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Category: Commerce

  • MIL-OSI: TransUnion Collaborates with Credit Sesame to Launch New Freemium Direct-to-Consumer Credit Education and Monitoring Offering

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 13, 2025 (GLOBE NEWSWIRE) — TransUnion (NYSE:TRU) has announced the launch of its new direct-to-consumer experience in the U.S., enabled by its strategic collaboration with Credit Sesame, a leader in the credit management space. This new offering is expected to enable TransUnion to more fully serve the tens of millions of consumers who visit TransUnion digital properties annually, with a highly engaging freemium credit education solution that will be integrated with enhanced premium credit monitoring services.

    This new experience will provide consumers with access to a suite of free credit education services, including a daily TransUnion credit score and report, in addition to optional premium credit monitoring services, available on TransUnion’s website and app. Consumers will also have access to a network of third-party financial offers, tailored to a consumer’s individual goals and credit profile. TransUnion expects to launch the new offering in phases throughout the first half of 2025.

    “Personal empowerment is a key component of our commitment to Information for Good®,” said Steve Chaouki, President, U.S. Markets, TransUnion. “By providing a free-first experience that includes financial offers, we engage with more consumers, enabling them to better understand their financial situations and take action to manage their financial futures. By integrating our freemium offering with our enhanced premium credit and identity monitoring services, we expect to deliver a more expansive product offering to consumers and position our direct-to-consumer business for sustainable growth.”

    This initiative combines the unique capabilities of Credit Sesame and TransUnion. Credit Sesame provides its expertise to develop and manage a highly engaging product platform, mobile app and integrated network of financial offers, all powered by TransUnion data. TransUnion plans to upgrade its existing consumer base in the U.S. onto the new platform and manage consumer acquisition and consumer servicing, as well as ongoing operational and compliance controls.

    “We’re committed to empowering consumers to take charge of their financial health,” said Adrian Nazari, CEO, Credit Sesame. “We have a track record of success in the freemium credit space, helping millions of Americans effectively manage their credit and create better opportunities for themselves and their families. By leveraging our Sesame platform, we expect that TransUnion will be able to deeply engage consumers and support them in achieving their financial goals.”

    About TransUnion (NYSE: TRU)
    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

    About Credit Sesame
    Credit Sesame is a leading financial wellness company dedicated to helping consumers achieve better credit and financial health through cutting-edge technology and data-driven solutions. With a decade of credit expertise and a proven track record of serving over 18 million users, Credit Sesame leverages AI and advanced analytics to empower individuals to improve their credit scores, enhance approval odds, and reduce credit costs.

    The recently launched Sesame Credit Intelligence Platform extends this mission by providing institutions with a turnkey AI-powered credit intelligence solution. It enables businesses to offer personalized credit and financial wellness experiences, driving deeper customer engagement and growth.

    Backed by leading institutional and strategic investors, Credit Sesame operates across the U.S. For more information, visit www.addsesame.com.

    TransUnion Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of TransUnion’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those described in the forward-looking statements. Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements include information concerning possible or assumed future results of operations, including our guidance and descriptions of our business plans and strategies. These statements often include words such as “anticipate,” “expect,” “guidance,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “outlook,” “potential,” “continues,” “seeks,” “predicts,” or the negatives of these words and other similar expressions. There may be other factors, many of which are beyond our control, that may cause our actual results to differ materially from the forward-looking statements, including factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024, and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K filed with the Securities and Exchange Commission. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

    The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to publicly release the result of any revisions to these forward-looking statements to reflect the impact of events or circumstances that may arise after the date of this press release.

    Contact Dave Blumberg
    TransUnion
    E-mail david.blumberg@transunion.com
    Telephone 312-972-6646

    The MIL Network –

  • MIL-OSI United Kingdom: Former owner of Gillingham takeaway sanctioned for £50,000 Covid loan abuse

    Source: United Kingdom – Executive Government & Departments

    Former owner of Chinese takeaway in Kent claimed maximum loan for business which was not eligible for any money

    • Zhongqing Li claimed a £50,000 Bounce Back Loan for his Chinese takeaway despite the business not being eligible for the scheme
    • The Official Receiver uncovered the abuse of the loan after the takeaway owner became bankrupt.
    • He is now subject to nine years of sanctions which prevent him acting as a company director 

    The former owner of a Chinese takeaway in Kent is subject to stringent sanctions after taking out a £50,000 Bounce Back Loan during the Covid pandemic when the business was not entitled to any money under the scheme.

    Zhongqing Li, 55, from Parkwood Green, Gillingham, applied for the loan in June 2020 to support his Silver Sea takeaway, which also traded from Parkwood Green. 

    Li became bankrupt in June 2024, owing the full amount of the loan. 

    The Official Receiver, whose duty includes investigating the cause of a bankruptcy, discovered that Silver Sea had not been trading within the required timeframe to have been eligible for a Bounce Back Loan.  

    Samantha Crook, Deputy Official Receiver at the Insolvency Service, said: 

    The Bounce Back Loan scheme was designed to help keep existing businesses afloat during a time of crisis for the country.  

    Zhongqing Li abused this vital support by claiming the maximum amount possible for a business that was not entitled to receive a loan under the terms of the scheme. 

    The Insolvency Service strives to secure the toughest sanctions for those who abuse public money, and we are pleased these lengthy restrictions will curb Li’s business and financial activities to help protect the public from further harm.

    Li made a loan application on 15 June 2020 in which he stated that Silver Sea had been trading on 1 March 2020 – the date businesses had to have been trading to qualify for a loan under the rules of the scheme. 

    But the Official Receiver discovered that the day before he applied for the loan, Li had signed a VAT registration form saying the business had only begun trading in the previous month, on 17 May 2020. 

    The Official Receiver secured a Bankruptcy Restrictions Undertaking (BRU) from Li, in which he did not dispute that he had obtained a £50,000 Bounce Back Loan to which he was not entitled because he was not trading on or before 1 March 2020, as required by the terms of the scheme. 

    He agreed to abide by sanctions that restrict his finance and business activities, and extend the original terms of his bankruptcy – usually a 12-month period – for another nine years. 

    The restrictions prevent him acting as a company director without permission from the court, and from holding certain roles in public organisations. He is also prohibited from borrowing more than £500 without declaring he is subject to the sanctions.  

    The Secretary of State for Business and Trade accepted the undertaking from Zhongqing Li on 28 January 2025. He will be subject to the restrictions until 27 January 2034. 

    The Silver Sea takeaway continues to trade under different owners. 

    The Official Receiver continues to make enquiries into possible recovery of the money. 

    Further Information

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Burkhard Balz: Envisioning tomorrow – the role of CBDCs in Europe’s digital financial ecosystem

    Source: Bank for International Settlements

    Check against delivery 

    1 Introduction

    Good morning ladies and gentlemen and thank you very much for your warm welcome.

    I am honoured to have been invited back to this year’s Frankfurt Digital Finance Conference in this wonderful building here in Frankfurt’s Palmengarten and to have been asked to hold a keynote to kick off today’s event.

    Allow me to begin my keynote this morning with a quote attributed to Oscar Wilde: The future belongs to those who recognise opportunities before they become obvious. These words, ladies and gentlemen, could not be any better suited to our financial ecosystem. 

    And it is precisely opportunities that I wish to address in my keynote today – the opportunities provided by central bank digital currencies, or CBDCs for short. A subject that is as timely as it is significant.

    2 The future is digital

    We are at the cusp of a new era. One in which the digitalisation of the financial sector is not just an option but a necessity. New technologies are venturing into the realm of payments and new forms of money, such as digital central bank currencies and stablecoins, are also emerging as alternatives to physical cash.

    These developments all pose new challenges for central banks. Ultimately, central banks must continue to ensure secure and efficient payments in line with their mandate and redefine their role in an increasingly digitalised world in order to maintain the public’s trust in our monetary system.

    The question that we therefore now face is: how do we respond to these technological challenges?

    And that is precisely why we in the Eurosystem – by that I mean the European Central Bank and the national central banks of the euro-area member states, including the Bundesbank – are taking a proactive approach to actively help shape the future of Europe’s digital financial ecosystem.

    3 What are we aiming to achieve with the introduction of a digital euro?

    One could argue that the Eurosystem already offers enough sufficiently well-functioning products, be it physical banknotes and coins or cashless payment instruments. After all, these have proven their worth for decades. Yet at the same time, we cannot simply ignore the evolving world around us. In an increasingly digitalised society, we must adapt to the changing needs and demands of consumers and rethink our payment services. 

    Let me outline the three key motivations behind the possible introduction of a retail CBDC in Europe – a digital euro, which we sometimes like to summarise as resilience, autonomy and efficiency.

    Let me first start with resilience. The foundation of an independent and efficient monetary policy is the adoption and use of the euro. By providing our common currency – the euro – in its form as legal tender and as a modern “all-in-one” digital payment solution, we are paving the way for our currency to enter the digital age, making it “future-proof” and fit for purpose in an increasingly digital society.

    The digital euro would thereby help to preserve the euro’s fulfilment of the core monetary functions and shield the euro area from competing foreign currencies as well as foreign – and potentially unregulated – stablecoins by safeguarding the anchor function of central bank money.

    Second, the digital euro is necessary to improve the autonomy of the European payment system. In its current form, the European payments landscape is highly dependent on non-European providers. Almost 25 years after the introduction of the euro, we still do not have a digital payment solution that can be used across the entire euro area and that runs on a European infrastructure, which, in my view, is not compatible with the concept of a single European market. Although a small number of successful payment innovations have emerged across the euro area over the past years, such as iDEAL in the Netherlands or BIZUM in Spain, the reach of these payment solutions usually ends at national borders.

    As a result, payments in Europe are largely dependent on international schemes, primarily those in the United States. At present, just under two thirds of all card payments in the euro area are processed by non-European providers. And I believe that Europe’s dependencies in the digital age are likely to increase if we do not fundamentally take matters into our own hands. 

    Third, is the issue of efficiency. By creating a pan-European payment rail in a technically modern form, we would foster competition and innovation in payments across Europe, which we believe is the best path towards efficiency in payments. The payment initiatives we have today, such as BIZUM or WERO, would be able to integrate the digital euro into their payment applications, thereby enabling them to gain instant European reach.

    4 What would a digital euro be for the common citizen?

    Although the issues I have just touched upon are very important, they are not necessarily of primarily relevance for the daily life of a majority of citizens in Europe. Hence, what would the digital euro be from the perspective of the customer?

    I believe that the digital euro would not just be a commitment to Europe’s autonomy, increase the resilience of our payment system and foster competition and innovation, it would also improve payments and make life easier for the 350 million residents of the euro area.

    The digital euro would serve as an additional means of payment alongside cash. As a digital upgrade of banknotes and coins, it would be an “all-in-one payments solution”, as we like to call it, which means it can be used in almost all everyday payment situations, including at retail checkouts, transactions among family and friends, online purchases, and payments to or from public authorities. Furthermore, it would be the first digital currency which could be used both online and offline. That is to say, also in the event of a loss of internet reception.

    Moreover, the design of the digital euro would ensure that it would offer the highest possible level of user privacy, comparable only to cash. No other digital means of payment in Europe currently offers all these features.

    Despite the many benefits the digital euro would bring for Europe as a whole, we must, nevertheless, proceed with caution. The introduction of a digital euro raises important questions about privacy, security, and the impact on financial stability and monetary policy. We must ensure that the digital euro upholds the highest standards of data protection, that it is resilient against cyber threats, and that it does not have a negative impact on financial stability.

    5 Wholesale CBDC

    Digitalisation raises questions not only in terms of how we intend to continue providing access to central bank money for our European citizens in future, but also in terms of how we intend to supply money to our wholesale customers. It is and will remain essential that we are able to settle digital transactions using new and innovative technologies, such as distributed ledger technology (DLT) in central bank money. An entire ecosystem is currently evolving around the tokenisation of securities, which involves all parts of the financial system.

    Like other financial players, the Bundesbank, and also the Eurosystem as a whole, see the significant benefits that the use of these new technologies can bring. The advantages of DLT, such as automated settlement by means of smart contracts and reduced reconciliation needs, are clear.

    But to fully harness this potential, we also need an innovative settlement mechanism for the cash leg – one which settles transactions in central bank money. We are therefore working on developing wholesale solutions that enable banks to settle DLT-based financial market transactions in central bank money. 

    The Eurosystem recently completed an exploration phase together with the market, which ran from May to November 2024, during which we tested various new technologies for wholesale central bank money settlement using real transactions. The Bundesbank also participated in this exploration phase with its “Trigger solution”, which builds a bridge between DLT platforms and the conventional TARGET payment system. The feedback we have received from the market so far has been very positive. I think we can already say that the exploration phase was a complete success.

    The anticipated benefits of DLT are seen as having the potential to address and overcome the ecosystem’s current shortcomings, such as fragmentation, complexity, over-intermediation, and technological inefficiencies, which hinder the growth of a digital capital markets union. 

    By developing a new ecosystem from the ground up, it could be made more integrated and harmonised, featuring a “common set of rails” – a shared ledger or a network of fully interoperable ledgers – that would guarantee reachability, open access, and compatibility across the services of all participants.

    Our primary focus is now on implementing a short-term wholesale solution to meet the immediate and growing demands of the market. This will buy us some much-needed time to continue working on a vision for a long-term solution for wholesale CBDC. A solution which must ultimately go hand in hand with the evolving financial market ecosystem.

    6 Business-to-business (B2B) payments

    Alongside its work into the possible introduction of a digital euro and the exploration of wholesale CBDC, the ECB, together with the Eurosystem, has also been turning its focus to another area of payments – one which is increasingly gaining traction: business-to-business payments, or B2B payments for short.

    To fully leverage the potential of the evolving payments landscape in the area of CBDCs, last October the ECB organised a special focus workshop on innovations in B2B payments and the role central bank money could play. 

    This workshop provided a one-of-a-kind platform to learn more about the potential use cases out there in the market. Given the high level of interest shown in the first focus workshop, I’m sure this will not be the last one of its kind.

    7 Outlook

    Ladies and gentlemen,

    The introduction of the digital euro and the exploration of wholesale CBDC and B2B use cases are not just a technical exercise, but a clear commitment to the innovative strength and competitiveness of Europe.

    The Bundesbank and the Eurosystem are determined to play an active role in shaping this digital transformation.

    It is, however, crucial that we continue working together and pool our resources and expertise in order to fully exploit the opportunities offered by digitalisation to create a strong, stable and future-proof digital financial ecosystem for Europe.

    Thank you for your attention.

    MIL OSI Economics –

  • MIL-OSI: Biz2Credit Small Business Earnings Report Finds SMB’s Average Earnings Dropped Nearly $10K in January 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — Biz2Credit today released its monthly Small Business Earnings Report for January 2025, which revealed that average monthly earnings were $32,300, the lowest level recorded in the past 36 months of data analyzed in the report. While average monthly revenues increased to $758,100, expenses rose to $725,800, their highest level since Biz2Credit began tracking the earnings data of small businesses in January 2022.

    “The Biz2Credit Small Business Earnings Report for January 2025 shows us that even though revenue is climbing for small businesses, rising costs are eating into their earnings,” said Rohit Arora, CEO and co-founder of Biz2Credit, who oversaw the research. “January is usually a tough month for small businesses as consumers typically pay off holiday expenditures and scale back expenditures.”

    “The challenge for small businesses owners is whether or not expenses will continue rising at a higher rate than revenues. If and when the Trump administration makes headway in battling inflation, which was 3% in January, SMB earnings should rise again,” Arora added. “While some small business owners may raise prices, some industries, such as restaurants hurt by the soaring price of eggs, may risk losing customers by doing so.”

    The report summarizes financial data of companies that applied for financing via Biz2Credit and provides an examination of the financial health of small businesses by analyzing primary data submitted by small to midsized firms in the U.S. that uploaded on Biz2Credit’s award-winning digital funding platform each month.

    Key Findings for January 2025

    • Average Monthly Earnings: $32,300. (Dec. 2024: $42,100 – a decrease of nearly $10,000)
    • Average Monthly Revenue: $758,100. (Dec. 2024: $747,500 – an increase of $10,600)
    • Average Monthly Expenses: $725,800. (Dec. 2024: $705,400 – an increase of $20,000+)

    A year ago, in January 2024, average revenues were $588,500; average expenses were $512,000; and average earnings were $76,500, more than double the figure of January 2025, a year later.

    Biz2Credit is continuing to monitor the revenues and earnings of the tens of thousands of companies that apply for financing on the online platform each month to provide one of the most up-to-date readings on small business health currently available.

    The data is drawn from applications submitted on Biz2Credit’s award-winning financing platform each month. Click to review the Small Business Earnings Report. Each month the report will showcase the financial performances of small businesses in terms of changes in average revenue and expenses.

    Methodology 
    Biz2Credit examines a number of small business financial metrics in the Small Business Earnings Report, including annual revenue, operating expenses, age of business, credit score, approval rate, and funding rate. Data is drawn from over 100,000 completed financing applications submitted to Biz2Credit’s online small business funding platform between Jan. 2022 and Dec. 2024. (The numbers were extracted from non-PPP loan applications.)

    About Biz2Credit  
    Founded in 2007, Biz2Credit has helped thousands of companies access more than $10 billion in small business financing. The company is expanding its industry-leading Biz2X technology in custom digital platform solutions for banks and other financial institutions, investors, and service providers. Visit www.biz2credit.com, LinkedIn, Instagram, Facebook, and X (formerly Twitter).

    ####

    Editor’s Note: A spreadsheet of three years’ worth of earnings data is available upon request.

    Media Contact: John Mooney, (908) 720-6057, john@overthemoonpr.com

    The MIL Network –

  • MIL-OSI Russia: Tatyana Golikova: The goal of the national project “Personnel” is to coordinate the efforts of educational institutions, employment centers, companies and the state

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Deputy Prime Minister Tatyana Golikova addressed the participants, guests and organizers of the “Personnel” forum with a video greeting.

    Welcome speech by Tatyana Golikova to the participants, guests and organizers of the forum “Personnel”

    14 hours ago

    Dear colleagues!

    I am pleased to welcome you to the “Personnel” forum as part of the now traditional Russian Business Week, organized by the Russian Union of Industrialists and Entrepreneurs.

    Russian President Vladimir Vladimirovich Putin has repeatedly emphasized: “Human resources are an absolute value that must be treated responsibly, protected, strengthened, and resources and investments must be invested in this area.”

    Competent, skilled, and dedicated employees are always important. But today, when our country faces the challenges of technological leadership and industrial sovereignty, the team literally becomes the defining resource.

    Over the past few years, the labor market has undergone dramatic changes. Demographics, the growth of labor-intensive industries, and the established labor productivity have significantly influenced the transformation of the labor market and the formation of its new model. Demand for employees will grow, while the unemployment rate will remain at a historical minimum.

    The answers to these challenges cannot be found in education, employment or business alone.

    In order to provide the economy with in-demand specialists, a new national project, “Personnel,” was launched this year on the instructions of the President. Its goal is to coordinate the efforts of educational institutions, employment centers, companies, and the state.

    The national project includes four federal projects: “Labour Market Management”, “Education for the Labour Market”, “Active Measures to Promote Employment” and “Labour Person”. Their implementation over the next six years will allow the necessary labour resources to be involved in the economy.

    A lot of work has been done to form a forecast of personnel needs for a five-year period. According to our estimates, the Russian economy’s need for personnel up to 2030 is 3.1 million people. The greatest growth is expected in manufacturing (more than 703 thousand people), transportation and storage (about 472 thousand people) and construction (more than 385 thousand people).

    The need for personnel arises not only in connection with the opening of new jobs, but also in connection with the need to replace those specialists who are retiring. Therefore, it is necessary to plan work not only based on the formation of a reserve for development plans, but also taking into account the age composition of workers, competition between industries and forms of employment.

    From the forecast we see that skilled workers are becoming the most valuable labor reserve. Specialists with secondary vocational education account for 70% of the replacement demand of the labor market.

    The forecast of personnel needs will become the basis for the formation of control figures for admission to the system of secondary and higher education. And our task is to build a flexible, effective system of training specialists to meet the demands of the economy. Young specialists must be as prepared as possible for the beginning of their working career.

    We have launched a system for monitoring graduate employment and are developing a program for individual support for students. This will help to form the necessary internship and practice base for students during their studies, to get acquainted with enterprises, and to find an employer.

    We are improving the labor market management system by transforming employment centers into “Work of Russia” personnel centers. They are becoming full-fledged partners of employers in building teams and personal consultants for those wishing to build a career. This year, comprehensive modernization will take place in 17 regions, and by the end of 2028, the entire employment service system in the country will be updated.

    Simply selecting vacancies is not relevant now, our task is to give enterprises the opportunity to create strong and effective teams. There are all the tools for this – targeted training, hiring subsidies, assistance in equipping workplaces for people with special needs, free retraining for adults – we carried it out within the framework of the national project “Demography” (in six years we covered almost 1 million job seekers) and will continue within the framework of the national project “Personnel”, orienting programs directly to the order of employers.

    Today, the Government is implementing projects to increase the prestige of sought-after professions. Measures to support the sphere of corporate training are being developed. From this year, we intend to co-finance training in corporate and training centers of enterprises. We are conducting systematic work to find sources and select specialists for the needs of our economy.

    Achieving the goals of ensuring the economy’s personnel sovereignty, as I have already said, is only possible in partnership. And we are counting on a number of actions from employers.

    We see and welcome a consistent increase in wage levels, as well as an increase in labor productivity with concern for the preservation of human resources.

    The involvement and active participation of employers in personnel training – participation in career guidance work, inclusion in the procedure of targeted training, the formation of a responsible personnel order through a forecast of personnel needs – all this will allow us to set up systemic work to prepare a sufficient number and quality of specialists.

    And of course, the most important issue is the joint promotion of in-demand professions.

    Taking this opportunity, I would like to remind you: starting this year, on the instructions of the President, we are rebooting the All-Russian competition of professional skills “Best in Profession”. Its regional stages will start already in the spring. This year, 19 nominations are dedicated to in-demand blue-collar professions, and a special nomination – “Second Start” – will allow everyone who has retrained in blue-collar professions to participate. I invite your teams to participate in this competition.

    I wish all participants, guests and organizers of the forum meaningful discussions, the conquest of new professional heights and the achievement of the most ambitious goals for the benefit of our country and its citizens!

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

    MIL OSI Russia News –

  • MIL-OSI: Himax Technologies, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results; Provides First Quarter 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Q4 2024 Revenues, Gross Margin and EPS All Surpassed Guidance Range Issued on November 7, 2024
    Company Q1 2025 Guidance: Revenues to Decrease 8.5% to 12.5% QoQ,
    Gross Margin is Expected to be Around 30.5%. Profit per Diluted ADS to be 9.0 Cents to 11.0 Cents

    • Q4 2024 revenues registered $237.2 million, an increase of 6.7% QoQ, significantly exceeding guidance range of a slight decrease to flat, primarily driven by stronger order momentum across product lines
    • Q4 2024 Gross margin reached 30.5%, exceeding guidance of flat to slightly up, driven by a favorable product mix and cost improvements. Up from 30.0% in the Q3 2024
    • Q4 2024 after-tax profit was $24.6M, or 14.0 cents per diluted ADS, considerably above the guidance range of 9.3 cents to 11.0 cents
    • Company’s full year 2024 revenues were $906.8 million, and gross margin was 30.5%. 2024 profit attributable to shareholders was $0.46 per fully diluted ADS
    • Company’s Q1 2025 revenues to decline 8.5% to 12.5% QoQ, reflecting the low season demand due to Lunar New Year holidays. The Q1 revenue guidance implies flat to 4.6% increase YoY. Gross margin to be around 30.5%, up from 29.3% same quarter last year. Profit per diluted ADS to be in the range of 9.0 cents to 11.0 cents, implying the increase of 26% to 54% YoY
    • Himax sales revenues in each quarter of 2024 consistently outperformed guidance, demonstrating its ability to handle most of rush orders, underscoring its strong ability in inventory management and swift market responsiveness
    • Full year 2024 automotive driver IC sales increased nearly 20% YoY, significantly outpacing global automotive growth, largely driven by the continued TDDI adoption among major customers across all continents. Himax continues to reinforce its market leadership in automotive TDDI, holding well over 50% market share
    • Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. Small-scale production of the first-gen CPO underway, with acceleration of future CPO generation development, in close collaboration with AI customers/partners. Company believes prospect of CPO remains unchanged
    • WiseEye, building on the success with Dell, has achieved notable progress with other leading NB brands. Also made breakthroughs in smart door lock, palm vein authentication and smart home. Himax anticipates a strong growth trajectory in WiseEye business in 2025 and beyond
    • At CES 2025, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR
    • Rising enthusiasm in AR glasses with Gen AI in CES 2025. Himax offers three critical technologies for AR glasses, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI
    • Himax is well-positioned to capitalize on the trend of the premium NB to adopt OLED displays and touch features. Confident to lead in the rapidly evolving landscape of AI PCs and premium NB, offering a comprehensive IC portfolio for both LCD and OLED NB

    TAINAN, Taiwan, Feb. 13, 2025 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a leading supplier and fabless manufacturer of display drivers and other semiconductor products, announced its financial results for the fourth quarter and full year 2024 ended December 31, 2024.

