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Category: Commerce

  • MIL-OSI Global: Cities that want to attract business might want to focus less on financial incentives and more on making people feel safe

    Source: The Conversation – USA – By Kaitlyn DeGhetto, Associate Professor of Management, University of Dayton

    To attract business investment, American cities and states offer companies billions of dollars in incentives, such as tax credits. As the theory goes, when governments create a business-friendly environment, it encourages investment, leading to job creation and economic growth.

    While this theory may seem logical on its face, it’s a bit of a chicken-and-egg situation. Business investment follows employees, not just the other way around. In fact, our research suggests workers care less about whether a city has business-friendly policies and more about how safe they feel living in it. And interestingly, we found that politics influence people’s risk perceptions more than hard data such as crime statistics.

    Our findings have major implications for cities and businesses. If people choose where to live and work based on perceived safety rather than economic incentives, then entrepreneurs and city leaders may need to rethink how they approach growth and investment.

    The many faces of risk

    We are management professors who surveyed more than 500 employees and entrepreneurs from across the country to better understand how they rate 25 large U.S. cities on various dimensions of risk.

    We asked about three different types of risk: risk related to crime, government function and social issues. Risk related to government function includes corruption and instability, while risk related to social issues includes potential infringements on individual rights.

    We found that people’s views of risk weren’t driven primarily by objective statistics, such as FBI crime data. Instead, they were shaped by factors such as media representations, word of mouth and geographic stereotypes.

    For example, studies suggest that crime in Denver has been rising, and U.S. News and World Report recently ranked it as the 10th most dangerous city based on FBI crime reports. However, the employees and entrepreneurs we surveyed ranked Denver as the safest city in the country.

    It’s all politics

    We found that political perspectives were the main factor biasing the rankings. For example, conservative-leaning employees and entrepreneurs believed that Portland, Oregon, is dangerous, ranking it as America’s ninth-riskiest city. In contrast, those who are liberal-leaning ranked it as the second-safest city in the country.

    Both of these beliefs can’t be accurate. Instead, when basing the ranking on objective crime data from the FBI, U.S. News ranked Portland the 15th most dangerous city in the country.

    When assessing risk related to how the government functions, conservatives praised politicians in Nashville, Charlotte and Dallas, while the liberals praised those in Denver, Minneapolis and Portland. Similarly, when considering risk related to social issues, conservatives said New York City, Los Angeles and San Francisco were “risky,” while the liberals said Tampa, Miami and Houston should be avoided.

    Our findings also suggest that political perspectives influence the types of risk that employers and employees care about. For example, conservatives tend to care more about crime-related risk than liberals, and liberals care more about risk related to social issues.

    Now what?

    We’re not advocating that city leaders drop financial incentives altogether, or that employers ignore them. Evidence suggests that financial incentives and other business-friendly policies may be effective at attracting businesses and strengthening local economies.

    However, our research suggests that when individuals are making important life decisions about where to live, work and invest, a city’s level of risk matters. Importantly, beliefs about risk are subjective and are biased by political perspectives.

    In our view, city leaders must recognize and address concerns about crime, governance and social issues while actively working to improve public perceptions of their cities. Likewise, businesses may want to consider investing in cities that are less politically polarized when making investment decisions.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Cities that want to attract business might want to focus less on financial incentives and more on making people feel safe – https://theconversation.com/cities-that-want-to-attract-business-might-want-to-focus-less-on-financial-incentives-and-more-on-making-people-feel-safe-250247

    MIL OSI – Global Reports –

  • MIL-Evening Report: Election Diary: The election’s first debate was disaster-free but passion-free too

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    The election’s first debate, on Sky News on Tuesday night, was disappointingly dull. Viewers who’d been following the campaign would have learned little. There was minimal spontaneity.

    Among the 100 undecided voters in the room, 44 said Anthony Albanese won, 35 thought Peter Dutton came out ahead and 21 were undecided.

    Both camps will be satisfied, because each leader’s main aim was to avoid disaster. A bad mistake, an undisciplined moment, can sour the following day.

    The Liberals will be especially relieved. After difficult days for Dutton, with Trump wading into the campaign and the fiasco over the work-from-home policy, the opposition leader needed to perform creditably. He did that, with commentators scoring the result variously (in some cases in line with the scorer’s political leaning).

    Dutton was under added pressure – just before the two men faced off he learned his father Bruce had been taken to hospital.

    Both leaders were well prepared, and carefully polite. Questions canvassed the “Trump pandemic”, education, health, cost of living, immigration, Albanese’s tax cuts, Dutton’s fuel excise promise, and Gaza.

    When moderator Kieran Gilbert asked audience members to raise their hands if they were “doing it pretty tough” about half did so.

    Albanese seemed to have more material to work with, and made sure he homed in on Dutton’s nuclear policy and his time as health minister.

    Naturally, we saw Albanese’s well-worn Medicare card again.

    The PM dodged an awkward reference to NSW premier Chris Minns’ returning public servants to the office, pivoting to Dutton’s dumping his working from home policy. “Peter hasn’t been able to stand up for his own policy, so I don’t know how he can stand up for Australia.”

    Albanese had a good zinger countering Dutton’s spiel on gas: “The only gas policy that the Coalition have is the gaslighting of the Australia public.”

    Dutton had a cut-through point on the PM’s promise to subsidise solar batteries. “He’s asking you to provide a subsidy or to support a subsidy for people on higher incomes like me to buy a battery at a subsidised price and I don’t believe that’s fair.”

    Rather bizarrely, the Coalition used the cover of the debate to release its delayed modelling for its gas reservation policy, sending it out just as the debate started, embargoed until its finish.

    “Modelling conducted by Frontier Economics has concluded that the Coalition’s National Gas Plan will see a 23% reduction in wholesale gas prices,” the statement said. This would “progressively mean

    • 15% reduction in retail gas bills for industrial customers
    • 7% reduction in retail gas bills for residential customers
    • 8% reduction in wholesale electricity prices
    • 3% reduction in residential electricity prices.”

    And do the debates matter anyway?

    Australian election debates are punctuation points in the campaign. They don’t necessarily carry much weight, although they can affect a candidate’s immediate momentum.

    Ian McAllister, director of the ANU’s Australian Election Study, says fewer and fewer people are watching these debates. In 1993, about seven in ten voters watched; in 2022 only a third did.

    McAllister also says our debates are low grade compared to some overseas. For example, in France, the two candidates sit across from each other, with two moderators and “go for it”. In Australia, debates are “stylised” and the candidates rely heavily on prepared answers.

    Winning or losing the debates is not necessarily a guide to the election result. As the table shows John Howard performed better in elections than in debates.

    NSW Premier Minns defends a back-to-the-office policy

    Peter Dutton took a serious fall over his now-abandoned plan to force Canberra public servants back to the office. But Chris Minns already has many state bureaucrats back at their desks, and on Tuesday declared firmly he won’t be for turning.

    The Minns policy, announced last year, admittedly has had a bumpy start, including problems with the unions. But Minns’ “sell” is very different from the Coalition’s unsuccessful attempt.

    The federal opposition, which often seems obsessed with Canberra public servants, left the impression these bureaucrats working from home were ripping off the system and needed to be brought into line.

    Contrast the positive spin from Minns on Tuesday. After noting most NSW public servants can’t work from home – they’re on the front line – for the rest: “We believe it’s the only way of mentoring the next generation of people, to come through offices and ensure that they’ve got good modelled behaviour, a sense of shared mission and an idea of where they’re going collectively together.

    “In order for us to fulfil the mission of government and public service, it means that you’ve got to build a team culture. And that can really only be done in the workplace.

    “I think our policy is different to Peter Dutton’s, but I just don’t want to mince words. We’ve got to be clear and consistent and we’re not changing our policy.

    “I don’t want any ambiguity about our position. We made that call last year. It was the right decision. And in terms of the mentoring role that a senior person plays in a workplace, whether they’re a manager or not, if they’ve got years under their belt and they’ve got experience, it’s amazing the positive impact they will have on a junior recruit that we’ve just got into the public service and that doesn’t happen on zoom and it doesn’t happen on YouTube and it doesn’t happen over the phone.”

    Minns has consistently proved himself a strong communicator. He often ran rings around Anthony Albanese in responding to the antisemitism crisis.

    Jim Chalmers does the rounds on the tariff crisis

    Treasurer Jim Chalmers is making the most of incumbency in the wake of the Trump tariff upheaval, undertaking an intense round of official activity.

    Chalmers will convene a meeting on Wednesday of the Council of Financial Regulators to discuss the impact globally and locally. Those attending will include the heads of the Reserve Bank, the Australian Securities and Investments Commission, the Australian Prudential Regulation Authority, Treasury and the Australian Competition and Consumer Commission.

    He will also meet the heads of the Future Fund and the ASX. On Thursday, he will have talks with major employers.

    Chalmers has already convened and attended a Treasury briefing for the prime minister. He has talked with Reserve Bank Governor Michele Bullock, and been in touch with the CEOs of the major banks and superannuation funds representatives.

    Chalmers is due to debate shadow treasurer Angus Taylor on Wednesday evening.

    Michelle Grattan 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. Election Diary: The election’s first debate was disaster-free but passion-free too – https://theconversation.com/election-diary-the-elections-first-debate-was-disaster-free-but-passion-free-too-183208

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: THOMPSON, HEALTHCARE PROVIDERS, AND PATIENTS WARN OF DEVASTATING REPUBLICAN HEALTH CARE CUTS

    Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

    Congressional Republicans’ plan to slash health care to fund tax giveaways for the ultra-rich will harm care for everyone

    Davis, CA – On Friday, Rep. Mike Thompson (CA-04), Chief Behavioral Officer/Chief Community Health Officer for CommuniCare+OLE Health Sara Gavin, Interim Vice Chancellor of UC Davis Health Dr. Bruce Lee Hall, Yolo County Supervisor Sheila Allen, patient advocate Kate Laddish, and Susanna Hernandez of SEIU Local 2015 participated in a press conference at Yolo Health and Human Services’ Davis Office. The speakers warned that Congressional Republicans’ plan to cut at least $880 billion from the budget that funds Medicaid in order to fund tax breaks for the ultra-rich will devastate local access to care for everyone.

    “Congressional Republicans have mandated an $880 billion healthcare budget cut, something that can’t be done without destroying Medicaid. And the destruction of Medicaid will hurt everyone,” said Thompson. “One-third of health care in California comes from Medicaid. Without this funding, hospitals and health centers in our community will be forced to slash services or shut down altogether. That means everyone loses access to care. All of this is for one purpose: to facilitate a tax giveaway for the richest people in our country.”

    BACKGROUND

    In February, Congressional Republicans passed a partisan budget bill that instructs the House Energy and Commerce Committee, which has jurisdiction over Medicare and Medicaid, to cut its spending by $880 billion. The non-partisan Congressional Budget Office has since analyzed the budget and confirmed that the Committee cannot meet Congressional Republicans’ mandated level of spending cuts without deep cuts to Medicaid. Millions of people would lose coverage entirely, and those who remain covered would see reduced benefits and fewer available providers.

    Congressional Republicans’ proposed cuts to health care and nutrition programs in their budget bill add up to nearly the exact amount of savings the party needs in order to implement their tax bill delivering massive tax breaks for corporations and those making over $743,000 per year.

    Watch a video of the press conference here.

    MIL OSI USA News –

  • MIL-OSI USA: UConn Graduate Programs Ranked Among the Best in the Nation

    Source: US State of Connecticut

    The University of Connecticut offers graduate programs across a wide variety of fields and disciplines that rank among the very best in the United States, according to rankings released Tuesday by U.S. News & World Report.

    Programs in the College of Liberal Arts and Sciences, the School of Business, the Neag School of Education, and UConn School of Law were all singled out as being among the best among their peers. The recognition highlights UConn’s commitment to student excellence and support generally, as well as the efforts of the schools and colleges measured in the rankings.

    “We are proud to see our graduate programs recognized among the nation’s best in the latest U.S. News & World Report rankings,” says Provost and Chief Academic Officer Anne D’Alleva. “This achievement reflects the exceptional dedication of our faculty, the talent of our students, and our continued investment in graduate education.”

    The School of Business’ Flex MBA programs ranked No. 33 in the nation for the second consecutive year, up from 37 two years ago. Executive Director Mia Hawlk credits the program’s commitment to innovation for its continued success.

    “The MBA market is very competitive, and we’ve worked hard to pair the best of a traditional business education with new, relevant, and current course topics. It is a constant cycle of re-examining and updating programs,” she says.

    The MBA program offers optional “MBA Now’’ courses which have included special courses on topics such as sustainability and artificial intelligence for managers.

    “I think our success is testament to the commitment of the University and the School of Business to deliver outstanding business education to our students and to the Connecticut workforce,’’ Hawlk says.

    For the second year in a row, multiple graduate programs within UConn’s Neag School of Education have earned recognition as among the best in the country.

    In addition, the Neag School appears for the tenth consecutive year as one of the top 30 public graduate schools of education in the United States, tied at No. 28. Among all graduate schools of education across the nation, both public and private, the Neag School stands tied at No. 37.

    All of the Neag School’s three departments are represented in the 2025 specialty education program rankings: No. 18 (tie) in Special Education Programs; No. 28 (tie) in Educational Administration Programs; and No. 34 in Curriculum and Instruction programs.

    “For more than a decade, the Neag School has been recognized as one of the preeminent schools of education in the nation,” Dean Jason G. Irizarry says. “The longevity of our impressive national rankings are a direct result of the unwavering dedication of faculty, staff, and students, and I’m proud that several of our individual programs are once again featured in the specialty rankings. This achievement reflects the pride we all share in our collective commitment to excellence and further solidifies our position as a leader in higher education.”

    Among graduate programs within the College of Liberal Arts and Sciences ranked by U.S. News, the Department of Speech, Language, and Hearing Sciences has long been renowned for its education, research, clinical practice, and public outreach missions. The new rankings reflect that, with the Audiology program rising 5 points to No. 14 in the country, and the Speech Language Pathology program rising seven points to No. 32 in the country.

    The UConn School of Public Policy, within the College of Liberal Arts and Sciences, earned praise for its Public Affairs program, which was ranked No. 36 in the country, up three places from last year. The School’s Public Finance and Budgeting Program was ranked No. 9 in the country.

    UConn School of Law rose 5 points to the rank of 50, up 21 from two years ago, and the school’s part-time Evening Division rose from No. 10 to the seventh best in the country. The overall rank in the magazine’s 2024-25 Best Law Schools list reflects particular strength in bar passage and employment outcomes for UConn Law graduates.

    In addition to U.S. News, in recent years The National Jurist’s preLaw magazine has listed the UConn School of Law among the best value law schools in the nation. It has also recognized UConn Law as a top school in environmental law, tax law, intellectual property, alternative dispute resolution, child and family law, and human rights law.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Business of I&T Week upcoming

    Source: Hong Kong Information Services

    The Business of Innovation & Technology Week (BIT Week) will make a grand return in April, the Innovation, Technology & Industry Bureau announced today.

    Mega innovation and technology (I&T) events include InnoEX, the Hong Kong World Youth Science Conference, and the World Internet Conference Asia-Pacific Summit.

    The third edition of InnoEX will take place from April 13 to 16 at the Convention & Exhibition Centre (HKCEC), bringing together I&T elites, enterprises and buyers from the Mainland and overseas to promote I&T advancements.

    It will showcase cutting-edge technology solutions across five key areas of low-altitude economy, artificial intelligence (AI), robotics, cybersecurity and smart mobility.

    The event’s highlight is a Hong Kong pavilion set up by the Digital Policy Office to exhibit over 100 I&T solutions, including those developed by government departments concerning citizens’ daily lives as well as award-winning projects by local innovators and students.

    The second Hong Kong World Youth Science Conference and the Xiangjiang Nobel Forum 2025 will take place concurrently at the HKCEC, assembling top-notch I&T talent and renowned scientists including laureates of the Nobel Prize and Turing Award in the city.

    Through keynote speeches, roundtable forums and other formats, the conference participants will tap into global wisdom on cutting-edge topics in big data, AI, biotechnology, new materials and large models. 

    The World Internet Conference Asia-Pacific Summit will happen on April 14 and 15 at the HKCEC, focusing on discussions in large AI models, digital finance, and digital government and smart life.

    Secretary for Innovation, Technology & Industry Sun Dong said that BIT Week will bring together I&T elites from 29 countries and regions and over 2,800 exhibitors, adding that Hong Kong’s I&T strengths will be showcased via a series of exhibitions, forums, seminars, business networking, and talent matching.

    Other industry events during BIT Week include the Hong Kong Electronics Fair (Spring Edition), Smart Lighting Expo, and the Hong Kong Web3 Festival, the bureau said.

    MIL OSI Asia Pacific News –

  • MIL-OSI: LPL Financial Welcomes Vaughn Harvey as Chief Data and AI Officer

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, April 08, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC, a leading wealth management firm, announces the appointment of Vaughn Harvey as executive vice president and chief data and artificial intelligence (AI) officer. Harvey will lead the company’s data and AI initiatives, driving innovation and digital transformation across the organization.

    Harvey brings over 25 years of experience in AI-driven digital transformations and enterprise-wide data strategies. Most recently, he served as managing director and head of product and transformation for consumer and community bank finance at JP Morgan Chase. Prior to joining JP Morgan Chase, Harvey held a variety of senior analytical roles at Morgan Stanley, PwC and Jefferies.

    “Vaughn’s extensive experience and proven track record in leveraging AI and data to drive business outcomes make him the perfect fit for LPL as we continue to scale our offering and leadership in this space,” said Gary Carrai, chief product officer at LPL Financial. “We look forward to the significant contributions he will bring to our advisors who are looking to AI to streamline and grow their practices in a meaningful way.”

    “Joining LPL Financial is a unique opportunity to lead the next wave of innovation in wealth management,” said Harvey. “I am eager to work with the talented tech team here to drive digital transformation and deliver sophisticated solutions that enhance our clients’ experiences.”

    Harvey holds an MBA in finance from New York University’s Stern School of Business and a bachelor’s degree in electrical engineering from the University of Sydney. He is based in New York City.

    LPL has already made significant strides in helping advisors implement AI effectively and compliantly. In Q4 2024, LPL launched AI Advisor Solutions, a curated program designed to help advisors maximize their days, deliver bespoke client experiences, and leverage data to provide more sophisticated and personalized financial advice.

    Additionally, LPL’s AI Accelerator program supports the firm’s goal to incorporate and deliver AI solutions that have a tangible and immediate impact on advisors’ businesses. LPL is also actively piloting a program that applies AI to generate customized insights for personalized financial planning and a streamlined new client onboarding process powered by AI.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports nearly 29,000 financial advisors and the wealth management practices of approximately 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of approximately 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial LLC (“LPL Financial”), a registered investment advisor and broker-dealer, member FINRA/SIPC.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    Media Contact: 
    Media.relations@LPLFinancial.com
    (402) 740-2047 

    Tracking #: 719808

    The MIL Network –

  • MIL-OSI: Plantro Ltd. Announces Amendments to Terms and Extension to Premium All-Cash Tender Offer to Acquire up to 15% of Class A Limited Voting Shares of Information Services Corporation

    Source: GlobeNewswire (MIL-OSI)

    • Tender Offer expiry extended to April 28, 2025 to allow shareholders more time to consider the Tender Offer
    • Amendments and extension, which will benefit ISC shareholders, following constructive engagement with the Financial and Consumer Affairs Authority of Saskatchewan and the Ontario Securities Commission

    ST. MICHAEL, Barbados, April 08, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) today announced amendments to the terms of, and an extension of, its offer to acquire up to 2,777,342 Class A Limited Voting Shares (the “Class A Shares”) in the capital of Information Services Corporation (TSX: ISC) (“ISC” or the “Company”), (the “Tender Offer”) at a price of $27.25 per Class A Share, payable in cash (the “Tender Price”). The amendments and extension, which will benefit ISC shareholders, were made following constructive engagement with the Financial and Consumer Affairs Authority of Saskatchewan and the Ontario Securities Commission.

