Category: Economy

  • MIL-OSI China: Foreign Minister Lin hosts welcome banquet for Canadian parliamentary delegation

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    Foreign Minister Lin hosts welcome banquet for Canadian parliamentary delegation

    • Date:2025-02-20
    • Data Source:Department of North American Affairs

    February 20, 2025 

    No. 043 

    Minister of Foreign Affairs Lin Chia-lung hosted a welcome banquet on February 17 for a delegation from the Parliament of Canada led by Senator Michael MacDonald, Chairman of the Canada-Taiwan Parliamentary Friendship Group. The two sides exchanged opinions on deepening economic and trade exchanges and strengthening talent development.  

     

    In his remarks, Minister Lin first expressed thanks for Canada’s staunch support of cross-strait peace and stability in recent years, including the February 16 transit of the Taiwan Strait by the Halifax-class frigate HMCS Ottawa. This was yet another concrete demonstration that the Taiwan Strait constitutes international waters. Since releasing its Indo-Pacific Strategy in 2022, Canada has continued to bolster cooperation with Taiwan on economics and trade as well as science and technology. The two sides have signed the Foreign Investment Promotion and Protection Arrangement as well as the Science, Technology, and Innovation Arrangement. 

     

    In the context of Taiwan promoting a policy of integrated diplomacy, Minister Lin expressed hope that Canada would continue to support Taiwan’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, strengthen regional economic cooperation, and jointly build resilient non-red supply chains. With Canada holding the rotating presidency of the G7 this year, Minister Lin said he expected it to play a pivotal role in upholding the international order and leading like-minded nations in a continued coordinated effort to maintain peace and stability across the Taiwan Strait and security and prosperity in the Indo-Pacific region. 

     

    In his response, Senator MacDonald praised Taiwan’s achievements in high tech, education, public health, and democratic development. He expressed support for Taiwan’s appropriate participation in international organizations and said that he hoped national security would no longer be an issue of concern for Taiwan in the near future. 

     

    In addition to Senator MacDonald, the delegation included Sens. Donald Neil Plett and John M. McNair. The group will attend the HFX Taipei Forum and call on government agencies and private organizations including the Legislative Yuan, Executive Yuan Office of Trade Negotiations, Tainan City government, and Doublethink Lab.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Tech park development expedited

    Source: Hong Kong Information Services

    Outlining the industries and spatial distribution of the Northern Metropolis, Financial Secretary Paul Chan said in the 2025-26 Budget that the four major trades there include information and technology (I&T); high-end professional services and modern logistics; tertiary education; and culture, sports and tourism.

    As for the Northern Metropolis’ development approach, Mr Chan said the Government is piloting a “large-scale land disposal”.

    “We are inviting the market to submit expressions of interest for three pilot areas under ‘large-scale land disposal’, with the target of commencing tendering progressively from the second half of this year.”

    The Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone, a highlight of the Northern Metropolis, will have its Hong Kong Park entering into the operation phase in 2025, Mr Chan noted.

    Specifically, the first three buildings of Phase 1 are about to be completed, and the first batch of tenants from life and health technology, artificial intelligence, data science and other pillar industries will begin to move in this year.

    In this connection, the finance chief announced that the Government has earmarked $3.7 billion to expedite the provision of infrastructure and public facilities of the Phase 1 development of the Hong Kong Park. Moreover, the Government will identify suitable land parcels for invitation of private development proposals this year, with a view to expediting the development by leveraging market forces.

    “Upon completion of the whole Hong Kong Park, its annual contribution to Hong Kong’s economy is expected to reach $52 billion, and about 52,000 job opportunities will be created.”

    Mr Chan remarked that the Hong Kong Park of the Hetao co-operation zone, together with San Tin Technopole, will provide large tracts of I&T land. In the San Tin Technopole, 20 hectares of land will be delivered in phases, starting from 2026-27, for development and operation by the Hong Kong Science & Technology Parks Corporation. The corporation is carrying out a master planning study, which is expected to be completed in the third quarter of this year.

    In addition, the Government has commenced the procedures to re-zone a 10-hectare site at Sandy Ridge in the North District for use as data centres. The re-zoning procedures are expected to finish in mid-2025, and the Government is actively making preparations for land disposal.

    The Budget also mentioned that there will be considerable output in residential units and industrial land in the Northern Metropolis over the next few years.

    Recalling that the Government has started  three major projects on second phase development for the Hung Shui Kiu/Ha Tsuen New Development Area, the remaining phase development of Kwu Tung North/Fanling North New Development Area, and the site formation and engineering infrastructure works for the first batch of land in the San Tin Technopole, Mr Chan further updated the land development progress in the Northern Metropolis in this year’s Budget.

    “This year, we will start the works of Yuen Long South New Development Area second phase development, complete the re-zoning procedures for a data park site in Sandy Ridge, and finalise land use proposals for Ngau Tam Mei as well as New Territories North New Town and Ma Tso Lung this year for commencing the environmental impact assessments and other statutory procedures.”

    The Government will also identify suitable sites in the Northern Metropolis for constructing facilities to meet conference and exhibition needs.

    As regards railway development in relation to the Northern Metropolis, the finance chief said the construction works of Phase 1 of the Northern Link, ie Kwu Tung Station, have begun for target completion in 2027.

    Meanwhile, the advance works for Phase 2 have also commenced, in order to tie in with the Northern Link Main Line’s target completion in 2034.

    Mr Chan stated that Hong Kong is also working with the Shenzhen authorities to take forward two cross boundary railway projects.

    “The investigation and design study of the Hong Kong Shenzhen Western Rail Link (Hung Shui Kiu – Qianhai) project and the detailed planning and design of the Northern Link Spur Line are expected to commence this year,” he added.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: MOFA and MOHW jointly form Taiwan public healthcare team to boost export of smart medical care

    Source: Republic of China Taiwan 3

    February 14, 2025  
    No. 039  

    Minister of Foreign Affairs Lin Chia-lung and Minister of Health and Welfare Chiu Tai-yuan convened a meeting at the Ministry of Foreign Affairs on February 14. A decision was made to form a cross-ministerial consultation task force and to invite medical institutions, healthcare businesses, industrial associations, and other experts that often participate in international cooperation projects to organize a Taiwan public healthcare team in conjunction with staff of the Ministry of Foreign Affairs (MOFA) and the Ministry of Health and Welfare (MOHW). By integrating public and private sector resources and harnessing the spirit of integrated diplomacy, the team will jointly implement a flagship initiative on smart medicine and healthcare as part of the Diplomatic Allies Prosperity Project, deepening Taiwan’s public health and medical cooperation with allies and other friendly countries.
     
    As the first leader of Taiwan to hail from the field of medicine, President Lai Ching-te has drawn on his medical expertise and background to commit to growing Taiwan’s leading status in global healthcare. During his 2024 tour of the South Pacific, entitled “Smart and Sustainable Development for a Prosperous Austronesian Region,” President Lai bolstered cooperation with other countries through medical diplomacy, highlighting Taiwan’s contributions to global healthcare development.
     
    Minister Lin and Minister Chiu expressed their hope of leveraging Taiwan’s competitiveness in public health and medical care to further enhance partnerships with diplomatic allies and other friendly countries. This would involve combining the strengths that Taiwan had developed in biotechnology, medicine, pharmaceuticals, and ICT over the years under the Five Plus Two Innovative Industries and Six Core Strategic Industries programs implemented by former President Tsai Ing-wen. The ministers said they wanted the healthy Taiwan envisioned by President Lai to benefit the world while also assisting related Taiwanese industries to expand into overseas markets.
     
    Minister Lin invited Minister Chiu and MOHW staff to attend today’s meeting at MOFA to discuss ways of sharing Taiwan’s public health experience and smart medical solutions with allies and other friendly countries through a smart healthcare cooperation program. Both parties agreed that human resources, technology, and capital should serve together as the three pillars for expediting the export of comprehensive smart medical care and health systems. They said that this would effectively assist allies in increasing healthcare capacity, as well as raise the efficiency of public health management, enhance people’s well-being, and advance local prosperity. They also said that by employing a model that uses medicine to steer a path for industry, they looked forward to helping create business opportunities for Taiwan’s smart healthcare sector and promoting further development in the global healthcare industry.
     
    In addition, the ministers reviewed the highlights and successful results of Taiwan’s public health and medical care cooperation projects. One example was an initiative to enhance Paraguay’s health information management system, which had successfully laid the foundation for healthcare digitalization and would continue to be optimized and serve as a demonstration point for Taiwan’s smart healthcare projects in South America. Elsewhere, they said, a smart healthcare collaboration project between Taiwan and Belau National Hospital in Palau would continue to expand so as to increase Palau’s public health capacity. Views were also exchanged as to strengthening business participation mechanisms and improving the outcome of Taiwan’s joint endeavors with Guatemala, Saint Christopher and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Eswatini, and other allies.
     
    During the meeting, Minister Lin pointed out that Taiwan’s medical assistance to allies could also benefit Taiwanese people. Citing his delegation’s involvement in a car accident that took place during his recent trip to Palau as President Lai’s special envoy, Minister Lin said that injured MOFA colleagues had been able to receive timely professional care and return safely to Taiwan due to the medical services provided in Palau by Shin Kong Wu Ho-Su Memorial Hospital. He said this amply demonstrated the common good and value inherent in international medical cooperation.
     
    In the future, MOFA and the MOHW will continue to work hand in hand with partners worldwide to deepen healthcare cooperation and make greater contributions to global public health and smart healthcare development based on the vision of a healthy Taiwan. They will also take joint steps to expand the presence of related Taiwanese industries in the international market and transform Taiwan into an economy on which the sun never sets. (E)

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Foreign Minister Lin hosts welcome banquet for Canadian parliamentary delegation

    Source: Republic of China Taiwan 3

    Foreign Minister Lin hosts welcome banquet for Canadian parliamentary delegation

    Date:2025-02-20
    Data Source:Department of North American Affairs

    February 20, 2025 
    No. 043 

    Minister of Foreign Affairs Lin Chia-lung hosted a welcome banquet on February 17 for a delegation from the Parliament of Canada led by Senator Michael MacDonald, Chairman of the Canada-Taiwan Parliamentary Friendship Group. The two sides exchanged opinions on deepening economic and trade exchanges and strengthening talent development.  
     
    In his remarks, Minister Lin first expressed thanks for Canada’s staunch support of cross-strait peace and stability in recent years, including the February 16 transit of the Taiwan Strait by the Halifax-class frigate HMCS Ottawa. This was yet another concrete demonstration that the Taiwan Strait constitutes international waters. Since releasing its Indo-Pacific Strategy in 2022, Canada has continued to bolster cooperation with Taiwan on economics and trade as well as science and technology. The two sides have signed the Foreign Investment Promotion and Protection Arrangement as well as the Science, Technology, and Innovation Arrangement. 
     
    In the context of Taiwan promoting a policy of integrated diplomacy, Minister Lin expressed hope that Canada would continue to support Taiwan’s participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, strengthen regional economic cooperation, and jointly build resilient non-red supply chains. With Canada holding the rotating presidency of the G7 this year, Minister Lin said he expected it to play a pivotal role in upholding the international order and leading like-minded nations in a continued coordinated effort to maintain peace and stability across the Taiwan Strait and security and prosperity in the Indo-Pacific region. 
     
    In his response, Senator MacDonald praised Taiwan’s achievements in high tech, education, public health, and democratic development. He expressed support for Taiwan’s appropriate participation in international organizations and said that he hoped national security would no longer be an issue of concern for Taiwan in the near future. 
     
    In addition to Senator MacDonald, the delegation included Sens. Donald Neil Plett and John M. McNair. The group will attend the HFX Taipei Forum and call on government agencies and private organizations including the Legislative Yuan, Executive Yuan Office of Trade Negotiations, Tainan City government, and Doublethink Lab.

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: Scottish Greens call for cross-party support for cutting rail fares

    Source: Scottish Greens

    It’s time to scrap peak rail fares.

    The Scottish Greens’ transport spokesperson, Mark Ruskell MSP, is urging all MSP’s to back his party’s call for cheaper, accessible rail travel ahead of today’s Holyrood debate.

    This afternoon the party will use opposition debate time to bring forward a vote on halting the above inflation rail fare hikes coming in April and permanently removing peak rail fares.

    While in government, the party secured a scheme to remove peak fares for 12 months, but this was reintroduced last year by the SNP.

    Mr Ruskell said:

    “I hope that MSP’s from all parties will join us today in voting to lower costs for commuters and end peak rail fares for good.

    “Households and families across Scotland deserve affordable, accessible rail, especially when so many people are struggling financially.

    “Our rail fares are among the highest in Europe. ScotRail is rightfully publicly owned, but the extortionate prices that people are being made to pay totally defeats the purpose.

    “Peak rail fares are fundamentally unfair, particularly when most people have no say on when they travel to work or to study. Ending them for good will make the services more affordable and accessible for all.

    “It will encourage people to leave their cars at home, making our roads safer for walking, wheeling and cycling while utilising the most sustainable way to travel across our country.

    “Cleaner, greener and affordable public transport is a way for us to put our best foot forward for people and planet, and I hope that MSPs will embrace it today.”

    MIL OSI United Kingdom

  • MIL-OSI: Sydbank’s 2024 Annual Report

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 08/2025
    26 February 2025

    Sydbank’s 2024 Annual Report

    Highly satisfactory profit thanks to all-time high core income

    Core income has risen to a new all-time high level of DKK 7,227m from the record-level of DKK 7,071m in 2023. The increase is mainly attributable to a rise in income from asset management due to a significant increase in capital under management.

    The Sydbank Group’s 2024 financial statements show a profit before tax of DKK 3,645m compared to DKK 4,281m in 2023. The decrease of DKK 636m is primarily attributable to impairment charges, which are DKK 622m higher in 2024 than in 2023. Profit before tax equals a return on equity of 24.6%.

    Profit for the year is DKK 2,762m against DKK 3,342m in 2023, equal to a return on average equity after tax of 18.6%. At the beginning of 2024 profit after tax was projected to be in the range of DKK 2,500-2,900m.

    CEO Mark Luscombe comments on the profit:
    – It is positive that in 2024, due to a rise in core income, we succeeded in maintaining a profit before impairment charges at the record-high level that we achieved in 2023. Impairment charges represent an expense of DKK 595m, of which DKK 446m can be attributed to the restructuring of Better Energy. Profit after tax is in the upper end of the expectations for profit for the year announced in January 2024.

    Mark Luscombe comments on developments in core income:
    – Since June 2024 the Danish central bank has cut its key rates by 1pp and the effect is visible in net interest income, which is reduced by DKK 79m from the record-high level in 2023. The drop has occurred despite an increase in bank lending of DKK 8bn, equal to 11%. Other core income has gone up by DKK 235m, lifting total core income to a new all-time high. This is supported by strong business momentum and a high level of customer activity within savings and investments. I would like to thank all our employees for their hard work and contribution to this strong result and express my gratitude to our customers and shareholders for their continued support.

    Board chairman Lars Mikkelgaard-Jensen comments:
    – It is gratifying to note that, following the resignation of Karen Frøsig in mid-2024, the Bank under the management of Mark Luscombe has succeeded in continuing the very positive development under Karen Frøsig’s management. This has also been made possible by a well-planned handover focusing completely on the change of CEO not having any impact on Sydbank’s activities. We saw a very
    satisfactory trend in the Bank’s business in 2024 and the very high earnings and the Bank’s strong capital base allow us to distribute DKK 2,727m, equal to 99% of profit for 2024. 50% of profit will be distributed as dividend and the remaining share will be distributed via a new share buyback
    programme of DKK 1,350m. Following the dividend payout the Bank will continue to be well capitalised.