    “In 2024, our sales revenues in each quarter consistently outperformed guidance. We have consistently demonstrated our ability to handle most of rush orders, underscoring our agility, adaptability, strong capabilities in inventory management, and swift market responsiveness,” said Mr. Jordan Wu, President and Chief Executive Officer of Himax.

    “At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI,” continued Mr. Jordan Wu.

    “Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. The prospect of CPO remains unchanged and the widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth,” concluded Mr. Jordan Wu.

    Fourth Quarter 2024 Financial Results

    Himax net revenues registered $237.2 million, an increase of 6.7% sequentially, significantly exceeding Company’s guidance range of a slight decrease to flat, and up 4.2% year-over-year. Gross margin reached 30.5%, exceeding its guidance of flat to slightly up from 30.0% in the previous quarter, and up from 30.3% in the same period last year. The sequential increase was driven by a favorable product mix and cost improvements. Q4 profit per diluted ADS was 14.0 cents, considerably above the guidance range of 9.3 cents to 11.0 cents, thanks to better-than-expected revenues and improved costs.

    Revenue from large display drivers came in at $25.0 million, reflecting a 18.6% sequential decline. The decrease was primarily attributed to continued customer destocking after substantial Q2 replenishment for shopping festivals, as well as heightened price competition from Chinese peers. Sales of large panel driver ICs accounted for 10.5% of total revenues for the quarter, compared to 13.8% last quarter and 14.8% a year ago.

    Small and medium-sized display driver segment totaled $166.8 million, an increase of 7.4% sequentially, exceeding its guidance of flat quarter-over-quarter, thanks to stronger-than-expected sales in the automotive and tablet markets. Q4 automotive driver sales, including both traditional DDIC and TDDI, experienced mid-teens increase, significantly outperforming Company’s expectation of a single digit increase, with both DDIC and TDDI showing stronger-than-expected sales. This surge was primarily driven by continued rush orders from Chinese panel customers, carried over from Q3, following the Chinese government’s renewed trade-in stimulus initiative announced in mid-August 2024 to boost automobile consumption. Remarkably, Himax’s Q4 automotive TDDI sales have exceeded DDIC sales for the first time, underscoring the global adoption of Company’s TDDI solutions, which are increasingly essential in modern vehicles, and reflects the growing demand for more intuitive, interactive, and cost-effective touch panel features powered by TDDI technology. Himax’s automotive business, comprising drivers, Tcon, and OLED IC sales, accounted for around 50% of total Q4 revenues. Meanwhile, Q4 tablet IC sales exceeded the guidance of a low teens decline, with sales up slightly sequentially driven by rush orders from leading end customers. Q4 smartphone IC sales declined slightly, in line with its guidance. The small and medium-sized driver IC segment accounted for 70.3% of total sales for the quarter, compared to 69.9% in the previous quarter and 71.6% a year ago.

    Fourth quarter revenues from its non-driver business reached $45.4 million, exceeding the guidance range, with a 24.9% increase from the previous quarter. The growth was primarily driven by a one-time ASIC Tcon product shipment to a leading projector customer and Tcon for monitor application. In Q4, automotive Tcon sales continued to grow sequentially, due to the widespread adoption of Himax’s market-leading local dimming Tcon with over two hundred secured design-win projects across major panel makers, Tier 1 suppliers, and automotive manufacturers worldwide. Non-driver products accounted for 19.2% of total revenues, as compared to 16.3% in the previous quarter and 13.6% a year ago.  

    Fourth quarter operating expenses were $49.2 million, a decrease of 19.1% from the previous quarter and a decline of 6.0% from a year ago. The sequential decrease stemmed primarily from a reduction in annual employee bonuses, partially offset by an increase in R&D expenses. As part of Company’s standard practice, Himax grants annual bonuses, including cash and RSUs, to employees at the end of September each year. This results in higher IFRS operating expenses in the third quarter compared to the other quarters of the year. The year-over-year decrease was mainly due to a decline in employee bonus compensation as the amortized portion of prior year’s bonuses for 2023 was higher than that for 2024, offsetting the higher annual bonus compensation grant for 2024 compared to 2023. Amid ongoing macroeconomic challenges, Himax is strictly enforcing budget and expense controls, with full-year 2024 operating expenses declining 5.6% compared to last year.

    Fourth quarter operating income was $23.1 million or 9.7% of sales, compared to 2.6% of sales last quarter and 7.3% of sales for the same period last year. The sequential increase was primarily the result of higher sales, improved gross margin, and lower operating expenses. The year-over-year increase was primarily the result of higher sales, higher gross margin, and lower employee bonus compensation due to the amortized portion of the prior year’s bonuses. Fourth-quarter after-tax profit was $24.6 million, or 14.0 cents per diluted ADS, reflecting a meaningful increase from $13.0 million, or 7.4 cents per diluted ADS last quarter, and up from $23.6 million, or 13.5 cents in the same period last year.

    Full Year 2024 Financial

    Revenues totaled $906.8 million, a slight decline of 4.1% compared to 2023. Persistent global demand weakness, coupled with uncertainty about market trends, led to conservative purchasing decisions and inventory management by Company’s panel customers. Given this uncertainty, Himax implemented strict expense controls, resulting in a 5.6% reduction in operating expenses for the year. However, Company’s optimism in the automotive business remains unwavering, with automotive IC sales increasing by nearly 20% year-over-year in 2024, far outpacing the overall automotive market growth. Among Company’s automotive product lines, automotive TDDI and Tcon sales, both relatively new technologies, surged by more than 70%, driven by accelerated adoption across the board. This growth strengthened Company’s market leadership and positions Himax well for continued success as the automotive sector embraces more advanced technology resulting from the mega trend of increasing size, quantity, and sophistication of displays inside vehicles.

    Revenue from large panel display drivers totaled $125.9 million in 2024, marking a decrease of 28.3% year-over-year, and representing 13.9% of total sales, as compared to 18.6% in 2023. Small and medium-sized driver sales totaled $625.4 million, reflecting a slight decrease of 0.6% year-over-year, and accounting for 69.0% of its total revenues, as compared to 66.5% in 2023. Non-driver product sales totaled $155.5 million, an increase of 10.6% year-over-year, and representing 17.1% of Company’s total sales, as compared to 14.9% a year ago.

    Gross margin in 2024 was 30.5%, up from 27.9% in 2023. The margin expansion was driven by a strategic focus on cost improvements and operational efficiency optimization, combined with a favorable product mix that included a higher percentage of high-margin products such as automotive and Tcon. The successful diversification of foundry sources also contributed to the margin increase.

    Operating expenses in 2024 were $208.0 million, a decline of 5.6% from 2023, primarily due to lower employee bonus compensation, as the amortized portion of bonuses in 2023 was higher than that in 2024. 2024 operating income was $68.2 million, or 7.5% of sales, an increase from $43.2 million, or 4.6% of sales, in 2023. Himax’s net profit for 2024 was $79.8 million, or $0.46 per diluted ADS, significantly up from $50.6 million, or $0.29 per diluted ADS in 2023.

    Balance Sheet and Cash Flow

    Himax had $224.6 million of cash, cash equivalents and other financial assets as of December 31, 2024. This compares to $206.4 million at the same time last year and $206.5 million a quarter ago. Himax achieved a strong positive operating cash flow of $35.4 million for the fourth quarter, compared to a cash outflow of $3.1 million in Q3. Company made a total of $30.1 million annual cash bonus to employees, resulting in the low operating cash flow of the quarter. As of December 31, 2024, Himax had $34.5 million in long-term unsecured loans, with $6.0 million representing the current portion.

    The Company’s inventories as of December 31, 2024 were $158.7 million, lower than $192.5 million last quarter and $217.3 million at the end of last year. Company’s inventory levels have steadily declined over the past couple of quarters and are now at a healthy level. Accounts receivable at the end of December 2024 was $236.8 million, little changed from $224.6 million last quarter and $235.8 million a year ago. DSO was 96 days at the quarter end, as compared to 92 days last quarter and 91 days a year ago. Fourth quarter capital expenditures were $3.2 million, versus $2.6 million last quarter and $15.1 million a year ago. Fourth quarter capex was mainly for R&D related equipment for Company’s IC design business. Total capital expenditures for 2024 were $13.1 million as compared to $23.4 million in 2023. The decrease was primarily due to reduced spending on in-house testers for Company’s IC design business in 2024.

    Outstanding Share

    As of December 31, 2024, Himax had 174.9 million ADS outstanding, little changed from last quarter. On a fully diluted basis, the total number of ADS outstanding for the fourth quarter was 175.1 million.  

    Q1 2025 Outlook

    In 2024, Himax’s sales revenues in each quarter consistently outperformed guidance. While this strong performance is certainly commendable, it also highlights the challenges Company faced such as limited market visibility and conservative customer demand, where many customers relied on rush orders to address their actual demands. On the other hand, rush orders are indicative of the tight inventory position of Company’s panel customers in general. In the past few quarters, Himax has consistently demonstrated its ability to handle most of such rush orders, underscoring Company’s agility, adaptability, strong capabilities in inventory management, and swift market responsiveness.

    The automotive IC sales remained Company’s largest revenue contributor in 2024, accounting for almost half of total revenues and achieving close to 20% annual growth. This performance highlights Himax’s automotive leadership in technological innovations, product development, and market share. Looking ahead, Himax expects its automotive TDDI and Tcon technologies to maintain growth momentum, further strengthening its market competitiveness. Beyond LCD technology, Himax is advancing development in the automotive OLED sector, with numerous projects currently underway in partnership with leading panel makers. Company anticipates that automotive OLED IC will serve as one of the key growth drivers for Himax in the coming years, further solidifying its leadership in automotive display market.

    Meanwhile, Himax is actively expanding its technology development beyond display ICs. To that end, in the WiseEye AI segment, Company has made notable progress with leading notebook brands and achieved significant breakthroughs in smart door lock, palm vein authentication, and smart home applications, collaborating with world-leading customers to develop new innovations. Himax anticipates a strong growth trajectory in its WiseEye business in 2025 and beyond.

    Himax’s proprietary wafer-level optics (WLO) technology for co-packaged optics (CPO) has recently garnered significant attention in the capital markets. In fact, as early as June 2024, Himax and FOCI, a global leader in silicon photonics connectors, jointly announced the industry-leading CPO technology. The collaboration, spanning several years, unites Himax’s WLO technology with FOCI’s CPO solutions for cutting-edge AI multi-chip modules (MCM). Since the announcement, Himax has provided updates on the latest progress in each quarterly earnings call. Himax’s WLO technology plays a critical role in CPO by providing essential optical coupling capability, making it a core element of the solution. CPO significantly enhances bandwidth and accelerates data transmission while reducing signal loss, latency, and power consumption. Additionally, it can help drastically decrease the size and cost of MCM.

    While CPO is still in engineering validation and trial production stage this year, with customer’s mass production timelines undisclosed and the recent AI market disruptions from DeepSeek, the prospect of CPO remains unchanged. The widespread adoption of CPO for data transmission to be conducted via optics instead of metal wire is on track in high-performance AI applications. This is evident by the significant increase in customer’s recent trial production volume forecast, indicating an accelerated timeline for CPO technology to enter mass production. Furthermore, Himax and FOCI, in close collaboration with leading AI customers and partners, are actively developing future generations of CPO technologies to meet the explosive high-speed optical data transmission demand in HPC and AI. Through WLO and CPO technologies, Himax is well-positioned to engage in the high-speed AI computing market with high expectations for its growth. Company believes that CPO technology, beyond cloud applications, will see further adoption in sectors such as automotive and robot in the future. Himax’s current goal is to accelerate CPO adoption in cloud applications, thereby helping drive broader CPO adoption in AI applications.

    At CES this year, Himax showcased a wide range of innovative achievements, including automotive display technology, WiseEye AI, and advanced optical technologies for AR/VR. Notably, a clear trend emerged at this year’s CES as the industry demonstrated growing enthusiasm for AR glasses, fueled by more companies entering the space and integrating generative AI to accelerate the development of lightweight, compact, and all-day AR glasses. For AR glasses, Himax offers three critical technologies, namely LCoS microdisplay, WLO waveguide, and ultralow power WiseEye AI. Company’s latest, patented Front-lit LCoS Microdisplay delivers unparalleled brightness with an industry-leading 400k nits, exceptional optical power efficiency, compact form factor, lightweight, and superior display quality, making it one of the most viable solutions in the see-through AR glasses market. In waveguide, in collaboration with leading tech names, Himax leverages proprietary WLO expertise, built on advanced nanoimprint technology, to offer industry-leading optical solutions that optimize light transmission and display efficiency. In the field of AI sensing for AR glasses, Himax’s WiseEye provides always-on AI sensing capabilities which are being applied by developers to significantly enhance AR interactivity while consuming just a few milliwatts of power.

    In automotive display IC technology, Himax unveiled the industry’s most comprehensive LCD and OLED solutions at CES, showcasing a range of next-generation smart cabin technologies. These solutions not only improve the intuitive operation of smart cabins but also enhance driving safety and provide an exceptional user experience. A prime example is the advanced Display HMI solution developed in collaboration with AUO which meets the demands for large-size, high-resolution, and freeform automotive displays.

    At CES, Himax also partnered with several AI ecosystem partners to showcase its ultralow power WiseEye Modules over a range of innovative, production-ready AIoT applications. These applications include palm vein authentication, baby cry detection, people flow management, and human sensing detection. The modules are designed for easy integration, making it highly suitable for various AIoT applications.

    Display Driver IC Businesses

    LDDIC

    In Q1 2025, Himax anticipates a single digit sequential sales increase for large display driver ICs, driven by demand spurred by Chinese government subsidies for household appliances aimed at reviving demand in the sluggish household sector. Notebook and monitor sales are expected to increase in Q1. In contrast, TV IC sales are set to decline as customers pulled forward their inventory purchases in the prior quarter, coupled with the seasonal slowdown in Q1.

    Looking ahead in the notebook sector, Company is seeing an increase in demand for premium notebooks to adopt OLED displays and touch features, partially fueled by the rise of AI PC. Himax is well-positioned to capitalize on this trend, offering a comprehensive range of ICs for both LCD and OLED notebooks, including DDIC, Tcon, touch controllers, and TDDI. A standout innovation is Company’s pioneering in-cell touch TDDI for LCD displays, which improves the ease of system design and integration by embedding the touch controller within the TDDI chip while maintaining the conventional display driver setup for Tcon data transmission. This design simplifies integration for customers, reducing engineering complexity and speeding up product development. This solution also supports high-resolution displays up to 4K and larger screens up to 16 inches, aligning with the growing demand for advanced, visually stunning, and immersive laptops. With mass production already underway for a leading notebook vendor’s AI PC, more projects are lined up. For OLED notebooks, in addition to Company’s OLED DDIC and Tcon solutions, Himax is also developing on-cell touch controller technology, with multiple projects underway with top panel makers and notebook vendors. Last but not least, progress has been made on the next-generation eDP 1.5 display interface for Tcon for both LCD and OLED panels. This interface will support high frame rates, low power consumption, adaptive sync, and high resolution, key features essential for next-generation AI PCs. By delivering innovative, cutting-edge technologies, Himax is well-positioned to lead in the rapidly evolving landscape of AI PCs and premium notebooks.

    SMDDIC

    On SMDDIC revenue, for the full year 2024, Himax’s automotive driver IC sales, comprising of TDDI and traditional DDIC, increased nearly 20% year-over-year, significantly outpacing global automotive growth, largely driven by the continued adoption of TDDI technology among major customers across all continents. However, Himax anticipates Q1 automotive revenue to decline low teens sequentially, following two quarters of surge demand. Despite this, Q1 automotive sales are still projected to increase by mid-teens on a year-over-year basis. In the automotive TDDI sector, with cumulative shipments significantly surpassing those of Himax’s competitors, Company continues to reinforce its market leadership, which currently stands at well over 50%. With nearly 500 design-in projects secured and a continuous influx of new pipeline and design-wins across the board, of which only 30% already in mass production, Himax expects to sustain this decent growth in the years ahead. While traditional automotive DDIC sales for 2024 declined due to their gradual, partial replacement by TDDI, Company’s DDIC shipment volume still saw a modest increase in the last year. This demonstrates the steady demand for mature DDIC products, such as those used in cluster displays, HUDs, and rear- and side-view mirrors, which do not require touch functionality. Furthermore, the long-term trust and loyalty from Company’s DDIC customers, some of whom have relied on Himax’s solutions for over a decade, is indicative of Company’s strong customer retention. Himax continues to lead the automotive DDIC market, maintaining a global market share of approximately 40%.

    Himax continues to lead in automotive display IC innovation by pioneering solutions that deliver superior performance, power efficiency, and enhanced user experiences. As part of this ongoing innovation, Company’s latest TED (Tcon Embedded Driver IC) solution, which combines TDDI with local dimming Tcon into a single chip, provides a cost-effective, flexible, and comprehensive solution for its customers. Another new technology worth highlighting is Himax’s automotive TDDI with advanced user-aware touch control, which differentiates between driver and passenger touches to prevent cross-touch and enhance driving safety. In addition, Company offers a unique knob-on-in-cell-display solution that combines a physical knob with a TDDI. This design seamlessly merges in-cell touch technology with tactile controls, offering drivers a safer, more intuitive interaction that reduces distractions and enhances the overall driving experience.

    Moving to smartphone and tablet IC sales, Himax expects a sequential decline in both product lines, as is typical during the low season in Q1 due to the Lunar New Year.

    On OLED business update. In the automotive OLED market, Company has established strategic partnerships with leading panel makers in Korea, China, and Japan. As OLED technology extends beyond premium car models, Himax is well-positioned as the preferred partner, leveraging Company’s strong presence and proven track record in the automotive LCD display sector. Capitalizing on Himax’s first-mover advantage, Himax aims to drive the growing adoption of OLED in automotive displays by offering a comprehensive range of solutions, including DDIC, Tcon, and on-cell touch controller. Company believes this positions it as a primary beneficiary of the anticipated shift toward OLED displays for high end vehicles in a couple of years, enabling Himax to capture new growth opportunities and further strengthen its market leadership.

    Beyond the automotive sector, Company has also made strides in the tablet and notebook markets, partnering with leading OLED panel makers in Korea and China. Himax’s comprehensive OLED product portfolio, covering DDIC, Tcon, and touch controllers, has driven several new projects that are on track to begin mass production this year. In the smartphone OLED market, Company is making solid progress in collaborations with customers in Korea and China and anticipates mass production to start later this year.

    First quarter small and medium-sized display driver IC business is expected to decline low teens sequentially.

    Non-Driver Product Categories

    Q1 non-driver IC revenues are expected to decrease high teens sequentially.

    Timing Controller (Tcon)

    Himax anticipates Q1 2025 Tcon sales to decrease mid-teens sequentially, primarily due to the non-recurrence of a one-time ASIC Tcon shipment to a leading projector customer last quarter, as well as a moderation in automotive Tcon shipments following several quarters of strong growth. That being said, Himax maintains an unchallenged position in local dimming Tcon, evidenced by growing validation and widespread adoption in both premium and mainstream car models worldwide. Company is confident in the continued growth of its automotive Tcon business, supported by its strong market presence in local dimming Tcon, with strong pipeline of over two hundred design-win projects set to gradually enter production in the coming years. Heads-up display (HUD) is another field gaining traction within automotive displays, driving increased adoption of local dimming Tcon technology and emerging as a particularly promising application. Himax’s industry-leading local dimming Tcon provides distinct advancements with high contrast ratio and optimized power consumption. It effectively eliminates the “postcard effect” often seen in HUDs, caused by backlight leakage typical of conventional TFT LCD panels, ensuring clear and precise images on the windshield. Additionally, the Tcon features advanced transparency detection to prevent the display from obstructing the driver’s view, thereby ensuring driving safety. Several HUD projects are already in progress, and Himax is excited about the potential opportunities ahead. Company is well positioned for continuous growth in automotive Tcon over the next few years.

    WiseEye™ Ultralow Power AI Sensing

    On the update of WiseEye™ ultralow power AI sensing solution, a cutting-edge endpoint AI integration featuring industry-leading ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm. WiseEye AI delivers a significant competitive edge in the rapidly growing AI market through its ultralow power consumption and context-aware, on-device AI inferencing that seamlessly integrates vision and other sensing capabilities into endpoint applications, particularly battery-powered devices. This not only enhances intuitive user interaction but also makes AI more practical and accessible. Additionally, WiseEye AI offloads tasks from the main processor, effectively extending battery lifespan and improving overall data processing efficiency. Building on the success with Dell notebooks, Himax WiseEye AI is continuing to expand its market presence, with additional use cases expected across other leading notebook brands, some of which are set for production later this year.

    WiseEye also continues to achieve significant market success across various sectors. For smart door lock, Company collaborated with DESMAN, a leading high-end brand in China, to introduce the world’s first smart door lock with 24/7 sentry monitoring and real-time event recording. Building on this achievement, Himax is expanding globally by collaborating with other leading door lock makers worldwide to integrate innovative AI features, including parcel recognition, anti-pinch protection, and palm vein biometric access, further extending application possibilities. Several of these value-added solutions are set to enter production later this year. At CES 2025, Himax joined forces with ecosystem partners to unveil a suite of innovative, production-ready AIoT applications, powered by Company’s tiny form factor, plug-and-play WiseEye Modules. Himax offers a series of modules, each incorporating an ultralow power WiseEye AI processor, an AoS image sensor, and advanced algorithms. The modules feature no-code/low-code AI platform capabilities, simplifying AI integration and supporting diverse use cases, such as human presence detection, gender and age recognition, gesture recognition, face mesh, voice command, thermal image sensing, pose estimation and people flow management. By streamlining deployment and reducing development costs, WiseEye Modules open new opportunities for automation, enhance interactivity, and elevate user experiences across a variety of industries.

    A broad range of innovative, ultralow power WiseEye Modules are also under development in collaboration with ecosystem partners, such as crying baby detection, dynamic gesture recognition, and human sensing, among others. One standout in Himax’s WiseEye Module portfolio is the Himax WiseEye PalmVein solution, which has quickly gained traction since its introduction just one year ago. Company has secured multiple design wins, with mass production already underway by a US customer for smart access applications and a Taiwan-based door lock vendor for its leading smart door lock brands. To meet growing customer demand for flexibility across various environments, the upgraded WiseEye PalmVein suite now features bimodal authentication, combining both palm vein and face recognitions. This dual-authentication solution enhances security by offering two layers of biometric verification, which not only increases reliability but also makes it highly adaptable to various environments.

    The rise of physical AI agents marks a significant shift in human-machine interaction, enabling devices to perceive, process, and respond to their surroundings in real time. A key emerging trend is the integration of cloud-based large language models (LLMs), which enables these agents’ advanced reasoning and language understanding, enhancing their ability to interact with and adapt to the physical world. Himax WiseEye AI is at the forefront of this revolution, delivering always-on sensor fusion, ultralow power on-device processing, while seamlessly interfacing with LLMs, to provide the essential real-time AI capabilities for next-generation applications. A good illustration of this innovation was showcased at CES 2025, where Himax and Seeed Studio introduced the SenseCAP Watcher, a physical AI agent powered by WiseEye AI. Equipped with vision and audio sensor fusion, along with a speaker, this battery-powered IoT device combines on-device AI with cloud-based LLMs to interpret commands, recognize objects, respond to events, and facilitate real-time interaction. Drawing from the success of SenseCAP Watcher, Himax is actively working on multiple projects leveraging WiseEye AI to further drive advancements in physical AI agent applications.

    Separately, Himax is excited about its collaboration with a leading AR player to integrate WiseEye AI into the next generation of AR glasses. At CES, there was a renewed enthusiasm on AR glasses with AI becoming an integral component to enable intuitive and seamless human-device interaction. WiseEye AI addresses two critical challenges in AR glasses, namely real-time responsiveness and power efficiency. For example, WiseEye supports always-on outward sensing, enabling AR glasses to detect and analyze the surrounding environment with real time context-aware AI. This capability powers instant response, real-time object recognition, navigation assistance, translation, and environmental mapping, enhancing the overall AR experience. Notably, WiseEye AI’s exceptional ultralow power consumption, measured in single digit milliwatts, also make it perfectly suited for AR glasses for all-day wear. In another example, Company collaborates with Ganzin on eyeball tracking technology, which, powered by WiseEye, precisely detects subtle eyeball movements, gaze direction, pupil size, and blinking, thereby providing critical data for the enhancement of user interaction in AR glasses.

