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Category: Economy

  • MIL-OSI: FOREX.com to Exhibit at Invest Cuffs Conference in Krakow

    Source: GlobeNewswire (MIL-OSI)

    KRAKOW, Poland, Feb. 21, 2025 (GLOBE NEWSWIRE) — FOREX.com, a subsidiary of StoneX Group Inc. (“StoneX”; NASDAQ: SNEX), is proud to announce its participation in the upcoming Invest Cuffs conference as the official Chillout Zone Partner. The event will take place in Krakow on March 28-29, marking FOREX.com’s inaugural presence at one of Poland’s most prominent investment gatherings.

    Invest Cuffs has been a cornerstone of financial education and investment discourse in Poland for over a decade, drawing thousands of attendees to explore a wide range of investment opportunities, from real estate to cryptocurrencies. The event serves as a platform for financial professionals, investors, and industry leaders to share insights, strategies, and market perspectives.

    With over 120 exhibitors participating, FOREX.com’s presence at Invest Cuffs will provide a unique opportunity to engage with both local and international financial experts. As a leading trading services provider, FOREX.com is committed to fostering investment awareness in the region.

    Representing FOREX.com at the event will be Marcin Tuszkiewicz, CEO of Squaber.com and an experienced FOREX.com trader with over 15 years of market expertise. Tuszkiewicz will be one of the featured speakers, delivering a session on price action analysis and investment psychology on Saturday, March 29.

    Invest Cuffs promises to be an engaging event, offering valuable networking opportunities and thought-provoking discussions on the future of investing. FOREX.com welcomes all attendees to visit its booth in the Chillout Zone to learn more about its trading solutions.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ:SNEX), StoneX Group Inc. and its more than 4,500 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

    About FOREX.com

    FOREX.com, a wholly owned subsidiary of StoneX Group Inc, is a leading online trading provider offering access to a wide range of markets. With award-winning platforms, competitive pricing, and a commitment to transparent execution, FOREX.com supports +1m traders worldwide in achieving their financial goals.

    The MIL Network –

    February 22, 2025
  • MIL-OSI: Signing Day Sports Files Audited Financial Statements for 2023 and 2022, Along With Unaudited Financial Statements for the Nine Months Ending September 30, 2024 and 2023, for Dear Cashmere Group Holding Company (d/b/a Swifty Global), and Pro Forma Financial Statements Related to Its Planned Acquisition of Swifty Global

    Source: GlobeNewswire (MIL-OSI)

    SCOTTSDALE, Ariz., Feb. 21, 2025 (GLOBE NEWSWIRE) — Signing Day Sports, Inc. (“Signing Day Sports” or the “Company”) (NYSE American: SGN), the developer of the Signing Day Sports app and platform to aid high school athletes in the recruitment process, today announced the filing of the audited financial statements of Dear Cashmere Group Holding Company (OTC: DRCR), doing business as Swifty Global (“Swifty Global”), as of and for the fiscal years ended December 31, 2023 and 2022, and the unaudited financial statements of Swifty Global as of and for the nine months ended September 30, 2024 and 2023, as exhibits to a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 20, 2025 (the “Form 8-K”), in connection with the recently announced executed Stock Purchase Agreement (the “Purchase Agreement”) to acquire 99.13% of the issued and outstanding capital stock of Swifty Global.

    In addition, the Company filed unaudited pro forma financial statements with the Form 8-K. The pro forma financial statements are intended to represent the combination of the financial position and results of Signing Day Sports and Swifty Global as of September 30, 2024 and for the year ended December 31, 2023 and the first nine months of 2024.

    Highlights of Swifty Global for Fiscal Years 2023 and 2022:

    • Net gaming revenues were approximately $8.7 million for the fiscal year ended December 31, 2023, compared to approximately $2.4 million for the comparable 2022 period.
    • Operating expenses were approximately $5.9 million for the fiscal year ended December 31, 2023, compared to approximately $2.0 million for the comparable 2022 period.
    • Income from operations was approximately $2.9 million for the fiscal year ended December 31, 2023, compared to approximately $0.4 million for the comparable 2022 period.
    • Net income was approximately $2.4 million for the fiscal year ended December 31, 2023, compared to approximately $0.4 million for the comparable 2022 period.

    Highlights of Swifty Global for the Nine Months Ended September 30, 2024 and 2023:

    • Net gaming revenue was approximately $5.1 million for the nine months ended September 30, 2024, compared to approximately $6.9 million for the comparable 2023 period.
    • Operating expenses were approximately $4.5 million for the nine months ended September 30, 2024, compared to approximately $6.4 million for the comparable 2023 period.
    • Income from operations was approximately $0.6 million for the nine months ended September 30, 2024, compared to approximately $0.5 million for the comparable 2023 period.
    • Net income was approximately $0.6 million for the nine months ended September 30, 2024, compared to approximately $0.4 million for the comparable 2023 period.

    Pro Forma Combined Financial Highlights for Fiscal Year 2023:

    • Pro forma combined total net revenues were approximately $9.0 million for the fiscal year ended December 31, 2023.
    • Pro forma combined cost of revenues was approximately $0.04 million for the fiscal year ended December 31, 2023.
    • Pro forma combined gross profit was approximately $9.0 million for the fiscal year ended December 31, 2023.
    • Pro forma combined total operating expense was approximately $10.9 million for the fiscal year ended December 31, 2023.
    • Pro forma combined net loss from operations was approximately $1.9 million for the fiscal year ended December 31, 2023.
    • Pro forma combined net loss was approximately $3.0 million for the fiscal year ended December 31, 2023.

    Pro Forma Combined Financial Highlights for the Nine Months Ended September 30, 2024:

    • Pro forma combined total net revenues were approximately $5.6 million for the nine months ended September 30, 2024.
    • Pro forma combined cost of revenues was approximately $0.2 million for the nine months ended September 30, 2024.
    • Pro forma combined gross profit was approximately $5.5 million for the nine months ended September 30, 2024.
    • Pro forma combined total operating expense was approximately $9.4 million for the nine months ended September 30, 2024.
    • Pro forma combined net loss from operations was approximately $3.9 million for the nine months ended September 30, 2024.
    • Pro forma combined net loss was approximately $4.8 million for the nine months ended September 30, 2024.

    Swifty Group’s historical financial statements and the pro forma combined financial statements are filed as Exhibits 99.2 and 99.3 and Exhibit 99.4 to the Form 8-K, respectively. To review these financial statements, please refer to the Form 8-K, which is available at the SEC’s website at www.sec.gov.

    The unaudited pro forma condensed combined financial statements of the Company and Swifty Global are not intended to represent or be indicative of the financial position or results of operations in future periods or the results that actually would have been realized had the Company and Swifty Global been a combined company during the specified periods. The pro forma adjustments are based on the information available at the date of the Form 8-K, with which they are filed, and reflect preliminary estimates of purchase consideration and fair value of the net assets acquired. The unaudited pro forma condensed combined financial statements, including the footnotes that accompany them, which are filed as Exhibit 99.1 to the Form 8-K, are qualified in their entirety by reference to and should be read in connection with the historical consolidated financial statements of Swifty Global included as Exhibits 99.2 and 99.3 to the Form 8-K, and the historical consolidated financial statements of the Company as set forth in its Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on March 29, 2024, and its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, as filed with the SEC on November 14, 2024.

    Daniel Nelson, CEO of Signing Day Sports, commented: “Taking this step is important to the shared goal of bringing this acquisition together. Together, we expect to push the boundaries of innovation between Swifty Global and Signing Day Sports, extend our reach in established and emerging markets, and deliver greater value to our customers and stakeholders.”

    About Signing Day Sports, Inc.

    Signing Day Sports’ mission is to help student-athletes achieve their goal of playing college sports. Signing Day Sports’ app allows student-athletes to build their Signing Day Sports’ recruitment profile, which includes information college coaches need to evaluate and verify them through video technology. For more information on Signing Day Sports, go to https://bit.ly/SigningDaySports.