    Outlook 2025
    Moderate growth is projected for the Danish economy. Profit after tax is expected to be in the range of DKK 2,200-2,600m.

    The profit forecast assumes that the Danish central bank will lower the interest rate by 1pp in 2025.

    The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.

    2024 highlights
    • A 2% increase in core income
    • A rise in costs (core earnings) of 6%
    • Impairment charges for loans and advances: an expense of DKK 595m
    • A drop in profit for the year of DKK 580m to DKK 2,762m
    • An 11% rise in bank loans and advances to DKK 82.5bn
    • Deposits of DKK 116.7bn
    • A capital ratio of 21.4%, including a CET1 ratio of 17.8%
    • A proposed dividend of DKK 26.88 per share
    • New share buyback programme of DKK 1,350m

    Additional information
    Jørn Adam Møller, Deputy Group Chief Executive, tel +45 74 37 20 30
    Lars Grubak Lohff, Press Manager, tel +45 20 31 54 65

    Attachments

    The MIL Network

  • MIL-OSI: The 2024 Annual Report of the Bank of Åland Plc has been published

    Source: GlobeNewswire (MIL-OSI)

    Bank of Åland Plc
    Annual Financial Report
    February 26, 2025, 9.30 EET

    The 2024 Annual Report of the Bank of Åland Plc has been published
    The Annual Report for 2024 of the Bank of Åland Plc (Ålandsbanken Abp), including the 2024 corporate governance report, was published today in Swedish and English. The Compensation Report and the Capital and Risk Management Report were published as separate documents at the same time. 

    The financial reports in Swedish are being published in compliance with European Single Electronic Format (ESEF) reporting requirements. In line with ESEF requirements, the primary portions of the consolidated financial statements have been marked up with XBRL tags.

    The authorised public accounting company KPMG Oy has provided an independent auditors’ affidavit of reasonable assurance about the Bank of Åland Plc’s ESEF financial statements. 

    The Annual Report, the Compensation Report and the Capital and Risk management Report are available for downloading from our website:

    Annual Report

    https://www.alandsbanken.fi/uploads/pdf/result/arsredovisn2024en.pdf

    Compensation Report

    https://www.alandsbanken.fi/uploads/pdf/result/ersattningsrapport2024en.pdf

    Capital and Risk Management Report

    https://www.alandsbanken.fi/uploads/pdf/result/capital-and-risk-management-report_2024en.xlsx

    Bank of Åland Plc   

    For further information, please contact:
    Peter Wiklöf, Managing Director and Chief Executive, Bank of Åland, tel +358 40 512 7505 

    Attachments

    The MIL Network

  • MIL-Evening Report: View from The Hill: the mud flies, but will the voters take much notice?

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

    In these scrappy days before the prime minister announces the election date, the mud and the personal insults are flying, despite the politicians knowing voters hate this sort of thing.

    On Wednesday morning TV, shadow finance minister Jane Hume, usually reasonably restrained with her language, called Employment Minister Murray Watt “king grub” of the “grubbiest people you will ever come across” – a reference to Labor’s pursuit of Peter Dutton’s past share trading. As Watt remarked, “That’s quite an accusation”.

    Hume was later on the warpath in a Senate estimates hearing, where Treasury Secretary Steven Kennedy fended off an opposition attack suggesting, in essence, that Treasurer Jim Chalmers had sought to make Treasury his political pawn.

    Dutton spent most of his Wednesday news conference pushing back on attacks on his integrity relating to his purchase of bank shares during the global financial crisis, and dealing with questions about his acquisition of an extensive property portfolio over decades.

    What the opposition dubs Labor’s “dirt unit” apparently drove the share story. The core of it is that Dutton bought bank shares just before the Rudd government announced its guarantee to ensure the financial security of the banks.

    Labor demanded to know whether Dutton had insider knowledge of the imminent guarantee through a Rudd government briefing of the opposition. Dutton, who declared the share purchase, says he had no information other than what was in the public domain.

    The story about Dutton’s property portfolio – which he has unloaded, no doubt as part of preparations in pursuit of the prime ministership – ran in Nine media. The report said

    Peter Dutton has made $30 million of property transactions across 26 pieces of real estate over 35 years, making him one of the country’s wealthiest-ever contenders for prime minister.

    Dutton was late with declaring on the parliamentary register some of the transactions.

    Nine says the story didn’t come from a Labor “dirt unit”, but it was grist for an embattled government.

    Dirt digging, mud throwing, and exploitation of the politics of envy are recurring features of election campaigns. Whether they’ll have much resonance this time is doubtful.

    The share story, going back the best part of a couple of decades, doesn’t sound like a smoking gun. We’ve heard about Dutton’s property buying before. We know he has plenty of money. Not as much, of course, as earlier PMs Malcolm Turnbull and Kevin Rudd.

    Dutton, working on the assumption these stories will be brief wonders, kept his cool.

    He hasn’t provided more details about the bank shares, relying on a general response that everything had been above board. On his property purchases, he made it clear he’s proud of his climb up the aspirational ladder since he was a “butcher’s boy” in those days when he had a job in a butcher’s shop.

    For Dutton, the mud is all in a day’s work. The attack on Kennedy is in a rather different category.

    In the run-up to an election, Treasury often finds itself in a awkward position, as a government seeks to use it, while an opposition objects. This time, Chalmers employed it to discredit the opposition’s policy to give a tax break to small businesses for taking their workers or clients to a meal.

    Treasury doesn’t cost opposition policies. So the government asked it to cost a theoretical policy that was similar to that of the Coalition. Perhaps unsurprisingly, Treasury came up with a much bigger cost than the opposition said was produced by the Parliamentary Budget Office.

    Kennedy insisted to the Senate hearing, “we do not act politically”.

    “I have behaved no differently with this government, nor have I observed the department’s behaving any differently,” he said. “I understand how the circumstances might lead you to question that, but all I can do is assure you that that has not been the case.”

    If Dutton became prime minister, would Kennedy’s position be at risk?

    It shouldn’t be. Kennedy, appointed by the Coalition, served the previous Liberal government very well and was a key figure in its ambitious economic response to the COVID pandemic. That response kept many people in jobs and the economy out of recession.

    While Kennedy was taking the flak in estimates, Chalmers had been in Washington making Australia’s case for an exemption of the Trump aluminium and steel tariffs.

    Chalmers’s visit was timely and carefully managed. The treasurer said before he left Australia he wouldn’t obtain an outcome on tariffs – it was about making Australia’s case. So when there was not an outcome, it was not a disappointment. “My task here in DC wasn’t to try and conclude that discussion, it was to try and inform it,” Chalmers told a news conference after his talks.

    Chalmers spent time with US Treasury Secretary Scott Bessent and National Economic Council Director Kevin Hassett. He said the discussion was “wider-ranging than just steel and aluminium”. Bessent also was a speaker at the superannuation summit held at the Australian embassy (a coup for ambassador Kevin Rudd as well as Chalmers).

    In his 2023 Monthly essay, Chalmers argued for the super funds to invest more widely in Australia, notably in social housing.

    At the embassy conference, Chalmers was able to look to a much wider horizon for the funds.

    The current value of Australian super fund investments in the US is around $400 billion – due to reach $1 trillion over the next decade. So, Australia’s superannuation sector has the size, scale and presence to play a big role in driving new American industries and creating jobs.

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

    ref. View from The Hill: the mud flies, but will the voters take much notice? – https://theconversation.com/view-from-the-hill-the-mud-flies-but-will-the-voters-take-much-notice-250897

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: ING to redeem two series of SEC registered Senior Notes

    Source: GlobeNewswire (MIL-OSI)

    ING to redeem two series of SEC registered Senior Notes

    ING announced today it will redeem two series of outstanding SEC registered securities: the USD 500 million Callable Floating Rate Senior Notes (CUSIP 456837 BD4 / ISIN US456837BD49) and the USD 1,250 million 3.869% Callable Fixed-to-Floating Rate Senior Notes (CUSIP 456837 BA0 / ISIN US456837BA00) (together the “Callable Senior Notes”) on their call date of 28 March 2025.

    The Callable Senior Notes will be redeemed in full in accordance with their terms, with payment to be made on 28 March 2025. The redemption price will be the principal amount of the Callable Senior Notes. Accrued and unpaid interest due on the redemption date will be paid in the usual manner to holders of record as of 27 March 2025. The paying agent for the Callable Senior Notes Securities is The Bank of New York Mellon, London Branch 160 Queen Victoria Street London EC4V 4LA United Kingdom.

    Any future decisions by ING as to whether it will exercise (or cause to be exercised) calls in respect of debt securities will be made on an economic basis, taking into account the interests of all stakeholders. Other factors that ING will consider include prevailing market conditions, regulatory approval and capital requirements.

    Note for editors

    For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE

    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk).

    ING Group shares are also included in major sustainability and ESG index products of leading providers including Euronext, STOXX, Morningstar and FTSE Russell.

    IMPORTANT LEGAL INFORMATION

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. The Financial statements for 2024 are in progress and may be subject to adjustments from subsequent events. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets

    (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non- compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network

  • MIL-OSI: Intermediate Capital Group plc: Board Change

    Source: GlobeNewswire (MIL-OSI)

    26 February 2025

    Intermediate Capital Group plc (the “Company” or “ICG”) – Board Change

    The Board of ICG announces that Robin Lawther has been appointed as a Non-Executive Director of the Company. She will join the Board on 1 November 2025.

    Robin holds a number of current roles, including as an Independent Non-Executive Director at Standard Chartered PLC, an Independent Non-Executive Director at Ashurst LLP, and a Global Advisory Board Member at Aon PLC. She spent over 20 years at JPMorgan Chase in a number of senior roles in Investment Banking in both North America and Europe and has significant executive and non-executive experience as well as entrepreneurial activity with earlier stage private investments.

    William Rucker, Chair of ICG, said: “We are delighted to welcome Robin to the Board. She has significant experience of the financial services industry spanning both sides of the Atlantic and has knowledge of a broad spectrum of the market. Her expertise and perspective across a range of business areas and geographies will be of great value to ICG and I look forward to her joining us.”

    Other appointments and other relevant information for Robin Lawther are listed below, and no other information is required to be disclosed pursuant to the Listing Rules of the Financial Conduct Authority.

    Ends

    Contacts

    Chris Hunt
    Shareholder Relations, ICG plc
    +44 (0) 20 3545 2020

    Andrew Lewis
    Company Secretary, ICG plc
    +44 (0) 20 3545 1344

    Fiona Laffan
    Corporate Affairs, ICG PLC
    +44 (0) 20 3545 1510

    Notes:

    Committee Appointments

    Robin Lawther will be appointed to committees of the Board following her appointment to the Board and these will be publicly disclosed in due course.

    Interests in shares

    As at the date of this announcement, Robin Lawther and her connected persons do not hold any shares in the Company.

    Selected current roles

    Standard Chartered PLC, Independent Non-Executive Director and a Member of the Risk, Remuneration, and Culture and Sustainability Committees

    Ashurst LLP, Independent Non-Executive Director and Chair of the Audit and Finance Committee

    Aon PLC, Global Advisory Board Member

    Selected former roles

    2014-2023 Nordea Bank ABP, Independent Non-Executive Director, Chair Remuneration Committee (2017-2020), and Member of the Risk and Remuneration Committees

    2014-2022 UK Government investments, Non-Executive Director and Member of the Audit, Remuneration, and Nomination Committees

    2019-2021 M&G PLC, Independent Non-Executive Director, Chair Remuneration Committee, and Member of the Risk, Audit, and Nomination Committees

    2016-2020 Oras Invest, Independent Non-Executive Board Member

    The MIL Network

  • MIL-OSI Economics: Development Asia: 3 Lessons from Crowdsourcing Digital Solutions for Improving MSMEs’ Access to Finance

    Source: Asia Development Bank

    Here are three lessons that we have learned in crowdsourcing digital solutions to support MSMEs’ and WMSMEs’ access to financing:

    Employ a bottom-up and top-down, collaborative approach. Effective crowdsourcing requires a deep understanding of the problem. Therefore, various stakeholders, including government and non-governmental institutions, (W)MSMEs, financial institutions, and technology service providers, were consulted to learn more about the situation on the ground to better frame and flesh out the challenges. The collaborative approach used by ADB’s IT Department, gWFX, the Private Sector Financial Institutions Division of ADB’s Private Sector Operations Department, and the Finance Sector Office ensured that the challenges were relevant and actionable. In addition, collaboration generated lessons for broader engagement with various groups.

    Design problem statements tailored to match the unique needs of Developing Member Countries (DMCs). The intent behind these challenges is to obtain proposals that are no longer at the ideation stage. Instead, these should be actionable, relevant, and responsive to the specific context in the DMC covered by the challenge. Prioritizing local experience in the evaluation process also helped in shortlisting proposals that were socio-culturally and economically appropriate.

    Furthermore, we used local experience as one of the criteria for evaluating submissions to ensure that the shortlisted teams were familiar with the context. Taking these criteria into consideration enabled the team to filter out which of the submitted solutions would best fit the context and needs of the respective DMCs. This was also to ensure that any solution would not leave out the women’s market segment but would instead look at technology through a gender lens and provide tools to help women access the financing they need to thrive.

    Ensure the right solution is selected through validation. Beyond identifying and selecting a solution that addresses a specific challenge faced by financial institutions, it is equally crucial to validate the solution through a “test-and-learn” approach. By stress testing the solution during both the proof of concept and pilot stages, teams can assess its viability and scalability, ensuring that it meets the needs of the financial institutions and the entrepreneurs it aims to support.

    For example, in Pakistan, the AI-leveraged solution for financial statement analytics underwent testing to ensure that the solution met the financial institution’s objectives of scoring WMSMEs more effectively. The team gathered business and technical requirements of the institution, prioritized features and functionalities, and worked with the IT and Operations teams to create and implement an integration roadmap. Next, the solution will be deployed in a test environment to lend to a sample size of WMSMEs for validation.

    MIL OSI Economics

  • MIL-OSI Economics: APEC 2025: Korea Advances Regional Trade, AI, and Sustainability Agenda Gyeongju, Republic of Korea | 26 February 2025 Issued by the APEC Secretariat Korea kicks off its APEC 2025 host year in Gyeongju, a historic city home to numerous UNESCO World Heritage sites.

    Source: APEC – Asia Pacific Economic Cooperation

    Korea kicks off its APEC 2025 host year in Gyeongju, a historic city home to numerous UNESCO World Heritage sites. It brings together delegates from 21 economies to set the stage for a year of policy deliberations and cooperation on trade, digital transformation and sustainability.

    Against a backdrop of global economic uncertainty, this first set of meetings taking place from 24 February to 9 March, will serve as the launchpad for Korea’s forward-looking agenda — one that seeks to enhance regional connectivity, harness AI-driven growth, and accelerate the transition to a more resilient and prosperous Asia-Pacific.

    Under the overarching theme of “Building a Sustainable Tomorrow,” APEC 2025 will focus on three key priorities: Connect, Innovate, and Prosper. These pillars reflect APEC’s commitment to developing practical policies to support a resilient and interconnected future.

    “The Asia-Pacific is navigating complex challenges — supply chain disruptions, the impact of artificial intelligence on jobs and industries, and fundamental changes in the demographic landscape,” said Ambassador Yoon Seong-mee, Chair of the 2025 APEC Senior Officials’ Meeting.

    “Through APEC, we have a unique opportunity to strengthen trade and investment flows, promote resilience in supply chains, and foster innovation that is beneficial to everyone,” she added.

