NewzIntel.com

Category: Commerce

  • MIL-OSI: Sweed Establishes Largest Development Team in the Cannabis Industry

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 18, 2025 (GLOBE NEWSWIRE) — Sweed, the leading enterprise retail technology platform for the cannabis industry, is now also the largest technology development team in the industry. The company announced today that through recent hires and expansions of the in-house development team, Sweed now boasts the largest and most innovative team of developers of any cannabis-specific technology platform. Sweed, which recently announced the successful completion of its SOC 1 and SOC 2 Type II audits, has emerged as the unmatched leader in product innovation and agility, providing cannabis retail clients with best-in-class digital solutions. The Sweed development team has grown by 41% since Q1 2024. The increased scale of the development team is being deployed to provide innovation and enhanced services across the native eCommerce, point-of-sale, inventory management, logistics, payment processing, and other integral programs built into the Sweed platform.

    Establishing the largest development team in the cannabis industry is critical to the advancements that Sweed is bringing to market. As industry experts in both retail technology and the specific needs and challenges that face the cannabis industry, Sweed is looking ahead at the impact of automation and functional A.I. tools on the future of the cannabis retail market. Creating smarter, more actionable, and responsive tools will help retailers provide better service to their customers, thereby increasing customer retention and loyalty, while also expanding cart sizes. Customizing offers and menus, maximizing the value of each communication, streamlining workflow between inventory and sales, and ultimately providing revenue-driving support to retailers are all areas of focus Sweed is enhancing. With the largest development team, an expansive AI-powered platform, and a deep commitment to innovation, Sweed is setting the new standard for dispensary technology–one that is efficient, scalable, and built for 2025 and beyond.

    “Reaching this level of bandwidth for our development team highlights our view that Sweed is an innovation and technology company leading the cannabis industry forward to a more profitable and scalable future,” said Rocco Del Priore, Co-Founder of Sweed. “The cannabis industry is littered with technology solutions that do part of the job for retailers, but our goal is to constantly raise the bar – which we often set ourselves – to offer the best solution across every digital need our customers might have. We’re immensely proud to have the industry’s largest development team, and we’re excited by the possibilities that lay ahead as we help advance this industry with tools and services that exceed anything currently on the market.”

    Sweed pioneered the concept of cohesive cannabis retail solutions, creating the first platform to connect operations, marketing, and compliance seamlessly. Since its inception, the company has focused on refining technology to meet the evolving needs of cannabis businesses. Providing enterprise-grade capabilities that are intuitive, scalable, and deeply rooted in the industry’s unique requirements has enabled Sweed to become the preferred technology partner of the industry’s most forward-looking companies. Throughout 2025 Sweed will be unveiling industry-first advancements to its already leading technology offerings, giving cannabis retailers insights and impactful upgrades to help them scale their dispensary operations.

    About Sweed
    Sweed is redefining cannabis retail management with its cohesive platform, seamlessly combining Point of Sale, eCommerce, and Marketing & Loyalty solutions. As the original enterprise-grade platform purpose-built for multi-location scalability, Sweed empowers retailers to efficiently manage sales, customer engagement, marketing, and inventory — all from one system. By delivering a tailored, data-driven experience without relying on external integrations, Sweed enables cannabis retailers to drive growth and deliver exceptional customer experiences. For more information, visit https://sweedpos.com/.

    Contact
    Oak PR
    sweed@oakpr.com

    The MIL Network –

  • MIL-OSI: MEF’s Ninth LSO API Release Expands Capabilities for Seamless NaaS Automation

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 18, 2025 (GLOBE NEWSWIRE) — MEF, a global industry association of enterprise and network, cloud, security, and technology providers accelerating enterprise digital transformation, today announced its most powerful Lifecycle Service Orchestration (LSO) API release to date. MEF’s ninth LSO API release solves for the first time complex addressing and operational challenges, including observability. Additionally, this release introduces a suite of advancements designed to enhance service provider and enterprise adoption of standardized, open ecosystem automation for Network-as-a-Service (NaaS) offerings.

    “As enterprise networks increasingly become mission-critical, especially with the advent of generative AI, service providers must have the automation capabilities necessary to deliver seamless, standardized services at scale,” said Pascal Menezes, CTO, MEF. “This latest LSO API release represents MEF’s most advanced set of automation tools yet, solving fundamental challenges in service qualification, operational observability, and product definition.”

    Key enhancements in the latest MEF LSO API release include:

    Advanced Addressing Capabilities – One of the most significant challenges in network automation is determining service availability at specific locations due to varying global address representations. MEF’s new LSO API release solves this challenge by introducing the concept of Installation Place within the MEF Addressing and Site API, allowing service providers to validate addresses more accurately. This innovation enables multiple representations of an address, improving the success rate of service qualification queries and enhancing global service delivery.

    Comprehensive Operational Observability – Enterprises increasingly demand full observability of the services they subscribe to, even when delivered across multiple supply chain partners. Now global service providers can interconnect and offer real-time insights into Service Function Testing, performance monitoring, fault detection, and trouble ticketing. This delivers comprehensive end-to-end operational observability for Day N automation workflows.

    Expanded Suite of Product and Service Payloads – MEF LSO APIs are designed to support the full lifecycle of NaaS, enabling automated service delivery among enterprises, service providers, and cloud providers. This release augments Carrier Ethernet, DIA, and IP Broadband payloads while incorporating pre-standard payloads for SD-WAN, Wavelengths, Data Center Cross-Connect, MEC IaaS, CAMARA Quality on Demand, and Google Cloud Connect.  

    Enhanced Product Catalog API – The new API release introduces bundling and pricing capabilities to better define and automate NaaS service offerings. By providing a machine-readable product schema, service providers can create flexible, standardized service definitions that streamline interactions with ecosystem partners.

    MEF’s LSO Irene release is now available on the MEF LSO Marketplace.

    MEF’s State of the Industry Report: Paradigm Shift – Automating Business Functions Between Service Providers highlights why standardized business and operational APIs are critical for unlocking new market opportunities in NaaS and next-generation services.

    MEF’s NaaS Customer experience white paper defines key service features, helping enterprises understand what to expect—scalability, dynamic connectivity, real-time insights, and security—while guiding providers on standardized, automated delivery.

    MEF’s 2025 NaaS Industry Blueprint provides a comprehensive guide to help service providers and ecosystem participants develop, deliver, and manage NaaS offerings across a standards-based automated ecosystem.

    For more information, visit www.mef.net.

    About MEF
    MEF is a global consortium of service, cloud, cybersecurity, and technology providers collaborating to accelerate enterprise digital transformation. It delivers standards-based frameworks, services, technologies, APIs, and certification programs to enable Network-as-a-Service (NaaS) across an automated ecosystem. MEF is the defining authority for certified Lifecycle Service Orchestration (LSO) business and operational APIs and Carrier Ethernet, SASE, SD-WAN, Zero Trust, and Security Service Edge (SSE) technologies and services. MEF’s Global NaaS Event (GNE) convenes industry leaders building and delivering the next generation of NaaS solutions. For more information about MEF, visit MEF.net and follow us on LinkedIn and Twitter. 

    Media Contact:
    Melissa Power
    MEF
    pr@mef.net

    The MIL Network –

  • MIL-OSI: First Bank Welcomes Joe Shearin, President, Greater Richmond Market

    Source: GlobeNewswire (MIL-OSI)

    STRASBURG, Va., Feb. 18, 2025 (GLOBE NEWSWIRE) — First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”) is pleased to announce the addition of Joe Shearin as President, Greater Richmond Market. Joe will lead First Bank’s strategic efforts across Richmond, Southside Virginia, and northern North Carolina. He will be responsible for community impact and all lines of business banking and business development in the expanded footprint, following the 2024 merger with Touchstone Bank.

    Joe brings over 40 years of banking experience and is retired President and CEO of Sonabank/Southern National Bancorp (formerly EVB/Eastern Virginia Bankshares). During Joe’s tenure as President and CEO of Sonabank, he successfully led the company through major economic conditions, while growing the bank from approximately $500 million in assets to over $3.4 billion when he retired.

    “We are thrilled to have a banker of Joe Shearin’s experience and caliber join our team. He is a proven community leader, and with his banking expertise and knowledge of the greater Richmond and Southside Virginia communities, this is a tremendous win for First Bank,” said Scott C. Harvard, CEO of First National Corporation and First Bank. “We believe banking is a people business, and Joe is a known and trusted advisor to his clients and in the community. His experience clearly aligns with our culture and strategic commitment to growth in the Richmond region and beyond.”

    Joe was appointed in 2023 by Governor Glen Youngkin as the Executive Director of the Small Business Financing Authority (VSBFA). The VSBFA is dedicated to providing essential financing programs that support businesses, not-for-profits, and economic development authorities with the financing necessary for economic growth and expansion throughout the Commonwealth. In addition, Joe is the Founder and CEO of Jamescrest Consulting Group, whose mission is to assist organizations develop strategies to help improve their efficiencies, productivity, and profitability. A graduate, and now trustee, of North Carolina Wesleyan University, Joe has served as board member for Infinex Financial Services, Virginia Bankers Association, and director and previous chairman of Virginia Association of Community Banks. Currently he is director and Chairman of the Board for Community Bankers Bank. Joe is very active in the community, serving with many non-profit organizations.

    “As a long-time Prince George and Richmond area resident, I am excited about the opportunity to lead true community banking here. First Bank understands what is important to our current clients and is eager to share those values with new and existing customers,” Joe stated. “While the banking industry in the Tri-Cities market is competitive, we feel the flexibility and efficiency that First Bank provides are key aspects of how we do business and do it well. Our team is focused on delivering community banking with a personal touch and a commitment to service.”

    Joe and his team stand prepared to meet the banking needs of small businesses, corporations, real estate investors, individuals, municipalities, and non-profits alike.

    Harvard added, “Joe adds to already impressive roster of leadership in our growing Richmond area market. His experience fully aligns with our culture and our focus on positioning First Bank for transformational growth in greater Richmond and beyond. We are excited about the significant contributions he will bring to First Bank.”

    First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community, and thirty-three bank branch office locations located through the Shenandoah Valley, the south-central regions of Virginia, the Roanoke Valley, the Richmond MSA, and in northern North Carolina. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc, which owns an interest in an entity that provides title insurance services.

    CONTACTS

    Scott C. Harvard
    President and CEO
    (540) 465-9121
    sharvard@fbvirginia.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d129ef30-5acb-4c96-b0a0-51f51dc1babc

    The MIL Network –

  • MIL-OSI Security: Calgary — Alberta RCMP and provincial partners track down top offenders

    Source: Royal Canadian Mounted Police

    As part of a new RCMP-led data sharing initiative, Alberta RCMP, Calgary Police Service, and Alberta Sheriffs worked together in a Joint Forces Operation (JFO), targeting the top priority offenders in the province, through a warrant roundup.

    The decisions to implement the initiative came following the recognition by Alberta RCMP that all law enforcement agencies in Alberta were ranking priority offenders in different ways. Understanding that criminals operate in various jurisdictions, it was determined that a province wide-model to identify and prioritize offenders was required.

    Through the Alberta Association of Chiefs of Police, all police forces in Alberta have entered into an information sharing agreement that will allow for intelligence and statistical data to be routinely shared. This sharing enables police agencies in Alberta to have a true understanding of the priority offenders that are causing the most harm, not only within individual policing jurisdictions, but across the province. This shared data allows police agencies to properly prioritize and take enforcement action on the most harmful offenders, ensuring the safety of all Albertans.

    Alberta RCMP ranks the tens of thousands of unique offenders in Alberta based on the harm they cause in individual communities. To determine the harm caused by these individuals, the Alberta RCMP Strategic Analysis and Research Unit developed a matrix to determine which offenders were causing the most harm in Alberta. This determination is done using the uniform Crime Severity Index scoring that is typically applied to communities by Statistics Canada and applying it to individual’s offenders.

    Alberta RCMP, with the assistance of Calgary Police Service Business Analytics, Intelligence & Reporting Section, and policing partners across the province, are now able to collect, translate, and disseminate the offender data of all police agencies in the province to form a clear province-wide priority offender list.

    From Nov. 17 to Nov. 30, 2024, the Joint Forces warrant apprehension team hit the streets of Calgary and Southern Alberta, which resulted in the following:

    • 88 arrests
    • 177 warrants executed; 44 for Provincial offences and 133 For Criminal Code offences, representing a total of 306 charges.

    RCMP Province wide executed 1005 warrants associated to 948 different offenders. The individuals arrested during the JFO had warrants from all types of crime, ranging from repeat petty thefts, to arsons, drug trafficking, robbery, and sexual offenses.

    To highlight some of the offenders who were arrested:

    • A 55-year-old male resident of Calgary, who had four warrants for his arrest with over 42 charges associated mostly related to property crime, was arrested. In the previous 18 months he has been linked to a number of offences such as robbery, drug possession and theft of motor vehicle.
    • A 42-year-old male resident of Airdrie, who had seven warrants for his arrest with a total of 27 charges for property crime and fail to comply with court ordered conditions, was arrested. In the previous 18 months he has been associated to files related to sexual interference, sexual assault, and a variety of property crime and drug trafficking offences.
    • A 34-year-old male resident of Calgary, who had five warrants for his arrest with a total of 32 charges for failing to comply with court orders, was arrested. He has a history of being involved in trafficking drugs, assault with a weapon, as well as a variety of property crime offences.
    • A 28-year-old female resident of Cold Lake had one warrant for her arrest for driving offences. She has had 50 interactions with police in the past 18 months, including for robbery, assault with a weapon, drug trafficking and firearms possession investigations.

    “Law Enforcement needs to work together to ensure that jurisdictional borders do not impede our ability to catch the criminals causing the most harm across Alberta,” said Supt. Mike McCauley of the Alberta RCMP. “A small percentage of criminals cause a significant amount of harm across the province, and by using data to drive our work like we do in operations like these, the impact is incredible. “

    “Thanks to strong interagency collaboration and information sharing, there are now fewer dangerous offenders on Alberta’s streets and in our communities,” said Supt. Mike Letourneau of the Alberta Sheriffs. “The Alberta Sheriffs are proud to work alongside our law enforcement partners as we pursue our shared objective of keeping Albertans safe.”

    “We are committed to working collaboratively with our law enforcement partners across the province to keep Calgarians safe,” says Superintendent Jeff Bell of the CPS Criminal Operations & Intelligence Division. “Apprehending offenders that have committed crimes across our province is a critical step in maintaining public safety and preventing further victimization. We are proud to have been a partner in this important initiative.”

    MIL Security OSI –

  • MIL-OSI: ManTech Names John Lossing Vice President of Industry Compliance

    Source: GlobeNewswire (MIL-OSI)

    HERNDON, Va., Feb. 18, 2025 (GLOBE NEWSWIRE) — ManTech, a leading provider of AI and mission-focused technology solutions, has named John Lossing as Vice President of Industry Compliance, serving as lead liaison with the Defense Contract Audit Agency (DCAA) and Defense Contract Management Agency (DCMA).

    “For more than 25 years, John Lossing has demonstrated his outstanding performance in compliance management, government contract accounting, business ethics and regulatory compliance,” said Jay Romyn, ManTech Chief Accounting Officer. “His proven experience with DCAA and DCMA, the Federal Acquisition Regulation (FAR) and Department of Defense FAR Supplement (DFARs) and Business Systems compliance make him ideal for this position with ManTech.”

    Prior to joining ManTech, Lossing served as Vice President – Compliance at Health Net Federal Services, where he managed regulatory compliance and business ethics program activities. He also led regulatory compliance at Northrop Grumman and Mission Essential, and government accounting at General Dynamics.

    Lossing earned his BS degree in Business Administration – Management Information Systems from the University of New Haven, West Haven, CT.

    About ManTech  
    ManTech provides mission-focused technology solutions and services for U.S. Defense, Intelligence and Federal Civilian agencies. In business for more than 56 years, we are a leading provider of AI solutions that power full-spectrum cyber, data collection & analytics, enterprise IT, high-end engineering and software application development solutions that support national and homeland security. Additional information on ManTech can be found at www.mantech.com.

    Media Contact: 
    Jim Crawford 
    ManTech 
    Executive Director, External Communications 
    (M) 703-498-7315 
    James.Crawford2@ManTech.com  

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aeb17f39-a034-4d2c-99b7-e4fe6c7140b7

    The MIL Network –

  • MIL-OSI Economics: Marc Pinto Named Global Head of Private Credit for Moody’s Ratings

    Source: Moody’s

    Headline: Marc Pinto Named Global Head of Private Credit for Moody’s Ratings

    NEW YORK–(BUSINESS WIRE)– Moody’s Corporation (NYSE:MCO) today announced that Marc Pinto has been named Global Head of Private Credit for Moody’s Ratings. Mr. Pinto will lead research and rating initiatives on private credit across the ratings agency and continue to co-head the Insurance team globally.