    Plantro continues to believe the Tender Offer is an opportunity for ISC shareholders to receive an attractive premium, amid volatile markets, for a highly illiquid stock. Plantro was surprised and disappointed at the aggressive and hyperbolic posture adopted by ISC’s board of directors (the “ISC Board”) in response to the Tender Offer. Plantro has made repeated requests to meet with the Chair, other members of the ISC Board and management. However, the ISC Chair, Board and management have not responded, opting instead to have their legal counsel issue hostile letters to Plantro explicitly stating that ISC has rejected the opportunity to meet.

    Plantro respectfully urges the ISC Board to reconsider its current approach, particularly regarding personal attacks and mischaracterizations. For example, ISC referenced Dye & Durham, an unrelated company to this matter, in which both Plantro and ISC were shareholders in 2015. At that time, ISC acquired a 30% stake in Dye & Durham for $3.3 million. If ISC had the business acumen and foresight to hold onto and maintain this 30% investment until Dye & Durham’s most recent annual meeting of shareholders, the value of that stake at that time would have exceeded ISC’s entire unaffected market capitalization of approximately $450 million.

    In light of the changes made to the Tender Offer for the benefit of ISC shareholders, Plantro strongly encourages the ISC Board to reconsider its recommendation to shareholders.

    Important Amendments for ISC Shareholders

    The terms of the Tender Offer and related Letter of Transmittal are amended as follows:

    • Extended Tender Offer Period – The Tender Offer is now open for acceptance by shareholders of the Company until 5:00 p.m. (Eastern Time) on April 28, 2025 (the “Expiry Time”), unless the Tender Offer is further extended, varied or withdrawn.
    • Tender Offer Made to All Shareholders – Plantro is making the Tender Offer to all shareholders of the Company, including shareholders who were not holders of record on March 13, 2025 and the Crown Investment Corporation of Saskatchewan.
    • No Longer Acquiring Shares on a First Come First Serve Basis – Plantro will only take up and pay for Class A Shares that are deposited pursuant to the Tender Offer as at the Expiry Time, and not on a “first come, first served” and/or “rolling” basis. As a result, if more than the maximum number of Class A Shares for which the Tender Offer is made are delivered in accordance with the Tender Offer and not withdrawn at the time of take up of the Class A Shares, the Class A Shares to be purchased from each depositing shareholder will be determined on a pro rata basis according to the number of Class A Shares delivered by each shareholder, disregarding fractions, by rounding down to the nearest whole number of Class A Shares.
    • Shareholders Have the Right to Opt Out of Voting Tender – Plantro has further amended the Tender Offer to allow Class A Shareholders of record on March 13, 2025, to opt out of appointing representatives of Plantro as their nominees and proxy in respect of such shares owned by a shareholder that are not deposited pursuant to the Tender Offer and ultimately taken up and paid for. For clarity, such opt out right will not apply to Class A Shares of record on March 13, 2025, which are deposited pursuant to the Tender Offer and ultimately taken up and paid for, and the holder of such shares will be required to appoint representatives of Plantro as its nominees and proxy for the Company’s annual meeting of shareholders to be held on May 13, 2025 in respect of such shares.

    Plantro is relying on the exemption under section 9.2(4) of National Instrument 51-102 – Continuous Disclosure Obligations to the circular requirements of applicable Canadian proxy solicitation laws. For further details, please see below under the heading “Information in Support of Public Broadcast Exemption Under Canadian Law”. The Tender Offer is not a formal or exempt take-over bid under Canadian securities laws and regulations. In no event will Plantro (or its affiliates or associates) make any such purchases of Class A Shares that would result in Plantro, together with its affiliates and associates, beneficially owning or exercising control or direction over more than 15% of the outstanding Class A Shares upon completion of the Tender Offer.

    Full details of the Tender Offer are included in the Offer Documents and are available online on the Company’s SEDAR+ profile at www.sedarplus.ca.

    Plantro’s Advisors

    Plantro has engaged Goodmans LLP as its legal advisor, Carson Proxy as its information agent, Odyssey Trust Company as depositary, and Gagnier Communications as its strategic communications advisor.

    About Plantro

    Plantro is a privately-held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

    Shareholder Questions

    Shareholders who have questions with respect to the Tender Offer, or who need assistance in depositing their Class A Shares, please contact the depositary and information agent for the Tender Offer:

    Depositary: Odyssey Trust Company

    Toll Free (US & Canada): 1-888-290-1175
    Calls (All Regions): 587-885-0960
    Email: corp.actions@odysseytrust.com

    Information Agent: Carson Proxy

    North America Toll Free: 1-800-530-5189
    Local and Text: 416-751-2066
    Email: info@carsonproxy.com

    Information in Support of Public Broadcast Exemption Under Canadian Law

    Plantro is relying on the exemption under section 9.2(4) of National Instrument 51-102 – Continuous Disclosure Obligations to make this public broadcast solicitation. The following information is provided in accordance with corporate and securities laws applicable to public broadcast solicitations.

    This solicitation is being made by Plantro, and not by or on behalf of management of ISC. The information agent will receive a fee of up to $250,000 for its services as information agent under the Tender Offer, plus ancillary payments and disbursements. Based upon publicly available information, ISC’s registered and head office is located at 300 – 10 Research Drive, Regina, Saskatchewan, S4S 7J7, Canada. Plantro is soliciting proxies in reliance upon the public broadcast exemption to the solicitation requirements under applicable Canadian corporate and securities laws, conveyed by way of public broadcast, including press release, speech or publication, and by any other manner permitted under applicable Canadian securities laws. In addition, this solicitation may be made by mail, telephone, facsimile, email or other electronic means as well as by newspaper or other media advertising and in person by representatives of Plantro. All costs incurred for such solicitation will be borne by Plantro.

    A registered shareholder who has given a proxy under the terms of the Letter of Transmittal may, prior to its Class A Shares being taken up and paid for under the Tender Offer, revoke the proxy by instrument in writing, including a proxy bearing a later date. The instrument revoking the proxy must be deposited at the registered office of ISC at least 48 hours, exclusive of Saturdays, Sundays, and holidays, preceding the date of the meeting or an adjournment or postponement thereof, or with the Chair of the meeting on the day of the meeting, or in any other manner permitted by law, provided that, in each circumstance, a copy of such revocation has been delivered to the depositary, at its principal office in Toronto, Ontario, Canada prior to the Class A Shares relating to such proxy having been taken up and paid for under the Tender Offer.

    A non-registered shareholder may revoke a form of proxy or voting instruction form given to an intermediary at any time by written notice to the intermediary in accordance with the instructions given to the non-registered shareholder by its intermediary. Non-registered shareholders should contact their broker for assistance in ensuring that forms of proxies or voting instructions previously given to an intermediary are properly revoked.

    None of Plantro nor, to its knowledge, any of its associates or affiliates, has any material interest, direct or indirect, in any transaction since the commencement of ISC’s most recently completed financial year, or in any proposed transaction which has materially affected or will materially affect ISC or any of its subsidiaries. None of Plantro nor, to its knowledge, any of its associates or affiliates, has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at any upcoming shareholders’ meeting, other than as set out herein.

    Cautionary Statement Regarding Forward-Looking Information

    This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Specifically, certain statements contained in this press release, including without limitation statements regarding the Tender Offer, taking up and paying for Class A Shares deposited under the Tender Offer, and the expiry of the Tender Offer, contain “forward-looking information” and are prospective in nature. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements.

    Statements containing forward-looking information are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future outcomes expressed or implied by the statements containing forward-looking information.

    Although Plantro believes that the expectations reflected in statements containing forward-looking information herein made by it (and not, for greater certainty, any forward-looking statements attributable to the Company) are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting the Company’s operations will continue substantially in the current state, including, without limitation, with respect to industry conditions, general levels of economic activity, continuity and availability of personnel, local and international laws and regulations, foreign currency exchange rates and interest rates, inflation, taxes, that there will be no unplanned material changes to the Company’s operations, and that the Company’s public disclosure record is accurate in all material respects and is not misleading (including by omission).

    Plantro cautions that the foregoing list of material factors and assumptions is not exhaustive. While these factors and assumptions are considered by Plantro to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Plantro and there is no assurance that they will prove correct.

    Important facts that could cause outcomes to differ materially from those expressed or implied by such forward-looking information include, among other things, actions taken by the Company in respect of the Tender Offer, the content of subsequent public disclosures by the Company, the failure to satisfy the conditions to the Tender Offer, general economic conditions, legislative or regulatory changes and changes in capital or securities markets. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although Plantro has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to Plantro or that Plantro presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

    Statements containing forward-looking information in this press release are based on Plantro’s beliefs and opinions at the time the statements are made, and there should be no expectation that such forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Plantro disclaims any obligation to do so, except as required by applicable law. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

    1380-9916-3157

    The MIL Network –

  • MIL-OSI: Jennifer Hua Brings Deep Transaction Expertise to Monarch Private Capital’s #BestInClass Renewable Energy Team

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, April 08, 2025 (GLOBE NEWSWIRE) — Monarch Private Capital (Monarch), a nationally recognized impact investment firm that develops, finances, and manages a diversified portfolio of projects generating both federal and state tax credits, is pleased to welcome Jennifer Hua as Manager, Renewable Energy.

    In this role, Hua will be responsible for identifying and executing on renewable energy opportunities that generate solid and de-risked returns for Monarch’s investors. Her focus includes sourcing, negotiating, structuring, and executing complex tax equity and credit transfer transactions across a diverse portfolio of renewable energy assets.

    Hua brings a decade of energy sector experience to Monarch. Most recently, she served as Associate Vice President at Foss & Company, where she led due diligence and underwriting for a wide range of projects including solar, battery energy storage systems (BESS), renewable natural gas (RNG), fuel cells, and advanced manufacturing. Prior to that, Hua spent seven years at Williams Companies, where she held various roles, culminating in Business Development within the company’s New Energy Ventures division. Her experience includes behind-the-meter solar and storage development, M&A support, and counterparty risk management.

    “Jennifer brings the right mix of experience, leadership, and creativity to help further develop Monarch’s #bestinclass processes,” said Bryan Didier, Partner and Managing Director at Monarch Private Capital. “We are building a team that’s not only highly skilled, but collaborative and forward-thinking—and Jennifer is exactly the kind of leader who will elevate the work we’re doing and help us scale with excellence.”

    In addition to her transaction responsibilities, Hua will contribute to the #everbetter of Monarch’s #bestinclass processes, supporting efforts to ensure the highest quality in underwriting, risk analysis, and investor outcomes. As part of the Renewable Energy leadership team, she will collaborate on key initiatives to strengthen internal systems, improve cross-functional coordination, and advance consistency and quality for Monach’s clients across the transaction lifecycle.

    “Monarch is doing the kind of work that moves the needle in clean energy, and I’m excited to join a team so committed to excellence and impact,” said Hua. “I look forward to contributing to a strong culture of collaboration and continuous improvement—particularly in how we close transactions, support investor outcomes, and scale through smart, standardized processes.”

    Hua holds an MBA from the University of Tulsa and a BBA in Finance and International Business from the University of Oklahoma. She is an active member of Women of Renewable Industries and Sustainable Energy (WRISE) and the Junior League of Denver. Outside of work, she enjoys travel, skiing, cycling, and yoga.

    For more information about Monarch Private Capital, visit www.monarchprivate.com.

    About Monarch Private Capital

    Monarch Private Capital manages impact investment funds that positively impact communities by creating clean power, jobs, and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film, and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers, and lenders participating in these federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the United States.

    CONTACT
    Jane Rafeedie
    Monarch Private Capital
    Jrafeedie@monarchprivate.com
    470-283-8431

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/828d8460-ce11-479a-b849-62ffdd26215b

    The MIL Network –

  • MIL-OSI: Abaxx Provides Q1 2025 Corporate Update

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 08, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE:ABXX)(OTCQX:ABXXF) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, provides an update on operational milestones and the continued execution of the Company’s business strategy in the first quarter of 2025.

    The Company also announces that it plans to host an investor call and presentation on Thursday, April 10th. For more information, see “Q1 2025 Business Update Investor Call” below.

    Abaxx Corporate Milestone Highlights

    Commercial Development

    • Executed the Company’s first trades in Nickel Sulphate and Lithium Carbonate Futures, including the world’s first trade of a non-Chinese, USD-denominated and physically-deliverable Lithium Carbonate Futures contract.
    • The Company saw the first OTC LNG cargo trade indexed to Abaxx LNG Futures (see the Company’s press release from March 24, 2025).
    • Established active market makers in all three LNG contracts and both carbon contracts across our trading hours.
    • A total of six clearing firms, 29 trading firms, and 14 interdealer brokers (IDBs) are now connected to Abaxx Exchange and Clearing, with an additional four clearing firms, 12 trading firms, and 12 IDBs currently in progress.
    • Completed the first brand listing under the Lithium Carbonate Futures contract.
    • Finalized onboarding with a major global data distribution network expected to expand visibility of Abaxx markets to over 100 million viewers. Added six new market data partners in Q1 2025, bringing the total to six.
    • Engaged in exploratory discussions with an external exchange group seeking to use Abaxx Clearing for third-party clearing services, and also engaged in exploratory discussions with external exchange groups based in China to collaborate on cross-jurisdictional (i.e. onshore/offshore) product listing opportunities with Abaxx Exchange and Clearing.

    Exchange Product Development

    • Launched four new battery metals contracts in Q1 2025, including Nickel Sulphate Futures and three regional physically-deliverable Lithium Carbonate Futures contracts.
    • Submitted a 1-kilobar Singapore Gold Futures contract for regulatory review.
    • Currently in the final development stage of: (i) a financially-settled copper spread contract to support price transparency in global base metals markets, and (ii) the first contracts in a suite of weather futures.

    Risk and Regulatory Development

    • Applied to the U.S. Commodity Futures Trading Commission (CFTC) for recognition as a Foreign Board of Trade (FBOT).
    • Completed public consultation on rule amendments to introduce additional currencies as acceptable margin collateral.
    • Convened the inaugural meeting of its Risk Advisory Panel and successfully executed a default management fire drill.

    Systems and Operations Development

    • Expanded system capabilities to support multi-currency settlement and collateralization, with projected completion by May 2025.
    • Completed the upgrade of Verifier+ (a digital credentials storage provider) into the Abaxx Trade Registration Platform.
    • Continued progress on ISO/IEC 27001 audit for Abaxx Exchange infrastructure, with certification targeted for June 2025.
    • Enhanced client onboarding workflows and expanded market data access to support growing participant demand.

    Abaxx Console Suite Development

    • Rolled out Verifier+ v2.0 with expanded capabilities and integrated the app with Abaxx Exchange to enable passwordless login for the Abaxx Trade Registration Platform (ATRP).
    • Advanced Abaxx Messenger into pre-release testing as a member support tool for Abaxx Exchange.
    • Reached the initial development milestone for Abaxx Sign, currently progressing through testing and feedback with design partners.
    • Initiated development of AbaxxOne, a middleware solution connecting enterprise identity systems (e.g., Auth0, Okta) to ID++ and the Abaxx Console Suite.

    Financing Development

    • On March 27, 2025, the Company announced it had closed the first tranche of a non-brokered private placement, securing C$22.85 million through the issuance of secured convertible debentures bearing 7.0% annual interest, convertible at C$13.00 per share and maturing in 2028. The Company is currently in discussions for a potential second tranche (see the Company’s press release dated March 27, 2025).

    Following the successful launch of Abaxx Exchange and Abaxx Clearing in mid-2024, the first quarter of 2025 marked a period of accelerated growth across product development, commercial engagement, and systems expansion. First trades were executed in the Nickel Sulphate and Lithium Carbonate markets, alongside the first OTC LNG cargo trade indexed to Abaxx LNG Futures, reflecting early adoption of our benchmark contracts.

    We launched four new contracts across our battery metals product suite and submitted a 1-kilobar Singapore Gold Futures contract to support Asia’s kilobar market, an offering not currently matched in London or New York. In parallel, we incorporated Abaxx Spot, a separate entity designed to support convergence between futures and physical gold markets. While the gold futures contract will be listed by Abaxx Exchange, Abaxx Spot enables electronic settlement and physical delivery of 99.99% purity kilobars in Singapore through a secure, transparent gold pool. Together, these initiatives advance our vision of building smarter markets for physical gold trading. Onboarding momentum continued through targeted, on-the-ground engagement at commercial events globally.

    We also scaled platform infrastructure, enhancing client onboarding workflows, expanding market data access, and progressing toward ISO 27001 certification. Core protocol development advanced with upgrades to the ID++ protocol and Verifier+, the initiation of AbaxxOne middleware, and continued development of Abaxx Messenger.

    The following sections provide further information related to these developments across business units and platform initiatives.

    Abaxx Exchange and Abaxx Clearing Developments

    Risk and Regulatory: Abaxx Exchange submitted its application to the U.S. CFTC for recognition as a Foreign Board of Trade (FBOT). Once granted, this recognition would enable U.S. trading participants to directly access products listed on Abaxx Exchange. In February, the Company completed a public consultation on rule amendments to support the introduction of additional currencies as acceptable margin collateral. These amendments are now under regulatory review, with the final list of approved currencies to be announced in due course.

    The Company also convened the inaugural meeting of its Risk Advisory Panel on March 17, 2025 with participation from all three direct clearing members. The Risk Advisory Panel serves as a forum for ongoing collaboration between the clearinghouse and its members to strengthen risk management, transparency, and operational resilience. In late March, Abaxx Clearing conducted its first default management firedrill with member participation, a process which validated its preparedness to manage member defaults and execute crisis response procedures effectively.

    Commercial: The Abaxx Commercial team secured market participation leading to the first trades in Nickel Sulphate and Lithium Carbonate Futures during the first quarter of 2025, including the world’s first trade of a non-Chinese, USD-denominated and physically-deliverable Lithium Carbonate Futures contract. The quarter also saw the first OTC LNG cargo trade indexed to Abaxx LNG Futures, reflecting growing confidence in Abaxx’s benchmark contracts. Active market makers were established across all three LNG contracts and both carbon contracts during core trading hours.

    Onboarding efforts continued across firm types. Abaxx maintained six active clearing members and non-direct clearing firm connections, with four additional clearers, that include global bank clearers, currently in progress to establish new clearing connectivity. Twenty-nine trading firms comprised of merchant traders and financial trading firms are now fully onboarded to execute Block Trades with twelve additional firms currently in the onboarding process; clients connected to Abaxx continue to be able to access Abaxx markets through the central limit order book. Fourteen interdealer brokers (IDBs) are onboarded with twelve more in progress. The quarter also included the first brand listing under the Lithium Carbonate Futures contract.

    Abaxx representatives participated in over 300 high-level meetings across 10 global industry events in Q1 2025. Executives were featured on panels at both E-World and the FT Commodities Global Summit, supporting commercial visibility and momentum. Abaxx was also shortlisted for the World LNG Award for Outstanding Contribution 2024.

    To support commercial growth in Asia in Q1, Abaxx expanded marketing efforts in China, including the launch of a dedicated Chinese-language website (https://cn.abaxx.exchange/) and the announcement of a co-hosted Mandarin-language battery metals seminar with Shanghai Metals Market, taking place April 8, 2025. The team also engaged in exploratory discussions with an external exchange group seeking to use Abaxx Clearing for third-party clearing services, and also engaged in exploratory discussions with external exchange groups based in China to collaborate on cross-jurisdictional (i.e. onshore/offshore) product listing opportunities with Abaxx Exchange and Clearing.

    To support broader market visibility, Abaxx Exchange launched abaxx.exchange/marketdata to provide access to market data publicly. Abaxx also formally launched its market data program in Q1, with six partners onboarded to date: five subscribers and one redistributor. Progress is underway to onboard multiple data distributors, including the leading global financial data provider currently in technical integration, another with a distribution network expected to extend Abaxx market visibility to over 100 million viewers, as well as additional partners supporting our broader data distribution strategy.

    Systems and Operations: Abaxx Exchange and Abaxx Clearing continued to operate reliably with no downtime since launch, supporting stable onboarding and trading. Systems testing is underway to support multi-currency settlement and collateralization, with rollout on track for completion by May 2025. The ISO/IEC 27001 audit for Abaxx Exchange infrastructure is in progress, with certification targeted for June 2025.

    The Company continues to enhance client onboarding workflows to ensure a seamless experience for market participants. In parallel, integration work is advancing across major market data vendors to expand access to Abaxx Exchange market data and meet growing participant demand.