    Also read: Building a Sustainable Tomorrow: APEC Returns to Korea After 20 Years

    Once the capital of the ancient Silla Kingdom, Gyeongju has evolved into a dynamic modern city while preserving its rich cultural heritage — making it a fitting venue for these meetings. More than 100 events are set to take place covering issues such as investment, trade facilitation, anti-corruption efforts, energy cooperation, and digital economy policy. The city is anticipating participation from around 1,500 delegates from all around the Asia-Pacific.

    “APEC 2025 is about creating meaningful change,” said Eduardo Pedrosa, Executive Director of the APEC Secretariat. “The discussions and commitments we make this year will shape the region’s ability to tackle global uncertainties and ensure shared prosperity for all.”

    “Korea’s role as host is not just about convening meetings — it is about setting a vision for a resilient, interconnected, and innovative APEC region. We look forward to working with all member economies, businesses, and stakeholders to turn this vision into reality,” Pedrosa added.

    Notable sessions for the meetings in Gyeongju include an exhibitions on customs technologies and green customs initiatives; policy dialogues on AI governance, digital privacy, and cross-border data flows; workshops on carbon-free energy, hydrogen and fuel cell standardization, and clean energy transitions; as well as discussions on financial inclusion, structural reform, and the future of work.

    A press conference is scheduled for Sunday, 9 March, at 13:30 local time at the Gyeongju Hwabaek International Convention Center (HICO), featuring Ambassador Yoon Seong-mee and Eduardo Pedrosa. They will provide a readout on the outcomes of the meetings and outline key priorities and upcoming events for APEC 2025 in the months ahead. The time and venue are subject to change, with updates to be communicated via email and posted on APEC’s social media platforms.

    “We are at a critical juncture for the global economy and Korea is committed to making APEC 2025 a platform for real and measurable progress on economic resilience, digital transformation, and sustainability,” Ambassador Yoon concluded.

    For further details and media inquiries, please contact:  
    [email protected] 
    [email protected]

    MIL OSI Economics

  • MIL-OSI: Annual Report 2024

    Source: GlobeNewswire (MIL-OSI)

    • Earnings per share DKK 80.0 (2023: DKK 89.3)
    • Core income DKK 13,693m (2023: DKK 14,356m)
    • Core expenses DKK 6,402m (2023: DKK 6,102m)
    • Loan impairment charges DKK 21m (2023: DKK 127m)
    • Capital ratio of 23.1%, of which common equity tier 1 capital ratio of 17.6% (2023: 21.0% and 16.9%, respectively)
    • The Group Supervisory Board proposes an ordinary dividend of DKK 24.0 per share, or DKK 1,543m for resolution at the coming annual general meeting
    • New share buy-back programme of up to DKK 2.25bn is expected to be completed by 31 January 2026 at the latest and contributes to a historical capital distribution to shareholders
    • The net profit is expected in the range of DKK 3.8bn-4.6bn in 2025, corresponding to earnings per share in the range of DKK 60-73
    • Improved customer satisfaction, higher meeting activity and increased inflow of personal customers
    • Rising business volumes, especially within asset management, where customers also achieved excellent returns.

    Summary

    In connection with the publication of Jyske Bank’s Annual Report 2024, Lars Mørch, CEO and Member of the Executive Board states:

    “Jyske Bank delivered a net profit at DKK 5.3bn or DKK 80 per share in 2024. The profit is the second highest ever and lands at the upper end of the upgraded expectations for the year. Jyske Bank enters 2025 in good shape and with a strong business momentum.

    The integration of Handelsbanken Danmark and PFA Bank have, with a few exceptions, been completed and with better-than-expected realised results and synergies. Jyske Finans’ acquisition of the Opendo leasing portfolio, which was announced in September 2024, is also proceeding according to plan.

    The results reflect that net interest income showed a declining trend during the year whereas net fee and commission income was up by 6% due to increased business volumes compared with the preceding year. The increase was in particular supported by rising assets under management amid high demand for our investment products and favourable financial markets.

    The credit quality is still solid with a low level of non-performing exposures and a low level of actual write-offs.

    Following a few years with value-creating acquisitions, Jyske Bank is now paying both dividend and launching a share buy-back. In 2024, Jyske Bank distributed a dividend of DKK 500m and executed a share buy-back programme of DKK 1.5bn which was completed in early October. In accordance with the dividend policy the Supervisory Board proposes to the coming annual general meeting a historically large dividend of DKK 24 per share, corresponding to 30% of the shareholders’ result for 2024. For 2025, the largest single share buy-back programme to date of up to DKK 2.25bn has been launched. The programme will run until 31 January 2026 at the latest.

    Customers are increasingly opting for Jyske Bank
    Recently, we have seen a highly positive trend in customer satisfaction and business development.

    Customer satisfaction increased across all customer segments, and it is worth noting that for the first time since 2019, satisfaction among personal customers is above the average for comparable banks. Moreover, we are pleased that for the 9th year running, our customers have named Jyske Bank the best bank at Private Banking, while satisfaction of corporate customers also shows progress.

    In the fourth quarter of 2024, we saw the highest growth of mortgage loans to personal customers for more than five years, and we generally see increased meeting activity with our personal customers.

    In 2024, Jyske Bank’s assets under management grew by 17%. As in previous years, customers using Jyske Bank’s asset management solutions saw strong returns in 2024, with all mixed solutions beating their benchmarks in all risk profiles.
    We also saw an increase in the overall business volume with corporate customers, including growth in both lending and custody assets.

    Clear strategic direction
    Towards the end of 2024, Jyske Bank announced an updated strategy. The strategy builds on the Group’s strengths and should pave the way for a strong future market position. The strategy sets ambition and direction for the business and the organisation over the coming years as well as targets for improving underlying profitability up to 2028. The strategy involves tight cost management combined with increased investments in select customer segments and ensuring a solid, secure and attractive platform.

    We have clear-cut targets for stronger customer focus that will make Jyske Bank even more attractive to particularly slightly larger and more complex corporate and personal customers, and it is our ambition to help customers in their sustainable transition and to use digitisation offensively to the benefit of customers and to raise efficiency in the Group.

    A new and more customer-oriented organisation
    We organise ourselves in a customer-oriented way and bring the value chains together to better solve our customers’ needs and requirements.

    In 2024, Jyske Bank has changed its organisation to obtain stronger customer orientation in the entire value chain, stronger cross organisational collaboration, higher professionalisation of the Group’s control setup and higher development and implementation efficiency.

    In the same context, Erik Gadeberg and Jacob Gyntelberg in 2024 joined the Group Executive Board as new members, and in addition, a number of new members of the Group Executive Leadership Team has led to a strengthening of Jyske Bank.

    Jyske Bank invests in the development opportunities of competent employees and attracts some of the most talented profiles in the market. Our ambitions are to ensure a high level of competence in the Group.

    2024 was yet another busy year for Jyske Bank’s employees, due to the integration of Handelsbanken Danmark and PFA Bank, among other things. Against this background, it was very positive news that we managed to maintain a high level of job satisfaction among the Group’s employees in the annual employee survey. Thank you to the employees for excellent performance and dedicated results in 2024.

    2025 outlook
    The Danish economy remains robust although some uncertainty is involved in the global economic development. On this background, Jyske Bank anticipates a net profit in the range of DKK 3.8bn-4.6bn, corresponding to earnings per share in the range of DKK 60-73”, concludes Lars Mørch.

    Webcast and conference call
    Jyske Bank will host a conference call in English targeting investors and analysts today at 2.00 p.m. CET (link). Conference call and presentation will be available via jyskebank.com/investorrelations.

    Yours faithfully,
    Jyske Bank

    Contact:
    Lars Mørch, CEO and Member of the Executive Board, tel. +45 89 89 20 01
    Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44

    Attachments

    The MIL Network

  • MIL-OSI: Jyske Bank initiates share repurchase programme

    Source: GlobeNewswire (MIL-OSI)

    The Supervisory Board of Jyske Bank A/S (Jyske Bank) has decided to exercise the authority to repurchase shares granted by the Annual General Meeting on 21 March 2024. The share repurchase programme covers shares at a maximum value of DKK 2.25 billion.

    The programme runs as from 26 February 2025 and up to and including 31 January 2026 at the latest. The share repurchase programme is initiated and structured in compliance with the EU Market Abuse Regulation and EU Commission Regulation No. 596/2014 of 16 April 2014.

    Conditions for the share repurchase programme

    • The purpose of the programme is to reduce the share capital of Jyske Bank.
    • Jyske Bank will enter into a contract with a financial adviser which will independently of and without influence from Jyske Bank handle all purchase decisions and execute the purchases within the framework published. Jyske Bank has appointed Goldman Sachs as financial adviser and lead manager for the programme.
    • The shares cannot be purchased at prices exceeding the higher of (i) the price of the latest independent trade and (ii) the price of the highest independent bid on Nasdaq Copenhagen at the time of the transaction.
    • The total number of shares that may be purchased on a single trading day may not exceed 25% of the average daily trading volume over the preceding 20 trading days on Nasdaq Copenhagen.
    • Jyske Bank will publish the amount of shares repurchased as well as the weighted average price per day and per venue in weekly corporate announcements during the programme.

                                                             
    Yours faithfully,
    Jyske Bank

    Contact: Birger Krøgh Nielsen, CFO, tel. +45 89 89 64 44.

    Attachment

    The MIL Network

  • MIL-OSI: Notice of Annual General Meeting of Jyske Bank A/S

    Source: GlobeNewswire (MIL-OSI)

    This is to give notice of an Annual General Meeting of Jyske Bank A/S, which will be held on Tuesday 25 March 2025, at 3.00 p.m. at Gl. Skovridergaard, Marienlundsvej 36, DK-8600 Silkeborg

    AGENDA of general meeting:

    a. Report of the Supervisory Board on Jyske Bank’s operations during the preceding year.
    b. Presentation of the annual report for adoption or other resolution as well as resolution as to the application of profit or cover of loss according to the financial statements adopted, including the Supervisory Board’s proposal for payment of dividend.
    c. Presentation of and consultative ballot on the remuneration report.
    d. Determination of remuneration to the Shareholders’ Representatives and the Supervisory Board:
      1 Determination of the remuneration of Shareholders’ Representatives for 2025, cf. Art.15(5) of the Articles of Association.
      2 Determination of the remuneration of Supervisory Board members for 2025, cf. Art.16(9) of the Articles of Association.
    e. Consideration of motion to the effect that the Supervisory Board authorises the Bank to acquire Jyske Bank shares on one or more occasions, until the next annual general meeting, of up to a nominal amount of DKK 64,272,095 and at amounts not deviating by more than 10% from the closing bid price listed on NASDAQ Copenhagen A/S at the time of acquisition.
    f. Motions.
      Motions proposed by the Supervisory Board:
      1 Reduction of Jyske Bank’s nominal share capital by DKK 27,651,180 (corresponding to 2,765,118 shares at a nominal value of DKK 10) from DKK 642,720,950 to DKK 615,069,770. With reference to S.188(1) of the Danish Companies Act we point out that the capital reduction takes place through cancellation of previously acquired own shares acquired by Jyske Bank in accordance with authorisation from members in general meeting. Hence, the capital reduction is spent on payment of capital owners.
    If the motion is adopted, Jyske Bank’s holding of own shares will be reduced by 2,765,118 shares of a nominal value of DKK 10 These shares have been bought back at a total amount of DKK 1,499,999,584 which implies that, apart from the nominal capital reduction, a total amount of DKK 1,472,348,404 has been paid to the capital owners in connection with the buy-backs. The capital reduction takes place at a share premium since it will be at 542.47 for each share of a nominal amount of DKK 10, corresponding to the average price at which the shares have been bought back.

    In consequence of the above, the following amendment to the Articles of Association is proposed:
    Art. 2 to be amended to the effect that Jyske Bank’s nominal share capital be DKK 615,069,770 distributed on 61,506,977 shares.

      2 Amendments to Art. 3(8), Art. 4(2) and (3), Art. 5(1) and (2) and Art. 24(2): “VP Securities Services” to be changed into “VP Securities A/S”.
      3 To replace the existing authorizations in the Articles of Association, the Supervisory Board is authorized to carry out capital increases with and without pre-emption rights and to raise convertible loans with and without pre-emption rights by amending Art. 4(2), (3) and (5), Art. 5(1), (2), (3) and (4) of the Articles of Association. The amendments are considered together and are proposed to be changed to the following wording:
        Art. 4(2): As specified by the Supervisory Board in respect of time and terms and conditions, the share capital can be increased through the subscription of new shares without preferential subscription rights for existing shareholders. The increase may be in one or several issues by not more than a nominal amount of DKK 60 million (6 million shares of a face value of DKK 10). The increase may be effected through cash payment or through acquisition of existing businesses or specific assets. The increase must in every case be effected not below the market price. The increase cannot be effected through part payment. The authorisation will be effective until 1 March 2030.

    The new shares shall when issued and transferred be registered in the names of their holders at VP Securities A/S and in the Bank’s register of shareholders. The new shares are negotiable instruments, and there are no restrictions in their negotiability except for the provisions laid down in Art. 3 of the Articles of Association. Shareholders shall be under no obligation to have their shares redeemed in full or in part.

        Art. 4(3): As specified by the Supervisory Board in respect of time and terms and conditions, the share capital can be increased through the subscription of new shares with preferential subscription rights for existing shareholders. The increase may be in one or several issues by not more than a nominal amount of DKK 120 million (12 million shares of a face value of DKK 10). The increase may be effected through cash payment or in any other manner. The increase may be offered at a favourable price. The increase cannot be effected through part payment. The authorisation will be effective until 1 March 2030.

    The new shares shall when issued and transferred be registered in the names of their holders at VP Securities A/S and in the Bank’s register of shareholders. The new shares are negotiable instruments, and there are no restrictions in their negotiability except for the provisions laid down in Art. 3 of the Articles of Association. Shareholders shall be under no obligation to have their shares redeemed in full or in part.

