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Category: Commerce

  • MIL-OSI Economics: UK startups secure $12 billion VC funding during Q1-Q3 2024, finds GlobalData

    Source: GlobalData

    UK startups secure $12 billion VC funding during Q1-Q3 2024, finds GlobalData

    Posted in Business Fundamentals

    The UK witnessed the announcement of a total of 877 venture capital (VC) funding deals during January to September (Q1-Q3) 2024, marking a year-on-year (YoY) decline of 15.1%. However, despite the decline in volume, the total disclosed funding value of these deals was up by 9.4% YoY to $12 billion, reveals GlobalData a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that a total of 1,033 VC deals were announced in the UK during Q1-Q3 2023 while the disclosed funding value of these deals stood at $10.9 billion.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The improvement in the total funding value despite a fall in deal volume can be attributed to some big-ticket deals announced during the review period.”

    Some of the notable VC funding deals announced in the UK during Q1-Q3 2024 included $1.05 billion worth of funding raised by Wayve Technologies, $1 billion raised by Abound, $431 million raised by Monzo, and $200 million worth funding raised by DNEG Group, among others.

    Bose adds: “The UK, apart from being the top European market, continues to remain one of the top five global markets for VC funding activity both in terms of deal volume and value.”

    The UK accounted for 7.2% share of the total number of VC deals announced globally during Q1-Q3 2024 while its share of the corresponding disclosed funding value stood at 6.5%.

    Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

    MIL OSI Economics –

  • MIL-OSI Economics: Citi and Jefferies top M&A financial advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Citi and Jefferies top M&A financial advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Citi and Jefferies were the top mergers and acquisitions (M&A) financial advisers in the oil & gas sector during Q1-Q3 2024 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Citi achieved the top position in terms of value by advising on $53 billion worth of deals. Meanwhile, Jefferies led in terms of volume by advising on a total of 15 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Both Citi and Jefferies registered improvement in the volume and value of deals advised by them, respectively, as well as their ranking during Q1-Q3 2024 compared to Q1-Q3 2023. Jefferies’ ranking by volume improved from 11th during Q1-Q3 2023 to the top position during Q1-Q3 2024. Meanwhile, Citi went ahead from occupying the eighth position by value during Q1-Q3 2023 to top the chart by this metric during Q1-Q3 2024.

    “During Q1-Q3 2024, Citi advised on six billion-dollar deals* that also included two mega deals valued more than $10 billion. The involvement in these big-ticket deals helped Citi register a significant jump in terms of value.”

    JP Morgan occupied the second position in terms of value, by advising on $48.9 billion worth of deals, followed by Goldman Sachs with $39.7 billion, Jefferies with $39.5 billion and Evercore with $38.3 billion.

    Meanwhile, Evercore occupied the second position in terms of volume with 15 deals, followed by RBC Capital Markets with 12 deals, Barclays with 10 deals and Lazard with nine deals.

    * ≥ $1 billion

    MIL OSI Economics –

  • MIL-OSI Economics: Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData

    Source: GlobalData

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis top M&A legal advisers in oil & gas sector during Q1-Q3 2024, reveals GlobalData

    Posted in Business Fundamentals

    Wachtell, Lipton, Rosen & Katz and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the oil & gas sector during Q1-Q3 2024 by value and volume, respectively, according to the latest legal advisers league table by GlobalData, , a leading data and analytics company.

    An analysis of GlobalData’s Deals Database reveals that Wachtell, Lipton, Rosen & Katz achieved the top position in terms of value by advising on $71.7 billion worth of deals. Meanwhile, Kirkland & Ellis led in terms of volume by advising on a total of 31 deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Interestingly, Kirkland & Ellis was the top adviser by both value and volume during Q1-Q3 2023. While it managed to retain the top position by volume during Q1-Q3 2024, it lost the top position in terms of value by a whisker to Wachtell, Lipton, Rosen & Katz.

    “The total value of deals advised by Wachtell, Lipton, Rosen & Katz increased by close to 10 times and resultantly it witnessed a massive jump in its ranking by value from 17th position during Q1-Q3 2023 to the top position during Q1-Q3 2023. During the review period, Wachtell, Lipton, Rosen & Katz advised on six billion-dollar deals*, that also included two mega deals valued more than $10 billion. The involvement in these big-ticket deals helped Wachtell, Lipton, Rosen & Katz register a massive jump in terms of value.”

    Kirkland & Ellis occupied the second position in terms of value, by advising on $70.3 billion worth of deals, followed by Vinson & Elkins with $59.2 billion, Latham & Watkins with $43.9 billion and Paul, Weiss, Rifkind, Wharton & Garrison with $35 billion.

    Meanwhile, Vinson & Elkins occupied the second position in terms of volume with 22 deals, followed by Latham & Watkins with 21 deals, White & Case with 16 deals and Gibson, Dunn & Crutcher with 14 deals.

    *≥ $1 billion

    MIL OSI Economics –

  • MIL-OSI: QPR Software Plc: Interim Report January-September 2024

    Source: GlobeNewswire (MIL-OSI)

    QPR SOFTWARE PLC           STOCK EXCHANGE RELEASE          25 October 2024, AT 9.00 AM EET

    QPR Software Plc Interim Report for January-September 2024: The growth in SaaS net sales supports positive development, with profitability improving already for the eighth consecutive quarter compared to the same period last year. The most significant achievement of the third quarter was the signing of a contract with a global luxury brand.

    FINANCIAL DEVELOPMENT BRIEFLY

    JULY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales decreased by -3% 
    • Net sales was 1,409 thousand euros, down -22% (July-September 2023: 1,806) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 269 thousand euros (242), an increase of +11%
    • The operating profit was -6 thousand euros (-12), +6 thousand euros change compared to the previous period
    • Profit before taxes was -33 thousand euros (-37), +4 thousand euros change compared to the previous period
    • The result was -33 euros (-37), +4 thousand euros change compared to the previous period
    • Earnings per share was -0.002 euros (-0.002) 
    • Cash flow from operations 34 thousand euros (-640), +674 thousand euros change compared to the comparison period

    JANUARY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales increased by +4% 
    • Net sales was 4,651 thousand euros, down -22% (January-September 2023: 5,951) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 745 thousand euros (213), a difference of +532 thousand euros from the comparison period 
    • The operating profit was -39 thousand euros (-529), a difference +490 thousand euros from the comparison period  
    • Profit before taxes was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • The result was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • Earnings/share was -0.006 euros (-0.038)  
    • Cash flow from operations -226 thousand euros (20), a difference of -246 thousand euros from the comparison period 

    OUTLOOK FOR 2024

    The company monitors the development of the world’s economic situation and geopolitical tensions. The slowly budding recovery of economic growth, falling interest rates and normalizing inflation will improve the financial position of customers, and investment decisions can be expected to accelerate towards the end of 2024.

    Supported by the current contract base and the projected growth of SaaS (Software as a Service) net sales, QPR expects the growth of SaaS net sales to be double-digit and estimates that the entire software net sales will grow in 2024 (2023: 5,122 thousand euros).

    The company expects the operating result to improve significantly in the financial year 2024. The operating result in 2023 was -813 thousand euros.

    CEO REVIEW

    In the third quarter, we continued to execute our strategy as planned, and the company’s turnaround is progressing steadily. We have achieved our eighth consecutive quarter of improved results compared to the same period last year, indicating positive development. However, growth this time was modest, as market recovery has been slower than anticipated. Strengthening customer relationships, expanding our partner network, and acquiring new clients continue to support long-term growth. The most significant achievement of the quarter was securing a contract with a global luxury brand, which selected QPR ProcessAnalyzer to optimize its business processes, solidifying our position as a leader in process mining.

    SaaS revenue grew by 15% in July-September, while software revenue decreased by 3%, mainly due to the timing of deals. Overall revenue declined because of our decision to discontinue external consulting services in Finland at the end of 2023. Our positive EBITDA, totaling EUR 269,000, increased by 11% compared to the previous year. The company’s result was slightly negative, and the timing of individual deals continues to significantly impact quarterly outcomes. This quarter also saw one-off write-offs related to the relocation of our headquarters, which affected the results.

    One of our most significant product development milestones was advancing our flagship product, QPR ProcessAnalyzer, into a native app on the Snowflake Marketplace. This development significantly changes how process mining software is bought and sold, offering our customers using Snowflake cloud services a fast and straightforward way to acquire software cost-effectively. Our goal is to have our product listed on the Snowflake Marketplace by the end of October.

    At the core of our strategy is the development of our international partner network. In the first half of the year, we established several key partnerships in the United States, which have led to active sales efforts to attract new customers. We continue to seek new potential partners, and the EDGE 2024 Supply Chain Conference held in Nashville in September was an important part of this strategy.

    The market situation in the Middle East also showed positive development in the third quarter. Our strong partner network and growing interest in our process mining solutions provide excellent opportunities for expanding our market share. Snowflake has acquired several customers in the region, which also presents us with new opportunities to expand in this market.

    Our focus now turns to the final quarter of the year, where we plan to leverage our strengths and focus on securing deals effectively. Despite challenges in the business environment, we believe in our innovations and strategic partnerships that support the company’s long-term growth goals.

    QPR appointed Taru Mäkinen as CFO in July, and under her leadership, our financial processes are being developed to support our growth strategy. Additionally, Antti Kivalo started as the company’s new Sales Director at the beginning of September.

    I would like to extend my warmest thanks to our customers, partners, and investors for their trust. A special thank you also to all our employees for their hard work towards the success of our company.

    Heikki Veijola

    CEO

    KEY FIGURES

    EUR in thousands,
     unless otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    EBITDA 269 242 11 745 213 249 182
    % of net sales 19.1 13.4   16.0 3.6   2.4
    Operating result -6 -12 55 -39 -529 93 -813
    % of net sales -0.4 -0.7   -0.8 -8.9   -10.8
    Result before tax -33 -37 11 -107 -617 83 -924
    Result for the period -33 -37 11 -107 -617 83 -924
    % of net sales -2.4 -2.1   -2.3 -10.4   -12.2
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
    Equity per share, EUR 0.018 0.036 -48 0.019 0.036 -48 0.020
                   
    Cash flow from operating
     activities    		 34 -640 105 -226 20 -1,202 850
    Cash and cash equivalents 99 181 -46 99 181 -45 885
    Net borrowings 1,513 1,639 -8 1,513 1,639 -8 934
    Gearing, % 451.3 257.2 75 451.3 257.2 75 268.3
    Equity ratio, % 11.0 13.7 -20 11.0 13.7 -20 8.1
    Return on equity, % -38.6 -49.7 22 -41.8 -146.4 71 -221.5
    Return on investment, % -6.3 -11.6 23 -9.0 -35.9 75 -42.0

    REPORTING AND BUSINESS OPERATIONS

    QPR Software Plc is a pioneer in business process optimization solutions and has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology and one of the most advanced process mining software companies in the world.

    QPR innovates, develops, and delivers software for analyzing, monitoring and modeling the operations of organizations. The company also offers consulting services to ensure that customers get full value from the software and associated methods.

    QPR Software reports one business segment, which is Organizational Development of organizations. In addition to this, the Company reports revenue from products and services as follows: Software licenses, Renewable software licenses, Software maintenance services, Cloud services, and Consulting.

    The company’s reported recurring revenues consist of SaaS net sales, maintenance services, as well as revenue from renewable licenses. Licenses are sold to customers for perpetual use or for an agreed, limited period. The revenue from SaaS and maintenance services is recorded monthly as recurring revenue over the contract period.

    Renewable software licenses are sold to customers as a user right with an indefinite-term contract. These contracts are automatically renewed at the end of the agreed period, usually one year, unless the agreement is terminated within the notice. Renewable license revenue is recognized at one point in time, in the beginning of the invoicing period, yet at the earliest on the delivery.

    The geographical areas reported are Finland, the rest of Europe (including Turkey), and the rest of the world. Net sales are reported according to the location of the customer’s headquarters. Until 2023, the company provided consulting services, predominantly to public administration, which were unrelated to its core business. In the end of 2023, the company discontinued these activities. In the future, the company will prioritize offering consulting services tailored to the software it develops, aiming to deliver maximum added value to its customers.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    NET SALES DEVELOPMENT

    NET SALES BY PRODUCT GROUP  

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Software licenses 85 174 -51   406 383 6 485
    Renewable software licenses 43 78 -45   334 453 -26 504
    Software maintenance services 430 428 0   1,268 1,272 0 1,720
    SaaS 673 585 15   2,020 1,754 15 2,371
    Consulting 179 541 -67   623 2,089 -70 2,469
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    NET SALES BY GEOGRAPHIC AREA

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Finland 555 793 -30   1,881 2,799 -33 3,499
    Europe incl. Turkey 623 702 -11   2,026 2,398 -16 3,128
    Rest of the world 232 310 -25   745 754 -1 923
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    JULY-SEPTEMBER 2024

    The net sales for July to September was 1,409 thousand euros (1,806), and it decreased by 22% compared to the same period last year. The group discontinued consulting services outside our core business in Finland at the end of 2023. The proportion of recurring revenue in the total revenue increased from 56 percent to 79 percent.

    SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales decreased by 3% during July-September.

    The software license net sales was 85 thousand euros (174), representing a 51% decrease. The decline was due to larger individual new license deals in the comparison period, which exceeded the new license deals reported in the current period. Expansions with existing customers partially offset the lower new customer license sales. The net sales mainly consisted of additional sales through partner transactions and to existing and new customers, additional sales to existing direct customers, as well as the expansion of the partner network, which brought new commercial opportunities and customer relationships.

    The net sales from renewable software licenses was 43 thousand euros (78), a decrease of 45%. This decline was primarily due to the expiration of individual customer contracts and the earlier renewal timing, partially offset by new customer acquisitions and price increases made in response to inflationary pressures.

    The net sales from software maintenance services amounted to 430 thousand euros (428). The net sales was positively impacted by Middle Eastern customers transitioning to a software maintenance model, increased maintenance revenue from new license acquisitions, and winning back lost customers. Additionally, price increases to counter inflationary pressures and favorable exchange rate effects contributed to the net sales growth. However, the growth was offset by customer churn and a decline in revenue from certain individual customers.

    SaaS net sales grew by 15% and amounted to 673 thousand (585). The growth was primarily driven by new customer acquisitions, the expansion of existing customer relationships, and price increases to counter inflationary pressures. On the other hand, customer churn and a decrease in revenue from individual clients had a negative impact on the overall SaaS revenue development.

    Net sales from consulting was 179 thousand euros (541), a 67% decrease due to the company’s discontinuation of consulting services outside its core business in Finland. During the comparison period, the company had a large customer project in Europe, but no similar project occurred in this reporting period.

    The Group’s net sales was 39 % (44) from Finland, 44% (39) from the rest of Europe (including Turkey) and 17 % (11) from the rest of the world.

    JANUARY-SEPTEMBER 2024

    The net sales January-September was 4,651 thousand euros (5,951), and it decreased by 22 % compared to the same period last year. This decline is due to the company’s decision to discontinue non-core consulting services in Finland at the end of 2023. The proportion of recurring revenue of the total revenue increased from 51 percent to 71 percent.