    Exchange Product Development: Development of the Gold Singapore Futures contract progressed through Stage 3 (Industry Review/Risk/Regulatory), with launch planning underway. Abaxx also advanced a regional copper spread futures contract, a suite of weather derivatives, and carbon market contracts aligned with regional compliance programs, each currently in Stage 3. Certain weather and compliance carbon futures are expected to become the first Abaxx contracts priced in currencies other than U.S. dollars.

    Enhancements to the LNG contract suite included updates to the LNG Northwest Europe contract to incorporate Phase 2 compliance requirements under the EU Methane Regulation. Additional research is underway to update the list of eligible ports, including newly commissioned infrastructure. As of April 4, 2025, Calcasieu Pass LNG was added as an Eligible Loading Port under the Abaxx LNG Gulf of Mexico Futures Contract.

    Phase 2 work also continued on contract extensions designed to complement Abaxx benchmark products, as well as on meeting regulatory requirements for a suite of physically and financially-settled options.

    Additional Corporate Updates

    Abaxx Console Apps:   The Company released upgrades to the ID++ protocol and Verifier+ in Q1 2025, including integrations with Abaxx Exchange and SmarterMarkets Coffeehouse™. Verifier+ improvements followed its public release on the Apple App Store and Google Play, with enhanced app speed, simplified account recovery, broader device compatibility, and expanded user controls for account editing and deletion. Device-native features such as PIN entry and camera functionality were also upgraded.

    Messenger is in its final stages of pre-release testing ahead of deployment as a user support tool for Abaxx Exchange. Feature development for initial release is complete, with improvements to maintaining performance at scale now in testing. These include faster load times for messages, improved performance under load, and interface tools that help support teams manage multiple, ongoing conversations.

    Development of AbaxxOne was initiated as a middleware solution connecting enterprise identity systems (e.g., Auth0, Okta) to the Abaxx ecosystem.

    Abaxx Sign reached its initial functional milestone and is now progressing through internal testing and design partner feedback cycles.

    Integration of PrivacyCode progressed in Q1, with Verifier+ now available as a login option. This marks continued growth in the number of applications and platforms offering Verifier+ as a privacy-enabled authentication method across the Abaxx ecosystem.

    SmarterMarkets™: SmarterMarkets™ conducted on-site interviews at key industry events hosted by the Futures Industry Association and Financial Times in Q1 2025, capturing real-time insights from global market participants for upcoming compilation episodes. These conversations contribute to the ongoing dialogue around the future of energy, climate, technology, and finance — conversations that the SmarterMarkets Coffeehouse platform is designed to elevate.

    Development also began on the mobile application for SmarterMarkets Coffeehouse™, and contributor onboarding was completed for the first cohort of over 50 thought leaders across energy, AI, digital identity, carbon, and market infrastructure. Early contributors have begun publishing content on the platform. By combining verifiable credentials with tiered levels of access, Coffeehouse is designed to facilitate more open and trusted dialogue than traditional social media environments currently support.

    Those interested in joining as commenters or members can join the waitlist at https://smartermarkets.media/waitlist/.

    Q1 2025 Business Update Investor Call

    The Company plans to host a quarterly business update investor presentation, to provide a business update and respond to investor questions.

    The Company will hold the investor presentation via Zoom Meetings on Thursday, April 10th, 2025 at 10:00 a.m. Eastern Standard Time Zone (EST). The Company invites current and prospective shareholders to attend this quarterly business update and Q&A session with the Abaxx executive team. Attendees may email their questions in advance to ir@abaxx.tech.

    Registration will be required to access the meeting. Following the presentation, a recording of the session will be made available on the Abaxx Investor Relations website at investors.abaxx.tech.

    PRESENTATION DETAILS
    DATE: Thursday, April 10, 2025
    TIME: 10:00 a.m. EST
    LOCATION: Zoom Meeting
    To receive the meeting link and passcode, please register here.
    QUESTIONS: Please submit questions ahead of the presentation to: ir@abaxx.tech

    About Abaxx Technologies

    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is a majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by MAS as an RMO and ACH, respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:
    Steve Fray, CFO
    Tel: +1 647 490 1590

    Media and investor inquiries:
    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 647 490 1590
    E-mail: ir@abaxx.tech

    Forward-Looking Statements

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward- looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes, but is not limited to: the business plans and objectives of Abaxx; the development of new products, futures contracts, markets and technologies and associated benefits; anticipated receipt of regulatory approvals; closing of a second tranche offering of secured convertible debentures; and onboarding of clearing members and firms. Such factors impacting forward-looking information include, among others: the inability to receive regulatory approvals in connection with financings or inability to finalize transaction documentation; risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; acquiring and maintaining regulatory approvals for Abaxx’s products and operations; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains, and the risk factors identified in the Company’s most recent management discussion & analysis filed on SEDAR+. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward- looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. Cboe Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI United Nations: UNECE and ISO launch joint initiative on Digital Product Passport to advance sustainability and circular economy

    Source: United Nations Economic Commission for Europe

    Businesses, policymakers, and consumers alike are striving to make more informed decisions, driving progress toward a sustainable and circular economy. In order to achieve this, solutions are needed to record products’ lifecycles, including their origin, materials, environmental impact, and compliance with sustainability standards. This is key to ensure that information on Environmental, Social, and Governance (ESG) footprints are genuine and thus to combat greenwashing.  

    Despite numerous initiatives around the world, challenges such as data standardization and interoperability remain critical barriers to creating a unified, cross-sector, and globally applicable framework. But solutions are now in sight with the launch of the joint initiative of UNECE and the International Organization for Standardization (ISO) on the Digital Product Passport (DPP). Under the leadership of the UN, this initiative aims to balance diverse interests and priorities while fostering alignment across industries and regions. 

    The DPP is envisioned as a game-changing solution that provides the digital “language” and trust architecture for product traceability, from raw materials to the final product. It aims at uplifting and linking all required data, which allows data to remain with the owner, and be published and linked in a decentralized manner, using existing business systems without obliging economic actors along the value chains to depend on the software choices of their customers or suppliers. 

    Alignment with existing UNECE frameworks  

    The DPP initiative aligns with UNECE’s prior work on traceability and transparency, particularly in sectors like garment and footwear, where standardized tools for sustainability data exchange have been developed since 2019. Notable advancements include blockchain pilots (2022–2023) that demonstrated the potential of digital solutions to enhance supply chain visibility and trust. These efforts laid the groundwork for expanding focus to include product circularity data (2023–2024), addressing the growing need for lifecycle transparency.

    Central to this progression is the development of the UN Transparency Protocol (UNTP), which aims to harmonize sustainability data and enable transparency at scale through standardized vocabularies and adaptable sector-specific extensions. By integrating the best practices of the UNTP into the DPP framework, the initiative scales existing successes to meet the demands of an interconnected global economy. 

    Kick-off meeting sets the stage for collaboration 

    The international standard project ISO/PWI 25534-1: Digital Product Passport – Overview and Fundamental Principles was launched with a successful kick-off meeting on 25 February, followed by an Ad Hoc Meeting on 25 March. Together, these sessions brought together over 2,300 global experts, serving as a pivotal platform for stakeholders to refine the scope, priorities, and strategic direction of the DPP initiative. The discussions were further enriched by insights gathered through an online stakeholder survey, ensuring that the project reflects a broad range of industry perspectives and practical needs. 

    Respondents emphasized the need for DPP coverage across the entire supply chain, including raw materials, intermediate products, and end-of-life stages. Key DPP data expected to be included involves product conformity certificates, recycled content, hazardous materials, environmental footprints, and traceability records. However, major interoperability challenges were identified, and adoption barriers and regulatory support emerged as crucial themes. Notably, 89% of respondents believe governments should recommend a global DPP standard, underscoring the importance of regulatory support in driving the initiative forward.  

    Looking ahead: industry-specific symposia and key milestones 

    Starting in April 2025, a series of industry-specific symposia will be organized, focusing on sectors such as batteries, textiles, and construction materials.  

    The project’s outputs, including draft standards and recommendations, are expected to be finalized and submitted by the end of 2025. This timeline reflects the urgency of establishing a global framework that can support both regulatory compliance and market-driven sustainability goals. 

    A unified vision for global interoperability 

    This initiative is not about creating duplicative or conflicting frameworks but rather fostering exploration, alignment, and harmonization. By building on existing efforts and addressing gaps, the DPP aims to become a cornerstone of global interoperability, supporting seamless data exchange and collaboration across borders and industries. 

    We are encouraged by the strong participation and commitment demonstrated throughout the process and look forward to continued collaboration. Your input remains critical to achieving a balanced and effective framework that drives adoption and delivers real-world impact. 

    For more information about the initiative, please visit: 
    🌐 https://unece.org/trade/events/kick-meeting-isopwi-25534-1 

    🌐 https://unece.org/trade/events/adhoc-meeting-isopwi-25534-1 
     

    MIL OSI United Nations News –

  • MIL-OSI: Questor Announces Award of $2.4MM Contract

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 08, 2025 (GLOBE NEWSWIRE) — Questor Technology Inc. (“Questor”, the “Company”), listed on the TSX Venture Exchange under the ticker QST, has secured a $2.4 million contract to supply clean combustion solutions in Iraq. This Middle East and North Africa (MENA) initiative aims to significantly reduce flaring and methane emissions. Notably, this is the second unit being supplied in the MENA region for the same client, a leading global exploration and production company renowned for its efforts in minimizing flaring and methane emissions associated with energy production.

    Iraq is the second-largest crude oil producer in OPEC and the sixth-largest total petroleum liquids producer globally, with production exceeding 4.4 million barrels per day. Questor’s clean combustion solution will be integrated into the Al Ratawi site to reduce emissions in line with Iraq’s Nationally Determined Contribution (NDC) guidelines. Questor’s ISO 14034-certified clean combustion units are engineered to meet the highest global emissions standards, ensuring 99.99% combustion efficiency. These units are designed to handle complex pollutants, including sour gas, making them ideal for large-scale oil and gas processing facilities and refineries. Manufactured in Canada, Questor’s technology not only delivers significant cost savings in capital, fuel, and operations but also supports sustainable energy production. This latest contract underscores Questor’s expanding presence in the MENA region and its commitment to advancing environmental goals through innovative solutions.

    Questor is proud to partner with its clients to responsibly and sustainably produce energy globally. This purchase order highlights Questor’s reputation for delivering cost-effective, high-performance technology and highlights its expanding presence in global markets. As the company continues to grow, it remains dedicated to advancing sustainable energy infrastructure and supporting its clients in achieving their environmental goals.

    ABOUT QUESTOR TECHNOLOGY INC.

    Questor Technology Inc., incorporated in Canada under the Business Companies Act (Alberta) is an environmental emissions reduction technology company founded in 1994, with global operations. The Company is focused on clean air technologies that safely and cost effectively improve air quality, support energy efficiency and greenhouse gas emission reductions. The Company designs, manufactures and services high efficiency clean combustion systems that destroy harmful pollutants, including Methane, Hydrogen Sulfide gas, Volatile Organic Hydrocarbons, Hazardous Air Pollutants and BTEX (Benzene, Toluene, Ethylbenzene and Xylene) gases within waste gas streams at 99.99 percent efficiency per its ISO 14034 Certification. This enables its clients to meet emission regulations, reduce greenhouse gas emissions, address community concerns and improve safety at industrial sites.

    The Company also has proprietary heat to power generation technology and is currently targeting new markets including landfill biogas, syngas, waste engine exhaust, geothermal and solar, cement plant waste heat in addition to a wide variety of oil and gas projects. The combination of Questor’s clean combustion and power generation technologies can help clients achieve net zero emission targets for minimal cost. The Company is also doing research and development on data solutions to deliver an integrated system that amalgamates all the emission detection data available to demonstrate a clear picture of the site’s emission profile.

    The Company’s common shares are traded on the TSX Venture Exchange under the symbol “QST”. The address of the Company’s corporate and registered office is #1920, 707 – 8th Avenue S.W. Calgary, Alberta, Canada, T2P 1H5.

    QUESTOR TRADES ON THE TSX VENTURE EXCHANGE UNDER THE SYMBOL ‘QST’

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This document is not intended for dissemination or distribution in the United States.

    The MIL Network –

  • MIL-OSI: Tariffs Set to Drive Up Electronics Prices—New Survey Shows 53% of Shoppers Are Holding Out for Sales

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, April 08, 2025 (GLOBE NEWSWIRE) — As new U.S. tariffs take effect, the cost of laptops, smartphones, and other electronics could increase by up to 11%, according to a Joint Economic Committee analysis. With prices climbing, consumers are adapting—seeking deeper discounts, comparing prices across multiple retailers, and timing purchases around major sales events.

    A new Ecommerce Pulse Report from Salsify and the Digital Shelf Institute (DSI), based on a survey of over 1,000 shoppers in the U.S. and U.K., highlights how economic pressures are reshaping purchasing habits. Fifty-three percent of shoppers plan to buy electronics during major sales events like Amazon Prime Day, Target Circle Week, and Walmart Deals, reinforcing that promotional pricing will be a critical driver of sales​. Meanwhile, 44% of shoppers compare prices across at least three retailers before purchasing, making price competitiveness essential for brands looking to retain sales​.

    Shoppers Are More Strategic—And Brands Must Adapt

    Electronics remain a top purchase category for consumers, but the way shoppers research and buy is evolving faster than ever. According to the Ecommerce Pulse Report:

    • Mobile Shopping is the Default – 59% of consumers shop via smartphone, making seamless mobile-first experiences critical for brands looking to capture digital sales​.
    • Shoppers Are Expanding Beyond Amazon – 54% of consumers regularly shop across multiple marketplaces, emphasizing the need for pricing consistency, optimized content, and a presence beyond a single retailer​.
    • Price Drives Buying Decisions More Than Brand Loyalty – 70% of shoppers say discounts lead to unplanned purchases, highlighting how price sensitivity is becoming a stronger motivator than brand preference.
    • Shoppers Rely on Reviews More Than Price When Deciding What to Buy – 25% of shoppers say customer reviews influence their buying decisions more than price (19%) or product images (22%), reinforcing the importance of trust through high-quality content and social proof​.

    “Tariffs and economic uncertainty are making consumers more price-conscious than ever, influencing shopping behavior across every category,” said Dom Scarlett, Research Director at Salsify. “To stay competitive, brands must optimize their digital presence across all major retailers, refine their pricing strategies, and deliver compelling product content that builds trust and drives conversions—no matter what they’re selling.”

    Tariffs Are Disrupting Ecommerce—Here’s How Brands Can Stay Competitive

    With consumer goods prices expected to rise in 2025, brands must refine their ecommerce strategies to stay competitive. The Ecommerce Pulse Report highlights key areas where brands need to focus to meet evolving consumer expectations:

    1. Mobile Shopping is the Epicenter of Ecommerce – With smartphones leading online sales (59%), brands must optimize product listings, mobile searchability, and checkout experiences to prevent drop-off​.
    2. Urgency-Based Discounts Are Key to Conversion – 62% of shoppers say flash sales and limited-time promotions influence their buying decisions, making urgency-based pricing an essential tactic​.
    3. Beyond Price Cuts—Consumers Expect More from Brands – While discounts drive unplanned purchases, 48% of shoppers prioritize free shipping, and 41% value flexible payment options, showing that brands must offer more than just lower prices to win customers​.
    4. Mobile Shoppers Favor Marketplace and Retailer Apps for Convenience – 69% of shoppers prefer using marketplace apps like Amazon and eBay, while 45% rely on retailer apps like Target and Best Buy, proving that brands must have an app-first strategy to remain relevant​.

    For deeper insights into evolving shopping behaviors and pricing strategies, download the full Ecommerce Pulse Report Q2 2025.

    About the Digital Shelf Institute (DSI)
    The Digital Shelf Institute is the commerce community for manufacturers. In the digital age, manufacturers have more opportunities to control their commerce destiny than ever before. The Digital Shelf Institute brings together an ecosystem of experience to share ideas, outcomes, and strategies in the form of virtual content, podcasts, reports, and articles that will drive revenue in the years ahead. The Digital Shelf Institute also hosts the Digital Shelf Executive Forum, an invitation-only community platform for digital shelf executives of leading brands.

    About Salsify
    Salsify helps thousands of brand manufacturers, distributors, and retailers in over 140 countries collaborate to make every product experience matter. The company’s Product Experience Management (PXM) platform enables organizations to centralize all of their product content, connect to the commerce ecosystem, and automate business processes in order to deliver the best possible product experiences across every selling destination.

    Learn how the world’s largest brands, including Mars, L’Oreal, Coca-Cola, Bosch, and ASICS, as well as retailers and distributors, such as DoorDash, E.Leclerc, Carrefour, Metro, and Intermarché, use Salsify every day to drive efficiency, power growth, and lead the digital shelf. For more information, please visit: www.salsify.com.

    Media contact:
    Carolyn Adams
    carolyn@bluerunpr.com

    The MIL Network –

  • MIL-OSI: AGF Management Limited Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, April 08, 2025 (GLOBE NEWSWIRE) —

    • Reported quarterly adjusted diluted earnings per share of $0.48
    • Total assets under management and fee-earning assets of $53.8 billion
    • Increased quarterly dividend per share to 12.5 cents

    AGF Management Limited (AGF or the Company) (TSX: AGF.B) today announced financial results for the first quarter ended February 28, 2025.

    AGF reported total assets under management and fee-earning assets1 of $53.8 billion compared to $53.6 billion as at November 30, 2024 and $45.0 billion as at February 29, 2024.

    “In a challenging market environment shaped by political change, we have excelled and continued to deliver on our strategy,” said Kevin McCreadie, Chief Executive Officer and Chief Investment Officer, AGF. “Our long-term approach aims to deliver on our strategic imperatives; while also ensuring we can thrive through changing market cycles and uncertainty.”

    AGF’s mutual fund gross sales were $1,568 million for the quarter compared to $993 million in the previous quarter and $914 million in the prior year quarter. Mutual fund net sales were $258 million compared to $5 million in the previous quarter and net redemptions of $125 million in the prior year quarter.

    “Recent market volatility has reinforced the importance of providing investors with access to diverse capabilities and offerings,” said Judy Goldring, President and Head of Global Distribution, AGF. “With alternatives playing an increasingly important role in portfolios, this quarter we have focused on further building out our strategies with the launch of products across our lines of business.”

    1 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

    Key Business Highlights:

    • In January, AGF Capital Partners, AGF Management Limited’s multi-boutique alternatives business announced the launch of the AGF NHC Tactical Alpha Fund, an absolute return-oriented strategy that aims to generate attractive risk-adjusted returns across market regimes while maintaining low beta to traditional asset classes.
    • In February, AGF Investments Inc. announced the launch of AGF Enhanced U.S. Income Plus Fund, an alternative mutual fund that seeks to provide long-term capital appreciation and generate a high level of consistent income by investing in U.S. equity securities and employing dynamic options strategies such as put writing and covered call writing.
    • AGF Investments Inc. was recognized with FundGrade A+® Awards for AGF American Growth Fund, AGF Fixed Income Plus Fund and AGF Global Select Fund.
    • Taking another important step forward in our ongoing commitment to gender equity, AGF Management Limited announced a new partnership with VersaFi, (formerly Women in Capital Markets). This renowned organization is focused on addressing barriers to women’s advancement, sharing best practices and strategies for progress, and developing actionable policies and industry-leading programs to advance gender diversity in the workplace. 

    Financial Highlights:

    • Adjusted EBITDA2 for the three months ended February 28, 2025 was $47.9 million, compared to $39.6 million for the three months ended November 30, 2024 and $49.5 million for the comparative prior year period.
    • Net management, advisory and administration fees2 for the three months ended February 28, 2025 was $85.2 million, compared to $83.6 million for the three months ended November 30, 2024 and $74.9 million for the comparative prior year period.
    • Adjusted revenue from AGF Capital Partners for the three months ended February 28, 2025 was $23.6 million, compared to $18.2 million for the three months ended November 30, 2024 and $24.4 million for the comparative prior year period. The decrease year over year was driven by change in fair value adjustments, offset by the consolidation of KCPL financial results. Revenue from AGF Capital Partners can be variable quarter to quarter and can be impacted by fair value adjustments, timing of monetizations and cash distributions as well as performance fees and carried interest.
    • Adjusted selling, general and administrative costs2 for the three months ended February 28, 2025 was $63.6 million, compared to $66.2 million for the three months ended November 30, 2024 and $53.5 million for the comparative prior year period. The increase in adjusted SG&A from prior year reflects the consolidation of KCPL as well as increases driven by higher performance-based compensation and the market environment.
    • Adjusted net income attributable to equity owners2 for the three months ended February 28, 2025 was $32.1 million ($0.48 adjusted diluted EPS), compared to $29.8 million ($0.45 adjusted diluted EPS) and $33.7 million ($0.51 adjusted diluted EPS) for the comparative prior year period.
                       