    (Photo: Business Wire)

    “By leveraging his extensive industry and leadership experience, Marc will play a critical role in further expanding our robust analytical capabilities, enhancing our market experience and driving our private credit strategy forward,” said Michael West, President of Moody’s Ratings. “Marc’s in-depth knowledge of the insurance industry will be key to our thought leadership as the ties between asset managers and insurance deepen.”

    As part of his new role, Mr. Pinto will promote engagement across Moody’s financial institutions, corporate finance, and structured finance rating groups while enhancing expertise in growth areas of the private credit industry including fund finance, private asset-backed securities (ABS), and privately placed investment-grade corporate assets, among others.

    Mr. Pinto has held a series of analytical leadership roles of increasing scope and responsibility at Moody’s, including Global Head of Funds & Asset Management and Chief Credit Policy Officer for North American banks.

    Mr. Pinto is a Chartered Financial Analyst and an alumnus of Columbia Business School and Trinity College (Connecticut).

    About Moody’s Corporation

    In a world shaped by increasingly interconnected risks, Moody’s (NYSE: MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive. Learn more at moodys.com.

    Source: Moody’s Corporation Investor Relations

    MIL OSI Economics –

  • MIL-OSI Global: The secret behind Temu’s rock-bottom prices

    Source: The Conversation – France – By Henri Isaac, Maître de conférences en sciences de gestion, Université Paris Dauphine – PSL

    Temu has made a remarkable entry in the global e-commerce landscape, quickly becoming the fifth largest online marketplace in France. Critics claim Temu’s ultra-competitive pricing relies on unfair practices. Yet its success stems from the powerful—and proven—business model of its parent company, Pinduoduo, which started as an online marketplace for fresh fruit…

    In just two years, the Chinese e-commerce platform Temu has emerged as a key contender in the global marketplace. In France, it ranked as the fifth most-visited online commerce platform in October 2024. At the heart of this remarkable achievement are its ultra-low prices, which many observers argue are made possible only through questionable practices, such as poor product quality, dumping, aggressive marketing, and deceptive trade tactics.
    Despite widespread skepticism over its long-term viability, Temu continues to invest heavily in advertising and market penetration, challenging an e-commerce sector where no new player has made a significant breakthrough in the past decade. While other online retailers, like AliExpress and the fashion giant Shein, have disrupted Western markets with similar cutthroat pricing strategies, only Temu has done what few believed possible: outperforming Amazon, the long-standing gold standard for competitive pricing.

    From factory to global store

    Temu’s pricing policies are not revolutionary in China. The platform closely follows the business model of its parent company, Pinduoduo (or PDD Holdings). As Pinduoduo’s international arm, Temu represents China’s ambition to transition from being the world’s factory to becoming the world’s store. Its low prices are not a temporary launch tactic but a fundamental pillar of its long-term strategy.

    Established in Boston in September 2022, Temu is an offshoot of the Chinese e-commerce giant Pinduoduo, founded in 2015 following the success of Pinhaohuo. Introduced by Colin Huang in April that year, Pinhaohuo used WeChat’s group-buying model to sell bulk orders of fresh fruit. Its rapid growth led to the creation of Pinduoduo, which disrupted China’s e-commerce market—long dominated by JD.com and Alibaba—before expanding globally through Temu. Today, Temu operates in 79 countries.

    Reverse auctions and consigned inventory: driving down prices

    At the heart of Temu’s pricing strategy is the Consumer-To-Manufacturer (C2M) model, introduced by Pinduoduo in March 2023. This approach utilizes reverse auctions, where Temu solicits bids from manufacturers, forcing suppliers to compete by offering the lowest possible prices. PDD Holdings sets final product prices and profit margins, and manufacturers deliver products directly to Pinduoduo’s warehouses in China, eliminating the need for Temu to purchase or hold stock. Instead, manufacturers bear storage costs and must take back any unsold items. Payments are typically made quarterly, further easing Temu’s financial burden. In essence, Pinduoduo operates a consigned inventory model.

    Reverse auctions enable Temu to secure the lowest possible prices from the outset, with Pinduoduo’s logistics expertise allowing for rapid order consolidation, creating economies of scale that particularly benefit smaller manufacturers who, without Pinduoduo, would struggle to achieve such demand levels. Additionally, by pooling shipping logistics, Pinduoduo further reduces total product costs compared to direct manufacturer sales.

    Creating a buzz on social media

    On the consumer side, Pinduoduo deploys its group-buying model to drive sales through social media trends. The name Pinduoduo roughly translates as “together, more savings, more fun,” reflecting its core strategy: the more buyers in a group purchase, the lower the price. This tactic has propelled Pinduoduo to become the world’s leading social commerce platform by user numbers, with 694 million users in China alone as of June 2024, according to XQuestMobile China.

    Beyond group purchasing, Pinduoduo has leveraged gamified (gamification) shopping features–widespread in Chinese business culture–to encourage impulse buying, a challenge for most online retailers.

    The company entered the market by strategically targeting overlooked consumer segments, focusing on lower-income shoppers in smaller cities and rural areas, rather than competing for wealthier urban customers dominated by JD.com and Alibaba. This approach led to rapid growth and profitability by 2021. By 2023, Pinduoduo, including Temu, reported $34.879 billion in revenue and a net income of $8.267 billion.

    A commission-free revenue model

    How does Pinduoduo generate revenue? By charging manufacturers for end-customer shipping logistics and marketing services such as product promotion, visibility, and platform placement. Logistics revenue accounts for 38% of the platform’s total earnings, while marketing services contribute 62%.

    Unlike Amazon and other online marketplaces, Pinduoduo does not take commissions on sales. Instead, it operates as a logistics and marketing service provider, facilitating distribution for manufacturers and managing logistics flows.

    This proven revenue framework is key to Pinduoduo’s highly competitive prices. Additionally, the company benefits from a favorable corporate tax rate in China–15% compared to the standard 25% for traditional businesses. By leveraging bulk purchasing, optimized marketing and logistics, and a commission-free structure, Pinduoduo can sustain its low-cost pricing strategy—much like its Chinese e-commerce rival, Shein.

    Favorable customs regulations

    Temu is duplicating the Pinduoduo model abroad. Within this framework, Temu benefits from the U.S. customs tariffs (Section 321 of the Tariff Act of 1930), that exempts goods valued under $800 from customs duties. The EU provides a similar exemption for items under €150 (Article 23 of Regulation 1186/2009). Most of Temu’s products fall below these thresholds, allowing them to be shipped duty-free.

    Within two years, Temu has onboarded over 200,000 retailers, shipped 4 million packages daily from 60 warehouses in China and attracted 467 million users worldwide by offering products 40% to 60% cheaper than Amazon. To rapidly grow its customer base and achieve self-sustaining critical mass in Europe and the U.S., Temu is investing heavily in product subsidies.

    Its online advertising strategy is equally aggressive, with substantial investments in social media ads on platforms like TikTok, Instagram, and Snapchat, as well as search engine ranking. While exact figures for these campaigns remain undisclosed, annual reports from PDD Holdings, show its marketing spend–including Temu’s–increased by 34% to approximately €10.7 billion in 2023, with an estimated $4 to 5 billion allocated to Temu alone.

    Temu’s marketing strategy and its slogan, “Shop like a billionaire,” follow the playbook of major digital platforms, where sustained subsidies drive demand and fuel viral engagement. In such models, economies of scale are directly tied to consumer demand—a concept known as the demand-side economy of scope.

    High logistics costs

    Expanding the Pinduoduo model internationally comes with logistical challenges, particularly due to the higher shipping costs of air freight delivery from China, making the current international model vulnerable to potential losses.

    To address this, Temu began transitioning to a new operating model in March 2024, gradually shifting from its initial fully managed approach to a semi-managed one. Under this model, Temu-represented merchants ship products via ocean freight to U.S. warehouses for local distribution.

    Additionally, Temu has engaged the Chinese diaspora in the U.S. to operate “family warehouses” from their homes, including apartments and garages, providing storage, labeling, and shipping services at competitive rates. This strategy attracts smaller merchants who cannot afford large warehouse facilities. It also demonstrates how retailers are adapting to Temu’s evolving logistics model, with the platform primarily managing purchasing and pricing.

    However, Temu has introduced a traditional model, where sellers set their own prices much like eBay, AliExpress, and Amazon. Already rolled out across several European countries, including the UK, Germany, Spain, and France, the model could challenge Temu’s ability to sustain its ultra-low prices.

    If Temu transitions into a more conventional marketplace, how will its low-cost offerings stack up against Amazon? Temu has disrupted the online retail landscape, but can its aggressive pricing strategy stand the test of time?

    Henri Isaac est membre de Renaissance Numérique.

    – ref. The secret behind Temu’s rock-bottom prices – https://theconversation.com/the-secret-behind-temus-rock-bottom-prices-249231

    MIL OSI – Global Reports –

  • MIL-OSI: Vetty Names Industry Expert Jason Putnam as CEO

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 18, 2025 (GLOBE NEWSWIRE) — Vetty, the one-stop shop hiring acceleration platform, today announced that Jason Putnam has joined the company as CEO, effective immediately. The appointment marks a new phase in Vetty’s continued expansion, with the company accelerating growth at 78 percent year over year while maintaining high customer satisfaction ratings. Putnam succeeds Reddy Karri, who will remain with the organization as an advisor.

    Krishna Kunapuli, CEO & General Partner at 3Lines Venture Capital, commented, “Jason is the ideal leader for where Vetty is in its journey, combining a knowledge of the industry and the technology with an understanding of this customers’ unique needs. This will allow Jason to assess new areas of opportunity quickly.”

    Bringing more than 25 years of experience to the role, Putnam will set the strategic vision and direction for the next chapter of Vetty. Renowned for his ability to scale businesses, Putnam most recently served as Chief Revenue Officer at Plum, the revolutionary talent assessment platform and before that, as Senior Vice President and General Manager for the Enterprise Business Unit of PandoLogic, where he increased its business pipeline 6X and helped manage the company’s acquisition by Veritone. Throughout Putnam’s career, he has repeatedly grown businesses to successful exits, holding strategic positions at BountyJobs (since acquired by Recruiter.com), Noesis Financing (acquired by LeaseQ), Oodle (acquired by QVC), Jobfox (acquired by Doostang) and KnowledgeStorm (acquired by TechTarget).

    “Jason’s career speaks for itself, and he brings a wealth of experience in our category and a proven track record of success to Vetty,” said Subrat Nayak, company Founder, Chief Product Officer & Executive Chairman. “He knows what it will take for Vetty to continue delivering an exceptional product as we expand our customer base – and will ensure we do.”

    “Joining the Vetty team is an incredible opportunity, given what the company offers and where the industry is right now,” said Putnam. “Having spent most of my career in HR and recruiting technology, I have watched its evolution firsthand. What Vetty offers is unlike other platforms I’ve seen, from the product sophistication to the depth of partnerships and integrations, making this the perfect moment to join the team and bring Vetty to a wider audience.”

    ABOUT VETTY
    Vetty is a one-stop shop hiring acceleration platform where companies can expeditiously complete their screening, credentialing, hiring and onboarding of prospective candidates. Companies count on Vetty to accelerate the time from offer to active and deliver hard ROI. Learn more at https://vetty.co.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fb634b74-eabe-4b8a-9470-2f95843b2d89

    The MIL Network –

  • MIL-OSI: Transocean Ltd. Announces CEO Succession Plan

    Source: GlobeNewswire (MIL-OSI)

    STEINHAUSEN, Switzerland, Feb. 18, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today announced its plan for key leadership changes pursuant to the company’s multi-year succession planning strategy. As part of this plan, Keelan Adamson, the company’s President and Chief Operating Officer, will become President and Chief Executive Officer following a transition period, which is expected to conclude during the second quarter of 2025. Mr. Adamson will succeed Jeremy Thigpen, who has led Transocean as Chief Executive Officer since 2015. Mr. Adamson is also expected to be nominated to join the Board of Directors at the company’s 2025 annual general meeting of shareholders.

    Mr. Thigpen will continue serving as Chief Executive Officer until Mr. Adamson’s appointment and will continue his service as a member of the company’s Board of Directors through his current term. Thereafter, subject to shareholder approval at the 2025 annual general meeting, Mr. Thigpen is expected to be appointed as Executive Chair of the Board of Directors, and Mr. Chad Deaton, Transocean’s current Chair of the Board, will transition to Lead Independent Director.

    “Keelan is an experienced executive who has a deep understanding of our business, our customers and our industry,” Mr. Deaton said. “Throughout his three decades with Transocean, where his experience has taken him from the drill floor to the executive level, Keelan has helped to shape the foundation of the company and position Transocean for sustained success as the industry’s market leader. This transition represents the culmination of a key part of our multi-year, rigorous and thoughtful succession plan designed to develop internal talent and maintain business and leadership continuity.  Keelan is well-prepared for this opportunity.” 

    Mr. Deaton continued, “On behalf of the entire Board, I would like to recognize and thank Jeremy for leading Transocean through the most challenging market in the history of offshore drilling. He guided Transocean as we transformed our fleet through opportunistic asset transactions, as well as the acquisition of two major competitors; under his leadership, we placed into service the most technologically advanced rigs in the world, including the first 8th generation, 20K drillships. He oversaw the continuation of Transocean’s legacy for leading the industry in innovation, with the application of new technologies that improve the safety, reliability and efficiency of our operations. Jeremy’s contributions and leadership have been recognized and appreciated by the entire industry, and we look forward to his continued work with Transocean as he transitions into his new role.” 

    Mr. Adamson has served as Transocean’s President and Chief Operating Officer since February 2022. Prior to that time, he served as the company as Executive Vice President and Chief Operations Officer from August 2018 to February 2022, as Senior Vice President, Operations from October 2017 to July 2018, and as Senior Vice President, Operations Integrity and HSE, from June 2015 to October 2017. As part of his responsibilities during this period, Mr. Adamson oversaw the company’s Technical Services team from May 2016 to October 2017. He also served as the company’s Vice President, Human Resources from December 2012 to May 2015, and has held other executive positions with the company, including as the Vice President overseeing Major Capital Projects and Engineering. He joined Transocean in 1995 and has held rig management positions in the United Kingdom, Asia and Africa, sales and marketing leadership roles, and served as the Managing Director for the company’s business in North America, Canada and Trinidad. Mr. Adamson earned a bachelor’s degree in Aeronautical Engineering from The Queens University of Belfast and completed the Advanced Management Program at Harvard Business School.

    “I am honored by and grateful for the opportunity to lead Transocean and its talented and dedicated workforce,” said Mr. Adamson. “With the highest specification fleet in the industry and the unparalleled experience of our offshore crews and shore-based support personnel, we are well-positioned for success. As I work alongside the entire Transocean team as CEO, we will maintain a sharp focus on executing our business strategy – delivering enhanced shareholder value by optimizing operations, safely and efficiently meeting our customers’ objectives and meaningfully reducing our debt. It is an honor to succeed Jeremy, who skillfully guided Transocean through an unprecedented industry downturn and prepared it for the opportunities that we are realizing today.”

    In reflecting on his tenure as Chief Executive Officer, Mr. Thigpen said, “The trust and support the Board and the entire Transocean team provided during my tenure as CEO helped assemble an impressive team that operates the industry’s most technologically advanced assets, while executing on strategies that preserved and enhanced shareholder value. Transocean is a resilient and strong organization, made stronger by leaders like Keelan whom I have had the pleasure of working closely with for the past decade. Keelan is the right person to lead Transocean as we build upon the company’s position as the leader in offshore drilling.”

    About Transocean

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

    Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

    Forward-Looking Statements

    The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are beyond our control, and in many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, the cost and timing of mobilizations and reactivations, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward-looking statement is based, except as required by law. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com. 

    This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

    Analyst Contact:
    Alison Johnson
    +1 713-232-7214

    Media Contact:
    Pam Easton
    +1 713-232-7647

    The MIL Network –

  • MIL-OSI Economics: Young innovators shine: Meet the finalists of the Verizon Unloc Young Entrepreneurs Challenge

    Source: Verizon

    Headline: Young innovators shine: Meet the finalists of the Verizon Unloc Young Entrepreneurs Challenge

    LONDON, U.K. – Five young entrepreneurs have been named as finalists in the latest Young Entrepreneurs Challenge (YEC), an initiative launched by Verizon and Unloc.