    Our SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales grew by 4% in the January-September period. The proportion of software net sales in the total net sales grew from 65 percent to 87 percent.

    The net sales from software licenses was 406 thousand euros (383) and it grew by 6%. The growth was primarily driven by an increase in partner sales volume, particularly among customers in the Middle East, as well as the expansion with a global pharmaceutical company in accordance with a previous agreement. Additionally, the company achieved broader success in partner sales across multiple geographical regions.

    The net sales from renewable software licenses amounted to 334 thousand euros (453), a decrease of 26%. The decline was driven by several factors, including customer churn, individual customers transitioning to a SaaS service model, and negative currency exchange effects. These factors were partially offset by new customer acquisitions and price increases implemented to counter inflationary pressure.

    The net sales from software maintenance services amounted to 1,268 thousand euros (1,272). The decline in net sales was negatively impacted by customer churn, a decrease in revenue from individual customers, and, to a lesser extent, the transition of existing customers to the SaaS service model. The decline was partially offset by the expansion of cooperation with existing customers, the inclusion of Middle Eastern customers’ projects under maintenance services, new customer contracts, and the previously agreed expansion with a global pharmaceutical company. Additionally, price increases to counter inflationary pressures and favorable currency exchange rate effects contributed to net sales growth.

    SaaS net sales grew by 15% to 2,020 thousand euros (1,754). The growth was primarily driven by the expansion of existing customer relationships and successes in acquiring new customers. The shift of customers from licenses to the SaaS service model and, to some extent, price increases due to inflationary pressures also contributed to the growth. On the other hand, fluctuations in exchange rates and customer churn had a negative impact on the development of SaaS net sales.

    Consulting revenue was 623 thousand euros (2,089), a decrease of 70%, following the company’s discontinuation of consulting services outside its core business in Finland. Additionally, the company recognized revenue from fixed-price projects in the Middle East according to their to their completion status during the first half of 2023. These projects were completed in the second quarter of the same year. In the comparison period, the company had a large customer project in Europe, but there was no similar project during this reporting period.

    The Group’s net sales was 40% (49) from Finland, 44% (40) from the rest of Europe (including Turkey) and 16 % (11) from the rest of the world.

    FINANCIAL DEVELOPMENT

    JULY-SEPTEMBER 2024

    The group’s EBITDA for July-September was 269 thousand euros (242), an improvement of 27 thousand euros compared to the previous year. The operating profit was -6 thousand euros (-12), an increase of 6 thousand euros compared to the reference period. The season’s result was -33 thousand euros (-37).

    The active measures implemented by the company in 2023 to improve cost structure and enhance business profitability are already partially visible in the first half of 2024 and to be fully realized by the third quarter.

    The Group’s variable costs amounted to 210 thousand euros (240). The decrease in costs was mainly due to lower partner commissions, resulting from lower software license sales through partners compared to the reference period.

    The company’s fixed expenses amounted to 931 thousand euros (1,324), a decrease of 30% compared to the same period last year. This decrease was due to savings programs implemented in the second and final quarters of 2023, as well as reduced personnel expenses resulting from change negotiations. The full impact of the cost-saving measures materialized starting from the third quarter of 2024. The effect of these savings was partially offset by lower product development capitalizations, investments in reorganizing the company’s operational activities, and a one-time write-off of 24 thousand euros related to the company’s headquarters relocation.

    Earnings per share were -0.002 euros (-0.002) per share.

    JANUARY-SEPTEMBER 2024

    The Group’s EBITDA for January–September was 745 thousand euros (213), an increase of 532 thousand euros compared to the previous year. The operating result was -39 thousand euros (-529), showing an improvement of 490 thousand euros compared to the same period last year. The result for the period was -107 thousand euros, which is a significant improvement from the previous year (-612).

    The active measures implemented by the company in 2023 to improve cost structure and develop business profitability are already partially visible in the first quarter of 2024 and fully realized by the third quarter.

    The Group’s variable costs amounted to 693 thousand euros (1,013). The decrease in expenses was primarily due to the completion of challenging fixed-price software delivery projects in the Middle East during the second quarter of 2023. This completion significantly reduced the need for external services, further lowering costs.

    The company’s fixed expenses amounted to 3,214 thousand euros (4,726 thousand), a decrease of 32% compared to the same period last year. This decrease was driven by cost-saving programs implemented in the second and final quarters of 2023, as well as lower personnel expenses resulting from the outcomes of change negotiations. The full impact of the cost-saving measures realized starting from the third quarter of 2024. The effect of these savings was partially offset by lower R&D capitalizations and investments required for the reorganization of the company’s operational activities.

    Earnings per share were EUR -0.006 (-0.038) per share.

    FINANCE AND INVESTMENTS

    The cash flow from operations during the review period amounted to -226 thousand euros (20). The main reason for this change compared to the comparable period was successful collection in the last quarter of 2023, particularly regarding the advanced license payments for 2024. A larger portion of the prepayments was collected in the final quarter of 2023, leading in lower cash flow from annual licenses in the first quarter of 2024. Annual billing is mostly concentrated around the end of the year, making it seasonal.

    The change in working capital was affected by higher sales commissions paid to the company’s personnel for 2023, as well as holiday compensation for employees who left due to the change negotiations. The negative cash flow was also due to the fact that the largest new deals occurred in a market where payment behavior is slow.

    The positive cash flow from operations in the third quarter was driven by successful receivables collection and lower costs. Compared to the same period last year, a significant reduction in expenses is a key reason for the clear improvement in operational cash flow. During the comparison period, the company conducted a directed share issue, resulting in significantly higher cash flow from financing activities.

    Net financial expenses amounted to 19 thousand euros (30), including exchange losses of 1 thousand euros (4).

    Investments totaled 357 thousand euros (511), and those were mainly research and development investments.

    The company’s financing net cash flow for the period January to September was -318 thousand euros (656). The negative net cash flow was primarily due to the company reducing its loan by 500 thousand euros and having a credit limit in use. Additionally, during the comparison period, the company raised 760 thousand euros through a directed share issue.

    The group’s financial situation is fair. At the end of the review period, the group’s cash and cash equivalents were 99 thousand euros (181). Short-term receivables were 1,290 thousand (1,468). 

    Euro-denominated receivables accounted for 68%, and 68% of invoices had not yet matured. Of the total amount of short-term receivables, the share of 1-30 days overdue receivables was 16%, 30-60 days 11% and more than 60 days 5%. 

    The group has a credit limit of 500,000 euros available.                                                                 

    At the end of the review period, the group had a bank loan of EUR 1,000 thousand, of which 500 thousand euros was long-term. In accordance with the original financing agreement, the first installment of EUR 0.5 million was due on January 31, 2024. After this, installments of EUR 0.5 million will mature annually in January 2025 and 2026. The covenants related to the loan are based on the company’s EBITDA and equity ratio. The EBITDA of the covenants is tested every six months, and the equity ratio is tested annually according to the situation on the last day of the year. The EBITDA exceeded the agreed covenant limit for the first half of the year.

    The company’s free cash flow, including operating and investment cash flows, and office lease costs totaled -37 thousand euros (-735) in the third quarter. The significant improvement in free cash flow is due to both lower operating expenses and enhanced receivables collection. From January to September, free cash flow was -486 thousand euros (-595). The change was influenced by shifts in the timing of operating cash flows, which were mitigated by a significant decrease in investment cash flows and lower paid office lease costs.

    The equity ratio was 11%, lower than the comparison period (14%) due to a loss of -307 thousand euros in the final quarter of 2023 and a -107 thousand euros loss for the reporting period, January to September. Additionally, the new lease agreement signed in June 2024 negatively impacts the company’s equity ratio, as the IFRS 16 interest effect increases the lease liability by approximately 100 thousand euros.

    PRODUCT DEVELOPMENT

    QPR has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology. The company innovates and develops software products that analyze, measure, and model the operations of organizations. The Company develops the following software products: QPR ProcessAnalyzer, QPR EnterpriseArchitect, QPR ProcessDesigner, and QPR Metrics.

    In the third quarter of the year, product development expenses amounted to 183 thousand euros (248), and 69 thousand euros (80) of development costs were capitalized on the balance sheet. Product development depreciation was recorded at 228 thousand euros (220). The amortization period for capitalized development costs is four years.

    PERSONNEL

    At the end of the review period, the group employed 29 people (52). The average number of personnel in April-June was 28 (60).

    The average age of the personnel is 45 (47) years. Women account for 23% (23) of employees, and men for 77% (76). Of all personnel, 21% (16) work in sales and marketing, 32% (31) in consulting and customer care, 40% (42) in product development, and 7% (11) in administration.

    Personnel expenses were 2,499 thousand euros (4,085), of which the share of salaries and bonuses was 2,127 thousand euros (3,406).

    For incentive purposes, the company has a bonus program covering the entire personnel. The top management’s short-term remuneration consists of monetary salary, fringe benefits and a possible annual bonus, mainly determined by the net sales development of the group and profit units. In addition, the company has a stock option program for key personnel.

    SHARES AND SHAREHOLDER

    Trading of shares Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
             
    Shares traded, pcs 3,407,075 1,729,586 97 3,538,455
    Volume, EUR 1,685,250 898,702 88 1,585,931
    % of shares 19.0 9.7 96 19.8
    Average trading price, EUR 0.49 0.52 -5 0.45
    Average trading value per day, EUR 8,917 4,755 88 6,318
    Treasury shares acquired during the year, pcs 0 0 0 0
    Shares and market capitalization Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Total number of shares, pcs 18,175,192 18,175,192 0 18,175,192
    Treasury shares, pcs 256,849 339,471 -24 339,471
    Book counter value, EUR 0.11 0.11 – 0.11
    Outstanding shares, pcs 17,918,343 17,835,721 0 17,835,721
    Number of shareholders 2,117 1,863 14 1,943
    Closing price, EUR 0.60 0.39 54 0.33
    Market capitalization, EUR 10,751,006 6,938,095 55 5,957,131
    Book counter value of all treasury
    shares, EUR    		 28,253 37,342 -24 37,342
    Total purchase value of all treasury
    shares, EUR    		 244,349 347,552 -30 347,552
    Treasury shares, % of all shares 1.4 1.9 -26 1.9
             

    GOVERNANCE

    The Annual General Meeting of QPR Software Plc was held on May 15, 2024, in Helsinki. The General Meeting adopted the Company’s financial statements for the financial year 2023 and discharged the members of the Board of Directors and the CEO from liability. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023, and adopted the Company’s Remuneration Report and Remuneration Policy. Further, the General Meeting resolved to authorize the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares as well as on the acquisition of own shares.

    Annual accounts and the use of the profit shown on the balance sheet

    The General Meeting adopted the Company’s financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial period January 1 – December 31, 2023. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023.

    Remuneration of the members of the Board of Directors and the Auditor

    The General Meeting resolved that the Chairman of the Board of Directors be paid EUR 45,000 per year and the other members of the Board of Directors EUR 25,000 per year. Approximately 40 percent of the remuneration will be paid in shares and 60 percent in cash. The shares will be granted as soon as possible after the Annual General Meeting and if the insider regulations allow it. The members of the Board of Directors will also be reimbursed for travel and other expenses incurred while they are managing the Company’s affairs. 

    The remuneration of the Auditor shall be paid according to the reasonable invoice.

    Board of Directors and Auditor

    The General Meeting confirmed that the number of Board members is four (4). Pertti Ervi was re-elected as the Chairman of the Board of Directors and Antti Koskela and Jukka Tapaninen were re-elected as members of the Board of Directors. Linda von Schantz was elected as a new member of the Board of Directors.

    Authorised Public Accountants KPMG Oy Ab was re-elected as the Company’s auditor. KPMG Oy Ab has announced that Petri Kettunen, Authorized Public Accountant, will act as the principal auditor.

    Authorization of the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares

    The General Meeting resolved to authorize the Board of Directors to decide on issuances of new shares and conveyances of the own shares held by the Company (share issue) either in one or more instalments. The share issues can be carried out against payment or without consideration on terms to be determined by the Board of Directors. The authorization also includes the right to issue special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, which entitle to the Company’s new shares or own shares held by the Company against consideration. Based on the authorization, the maximum number of new shares that may be issued and own shares held by the Company that may be conveyed in share issues or on the basis of special rights is 6,361,317 shares. The authorization includes the right to deviate from the shareholders’ pre-emptive subscription right. The authorization is in force until the next Annual General Meeting.

    Authorization of the Board of Directors to decide the acquisition of own shares

    The General Meeting resolved to authorize the Board of Directors to decide on the acquisition of the Company’s own shares. Based on the authorization, an aggregate maximum amount of 500,000 own shares may be acquired, either in one or more instalments. The authorization includes the right to acquire own shares otherwise than in proportion to the existing shareholdings of the Company’s shareholders, using the Company’s non-restricted shareholders’ equity. The authorization is in force until the next Annual General Meeting.

    SHORT-TERM RISKS AND UNCERTAINTIES

    Internal control and risk management at QPR Software aim to ensure that the Company operates efficiently and effectively, distributes reliable information, complies with regulations and operational principles, reaches its strategic goals, reacts to changes in the market and operational environment, and that business continuity is secured considering the financial position.

    The Company has identified the following three groups of risks related to its operations: risks related to business operations (country, customer, personnel, legal), risks related to information and products (QPR products, IPR, data privacy, and security), and risks related to financing and liquidity (foreign currency, short-term cash flow).

    The Company has an insurance policy covering property, operational, and liability risks. Financial risks include reasonable credit risk concerning individual business partners, which is characteristic of any international business. QPR seeks to limit this credit risk by continuously monitoring standard payment terms, receivables, and credit limits.

    Approximately 68% of the Group’s trade receivables were in euros at the end of the quarter (79%). At the end of the quarter, the Company had not hedged its non-euro trade receivables.

    EVENTS AFTER THE REVIEW PERIOD

    No events after the review period.

    QPR SOFTWARE PLC

    BOARD OF DIRECTORS

    For further information:

    Heikki Veijola

    Chief Executive Officer

    QPR Software Plc

    Tel. +358 40 922 6029

    QPR Software in Brief

    QPR Software (Nasdaq Helsinki) is a leading player in the Digital Twin of an Organization (DTO) use case and one of the most advanced process mining software companies in the world. The company innovates, develops, and delivers software for analyzing, monitoring, and modeling organizational operations. Additionally, QPR provides consulting services to ensure its customers derive full benefits from the software and associated methodologies.

    www.qpr.com

    DISTRIBUTION

    Nasdaq Helsinki

    Key medias

    www.qpr.com

    INTERIM REPORT JANUARY-SEPTEMBER

    QPR Software’s Board of Directors has approved this interim report for January 1–September 30, 2024, to be published. 

    The financial figures for the full fiscal year 2023 presented in the interim report have been audited. The interim report financial figures are unaudited.