        Three months ended
          February 28,       November 30,       February 29,  
      (in millions of Canadian dollars, except per share data)   2025       2024       2024  
                       
      Revenues                
      Management, advisory and administration fees $ 122.8     $ 120.2     $ 108.6  
      Trailing commissions and investment advisory fees   (37.6 )     (36.6 )     (33.7 )
      Net management, advisory and administration fees2 $ 85.2     $ 83.6     $ 74.9  
      Deferred sales charges   1.2       1.3       2.0  
      Adjusted revenue from AGF Capital Partners2   23.6       18.2       24.4  
      Other revenue2   1.5       2.7       1.7  
      Total adjusted net revenue2   111.5       105.8       103.0  
                       
      Selling, general and administrative   67.8       70.2       57.9  
      Adjusted selling, general and administrative2   63.6       66.2       53.5  
                       
      EBITDA2   44.2       36.9       45.1  
      Adjusted EBITDA2   47.9       39.6       49.5  
                       
      Net income – equity owners of the Company   30.9       28.7       30.5  
      Adjusted net income – equity owners of the Company2   32.1       29.8       33.7  
                       
      Diluted earnings per share   0.46       0.43       0.46  
                       
      Adjusted diluted earnings per share2   0.48       0.45       0.51  
                       
      Free cash flow2   31.6       21.4       21.2  
                       
      Dividends per share   0.115       0.115       0.110  
                       
      (end of period) Three months ended
          February 28,     November 30,     February 29,  
      (in millions of Canadian dollars)   2025     2024     2024  
                       
      Mutual fund assets under management (AUM)3 $ 31,167   $ 30,662   $ 26,186  
      ETFs and SMA AUM   2,913     2,537     1,676  
      Segregated accounts and sub-advisory AUM   6,529     6,977     7,162  
      Total AGF Investments AUM   40,609     40,176     35,024  
      AGF Private Wealth AUM   8,623     8,567     7,836  
      AGF Capital Partners AUM   2,468     2,752     48  
      Total AUM $ 51,700   $ 51,495   $ 42,908  
      AGF Capital Partners fee-earning assets4   2,142     2,111     2,104  
      Total AUM and fee-earning assets4 $ 53,842   $ 53,606   $ 45,012  
                       
      Net mutual fund sales (redemptions)3   258     5     (125 )
      Average daily mutual fund AUM3   30,853     29,173     25,197  

    2 Net management, advisory and administration fees, adjusted revenue from AGF Capital Partners, total net revenue, adjusted selling, general and administrative, EBITDA, adjusted EBITDA, adjusted net income, adjusted diluted earnings per share and free cash flow are not standardized measures prescribed by IFRS. The Company utilizes non-IFRS measures to assess our overall performance and facilitate a comparison of quarterly and full-year results from period to period. They allow us to assess our investment management business without the impact of non-operational items. These non-IFRS measures may not be comparable with similar measures presented by other companies. These non-IFRS measures and reconciliations to IFRS, where necessary, are included in the Management’s Discussion and Analysis available at www.agf.com.
    3 Mutual fund AUM includes retail AUM and institutional client AUM invested in customized series offered within mutual funds.
    4 Fee-earning assets represents assets in which AGF has carried interest ownership and earns recurring fees but does not have ownership interest in the managers.

    For further information and detailed financial statements for the first quarter ended February 28, 2025, including Management’s Discussion and Analysis, which contains discussions of non-IFRS measures, please refer to AGF’s website at www.agf.com under ‘About AGF’ and ‘Investor Relations’ and at www.sedarplus.com.

    Conference Call

    AGF will host a conference call to review its earnings results today at 11 a.m. ET.

    The live audio webcast with supporting materials will be available in the Investor Relations section of AGF’s website at www.agf.com or at https://edge.media-server.com/mmc/p/4ch7jtxw. Alternatively, the call can be accessed over the phone by registering here or in the Investor Relations section of AGF’s website at www.agf.com, to receive the dial-in numbers and unique PIN.

    A complete archive of this discussion along with supporting materials will be available at the same webcast address within 24 hours of the end of the conference call.

    About AGF Management Limited

    Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

    AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

    Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. With over $52 billion in total assets under management and fee-earning assets, AGF serves more than 815,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

    About AGF Investments

    AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). The term AGF Investments may refer to one or more of these subsidiaries or to all of them jointly. This term is used for convenience and does not precisely describe any of the separate companies, each of which manages its own affairs. AGF Investments entities only provide investment advisory services or offers investment funds in the jurisdiction where such firm and/or product is registered or authorized to provide such services.

    About AGF Capital Partners

    AGF Capital Partners is AGF’s multi-boutique alternatives business with diverse capabilities across both private assets and alternative strategies. Clients benefit from the specialized investment expertise of Affiliate Managers1 combined with the organizational support and breadth of resources of AGF Management Limited (AGF). With over 18 years average experience, AGF Capital Partners Affiliate Managers including, Kensington Capital Partners Limited, New Holland Capital, LLC and AGF SAF Private Credit, manage approximately C$13.8 billion* in alternative AUM and fee earning assets on behalf of institutional and retail clients. Affiliate Manager AUM may not be consolidated into AGF Management Limited’s reported AUM.

    *US AUM converted FX rate at February 28, 2025 (1.44)

    The term ‘Affiliate Manager’ refers to any partner regardless of relationship structures or revenue sharing agreements. The form of AGF’s structured partnership interests in Affiliate Managers differs from Affiliate Manager to Affiliate Manager. The structure of the relationship with a particular Affiliate Manager, or the revenue that AGF agrees to share in, may change. Affiliate Managers only provide investment advisory services or offer products in the jurisdiction where such firm, individuals and/or product is registered or authorized to provide such services.

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated.

    AGF Management Limited shareholders, analysts and media, please contact:

    Nick Smerek
    VP, Financial Planning & Analysis
    416-865-4337, InvestorRelations@agf.com

    Caution Regarding Forward-Looking Statements

    This press release includes forward-looking statements about the Company, including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as ‘expects,’ ‘estimates,’ ‘anticipates,’ ‘intends,’ ‘plans,’ ‘believes’ or negative versions thereof and similar expressions, or future or conditional verbs such as ‘may,’ ‘will,’ ‘should,’ ‘would’ and ‘could.’ In addition, any statement that may be made concerning future financial performance (including income, revenues, earnings or growth rates), ongoing business strategies or prospects, fund performance, and possible future action on our part, is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations, business prospects, business performance and opportunities. While we consider these factors and assumptions to be reasonable based on information currently available, they may prove to be incorrect. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the financial services industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us due to, but not limited to, important risk factors such as level of assets under our management, volume of sales and redemptions of our investment products, performance of our investment funds and of our investment managers and advisors, client-driven asset allocation decisions, pipeline, competitive fee levels for investment management products and administration, and competitive dealer compensation levels and cost efficiency in our investment management operations, as well as general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, taxation, changes in government regulations, unexpected judicial or regulatory proceedings, technological changes, cybersecurity, the possible effects of war or terrorist activities, outbreaks of disease or illness that affect local, national or international economies, natural disasters and disruptions to public infrastructure, such as transportation, communications, power or water supply or other catastrophic events, and our ability to complete strategic transactions and integrate acquisitions, and attract and retain key personnel. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. Other than specifically required by applicable laws, we are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete discussion of the risk factors that may impact actual results, please refer to the ‘Risk Factors and Management of Risk’ section of the 2024 Annual MD&A.

    FundGrade A+® Awards:

    FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.

    AGF American Growth Fund won in the U.S. Equity CIFSC Category, out of 237 funds. The FundGrade A+ start date was 12/31/2014 and the FundGrade A+ end date was 12/31/2024.

    AGF Global Select Fund won in the Global Equity CIFSC Category, out of 306 funds. The FundGrade A+ start date was 12/31/2014 and the FundGrade A+ end date was 12/31/2024.

    AGF Fixed Income Plus Fund won in the Canadian Fixed Income CIFSC Category, out of 137 funds. The FundGrade A+ start date was 12/31/2014 and the FundGrade A+ end date was 12/31/2024.

    The MIL Network –

  • MIL-OSI Economics: Indian stock market outlook mixed as US-facing sectors brace for tariff impact, says GlobalData

    Source: GlobalData

    Indian stock market outlook mixed as US-facing sectors brace for tariff impact, says GlobalData

    Posted in Business Fundamentals

    Following the significant sell-off in the Indian stock markets on 07 April 2025, coupled with a sharp rebound the following day;

    Jaison Davis, Economic Research Analyst at GlobalData, a leading data and analytics company, provides his perspective:

    “On 07 April 2025, the Indian stock market experienced a significant downturn, with the BSE Sensex and NSE Nifty recording their sharpest single-day declines of the year. This sell-off was triggered by the 26% US tariff on Indian imports, which led to widespread investor panic and the decline resulted in an estimated loss of $16.8 billion-$22.8 billion in market capitalization in just one trading session.

    “The downturn was broad-based, impacting nearly all sectors. The Nifty Metal index suffered the most due to fears of reduced industrial demand amid concerns of a potential US recession. The Nifty IT index also faced losses exceeding 2%, reflecting its high exposure to the US market. Other sectors, including auto, realty, and financials, experienced substantial declines. Broader market indices, such as the BSE Midcap and Smallcap indices, saw even steeper losses, indicating that negative sentiment extended beyond large-cap stocks. The India VIX, a measure of market volatility, surged over 65%, signaling heightened anxiety among investors regarding trade implications.

    “The Indian market’s decline was part of a broader global sell-off, with Asian markets experiencing their worst single-day fall in over a decade. This synchronized downturn highlights the interconnectedness of global economies amid concerns over potential trade wars. The outlook for the Indian stock market remains mixed, with short-term volatility expected as investors assess the implications of the tariffs and await developments in trade negotiations. The sectors heavily reliant on the US market, such as IT and textiles, may face challenges immediately, while domestic demand-driven sectors like FMCG and infrastructure could show resilience.

    “On 08 April 2025, the Indian stock market rebounded significantly, with Sensex and Nifty surged more than 1.5% in early trades of the day, driven by a global market recovery and optimism over potential easing of US trade tariffs. Strong buying from domestic institutional investors, despite foreign institutional selling, contributed to this rebound. Broad-based gains across sectors like banking, IT, and FMCG further supported the recovery. However, the sustainability of this rebound remains uncertain, hinging on global trade developments, the Reserve Bank of India’s monetary policy, and ongoing market volatility, necessitating cautious investor sentiment.”

    MIL OSI Economics –

  • MIL-OSI Economics: Tariffs stir inflation fears in US but offer targeted industry gains, says GlobalData

    Source: GlobalData

    Tariffs stir inflation fears in US but offer targeted industry gains, says GlobalData

    Posted in Business Fundamentals

    The imposition of steep US tariffs on imports is expected to weigh on household consumption and economic growth in the near-term, while offering limited relief to select domestic industries such as steel, according to GlobalData, a leading data and analytics company.

    GlobalData’s Macroeconomic Outlook reveals that the US GDP growth is forecast to slow to 2.0% in 2025 and further to 1.9% in 2026, compared to 2.8% in 2024. Real household consumption expenditure is projected to grow at a slower pace of 2.2% in 2025, reflecting increased economic uncertainty and the inflationary impact of tariffs on consumer goods, particularly imported automobiles.

    Gayatri Ganpule, Economic Research Analyst at GlobalData, comments: “The new tariffs introduced in early April 2025 have triggered a wave of market volatility and investor concern. The S&P 500 fell by 4.8% following the announcement, while the US dollar weakened. Although the tariffs aim to protect domestic manufacturing and reduce trade imbalances, they are likely to fuel inflation by increasing the cost of imported goods, notably vehicles and auto parts, which are essential household expenses.”

    The 25% tariff on foreign-manufactured automobiles is expected to directly contribute to a rise in the Consumer Price Index (CPI), which could constrain the Federal Reserve’s ability to ease interest rates. This may result in prolonged higher borrowing costs, further pressuring consumer confidence and investment momentum. However, certain industries have seen positive impacts.

    The domestic steel sector, for example, has experienced a surge in benchmark hot-rolled coil prices, up more than 30% since January 2025, leading to stronger performance for firms like Nucor and Steel Dynamics. Moreover, the Congressional Budget Office anticipates $800 billion in customs revenue over the next decade.

    Ganpule concludes: “While the broad-based tariffs present significant economic risks, targeted measures have provided a lifeline to struggling industries. Striking the right balance between domestic industry protection and inflation management will be critical for sustaining long-term economic stability in the US.

    MIL OSI Economics –

  • MIL-OSI Economics: Great Depression trends on social media amid rising US tariff fears, reveals GlobalData

    Source: GlobalData

    Great Depression trends on social media amid rising US tariff fears, reveals GlobalData

    Posted in Business Fundamentals

    The concept of the “Great Depression” has gained traction among the social media influencers in first week of April 2025, largely driven by discussions surrounding the US tariff turmoil and concerns about potential economic downturns. The surge in discussion is closely tied to comparisons being drawn between the current economic policies, particularly tariffs, and those enacted during the lead-up to the Great Depression, specifically the Smoot-Hawley Tariff Act of 1930, reveals the Social Media Analytics Platform of GlobalData, a leading data and analytics company.

    The increased tariffs have become a central point of discussion, triggering concerns about potential trade wars, slower GDP growth, and overall economic instability.

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Influencers, largely concerned and apprehensive, are using the historical context of the Great Depression to frame their analysis of current economic trends and policies, drawing direct parallels to the events preceding the depression and sparking wider conversations about potential consequences.

    “Certain influencers express grave concern that tariffs, with the US rates potentially escalating and surpassing the peak of the Smoot-Hawley era, may precipitate a global trade war and inflict substantial damage upon the economy. They also point out that the implementation of tariffs could result in higher prices for consumers, reduced global competitiveness for the US companies, and, consequently, a broader economic downturn.”

    Below are a few popular influencer opinions captured by GlobalData’s Social Media Analytics Platform:

    1. Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management:

    “This was a historic week We just witnessed the biggest economic policy mistake since the Great Depression And they don’t even care”

    1. Phillips P. OBrien, Professor of Strategic Studies at University of St Andrews:

    “Amazing that Trump talked about the Great Depression and forgot the Smoot-Hawley Tariff–which he seems to be emulating pretty closely….”

    1. Jason Goepfert, Consultant at White Oak Consultancy LLC:

    “Futures indicate another loss in the Dow Industrials greater than -3%. Futures are finicky, but that’d be its 3rd consecutive loss greater than -3%. Since 1896 – 129 years of history – this only occurred during the Great Depression.”

    1. Steve Hanke, Professor of Applied Economics at Johns Hopkins University:

    “The US economy has developed some tell-tale signs of the Great Depression. The money supply has contracted. That means an economic slowdown is BAKED IN THE CAKE. Like the Smoot-Hawley Tariffs of 1930, Trump’s tariffs are putting massive downward pressure on the economy.”

    1. Shane Wright, National Economics Correspondent:

    “Trump re-writing the history of the Great Depression, saying wouldn’t have happened if the US had stayed with tariffs. Of course, the Smoot-Hawley tariffs made worse the depression which wasn’t caused by tariffs…”

    MIL OSI Economics –

  • MIL-OSI: Tyton Partners Releases New Report on Catalytic Capital’s Role in Strengthening the Education-to-Workforce Pipeline

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, April 08, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the strategy consulting and investment banking firm connecting capital, innovation, and impact in education, today released its latest report, Catalytic Capital: Funding the Missing Middle in the Education-to-Workforce Ecosystem. The report, supported by World Education Services (WES) and Strada Education Foundation, sheds light on a persistent funding gap preventing scalable solutions in workforce development and calls on impact investors to embrace catalytic capital as a transformative funding strategy.

    The education-to-workforce pipeline in the U.S. is fractured, leaving millions of learners and workers without viable pathways to sustainable careers. While philanthropy and market-rate investment play critical roles, they leave a “missing middle”—high-impact initiatives that fail to attract traditional funding due to their risk-return profile. Catalytic capital, which is patient, flexible, and impact-first, can bridge this gap, unlocking scalable solutions and accelerating workforce innovation.

    “The urgency for new funding strategies in workforce development has never been greater,” said Andrea Mainelli, Senior Advisor at Tyton Partners. “Catalytic capital has been successfully deployed in sectors like climate and microfinance, yet it remains underutilized in education-to-workforce initiatives. This report provides a blueprint for how investors can mobilize capital in ways that drive systemic, lasting change.”

    Key insights from the report include:

    • Catalytic capital is not new—It has been deployed for decades by development finance institutions and foundations to solve large-scale social challenges.
    • A critical funding gap persists—Traditional capital ignores high-impact opportunities that lack immediate financial returns, while philanthropy alone is insufficient.
    • Market failures require intervention—Three distinct market failures—nascent markets, subsidized markets, and broken markets—demand catalytic capital solutions.
    • Investors can take action now—Flexible capital strategies can unlock workforce solutions at scale, from student-friendly financing models to career navigation platforms.

    To develop these insights, Tyton Partners conducted extensive research, including interviews with impact investors and a review of over 30 leading studies on catalytic capital and blended finance.

    The report calls on investors, foundations, and policymakers to rethink their funding strategies and integrate catalytic capital into their portfolios. “The time is now to embrace more flexible and holistic approaches to impact investing—ones that go beyond the traditional limits of grants and market-rate investments to unlock greater potential for meaningful change,” said Sean Crowley, Senior Manager of Investments at World Education Services.

    Tyton Partners invites investors and ecosystem leaders to explore the findings and engage in discussions on how catalytic capital can drive workforce transformation.

    Read the full Catalytic Capital: Funding the Missing Middle in the Education-to-Workforce Ecosystem report here.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    About Tyton Partners
    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in New York City and Boston, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    The MIL Network –

  • MIL-OSI Asia-Pac: Business of Innovation and Technology Week in April to showcase Hong Kong’s innovation and technology strengths

    Source: Hong Kong Government special administrative region

    Business of Innovation and Technology Week in April to showcase Hong Kong’s innovation and technology strengths 
         The third InnoEX, co-organised by the ITIB and the Hong Kong Trade Development Council (HKTDC), will occur from April 13 to 16 at the Hong Kong Convention and Exhibition Centre (HKCEC). This annual event brings together I&T elites, enterprises and buyers from the Mainland and overseas to jointly promote I&T advancements and applications and explore global collaboration opportunities. Themed “Innovation • Automate • Elevate”, this year’s InnoEX will showcase cutting-edge technology solutions across five key areas: low-altitude economy, artificial intelligence, robotics, cybersecurity and smart mobility. A highlight of the event is the Smart Hong Kong Pavilion set up by the Digital Policy Office, which will showcase over 100 I&T solutions, including those developed by different government departments in relation to citizens’ daily lives, as well as award-winning I&T projects by local innovators and students, demonstrating Hong Kong’s achievements in I&T and smart city development. 
     
         The second Hong Kong World Youth Science Conference and the Xiangjiang Nobel Forum 2025 will also take place from April 13 to 16 at the HKCEC. Organised by the Hong Kong Alumni Association of Beijing Universities with the full support of the ITIB, the event will gather top-notch I&T talent and renowned scientists, including laureates of the Nobel Prize and Turing Award, in Hong Kong. Through keynote speeches, roundtable forums and other formats, participants will tap into global wisdom on cutting-edge topics in the areas of big data, AI, biotechnology, new materials and large models, thereby enhancing Hong Kong’s status in the international scientific arena.  
     
