    • The gross operating income stood at €2,901 thousand (€3,868 thousand as of 30/06/2023).
    • Excluding non-recurring items (i.e. excluding income from capital gains on disposals of securities and hedge accounting), gross operating income was €4,015 thousand (€3,452 thousand in H2 2023).
    • Operating costs during the period came to €7,336 thousand as of June 30, 2024 (€7,857 thousand as of 30/06/2023), reflecting AFL’s disciplined management and the end of the contribution to the Single Resolution Fund.  
    • Net income as of June 30, 2024, stood at €1,954 thousand (€2,840 thousand as of June 30, 2024).

    Earnings that meet our expectations and confirm the resilience of AFL’s model

    “The AFL Group’s results at the end of the first half of 2024 are in positive territory for the long term. They are in line with the forecast included in the budget for the year 2024 and the multi-annual business plan. They reflect the sustained growth of the bank’s core business: an accelerating rate of membership and historic credit production. With the 0% risk weighting of local authorities, the quality of the AFL signature in capital markets improves further and will allow it to strengthen its competitiveness in financing local public investment”, states Yves Millardet, Chairman of the Executive Board of AFL.

    The cost of risk is intrinsically low in AFL’s model

    AFL’s cost of risk is intrinsically limited due to its model as a public development credit institution, the company’s prudent management and the excellent solvency of local authorities. As an example, AFL has zero exposure to stage 3 (default status) assets.

    At June 30, 2024, the cost of risk relating to ex-ante impairment for expected losses on financial assets under IFRS 9 was a charge of €255 thousand (compared with a charge of €71 thousand at 30/06/2023).

    This rise in the cost of risk is mainly attributable to higher asset volumes, and to a lesser extent, to revisions made to the assumptions used for determining the economic scenarios by asset class, to account for the deterioration of macroeconomic and geo-strategic risks.

    The operating income stands at €2,645 thousand (€3,797 thousand as of June 30, 2023). This led to a rise in the cost/income ratio to 73.1% (68.2% as of June 30, 2023). Relative to credit volumes, operating expenses account for 19 basis points; this is a 1 basis-point improvement compared to December 31, 2023, confirming the efficiency of our model.

    Financial strength

    The highlight event for AFL during the period was the ACPR (Supervision and Resolution Authority)’s decision on June 21, 2024 (and published on July 3, 2024) to change the credit risk weighting of exposures to French local authorities from 20% to 0%. This decision is applicable to municipalities, departments, regions and EPCI (with specific tax status), and has generated a significant facial increase for the AFL Group’s solvency ratio.

    Furthermore, following its decision on June 21, 2024, the ACPR supervisory college announced that the debt issued by AFL would qualify as HQLA1 if the percentage of the credit granted by AFL to local authorities with 0% weightings is above 90% of its outstanding credit. Exposure to French local authorities with 0% weightings stands at 94.9% as of June 30, 2024 – which is largely above the minimum threshold of 90%.

    • The CET1 solvency ratio (consolidated) stands at 77.7% (13.23% at 31/12/2023);
    • The leverage ratio, calculated using the methodology applicable to public development credit institutions, was 9.69% (compared to 8.86% as of 31/12/2023 and for a regulatory limit of 3%);
    • The banking leverage ratio stands at 2.42% (2.24% as of 31/12/2023);
    • The liquidity coverage ratio (LCR) stands at 622%, above the regulatory limit of 100%;
    • The net stable funding ratio (NSFR) stands at 171%, above the regulatory threshold of 100%;
    • The 12-month internal liquidity ratio (NCRR) came to 98% at 30 June 2024, corresponding to a liquidity reserve of €2.1 billion. This will allow AFL to meet all its needs for almost 12 months without having to turn to the market.  

    Post-closing events

    • Since the end of H1 2024, on July 18, 2024, AFL tapped its bond maturing on March 20, 2034, by €250 million with a narrower margin of 23 basis points over the OAT rate. This narrower margin stems from the HQLA1 classification of the debt issued by AFL (cf. ACPR decision explained above).
    • As of August 31, 2024, AFL’s medium- and long-term loan production was €831 million, confirming its steady and solid growth.
    • A further capital increase was carried out by the Board of Directors of AFL-ST on September 25, 2024, to allow new local authorities to gain membership.
    • On September 4, 2024, AFL published the credit ratings assigned by Fitch Ratings: AA- (stable outlook) for mid-and long-term debt and F1+ (stable outlook) for short-term debt. At the same time, for purposes of methodology, Moody’s was asked to delete all ratings and assessments it had completed on AFL.
    • To continue to support the growth momentum of its loan portfolio and to address demand from its members, while maintaining high levels of equity capital, AFL is looking into the possibility of issuing super subordinated debt in the near future, market conditions permitting.