        Art. 4(5): To be deleted.
        Art. 5(1): The Bank may, following resolution by the Supervisory Board, up to 1 March 2030, on one or more occasions raise loans against bonds or other instruments of debt which bonds or instruments of debt shall entitle the lender to convert his claim into shares (convertible loans) and the Supervisory Board is authorised to carry out the related capital increase. Convertible loans may be raised with a conversion right to a maximum number of shares with a total nominal value corresponding to the maximum nominal amount at the time of raising the convertible loans by which the share capital may be increased using the remaining authorization in Art. 4(3), calculated in relation to the conversion price determined at the time of raising the convertible loans. Exercising the authorisation to increase the share capital in Art. 4(3), will hence reduce the authorisation to raise convertible loans in accordance with this provision. The Bank’s shareholders shall have a preferential subscription right to convertible loans. Where the Supervisory Board decides to raise convertible loans, when exercising the authorization in this provision, the authorisation to increase the share capital, cf. Art. 4(3), shall be considered to be utilised by an amount corresponding to the maximum conversion right. The term allowed for conversion may be fixed at a period exceeding five years after the raising of the convertible loan. For shares which shall be issued on the basis of the convertible loans mentioned in this provision, the Supervisory Board shall decide – with due regard to the time of subscription or utilisation of the conversion right – the time from when such new shares shall carry a right to receive dividend and other terms and conditions of the share issue. Shares issued on the basis of the convertible loans mentioned in this provision cannot be paid in by partial payment, are registered shares and are registered in the name of the holder in VP Securities A/S and the Bank’s register of shareholders upon issuance and transfer. The new shares are negotiable instruments, and the same rules as apply to the existing shares in respect of rights and duties, redeemability and transferability shall apply.
        Art. 5(2): The Bank may, following resolution by the Supervisory Board, up to 1 March 2030, on one or more occasions raise loans against bonds or other instruments of debt which bonds or instruments of debt shall entitle the lender to convert his claim into shares (convertible loans) and the Supervisory Board is authorised to carry out the related capital increase. Convertible loans may be raised with a conversion right to a maximum number of shares with a total nominal value corresponding to the maximum nominal amount at the time of raising the convertible loans by which the share capital may be increased using the remaining authorization in Art. 4(2), calculated in relation to the conversion price determined at the time of raising the convertible loans. Exercising the authorisation to increase the share capital in Art. 4(2), will hence reduce the authorisation to raise convertible loans in accordance with this provision. The Bank’s shareholders shall not have a preferential subscription right to convertible loans which are offered at a subscription price and a conversion price to the effect that the right of conversion corresponds to the market price of the shares at the time the resolution to raise convertible loans by using the authorisation of this provision was passed by the Supervisory Board. The convertible bonds or other instruments of debt may be issued as payment upon the Bank’s acquisition of existing businesses or specific assets corresponding to the value of the convertible bonds or other instruments of debt. Where the Supervisory Board decides to raise convertible loans, when exercising the authorization in this provision, the authorisation to increase the share capital, cf. Art. 4(2), shall be considered to be utilised by an amount corresponding to the maximum conversion right. The term allowed for conversion may be fixed at a period exceeding five years after the raising of the convertible loan. For shares which shall be issued on the basis of the convertible loans mentioned in this provision, the Supervisory Board shall decide – with due regard to the time of subscription or utilisation of the conversion right – the time from when such new shares shall carry a right to receive dividend and other terms and conditions of the share issue. Shares issued on the basis of the convertible loans mentioned in this provision cannot be paid in by partial payment, are registered shares and are registered in the name of the holder in VP Securities A/S and the Bank’s register of shareholders upon issuance and transfer. The new shares are negotiable instruments, and the same rules as apply to the existing shares in respect of rights and duties, redeemability and transferability shall apply.
        Art. 5(3): To be deleted.
        Art. 5(4): To be deleted.
    g. Election of members:
      1 Election of Shareholders’ Representatives, cf. Art. 14(4) of the Articles of Association. The proposed candidates and further information about them are available as from Friday 28 February 2025 at Jyske Bank’s website.
      2 Election of Supervisory Board members, cf. Art. 16(1)(b) of the Articles of Association.
    The Supervisory Board proposes re-election of Lisbeth Holm, CEO, Vejle and Consultant and Professional Board Member, Glenn Söderholm, Vejbystrand (Sweden).
    h. Election of auditors:
      1 The Supervisory Board proposes the re-election of EY Godkendt Revisionspartnerselskab. The motion is in accordance with the recommendation of the Audit Committee to the Supervisory Board. The recommendation of the Audit Committee is free from influence by any third parties and is not – and has not been – subject to any agreement with a third party who in any way limits the appointment of specific auditors or audit firms by members in general meeting.
      2 The Supervisory Board proposes the re-election of EY Godkendt Revisionspartnerselskab for verification of statutory information on sustainability. The motion is in accordance with the recommendation of the Audit Committee to the Supervisory Board. The recommendation of the Audit Committee is free from influence by any third parties and is not – and has not been – subject to any agreement with a third party who in any way limits the appointment of specific auditors or audit firms by members in general meeting.
    i. Any other business.

    Reference to Jyske Bank’s website for further information
    Where in this notice of a General Meeting, reference is made to Jyske Bank’s website for further information, this link can be used: https://jyskebank.com/investorrelations/generalmeetings.

    Adoption of motions – special requirements
    Motions to amend the Bank’s Articles of Association at annual general meetings shall only be adopted where not less than 90 per cent of the voting share capital is represented at the annual general meeting and only where adopted by both three fourth of the votes cast and by three fourth of the voting share capital represented at the general meeting, cf. Art. 12 of the Articles of Association. Where less than 90 per cent of the voting share capital is represented at the annual general meeting, but the said motion obtains both three fourth of the votes cast and three fourth of the voting share capital represented at the annual general meeting, the said motion may be adopted at a new general meeting by the said qualified majority irrespective of the proportion of the share capital represented.

    Size of the share capital, voting rights of the shareholders and registration date
    Jyske Bank’s share capital is DKK 642,720,950, comprising shares at a face value of DKK 10. Any share amount of DKK 10 shall carry one vote, provided always that 4,000 votes are the highest number of votes any one shareholder may cast on his own behalf. Voting rights can only be exercised by shareholders or their proxies. For the voting right of a share to be exercised, the share shall be registered in the name of the holder in Jyske Bank’s register of shareholders not later than on the day of registration, which is Tuesday, 18 March 2025, or the title to such share shall be notified and documented to the Bank within that same time limit.

    Proxy and postal vote
    Shareholders may as from Friday, 28 February up to and including Friday, 21 March 2025 give voting instructions, appoint Jyske Bank’s Supervisory Board or a third party as proxy either electronically or by means of the Power of Attorney form.

    Shareholders may attend the General Meeting by proxy and cast their votes by proxy.

    In addition, shareholders may as from Friday, 28 February to Monday 24 March 2025 at 10.00 a.m. cast postal votes either electronically or by means of a form.

    Proxies may be appointed, or postal votes may be cast electronically at the Investor Portal via Jyske Bank’s website. A form for the appointment of proxies or for casting postal votes is available at one of Jyske Bank’s branches or can be downloaded from Jyske Bank’s website. Where the form is used, please forward the completed and signed form either by post to Euronext Securities (VP Securities A/S) at the address Nicolai Eigtveds Gade 8, 1402 Copenhagen K or by email to CPH-investor@euronext.com. The form must reach Euronext Securities (VP Securitas A/S) by the above-mentioned deadlines, and proxies must have been appointed or postal votes must have been cast electronically by the same deadlines.

    Custodian bank
    Jyske Bank’s shareholders may choose Jyske Bank A/S as their custodian bank in order to exercise their financial rights through Jyske Bank A/S.

    Questions from shareholders
    Shareholders are recommended to ask questions in writing before the general meeting about the items of the agenda or Jyske Bank’s financial position. Please send questions to Jyske Bank A/S, Juridisk Afdeling, Vestergade 8-16, DK-8600 Silkeborg or by email to Juridisk@jyskebank.dk. Questions and answers will be presented at the general meeting, and shareholders who have asked questions will receive replies directly from Jyske Bank. At the General Meeting, the management will also answer questions from the shareholders about matters of importance for the financial situation of Jyske Bank and questions for consideration at the General Meeting.

    Additional information
    The following documents and information can be downloaded from Jyske Bank’s website from Friday, 28 February 2025:

    1. Notice of General Meeting.
    2. The total number of shares and voting rights at the date of the notice.
    3. Agenda and full wording of motions.
    4. Annual Report and the consolidated financial statements with the auditor’s report and the management’s review.
    5. Remuneration report
    6. List of candidates and further information about the proposed candidates with respect to election of Shareholders’ Representatives and the Supervisory Board.
    7. The forms to be used when voting by proxy or by postal vote.

    Notification of participation
    Shareholders who wish to attend and cast their votes at the General Meeting may register for the General Meeting at the Investor Portal via Jyske Bank’s website as from Friday 28 February 2025 up to and including Friday 21 March 2025.
    Confirmation of registration and QR code for the general meeting portal will be submitted by email (also in case of powers of attorney to third parties), and therefore it is important that you register your email address at the Investor Portal.
    At the entrance to the general meeting, you press the submitted QR code in the email to register your attendance which is why you must bring your smart phone or your tablet. Any votes will also take place via the General Meeting Portal. Additional guidelines for using the General Meeting Portal will be available at the entrance to the general meeting.
    If you are unable to receive confirmation of registration to the general meeting by email, you may register for the general meeting by means of the sign-up form available at Jyske Bank’s website or by contacting one of Jyske Bank’s branches. If so, you must contact and confirm your attendance at the entrance to the general meeting which requires that you produce valid identification.

    Live webcast
    The general meeting will be live webcasted via InvestorPortalen. The transmission will comprise images and sound. In order to follow the general meeting shareholders must log on to InvestorPortalen with their MitIDs or VP-IDs. Registration to the general meeting is not required in order to follow the webcast. It will not be possible to ask questions or make presentations and/or cast votes during the process.

    Before commencement of the proceedings of the Annual General Meeting, coffee/tea etc. will be served from 1.30 p.m.

    Silkeborg, 26 February 2025

    The Supervisory Board

    Attachment

    The MIL Network

  • MIL-OSI: Annual Report of Jyske Realkredit A/S for the financial year 2024

    Source: GlobeNewswire (MIL-OSI)

    Annual Report of Jyske Realkredit A/S for the financial year 2024

    To NASDAQ Copenhagen A/S
                                                                                                                     26 February 2025
                                                                                                                     Announcement no. 18/2025

    Annual Report of Jyske Realkredit A/S for the financial year 2024

    On February 26, 2025, the Board of Directors has approved the Annual Report of Jyske Realkredit A/S for the financial year 2024.

    Please see attached files.

    Yours sincerely,
    Jyske Realkredit A/S

    Carsten Tirsbæk Madsen
    CEO

    Direct phone (+45) 89 89 90 50
    E-mail ctm@jyskerealkredit.dk

    Web: jyskerealkredit.com

    Please observe that the Danish version of this announcement prevails.

    Attached files:
    Jyske Realkredit Preliminary announcement of financial statements 2024.pdf
    Jyske Realkredit Annual Report 2024.pdf

    Attachments

    The MIL Network

  • MIL-OSI: Elevating Road Safety and Autonomous Driving: LeddarTech to Demonstrate Innovative Solutions at Three Key European Events

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, Feb. 26, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology, LeddarVision™, for ADAS, AD and parking applications, is set to bring its transformative solutions to Europe. LeddarTech will participate in three key industry events this March and April—Embedded World, Tech.AD Europe and Hannover Messe 2025—offering an opportunity to showcase how its technologies are enhancing safety, performance and efficiency in automotive systems.

    Following a recently announced significant milestone—the selection of LeddarVision by a global commercial vehicle OEM for its ADAS program in model year 2028 vehicles—LeddarTech’s participation in these events reinforces its expanding influence and commitment to driving technological excellence and safety innovation in Europe.

    Event Highlights

    1. Embedded World

    • Dates: March 11-13, 2025
    • Location: NürnbergMesse, Nuremberg

    At Embedded World, a premier event dedicated to embedded technologies, LeddarTech will present its advancements in perception, sensor fusion and real-time processing. Through live demonstrations of LeddarVision, attendees will witness firsthand how LeddarTech’s solutions contribute to the SOAFEE ecosystem with a new blueprint. Utilizing Arm technology on AWS G5g, LeddarVision Surround offers adaptable, scalable perception solutions that meet the evolving standards of the automotive industry.

    2. Tech.AD Europe

    • Dates: March 16-18, 2025
    • Location: Hotel Titanic Chaussee, Berlin
    • Booth: # 7

    Tech.AD Europe is a leading conference for ADAS and AD technologies. LeddarTech will not only showcase its solutions but also provide immersive experiences with live LeddarNavigator demonstrations. Participants will join on-road demonstrations to experience the real-time performance of LeddarVision “Full Surround” (LVS-2+), offering an authentic view of how LeddarTech’s AI-driven software navigates complex driving environments. This demonstration builds on the success of the LeddarNavigator’s showcase at CES 2025 in Las Vegas, where it received significant industry recognition.

    3. Hannover Messe 2025

    • Dates: March 31 – April 4, 2025
    • Location: Messegelände Hannover
    • Booth: # 44 A, Hall 17

    As Canada takes the spotlight as the host country at Hannover Messe, LeddarTech will be part of the Canadian delegation showcasing innovations in green, digital and resilient technologies. Visitors to LeddarTech’s booth will experience 360° virtual reality demonstrations, detailed product presentations and customer meetings. This event is a strategic platform to engage with industry leaders and demonstrate how LeddarVision technology supports advanced manufacturing and drives the adoption of autonomous systems across diverse sectors.

    A Vision for the Future of Automotive Technology

    “With our recent first OEM design win and our strategic collaboration with Texas Instruments, LeddarTech is solidifying its leadership in sensor fusion and perception software for ADAS and autonomous driving,” said Frantz Saintellemy, President and CEO of LeddarTech. “These milestones, coupled with our strong market momentum, reflect the increasing adoption of our LeddarVision technology. Our presence at Embedded World, Tech.AD Europe and Hannover Messe 2025 presents a valuable opportunity to demonstrate our innovative approach to enhancing safety, performance and cost efficiency in ADAS and AD systems—both in Europe and globally.”

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements
    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market; (ii) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (iii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders and timing of revenue, if any; (iv) our ability to timely access sufficient capital and financing on favorable terms or at all; (v) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (vi) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vii) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (viii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (ix) changes in general economic and/or industry-specific conditions; (x) our ability to retain, attract and hire key personnel; (xi) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xii) legislative, regulatory and economic developments; (xiii) the outcome of any known and unknown litigation and regulatory proceedings; (xiv) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Maram Fityani, Media and Public Relations, LeddarTech Holdings Inc.
    Tel.: + 1-418-653-9000 ext. 623, maram.fityani@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network

  • MIL-OSI: BW Energy Limited: Annual report 2024  

    Source: GlobeNewswire (MIL-OSI)

    Annual report 2024  

    BW Energy today published its annual report for the financial year ended 31 December 2024. BW Energy also published the Board-approved report on payments to governments and the annual statement of reserves for 2024. Please find the reports attached.  

    The reports are also available at: www.bwenergy.no/investors/reports-and-presentations 

    For further information, please contact: 

    Brice Morlot, CFO BW Energy, +33.7.81.11.41.16 

    ir@bwenergy.com  

    About BW Energy:  

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025.  

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    Attachments

    The MIL Network

  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q4 and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s gross loan portfolio reached a record 2.2 billion euros at the end of the year, increasing by 137 million euros (+7%) quarter on quarter and by 535 million euros (+32%) year on year. The focus product lines showed solid quarter-on-quarter growth. The business loan portfolio grew by 61 million euros (+9%) to 764 million euros and the home loan portfolio by 79 million euros (+15%) to 613 million euros. The consumer loan portfolio decreased by 9 million euros (-1%) quarter on quarter to 828 million euros.

    Bigbank’s deposit portfolio grew in the fourth quarter mainly through term deposits. During the quarter, the term deposit portfolio grew by 118 million euros to 1.36 billion euros (+10%) and the savings deposit portfolio by 8 million euros to 1.03 billion euros (+1%). The Group’s total deposit portfolio grew by 127 million euros (+6%) quarter on quarter and by 456 million euros (+24%) year on year to 2.39 billion euros.

    In December, Bigbank also started offering current accounts to existing retail customers in Estonia, which will further diversify the deposit portfolio, but the balance of current accounts was still marginal at the end of 2024.

    In the fourth quarter of 2024, Bigbank earned a net profit of 4.6 million euros. Net profit for the 12 months of 2024 was 32.3 million euros. Compared to the restated results for 2023, fourth-quarter net profit decreased by 6.6 million euros and 12-month net profit by 8.3 million euros.

    In the fourth quarter, interest income grew by 5.7 million euros year on year to 43.4 million euros (+15%). Interest expense grew by 5.3 million euros to 20.1 million euros (+36%). Bigbank’s net interest income for the fourth quarter was 23.3 million euros, up 0.4 million euros year on year, and net interest income for the year was 102.4 million euros, up 6.7 million euros (+7%) year on year.

    In the fourth quarter, the credit quality of the loan portfolio remained stable. However, changes were observed in the credit quality of the loan portfolio over the course of 2024. The decline in the quality of the consumer loan portfolio, which started in the last quarter of 2023, continued in the first quarter, but the situation stabilised in the following quarters. During the year, there was also some deterioration in the business loan portfolio, where the share of past due loans increased, but due to strong collateral positions this did not have a significant impact on loss allowances. The credit quality of home loans remained very good throughout the year.