         Meanwhile, another major I&T highlight this April – the World Internet Conference Asia-Pacific Summit – a high-level global Internet conference, will take place on April 14 and 15 at the HKCEC. Under the theme “Integration of AI and Digital Technologies Shaping the Future – Jointly Building a Community with a Shared Future in Cyberspace”, the Summit will focus on forward-looking discussions in large AI models, digital finance, and digital government and smart life, attracting around 1 000 participants from the Mainland and overseas, including representatives from governments and enterprises, international organisations, internet giants, experts and scholars to attend in person.
     
         The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, “This April, Hong Kong’s BIT Week will bring together I&T elites from 29 countries and regions and over 2 800 exhibitors. Through a series of exhibitions, forums, seminars, business networking, talent matching and industry events, we will showcase Hong Kong’s I&T strengths and unique edge to the world. The Hong Kong Special Administrative Region Government is particularly delighted to co-organise the Asia-Pacific Summit with the World Internet Conference for the first time in Hong Kong, creating a top-notch platform for exchanges, dialogue and co-operation in I&T, and further strengthening Hong Kong’s position as an international I&T centre.”
     
         Other major industry events during the BIT Week include the HKTDC’s Hong Kong Electronics Fair (Spring Edition) and Smart Lighting Expo, as well as the Hong Kong Web3 Festival cohosted by Wanxiang Blockchain Labs and HashKey Group and organised by W3ME, all contributing to the prosperous development of Hong Kong’s I&T ecosystem and greater synergies. 
     
         Details of the BIT Week events can be found at bitweek.hktdc.com/enIssued at HKT 17:33

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Pradhan Mantri Mudra Yojana (PMMY) — completes 10 glorious Years of empowering Small and Micro Entrepreneurs

    Source: Government of India

    Pradhan Mantri Mudra Yojana (PMMY) — completes 10 glorious Years of empowering Small and Micro Entrepreneurs

    Launched with Prime Minister’s vision of “Funding the Unfunded”, PMMY extends collateral-free loans to small enterprises that face significant challenges in accessing formal institutional credit: Union Finance Minister Smt. Nirmala Sitharaman

    PMMY is one of the most significant initiatives not only in India but also globally, aimed at promoting entrepreneurship: MoS Sh. Pankaj Chaudhary

    PMMY provides easy collateral-free loans up to ₹20 lakh for non-corporate and non-farm income-generating activities

    PMMY extended over ₹33.65 lakh crore through 52.37 crore loans, instilling a new sense of confidence among borrowers

    Posted On: 08 APR 2025 11:27AM by PIB Delhi

    The Pradhan Mantri MUDRA Yojana (PMMY), launched on 8th April 2015 by Prime Minister Shri Narendra Modi, celebrates 10 glorious years of empowering small and micro-entrepreneurs across India. Aimed at fostering financial inclusion, PMMY provides easy collateral-free loans up to ₹10 lakh for non-corporate and non-farm income-generating activities. To strengthen support for aspiring entrepreneurs, the Finance Minister announced an increase in the loan limit to ₹20 lakh during the Union Budget 2024-25 on July 23, 2024. This new limit took effect on October 24, 2024.These loans are extended through Banks, NBFCs, MFIs, and other financial institutions.

    The newly announced loan category, Tarun Plus, is designed specifically for those who have previously availed and successfully repaid loans under the Tarun category, allowing them to access funding between ₹10 lakh and ₹20 lakh. Additionally, the Credit Guarantee Fund for Micro Units (CGFMU) will now provide guarantee coverage for these enhanced loans, further reinforcing the government’s commitment to nurturing a robust entrepreneurial ecosystem in India.

    Micro, Small, and Medium Enterprises (MSMEs) play a vital role as ancillary units, complementing large industries and significantly contributing to the country’s inclusive industrial growth. These enterprises are continually expanding their presence across various sectors of the economy, offering a diverse array of products and services to meet both domestic and international market demands.

    The availability of credit for MSMEs has seen consistent growth, driven by advancements in technology and data-driven lending practices. A notable government initiative supporting MSMEs’ access to credit is the Pradhan Mantri MUDRA Yojana, aptly described as a scheme dedicated to “Funding the Unfunded”.

    On the occasion of the 10th successful year of PMMY, Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman said, “The Pradhan Mantri MUDRA Yojana (PMMY) was launched by Prime Minister Shri Narendra Modi, with the mission of empowering hardworking micro-enterprises and first-generation entrepreneurs. Guided by the Prime Minister’s vision of “Funding the Unfunded”, the scheme extended collateral-free loans to bridge the gap in timely and affordable financing for small enterprises that faced significant challenges in accessing formal institutional credit.”

    Highlighting PMMY’s role in Empowering Millions and Fulfilling the Vision of Inclusive Growth, Union Minister of Finance remarked, “With over Rs.33.65 lakh crore sanctioned to more than 52 crore MUDRA loan accounts, the scheme has proved to be an important milestone in giving wings to the aspirations of crores of entrepreneurs, particularly those belonging to marginal sections of society.

    Since 2015, Rs.11.58 lakh crores worth of MUDRA loans have been sanctioned to various marginalised communities belonging to Scheduled Castes, Scheduled Tribes and  OBCs  realising PM’s mantra of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayaas’”

    Union Finance Minister Smt. Nirmala Sitharaman lauded the scheme’s impact with MUDRA: Fueling Women’s Entrepreneurship and Economic Growth, stating, “It is heartening to note that nearly 68% of the total MUDRA loan accounts have been sanctioned to women, becoming a tool for empowerment and enabling women to national economic growth, and inspire the next generation of female entrepreneurs.

    In line with the Budget 2024-25 announcement, the introduction of the Tarun-Plus category last year, with an increased loan limit of ₹20 lakh, will further help thriving entrepreneurs expand and unlock their full potential.”

    On the occasion, Union Minister of State (MoS) for Finance Shri Pankaj Chaudhary said, “The Pradhan Mantri MUDRA Yojana (PMMY) is one of the most significant initiatives not only in India but also globally, aimed at promoting entrepreneurship. Financial inclusion is one of the top priorities of the government, as it plays a vital role in achieving inclusive growth. PMMY provides a platform for small entrepreneurs to access loan support from banks, NBFCs, and MFIs.”

    “While launching the scheme, Prime Minister stated that supporting India’s small entrepreneurs is one of the most effective ways to help the Indian economy grow and prosper. The scheme has provided crucial financial assistance to a vast number of entrepreneurs, helping them set up and operate their businesses and instilling a sense of financial security in them.

    It has created self-employment opportunities across the country, especially for marginalized sections of society, including Scheduled Castes/Scheduled Tribes, Other Backward Classes (50% of loan beneficiaries), and women (68% of loan beneficiaries).” MoS added

    Stressing on Mudra’s impact MoS said ” The core objective of the MUDRA Yojana is “Funding the Unfunded.” The scheme has successfully ended the exploitation of India’s small entrepreneurs by informal lenders. In less than a decade, it has extended over ₹33.65 lakh crore through 52.37 crore loans, instilling a new sense of confidence among borrowers. This clearly reflects the government’s firm commitment to support their efforts and its accelerated journey toward making India a developed nation by 2047 through inclusive growth enabled by financial inclusion.”

    As we celebrate completion of glorious 10 years of providing financial inclusion through the pillars of Pradhan Mantri MUDRA Yojana (PMMY), let us glance through some of the major features and achievements of the Scheme:

    The implementation of financial inclusion programme in the country is based on three pillars, namely,

    1. Banking the Unbanked

    2. Securing the Unsecured and

    3. Funding the Unfunded

    These aforesaid three objectives are being achieved through leveraging technology and adopting multi-stakeholders’ collaborative approach, while serving the unserved and underserved as well.

    One of the three pillars of FI – Funding the Unfunded, is reflected in the Financial Inclusion ecosystem through PMMY, which is being implemented with the objective to provide collateral free access to credit for small/ micro entrepreneurs.

    Key Features of PMMY:

    1. MUDRA loans now will be offered in four categories namely, ‘Shishu’, ‘Kishor’, ‘Tarun’ and newly added category ‘Tarun Plus’ which signifies the stage of growth or development and funding needs of the borrowers: –
    • Shishu: covering loans upto Rs. 50,000/-
    • Kishor: covering loans above Rs. 50,000/- and up to Rs. 5 lakhs
    • Tarun: covering loans above Rs. 5 lakh and up to Rs. 10 lakhs
    • Tarun Plus: Rs. 10 lakh and up to Rs. 20 lakhs
    1. Loans cover term financing and working capital needs across manufacturing, trading and service sectors, including activities allied to agriculturelike poultry, dairy, and beekeeping, etc.
    2. The interest rate is governed by RBI guidelines, with flexible repayment terms for working capital facilities.

    Achievements under Pradhan Mantri Mudra Yojana (PMMY) as on 21.03.2025

    • Women Borrowers: A total of ₹ 8.49 lakh crore was disbursed under the Shishu category, ₹ 4.90 lakh crore under Kishor, and ₹ 0.85 lakh crore under the Tarun category.
    • Minority Borrowers: The disbursements amounted to ₹ 1.25 lakh crore under Shishu, ₹ 1.32 lakh crore under Kishor, and ₹ 0.50 lakh crore under Tarun.
    • New Entrepreneurs / Accounts:
      • Shishu category: 8.21 crore accounts with a sanctioned amount of ₹ 2.24 lakh crore and disbursed amount of ₹ 2.20 lakh crore.
      • Kishor category: 2.05 crore accounts with ₹ 4.09 lakh crore sanctioned and ₹ 3.89 lakh crore disbursed.
      • Tarun category: 45 lakh accounts with a sanctioned amount of ₹ 3.96 lakh crore and ₹ 3.83 lakh crore disbursed.

    Category-wise breakup:- (Number of loans and amount sanctioned)

    Category

    Percentage as per No. of Loans

    Percentage as per Amount Sanctioned

    Shishu

    78%

    35%

    Kishor

    20%

    40%

    Tarun

    2%

    25%

    Tarun Plus

    0%

    0%

    Total

    100%

    100%

     

     

    Targets have been achieved since the inception of the Scheme, except for FY 2020-21 due to COVID-19 pandemic.

    Year-wise sanction amount is as under:-

    Financial Year

    No. of Loans Sanctioned

    (in Crore)

    Amount Sanctioned

    (Rs. in Lakh Crore)

    2015-16

     3.49

     1.37

    2016-17

     3.97

     1.80

    2017-18

     4.81

     2.54

    2018-19

     5.98

     3.22

    2019-20

     6.23

     3.37

    2020-21

     5.07

     3.22

    2021-22

     5.38

     3.39

    2022-23

     6.24

     4.56

    2023-24

     6.67

     5.41

    2024-25

    (as on 21.03.2025) *

     4.53

     4.77

    Total

     52.37

     33.65

    Special Initiatives:

    • A Credit Guarantee Fund for Micro Units (CGFMU) was established in 2016 to secure loans under PMMY.
    • An Interest Subvention of 2% was provided on Shishu loans during FY 2020-21 under Aatma Nirbhar Bharat Abhiyan, reducing the cost of credit for eligible borrowers.

    As India celebrates 10 glorious years of PMMY, it reaffirms the government’s commitment to “Banking the Unbanked,” “Securing the Unsecured,” and “Funding the Unfunded,” fostering financial inclusion and supporting entrepreneurial dreams.

    ****

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    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Companies House starts to verify identities

    Source: United Kingdom – Executive Government & Departments

    Press release

    Companies House starts to verify identities

    The voluntary period for identity verification is open for business. More than 6 million individuals will need to comply in the 12 months after identity verification becomes a legal requirement later this year. This phased approach reduces the burden on companies.

    Today (8 April 2025) sees the launch of a new service that allows individuals to verify their identity directly with Companies House through GOV.UK One Login. People can also verify their identity through an Authorised Corporate Service Provider (ACSP).

    The introduction of identity verification is one of the key changes to UK company law under the Economic Crime and Corporate Transparency Act 2023. This landmark legislation gave Companies House new and enhanced powers to help disrupt economic crime and support economic growth. 

    Identity verification will provide more assurance about who is setting up, running, owning and controlling companies in the UK. There will be the same level of assurance whether individuals are verifying their identity directly with Companies House or through an ACSP.

    Companies House CEO Louise Smyth CBE said:

    Identity verification will play a key role in improving the quality and reliability of our data and tackling misuse of the companies register.

    To save time later, we encourage directors, people with significant control of companies (PSCs) and those filing information with Companies House to verify their identity during the voluntary window.

    We expect identity verification to become mandatory from autumn 2025.

    To reduce the burden on business, the identity verification requirement for existing directors will be integrated into the annual confirmation statement update process.

    Minister for Employment Rights, Competition and Markets Justin Madders MP said:

    In a time where economic crime has become too common, it is imperative that we bring in measures to prevent identities being stolen online and today marks a significant milestone in our plans to require identity verification for those setting up and running companies on the Companies House register later this year.

    This is good for business, lenders and transparency and will give companies, consumers and lenders more certainty about who they are doing business with.

    AI and Digital Government Minister Feryal Clark MP said:

    Ensuring trust and transparency in the digital age is vital and today marks an important step forward. Identity verification at Companies House through our GOV.UK One Login service will make it easier to do business with confidence – protecting entrepreneurs, consumers, and the UK economy from fraud and financial crime.

    By embracing digital identity checks, we’re reducing red tape while strengthening our defences against abuse of the system. This is a win for businesses, a win for transparency, and a win for economic growth – a key driver for our Plan for Change.

    Shevaun Haviland, Director General of the British Chambers of Commerce said:

    The introduction of these new security measures will be welcomed by the thousands of genuine businesses who want to know that fraudsters and criminals cannot masquerade as legitimate concerns.

    Protecting the names of good firms and making it harder for those with dishonest motives to set up a business can only be a good thing.

     Thom Townsend, Executive Director, Open Ownership said:

    Open Ownership welcomes the introduction of identity verification for individuals listed on Companies House. This will make the information on Companies House more accurate, reliable, and ultimately more useful, and ensures the UK meets international standards.

    Ben Cowdock, Senior Investigations Lead, Transparency International said:

    We welcome the introduction of ID checks at Companies House, which should make it harder for criminals to hide behind false identities. Having greater assurance over who owns and controls companies is a vital step towards defending the UK against money laundering and building confidence in the business environment.

    Glenn Collins, Head of Technical and Strategic Engagement at the Association of Chartered Certified Accountants (ACCA) said:

    At ACCA, we welcome the moves to improve and strengthen the integrity of the register, which includes the introduction of identity verification for anyone setting up, running, owning or controlling a company in the UK.

    We recognise that businesses, including agents will take some time to get used to the changes and extra requirement. We expect our members to be busy advising and helping companies of all sizes adapt to these new regulations and we look forward to continuing to work with Companies House to make sure of a good transition.

    Overall identify verification will help to reduce economic crime and improve corporate transparency. In doing so, it will contribute to the growth of the UK economy by helping businesses make better decisions.

    Patrick Walsh, Chair of the Business Informational Providers Association (BIPA) said:

    BIPA welcomes Companies House’s launch of the new identity verification measures, as set out in the Economic Crime and Corporate Transparency Act. These are crucial steps towards realising the enhanced security and transparency that the Act aims to achieve.

    The implementation of these robust checks will deter fraud and bolster confidence in Companies House as the custodian of reliable business data.

    We believe these measures will strengthen the UK’s economy by fostering transparency and accountability across business sectors.

    BIPA remains committed to engaging with Companies House to ensure successful adoption and implementation of these important changes.

    The Law Society of England and Wales Company Law Committee said:

    The Law Society of England and Wales has been working closely with Companies House on the development of the new procedures for identity verification. We are pleased that Companies House is introducing the procedures on a staggered basis, which will give companies and LLPs the option to ensure their directors (or, in the case of LLPs, members) and PSCs complete the necessary checks ahead of time if they wish.

    Updates to this page

    Published 8 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Global: Trump’s tariff hikes and South Africa: hunt for new agricultural markets must begin now

    Source: The Conversation – Africa – By Wandile Sihlobo, Senior Fellow, Department of Agricultural Economics, Stellenbosch University

    The South African government has underscored the urgent need to diversify the country’s agricultural exports in the wake of the US decision to increase tariffs on its trading partners.

    The progress of South Africa’s agricultural sector has relied partly on exports, which now account for roughly half of the production in value terms. South Africa’s agricultural exports reached a new record of US$13.7 billion in 2024, up 3% from the previous year, according to data from Trade Map. South Africa also imports various agricultural products. In 2024, South Africa’s agricultural imports amounted to US$7.6 billion.

    The US accounts for 4% of South Africa’s agricultural exports. The biggest agricultural exports to the US are citrus, wine, grapes and nuts. These typically entered the US market duty free, and now fall under the tariff level of between 10% and 31% which Washington has levied on South Africa.

    The ministers of International Relations and Cooperation and of Trade, Industry and Competition said in a statement after Washington’s move:

    Efforts will intensify to diversify export destinations, targeting markets across Africa, as well as in Asia, Europe, the Middle East, and the Americas. Moreover, where deemed appropriate, such efforts will also involve bilateral arrangements that allow for the pursuance of our national interest.

    As a medium to longer term strategy this makes sense in the context of the trade friction with the US and the overall growth of South Africa’s agricultural sector. But export diversification will take time to achieve. New markets take time to open up because negotiations with countries, especially in agricultural products, are complex. For example, it took 16 years for South Africa to reopen Thailand for apple exports.

    Moreover, trade agreements typically take a minimum of five years to conclude.

    This means that, in the short term, the South African government will urgently be seeking to engage with Washington to maintain critical access to the US market. In their joint statement, the two departments managing the fallout said they would be seeking “additional exemptions and favourable quota agreements”.

    So what does the long-term strategy look like? And what are the building blocks that need to be put in place to secure diversified destinations for South Africa’s agricultural products in the future?

    As an agricultural economist who has looked at these issues for some time, I would recommend these three areas of focus.

    Firstly, South Africa trade authorities should put resources into understanding the opportunities in dynamic markets in the Gulf and Asia. Saudi Arabia, the United Arab Emirates and Qatar are some of the key markets in the Gulf. In Asia, China, India and Vietnam should remain priorities.

    Secondly, the agricultural sector and government need to develop better ways of working together. This will help ensure business relationships are cultivated in the countries that the government is engaging, and that there’s alignment between the commercial and political interests of the country.

    Thirdly, South Africa’s agricultural sector – government and organised agriculture – must get its house in order. For example, promoting livestock products won’t work unless the necessary disease controls are in place.

    Opportunities

    The African continent accounts for the biggest share of South African exports at 38%. The EU accounted for a 19% share in 2023. Asia and the Middle East accounted for a quarter of South Africa’s agricultural exports in the same year.

    Asia and the Far East, in particular China, have already been identified as key growth areas. Even though Asia and the Middle East are strong destination points, huge pockets of opportunity remain in terms of products and countries.

    The Brics grouping remains crucial in this endeavour. Here, the South African government must have a sharper focus on lowering import tariffs and phytosanitary barriers in countries such as China, India and Saudi Arabia.

    China is the biggest opportunity, largely because of its population and economic size. China, the world’s second largest economy after the US, must feed 1.4 billion people. To do this, China is a huge importer, resulting in an agricultural trade deficit with the rest of the world of about US$117 billion. This suggests there’s a gap for countries with good agricultural offerings.

    Vietnam and India also have sizeable populations. Importantly, South Africa remains a small participant in their agricultural markets.

    The sectors worth targeting include horticulture and wine producers. Expanding exports in these sectors has been a long-running talking point. Now there’s a need for renewed energy and urgency from the government officials’ side.

    The livestock industry is also geared to promote its exports.

    In the short term

    Agricultural stakeholders can play a constructive role in supporting the government’s efforts to engage the US. Stakeholders can assess the impact of the increased US tariff on their exports, mainly citrus, grapes, wine, and nuts, among other products, as well as the impact on jobs in their regions.

    There is also scope to provide more flexibility for American products in the South African market to ease current trade tensions. For example, South Africa currently allows US exporters to sell over 70,000 tonnes of poultry products into the country without any tariff. However, US poultry producers have only used less than 60% of this quota. One reason for this is the low-quality products that have not met the South African specifications. Hence the need to seek negotiating points.

    Next steps

    Trade is about trade-offs and backing the correct winners.