    CONSOLIDATED COMPREHENSIVE INCOME STATEMENT          

    EUR in thousands, unless
     otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    Other operating income – – – – 1 – 1
                   
    Materials and services 210 240 -13 693 1,013 -32 896
    Employee benefit expenses 658 1,056 -38 2,499 4,085 -39 5,287
    Other operating expenses 273 268 2 714 640 12 1,186
    EBITDA 269 242 11 745 213 249 182
                   
    Depreciation and amortization 274 254 8 784 743 6 995
    Operating result -6 -12 55 -39 -530 93 -813
                   
    Financial income and expenses -28 -25 -12 -68 -87 22 -111
    Result before tax -33 -37 11 -107 -617 83 -924
                   
    Income taxes – – – 0 – 0 –
    Result for the period -33 -37 11 -107 -617 83 -924
                   
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
                   
    Consolidated statement of
    comprehensive income:    		              
    Result for the period -33 -37 11 -107 -617 83 -924
    Exchange differences on
     translating foreign operations    		 3 – – 2 1 100 1
    Total comprehensive income -30 -37 19 -105 -616 83 -925

    CONDENSED CONSOLIDATED BALANCE SHEET 

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Assets        
             
    Non-current assets:        
    Intangible assets 1,788 2,357 -24 2,245
    Goodwill 358 358 0 358
    Tangible assets 30 95 -69 81
    Right-of-use assets 393 320 23 318
    Other non-current assets 277 277 0 277
    Total non-current assets 2,847 3,407 -16 3,279
             
    Current assets:        
    Trade and other receivables 1,782 1,896 -6 1,706
    Cash and cash equivalents 100 181 -45 884
    Total current assets 1,881 2,077 -9 2,590
             
    Total assets 4,728 5,484 -14 5,869
             
    Equity and liabilities        
             
    Equity:        
    Share capital 80 80 0 80
    Other funds 21 21 1 21
    Treasury shares -244 -348 -30 -348
    Translation differences -68 -67 -1 -67
    Invested non-restricted equity fund 4,925 4,925 0 4,925
    Retained earnings -4,379 -3,974 -10 -4,263
    Equity attributable to shareholders of
    the parent company    		 335 637 -47 348
    Total equity 335 637 -47 348
             
    Non-current liabilities:        
    Interest-bearing liabilities 500 1,000 -50 1,000
    Interest-bearing lease liabilities 386 209 85 192
    Total non-current liabilities 886 1,209 -27 1,192
             
    Current liabilities:        
    Provisions – – – –
    Interest-bearing liabilities 697 500 39 500
    Interest-bearing lease liabilities 29 110 -73 126
    Advances received 1,169 841 39 1,558
    Accrued expenses and prepaid income 1,102 1,496 -26 1,539
    Trade and other payables 511 690 -26 607
    Total current liabilities 3,507 3,638 -4 4,329
             
    Total liabilities 4,393 4,847 -9 5,521
             
    Total equity and liabilities 4,728 5,484 -14 5,869

    CONSOLIDATED CONDENCED CASH FLOW STATEMENT

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Cash flow from operating activities:              
    Result for the period -33 -37 10 -107 -555 81 -924
    Adjustments to the result 381 264 44 962 745 29 1,078
    Working capital changes -282 -791 64 -1,001 -54 -1,755 821
    Interest and other financial
     expenses paid    		 -32 -74 -57 -79 -104 -24 -107
    Income taxes paid – -2 – – -11 – -19
    Net cash from operating activities 34 -640 105 -226 20 -1,228 849
                   
    Cash flow from investing activities:              
    Purchases of tangible and
     intangible assets    		 -68 -80 -15 -246 -512 -52 -620
    Proceeds from sales of tangible and intangible assets 6 – – 6 – – –
    Net cash used in investing activities -62 -80 22 -240 -512 53 -620
                   
    Cash flow from financing activities:              
    Proceeds from short term
     borrowings    		 102 – – 1,197 1,500 -20 1,500
    Repayments of short term
     borrowings    		 – – – -1,500 -1,500 0 -1,500
    Payment of lease liabilities -3 -15 -81 -15 -103 -86 -121
      Share issue net – 760 – – 760 – 760
    Net cash used in financing activities 99 745 -87 -318 656 -149 639
                   
    Net change in cash and cash
    equivalents    		 70 26 -169 -784 164 578 868
    Cash and cash equivalents
     at the beginning of the period    		 31 156 -80 884 17 5,100 17
    Effects of exchange rate changes
     on cash and cash equivalents    		 -2 – – -1 – – –
    Cash and cash equivalents
     at the end of the period    		 99 181 -46 99 181 -45 884

    *Including non-interest bearing short term liabilities related to cash flow for investment

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    EUR in thousands Share
     capital    		 Other
     funds    		 Translation
     differences    		 Treasury
     shares    		 Invested non-
     restricted
     equity fund    		 Retained
     earnings    		 Total
    Equity Jan 1, 2023 1,359 21 -66 -406 2,943 -3,364 487
    Stock option scheme           36 36
    Reduction of share capital -1,279       1,279   0
    Disposal of own shares       58   -10 48
    Share issue, net         703   703
    Comprehensive income     -1     -924 -925
    Equity Dec 31, 2023 80 21 -67 -348 4,925 -4,263 348
    Stock option scheme           46 46
    Reduction of share capital             0
    Disposal of own shares       103   -55 48
    Share issue, net             0
    Comprehensive income     -2     -107 -109
    Equity Sept 30, 2024 80 21 -68 -244 4,925 -4,379 335

    NOTES TO INTERIM FINANCIAL STATEMENTS

    ACCOUNTING PRINCIPLES

    This report complies with the requirements of IAS 34” Interim Financial Reporting”.

    The interim report does not contain full notes and other information presented in the financial statements, and therefore the interim report should be read in conjunction with the Financial Statements Bulletin published for 2023.

    In preparing the interim report, the same accounting principles have been followed as in the 2023 annual financial statements, except for new standards and standard amendments that came into effect starting January 1, 2024. The new standards and standard amendments had no significant impact on QPR Software’s consolidated financial statements.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    Considering the company’s financial position, this financial statement has been prepared on a going concern basis. The company entered into a refinancing agreement in January 2023.

    In preparation of the consolidated financial report, company’s management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from those estimated.

    All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported.

    INTANGIBLE AND TANGIBLE ASSETS              

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
    Increase in intangible assets:      
    Acquisition cost Jan 1 14,836 14,217 14,217
    Increase 246 512 619
    Acquisition cost at the end of the period 15,082 14,729 14,836
    Increase in tangible assets:      
    Acquisition cost Jan 1 2,816 2,816 2,816
    Increase 111 – –
    Acquisition cost at the end of the period 2,927 2,816 2,816

    CHANGES IN INTEREST-BEARING LIABILITIES

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
           
    Interest-bearing liabilities Jan 1 1,818 2,279 2,279
    Proceeds from borrowings 1,197 1,500 1,500
    IFRS 16 – change in lease liability 97 -335 -319
    Repayments 1,500 1,623 1,641
    Acquisition cost at Sept 30 1,612 1,820 1,818

    PLEDGES AND COMMITMENTS

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Business mortgages (held by the Company) 2,382 2,381 0 2,382
             
    Minimum lease payments based on lease agreements:        
    Maturing in less than one year 30 30 -1 30
    Maturing in 1-5 years 3 34 -90 27
    Total 34 65 -48 57
             
    Total pledges and commitments 2,416 2,445 -1 2,439

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 RESTATED) 

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – – – – –
               
    Materials and services 210 223 260 229 240
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 199 268
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 AS PUBLISHED)

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – –   – –
               
    Materials and services 210 223 260 134 147
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 294 361
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    GROUP KEY FIGURES

    EUR in thousands, unless
     otherwise indicated    		 Jan-Sept or Sept 30, 2024 Jan-Sept or Sept 30, 2023 Jan-Dec or
     Dec 31, 2023
           
    Net sales 4,651 5,951 7,550
    Net sales growth, % -21.8 4.8 -3.5
    EBITDA 745 213 182
    % of net sales 16.0 3.6 2.4
    Operating result -39 -530 -813
    % of net sales -0.8 -8.9 -10.8
    Result before tax -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
    Result for the period -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
           
    Return on equity (per annum), % -41.8 -146.4 -221.5
    Return on investment (per annum), % -9.0 -35.9 -42.0
    Cash and cash equivalents 99 181 885
    Net borrowings 1,513 1,639 934
    Equity 335 637 348
    Gearing, % 451 257 268
    Equity ratio, % 11.0 13.7 8.1
    Total balance sheet 4,728 5,484 5,869
           
    Investments in non-current assets 357 511 637
    % of net sales 7.7 8.6 8.4
    Product development expenses 740 1,113 1,427
    % of net sales 15.9 18.7 18.9
           
    Average number of personnel 39 60 57
    Personnel at the beginning of period 49 85 85
    Personnel at the end of period 30 52 49
           
    Earnings per share, EUR
     (basic and diluted)    		 -0.006 -0.038 -0.055
    Equity per share, EUR 0.019 0.036 0.020

    The MIL Network –

  • MIL-OSI: Digitalist Group Plc’s Business Review, 1 January – 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Digitalist Group Plc                    Stock Exchange Release 25.10.2024 at 9:00

    Digitalist Group Plc’s Business Review, 1 January – 30 September 2024

    SUMMARY

    July–September 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 3.6 million (EUR 3.6 million), decrease: -0.8%.
    • EBITDA: EUR -0.2 million (EUR 0.4 million*), -5.0% of turnover (12.1%).
    • EBIT: EUR -0.3 million (EUR 0.2 million*), -8.7% of turnover (6.6%).
    • Net income: EUR -1.5 million (EUR -0.5 million*), -40.8% of turnover (-13.2%).
    • Earnings per share: EUR -0.00 (EUR -0.00).
    • Earnings per share (diluted): EUR -0.00 (EUR -0.00).

    *) EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction.

    January–September 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 11.5 million (EUR 12.5 million), decrease: -8.4%.
    • EBITDA: EUR -1.3 million (EUR -0.5 million*), -11.5% of turnover (-3.9%).
    • EBIT: EUR -1.7 million (EUR -1.1 million*), -14.4% of turnover (-8.8%).
    • Net income: EUR -4.0 million (EUR -2.5 million*), -35.0% of turnover (-19.7%).
    • Earnings per share: EUR -0.01 (EUR -0.00).
    • Earnings per share (diluted): EUR -0.00 (EUR -0.00).
    • Number of employees at the end of the review period: 126 (138), decrease of -9%.

    *) EBIT, EBITDA and net income of the period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction.

    CEO’s review

    The third quarter of 2024 has been one step towards a profitable business for Digitalist Group. While no major events impacted this quarter, we are seeing slowly improving market conditions in Sweden. However, the weak Finnish economy continues to affect our business operations in the region.

    Our revenues for the quarter remained consistent with the same period last year, totaling EUR 3.6 million. EBITDA for the third quarter of 2024 was EUR -0.2 million, compared to EUR 0.4 million in the same period last year, which included a EUR 0.6 million gain from the FutureLab Share transaction. This underscores the need for ongoing efforts in operational efficiency and cost management.

    A significant highlight of the quarter was the launch of our first AI offering, Digitalist Private AI Hub, in September. This platform enables companies to leverage the strengths of generative AI without compromising on data security and GDPR compliance. We believe this innovative solution positions us well to meet the growing demand for secure AI applications in the enterprise as well as in the public sector. The new offering has already brought us clients like Sandå and Pinmeto. Other new clients acquired during the third quarter are DNA, City of Tampere and Pricer.

    Looking ahead, I remain cautiously optimistic. The improving market conditions in Sweden provide a foundation for growth, and we are committed to addressing the challenges in Finland through ongoing initiatives and continued focus on efficiency.

    I extend my sincere gratitude to all our employees for their dedication and hard work. Together, we are advancing towards a stronger future for Digitalist Group.

    /CEO Magnus Leijonborg

    FUTURE PROSPECTS

    In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    EVENTS AFTER THE THIRD QUARTER

    Digitalist Group Plc decreases its earlier guidance regarding future prospects 17.10.2024

    Digitalist Group Plc (”Company”) decreases its earlier guidance regarding future prospects. The new guidance is:

    In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    The previous guidance of the company was:

    In 2024, it is expected that turnover will maintain its current level and EBITDA will improve in comparison with 2023.

    Although the third quarter shows an improvement compared to the first quarters of the year, and we are cautiously optimistic regarding the fourth quarter, we do not expect to reach last year’s reported EBITDA, which included other operating income of EUR 1.0 million. Operationally, not including the impact of other operating income, we expect that the current financial year will still be stronger than the previous year.

    The stock exchange releases are on the company’s website at https://digitalist.global/investors/releases

    Despite the implemented efficiency measures and financial arrangements, the cash flow for the next 12 months is likely to be negative, according to the forecast. However, at the time of publishing the business review, the company estimates that its working capital is sufficient for the needs of the next 12 months, taking into account the financing support provided by the main owner if needed.

    DIGITALIST GROUP OYJ
    Board of Directors

    Additional information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    Nasdaq Helsinki Ltd
    Major media
    https://digitalist.global

    Attachment

    The MIL Network –

  • MIL-OSI Russia: The II Forum of the Eurasian Network University was held in Minsk

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On October 22-23, 2024, the II Forum of the scientific and educational consortium “Eurasian Network University” was held in Minsk. The goal of the Forum is to deepen the interaction of science, education and business, develop network forms of implementing higher education programs, as well as programs of additional professional education and retraining of personnel for the labor market of the EAEU member states.

    The Forum was organized by the State University of Management with the support of the Belarusian State University of Economics, the Belarusian State University and the Belarusian-Russian University. The event was attended by heads and representatives of more than 20 leading universities in the Eurasian space, representatives of ministries, authorized government bodies and the business community.

    The Forum’s formal ceremony was opened by moderators: Rector of the State University of Management Vladimir Stroyev and Rector of the Belarusian State University of Economics Alexey Egorov. Deputy Minister of the Ministry of Science and Higher Education Konstantin Mogilevsky addressed the Forum participants with a welcoming speech. The Deputy Minister noted the results of the fruitful and effective work of the Eurasian Network University over a two-year period, including the successfully launched project “Eurasian International Olympiad”, new joint educational programs launched, implemented programs for advanced training for the business community and civil servants in the field of business and management, and teachers of universities in the EAEU countries.

    Next, a welcoming address was presented to the Forum participants by Senator of the Russian Federation Lyudmila Skakovskaya. The Senator emphasized the special importance of the event in the context of modern challenges that require an active exchange of knowledge and technology in the field of education, science and culture, as well as promoting intercultural dialogue and the implementation of innovative projects. Head of the Representative Office of Rossotrudnichestvo of the Russian Federation in the Republic of Belarus Yuri Makushin delivered a welcoming speech, emphasizing that the Forum is a unique platform not only for the exchange of experience, developments and ideas for the future development of science and the education system in the territory of the EAEU member states, but also for establishing partnerships, developing effective mechanisms for the development of interaction, which is especially relevant today, in the context of modern geopolitical turbulence.