    AFL credit rating at 25 September, 2024

      Fitch Ratings Standard & Poor’s
    Long-term rating AA- AA-
    Outlook Stable Stable
    Short-term rating F1+ A-1+

    AFL’s Management Board signed off on AFL’s interim financial statements2for the first half of 2024 on September 10, 2024. At its meeting on September 25, 2024, chaired by Sacha Briand, AFL’s Supervisory Board approved AFL’s interim financial statements.
    At its meeting on September 25, 2024, chaired by Marie Ducamin, the Board of Directors of AFL-ST, the Société Territoriale (parent company), approved AFL Group’s consolidated interim financial statements.

    The Statutory Auditors conducted a limited review of the concise interim parent company and consolidated financial statements for the period from January 1, 2024 to June 30, 2024, and their reports are available at:
    http://www.agence-france-locale.fr

    This press release contains certain forward-looking statements. Although AFL Group believes that these statements are based on reasonable assumptions as of the date of this press release, they are inherently subject to risks and uncertainties, relating in particular to the impacts of the war in Ukraine and the resulting economic crisis, which may cause actual results to differ from those indicated or implied in these statements.

    AFL Group’s financial information for the first half of the year consists of this press release and the report available on the website:

    https://www.agence-france-locale.fr/actualite/first-half-year-2024-results/

    About Agence France Locale

    “Embody responsible finance and empower local authorities to respond to the present and future needs of their inhabitants.”
    “By creating the first bank that we wholly own and manage, we, the French local authorities, have taken a strong political step toward decentralization. Agence France Locale is unlike any other financial institution. Created by and for local authorities, it acts in a local context to strengthen our freedom, our ability to develop projects and our responsibility as public actors. Its culture of prudence safeguards us against the potential dangers posed by the complexity and depth of its governance and conflicts of interest. Its fundamental objective is to offer local authorities access to resources on the best terms and with complete transparency. We are guided by the principles of solidarity and equity. Convinced that we will go further together, we wanted an agile institution that would appeal to all authorities, from the largest regions to the smallest municipalities. We see profit as a way to optimize public spending, not an end in itself. Through AFL, we support a local environment committed to addressing social, economic and environmental challenges. AFL strengthens our power to act, to carry out projects locally, for today and tomorrow, for the good of the people who live there. We are proud to have a bank that expresses growth as we see it, ever more responsible and sustainable. We are Agence France Locale.”

    More information can be found on http://www.afl-banque.fr         

    1The decree of July 15, 2024 amending the Code Général des Collectivités Territoriales (French Law for Regional and Local Authorities) states that local authorities wishing to become members of AFL must ensure that the risk appetite framework set by the banking institution includes a minimum equity capital threshold of at least 1.7 % of total exposure.
    2 During the first half of 2024, AFL purchased office space through its subsidiary Agence France Locale Foncière. This property will house AFL’s headquarters from 2027.

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Interest rate drop on private customers’ deposit accounts

    Source: Danmarks Nationalbank

    Banking and mortgage credit

    Statistics period: August 2024

    In June, the majority of Danish banks announced interest rate changes on select deposit accounts. This happened in continuation of Danmarks Nationalbank’s interest rate cut on the 7th of June. The effect can now be seen in the interest rate on private customers’ record-breaking deposits. In August they experienced the largest interest rate drop in a single month since January 2021, when the deposit rate became negative for the first time. The interest rate thus fell by 0.10 percentage points to an average annual interest rate of 1.49 percent in August. This is still marginally higher than the level at the turn of the year. If you compare it with the banks’ lending rates to private individuals, they have fallen on average by 0.34 percentage points since the turn of the year to currently 5.59 percent. After Danmarks Nationalbank cut interest rates again with effect from the 13th of September, several banks have announced further interest rate reductions on private customers’ deposit accounts. These will take effect in the coming months.

    Biggest monthly interest rate drop on deposits since January 2021

    Note:

    The figure shows the average interest rate p.a. on Danish private customers’ (employees, pensioners, etc.) interest-bearing deposits in Danish kroner in banks. In the figure, the observations for February 2020 and 2024 are corrected for the effect of leap years, which data for the interest statistics published in the Statbank do not take into account. Find chart data in the Statbank here.

    MIL OSI Economics –