    Both organised agriculture – commodity associations – and business must work together to define new priorities for the country and how these can be pursued internationally.

    Negotiating free trade agreements should be the mainstay of trade policy. South Africa has excelled in opening up new markets in the past 20 years, by concluding several free trade agreements with critical regional and international markets. These include deals with the Southern African Development Community countries as well as the region’s agreement with the European Union and the African Continental Free Trade Area.

    It needs to expand this list.

    But free trade agreements require hard choices over which industries a country is prepared to place on the table for possible trade-offs while building long-term competitiveness in sectors that can be major drivers for growth.

    Government must engage the various agricultural sectors about their key priorities and what trade-offs they’re prepared to consider.

    Wandile Sihlobo is the Chief Economist of the Agricultural Business Chamber of South Africa (Agbiz) and a member of the Presidential Economic Advisory Council (PEAC).

    – ref. Trump’s tariff hikes and South Africa: hunt for new agricultural markets must begin now – https://theconversation.com/trumps-tariff-hikes-and-south-africa-hunt-for-new-agricultural-markets-must-begin-now-253984

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: President Lai receives credentials from new Tuvalu Ambassador Lily Tangisia Faavae  

    Source: Republic of China Taiwan

    Details
    2025-03-28
    President Lai meets British Office Taipei Representative Ruth Bradley-Jones
    On the afternoon of March 28, President Lai Ching-te met with British Office Taipei Representative Ruth Bradley-Jones. In remarks, President Lai welcomed Representative Bradley-Jones as she takes up her post in Taiwan, and thanked the United Kingdom government and parliament for demonstrating staunch support for Taiwan. The president indicated that Taiwan and the UK enjoy close economic and trade ties, and our industries complement each other well, with great potential for collaboration in such fields as semiconductors, AI, unmanned vehicles, and medium- and low-orbit satellites. He stated that he looks forward to expanding exchanges with the UK across all domains so as to enhance democratic and economic resilience, jointly advancing the prosperous development of the Indo-Pacific region and economic security around the world. A translation of President Lai’s remarks follows: It is a pleasure to meet Representative Bradley-Jones here at the Presidential Office for this exchange. I understand that she has proactively called at many government agencies since taking up her post last month. On behalf of the people of Taiwan, I extend a warm welcome. Taiwan and the UK are partners that share the values of freedom and democracy. In recent years, our bilateral relations have continued to deepen. With the efforts of Representative Bradley-Jones and our respective governments, I look forward to the expansion of dialogue and cooperation between Taiwan and the UK. This will further elevate our bilateral ties. Especially in the face of expanding authoritarianism, the UK is not only playing an important role in crafting a unified European response; it is also demonstrating staunch support for Taiwan through various channels. For example, joint statements released after the Australia-UK ministerial consultations, as well as the G7 foreign ministers’ meeting, underlined a high level of concern for peace and stability across the Taiwan Strait. The UK government has publicly expressed support for Taiwan’s international participation on multiple occasions. And last November, the UK House of Commons passed a motion clearly asserting that United Nations General Assembly Resolution 2758 does not mention Taiwan. These actions attest to the UK’s belief in supporting democracy and peace, and have further solidified our countries’ friendship. I would like to convey my deepest gratitude to the UK government and parliament.  Currently, the UK is Taiwan’s fourth largest trading partner in Europe and second largest source of investment from Europe. We enjoy close economic and trade ties, and our industries complement each other well. There is also great potential for collaboration in such fields as semiconductors, AI, unmanned vehicles, and medium- and low-orbit satellites. We look forward to expanding exchanges with the UK across all domains so as to enhance democratic and economic resilience. We also hope the UK will continue to support Taiwan’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership so that together, we can work with more like-minded partners, jointly advancing the prosperous development of the Indo-Pacific region and economic security around the world. Once again, I welcome Representative Bradley-Jones to Taiwan and wish her all the best with her work. I anticipate that Taiwan-UK relations will continue to steadily advance through our joint efforts. Representative Bradley-Jones then delivered remarks, first saying in Mandarin that she is honored to meet with President Lai to discuss topics of mutual concern and jointly deepen Taiwan-UK relations, promoting mutual understanding, respect, and cooperation. She went on to say that she came to Taiwan last August to study Mandarin, and began her post as British Office Taipei representative in February this year, noting that every day she learns more about and gains a deeper understanding of Taiwan. Last year, she said, she visited Tainan and Wanli, and found Tainan’s wetlands and the scenery in Wanli very impressive. She added that she has also tried many different Taiwanese foods, and is looking forward to experiencing even more of Taiwan’s local culture and customs over the next four years. Continuing her remarks in English, Representative Bradley-Jones stated that since taking up her post, she has borne witness to the strength of the relationship between Taiwan and the UK and the potential for it to continue to grow. She said that on trade and investment, there is significant complementarity between Taiwan’s Five Trusted Industry Sectors and the UK’s Industrial Strategy, particularly in areas such as digital technologies, advanced manufacturing, and clean energy. Both governments are also together supporting Taiwan and UK businesses through our Enhanced Trade Partnership and annual trade talks, she said. Representative Bradley-Jones went on to say that on science and technology, Taiwan and the UK can and should do more together. She noted that the UK has the third largest tech sector in the world and is valued at over US$1.1 trillion, while Taiwan is the center of the semiconductor and AI hardware world. Given our complementary strengths, especially in areas such as semiconductors, space, and communications technology, she said, the UK has stepped up its level of activity in Taiwan, including by regularly hosting a UK Pavilion at SEMICON and funding 18 joint R&D programs through our new collaborative R&D fund, and looks forward to doing more together in the future.  In support of Taiwan’s whole-of-society resilience, the representative said, the UK is supporting valuable exchanges, co-hosting GCTF (Global Cooperation and Training Framework) workshops, sharing lessons on financial sector resilience, and reaching out to mayors and community leaders across Taiwan. From financial resilience to cyber resilience, she said, the UK’s public sector and private industries have plenty to share and learn. Representative Bradley-Jones stated that on people-to-people links, parliamentarians, civil society, and academics are continuing to deepen contact, and that she is particularly excited by a new smart parliament partnership agreed upon by the Taiwan Foundation for Democracy and the UK’s Westminster Foundation for Democracy, which aims to facilitate cross-party, cross-society, and cross-border exchanges on issues such as democratic governance, AI, inclusive policy-making, and public safety. The representative indicated that the examples she mentioned just scratch the surface of the full potential of the Taiwan-UK relationship. She said that the UK’s longstanding policy remains unchanged, and fundamentally, that is because we share a common set of values and interests. We are together focused on how to make our societies safer and more prosperous tomorrow than they are today, she said, and as like-minded democracies, innovative economies, and practical partners, the sincere and pragmatic cooperation between Taiwan and the UK is bringing material benefits to the prosperity and well-being of our people every day. 

    Details
    2025-03-21
    President Lai meets Alaska Governor Mike Dunleavy
    On the morning of March 21, President Lai Ching-te met with a delegation led by Alaska Governor Mike Dunleavy. In remarks, President Lai said that Alaska has long been an important trading partner of Taiwan, and that we have built a solid foundation for cooperation in such fields as energy, fisheries, and tourism. The president expressed hope that Taiwan and Alaska will have more frequent engagement and exchanges so that our relations can continue to grow to create prosperous development for both sides. A translation of President Lai’s remarks follows: On behalf of the people of Taiwan, I extend my sincerest welcome to our guests. This is Governor Dunleavy’s first visit to Taiwan, and last night, we both attended the Hsieh Nien Fan (謝年飯) banquet hosted by the American Chamber of Commerce in Taiwan. I am delighted to have this opportunity to meet with Governor Dunleavy today at the Presidential Office for further dialogue. Alaska has long been an important trading partner of Taiwan. Our sister-state relationship was established in 1988, and we have built a solid foundation for cooperation in such fields as energy, fisheries, and tourism. Currently, Taiwan is Alaska’s eighth largest export market and ninth largest source of imports. This goes to show just how close our trade and economic ties are and how much potential there is for further growth. As I said in my remarks at last night’s Hsieh Nien Fan banquet, Taiwan is interested in buying Alaskan natural gas. I am sure that Governor Dunleavy’s visit will help us explore even more opportunities for cooperation and continue to deepen Taiwan-United States relations. In the face of such challenges as expanding authoritarianism, climate change, and pandemics, we look forward to strengthening collaboration between Taiwan and the US. By drawing on our strengths, we can jointly build non-red supply chains to bolster our economic resilience and drive the advancement of global technology. I want to thank the US government for reiterating the importance it attaches to peace and stability across the Taiwan Strait and its opposition to any attempt to change the status quo by force or coercion. These statements backing Taiwan help in maintaining stability across the Taiwan Strait and in the Indo-Pacific region. Once again, I thank Governor Dunleavy for traveling such a long way to Taiwan. We hope to see more frequent engagement and exchanges between Taiwan and Alaska so that our relations can continue to grow, and we can create prosperous development for both sides. Governor Dunleavy then delivered remarks, saying that their trip to visit friends in Taiwan has been fantastic, thanking President Lai for the invitation to meet, and thanking all the staff. Governor Dunleavy said that as the pandemic was raging, the world went from “before COVID” to “after COVID.” Before COVID, he said, the world relied on a number of systems that were in place for decades after World War II involving supply chains, alliances, sources of energy, trading partners, and friends. He went on to say that as we go beyond COVID, we are reestablishing and reevaluating who our friends are, where we are going to get our energy, and who our trading partners are going to be. The governor said that we are creating a new world for the next 50 years with the new administration in Washington, and this is an opportunity for us to reevaluate and reinvest with our friends for the next 50 years in each other, our futures, and our security. Governor Dunleavy stated that one thing is for certain: that Taiwan is a friend of the US and a friend of Alaska, and has been for many, many decades. He said that it is their hope in this trip and subsequent trips to establish an even tighter bond among their friends in Taiwan, the US, and Alaska. The governor also said that we have much in common in that we are members of the Pacific family, are democracies, and believe in freedom, free speech, and capitalism. He indicated that he has much optimism for the future, and that as we reestablish relationships throughout the world, energy is going to be the key and the basis for our economic development, our national security, and our friendship. Governor Dunleavy said that he believes this trip is going to lay the groundwork for a fantastic future between Taiwan, Alaska, and the US, and that with President Lai’s support as well as the support of the US administration, we can work together to build even better relationships.

    Details
    2025-03-20
    President Lai attends AmCham Taiwan 2025 Hsieh Nien Fan
    On the evening of March 20, President Lai Ching-te attended the annual Hsieh Nien Fan (謝年飯) banquet hosted by the American Chamber of Commerce in Taiwan (AmCham Taiwan). In remarks, President Lai pointed out that the United States is now a major source of investment in Taiwan, adding that last year US investment accounted for 11.5 percent of total foreign investment in Taiwan. The president also pointed out that the US has become Taiwan’s largest investment destination, as Taiwan’s direct and indirect investment in the US accounted for more than 40 percent of its total outbound investment last year. President Lai expressed hope that AmCham will continue to offer support in quickly resolving the issue of double taxation, further enhancing the mutually beneficial Taiwan-US economic and trade partnership. He also emphasized that one essential element for our economic prosperity is maintaining security and stability, both regionally and globally. The president expressed his belief that, so long as we coordinate our efforts, we can achieve more in our respective defense industries and build non-red supply chains, advancing peace, stability, and prosperity. A transcript of President Lai’s remarks follows: I’m delighted to be here tonight. I want to wish everyone and their families a happy, healthy, and prosperous year ahead. For many years now, AmCham has acted as a bridge between Taiwan and the US. It not only advocates for Taiwan to various sectors in the US, but also offers advice for the development of Taiwan’s industries. So tonight, I would like to express my deepest gratitude to all our friends from the American business community. The 2025 Business Climate Survey, published by AmCham this January, demonstrates the confidence foreign businesses have in the Taiwan market. We are happy to see that over 80 percent of survey respondents reported stable or increased revenue last year, and around 80 percent expressed confidence in Taiwan’s economic prospects for the coming year. Moreover, 90 percent of businesses surveyed are planning to maintain or expand their investments in Taiwan. The positive developments in Taiwan made by our American friends here tonight, their outlook for the future, and their confidence in Taiwan, are further proof of Taiwan’s ideal environment for investment. The US is now a major source of investment in Taiwan. Last year, US investment accounted for 11.5 percent of total foreign investment in Taiwan. In 2023, Entegris opened a new manufacturing facility in Kaohsiung and Micron launched a new facility in Taichung. Last year, Google further solidified Taiwan as its biggest R&D hub outside of the US by opening a new office here. AMD, Nvidia, and major cloud computing companies from the US have also been choosing Taiwan to expand their presence. Over the past several years, the US has also become Taiwan’s largest investment destination. Taiwan’s direct and indirect investment in the US accounted for more than 40 percent of our total outbound investment last year. Four years ago, TSMC’s [Taiwan Semiconductor Manufacturing Company] investment in facilities in Arizona became the biggest FDI [foreign direct investment] in a greenfield project in US history. And this month, TSMC announced it would expand that investment, breaking another record and highlighting the enduring prosperity shared by Taiwan and the US. In addition to TSMC, Taiwan’s GlobalWafers has built a 12-inch silicon wafer factory in Texas, the biggest in the US. This will be followed by many other industries. These companies are confidently expanding their global presence across the Pacific and eastward into the Americas. The US is moving to reindustrialize its manufacturing industry and consolidate high-tech leadership, as it moves to become a global AI hub. In these efforts, Taiwan is an indispensable partner for the US. While the US is a leader in chip design, Taiwan’s semiconductor manufacturing plays an irreplaceable part in the supply chain. Adapting to the changing geopolitical landscape and the coming era of smart technology, Taiwan will continue to promote its Five Trusted Industry Sectors of semiconductors, AI, military, next-gen communications, and security and surveillance. This will drive the next stage in our economic development. A great time to invest in Taiwan is now. We will continue to better connect relevant government agencies and align with international standards to foster a friendlier investment environment. And I am confident that Taiwanese and American companies can leverage their respective high-tech expertise and invest in each other, boosting growth in industrial innovation and development for both our economies. At the same time, we hope to continue deepening Taiwan-US trade relations. Last year, Taiwan was the seventh largest trading partner of the US, up one spot from the previous year, and bilateral trade grew by 24.2 percent. Taiwan is going to expand procurement from the US of industrial and agricultural products, as well as natural gas. I am very happy to welcome Governor [Mike] Dunleavy of Alaska, who has specially come all the way to Taiwan. Alaska is a source of high-quality natural gas, and its relatively short distance from Taiwan facilitates transportation. So we are very interested in buying Alaskan natural gas because it can meet our needs and ensure our energy security. We hope that AmCham will continue to offer support in quickly resolving the issue of double taxation and removing tax barriers to bilateral investment and trade, further enhancing the mutually beneficial Taiwan-US economic and trade partnership. One essential element for our economic prosperity is maintaining security and stability, both regionally and globally. So we are grateful for the joint leaders’ statement issued by [US] President [Donald] Trump and Japan’s Prime Minister Ishiba Shigeru, in which they expressed their solid support for maintaining peace and stability across the Taiwan Strait. As we face growing authoritarianism, Taiwan will continue to uphold our values of freedom and democracy and will be a responsible actor in regional and global security. Currently, Taiwan’s defense budget stands at about 2.5 percent of GDP. Going forward, the government will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. At the same time, we will continue to reform national defense, further enhancing Taiwan’s self-defense capabilities. And we will advance our cooperation with the US and other democracies in upholding regional stability and prosperity. We also welcome continued Taiwan-US cooperation in the defense sector. I believe that, so long as we coordinate our efforts, we can achieve more in our respective defense industries and build non-red supply chains, advancing peace, stability, and prosperity. In closing, I look forward to seeing even greater achievements from Taiwan-US economic and trade cooperation. Thank you. After remarks, President Lai, AmCham Chairperson Dan Silver, American Institute in Taiwan Taipei Office Director Raymond Greene, and Governor Dunleavy raised their glasses in recognition of the strong Taiwan-US friendship.  