    Forward-Looking Statements

    This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, including without limitation, the Company’s ability to complete the acquisition of Swifty Global and integrate its business, the ability of the parties to the Purchase Agreement to obtain all necessary consents and approvals in connection with the acquisition, including clearance from The Nasdaq Stock Market LLC of an initial listing application in connection with the acquisition, and stockholder approval of the matters to be voted on at a stockholders’ meeting to approve matters required to be approved in connection with the Purchase Agreement, the Company’s ability to obtain sufficient funding to maintain operations and develop additional services and offerings, market acceptance of the Company’s current products and services and planned offerings, competition from existing online and retail offerings or new offerings that may emerge, impacts from strategic changes to the Company’s business on its net sales, revenues, income from continuing operations, or other results of operations, the Company’s ability to attract new users and customers, increase the rate of subscription renewals, and slow the rate of user attrition, the Company’s ability to retain or obtain intellectual property rights, the Company’s ability to adequately support future growth, the Company’s ability to comply with user data privacy laws and other current or anticipated legal requirements, and the Company’s ability to attract and retain key personnel to manage its business effectively. These risks, uncertainties and other factors are described more fully in the section titled “Risk Factors” in the Company’s periodic reports which are filed with the Securities and Exchange Commission. These risks, uncertainties and other factors are, in some cases, beyond our control and could materially affect results. If one or more of these risks, uncertainties or other factors become applicable, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those implied or projected by the forward-looking statements. No forward-looking statement is a guarantee of future performance. Forward-looking statements contained in this announcement are made as of this date, and the Company undertakes no duty to update such information except as required under applicable law.

    Investor Contact:
    Crescendo Communications, LLC
    212-671-1020
    SGN@crescendo-ir.com

    The MIL Network –

    February 22, 2025
  • MIL-OSI USA: Senate Republicans Take First Step to Pass President Trump’s Agenda

    US Senate News:

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

    Resolution curbs illegal immigration, secures the border, rebuilds national defense, and cuts wasteful spending

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

    WASHINGTON, D.C. – The United States Senate passed its Fiscal Year (FY) 2025 Budget Resolution by a vote of 52 to 48 today. This is the first step in the expedited budget process, known as budget reconciliation, setting the parameters for Congress to craft and pass a budget. The House of Representatives must now pass its version of a resolution to keep the process moving.

    The Senate FY 2025 Budget Resolution lays the groundwork for funding to be distributed to several of President Donald Trump’s priorities, including securing the border, revitalizing the military, and unleashing American energy production, all while cutting wasteful spending. The resolution allocates $175 billion to be spent on border security and curbing illegal immigration; invests $150 billion to rebuild military capabilities; raises federal revenue by requiring the increased production of American energy; and instructs committees to offset spending with cuts.

    “It’s pretty darn clear that the American people delivered a mandate for change on Election Day, and our resolution really does a couple of things,” said U.S. Senator Kevin Cramer (R-ND). “It brings us a step closer to achieving President Trump’s top priorities starting with securing our borders, and re-establishing American strength by bolstering national defense, and then unlocking America’s full energy potential. It helps pay for it and of course, grows our economy at the same time.”

    MIL OSI USA News –

    February 22, 2025
  • MIL-OSI United Nations: African Development Bank and World Food Programme support Nigerian Government in tackling acute hunger in Northeastern Nigeria

    Source: World Food Programme

    BORNO – In the wake of the devastating floods that hit Borno State in September 2024, the African Development Bank (AfDB) has contributed US$ 1 million from its Special Relief Fund to support emergency food response for flood-affected communities in Northeastern Nigeria.

    The support comes at a critical time, when humanitarian funding is in short supply and the country faces alarmingly high rates of food insecurity exacerbated by conflict, floods and rising poverty. The United Nations World Food Programme (WFP) will use this contribution, on behalf of the Federal Government of Nigeria, to provide emergency food assistance to 120,000 women, men, and children. Each household will receive 35kg worth of staple food supply. 

    ““AfDB’s support is timely and comes as a lifeline for those struggling to feed themselves amidst rising food prices and economic turmoil,” said David Stevenson, WFP’s Country Director in Nigeria. Communities which, after years of conflict and violence, started rebuilding their lives were struck by the floods and once again displaced, meaning more and more people cannot support themselves and their families.” 

    The recent floods of September 2024 exacerbated years of prior displacement, food insecurity and economic hardship, resulting in disastrous consequences, that have pushed hunger levels even higher. According to the November 2024 Cadre Harmonisé food security analysis, conducted across 26 states and the federal capital, it is projected that 33 million people in Nigeria will face food insecurity by August 2025.

    “I hope that this additional funding will mitigate the suffering of vulnerable people on the brink of acute hunger, at a time when more Nigerians than ever before are in need of humanitarian assistance”, said Abdul Kamara, African Development Bank Director General in Nigeria. “I commend the Federal Government of Nigeria and WFP for the continuous efforts to operate in such a challenging environment to improve the lives of Nigerian families.”

    This new contribution complements AfDB’s ongoing effort to restructure activities of the Programme for Integrated Agricultural Development, Adaptation to Climate Change (PIDACC) and the Inclusive Basic Service Delivery and Livelihood Empowerment Program to avail critically needed services in Borno, Yobe and Adamawa states.

    As part of the government’s Borno State Development Plan, WFP and partners deliver food and specialised nutrition assistance to 1 million people in Borno state each month. WFP also trains and mentors health facility staff to conduct screenings and manage acute malnutrition among women and children whilst promoting appropriate maternal, infant, and young child nutrition practices. The Government of Nigeria is a firm supporter of WFP’s humanitarian food systems solutions in Borno state. 

     

     

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    About AfDB

    The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 44 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. 

    For more information: www.afdb.org

    About WFP

    The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change. 

    Follow us on X, via @wfp_media, @AfDB_Group, @AfDB_RDNG 

    MIL OSI United Nations News –

    February 22, 2025
  • MIL-OSI: Kasu launches the highest risk-adjusted yields in RWA private credit

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 21, 2025 (GLOBE NEWSWIRE) — Kasu, the most risk-optimised private credit platform in DeFi, is now live, offering institutional-grade yield opportunities with an unprecedented level of transparency, risk management, and borrower quality.

    Built on BASE, Kasu provides a sustainable 12-25% APY, offering the highest risk-adjusted yields in RWA private credit. This is achieved by lending exclusively to top-tier accounting firms and their clients in tier 1 economies: the US, Canada, Australia, and the UK.

    This approach ensures yields that are completely uncorrelated to crypto volatility or macroeconomic fluctuations, providing lenders with stable, high-quality returns.

    Apxium: the powerhouse behind Kasu’s zero-loss lending engine

    Kasu is powered by Apxium, a multi-award-winning SaaS+Fintech business whose proprietary technology is used by global accounting firms to manage and automate over $2.5 billion in invoices annually.

    This financial automation software accelerates the rate at which these firms collect payment from their invoices by up to 50%, thereby significantly increasing their cash flow, ultimately reducing risk to lenders on Kasu.

    Unlike other RWA lenders that have suffered over $200 million in losses in just the last three years, Apxium has an 8-year history with a 0% loss rate—a feat unheard of in RWA.

    “We’re not just another RWA lending platform—we’re redefining how real-world yield works in DeFi,” said Kasu Co-Founder, Luke Lombe. “By combining institutional-grade lending opportunities, industry-first transparency, and cutting-edge financial automation, Kasu is setting a new benchmark for sustainable, high risk-adjusted returns.”

    Best-in-class borrowers & risk structuring: lending to globally significant firms in Tier 1 economies

    Kasu exclusively lends to established accounting firms and their clients across the US, Canada, Australia, and the UK—a borrower class that is:

    • Highly regulated with strict financial oversight
    • Non-discretionary—these firms handle mission-critical services in all economic conditions, ensuring high repayment reliability
    • Low-risk, high-profit—less than 1% invoice default rate across the industry

    These borrowers include leading global accounting networks, US Top 25 firms, UK Top 15 firms, and Australia’s largest professional services firms.