    The challenge, now in its seventh year, aims to discover the business leaders of tomorrow by tasking young European entrepreneurs between the ages of 16 and 25 to devise a tech-led business idea that addresses a key industry or societal issue.

    This year’s challenge has brought to light a number of business models that tackle current sustainability and healthcare challenges including water restoration robots, biodegradable textiles from kombucha by-products, reforestation hexapod robots, a floating solar solution and a robotic glove for stroke rehabilitation. The team received over 100 competitive and innovative business ideas from a wide range of countries across Europe including the UK, Ireland, Spain, Italy, France, Germany, Switzerland, Belgium, Greece, Slovakia, Turkey, Portugal, Austria, Ukraine, Bulgaria, Estonia and Poland.

    “Throughout the past seven years, the Young Entrepreneurs Challenge has been a brilliant opportunity to discover young and promising talent across Europe. There is nothing like the imagination and innovation of a young mind. The YEC serves as a platform to help bring their ideas to life,” said Sanjiv Gossain, General Manager and Head of EMEA for Verizon Business.

    “Young entrepreneurs in Europe often face hurdles and scepticism in accessing funding and mentorship. Verizon Business is proud to play a small role in helping this next generation of tech leaders stay a step ahead in the industry, as they work to make a positive impact around the world.”

    “We are in an era where technological innovation is crucial for tackling complex challenges in sustainability, climate change, and health. Investing in the next generation of leaders and their ideas is essential to addressing these issues,” said Hayden Taylor, Co-Founder and Chief Executive of Unloc. “Each year, we are amazed by the ingenuity of young entrepreneurs and are impressed to see the innovative ideas submitted for the Young Entrepreneurs Challenge.”

    The five finalists will now compete head-to-head in a grand finale held in March 2025, pitching their business concept live to a panel of expert judges and invited guests representing both the worlds of business and education.

    The winner receives £10,000 (€11,750*), mentorship and a technology support package to help kickstart their business. In addition, the winner will also receive a ticket to attend the Global One Young World 2025 Munich Summit.

    Each runner-up will receive £977 (€1175) to fund their start-up business, a personalised development plan that focuses on key priorities, and access to a series of masterclasses over the next year that will pair the finalists with various industry experts.

    Here are the 2025 finalists:

    Aleksandra Daniljuk – AquaRenew

    Aleksandra aims to address the global environmental crisis of water pollution caused by excess nitrogen and phosphorus in water bodies. Her solution involves small, solar-powered robots that use wire meshes to collect harmful algae blooms, release oxygen through air stones to combat oxygen depletion, and utilise zeolite biofilters to absorb excess nutrients, thereby preventing further eutrophication.

    The key selling point is its self-sustaining business model. The collected algae will be sold to businesses that convert them into biofuels and other sustainable products, creating a revenue stream to fund more robots. This approach not only restores aquatic ecosystems but also fosters sustainability and generates economic value.

    Aleksandra’s solution also aligns with the UN SDG 14: Life Below Water, promoting ecological restoration and sustainability.

    Luisanny Martinez – Skomby by Tex

    Skomby by Tex is a solution to modern challenges in fashion and sustainability that offers a sustainable, biodegradable material made from kombucha fermentation by-products. The eco-friendly alternative to traditional leather and textiles is crafted from bacterial cellulose, offering a lightweight, durable, and unique texture. 

    The material is 100% biodegradable and compostable, and can even be reused as planting capsules. To further enhance the sustainable model of the business, the team uses natural dyes like turmeric, spirulina, and saffron, ensuring no toxic chemicals are involved.

    Skomby by Tex collaborates with local kombucha producers in order to reduce waste and emissions. Luisanny’s long-term vision is to scale production while maintaining low-impact manufacturing practices, such as sun drying and ambient-temperature fermentation.

    Marta Bernardino – Trovador

    The precision reforestation market is projected to reach $9.77 billion by 2033, growing at a 5.74% CAGR, with high demand from the private sector. Recognising a billion-dollar opportunity, Marta developed Trovador, a reforestation robotics company that combats climate change by planting trees in hard-to-reach areas. Unlike drones, which have a low survival rate for seeds, Trovador’s hexapod robots plant saplings with a 90% survival rate. These AI-driven robots navigate challenging terrains like cliffs and slopes, ensuring effective reforestation.

    Trovador’s unique hexapod design preserves essential soil conditions for sapling survival and operates autonomously, overcoming obstacles in real-time. This innovative approach supports sustainability by providing rural communities with a safe, efficient reforestation solution, aligning with several UN Sustainable Development Goals.

    The service is quite simple and self-explanatory: clients select the planting site, the robot is deployed, and reforestation is monitored remotely. With just £2.5 (€3) per tree, Trovador is 30% more affordable than traditional methods, while excelling in speed, safety, and sustainability.

    Sebastiaan Schalkwijk – Solar Sub

    Solar Sub’s floating solar solution revolutionises renewable energy by placing solar panels on water bodies, maximising land use and harnessing natural cooling. This approach enhances system efficiency, increasing energy yield by up to 27% compared to traditional solar systems.

    Solar Sub’s advanced cooling technology and optimal panel positioning improve efficiency and durability, reducing operational costs and extending the lifespan of solar installations. This innovation sets Solar Sub apart from competitors facing issues with panel overheating and degradation.

    Sebastiaan adopts a licensing business model which allows rapid scaling without significant capital investment. This reduces upfront costs and risks, enabling us to focus on strategic partnerships. His model has gained traction with support from key industry players, confirming market interest and feasibility.

    Zain Sumdani – Exoheal

    Exoheal addresses the global shortage of physiotherapists and the inaccessibility of effective therapy with a robotic glove and a machine-learning-powered app. This solution delivers personalised, real-time therapy, enabling stroke recovery from home. Early trials show a 50% improvement in recovery time compared to traditional methods.

    Exoheal app connects patients with hospitals and clinics, allowing remote monitoring and real-time feedback. Its modular design and scalable production ensure affordability and the ability to meet global demand.

    By 2028, Zain and his team aim to transform 100,000 lives, saving governments $178 million in healthcare costs and enabling $16 million in inpatient earnings.

    For more information on the Young Entrepreneurs Challenge visit: youngentrepereneurschallenge.com

    About Unloc

    Unloc was founded in 2013 by award-winning young leaders and advocates Hayden Taylor and Ben Dowling. Our mission is to empower young people to be innovative changemakers who seek to build stronger communities and sustainable businesses. We develop young people’s skills, enhance their potential and boost their determination to succeed. This is encapsulated in our ‘Developing Young Potential’ tagline. We work towards our mission by delivering inspiring educational programmes in our growing network of schools and colleges, our physical Changemaker Studios spaces in Portsmouth and London, and work with business leaders to deliver a range of programmes that help us achieve our mission. For more information about Unloc visit www.unloc.org.uk

    MIL OSI Economics –

  • MIL-OSI Economics: Christopher J Waller: Disinflation progress uneven but still on track rates cuts on track as well

    Source: Bank for International Settlements

    Thank you, Bruce, and thank you for the opportunity to speak to you today. It’s great being back in Sydney and seeing old friends-like the Opera House!

    As I look at the U.S. economy today, I see that the real side is doing just fine but progress on lowering inflation has come in fits and starts.1 After two good months of inflation data for November and December, January once again disappointed and showed that progress on inflation remains uneven. I continue to believe that the current setting of monetary policy is restricting economic activity somewhat and putting downward pressure on inflation. If this winter-time lull in progress is temporary, as it was last year, then further policy easing will be appropriate. But until that is clear, I favor holding the policy rate steady.

    Spending by households and businesses has proved to be resilient, we have solid growth in real gross domestic product (GDP) and the latest data on employment, including revisions to most of 2024, support the view that labor market is in a sweet spot. Meanwhile, last week’s January inflation data have a similar feel to that of January 2024, albeit to a smaller degree; they surprised on the high side and raised concerns that the progress we made in pushing inflation toward our 2 percent goal would stall out. But once we got past the first quarter of last year, we did see continued progress in reducing inflation in the latter part of the year. The question now is if we will see progress again later this year, as we did in 2024.

    Progress on inflation is an important consideration in policymakers’ judgment about whether monetary policy needs adjustment in the near term. The continued solid labor market is one reason why I supported the Federal Open Market Committee’s (FOMC) decision at the end of January to hold our policy rate steady. After two good inflation reports for November and December there was concern about a January bounce back in inflation. So based on good labor market data and concerns about a seasonal shock to inflation not fully adjusted in the data, I felt it was prudent to stand pat at our January meeting. Given last week’s inflation report, that concern was warranted.

    Let me pause here for a moment to address some commentary after the FOMC meeting that cited uncertainty about the new Administration’s policies as a leading reason for that decision. We must keep in mind that there is always a degree of uncertainty about economic policy, and we need to act based on incoming data even when facing great uncertainty about the economic landscape. We have done this in the past and will continue to do so in the future.

    Let me provide two recent examples where the FOMC acted in the face of great uncertainty. In March 2022, inflation was roaring, and rate hikes were on the table. Then Russia invaded Ukraine, which created tremendous economic uncertainty around the globe. Not only did the FOMC raise the policy rate in March 2022 for the first time since 2019, but in subsequent meetings we also implemented large rate hikes for several meetings. We could not wait for uncertainty about the war to be resolved.

    The second episode was in March of 2023 when stresses emerged in the U.S. banking system, stemming in part from the failures of Silicon Valley Bank and Credit Suisse, with the latter occurring the weekend before our March FOMC meeting. There was great uncertainty as to whether these events would lead to financial instability and a significant contraction of credit that could trigger a recession. Many forecasters projected a recession would hit in the second half of 2023 as a result. Consequently, there were calls to stop hiking the policy rate due to a tremendous amount of financial and banking uncertainty. But the Federal Reserve worked in concert with other government agencies and used its financial stabilization tools to deal with the banking issues and continued raising the policy rate to deal with inflation.2 So the moral of this story is that monetary policy cannot be put on hold waiting for these types of uncertainty to resolve.

    Putting uncertainty aside, let me turn to my view of the economic data. As I noted, real GDP continued to grow solidly in the fourth quarter, at a pace of 2.3 percent, and would have been nearly 1 percentage point stronger without a reduction in inventories, which tend to be volatile. Personal consumption expenditures (PCE), which are typically two-thirds of GDP, grew a robust 4.2 percent in the fourth quarter. As was noted in the Fed’s latest Monetary Policy Report to Congress, households have a solid level of liquid assets to sustain their spending. Based on the limited data we have for the first quarter of 2025 this solid growth seems to be continuing. The employment report for January, which I will focus on in a moment, indicated a continued strong labor market, which should support consumption. Retail sales are reported to have fallen back in January after a strong rise in December, but given how volatile these data can be, and given that the cold weather in January probably held down sales, I’m not putting much weight on that reading for the time being. Business sentiment, as reflected in surveys of purchasing managers in both manufacturing and non-manufacturing, was among the most consistently positive in a while. The index for manufacturing businesses was 50.9, the first time since October 2022 that these results topped 50, as sentiment indicators about orders, production, and employment were all expanding. The corresponding index for the large majority of businesses outside manufacturing also indicated expansion, as it has for some time. The Blue Chip consensus of private forecasters and the Atlanta Fed’s GDP Now forecast based on the data in hand predict growth this quarter similar to that of the end of last year. To circle back to my message earlier, many people predicted that tariffs proposed by the Administration on February 1 would have a significant effect on trade and consumption in the first quarter, not to mention prices, but after the postponement of some of those tariffs, it is unclear to me if and when that might show up in the data. I will, of course, be watching closely, but I haven’t altered my outlook based on what has been implemented to date.

    As I noted earlier, data on the labor market indicate that it is in a good spot, with employers having an easier time filling jobs than earlier in the expansion but with still ample demand for new workers and new jobs being created. The unemployment rate ticked down to 4 percent, which is just about where it has been for the past year. Employers added a net 143,000 jobs in January, down some from a 204,000 average for the final three months of 2024 but right around the 133,000 average for the quarter before that. Two factors that may have held down this number a bit were cold weather and the fires in Los Angeles, which prevented thousands of people from getting to or performing their jobs. Beyond payrolls, the ratio of job vacancies to the number of unemployed people stands at 1.1, close to the level before the pandemic.

    Wage growth continues to be strong, and it has considerably outpaced price increases, but is down from two years ago, and for a few reasons, I don’t judge recent data as indicating that wages are a factor preventing inflation from making continued progress toward 2 percent. Though the January reading of average hourly earnings was a bit elevated, this series is pretty volatile and the reading may have been held up by weather-related issues. Smoothing through the monthly fluctuations, we see wage growth fairly steady at 4 percent a month over the past year. Broader measures of worker compensation show a more distinct moderation in growth. The Labor Department’s employment cost index has fallen gradually but consistently from 4.2 percent at the end of 2023 to 3.8 percent at its last reading.

    As for whether 4 percent wage growth is consistent with 2 percent inflation, I will note, as I have before, that productivity has grown at roughly a 2 percent annual rate since the advent of the pandemic-and slightly faster than that in 2023 and 2024. Unless that productivity trend changes a lot, wage growth is consistent with bringing inflation down to 2 percent.

    Turning to inflation, last week’s data taken as a whole were mildly disappointing but not nearly so disappointing as a focus on the consumer price index (CPI) alone would have indicated. Total CPI inflation for January came in hot at 0.5 percent, and core was 0.4 percent, which brings the 12-month changes to 3.0 percent and 3.3 percent, respectively. These 12-month readings are lower than we had in January 2024, so we have made some progress over the past year, but they are still too high.

    However, we also received producer price data last week, and, combining that information with the CPI data, forecasts for January PCE inflation aren’t as alarming as the CPI inflation data. Estimates for total PCE inflation, the FOMC’s preferred measure, are about 0.3 percent and that for core PCE inflation was around 0.25 percent. These numbers will mean a bump-up in the monthly pace of core inflation of about one-tenth of 1 percentage point from readings of under 0.2 percent in November and December. And this would leave the 12-month and 6-month average core PCE inflation around 2.6 percent and 2.4 percent, respectively. These rates are lower than where they stood in January 2024, which is good, but progress has been slower than I expected on reducing inflation to our 2 percent target.

    As a policymaker, I rely on these data to help me judge how close we are to meeting our inflation target. And I’m thinking hard about how to interpret these recent numbers because there seems to be some pattern over the past few years of higher inflation readings at the start of the year. This pattern brings into question whether the inflation data have “residual seasonality,” which means that statisticians have not fully corrected for some apparent seasonal fluctuations in some prices. Many firms reset their prices at the beginning of each year, and the Commerce Department tries to factor this in, but even after this adjustment, there is a consensus among economists that some seasonality remains. Incidentally, this probably isn’t just a problem in January. Some recently updated research by the Fed staff shows that inflation in the first months of the year has been higher than in the second half for 16 of the last 22 years.3 I’m alert to this issue and will watch the data over the next few months to evaluate if we are having what looks like a repeat of high first quarter inflation data that could be followed by lower readings later in the year.

    Before I get to my outlook for monetary policy, I want to address a topic of some debate recently, which is the divergence between long-term interest rates and the FOMC’s policy rate since we started cutting rates in September. While the FOMC has reduced the policy rate 100 basis points since then, yields on the benchmark 10-year Treasury security have increased by a noticeable amount. In theory, longer-term rates should follow the expected path of the overnight policy rate set by the FOMC. But this relationship is based on the classic economic assumption of ceteris paribus, or “all other factors remaining constant.” The 10-year Treasury security trades in a deep, liquid global market, and its yield is affected by a variety of factors other than the path of the policy rate. This means that all other factors are not constant and that the 10-year Treasury yield may not follow the federal funds rate.

    Perhaps the most famous example of the divergence of market interest rates and policy rates began in the mid 2000’s. The FOMC was tightening monetary policy from 2004 to 2006 and raised the policy rate 425 basis points. Over that time, Treasury yields barely moved. This was so surprising that Fed Chairman Alan Greenspan referred to it as a “conundrum.” At about the same time, future Chair Ben Bernanke identified what he called a “global savings glut” that was pushing up foreign demand for Treasury securities and putting downward pressure on yields. Over time, this has come to be seen as a significant factor for the conundrum then and as a factor for low Treasury yields subsequently. This example is just to illustrate that the 10-year Treasury yield may not respond to the policy rate as expected because of a variety of factors that are beyond the control of the FOMC.

    So, what does my economic outlook mean for monetary policy? The labor market is balanced and remarkably resilient. If you want an example of a stable labor market with employment at its maximum level, it looks a lot like where we are right now. On the other side of the FOMC’s mandate, inflation is still meaningfully above our target, and progress has been excruciatingly slow over the last year. This tells me that we should currently have a restrictive setting of policy, as we do-to continue to move inflation down to our goal-but that setting should be getting closer to neutral as inflation moves closer to 2 percent and should allow the labor market to remain in a good place.