    The leading speakers of the plenary session of the Forum were: First Deputy Chairman of the State Duma Committee on Science and Higher Education Vladimir Sipyagin, Chairman of the Committee on Education and Science of the CIS Business Center for Economic Development Dmitry Repnikov, Academician of the Russian Academy of Sciences, Doctor of Economics, Professor Sergei Glazyev, Director of the branch of the National Accreditation Agency in Education Mikhail Petropavlovsky, Rector of the State University of Management Vladimir Stroyev, Rector of the National Research University “MPEI” Nikolay Rogalev, Rector of the Mari State University Mikhail Shvetsov, Rector of the University under the Interparliamentary Assembly of the EurAsEC Irlan Iskakov, Vice-Rector for Academic Affairs of the Belarusian-Russian University Natalia Vologina, Vice-Rector for Academic Affairs of the Almaty Technological University Lyazzat Baibolova.

    In their reports, the speakers presented models of inter-university cooperation, the advantages of network forms of education, areas of coordination of scientific and educational cooperation, the implementation of foreign internships as a driver for the development of trade and economic relations, and ways of integrating universities in the EAEU space.

    The International Scientific and Practical Conference of the Eurasian Network University “Priority Directions for the Development of Eurasian Integration” was held within the framework of the forum. The key topics of the sectional sessions were “Education in the Context of Eurasian Integration” and “Moral and Patriotic Education of Young People in the EAEU: Main Directions and Features of Organization”. The conference participants discussed issues of integration of government agencies, academic and business communities, prospects for the formation of a common educational space of the EAEU, tools for spiritual and moral-patriotic education of young people in EAEU universities.

    The exhibition of the Eurasian Network University, which was held at the Forum venue, also aroused great interest among students of Belarusian universities. Students got acquainted with the materials of the universities participating in the ENU, received information about the opportunities for participation in academic exchange programs at the universities participating in the ENU, Olympiads that provide opportunities to study within the quotas of the Government of the Russian Federation, and about additional professional education programs.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/25/2024

    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 China: Apple CEO Tim Cook vows to increase investment in China

    Source: China State Council Information Office 3

    Apple CEO Tim Cook pledged on Friday to continue to increase investment in China in areas such as supply chain and research and development.

    Cook made the remarks when meeting with Chinese Minister of Commerce Wang Wentao. 

    MIL OSI China News –

  • MIL-OSI Europe: Follow-up of UN framework for biodiversity at CBD COP16

    Source: Government of Sweden

    The UN global agreement to halt and reverse the ongoing loss of biodiversity – the Kunming-Montreal Global Biodiversity Framework – was adopted in 2022. Implementation efforts are being followed up at the 16th Conference of the Parties to the Convention on Biological Diversity (CBD COP16) taking place in Cali, Colombia on 21 October–1 November 2024.

    Taking place in conjunction with COP16 are Conferences to the Parties of two protocols: the Cartagena Protocol on Biosafety (COP-MOP11) and the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization (COP-MOP5).

    Sweden is part of the EU negotiating delegation at COP16. The top priority for Sweden is issues that are particularly important for the implementation of the Framework – the Conference’s adoption of an updated monitoring framework and a transparent review process for follow-up of the global targets, including reporting.  

    Decisions are also expected to be taken at the Conference on the following priority issues for Sweden:

    • a long-term strategy for resource mobilisation from all sources;
    • intensifying cooperation between climate and biodiversity, since climate change and the threat to biodiversity must be addressed collectively; 
    • the design of the mechanism for digital sequence information (DSI), 
    • a new work programme and stronger engagement in the Convention’s work for indigenous people and local communities; and 
    • action plan on biodiversity and health.

    In addition, negotiations on marine issues will be held to further the work on ecologically or biologically significant marine areas, which is also a priority issue for Sweden. Earlier this year, the Government presented the Bill ‘A living sea – increased protection, reduced eutrophication and sustainable fishing’, in which its proposals include reaching the target of protecting 30 per cent of marine areas – one of the key objectives in the Kunming-Montreal Framework – by 2030.

    Several representatives of Business Sweden and the business sector are in Cali. Business engagement is key to halting and reversing the loss of biodiversity, which Minister for Climate and the Environment Romina Pourmokhtari highlighted as she delivered the opening address at a Confederation of Swedish Enterprise seminar in September 2024. 

    Ms Pourmokhtari is leading the Swedish negotiating delegation, which consists of more than 20 people from the Government Offices, the Swedish Environmental Protection Agency, the Swedish Agency for Marine and Water Management, the Swedish International Development Cooperation Agency (Sida), the Sami Parliament, Stockholm Resilience Centre and the Riksdag.

    Sida Director-General Jakob Granit and the Embassy of Sweden in Colombia are also taking part. This year, Sweden and Colombia are celebrating 150 years of bilateral relations. They enjoy close cooperation on a number of issues, none more so than the green transition.

    MIL OSI Europe News –

  • MIL-OSI Economics: 2024 ICPC Challenge Championship Powered by Huawei Concludes in Shenzhen Oct 25, 2024

    Source: Huawei

    Headline: 2024 ICPC Challenge Championship Powered by Huawei Concludes in Shenzhen
    Oct 25, 2024

    [Shenzhen, China, October 25, 2024] ICPC Challenge Championship powered by Huawei (the Championship) just ended in Shenzhen, marking the second consecutive year the event was held in China. The Championship is jointly organized by Huawei and the International Collegiate Programming Contest (ICPC). It brings together top programmers from around the world to discuss solutions to real-world industry problems, as well as key technology trends and future challenges. This year’s event was attended by more than 90 coaches and contestants from 35 countries and regions.
    After five hours of intense competition, Japan’s Hirotaka Yoneda won the Championship. Nine other contestants from China, Armenia, Poland and other countries shared second and third prizes.
    At the opening ceremony, Zhou Hong, President of Huawei’s Institute of Strategic Research, said: “We will enter an intelligent world within the next 20 to 30 years. This is bringing about unprecedented opportunities, but also creating huge challenges that can only be solved through the joint efforts of bright minds from around the world. Huawei is committed to sharing real-world challenges currently and our hypotheses for the future, opening up our platforms, and working alongside academic and industrial experts and talent, in order to promote major breakthroughs in theoretical research of fundamental science, push the boundaries of application technology, and contribute to a prosperous world.”
    Zhou Hong, President of Huawei’s Institute of Strategic Research, at the opening ceremony

    The Championship is part of Huawei’s ongoing commitment to opening up research platforms in the device, computing, and connectivity fields. It provides next-generation problem-solvers an opportunity to showcase their talent. Since 2019, Huawei and ICPC jointly organized the ICPC Challenge, which has grown into a major event in the world of programming. In 2023, the first ICPC Challenge Championship powered by Huawei was held. The event is mostly for winners of previous ICPC Challenges as well as outstanding contestants from ICPC regional contests and world finals, providing a networking and competitive platform for top programming talent.
    During the Championship competition, contestants had five hours to program a solution to the problem of optimal photo-story matching, which is closely linked to our daily lives. The Championship tested not only contestants’ programming and optimization skills, but also their modeling capabilities and innovative thinking.
    A partial view of competitors during the Championship

    During the Championship, a range of side activities were organized for participants. For instance, problem designers and contestants from previous competitions shared their experiences. At sessions called Tech Talks, senior Huawei technology leaders shared their insights into technology trends and challenges faced by industries, while encouraging young talent to hone their creativity and potential. Presenters included Huawei Fellow Chen Haibo; Chief Scientist of Huawei Consumer BG, Tian Qi; Media Algorithm Scientist of Huawei HiSilicon, Michael Bi Mi; and Director of Huawei Consumer BG Software Engineering Human Resource Dept., You Jin.
    Huawei will continue supporting top international competitions. By designing problems and facilitating technical exchanges, Huawei will help coaches and contestants explore the latest industrial knowledge and challenges, encourage more talented people to engage in innovation, and drive the flow of knowledge and skills worldwide. Ultimately, this will promote global technology and industry development and improve social well-being.

    MIL OSI Economics –

  • MIL-OSI Economics: 2024 ICPC Challenge Championship Powered by Huawei Concludes in Shenzhen

    Source: Huawei

    Headline: 2024 ICPC Challenge Championship Powered by Huawei Concludes in Shenzhen

    [Shenzhen, China, October 25, 2024] ICPC Challenge Championship powered by Huawei (the Championship) just ended in Shenzhen, marking the second consecutive year the event was held in China. The Championship is jointly organized by Huawei and the International Collegiate Programming Contest (ICPC). It brings together top programmers from around the world to discuss solutions to real-world industry problems, as well as key technology trends and future challenges. This year’s event was attended by more than 90 coaches and contestants from 35 countries and regions.
    After five hours of intense competition, Japan’s Hirotaka Yoneda won the Championship. Nine other contestants from China, Armenia, Poland and other countries shared second and third prizes.
    At the opening ceremony, Zhou Hong, President of Huawei’s Institute of Strategic Research, said: “We will enter an intelligent world within the next 20 to 30 years. This is bringing about unprecedented opportunities, but also creating huge challenges that can only be solved through the joint efforts of bright minds from around the world. Huawei is committed to sharing real-world challenges currently and our hypotheses for the future, opening up our platforms, and working alongside academic and industrial experts and talent, in order to promote major breakthroughs in theoretical research of fundamental science, push the boundaries of application technology, and contribute to a prosperous world.”
    Zhou Hong, President of Huawei’s Institute of Strategic Research, at the opening ceremony

    The Championship is part of Huawei’s ongoing commitment to opening up research platforms in the device, computing, and connectivity fields. It provides next-generation problem-solvers an opportunity to showcase their talent. Since 2019, Huawei and ICPC jointly organized the ICPC Challenge, which has grown into a major event in the world of programming. In 2023, the first ICPC Challenge Championship powered by Huawei was held. The event is mostly for winners of previous ICPC Challenges as well as outstanding contestants from ICPC regional contests and world finals, providing a networking and competitive platform for top programming talent.
    During the Championship competition, contestants had five hours to program a solution to the problem of optimal photo-story matching, which is closely linked to our daily lives. The Championship tested not only contestants’ programming and optimization skills, but also their modeling capabilities and innovative thinking.
    A partial view of competitors during the Championship

    During the Championship, a range of side activities were organized for participants. For instance, problem designers and contestants from previous competitions shared their experiences. At sessions called Tech Talks, senior Huawei technology leaders shared their insights into technology trends and challenges faced by industries, while encouraging young talent to hone their creativity and potential. Presenters included Huawei Fellow Chen Haibo; Chief Scientist of Huawei Consumer BG, Tian Qi; Media Algorithm Scientist of Huawei HiSilicon, Michael Bi Mi; and Director of Huawei Consumer BG Software Engineering Human Resource Dept., You Jin.
    Huawei will continue supporting top international competitions. By designing problems and facilitating technical exchanges, Huawei will help coaches and contestants explore the latest industrial knowledge and challenges, encourage more talented people to engage in innovation, and drive the flow of knowledge and skills worldwide. Ultimately, this will promote global technology and industry development and improve social well-being.

    MIL OSI Economics –

  • MIL-OSI Europe: ECB Consumer Expectations Survey results – September 2024

    Source: European Central Bank

    25 October 2024

    Compared with August 2024:

    • median consumer inflation perceptions over the previous 12 months and consumer inflation expectations for the next 12 months and for three years ahead all declined;
    • expectations for nominal income growth over the next 12 months increased, while expectations for spending growth over the next 12 months remained unchanged;
    • expectations for economic growth over the next 12 months were unchanged, while the expected unemployment rate in 12 months’ time increased;
    • expectations for growth in the price of homes over the next 12 months increased slightly, while expectations for mortgage interest rates 12 months ahead declined slightly.

    Inflation

    The median rate of perceived inflation over the previous 12 months declined further in September to 3.4%, from 3.9% in August. Perceptions of past inflation have thus declined by 5.0 percentage points since their peak of 8.4% in September 2023. Median expectations for inflation over the next 12 months declined to 2.4%, from 2.7% previously, and stood at their lowest level since September 2021. Median expectations for inflation three years ahead also declined in September, by 0.2 percentage points to 2.1%, their lowest level since February 2022 (when Russia invaded Ukraine). Inflation expectations at the one-year and three-year horizons remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months remained unchanged, also at its lowest level since February 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, expectations for lower income quintiles were slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than previously. (Inflation results)

    Income and consumption

    Consumer nominal income growth expectations increased to 1.3%, from 1.2% in August. The increase in income expectations continued to be driven by the lowest two income quintiles. Perceptions of nominal spending growth over the previous 12 months remained unchanged at 5.2%. Similarly, expectations for nominal spending growth over the next 12 months remained stable at 3.2%, their lowest level since February 2022. For the first time since March 2023, there was no drop in either perceptions or expectations of nominal spending, while inflation perceptions and expectations both continued on their downward trajectory, which might indicate a positive turning point for real spending. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were stable in September, standing at -0.9%. Meanwhile, expectations for the unemployment rate 12 months ahead increased to 10.6%, from 10.4% in August. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.3%), implying a broadly stable labour market. The lowest income quintile continued to report the highest expected and perceived unemployment rate, as well as the lowest economic growth expectations. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 2.8% over the next 12 months, which was slightly higher than in August (2.7%). Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.4% and 2.5% respectively). Expectations for mortgage interest rates 12 months ahead declined slightly to 4.7%, 0.8 percentage points lower than their peak in November 2023 and the lowest level since September 2022. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.3%), while the highest-income households expected the lowest rates (4.2%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months declined, as did the net percentage of those expecting a tightening over the next 12 months. (Housing and credit access results)

    The release of the CES results for October is scheduled for 29 November 2024.

    For media queries, please contact: Eszter Miltényi-Torstensson, Tel: +49 171 769 5305

    Notes

    MIL OSI Europe News –

  • MIL-OSI Economics: Intercap Consulting Limited

    Source: Isle of Man

    Notice is hereby given that Intercap Consulting Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 25/10/2024.

    MIL OSI Economics –

  • MIL-OSI Africa: African Development Bank President calls for bold, innovative and practical solutions to tackle poverty in Africa

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

    WASHINGTON D.C, United States of America, October 25, 2024/APO Group/ —

    Climate change, global financial shocks and growing food insecurity are threatening Africa, the world’s fastest-growing continent and hampering achievement of global development goals. To tackle these challenges and speed up the continent’s efforts to achieve these goals, the president of the African Development Bank (www.AfDB.org), Dr. Akinwumi Adesina on Thursday called for bold reforms from development partners.  

    “We need bolder resolve, innovative and practical solutions, and stronger coordinated action at scale,” he said during a meeting of multilateral development bank (MDB) heads with the G20 Global Alliance against Hunger and Poverty (http://apo-opa.co/3YzKsaP). The MDB leaders met on the sidelines of the International Monetary Fund and the World Bank Group’s ongoing annual meetings in Washington DC.