    In the fourth quarter, loss allowances for loans decreased by 0.3 million euros year on year to 4.6 million euros, but during the year loss allowances grew by 5.0 million euros to 23.9 million euros. Compared to the end of 2023, the share of stage 3 (non-performing) loans grew by 59.5 million euros and accounted for 4.9% of the total loan portfolio at the end of 2024 (+1.9 pp from the end of 2023). Compared to the end of the third quarter, the share of stage 3 loans in the total loan portfolio remained stable.

    The Group’s investment property portfolio increased to 66.4 million euros by the end of the fourth quarter (+35% from end-2023). Changes in the fair value of investment properties resulted in a loss of 1.6 million euros for both the fourth quarter and the full year. For comparison, the 12-month result for 2023 was a profit of 3.4 million euros, which included a profit of 4.4 million euros in the fourth quarter. This is also the main reason why the Group’s net profit for the fourth quarter of 2024 was 6.6 million euros lower than in the same period of 2023.

    Income statement, in thousands of euros Q4 2024 Q4 2023 12M 2024 12M 2023
    Net interest income 23,266 22,949 102,356 95,667
    Net fee and commission income 2,499 2,168 9,224 8,284
    Net income (loss) on financial assets 1,145 4,246 5,246 9,222
    Net other operating income -1,350 -1,940 -4,150 -3,626
    Total net operating income 25,560 27,423 112,676 109,547
    Salaries and associated charges -8,204 -6,345 -27,780 -24,032
    Administrative expenses -2,766 -4,025 -11,547 -15,183
    Depreciation, amortisation and impairment -2,052 -2,039 -8,349 -6,400
    Total expenses -13,022 -12,409 -47,676 -45,615
    Provision expenses (income) -1,730 4,662 -1,836 3,780
    Profit before loss allowances 10,808 19,676 63,164 67,712
    Net loss allowances on loans and financial investments -4,606 -4,896 -23,899 -18,881
    Profit before income tax 6,202 14,780 39,265 48,831
    Income tax expense -1,514 -3,432 -7,017 -7,601
    Profit for the period from continuing operations 4,688 11,348 32,248 41,230
    Income (loss) from discontinued operations 0 -18 29 -575
    Profit for the period 4,688 11,330 32,277 40,655
    Statement of financial position, in thousands of euros 31 Dec 2024 30 Sept 2024 31 Dec 2023 restated*
    Cash and cash equivalents 448,661 475,284 518,672
    Debt securities at FVOCI 22,334 14,992 15,400
    Loans to customers 2,196,482 2,059,625 1,662,002
    Other assets 110,939 87,126 91,324
    Total assets 2,778,416 2,637,027 2,287,398
    Customer deposits and loans received 2,401,689 2,274,269 1,946,314
    Subordinated notes 91,668 83,437 76,109
    Other liabilities 15,277 14,585 20,182
    Total liabilities 2,508,634 2,372,291 2,042,605
    Equity 269,782 264,736 244,793
    Total liabilities and equity 2,778,416 2,637,027 2,287,398

    Commentary by Martin Länts, chairman of the management board of Bigbank AS:

    “In 2024, Bigbank continued its strategic growth, focusing on expanding its loan and deposit portfolios and developing everyday banking services. Our loan portfolio grew to 2.2 billion euros (+32%), while our deposit portfolio reached 2.4 billion euros (+24%). The number of active customers increased by 16,600 over the year to more than 167,300. Customer satisfaction remained high, with our Net Promoter Score (NPS) at 57 points.

    One of the key achievements of the year was integration with the SEPA instant payment system and the launch of a current account in Estonia, enabling customers to send and receive payments within seconds, 24/7. This is an important step towards everyday banking services, which we plan to expand to our other markets soon.

    The main drivers of our continued growth were home and business loans – our home loan portfolio grew by 75%, while business loans increased by 32% year-on-year. The trust our customers place in us, thanks to our personalised approach, fast processes and competitive terms, confirms that we are on the right track. At the same time, we maintained attractive deposit rates and expanded our deposit offering – for example, we introduced a term deposit for retail customers in Lithuania and a savings deposit in Latvia and Bulgaria. We also launched a savings deposit for corporate customers in Latvia and Lithuania.

    Despite the declining Euribor environment and continued high deposit rates, Bigbank maintained strong profitability, generating a net profit of 32.3 million euros in 2024. This demonstrates our ability to offer competitive products and services in both the lending and deposit markets, while ensuring sustainable growth.

    In November 2024, Bigbank reached a significant milestone when the central bank of Estonia designated us as a systemically important credit institution. This decision underscores our growing role in Estonia’s financial sector and validates our strategic direction. We also carried out successful bond issues, raising 20.4 million euros in additional capital to support further expansion and strengthen our capital structure.

    I sincerely thank the entire Bigbank team for their dedication and determination. My gratitude also goes to our customers, investors and partners – your trust and support inspire us to deliver even better financial services and to grow together.”

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 31 December 2024, the bank’s total assets amounted to nearly 2.8 billion euros, with equity close to 270 million euros. Operating in nine countries, the bank serves more than 167,000 active customers and employs over 500 people. The credit rating agency Moody’s has assigned Bigbank a long-term bank deposit rating of Ba1, along with a baseline credit assessment (BCA) and an adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Tel: +372 53 930 833
    Email: Argo.Kiltsmann@bigbank.ee 
    www.bigbank.ee

    Attachment

    The MIL Network

  • MIL-OSI Russia: 2.4 thousand courtyards to be improved in Moscow

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Specialists from the city economy complex will carry out improvement work on 2.4 thousand courtyards in the capital. This was announced by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

    “This year we will put 2.4 thousand courtyard areas in order: we will renew the asphalt covering of pedestrian paths and driveways, and arrange convenient parking. An important final stage of all the capital’s improvement programs is landscaping, so new lawns will appear in the courtyards,” said Pyotr Biryukov.

    The projects were developed taking into account the suggestions and wishes of city residents.

    As part of the improvement of courtyard areas, small architectural forms are changed or installed, and residents can also participate in the selection of their design. If space allows, swings and gazebos are installed. When repairing children’s and sports grounds, new surfaces are laid and modern equipment is installed. Particular attention is paid to the modernization of the lighting system – lanterns and street lamps with energy-efficient lamps appear in the courtyards.

    At the request of residents and if the necessary conditions are available, a place for walking pets can be allocated.

    Previously, all the capital’s courtyards, and there are more than 24 thousand of them, were put in order in accordance with the developed standard. It implies equipping the adjacent territories with infrastructure for recreation and sports, as well as high-quality lighting and landscaping of the territories.

    The projects implemented in the capital to create a comfortable urban environment correspond to the goals and objectives of the national project “Infrastructure for Life”.

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

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

    https: //vv.mos.ru/nevs/ite/150594073/

    MIL OSI Russia News

  • MIL-OSI Australia: Value adding for the NSW economy

    Source: New South Wales Government 2

    Headline: Value adding for the NSW economy

    Published: 26 February 2025

    Released by: Minister for Lands and Property


    The NSW agency responsible for the State’s land valuation system has achieved a stunning trifecta with a move to more in-house valuations saving taxpayers $1.7 million in its first year while delivering valuations faster and to a higher quality standard.

    Value NSW previously used external contractors but has transitioned to a hybrid delivery model to boost service and reduce costs. The hybrid model is forecast to save taxpayers a further $28 million between now and 2031.

    In March 2024, Value NSW moved land valuations for four regions in-house: Central Tablelands, North Coast NSW, Hunter Coast and Sydney Coast North. Since then, Value NSW has completed almost 800,000 land valuations in-house, saving $1.7 million that would have otherwise been incurred if these valuations were outsourced.

    From March 2025, Value NSW will transition another four regions in-house: Sydney Coast South, South Coast NSW, Sydney Central West and South East Regional NSW. 

    Following this transition around 1.5 million valuations will be done annually in-house, at a combined value of about $1.4 trillion. External contractors will deliver around 1.2 million further valuations to a combined value of $1.6 trillion. 

    Land values are used by the NSW Government to assess land tax and for local councils to assess rates.

    Supplementary valuations, which occur when properties are subdivided or boundaries change, are also being completed two days faster by in-house staff compared to contractors.

    The transition has not resulted in any net job losses with Value NSW employing extra staff to make it NSW’s largest valuation employer of almost 300 people, 52% of whom are based in regional areas.  The move to in-house valuations aligns with a NSW Government directive to reduce reliance on contractors while building public sector capacity and capability.

    Minister for Lands and Property Steve Kamper said:

    “Value NSW and its staff have become true value adders for our state with more skilled public servants now serving the public faster, to a higher standard and saving taxpayers money.

    “This balanced model of both in-house and contract valuers will ensure diversity, competition and innovation in our land valuation system, which underpins almost 10% of our annual state revenue.”

    Value NSW Chief Executive Officer Stewart McLachlan said:

    “This is a great result, designed and delivered by public servants and is a credit to the delivery focus of our team at Value NSW. I’m confident these benefits will continue into the future as the model expands.”

    MIL OSI News

  • MIL-OSI USA: Grassley Pushes for Answers on UnitedHealth Group’s Medicare Advantage Billing Practices

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    Read more from the Wall Street Journal HERE

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), Chairman of the Senate Judiciary Committee and a former Chairman of the Senate Finance Committee, sent a letter to UnitedHealth Group Chief Executive Officer Andrew Witty demanding detailed information on the company’s Medicare billing practices.

    Grassley’s letter cited reports of apparent fraud, waste and abuse at UnitedHealth Group, including efforts to diagnose enrollees with obscure revenue-generating diagnoses that were irrelevant or inaccurate. According to reporting, this resulted in $8.7 billion in extra payments in 2021 alone.

    “Despite these oversight efforts, [Medicare Advantage Organizations] continue to defraud the American taxpayer, costing them billions of dollars a year … The apparent fraud, waste, and abuse at issue is simply unacceptable and harms not only Medicare beneficiaries, but also the American taxpayer,” Grassley wrote.

    In the letter, Grassley requested UnitedHealth provide its training manuals, guidance documents, compliance program details, audit results and other documents.

    Since 2015, Grassley has pressed the Centers for Medicare & Medicaid Services and the Department of Justice to recover improper payments made to Medicare Advantage Organizations, including UnitedHealth Group.

    Text of the letter to UnitedHealth Group follows:

    February 24, 2025

    VIA ELECTRONIC TRANSMISSION

    Mr. Andrew Witty

    Chief Executive Officer

    UnitedHealth Group, Inc.

    Dear Mr. Witty:

    Twenty-five years ago, I helped shepherd Medicare Part C into law, and I have repeatedly advocated for the program.[1]  Further, since 2015, I have pressed the Centers for Medicare & Medicaid Services (CMS) and the Department of Justice (DOJ) to recover improper payments made to Medicare Advantage Organizations (MAO), including UnitedHealth Group.[2]  Despite these oversight efforts, MAOs continue to defraud the American taxpayer, costing them billions of dollars a year.[3] 

    On February 21, 2025, the Wall Street Journal published an article titled, “DOJ Investigates Medicare Billing Practices at UnitedHealth,” which reported that the DOJ launched an investigation into UnitedHealth Group’s Medicare billing practices.[4]  According to the Journal, UnitedHealth Group used in-home health risk assessments (HRA) and chart reviews to diagnose enrollees with obscure revenue-generating diagnoses that were irrelevant or inaccurate.[5]  Further, according to the reporting, the inappropriate diagnoses resulted in extra payments of $8.7 billion in just 2021.[6] 

    On October 24, 2024, the Health and Human Services Office of Inspector General (HHS OIG) released a report titled, Medicare Advantage: Questionable Use of Health Risk Assessments Continues To Drive Up Payments to Plans by Billions.[7]  The HHS OIG found that UnitedHealth Group received more money from CMS for diagnoses only made during in-home HRAs and chart reviews than any other MAO.[8]  The OIG, which reviewed all MAO enrollees, noted that, “the lack of any other follow-up visits, procedures, tests, or supplies for these diagnoses…raises concerns that either: (1) the diagnoses are inaccurate and thus the payments are improper or (2) enrollees did not receive needed care for serious conditions reported only on HRAs or HRA-linked chart reviews.”[9]  In this context, UnitedHealth Group benefited financially more than any other MAO, which raises serious questions about its practices.  The apparent fraud, waste, and abuse at issue is simply unacceptable and harms not only Medicare beneficiaries, but also the American taxpayer.  

    For Congress and the American public to better understand UnitedHealth Group’s billing practices, please provide answers to the following questions no later than March 10, 2025:

    1. What steps has UnitedHealth Group taken to review all diagnoses submitted to CMS for its Medicare Advantage enrollees (“enrollees”) that were identified only by HRAs or chart reviews (either manual or artificial intelligence) and to identify all submitted diagnoses that are obscure, irrelevant, or inaccurate?  Quantify the number and amount of inappropriate payments identified as a result of these actions.  Provide all records.[10]
    1. Provide all records that relate to the compliance program that UnitedHealth Group had in place from 2019-2024 to monitor the accuracy and appropriateness of the diagnosis codes submitted to CMS for enrollees, including the design and results of all audits conducted.
    1. Provide all training manuals and guidance documents for conducting HRAs and manual chart reviews, a list of all software used during the course of an HRA and a manual chart review, and the logic rules for all electronic decision support tools embedded in the software.  Does UnitedHealth Group use artificial intelligence to conduct the aforementioned processes?  Are all diagnoses identified by artificial intelligence confirmed by a trained medical record reviewer?
    1. Provide all policies and procedures for obtaining diagnostic confirmation from an enrollee’s primary care provider and ensuring the receipt of treatment for a new diagnosis identified by an HRA or a chart review.  Provide all documentation related to compliance audits of this process.

    Thank you for your prompt review and response.  If you have any questions, please contact Tucker Akin with my Committee staff at (202) 224-5225.

    Sincerely,

    Charles E. Grassley

    Chairman

    Committee on the Judiciary

    -30-


    [1] Thomas Oliver, Philip Lee, and Helene Lipton, A Political History of Medicare and Prescription Drug Coverage, The Millbank Quarterly (June 2004), https://pmc.ncbi.nlm.nih.gov/articles/PMC2690175/; Webpage, Cuts to the Medicare Advantage Program, Off. of Senator Charles E. Grassley (Feb. 27, 2014), https://www.grassley.senate.gov/news/video/watch/cuts-to-the-medicare-advantage-program; Letter from Senator Charles E. Grassley, Chairman, Senate Comm. on Finance, to Seema Verna, Administrator, Cntrs. for Medicare & Medicaid Srvcs. (Mar. 29, 2019), https://www.finance.senate.gov/imo/media/doc/03292019%20Medicare%20Advantage%20Letter.pdf.

    [2] Letter from Senator Charles E. Grassley, Ranking Member, Senate Comm. on the Budget, to Chiquita Brooks-LaSure, Administrator, Cntrs. for Medicare & Medicaid Srvcs. (Dec. 16, 2024), https://www.grassley.senate.gov/imo/media/doc/grassley_to_cms_-_radv_final_rule.pdf;

    Letter from Senator Charles E. Grassley, Chairman, Senate Comm. on the Judiciary, to Seema Verna, Administrator, Cntrs. for Medicare & Medicaid Srvcs. (Apr. 17, 2017), https://www.grassley.senate.gov/imo/media/doc/2017-04-17%20CEG%20to%20CMS%20(Risk%20Score%20Follow%20Up).pdf; Letter from Senator Charles E. Grassley, Chairman, Senate Comm. on the Judiciary, to Andrew Slavitt, Administrator, Cntrs. for Medicare & Medicaid Srvcs. (May 19, 2015), https://media.npr.org/documents/2015/may/grassley_cms.pdf; Letter from Senator Charles E. Grassley, Chairman, Senate Comm. on the Judiciary, to Loretta Lynch, Attorney General, Dept. of Justice (May 19, 2015), https://media.npr.org/documents/2015/may/grassley_doj.pdf.  