    In addition, Kasu’s best-in-class risk management isn’t just theoretical—it’s engineered into every transaction, with multiple layers of borrower recourse and real-time financial tracking.

    This technology-driven risk management ensures that Lending Strategies on Kasu apply sophisticated credit risk structuring, making it safer for lenders, and with the highest level of transparency in the market.

    The future of yield is transparent, secure, and accessible

    While other private credit platforms force lenders to lend blindly into opaque structures, Kasu is setting a new standard.

    This includes loan performance and risk dashboard reporting, whilst providing lenders with full visibility and control over how their funds are allocated to some of the highest creditworthy business borrowers in private credit.

    This level of transparency, control, and risk management is unmatched in RWA lending.

    RWA lending, done right – democratising access to all lenders, including the U.S.

    Unlike most private credit RWA platforms that restrict participation to accredited investors, Kasu’s ethos of inclusiveness and financial democratisation means it is open to nearly all lenders—including everyday lenders in the United States, regardless of their wealth.

    This means for the first time, any US participant can access institutional-quality private credit strategies that were previously reserved for financial institutions.

    Kasu is designed to scale. Pre-launch, the platform achieved its hard cap of $3M in test TVL. With its advanced risk structuring, premier borrower base, and proprietary financial automation technology, Kasu is positioned to become the dominant force in RWA private credit.

    Strong backing – more to come

    Kasu launches with the support of early investors including Woodstock Fund, Morningstar Ventures, Cypher Capital, and Faculty Group.

    Perhaps more significantly, Kasu is in late-stage diligence for a significant debt facility from a major institutional lender—a move that, if finalised, would prove that institutional-grade capital is ready to enter DeFi in a material way.

    “The private credit market is a $1.6 trillion opportunity that’s been virtually untouched in crypto,” said Luke Lombe. “With the backing we’re securing, Kasu is positioned to be the Ondo of private credit, bridging TradFi with DeFi in a way that’s never been done before.”

    Kasu’s transparent lending model, borrower quality, and structured credit risk structuring set it apart in the rapidly evolving RWA landscape. By combining the highest risk-optimised yields in private credit with industry-first levels of transparency, Kasu is defining the next generation of DeFi lending.

    Kasu is live now. Start earning at www.kasu.finance.

    About Kasu

    Kasu is the most risk-optimised, fully transparent RWA private credit platform, providing institutional-grade, uncorrelated yields to any lender. By bridging DeFi with the multi-trillion-dollar private credit market, Kasu enables sustainable, and high-yield lending opportunities of the highest quality seen in RWA private credit. The platform is backed by leading lenders and has undergone multiple security audits by ChainSecurity and 0xCommit.

    About Faculty Group

    Faculty Group is a collective of blockchain-native companies that builds, invests in, and advises Web3 innovators. With over 100 staff worldwide, Faculty provides investment capital for early-stage projects, underpinned by a comprehensive suite of venture-building services, including product development, marketing, market making, and token economics—all under one banner.

    Press Inquiries for Kasu:
    Leon Ploubidis 
    Growth Strategy and Operations 
    Leon@kasu.finance

    Arvin Nathan, PR
    an@faculty.group

    Disclaimer: This press release is provided by Kasu .The statements, views, and opinions expressed in this content are solely those of the Kasu .and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8f465bcf-d2d4-407d-aec1-d9d9e766340b

    The MIL Network –

    February 22, 2025
  • MIL-OSI: CLEAR Announces Quarterly Dividend, Special Dividend and Increase to its Share Repurchase Authorization

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 21, 2025 (GLOBE NEWSWIRE) — Clear Secure, Inc. (NYSE: YOU) (“CLEAR” or the “Company”) today announced that its Board of Directors (the “Board”) declared a quarterly dividend of $0.125 per share, and a special cash dividend of $0.27 per share, each payable on March 18, 2025 to holders of record of Class A Common Stock and Class B Common Stock as of the close of business on March 10, 2025.

    The Company will fund the payment of the dividends from proportionate cash distributions made by Alclear Holdings, LLC to all of its members, including the Company. The distributions consist of a mandatory tax distribution as well as a discretionary distribution.

    In addition, the Company announced that its Board authorized a $200 million increase to its existing Class A Common Stock share repurchase program, resulting in an aggregate remaining authorization of approximately $232 million after using approximately $68 million subsequent to Q324.

    The declaration, timing and amount of any future dividends will be subject to the discretion and approval of the Board and will depend on a number of factors, including CLEAR’s results of operations, cash flows, financial position and capital requirements, as well as general business conditions, legal, tax and regulatory restrictions and other factors the Board deems relevant at the time it determines to declare such dividends. The timing and actual number of shares repurchased pursuant the Company’s repurchase program will be determined by management depending on a variety of factors, including stock price, trading volume, market conditions, and other general business considerations.

    About CLEAR
    CLEAR’s mission is to create frictionless experiences. With over 27 million Members and a growing network of partners across the world, CLEAR’s identity platform is transforming the way people live, work, and travel. Whether you are traveling, at the stadium, or on your phone, CLEAR connects you to the things that make you, you – making everyday experiences easier, more secure, and friction-free. CLEAR is committed to privacy done right. Members are always in control of their own information, and we never sell member data. For more information, visit clearme.com.

    Forward-Looking Statements
    This release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any and such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including those described in the Company’s filings within the Securities and Exchange Commission, including the sections titled “Risk Factors” in our Annual Report on Form 10- K. The Company disclaims any obligation to update any forward-looking statements contained herein.

    Media Contact:
    CLEAR
    media@clearme.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

    February 22, 2025
  • MIL-OSI: Notice of the annual general meeting of Tryg A/S

    Source: GlobeNewswire (MIL-OSI)

    The annual general meeting of Tryg A/S will be held on Wednesday 26 March 2025 at 15:00 CET at the company’s Head Office, Klausdalsbrovej 601, Ballerup, Denmark.

    The agenda is as follows:

    1. The Supervisory Board’s report on the company’s activities in the past financial year
    2. Presentation of the annual report for approval and granting of discharge of the Supervisory Board and the Executive Board
    3. Resolution on the appropriation of profit in accordance with the adopted annual report
    4. Indicative vote on the remuneration report for 2024
    5. Approval of the remuneration of the Supervisory Board for 2025
    6. Resolutions proposed by the Supervisory Board
      1. Decision on reduction of share capital
      2. Reduction and extension of the existing authorisation to increase the share capital, cf. Articles 8 and 9 of the Articles of Association
      3. Reduction and renewal of the existing authorisation to acquire own shares
      4. Adjustment of the decision on indemnification
      5. Approval of remuneration policy
      6. Expanding the number of members of the Supervisory Board
      7. Election of members to the Supervisory Board
      8. Appointment of auditor and sustainability auditor
      9. Authorisation of the chair of the meeting
      10. Miscellaneous
      11. For further details, please see attached notice of the annual general meeting (AGM).

        Attachment

      • Tryg AS AGM 2025 – Notice of the Annual General Meeting

      The MIL Network –

    February 22, 2025
  • MIL-OSI Global: South Africa’s finance minister wanted to raise VAT: the pros and cons of a tricky tax

    Source: The Conversation – Africa – By Andrew Robert Donaldson, Senior Research Associate, Southern Africa Labour and Development Research Unit, University of Cape Town

    South Africa’s finance minister, Enoch Godongwana, cancelled the unveiling of the country’s 2025 budget as it was due to be released. The move is unprecedented in the country’s history.

    The reason for the abrupt cancellation was the failure of the minister to get cabinet approval for the proposal to raise value added tax (VAT) from 15% to 17%. VAT is the second biggest contributor to tax collection after personal income tax, followed by corporate taxes.