    Adesina who is leading the Bank’s delegation participating in key sessions of the Bretton Wood institutions’ meetings, will highlight his priority concerns for Africa: combatting hunger and eliminating malnutrition, providing electricity to 300 million people by 2030, scaling up infrastructure for agricultural and industrial transformation, combatting climate change, and supporting some of the world’s most fragile nations by mobilizing additional resources for the African Development Fund – the  Bank Group’s concessional lending arm.

    “Our strength lies in consolidating our collaboration, mobilizing resources at speed and scale, and deploying them where they are needed most,” Adesina said.

    High on Adesina’s agenda is the opportunity to consolidate partnerships with partner multilateral development banks such as the World Bank.

    The two institutions are working on co-hosting an Africa Energy Summit in Tanzania in January 2025 to accelerate Mission 300, a joint initiative to connect 300 million people in Africa to electricity by 2030. At that summit, African leaders are expected to endorse an Africa Energy Compact.

    Dr. Adesina is accompanied by a team of the institution’s senior management team  including the Bank’s Senior Vice President Marie Laure Akin-Olugbade, Hassatou N’Sele, Vice President for Finance and Chief Financial Officer, Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, Beth Dunford, Vice President, Agriculture, Human and Social Development, Chief Economist and Vice President, Economic Governance and Knowledge Management, Kevin Urama, as well as Nnenna Nwabufo, Vice President for the Regional Development, Integration and Business Delivery Complex.

    Also in Washington, Adesina will participate in a meeting of heads of MDBs, hold bilateral meetings with development partners and host a meeting of the Africa Investment Forum’s founding partners.

    The 2024 Africa Investment Forum (http://apo-opa.co/3YzKsrl) which will take place in Morocco in December, offers bountiful opportunities for international investors. The forum has attracted over $180 billion in investment interest in Africa over the last five years across various sectors including agribusiness, energy, roads and transport, health, and digital technology.

    Earlier this week, US Secretary of the Treasury Janet Yellen spoke on the Evolution of MDBs and their significant achievements in the development agenda for Africa and the world.  She highlighted the increase in May of the Bank’s callable capital, the Mission 300 joint initiative with the World Bank and the African Development Bank’s work on addressing fragility in various parts of the continent.

    “Outside of crisis contexts, countries are increasingly addressing the underlying drivers of fragility and conflict, such as in the case of an African Development Bank loan to the Democratic Republic of Congo to invest in increasing agricultural productivity in communities that had been displaced,” Yellen said.

    Next week, Adesina will travel to Des Moines, Iowa, where he will take part in the 2024 Borlaug Dialogue and World Food Prize. A number of African Heads of State and Government are expected in Iowa for high-level meetings around global food security and agricultural innovation.

    The 2024 IMF Annual Meetings take place from October 21–26 in Washington, DC. The meetings include the International Monetary and Financial Committee (IMFC) and the Development Committee, a joint forum of the IMF and the World Bank.

    President Akinwumi Adesina participates at the 4th G20 Finance Ministers and Central Bank Governors Meeting – African Development Bank Group https://apo-opa.co/4fegwX8

    President Akinwumi Adesina co-hosts and delivers opening remarks at the Financing for the G20 Global Alliance against Hunger and Poverty through SDR event https://apo-opa.co/3YiSMKE

    MIL OSI Africa –

  • MIL-OSI Russia: BRICS Congress. The Role of Education in Solving Global Economic Problems

    Translation. Region: Russian Federation –

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

    On October 20 and 21, the BRICS Scientific and Educational Congress on Ecology and Climate Change was held at the Sirius Federal Territory. It brought together more than 500 representatives of science, education, the business community and governments of BRICS member countries, including India, Brazil, Iran and Ethiopia.

    The event was attended by the Director of the Institute of Civil Engineering of SPbPU Marina Petrochenko, Professor of the Higher School of Hydrotechnical and Power Engineering (HSHPE) Natalia Politaeva and Associate Professor of the HSHPE Alexander Chusov.

    Over the course of two days, business representatives and scientists discussed the following issues:

    The role of education in addressing global climate change issues; Water management in the context of climate change; New technologies for clean energy; Talent economy: New professions and skills in the context of “green” energy; Permafrost and climate change; Water purification technologies.

    In the expert session “New technologies for environmentally safe waste management and their role in the closed-loop economy” Natalia Politaeva presented a report “Innovative waste processing technologies”. In the poster session, the Civil Engineering Institute presented a team report “Utilization of organic waste with the production of biomethane”.

    On the second day of the event, with the assistance of SPbPU partner, the investment and technology company EFIR (RUSNANO Ecology and Nature Management cluster), representatives of the ISI held talks with Sirius University and the Russian-Singapore Business Council on the development of cooperation in the field of scientific and educational activities.

    The congress participants went on excursions to the Sirius educational center and the laboratory complex of the local university, where the latest infrastructure for training and supporting scientific research of talented young people is presented.

    At the congress, Polytech presented its unique technologies and developments in the field of waste management, which are of interest to businesses and the federal environmental operator that organizes and controls the collection, transportation, processing, recycling, neutralization and placement of waste of the first and second hazard classes. It was also important for us to exchange opinions with our foreign colleagues from Brazil, India and other countries. Everyone has common problems. It is obvious that we need to combine efforts and use the resource base, as well as the potential of foreign partners to solve the main problems of the environmental agenda, – commented on the results of the work, Director of the Civil Engineering Institute Marina Petrochenko.

    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 Asia-Pac: Business expectations for the fourth quarter of 2024

    Source: Hong Kong Government special administrative region

    Business expectations for the fourth quarter of 2024
    Business expectations for the fourth quarter of 2024
    ****************************************************

         The Census and Statistics Department (C&SD) released today (October 25) the results of the Quarterly Business Tendency Survey for the fourth quarter (Q4) of 2024. Business situation      For all surveyed sectors taken together, the proportion of respondents expecting their business situation to be better (13%) in Q4 2024 over the preceding quarter is lower than that expecting it to be worse (16%).       When compared with the results of the Q3 2024 survey round, the proportion of respondents expecting a better business situation in Q4 2024 is 13%, higher than the corresponding proportion of 11% in Q3 2024, while the proportion of respondents expecting a worse business situation had increased from 12% in Q3 2024 to 16% in Q4 2024.      Analysed by sector, respondents in most of the surveyed sectors expect their business situation to decrease on balance or remain broadly unchanged in Q4 2024 as compared with Q3 2024. In particular, more respondents in the retail, manufacturing and construction sectors expect their business situation to be worse in Q4 2024 as compared with Q3 2024.      The results of the survey should be interpreted with care. In this type of survey on expectations, the views collected in the survey are affected by the events in the community occurring around the time of enumeration, and it is difficult to establish precisely the extent to which respondents’ perception of the future accords with the underlying trends. The enumeration period for this survey round was from September 3, 2024 to October 15, 2024.  Volume of business/output      Respondents in all of the surveyed sectors expect their volume of business/output to decrease on balance or remain broadly unchanged in Q4 2024 as compared with Q3 2024. In particular, more respondents in the construction, retail and manufacturing sectors expect their volume of construction output/sales/production to decrease in Q4 2024 over Q3 2024. Employment      Respondents in quite a number of the surveyed sectors expect their employment to remain broadly unchanged in Q4 2024 as compared with Q3 2024. Nevertheless, more respondents in the transportation, storage and courier services sector expect their employment to increase, as compared to those expecting it to decrease. Selling price/service charge      Respondents in most of the surveyed sectors expect their selling prices/service charges to remain broadly unchanged in Q4 2024 as compared with Q3 2024. In the construction and manufacturing sectors, however, more respondents expect their tender prices/selling prices to go down in Q4 2024 over Q3 2024. Commentary      A Government spokesman said that large enterprises’ overall business sentiment for the fourth quarter remained soft. Meanwhile, large enterprises’ appetite for hiring varied across sectors, but stayed largely steady in overall terms.      Looking forward, the spokesman said that the gradually easing financial conditions, the Central Government’s latest policy measures for supporting the Mainland economy as well as its various measures benefitting Hong Kong should bode well for business sentiment, though global economic uncertainties and trade conflicts may pose some negative impacts. The Government will monitor the situation closely. Further information      The survey gathers views on short-term business performance from the senior management of about 550 prominent establishments in various sectors in Hong Kong with a view to providing a quick reference, with minimum time lag, for predicting the short-term future economic performance of the local economy.      The survey covers 10 major sectors in Hong Kong, namely manufacturing; construction; import/export trade and wholesale; retail; accommodation and food services (mainly covering services rendered by hotels and restaurants); transportation, storage and courier services; information and communications; financing and insurance; real estate; and professional and business services sectors.      Views collected in the survey refer only to those of respondents on their own establishments rather than those on the respective sectors they are engaged in, and are limited to the expected direction of quarter-to-quarter change (e.g. “up”, “same” or “down”) but not the magnitude of change. In collecting views on the quarter-to-quarter changes, if the variable in question is subject to seasonal variations, respondents are asked to provide the expected changes after excluding the normal seasonal variations.      Survey results are generally presented as “net balance”, i.e. the difference between the percentage of respondents choosing “up” and that choosing “down”. The percentage distribution of respondents among various response categories (e.g. “up”, “same” and “down”) reflects how varied their business expectations are. The “net balance”, with its appropriate sign, indicates the direction of expected change in the variable concerned. A positive sign indicates a likely upward trend while a negative sign indicates a likely downward trend. However, the magnitude of the “net balance” reflects only the prevalence of optimism or pessimism, but not the magnitude of expected change, since information relating to such magnitude is not collected in the survey.      Furthermore, owing to sample size constraint, care should be taken in interpreting survey results involving a small percentage (e.g. less than 10%) of respondents in individual sectors.      Chart 1 shows the views on expected changes in business situation for the period Q4 2023 to Q4 2024.      Table 1 shows the net balances of views on expectations in respect of different variables for Q4 2024.      The survey results are published in greater detail in the “Report on Quarterly Business Tendency Survey, Q4 2024”. Users can browse and download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1110008&scode=300).            Users who have enquiries about the survey results may contact the Business Expectation Statistics Section of the C&SD (Tel: 3903 7263; email: business-prospects@censtatd.gov.hk).

     
    Ends/Friday, October 25, 2024Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: What Derby City Council would like to see in the Government’s Autumn budget statement

    Source: City of Derby

    Following weeks of speculation, the Government will outline their actual spending plans for the first time next week in the Autumn budget statement.  Councils across the country, including Derby City Council, will be watching with interest to see what, if any, action will be taken to address the severe financial challenges faced by local government sector.

    In Derby, the Council’s current budget is its most challenging yet, with the Council reporting a predicted £9.6 million overspend on its revenue budget – which funds most of its services outside housing, education, and capital projects – at the end of the first quarter of 2024/25.

    Demand and costs have continued to rise at a much higher rate than forecast, mainly for services affecting the city’s most vulnerable citizens such as social care and homelessness. This is not unique to Derby and is affecting councils across the country. The Council has been lobbying the Government for changes to the way it is funded, together with local government colleagues nationally.

    Derby City Council’s Quarter 2 financial update will be presented to Cabinet in November, but over the medium term the Council faces the challenge of closing a significant budget gap which was estimated to be £13.9 million for 2025/26 before any of the new pressures on services emerged this year. The Council’s Medium Term Financial Strategy, which is also being considered by Council Cabinet in November, will provide further details on this position.

    As a result, the Council is already in the process of planning a balanced budget for 2025/26, which is a legal requirement, ready to present it to Councillors in December before it goes out to consultation. Although the Council won’t know for certain how much money it will receive from the Government until around the same time, it is hoped the Autumn statement on 30 October will provide some additional financial support.

    In simple terms, the Government currently funds Councils through one-year grant settlements, supplemented by additional grants which can only be used for specific purposes.  Shortfalls therefore have to be met from Council Tax and Business Rates, and as Government funding has significantly declined the Council has become more reliant on these local taxes.

    While the new Government has indicated that it will move towards multi-year settlements that make it easier to plan for the mid-term, it is not known when this will happen.

    Councillor Kathy Kozlowski, Cabinet Member for Governance and Finance, said:

    We have to be realistic. We are not expecting the Government to announce multi-year grant funding settlements next week. However there are some small changes they could announce which we’ve lobbied for, and would be ‘quick wins’ for local government. They would certainly make a difference to us in Derby.

    A shortage of affordable accommodation means that homeless families are having to stay in temporary accommodation for longer. The amount of Housing Benefit we can claim back from the Government for this is capped, and if this cap was lifted we would be £4 million better off. A review of the right to buy legislation would allow Councils to maintain their levels of social housing.

    Costs in the social care market are spiralling, and introducing caps on fees that Councils pay for care would help ease the pressure on social care.

    A commitment to the much-awaited funding reforms for local government would also see a redistribution of funding to those areas that need it the most. Continuation of a lot of temporary funding, including funding that supports social care services and support to struggling families through the Household Support Fund, would mean that we could continue to support our most vulnerable residents.

    We would welcome any additional funding that the new Government can provide, however we are aware that there is no easy solution to the financial challenges that lie ahead, especially when we have no control over rising costs and demand. Any new burdens on local government need to be adequately funded.

    Let me be clear, we will have to make some very difficult decisions over the next few months if we are to fulfil our legal obligation of setting a balanced budget. Many councils have already had to make a Section 114 declaration or ask for additional Government support. This is not a route we want to take, as it would limit what we could do for Derby, but we accept that we may have to do less but in a safe and managed way.

    It is usually councils that are left to pick up the pieces when people find themselves in crisis. Yet demand continues to rise and we don’t have the funds to meet it. However we are acutely aware that we are not the only public service lobbying for more help.

    MIL OSI United Kingdom –

  • MIL-OSI China: China welcomes Apple’s stable cooperation with Chinese partners

    Source: China State Council Information Office

    Chinese Minister of Commerce Wang Wentao met with Apple CEO Tim Cook in Beijing on Friday, saying that the tech giant is welcome to maintain stable cooperation with Chinese partners to achieve common development.

    Both sides exchanged views on the development of Apple’s business in China as well as on China-U.S. economic and trade relations at the meeting, where Cook pledged long-term development and increased investment in China, according to a press release from the Ministry of Commerce.

    Noting that China has recently rolled out new opening-up measures and taken solid steps to address concerns of foreign-invested enterprises, Wang said Apple is welcome to seize the opportunities and continue deepening its presence in the Chinese market.

    “China will further optimize its business environment and continue to provide high-quality services for foreign-funded firms,” said the minister.

    Wang stressed that China-U.S. economic and trade cooperation based on mutual benefit and win-win outcomes serves the fundamental interests of both countries and acts as a stabilizing force in bilateral relations.

    “Generalizing national security is detrimental to normal economic and trade exchanges,” Wang noted.

    He said the Chinese side is willing to restore the healthy and stable development of China-U.S. economic and trade relations by engaging in regular government-business exchanges.

    Cook said China’s rapid development helps Apple achieve fast and sustainable growth.

    Apple, which regards China as an important market and a key partner in the supply chain, is committed to long-term development in China and will continue to increase investment in areas such as the supply chain and research and development, he said.