    [3] Medicare Advantage Provider Independent Health to Pay Up To $98M to Settle False Claims Act Suit, Dept. of Justice (Dec. 20, 2024), https://www.justice.gov/archives/opa/pr/medicare-advantage-provider-independent-health-pay-98m-settle-false-claims-act-suit; Oak Street Health Agrees to Pay $60M to Resolve Alleged False Claims Act Liability for Paying Kickbacks to Insurance Agents in Medicare Advantage Recruitment Scheme, Dept. of Justice (Sep. 18, 2024), https://www.justice.gov/archives/opa/pr/oak-street-health-agrees-pay-60m-resolve-alleged-false-claims-act-liability-paying-kickbacks.

    [4] Christopher Weaver and Anna Wilde Mathews, DOJ Investigates Medicare Billing Practices at UnitedHealth, The Wall Street Journal (Feb. 21, 2025), https://www.wsj.com/health/healthcare/unitedhealth-medicare-doj-diagnosis-investigation-66b9f1db?msockid=1979114121c76140288a04d6207560b1.

    [5] Id.; Christopher Weaver, Anna Wilde Mathews, and Tom McGinty, UnitedHealth’s Army of Doctors Helped It Collect Billions More From Medicare, The Wall Street Journal (Dec. 29, 2024), https://www.wsj.com/health/healthcare/unitedhealth-medicare-payments-doctors-c2a343db?msockid=1979114121c76140288a04d6207560b1; Anna Wilde Mathews et al., The One-Hour Nurse Visits That Let Insurers Collect $15 Billion From Medicare, The Wall Street Journal (Aug. 4, 2024), https://www.wsj.com/health/healthcare/medicare-extra-payments-home-visits-diagnosis-057dca8b?msockid=1979114121c76140288a04d6207560b1; Christopher Weaver et al., Insurers Pocketed $50 Billion From Medicare for Diseases No Doctor Treated, The Wall Street Journal (July 8, 2024), https://www.wsj.com/health/healthcare/medicare-health-insurance-diagnosis-payments-b4d99a5d?msockid=1979114121c76140288a04d6207560b1.

    [6] Weaver & Mathews, supra note 4.

    [7] U.S. Dep’t of Health and Human Services, Office of Inspector General, Medicare Advantage: Questionable Use of Health Risk Assessments Continues To Drive Up Payments to Plans by Billions, OEI-03-23-00380 (Oct. 24, 2024), https://oig.hhs.gov/documents/evaluation/10028/OEI-03-23-00380.pdf.

    [8] Id.

    [9] Id.

    [10] Records” include any written, recorded, or graphic material of any kind, including letters, memoranda, reports, notes, electronic data (e-mails, email attachments, and any other electronically-created or stored information), calendar entries, inter-office communications, meeting minutes, phone/voice mail or recordings/records of verbal communications, and drafts (whether or not they resulted in final documents).

    MIL OSI USA News

  • MIL-OSI Asia-Pac: $1b set aside for AI R&D institute

    Source: Hong Kong Information Services

    In his 2025-26 Budget Speech this morning, Financial Secretary Paul Chan outlined that Hong Kong is committed to cultivating new quality productive forces in accordance with national strategies, and to leveraging the economic potential of innovation and technology (I&T), including the development and adoption of artificial intelligence (AI).

    In particular, he announced that a Hong Kong AI Research and Development Institute will be set up to promote the application of research outcomes.

    Mr Chan highlighted that the Government will strive both to develop AI as a core industry and to empower traditional industries to upgrade and transform through AI adoption.

    Announcing that $1 billion has been set aside for the establishment of a Hong Kong AI Research and Development Institute, he explained that it will spearhead both research and development (R&D) and industrial applications of AI, with the Digital Policy Office being given responsibility for the institute’s formulation.

    Mr Chan also reported that computing power at Cyberport’s AI Supercomputing Centre is on schedule to reach 3,000 petaFLOPS this year, and that two pilot lines at the Hong Kong Microelectronics Research & Development Institute will begin operating at the Microelectronics Centre in Yuen Long next year.

    To boost Hong Kong’s international standing in the industry, the finance chief revealed that the Hong Kong Investment Corporation will host the first International Young Scientist Forum on Artificial Intelligence, and the first International Conference on Embodied AI Robots.

    In addition, he said the Hong Kong Exchanges & Clearing, with support from the Securities & Futures Commission, will take forward the establishment of a dedicated “technology enterprises channel” to help specialist technology and biotechnology companies, especially those listed in the Mainland, raise funds and expand their business. Meanwhile, the Government will review tax deduction arrangements for various expenditures incurred by firms in obtaining intellectual property rights.

    Mr Chan reported that the Government’s New Industrialisation Funding Scheme has now part-funded the setting up of more than 100 new smart production lines by local manufacturing enterprises across industries ranging from biotechnology and nanofibre materials to new energy. Additionally, the New Industrialisation Acceleration Scheme, launched in September to help firms build smart production facilities, recently approved its first project, awarding $200 million to an enterprise in the life and health technology sector.

    Complementing these initiatives, Mr Chan said the Government plans to launch a two-year Pilot Manufacturing & Production Line Upgrade Support Scheme this year, and has earmarked $100 million for it. The scheme will provide funding of up to $250,000 to enterprises, on a one-to-two matching basis, to support their adoption of advanced production technologies.

    The Government will also set up a $10 billion I&T Industry‑Oriented Fund to channel more market capital towards investing in emerging and future industries of strategic importance. It is inviting organisations to submit expressions of interest and aims to seek funding approval from the Legislative Council in the middle of this year.

    Moreover, the Government is preparing to launch a $180 million I&T Accelerator Pilot Scheme. It will provide up to $30 million in funding, on a one‑to‑two matching basis, to professional start-up service agencies, with a view to enriching Hong Kong’s I&T start-up ecosystem.

    Mr Chan also shared that the Government will invite proposals, imminently, for the establishment of a third InnoHK research cluster, to be focused on advanced manufacturing, materials, energy and sustainable development.

    Furthermore, the Financial Secretary said the Commerce & Economic Development Bureau and the Office of the Communications Authority are together exploring a set of streamlined procedures for vetting licence applications for the operation of Low Earth Orbit satellites.

    Highlighting that the Shenzhen-Hong Kong-Guangzhou cluster was ranked as the world’s second top science and technology cluster for a fifth consecutive year by the World Intellectual Property Organization (WIPO) in its Global Innovation Index 2024, Mr Chan mentioned that WIPO will hold the launch event for the publication of this year’s index in Hong Kong. He said this underlined the importance of Hong Kong as a core city in the Greater Bay Area and in China’s overall I&T development.

    With regard to life and health technology, the finance chief said the Innovation & Technology Commission is inviting local universities to submit proposals to obtain funding to set up life and health technology research institutes. Meanwhile, the Hong Kong Science & Technology Parks Corporation is studying the sector’s demand for manufacturing facilities that comply with the Good Manufacturing Practices.

    Mr Chan also revealed that an interdepartmental Working Group on Developing Low‑altitude Economy, established at the end of last year, is examining applications for a first batch of Regulatory Sandbox pilot projects and will announce the results soon. In addition, the Government is reviewing the regulatory regime in relation to Hong Kong’s low‑altitude economy and plans to introduce amendments to the Small Unmanned Aircraft Order in the second quarter of this year. It will also consider enacting legislation with regard to Advanced Air Mobility.

    The Financial Secretary pledged that the Government will provide more support for local technology companies to promote their products. For example, the Hong Kong Trade Development Council will add a thematic pop-up display area at the Hong Kong Design Gallery, and at venues hosting major exhibitions, to showcase local I&T products.

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Address to the CommsDay Regional and Remote Forum

    Source: Australian Ministers 1

    THE MOST CONNECTED CONTINENT 

    I acknowledge the Traditional Owners, the Ngunnawal and Ngambri people, and those with connections to the lands of the ACT.
     
    I pay my respects to Elders past and present, and First Nations people joining, including First Nations Digital Inclusion Advisory Group co-chair Associate Professor Lyndon Ormond-Parker.
     
    The Advisory Group continues to progress digital inclusion for First Nations people, particularly those in regional and remote Australia.
     
    In December, the Group delivered the First Nations Digital Inclusion Roadmap: 2026 and Beyond, a blueprint for government and industry as we work towards closing the digital divide.
     
    This follows the Advisory Group’s initial report to Government, which helped to inform the First Nations Community Wi-Fi Program – which has been rolled out in around 20 communities.

    Last week, I announced a contestable program to provide the next tranche of Community Wi-Fi.  
     
    We have also set up a First Nations Digital Support Hub and Network of Digital Mentors, and improved national data collection.
     
    These initiatives are making a real difference to First Nations communities, which remain some of the nation’s most digitally isolated.
     
    Of course, there is a lot more work to do – collectively – to close the digital divide.
     
    I thank the Advisory Group for their on-going commitment and progress on this, and I welcome their participation at the CommsDay Regional and Remote Forum.
     
    It is wonderful to be part of this inaugural – and very timely – forum focussed on the future of regional and remote connectivity in Australia.
     
    Thank you, Grahame Lynch, for bringing together industry, consumer advocates, and government representatives in the nation’s capital.
     
    It’s great to see so many familiar faces; I know many of you have travelled far to take part.
     
    From Forthside in Tasmania to Belyuen in the Top End, from Moruya on the NSW South Coast to Port Augusta in South Australia, from King Island to Palm Island, everywhere I travel across regional, rural and remote Australia, I see the work of building Australia’s future is gathering pace.
     
    Whether it’s Medicare, superannuation, childcare, or the National Broadband Network, Labor governments have a proud history of expanding universal access to essential services that Australians rely on.
     
    Labor founded the NBN to provide fast, reliable and affordable internet to all people in Australia, regardless of where they live.
     
    Families and businesses in our regions and suburbs should have equal access to the opportunities the NBN delivers.
     
    And Labor’s NBN is already saving households more than 100 hours and $2,580 per year in avoided travel time and costs.
     
    And we are very proud of our record on delivery.
     
    When we came into office, fewer than 300,000 premises had access to NBN fibre upgrades. Today, more than 4.3 million premises do.
     
    The Albanese Government is on track to reach our commitment of extending fibre upgrades to 5 million premises by the end of 2025 – on time and within budget.
     
    Today, there are an additional 2.7 million higher-speed plans taken up – an 80 per cent increase from when we came into office.
     
    We have delivered our $480 million upgrades to NBN Co’s Fixed Wireless and Satellite services, more than doubling average speeds.
     
    Around 800,000 households and businesses in regional, remote and peri-urban areas can now benefit from faster broadband and increased data.
     
    This includes 122,000 premises formerly in the satellite footprint.
     
    This freed up satellite capacity and enabled NBN Co to launch a Sky Muster Premium service with download speeds of up to 100 Mbps and unmetered data.
     
    This resulted in a 75 per cent surge in data consumption for active Skymuster users, delivering important economic and social benefits in health and education.
     
    Our Government is listening to the community – including through the 2024 Regional Telecommunications Review – about the importance they place on increasing minimum regulated broadband speeds to reflect today’s needs.
     
    The current legislated guarantee is for only 25Mbps download speeds, which does not reflect the growing capability of the NBN and other telecommunications networks in Australia, consumer expectations or emerging international norms.
     
    I have asked my Department to commence work on a public consultation on the pathway to increase the minimum download speed to 100Mbps.
     
    An increase over time to Australia’s regulated broadband speeds will bring Australia in line with international best practice and help to power the economy.
     
    And ensure fair and equitable access to services that better meet the needs of users in our increasingly digitally-driven economy.
     
    It’s no secret I have a passion for my portfolio.
     
    As Communications Minister, I’ve seen the transformation connectivity is having at every level of our society and economy.
     
    The difference it is making to people, businesses and communities and our regions.
     
    Building Australia’s future to be the most connected continent is more than critical infrastructure – it’s about the long-term interests of consumers.
     
    It demands forward-looking regulatory environments that facilitate competition.
     
    Over the past few years, 5G has been deployed, fibre access expanded, and low orbit satellites are providing next generation services.
     
    Yet the Universal Service Obligation remains stuck in a different era, entirely at odds with society’s needs for mobility.
     
    Introduced in the 1990s, the USO is a consumer protection to support reasonable access to landlines and payphones for people in Australia.
     
    This was a time when the voice-only ‘brick’ phone was exciting and expensive!
     
    The very first 1G phone was introduced in Australia by Telecom in 1987, retailing at a massive $4,250 or nearly $12,000 in today’s dollars.
     
    The idea of being able to walk and talk was novel. The concepts of mobile web browsing or video calling were almost non-existent.
     
    Today, mobile phones are comparatively affordable, and their use is ubiquitous.
     
    The Universal Service Obligation is as dated as those brick phones of the past.
     
    The only way to build regional Australia’s mobile future is with a modern USO, where mobile coverage is an explicit policy objective for the first time.
     
    And I am proud to say this is what Labor will deliver.
     
    The Albanese Government, if reelected, will legislate a Universal Outdoor Mobile Obligation, known as UOMO.
     
    This is about recognising, in the truest sense of the word, that mobile connectivity is an essential service.
     
    UOMO will require mobile operators to provide outdoor mobile coverage nearly everywhere in Australia where you can see the sky.
     
    This includes the around 70 per cent of our vast continent that does not have mobile connectivity. 
     
    UOMO will enable more Australians to send messages and make voice calls, including calls to Triple Zero, during emergencies and natural disasters.

    This responds to a key piece of feedback from the Regional Telecommunications Review about the need for multiple connection paths.
     
    And unlike universal landline and broadband where Telstra and NBN Co are effectively the sole providers of the obligation, an express policy objective of Labor’s Universal Outdoor Mobile Obligation is to facilitate competitive coverage.
     
    This reform will ensure up to 5 million square kilometers of new and competitive outdoor mobile coverage across Australia, including more than 37,000 kilometers of new coverage along roads and highways in regional and rural communities.
     
    Just think about what this means for the farmer out in the paddock, the injured hiker on the trail, or the distressed parent whose car has broken down.
     
    I welcome the strong endorsements of ACCAN, the National Farmers’ Federation, regional telecommunication stakeholders like the Better Internet for Regional and Rural Australia group, the Regional Telecommunications Independent Review Committee, the NSW Rural Fire Service, the First Nations Digital Advisory Council and a growing list of local and regional councils.
     
    The only mindless opposition is coming from the Coalition.
     
    The Nationals say we are going too slow.
     
    The Liberals say we should not be doing this at all or going too fast.
     
    This smorgasbord of incoherence and freewheeling incompetence is emblematic of a Liberal-National Party that does not know what it stands for.

    In contrast, the Labor Party is very clear on where we want to go.
     
    The Albanese Government will work closely with industry, regulators and stakeholders to introduce legislation in 2025, and work on this has commenced.
     
    The initial focus will be on increasing access to messaging and voice services, with a public-safety focus.
     
    We expect the voice and SMS obligation to be implemented by late 2027, with many Australians likely to benefit well before then.
     
    Given our audience here, I’d like to take this opportunity to provide further detail around the regulatory and policy context, and thank them for their participation in this reform process.
     
    Firstly, we understand this is a rapidly-developing market and our implementation timeline has been designed with regard to this.
     
    Where warranted by global supply, spectrum or capability factors, our legislation will afford mobile operators appropriate flexibility on implementation.
     
    Our Government will also engage with industry and examine incentives to promote competition objectives and public interest outcomes.
     