    Wafer Level Optics (WLO)

    In June 2024, Himax, in partnership with FOCI, a world leader in silicon photonics connector, unveiled an industry-leading co-packaged optics (CPO) technology, leveraging Himax state-of-the-art WLO technology. This innovation integrates silicon photonic chips and optical connectors within MCM, replacing traditional metal wire transmission with high-speed optical communication. The technology significantly enhances bandwidth, boosts data transmission rates, reduces signal loss and latency, lowers power consumption, and significantly minimizes the size and cost of MCM. In working closely with FOCI, Himax is making significant strides through a solid partnership with leading AI semiconductor companies and foundry, with small-scale production of the first-generation CPO solution already underway. The significant increase in Q1 engineering validation and trial production volume, combined with the anticipated sample volume increases in the coming quarters, is a strong indication that CPO technology is being accelerated toward mass production. In addition, in close collaboration with leading AI customers/partners, Himax is speeding up the development of CPO technology for the next few generations. Himax is more optimistic than ever about the outlook for its WLO business, which is poised to generate significant growth opportunities and become a major revenue and profit contributor in the years ahead.

    Alongside the CPO progress, Company is witnessing a rise in engineering collaborations with global technology leaders who are utilizing Himax’s WLO expertise to make advanced waveguides for AR glasses, highlighting the growing recognition of Company’s WLO capabilities.

    LCoS

    On the update on LCoS, Company recently introduced its industry-leading 400K nits ultra-luminous Front-lit LCoS Microdisplay, setting a new benchmark for brightness with extremely low power consumption of merely 300mW. At CES 2025, Company showcased an AR glasses POC (Proof-Of-Concept) featuring the microdisplay with a third-party waveguide, achieving over 1,000 nits of brightness to the eye. This demonstration highlighted its suitability for outdoor, high ambient light conditions. With a lightweight of just 0.98 grams and ultra-compact form factor of less than 0.5 c.c., combined with excellent color performance, Himax’s Front-lit LCoS Microdisplay is ideal for all-day AR glasses and underscores the technology’s readiness for real-world applications.

    Following the recent release of Himax’s 400K nits ultra-luminous Front-lit LCoS Microdisplay, Himax is actively engaged in significant projects through strategic collaborations with industry leaders. Himax’s proven track record of over a decade in LCoS technology, coupled with a history of successful production shipments, highlights Company’s readiness to meet the demands of large-scale production of AR glasses.

    First Quarter 2025 Guidance
    Net Revenue: Decrease 8.5% to 12.5% QoQ, Flat to Up 4.6% YoY
    Gross Margin: Around 30.5%, depending on final product mix
    Profit: 9.0 cents to 11.0 cents per diluted ADS, Up 26% to 54% YoY  
       

    Himax noticed that some peers’ customers placed orders early due to tariff factors, especially in the consumer electronics sector, resulting in Q1 revenue forecasts exceeding normal seasonal demand. In contrast, no similar trend has been observed in the automotive semiconductor market. Since Himax’s automotive business accounts for more than half of its total revenues, Himax’s Q1 revenue forecast has not benefited from tariff factors.

    HIMAX TECHNOLOGIES FOURTH QUARTER AND FULL YEAR 2024 EARNINGS CONFERENCE CALL
    DATE: Thursday, February 13, 2025
    TIME: U.S.       8:00 a.m. EST
    Taiwan  9:00 p.m.
       
    Live Webcast (Video and Audio): http://www.zucast.com/webcast/br8wqbB4
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    Participant PIN Code: 3329013 # 
       

    If you choose to attend the call by dialing in via phone, please enter the Participant PIN Code 3329013 # after the call is connected. A replay of the webcast will be available beginning two hours after the call on www.himax.com.tw. This webcast can be accessed by clicking on this link or Himax’s website, where it will remain available until February 13, 2026.

    About Himax Technologies, Inc.
    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEye™ Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,649 patents granted and 402 patents pending approval worldwide as of December 31, 2024.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.

    Company Contacts:

    Eric Li, Chief IR/PR Officer
    Himax Technologies, Inc.
    Tel: +886-6-505-0880
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw
      
    Karen Tiao, Investor Relations
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    www.mzgroup.us

    -Financial Tables-

    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (These interim financials do not fully comply with IFRS because they omit all interim disclosure required by IFRS)
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
      Three Months
    Ended December 31,
    		   3 Months
    Ended
    September 30,
        2024       2023       2024  
               
    Revenues          
    Revenues from third parties, net $ 237,182     $ 227,664     $ 222,401  
    Revenues from related parties, net   41       14       6  
        237,223       227,678       222,407  
               
    Costs and expenses:          
    Cost of revenues   164,963       158,669       155,795  
    Research and development   37,584       41,088       46,880  
    General and administrative   5,711       5,831       6,828  
    Sales and marketing   5,886       5,409       7,048  
    Total costs and expenses   214,144       210,997       216,551  
               
    Operating income   23,079       16,681       5,856  
               
    Non operating income (loss):          
    Interest income   2,042       1,934       2,297  
    Changes in fair value of financial assets at fair value through profit or loss   1,245       1,710       27  
    Foreign currency exchange gains (losses), net   690       (1,525 )     457  
    Finance costs   (964 )     (1,140 )     (1,018 )
    Share of losses of associates   (360 )     (14 )     (143 )
    Other losses   –       (1,932 )     –  
    Other income (losses)   60       (362 )     105  
        2,713       (1,329 )     1,725  
    Profit before income taxes   25,792       15,352       7,581  
    Income tax expense (benefit)   761       (7,933 )     (5,174 )
    Profit for the period   25,031       23,285       12,755  
    Loss (profit) attributable to noncontrolling interests   (423 )     280       268  
    Profit attributable to Himax Technologies, Inc. stockholders $ 24,608     $ 23,565     $ 13,023  
               
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders $ 0.141     $ 0.135     $ 0.075  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders $ 0.140     $ 0.135     $ 0.074  
               
    Basic Weighted Average Outstanding ADS   175,008       174,724       174,727  
    Diluted Weighted Average Outstanding ADS   175,146       174,979       174,987  
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Profit or Loss
    (Amounts in Thousands of U.S. Dollars, Except Share and Per Share Data)
       
        Twelve Months
    Ended December 31,
          2024       2023  
             
    Revenues        
    Revenues from third parties, net   $ 906,737     $ 945,309  
    Revenues from related parties, net     65       119  
          906,802       945,428  
             
    Costs and expenses:        
    Cost of revenues     630,601       681,931  
    Research and development     160,329       171,392  
    General and administrative     24,121       25,037  
    Sales and marketing     23,530       23,856  
    Total costs and expenses     838,581       902,216  
             
    Operating income     68,221       43,212  
             
    Non operating income (loss):        
    Interest income     9,907       8,746  
    Changes in fair value of financial assets at fair value through profit or loss     1,363       1,655  
    Foreign currency exchange gains (losses), net     2,491       (768 )
    Finance costs     (4,014 )     (6,080 )
    Share of losses of associates     (831 )     (598 )
    Other losses     –       (1,932 )
    Other income     198       158  
          9,114       1,181  
    Profit before income taxes     77,335       44,393  
    Income tax benefit     (2,435 )     (5,028 )
    Profit for the period     79,770       49,421  
    Loss (profit) attributable to noncontrolling interests     (15 )     1,195  
    Profit attributable to Himax Technologies, Inc. stockholders   $ 79,755     $ 50,616  
             
    Basic earnings per ADS attributable to Himax Technologies, Inc. stockholders   $ 0.456     $ 0.290  
    Diluted earnings per ADS attributable to Himax Technologies, Inc. stockholders   $ 0.456     $ 0.290  
             
    Basic Weighted Average Outstanding ADS     174,796       174,495  
    Diluted Weighted Average Outstanding ADS     175,014       174,783  
    Himax Technologies, Inc.
    IFRS Unaudited Condensed Consolidated Statements of Financial Position
    (Amounts in Thousands of U.S. Dollars)
     
        December 31,
    2024    		   December 31,
    2023    		   September 30,
    2024
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 218,148     $ 191,749     $ 194,139  
    Financial assets at amortized cost     4,286       12,511       12,335  
    Financial assets at fair value through profit or loss     2,140       2,117       –  
    Accounts receivable, net (including related parties)     236,813       235,829       224,589  
    Inventories     158,746       217,308       192,458  
    Income taxes receivable     726       1,454       986  
    Restricted deposit     503,700       453,000       503,700  
    Other receivable from related parties     13       69       22  
    Other current assets     43,471       86,548       42,581  
    Total current assets     1,168,043       1,200,585       1,170,810  
    Financial assets at fair value through profit or loss     23,554       21,650       26,383  
    Financial assets at fair value through other comprehensive income     28,226       1,635       22,457  
    Equity method investments     8,571       3,490       2,945  
    Property, plant and equipment, net     121,280       130,109       122,333  
    Deferred tax assets     21,193       14,196       13,806  
    Goodwill     28,138       28,138       28,138  
    Other intangible assets, net     636       816       717  
    Restricted deposit     31       32       31  
    Refundable deposits     221,824       222,025       221,879  
    Other non-current assets     18,025       20,728       18,484  
          471,478       442,819       457,173  
         Total assets   $ 1,639,521     $ 1,643,404     $ 1,627,983  
    Liabilities and Equity            
    Current liabilities:            
    Current portion of long-term unsecured borrowings   $ 6,000     $ 6,000     $ 6,000  
    Short-term secured borrowings     503,700       453,000       503,700  
    Accounts payable (including related parties)     113,203       107,342       121,384  
    Income taxes payable     9,514       15,309       2,324  
    Other payable to related parties     –       110       –  
    Contract liabilities-current     10,622       17,751       25,694  
    Other current liabilities     63,595       109,291       54,673  
    Total current liabilities     706,634       708,803       713,775  
    Long-term unsecured borrowings     28,500       34,500       30,000  
    Deferred tax liabilities     564       520       505  
    Other non-current liabilities     7,496       35,879       11,361  
          36,560       70,899       41,866  
    Total liabilities     743,194       779,702       755,641  
    Equity            
    Ordinary shares     107,010       107,010       107,010  
    Additional paid-in capital     115,376       114,648       115,285  
    Treasury shares     (5,546 )     (5,157 )     (4,714 )
    Accumulated other comprehensive income     8,621       (180 )     3,507  
    Retained earnings     664,600       640,447       644,596  
    Equity attributable to owners of Himax Technologies, Inc.     890,061       856,768       865,684  
    Noncontrolling interests     6,266       6,934       6,658  
    Total equity     896,327       863,702       872,342  
         Total liabilities and equity   $ 1,639,521     $ 1,643,404     $ 1,627,983  
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
     
        Three Months
    Ended December 31,    		   Three Months Ended
    September 30,
          2024       2023       2024  
                 
    Cash flows from operating activities:            
    Profit for the period   $ 25,031     $ 23,285     $ 12,755  
    Adjustments for:            
    Depreciation and amortization     5,564       5,115       5,640  
    Share-based compensation expenses     103       346       407  
    Losses (gains) on disposals of property, plant and equipment, net     4       (368 )     –  
    Loss on re-measurement of the pre-existing relationships in a business combination     –       1,932       –  
    Changes in fair value of financial assets at fair value through profit or loss     (1,245 )     (1,710 )     (27 )
    Interest income     (2,042 )     (1,934 )     (2,297 )
    Finance costs     964       1,140       1,018  
    Income tax expense (benefit)     761       (7,933 )     (5,174 )
    Share of losses of associates     360       14       143  
    Inventories write downs     4,037       5,727       2,269  
    Unrealized foreign currency exchange losses (gains)     (159 )     1,517       228  
          33,378       27,131       14,962  
    Changes in:            
    Accounts receivable (including related parties)     (27,302 )     8,163       8,548  
    Inventories     29,675       36,580       8,964  
    Other receivable from related parties     9       (29 )     33  
    Other current assets     2,502       (5,682 )     (778 )
    Accounts payable (including related parties)     (7,706 )     (627 )     (26,101 )
    Other payable to related parties     1       363       (102 )
    Contract liabilities     6       (958 )     667  
    Other current liabilities     2,508       3,014       (4,161 )
    Other non-current liabilities     71       393       (3,354 )
    Cash generated from operating activities     33,142       68,348       (1,322 )
    Interest received     3,513       2,665       860  
    Interest paid     (1,047 )     (1,140 )     (1,018 )
    Income tax paid     (191 )     (1,131 )     (1,658 )
    Net cash provided by (used in) operating activities     35,417       68,742       (3,138 )
                 
    Cash flows from investing activities:            
    Acquisitions of property, plant and equipment     (3,222 )     (15,052 )     (2,551 )
    Proceeds from disposal of property, plant and equipment     –       111       –  
    Acquisitions of intangible assets     –       (40 )     (9 )
    Acquisitions of financial assets at amortized cost     (2,286 )     (4,573 )     (1,500 )
    Proceeds from disposal of financial assets at amortized cost     10,289       784       617  
    Acquisitions of financial assets at fair value through profit or loss     (6,807 )     (5,375 )     (27,934 )
    Proceeds from disposal of financial assets at fair value through profit or loss     3,722       1,645       33,036  
    Acquisitions of financial assets at fair value through other comprehensive income     –       (1,379 )     –  
    Proceeds from disposal of financial assets at fair value through other comprehensive income     –       99       –  
    Acquisition of a subsidiary, net of cash acquired (paid)     (5,416 )     433       –  
    Proceeds from capital reduction of investment     338       360       –  
    Acquisitions of equity method investment     (1,236 )     –       –  
    Decrease (increase) in refundable deposits     (8 )     –       11,339  
    Net cash provided by (used in) investing activities     (4,626 )     (22,987 )     12,998  
                 
    Cash flows from financing activities:            
    Purchase of treasury shares     (832 )     –       –  
    Prepayments for purchase of treasury shares     (2,168 )     –       –  
    Payments of cash dividends     –       –       (50,670 )
    Payments of dividend equivalents     –       –       (233 )
    Proceeds from issuance of new shares by subsidiaries     –       916       –  
    Purchases of subsidiaries shares from noncontrolling interests     –       (9 )     –  
    Proceeds from short-term unsecured borrowings     –       36,932       –  
    Repayments of short-term unsecured borrowings     –       (37,226 )     –  
    Repayments of long-term unsecured borrowings     (1,500 )     (1,500 )     (1,500 )
    Proceeds from short-term secured borrowings     461,400       427,100       522,600  
    Repayments of short-term secured borrowings     (461,400 )     (427,100 )     (471,900 )
    Pledge of restricted deposit     –       –       (50,700 )
    Payment of lease liabilities     (1,340 )     (1,244 )     (979 )
    Guarantee deposits received (refunded)     219       (5 )     –  
    Net cash used in financing activities     (5,621 )     (2,136 )     (53,382 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents     (1,161 )     873       985  
    Net increase (decrease) in cash and cash equivalents     24,009       44,492       (42,537 )
    Cash and cash equivalents at beginning of period     194,139       147,257       236,676  
    Cash and cash equivalents at end of period   $ 218,148     $ 191,749     $ 194,139  
                 
    Himax Technologies, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (Amounts in Thousands of U.S. Dollars)
        Twelve Months
    Ended December 31,
          2024       2023  
             
    Cash flows from operating activities:        
    Profit for the period   $ 79,770     $ 49,421  
    Adjustments for:        
    Depreciation and amortization     22,354       20,322  
    Share-based compensation expenses     1,247       2,663  
    Losses (gains) on disposals of property, plant and equipment, net     4       (368 )
    Loss on re-measurement of the pre-existing relationships in a business combination     –       1,932  
    Changes in fair value of financial assets at fair value through profit or loss     (1,363 )     (1,655 )
    Interest income     (9,907 )     (8,746 )
    Finance costs     4,014       6,080  
    Income tax benefit     (2,435 )     (5,028 )
    Share of losses of associates     831       598  
    Inventories write downs     13,551       21,540  
    Unrealized foreign currency exchange losses (gains)     (171 )     624  
          107,895       87,383  
    Changes in:        
    Accounts receivable (including related parties)     (40,738 )     20,804  
    Inventories     45,011       132,090  
    Other receivable from related parties     56       5  
    Other current assets     3,941       (3,863 )
    Accounts payable (including related parties)     14,567       7,676  
    Other payable to related parties     (110 )     (268 )
    Contract liabilities     45       (37,051 )
    Other current liabilities     (9,010 )     1,246  
    Other non-current liabilities     (2,260 )     (4,602 )
    Cash generated from operating activities     119,397       203,420  
    Interest received     9,732       8,567  
    Interest paid     (4,015 )     (6,080 )
    Income tax paid     (9,138 )     (53,066 )
    Net cash provided by operating activities     115,976       152,841  
             
    Cash flows from investing activities:        
    Acquisitions of property, plant and equipment     (13,054 )     (23,378 )
    Proceeds from disposal of property, plant and equipment     –       111  
    Acquisitions of intangible assets     (153 )     (115 )
    Acquisitions of financial assets at amortized cost     (11,236 )     (6,911 )
    Proceeds from disposal of financial assets at amortized cost     19,457       3,099  
    Acquisitions of financial assets at fair value through profit or loss     (76,003 )     (82,628 )
    Proceeds from disposal of financial assets at fair value through profit or loss     70,389       75,539  
    Acquisitions of financial assets at fair value through other comprehensive income     (17,164 )     (1,379 )
    Proceeds from disposal of financial assets at fair value through other comprehensive income     –       99  
    Acquisition of a subsidiary, net of cash acquired (paid)     (5,416 )     433  
    Proceeds from capital reduction of investment     338       360  
    Acquisitions of equity method investment     (1,236 )     –  
    Decrease (increase) in refundable deposits     33,562       (56,933 )
    Cash received in advance from disposal of land     –       2,821  
    Net cash used in investing activities     (516 )     (88,882 )
             
    Cash flows from financing activities:        
    Purchase of treasury shares     (832 )     –  
    Prepayments for purchase of treasury shares     (2,168 )     –  
    Payments of cash dividends     (50,670 )     (83,720 )
    Payments of dividend equivalents     (233 )     (148 )
    Proceeds from issuance of new shares by subsidiary     71       916  
    Purchases of subsidiaries shares from noncontrolling interests     (190 )     (9 )
    Proceeds from short-term unsecured borrowings     –       47,226  
    Repayments of short-term unsecured borrowings     –       (47,226 )
    Repayments of long-term unsecured borrowings     (6,000 )     (6,000 )
    Proceeds from short-term secured borrowings     1,780,300       1,383,300  
    Repayments of short-term secured borrowings     (1,729,600 )     (1,299,600 )
    Pledge of restricted deposit     (50,700 )     (83,700 )
    Payment of lease liabilities     (5,032 )     (4,830 )
    Guarantee deposits received (refunded)     (23,163 )     200  
    Net cash used in financing activities     (88,217 )     (93,591 )
    Effect of foreign currency exchange rate changes on cash and cash equivalents     (844 )     (200 )
    Net increase (decrease) in cash and cash equivalents     26,399       (29,832 )
    Cash and cash equivalents at beginning of period     191,749       221,581  
    Cash and cash equivalents at end of period   $ 218,148     $ 191,749  

    The MIL Network –

  • MIL-OSI United Kingdom: Thousands of small businesses to benefit from new government buying rules, boosting local jobs, growth and innovation

    Source: United Kingdom – Executive Government & Departments

    Thousands of small businesses across the country will have more opportunities to win valuable contracts with public sector organisations, kickstarting local economic growth and innovation

    • Complicated government buying processes will be simplified to make it easier for small businesses to win contracts, bringing jobs and growth to local areas and across the UK as government delivers on its Plan for Change.
    • Alongside measures for small business, companies that win public sector contracts will be told to advertise vacancies at local job centres to help get Britain back to work and breaking down barriers to opportunity for millions across the country. 
    • Further measures introduced to cut government waste and drive value for money.

    Thousands of small businesses across the country will have more opportunities to win valuable contracts with public sector organisations, kickstarting local economic growth and innovation and creating jobs for local communities as the Government delivers on its Plan for Change.

    Measures announced by the Government today will speed up and simplify procurement processes in the public sector, where £400 billion is spent each year on essential goods and services – driving growth and improving the lives of working people.

    The changes outlined today include proposals for a major shake-up of spending rules, with local councils able to reserve contracts for small businesses to maximise spend within their area and help boost local economies. 

    Alongside this, a new duty will be placed on firms that win contracts with government bodies to advertise jobs at job centres, delivering real change for people, bringing good jobs closer to home and getting Britain back to work. 

    The National Procurement Policy Statement (NPPS), will gear all parts of the public sector towards delivering growth. The new rules include eight actions to return public procurement back into the service of the country and working people, and drive forward the Plan for Change.

    Georgia Gould, Parliamentary Secretary at the Cabinet Office, said:

    Businesses tell me that the current system isn’t working. It is slow, complicated and too often means small businesses in this country are shut out of public sector contracts.

    These measures will change that, giving them greater opportunity to access the £400 billion spent on public procurement every year, investing in home grown talent and driving innovation and growth.

    This new policy statement sets out our vision for how procurement can put this country back into the service of working people, and deliver our Plan for Change – by making sure the public sector is committed to growing the economy and empowering our communities with innovation and opportunity.

    Current processes require Social Value measures on contracts, which put requirements on businesses to help bring forward positive change in communities and the country as a whole.

    However, there are currently multiple different approaches used across the public sector and potentially many different criteria, confusing business and making it harder to ensure the commitments made are actually delivered.

    The Government will be updating and streamlining the system used by all central government departments and their agencies to align it with the Government’s missions. 

    This will make it simpler to use, giving small businesses a better chance when bidding for contracts, and will make sure companies who profit from government work give back to the community.

    Small Business Minister Gareth Thomas said:

    For too long small businesses have been stuck on the sidelines of the procurement process with complicated bureaucracy and a confusing system. That changes today.

    These measures will mean small firms can more easily offer their expertise to key projects both locally and nationally, helping SMEs to scale up, securing jobs and creating opportunities across the country.

    AI and Digital Government Minister Feryal Clark said:

    There is a £45 billion jackpot of potential productivity savings if we make full use of technology across our public services, it is not an opportunity we can miss.

    To get this right, we need to make sure public sector organisations can get their hands on the right technology for them, quickly. That’s why our Digital Commercial Centre of Excellence will help the rest of the public sector invest in long-term solutions and stop hasty quick fixes.

    Alongside the NPPS, a range of measures to support its delivery and make savings across government are also being introduced. 

    This includes the development of a new AI tool for commercial teams across government to cut bureaucracy wherever possible – such as to simplify redacting contracts and quality assurance of procurement documents. 

    This includes the development of a new AI tool for commercial teams across government to cut bureaucracy wherever possible – such as to simplify redacting contracts and quality assurance of procurement documents. 

    As first announced in the blueprint for a modern digital government, a new Digital Commercial Centre of Excellence will also be set up in the Department for Science, Innovation and Technology to embed a “buy once and well” attitude, and drive innovative solutions to problems facing our public sector, securing long-term solutions rather than short-term fixes for digital and IT products and opening up opportunities for small and medium businesses to work on digital transformation. 

    The current system is broken: two departments might buy two types of equipment for the same purpose, requiring two teams with different individual skills to service and maintain. 

    The new approach means buying only once – requiring only one team, and one set of skills, removing duplication, saving the taxpayer money, and reducing waste in government.

    A new Commercial Innovation Hub is also being considered, to establish a golden link across government departments, embedding learnings from extraordinary events such as vaccine procurement into our day to day processes. This will support departments to deliver greater value from the new flexible powers offered by the Procurement Act – and act as a workshop to seek out innovative commercial solutions that drive greater value. 

    The NAO recently estimated there are between 8,000 and 21,000 frameworks available to public sector buyers through external third party organisations. These agreements are often not transparent, with hidden fees and charges, racking up the cost of common goods and services.

    A new Register of Framework agreements will be produced, shining a light on those rip-off frameworks from third party providers that are profiting off our local councils and NHS, taking money away from front line services.

    The Government will also be consulting on more reforms including a requirement for large contracting authorities to publish their three-year targets for small business and social enterprise spend and report on this annually – as well as the exclusion of suppliers from contracts worth more than £5million if they don’t complete prompt payments of invoices.

    Updates to this page

    Published 13 February 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Grattan on Friday: Albanese and Trump put Australia in holding patterns on election timing and tariffs

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

    When parliamentarians left Canberra on Thursday after the fortnight sitting, federal politics had the air of an uneasy waiting game.

    Waiting for the election date, although the campaign has been running for months.

    Waiting to know whether there will be a budget on March 25.