    The company will continue to serve as a bridge for communication and exchanges between China and the United States in the economic and trade field, Cook added.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Wave of the future: How DASA-backed AI innovation is revolutionising maritime rescue

    Source: United Kingdom – Government Statements

    Scotland-based SME Zelim has won a contract with the US Navy to deploy their innovative AI-enabled Person-in-Water detection and tracking technology, known as ZOE.

    • Zelim’s detection and tracking system uses AI to scan the water surface to find people in the water much more accurately and consistently than human eyes and current systems can
    • Low-cost and easy to integrate, the software solution can be implemented in any camera or CCTV setup
    • DASA funding has helped take the solution from concept to commercial project, which is now being used on commercial ships, offshore energy infrastructure and commercial ports
    • In 2024, Zelim was awarded a US Navy contract to deploy ZOE – their advanced AI-enabled person in water detection and tracking technology

    In 2024, Edinburgh-based SME Zelim achieved a remarkable milestone: securing a contract with the US Navy to deploy an advanced Person-in-Water detection system. This breakthrough, rooted in artificial intelligence, represents a significant leap forward in maritime rescue technology – and it all began with support from the UK’s Defence and Security Accelerator (DASA).

    The US Navy contract, awarded through a Phase I SBIR (Small Business Innovation Research) program, recognises Zelim’s cutting-edge AI-enabled detection and tracking technology. This system, known as ZOE, can scan vast stretches of ocean, identifying and tracking individuals or objects with unprecedented accuracy – even in challenging conditions that would confound human observers and current vision systems.

    How did a small Scottish company attract the attention of the US Navy? In 2022, Zelim presented the search and rescue concept to the DASA Open Call, which offered essential early-stage funding and expertise, allowing Zelim to turn their idea into reality. Zelim’s DASA project helped the SME tackle significant challenges, such as gathering person in water rescue data across a huge range of conditions and creating a comprehensive database for accurately identifying humans in water – a critical component in making the system reliable enough for real-world rescue operations.

    Andy Tipping, Co-Founder and Business Development Director explains:

    The DASA offering is unique, we had a DASA Subject Matter Expert who was always on hand to keep us on track and to make sure whatever we developed would meet defence customer needs, plus we had an Exploitation Manager working tirelessly to secure meetings with a range of MoD and Home Office end users. The result was, by the end of the project we started securing our first contracts in civilian markets, selling our AI enabled detection system to offshore energy operators and several months later our technology was selected for the US Navy SBIR programme. Being a DASA Alumni also gave credibility and it wasn’t long after the project completed that we secured our Series A investment round.

    From UK Innovation to US Navy Contract

    As soon as someone enters the water, rescuers are against the clock. This is greatly understood by Zelim founder, Sam Mayall, a seasoned mariner with a wide range of experience, from small dinghies to 40,000-ton ships. With a background in commercial shipping, Sam has experienced numerous emergencies at sea, including a tragic incident where rescuers discovered a body floating face down in the water.

    This experience ignited the desire to help improve maritime safety for sailors and equip rescuers with better tools, enhanced by AI and automation to ensure safer operations in the vast ocean and help overcome challenges such as:

    • Vastness of Oceans

      Individuals lost at sea can be difficult to spot with only their head often visible, which can be missed or confused with other ocean debris.

    • Poor Weather Conditions

      Fog, ocean spray, and darkness significantly reduce visibility, complicating the search efforts.

    • Imperfect Human Eyesight

      Human vision is fallible; fatigue and level of concentration can lead to false detections and missed rescue opportunities.

    • Reliance on Binoculars or CCTV

      During the critical period, rescuers using only binoculars or viewing camera streams may struggle to keep sight of the individual as they disappear behind waves, sea spray and other vessels

    • Parallax Effect

      The difference in movement speeds between foreground and background can confuse existing vision systems.

    Charting new waters with ZOE

    Zoe works by scanning the sea surface, sifting through the busy marine surroundings to pinpoint individuals or specific objects. These targets can then be recognised, identified, and tracked using their unique AI software.

    A key advantage of ZOE is its flexibility in accounting for the dynamic and chaotic nature of the sea, avoiding false positives from objects like buoys by analysing live daylight and thermal camera feeds for human-like patterns. Zelim spent several years compiling a comprehensive data library to ensure reliable identification, solving the last piece of the puzzle for effective ocean rescue.

    Additionally, ZOE is software-based and hardware agnostic, applicable to any camera or CCTV feed, making it ideal for commercial shipping, passenger vessels, naval ships, search and rescue aircraft and ports.

    How Zelim’s innovation can bolster search and rescue

    • Compatible with various camera systems
    • Alerts users to humans in water with 96% accuracy from 300 meters
    • Operates effectively in adverse weather and low light
    • Automatically tracks spotted individuals, preventing loss
    • Easy-to-install software managing multiple feeds, with local data processing
    • More efficient than traditional methods like binoculars and standard sensors

    Zelim’s ZOE detection solution in action

    Breaking into defence and civilian markets: What does the future hold for Zelim?

    DASA support proved invaluable for Zelim. By the end of the DASA project, Zelim had not only created a working prototype but had also begun securing their first contracts in civilian markets, including:

    • Jack-up drilling rigs in the North Sea
    • A floating wind farm off the coast of Portugal owned by Ocean Winds
    • A cruise ship

    The effectiveness of Zelim’s solution was evident during field trials, demonstrating its accuracy, measurability, and consistency. The system can achieve 96% accuracy from over 330 meters without applying optical zoom, and with optical zoom, it can spot humans in the water over a kilometre away.

    These capabilities caught the attention of defence organisations worldwide. In addition to the US Navy contract, Zelim’s technology was also deployed in a Royal Canadian Air Force search and rescue exercise in 2024, where it demonstrated its ability to find and track humans at sea with no false positives.

    The company’s growth reflects its success. Starting the DASA project with just 10 employees, Zelim has now expanded to a team of 28, with further growth anticipated as they work to fulfill the US Navy and offshore energy contracts.

    Looking ahead, Zelim plans to increase deployment of their technology on ships, major global ports, search and rescue assets, and air assets. This ambitious growth strategy underscores the far-reaching impact of DASA’s initial support – from fostering UK innovation to enhancing global maritime safety and creating economic opportunities.

    The US Navy contract stands as a testament to the power of targeted innovation support. By backing Zelim’s vision, DASA has not only contributed to advancing a innovative UK technology but has also opened doors for a British SME on the global stage, demonstrating how investment in innovation can yield significant returns for both national security and prosperity.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: English Translation of Keynote Address by Prime Minister at the 18th Asia-Pacific Conference of German Businesses (APK 2024)

    Source: Government of India (2)

    Posted On: 25 OCT 2024 2:55PM by PIB Delhi

    Excellency Chancellor Scholz,

    Vice Chancellor Dr. Robert Habeck,

    Ministers of the Indian Government,

    Dr. Busch, Chairman of the Asia-Pacific Committee of German Business,

    Industry leaders from India, Germany, and Indo-Pacific countries,

    Ladies and gentlemen,

    Namaskar!

    Guten Tag!

    Friends,

    Today is a very special day.

    My friend, Chancellor Scholz, has come to India for the fourth time.

    His first visit was as a Mayor, and the next three have been during his terms as the Chancellor, which highlights his focus on India-Germany relations.

    The Asia-Pacific Conference of German Business is being held in India after a gap of 12 years.

    On one hand, a CEO forum meeting is taking place, and on the other, our navies are exercising together. German naval ships are currently on a port call in Goa. Additionally, the seventh Inter-Governmental Consultations between India and Germany will be held shortly.

    Clearly, the friendship between India and Germany is deepening at every step, on every front.

    Friends,

    This year marks the 25th anniversary of the India-Germany Strategic Partnership.

    The next 25 years will see this partnership reach new heights.

    We have created a roadmap for India’s development over the coming 25 years.

    I am happy that at such a critical time, the German Cabinet has released the “Focus on India” document.

    The world’s two strongest democracies,

    Two of the world’s leading economies, together, we can become a force for global good, and the Focus on India document provides a blueprint for this. In this, Germany’s holistic approach and commitment to pursuing the strategic partnership are clearly evident. Especially noteworthy is the trust that Germany has expressed in the skilled workforce of India.

    Germany has decided to increase the number of visas for skilled Indians from 20,000 to 90,000 per year.

    I am confident that this will further boost Germany’s economic growth.

    Friends,

    Our bilateral trade has surpassed 30 billion dollars.

    Today, while hundreds of German companies operate in India, Indian companies are also rapidly expanding in Germany.

    India is becoming a prime center of diversification and de-risking and is emerging as a hub of global trade and manufacturing. Given this scenario, now is the most opportune time for you to make in India, and make for the world.

    Friends,

    The Asia-Pacific Conference has played an essential role in strengthening relations between the EU and the Asia-Pacific region. But I don’t see this platform as limited to trade and investment alone.

    I see it as a partnership for the Indo-Pacific region and a better future for the world. The world needs stability and sustainability, trust and transparency. These values must be emphasized on every front, whether in society or supply chains. Without them, no country or region can envision a brighter future.

    The Indo-Pacific region is very important for the future of the world. Whether it is in terms of global growth, population, or skills, the contribution and potential of this region are immense.

    This conference, therefore, holds even greater significance.

    Friends,

    The people of India value a stable polity and a predictable policy ecosystem.

    This is why, after 60 years, a government has been elected for a third consecutive term. This trust in India has been strengthened over the last decade through reform, performance, and transformative governance.

    When the common citizen of India feels this way, where else would be better for businesses and investors like you?

    Friends,

    India stands on four strong pillars: Democracy, Demography, Demand, and Data. Talent, technology, innovation, and infrastructure are the tools for India’s growth. Today, an additional great force drives all of these: the strength of Aspirational India.

    That is, the combined power of AI — Artificial Intelligence and Aspirational India — is with us. Our youth are driving Aspirational India.

    In the last century, natural resources accelerated development. In this century, human resources and innovations will propel growth. This is why India is committed to democratizing skills and technology for its youth.

    Friends,

    India is working today for the needs of the future world.

    Whether it is Mission AI,

    Our Semiconductor Mission,

    the Quantum Mission,

    Mission Green Hydrogen,

    Missions related to space technology,

    or the Digital India Mission, all of them aim to provide the best and most reliable solutions for the world. These areas offer numerous investment and collaboration opportunities for all of you.

    Friends,

    India is committed to providing every innovation with a strong platform and the best infrastructure. Our digital public infrastructure is creating endless opportunities for new startups and Industry 4.0. India is also transforming its physical infrastructure with record investments in rail, roads, airports, and ports. There are extensive opportunities here for companies from Germany and the Indo-Pacific region.

    I am pleased that India and Germany are working together on renewable energy.

    Last month, the fourth Global Renewable Energy Investors Meet was organized in Gujarat in collaboration with Germany.

    An India-Germany platform has also been launched for investing in renewable energy at the global level. I hope you will take advantage of the green hydrogen ecosystem that India is developing.

    Friends,

    This is the right time to join India’s growth story.

    When India’s dynamism meets Germany’s precision,

    When Germany’s engineering meets India’s innovation,

    When Germany’s technology combines with India’s talent, a brighter future is envisioned for the Indo-Pacific region and the world.

    Friends,

    You belong to the business world.

    Your mantra is “When we meet, we mean business.”

    But coming to India is not only about business; if you miss India’s culture, cuisine, and shopping, you will miss a lot.

    I assure you: You will be happy, and your family back home will be even happier.

    Thank you very much, and may this conference and your stay in India be both fruitful and memorable.

    Thank you.

    DISCLAIMER -This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India’s ability to scale up paired with Germany’s precision engineering to benefit the world: Shri Piyush Goyal

    Source: Government of India

    India’s ability to scale up paired with Germany’s precision engineering to benefit the world: Shri Piyush Goyal 

    India-Germany synergy in AI adoption, semiconductors and green technology to drive global growth: Shri Piyush Goyal

    India committed to combat climate change, on track to meet nationally determined contributions: Shri Goyal

    Asia’s demographic shift fertile ground for businesses seeking to expand, capitalise on emerging sectors: Shri Goyal

    Posted On: 25 OCT 2024 2:21PM by PIB Delhi

    Germany’s art of precision engineering coupled with India’s ability to scale up in the physical, digital or social infrastructure will help create something extraordinary for the world said Union Minister of Commerce & Industry, Shri Piyush Goyal. He was inaugurating the 18th Asia Pacific Conference of German Business (APK) today in New Delhi. The Union Minister speaking on the India-Germany collaboration said that from AI adoption to semiconductors, from fostering the nation’s vibrant startup ecosystem to collaborating on green technology, the synergies between India and Germany can drive unprecedented growth.

    Noting that today’s India is built on strong macroeconomic fundamentals, he added that reform, resilience and readiness is available for the future for businesses across the world. On combating climate change, Shri Goyal emphasised India’s commitment at the UN Climate Change Conference (COP21) in 2015, and said that India collectively with the Global South got together with the developed countries to be a part of the solution. He added that India, currently ranked 7th in Climate Change Performance Index (CCPI), is on track to exceed the nationally determined contributions (NDCs) and also the targets set before the world. 

    Extending gratitude to the Asia Pacific Committee of German Business and the Indo-German Chamber of Commerce for organising the event, Shri Goyal said that the Asia-Pacific region encompasses 60% of world’s population and by 2030, two-thirds of the global middle class will reside in Asia. This demographic shift presents a fertile ground for businesses seeking to

    expand their reach and capitalise on emerging sectors, he said.

    Shri Goyal stressed that the Conference will be key to identifying emerging trends and tackling global challenges. It facilitates the exchange of best practices, drives technological advancements and shapes policies for future industrial growth, he said. The Union Minister expressed hope that India and Germany can deepen strategic partnerships and translate this collaboration into real growth for the economies and the citizens of both the countries.

    Quoting German philosopher Arthur Schopenhauer’s expression “Reading the Upanishads is comforting in my life…”, the Minister in the spirit of that ancient wisdom urged all the participants to embrace the richness of India’s culture and diversity especially during this festive season from Diwali until Christmas and New Year.

    Shri Goyal ended his speech with a quote from Rabindranath Tagore, “Reach high, for stars lie hidden in you. Dream deep, for every dream precedes the goal” and urged the participants to create the future where the products made, the industries led and the innovations pioneered, touch every corner of the globe.

    ***

    AD/AM

    (Release ID: 2068048) Visitor Counter : 81

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: SK Bookkeeping Services Limited

    Source: Isle of Man

    Notice is hereby given that SK Bookkeeping Services Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 24/10/2024.

    MIL OSI Economics –

  • MIL-OSI Europe: A future of diversity

    Source: European Investment Bank

    In Mauritaina, economic inclusion is lower, especially for women, than in many neighbouring countries, such as Morrocco and Senegal. The percentage of women in the workforce is about 26%. This level has stayed about the same for the past few decades, according to the World Bank. Among men, labour participation is nearly 60%. Helping women get jobs will give a big lift to gross domestic product, according to the founders of the 2X Challenge. Youth unemployment also is high in Mauritania, at about 24%.