    Details
    2025-03-18
    President Lai meets Arizona Governor Katie Hobbs  
    On the afternoon of March 18, President Lai Ching-te met with a delegation led by Arizona Governor Katie Hobbs. In remarks, President Lai said that Taiwan and Arizona enjoy close economic and trade relations, and expressed hope that through our joint efforts, Arizona will become a shining example for Taiwan-United States high-tech collaboration and the creation of non-red supply chains. The president indicated that the next goal for Taiwan and the US is the signing of an agreement for the avoidance of double taxation, which would provide greater incentives for Taiwanese businesses to invest in the US, facilitate the establishment of more comprehensive industry clusters, and generate more job opportunities, representing a win-win outcome for Taiwan-US relations. A translation of President Lai’s remarks follows: I warmly welcome you all to the Presidential Office. Governor Hobbs previously visited Taiwan after taking office in 2023. Her leading a delegation to Taiwan once again demonstrates Arizona’s continued friendship and the importance Arizona attaches to Taiwan. For this, I express my sincerest gratitude, and I welcome you again. In recent years, ties between Taiwan and Arizona have continued to expand and progress. For example, Taiwan Semiconductor Manufacturing Company (TSMC)’s investment in Arizona is the largest greenfield investment in US history. This month, TSMC announced that it would increase its investment in the US by US$100 billion. It plans to build more semiconductor fabrication and research and development facilities in greater Phoenix, transforming the area into a US semiconductor hub. Due to our close industrial engagement, we now have more than 30,000 Taiwanese living in Arizona. I would like to thank Governor Hobbs for taking care of Taiwanese businesses and people. I believe that through our joint efforts, Arizona will become a shining example for Taiwan-US high-tech collaboration and the creation of non-red supply chains. Taiwan and Arizona also enjoy close economic and trade relations. Taiwan is Arizona’s eighth largest export market and fifth largest source of imports. Last December, the first agreement under the Taiwan-US Initiative on 21st-Century Trade officially came into effect. I believe this will help further deepen our trade and economic ties. At present, the next goal for Taiwan and the US is the signing of an agreement for the avoidance of double taxation. I hope that we can work together to achieve this goal as soon as possible. This would provide greater incentives for Taiwanese businesses to invest in the US, facilitate the establishment of more comprehensive local industry clusters, and generate more job opportunities, representing a win-win outcome. With Governor Hobbs’s support, we look forward to continuing to advance Taiwan-US relations and promoting further cooperation and exchanges between Taiwan and Arizona across all domains. I understand that during this visit, you have visited many important companies and exchanged opinions with government agencies on how to strengthen bilateral relations. These efforts all go toward building an even more solid foundation for future Taiwan-US cooperation. Once again, I thank you all for supporting Taiwan and welcome you to visit us often in the future. Governor Hobbs then delivered remarks, stating that under President Lai’s leadership, Taiwan continues to thrive as a global hub for technology, innovation, and advanced manufacturing. She said that she is proud to be back in Taiwan alongside her secretary of commerce, Sandra Watson, as part of a diplomatic and economic delegation from Arizona. Since arriving, she said, they’ve hit the ground running, meeting with key partners, businesses, and leaders, noting that the takeaway from their meetings has been incredibly positive, and that they underscore the strong and enduring partnership between Arizona and Taiwan. Adding that our partnership that is built on shared values, mutual cultural appreciation, and commitment to innovation and economic growth, Governor Hobbs indicated that Arizona and Taiwan’s partnership extends back decades, as Taiwanese fighter pilots have been training at Luke Air Force Base in Phoenix since 1996. She said that we have built a strong base of collaboration across many areas, including technology, workforce, and cultural exchange, and that Arizona is even slated to get its own Din Tai Fung (鼎泰豐), which she expressed she is very thrilled about. Governor Hobbs went on to say that Arizona’s relationship with Taiwan is anchored by its ongoing partnership with TSMC and many Taiwan-based companies in semiconductor and other industries, and that TSMC’s US$165 billion investment in Arizona will help power development of the world’s most advanced technology, such as AI, and promises to cement an unbreakable bond between our two economies.  She stated that as governor, she can say with confidence that her administration is fully committed to strengthening this relationship in every way possible, because when Arizona and Taiwan succeed, we all succeed. Lastly, Governor Hobbs once again expressed gratitude to President Lai and the people of Taiwan for their warm hospitality. She then invited President Lai to Arizona to continue their productive conversations and further strengthen ties between our people and our economies, adding that she knows there is no limit to what we can achieve together, and that she is looking forward to what is to come. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-03-18
    President Lai meets 2025 Yushan Forum participants
    On the afternoon of March 18, President Lai Ching-te met with participants in the 2025 Yushan Forum. In remarks, President Lai thanked the guests for gathering here in Taiwan and discussing ways to enhance regional cooperation, demonstrating that our democratic allies and friends are standing together as we take on the challenges of a new world and a new era. The president reiterated that Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. He stated that Taiwan will continue to work with international partners to deepen cooperation, exchanges, and partnership in various domains and resist the expansion of authoritarianism. Together, the president emphasized, we can pursue regional peace and security and realize a new vision for a free and open, stable and prosperous Indo-Pacific. A translation of President Lai’s remarks follows: I would like to begin by thanking Anders Fogh Rasmussen, former prime minister of Denmark and chairman of the Alliance of Democracies Foundation, for inviting then-President Tsai Ing-wen to address the Copenhagen Democracy Summit via video over five consecutive years since 2020, and for inviting myself to give remarks via video last year. Those opportunities allowed Taiwan to share with the world our motivation for, and our work toward, safeguarding freedom and democracy. I would also like to thank Mr. Janez Janša, former prime minister of the Republic of Slovenia, who has visited Taiwan many times already, for actively elevating the cordial ties between Taiwan and Slovenia during his term as prime minister, helping expand friendship for Taiwan throughout Europe. Today’s guests have traveled a long way to show their strong backing for Taiwan. For this, I express my deepest gratitude. Yesterday was my first time attending the Yushan Forum as president. I saw political leaders and representatives gather here in Taiwan and discuss ways to enhance regional cooperation. The event demonstrated that our democratic allies and friends are standing together as we take on the challenges of a new world and a new era. It was truly moving. As I stated at the opening ceremony, Taiwan will continue to engage with the world, and we welcome the world to come closer to Taiwan. Our government will help guide Taiwanese small- and medium-sized enterprises as they expand into the international market and extend Taiwan’s economic power. I hope that during this visit, our guests will be able to explore more opportunities for cooperation in such fields as AI, smart healthcare, and advanced technologies, and join hands in contributing to the prosperity and development of our democratic allies and friends. Taiwan will continue to work with international partners, building upon the shared values of freedom and democracy, to deepen cooperation, exchanges, and partnership in various domains and resist the expansion of authoritarianism. Together, we can pursue regional peace and security and realize a new vision for a free and open, stable and prosperous Indo-Pacific. And I hope, with the assistance of our guests here today, that we can further strengthen the ties between Taiwan and Europe so that we can all take up the work of maintaining global peace and stability. Once again, I welcome our guests to Taiwan. I look forward to hearing your thoughts in a few moments. I also hope you will visit Taiwan often in the future and continue to experience our vibrant democratic society and culture. Chairman Rasmussen then delivered remarks, saying that it is a great pleasure to be back here in Taipei after meeting with President Lai in 2023. He then thanked President Lai for the Taiwanese hospitality on behalf of the Yushan Forum international visitors and participants, who represent four continents and very different political parties but who are united by one thing – the commitment to democracy. Chairman Rasmussen mentioned that over the past few days, they have met with members of the government, legislature, and civil society in Taiwan. He said that he is more convinced than ever that in a very uncertain world, Taiwan continues to stand as a beacon of democracy, from which people in Europe and in the rest of the world have a lot to learn. Over the past eight years, he has been proud to step up his engagement with Taiwan, he said, as he has always subscribed to the view that freedom must advance everywhere, or else it is in decline everywhere. Chairman Rasmussen noted that they have many interests in making sure Taiwan remains free and that we must always stand up for freedom when it is under assault by a dictator. This is why Ukraine’s fight is also everyone’s fight, he explained. He then praised Taiwan for all of the support it has given to Ukraine since Russia’s invasion and honored the two Taiwanese volunteer soldiers who gave their lives for freedom in Ukraine. Chairman Rasmussen remarked that Taiwan is a strong feature of the Copenhagen Democracy Summit that he convenes each year. His foundation, the Alliance of Democracies, has even been sanctioned by the Chinese government due to its support of Taiwan, he said, which is something he takes as a badge of honor. He added that this year’s Copenhagen Democracy Summit in May will be no different, as they plan to focus on the new world order, urgent measures to strengthen Europe’s military, and the situation in Ukraine. But as the United States pulls back from the transatlantic alliance and Europe focuses more on its own defense, he said, Europe should not retreat from the world. He added that to ensure European security, we need more Europe in the Indo-Pacific, and that is why he has been making the argument for more political and economic cooperation with Taiwan. Chairman Rasmussen praised President Lai’s recent decision to increase Taiwan’s national defense budget to more than 3 percent of GDP, adding that it is important that each nation does what it can for its own defense. The chairman once again thanked President Lai for meeting with them today and for the opportunity to visit Taiwan, a beacon of democracy and liberty in Asia. Also in attendance at the meeting were Chairman of the Czech Senate Committee on Foreign Affairs, Defence and Security Pavel Fischer; Member of the National Security Advisory Board to India’s National Security Council Anshuman Tripathi; former Minister of Foreign Affairs of Poland Anna Fotyga; former Minister of Health of Canada Tony Clement; and former Vice-Minister of Foreign Affairs of the Republic of Lithuania and current Secretary General of the Polish-based Community of Democracies Mantas Adomėnas.

    Details
    2025-04-06
    President Lai delivers remarks on US tariff policy response
    On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions.  However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods:  1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age.  4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: ICC Secretary General warns of serious ramifications from tariff retaliation

    Source: International Chamber of Commerce

    Headline: ICC Secretary General warns of serious ramifications from tariff retaliation

    Speaking on behalf of over 45 million companies globally, Mr Denton stressed the need for a collaborative approach, describing tariff retaliation as a “lose-lose” game and calling for negotiation and de-escalation over retaliation.

    Mr Denton highlighted that the US accounts for only 13% of global trade, making it unlikely to single-handedly trigger a global trade war. He urged economies to focus on establishing a revitalised multilateral trading system rather than engaging in retaliatory measures, which could lead to recession and economic self-harm.

    “Let’s not follow a pathway to mutually assured destruction here, because we’ve all seen what a global trade war looks like, and it’s devastating for people and communities, and devastating for economies,” he said.

    Comparing the current situation to the oil shock of the 1970’s Mr Denton pointed to market and real economy signs of slowdown due to the announced tariffs. 

    He warned that further escalation could lead to “serious ramifications”, including sovereign debt downgrades for emerging economies and damage to US supply chains.

    Mr Denton urged governments to use the shock created by the US announcement last week to recalibrate and revitalise the multilateral trading system that the US had helped create. 

    “The reality is the system is not perfect,” he said. “But what we’re saying is use this opportunity of the shock that the US announcement has created to recalibrate…and revitalise that system.”

    Watch the interview in full

    MIL OSI Economics –

  • MIL-OSI: Telenet launches cutting-edge entertainment marketplace, powered by the Digital Vending Machine(R) from Bango

    Source: GlobeNewswire (MIL-OSI)

    CAMBRIDGE, United Kingdom, April 08, 2025 (GLOBE NEWSWIRE) — Bango (AIM: BGO), the global leader in subscription bundling, announces that it is providing the technology behind Telenet’s next-generation entertainment marketplace. Through this collaboration, all Telenet customers – across TV, broadband, and mobile channels – can effortlessly access and manage their favorite entertainment subscriptions. Available via Telenet TV, online through My Telenet and in call centre and retail stores, this marketplace delivers the best entertainment subscription overview and bundles in one convenient location using the Digital Vending Machine® (DVM™) from Bango.

    With a customer base of nearly 2 million, Telenet’s innovative entertainment marketplace is designed to provide users with unparalleled control and flexibility over their subscriptions. Initially only launched to Telenet TV customers, this Super Bundling service is now available to all Telenet customers via “My Telenet” allowing any broadband and mobile customers to take full advantage of an ever-expanding array of entertainment subscriptions.

    “Our goal is to provide customers with the most seamless and engaging entertainment subscription experiences,” said Ivor Micallef, Director Product Entertainment at Telenet group. “In a highly competitive industry, the Bango DVM™ sets us apart, allowing us to deliver a sophisticated variety of bundled entertainment subscription offers. Customers can easily activate, deactivate, and access the best deals, putting them in complete control of their subscriptions via a single Telenet bill.”

    The Bango DVM™ simplifies subscription bundling, transforming a complex technical and operational process into a seamless business opportunity. With a single integration, Telenet gains access to a rapidly growing network of global subscription providers. This allows for the swift deployment of new subscriptions, ensuring customers always have access to the latest entertainment options. Additionally, valuable insights from the Bango DVM™ enable Telenet to tailor subscription offerings to suit different customer preferences.

    “We’re excited to be partners with Telenet in bringing their visionary entertainment marketplace to life. With so many subscription services enabled through the Bango DVM™ including leading streaming services such as Netflix and Disney+, telcos can quickly bring to market sophisticated bundling offers. Telcos like Telenet group are leading the way by providing a simple, centralized platform that enhances the customer experience and makes access to and management of subscription services effortless,” said Anil Malhotra, CMO at Bango.

    About Bango

    Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers.

    The world’s largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere.

    Bango, where people subscribe. For more information, visit www.bango.com

    About Telenet group

    As a provider of entertainment and telecommunication services in Belgium, Telenet group is always looking for the perfect experience in the digital world for its customers. Under the brand name Telenet, the company focuses on offering digital television, high-speed Internet and fixed and mobile telephony services to residential customers in Flanders and Brussels.

    Under the brand name BASE, it supplies mobile telephony in Belgium. The Telenet Business department serves the business market in Belgium and Luxembourg with connectivity, hosting and security solutions. More than 3,000 employees have one aim in mind: making living and working easier and more pleasant.

    Telenet group is part of Telenet Group Holding NV and is a 100% owned subsidiary of Liberty Global. Liberty Global is one of the world’s leading converged video, broadband and communications companies, innovating and empowering people in six countries across Europe to make the most of the digital revolution. For more information, we refer to www.telenet.be

    Media contact: 

    Anil Malhotra, CMO, Bango
    anil@bango.com
    Tel: +44 7710 480 377 

    The MIL Network –

  • MIL-OSI Russia: Moscow expands access to secondary vocational education for ninth-graders

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Department of Education and Science of the City of Moscow adopted and published the necessary regulatory legal acts in pursuance of the federal law on expanding the availability of secondary vocational education.

    College education

    This year, the capital’s ninth-graders, focused on acquiring practical skills, quickly realizing themselves in a profession and planning to study in college, will be able to take only two basic state exams (OGE) instead of four – in Russian language and mathematics. The certificate received on the basis of passing them is equal to the certificate issued after passing four OGEs, and gives the right to enter any college for any specialty.

    This year, Moscow schoolchildren will be enrolled in all city colleges in all specialties based on their initial OGE scores in Russian and mathematics. This will ensure transparency and objectivity.

    As the demand for graduates of secondary vocational education grows in the labor market, schoolchildren’s interest in studying at colleges increases. Therefore, Moscow has increased the number of budget places in city colleges by 10 thousand – up to 37 thousand. For the first time, a guarantee for every Moscow ninth-grader for a free place in a capital institution of secondary vocational education is being introduced by law.

    Going to college is a unique opportunity to get a secondary general education at the same time as a sought-after profession. You can learn more about this at website Here.

    Graduation from college is one of the ways to obtain higher education in the future. You can enter a university by taking internal exams of the institution for applicants with secondary vocational education, and also by passing the Unified State Exam (USE) to participate in the general competition. Free city courses are organized at colleges to prepare for it.

    To take advantage of the opportunity to take only two mandatory exams, you must change your choice of OGE from four to two subjects on the mos.ru portal before May 15.

    The college admissions campaign will begin at the end of June. Graduates will be able to apply simultaneously for five specialties either in one educational institution or distribute the choice between several colleges. The entire document submission procedure is available in electronic format on the mos.ru portal.

    Successful employment

    The capital’s colleges are modern educational spaces where schoolchildren become sought-after specialists, and in some industries even outpace university graduates in terms of employment speed. Most students begin working while still studying: 95 percent of graduates successfully find employment in their chosen specialty. This result became possible due to a complete transformation of the approach to student training. More than half of the programs are designed taking into account the needs of future employers, and almost 70 percent of the study time is devoted to practical classes.

    Moscow colleges closely cooperate with more than three thousand employers – leaders in their industries. Among them are large industrial enterprises, factories, gastronomic holdings, IT companies, professional associations and communities.

    By increasing the intensity of training, its duration is reduced: starting from the 2025 academic year, most training programs are designed for three years and include obtaining several professions at the same time. Thus, college graduates become more competitive in the labor market.

    To ensure a high level of education, the capital’s colleges are systematically improving their material base. They are actively modernizing and equipping college workshops and laboratories: to date, 70 percent of the equipment has been updated, and by the end of 2027, the renovation of workshops and laboratories will be fully completed.

    Opened in October 2024 flagship center practical training of Moscow colleges in the Rudnevo industrial park. This is the first site for in-depth practical training of personnel in industrial specialties in accordance with the requests of residents of the Technopolis Moscow special economic zone and other Moscow enterprises. More than three thousand students from 15 Moscow colleges study here annually. In 2025, two more such sites will open – Pechatniki and Yug. The educational capacity of the three centers will allow training 20 thousand people annually.

    In the coming years, seven new colleges with a total area of over 400,000 square meters will appear in Moscow, where over 60,000 students will be able to study. The Moscow Technological College is currently undergoing major repairs, as well as the Moscow College of Management, Hotel Business and Information Technology “Tsaritsyno”.

    Education in schools

    For those who plan to continue their education in the 10th grade, nothing changes. You need to pass the OGE in four subjects: Russian language, mathematics and two elective subjects and score a minimum number of points, which each school determines independently. Upon scoring the minimum required passing score, the school is obliged to enroll the student in the 10th grade if he or she has completed the ninth grade.

    If a ninth-grade graduate wants to improve his OGE results, the city provides him with an additional opportunity to take two free tests at the Moscow Center for Education Quality and present the results for enrollment in the 10th grade. If they have improved, the school is obliged to accept the graduate.

    Training young specialists and competitions: how the unmanned technology sphere is developing in the capital

     

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/152327073/

    MIL OSI Russia News –

  • MIL-OSI China: China’s robot caregivers provide companionship for seniors

    Source: China State Council Information Office 2

    A new type of robot just landed a job at an eldercare service center in southwest China’s Chongqing Municipality, thanks to its knack for handling the complex emotional needs of seniors.
    The First Social Welfare Home of Chongqing explained that Peipei, the robot, is identified as a female employee. They described her as gentle, patient and good at listening and an eloquent caregiver.
    “If you have any questions, just ask ‘Peipei.’ She can answer anything,” said an 86-year-old senior in the home, who gave her surname as Wang.
    The resident has often interacted with the robot, from chatting to playing e-games, or even asking Peipei to take photos of her and remove any signs of aging in them.
    Wang said Peipei was emotionally exquisite, not only answering questions, but also taking the initiative to care about her. For example, the robot can notice when she hasn’t been sleeping well or is in a bad mood.
    The robot gently comforts her, reminding that her granddaughter, who is studying abroad, might not be able to visit often, but she makes a video call every week.
    Peipei’s name is a homophone of companionship, said Xiang Guohui, a senior algorithm engineer with Mashang Consumer Finance Co., Ltd., the developer of the robot.
    He said the company integrates cutting-edge technologies such as artificial intelligence (AI) and AI psychology and uses a multi-modal emotional large model to build the robot system giving her the ability of intelligent emotional companionship, health and safety protection, entertainment and leisure services, and life assistance management.
    Xiang said that the company’s research team found that the demand for emotional companionship ranks the top for people in senior homes.
    Should elderly residents struggle with memory and repeat themselves, Peipei tirelessly provides feedback.
    “For the elderly who enter care institutions, loneliness could lead to isolation. Appropriate intervention is needed in such cases,” said Liu Min, vice president of the institute.
    She said it was impossible for nursing staff to meet the emotional and psychological needs of every elderly person all the time. While the robot can provide companionship for the elderly 24 hours a day.
    “The value of elderly care robots is not just to assist the elderly in their lives, but also to provide a window for them to get in touch with new technologies and keep up with the development of digital society,” said Liu, adding that many elderly people took the initiative to learn more about humanoid robots and AI technology after Peipei appeared in their life.
    “The elderly care robot technology is still in its infancy. With the comprehensive breakthrough of humanoid robots, they can work in all scenarios in the field of elderly care,” Xiang said.
    By the end of 2024, there were more than 6 million people aged 65 and above in Chongqing, accounting for 18.9 percent of the city’s permanent population. The municipal government has actively explored measures to develop an “intelligent system for senior care services” and make up for the nursing service gap through technical means.

    MIL OSI China News –

  • MIL-OSI Australia: The proof is in the process: an update on how the new merger regime will work

    Source: Allens Insights (legal sector)

    Thresholds and process guidelines released for consultation 12 min read

    March was a busy month for merger reform. With Treasury’s release of the Ministerial instrument containing the notification thresholds and the ACCC’s release of various process guidelines, we now have some long-awaited clarity on how the new merger regime will work. However, as we move closer to implementation, many key details remain under consultation.

    In this Insight, we review the new notification thresholds and process guidelines, considering guidance from the Ministerial instrument as well as the following ACCC publications:

    1. Transition Guidance (updated 4 March 2025)
    2. Frequently Asked Questions about merger reform (updated 17 March 2025)
    3. Merger process guidelines (released for public consultation on 27 March 2025)
    4. Provisional guidance on criteria for long form notifications (updated 28 March 2025)

    (together, ACCC Process Guidelines).

    Key takeaways

    • On 28 March 2025, Treasury released the Exposure Draft Competition and Consumer (Notification of Acquisitions) Determination 2025 (Draft Instrument) with submissions open until 2 May 2025. The Draft Instrument provides the criteria for when a transaction will require notification—it sets out the monetary and control thresholds, the meaning of an acquisition having a ‘connection’ to Australia, notification exemptions and the proposed form of notification.
    • While the notification threshold values are largely as foreshadowed, there are new details about how the thresholds will apply (eg how to calculate turnover and in respect of which parties).
    • Key details about when the ACCC will be able to grant a waiver are not yet available. The ACCC will consider the object of the CCA, the interests of consumers, the likelihood that the acquisition would meet the notification thresholds and the likelihood that the acquisition would, or would be likely to, substantially lessen competition. The ACCC will likely grant notification waivers within 20 business days.
    • Pre-notification with the ACCC is encouraged at least two weeks before filing. Parties involved in acquisitions in concentrated markets, part of global transactions or that may require a remedy are encouraged to engage in early pre-notification.
    • There will be a short-form and long-form notification, depending on the nature of the transaction. Both forms require parties to include organisational charts, financial information and transaction information. Long-form notifications will be required for horizontal, vertical or conglomerate acquisitions. Long-form notifications also require the production of a broader range of documents, including board documents and those relating to transaction rationale, the acquisition itself, the value of the target, competitive or market conditions and relevant product or service business plans.

    How will the notification thresholds work?

    An acquisition will require notification where:

    • it meets the monetary thresholds;
    • it involves an acquisition of control; and
    • the target is ‘connected with Australia’,

    unless an exemption to notification applies. Certain types of acquisitions must be notified regardless of the thresholds and, as the prohibition on transactions that substantially lessen competition will continue to apply, parties will still need to consider whether an acquisition raises competition concerns even if it is not notified.

    The primary thresholds

    As noted in the Draft Instrument, an acquisition in a target ‘connected with Australia’ (discussed further below), will be notifiable if it meets either of the following monetary notification thresholds:

    • ‘acquisitions resulting in large or larger corporate groups’; or
    • ‘acquisitions by very large corporate groups’.
    ACQUISITIONS ‘RESULTING’ IN LARGE OR LARGER CORPORATE GROUPS ACQUISITIONS ‘BY’ VERY LARGE CORPORATE GROUPS 
    1. Combined Australian turnover of merger parties is at least $200 million (Combined Acquirer/Target Turnover Test); AND
    2. Either: 
      1. the target has turnover of at least $50 million OR
      2. the transaction value is at least $250 million.
    1. Acquirer group has Australian turnover of at least $500 million (Very Large Corporate Groups Turnover Test); AND
    2. the target has turnover of at least $10 million.