    The strongest opposition to the idea came from parties that have joined the African National Congress in a government of national unity which was formed after the ruling party lost its majority in polls in June 2024.

    To understand the finance minister’s efforts to raise VAT it’s helpful to revisit the revenue proposals of a year ago.

    In the 2024 budget, all the additional revenue was to come from a “stealth tax” on personal income. Because personal income tax is levied at increasing rates as income rises, the tax burden rises as wages go up if tax thresholds are not adjusted for inflation.

    In the Treasury’s estimates, R16.3 billion (US$889 million) was raised in 2024/25 by not making inflation-related adjustments to the personal income tax brackets and rebates. This meant that another 200,000 income-earners became taxpayers, and everyone’s effective tax rate was raised.

    This has been a long-standing trend. Over the past decade, the tax threshold (for individuals under the age of 65) has declined from R115,000 (in today’s prices) to R95,750, bringing about 850,000 more people into the tax net.

    Above the threshold, tax rates were raised by one percentage point in 2015 and the 45% rate was introduced in 2017.

    As a strategy for raising personal income tax, the results have been impressive. Personal income tax has increased from 8% of GDP in 2014 to nearly 10%. In the nine months to December 2024, personal income tax increased by over 13% compared with the same period in 2023. Even after taking account of the revenue windfall from retirement fund withdrawals following recent reforms, this signals a substantial erosion of households’ disposable income.

    But that is precisely the problem. Taxes collected on goods and services (mainly VAT and excise duties) increased by just 0.4% last year by comparison with 2023. Revenue from corporate income tax declined. The implication is clear: higher taxes on personal income are at least partially offset by reduced consumption and declines in revenue from other sources.

    So the Treasury has taken the view, this year, that there should be relief given in the personal income tax and that additional revenue will have to come from taxes on consumption.

    There are good reasons for this: personal income tax has contributed a rising share of the overall tax burden over the past decade, while households also face rising costs of electricity, housing and services. However, raising VAT also has its downsides: it generates revenue by raising prices relative to the costs of production, and effectively also reduces households’ spending power.

    The Treasury’s estimate is that an increase in VAT from 15% to 17% would raise an additional R60 billion (US$3.3 billion) in revenue. To offset the impact on low-income households, the schedule of basic foods that don’t attract VAT will be extended beyond the present list of 21 items to include various specified meat cuts and tinned and bottled vegetables. In addition, above-inflation adjustments to social grants are proposed.

    The main argument against increasing the VAT rate is that it is regressive – it has a greater impact on lower-income households than on the rich. But a two percentage point VAT increase would also be a substantial shock to overall consumption spending. It would temporarily raise inflation and it would have a negative impact on business income and profitability.

    The arguments for a higher VAT rate, rather than other tax increases, are in part about its broad base and comparative ease of collection.

    There are nonetheless valid concerns from an administrative perspective. The Treasury argues that other countries have higher VAT rates than South Africa (Morocco, Turkey, Brazil and India, for example). But this is not in itself protection against the potential impact of a higher tax rate on non-compliance and tax fraud.

    The upsides

    There may be deeper economic considerations behind the Treasury’s tax proposal.

    The most compelling arguments for VAT as a revenue source are in its basic design structure: what is taxed and what is not. There are two key features. The first is that it taxes imports and zero-rates exports. The second is that the VAT base excludes investment.

    The import VAT is sometimes seen as an unfair form of trade protection. But it simply levels the consumption tax across foreign and domestic-produced goods. And it’s simpler than excise and sales taxes.

    The important consideration for domestic production is that by comparison with alternative taxes on income, the VAT encourages exports.

    The exclusion of investment from the VAT base caused some controversy when the tax was introduced in 1990. Some argued that this would bias economic development in favour of capital and against labour. But investment and employment are complements. To achieve higher rates of employment, South Africa needs far greater levels of investment. Since 2013, investment has fallen as a percentage of GDP from 19% to less than 15%: nowhere enough to generate growth sufficient to bring down South Africa’s unemployment rate.

    Because the VAT base is consumption, not investment, it supports expansion of the economy’s productive capacity.

    Managing the fallout

    But this doesn’t change the short-term impact on the cost of living that would result from a VAT rise. A higher tax burden will reduce demand and inhibit growth at first, before potentially contributing to fiscal stability and lower interest rates.

    If the tax increase is to be avoided, then the spotlight will have to fall on the expenditure side of the budget. This is a far harder discussion than tax policy – there are a thousand options to consider, and there are vested interests wherever you look.

    If Godongwana’s VAT rate increase is to be rejected, tough choices on the alternatives will have to be confronted.

    Andrew Robert Donaldson is a former National Treasury official.

    – ref. South Africa’s finance minister wanted to raise VAT: the pros and cons of a tricky tax – https://theconversation.com/south-africas-finance-minister-wanted-to-raise-vat-the-pros-and-cons-of-a-tricky-tax-250460

    MIL OSI – Global Reports –

    February 22, 2025
  • MIL-OSI Africa: South Africa’s finance minister wanted to raise VAT: the pros and cons of a tricky tax

    Source: The Conversation – Africa – By Andrew Robert Donaldson, Senior Research Associate, Southern Africa Labour and Development Research Unit, University of Cape Town

    South Africa’s finance minister, Enoch Godongwana, cancelled the unveiling of the country’s 2025 budget as it was due to be released. The move is unprecedented in the country’s history.

    The reason for the abrupt cancellation was the failure of the minister to get cabinet approval for the proposal to raise value added tax (VAT) from 15% to 17%. VAT is the second biggest contributor to tax collection after personal income tax, followed by corporate taxes.

    The strongest opposition to the idea came from parties that have joined the African National Congress in a government of national unity which was formed after the ruling party lost its majority in polls in June 2024.

    To understand the finance minister’s efforts to raise VAT it’s helpful to revisit the revenue proposals of a year ago.

    In the 2024 budget, all the additional revenue was to come from a “stealth tax” on personal income. Because personal income tax is levied at increasing rates as income rises, the tax burden rises as wages go up if tax thresholds are not adjusted for inflation.

    In the Treasury’s estimates, R16.3 billion (US$889 million) was raised in 2024/25 by not making inflation-related adjustments to the personal income tax brackets and rebates. This meant that another 200,000 income-earners became taxpayers, and everyone’s effective tax rate was raised.

    This has been a long-standing trend. Over the past decade, the tax threshold (for individuals under the age of 65) has declined from R115,000 (in today’s prices) to R95,750, bringing about 850,000 more people into the tax net.

    Above the threshold, tax rates were raised by one percentage point in 2015 and the 45% rate was introduced in 2017.

    As a strategy for raising personal income tax, the results have been impressive. Personal income tax has increased from 8% of GDP in 2014 to nearly 10%. In the nine months to December 2024, personal income tax increased by over 13% compared with the same period in 2023. Even after taking account of the revenue windfall from retirement fund withdrawals following recent reforms, this signals a substantial erosion of households’ disposable income.

    But that is precisely the problem. Taxes collected on goods and services (mainly VAT and excise duties) increased by just 0.4% last year by comparison with 2023. Revenue from corporate income tax declined. The implication is clear: higher taxes on personal income are at least partially offset by reduced consumption and declines in revenue from other sources.

    So the Treasury has taken the view, this year, that there should be relief given in the personal income tax and that additional revenue will have to come from taxes on consumption.

    There are good reasons for this: personal income tax has contributed a rising share of the overall tax burden over the past decade, while households also face rising costs of electricity, housing and services. However, raising VAT also has its downsides: it generates revenue by raising prices relative to the costs of production, and effectively also reduces households’ spending power.

    The Treasury’s estimate is that an increase in VAT from 15% to 17% would raise an additional R60 billion (US$3.3 billion) in revenue. To offset the impact on low-income households, the schedule of basic foods that don’t attract VAT will be extended beyond the present list of 21 items to include various specified meat cuts and tinned and bottled vegetables. In addition, above-inflation adjustments to social grants are proposed.