    Oumar Mohamed Saleh, a Bank for Commerce and Industry loan officer in Mauritania’s capital, Nouakchott, says it’s almost impossible to give loans to most women without support from the European Investment Bank. The terms of the cooperation with the European Investment Bank allow his bank to make  repayments longer, reduce interest rates or ease clients’ collateral requirements. These terms are important because women often don’t have big incomes and they don’t have a home or car in their name to use as collateral. The Bank for Commerce and Industry can also allow clients to pause their payments if they are having business troubles.

    “If a woman wants to set up a little business, such as selling doughnuts, they can’t go to a bank, because they usually won’t get a loan,” Saleh says. “Women end up working informally, making clothes or helping in food preparation. But today, we can help many of these women.”

    MIL OSI Europe News –

  • MIL-OSI USA: RELEASE: DCCA DISCIPLINARY ACTIONS (Through September 2024)

    Source: US State of Hawaii

    RELEASE: DCCA DISCIPLINARY ACTIONS (Through September 2024)

    Posted on Oct 24, 2024 in Latest Department News, Newsroom

     DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

    KA ʻOIHANA PILI KĀLEPA

    Office of Administrative Hearings

    JOSH GREEN, M.D.

    GOVERNOR | KIAʻĀINA

    NADINE Y. ANDO

    DIRECTOR

    KA LUNA | HOʻOKELE

    FOR IMMEDIATE RELEASE

    October 24, 2024

    DCCA DISCIPLINARY ACTIONS

    (Through September 2024)

    HONOLULU – The state Department of Commerce and Consumer Affairs (DCCA) and its respective state Boards and Commissions released a summary of disciplinary actions through the month of September 2024, taken on individuals and entities with professional and vocational licenses in Hawai‘i. These disciplinary actions include dispositions based upon either the results of contested case hearings or settlement agreements submitted by the parties. Respondents enter into settlement agreements as a compromise to claims and to conserve on the expenses of proceeding with an administrative hearing.

    The DCCA and the Boards and Commissions are responsible for ensuring those with professional and vocational licenses are performing up to the standards prescribed by state law.

    BOARD OF NURSING

    Respondent:        Kimberly A. Simmons (Maui)

    Case Number:     RNS 2022-890-L

    Sanction:             $1,000 fine

    Effective Date:     9-5-24

    RICO alleges that in July 2022, RICO received a complaint concerning Respondent’s conduct, and that Respondent received notice of RICO’s investigation in 2022 and failed to notify the Board of the ongoing RICO investigation in her 2023 renewal application, in potential violation of HRS §§ 436B-19(9), 457-12(a)(6) and 457-12(a)(11). (Board approved Settlement Agreement.)

    BOARD OF PSYCHOLOGY

    Respondent:        Kathryn L. Lapierre

    Case Number:     PHA 2024-0001-L

    Sanction:             $1,500 fine

    Effective Date:    8-30-24

    RICO alleges that Respondent was served with a complaint by the state of Wisconsin Department of Safety and Professional Services, Division of Legal Services and Compliance on September 25, 2019, Respondent indicated “No” to the question “Are there any disciplinary actions pending against you in this state or any other jurisdiction” on her July 22, 2020 renewal application, the state of Wisconsin disciplined Respondent on September 16, 2020, and Respondent failed to timely notify the Board of the disciplinary action, in potential violation of HRS §§ 465-13(a)(19), 436B-19(5), 436B-19(13), 436B-19(15) and 436B-19(17). (Board approved Settlement Agreement.)

    BOARD OF PHYSICAL THERAPY

    Respondent:        Laura J. Romig

    Case Number:     PTS 2023-3-L

    Sanction:             6-month license suspension, complete 30 CC units

    Effective Date:    9-10-24

    The Board adopted the Hearings Officer’s recommended decision and found and concluded that Respondent violated HRS §§ 461J-10.1(a), 461J-10.15(a), 461J-10.15(b), 461J-10.15(c) and 461J-12(a)(7). (Board’s Final Order after contested case hearing.)

    Respondent:        Joy T. D. Yanai

    Case Number:     PTS 2023-6-L

    Sanction:             $500

    Effective Date:    9-10-24

    The Board adopted the Hearings Officer’s recommended decision and found and concluded that Respondent violated HRS § 436B-19(11). (Board’s Final Order after contested case hearing.)

    BOARD OF MASSAGE THERAPY

    Respondents:      Thananya Owens and Healthland, LLC dba Siam Thai Massage and Spa

    Case Number:     MAS 2024-55-L

    Sanction:             $1,000 fine

    Effective Date:    9-17-24

    RICO alleges that on May 24, 2024, RICO investigators conducted an unannounced site inspection and Respondents admitted that an unlicensed massage therapist was currently engaging in massage therapist activity for compensation, and that RICO investigators observed Respondents did not conspicuously display their current massage therapists’ and establishment’s licenses, in potential violation of HRS §§ 452-24(a)(1), 452-24(a)(4), 452-24(a)(6), and HAR §§ 16-84-15(c) and 16-84-15(f). (Board approved Settlement Agreement.)

    Respondents:      Mareena Trinnaman and Saitara Thai Massage, LLC

    Case Number:     MAS 2024-15-L

    Sanction:             $2,000 fine

    Effective Date:     9-17-24

    RICO alleges that on February 22, 2024, RICO investigators conducted a site inspection and observed that several unlicensed massage therapists were engaging in massage therapy activities, in potential violation of HRS §§ 452-24(a)(1) and 452-24(a)(6), and HAR § 16-84-11(b). (Board approved Settlement Agreement.)

    BOARD OF CHIROPRACTIC

    Respondent:        Dustin R. Craft

    Case Number:     CHI 2020-0020-L

    Sanction:             License revocation

    Effective Date:     9-11-24

    On March 11, 2024, the Board approved a Settlement Agreement between Respondent and RICO. The Board finds Respondent failed to comply with the terms of the Settlement Agreement. (Board’s Final Order for Noncompliance with Settlement Agreement.)

    BEHAVIOR ANALYST PROGRAM

    Respondent:        Kevin Abella (Hawaiʻi)

    Case Number:     BEH 2024-3-L

    Sanction:             $500 fine

    Effective Date:    9-26-24

    RICO alleges that the Disciplinary Appeal Committee of the Behavior Analyst Certification Board (BACB) disciplined Respondent on January 22, 2024, finding Respondent violated subsections 1.02, 1.15, 4.01, 4.04, and 4.05, in potential violation of HRS § 465D-11(a)(7). (Director approved Settlement Agreement.)

    ATHLETIC TRAINERS PROGRAM

    Respondent:        Sadie Sewell

    Case Number:     APT 2023-1-L

    Sanction:             $500 fine

    Effective Date:     9-24-24

    RICO alleges that Respondent was disciplined by the Board of Certification on April 12, 2023, based on Respondent’s failure to comply with a continuing education audit, and that Respondent failed to report the disciplinary action to the program, in potential violation of HRS §§ 436B-19(9), 436B-19(15), and 436H-8(a). (Director approved Settlement Agreement.)

    BOARD OF PROFESSIONAL ENGINEERS, ARCHITECTS, SURVEYORS, AND LANDSCAPE ARCHITECTS

    Respondent:        William W. Wong

    Case Number:     ENG 2022-10-L

    Sanction:             License revocation, $6,000 fine

    Effective Date:    8-08-24

    The Board adopted the Hearings Officer’s recommended decision as modified by stipulation of the parties and found and concluded that Respondent violated HRS §§ 436B-19(8), (11), and (14), and 464-10, and HAR 16-115-10(5). (Board’s Final Order after contested case hearing.)

    REAL ESTATE COMMISSION

    Respondent:        Jon E. McElvaney (Hawaiʻi)

    Case Number:     REC 2022-273-L

    Sanction:             License revocation, voluntary lifetime surrender of license

    Effective Date:     9-27-24

    RICO filed a Petition for Disciplinary Action on May 6, 2024, alleging Respondent violated HRS §§ 436B-19(12) and 436B-19(14). (Commission approved Settlement Agreement After Filing of Petition for Disciplinary Action.)

    Respondent:        Hawaiiana Management Company, Ltd.

    Case Number:     REC 2024-184-L

    Sanction:             $1,500 fine

    Effective Date:     9-27-24

    RICO alleges that RICO received a complaint alleging a unit owner emailed Respondent a written Request for Condominium Association Records on March 4, 2024, that fulfillment of the request took longer than 30 days without a proper response by Respondent for the delay, and that Respondent did not provide an estimated cost or necessary affidavit until after 30 days from the request, in potential violation of HRS §§ 514B-154.5(c) and 467-1.6(a). (Commission approved Settlement Agreement.)

    Copies of the decisions are available online at: http://cca.hawaii.gov/oah/oah_decisions/

    BusinessCheck is an online platform designed to serve as a comprehensive resource for researching licensed professionals. This tool empowers users to verify licenses, review complaint histories and discover when a business was established, all in one place. Please visit businesscheck.hawaii.gov to verify a professional’s license status, confirming their qualifications, compliance with regulations and accountability to a governing body.

    # # #

     

    Media Contact:

    William Nhieu

    Communications Officer

    Department of Commerce and Consumer Affairs

    [email protected]

    Office: 808-586-7582

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 10.24.24

    Source: US State of California 2

    Oct 24, 2024

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Sarah Soto-Taylor, of Sacramento, has been appointed Undersecretary of the Government Operations Agency, where she has been Deputy Secretary for Business Transformation and Strategic Development since 2019. Soto-Taylor was Senior Consultant at Covered California from 2014 to 2019, where she was Deputy Director of Community Relations from 2012 to 2014. She held several positions at the Managed Risk Medical Insurance Board from 2001 to 2012, including Assistant Deputy Director, Senior Eligibility and Enrollment Manager and Eligibility Policy and Enrollment Manager. Soto-Taylor was a Contract and Outreach Manager at the California Department of Health Care Services from 2000 to 2001. She is a member of Hispanas Organized for Political Equality (HOPE). Soto-Taylor earned a Master of Public Health degree and a Bachelor of Science degree in Community Health Education from San Diego State University. This position does not require Senate confirmation and the compensation is $218,388. Soto-Taylor is registered without party preference.

    Erin Suhr, of Sacramento, has been appointed Senior Advisor for Strategic Initiatives at the Government Operations Agency. Suhr has been Director of Operations in the Office of Governor Gavin Newsom since 2019. She was a Senior Advisor on the Newsom Transition Team from 2018 to 2019. Suhr was Director of Strategic Planning and Scheduling at Fahr LLC from 2014 to 2018 and Program Manager at The Center for the Next Generation from 2012 to 2014. Suhr was Deputy Director of Scheduling in the Office of U.S. Vice President Joe Biden from 2009 to 2011. She was a Staff Member at the Presidential Inauguration Committee for the Obama-Biden inauguration from 2008 to 2009. She earned a Bachelor of Arts degree in Sociology from the University of Montana. This position does not require Senate confirmation and the compensation is $198,000. Suhr is a Democrat.

    Adam Ebrahim, of Carmichael, has been appointed Senior Director of Policy and Continuous Improvement at the California Commission on Teacher Credentialing. Ebrahim has been Principal Consultant at Azimuth Learning Partners since 2016. He was Director of Education Strategy at Parsec Education in 2024. Ebrahim was a Staff Consultant at the California Teachers Association from 2020 to 2024 and Director of LCAP and Continuous Improvement at the San Juan Unified School District from 2019 to 2020. Ebrahim was a Project Director at the Californians Dedicated to Education Foundation from 2016 to 2019. He was a Staff Consultant for Fresno County Superintendent of Schools from 2015 to 2016. Ebrahim was a Teacher at the Fresno Unified School District from 2010 to 2015. He was an Enlisted Soldier and Commissioned Officer in the California Army National Guard from 2007 to 2012. Ebrahim earned a Master of Education degree in U.S. Education in a Global Context from National University, a Master of Arts degree in International Affairs from Washington University in Saint Louis and a Bachelor of Arts degree in Political Science from the University of California, Berkeley. This position does not require Senate confirmation and the compensation is $172,704. Ebrahim is a Democrat.

    Clair Whitmer, of Vallejo, has been appointed Deputy Director at the California Office of the Small Business Advocate. Whitmer has served as Assistant Deputy Director of Regional Economic Engagement at the California Office of the Small Business Advocate since 2023 and as Northern California Regional Advisor at the Governor’s Office of Business and Economic Development since 2021. She was CEO of UpBay Express from 2019 to 2023. Whitmer was an Executive Fellow for the City of Fresno Economic Development Department from 2019 to 2021. She was Head of Consumer Experience for Maker Media from 2014 to 2019 and Senior Director of Media Operations for Slashdot Media for Dice Holdings from 2011 to 2014. She was Director of Voter Outreach for the Overseas Vote Foundation from 2009 to 2010. Whitmer was News Editor/Director of Content Services for CNET Networks from 1996 to 2000. She earned a Bachelor of Arts degree in Political Science from San Francisco State University. This position does not require Senate confirmation and the compensation is $152,772. Whitmer is a Democrat. 

    Trelynd D.J. Bradley, of Los Angeles, has been appointed Deputy Director for Innovation and Emerging Technologies at the Governor’s Office of Business and Economic Development. He has served as Deputy Director of Sustainable Freight and Supply Chain Development at the Governor’s Office of Business and Economic Development since 2022 and was Senior Business Development Specialist there from 2019 to 2022. Bradley held several roles at the Governor’s Office of Planning and Research from 2017 to 2019, including Policy Analyst and Executive Fellow with the Capital Fellows Program. He was a Staff Assistant in the Office of Congressman Raul Ruiz from 2016 to 2017. Bradley was a Business Manager for Black Cat Fireworks from 2010 to 2017 and a Policy Intern for the Ontario International Airport Authority in 2016. Bradley is a member of the University of California, Riverside Alumni Association and the Capital Fellows Alumni Association. He earned a Bachelor of Arts degree in Business Economics and Political Science from the University of California, Riverside. This position does not require Senate confirmation and the compensation is $144,492. Bradley is a Democrat.

    Haley Lanham, of San Luis Obispo, has been appointed Assistant Deputy Director of Communications at the Governor’s Office of Business and Economic Development. Lanham has been Brand and Marketing Manager at REACH since 2021. She was a Project Manager at Vibrant Agency from 2020 to 2021. Lanham was a Marketing Coordinator at Visit SLO CAL from 2019 to 2020. She earned a Bachelor of Science degree in Recreation, Parks and Tourism Administration from California Polytechnic State University, San Luis Obispo. This position does not require Senate confirmation and the compensation is $105,000. Lanham is a Republican.  