    So for now, I believe a pause in rate cuts is appropriate. Assuming the labor market continues to be in rough balance, I can wait and see if the higher inflation readings in January moderate, as they have in the past couple of years. If so, I’ll have to decide if this reflects residual seasonality that will go away later in the year and if the underlying trend in inflation is toward 2 percent, or if there is a different issue holding up inflation and how that may play out. Whichever case it may be, the data are not supporting a reduction in the policy rate at this time. But if 2025 plays out like 2024, rate cuts would be appropriate at some point this year.

    And while we are waiting on data to understand how the economy is moving relative to our objectives, we will learn more about Administration policies. My baseline view is that any imposition of tariffs will only modestly increase prices and in a non-persistent manner. So I favor looking through these effects when setting monetary policy to the best of our ability. Of course, I concede that the effects of tariffs could be larger than I anticipate, depending on how large they are and how they are implemented. But we also need to remember that it is possible that other policies under discussion could have positive supply effects and put downward pressure on inflation. At the end of the day, the data should be guiding our policy action-not speculation about what could happen. And if the incoming data supports further rate cuts or staying on pause, then we should do so regardless of how much clarity we have on what policies the Administration adopts. Waiting for economic uncertainty to dissipate is a recipe for policy paralysis.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: TRIFED and Tea Trunk sign MoU to bolster Tribal economy

    Source: Government of India (2)

    Posted On: 18 FEB 2025 4:19PM by PIB Delhi

    In a significant move to expand the market outreach of tribal products, Tribal Cooperative Marketing Development Federation of India Ltd (TRIFED), under the Ministry of Tribal Affairs, has entered into a strategic partnership with Tea Trunk, a house of finest Indian tea leaves and unique blends. A Memorandum of Understanding (MoU) was signed here on February 17, marking a pivotal step in ensuring the availability of tribal products in the mainstream retail market, catering to a much bigger customer base.

    The MoU was signed in the presence of Union Minister of State for Tribal Affairs Shri Durgadas Uikey and Managing Director of TRIFED Shri Ashish Chatterjee during the ongoing flagship event ‘Aadi Mahotsav’, being held at Major Dhyan Chand National Stadium in the National Capital from 16 to 24 February 2025. The MoU was exchanged between TRIFED General Manager Shri Sandeep Pahalwan and Ms Snigdha Manchanda, Founder & CEO, Tea Trunk.

    The primary objective of this collaboration is to boost the tribal economy by leveraging Tea Trunk’s market presence and providing a wider choice of products to its existing customer base. This collaboration will ensure sustainable economic development for tribal producers and provide them with skill development and capacity-building opportunities.

    The TRIFED has been organsing “Aadi Mahotsav – National Tribal Festival” to provide direct market access to the tribal master-craftsmen and women in large metros and State capitals. The theme of the festival is “A Celebration of the Spirit of Entrepreneurship, Tribal Craft, Culture, Cuisine and Commerce”, which represents the basic ethos of tribal life.

    President of India Smt Droupadi Murmu had inaugurated the festival on February 16, 2025 in the august presence of Shri Jual Oram, Union Minister for Tribal Affairs; Shri Durga Das Uikey, MoS Tribal Affairs; Ms. Bansuri Swaraj, Member of Parliament, New Delhi.

    About TRIFED:

    * TRIFED is an organization under the Ministry of Tribal Affairs, Government of India, dedicated to the socio-economic development of tribal communities through the marketing development of tribal products.

    About Tea Trunk:

    * Tea Trunk is a premium tea brand based in Goa that sells unique blends of Indian tea leaves, spices, handicrafts, etc. It offers a myriad of teas such as detox and digestion, immunity boosting, calm and de-stressing, anti-ageing, weight loss, etc.

     

    PSF/DK

    (Release ID: 2104365) Visitor Counter : 13

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Shri Bhupender Yadav inaugurates a day-long conclave – ‘Waste Recycling and Climate Change 2025’

    Source: Government of India

    Union Minister Shri Bhupender Yadav inaugurates a day-long conclave – ‘Waste Recycling and Climate Change 2025’

    Industry-wide adoption of Circular Approaches is critical to driving Sustainable Growth and Resource Efficiency: Shri Bhupender Yadav

    Four Key Strategies for a Successful Circular Economy highlighted – Redesigning Products for Circularity; Investment in Advanced Recycling Technologies; Strengthening Supply Chain Collaboration; Consumer Awareness and Behavioral Change

    Posted On: 18 FEB 2025 3:43PM by PIB Delhi

    Union Minister for Environment, Forest and Climate Change, Shri Bhupender Yadav today inaugurated a day-long conclave organized by the Recycling and Environment Industry Association of India (REIAI), on ‘Waste Recycling & Climate Change 2025’.

     

    Addressing the inaugural session, the Union Minister stated, “India generates around 62 million tonnes of waste annually, with plastic, electronic, and hazardous waste growing rapidly. The traditional linear economic model of take, make, and dispose is no longer sustainable. The increasing pressure on landfills, depletion of natural resources, and environmental damage from unchecked waste disposal require urgent action. The circular economy is not just an alternative; it is essential. It marks a fundamental shift in how we produce, consume, and manage materials”. A well-functioning circular economy not only conserves natural resources but also fosters industrial innovation, economic competitiveness, and job creation, he stated.

    Shri Yadav said that under the visionary leadership of Prime Minister Shri Narendra Modi, India is shifting from waste management to harnessing the economic potential of recycling through waste to wealth initiative. “The circular economy has a major role in the future including reducing, reusing, and recycling at every stage, from product design to end-of-life management. Waste should not be treated as a burden but as a resource. Adopting sustainable practices is crucial for achieving economic resilience, environmental sustainability, and social security”, he added.

     

    The Minister further stated that by the year 2050 India’s circular economy is expected to have a market value of $2 trillion and create 10 million jobs. It a big opportunity for start-ups and new recycled product developers. It is important to align this growth with environmental sustainability, drawing inspiration from nature’s efficient recycling systems as nobody recycles like Nature, he added.

    Shri Yadav urged the recycling industry in the country to develop and adopt newer innovative technologies for reducing dependence on natural resources as well as cutting down imports of critical minerals needed for economic growth. “Adopting circular economy principles can bring tremendous economic benefits. This shift towards resource efficiency aligns seamlessly with our national vision of Atmanirbhar Bharat, enhancing the competitiveness of Indian industries in global markets”, the Minister added.

     

    The Minister informed that the Ministry has been instrumental in formulating policies and regulations, including Extended Producer Responsibility (EPR) frameworks, that incentivize recyclers and integrate the informal sector into formal recycling systems. These initiatives aim to streamline waste management and promote eco-friendly production across industries. The Ministry has notified a number of market-based Extended Producer Responsibility (EPR) Regulations, including those on e-waste, end-of-life vehicles, plastic packaging, waste tyres, waste batteries, used oil. The revenue earned by registered recyclers from sale of EPR certificates is additional profit earned over and above the profit generated from the sale of recycled product, he added.

    Shri Yadav said that the government has laid down the policies but Industry-wide adoption of circular approaches is critical to driving sustainable growth and resource efficiency. The Minister highlighted 4 key strategies in this direction:

    1. Redesigning Products for Circularity: Companies must move beyond single-use models and design products for recyclability. The integration of biodegradable, reusable, and modular components will help extend product life cycles and reduce waste.
    2. Investment in Advanced Recycling Technologies: Adoption of emerging technologies can transform waste management systems, thereby improving recovery rates.
    3. Strengthening Supply Chain Collaboration: Businesses need to collaborate across the value chain to optimize resource utilization, create closed-loop production systems, and build markets for secondary raw materials.
    4. Consumer Awareness and Behavioural Change: Circularity requires active consumer participation. Industries must invest in campaigns to engage consumers, incentivize recycling, and promote sustainable consumption behaviours.

     

    Dr Amandeep Garg, Additional Secretary, Ministry of Environment, Forest and Climate Change and Chairman, Central Pollution Control Board (CPCB) said, “There is a huge gap and huge potential to work towards waste recycling system, as the role of recycling industry is important cut imports of various critical products needed for economic growth”. Corporate houses should lead the transition to a circular economy by incorporating recyclable designs, promoting sustainability in dealership operations, and enhancing consumer awareness, he added.

    The event witnessed the presence of Dr. Ashok Kumar, President, Recycling and Environment Industry Association of India and subject experts from the industry and about 200 delegates environmental scientists, waste management professionals and policymakers.

    Link to Union Minister’s Address: https://x.com/byadavbjp/status/1891738588506882540?t=DJBoZWZnfkxUliS4sdOkLw&s=08

     

    *****

     

    VM/GS

    (Release ID: 2104349) Visitor Counter : 47

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: WAVES Trailer Making Competition

    Source: Government of India

    WAVES Trailer Making Competition

    Where Creativity Meets Cinema

    Posted On: 18 FEB 2025 3:36PM by PIB Delhi

    Where Creativity Meets Cinema

    Introduction

    The WAVES Unlocking Creativity: Trailer Making Competition is an exciting opportunity for aspiring filmmakers to craft compelling trailers using Netflix’s extensive content library. As part of the Create in India Challenges under Pillar 4 (Films) of World Audio Visual & Entertainment Summit (WAVES), this competition encourages participants to reimagine iconic scenes or present fresh perspectives through the art of trailer-making. This pillar explores the world of filmmaking, production, and globalisation, offering a platform for participants to showcase their creative skills. Organized by the Federation of Indian Chambers of Commerce & Industry and Reskilll, with the Ministry of Information and Broadcasting and Netflix as the creative partner, the competition aims to inspire and equip the next generation of content creators.

    Taking place from 1-4 May 2025 at Jio World Convention Centre & Jio World Gardens in Mumbai, WAVES will be a landmark event for the Media & Entertainment (M&E) industry. Bringing together industry leaders, creators, and innovators, WAVES will serve as a global platform for discussions on emerging trends, opportunities, and challenges, while showcasing India’s creative potential on the world stage.

    At the heart of WAVES, the Create in India Challenges have emerged as a catalyst for creativity and innovation. With over 70,000 registrations from across the world, these challenges are empowering creators to push boundaries and redefine storytelling. As a flagship initiative of the Ministry of Information and Broadcasting, the challenges are fostering a dynamic ecosystem for content creation and collaboration, positioning India as a global hub for creative excellence.

    Eligibility and Judging Criteria

     

    1. The competition is open to students and aspiring filmmakers with a passion for video editing, filmmaking, or content creation. Applicants must be at least 18 years of age to participate.

     

    1. A panel of industry experts will evaluate trailers based on creativity, storytelling, technical execution, and overall impact. The screening process will take place in multiple rounds, with participants receiving feedback at various stages to help refine their submissions.

     

    Timeline

    Registration Details

    Registrations are currently open and will close on 31st March 2025. As of February 15, 2025, a total of 3,313 participants from around the world have registered. The competition has attracted a diverse group of entrants, including college students aspiring to be content creators and video editors, as well as working professionals exploring their passion or leveraging their experience as editors and creators.

    Register here: https://reskilll.com/hack/wavesficci/signup

     

    Prizes & Rewards

     

    Roadshows: Fueling Creativity and Competition

    Roadshows are central to the Trailer Making Competition, serving as key platforms to inspire and nurture creative talent. The recent stop at Guru Tegh Bahadur 4th Centenary Engineering College (GTB4CEC) was a testament to this mission, bringing hands-on learning and industry exposure to aspiring filmmakers. These roadshows build momentum toward the grand finale, equipping participants with the skills and confidence to craft compelling trailers.

    What Participants Experience:

    • Hands-On Workshops: Practical training in green screen editing, colour correction, and advanced video editing techniques.
    • Creative Challenge: Attendees craft engaging trailers based on provided themes, showcasing their storytelling and technical abilities.
    • Industry Insights: A panel of experts evaluates the trailers, offering valuable feedback to help participants refine their craft.
    • Showcase of Talent: A celebration of budding filmmakers and editors, strengthening the competition’s creative ecosystem.

    References:

    Click here to see PDF:

    Santosh Kumar/ Sarla Meena/ Saurabh Kalia

    (Release ID: 2104347) Visitor Counter : 69

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Enhance Strengths and Thrive through Innovation and Connectivity (with photos)

    Source: Hong Kong Government special administrative region

         The Commissioner of Customs and Excise, Mr Chan Tsz-tat, chaired Customs’ 2024 year-end press conference held at the Customs Headquarters Building today (February 18) to review the department’s law enforcement results and sustainability in the provision of trade and clearance facilitation during the year. Mr Chan also outlined that, while carrying on its fine tradition of providing simple and efficient customs clearance that makes Hong Kong a trading and logistic hub for different sectors, the department will actively adopt new technology, adjust enforcement strategies and reinforce collaboration with other customs administrations to enhance enforcement efficiency. Hong Kong Customs will continue its efforts to strengthen and uphold its leading role in customs affairs and combat cross-boundary crimes in the Asia-Pacific region.  

    Overall enforcement situation
    ———————————
     
         In 2024, a total of 31 242 cases were detected, an increase of 63 per cent from the 2023 figure. About 68 per cent of the cases are related to illicit cigarettes, followed by cases related to dangerous drugs and intellectual property rights infringement.

    Illicit cigarettes
    ——————
     
         On the anti-illicit cigarette operation front, the number of detected cases in 2024 increased by 80 per cent to 21 284 cases from 2023, with 614 million cigarettes seized, representing a 6 per cent drop as compared to the figure for 2023.

         The significant increase in the number of illicit cigarette cases stemmed from a huge surge in cases involving inbound persons bringing in cigarettes exceeding the duty-free concessions by imposing a penalty on offences compoundable. Such cases rocketed by 94 per cent to 19 072 cases from 2023. Moreover, 40 large-scale illicit cigarette smuggling cases were detected last year, which was the same as 2023.

         In addition, 2 451 cases involving alternative smoking products, with seizures of over 12 million pieces of relevant products, including electronic cigarettes and heat-not burn products, and 2 255 arrestees in total, were detected last year.
     
    Dangerous drugs
    ——————-
     
         In 2024, 1 363 drug cases were detected, which was about the same as the 2023 figure. A total seizure of about 6.3 tonnes of drugs was made, representing a drop of 33 per cent from 2023.

         The five major drug seizures in order of quantity were cannabis (2 874.8 kilograms, a 22 per cent increase), ketamine (1 202.8kg, a 34 per cent decrease), methamphetamine (“Ice”) (1 111.7kg, a 50 per cent decrease), cocaine (711.4kg, a 64 per cent decrease) and MDMA (Ecstasy) (149.6kg, a 3 per cent decrease) compared to the figure for 2023.

         Customs noticed that drug syndicates resume to traffic drugs by exploiting inbound air passengers, and the number of such cases and seizure quantity showed a noticeable upward trend, with 113 relevant cases detected and 988kg drugs seized last year, representing an increase of 38 per cent and a 1.9-fold increase as compared to figures for 2023. Moreover, etomidate (the main ingredient of “space oil drug”) was put under control of the Dangerous Drugs Ordinance on February 14, and Customs has stepped up enforcement efforts to combat the dangerous drug on various fronts.
          
    Smuggling
    ————
     
         A total of 233 smuggling cases with a seizure value of $4.340 billion in total were detected last year, representing an increase of 5 per cent and 37 per cent from 2023 respectively.
          
         Smuggling syndicates still mainly conduct smuggling activities by sea. Apart from making use of barges, speedboats and fishing vessels, Hong Kong Customs also found criminals using river trade vessels to smuggle large amounts of goods to nearby Mainland cities and Macao, or even adopting more circuitous routes by shipping goods overseas and then re-exporting them to the Mainland to evade the department’s detection.

    Money laundering
    ——————–
     
         Customs last year detected eight money laundering cases with $19 billion involved.
     
    Intellectual property rights
    ——————————
     
         Customs detected 783 intellectual property rights infringement cases last year, representing an annual increase of 11 per cent. The seizure value of infringing items increased 7 per cent to around $309 million (4 million items) as compared to the figure for 2023.

         As for Internet infringement, 130 cases were detected, representing an increase of 29 per cent from 2023.

         Customs last year applied the “communication right” under the Copyright Ordinance for the first time to detect a case of unauthorised communication of live football matches to the public by a restaurant in the course of business.

    Consumer protection
    ————————

         Customs last year received 12 436 complaints regarding suspected cases of violating the Trade Descriptions Ordinance (TDO), a drop of 34 per cent from 2023. Among them, 11 601 complaints were handled:
     
    (i) Detailed investigations have been made on 7 492 complaints;
     
    (ii) The remaining 4 109 complaints have been closed since they were not in contravention of the TDO, or have been referred to other relevant departments or institutions for follow-up actions.
     