    The main argument against increasing the VAT rate is that it is regressive – it has a greater impact on lower-income households than on the rich. But a two percentage point VAT increase would also be a substantial shock to overall consumption spending. It would temporarily raise inflation and it would have a negative impact on business income and profitability.

    The arguments for a higher VAT rate, rather than other tax increases, are in part about its broad base and comparative ease of collection.

    There are nonetheless valid concerns from an administrative perspective. The Treasury argues that other countries have higher VAT rates than South Africa (Morocco, Turkey, Brazil and India, for example). But this is not in itself protection against the potential impact of a higher tax rate on non-compliance and tax fraud.

    The upsides

    There may be deeper economic considerations behind the Treasury’s tax proposal.

    The most compelling arguments for VAT as a revenue source are in its basic design structure: what is taxed and what is not. There are two key features. The first is that it taxes imports and zero-rates exports. The second is that the VAT base excludes investment.

    The import VAT is sometimes seen as an unfair form of trade protection. But it simply levels the consumption tax across foreign and domestic-produced goods. And it’s simpler than excise and sales taxes.

    The important consideration for domestic production is that by comparison with alternative taxes on income, the VAT encourages exports.

    The exclusion of investment from the VAT base caused some controversy when the tax was introduced in 1990. Some argued that this would bias economic development in favour of capital and against labour. But investment and employment are complements. To achieve higher rates of employment, South Africa needs far greater levels of investment. Since 2013, investment has fallen as a percentage of GDP from 19% to less than 15%: nowhere enough to generate growth sufficient to bring down South Africa’s unemployment rate.

    Because the VAT base is consumption, not investment, it supports expansion of the economy’s productive capacity.

    Managing the fallout

    But this doesn’t change the short-term impact on the cost of living that would result from a VAT rise. A higher tax burden will reduce demand and inhibit growth at first, before potentially contributing to fiscal stability and lower interest rates.

    If the tax increase is to be avoided, then the spotlight will have to fall on the expenditure side of the budget. This is a far harder discussion than tax policy – there are a thousand options to consider, and there are vested interests wherever you look.

    If Godongwana’s VAT rate increase is to be rejected, tough choices on the alternatives will have to be confronted.

    – South Africa’s finance minister wanted to raise VAT: the pros and cons of a tricky tax
    – https://theconversation.com/south-africas-finance-minister-wanted-to-raise-vat-the-pros-and-cons-of-a-tricky-tax-250460

    MIL OSI Africa –

    February 22, 2025
  • MIL-OSI Europe: Ireland’s AI Advisory Council Report to Government: “Helping to Shape Ireland’s AI Future”

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

    21st February 2025

    The AI Advisory Council today 21st February announced the release of its latest report, “Ireland’s AI Advisory Council Recommendations – Helping to Shape Ireland’s AI Future (February 2025).” This comprehensive report outlines key opportunities and strategic policy recommendations aimed at accelerating AI adoption in Ireland while safeguarding the nation’s economy, competitiveness, workforce, and society.

    The report delves into six critical areas:

    1. AI and the Future of Skills and Work: Improving our understanding of the transformative impact of AI on the labour market and promoting proactive policies to navigate the uncertainty ahead.
    2. AI Ecosystem: Strategies to lead in applied AI: supporting start-ups and SMEs, accelerating funding, leveraging and expanding existing testbed initiatives, and unifying vision for growth.
    3. AI Literacy and Education: Emphasising the importance of AI literacy training for educators and ensuring equitable access to AI tools in education.
    4. AI Sovereignty and Infrastructure: Recognising the value of sovereign data and highlighting the importance of investment in energy infrastructure to our future participation in the AI economy.
    5. Biometrics and the Public Service: Providing recommendations for the responsible use of AI powered Facial Recognition Technology (FRT) in public services.
    6. AI and Ireland’s Creative Sector: Exploring the transformative impact of AI on the creative sector and proposing measures to protect creators and address AI misuse.

    Dr Patricia Scanlon, Chair of the AI Advisory Council said: 

    “This report lays out actionable recommendations to ensure Ireland remains competitive in the global AI arena while fostering an inclusive, ethical, and sustainable future. 

    “We look forward to collaborating with the Government to further explore these opportunities and stimulate a forward-thinking dialogue that aligns Ireland’s AI development with best practices and ethical standards, ultimately securing long-term benefits for our economy and society.”

    The Council presented the advice papers to Minister for Enterprise, Tourism and Employment Peter Burke and the new AI and Digital Transformation Minister of State, Niamh Smyth. The advice was also sent to the Taoiseach.

    Minister for Enterprise, Tourism and Employment Peter Burke said:

    “The Council have emphasised that Government must take decisive and informed action to deliver a vision for AI in Ireland. These are all important issues that have been raised by the Council and I will ensure that their views and expert advice is considered by Government.”

    Minister of State for Trade Promotion, AI and Digital Transformation, Niamh Smyth said: 

    “The Council’s advice is very much welcomed and will be given full consideration. I look forward to working with the Council and with Government colleagues over the coming months as we continue our focus on implementing the National AI Strategy”. 

    The AI Advisory Council will continue to provide insights and refine its recommendations over the coming year, ensuring that Ireland remains agile and well-prepared to navigate the rapidly evolving AI landscape and remain globally competitive.

    Three supplementary advice papers provide more in-depth analyses on three specific thematic areas. The High-Level Recommendations report serves as the main document, while additional deep-dive analyses on the Creative Sector, Education, and Biometrics (FRT) further elaborate on these subjects. More detailed examinations of other thematic areas are planned for release over the coming year.

    Read the AI Advisory Council Advice Papers.

    Notes for Editors

    About the AI Advisory Council:

    The AI Advisory Council is an independent body established to provide expert advice to the Irish Government on all aspects of Artificial Intelligence. The Council comprises leading experts from academia, industry, and civil society.

    The Council’s mandate also includes public engagement to continue to build confidence in the use of trustworthy AI. Since January 2024, the Council members have participated in hundreds of events, interviews, panels, and other engagements.

    See the membership of the AI Advisory Council.

    Back to Department News

    Back to Top

    MIL OSI Europe News –

    February 22, 2025
  • MIL-OSI: Latx Network Unveils LattieAI, the Next-Gen DeFi AI Agent Set to Disrupt Crypto in 2025

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 21, 2025 (GLOBE NEWSWIRE) — In the rapidly evolving landscape of decentralized finance (DeFi), the integration of artificial intelligence (AI) is not just a trend—it’s the future. Leading this transformative wave is Latx Network with the launch of LattieAI, an advanced AI-driven agent poised to redefine user interaction within DeFi protocols.

    As of February 2025, the crypto community is abuzz with high-performing projects like Virtuals Protocol (VIRTUAL), ai16z (AI16Z), and Griffain (GRIFFAIN), all driving AI innovations in blockchain and finance. While these platforms focus on specific applications of AI, Latx Network distinguishes itself by seamlessly merging AI with DeFi, SocialFi, and Meme Meta into a unified, user-centric experience. LattieAI transcends traditional trading assistants by offering an intelligent DeFi agent capable of real-time market analysis, predictive insights, and strategic execution across the ecosystem.

    A Smarter, Faster, and More Profitable DeFi Experience

    While platforms like Bittensor (TAO) and Fetch.ai (FET) are making strides in AI integration, LattieAI elevates the standard by combining LLM-powered analytics, comprehensive on-chain monitoring, and sentiment-driven insights. This fusion provides users with dynamic, real-time intelligence that adapts to ever-shifting market trends.

    “We’re making DeFi simple, smart, and rewarding,” states Jonathan Reed, CEO of Latx Network. “Latx is setting new standards for DeFAI projects by integrating AI with meme as a catalyst, and a seamless Telegram Mini App as SocialFi leverage for mass onboarding, all while continuing our development on Base to ensure scalability and efficiency.”