    Waiting for capricious United States President Donald Trump to decide whether to grant Australia that keenly-sought exemption from his new 25% tariff on aluminium and steel imports.

    Most immediately, waiting for the Reserve Bank to announce on Tuesday whether interest rates will be cut.

    In policy terms, the government could be satisfied with this sitting week. Its Future Made in Australia legislation, with promised tax credits for major projects, passed. So too, did its sweeping new rules to put caps on political donations and spending.

    The electoral reform legislation has been an extraordinarily drawn-out saga. Special Minister of State Don Farrell had originally hoped to introduce it by early 2024, with it operating at this election. But the process proved immensely complex, including for constitutional reasons. Finally the bill was introduced late last year, and has passed with virtually no time to spare. The measures won’t operate until the next parliamentary term.

    Farrell brought to the task negotiating skills honed in a lifetime as a right wing factional power broker. He always wanted the deal to be done with the Liberals. He knew they would be the easiest dancing partners, because the changes are in the big parties’ mutual interests. But he also believed bipartisanship would reduce the chance of them being unravelled by a subsequent government.

    The Coalition came on board – after the government made some concessions on donation and disclosure amounts – in the knowledge the reforms help put a floor under the two-party system. It’s obvious the Liberals want to limit the spread of the teal movement, that Climate 200 has helped finance.

    But the potential for the increase in independents is a future danger also for Labor, which at this election is trying to win back Fowler, that fell in 2022 to independent Dai Le.

    While the changes will limit the amount of money available to small players, they are a compromise and less unfair than some crossbenchers claim. Of course, judgements on fairness will differ according to where those making them are coming from. But it’s a substantial leap from urging newcomers should be encouraged into the system to believing the system should facilitate a financial auction for a seat.

    As he basks in his victory of the electoral legislation Farrell, who is also trade minister, finds himself in a supporting role in a more immediately high-profile issue: the tariff battle with the US. Farrell is anxious to engage as soon as possible with his US counterpart, Commerce Secretary Howard Lutnick, preferably face-to-face. But he can’t officially do so until Lutnick is confirmed.

    The tariff issue is being cast by the opposition as a test of Albanese’s ability to deal successfully with the Trump administration.

    It’s an easy test to pose, but the government has done all it can to pursue a positive relationship with the administration. Notably, Deputy Prime Minister Richard Marles was in Washington a week ago for talks with new defence secretary Pete Hegseth, armed with a hefty cheque for some A$800 million as part of Australia’s contribution under the AUKUS deal.

    The Albanese-Trump call this week, when the PM argued for a tariff exemption, apparently went well. But the outcome is unpredictable, as is the timing of a decision. Trump might have sounded encouraging but, as we’ve been seeing, there’s some strong opposition in the system to giving Australia special treatment.

    A win for Australia would be a significant fillip for the PM; a Trump rebuff would be a corresponding blow. Timing is also important: it would not be good for the government if this issue was unresolved through the election campaign (even worse, if there was a bad result then).

    The opposition seeks to grab headlines by calling for Albanese to rush to Washington. Even if practical that could be counterproductive; if the mission failed it would be a disaster. Voters wouldn’t give him too many marks for trying.

    While Peter Dutton might have thought the arrival of Trump and a more general swing against “wokeism” would be helpful to him at the election, as the US scene becomes more unsettling, the risk for him is that some “soft” voters might decide now is not the time to change.

    Though the tariff issue is important, the election contest is mainly on cost of living in all its manifestations.

    Trump has the power to inflict a blow on Albanese on the tariffs, but the Reserve Bank is a much bigger player in the government’s thinking.

    Expectations remain high of a rate cut next Tuesday. If that didn’t happen, it would be a serious setback for the government. The next chance for a cut would then be April 1.

    It’s not that a cut would necessarily directly swing a lot of votes. The electorate’s mood is likely too negative for that. But the absence of the much-anticipated cut would badly mess with the government’s narrative that things are on the right track for people to become better off.

    Many political stories have dominated this term. A lot could have been foreseen. One, however, was predicted by no one: the appalling antisemitism crisis that has overtaken us, and reached new lows this week. This crisis is the product of far away events triggering a local malignancy that was lurking largely unrecognised.

    A parliamentary inquiry into antisemitism at universities said, in a report tabled this week, that it had found “a disturbing prevalence of antisemitism that has left Jewish students and staff feeling unsafe, hiding their identity on campus and even avoiding campus all together”.

    On the same day that report was tabled, a horrifying video emerged of two nurses at a Sydney hospital, in an online discussion with Israeli influencer Max Veifer, spewing vile sentiments about killing Israeli patents. One of the two is an Afghan who became an Australian citizen several years ago. Dutton has seized on the video to call for a discussion “about the way in which the whole migration system works”.

    Antisemitism has extended beyond being an appalling assault on Jews in our community – it is starting to undermine our institutions and society.

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

    – ref. Grattan on Friday: Albanese and Trump put Australia in holding patterns on election timing and tariffs – https://theconversation.com/grattan-on-friday-albanese-and-trump-put-australia-in-holding-patterns-on-election-timing-and-tariffs-249843

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: Strategic partnerships key to catalyzing bank BNPL growth in the US, says GlobalData

    Source: Global Data

    Following the news that Swedish fintech company Klarna has partnered with JP Morgan Payments to expand buy now, pay later (BNPL) options for merchants in the US;

    Phoebe Hodgson, Associate Analyst, Banking and Payments at GlobalData, a leading data and analytics company, offers her view:

    “Just months ahead of its anticipated April IPO, Klarna is integrating its payment options into JP Morgan Payments Commerce Solutions platform. As the largest payments acceptance player in the US, surpassing Stripe, Adyen, and others, JP Morgan’s decision to integrate Klarna rather than scale its own internal My Chase Plan BNPL solution highlights the strategic benefits of collaboration. The partnership not only strengthens Klarna’s presence in the US but also boosts its visibility ahead of its IPO. Meanwhile, for JP Morgan, the alliance allows the bank to expand its BNPL capabilities efficiently, giving US consumers access to a proven solution without the challenges of in-house development.

    “As per GlobalData’s E-commerce Analytics, the US BNPL market is projected to reach a value of $240.8 billion by 2028, almost double its 2024 size. This exceptional growth has drawn significant interest from banks and financial service providers eager to capitalize on BNPL’s lucrative opportunities. While many have explored developing their own BNPL solutions, banks are increasingly seeing the advantages of collaborating with established BNPL providers to enhance their offerings and drive consumer adoption. Recognizing the value of these partnerships, the industry is now witnessing a shift in strategy, with banks working alongside BNPL providers to deliver more integrated and scalable solutions.

    “Beyond Klarna and JP Morgan, another major collaboration is taking shape between FIS and Affirm, introducing a BNPL option for debit card transactions. This partnership enables FIS clients, primarily banks, to integrate pay-over-time solutions directly into their digital banking and mobile platforms. By embedding itself within debit programs, Affirm gains further access to a broad network of financial institutions, deepening its influence in the US payments landscape.

    “As the second-largest BNPL provider in the US, Affirm has successfully built a powerful ecosystem centered on merchant ROI, seamless consumer experiences, and an intuitive app. These factors have fueled increased merchant transactions and market share growth. Through its partnership with Affirm, FIS can tap into this ecosystem, providing its banking customers with advanced payment options and responding to the growing consumer demand for flexible payments.

    “These partnerships raise a critical question: does BNPL function better as a standalone business rather than as part of a broader fintech stack? While time will determine the ultimate success of these alliances, the strong growth of standalone BNPL providers like Klarna and Affirm combined with banks’ increasing preference for collaboration, suggests that partnerships offer a faster and more effective route for banks to establish a strong BNPL presence. As such, strategic alliances are proving essential for banks looking to enhance their payment offerings and capture a greater share of the fast-growing US BNPL market.”

    About GlobalData

    4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

    MIL OSI – Submitted News –

  • MIL-OSI Europe: Envisioning Tomorrow: The Role of CBDCs in Europe’s Digital Financial Ecosystem | Frankfurt Digital Finance Conference

    Source: Deutsche Bundesbank in English

    Check against delivery.
    1 Introduction
    Good morning ladies and gentlemen and thank you very much for your warm welcome.
    I am honoured to have been invited back to this year’s Frankfurt Digital Finance Conference in this wonderful building here in Frankfurt’s Palmengarten and to have been asked to hold a keynote to kick off today’s event.
    Allow me to begin my keynote this morning with a quote attributed to Oscar Wilde: The future belongs to those who recognise opportunities before they become obvious. These words, ladies and gentlemen, could not be any better suited to our financial ecosystem. 
    And it is precisely opportunities that I wish to address in my keynote today – the opportunities provided by central bank digital currencies, or CBDCs for short. A subject that is as timely as it is significant.
    2 The future is digital
    We are at the cusp of a new era. One in which the digitalisation of the financial sector is not just an option but a necessity. New technologies are venturing into the realm of payments and new forms of money, such as digital central bank currencies and stablecoins, are also emerging as alternatives to physical cash.
    These developments all pose new challenges for central banks. Ultimately, central banks must continue to ensure secure and efficient payments in line with their mandate and redefine their role in an increasingly digitalised world in order to maintain the public’s trust in our monetary system.
    The question that we therefore now face is: how do we respond to these technological challenges?
    And that is precisely why we in the Eurosystem – by that I mean the European Central Bank and the national central banks of the euro-area member states, including the Bundesbank – are taking a proactive approach to actively help shape the future of Europe’s digital financial ecosystem.
    3 What are we aiming to achieve with the introduction of a digital euro?
    One could argue that the Eurosystem already offers enough sufficiently well-functioning products, be it physical banknotes and coins or cashless payment instruments. After all, these have proven their worth for decades. Yet at the same time, we cannot simply ignore the evolving world around us. In an increasingly digitalised society, we must adapt to the changing needs and demands of consumers and rethink our payment services. 
    Let me outline the three key motivations behind the possible introduction of a retail CBDC in Europe – a digital euro, which we sometimes like to summarise as resilience, autonomy and efficiency.
    Let me first start with resilience. The foundation of an independent and efficient monetary policy is the adoption and use of the euro. By providing our common currency – the euro – in its form as legal tender and as a modern “all-in-one” digital payment solution, we are paving the way for our currency to enter the digital age, making it “future-proof” and fit for purpose in an increasingly digital society.
    The digital euro would thereby help to preserve the euro’s fulfilment of the core monetary functions and shield the euro area from competing foreign currencies as well as foreign – and potentially unregulated – stablecoins by safeguarding the anchor function of central bank money.
    Second, the digital euro is necessary to improve the autonomy of the European payment system. In its current form, the European payments landscape is highly dependent on non-European providers. Almost 25 years after the introduction of the euro, we still do not have a digital payment solution that can be used across the entire euro area and that runs on a European infrastructure, which, in my view, is not compatible with the concept of a single European market. Although a small number of successful payment innovations have emerged across the euro area over the past years, such as iDEAL in the Netherlands or BIZUM in Spain, the reach of these payment solutions usually ends at national borders.
    As a result, payments in Europe are largely dependent on international schemes, primarily those in the United States. At present, just under two thirds of all card payments in the euro area are processed by non-European providers. And I believe that Europe’s dependencies in the digital age are likely to increase if we do not fundamentally take matters into our own hands. 
    Third, is the issue of efficiency. By creating a pan-European payment rail in a technically modern form, we would foster competition and innovation in payments across Europe, which we believe is the best path towards efficiency in payments. The payment initiatives we have today, such as BIZUM or WERO, would be able to integrate the digital euro into their payment applications, thereby enabling them to gain instant European reach.
    4 What would a digital euro be for the common citizen?
    Although the issues I have just touched upon are very important, they are not necessarily of primarily relevance for the daily life of a majority of citizens in Europe. Hence, what would the digital euro be from the perspective of the customer?
    I believe that the digital euro would not just be a commitment to Europe’s autonomy, increase the resilience of our payment system and foster competition and innovation, it would also improve payments and make life easier for the 350 million residents of the euro area.
    The digital euro would serve as an additional means of payment alongside cash. As a digital upgrade of banknotes and coins, it would be an “all-in-one payments solution”, as we like to call it, which means it can be used in almost all everyday payment situations, including at retail checkouts, transactions among family and friends, online purchases, and payments to or from public authorities. Furthermore, it would be the first digital currency which could be used both online and offline. That is to say, also in the event of a loss of internet reception.
    Moreover, the design of the digital euro would ensure that it would offer the highest possible level of user privacy, comparable only to cash. No other digital means of payment in Europe currently offers all these features.
    Despite the many benefits the digital euro would bring for Europe as a whole, we must, nevertheless, proceed with caution. The introduction of a digital euro raises important questions about privacy, security, and the impact on financial stability and monetary policy. We must ensure that the digital euro upholds the highest standards of data protection, that it is resilient against cyber threats, and that it does not have a negative impact on financial stability.
    5 Wholesale CBDC
    Digitalisation raises questions not only in terms of how we intend to continue providing access to central bank money for our European citizens in future, but also in terms of how we intend to supply money to our wholesale customers. It is and will remain essential that we are able to settle digital transactions using new and innovative technologies, such as distributed ledger technology (DLT) in central bank money. An entire ecosystem is currently evolving around the tokenisation of securities, which involves all parts of the financial system.
    Like other financial players, the Bundesbank, and also the Eurosystem as a whole, see the significant benefits that the use of these new technologies can bring. The advantages of DLT, such as automated settlement by means of smart contracts and reduced reconciliation needs, are clear.
    But to fully harness this potential, we also need an innovative settlement mechanism for the cash leg – one which settles transactions in central bank money. We are therefore working on developing wholesale solutions that enable banks to settle DLT-based financial market transactions in central bank money. 
    The Eurosystem recently completed an exploration phase together with the market, which ran from May to November 2024, during which we tested various new technologies for wholesale central bank money settlement using real transactions. The Bundesbank also participated in this exploration phase with its “Trigger solution”, which builds a bridge between DLT platforms and the conventional TARGET payment system. The feedback we have received from the market so far has been very positive. I think we can already say that the exploration phase was a complete success.
    The anticipated benefits of DLT are seen as having the potential to address and overcome the ecosystem’s current shortcomings, such as fragmentation, complexity, over-intermediation, and technological inefficiencies, which hinder the growth of a digital capital markets union. 
    By developing a new ecosystem from the ground up, it could be made more integrated and harmonised, featuring a “common set of rails” – a shared ledger or a network of fully interoperable ledgers – that would guarantee reachability, open access, and compatibility across the services of all participants.
    Our primary focus is now on implementing a short-term wholesale solution to meet the immediate and growing demands of the market. This will buy us some much-needed time to continue working on a vision for a long-term solution for wholesale CBDC. A solution which must ultimately go hand in hand with the evolving financial market ecosystem.
    6 Business-to-business (B2B) payments
    Alongside its work into the possible introduction of a digital euro and the exploration of wholesale CBDC, the ECB, together with the Eurosystem, has also been turning its focus to another area of payments – one which is increasingly gaining traction: business-to-business payments, or B2B payments for short.
    To fully leverage the potential of the evolving payments landscape in the area of CBDCs, last October the ECB organised a special focus workshop on innovations in B2B payments and the role central bank money could play. 
    This workshop provided a one-of-a-kind platform to learn more about the potential use cases out there in the market. Given the high level of interest shown in the first focus workshop, I’m sure this will not be the last one of its kind.
    7 Outlook
    Ladies and gentlemen,
    The introduction of the digital euro and the exploration of wholesale CBDC and B2B use cases are not just a technical exercise, but a clear commitment to the innovative strength and competitiveness of Europe.
    The Bundesbank and the Eurosystem are determined to play an active role in shaping this digital transformation.
    It is, however, crucial that we continue working together and pool our resources and expertise in order to fully exploit the opportunities offered by digitalisation to create a strong, stable and future-proof digital financial ecosystem for Europe.
    Thank you for your attention.

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI Economics: Chanel’s advertising focuses on artistry, empowerment, and cultural engagement to connect with consumers, reveals GlobalData

    Source: GlobalData

    Chanel’s advertising focuses on artistry, empowerment, and cultural engagement to connect with consumers, reveals GlobalData

    Posted in Business Fundamentals

    Chanel’s advertising endeavors between November 2024 and January 2025 highlight its strategic focus on captivating audiences through a blend of artistic storytelling and high-profile collaborations. These initiatives aim to solidify Chanel’s status as a purveyor of luxury and a champion of creative expression. By emphasizing the values of sophistication, empowerment, and cultural appreciation, Chanel seeks to create a deeper connection with consumers, resonating with both their aspirations and individual identities, reveals the Global Ads Platform of GlobalData, a leading data and analytics company.

    Shreyasee Majumder, Social Media Analyst at GlobalData, comments: “Chanel strategically reinforces its enduring appeal in fashion and beauty by showcasing its rich heritage alongside contemporary relevance. Through alignment with key influencers and artistic endeavors, the brand highlights its versatility and legacy. By crafting thoughtful narratives and celebrating individual expression, Chanel strengthens its connection with consumers. Campaigns feature compelling visuals, sophisticated messaging, and a focus on emotional resonance, positioning the brand as more than a product provider but as an embodiment of personal style and empowerment.”

    Below are the key focus areas of Chanel’s advertisements, revealed by GlobalData’s Global Ads Platform:

    Celebrity Integration and Cultural Resonance: Chanel strategically leverages the influence of global icons like Dua Lipa and Jennie Kim from BLACKPINK to capture the attention of diverse audiences. This not only enhances the brand’s visibility, but also adds depth and cultural relevance to the products. These celebrity endorsements facilitate Chanel’s reach and appeal to younger demographics, demonstrating its ability to remain pertinent to various cultural segments.

    Craftsmanship and Artistry: Chanel ads emphasize meticulous detail and artistic processes, like in the “Chanel No. 5” film showcasing the perfume’s creation. The Métiers d’art show further highlights artisanal skills. This strategy appeals to consumers valuing high-quality craftsmanship and artistic innovation.

    Emotional Connection & Expression: Chanel connects emotionally by showcasing the brand’s impact on individuals. Coco Crush uses personal stories, while Coco Mademoiselle Intense promotes independence. This resonates with consumers seeking empowerment and personal growth, positioning Chanel as a source of self-expression.

    Holiday Season Branding: Chanel leverages the holidays to position products as ideal gifts, as seen in “Chanel Holiday 2023.” Fine jewelry campaigns similarly emphasize the joy of gifting luxury. These campaigns tap into celebration and gifting emotions, driving sales and reinforcing luxury.

    Visual Storytelling & Aesthetics: Chanel employs sophisticated visuals, like the black-and-white COCO Mademoiselle ad for timelessness. The Spring-Summer 2023 collection uses dual personas to highlight versatility. These captivating visuals reflect Chanel’s timeless appeal and reinforce its association with elegance.

    MIL OSI Economics –

  • MIL-OSI Economics: Strategic partnerships key to catalyzing bank BNPL growth in the US, says GlobalData

    Source: GlobalData

    Strategic partnerships key to catalyzing bank BNPL growth in the US, says GlobalData

    Posted in Banking

    Following the news that Swedish fintech company Klarna has partnered with JP Morgan Payments to expand buy now, pay later (BNPL) options for merchants in the US;

    Phoebe Hodgson, Associate Analyst, Banking and Payments at GlobalData, a leading data and analytics company, offers her view:

    “Just months ahead of its anticipated April IPO, Klarna is integrating its payment options into JP Morgan Payments Commerce Solutions platform. As the largest payments acceptance player in the US, surpassing Stripe, Adyen, and others, JP Morgan’s decision to integrate Klarna rather than scale its own internal My Chase Plan BNPL solution highlights the strategic benefits of collaboration. The partnership not only strengthens Klarna’s presence in the US but also boosts its visibility ahead of its IPO. Meanwhile, for JP Morgan, the alliance allows the bank to expand its BNPL capabilities efficiently, giving US consumers access to a proven solution without the challenges of in-house development.

    “As per GlobalData’s E-commerce Analytics, the US BNPL market is projected to reach a value of $240.8 billion by 2028, almost double its 2024 size. This exceptional growth has drawn significant interest from banks and financial service providers eager to capitalize on BNPL’s lucrative opportunities. While many have explored developing their own BNPL solutions, banks are increasingly seeing the advantages of collaborating with established BNPL providers to enhance their offerings and drive consumer adoption. Recognizing the value of these partnerships, the industry is now witnessing a shift in strategy, with banks working alongside BNPL providers to deliver more integrated and scalable solutions.

    “Beyond Klarna and JP Morgan, another major collaboration is taking shape between FIS and Affirm, introducing a BNPL option for debit card transactions. This partnership enables FIS clients, primarily banks, to integrate pay-over-time solutions directly into their digital banking and mobile platforms. By embedding itself within debit programs, Affirm gains further access to a broad network of financial institutions, deepening its influence in the US payments landscape.

    “As the second-largest BNPL provider in the US, Affirm has successfully built a powerful ecosystem centered on merchant ROI, seamless consumer experiences, and an intuitive app. These factors have fueled increased merchant transactions and market share growth. Through its partnership with Affirm, FIS can tap into this ecosystem, providing its banking customers with advanced payment options and responding to the growing consumer demand for flexible payments.

    “These partnerships raise a critical question: does BNPL function better as a standalone business rather than as part of a broader fintech stack? While time will determine the ultimate success of these alliances, the strong growth of standalone BNPL providers like Klarna and Affirm combined with banks’ increasing preference for collaboration, suggests that partnerships offer a faster and more effective route for banks to establish a strong BNPL presence. As such, strategic alliances are proving essential for banks looking to enhance their payment offerings and capture a greater share of the fast-growing US BNPL market.”

    MIL OSI Economics –

  • MIL-OSI Canada: Introducing $15 a day child care for families | Lancement d’un service de garde d’enfants à 15 $ par jour pour les familles

    As part of the $3.8-billion Canada-Alberta Canada-Wide Early Learning and Child Care Agreement, Alberta is supporting families to access affordable child care across the province with their choice in provider.

    Starting Apr. 1, parents with children zero to kindergarten age attending full-time licensed daycare facilities and family day home programs across the province will be eligible for a flat parent fee of $326.25 per month, or roughly $15 a day. Parents requiring part-time care will pay $230 per month.

    To support these changes and high-quality child care, about 85 per cent of licensed daycare providers will receive a funding increase once the new fee structure is in place on Apr. 1.

    Every day, parents and families across Alberta rely on licensed child-care providers to support their children’s growth and development while going to work or school. Licensed child-care providers and early childhood educators play a crucial role in helping children build the skills they need to support their growth and overall health. As Alberta’s population grows, the need for high-quality, affordable and accessible licensed and regulated child care is increasing.

    While Alberta already reduced parent fees to an average of $15 a day in January 2024, many families are still paying much more depending on where they live, the age of their child and the child-care provider they choose, which has led to inconsistency and confusion. Many families find it difficult to estimate their child-care fees if they move or switch providers, and providers have expressed concerns about the fairness and complexity of the current funding framework.

    A flat monthly fee will provide transparency and predictability for families in every part of the province while also improving fairness to providers and increasing overall system efficiency. On behalf of families, Alberta’s government will cover about 80 per cent of child-care fees through grants to daycare facilities and family day homes.

    This means a family using full-time daycare could save, on average, $11,000 per child per year. A flat monthly parent fee will ensure child care is affordable for everyone and that providers are compensated for the important services they offer.

    As opposed to a flat monthly parent fee, Alberta’s government will reimburse preschools up to $100 per month per child on parents’ behalf, up from $75.

    “Albertans deserve affordable child-care options, no matter where they are or which type of care works best for them. We are bringing in flat parent fees for families so they can all access high-quality child care for the same affordable, predictable fee.”

    Matt Jones, Minister of Jobs, Economy and Trade

    “Reducing child care fees makes life more affordable for families and gives them the freedom to make choices that work for them—whether that’s working, studying or growing their family. We’ll keep working to bring costs down, create more spots, and reduce waitlists for families in Alberta and across the country, while ensuring every child gets the best start in life.”

    Jenna Sudds, federal minister of Families, Children, and Social Development

    To make Alberta’s child-care system affordable for all families, the flat monthly parent fee is replacing the Child Care Subsidy Program for children zero to kindergarten age attending child care during regular school hours. The subsidy for children attending out-of-school care is not changing.

    As the province transitions to the new flat parent fee, child-care providers will have flexibility to offer optional services for an additional supplemental parent fee. These optional services must be over and above the services that are provided to all children in individual child-care programs. Clear requirements will be in place for providers to prevent preferential child-care access for families choosing to pay for optional services.

    Cutting red tape and supporting child-care providers

    By moving to a flat monthly parent fee, Alberta’s government is continuing the transition to a primarily publicly funded child care system. To support high-quality child care, approximately 85 per cent of licensed daycare providers will receive a funding increase once the new structure is in place on Apr. 1.