    As I outlined earlier, a top priority of the Government is to facilitate a healthy supply side market, that offers carriers and consumers choice.
     
    Promoting competition is an express policy feature of UOMO’s design.
     
    This aim is to bring forward investments and product partnerships, and remove market barriers to enable Australians to contact emergency services through D2D.
     
    Our policy announcement is a demand signal to global low orbit providers – we want you to expand your capability in Australia.
     
    The D2D capability is initially expected to provide baseline text messaging, then voice calls and, in time, limited mobile data.
     
    Broadly, industry is targeting the availability of D2D messaging from late this year, followed by voice from 2026 onwards.
     
    Our Government’s expectation is that these services will be well and truly in the market by late 2027.
     
    Secondly, D2D is not a replacement for terrestrial mobile networks or the USO.
     
    It will complement existing networks with a thin coverage layer, and ensure we cover as much of Australia as possible, for the benefit of all.
     
    Labor is filling a giant “black spot” that could simply never be addressed through mobile tower deployment at this scale or speed.
     
    As you are well aware, terrestrial-based network expansion can be a “law of diminishing returns” up against challenging geography and customer ratios that do not stack-up to commercial viability.
     
    The Government remains committed to existing co-investment programs, such as the Mobile Black Spot Program, and the Mobile Network Hardening Program.
     
    These programs will evolve with UOMO to deliver the best public policy outcomes for regional communities – of this I am very confident.
     
    Thirdly, I want to affirm our commitment to engagement.
     
    The expanded Universal Service Obligation framework follows two years of evidence-based groundwork, consultation and engagement.
     
    Early this term, I recognised the potential of the opportunity of LEOSat technology.
     
    I established the LEO Satellite Working Group to bring together the perspectives of global operators, Australian telcos, spectrum and engineering experts, and regional stakeholders.
     
    The Working Group, and data emerging from our LEOSat technical trials, is helping to inform our ongoing work on universal services modernisation.
     
    We have also been engaging with:

    • Global and domestic industry on D2D technology roadmaps;
    • the Australian Communications and Media Authority on radio communications spectrum considerations;
    • the Regional Telecommunications Review, local councils and the First Nations Digital Inclusion Advisory Group;
    • And, importantly, regional and remote consumers and communities.

    The Albanese Government, if re-elected, will continue this collaborative approach, working with the satellite industry, regulators, mobile network operators, consumer groups and other stakeholders as we develop, and introduce, legislation this year.
     
    Finally, we have expectations of industry around providing clear, accurate and accessible public information for consumers.
     
    Consumers need a clear understanding of the capability of D2D services and device compatibility.
     
    We are not talking about streaming Netflix from the Pilbara.
     
    I’ve been advised by industry that different devices are being rigorously tested for compatibility, and that more handsets are becoming eligible. 
     
    This is in keeping with international developments.
     
    We now have in place a more robust handset testing scheme built around the collaboration of the CommsAlliance, test labs at the University of Technology Sydney and the overarching regime administered by the ACMA.
     
    This will be leveraged to ensure consumers are better educated and receive reliable information.

    Because LEOSats orbit close to the Earth, they can provide services to mobile phones that usually communicate through terrestrial networks.
     
    Even during emergencies, when power outages impact the availability of local mobile towers, LEOSats can provide a thin layer of coverage.
     
    Last month, from Los Angeles, we saw this capability in action.
     
    As the highly destructive and deadly wildfires struck, thousands of messages were sent via D2D by thousands of people using standard unmodified devices.
     
    In the depths of crisis, people could text loved ones, neighbours, and, most importantly, emergency services – even when terrestrial networks were silenced.
     
    The public safety implications of D2D cannot be underestimated, particularly during natural disasters – which are becoming far more frequent and destructive.
     
    Closer to home, over the Summer, Australians were transfixed by the disappearance of bush walker Hadi Nazari who got lost in Kosciuszko National Park.
     
    Almost two weeks after he went missing in the unforgiving wilderness he was, thankfully, found alive.
     
    The significant search and rescue operation included a dozen SES teams, 200 personnel, more than 4000 volunteer hours and specialist aircraft.
     
    Hadi’s location could have been known within minutes with a charged mobile phone, Direct 2 Device technology, and a clear view to the sky.
     
    D2D will substantially expand opportunity for people to seek help if they are lost, injured or facing natural disasters in areas without terrestrial mobile coverage.
     
    It will give consumers more connectivity options, as mobile networks are already required to carry all Triple Zero voice calls over their networks.
     
    Early mover markets include the US and New Zealand, where we are seeing limited text to emergency services emerge as an early D2D capability.
     
    In the US, T-Mobile has opened registration for a Beta program, with priority given to first responder agencies and individuals.
     
    One New Zealand provider currently offers D2D text services across a number of premium phones. 
     
    My Department is exploring the feasibility and desirability of expanding the Triple Zero service to have message-based capability – recognising that access to Triple Zero by voice is preferred in time critical situations.
     
    It is also important that people know which devices can access D2D services, and the Government will work with the industry regulator to ensure there is clear public information on this.
     
    This is just the first step towards reform to the USO.
     
    The Department will commence consultation to inform the development of legislation, and we encourage all stakeholders to engage in that process.
     
    The Government has also sought advice on incentives and the removal of barriers to support competition outcomes and public interest objectives.
     
    That work is also underway, and if the Government is returned to office, will gather pace as this would be our top communications legislative priority for 2025.
     
    As part of this process, we will develop a roadmap for a basic data obligation, alongside voice and text as technology evolves.
     
    The Government continues to work through the recommendations of the 2024 Regional Telecommunications Review alongside progress on USO reform.
     
    Undertaken every three years, the review is an opportunity for people living and working outside major cities to share their experiences, views and expectations regarding connectivity and telecommunications services.
     
    The community response to the 2024 review represented a four-fold increase in participation on the previous review.
     
    The unprecedented interest in the work of the Regional Telecommunications Review reflects the importance placed on connectivity in these communities.

    The Committee conducted online consultations and 20 in-person sessions across Australia from Thursday Island to Geraldton, Katherine and Benalla.
     
    In total, more than 4,000 stakeholders took part and more than 3,000 survey responses were received.
     
    The Committee engaged with industry throughout the process to address issues raised during consultations and potential reform options were workshopped.
     
    I’d like to thank Committee Chair, the Honorable Alannah MacTiernan – who will be addressing the Forum this morning.
     
    As well as Committee Members Kristy Sparrow, the Honorable Fiona Nash, Dr Jessa Rogers and Ian Kelly for their extensive work, expert advice and engagement on the ground.
     
    The report’s 14 recommendations address a diverse range of telecommunications issues – from enhanced mobile coverage, consumer affordability, universal service modernisation and the role of LEOSats, through to First Nations inclusion and digital literacy.
     
    We are considering the report’s findings and recommendations and continue to work with key partners like all of you here in the room.
     
    As I noted at the outset, Labor governments have a proud history of expanding universal access and UOMO is the next important piece of architecture.
     
    Australians are proud and early adopters of technology, and we are ambitious to leverage this advantage as part of building a better future.
     
    There is tremendous activity and buzz in the communications space right now.
     
    It’s a time of reform, in-sync with incredible innovation that is making once unviable goals a reality.
     
    This Forum is shining a spotlight on the opportunities this presents for regional, rural and remote Australia.
     
    We know some of these communities face connectivity challenges their city counterparts do not.
     
    Since coming to office, we have been working hard to bridge this divide.
     
    At the last election, we took a record regional telecommunications and connectivity package to the election.
     
    Since then, the Government and NBN Co have expanded fibre access and upgraded fixed wireless, collectively enabling higher speeds to a footprint of nearly 5 million homes and businesses.
     
    Government and industry co-investment has delivered 146 local projects under our Regional Connectivity Plan.
     
    And more than 150 base stations have been built under the Mobile Black Spot Program this term.
     
    These projects have helped carry over 43 million calls, including 48,000 emergency calls.
     
    We are backing Aussie farmers and ag-tech suppliers through our hugely popular On Farm Connectivity Program, which the National Farmers Federation has singled out as one of the best Commonwealth initiatives ever for their sector.
     
    NBN Co has delivered free Community Wi-Fi for First Nations communities, and free home broadband to school kids who would otherwise go without.
     
    And just this week, we have tripled down on our ambition and optimism for the future with our announcement of a Universal Outdoor Mobile Obligation.
     
    The fact is the Albanese Government is delivering with competence, and with a Labor heart.
     
    And the biggest risk to this progress is a Liberal-National Coalition Government.
     
    Let there be no doubt that if Peter Dutton becomes Prime Minister he will privatise the NBN to pay for his $600 billion nuclear fantasy.
     
    It is Australian consumers and regional communities who will pay the price.
     
    In nine years, the Coalition took Australia back from fibre to copper, and created a new acronym for the universal access framework which they were unwilling to reform.
     
    And just before they were voted out, they sneakily tried to push up NBN wholesale prices by inflation plus three per cent on some products.

    Their new Shadow Minister – the third in three years – never once mentioned connectivity during her six years in Parliament before coming into the portfolio.
     
    And Mr Dutton will ensure the Shadow’s effective title will be the ‘Minister for Privatisation’ – not the Minister for Communications.
     
    Australia can do much better than that.
     
    I want to close by thanking the industry, consumer groups, and indeed regional and stakeholders across this portfolio for your engagement throughout this term.
     
    We have learnt much from you. We have left nothing on the field, and sought to do our best.
     
    As a marginal seat holder, and as I’ve said before previous elections, I’ll either be seeing a lot more of you or a lot less of you.
     
    And an important election contest will be fought over the coming month or two.
     
    What I do want you to know is that I and the Albanese Government genuinely value your expertise, and your voice has made a difference.
     
    Now is not a time for thinking small, looking back or aiming low.
     
    This is a time to lean-in to opportunities and forge ahead in making Australia the most connected continent.
     
    Labor is doing this with one eye on the sky, and the other watching out for what’s best for all Australians – regardless of who – or where – they are.

    Every Australian deserves access to fast, reliable and affordable connectivity.
     
    Let’s keep working together to build our future, and deliver the modern world-class communications network our country demands and deserves.
     
    Thank you.
     

    MIL OSI News

  • MIL-OSI Australia: Boosting Australia’s economic ties with India

    Source: Minister for Trade

    The Albanese Government has today launched A New Roadmap for Australia’s Economic Engagement with India, to maximise Australia’s trade opportunities, benefit our businesses and consumers, secure our supply chains, and create jobs.

    India’s economy is on track to be the world’s third largest by 2030, and Australia is working to realise the enormous trade and investment opportunities that come with this.

    The Roadmap sets out a pathway to focus our ongoing efforts, including to boost two-way investment, and work with Indian-Australian communities and businesses. It identifies four ‘superhighways of growth’ in sectors where we have natural strengths and a competitive edge: clean energy, education and skills, agribusiness, and tourism.

    It also identifies nearly 50 specific opportunities to focus and accelerate our engagement across fields such as defence industries, sports, culture, space, and technology.

    To help kick start this ambitious plan, we are investing $16 million for a Australia-India Trade and Investment Accelerator Fund, which will help Australian business unlock new commercial opportunities in India.

    We are also investing an extra $4 million for our Maitri (‘friendship’) Grants program, enhancing our people-to-people, business-to-business and cultural links.

    Our free trade agreement with India, has saved Australian businesses hundreds of millions of dollars and is on track to save exporters around $2 billion in tariffs by the end of the year.

    The savings are having a direct impact for Australians, reducing costs at the checkout and creating local jobs.

    Australia continues to make progress in its negotiations with India on a new free trade agreement, which will unlock even more trade opportunities for Australian business.

    The Roadmap is informed by over 400 consultations across every state and territory, as well as in India.

    Imagery will be available from Department of Foreign Affairs and Trade Media Library, and a live stream of remarks on Department of Foreign Affairs and Trade Youtube channel.

    Quotes attributable to the Prime Minister Anthony Albanese:

    “India is an essential partner as we diversify our trade links to boost prosperity for all Australians.

    “This Roadmap is critical to helping us fully realise our potential with India, which will be a boon to Australia’s economy, our businesses and jobs, and our prosperity”

    Quotes attributable to Minister for Foreign Affairs, Senator Penny Wong:

    “Growing Australia’s economic security and diversifying our partnerships is a key element of our statecraft and central to our national interest.

    “By boosting our economic ties with India, we are not only creating more jobs and opportunities for Australians, we are advancing our shared interest in a peaceful, stable and prosperous Indo-Pacific”

    Quotes attributable to Minister for Trade and Tourism, Senator Don Farrell:

    “Australia has a rich and diverse Indian community, with strong personal and economic ties.

    “The potential of our relationship with India is almost unmatched, opening a fast growing market of over 1.4 billion people.

    “The Roadmap, the result of significant consultation with businesses and the community, offers a blueprint for Australian businesses to seize this extraordinary opportunity”

    MIL OSI News

  • MIL-OSI Russia: Sobyanin approved priorities for the development of the Moscow education system

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    The Presidium of the Moscow Government considered the issue of priorities for the development of the education system in the capital for 2025. Based on its results, Sergei Sobyanin decided to increase the standards for per capita financing of general education schools to improve the quality of education while simultaneously leveling the standards for grades 5-11. 46 billion rubles will be allocated for these purposes. In addition, a decision was made to develop a system of mathematical and natural science training for schoolchildren, increase the number of budget places in colleges for Muscovites – ninth-grade graduates to support the growing interest in secondary vocational education, and to build five advanced schools of the future.

    The capital is among the top five world leaders in the quality of school education. The decisions taken will help maintain and improve these positions, as well as ensure the competitiveness of Moscow school graduates in the context of the transformation of the labor market and the development of digital technologies.

    Increased funding and regulations

    In 2025, funding for school education will be further increased by 13 percent. 46 billion rubles will be allocated from the city budget for these purposes.

    High results and success of students in high school, college and university largely depend on basic fundamental training in elementary school and in grades five to nine, since it is during this period that interest in learning is formed, and the talents and abilities of the child are revealed. Therefore, today it is important to pay the same attention to elementary and basic school as to high school. This will become an important factor in the further growth of the quality of capital education and the success of students.

    In this regard, the Moscow Government decided to introduce a single high standard of financing in grades 5-11 instead of two different ones for the middle and senior levels, and also to increase its size. It will amount to 197 thousand rubles per year per student.

    In basic school (grades 5–9), the standard will increase by almost 20 percent, and for grades 10–11, by 5.4 percent. The per capita standard in primary school (grades 1–4) will increase by almost 15.7 percent, to 171,000 rubles per year.

    Strengthening the natural science and mathematics areas in school

    In addition, additional budget funds will be allocated to improving the quality of mathematical and natural science training for schoolchildren, which determines the achievement of the capital’s technological leadership.

    Starting from the new 2025/2026 academic year, schools will organize city-wide courses in mathematics, science, and technology for grades one through six. Students will solve creative problems, developing logic, spatial, and analytical thinking. New city Olympiads will also appear, including experimental ones, for the early identification of children’s talents and their subsequent individual support. Already in April next year, at the “Ready for Life in a Smart City” Olympiad, students in grades three through four will be able to demonstrate the skills they acquired in additional classes.

    Conducting such classes will also require a more advanced level of teacher training and acquisition of new competencies. From April 1 of this year, teachers will be offered a new system of training and advanced training in special courses.

    The decision to develop additional courses for schoolchildren was made taking into account the growing interest of schoolchildren in mathematical and natural science education. In 2025, a record 60 percent of eleventh-graders will take the advanced level mathematics course on the Unified State Exam — more than 32 thousand graduates.

    Over the past five years, interest in computer science has grown by 46 percent, with 16,000 people taking the exam this year. In addition, physics has become a popular subject for the first time in the last few years, with more than 10,000 graduates choosing it.