    Why LattieAI Stands Out Among AI Agents

    The crypto narrative for 2025 underscores a pivotal shift—AI is transforming DeFi into an autonomous, data-driven financial ecosystem. As leading DeFAI protocols incorporate AI into lending, trading, and governance, the demand for real-time, actionable intelligence has surged.

    Unlike conventional AI bots, LattieAI is designed to compete with the best AI agents on the market, including Virtuals Protocol, ai16z, and Griffain, by offering deeper contextual understanding, predictive modeling, and proactive trade execution. LattieAI is engineered to provide users with a competitive edge by processing vast amounts of on-chain and off-chain data to detect signals ahead of market movements. Whether it’s monitoring Total Value Locked (TVL) fluctuations, tracking significant whale activities, or identifying emerging trends, LattieAI empowers users to make informed, timely, and profitable decisions.

    The Future of DeFAI Begins Now

    The introduction of LattieAI signifies a new era in DeFi, where AI-driven decision-making becomes the norm. While platforms like Immutable X and Aave focus on optimizing decentralized trading and lending, Latx Network is pioneering a comprehensive AI-powered DeFi agent that enhances user experiences across multiple ecosystems.

    With LattieAI, Latx Network isn’t merely participating in the AI narrative—it’s defining it.

    The launch is underway. Stay ahead or get left behind.

    Contact:
    Jonathan Reed
    ir@latx.io

    Disclaimer: This press release is provided by Latx Network. The statements, views, and opinions expressed in this content are solely those of the providing company and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in cloud mining and related opportunities involves significant risks, including the potential loss of capital. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91600be4-ef0a-4894-8403-f316bdb9d279

    The MIL Network –

    February 22, 2025
  • MIL-OSI: Exabits partners with Phala Network to offer robust AI security with TEE-enabled infrastructure

    Source: GlobeNewswire (MIL-OSI)

    By working together, Exabits and Phala Network offer trusted execution environment (TEE) enabled GPU clusters, ensuring personal data is processed within a secure enclave for heightened data protection in AI applications

    SAN MATEO, Calif., Feb. 21, 2025 (GLOBE NEWSWIRE) — Exabits, a compute base-layer platform transforming GPUs (graphic processing units) clusters into financial assets, announces its partnership with Phala Network, a trustless Web 3.0 computation platform enabling cloud processing without sacrificing data confidentiality. Through this partnership, Exabits and Phala utilize a TEE-enabled infrastructure to ensure sensitive user data remains secure across hardware, software, and cloud systems when serving LLMs – an industry-first collaboration.

    Surfacing controversies surrounding DeepSeek underline the necessity for enhanced data security in AI applications. While DeepSeek’s low-cost, cloud-based approach has garnered major headlines, this method stores sensitive information on remote servers, leaving it vulnerable to external access. Countries around the world are skeptical about DeepSeek’s privacy policies, with some banning its use in government technologies and others even removing it from app stores. As governments take precautions against AI to protect national security, independent developers look to take action and heighten data security measures.

    By joining forces, Exabits and Phala Network cultivate a safer environment for personal data protection. Through the collaboration, Exabits and Phala can now offer TEE-enabled Nvidia H200 clusters, ensuring that personal data is processed within a secure domain. This advancement enables developers to run DeepSeek R1 within a TEE, providing an isolated environment for processing data safely, and successfully keeping sensitive data safe from third-party servers.

    Utilizing its proprietary technology, Exabits was able to overcome complex industry challenges normally associated with enabling TEE functionality on GPU hardware. Phala Network complements this advancement by harnessing the security features offered by Intel and Nvidia’s TEE technology stack, integrating Redpill and the private-ml-sdk it co-developed along with Nearai. These TEE-enabled solutions ensure user data is protected within a tamper-proof, encrypted environment, to prevent cloud-based AI applications from storing data in external locations.

    “We are excited to partner with Phala Network as we recognize the danger in unsecured data,” says Xander Wu, Co-Founder at Exabits. “Our combined solution sees that no external source has access to the user’s data. Furthermore, through our collaboration with Phala, we benefit by improving data security in our hardware. Together, we’re setting a new benchmark for secure AI infrastructure, ensuring personal data remains where it belongs.”

    “This partnership aligns with our vision as Exabits shares our concern for personal privacy in a world where everything is so public,” says Marvin Tong, CEO of Phala Network. “With Exabit’s large source of Nvidia H200 clusters, we can now scale to meet our clients’ significant GPU TEE demands. This breakthrough enables customers to effortlessly activate and utilize these advanced security features.”

    About Exabits:
    Established in 2021, Exabits is a revolutionary compute base-layer platform transforming high-end GPU clusters into accessible digital investment assets. With proprietary hardware and software, Exabits enables users to invest in GPU infrastructure, generating yield through tokenized compute assets. The company serves both Web2 enterprises and decentralized Web3 platforms, powering innovation through its scalable and secure infrastructure. To learn more, please visit https://exabits.ai/

    About Phala Network:
    Phala Network is a trustless computation platform that enables massive cloud processing without sacrificing data confidentiality. Founded by Marvin Tong, COO Zhe Wang, CTO Jun Jiang, and Lead Developer Hang Yin, Phala’s leadership team brings together deep expertise in blockchain technology, cybersecurity, machine learning, and the broader software landscape. Phala Network’s distributed computing cloud is built on TEE-based privacy technology already embedded in modern processors, producing a platform that is versatile and confidential. By separating the consensus mechanism from computation, Phala ensures a powerful, secure, and scalable solution for trustless cloud computing.

    Contact:
    ReBlonde for Exabits
    alona@reblonde.com

    Phala
    Hang Yin
    support@phala.network

    Disclaimer: This press release is provided by Exabits .The statements, views, and opinions expressed in this content are solely those of the Exabits and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67ecc9e1-92d4-4f59-823e-cb2ad85c950f

    The MIL Network –

    February 21, 2025
  • MIL-OSI Africa: African Development Bank Partners with Interpol to Combat Financial Crime and Strengthen Anti-Corruption Efforts in Africa

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

    ABIDJAN, Ivory Coast, February 21, 2025/APO Group/ —

    The African Development Bank Group (www.AfDB.org) has taken a significant step forward in its fight against corruption and financial crime by signing a Letter of Intent with the International Criminal Police Organization (Interpol) today. The Bank Group is the first multilateral development bank to establish such a collaboration with Interpol. 

    The Letter of Intent was signed on Wednesday by African Development Bank Group President Dr. Akinwumi Adesina and Interpol Secretary General Valdecy Urquiza, who visited the Bank’s headquarters in Abidjan.  

    The partnership will enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption (https://apo-opa.co/3QrB4ku) and Interpol’s Financial Crime and Anti-Corruption Centre. It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats, including cybercrime, anti-corruption measures, and counter-terrorism financing.  

    This initiative comes as Africa faces significant challenges of illicit financial flows, estimated at nearly $90 billion annually—a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure. 

    As an institution that deploys approximately $10 billion annually in development financing, with the majority going to government projects, the African Development Bank Group brings crucial insight into regional financial flows and development challenges, Adesina said. 

    “This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries,” said Adesina. “As the world’s most transparent financial institution for two consecutive editions (https://apo-opa.co/41o3TVt) [according to Publish What You Fund’s assessment of sovereign portfolios], we maintain zero tolerance for corruption and terrorism financing. By joining forces with Interpol, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.” 

    Rapid advancements in digital technology have also led to an increase in internet-enabled financial crimes. According to Interpol’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing, and other online frauds pose growing threats to Africa’s digitalized economy. 

    Secretary General Urquiza, who was elected to his position in November 2024, said, “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world. The evolving nature of financial crime, particularly in the digital environment, requires strong partnerships between law enforcement and financial institutions. Interpol’s closer relationship with the African Development Bank Group will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.” 