    The province is enhancing the system to streamline the child-care claims process used to reimburse licensed child-care providers on behalf of Alberta parents. Alberta’s government is also putting technological solutions in place to reduce administrative burden and red tape.

    Looking ahead

    Over the final year of the federal agreement, Alberta’s government is working to support the child-care system while preparing to negotiate the next term of the agreement, reflective of the needs of Albertans and providers. Alberta joins its provincial and territorial partners across the country in calling for a sustainable, adequately funded system that works for parents and providers long term.

    Quick facts

    • In line with requirements under the Canada-Alberta Canada-Wide Early Learning and Child Care Agreement, the flat monthly parent fee only applies to children zero to kindergarten age requiring care during regular school hours.
    • Children attending 100 or more hours in a month are considered full-time and parents will pay $326.25 a month. Children attending between 50 and 99 hours are considered part-time and parents will pay $230 a month.
    • Families with children attending preschool for up to four hours a day are eligible for up to $100 per month.
    • There are no changes to the out-of-school care Child Care Subsidy Program for children requiring care outside of school hours in grades 1 to 6 and attending full-time kindergarten.
    • Programs may choose to provide optional services for a supplemental fee. Examples may include transportation, field trips and food. Child-care programs are not required to charge parents additional supplemental fees.

    Related information

    • Federal-provincial child care agreement

    Related news

    • Alberta strengthens child care safety (Oct. 30, 2024)

    L’Alberta instaure des frais mensuels fixes de 326,25 $ pour les services de garde d’enfants agréés à temps plein, soit environ 15 $ par jour.

    Dans le cadre de l’Accord entre le Canada et l’Alberta sur l’apprentissage et la garde des jeunes enfants à l’échelle du Canada d’une valeur de 3,8 milliards de dollars, l’Alberta aide les familles à avoir accès à des services de garde d’enfants abordables partout dans la province auprès du service de garde de leur choix.

    À compter du 1er avril, les parents ayant des enfants de la naissance à la maternelle qui fréquentent une garderie agréée à temps plein ou un service de garde en milieu familial partout dans la province seront admissibles à des frais fixes de 326,25 $ par mois, soit environ 15 $ par jour. Les parents qui ont besoin de services de garde à temps partiel paieront 230 $ par mois.

    Pour appuyer ces changements et des services de garde d’enfants de grande qualité, environ 85 % des fournisseurs de services de garde agréés recevront une augmentation du financement lorsque la nouvelle structure tarifaire sera en place le 1er avril.

    Chaque jour, les parents et les familles de l’Alberta comptent sur des fournisseurs de services de garde d’enfants agréés pour appuyer la croissance et le développement de leurs enfants pendant qu’ils vont au travail ou à l’école. Les fournisseurs de services de garde d’enfants agréés et les éducateurs de la petite enfance jouent un rôle crucial en aidant les enfants à acquérir les compétences dont ils ont besoin pour soutenir leur croissance et leur santé globale. À mesure que la population de l’Alberta augmente, le besoin de services de garde d’enfants agréés et réglementés de grande qualité, abordables et accessibles s’accroît.

    Bien que l’Alberta ait déjà réduit les frais pour les parents à une moyenne de 15 $ par jour en janvier 2024, de nombreuses familles paient encore beaucoup plus selon l’endroit où elles vivent, l’âge de leur enfant et le fournisseur de services de garde d’enfants qu’elles choisissent, ce qui a entraîné des incohérences et de la confusion. De nombreuses familles ont de la difficulté à estimer leurs frais de garde d’enfants si elles changent de fournisseur, et les fournisseurs ont exprimé des préoccupations au sujet de l’équité et de la complexité du cadre de financement actuel.

    Des frais mensuels fixes assureront la transparence et la prévisibilité pour les familles de toutes les régions de la province, tout en améliorant l’équité envers les fournisseurs et en augmentant l’efficacité globale du système. Au nom des familles, le gouvernement de l’Alberta couvrira environ 80 % des frais de garde d’enfants grâce à des subventions accordées aux garderies et aux services de garde en milieu familial.

    Cela veut dire qu’une famille dont un enfant fréquente une garderie à temps plein pourrait économiser 11 000 $ par enfant par année en moyenne. Des frais mensuels fixes pour les parents garantiront que les services de garde d’enfants sont abordables pour tous et que les fournisseurs sont rémunérés pour les services importants qu’ils offrent.

    Contrairement aux frais mensuels fixes pour les parents, le gouvernement de l’Alberta remboursera jusqu’à 100 $ par mois aux parents pour les enfants d’âge préscolaire, comparativement à 75 $.

    « Les Albertaines et les Albertains méritent des options abordables en matière de garde d’enfants, peu importe où ils se trouvent ou quel type de services leur convient le mieux. Nous instaurons des frais fixes pour les parents afin qu’ils puissent tous avoir accès à des services de garde d’enfants de grande qualité, à un coût abordable et prévisible. »

    Matt Jones, ministre de l’Emploi, de l’Économie et du Commerce

    « La réduction des frais de garde d’enfants rend la vie plus abordable pour les familles et leur donne la liberté de faire des choix qui leur conviennent, qu’il s’agisse de travailler, d’étudier ou d’agrandir leur famille. Nous continuerons de travailler pour réduire les coûts, créer plus de places et réduire les listes d’attente pour les familles en Alberta et partout au pays, tout en veillant à ce que chaque enfant ait le meilleur départ possible dans la vie. »

    Jenna Sudds, ministre fédérale de la Famille, des Enfants et du Développement social

    Afin de rendre le système de garde d’enfants de l’Alberta abordable pour toutes les familles, les frais mensuels fixes pour les parents remplacent le programme de subventions pour la garde d’enfants destiné aux enfants de la naissance à la maternelle qui fréquentent un service de garde pendant les heures scolaires normales. La subvention pour les enfants pris en charge à l’extérieur de l’école ne change pas.

    À mesure que la province adoptera les nouveaux frais fixes pour les parents, les fournisseurs de services de garde d’enfants auront la possibilité d’offrir des services facultatifs moyennant des frais supplémentaires pour les parents. Ces services facultatifs doivent s’ajouter aux services offerts à tous les enfants dans le cadre de programmes individuels de garde d’enfants. Des exigences claires seront mises en place pour les fournisseurs afin d’empêcher l’accès préférentiel aux services de garde pour les familles qui choisissent de payer pour des services facultatifs.

    Réduire les formalités administratives et soutenir les fournisseurs de services de garde d’enfants

    En passant à des frais mensuels fixes pour les parents, le gouvernement de l’Alberta poursuit la transition vers un système de garde d’enfants financé principalement par l’État. Pour appuyer des services de garde d’enfants de grande qualité, environ 85 % des fournisseurs de services de garde agréés recevront une augmentation du financement lorsque la nouvelle structure sera en place le 1er avril.

    La province améliore le système afin de simplifier le processus de demande de remboursement des frais de garde d’enfants utilisé pour rembourser les fournisseurs de services de garde d’enfants agréés au nom des parents albertains. Le gouvernement de l’Alberta met également en place des solutions technologiques pour réduire le fardeau administratif et les formalités administratives.

    Regard vers l’avenir

    Au cours de la dernière année de l’accord fédéral, le gouvernement de l’Alberta s’efforce d’appuyer le système de garde d’enfants tout en se préparant à négocier la prochaine durée de l’accord, en tenant compte des besoins de sa population et des fournisseurs. L’Alberta se joint à ses partenaires provinciaux et territoriaux partout au pays pour réclamer un système durable et financé adéquatement qui fonctionne pour les parents et les fournisseurs à long terme.

    Faits en bref

    • Conformément aux exigences de l’Accord entre le Canada et l’Alberta sur l’apprentissage et la garde des jeunes enfants à l’échelle du Canada, les frais mensuels fixes pour les parents ne s’appliquent qu’aux enfants de la naissance à la maternelle qui ont besoin de services de garde pendant les heures scolaires normales.
    • Les enfants qui fréquentent une garderie pendant 100 heures ou plus par mois sont considérés comme des enfants qui fréquentent à temps plein et les parents paieront 326,25 $ par mois. Les enfants qui fréquentent une garderie entre 50 et 99 heures sont considérés comme des enfants qui fréquentent à temps partiel et les parents paieront 230 $ par mois.
    • Les familles qui ont des enfants qui fréquentent un programme préscolaire pendant jusqu’à quatre heures par jour sont admissibles à un montant maximum de 100 $ par mois.
    • Aucun changement n’est apporté au Programme de subventions pour les services de garde d’enfants à l’extérieur de l’école pour les enfants qui doivent être pris en charge en dehors des heures d’école de la 1re à la 6e année et qui fréquentent la maternelle à temps plein.
    • Les programmes peuvent choisir de fournir des services facultatifs moyennant des frais supplémentaires. Les exemples peuvent inclure le transport, les sorties scolaires et la nourriture. Les programmes de garde d’enfants ne sont pas tenus de facturer des frais supplémentaires aux parents.

    Renseignements connexes

    • Entente fédérale-provinciale sur les services de garde d’enfants (en anglais seulement)

    Nouvelles connexes

    • Alberta strengthens child care safety (30 octobre 2024)

    Translations

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    • Traditional Chinese
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    • Persian
    • Punjabi
    • Somali
    • Spanish
    • Tagalog
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    MIL OSI Canada News –

  • MIL-OSI China: Malta issues special zodiac stamps to mark Year of the Snake

    Source: China State Council Information Office 3

    Photo taken on Feb. 12, 2025 shows a set of newly released Year of the Snake zodiac postage stamps in Valletta, Malta. MaltaPost unveiled these stamps here on Wednesday, marking the second consecutive year the country has issued stamps celebrating the Chinese Lunar New Year. (Photo by Jonathan Borg/Xinhua)

    MaltaPost unveiled its Year of the Snake zodiac postage stamps on Wednesday in Valletta, marking the second consecutive year the country has issued stamps celebrating the Chinese Lunar New Year.

    The newly released set of two stamps, designed by Maltese artist Fabio Agius and Chinese designer Fang Jun, showcases a unique blend of Maltese and Chinese cultural motifs.

    Agius’s design intricately weaves the sinuous form of a snake with Malta’s iconic floral-patterned ceramic tiles, symbolizing the fusion of ancient heritage and contemporary artistry. Meanwhile, Fang’s creation incorporates the traditional Chinese knot, a symbol of good fortune, alongside the “Eye of Horus,” an ancient Maltese maritime emblem representing protection and safe voyages. Together, the designs embody the themes of growth, peace, and prosperity associated with the Wood Snake year in the Chinese zodiac.

    Speaking at the launch ceremony, MaltaPost Chairman Joseph Said emphasized the stamps’ cultural significance and their role in fostering international friendship. “I am confident that this philatelic initiative will strengthen cultural exchanges between Malta and China, bringing our nations even closer,” he stated.

    A parallel launch event was held in Beijing, co-organized by the Beijing Zodiac Philatelic Research Association and the Beijing Zodiac Culture Theme Post Office.

    Yuan Xikun, director of the Beijing Jintai Art Museum, highlighted the growing global appreciation of zodiac culture as a bridge for cross-cultural dialogue. “The issuance of these stamps is not only a tribute to traditional Chinese culture but also a vivid reflection of the friendship and cooperation between our two nations,” he said. “It will deepen the Maltese people’s understanding of Chinese culture and inject new vitality into cultural exchanges between our countries.”

    Liao Hongyun, president of the Beijing Zodiac Philatelic Research Association, echoed these sentiments, describing the stamp issuance as a testament to the enduring friendship between China and Malta.

    As a key advocate for Malta’s zodiac stamp series, Chen Juheng, councilor of the Maltese Chinese Chamber of Commerce, noted that this marks the first time a Chinese designer’s work has been featured in Malta’s zodiac collection. He expressed hope for further postal collaborations to promote Chinese zodiac culture within Malta’s philatelic community. 

    MIL OSI China News –

  • MIL-OSI: Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    YEAR 2024 FOR SIILI: Profitability affected by declined revenue, successful launch of the new data and AI focused strategy 

    Siili Solutions Plc Financial statements bulletin 13 February 2025 at 9:00 am (EET)

    In 2024 we clarified our new strategy and successfully launched its implementation. We focused on strengthening our competitiveness and securing profitability in a continuously challenging market situation. However, the challenging market situation affected negatively on Siili’s revenue and growth both domestically and internationally.

    July-December 2024

    • Siili published its new strategy in August
    • Siili signed an agreement to purchase majority stake of the Finnish Integrations Group Oy
    • Siili appointed Maria Niiniharju as Siili’s VP, Private Business and member of Siili’s management team
    • Revenue for the second half of the year was EUR 52,713 (57,414) thousand, representing decline of 8.2% year on year
    • Adjusted EBITA for the second half of the year was EUR 2,100 (3,732) thousand, which corresponds to 4.0% (6.5%) of revenue

    January-December 2024

    • We focused on streamlining our organization and creation of our new strategy
    • We strengthened data and AI expertise through training and recruitment
    • We achieved 10th place in the Young Professional A raction Index survey by Academic Work
    • Full-year revenue amounted EUR 111,899 (122,702) thousand, representing decline of 8.8% year on year
    • Adjusted EBITA was EUR 5,409 (8,742) thousand, which corresponds to 4.8% (7.1%) of revenue
      H2/2024 H2/2023 2024 2023 Q4/2024 Q4/2023
    Revenue, EUR 1,000 52,713 57,414 111,899 122,702 28,589 30,365
    Revenue growth, % -8.2% -3.4% -8.8% 3.7% -5.9% -6.7%
    Organic revenue growth, % -8.2% -5.5% -8.8% 0.1% -5.9% -6.7%
    Share of international revenue, % 30.2% 27.7% 29.0% 26.7% 28.8% 25.8%
    Adjusted EBITA, EUR 1,000 2,100 3,732 5,409 8,742 1,403 2,471
    Adjusted EBITA, % of revenue 4.0% 6.5% 4.8% 7.1% 4.9% 8.1%
    EBITA, EUR 1,000 2,058 3,399 4,752 8,409 1,361 2,138
    EBIT, EUR 1,000 1,482 2,763 3,592 6,909 1,075 1,844
    Earnings per share, EUR 0.20 0.18 0.43 0.61 0.18 0.14
    Number of employees at the end of the period 942 1,007 942 1,007 942 1,007
    Average number of employees during the period 954 1,034 975 1,026 944 1,030
    Total full-time employees and subcontractors (FTE)
    at the end of the period    		 1,033 1,091 1,033 1,091 1,033 1,091

    Outlook for 2025 and financial goals for 2025-2028

    Revenue for 2025 is expected to be EUR 108-130 million and adjusted EBITA EUR 4.7-7.7 million.

    On 26 November 2024, the company announced the financial goals for the years 2025–2028 as follows:

    • Annual revenue growth of 20 percent, of which organic growth accounts for about half.
    • Adjusted EBITA 12 percent of revenue.
    • The aim is to keep the ratio of net debt-to-EBITDA below two.
    • The aim is to pay a dividend corresponding to 30–70 percent of net profit annually.

    CEO TOMI PIENIMÄKI:

    2024 was another challenging year from a market perspective, both for Siili and the entire IT service sector. During the year, we focused on crystallising our strategy and creating a foundation for stronger competitiveness and profitability.

    The market situation affected both Siili’s revenue and the rate of growth both domestically and internationally. Full-year revenue amounted to approximately EUR 112 million, representing a decline of 9% year on year. The share of international operations in the Group’s revenue continued to increase and rose from the previous year’s level of 27% to 29% in 2024.

    The slowdown in growth also weighed on profitability. Adjusted EBITA for the year was EUR 5.4 million, which corresponds to about 5% of revenue. This year, we aim to improve Siili’s profitability by focusing on operational efficiency and growth with focus on the Data and AI business.

    Despite the challenges of the operating environment, last year was, however, successful for Siili in many ways. During the first half of the year, we focused on designing our new strategy and streamlining the organisation. We also launched a three-level training programme in artificial intelligence for our consultants and continued to strengthen the data and AI expertise of the Siili team through both training and recruitment throughout the year.

    Our new strategy has been well received

    In the new strategy published in August, we placed data and artificial intelligence at the core of the strategy. Our objective is to be a pioneer in the AI transition as a developer of generative AI solutions and as an AI partner that reinforces its customers’ competitiveness.

    We have now three strategic priorities that strengthen our position as a leader in leveraging AI:

    • Significant growth in Data and AI business
    • Pioneer in AI-powered digital development
    • Community of top talent

    Our updated strategy and our promise “Impact driven, AI powered” have been well received in the markets. During the year, we were selected as a partner for several AI and data projects in line with our strategy. Towards the end of the year, we had many successful openings consistent with the strategy in projects dealing with, for example, AI strategies, training, and implementation. We will continue to focus on expanding our business with strategic customers and building long-standing partnerships.

    We focus on improving our profitability

    We continue to improve our operational efficiency. We will focus in particular on capacity and utilization management, cost efficiency, offer development and pricing optimization. Improving profitability is progressing according to plan in stages. We have made a concrete action plan to improve our efficiency and profitability and we will implement it with determination and monitor its progress.

    Last year, we also started to develop our operating models towards more data-driven decision-making and better forecasting. In addition, we are strongly investing in the implementation of a new management model that increases efficiency, recruitments that support the strategy and optimization of subcontracting. We strive to seek profitable growth in growth areas in line with the strategy, while firmly protecting profitability in more challenging market segments.

    We are strengthening our community of top talent

    At the beginning of November, we strengthened the data and AI expertise of the management team when Maria Niiniharju took up the position as the leader of Siili’s Private Business and became a new member of Siili’s management team. In accordance with our strategy, we also expanded our competence through recruitment of data and AI experts, who we have now 43% more compared to previous year. Towards the end of the year, we strengthened our integration expertise by signing an agreement to purchase a majority stake in Integrations Group Oy. With Integrations Group, we will be a stronger partner for our customers in various demanding AI and data integration projects.

    We aim to be the best community for digital development professionals, and we continued to develop our culture and leadership further last year. Our efforts to develop Siili’s community were recognized in autumn when Siili achieved 10th place in the Young Professional Attraction Index survey by Academic Work.

    In 2025, we will celebrate Siili’s 20th anniversary. With two decades of innovation and growth under our belt, this is a good time to continue Siili’s journey by focusing on the implementation of the strategy and the improvement of profitability during the year. Although we cannot see immediate signs of an improvement in market conditions, our successes in 2024 have proven the performance of our strategy. I want to extend my thanks to the entire Siili team and our customers for the past year. I am looking forward to the opportunity to build new and innovative solutions at the cutting edge of the AI transition.

    RISKS AND UNCERTAINTY FACTORS

    Siili is exposed to various risk factors related to its operational activities and business environment. The realisation of risks may have an unfavourable effect on Siili’s business, financial position or company value. The most significant risks related to Siili’s operations are described below, along with other known risks that may become significant in the future. In addition, there are risks that Siili is not necessarily aware of and which may become significant.

    • The loss of one or more key clients, a considerable decrease in purchases, financial difficulties experienced by clients or a change in a client’s strategy with regard to the procurement of IT services could have a negative effect on the company.
    • Failure to achieve recruitment goals in terms of both quality and quantity, and failure to match supply to customer demand in a timely manner.
    • Probability and adverse effects of the realisation of the aforementioned risks are more likely in an uncertain economic environment.
    • Failure in pricing, planning, implementation and improving cost efficiency of customer projects.
    • Loss of the contribution of key personnel or deterioration of the employer’s reputation.
    • Realisation of information security risks, for example, as a result of data breach and/or human error by an employee.

    General negative or weakened economic development and the resulting uncertainty in the clients’ operating environment. The general economic cycle and changes in the clients’ operating environment can have negative effects through slowing down, postponing or cancelling decision-making on IT investments.

    Russia’s war of aggression against Ukraine has not had and is not expected have a direct impact on Siili’s business. However, the general uncertainty and inflation in 2024 continued to affect in particular our clients’ investment decisions, thereby also weighing on Siili’s business. Slow recovery of the economy is expected to continue to affect Siili’s business and growth opportunities also in the current financial year. According to management observations and estimates, the impacts of the market environment in the financial year 2024 were moderate, and they are expected to reduce in 2025. We prepare for these effects by taking care of customer satisfaction and cost efficiency.

    EVENTS AFTER THE END OF THE FINANCIAL YEAR

    Acquisition of Integrations Group Oy

    On 18 November 2024, Siili Solutions Plc announced it had signed an agreement to purchase a stake of 51% of the shares in the Finnish company Integrations Group Oy. The transaction in Integrations Group Oy shares was completed on 2 January 2025. Siili is committed to purchasing the remaining 49% of shares in Integrations Group Oy over the coming years in parts as detailed in the shareholders’ agreement; hence, Integrations Group Oy is consolidated 100% in the Siili Group as of 2 January 2025.

    Integrations Group Oy is a company specialising in integration implementations and services, based in Espoo and Tampere. The company’s unaudited revenue for the financial year 2024 was EUR 2.2 million, and its operating profit amounted to EUR 0.3 million. The company has 13 employees. Integrations Group Oy will continue to operate as a stand-alone company under its own brand.

    The acquisition of the majority stake in Integrations Group executes on Siili’s strategic objective to expand its business in the growing data and generative AI market.

    The acquisition does not have a material effect on the Siili Group’s revenue, adjusted EBITA or balance sheet values. The company will prepare an acquisition cost calculation under IFRS 3 during the first year-half.

    DIVIDEND PROPOSAL

    In line with the dividend policy approved by its Board of Directors, Siili seeks to distribute 30–70% of its profit for the period to shareholders. In addition, an additional profit distribution can be made.

    On 31 December 2024, the distributable assets of the parent company of Siili Solutions Plc amounted to EUR 35,291,522.61, including the profit for the period EUR 1,629,162.50. The Board of Directors proposes to the Annual General Meeting 2025 that a dividend of EUR 0.18 per share be paid for the financial year 2024. According to the proposal, a total dividend of EUR 1,460,215.62 would be paid. The proposed dividend represents approximately 42% of the Group’s profit for the financial year.

    No significant changes have taken place in Siili’s financial position since the end of the financial year. The company has a good level of liquidity, and the Board believes that the proposed dividend will not pose a risk to liquidity.

    FINANCIAL CALENDAR FOR 2025

    Siili will hold a results announcement event for analysts, portfolio managers and the media on 13 February 2025 at 1:00 p.m. The presentation materials will be published on the company website after the event.

    • The Annual Report 2024 will be published in electronic format on the company website on 14 March 2025.
    • The Annual General Meeting will be held on 8 April 2025.
    • The business review for 1 January–31 March 2025 will be published on 22 April 2025.
    • The half-year report for 1 January–30 June 2025 will be published on 12 August 2025.
    • The business review for 1 January–30 September 2025 will be published on 21 October 2025.

    Helsinki, 13 February 2025

    Board of Directors, Siili Solutions Plc

    FURTHER INFORMATION:

    CEO Tomi Pienimäki

    tel. +358 40 834 1399

    CFO Aleksi Kankainen

    tel. +358 40 534 2709

    SIILI SOLUTIONS IN BRIEF:

    Siili Solutions Plc is a unique combination of a digital agency and a technology powerhouse. We believe in human-centricity in everything we deliver. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Siili has offices in Finland, Germany, Poland, Hungary, Netherlands, United Kingdom, Austria and USA. Siili Solutions Plc shares are listed on Nasdaq Helsinki Ltd. Siili has grown profitably since it was founded in 2005. / www.siili.com

    Attachment

    The MIL Network –

  • MIL-OSI: LHV Group financial plan for 2025 and the five-year financial forecast

    Source: GlobeNewswire (MIL-OSI)

    The largest financial group based on Estonian capital will be driven this year by an increase in business volumes and client activity, and by more efficient operations. However, in an environment of falling interest rates, the net profit of LHV Group in 2025 will decrease compared to the previous year.

    Key indicators 2024 FP 2025 ∆
    Profit before taxes 175.1 153.3 -12%
    Net profit 150.3 125.1 -17%
    Deposits 6,910 7,558 9%
    Loans 4,552 5,345 17%
    Volume of funds 1,558 1,735 11%
    Number of payments related to financial intermediaries (million pcs) 75 75 0%
    Cost/income ratio 43.4% 47.7% +4.3 pp
    ROE* (before taxes; owners’ share) 28.7% 22.1% -6.6 pp
    ROE* (from net profit; owners’ share) 24.7% 18.1% -6.6 pp
    Capital adequacy 20.7% 21.0% +0.3 pp

    * Calculated on the basis of the average end-of-month equity volumes
     Business volumes in millions of euros

    According to the latest financial plan, LHV Group’s business volumes will continue to grow significantly this year. The consolidated loan portfolio is set to grow by 17%, i.e. EUR 793 million, over the year to EUR 5.35 billion. Of this, EUR 223 million will come from corporate banking in Estonia and EUR 278 million from retail loans, while in the United Kingdom the plan is to increase lending by EUR 292 million. As a result of the improving economic environment, write-down costs are planned to decrease to EUR 10.2 million in 2025.