         There were 3 003 complaints involving fitness services last year, accounting for 47 per cent of the total number of complaints regarding services and an increase of 14-fold from 2023. This was mainly due to the announcement of business temporary closure of a chain fitness and beauty centre.

         Complaints on medicine shops involving quantities of unclear pricing units in selling ginseng and dried seafood, or Chinese medicine (also known as cases concerning catty, tael and mace) or sale of proprietary medicines slightly decreased to 497 cases in total, among which 86 percent were made by Mainland tourists. The department’s Quick Action Team has been deployed to handle and follow up with complaints by short-term visitors to Hong Kong, and 208 such complaints were handled last year, with 11 shop owners and staff arrested. Customs is also committed to conducting promotion and education through multiple channels, informing Mainland visitors about common unfair trade practices by medicine shops, deploying mobile promotion vehicles at popular tourist hotspots during festivals, conducting patrols with the Travel Industry Authority, and promoting compliance among traders.
     
    Clearance and trade facilitation
    ———————————–

         Customs has continued to facilitate clearance and trade and implement various related measures.
     
    (i) Since the full resumption of normal travel with the Mainland, the number of inbound and outbound passengers and vehicle trips at each control point was about 300 million and about 14.9 million. The number of inbound and outbound passengers has recovered to the number before the 2019 epidemic, while the number of vehicle trips has recovered to about 95 per cent. To further enhance clearance mode, Customs is actively participating in the redevelopment project of the boundary control point in Huanggang taken forward by the HKSAR Government and the Shenzhen Municipal Government, and will provide suggestions on the design and clearance mode of the boundary control point. Details are still under discussion.

    (ii) Based on the Smart Customs Blueprint, Customs has given full play to the advantages of innovative technologies, such as artificial intelligence, cloud computing and blockchain, and has introduced nine CT scanners that provide high-resolution three-dimensional scanning images and the function of automatically detecting contrabands, improving customs clearance efficiency and law enforcement capabilities. Also, the department is researching on the Customs Big Data Application System that could strengthen the capabilities to detect and crack down on smuggling and other crimes related to Customs through an integrated database.

    (iii) Customs actively expands the global network of the Hong Kong Authorized Economic Operator (AEO) Mutual Recognition Arrangement (MRA). Last year, Customs signed the AEO MRAs with the Bahrain and the South African Customs. The MRAs with Saudi Arabia and the Philippines Customs are expected to be signed in early 2025. As of now, there are a total of 16 MRAs ratified between Hong Kong Customs and other economies. AEO MRA Action Plans with the United Arab Emirates, Lao, Chilean and Peruvian Customs were also concluded last year, while the discussion about MRA with other countries along the Belt and Road Initiative is ongoing.

    (iv) Hong Kong Customs and the General Administration of Customs of the People’s Republic of China (GACC) actively enhanced the “Single Submission for Dual Declaration” Scheme. The Scheme was expanded to southbound cargo at all Shenzhen highway ports in November last year, and is planned to cover northbound cargo by the second quarter of 2025 or earlier. Under the Scheme, companies can synchronise cargo information declared with the system on the Mainland through the Hong Kong system, significantly reducing customs clearance time and possible declaration input errors. The Scheme is conducive to the design of system functions of the third phase of Hong Kong Trade Single Window.

    (v) Last year, Hong Kong and Mainland Customs actively extended the Single E-lock Scheme. As of December last year, the number of clearance points under the scheme has reached 93, including 66 in Guangdong, four in Hunan, six in Fujian, four in Macao and 13 in Hong Kong, providing the industries with more than 1 000 cross-boundary route options. Hong Kong Customs and the Nanning Customs are looking into extending the scheme to Guangxi.

    (vi) To cope with the rapid development of the global electronic commerce industry, Customs launched the Cross-boundary Express Cargo Clearance Facilitation Arrangement (CEFA), providing an innovative customs clearance model of “free flow through the first line and efficient control at the second line” to qualified logistics providers. A Memorandum of Understanding with an express courier company was signed at the end of last year, marking the official commencement of the CEFA. As of December last year, over 2 000 cargo vehicle trips and 470 000 declared goods were facilitated under the CEFA.
     
    Strengthen Mainland and international co-operation
    ———————————————————-
     
         Hong Kong Customs last year continued to reinforce connection with both the Mainland and the world, promoting two-way or multi-way communication and collaboration with different regions. These included meeting with the GACC on customs affairs and signing a co-operative arrangement about drug detector dogs; cohosting a conference on combating illicit cigarettes with the Australian authority; organising forums and workshops on combating money laundering and transnational organised crimes, and risk management and intelligence analysis with overseas law enforcement agencies.

         The co-operation between Hong Kong Customs and customs and enforcement agencies around the world has a long history, and the Customs Co-operative Arrangement (CCA) serves as the cornerstone for establishing and maintaining these co-operative relationships. As of last year, Hong Kong Customs signed the CCA with 31 customs authorities worldwide. Hong Kong Customs also signed a CCA with the Zakat, Tax and Customs Authority of Saudi Arabia and is actively seeking co-operation with other Middle East countries.

         Since assuming the office of the Vice-Chairperson for the Asia/Pacific (A/P) region of the World Customs Organization (WCO) in July last year, Hong Kong Customs has hosted a series of global or regional meetings and workshops, covering areas such as combatting illicit cigarettes, canine enforcement and anti-money laundering, and gathered representatives from around the world to communicate and exchange views on relevant issues, hence strengthening co-operation among law enforcement agencies in the region.
     
    Human resources
    ——————–
     
         On manpower recruitment, the department continued to adopt an active recruitment strategy last year, including participating in large-scale career fairs and organising seminars, promoting recruitment through social media platforms, visiting different tertiary institutions to facilitate on-the-spot applications. Mainland Hong Kong students are one of the target groups for Customs recruitment. The department held recruitment seminars on the Mainland in March last year and received more than 290 applications on the spot. Last year, more than 8 400 applications were received for the recruitment of Customs Inspectors, an increase of 12 per cent compared with 2023. About 9 600 applications were received for the recruitment of Customs Officers, representing an about 13 per cent increase compared with 2023. Last year, 82 Customs Inspectors and 355 Customs Officers were recruited. The department will continue its recruitment exercise to fill vacancies this year.

         To strengthen officers’ training in various professional aspects, co-operative Memoranda of Understanding were also signed with the National Academy of Governance, the Vocational Training Council and the University of Hong Kong last year.
     
    Youth development
    ———————-

         Customs continues with its commitment to youth development work. By end-2024, Customs YES recruited 7 935 individual members and 58 organisation members, and held over 490 activities. In addition, a 40-person Foot Drill and Flag Party of the Customs Youth Leader Corps, the first youth group under the Security Bureau to perform Chinese-style rifle foot drill, was set up last year.

    Future development
    ———————–
     
         Hong Kong Customs, as the Vice-Chairperson for the A/P region of the WCO, will continue to foster connection, and promote trade facilitation measures and development in the A/P region by continuing to organise large-scale meetings and workshops on multiple topics this year, including data strategies, e-commerce and Smart Customs.

         Furthermore, Hong Kong Customs has suggested introducing a duty stamp system to differentiate and crack down on duty-not-paid illicit cigarettes during a public consultation on tobacco control by the Health Bureau (HHB). A consultancy study on the duty stamp system was launched by Hong Kong Customs, the Financial Services and the Treasury Bureau and the HHB, and the report has been completed by end-2024. Affixing duty-paid labels on the packages of cigarettes is proposed. Based on the report, Hong Kong Customs will invite cigarette manufacturers to participate in a pilot scheme on the duty stamp system to assess the feasibility and technical issues concerning the stamp duty system, which will help with Customs’ improvement work and the implementation of the system in future. The pilot scheme is expected to be rolled out in mid-2025, while the system is expected to be officially launched within 2026. Hong Kong Customs will announce the details to the industry and the public in due course.
     
    Conclusion
    ————
     
         Concluding his briefing, Mr Chan pledged that the department will continue to leverage Hong Kong’s distinctive advantages of enjoying strong support of the motherland and being closely connected to the world under “one country, two systems” to consolidate Hong Kong’s status as an international financial, shipping and trade centre.      

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India-Qatar Joint Business Forum held to Strengthen Bilateral Economic Ties

    Source: Government of India (2)

    India-Qatar Joint Business Forum held to Strengthen Bilateral Economic Ties

    The Forum epitomised the strength of the India-Qatar relationship built on shared interests and mutual respect

    Economic collaboration for a shared future, promoting trade, energy security, technology, and sustainability formed the cornerstone of discussions

    Posted On: 18 FEB 2025 3:20PM by PIB Delhi

    On the sidelines of the visit of H.H. Sheikh Tamim bin Hamad bin Khalifa Al Thani, Amir of Qatar to India from 17-18 February, Confederation of Indian Industry, in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT) organised the India-Qatar Joint Business Forum on 18th February 2025 in New Delhi. The Joint Business Forum was graced by Shri Piyush Goyal, Hon’ble Minister of Commerce and Industry, Government of India and H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar, who delivered keynote address at the Business Forum.

    Speaking in the Inaugural session of the Joint Business Forum, Union Minister, Shri Piyush Goyal reaffirmed India’s ambition to become a USD 30-35 trillion economy by 2047, in alignment with the Viksit Bharat vision. He emphasized that while India and Qatar share a long history of successful energy trade, the future of this partnership extends beyond hydrocarbons to cutting-edge sectors like AI, quantum computing, IoT, and semiconductors etc.

    He emphasized that as geopolitical dynamics shift and cybersecurity threats intensify, alongside the challenges of climate change, self-reliance i.e. Atmanirbharta has become a key priority. With each country possessing distinct competitive advantages, he stressed that India and Qatar are in a position to complement each other’s strengths and can be partners in driving innovation and shape the industries of tomorrow. As both nations embark on a transformational transition, this partnership will rest on the pillars of entrepreneurship, technology, and sustainability.

    He further highlighted India’s key reforms in reducing the cost of doing business and enhancing Ease of Doing Business (EoDB), positioning it as an oasis of credibility and consistency for global investors. Inviting Qatar to explore opportunities in India’s dynamic and resilient economy, he emphasized that India’s Vision 2047 and Qatar’s National Vision 2030 will shape a new era of strategic economic cooperation. He also suggested creating a Joint Working Group on sectors of mutual interest and further invited Qatari businesses to explore opportunities in GIFT City (Gujarat International Finance Tech-City).

    Speaking during the inaugural session, H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar echoed the sentiments and highlighted that the relationship between Qatar and India is not just a transaction, it is a tradition built on mutual respect, shared interests and a commitment to bolster economic cooperation. India-Qatar trade partnership has flourished with India becoming Qatar’s third largest trading partner. He further emphasized that Qatar remains a diverse, dynamic, and investor-friendly destination, warmly inviting Indian investors to explore the vast opportunities within Qatar’s economy and infrastructure.

    Shri Jitin Prasada, Union Minister of State of Commerce and Industry, Government of India highlighted India’s dynamic economic growth and innovation-driven ecosystem. He emphasized that India has attracted USD 709 billion in FDI inflows over the last decade, supported by 40,000 compliance reforms. He also emphasised upon India’s leadership in innovation, with over 1,55,000 startups across various industries, ranging from space technology to agriculture.

    He further stated that India Stack is revolutionizing digital access, financial inclusion, and internet democratization. The Qatar National Bank (QNB) – National Payments Corporation of India (NPCI) partnership will further enhance digital payments through QR Code-based UPI transactions. The Minister also highlighted the National Manufacturing Mission, which focuses on increasing industrial capability and delivering high-quality products. Additionally, he invited the Qatari delegation to participate in the upcoming Startup Mahakumbh in India, fostering deeper collaboration in the tech and innovation ecosystem.

    H.E. Dr. Ahmad Al-Sayed, Minister of State for Foreign Trade Affairs, Ministry of Commerce and Industry, State of Qatar, highlighted that India and Qatar are well-positioned to navigate the evolving global trade landscape. He emphasized the importance of enhancing the collaboration between two countries beyond traditional energy sector to explore into emerging industries such as electric vehicles (EVs), manufacturing and other non-oil & gas sectors.

    To support global investors, Qatar has established the Qatar Financial Centre (QFC)—a key initiative to attract businesses and facilitate private equity investments. He reiterated that Qatar stands as one of India’s strongest global partners, offering unparalleled access to international markets. Additionally, Qatar Science & Technology Park will serve as a foundation for research and development, while Media City in Qatar aims to attract top media companies, and Qatar Free Zone is designed to drive investment across key sectors.

    With India’s prowess in digitalisation, and Qatar’s ambitious plan for digital transformation, India is in a very unique position to provide technology and scale for digital transformation to Qatar. The discussions highlighted India’s position as a gateway to South Asia and Qatar’s role as a hub for the Middle East. There is high potential for collaboration between India and Qatar in high quality solar grid polysilicon manufacturing, among others, noted panelists.

    The India-Qatar Joint Business Forum convened business leaders, policymakers, and industry experts to explore new avenues of collaboration in relevant sectors. With bilateral trade surpassing USD 15 billion in FY 2023-24, investment flows have increased—ranking among the top three GCC investors in India—but there remains significant untapped potential. To solidify this growing partnership, two key Memorandums of Understanding (MoUs) were signed during the event:

    • Confederation of Indian Industry (CII) and Qatar Business Association
    • Invest India and Invest Qatar

    These agreements aim to facilitate business cooperation, enhance investment flows, and foster long-term collaboration in strategic sectors of mutual interest.

    Shri Sanjiv, Joint Secretary, DPIIT, emphasized that the India-Qatar business delegation will serve as a catalyst for stronger partnerships. He welcomed Qatar’s participation in Startup India Mahakumbh 2025, scheduled for April 3-5, 2025, which will serve as a landmark initiative fostering deeper startup collaborations and attracting Qatari investments into India’s technology and innovation ecosystem.

    Mr. Sanjiv Puri, President, CII, highlighted key areas for economic cooperation, including energy security, agriculture, the startup ecosystem, and skill development. He further emphasized Qatar’s crucial role in India’s energy landscape and stated that CII is committed to facilitating partnerships between Indian and Qatari entities as both nations plan their respective renewable energy goals.

    The event was also addressed by H.E. Sheikh Khalifa bin Jassim Al Thani, Chairman of Board of Directors, Qatar Chamber of Commerce and Industry and H.E. Sheikh Hamad Bin Faisal Al Thani, Board Member of the Qatari Businessmen Association. The Business forum showcased three panel discussions on investments, logistics and advanced manufacturing and futuristic areas such as AI, innovation, sustainability, etc.

    The India-Qatar Business Forum reaffirmed the unwavering commitment of both nations to advancing trade, investment, and technology collaboration. As India and Qatar strengthen their economic ties, they are set to drive prosperity, innovation, and sustainable growth, unlocking a new chapter in their historic partnership.

    *****

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104334) Visitor Counter : 20

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India Qatar future partnership to rest on the pillars of sustainability, technology and entrepreneurship and energy: Union Commerce and Industry Minister, Shri Piyush Goyal

    Source: Government of India

    India Qatar future partnership to rest on the pillars of sustainability, technology and entrepreneurship and energy: Union Commerce and Industry Minister, Shri Piyush Goyal

    India today provides an oasis of stability, predictability and continuity:Minister Goyal

    MoU signed between Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII)

    MoU signed between Invest Qatar and Invest India

    Posted On: 18 FEB 2025 10:40AM by PIB Delhi

    Union Minister of Commerce and Industry, Shri Piyush Goyal highlighted that India-Qatar future partnership will rest on the pillars of  sustainability, technology and entrepreneurship and energy. This was stated by the Minister at the inaugural session of the India-Qatar Business Forum in New Delhi today. H.E. Sheikh Faisal bin Thani bin Faisal Al Thani, Hon’ble Minister of Commerce and Industry, State of Qatar was the Guest of Honour at the session.

    Shri Goyal noted that the partnership between the two countries rests on the foundation of trust, trade and tradition. The Minister added that the terms of trade are undergoing a change, evolving from energy trade to emerging technologies like artificial intelligence, Internet of things (IOT), quantum conducting, semiconductors etc. The entire world is going through a major shift in the context of geopolitical tensions, climate change, cybersecurity threats and  focus on localisation around the world, he noted.

    The Minister stated that India and Qatar complement each other and can work together for prosperity and a better future. Shri Goyal added that together we are set for a transition in terms of trade, investments and highlighted the 2 MoUs signed between Qatari Businessmen Association (QBA) and Confederation of Indian Industry (CII) and another between Invest Qatar and Invest India. The Minister also announced the elevation of the Joint Working Group on trade and commerce to the Ministerial level.