    Adesina said the Bank will continue to tackle these challenges by: 

    • Building capacity and supporting African countries in strengthening transparent and accountable governance and strong institutions capable of driving inclusive and sustainable growth and resilient economies. 
    • Strengthening Know Your Customer and Due Diligence systems to prevent and to fight fraud and corruption. 
    • Ensure that the Bank’s resources are used for their intended purposes in a transparent and accountable manner, a practice that has led to the Bank being recognized for two consecutive editions as the most transparent multilateral development bank in the world by Publish What You Fund. 

    The high-level Interpol delegation that accompanied Secretary General Urquiza included Mr. Silvino Schlickmann, Director of Governance and Ms. Paule Ouedraogo, Head of Interpol’s Regional Bureau.  

    The African Development Bank Group was represented by members of President Adesina’s senior management team including the director of the Office of Integrity and Anti-Corruption, Ms. Paula da Costa.

    MIL OSI Africa –

    February 21, 2025
  • MIL-OSI United Kingdom: Coming up next week at the London Assembly w/c 24 February 2025

    Source: Mayor of London

    PUBLICATIONS

    Monday 24 February

    Night-time Economy Report

    Economy, Culture and Skills Committee

    The Economy, Culture and Skills Committee will publish its report – London’s Night-Time Economy.  The report follows an in-depth investigation by the Committee, which saw industry experts, professionals and local authorities provide evidence on London’s night-time economy, what work is currently being done, and any barriers preventing further growth in the sector.

    MEDIA CONTACT: Tony Smyth on 07763 251 727 / [email protected]

    SITE VISIT

    Thursday 27 February

    Defibrillator training

    Health Committee – Liverpool St Station 10:30am – 12:00pm

    Members of the Health Committee will visit Liverpool Street Station, where they will observe a pop-up London lifesaver defibrillator training. 

    The meeting will include representatives from the London Ambulance Service, Transport for London and people whose lives have been saved by defibrillators.

    MEDIA ARE INVITED TO ATTEND THIS FILMING/PHOTO OPPORTUNITY BY PRIOR ARRANGEMENT

    MEDIA CONTACT: Alison Bell on 07887 832 918 / [email protected]

    PUBLIC MEETINGS

    Tuesday 25 February

    Mayor’s Question Time – Final Budget

    All Assembly meeting – The Chamber, City Hall, Kamal Chunchie Way, 10am

    London Mayor Sir Sadiq Khan will present his Final Draft Consolidated Budget for 2025-26 to the London Assembly for a final vote on the financial plans.

    After questioning the Mayor, the London Assembly will consider his Final Draft Consolidated Budget and decide whether to approve it, with or without amendment.  The guests are:

    • Sir Sadiq Khan, Mayor of London
    • David Bellamy, Mayor’s Chief of Staff
    • Fay Hammond, Chief Financial Officer, GLA

    MEDIA CONTACT: Alison Bell on 07887 832 918 / [email protected]

    Wednesday 26 February

    Violence against women and girls (VAWG)

    Police and Crime Committee – The Chamber, City Hall, Kamal Chunchie Way, 10am

    The Police and Crime Committee will begin an investigation into VAWG, focussing on the impact on young people. The Committee will question guests on the experiences of young people, and how the Mayor can ensure that prevention-based education programmes and initiatives are reaching boys and young men in London.  The guests are:

    Panel 1 (10:00am – 11:15am)

    • Janaya Walker, Head of Public Affairs, End Violence Against Women
    • Guest TBC, Southall Black Sisters

    Panel 2 (11:20am – approx. 12:30pm)

    • Kate Lexén, Director of Services, Tender
    • Ellie Softley, Head of Education, Everyone’s Invited
    • Professor Jessica Ringrose, Faculty of Education and Society, University College London

    MEDIA CONTACT: Tony Smyth on 07763 251 727 / [email protected]

    Wednesday 26 February

    Leasehold Charges

    Housing Committee – Chamber, City Hall, Kamal Chunchie Way, 2pm

    The Housing Committee will ask what extent service charges make ‘affordable’ home ownership tenures funded by the Mayor unaffordable, what more the Mayor can do to help leaseholders, and the extent to which freeholders and managing agents are working to improve transparency in service charges in London.  The guests are:

    • Tom Copley, Deputy Mayor for Housing and Residential Development
    • Kate Webb, Head of Housing Strategy, Greater London Authority
    • Charmaine McQueen-Prince, Chair of the Residential Freehold Association’s Leasehold Reform Subcommittee
    • Fiona Fletcher-Smith, Chief Executive Officer (CEO), L&Q and Chair, G15
    • Andrew Bulmer, CEO, The Property Institute

    MEDIA CONTACT:  Josh Hunt on 07763 252310 /[email protected]

    Thursday 27 February

    Mayor’s Transport Strategy

    Transport Committee – Chamber, City Hall, Kamal Chunchie Way, 10am

    The Transport Committee will ask the Deputy Mayor for Transport and the Transport for London (TfL) Commissioner about progress towards meeting the Mayor’s Transport Strategy ambitions, the Vision Zero target for no deaths or serious injuries on London’s transport network, bus services, and more.  The guests are:

    • Andy Lord, TfL Commissioner
    • Seb Dance, Deputy Mayor for Transport

    MEDIA CONTACT:  Josh Hunt on 07763 252310 /[email protected]

    Thursday 27 February

    Mayor’s Fund for London

    GLA Oversight Committee – Chamber, City Hall, Kamal Chunchie Way, 2pm

    The GLA Oversight Committee will question the Mayor’s Fund for London about its work. The guests are:

    • Jim Minton, Chief Executive Officer, Mayor’s Fund for London
    • Basma Elhayani, Youth Board Member, Mayor’s Fund for London

    The Committee will also ask questions on new proposals for the format of People’s Question Time between 2025 and 2028.

    MEDIA CONTACT: Alison Bell on 07887 832 918 / [email protected]

    MIL OSI United Kingdom –

    February 21, 2025
  • MIL-OSI Economics: Algeria Telecom Partners with Huawei to Deliver 400G WDM National Backbone Network, Accelerating Digital Economy Development Feb 21, 2025

    Source: Huawei

    Headline: Algeria Telecom Partners with Huawei to Deliver 400G WDM National Backbone Network, Accelerating Digital Economy Development
    Feb 21, 2025

    [Algiers, Algeria, February 21, 2025] Algeria Telecom and Huawei jointly announced the official launch of the national 400G WDM project, building an all-optical premium transmission foundation covering the whole country, helping Algeria accelerate the development of its national digital economy.
    Algeria Telecom and Huawei team up to deliver a national backbone network

    As the largest telecommunications operator in Algeria, Algeria Telecom has always been committed to promoting the national digital transformation. This cooperation with Huawei aims to enhance the level of Algeria’s network infrastructure by introducing the most advanced 400G ultra-high-speed optical network technology to provide stronger support for the development of the digital economy. Additionally, this network is future-oriented, laying an ultra-high-speed, low latency and sustainable foundation towards intelligence era.
    Huawei, as a leading global provider of information and communication technology solutions and smart devices, has rich experience and technical accumulation in the field of optical communication. The 400G ultra-high-speed optical network solution provided by Huawei for Algeria Telecom will have the characteristics of large bandwidth, high reliability, and low latency, which can meet the growing digital business needs in Algeria.
    More specifically, the implementation of this project will help Algeria achieve the following goals:
    Improve network speed and capacity: The 400G ultra-high-speed optical network will provide higher bandwidth and transmission speed than the existing network, enabling Algeria to better cope with the increasing data traffic demand.
    Promote the development of the digital economy: The ultra-high-speed optical network will provide a solid foundation for the development of Algeria’s digital economy and promote the vigorous development of emerging industries such as e-commerce, cloud computing, and big data.
    Improve people’s livelihood services: A high-speed and stable network will provide better Internet experience for the Algerian people and promote the improvement of digital service levels in fields such as education, medical care, and government affairs.
    Algeria Telecom and Huawei will cooperate closely to jointly promote all-optical network development. Both sides will give full play to their respective advantages to ensure the smooth delivery and stable operation of the network. It is believed that with the joint efforts of both sides, Algeria will embrace a more digital and intelligent future.