    Recent news

    Oct 23, 2024

    News What you need to know: State and federal partners today signed a Memorandum of Understanding (MOU) to boost cooperation on multi-benefit water projects in the Sacramento River Basin.  SACRAMENTO – Governor Gavin Newsom today highlighted a new agreement between…

    Oct 23, 2024

    News What you need to know: California Highway Patrol officers conducted blitz operations this weekend, targeting sideshows that led to 22 arrests and the seizure of 36 vehicles. These actions are part of the state’s ongoing enforcement surge in the region, in…

    Oct 22, 2024

    News What you need to know: Since January 2024, California has seized more than $191 million worth of illegal cannabis, with $70.7 million worth of illegal cannabis seized in the last three months alone.  SACRAMENTO – Governor Gavin Newsom today announced the…

    MIL OSI USA News –

  • MIL-OSI USA: NEWS RELEASE: PRIORITIZE CYBER PROTECTION THIS OCTOBER DURING CYBERSECURITY AWARENESS MONTH

    Source: US State of Hawaii

    NEWS RELEASE: PRIORITIZE CYBER PROTECTION THIS OCTOBER DURING CYBERSECURITY AWARENESS MONTH

    Posted on Oct 24, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
     KA ʻOIHANA PILI KĀLEPA

     JOSH GREEN, M.D.
     GOVERNOR | KIAʻĀINA

    NADINE Y. ANDO
     DIRECTOR
    KA LUNA | HOʻOKELE

    FOR IMMEDIATE RELEASE

    October 24, 2024

    PRIORITIZE CYBER PROTECTION THIS OCTOBER DURING CYBERSECURITY AWARENESS MONTH

    HONOLULU – Cybersecurity Awareness Month, established nearly two decades ago by the President of the United States and U.S. Congress, serves as a vital reminder for public and private sectors to collaborate in promoting cybersecurity awareness. The state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA) is proud to join this initiative by providing resources and tools to help small businesses secure their financial futures, as well as safeguard the security of Hawai‘i’s consumers.

    As reliance on digital communication grows and businesses begin to maintain more detailed pieces of information of their customers, so do the risks associated with storing critical consumer financial and health information electronically. High-profile data breaches have demonstrated that the potential for cybercriminals to disrupt businesses and compromise public safety is alarmingly high. In response, state and federal regulators are intensifying efforts to bolster defenses against these attacks.

    These threats can originate from a variety of sources, including nation-states, cybercriminals,  even company insiders—both intentional and accidental. Cybercriminals aim to gain political, military, or economic advantages by stealing valuable data, such as credit card numbers, health records, personal identification information, as well as tax returns.

    Cyber risks often include identity theft, data breaches, malware, business interruption as a result of a network shutdown, theft of valuable digital assets and business trade secrets, damage to the company’s reputation, lawsuits, and costs associated with damage from cyber-attacks.

    To help enhance cybersecurity and protect from intrusion, businesses, individuals, and entities are recommended to:

    • Conduct a security and risk assessment. Identify what needs protection, evaluate existing safeguards and pinpoint any gaps. Additionally, develop a comprehensive protection plan for your data, operational information and client data.
    • Update your security software. Install the latest security software, web browser and operating system to defend against viruses and malware. Additionally, set your security software to scan after every update.
    • Implement firewall protection on all internet networks. Utilize firewalls, a set of related programs that prevent outsiders from accessing data on a private network, to safeguard your network and operating systems. Remote employees should also ensure that their home systems are secured.
    • Implement cybersecurity procedures and training for employees. Educate staff on cybersecurity best practices, including safe social media usage, recognizing phishing attempts and the dangers of public Wi-Fi. Additionally, limit employee access, as needed, to websites, sensitive data and software installation.
    • Consider cybersecurity insurance. If your business has a disaster recovery plan, consider integrating cybersecurity as a part of it. Additionally, testing your systems, such as through internal phishing campaigns, can help identify the company’s vulnerabilities.
    • Back up important business data regularly. Ensure critical business data, including financial and human resources files, is backed up consistently. This may include but is not limited to word processing documents, electronic spreadsheets, databases, and accounts receivable/payable files. Implement measures such as regular password changes and two-factor authentication.

    The internet offers unprecedented opportunities to connect with new and larger markets and enhance operational efficiency. Regardless of whether one is adopting cloud computing or simply using email, cybersecurity should always remain at the forefront.

    For more resources on internet safety and security, visit https://cca.hawaii.gov/broadband/for-consumers/internet-safety-and-security/.

     # # #

     

    Media Contact:

    William Nhieu

    Communications Officer

    Department of Commerce and Consumer Affairs

    [email protected]

    Office: 808-586-7582

    MIL OSI USA News –

  • MIL-OSI USA: NEWS RELEASE: REAL ESTATE COMMISSION TO HOST MEETINGS AND CONSULTATIONS IN HILO

    Source: US State of Hawaii

    NEWS RELEASE: REAL ESTATE COMMISSION TO HOST MEETINGS AND CONSULTATIONS IN HILO

    Posted on Oct 24, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
     KA ʻOIHANA PILI KĀLEPA

    PROFESSIONAL AND VOCATIONAL LICENSING DIVISION

    JOSH GREEN, M.D.
    GOVERNOR | KE KIAʻĀINA

    NADINE Y. ANDO
    DIRECTOR | KA LUNA HOʻOKELE

    AHLANI K. QUIOGUE
     LICENSING ADMINISTRATOR

    FOR IMMEDIATE RELEASE

    October 23, 2024

    REAL ESTATE COMMISSION TO HOST MEETINGS AND CONSULTATIONS IN HILO

    HONOLULU – The Real Estate Commission will convene its monthly meeting at 9:30 a.m. Friday, October 25, 2024 in the State Office Building at 75 Aupuni Street in Hilo. The meeting will be in Conference Room C on the first floor.

    Real estate licensees, government officials, members of the condominium community, educators and interested individuals and organizations are encouraged to participate in this meeting. Members of the Real Estate Commission and the commission’s staff will be present. The commission invites comments and recommendations on current and future programs.

    Concurrently, a real estate specialist and a condominium specialist will be available for individual meetings after the commission meeting or by appointment.

    A real estate specialist will be available to answer questions about licensing laws and rules, licensing applications, broker experience certificate applications, examination administration, continuing education, new legislation, real estate commission procedures, educational programs and other related topics.

    A condominium specialist will be available to answer questions about boards, associations, meetings, condominium managing agents, condominium association registration, fidelity bonding, condominium property regime statute, public reports, project registration, new legislation, reserves and other condominium-related topics.

    For more information, contact the Real Estate Branch at 808-586-2643 or call toll-free from the island of Hawai‘i at 808-974-4000, ext. 62643.

    # # #

    The Real Estate Commission is one of 52 boards, commissions and programs administratively attached to the Department of Commerce and Consumer Affairs’ Professional and Vocational Licensing Division. It is responsible for the licensure, education and discipline of real estate agents; registration of prelicense schools, continuing education providers, condominium projects, condominium associations, condominium managing agents and condominium hotel operators; and certification of prelicense and continuing education courses and prelicense instructors.

    Media Contact:

    William Nhieu

    Communications Officer

    Department of Commerce and Consumer Affairs

    [email protected]

    Office: 808-586-7582

    MIL OSI USA News –

  • MIL-OSI United Kingdom: CMA launches court action against Emma to protect UK consumers

    Source: United Kingdom – Executive Government Non-Ministerial Departments

    CMA takes Emma to court after it fails to address all of the CMA’s concerns about misleading practices.

    iStock

    The Competition and Markets Authority (CMA) opened an investigation into Emma over concerns that some of its online sales practices – such as discounts and urgency claims, including countdown timers and high demand prompts – may mislead consumers.          

    The CMA called on the business to make changes and agree to commitments – known as ‘undertakings’ – to ensure its compliance with consumer protection law and ensure shoppers get a fair deal.

    Emma has failed to take the necessary action to address all of the CMA’s concerns relating to the use of reference pricing. As a result, the CMA has now launched court action.

    George Lusty, the CMA’s Interim Executive Director for Consumer Protection and Markets said:

    We have given Emma sufficient opportunity to alter the way it does business to address our concerns. They have failed to make all the changes that we require, which is why we’ve progressed to court action.

    We are concerned that when sales tactics such as discounts and countdown clocks are used in a misleading way, they can pressure shoppers into making quick purchases and spending more than they otherwise would, for fear of missing out.

    Emma can still agree to change its practices by consenting to an order or giving undertakings to the court ahead of the case being heard. It is for the court to determine a date for the hearing.

    The CMA is monitoring sales practice across the sector and this action is part of an ongoing programme of consumer enforcement work focused on so-called ‘Online Choice Architecture’. This aims to tackle potentially harmful online selling practices, including pressure selling tactics such as urgent time limited claims.

    Under this programme, the CMA has secured formal changes to the business practices of Simba Sleep. These included ensuring that any ‘was’ price is genuine – in other words, that a sufficient volume of product was sold at that price before using it as a ‘was’ price.

    From April 2025 the CMA expects to have the power to decide itself whether consumer law has been broken, and to fine companies up to 10% of their global turnover, if appropriate. Firms will have the right to appeal the CMA’s decision to the courts.

    For more information on today’s announcement, visit the  Emma case page.

    Notes to editors

    1. The CMA’s investigation concerns Emma Sleep GmbH, Emma Matratzen GmbH and Emma Sleep UK Limited (collectively ‘Emma’).
    2. In May 2024, Emma was issued with a letter before claim in relation to these possible breaches of consumer protection legislation.
    3. Find out more on the CMA’s consumer campaign on misleading online practices.
    4. The CMA has issued guidance for traders active in the online mattress sector on discount and reference pricing principles. The aim is to help them understand and comply with their existing obligations under consumer protection law when making price reduction claims online.
    5. An undertaking to the court has the same effect as a court order. At present, it should not be assumed that any business under investigation has broken consumer protection law which it will be for the court to decide.
    6. As an enforcer under Part 8 of the Enterprise Act 2002, the CMA cannot currently levy administrative fines for breaches of consumer law. However, parliament recently passed legislation to give the CMA stronger consumer powers, which will enable the CMA to decide when consumer law has been broken without first taking a case to court. The Digital Markets, Competition and Consumers Act 2024 will, once it comes into effect, empower the CMA to fine those firms that do break consumer law up to 10% of their global turnover. Firms will have a right to appeal to the High Court.  At present, the CMA can enforce consumer law through the courts, and where appropriate, seek additional measures to improve consumer choice, drive compliance with the law, or secure redress for consumers.
    7. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI New Zealand: Tech and Retail – Samsung Launches New Odyssey OLED Monitor Range Delivering Incredible Immersive Entertainment

    Source: Samsung

    Welcome the new era of gaming and elevate your entertainment and multitasking with incredible deep immersion

    AUCKLAND, New Zealand – Oct. 25, 2024 – Samsung Electronics today announces the unveiling of its highly acclaimed Odyssey OLED line-up, which features the introduction of four new models: the Odyssey OLED G93SD, G91SD, G85SD and G61SD.

    Samsung Electronics continues to lead the global gaming monitor market, holding the No.1 brand position  since 2021[1]. Earlier this year, Samsung captured a 20.6%[2] global market share in this category and leads the New Zealand gaming monitor market with a 43%[3] share in the first half of 2024, according to International Data Corporation (IDC).

    “The OLED monitor market is highly competitive, so reaching the top spot requires unparalleled innovation and product quality,” said Jimmy Peng, Head of Visual Display Business at Samsung New Zealand. “Being the market leader in gaming monitors, we have built up an understanding of New Zealand gamers and always look to ensure that we give them the very best. Our latest Odyssey OLED monitors will build on this and provide a larger-than-life viewing experience with resolution which enables Kiwi gamers to have an immersive and real-life gaming experience.”

    Setting the new standard, the Samsung Odyssey OLED G9 series, including the G93SD and G91SD models, delivers an immersive experience with dual QHD (5,120 x 1,440) resolution, a 32:9 ultra-wide screen ratio, 1,800R curved design, a 240Hz refresh rate and a 0.03ms grey-to-grey (GTG) response time[4].

    The 34” Odyssey OLED G85SD offers ultra-wide QHD (3,440 x 1,440) resolution, a 21:9 screen ratio, 1,800R curved design, Smart Hub, a 175Hz refresh rate and a 0.03ms GTG response time. In addition to the successful of the larger screen sizes within the Odyssey OLED range, Samsung also offers a 27” OLED G6 series monitor, with the introduction of the G61SD, which further diversifies the comprehensive OLED portfolio and providing more options for Kiwi gamers.

    The new Odyssey OLED models incorporate Samsung’s proprietary OLED Safeguard to prevent burn-ins and OLED Glare Free technology to minimise light reflection, ensuring a superior viewing experience. As well as AMD FreeSync support which offers extremely smooth and fast action gameplay, reduces stuttering and input latency.

    Game, work and relax. For those who want a monitor that does it all, Samsung Electronics presents the Odyssey OLED series is the best for gaming and beyond.

    For more information on Samsung’s industry-leading monitor line-up, please visit www.samsung.com/nz/

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Suntera Escrow Services (IOM) Limited

    Source: Isle of Man

    Notice is hereby given that Suntera Escrow Services (IOM) Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 25/10/2024.

    MIL OSI Economics –

  • MIL-OSI Economics: Update of Island’s AML/CFT framework

    Source: Isle of Man

    Changes are being implemented to update key elements of the Island’s anti-money laundering and countering the financing of terrorism (AML/CFT) framework.

    The Isle of Man Financial Services Authority, in conjunction with the Department of Home Affairs and Treasury, has led a revision of the Proceeds of Crime Act 2008 (POCA) and the Designated Business (Registration and Oversight) Act 2015 (DBROA).

    Those amendments take effect from today, Friday 25 October 2024, while the new Travel Rule (Transfer of Virtual Assets) Code 2024 comes into operation from Monday 28 October 2024.

    The intention is to achieve consistency across the Island’s AML/CFT legislation and ensure greater alignment with international standards and the definitions and terminology set by the Financial Action Task Force (FATF), the organisation that leads global action to counter money laundering, terrorist financing and proliferation financing.

    Further information will be published to explain the changes, with new guidance being produced to raise awareness of the obligations and expectations of the Travel Rule Code among firms in the Virtual Asset Service Provider (VASP) sector. This includes compliance with the requirement to transfer and retain certain customer information when conducting virtual asset transactions.

    The legislative updates reflect feedback to two public consultations issued earlier this year and are being made through:

    • The Proceeds of Crime (Business in the Regulated Sector) (Amendment) Order 2024, which amends Schedule 4 to the POCA.
    • The Designated Businesses (Amendment) Order 2024, which amends Schedule 1 to the DBROA.

    Ashley Whyte, Head of AML/CFT Supervision at the Authority, said: ‘We have worked in collaboration with the Department of Home Affairs and Treasury to modernise the Island’s AML/CFT framework and introduce the Travel Rule Code. Firms are encouraged to take note of the changes, which are aimed at keeping the Island in line with globally recognised standards. Guidance documents will be published shortly on the Authority’s website to provide additional support and clarity.’

    The Authority will also be publishing a recorded webinar to provide an overview of the Travel Rule (Transfer of Virtual Assets) Code 2024, how it aligns with international standards and what it means for the VASP sector in the Island.

    Notes:

    Feedback statements on the two public consultations can be found at:

    Travel Rule Code

    AML/CFT framework

    MIL OSI Economics –