    Building schools of the future and upgrading educational infrastructure

    Systematic development of education is impossible without the formation of a high-quality educational environment. The capital has begun implementing an unprecedented project to update school infrastructure and material and technical base.

    Since 2024, a large-scale program “My School” has been implemented, within the framework of which it is planned to modernize up to 100 school buildings per year. Now, after reconstruction, the first four buildings have been opened. By the beginning of the new academic year, about 50 schools in Moscow will be modernized. More than 35 thousand children will study in modern, comfortable and high-tech classes.

    At the same time, the city continues to build new school buildings. In particular, a decision was made to create five advanced schools of the future in Presnensky, Meshchansky, Basmanny and Tagansky districts. New educational buildings will be built according to innovative standards, including the creation of comfortable spaces for scientific experiments, group and individual work, exhibition areas for projects, a media library with an atrium and recreation areas. Particular attention will be paid to visual openness and filling the space with light.

    By 2032, about a thousand school buildings will be built or modernized in the capital.

    Expanding educational choice for young people

    The priority task in the field of education is to provide young people with the widest possible choice of educational trajectory in accordance with the interests and talents of each student.

    Schoolchildren who continue their education in grades 10-11 study at least two subjects in depth to better prepare for entering a university. The capital’s pre-professional education standard, which is based on the “school-college-university-enterprise” model, has also proven its effectiveness.

    Traditionally, after completing the ninth grade, many graduates choose to continue their education in college, which allows them to quickly obtain a sought-after profession and begin an independent life. More than 75 percent of vacancies on the Moscow labor market are aimed at specialists with secondary vocational education. The share of graduates of city colleges who get a job in their specialty is 95 percent.

    The 2024 admission campaign showed a growing interest among ninth-graders in secondary vocational education. The allocated 16 thousand additional target places were filled by 100 percent. Twice as many ninth-graders became college students — about 36 thousand people.

    Among the most popular areas are information technology and programming, graphic design, cooking and confectionery, tourism and hospitality. Demand among applicants for specialties in finance and trade, education and the social sphere is growing.

    Taking this trend into account, in 2025 the Moscow Government decided to increase the number of budget places in city colleges for ninth-grade graduates according to need.

    Starting in 2023, the city will implement a set of measures to modernize and systematically develop secondary vocational education. It is based on two basic principles:

    — relevance and demand (educational programs are developed with the direct participation of employers and professional associations);

    – practical orientation (students are immersed in a professional environment from the first year of study at college, and practical classes make up at least 70 percent of the total training time and are conducted under the guidance of experienced mentors and industrial training masters).

    One of the key elements of change is constant interaction with employers, working according to their requests. Today, city colleges have more than three thousand partners from all sectors of the economy.

    Another important area of modernization of secondary vocational education in Moscow is the large-scale re-equipment of colleges. Over the course of several years, it is planned to re-equip or create anew more than two thousand laboratories and workshops. This will allow practical and laboratory work to be carried out at a modern technological level using equipment that operates at city enterprises.

    Three flagship practical training centers will also be built on the basis of modern production facilities. One of them, located in the Rudnevo industrial park, opened in October 2024.

    The plans include building seven innovative educational campuses with a total area of over 400,000 square meters to accommodate over 60,000 students by 2031. Among them are colleges in the creative industries, information technology, healthcare, hospitality, industry, transport, construction, and others.

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

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

    HTTPS: //vv.mos.ru/mayor/tkhemes/12423050/

    MIL OSI Russia News

  • MIL-OSI Economics: ADB Approves $200 Million Loan to Expand Urban Services in Kolkata, India

    Source: Asia Development Bank

    NEW DELHI, INDIA (26 February 2025) — The Asian Development Bank (ADB) has approved a $200 million loan to enhance the development of climate- and disaster-resilient sewerage and drainage infrastructure in Kolkata, aiming to improve the city’s livability.

    These interventions, which are part of the Kolkata Municipal Corporation Sustainability, Hygiene, and Resilience (Sector) Project, will improve living conditions and health outcomes, particularly for vulnerable groups including women and children, by reducing exposure to waterborne and vector-borne diseases, while also addressing flood risks.

    “The project builds on ADB’s 25-year partnership with the Kolkata Municipal Corporation (KMC), working to make Kolkata a more livable city through phased, integrated investments to improve urban services, operational efficiency, institutional effectiveness, and long-term sustainability,” said ADB Water and Urban Development Portfolio Management Unit Head Hikaru Shoji.  “As the next phase of our urban development efforts in Kolkata, this project builds on earlier initiatives to expand sewerage and drainage infrastructure, improve hygiene conditions, and strengthen KMC’s governance and revenue generation efforts.”

    Kolkata, one of India’s most populous and densely populated cities, faces significant challenges due to inadequate drainage and sewerage systems, causing urban floods and unhygienic environment. These issues are exacerbated by increased heavy rains due to climate change.

    To address these challenges, the project will construct 84 kilometers (km) of combined trunk and secondary sewerage and drainage pipelines, 176 km of combined lateral sewerage and drainage pipelines up to customer connections, and 50,000 household sewer connections. It will construct one sewage treatment plant and five pumping stations. The project will benefit over 277,000 residents.

    In addition, the project will support KMC in developing a comprehensive IT-based asset management system, enhance property tax revenue, expand the early flood warning system developed through an earlier ADB intervention, raise community awareness on water, sanitation, and hygiene and support women’s employment through skills training and internship program.

    ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.

    MIL OSI Economics

  • MIL-OSI USA: Jason Bohrer Named Communications Director for Senator Kevin Cramer

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)

    ***Click here to download audio.***

    WASHINGTON, D.C. – U.S. Senator Kevin Cramer (R-ND) has named Jason Bohrer, former President and Chief Executive Officer of the Lignite Energy Council, to serve as Communications Director in his Washington, D.C. office. 

    Bohrer is leaving the Lignite Energy Council after nearly 12 years with the trade association headquartered in Bismarck, N.D. A graduate of North Dakota State University and the George Mason University Antonin Scalia Law School, Bohrer previously held Capitol Hill positions as a Chief of Staff, Legislative Counsel/Director and Director of Constituent Communications for members of the U.S. Senate and House of Representatives.  

    “My team and I started working with Jason shortly after we went to Congress,” said Cramer. “He was working for Congressman Raul Labrador, who is now Idaho’s Attorney General and a good friend of mine. We worked closely together on natural resources and energy issues, but many others as well.  When Jason came to North Dakota to be president of the Lignite Energy Council I was happy to be a strong advocate for that. Now, after 12 years in the state, I’m thrilled he’s coming back to Washington and will continue working for North Dakota and North Dakotans in my office. He’s a great communicator, organizer, and manager. He’s also a team leader and will be a tremendous asset to the people of North Dakota. I’m honored he’s chosen to come to work for us and help us in this very new and important session of Congress.” 

    “I met Senator Cramer when he was first elected to Congress in 2012,” said Bohrer. “I was impressed by his authenticity, consistency and dedication to his principles. Obviously, from my work at the Lignite Energy Council I am familiar with his national leadership on energy policy. But I have also watched him rise to become one of the nation’s strongest voices for other common sense and constitutionally-consistent solutions. Senator Cramer has been a huge part of the North Dakota success story, and I’m excited to join him as he continues to take proven North Dakota policies to Washington, D.C., to unleash American energy and return to sound federalist principles of law and order.”

    Elected to his second term in the U.S. Senate in November, Cramer’s Senate committee assignments are Armed Services; Environment and Public Works; Veterans’ Affairs, and Banking, Housing and Urban Affairs. An energy policy expert, in 2003 he began serving nearly a decade as a North Dakota Public Service Commissioner and helped oversee the most dynamic economy in the nation.

    Bohrer will begin his position on April 7.

    MIL OSI USA News

  • MIL-OSI New Zealand: Energy – ELECTRIFY QUEENSTOWN: POWERING INNOVATION, COST SAVINGS AND DECARBONISATION

    Source: Electrify Queenstown

    Wednesday 26 February 2025 (Queenstown, New Zealand) — Queenstown businesses and households are invited to explore practical ways to save money, become more energy efficient, and decarbonise with the return of Electrify Queenstown in May.

    Building on the success of last year’s inaugural event, Destination Queenstown, with support from Queenstown Business Chamber of Commerce, will present a three-day programme designed to innovate and inspire change in the Queenstown Lakes.

    With principal sponsor Aurora Energy onboard for the second year, Electrify Queenstown promises to deliver an electric experience for the Queenstown community.

    Mat Woods, Destination Queenstown Chief Executive, says this year’s expanded programme caters to tourism operators, business owners, homeowners and anyone curious about making the switch to enable fully electric heating, cooking and transport.

    “Electrify Queenstown will share ideas and innovations to support businesses and households to electrify, save money and decarbonise. We’re excited about the win-win potential of electrification in supporting a vibrant, growing economy while protecting the environment for future generations,” he said.

    The opening day on Monday 26 May will take stage at Skyline Queenstown, a trailblazer in tourism innovation and electrification.

    Queenstown Lakes District Mayor, Glyn Lewers, will open with a welcome address followed by keynote speaker Saul Griffith — globally acclaimed author and entrepreneur sharing insights on why we must electrify and switch to renewable technology. An inspirational line up of speakers includes industry experts, policy makers and innovators who will present both the challenges and the vast potential of electrification from an economic, environmental and social perspective.

    Sharon Fifield, Queenstown Business Chamber Chief Executive, said, “It’s important, in what has recently been a tough economic climate, that any changes made in your business don’t sacrifice your bottom line. We’re thrilled to have experts joining Electrify Queenstown to share the benefits and opportunities that come with electrifying a business including cost savings, improved productivity, and emissions reductions.”

    On the second day, a full programme at the Queenstown Events Centre will spark conversations about the opportunities for businesses and households with electrification, and innovations in electric transport. A tradeshow exhibition will display new technology, low rate loans and exclusive deals, plus the opportunity to join interactive workshops led by experts in electrification and renewable energy. The community evening session from 6pm will focus on the energy transition, how to electrify your home and the role of electrification in community resilience.

    The third and final day will involve immersive electric experiences, sharing the very best in tourism innovation and technology, from local operators and global leaders.

    Lines company Aurora Energy is proud to once again be the principal sponsor of the Electrify Queenstown event.

    Richard Fletcher, Aurora Energy Chief Executive, said, “The growth of this event from one day to three days highlights the increasing demand and interest in electrification within our region. Aurora Energy is committed to ensuring that our network is ready to enable the future electricity and technology choices of consumers.

    “In supporting events such as these we hope we can play a part helping local businesses and communities be informed about the benefits of electricity, whether it is supplied from the national grid or generated and stored locally. We look forward to meeting with those attending, and discussing how we can work together towards a sustainable, efficient, and resilient future.” Richard said.

    Electrify Queenstown will take place over three days from 26 – 28 May 2025. Registrations are open for individual sessions, a day pass, or for the full three-day event.  

    For more information visit: electrifyqueenstown.co.nz

    Electrify Queenstown programme summary

    Monday 26 May 2025: Setting the stage for electrification (Skyline Queenstown)
    Tuesday 27 May 2025: Electrification in action (Queenstown Events Centre)
    Wednesday 28 May 2025: Electric experiences (Details coming soon)

    MIL OSI New Zealand News

  • MIL-OSI Asia-Pac: HK to gain more strategic enterprises

    Source: Hong Kong Information Services

    While unveiling his Budget speech today, Financial Secretary Paul Chan highlighted the bold steps the Government is taking to strengthen Hong Kong’s foundation with the aim of accelerating the city’s development.

    He explained that Hong Kong’s economy has recorded moderate growth for two consecutive years as the Government has been active in promoting innovation and technology (I&T) development, while striving to attract more enterprises, capital and investment institutions through diversified business promotion activities.

    He pointed out that the Government’s efforts to build a vibrant economy and compete for enterprises and talent have yielded considerable results, including the city’s buoyant stock market.

    Mr Chan said: “The sentiment and trading performance of the local stock market improved last year. Since the beginning of this year, trading has been even more active, with average daily turnover exceeding $200 billion recently, up by more than 50% over last year’s average. Total market capitalisation reached $40 trillion.”

    When it comes to vibrant initial public offering (IPO) activities, he emphasised that enterprises are increasingly confident about Hong Kong’s financing prospects.

    “Funds raised from new listings in Hong Kong amounted to $88 billion last year, a year-on-year increase of nearly 90% and ranking fourth globally. Over 100 new IPO applications are being processed by the Hong Kong Exchanges & Clearing.”

    In addition to noting that Hong Kong’s expertise in wealth management is excellent, Mr Chan underlined that the city is expected to become the world’s largest cross‑boundary wealth management centre by 2028.

    “Hong Kong is Asia’s largest hedge‑fund centre and the second‑largest centre for private equity management after the Mainland. There are more than 470 open‑ended fund companies in Hong Kong, double that of a year ago, and over 1,050 registered limited partnership funds, a year‑on‑year increase of about 40%.”

    Additionally, Hong Kong is poised to attract enterprises, capital and talent on all fronts, the Financial Secretary said.

    “Since its establishment, the Office for Attracting Strategic Enterprises (OASES) has attracted 66 strategic enterprises, 80% of which have established or planned to establish their global or regional headquarters in Hong Kong. Many are I&T enterprises with a market valuation of over $10 billion and engaging in cutting-edge technologies.

    “In addition, Invest Hong Kong successfully attracted over 500 Mainland and overseas enterprises to set up or expand their businesses in Hong Kong last year, representing an increase of over 40%. These enterprises are expected to bring in direct investment of over $67.7 billion.”

    When it comes to attracting capital, Mr Chan revealed that at the end of last year, total deposits in Hong Kong amounted to more than $17 trillion, a year‑on‑year increase of 7%. As for attracting capital from emerging markets, two exchange-traded funds tracking Hong Kong stocks were listed on the Saudi Exchange last year, with asset size exceeding $13 billion.

    The Government is also making a concerted effort to trawl for talent, he added.

    “As at the end of last year, various talent admission schemes have received a total of over 430,000 applications and approved more than 270,000, bringing some 180,000 talents to Hong Kong.”

    The Financial Secretary highlighted five examples of how the Government is proactively introducing additional measures to attract more enterprises or organisations to establish their presence in Hong Kong, bringing more mega events and visitors to the city.

    OASES will announce a new batch of more than ten strategic enterprises next month. Together with those previously announced, they will invest a total of about $50 billion in Hong Kong and create more than 20,000 jobs over the next few years.

    Mr Chan stated that the Government will strive to attract enterprises from the Mainland and around the world to set up headquarters or corporate divisions in Hong Kong.

    “We have submitted a bill to the Legislative Council (LegCo) for the introduction of a company re‑domiciliation mechanism to provide facilitation for companies domiciled overseas to re‑domicile in Hong Kong.”

    Furthermore, he announced that the headquarters of the International Organization for Mediation (IOMed) will open by the end of this year at the earliest.

    “As the first international inter‑governmental organisation to set up its headquarters in Hong Kong, IOMed is also the first of its kind in the world that specialises in resolving international disputes by means of mediation. It is conducive to affirming the positioning of Hong Kong as the capital for international mediation.”

    Another fine example is Kai Tak Sports Park, which is set to open officially in three days. In addition to providing a world‑class venue for hosting international mega events, taking forward the development of culture, sports and tourism as an industry in Hong Kong, it is also one of the event venues of the National Games.

    Moreover, Mr Chan indicated that the World Tourism Cities Federation (WTCF)’s 2025 WTCF Fragrant Hills Tourism Summit will be held in Hong Kong for the first time in April. The summit is expected to attract representatives from some 40 countries and regions.

    MIL OSI Asia Pacific News