    Shri Goyal quoted Prime Minister Shri Narendra Modi, “Today be it major nations or global platforms, the confidence in India is stronger than ever before”, and urged the business leaders to work together with the same spirit and confidence. The Minister noted that India offers a vibrant economy, a rich demography with young population, reforms in every sphere of business, focus on ease of doing business and quality at the centrepiece of our industrial evolution. India today provides an oasis of stability, predictability and continuity, he added. Shri Goyal also invited companies from Qatar to be a part of India’s journey of growth in investments, manufacturing,renewable energy, expansion of smart cities and infrastructure development. Qatar Vision 2030 and India’s Viksit Bharat 2047 will  together define a much bigger and brighter future for the people of the two countries, concluded the Minister.

    ***

    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104278) Visitor Counter : 84

    MIL OSI Asia Pacific News –

  • MIL-OSI: HighPeak Energy, Inc. Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Feb. 18, 2025 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced that its Board of Directors has declared a quarterly cash dividend of $0.04 per share on its common stock to be paid March 25, 2025 to stockholders of record on March 3, 2025.

    About HighPeak Energy, Inc.

    HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

    Investor Contact:

    Ryan Hightower
    Vice President, Business Development
    817.850.9204
    rhightower@highpeakenergy.com

    Source: HighPeak Energy, Inc.

    The MIL Network –

  • MIL-OSI: Aurora Mobile’s JPush Integrates DeepSeek to Revolutionize Intelligent Push Services and Enhance User Engagement

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Feb. 18, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its flagship product, JPush, has successfully integrated DeepSeek, a cutting-edge large language model (LLM) known for its lightweight architecture and domain-specific optimizations. This integration marks a significant milestone in JPush’s evolution, enabling developers to deliver smarter, more personalized, and highly efficient push notifications to their users.

    Transforming Push Notifications with DeepSeek

    JPush has long been recognized as a leader in mobile push notification services, providing developers with reliable and high-performance solutions to engage users. With the integration of DeepSeek, JPush takes a leap forward by embedding advanced AI capabilities directly into its push notification ecosystem. DeepSeek’s lightweight yet powerful LLM architecture allows JPush to analyze user behavior, preferences, and contextual data in real time, enabling hyper-personalized notification delivery.

    This integration empowers developers to craft notifications that are not only timely but also contextually relevant, significantly improving user engagement and retention rates. Whether it’s e-commerce, gaming, finance, or social media apps, JPush with DeepSeek ensures that every notification resonates with the user, driving higher click-through rates and conversions.

    Enhanced Features Powered by DeepSeek

    The integration of DeepSeek brings several key enhancements to JPush:

    • Real-Time Content Personalization: DeepSeek enables dynamic generation of notification content tailored to individual user preferences, ensuring maximum relevance and impact.
    • Context-Aware Delivery: By analyzing user behavior and environmental factors, JPush can now optimize the timing and frequency of notifications to avoid spamming and improve user satisfaction.
    • Domain-Specific Intelligence: DeepSeek’s domain-specific optimizations allow JPush to cater to diverse industries, delivering notifications that align with the unique needs of sectors such as retail, healthcare, and entertainment.

    Driving the Future of Intelligent Push Services

    The integration of DeepSeek aligns with Aurora Mobile’s mission to empower developers with intelligent tools that enhance user engagement and operational efficiency. By combining JPush’s robust push notification infrastructure with DeepSeek’s AI-driven insights, Aurora Mobile is setting a new standard for intelligent push services.

    “We are thrilled to integrate DeepSeek into JPush, further solidifying our commitment to innovation and developer success,” said Chris Lo, founder and CEO at Aurora Mobile. “This integration not only enhances the capabilities of JPush but also opens up new possibilities for developers to create meaningful and impactful user experiences.”

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • MIL-OSI Europe: Record employment levels in companies supported by EI, IDA and Údarás na Gaeltachta reflect strength and resilience

    Source: Government of Ireland – Department of Jobs Enterprise and Innovation

    18th February 2025

    Over 546,763 jobs in client companies of Government agencies in 2024, an increase of 7,030 jobs on 2023 

    The Minister for Enterprise, Tourism and Employment Peter Burke has today (18.02.2025) published two surveys on the Irish economy, which reflect the continued strength and resilience of industry in Ireland in the face of the challenges posed by global economic and political headwinds.

    The Annual Employment Survey 2024 finds that jobs in client companies of Enterprise Ireland, the IDA and Údarás na Gaeltachta, are now at their highest ever level, at over 546,763 jobs, which is a 1.3% increase on 2023 figures. 

    The Annual Business Survey of Economic Impact 2023 shows strong growth in sales, exports, value added and direct expenditures in the Irish economy for both Irish and foreign-owned companies in 2023.  

    The Minister said:

    “These results demonstrate the strength and resilience of our jobs market and industry in Ireland, in spite of the challenges posed by global economic and political headwinds. 

    “In 2024, employment growth in Irish owned firms was strong across the board, including in the Construction, Business Services and Food & Drink sectors. Total permanent, full-time jobs among Irish-owned companies has increased by another 2.3% this year, with Irish-owned companies growing in employment in every year over the past decade.  

    “Among Foreign owned firms, employment growth in Chemicals, Business Services and Medical Devices sectors has meant that we have maintained 300,000 roles across FDI, with 2,237 additional roles added this year. Sales and exports continue to grow strongly, and these companies purchase goods and services in the local economy.  

    “Government enterprise policy is working and making a significant impact on employment levels and wider society. My Department will maintain a laser focus on jobs, actively supporting and incentivising Irish businesses, while also investing in bringing new jobs to Ireland”

    Annual Employment Survey 2024 Key Findings: 

    • Employment in FDI firms increased by 0.3% since 2023, with 1,064 additional total jobs.  
    • In Irish-owned firms, employment increased by 2.7%, an increase of 5,966 total jobs since 2023. 
    • Among Irish owned firms the Energy, Water, Waste Construction sector gained the most jobs followed by Business Services with +1,444 and +995 full time jobs respectively. 
    • Among foreign owned firms Chemicals and Business Services gained the most jobs with +1,307 and +879 full time jobs respectively. 
    • Growth in employment between 2015-2024 was strongest in the Dublin region with an increase of 69.4% (+82,129), followed by the South-West (up 44.5%, +24,233 full time jobs). All regions grew employment over the ten-year period. 

    Annual Business Survey of Economic Impact (2023) Key Findings: 

    • Total sales amounted to €509.7 billion in 2023 which represents an increase of 6.8% in current prices on the previous year’s figure of €477.2 billion. 
    • Total exports in 2023 amounted to €459.4 billion, an increase of 7.0% on the previous year of €429.4 billion, with 92.4% of these exports being from foreign-owned enterprises.   
    • Value added (sales less materials and services costs) has also increased over this time-series and in 2023 amounted to €206.2 billion, up 6.4% on the previous year with 43.5% of this increase attributable to the foreign owned IT services sector.  
    • Direct Expenditure in the Irish Economy (Payroll, Irish Materials, Irish Services) has increased over 2022 by 4.8% to €78.5 billion in 2023. The level of direct expenditure in the Irish economy by foreign-owned client companies was €40.9 billion and €37.5 billion for Irish-owned client companies.  

    The Department of Enterprise, Trade and Employment co-ordinates these surveys of the client companies of the enterprise development agencies (Enterprise Ireland, IDA Ireland and Údarás na Gaeltachta). The results are presented by company ownership in terms of Irish and foreign-owned firms. 

    The indicators collected include annual sales and exports and payroll, materials and services costs. Data collected in 2023 and 2024 is merged with results of previous surveys to provide trend data and indicators are available by ownership and sector and are used by the agencies in their annual reports and end-of-year statements. 

    Agencies have commenced surveys of client companies for the 2024 Annual Business Survey of Economic Impact with all results expected early 2026. 

    ENDS

    Back to Department News

    Back to Top

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Mayor urges more businesses to donate old IT equipment and help digitally excluded Londoners get online

    Source: Mayor of London

    • Get Online London has reached more than 100,000 digitally excluded Londoners, thanks to 1,106 Digital Inclusion Hubs across the capital
    • Donating mobile phones, laptops and other IT equipment helps provide digital access for more Londoners
    • Mayor has donated over 700 City Hall devices and is calling on other organisations to follow suit

    The Mayor of London, Sadiq Khan, has today called on businesses and public bodies to help more digitally excluded Londoners get online by donating unwanted mobile phones, laptops and other IT equipment.

    More than 100,000 Londoners have already been supported by Get Online London, the capital’s first ever digital inclusion service set up by City Hall and the London Office of Technology and Innovation (LOTI), to ensure every Londoner has access to essential digital connectivity, skills, devices and support.

    Digital exclusion is a major issue for many Londoners, impacting people’s health, education and work outcomes. It can prevent people from fully participating in society as many essential services linked to vital areas including education, employment and social interaction are increasingly reliant on online platforms.

    Around two million residents across the capital still have very limited digital engagement, such as lacking their own device or facing difficulties with online services. Over 250,000 are completely offline, with no internet access at all. [1]

    Get Online London helps those across the capital who are digitally excluded by giving people the tools and knowledge to get online and participate in the digital world.

    Working in partnership with the UK’s leading digital inclusion charity Good Things Foundation and the LOTI, Get Online London has established 1,106 Digital Inclusion Hubs across every borough in London, providing free internet for Londoners who couldn’t otherwise afford to get online, which have so far distributed 88,500 data packages

    Working in partnership with the UK’s leading digital inclusion charity Good Things Foundation and the LOTI, Get Online London has established a National Databank [2] across every borough, providing free internet for Londoners who couldn’t otherwise afford to get online, which have so far distributed 88,500 data packages.

    The innovative service ensures donated digital equipment is securely and sustainably refurbished, so it can then be given to those in need. As well as providing 7,119 devices to get Londoners online, it is helping organisations that donate to reduce e-waste and boost London’s progress towards achieving net zero.

    The Mayor has recently signed an agreement to donate more than 700 City Hall devices and he is calling on businesses and public bodies to join City Hall, the Metropolitan Police Service, Thames Water, London Councils and many London borough councils already contributing to Get Online London.

    The Mayor of London, Sadiq Khan, said: “Get Online London has been a huge success and I’m really proud that we’ve now reached more than 100,000 Londoners, working alongside the London Office of Technology and Innovation and the Good Things Foundation to tackle digital exclusion.

    “Demand for devices still far outstrips supply, so we must do more. That’s why I’m calling on businesses and public bodies to donate mobile phones, laptops and other IT kit to help us fix the digital divide and ensure access for all. Devices an organisation no longer needs can be essential lifelines for others, and together we can build a better and fairer London for everyone.”

    Genta Hajri, Digital Innovation Delivery Lead, London Office of Technology and Innovation, said: “The ability to get online is such a basic and increasingly vital part of being fully included in society: to access education, work, look after our health and wellbeing and to connect with friends and family.

    “We’re delighted by the progress that’s already been achieved with Get Online London and encourage organisations from the public and private sectors to support this work to ensure no Londoner is left behind.”

    Helen Milner OBE, Group Chief Executive Officer, Good Things Foundation, said: “Thousands of Londoners are still offline. They are unable to participate in everyday life – from accessing essential services, to finding work and connecting with their loved ones – leaving them feeling disconnected from the digital world we live in.

    “Businesses who donate their disused devices and equipment to Get Online London, London’s Digital Inclusion Service, are helping to tackle digital exclusion with zero tech waste and giving people the opportunity to get online. Help solve one of today’s biggest problems, and together we can fix the digital divide for good.”  

    To find out more about how to donate devices and support Get Online London, please visit: https://loti.london/get-online-london/

    MIL OSI United Kingdom –

  • MIL-OSI China: Foreign Minister Lin hosts a welcome luncheon for Eswatini Deputy Prime Minister Dladla

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    February 12, 2025 

    No. 037

    Minister of Foreign Affairs Lin Chia-lung hosted a welcome luncheon on February 12 for a delegation from the Kingdom of Eswatini led by Deputy Prime Minister Thulisile Dladla. He thanked Eswatini for its staunch commitment to diplomatic alliance with Taiwan and for its firm support for Taiwan’s international participation over the years.

     

    In his remarks at the event, Minister Lin also spoke about the heavy rainfall and subsequent flooding in Eswatini that had seriously impacted the lives of people in some areas. He extended sympathies to those affected and recounted President Lai Ching-te’s instruction that the Ministry of Foreign Affairs (MOFA) must do its utmost to assist in the Eswatini government’s relief efforts and increase food donations so that the disaster victims could resume normal life as early as possible. 

     

    Commenting on the close bilateral cooperation across various domains, Minister Lin stated that the strategic oil reserve project currently underway in Eswatini was the largest infrastructure project by the two countries since the establishment of diplomatic ties. He added that Taiwan and Eswatini had steadily strengthened collaboration in such areas as energy, agriculture, education, gender equality, and women’s empowerment. He noted that among the joint projects, the Women’s Business Start-Up Microfinance Revolving Fund established in 2023 with assistance from the Taiwan government had effectively provided start-up capital to female entrepreneurs in rural areas of Eswatini. Minister Lin affirmed that more than 500 women had benefited from the program and that a beneficiary family had named their newborn daughter Taiwan out of gratitude, highlighting the positive impact of the friendship between Taiwan and Eswatini on the people’s well-being. He further expressed that such developments were inspiring.

     

    During the luncheon, Deputy Prime Minister Dladla thanked Taiwan for assisting in the national development of Eswatini. She reiterated that Eswatini would not falter in its support for Taiwan under any external pressure; that it would stand by Taiwan in the face of all challenges; and that it would continue to uphold Taiwan’s right to participate in all international organizations, including the United Nations. 

     

    Deputy Prime Minister Dladla emphasized that Taiwan and Eswatini enjoyed deep and extensive cooperation, having built a partnership as strong as family ties. As an example, she cited Taiwan’s prompt evacuation assistance to Eswatini expatriates in Ukraine when the Russia-Ukraine war erupted as testament to the genuine friendship between Taiwan and Eswatini.

     

    The luncheon was also attended by Deputy Minister of Health and Welfare Lue Jen-der, Deputy Minister of Foreign Affairs François Chihchung Wu, Superintendent of Taipei Medical University Hospital Shih Chun-ming, and Board Chairperson of the Garden of Hope Foundation Pan Ay-woan. Participants exchanged views on healthcare, education, and energy collaboration between Taiwan and Eswatini; the creation of social safety nets; protection of vulnerable groups; and other issues.

     

    Eswatini established diplomatic relations with Taiwan immediately after it gained independence in 1968. MOFA will maintain close cooperation with the government of Eswatini to steadily promote the Diplomatic Allies Prosperity Project, foster a reciprocal and mutually beneficial partnership, enhance the well-being of the peoples of Taiwan and Eswatini, and further consolidate bilateral ties. (E) 

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Foreign Minister Lin hosts a welcome luncheon for Eswatini Deputy Prime Minister Dladla

    Source: Republic of China Taiwan 3

    February 12, 2025 
    No. 037Minister of Foreign Affairs Lin Chia-lung hosted a welcome luncheon on February 12 for a delegation from the Kingdom of Eswatini led by Deputy Prime Minister Thulisile Dladla. He thanked Eswatini for its staunch commitment to diplomatic alliance with Taiwan and for its firm support for Taiwan’s international participation over the years.
     
    In his remarks at the event, Minister Lin also spoke about the heavy rainfall and subsequent flooding in Eswatini that had seriously impacted the lives of people in some areas. He extended sympathies to those affected and recounted President Lai Ching-te’s instruction that the Ministry of Foreign Affairs (MOFA) must do its utmost to assist in the Eswatini government’s relief efforts and increase food donations so that the disaster victims could resume normal life as early as possible. 
     
    Commenting on the close bilateral cooperation across various domains, Minister Lin stated that the strategic oil reserve project currently underway in Eswatini was the largest infrastructure project by the two countries since the establishment of diplomatic ties. He added that Taiwan and Eswatini had steadily strengthened collaboration in such areas as energy, agriculture, education, gender equality, and women’s empowerment. He noted that among the joint projects, the Women’s Business Start-Up Microfinance Revolving Fund established in 2023 with assistance from the Taiwan government had effectively provided start-up capital to female entrepreneurs in rural areas of Eswatini. Minister Lin affirmed that more than 500 women had benefited from the program and that a beneficiary family had named their newborn daughter Taiwan out of gratitude, highlighting the positive impact of the friendship between Taiwan and Eswatini on the people’s well-being. He further expressed that such developments were inspiring.
     