    The focus remains on growing deposits. Consolidated deposits are expected to grow by EUR 648 million, i.e. 9%, to EUR 7.56 billion this year. Of the additional deposits, EUR 302 million are to be raised by LHV Pank in Estonia and EUR 388 by LHV Bank in the United Kingdom.

    LHV Pank’s interest income will decrease, but net fee and commission income is planned to increase mainly from higher business volumes resulting from the growth and activation of the client base. It is planned to reduce the bank’s expenses by 2% compared to the previous year, which will be helped by the automation of processes. The goal is to continue to provide the best service to clients in all channels by developing digital channels and supplementing services.

    The number of payments by financial intermediaries reached 75 million in 2024, and it will remain similar this year according to the financial plan.

    In the United Kingdom, in addition to corporate loans, the focus is on introducing retail offering to the market and, consequently, increasing the number of retail clients. In the first half of the year, deposits and direct debits will be added to the new bank app, and the issuance of bank cards will begin. The plans for the second half of the year include the inclusion of other currencies and the opening of accounts for corporate clients. In order to expand the offering, LHV Bank plans to apply for a consumer credit activity licence, join the real-time euro payments scheme, and develop additional payment collection solutions.

    According to the financial plan, the volume of funds managed by LHV will increase by 11% this year to EUR 1.74 billion, i.e. by EUR 177 million. The volumes are supported by increased contributions to the II pension pillar and the opening of the new LHV Euro Bond Fund. Varahaldus continues with an investment strategy that stands out clearly from its competitors, focusing on different high-yield asset classes. The forecast for 2025 does not include earning a success fee from pension funds.

    The gross premiums of LHV Kindlustus will increase by 11% this year to EUR 42 million. It is planned to increase sales volumes and improve efficiency. This should be supported by extending the provision of property insurance to businesses as well. The goal of LHV Kindlustus is to position itself as the most preferred insurance partner on the market.

    In summary, the financial plan for 2025 foresees a 7% decrease in the income of the LHV Group consolidation group to EUR 313 million. Expenditure is expected to increase by 2% to EUR 149.4 million. The company’s net profit for this year is estimated at EUR 125.1 million, which means a decrease of 17% compared to the previous record year. LHV Group’s return on equity (ROE) ratio will remain at 18.1% in 2025 and the company forecasts a cost/income ratio of 47.7%.

    This year, in addition to the decrease in base interest rates, the profitability of LHV Group is affected by the interest expense and increased tax rates associated with the revaluation of liabilities and the growth of volume, while positively increasing efficiency, increasing net fee and commission income and lower write-downs due to the improvement of the economic environment, as well as increasing efficiency.

    Comment by Madis Toomsalu, the Chairman of the Management Board at LHV Group:
    “In recent years, LHV has developed into a financial institution with a significant impact on the Estonian economy. Over the course of five years, the volume of LHV’s loans and deposits has increased by as much as 2.6 times, with new loans issued in Estonia in the amount of EUR 7.6 billion, while the loan portfolio has grown by EUR 2.5 billion during this period. The bank belonging to LHV Group in the United Kingdom has also entered the growth phase from the creation phase, with its share increasing.

    We will continue to be ambitious for the next five years. Of the business volumes, we expect our loan portfolio to double, including a fivefold increase in the loan portfolio in the United Kingdom. We also expect double growth from insurance activities, the volume of funds will increase more than one and a half times. Our goal is to provide the best access to financial services and capital through high-quality relations.

    We want to fulfil our long-term growth ambitions more effectively than before. In Estonia, we continue to innovate technology, the main keywords here are moving systems to the cloud and thoroughly updating the data strategy. In the United Kingdom, we are opening the direction of retail banking, and throughout the year we are developing new products there.

    In 2024, we will continue to grow business volumes to offset falling interest rates. However, the net profit will fall as planned, partly due to the increase in the advance income tax of the banks to 18%, which effectively is the taxation of current profits. The return on equity is influenced by capitalization that, supported by strong results, has grown above the optimal level and which, according to the financial plan, does not find fully efficient use within the group.”

    Financial forecast for 2025–2029

    AS LHV Group discloses its financial forecast for the next five years. The forecast has been prepared on the basis of the assumptions that the Estonian economy will grow from 2025, tax rates in Estonia will rise, and base interest rates will fall rapidly until mid-2025. It is expected that the long-term dividend policy will be maintained, that capital layers will be optimised, and that LHV Varahaldus will earn a success fee from 2026.

    Key indicators FP2025 FP2026 FP2027 FP2028 FP2029
    Profit before taxes  153.4 192.5 233.1 287.6 328.5
    Net profit 125.1 154.0 184.7 229.2 268.5
    Deposits  7,558 8,473 9,485 10,339 11,375
    Loans 5,345 6,227 7,099 7,956 8,865
    Volume of funds  1,735 1,978 2,233 2,497 2,774
    Number of payments related to financial intermediaries (million pcs) 75 75 75 76 76
    Cost/income ratio 47.7% 42.3% 38.3% 34.8% 32.9%
    ROE (before taxes; owners’ share) 22.1% 25.1% 26.8% 29.1% 29.6%
    ROE* (from net profit; owners’ share) 18.1% 20.1% 21.2% 23.2% 24.1%
    Capital adequacy 21.0% 20.4% 20.8% 20.6% 20.3%

    * Calculated on the basis of the average end-of-month equity volumes
    Business volumes in millions of euros

    According to the long-term forecast, all important business volumes of LHV will grow organically over the next five years. The volume of loans will increase 1.9 times to EUR 8.87 billion in five years, with corporate loans increasing by EUR 1.2 billion, home loans by EUR 1.4 billion, and the United Kingdom loan portfolio by EUR 1.4 billion. The volume of deposits will increase by 65% to EUR 11.38 billion. The volume of funds will increase by 78% to EUR 2.77 billion in five years.

    According to the financial forecast, within five years, revenue will grow faster than expenditure, with revenue from the United Kingdom taking on an increasing share. Costs are increasing mainly due to increased labour costs and IT costs. Due to changes in the economic environment and the growth of the credit portfolio, costs from write-downs will decrease in 2025, but they are expected to increase in the future.

    According to the five-year forecast, LHV’s consolidated net profit will reach nearly EUR 268.5 million by 2029, with an average annual growth of 12%. Although this year the return on equity will be below the long-term target of 20%, it is planned to exceed it in the coming years. The Group’s cost/income ratio continues to decline.

    LHV Group will amend the financial plan for 2025 if it becomes likely that the planned net profit will differ by more than 10% from the financial plan. The company will update its five-year forecast in early 2026.

    To access the reports of AS LHV Group, please visit the website at: https://investor.lhv.ee/en/reports/.

    To introduce the financial plan, LHV will organise an investor meeting (in Estonian) on 13 February at 9.00 via Zoom, the online seminar environment. Investors and interested parties are invited to register at: https://lhvbank.zoom.us/webinar/register/WN_h9xQnBP2Qj-Gaa3m6DIRnA.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of December, LHV’s banking services are being used by nearly 460,000 clients, the pension funds managed by LHV have 114,000 active clients, and LHV Kindlustus is protecting a total of 170,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

    Priit Rum
    Communications Manager
    Phone: +372 502 0786
    Email: priit.rum@lhv.ee 

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    The MIL Network –

  • MIL-OSI: Unaudited financial results of Coop Pank for Q4 and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Coop Pank’s business results for 2024 were positively impacted by solid business volume growth – both the number of customers and the loan portfolio showed strong growth. The overall economic and interest rate environment had a negative impact on business results.

    Over the year, the number of Coop Pank customers increased by 26,000 (+14%) and the number of active customers increased by 17,400 (+21%). Of the new customers, 23,000 were private customers and 3,000 were business customers. By the end of 2024, the number of Coop Pank customers reached 208,000, of which 99,400 were active customers.

    By the end of 2024, deposits of Coop Pank reached 1.89 billion euros, increased by 164 million euros (+10%) over the year. Term deposits increased by 7% over the year and demand deposits by 15%. The bank’s financing cost increased over the year from the level of 2.4% to the level of 3.3%. The market share of the bank’s deposits increased from 6.0% to 6,1% over the year.

    By the end of 2024, loan portfolio of Coop Pank reached 1.77 billion euros, increased by 283 million euros (+19%) over the year. Business loans and home loans made the biggest contribution to portfolio growth. Business loans portfolio increased by 129 million euros (+20%) and home loan portfolio increased by 121 million euros (+20%). Leasing portfolio increased by 24 million euros (+16%) and consumer finance portfolio increased by 9 million euro (+9%). The market share of the bank’s loans increased from 6.0% to 6.3% over the year.

    In 2024, the quality of the loan portfolio remained very good, despite of the changes in the economic environment. To cover possible loan losses, 4.6 million euros provisions were made in 2024 – that was 26% less than a year earlier. The cost ratio for credit risk decreased from 0.5% to 0.3%.

    The net income of Coop Pank reached 81.9 million euros, decreased by 3.3 million euros (-4%) over the year. Net interest income decreased 3.7 million euros (-5%) over the year. Net service fee revenues decreased 0.5 million euros (-10%) over the year. The bank’s operating cost reached 40.6 million euros, increased by 5.4 million euros (+16%) over the year. Personnel, IT and marketing costs continued to make up the largest part of operating costs.

    Net profit of Coop Pank in 2024 was 32.2 million euros, decreased by 18% over the year. The bank’s cost / income ratio increased from 41% to 50% over the year and the return on equity decreased from the level from 23.5% to 16.2% – similar level was also seen in 2022.

    As of 31 December 2024, Coop Pank has 35,885 shareholders.

    Results in Q4

    In Q4 2024, the number of the bank’s customers increased by 6,000 (+3%), of which 5,000 were private customers and 1000 were corporate customers. By the end of the year 2024, Coop Pank had 208,000 daily banking customers.

    In Q4 2024, the volume of deposits increased by 47 million euros (+3%) and reached 1.89 billion euros by the end of the year. Over the quarter, the volume of demand deposits decreased by 14 million euros and the volume of term deposits increased by 61 million euros.

    The bank’s net loan portfolio increased by 113 million euros (+7%) over the quarter, reaching 1.77 billion euros by the end of the year. The volume of corporate loans increased by 73 million euros and the volume of home loans increased by 32 million euros. Consumer financing increased by 5 million euros and leasing by 4 million euros.

    In Q4 2024, Coop Pank earned a profit of 6.4 million euros, which is 26% less than in Q3 and 24% less than in the same period last year. Quarterly profitability was negatively impacted primarily by the interest rate environment, which was partially offset by business volume growth.

    Comments of the CEO of Coop Pank Margus Rink:

    “To evaluate Coop Pank’s activities and results in 2024, it is essential to consider the broader context. We operate in an environment shaped by rising base interest rates during 2022–2023, which resulted in decreased purchasing power, diminished corporate investment appetite, and a cooling economy. In 2024, we reached the bottom of the economic downturn, and gradually, signs began to emerge that set the stage for a cyclical turnaround: base interest rates are now declining, real wages have increased over recent quarters, tax changes have been fixed for the coming years, energy prices are stable, and entrepreneurs are dusting off business plans that were shelved.

    Based on this context, Coop Pank’s performance in 2024 was influenced by two factors. First – declining interest rates. This was an independent process beyond our control, which simultaneously significantly reduced both our interest income and interest expenses at the same time. Secondly, the growth of business volumes. This factor depended entirely on us. As a growth-focused bank, we worked hard and managed to increase business volumes (loan portfolio size, customer base) by approximately 19% during the year of economic downturn. This is 2–3 times higher than the overall Estonian banking market. This achievement is one we are proud of.

    In 2024, our customer base grew by 26 000 (+14% YoY). Increasingly, account openings are followed by customers switching their primary banking relationship to Coop Pank. At the same time, this also represents our greatest challenge moving forward. Primary banking relationships bring growth in demand deposits and help lower financing costs. Currently, demand deposits constitute only one-third of our total deposits.

    Coop Pank’s loan portfolio grew by 283 million euros (+19% YoY) in 2024. Throughout the year, home loans and car leasing showed strong growth, indicating that demand for personal loans remained solid despite the challenging economic environment. Demand for business loans was low during the first half of the year. In the fall, demand emerged, and in the final months of the year, we achieved significant growth in the business loan portfolio. Demand for consumer loans remained weak throughout the year. The quality of the loan portfolio remained strong all year.
    Coop Pank’s net profit for 2024 amounted to 32,2 million euros, decreasing 8%. The decline in profit was primarily caused by the low-interest economic environment, which could not be offset by 19% growth in business volumes.

    We adhered to our current dividend policy and distributed 25% of the consolidated group’s 2023 pre-tax profit as dividends, amounting to a net total of 8.9 million euros (8.7 cents per share, nearly double the amount of the previous year. In addition, 2 million euros in income tax on dividends was paid. Over 98% of the dividends were paid into the accounts of Estonian individuals and companies. By the end of the year, Coop Pank had 35 885 shareholders.

    In 2024, we further expanded our role as contributors to society. While we have previously contributed the advancement of life in Estonia primarily through our extensive branch network and Coop stores’ cash network, we have now begun directly supporting Estonia’s defense capabilities with the innovative Kaardivägi client program. Additionally, Coop Pank became a major sponsor of both the national volleyball team and Estonian decathletes. Furthermore, in collaboration with the TalTech Arengufond, we started awarding scholarships.

    Last year, a public discussion arose about teachers’ workload and salaries. We responded quickly and started offering teachers mortgage loans on favorable terms, a program we are continuing this year. In collaboration with the Estonian startup Montonio Finance, we also launched the most competitive e-commerce payment solution for merchants.

    Beginning of 2024, we secured a subordinated loan of 15 million euros to support the bank’s growth strategy. This is a capital instrument classified as part of the bank’s Tier 2 own funds.

    Eesti Pank designated Coop Pank as a systemically important credit institution, justifying its decision by stating that the bank’s significance in Estonia’s financial system has steadily increased in recent years. The rating agency Moody’s affirmed Coop Pank’s Credit rating on the level Baa2 and raised outlook to positive. This confirms that the bank is trustworthy with solid capital base and high quality of the loan portfolio even in difficult times and has shown good profitability.

    In November, on the proposal of Estonian Financial Supervision Authority, the European Central Bank granted to the bank an additional activity license enabling the issuance of covered bonds. The actual issuance, including the timing, volume, and other conditions, will be decided by the bank based on market conditions and the bank’s financing needs.

    Coop Pank’s strategic goal is to increase its market share in Estonia to 10% by the beginning of 2027 and grow its loan portfolio to at least 2 billion euros. This will position us as the primary bank for more than one in ten Estonians – amounting to at least 150 000 active customers. Through business volume growth, the bank aims to operate with high efficiency (cost-to-income ratio below 50%) and deliver a solid return on equity (ROE of at least 15%).

    I would like to thank all Coop Pank customers, shareholders, and employees for the year 2024. Our goal is to build Coop Pank into a success story for everyone: a success story for customers, shareholders, employees and society alike.”

    Income statement, in th. of euros Q4 2024 Q3 2024 Q4 2023 12M 2024 12M 2023
    Net interest income 19 148 20 021 20 594 77 570 81 265
    Net fee and commission income 1 303 1 040 1 489 4 358 4 847
    Net other income -483 167 -1 666 -45 -908
    Total net income 19 968 21 228 20 415 81 883 85 204
    Payroll expenses -6 007 -6 138 -5 495 -23 411 -20 234
    Marketing expenses -788 -593 -912 -2 690 -2 587
    Rental and office expenses, depr. of tangible assets -798 -729 -678 -3 097 -2 776
    IT expenses and depr. of intangible assets -1 731 -1 579 -1 363 -6 189 -4 803
    Other operating expenses -1 473 -1 221 -1 498 -5 189 -4 728
    Total operating expenses -10 797 -10 261 -9 948 -40 575 -35 128
    Net profit before impairment losses 9 171 10 967 10 468 41 306 50 076
    Impairment costs on financial assets -1 821 -1 022 -1 148 -4 643 -6 302
    Net profit before income tax 7 351 9 945 9 322 36 663 43 774
    Income tax expenses -957 -1 296 -935 -4 486 -4 570
    Net profit for the period 6 393 8 649 8 386 32 178 39 204
               
    Earnings per share, eur 0,06 0,08 0,08 0,31 0,38
    Diluted earnings per share, eur 0,06 0,08 0,08 0,31 0,38
    Statement of financial position, in th. of euros 31.12.2024 30.09.2024 31.12.2023
    Cash and cash equivalents 343 678 404 472 428 354
    Debt securities 37 751 37 445 36 421
    Loans to customers 1 774 118 1 661 152 1 490 873
    Other assets 33 066 31 956 30 564
    Total assets 2 188 614 2 135 025 1 986 212
    Customer deposits and loans received 1 886 145 1 838 626 1 721 765
    Other liabilities 27 683 28 026 28 435
    Subordinated debt 63 148 63 410 50 187
    Total liabilities 1 976 977 1 930 062 1 800 387
    Equity 211 637 204 963 185 825
    Total liabilities and equity 2 188 614 2 135 025 1 986 212

    The reports of Coop Pank are accessible at: https://www.cooppank.ee/aruandlus.

    Coop Pank will hold an Investor Webinar for the introduction of its financial results, which is scheduled at 09:00 on 13 February 2025. To participate, please register in advance via the following link: https://bit.ly/CP-veebiseminar-registreerimine-13-02-2025

    The webinar will be recorded and posted on the company’s website www.cooppank.ee and YouTube account.

    Coop Pank, which is based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 208,000 everyday banking customers. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic owner of the bank is the local retail chain Coop Estonia, which has a sales network of 320 stores.

    Further information:
    Margus Rink
    Chief Executive Office
    Email: margus.rink@cooppank.ee

    Attachments

    The MIL Network –

  • MIL-OSI USA: In Senate Budget Committee, Republicans Block Murray Amendments for Bipartisan Approach to Spending, Affirming Congressional Spending Authority, Reversing NIH Cuts, Transparency & Accountability for DOGE, and More

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ICYMI: Senator Murray Remarks at Senate Budget Resolution Markup: Blasts Roadmap to Devastating Cuts, Calls for Budget Hearing with Musk – MORE HERE
    Washington, D.C. — Today, at the Senate Budget Committee’s mark up of Senate Republicans’ budget resolution, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Budget Committee, put forward six amendments to steer Republicans toward a bipartisan approach to spending, affirm Congress’ power of the purse, reverse massive arbitrary cuts to NIH, deliver transparency into the so-called Department of Government Efficiency (DOGE), and more. Republicans unanimously opposed every amendment Murray and other Democrats offered.
    MURRAY AMENDMENT 01: Senator Murray first proposed an amendment to address defense and nondefense needs equally—tackling national security concerns and challenges at the border alongside priorities like supporting our veterans, biomedical research, child care, agriculture, and more—noting that such investments should be a part of ongoing bipartisan topline negotiations between appropriators. Rather than the $342 billion Republicans are proposing in mandatory funding through the partisan reconciliation process, Murray’s amendment would have provided $171 billion in discretionary funding for defense and $171 in discretionary funding for non-defense needs.  Unlike the partisan approach taken by Republicans, the funding under the Murray amendment would be available to address a range of critical needs, including but not limited to national security and the border.
    “Democrats share many of your concerns about investing in our national security, providing more resources to address the challenges at the border, and making sure we counter China,” said Senator Murray of her amendment to equally divide the proposed spending toward defense and non-defense priorities. “While also wanting to make sure we address critical areas like supporting veterans, agriculture, wildfires, disaster response, biomedical research, child care, and much more. So, the approach in my amendment is to say we should work together on a bipartisan basis – and really this should be part of the topline conversations we are having now as we hurtle toward the March 14th funding deadline. I want to make clear Democrats remain at the table on the FY 2025 topline – but it is getting pretty lonely for us when we see Republicans assume a trillion dollars for this year alone in unilateral DOGE cuts, remain quiet as Russ Vought and the administration continues to unlawfully impound funds, and now propose to jam through $342 billion in funding for your priorities on a partisan basis—while I am trying to negotiate in good faith a bipartisan, four-corner topline deal for fiscal year 2025. I would urge my Republican colleagues to get serious and keep your eye on the ball regarding the funding lapse on March 14th, not to mention the sequester cuts at the end of April.”
    MURRAY AMENDMENT 06: Senator Murray pressed her colleagues to pass an amendment to stand up to the Trump Administration and affirm Congress’ power of the purse which Republicans all unanimously opposed.
    “This is not a partisan issue—it is about upholding our laws and Congress’s constitutional authority over federal spending,” said Senator Murray of her amendment to affirm Congressional spending authority. “The Constitution grants Congress—not the President—the power of the purse. This has been affirmed time and again—by: The Supreme Court, Congress, The Government Accountability Office, and others. And yet, Trump, Elon Musk, and Russ Vought have been holding up huge chunks of funding that Congress passed—often on a bipartisan basis. When Presidents ignore our spending laws and the power of the purse our Constitution gives Congress—not the president—it doesn’t just block funding for the American people, it erodes the trust necessary for bipartisan negotiations in Congress. As I have emphasized, Members of Congress—on both sides—must know a deal is a deal. This amendment is about protecting the integrity of our democratic process—our most fundamental checks and balances. Every Senator—Republican or Democrat—should support this amendment to preserve Congress’s authority and maintain the trust necessary for effective governance.”
    MURRAY AMENDMENT 17: Senator Murray also offered an amendment to reverse the Trump Administration’s indiscriminate cut to biomedical research and the lifesaving work supported by the National Institutes of Health (NIH) at research institutions across the country—which no Republican spoke in opposition to during debate, but every Republican voted in opposition.  
    “On Friday night the Trump Administration announced it was implementing a policy to arbitrarily cut National Institutes of Health funding that supports biomedical research at institutions across the country,” said Senator Murray of her amendment to reverse Trump’s proposed policy on indirect costs. “In capping indirect cost rates at 15 percent for NIH-funded grants, this policy would cut funding that is essential to conducting research – such as operating and maintaining labs and research facilities. That is in clear violation of our annual appropriations bills, which have included an explicit prohibition on NIH implementing a policy exactly like this since fiscal year 2018. Fortunately, a court has temporarily paused the policy, but let’s be clear, if the Trump administration were to be successful in gutting NIH funding in this way, it would be absolutely catastrophic for lifesaving research patients and families are counting on, including lifesaving cancer research at Fred Hutch in my home state of Washington, and at so many other institutions in Red and Blue states nationwide.”
    “Research would come to a halt, sick kids would not get the treatment they need, and clinical trials would shut down abruptly,” Murray continued. “Our commitment to supporting basic research infrastructure—which this policy does—is what helped make the American research enterprise the best in the world.  This is funding that helps produce medical breakthroughs and change patients’ lives and ensure that the U.S. continues to be the global leader in biomedical research. NIH is an important economic driver in just about every single one of our states—creating jobs and spurring innovation.”
    MURRAY AMENDMENT 05: Senator Murray pushed for passage of an amendment to have the Senate request the Government Accountability Office (GAO) to review, audit and report back within 90 days on DOGE, including the appropriateness of the authorities and finances under which it is operating; internal controls and compliance with appropriations, data privacy, and other laws; the hiring, vetting, and security clearance of its employees, special government employees, and volunteers; appropriateness of actions taken to cancel contracts, reassign or otherwise change the status of federal employees; and any other areas deemed appropriate by the Comptroller General. Every Republican voted no.
    “My amendment requests the Government Accountability Office to review, audit and report back within 90 days on the so called Department of Government Efficiency so that we can understand its role, authorities, and impacts,” said Senator Murray of her amendment to provide some level of transparency into DOGE. “Mr. Chairman, your Mark assumes $1 trillion in savings over the remaining seven to eight months in 2025. That is an astronomical amount of savings to achieve in a very short amount of time and with absolutely no detail provided to us. Those savings would appear largely to come from DOGE, which is operating throughout the government without any authorization from Congress, without any normal disclosure of people, processes, or conflicts, and really with no accountability whatsoever. Whether you support some actions of DOGE or not, you should support transparency and accountability to Congress and the American public. Elon Musk and DOGE have already tried to shut down USAID, the Consumer Financial Protection Bureau, and we are told it is now targeting the Department of Education, with the President saying he wants Musk over at the Pentagon next. None of this is normal – not DOGE, the involvement of an unelected billionaire, the vast influence it has, or the actions they have taken to date with little or no input from Congress.”
    “Let’s be clear—no one voted to let an unelected billionaire decide what bills the federal government would or wouldn’t pay or whether our elementary schools and hospitals get funding, but President Trump is giving Elon the keys to the Treasury,” continued Senator Murray. “And, again, the lack of transparency into its people, processes, and potential conflicts should concern every one of us. So, my hope is with this amendment we can agree to some oversight of DOGE and ask Congress’s independent, nonpartisan watchdog, the GAO, to review DOGE and report back to us within 90 days. And if you are not supportive of this—I have to ask, what are you scared of finding out?”
    MURRAY AMENDMENT 15: Murray also put forward an amendment to prevent federal disaster assistance from being included in the highly partisan budget reconciliation process and ensure that federal disaster relief funds go to the communities that need them when they need them.
    MURRAY AMENDMENT 14: Murray also pressed to pass an amendment, modeled off her Veteran Families Health Services Act, to provide additional funding for improving the reproductive assistance provided by the Department of Defense and the Department of Veterans Affairs to members of the Armed Forces, veterans, and their spouses or partners—particularly for IVF. Every Republican also opposed these amendments, notwithstanding their intention to significantly increase the size of our military through their reconciliation plan, which will result in even more servicemembers and veterans needing reproductive assistance.
    Prior to consideration of amendments, Senator Murray underscored in her opening comments that the resolution Senate Republicans have put forth is a roadmap to devastating cuts to programs families count on every day—from Medicaid to SNAP to veterans benefits—so that Republicans can later pass more tax breaks for the ultra-rich. Senator Murray emphasized that right now Congress’ focus should be on addressing the fast-approaching March 14 funding deadline and addressing President Trump and Elon Musk’s sweeping, illegal funding freeze—not a partisan measure to gut investments in working people. She also called for Elon Musk to come before the Committee to discuss his already in-motion efforts to decimate programs people count on.