    Turnover will be calculated by reference to ‘GST turnover’ on the date of signing and should consider the GST turnover of any ‘connected entities‘.

    There are two tests to determine whether an entity is a connected entity:

    • an entity is a connected entity of another entity if the second entity is an associated entity of the first entity for the purposes of s50AAA of the Corporations Act 2001 (Cth) (the Act); and
    • an entity is a connected entity of another entity if the first entity ‘controls’ the second entity for the purposes of s50AA of the Act (as modified by s51ABS(2) of the Act).

    In addition, it has been clarified that the $50 million / $10 million turnover aspect of the thresholds now only relates to the target (rather than to at least two of the merger parties, as foreshadowed previously).

    Creeping or serial acquisitions thresholds

    The thresholds for creeping or serial acquisitions are largely as foreshadowed, but there are some new details.

    ACCUMULATED THRESHOLD BASED ON THE COMBINED AUSTRALIAN TURNOVER OF THE MERGER PARTIES ACCUMULATED THRESHOLD BASED ON VERY LARGE CORPORATE GROUPS
    1. Combined Australian turnover of the merger parties is at least $200 million (Combined Acquirer/Target Turnover Test); and
    2. the accumulated target turnover in the last three years in relation to the same or substitutable goods or services exceeds $50 million on the signing date.
    1. the Very Large Corporate Groups Turnover Test is satisfied, ie acquirer has turnover of at least $500 million; and
    2. the accumulated target turnover in the last three years in relation to the same or substitutable goods or services exceeds $10 million on the signing date.

    In essence, these thresholds require an aggregation of current turnover of the proposed target with the current turnover of ‘previous’ targets acquired over the last three years in the same industry. This includes previous targets acquired by a connected entity of the acquirer. Previous acquisitions that have been notified, where target turnover is less than $2 million or where the target is not connected with Australia, are excluded from the calculation of accumulated turnover. There is also an exemption to the serial or creeping acquisition threshold where the proposed target turnover is less than $2 million.

    While the notification threshold takes into account only past acquisitions of the acquirer, the ACCC will consider previous acquisitions by both the acquirer and target as part of its substantive assessment. Both the proposed short- and long-form notifications request details about the merger parties’ relevant past acquisitions.

    Acquisition of shares in ‘Chapter 6’ entities, defined in s51ABJ of the Competition and Consumer Act 2010 (Cth) (CCA) as listed companies, unlisted companies of more than 50 members or a listed registered scheme, are not required to be notified unless the acquisition results in someone’s voting power in the entity:

    • increasing from 20% or below to more than 20%; or
    • increasing further from a starting point that is above 20%.

    Acquisition of shares in non-Chapter 6 entities (ie private companies, private managed investment schemes and unlisted companies with fewer than 50 members) are not required to be notified unless the acquisition results in the acquirer gaining ‘control’ of the target (and the monetary thresholds are met). ‘Control’ is defined in s50AA of the Act as having the capacity to determine the outcome of decisions about another company’s financial and operating policies.

    Treasury previously alluded to a potential requirement that acquisitions of 20% or more in an unlisted or private company (which met the monetary notification thresholds) be notified, however this is not contained in the Draft Instrument.

    A share or asset is connected with Australia if the share is in a body corporate that carries on business in Australia, or the asset is used in, or forms part of, a business carried on in Australia.  

    Treasury is considering whether the ‘connected with Australia’ test should be expanded to include shares or assets in an entity that ‘intends to carry on a business in Australia’. If it is expanded, this definition may capture transactions without a current nexus in Australia, eg where neither the acquirer nor target group has current market presence.

    The merger legislation empowers the Minister to determine (for a period of five years) a class of acquisitions required to be notified. These determinations apply even if the acquisition does not meet the monetary thresholds or result in control. The Draft Instrument makes certain acquisitions of businesses and land by major supermarkets subject to notification in this way.

    If a merger falls below the notification thresholds, the current ‘substantial lessening of competition’ test (under s50 of the CCA) will continue to apply. The ACCC encourages parties to notify mergers that are likely to substantially lessen competition even if they do not meet the notification thresholds.

    The Draft Instrument includes exemptions to the notification thresholds, namely:

    • acquisitions in insolvency processes by administrators, receivers, managers or liquidators, transfers of control due to inheritance, acquisitions by trustees or nominees and routine trading in financial securities are exempt from notification.
    • however, any acquisitions from administrators, receivers, managers or liquidators are still subject to notification requirements.
    • certain classes of land acquisitions are exempt, namely:
      • acquisitions made for the purposes of developing residential premises;
      • certain commercial property acquisitions by businesses primarily engaged in buying, selling or leasing land, where the acquisition is for a purpose other than operating a commercial business on the land; and
      • extensions or renewals of a lease for land upon which a commercial business is currently being operated.

    In relation to the land acquisitions exemption, the explanatory memorandum for the Draft Instrument clarifies that the exemption does not extend to any merger where land acquisition is a key component of the broader transaction, or where the land acquired is to be used and operated for commercial reasons.

    What are the key aspects of the ACCC’s process?

    The ACCC envisions the pre-notification process can be used to raise any issues and discuss possible areas of focus to reduce the likelihood of extensive information requests and delay of the determination period. Parties involved in concentrated markets, global transactions or that may be required to provide a remedy are encouraged to engage in early pre-notification. As in overseas administrative regimes, we anticipate the ACCC will use this period to identify any possible areas of focus or points of concern and identify additional information that should be covered by the notification before it is formally filed.

    Requests for pre-notification engagement will be made via the ACCC’s online merger portal. Once submitted, the ACCC will endeavour to contact parties within five business days.

    Parties can voluntarily seek a waiver from notification. If granted, notification will not be required. This provides some certainty to parties as to whether or not they need to notify.

    In assessing waiver applications, the ACCC will consider the object of the CCA (ie to enhance the welfare of Australians through the promotion of competition and fair trading and provision for consumer protection), the interests of consumers, the likelihood that the acquisition would meet the notification thresholds and the likelihood that the acquisition would, or would be likely to, substantially lessen competition.

    Waiver applications will not be kept confidential and will be available on the ACCC’s Acquisition Register to allow interested third parties to make submissions. The ACCC expects to make most waiver determinations within 20 business days of receiving a waiver application.

    Additionally, if the parties notify the ACCC of the merger, there is an option for fast-track review under Phase 1, whereby the ACCC can approve acquisitions after 15 business days. The ACCC expects to approve approximately 80% of mergers in 15 to 20 business days via either Phase 1 or the notification waiver process.

    Acquisitions that ‘are notified’ (including voluntarily) or ‘required to be notified’ will be ‘stayed’. This means parties will contravene the CCA if the acquisition is ‘put into effect’ prior to the ACCC’s merger determination.

    The Draft Process Guidelines indicate that putting an acquisition ‘into effect’ does not necessarily require the full transfer of legal ownership. For instance, putting the acquisition ‘into effect’ may include pre-completion activities such as terminating employment of key employees, closing key facilities or integrating IT systems.

    A party will not put the acquisition ‘into effect’ by merely entering into conditional acquisition agreements, such as those with condition precedents, including obtaining regulatory approval, until they become binding.

    FIRB will continue to notify the ACCC of any foreign transactions that may raise competition concerns, as under the current regime.

    There will be short and long notification forms (with the former to be used for acquisitions unlikely to raise competition concerns). Both forms will require the provision of certain documents up front, such as transaction documents, financial reports and organisational charts.

    In addition, long-form notifications will also require the disclosure of additional documents, which may include board documents and those pertaining to transaction rationale, the acquisition itself, the value of the target, competitive or market conditions and relevant product or service business plans.

    The ACCC has provided provisional guidance in relation to when parties should use the long-form notification:

    • Horizontal acquisitions: where parties supply or potentially supply products or services in the same market, and the combined market share post-acquisition is:
      • equal to or greater than 40% and the increment resulting from the acquisition is equal to or greater than 2%; or
      • equal to or greater than 20% but less than 40% and the increment resulting from the acquisition is equal to or greater than 5%.
    • Vertical acquisitions: where a party supplies products or services in a market that is upstream or downstream from a market in which another party to the acquisition supplies products or services; and
      • the party active in the upstream market has an estimated market share equal to or greater than 30% and the other party has a downstream market share of equal to or greater than 5%; or
      • the party active in the downstream market has an estimated market share equal to or greater than 30% and the other party has an upstream market share of equal to or greater than 5%.
    • Conglomerate acquisitions: where the parties supply ‘adjacent’ products or services and one of the parties to the acquisition has an estimated market share equal to or greater than 30%.
    • Other circumstances: the ACCC has suggested that use of the long form may be appropriate even where the above criteria are not met, particularly where:
      • the merger involved a ‘vigorous and effective competitor’.
      • the merger involves the acquisition of a firm developing a significant product in a market where the parties potentially overlap.
      • there is an acquisition of a firm that supplies or controls access to a significant input or asset, eg raw materials or intellectual property, or a firm with a significant user base.

    Merger parties should be aware that, following ACCC approval, a transaction must not be completed until at least 14 calendar days have passed since the approval. This is to allow any interested parties to apply to the Competition Tribunal to review the ACCC’s merger determination.

    Given this, the earliest parties can complete an acquisition is around 29 days after an effective notification is made (noting the ACCC cannot make a decision earlier than 15 business days). Approvals will only be valid for 12 months.

    A notifying party or third party may apply to the Tribunal for a limited merits review of an ACCC merger determination. An application for review must be made within 14 calendar days after the ACCC’s reasons for determination are published on the Acquisitions Register.

    The Tribunal must make its determination within 90 days after the later of the last day on which an application for review could have been made, or the day the applicant gives the Tribunal further information. The Tribunal may extend this period by 60 days once, for no reason, or by another 90 days once, if it is satisfied it will need more time to review relevant materials to the matter.

    What are the transitional arrangements, and which regime should you use?

    Key dates

    The current informal regime will close on 31 December 2025

    If your transaction is not cleared by the ACCC before 31 December 2025, the ACCC will discontinue its review and list the transaction on the public register as having ‘no decision.’ If parties do not receive ACCC informal clearance by 31 December 2025, they will need to re-notify under the new regime if the notification thresholds are satisfied, or if there is a potential competition concern per s50 of the CCA.

    Informal review applications should be submitted by 30 September

    ACCC guidance on transitional arrangements have indicated that any informal review applications submitted after 1 October 2025 are unlikely to be completed before the new regime takes effect.

    Even then, there may be a risk that such a review is not concluded by 31 December 2025 when the informal regime ceases to operate, and parties may have to file again under the new regime.

    Acquisitions approved between 1 July and 31 December 2025

    Acquisitions approved under the informal regime between 1 July and 31 December 2025 will be exempt from filing under the new regime, provided completion occurs within 12 months. Otherwise, parties will need to lodge a new application under the mandatory regime if notification thresholds are satisfied. In such circumstances, the ACCC will rely upon information received under the informal regime to consider an application under the new regime more quickly.

    Informal reviews cleared before 1 July 2025

    Parties whose informal review applications are approved prior to 1 July 2025 must re-apply to the ACCC for an exemption letter from the new regime between 1 July 2025 and 31 December 2025 with updated market shares and information. The ACCC recommends that such a request be made between 1 July and 1 October 2025.

    Filing voluntarily under the new regime from 1 July 2025 is encouraged

    Due to the uncertainty that surrounds the volume of applications the ACCC will receive prior to the closure of the informal merger clearance regime, the ACCC is encouraging parties to voluntarily notify under the new regime from 1 July 2025.

    Depending on when parties are contemplating an ACCC filing or engaging with the ACCC, the following chart may assist with decisions about which regime to use during the transitional period.

    Which regime to use

    Next steps

    Treasury’s consultation on the Draft Instrument is open until 2 May 2025.

    The ACCC’s public consultation on the Draft Process Guidelines is open until 17 April 2025. If you would like to discuss the Draft Guidelines, the impact they may have on your business and the steps you can take to prepare for the new merger regime, please get in touch with us.

    We are preparing for the future of mergers in Australia. You can read our previous Insight for a detailed overview of the legal framework and key elements of the new merger regime, or download our practical summary here.

    For more information on the ACCC’s Draft Analytical Guidelines, please see our Insight.

    MIL OSI News –

  • MIL-OSI: Konsolidator’s quarterly update – Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement no 8-2025

    Søborg, April 8, 2025

    Konsolidator’s quarterly update – Q1 2025

    Konsolidator’s contracted ARR (CARR) increased by 11% (YoY) in the first quarter of 2025 compared to Q1 2024, reaching DKK 21.6m. Konsolidator came off to a strong start in its new strategy period 2025-2027, focusing on resilient growth. The most notable aspect of Q1 2025 was that the transition towards partner-driven sales was better than expected, as 50% of sales were through the partner channel. Other key initiatives include a data warehouse collaboration with KPMG to enhance financial reporting and data analytics, new partnerships to expand market reach, and a capital raise of DKK 2.2m in February 2025 and DKK 1.8m in further funding at a later point in 2025.

    Q1 2025 Contracted ARR and key financial highlights

      Q1 2025 Q1 2024 Annual Change %
    Contracted ARR 21.6m 19.4m 11%

    During Q1 2025, the CARR increased by DKK 0.3m, signing 8 new customers but also saying goodbye to customers, mainly due to M&A and customers downsizing their activities. Churn remained at the same level as Q4 2024.

    Business update

    At the beginning of the year, Konsolidator launched its third strategy since the IPO, “Resilient Growth”. The strategy prioritizes CARR growth through the partner channel and profitability through reduced Customer Acquisition Costs and higher average income per customer. In line with the strategy, Konsolidator delivered, particularly in the following fields in this quarter:

    • Partner channel: Welcomed 5 new partners in Spain and held 11 new meetings with potential partners in the rest of the World. More notably, 50% of Konsolidator’s new customers in Q1 2025 came from the partner channel.
    • Broader product offering: Commenced a data warehouse collaboration with KPMG, which was launched on April 1st.
    • Operational strengthening: The transition to a partner-driven sales organization continues, and we saw a 50% reduction in CAC/CARR in Q1-25 compared to Q1-24

    “We’ve had a solid start in the beginning of 2025 and our strategy ‘Resilient Growth.’ The shift to partner-driven sales is progressing faster than expected, with already 50% of new sales coming through the partner channel. That’s a strong signal that we’re on a good track.”

    “We’ve also taken important steps to strengthen our financial reporting capabilities and expand our market reach. While we’ve seen a few customers leave, we are confident that the improvements we’re making will drive long-term value. With secured funding for 2025 and a clear focus on efficiency, we remain committed to sustainable growth and profitability.” – Claus Finderup Grove, CEO

    Looking ahead

    Konsolidator continues to expand its sales approach beyond direct sales leveraging strategic partnerships and ecosystems. Konsolidator’s software is now integrated with the Microsoft D365 systems – ERP, datawarehouse and PowerBI. Additionally, Konsolidator is exploring opportunities where its software plays a critical role in financial analysis, such as providing reliable data to financial institutions. Key priorities for the coming quarters continue to include:

    1. Expanding the partner channel, especially in Scandinavia and Iberia
    2. Enhancing the product offering to meet evolving CFO demands especially around a Data Warehouse solution, FP&A solution, and ESG
    3. Building a dedicated growth track for Konsolidator Banking®
    4. Strengthening operations to boost efficiency and customer satisfaction

    WEBINAR

    Sign up to the Q1 Business Update on April 24, where Konsolidator’s CEO will provide deeper insights into the company’s progress and future plans.

    Contacts

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    The MIL Network –

  • MIL-OSI United Kingdom: UK Trade Envoy to Bangladesh visits Dhaka to boost trade partnership

    Source: United Kingdom – Executive Government & Departments

    World news story

    UK Trade Envoy to Bangladesh visits Dhaka to boost trade partnership

    UK Trade Envoy to Bangladesh, Rt. Hon. the Baroness Rosie Winterton of Doncaster DBE, is visiting Dhaka to strengthen and expand the long-standing economic and trade partnership between the UK and Bangladesh.

    While in Dhaka, she will be meeting key officials from the Interim Government of Bangladesh, political parties and business leaders. She will also participate in the Bangladesh Investment Summit 2025. She will be joined by Harjinder Kang, His Majesty’s Trade Commissioner to South Asia. 

    On her first visit to Bangladesh as UK Trade Envoy, Baroness Winterton will meet Professor Muhammad Yunus, Chief Adviser of the Interim Government of Bangladesh; Professor Lutfey Siddiqi, Chief Adviser’s Special Envoy on International Affairs; Sheikh Bashir Uddin, Adviser, Ministry of Commerce; and Professor Dr. Chowdhury Rafiqul Abrar, Adviser, Ministry of Education. Her meetings will focus on how the two countries will deepen their trade and investment relationship and deliver mutually beneficial growth and job creation. With Harjinder Kang, she will also meet with key stakeholders from the business community and will deliver a keynote speech at the Inauguration Ceremony of the Bangladesh Investment Summit on 9 April 2025, to underscore the UK government’s growth mission. 

    Baroness Winterton’s discussions with key stakeholders will focus on the UK’s work with the Interim Government on vital economic reforms, the opportunities arising from the commitment to duty free, quota free access to the UK market until 2029 and identifying opportunities to strengthen trade and investment in sectors such as education, aviation, defence and renewable energy.   

    UK Trade Envoy to Bangladesh Rt. Hon. the Baroness Rosie Winterton of Doncaster DBE said:  

    The UK is laser-focused on building an economic partnership with Bangladesh that will boost two-way trade and investment between our countries. 

    From being the third largest market for Bangladeshi ready-made garments to being one of the largest foreign investors in Bangladesh, the UK already has strong foundations to build on and I look forward to solidifying it even further through this visit.

    British High Commissioner to Bangladesh Sarah Cooke said:

    I am delighted to welcome UK Trade Envoy to Bangladesh the Rt. Hon. the Baroness Winterton of Doncaster DBE in her first visit to the country in her new role. 

    The UK is a major economic and trading partner of Bangladesh, and this visit reiterates the UK’s commitment to boosting two-way trade and investment and supporting Bangladesh’s work on vital economic reforms.

    The UK is one of the largest foreign investors in Bangladesh and this visit aims to deepen collaboration in key sectors including education, aviation, defence and renewable energy. The visit will also explore opportunities to increase the presence of UK education institutions. These projects signify major investment opportunities and reflect the UK’s commitment to Bangladesh. 

    Further information

    • the Rt. Hon. the Baroness Winterton of Doncaster DBE was appointed as the United Kingdom Trade Envoy to Bangladesh in January 2025. She plays a key role in strengthening trade and investment ties between the UK and Bangladesh
    • Harjinder Kang is His Majesty’s Trade Commissioner for South Asia and the British Deputy High Commissioner for Western India. He was appointed in May 2023

    Updates to this page

    Published 8 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Subdued demand for bank loans from business customers

    Source: Danmarks Nationalbank

    Lending survey

    Statistics period: 1st quarter 2025

    The vast majority of the 15 banks participating in Danmarks Nationalbank’s lending survey reported unchanged loan demand from their business customers in the first quarter of 2025. Several of the banks assessed that this is partly due to low investment appetite as a result of geopolitical uncertainty. The uncertainty also has an impact on the banks’ write-downs. Several of the larger banks, which proportionally have a greater exposure to global trade, state that they have already made write-downs based on management estimates. The banks’ responses to the lending survey for the first quarter were received before the new tariff plan from the USA was presented.

    Change in loan demand from business customers

    Note:

    The net total is calculated based on the financial institutions’ responses to loan demand. The responses are based on a scale of 5 steps from -100 to 100. -100 means “decreased significantly”, -50 is “decreased slightly”, 0 is “unchanged”, 50 is “increased slightly”, and 100 is “increased significantly”. The institutions’ responses are weighted by their respective market shares, resulting in a net total for the response. Business customers in the loan survey cover ‘private non-financial companies’ and ‘individually owned businesses.’ Find chart data in Statbank.

    MIL OSI Economics –