    During the luncheon, Deputy Prime Minister Dladla thanked Taiwan for assisting in the national development of Eswatini. She reiterated that Eswatini would not falter in its support for Taiwan under any external pressure; that it would stand by Taiwan in the face of all challenges; and that it would continue to uphold Taiwan’s right to participate in all international organizations, including the United Nations. 
     
    Deputy Prime Minister Dladla emphasized that Taiwan and Eswatini enjoyed deep and extensive cooperation, having built a partnership as strong as family ties. As an example, she cited Taiwan’s prompt evacuation assistance to Eswatini expatriates in Ukraine when the Russia-Ukraine war erupted as testament to the genuine friendship between Taiwan and Eswatini.
     
    The luncheon was also attended by Deputy Minister of Health and Welfare Lue Jen-der, Deputy Minister of Foreign Affairs François Chihchung Wu, Superintendent of Taipei Medical University Hospital Shih Chun-ming, and Board Chairperson of the Garden of Hope Foundation Pan Ay-woan. Participants exchanged views on healthcare, education, and energy collaboration between Taiwan and Eswatini; the creation of social safety nets; protection of vulnerable groups; and other issues.
     
    Eswatini established diplomatic relations with Taiwan immediately after it gained independence in 1968. MOFA will maintain close cooperation with the government of Eswatini to steadily promote the Diplomatic Allies Prosperity Project, foster a reciprocal and mutually beneficial partnership, enhance the well-being of the peoples of Taiwan and Eswatini, and further consolidate bilateral ties. (E) 

    MIL OSI Asia Pacific News –

  • MIL-OSI: Nykredit announces extension of the offer period

    Source: GlobeNewswire (MIL-OSI)

    Nykredit announces extension of the offer period to 20 March 2025

    NOT FOR DIRECT OR INDIRECT RELEASE, PUBLICATION OR DISTRIBUTION IN OR TO ANY JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBU-TION WOULD BE CONTRARY TO APPLICABLE LEGISLATION OR RULES OF SUCH JURISDICTION

    With reference to Spar Nord Bank A/S’ (Spar Nord) company announcement no. 1/2025 regarding the publication of the offer document (the Offer document) concerning the all-cash voluntary takeover offer from Nykredit Realkredit A/S (Nykredit) for all shares (other than treasury shares held by Spar Nord) in Spar Nord (the Offer), Nykredit has today published a to the Offer document (the Supplement) to extend the offer period. Nykredit has stated that an extension is required to obtain the regulatory approval from the Danish Competition and Consumer Authority which constitutes the regulatory condition pertaining to the Offer and which is required in order for the Offer to be completed. Nykredit’s announcement is attached.

    In accordance with the terms and conditions of the Offer, the offer period began on 8 January 2025 with expiration on 19 February 2025 at 23:59 (CET). With reference to the Supplement to the Offer document, the offer period has now been extended and expires on 20 March 2025 at 23:59 (CET). Any reference to “the offer period” in the Offer document or in any other document and/or announcement relating to the Offer shall mean this period.

    Acceptances already received remain binding, and the extension does not entail a need for further action from Spar Nord shareholders who have already accepted the Offer. The extension does not affect any other terms or conditions of the Offer or the unanimous recommendation by the board of directors of Spar Nord to the shareholders of Spar Nord to accept the Offer for the reasons described in the board statement (cf. company announcement no. 1/2025).

    Questions may be directed to Neel Rosenberg (media) on +45 25 27 04 33 or to CFO Rune Brandt Børglum (investors)on +45 96 34 42 36.

    Yours faithfully

    Spar Nord Bank A/S
    The board of directors

    Attachments

    The MIL Network –

  • MIL-OSI: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    18 February 2025

    Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

    Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

    Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

    With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

    The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

    If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

    The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

    At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

    The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9 B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

    This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachment

    The MIL Network –

  • MIL-OSI: Correction: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    18 February 2025

    Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

    Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

    Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

    With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

    The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

    If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

    The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

    At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

    The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9 B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

    This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachments

    The MIL Network –

  • MIL-Evening Report: Having dense breasts is linked to cancer. But advice about breast density can depend on where you live

    Source: The Conversation (Au and NZ) – By Jennifer Stone, Principal Research Fellow, School of Population and Global Health, The University of Western Australia

    Gorodenkoff/Shutterstock

    Having dense breasts is a clear risk factor for breast cancer. It can also make cancers hard to spot on mammograms.

    Yet you might not be aware you have dense breasts, even after mammographic screening.

    In Australia, advice for women with dense breasts and their health-care professionals can be inconsistent and confusing.

    This is because there’s not currently consensus on whether women who have dense breasts, but no symptoms, benefit from further imaging such as ultrasounds. Concerns include potential cost of these tests and the risk they can produce false positives.

    What is breast density?

    Breasts are made up of fatty tissue and fibroglandular tissue (including glands that make milk, held together by fibrous tissue).

    On a mammogram – an x-ray of the breast – fibroglandular tissue appears white and fatty tissue appears dark. The white areas are referred to as breast density.

    Fibroglandular tissue shows up white on a mammogram.
    Nata Sokhrannova/Shutterstock

    A higher proportion of fibroglandular tissue means your breasts are dense.

    There are four categories to classify breast density:

    • A: almost entirely fatty
    • B: scattered areas of fibroglandular density
    • C: heterogeneously or consistently dense
    • D: extremely dense.

    Breast density is very common. Around 40% of women aged 40–74 are estimated to have “dense breasts”, meaning they fall in category C or D.

    What’s the link to cancer?

    Breast density is associated with the risk of breast cancer in two ways.

    First, breast density usually decreases with age. But if a woman has high breast density for her age, it increases her likelihood of breast cancer.

    One study looked at the risk of breast cancer over the age of 50. It found there was a 6.2% risk for the one-third of women with the lowest density. For the 5% with the highest density, the risk was 14.7%.

    Second, breast density “masks” cancers if they develop. Both cancers and breast density appear white on a mammogram, making cancers very hard to see.

    Breast cancer screening saves lives through early detection and improved treatment options. But we don’t yet know if telling women about their breast density leads to earlier cancer detection, or lives saved.

    In Australia, screening mammography is free for all women* aged 40 and older. This is run through BreastScreen Australia, a joint national, state and territory initiative. Those aged 50-74 are invited to have a mammogram, but it’s available for free without a referral from age 40.

    However, the messages Australian women currently receive about breast density – and whether it’s recorded – depends on where they live.

    What does the advice say?

    In 2023, the Royal Australian and New Zealand College of Radiologists updated its position statement to recommend breast density is recorded during screening and diagnostic tests in Australia and New Zealand.

    Meanwhile BreastScreen Australia says it “should not routinely record breast density or provide supplemental testing for women with dense breasts”. However this position statement is from 2020 and is currently under review.

    Some state and territory BreastScreen programs, including in Western Australia, South Australia and soon Victoria, notify women if they have dense breasts. Victoria is currently at an early stage of its roll-out.

    While the messaging regarding breast density differs by state, none currently recommend further imaging for women with dense breasts without speaking to a doctor about individual risk.

    What are the issues?

    Providing recommendations for women with dense breasts is difficult.

    The European Society of Breast Imaging recommends women with extremely dense breasts aged 50–70 receive an MRI every two to four years, in addition to screening mammography. This is based on a large randomised controlled trial from the Netherlands.

    But the Royal Australian and New Zealand College of Radiologists describes this recommendation as “aspirational”, acknowledging cost, staffing and accessibility as challenges.

    That is, it is not feasible to provide a supplemental MRI for everyone in the screening population in category D with extremely dense breasts (around 10%).

    Further, there is no consensus on appropriate screening recommendations for women in the category C (heterogeneous density).

    We need a national approach to breast density reporting in Australia and to do better at identifying who is most likely to benefit from further testing.

    BreastScreen Australia is currently undergoing a review of its policy and funding.

    One of its goals is to enable a nationally consistent approach to breast screening practices. Hopefully breast density reporting, including funding to support national implementation, will be a priority.

    *This includes those recorded female at birth and who are gender diverse.

    Jennifer Stone receives funding from Cancer Council Western Australia and the NHMRC. She is affiliated with the University of Western Australia and the University of Melbourne. She is Co-chair of the Australian Breast Density Consumer Advisory Council and member of the InforMD Alliance (www.informd.org.au).

    – ref. Having dense breasts is linked to cancer. But advice about breast density can depend on where you live – https://theconversation.com/having-dense-breasts-is-linked-to-cancer-but-advice-about-breast-density-can-depend-on-where-you-live-249863

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Tourist trains gaining popularity among seniors

    Source: China State Council Information Office 2

    Chinese consumers have indicated a growing interest in taking dedicated tourist trains, with rising search volumes related to the sector seen, following the country’s plan to retrofit tourist trains to make them more senior-friendly.
    Specifically, the country plans to launch more green and comfortable travel products and develop more themed routes for the trains, according to a guideline issued on Feb 11 by nine entities, including the Ministry of Commerce, the Ministry of Culture and Tourism and China State Railway Group Co Ltd.
    On Wednesday and Thursday, search volume for travel products related to such tourist trains more than tripled over the same period in January, said Tongcheng Travel, a Suzhou, Jiangsu province-based online travel agency.
    Tourist trains have been one of the most popular travel products among seniors in China. In 2024, nearly 80 percent of consumers who booked tourist trains were aged 60 and above, Tongcheng said.
    Tourist trains connecting Gansu province and the Xinjiang Uygur autonomous region; Heilongjiang province and the Inner Mongolia autonomous region; as well as the China-Laos Railway, have been quite popular among senior travelers, Tongcheng said.
    China has the world’s largest passenger railway network, while the operation of tourist trains in the country is still in its development stage. In 2024, China operated a total of 1,860 tourist trains nationwide, a record high, and the number jumped nearly 50 percent over the pre-pandemic period in 2019, said China Railway.
    “Compared with traditional modes of travel, tourist trains are more comfortable and they satisfy traveler demand for catering, accommodation, transportation and sightseeing, making them more friendly to senior travelers,” said Li Zhun, a senior researcher at the Tongcheng Research Institute.
    “In the next three to five years, demand for cultural and tourism products suitable for senior travelers will further grow in China. Besides raising the supply of tourist train products, there is still room for improvement in the quality of service and operation,” Li said.
    He added that in the next step, tourist trains may be envisioned as a peer to mature business models like luxury cruise ships. More tourist train products suitable for different types of consumers and a new marketing system should be promoted.
    Meanwhile, the domestic tourism market has gradually returned to normalcy after the Spring Festival holiday, and prices of flight tickets and hotels have declined, making it friendly for senior travelers who seek to travel during off-peak periods.
    Tongcheng Travel said after the Spring Festival break, the company has received an increasing number of travel inquiries from senior travelers aged between 55 and 70. Compared with office employees and students, older travelers have more flexible schedules, and they are able to opt for off-peak travel periods to avoid crowds, the company said.
    During off-peak periods, some popular outbound destinations for Chinese travelers include Tokyo, Osaka and Sapporo in Japan; Seoul, South Korea; Bangkok, Thailand; Singapore; New Zealand; and Bali, Indonesia. In addition, cruise tourism products to Japan and South Korea, as well as Mediterranean cruises, have been sought after by consumers, the online travel agency found.

    MIL OSI China News –

  • MIL-OSI: Full-year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Victoire Grux
    Tel.: +33 6 04 52 16 55
    victoire.grux@capgemini.com

    Investor relations:
    Vincent Biraud
    Tel.: +33 1 47 54 50 87
    vincent.biraud@capgemini.com

    Full-year 2024 results

    • Revenues of €22,096 million in 2024, down -1.9%
    • Revenue growth at constant exchange rates* of -2.0% for the full year, and -1.1% in Q4
    • Bookings at €23.8 billion with a 1.08 book-to-bill
    • Stable operating margin*, at 13.3% of revenues
    • Net profit, Group share, up +0.5% and basic earnings per share up +1.2%
    • Organic free cash flow0F*of €1,961 million
    • Proposed dividend of €3.40 per share

    Paris, February 18, 2025 – The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened on February 17 in Paris to review and adopt the accounts1F1 of the Capgemini Group for the year-ended December 31, 2024.

    Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our performance in the fourth quarter is in line with expectations. As anticipated, Manufacturing and France experienced strong headwinds, whereas we saw an improvement in Financial Services and Consumer Goods & Retail, as well as a robust Public Sector.

    The Group demonstrated strong resilience in 2024, maintaining its operating margin and free cash flow generation, thanks to the growth of its high value-added offerings as well as its ecosystem of leading technology partners.

    Client demand continues to be driven by efficiency, operational agility and cost-optimization programs which are driving traction for our Cloud and Data & AI services. The Group is recognized as a global leader in AI by market analysts, reflecting our continued investments. Generative AI supported strong bookings and accounted for around 5% of bookings in Q4. The acquisition of Syniti strengthens the Group’s data-driven digital transformation capabilities.

    Our clients keep showing a strong appetite for technology and recognize the value we bring as their trusted business and technology transformation partner. However, we remain cautious in this uncertain environment, notably around Manufacturing and Europe, and expect H1 2025 constant currency revenue growth to remain in the same range as in Q4 2024. We will continue to demonstrate in 2025 the strength of our positioning and the resilience of our operating model, with growth as a priority.”

    KEY FIGURES

    (in millions of euros) 2023 2024 Change
    Revenues 22,522 22,096 -1.9%
    Operating margin* 2,991 2,934 -1.9%
    as a % of revenues 13.3% 13.3% 0pt
    Operating profit 2,346 2,356 +0.4%
    as a % of revenues 10.4% 10.7% +0.3pts
    Net profit (Group share) 1,663 1,671 +0.5%
    Basic earnings per share (€) 9.70 9.82 +1.2%
    Normalized earnings per share (€)* 12.44 12.23 -1.7%
    Organic free cash flow* 1,963 1,961 -€ 2m
    Net cash / (Net debt)* (2,047) (2,107)  

    In an environment that proved weaker than initially anticipated, Capgemini demonstrated in 2024 the resilience of its operating model and its leadership on AI and Generative AI. Clients focused on driving efficiency, prioritizing operational agility and cost optimization while discretionary spend remained soft. This environment has fueled a strong demand for transformation programs which translated into continued traction for Capgemini’s Cloud, Data & AI services as well as its innovative offerings, most notably in intelligent supply chain, digital core and generative AI projects. This is contributing to the continuous improvement of the portfolio mix toward innovation and enhanced client value creation.

    Capgemini reported revenues of €22,096 million in 2024, down -1.9% year-on-year. Constant currency growth* was -2.0%, at the top end of the outlook as revised in October 2024. Organic growth* (i.e., excluding the impact of currency fluctuations and changes in Group scope) was -2.4%. After bottoming out in Q1, revenue trends gradually improved through the year with a revenue decline limited to -1.1% at constant currency and -1.5% organically in Q4.

    With bookings of €23,821 million in 2024 and €6,806 million in Q4, the Group maintained a strong commercial momentum despite client decision cycles that remain long, achieving a solid book-to-bill of 1.08 for the year, and 1.22 in Q4. When compared to 2023 bookings, this represents, at constant exchange rates, a decrease of -0.5% for the year and an increase of +1.9% in Q4. Generative AI bookings amounted to close to 4% of Group bookings for the year and around 5% for Q4.

    The ongoing shift in Capgemini’s offerings portfolio towards higher value services, coupled with enhanced operational efficiency, generated a 50 basis points increase in gross margin to 27.4% of revenues, reflecting the resilience of its operating model. This enabled the Group to absorb the incremental investment in selling efforts aimed at driving future growth and offset the slight increase in G&A expenses.

    Consequently, the operating margin* was stable at 13.3% of revenues, or €2,934 million, in line with the operating margin target set for 2024.

    Other operating income and expenses was a net expense of €578 million, down €67 million year-on-year. This decrease is mainly attributable to lower restructuring charges, which decreased by €55 million.

    Capgemini’s operating profit was €2,356 million, or 10.7% of revenues, compared with €2,346 million, or 10.4% of revenues in 2023.

    Capgemini reported a net financial income of €13 million in 2024, compared to a net expense of €42 million in 2023, reflecting higher interest income.

    The income tax expense was €681 million, up from €626 million last year. This represents an increase in the effective tax rate from 27.2% in 2023 to 28.8% this year.

    Taking into account the share of profits of associates and non-controlling interests, the Group share in net profit rose by +0.5% year-on-year to €1,671 million. Basic earnings per share increased by +1.2% to €9.82. Normalized earnings per share* was €12.23, compared with €12.44 in 2023.