    MIL OSI USA News –

  • MIL-Evening Report: This is Australia’s only icebreaker. Here’s why experts say we need another

    Source: The Conversation (Au and NZ) – By Jane Younger, Lecturer in Southern Ocean Vertebrate Ecology, Institute for Marine and Antarctic Studies, University of Tasmania

    Australia’s Antarctic territory represents the largest sliver of the ice continent. For decades, Australian scientists have headed to one of our three bases – Mawson, Davis and Casey – as well as the base on sub-Antarctic Macquarie Island, to research everything from ecology to climate science.

    But despite our role as leaders in Antarctic science, Australian funding and logistics for Antarctic research hasn’t kept pace. Our single icebreaking vessel spends most of its time on resupply missions, restricting its use for actual science. And funding is often piecemeal, which makes it hard to plan the complex, multi-year efforts it takes to do research down on the ice.

    This week, we saw a welcome change. The federal parliamentary committee on Australia’s external territories delivered a report calling for a second icebreaking vessel and more reliable funding. It also urged the government to progress work on marine protected areas in east Antarctica as well as resume fishing patrols, due to concern over illegal or exploitative fishing.

    These measures are long overdue. For those of us who work and study on the ice continent, logistics and funding have long been a challenge. Illegal fishing in Antarctica must be stamped out, and a second vessel would support our ambitious, world-leading science.

    Why is Antarctic science so important?

    Antarctica is often out of sight, out of mind for many Australians. But what happens on the ice doesn’t stay there.

    For climate science, Antarctica matters a great deal. For decades, much of the concern about melting ice focused on the Arctic and Greenland, while Antarctica stayed relatively stable. But this is now changing. Sea ice is melting more quickly than in the past. Glacial ice is retreating. Increased melting will affect sea level rise and ocean currents.

    I study diseases such as the lethal strain of bird flu which has devastated bird and some mammals populations around the world. It recently reached Antarctica, where it killed large numbers of penguins, skuas, crabeater seals and more. I saw the devastation myself on my recent journey there.

    If this strain makes it to Australia – the last continent free of it – it could come from the south and devastate both Australian wildlife and poultry.

    To study these large and important changes, we need to be down there on the ice. It’s not an easy task. Keeping our bases functional means we need regular resupply missions. Repairs and extensions require tradies. Scientists and other workers need to be brought home.

    Antarctic science has long relied on just one vessel, now the RSV Nuniya, which the Australian Antarctic Division describes as the “main lifeline to Australia’s Antarctic and sub-Antarctic research stations and the central platform of our Antarctic and Southern Ocean scientific research”.

    The problem is, resupply can trump science. After all, no one wants bases running short of food or fuel. This is, in fact, what the Nuniya is largely doing.

    Australia’s role is key

    The Australian Antarctic Territory represents about 40% of the ice continent – the largest territory by far.

    Territory, here, doesn’t mean exclusive rights. In 1959, 12 nations with a scientific interest in the ice continent signed the Antarctic Treaty. This treaty was an agreement that Antarctica – the only landmass with no indigenous human presence – would be reserved for peaceful, scientific purposes.

    But in recent years, this treaty has come under pressure. Nations such as Norway and China have expanded fishing operations for krill. Illegal and unregulated fishing from various nations continues.

    The report recommends the Australian government continue efforts to establish a marine protected area off East Antarctica – where fishing would be restricted – as well as reopening fishing patrols. China – which recently opened its fifth Antarctic base – is opposed to the idea of fishing-free zones and is pushing to expand fishing in the Southern Ocean.

    Under Antarctica’s ice lie many resources. Mining is banned in Antarctica until 2048. What happens after that is uncertain. The race to tap critical minerals in Greenland signals what may lie ahead for Antarctica.

    This is why Australia’s leadership in Antarctic science matters. Australia was an original signatory to the Antarctic Treaty, and has a long history of exploration and science. Hobart has long been the home of Australia’s Antarctic vessels.

    As Antarctica changes, Australian scientists must be there to analyse, understand and report back. To do that, improvements are needed, including new vessels and longer-term funding. This report is the first step.

    The government is yet to formally respond to the report’s recommendations. Let’s hope it takes heed of the findings.

    Jane Younger receives funding from the Australian Research Council, WIRES Australia, the Geoffrey Evans Trust and the National Geographic Society.

    – ref. This is Australia’s only icebreaker. Here’s why experts say we need another – https://theconversation.com/this-is-australias-only-icebreaker-heres-why-experts-say-we-need-another-249714

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Short-term politics keeps stalling long-term fixes. This bill offers a way forward

    Source: The Conversation (Au and NZ) – By Susan Harris Rimmer, Professor, Griffith Law School, Griffith University

    Two federal politicians from opposing camps reached across the aisle this week to promote a valuable cause – the wellbeing of future Australian generations.

    Independent MP Sophie Scamps tabled the Wellbeing of Future Generations Bill 2025, which was seconded by Liberal backbencher Bridget Archer.

    In an election year no less, this was a highly unusual moment of bipartisan collaboration.

    It is extremely rare for private members bills to be passed into law. But the ideas in the Scamps bill have merit – especially its central recommendation that all decision makers properly consider the needs of young people when drafting government policy.

    The bill was a direct response to a diverse civil society campaign in Australia and overseas to prioritise long term solutions to deliver a fairer, more sustainable future.

    We support those efforts through our involvement in the youth-driven non-profit Foundations for Tomorrow, which worked closely with Scamps on her bill.

    What is in the bill?

    The bill would introduce a range of measures to try and apply a future focus to decision making across the policy spectrum. This includes housing, environment, climate change, mental health and job security, all of which are pressing issues for young people.

    An independent Commissioner for Future Generations would be appointed to advocate for better policies and sustainable practices, while the government would have a public duty to always consider the best interests of future generations.

    Importantly, a national conversation would be launched to engage Australians in a public consultation to help shape the nation’s vision for the future.

    What is future governance?

    Globally, we are in a state of polycrisis.

    We are confronting cascading climate disasters, intense regional conflicts and geo-strategic competition. In response to this, a growing international movement representing the interests of future generations has emerged.

    The concept incorporates an approach to decision making that overcomes the trappings of short-term, inadequate solutions. Instead, the emphasis is on planning for the future, not just the here and now.

    Here in Australia, it aspires to future-proof the country by managing extreme, long-term risks that are damaging current and future prosperity.

    Growing inequality is showing up in many policy areas, none more so than in the housing wealth gap between people in their 30s and 50s, which has widened to an extraordinary 234%.

    By improving governance, it is hoped that intergenerational justice will be achieved. This ethical lens is compatible with the Australian Public Service value of good stewardship.

    A global movement

    Many countries, including Scotland, Finland, the United Arab Emirates and Singapore, are exploring ways to reorient their policy making towards a better understanding of long-term impacts of decisions taken now. It has also been taken up by the United Nations and the European Union.

    The Australian bill is based on the experience in Wales, where similar legislation was introduced in 2015.

    The Welsh model has delivered significant practical benefits by including community involvement in planning, and protecting essential services from election cycles. For instance, environmental protection has been given higher status in decision making about transport.

    The Australian landscape

    Australia has undertaken other efforts to think long term. The Intergenerational Report was launched by former treasurer Peter Costello in 2002 to build consensus around the big issues facing Australia over the next 40 years.

    The most recent report, in 2023, identified five major areas needing future generations policy. These were population and ageing, technological and digital transformation, climate change and the net zero transformation, rising demand for care and support services, and geopolitical risk and fragmentation.

    The ideas in the Wellbeing of Future Generations bill could help guide policy in these critical areas. It would be an improvement on our current approach of recognising issues, but constantly kicking the can down the road.

    There have been other excellent future generations measures at all levels of government. One of these is the Albanese government’s commitment to the Measuring What Matters framework.

    And there is merit in independent Senator David Pocock’s Duty of Care Bill and the establishment of the Parliamentary Group for Future Generations at the Commonwealth level.

    An increasing number of leaders and policy makers are recognising the power and potential of expanding our definitions of policy success.

    Young voters and the 2025 election

    However, much more needs to be done to overcome intergenerational inequities. Policy-making continues to be driven by short-term political objectives, which is eroding trust and optimism in Australia’s future.

    In a 2021 survey for Foundations for Tomorrow, 71% of young Australians said said that they “do not feel secure”. Young people are also drifting away from supporting the major parties, especially the Coalition.

    Tabling her bill, Scamps correctly pointed out that today’s young Australians are the first generation in modern history to be worse off than their parents.

    Australians want politicians to start thinking beyond their own re-election prospects. They want long term solutions, they want vision, they want hope. We owe them that much.

    A recent survey by EveryGen (a network convened by Griffith University’s Policy Innovation Hub) found that 81% of Australians feel that politicians focus too much on short-term priorities. An overwhelming 97% of people believe that current policies must consider the interests of future generations.

    Genuine futures thinking is not always easy. But it does add an important ethical dimension to decision making, that of real attention to political legacy.

    Susan Harris Rimmer receives funding from the Australian Research Council. She is affiliated with Foundations for Tomorrow as a board member who are running the For the Future campaign, and is founder of the EveryGen network. EveryGen is a member of the Intergenerational Fairness Coalition.

    Elise Stephenson receives funding from the Australian Research Council. She is a founding member of the EveryGen network and supporter of Foundations for Tomorrow. EveryGen is a member of the Intergenerational Fairness Coalition.

    – ref. Short-term politics keeps stalling long-term fixes. This bill offers a way forward – https://theconversation.com/short-term-politics-keeps-stalling-long-term-fixes-this-bill-offers-a-way-forward-249598

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Australia: Sally Sara, ABC Radio National

    Source: Minister for Trade

    Sally Sara: Well, Australian industry is on tenterhooks, awaiting indications on whether there’ll be an Australian exemption from US tariffs on steel and aluminium. The Trade Minister, Don Farrell, has his bags all but packed, ready to fly to the US to meet his US counterpart, Howard Lutnick, as soon as Mr Lutnick is confirmed in the role. But before that, Mr Farrell is at the centre of electoral forms. He has negotiated with the Coalition in what integrity experts have called an affront to our democracy.

    Don Farrell is with me in the studio. Don Farrell, welcome to Radio National Breakfast.

    Minister for Trade: Nice to be with you, Sally.

    Sara: You’ve got quite a bit on in your portfolios at the moment. Let’s start with the question of tariffs. Has Australia been killing the American aluminium market as Donald Trump’s senior trade adviser, Peter Navarro has accused Australia of doing?

    Minister for Trade: I don’t believe we have, Sally. We make a terrific product here in aluminium. It’s a high-quality product. Australian companies do really well in the export market, and we sell our product to willing purchasers in the United States. I think we the reason we’re making those sales, of course, is the high quality and the high value of the product we sell. And I don’t believe we have done at any stage anything that has not been agreed to by the American Government.

    Sara: Has DFAT been reporting the sales of Australian steel and aluminium to the US Commerce Department?

    Minister for Trade: Well, I can’t say I know exactly how that information is collected by the Americans. I’m sure they have accurate figures on what we export into the United States. I think it’s important to remember, Sally, that in the relationship between Australia and the United States, it’s overwhelmingly in the United States’ favour. We have trade worth about $100 billion. $30 billion of that is what we sell for the United States, but 70 billion is what the Americans sell to us.

    Sara: Minister, I’ll bring you back to the question, though. Have we been – has Australia been reporting the volumes of steel and aluminium exports to the US Commerce Department?

    Minister for Trade: I’m sure that we comply with all of the obligations that America imposes on those companies that are supplying into the United States. And it wouldn’t matter whether it was beef or lamb or grain or steel or aluminium, I would be absolutely certain Australian companies comply with all of their obligations in terms of reporting into the United States. But just getting back to my other point —

    Sara: But has DFAT been passing on those figures to the US Department of Commerce?

    Minister for Trade: I don’t know who is responsible for reporting to the United States, but whoever it would be, would be complying with all of the obligations.

    Sara: So, you you’re not sure?

    Minister for Trade: Well, I don’t know exactly – I don’t get down into those precise details, but I’m certain that we comply with all of our obligations to report to the United States Government in terms of whatever exports that we might be passing on into the United States.

    Sara: There’s a bit of a tangle of words here on the previous exemption what’s your understanding? Did the Coalition Government give a verbal agreement about limiting Australian aluminium being exported into the United States, which it then didn’t abide by?

    Minister for Trade: You’d have to ask Mr. Morrison or —

    Sara: What’s your understanding?

    Minister for Trade: Well, look, they are matters for Mr Morrison or Mr Birmingham, who was the Trade Minister at the time. What I’m aware of is what we’ve been doing over the last three years, and I think we have been complying with all of the arrangements that were in place and the appropriate arrangements that were in place to ensure that we continued to supply high-quality Australian-made aluminium into the American market.

    Sara: Has DFAT been in contact with Australian aluminium exporters urging them to contain the amount of aluminium – Australian aluminium – that’s going into the US, has that occurred?

    Minister for Trade: I would say DFAT is very commonly in contact with all of the Australian companies that sell product into the American market. Where there are arrangements in place we would ensure that the companies that export to the United States are fully aware of their obligations.

    Sara: How can you comply with a deal when you’re not sure what that deal was?

    Minister for Trade: Well, I’m not sure quite what you’re referring to —

    Sara: In terms of containing what the previous promise was.

    Minister for Trade: I would expect, and I understand that Australian companies that export to the United States are exporting on the basis of what they understand to be the rules.

    Sara: What do you understand the rules to be?

    Minister for Trade: Well, we were given an exemption by the former, well, President Trump when he was formally president for the first time, and we have supplied aluminium in accordance with that arrangement. I might say the total amount of aluminium that we supply to the United States is a relatively small amount in the scheme of things and –

    Sara: What’s your understanding of the deal when it comes to the amount that we are allowed to send?

    Minister for Trade: Well, I understand that there’s a ceiling to how much we export to the United States. Of course, in the middle of all of this you had the Russia-Ukraine war. And I understand that because of difficulties in arrangements between getting Russian aluminium into the United States, we increased the amount of aluminium that we supplied into the American market. But all of that was done with the full knowledge of the American Government. We haven’t done, at any stage, anything that the American Government has not been comfortable with.

    Sara: Minister, I need to ask you about electoral reforms. After the deal was announced yesterday, the Centre for Public Integrity issued a statement saying they’ve been advocating for political donations reform and transparency for a long time. But in terms of this agreement, they’ve described it as an affront to our democratic process and the legislation went through without proper process and scrutiny. What’s your response to those comments?

    Minister for Trade: Well, Sally, I say this. From the time that I became the Special Minister of State three years ago, we have worked on reforming the Australian electoral system. We want to make it easier for ordinary Australians to participate in the electoral process. And you shouldn’t have to be beholden to billionaires in order to successfully run for politics in Australia. I want to see the ideas of Australia being the issue that determines whether or not they are or are not elected, not their wealth. And what we did last night was, as you say, dramatically increase the transparency of the Australian political system. For the first time, when you walk into the ballot place in the election after next, so, it doesn’t apply to this election because we’re so close to the election, for the first time, you’ll know exactly who else is donating to the candidate that you’re contemplating supporting. These are significant reforms. We’re capping the amount of money that you can spend on elections. Instead of the cost of elections blowing out, we are capping those costs.

    Sara: Do you understand the criticism of the independents? Because they will be capped with this per candidate cap. But if a candidate is a member of a major party, they’ll have the money under that per candidate cap and then another pot of money that is capped with the party. In other words, they have access to two pots of money.

    Minister for Trade: Can I say that they are completely wrong about that assessment. At the moment, there is no cap at all on how much candidates or parties can spend. The major parties, the Labor Party, the Liberal Party, have voluntarily capped the amount of money that they can spend on an election. So, that, in fact, it’s the opposite of the criticism that is being made about this legislation. We’re actually reducing the amount of money that the major political parties can spend on an election and that is to the benefit of all candidates. And can I say this, Sally? We’ve kept the amount of money you can spend on a single electorate at $800,000. If you can’t get your message out to the Australian people with a spend of $800,000, then there’s something wrong with your campaigning.

    Sara: Minister, we’ll need to leave it there. You’ve got a lot on your plate at the moment. Thank you so much.

    Minister for Trade: Thanks, Sally.

    MIL OSI News –

  • MIL-Evening Report: Menopause hormone patches are in short supply. What are they? And how do they compare with other therapies?

    Source: The Conversation (Au and NZ) – By Mary Bushell, Clinical Associate Professor in Pharmacy, University of Canberra

    DimaBerlin/Shutterstock

    The federal government yesterday released its response to the Senate inquiry into issues related to menopause. The inquiry recommended the government examine options to make menopause hormone therapy (MHT, or sometimes called hormone replacement therapy) more affordable and accessible, and address drug shortages.

    In response, three MHT products will be added to the Pharmaceutical Benefits Schedule (PBS): Estrogel and Estrogel Pro (gels) and Prometrium (a tablet). From March 1, this will bring the cost down to A$31.60 a month ($7.70 concession).

    Some MHT skin patches are already subsidised on the PBS, but they’re in short supply globally. This is due to a combination of factors including manufacturing issues, unexpected increases in demand and the discontinuation of the Climara brand of patch.

    When patients can’t access their MHT patches, they may be prescribed alternative brands that aren’t listed on the PBS, potentially costing more. Others will switch to different formulations, combinations and or strengths to try to get the same effect.

    So what are MHT patches? And how do they compare with gels, tablets and other formulations?

    First a quick recap of menopause

    During the transition to menopause, the ovaries gradually produce less oestrogen until they stop altogether.

    This hormonal change can lead to a range of symptoms, including hot flushes, night sweats, sleep disturbances, mood swings, memory problems and vaginal dryness.

    Over time, the reduction in oestrogen also increases the risk of health problems such as osteoporosis.

    To help reduce the sometimes-debilitating symptoms, some women may be prescribed hormone therapy. This typically includes an oestrogen hormone (such as oestradiol or conjugated oestrogens) and, for women with an intact uterus, a progestogen. Therapy with both hormones is known as combination therapy.

    If taken alone, oestrogen stimulates endometrial growth, increasing the risk of endometrial hyperplasia (irregular thickening of the uterine lining) and cancer. Progestogens counteract this by promoting regular shedding.

    Women without a uterus (after a hysterectomy, for example) do not require progestogens as there is no endometrium to protect.

    What are the different MHT formulations?

    Early MHT, used in the 1940s, used oestrogens extracted from the urine of pregnant mares. Oral formulations derived from this source, such as conjugated equine oestrogens (such as Premarin, short for PREgnant MARes’ urINe), are still available.

    These days, MHT can be broken down into two types of formulations:

    1. ‘Systemic’ treatments such as tablets, patches or gels

    Tablets and capsules are swallowed, while patches and gels are applied to the skin.

    These treatments affect the whole body and are usually best for the vasomotor symptoms such as hot flashes and night sweats, as well as to prevent bone loss.

    2. ‘Localised’ treatments, such as creams and pessaries

    These are inserted into the vagina, and act on the vagina and surrounding tissues. They are absorbed in very small amounts into the bloodstream, much lower than systemic treatments, and are unlikely to have significant effects on the rest of the body.

    Creams and pessaries contain oestrogen alone, and are the best option for treating dryness and discomfort in the vagina.

    They can also help prevent frequent urinary tract infections and improve some bladder problems, such as urinary urgency and urge incontinence.

    It is possible for women to use different forms of oestrogen and progestogen in their hormone therapy regimen. They might use an oestradiol patch to deliver oestrogen, for example, and take oral progesterone to provide the necessary progestogen component.

    Potential MHT side effects include oestrogen-related, headaches, breast tenderness or pain, nausea, leg cramps, mood changes, vaginal bleeding or spotting, bloating, swelling of the hands or feet, indigestion, and skin irritation with patches.

    Patches vs tablets and gels

    MHT patches, which have been available since the 1990s, are now more widely used and often preferred.

    Patches deliver a consistent dose of hormones directly into the bloodstream through the skin, bypassing the liver. This mimics the natural release by the ovaries and provides steady hormone levels into the bloodstream.

    Gels, like patches, bypass the liver. They are associated with less skin irritation than patches, making them a preferable option for people sensitive to adhesives or prone to skin irritation.

    In contrast, oral formulations must be absorbed by the gut and then pass through the liver, where the drug gets processed. Some will be broken down, some will be converted to active metabolites, before entering the bloodstream. This can result in fluctuating oestrogen levels and more side effects than the more consistent delivery provided by patches.

    When oral oestrogen goes through the liver, there is also an increase in the production of clotting factors. For this and other reasons, oestrogen patches have a lower risk of blood clots compared to oral tablets and capsules. Women with an elevated risk of blood clots – including those who are obese, smoke, or have a history of clotting disorders – often prefer patches.

    Patches, which are applied once or twice weekly, are designed to make it easier to stick to than tablets and gels MHT, which requires daily dosing.

    What if you need to switch?

    Currently, both oestrogen and combination skin patches are in short supply in Australia.

    The differences in absorption and metabolism between formulations mean that switching directly from one dosage form to another might not maintain the same level of symptom control or could cause new side effects.

    MHT guidelines provide prescribers with information on dose equivalence between formulations – for example, switching from an oestrogen-containing patch to a gel or tablet – ensuring women have a range of options available and for treatment to be tailored to their individual needs.

    To address the shortages, the Therapeutic Goods Administration (TGA) has enabled pharmacists to dispense alternative brands or strengths of estradiol patches without requiring a new prescription. This might mean, for example, two lesser strengths that add up to the strength prescribed.

    The TGA also temporarily approved the supply of MHT patches from the United States in June, and listed them on the PBS, but these are now also in short supply.

    What if you’re new to MHT?

    The TGA is advising prescribers to consider current shortages when initiating patients on MHT.

    First-time MHT patients may be prescribed readily available formulations to avoid therapy changes and to preserve stock for those already using patches.

    The TGA expects some patches to be out of stock until December 2025 and provides regular updates about the estimated dates the patches will be available again.

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

    – ref. Menopause hormone patches are in short supply. What are they? And how do they compare with other therapies? – https://theconversation.com/menopause-hormone-patches-are-in-short-supply-what-are-they-and-how-do-they-compare-with-other-therapies-245166

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: The National Credit Guarantee Mechanism Invigorates Offshore Wind Power Financing Mechanisms and Strengthens Market

    Source: Republic Of China Taiwan 2

    According to Ministry of Economic Affairs (MOEA), domestic enterprises have a large and competitive demand for green electricity (such as RE100) to enhance international competitiveness, and advanced manufacturing processes require higher proportions of green electricity. Thus, increasing the share of green electricity in products made in Taiwan by 2030 has become an urgent priority. The National Credit Guarantee Mechanism aims to encourage investments from banks and insurance funds to support offshore wind farms and accelerate offshore wind power construction, thus ensuring sufficient green electricity for domestic high-tech industry to enhance export competitiveness and achieve the 2050 net-zero target.