    Organic free cash flow* generation remained strong at €1,961 million, in line with the 2024 target and the previous year despite lower revenues.

    CAPITAL ALLOCATION & BALANCE SHEET

    In 2024, Capgemini actively redeployed close to €2.0 billion of capital, essentially funded by the organic free cash flow of the year. Capgemini invested €827 million in acquisitions. The Group also paid dividends of €580 million (€3.40 per share) to Capgemini SE shareholders and allocated €972 million to share buybacks: €498 million on its multiyear program and €474 million to neutralize the dilution of the 11th employee share ownership plan (ESOP). This ESOP plan, which proved highly successful and thus contributed to maintaining employee shareholding at around 8% of the share capital, led to a gross capital increase of €415 million.

    In October 2024, the Group also redeemed in full and at maturity its €600 million bond issued in April 2018.

    At December 31, 2024, the Group had cash, cash equivalents and cash management assets of €3.1 billion. After accounting for borrowings of €5.1 billion as well as for derivative instruments, Group net debt* is €2.1 billion, slightly up compared with €2.0 billion at December 31, 2023.

    The Board of Directors decided to recommend the payment of a dividend of €3.40 per share at the Shareholders’ Meeting of May 7, 2025. The corresponding payout ratio is 35% of net profit (Group share), in line with the Group’s historical distribution policy.

    OPERATIONS BY REGION

    At constant exchange rates, revenues in North America (28% of Group revenues) decreased by -4.1% with improving trends in H2. The Financial Services, Consumer Goods & Retail and Telco, Media & Technology (TMT) sectors were the main drivers of improvement. In contrast, the Manufacturing and Public sectors slowed down in H2. The operating margin increased to 16.5%, from 15.6% in 2023.

    The United Kingdom and Ireland region (12% of Group revenues) remained resilient, posting a -1.0% decline in revenue primarily driven by the contraction of the Consumer Goods & Retail sector. The region’s return to growth in H2 was driven by the recovery in Financial Services and the continued strength in the Energy & Utilities sector. The operating margin reached 19.7% compared with 18.6% in 2023.

    France (20% of Group revenues) revenues decreased by -3.5%, in an environment that led to a visible degradation in H2. This evolution was mostly driven by the contraction of the Manufacturing sector. However, as in most regions, Financial Services visibly improved through the year. The operating margin contracted from 12.6% to 10.2%.

    In the Rest of Europe region (31% of Group revenues), revenues stood at +0.1% with solid Public and Energy & Utilities sectors and Financial Services returning to growth. The Manufacturing sector also negatively weighed on activity in the region. The operating margin was 12.0%, slightly up from 11.7% a year earlier.

    Finally, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were slightly down
    -0.3% driven by a slower Financial Services sector in Asia-Pacific. However, the Public Sector in Asia-Pacific and the Consumer Goods & Retail sector in Latin America, both enjoyed double-digit growth rates. The operating margin slightly improved to 12.4% compared with 12.2% the year before.

    OPERATIONS BY BUSINESS

    At constant exchange rates, Strategy & Transformation consulting services (9% of Group revenues) reported +3.2% growth in total revenues* in 2024. This continued momentum illustrates the strength of the Group’s positioning as a strategic partner to its clients.

    Applications & Technology services (62% of Group revenues and Capgemini’s core business) reported
    a -2.1% decrease in total revenues.

    Finally, Operations & Engineering services total revenues (29% of Group revenues) decreased -2.1%.

    OPERATIONS IN Q4 2024

    Q4 was the third consecutive quarter of gradual improvement in growth rate. As expected, the Financial Services and Consumer Goods & Retail sectors saw an acceleration and TMT returned to growth. This was offset by the slowdown in Manufacturing.

    Geographically, growth rates improved substantially in North America, but also the United Kingdom and Ireland, Asia-Pacific and Latin America, but slowed down visibly in France.

    Group revenues totaled €5,581 million in Q4 2024, a decline of -1.1% year-on-year at constant exchanges rate and -1.5% organically. This decline in revenue can be solely attributable to -6.1% slowdown in Manufacturing.

    At constant exchange rates, the decline in revenues in the North America region was limited to -1.6%, with the growth in Financial Services, Consumer Good & Retail and TMT, more than offset by the weakness in the Manufacturing and Energy & Utilities sectors. Revenues in the United Kingdom and Ireland region grew +1.5%, supported by the good performance of the Energy & Utilities and Manufacturing sectors and to a lesser extent the growth in Financial Services. In France, the weakness in the Manufacturing, Consumer Goods & Retail and Energy & Utilities sectors led the revenue to decline -5.8%. Revenues in the Rest of Europe region were stable (+0.1%), driven by robust activity in the Public, Energy & Utilities and Financial Services sectors that offset the decline in the Manufacturing sector. Finally, revenues in the Asia-Pacific and Latin America region grew by +4.6% supported by the visible recovery in the Financial Services and Consumer Goods & Retail sectors, more than offsetting the weak Manufacturing and Energy & Utilities sectors.

    HEADCOUNT

    At December 31, 2024, the Group’s total headcount stood at 341,100, slightly up by +0.2% year-on-year and +0.7% compared to the end of September 2024.

    The onshore workforce decreased by -1.1% at 144,200 employees, while the offshore workforce was up by +1.2% to 196,900 employees, i.e., 58% of the total headcount.

    ESG PERFORMANCE

    In 2024, Capgemini demonstrated continued leadership in corporate responsibility by making significant advancements aligned with its ESG (Environment, Social and Governance) policy and commitments.

    From an environmental standpoint, Capgemini set ambitious near-term (2030) and long-term (2040) carbon reduction targets in 2022, including a 90% reduction in all emissions (Scope 1, 2 and 3) by 2040 to reach its “net zero emissions” targets as validated by the SBTi (Science-Based Targets initiative). At the end of 2024, the Group had reduced its absolute emissions (Scope 1, 2 and 3) by 35% compared to 2019. Reflecting the commitment to 100% renewable electricity (RE100) by 2025, Capgemini’s scope 1 and 2 emissions have decreased by 93% since 2019. The share of renewable energy in the Group’s electricity consumption reached 98% last year up from 96% in 2023.

    In human capital development, Capgemini continued to invest in its talent in 2024. The average number of learning hours per employee trained reached 77 hours last year, significantly up notably with the expansion of the generative AI training program.

    The Group also made notable progress in gender balance, nearing its global objective of 40% by 2025. By the end of 2024, women comprised 39.7% of the total workforce, up by almost 1 point year-on-year and almost 7 points since 2019. The proportion of women among executive leadership positions globally reached 29.0%, up by almost 3 points year-on-year and more than 12 points since 2019.

    The scale of impact through digital inclusion initiatives also extended greatly in 2024. Overall, the Group’s various programs and partnerships with leading non-profit organizations benefited almost 3.2 million individuals in 2024.

    In recognition of this continued progress, the Group was confirmed as a constituent of the Dow Jones Sustainability Index (DJSI) Europe and maintained its position on the “A list” in the 2024 CDP (Carbon Disclosure Project) assessment.

    OUTLOOK

    The Group’s financial targets for 2025 are:

    • Revenue growth of -2.0% to +2.0% at constant currency;
    • Operating margin of 13.3% to 13.5%;
    • Organic free cash flow of around €1.9 billion.

    CONFERENCE CALL

    Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this publication during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

    All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

    PROVISIONAL CALENDAR

    April 29, 2025        Q1 2025 revenues
    May 7, 2025        Shareholders’ meeting
    July 30, 2025        H1 2025 results
    October 28, 2025        Q3 2025 revenues

    The dividend payment schedule to be submitted to the Shareholders’ Meeting for approval would be:

    May 20, 2025        Ex-dividend date on Euronext Paris
    May 22, 2025        Payment of the dividend

    DISCLAIMER

    This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

    This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

    ABOUT CAPGEMINI

    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get the Future You Want | www.capgemini.com

    * *

    *

    APPENDIX3F2

    BUSINESS CLASSIFICATION

    • Strategy & Transformation includes all strategy, innovation and transformation consulting services.
    • Applications & Technology brings together “Application Services” and related activities and notably local technology services.
      • Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

    DEFINITIONS

    Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates.

    Reconciliation of growth rates Q1
    2024    		 Q2
    2024    		 Q3
    2024    		 Q4
    2024    		 FY
    2024
    Organic growth -3.6% -2.3% -2.1% -1.5% -2.4%
    Changes in Group scope +0.3 pts +0.4 pts +0.5 pts +0.4 pts +0.4 pts
    Growth at constant exchange rates -3.3% -1.9% -1.6% -1.1% -2.0%
    Exchange rate fluctuations -0.2 pts +0.4 pts -0.3 pts +0.5 pts +0.1 pts
    Reported growth -3.5% -1.5% -1.9% -0.6% -1.9%

    When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

    Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expenses” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

    Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

    Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

    Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

    RESULTS BY REGION

      Revenues   Year-on-year growth   Operating margin rate
      2024
    (in millions of euros)    		   reported at constant exchange rates   2023 2024
    North America 6,188   -4.2% -4.1%   15.6% 16.5%
    United Kingdom and Ireland 2,753   +1.6% -1.0%   18.6% 19.7%
    France 4,380   -3.5% -3.5%   12.6% 10.2%
    Rest of Europe 6,851   +0.2% +0.1%   11.7% 12.0%
    Asia-Pacific and Latin America 1,924   -2.6% -0.3%   12.2% 12.4%
    TOTAL 22,096   -1.9% -2.0%   13.3% 13.3%

    RESULTS BY BUSINESS

      Total revenues*   Year-on-year growth
      2024
    (% of Group revenues)    		   At constant exchange rates in Total revenues* of the business
    Strategy & Transformation 9%   +3.2%
    Applications & Technology 62%   -2.1%
    Operations & Engineering 29%   -2.1%

    SUMMARY INCOME STATEMENT AND OPERATING MARGIN

    (in millions of euros) 2023 2024 Change
    Revenues 22,522 22,096 -1.9%
    Operating expenses (19,531) (19,162)  
    Operating margin 2,991 2,934 -1.9%
    as a % of revenues 13.3% 13.3% 0bp
    Other operating income and expenses (645) (578)  
    Operating profit 2,346 2,356 +0.4%
    as a % of revenues 10.4% 10.7% +30bp
    Net financial expenses (42) 13  
    Income tax income/(expense) (626) (681)  
    Share of profit of associates and joint-ventures (10) (11)  
    (-) Non-controlling interests (5) (6)  
    Profit for the period, Group share 1,663 1,671 +0.5%

    NORMALIZED AND DILUTED EARNINGS PER SHARE

    (in millions of euros) 2023 2024 Change
    Average number of shares outstanding 171,350,138 170,201,409 -0.7%
    BASIC EARNINGS PER SHARE (in euros) 9.70 9.82 +1.2%
    Diluted average number of shares outstanding 177,396,346 176,375,256  
    DILUTED EARNINGS PER SHARE (in euros) 9.37 9.47 +1.1%
           
    (in millions of euros) 2023 2024 Change
    Profit for the period, Group share 1,663 1,671 +0.5%
    Effective tax rate 27.2% 28.8%  
    (-) Other operating income and expenses, net of tax 469 412  
    Normalized profit for the period 2,132 2,083 -2.3%
    Average number of shares outstanding 171,350,138 170,201,409 -0.7%
    NORMALIZED EARNINGS PER SHARE (in euros) 12.44 12.23 -1.7%

    CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW

    (in millions of euros) 2023 2024
    Net cash from operating activities 2,525 2,526
    Acquisitions of property, plant and equipment and intangible assets, net of disposals (254) (310)
    Net interest cost (11) 37
    Repayments of lease liabilities (297) (292)
    ORGANIC FREE CASH FLOW 1,963 1,961
    Other cash flows from (used in) investing and financing activities (2,126) (2,788)
    Increase (decrease) in cash and cash equivalents (163) (827)
    Effect of exchange rate fluctuations (115) 97
    Opening cash and cash equivalents 3,795 3,517
    Closing cash and cash equivalents 3,517 2,787

    NET DEBT

    (in millions of euros) December 31, 2023 December 31, 2024
    Cash and cash equivalents 3,536 2,789
    Bank overdrafts (19) (2)
    Cash and cash equivalents 3,517 2,787
    Cash management assets 161 268
    Long-term borrowings (5,071) (4,281)
    Short-term borrowings and bank overdrafts (675) (863)
    (-) Bank overdrafts 19 2
    Borrowings, excluding bank overdrafts (5,727) (5,142)
    Derivative instruments 2 (20)
    NET CASH / (NET DEBT) (2,047) (2,107)

    ESG PERFORMANCE

      Objectives Key Performance Indicators 2019
    (baseline)    		 2023 2024 Change vs. 2019 2025 Objective 2030 Objective (vs 2019)
    Environment Be carbon neutral for our own operations no later than 2025 and across our supply chain by 2030, and committed to becoming a net zero business by 2040 Scope 1 & 2 – Absolute emissions (ktCO₂e) 154.1 13.6 11.2 -93%   -80%
    Scope 3 – Employee commuting emissions per headcount (tCO₂e/head) 1.08 0.50 0.55 -49%   -55%
    Scope 3 – Business travel emissions per headcount (tCO₂e/head) 1.26 0.50 0.48 -62%   -55%
    Scope 3 – Purchased goods and services (ktCO₂e) 305.7 352.1 301.5 -1%   -50%
    Transition to 100% renewable electricity by 2025, and electric vehicles by 2030 % of electricity from renewables 28% 96% 98% +70pts 100%  
    Social Increase average learning hours per employee by 5% every year to ensure regular lifelong learning Average Completed Learning Hours per headcount trained during the reporting period 41.9 53.8 77.4 +85%    
    40% of women in our teams by 2025 % of women in the workforce 33.0% 38.8% 39.7% +6.7pts 40%  
    5m beneficiaries supported by our digital inclusion programs by 2030 Cumulated number of beneficiaries since 2018 29,012 4.4m 7.5m     5m
    Governance 30% of women in Group executive leadership positions in 2025 % of women in Group executive leadership positions 16.8% 26.2% 29.0% +12.2pts 30%  
    Maintain over 80% of the workforce with an Ethics score of 7-10 % of the headcount with an Ethics score of 7-10   86% 85%   >80% >80%
    Be recognized as a front leader in data protection and cybersecurity Cyber Rating agencies – CyberVadis score   958 977   940-950
    out of 1,000
    DPO certification   72% 76%   95%  

    Note: in the table above, 2024 data may include some estimates and some historical data points have been restated to ensure comparability.

    1 Audit procedures on the consolidated financial statements have been completed. The auditors are in the process of issuing their report.
    2 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

    Attachments

    The MIL Network –

  • MIL-OSI Submissions: Australia – CBA reduces interest rates on business loans

    Source: Commonwealth Bank of Australia (CBA)

    The Commonwealth Bank has responded to the Reserve Bank of Australia’s cash rate decision, reducing rates on eligible business lending products.

    Commonwealth Bank will reduce interest rates by 0.25% per annum (p.a.) on eligible business lending products, following the Reserve Bank of Australia’s (RBA) decision to decrease the official cash rate by 0.25% p.a.

    CBA’s Business Bank will be reducing interest rates across its Variable Base Rate, Residential Equity Rate, and Overdraft Reference Rate, by 25 basis points.

    This reduction will apply to business lending products including Better Business Loans and Business Overdrafts. All business loan variable rate changes announced today will be effective 28 February 2025.

    CBA Group Executive Business Banking, Mike Vacy-Lyle, said: “Businesses are the lifeblood of Australia’s economy, and they’ve shown remarkable resilience in what has been a challenging environment.

    “While today’s rate reductions may provide some relief, we recognise some of our business customers are facing challenging times and we have a range of measures available for businesses facing difficulty, such as waiving merchant terminal rental fees and deferring repayments on business loans.

    “We also recognise the importance of balancing the needs of business borrowers and business depositors, and we will continue to review our pricing and make further adjustments as required.”

    For business deposit customers, CBA continues to offer a range of options for those looking for at call, notice deposit and term deposit products. CBA will be reducing the interest rate by up to 0.10% p.a. on the Business Online Saver product. The interest on 48 hours and 7-day notice Capital Growth Account remains unchanged.

    Support for small businesses customers

    A range of support options are available for business customers. These include:

    Deferred business loan repayments or debt restructuring.
    Free comprehensive cash flow tracking capabilities via a Business Cash Flow tool in the CommBank app.
    Bill Sense to help customers predicts future bills and our business insights tool called Daily IQ.

    More information is available on our website and businesses seeking support can speak to their Relationship Manager or call CBA’s dedicated Business Financial Assistance team, available 24/7, on 13 26 07.

    MIL OSI – Submitted News –