    Amid public skepticism over the National Credit Guarantee Mechanism, the Energy Administration (EA) of the MOEA explained that the development of offshore wind power has progressed to the Zonal Development phase, with an estimated financing demand of NT$1.08 trillion between 2026 and 2031. The National Development Council (NDC), the Ministry of Finance, and the MOEA have jointly launched initiatives involving the National Development Fund and eight major state-owned banks to provide financing guarantees, with a total capacity of NT$90 billion. This mechanism assists offshore wind farms in obtaining financing and also offers guarantees to eliminate barriers for general enterprises seeking to purchase green electricity. The government remains committed to fostering a benign investment environment for offshore wind power development.

    The EA further stated that the MOEA and the NDC have recently collaborated to raise the national credit guarantee ratio from 60% to 80% for green energy construction projects by project financing developers, enhancing the full credit guarantees for banks to participate in wind farm projects, incentivizing state-owned banks and other financial institutions to finance offshore wind farms, and supports the sustainable development of offshore wind power market in Taiwan.

    Furthermore, the EA noted that offshore wind power financing operations require the long-term and stable financial capacity for electricity procurement. Therefore, the National Credit Guarantee Mechanism can provide any single general business up to 80% of credit guarantees for procurement of green electricity, which provides additional credit protection for domestic electricity-purchasing enterprises without long-term international credit ratings, and, at the same time, boosts the banks’ confidence when reviewing Corporate Power Purchase Agreements (CPPA), improving the financial structure of wind farms.

    Spokesperson for Energy Administration, Ministry of Economic Affairs:
    Deputy Director General, Chun-Li Lee
    Phone: 02-2775-7700, 0936-250-838
    Email: chunlee@moeaea.gov.tw

    Business Contact: Director, Chung-Hsien Chen
    Phone: 02-2775-7770, 0919-998-339
    Email: ctchen2@moeaea.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Senator Peters Blasts Trump Administration for Shuttering the Consumer Financial Protection Bureau

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    Published: 02.12.2025
    CFPB Protects Americans, Particularly Servicemembers and Military Families, Against Predatory and Illegal Financial Scams; Has Returned $20 Billion from Banks to Americans Since it was Created

    WASHINGTON, DC – U.S. Senator Gary Peters (MI) joined his colleagues in calling for the Trump Administration to immediately reverse its decision to shutter the Consumer Financial Protection Bureau (CFPB). The CFPB provides relief to Americans who have been wronged by unethical practices from banks, payday lenders, and other financial companies by investigating and addressing consumer complaints about financial products and services. For example, the CFPB put in place rules that prevent mortgage lenders from issuing loans with hidden terms and costs that have caused people to lose their homes. The CFPB has also taken action against unreasonable bank overdraft fees which has encouraged other banks to remove or reduce their overdraft policies to avoid being penalized. Since the agency’s creation, the CFPB has returned over $21 billion owed to American consumers who have fallen victim to abusive and illegal activity from financial institutions.
    In a letter led by Peters and his colleagues, the senators underscored how the Administration’s decision to close the CFPB and idle its nearly 2,000 employees will make Americans more susceptible to predatory lending and other deceitful financial practices, particularly servicemembers and military families who are at heightened risk of being targeted by these tactics. This is because the Administration’s decision also halted key CFPB oversight of protections from the Military Lending Act (MLA) and Servicemembers Civil Relief Act (SCRA) that prevent servicemembers from being taken advantage of. These protections support our military readiness, recruitment, and retention efforts by allowing servicemembers to focus on their service obligations while on active duty, rather than worrying about making ends meet at home. Peters and his colleagues urged the CFPB to resume its essential work of investigating violations of consumer financial protection laws and taking actions against scammers and payday lenders to protect the financial well-being of our military families and all Americans.
    “This funding, supervision, enforcement, and communications freeze will hit military families especially hard. Without a functional CFPB, military families will be stripped of their financial protections under the bipartisan Military Lending Act (MLA) that they have earned and deserve by serving our Nation,” Peters and the senators wrote. “The CFPB is the primary agency responsible for supervising and enforcing the MLA against nonbank financial companies, including payday lenders, pawnshops, and debt collectors who have charged servicemembers interest rates as high as 600% and who have threatened to derail their careers if they do not pay up.”
    “Accordingly, we request that the CFPB continue to supervise and investigate violations of the consumer financial protection laws and take forceful enforcement actions against lenders that violate the law, especially when it comes to predatory lending that harms our military readiness. We also request that the CFPB continue to make public communications to consumers, especially to servicemembers regarding the rights that they are owed under the SCRA,” the letter concluded.
    To read the full text of the letter, click here.

    MIL OSI USA News –

  • MIL-OSI Australia: Speech – Address at Parliament House

    Source: Australian Executive Government Ministers

    The Albanese government is committed to putting Australian consumers at the heart of the telecommunications industry.

    We want to ensure that all Australians have access to reliable, high-quality and affordable telecommunications services, supported by a strong regulatory and consumer safeguards framework.

    That is why this government has been actively reviewing the telecommunications consumer protection framework and making appropriate changes. 

    This includes implementing new rules to better support consumers who are experiencing financial hardship and, more recently, directing the Australian Communications and Media Authority, or ACMA, to make new rules to support people who are experiencing domestic, sexual and family violence.

    The Albanese government understands how critical telco services are for everyone, including those facing vulnerable circumstances, people living in our regions, First Nations Australians and those who rely upon connectivity to support their families and provide services to their communities.

    Accordingly, we want to ensure that the telco industry is working for Australians, that they have the best consumer safeguards in place to protect their interests, and that there is a strong, clear recourse if telcos do the wrong thing.

    Nobody wants an industry that sees penalties as the ‘cost of doing business’.

    We’ve listened to wideranging feedback from industry, regulators, the Telecommunications Industry Ombudsman and consumer advocates to develop these reforms.

    The Telecommunications Amendment (Enhancing Consumer Safeguards) Bill will improve compliance and enforcement of telecommunications consumer safeguards and constitute a comprehensive package of reforms to those arrangements. 

    They will help to ensure that the ACMA is an empowered and effective regulator and that appropriate incentive structures are in place to drive better behaviour by telcos.

    The bill improves compliance and enforcement of consumer safeguards in several important ways. 

    Schedule 1 will establish a carriage service provider registration scheme. 

    The scheme will increase visibility of carriage service providers and enable the ACMA to stop providers who pose unacceptable risk to consumers or cause significant consumer harm from operating in the market. 

    Increased visibility of the market will provide improved pathways for the ACMA (and other government agencies) to educate carriage service providers on their regulatory obligations, streamline complaints and compliance processes and create better overall market accountability. 

    Empowering the ACMA to stop providers operating in the market will provide a deterrent for significant noncompliance and increase trust by consumers in registered providers—including new or smaller ones. 

    Schedule 2 of the bill will make industry codes directly enforceable. 

    This allows the ACMA to take immediate and appropriate action to address consumer harm and will incentivise industry compliance.

    Currently, the ACMA cannot take direct enforcement action against breaches of industry codes, no matter how significant, without first issuing a direction to comply, and the ACMA can only take further action if noncompliance continues.

    The proposed changes remove this two-step enforcement process so that the ACMA can act quickly and appropriately to address consumer harm arising from code breaches and hold telcos to account.

    Schedule 3 will increase the maximum general civil penalty for breaches of industry codes and industry standards from $250,000 to 30,300 penalty units, which is currently $9.9 million. 

    This aligns with penalties currently available for breaches of service provider determinations, meaning the penalty amount for these three types of regulatory instruments will be aligned. 

    The schedule will also modernise the penalty framework for these instruments to allow penalties based on the value of the benefit obtained from the conduct or the turnover of the relevant telco—allowing for greater penalties in certain circumstances. 

    Overall, this penalty framework better aligns with those in other relevant sectors like energy and banking, and under the Australian consumer law.

    Schedule 4 of the bill expands and clarifies the authority of the Minister for Communications to increase any infringement notice penalty the ACMA can issue for breaches of telecommunications rules. 

    Taken together, the reforms in the bill strengthen consumer protections and enhance compliance and enforcement of telecommunications consumer safeguards, for the benefit of the whole community.

    They reflect the Albanese government’s commitment to making sure Australians are appropriately protected and supported in their interactions with telecommunications service providers.

    Importantly, these reforms have received strong support from stakeholders, including the:

    • Australian Communication Consumer Action Network;

    • Consumer Action Law Centre;

    • Telecommunications Industry Ombudsman;

    • Australian Communications and Media Authority; and

    • Communications Alliance.

    This comprehensive support, from consumer groups, regulators and industry alike, demonstrates the importance of these commonsense reforms and is representative of close engagement with these key stakeholders over the past year in particular.

    I thank them for their ongoing engagement and support and acknowledge the important work they do.

    Noting this level of strong support for these reforms, and the important outcomes they enable for Australian telco consumers, I encourage all representatives in this place to give it their support as well.

    I commend the bill to the House. 

    MIL OSI News –

  • MIL-OSI Australia: Parliament passes world-leading scams prevention framework

    Source: Australian Ministers 1

    The Albanese Government has legislated the world’s toughest anti-scam laws to make Australia the hardest target for scammers. 

    Australians will be safer online and their money more secure as a result of the new laws. 

    The laws establish the Scams Prevention Framework, focused on stopping scams from reaching Australians. 

    The Framework requires designated entities to prevent, detect, disrupt, respond and report scams and attempted scams. 

    Initially, the Government will designate banks, telcos, and social media companies under the Framework. These businesses will be subject to comprehensive and enforceable sector-specific rules for what they must do to protect Australians.

    For example, the rules may include:

    • Social media companies being required to verify advertisers on their platforms – a critical step to ridding their pages of fake scam ads
    • Banks being required to confirm the identity of payees – so people know exactly where their money is going  
    • Telecommunications companies being required to detect and disrupt scam numbers sending texts and calls to innocent Australians.

    Businesses will have substantial incentive to have ironclad scams defences, with fines of up to $50 million applied on those who fail to meet their obligations. 

    Victims will have clear pathways to compensation if the business fails to meet robust standards.

    The Government has invested over $180 million to fight scams including establishing the National Anti-Scams Centre and funding ASIC to bust fake investment websites that promote scams. 

    Australians should never have to fight criminal scammers on their own. Labor made fighting scams an issue for government, as well as businesses. 

    This is landmark legislation that will set Australia up for a stronger and safer future where people’s money is safer online. 

    Quotes attributable to the Assistant Treasurer and Minister for Financial Services, the Hon Stephen Jones MP: 

    “Our laws give Australia the strongest defences against scammers and put us ahead of the world in scams prevention and protection.

    “This is a promise we made ahead of the 2022 election and will make a genuine difference in the lives of every Australian.

    “These new laws will keep Australia one step ahead of criminal scammers.”

    Quotes attributable to Minister for Communications, the Hon Michelle Rowland MP:

    “Cracking down on criminals trying to rip off hardworking Australians is a priority for this Government.

    “The Scams Prevention Framework will help further strengthen scam defences, and I encourage the telecommunications sector and social media platforms to work with the regulators to develop the enforceable industry codes that will provide Australian consumers the best protection from the scourge of scams.

    “We will continue to protect hard-working Australians from increasingly sophisticated and organised scammers.”

    MIL OSI News –

  • MIL-OSI New Zealand: Growing the economy means shrinking the Government

    Source: ACT Party

    “The Government’s Going for Growth agenda shows New Zealand has turned the corner. Governments ignored economic growth, taking wealth for granted and wasting billions until we started feeling poor,” says ACT Leader David Seymour.

    “This Government’s focus on growth is team effort. ACT’s impact can be seen in a number of priority areas.

    “To develop talent, we’ve implemented the attendance action plan, opened the first charter schools, and changed the Accredited Employer Work Visa. We’re removing red tape in Early Childhood Education and continuing reforms to get job seekers into work.

    “For competitive business settings, we’ve repealed so-called ‘Fair Pay Agreements’, extended 90-Day Trials to all businesses, and revoked difficult requirements for accessing credit. We’re leading an inquiry into rural banking practices, reforming health and safety laws, reforming the Holidays Act and Employment Relations Act, conducting sector reviews for regulation of Agricultural and Horticultural Products, and Hairdressing and Barbering, improving Government Procurement Rules, and progressing the Regulatory Standards Bill.

    “To promote global trade and investment, we’re reforming the Overseas Investment Act and have launched a new Minerals Strategy and Critical Minerals List.

    “For innovation, technology and science, we’re liberalising genetic engineering laws.

    “To deliver infrastructure for growth, we’re reforming and replacing the Resource Management Act and have established National Infrastructure Funding and Financing Limited. We’re developing the 30-year National Infrastructure Plan, and finalising the first Regional Deal between central and local government.

    The big challenge

    “The big challenge for growth is shrinking the Government part of the economy. There are only two halves to any economy, the public and the private sector, and it’s the private sector that provides the growth.

    “Every dollar taxed to fund the public sector is a dollar a consumer can’t spend, or a business can’t reinvest in new jobs. Business is about taking risk, every percentage point taken in tax makes it less rewarding when the risks work out. Rational people invest less when taxes are higher.

    “In that sense, the Government still has a big hill to climb, and it’s the mountain of waste left by the last Government. Pre-COVID, government spending amounted to 28 per cent of the economy, now it is 34. The Government must be relentless in reducing its spending.

    “It is not only taxing and spending that holds people back, but regulating. Every compliance fee, every delay waiting for Government permission is a cost put on business. Like taxes, regulations drain the energy from business.

    “That’s why it’s essential that the Government cuts red tape at every opportunity. We must run the ruler over rules that don’t make sense, then delete them. The commitment to passing the Regulatory Standards Bill is a landmark shift in the battle against red tape in favour of wealth and innovation.

    “I’m proud of ACT’s contributions to this Government, especially the many contributions in this plan. For the first time in decades, we have a Government where it’s understood that Government activity and private activity compete for time and money. To grow the economy, we must shrink the Government.”

    MIL OSI New Zealand News –

  • MIL-OSI USA: Cantwell Votes NO On Advancing RFK Jr. for HHS Secretary: “The Kind Of Research We’re Talking About Here Is The Kind That Saves Lives”

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.12.25

    Cantwell Votes NO On Advancing RFK Jr. for HHS Secretary: “The Kind Of Research We’re Talking About Here Is The Kind That Saves Lives”

    In Senate floor speech, says RFK Jr.’s anti-science views put U.S. medical innovation leadership at risk; would hinder response to health crises like avian flu; Trump Administration plans to slash NIH funding put lifesaving research – and 12k jobs – in WA state at risk

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), a senior member of the Senate Finance Committee and ranking member of the Senate Committee on Commerce, Science, and Transportation, voted against closing debate on Robert F. Kennedy Jr. – President Trump’s nominee to serve as Secretary of Health and Human Services – and advancing toward his final confirmation vote.

    In a speech delivered on the Senate floor, Sen. Cantwell urged her colleagues to follow suit, cautioning that “President Trump’s nominee would get us stuck in conspiracy theories that would cost us lives.”

    “Now we are at the possibility of the beginning of another crisis, the avian flu. This crisis is yet another reminder of the importance of medical research and collaboration,” Sen. Cantwell said. “Does it make sense to cut science at the time we might have another pandemic? Does it make sense to continue to cut the collaborative efforts of research?”

    “My state is a global leader in medical innovation. From research, to biotech, to getting drugs to the market — in 2023 the National Institutes of Health awarded $1.2 billion in highly competitive grants to 65 different organizations in the State of Washington. This supported about 12,000 jobs and generated close to $3 billion in economic activity. So yes, we know a little something about global health and innovation,” Sen. Cantwell continued. “The kind of research we’re talking about here is the kind that saves lives. And this, ultimately, is about making an investment in saving the lives of people.”

    The Senate ultimately voted to invoke cloture on RFK Jr.’s nomination, 53-47. His final confirmation vote is currently scheduled for tomorrow morning.

    Last week, Sen. Cantwell voted no on advancing RFK Jr.’s nomination out of the Senate Finance Committee, citing his waffling on the safety of vaccines. Her no vote followed a committee hearing in January, when Sen. Cantwell grilled him on his anti-science and anti-vaccine views, and his promise to cut 600 employees from the National Institutes of Health.

    For decades, Sen. Cantwell has remained a staunch supporter of medical innovation and evidence-based science, including treatments for fentanyl addiction, abortion, vaccinations, stem cell research, and more.

    Video of Sen. Cantwell’s speech on the Senate floor today is available HERE, audio HERE, and transcript HERE.

    MIL OSI USA News –

  • MIL-OSI Australia: ACCC welcomes passage of world-first scams prevention laws

    Source: Australian Competition and Consumer Commission

    The ACCC welcomes the passage of the Scams Prevention Framework Bill in Parliament today.

    This world-first legislation enhances protections across the economy by setting out consistent and enforceable obligations for businesses in key sectors where scammers operate.

    “The financial crime type, scams, present an unacceptable threat to the Australian community and have had a devastating impact on hundreds of thousands of Australians,” ACCC Deputy Chair Catriona Lowe said.

    “This Bill is a critical step in the fight against scams – creating overarching principles that all members of designated sectors must comply with.  We know scammers will exploit weak links in the system – so these principles are key to a consistent approach.”

    Under the new legislation, the ACCC will closely monitor regulated entities’ compliance with principles to prevent, detect, disrupt, respond to and report scams.

    The Scams Prevention Framework empowers the ACCC to investigate potential breaches and take enforcement action where entities do not take reasonable steps to fulfill their obligations under these principles.

    Businesses that do not meet their obligations under the Framework can face fines up to $50 million.

    “Individuals have been bearing the brunt of the responsibility to combat scammers for too long,” Ms Lowe said.

    “While the steps taken by some organisations over the last few years are welcomed, the Framework provides the opportunity for joint effort across government and industry to develop solutions to scam challenges and for consumers to access meaningful redress.”

    “Importantly, the Framework enables consumers to seek redress from regulated businesses when those businesses have not met their obligations,” Ms Lowe said.

    Banks, certain digital platforms, including social media, and telecommunications providers will be the first sectors required to comply with the legislation.

    The ACCC is a strong supporter of mandatory industry scams codes and, through the National Anti-Scam Centre, has already begun preparing incrementally for the Framework.

    “In reaching this important milestone, we acknowledge that there is considerable work ahead to implement the Framework, including the formal designation of sectors, development of sector codes, consumer and industry guidance,” Ms Lowe said.

    “We will continue to work closely with government, fellow regulators, industry and community agencies to make sure these elements of the Framework work for all stakeholders, most especially consumers.”

    Background

    The ACCC runs the National Anti-Scam Centre, which commenced on 1 July 2023, and Scamwatch service. The National Anti-Scam Centre is a virtual centre that sits within the ACCC and brings together experts from government, law enforcement and the private sector, to disrupt scams before they reach consumers.

    The National Anti-Scam Centre analyses and acts on trends from shared data and raises consumer awareness about how to spot and avoid scams.

    The ACCC, through the National Anti-Scam Centre, has already been partnering with stakeholders across the scams ecosystem to share intelligence and information to detect and disrupt scams on a voluntary basis. The Framework will significantly boost the contributions from industry and require designated businesses to share scam intelligence with the ACCC. 

    The new Scams Prevention Framework will be critical to cutting off scammers before they can reach Australians.

    Under the Framework, the ACCC will also enforce the digital platforms sector scams code and will take enforcement action where digital platforms breach their obligations under this code.

    The Australian Securities and Investments Commission will be the regulator for the banking sector code and the Australian Communications and Media Authority will be the regulator for the telecommunications sector code. Regulators have in place processes to work together to help ensure the right action by the right regulator at the right time.

    The ACCC supports the establishment of a single external dispute resolution body under the new Framework and looks forward to working with the Australian Financial Complaints Authority (AFCA).

    The ACCC’s submissions to the Treasury Exposure Draft, which includes further analysis of the reform can be found online.

    How to spot and avoid scams

    STOP – Don’t give money or personal information to anyone if you’re unsure. Scammers will create a sense of urgency. Don’t rush to act. Say no, hang up, delete.

    CHECK – Ask yourself could the call or text be fake? Scammers pretend to be from organisations you know and trust. Contact the organisation using information you source independently, so that you can verify if the call is real or not.

    PROTECT – Act quickly if something feels wrong. Contact your bank immediately if you lose money. If you have provided personal information call IDCARE on 1800 595 160. The more we talk the less power they have. Report scams to the National Anti-Scam Centre’s Scamwatch service at scamwatch.gov.au when you see them.

    MIL OSI News –

  • MIL-Evening Report: Antarctic research has long been hamstrung by reliance on one icebreaker and sporadic funding. That might be about to change

    Source: The Conversation (Au and NZ) – By Jane Younger, Lecturer in Southern Ocean Vertebrate Ecology, Institute for Marine and Antarctic Studies, University of Tasmania

    Australia’s Antarctic territory represents the largest sliver of the ice continent. For decades, Australian scientists have headed to one of our three bases – Mawson, Davis and Casey – as well as the base on sub-Antarctic Macquarie Island, to research everything from ecology to climate science.

    But despite our role as leaders in Antarctic science, Australian funding and logistics for Antarctic research hasn’t kept pace. Our single icebreaking vessel spends most of its time on resupply missions, restricting its use for actual science. And funding is often piecemeal, which makes it hard to plan the complex, multi-year efforts it takes to do research down on the ice.

    This week, we saw a welcome change. The federal parliamentary committee on Australia’s external territories delivered a report calling for a second icebreaking vessel and more reliable funding. It also urged the government to progress work on marine protected areas in east Antarctica as well as resume fishing patrols, due to concern over illegal or exploitative fishing.

    These measures are long overdue. For those of us who work and study on the ice continent, logistics and funding have long been a challenge. Illegal fishing in Antarctica must be stamped out, and a second vessel would support our ambitious, world-leading science.

    Why is Antarctic science so important?

    Antarctica is often out of sight, out of mind for many Australians. But what happens on the ice doesn’t stay there.

    For climate science, Antarctica matters a great deal. For decades, much of the concern about melting ice focused on the Arctic and Greenland, while Antarctica stayed relatively stable. But this is now changing. Sea ice is melting more quickly than in the past. Glacial ice is retreating. Increased melting will affect sea level rise and ocean currents.

    I study diseases such as the lethal strain of bird flu which has devastated bird and some mammals populations around the world. It recently reached Antarctica, where it killed large numbers of penguins, skuas, crabeater seals and more. I saw the devastation myself on my recent journey there.

    If this strain makes it to Australia – the last continent free of it – it could come from the south and devastate both Australian wildlife and poultry.

    To study these large and important changes, we need to be down there on the ice. It’s not an easy task. Keeping our bases functional means we need regular resupply missions. Repairs and extensions require tradies. Scientists and other workers need to be brought home.

    Antarctic science has long relied on just one vessel, now the RSV Nuniya, which the Australian Antarctic Division describes as the “main lifeline to Australia’s Antarctic and sub-Antarctic research stations and the central platform of our Antarctic and Southern Ocean scientific research”.

    The problem is, resupply can trump science. After all, no one wants bases running short of food or fuel. This is, in fact, what the Nuniya is largely doing.

    Australia’s role is key

    The Australian Antarctic Territory represents about 40% of the ice continent – the largest territory by far.

    Territory, here, doesn’t mean exclusive rights. In 1959, 12 nations with a scientific interest in the ice continent signed the Antarctic Treaty. This treaty was an agreement that Antarctica – the only landmass with no indigenous human presence – would be reserved for peaceful, scientific purposes.

    But in recent years, this treaty has come under pressure. Nations such as Norway and China have expanded fishing operations for krill. Illegal and unregulated fishing from various nations continues.

    The report recommends the Australian government continue efforts to establish a marine protected area off East Antarctica – where fishing would be restricted – as well as reopening fishing patrols. China – which recently opened its fifth Antarctic base – is opposed to the idea of fishing-free zones and is pushing to expand fishing in the Southern Ocean.

    Under Antarctica’s ice lie many resources. Mining is banned in Antarctica until 2048. What happens after that is uncertain. The race to tap critical minerals in Greenland signals what may lie ahead for Antarctica.

    This is why Australia’s leadership in Antarctic science matters. Australia was an original signatory to the Antarctic Treaty, and has a long history of exploration and science. Hobart has long been the home of Australia’s Antarctic vessels.

    As Antarctica changes, Australian scientists must be there to analyse, understand and report back. To do that, improvements are needed, including new vessels and longer-term funding. This report is the first step.

    The government is yet to formally respond to the report’s recommendations. Let’s hope it takes heed of the findings.

    Jane Younger receives funding from the Australian Research Council, WIRES Australia, the Geoffrey Evans Trust and the National Geographic Society.

    – ref. Antarctic research has long been hamstrung by reliance on one icebreaker and sporadic funding. That might be about to change – https://theconversation.com/antarctic-research-has-long-been-hamstrung-by-reliance-on-one-icebreaker-and-sporadic-funding-that-might-be-about-to-change-249714

    MIL OSI Analysis – EveningReport.nz –