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Economics: Algeria Telecom Partners with Huawei to Deliver 400G WDM National Backbone Network, Accelerating Digital Economy Development

    Source: Huawei

    Headline: Algeria Telecom Partners with Huawei to Deliver 400G WDM National Backbone Network, Accelerating Digital Economy Development

    [Algiers, Algeria, February 21, 2025] Algeria Telecom and Huawei jointly announced the official launch of the national 400G WDM project, building an all-optical premium transmission foundation covering the whole country, helping Algeria accelerate the development of its national digital economy.
    Algeria Telecom and Huawei team up to deliver a national backbone network

    As the largest telecommunications operator in Algeria, Algeria Telecom has always been committed to promoting the national digital transformation. This cooperation with Huawei aims to enhance the level of Algeria’s network infrastructure by introducing the most advanced 400G ultra-high-speed optical network technology to provide stronger support for the development of the digital economy. Additionally, this network is future-oriented, laying an ultra-high-speed, low latency and sustainable foundation towards intelligence era.
    Huawei, as a leading global provider of information and communication technology solutions and smart devices, has rich experience and technical accumulation in the field of optical communication. The 400G ultra-high-speed optical network solution provided by Huawei for Algeria Telecom will have the characteristics of large bandwidth, high reliability, and low latency, which can meet the growing digital business needs in Algeria.
    More specifically, the implementation of this project will help Algeria achieve the following goals:
    Improve network speed and capacity: The 400G ultra-high-speed optical network will provide higher bandwidth and transmission speed than the existing network, enabling Algeria to better cope with the increasing data traffic demand.
    Promote the development of the digital economy: The ultra-high-speed optical network will provide a solid foundation for the development of Algeria’s digital economy and promote the vigorous development of emerging industries such as e-commerce, cloud computing, and big data.
    Improve people’s livelihood services: A high-speed and stable network will provide better Internet experience for the Algerian people and promote the improvement of digital service levels in fields such as education, medical care, and government affairs.
    Algeria Telecom and Huawei will cooperate closely to jointly promote all-optical network development. Both sides will give full play to their respective advantages to ensure the smooth delivery and stable operation of the network. It is believed that with the joint efforts of both sides, Algeria will embrace a more digital and intelligent future.

    MIL OSI Economics –

    February 21, 2025
  • MIL-OSI Security: INTERPOL and African Development Bank to cooperate on combating financial crime and corruption

    Source: Interpol (news and events)

    20 February 2025

    Financial fraud and corruption cost Africa more than USD 90 billion per year.

    ABIDJAN, Côte d’Ivoire: INTERPOL and the African Development Bank Group have signed a letter of intent to pursue greater cooperation to combat corruption, financial crime, cyber-enabled fraud and money laundering.

    The letter was signed by African Development Bank President Dr Akinwumi Adesina INTERPOL Secretary General Valdecy Urquiza during his visit to the Bank’s headquarters in Abidjan as part of his first official mission to Côte d’Ivoire.

    Significant step forward

    The first multilateral development bank to establish such a collaboration with INTERPOL, the Bank described the signing as a “significant step forward in its fight against corruption and financial crime”.

    The agreement aims to enhance collaboration between the Bank’s Office of Integrity and Anti-Corruption (PIAC) and INTERPOL’s Financial Crime and Anti-Corruption Centre (IFCACC).

    It will focus on sharing expertise, enhancing investigative capabilities, and developing preventive measures against emerging financial crime threats.

    The agreement comes as Africa faces significant challenges of illicit financial flows, estimated at nearly USD 90 billion annually – a loss of resources that could otherwise be invested in critical development needs including water, sanitation, health, food, and energy infrastructure.

    According to INTERPOL’s 2024 Global Financial Fraud Assessment, business email compromise, romance baiting, phishing and other online frauds are a growing concern in Africa due to rapid advancements in digital technology.

    INTERPOL Secretary General Valdecy Urquiza said:

    “Corruption and financial crime are among the biggest obstacles to economic and social development in Africa and around the world. INTERPOL’s closer relationship with the AfDB will help law enforcement agencies and financial institutions across Africa tackle increasingly sophisticated financial crime threats.”

    AfDB President Akinwumi Adesina said:

    “This partnership demonstrates our commitment to protecting development resources and ensuring they reach their intended beneficiaries. As the world’s most transparent financial institution for two consecutive years, according to Publish What You Fund, we maintain zero tolerance for corruption and terrorism financing. By joining forces with INTERPOL, we are strengthening our capacity to help African countries build robust systems against money laundering and financial crime.”

    The Bank Group deploys approximately USD 10 billion annually in development financing, with the majority going to government projects.

    MIL Security OSI –

    February 21, 2025
  • MIL-OSI United Kingdom: Positive meeting with ENVA and lead partners on lithium battery fire risk

    Source: Scotland – City of Perth

    I would like to extend my gratitude to ENVA, Police Scotland, the Scottish Fire and Rescue Service, SEPA, and Amey for engaging in open and honest conversations about the issues caused by the disposal of lithium batteries from common household items.

    The meeting was a productive step forward in addressing the concerns raised by our community following the fire at ENVA’s Perth site. We received firm assurances about the significant investment ENVA has been making at Friarton to enhance safety and improve operational efficiency following the 14th January incident. It is clear that ENVA, who took over the site following the previous fire in 2023, recognises the importance of the proximity of both the Friarton Bridge and neighbouring properties, and they are focused on minimising any impact on them,  which is a crucial aspect of our ongoing efforts to ensure the wellbeing of our residents and avoiding disruption to travellers both on M90 Friarton Bridge and locally within Perth itself.

    It was also pleasing to hear from SEPA and Scottish Fire and Rescue Service about the work they have undertaken on site and with ENVA, and be assured that these key agencies have confidence in the way the site is being operated.

    It is clear that ENVA have already learned much from what happened in January and has made additional enhancements to what they had already put in place since acquiring the site. This commitment to learning and willingness to allocate financial resources to the safety improvements is welcome.

    The safe disposal of lithium batteries is a growing problem for all of us. There is much the Council and others can learn from how ENVA is now managing this issue at their Perth site, including embracing new technology to identify and reduce risks. I look forward to discussing this more at a site visit in the near future.

    Thank you once again to all the stakeholders for their commitment to resolving these issues and working collaboratively towards a safer and more sustainable future.

    MIL OSI United Kingdom –

    February 21, 2025
  • MIL-OSI Asia-Pac: President Lai meets Abe Akie, wife of late Prime Minister Abe Shinzo of Japan

    Source: Republic of China Taiwan

    Details
    2025-02-20
    President Lai attends opening of 2025 Halifax Taipei forum
    On the afternoon of February 20, President Lai Ching-te attended the opening of the 2025 Halifax Taipei forum. In remarks, President Lai thanked the Halifax International Security Forum for their strong support for Taiwan, and for having chosen Taiwan as the first location outside North America to hold a forum. Noting that we face a complex global landscape, the president called on the international community to take action. He said that as authoritarianism consolidates, democratic nations must also come closer in solidarity, and called on the international community to create non-red global supply chains, as well as unite to usher in peace. President Lai emphasized that Taiwan will work toward maintaining peace and stability in the Taiwan Strait, and collaborate with democratic partners to form a global alliance for the AI chip industry and together greet a bright, new era. A transcript of President Lai’s remarks follows: To begin, I want to give a warm welcome to all the distinguished guests here at the very first Halifax Taipei forum. The Halifax International Security Forum, held every year in Canada, has been an important gathering for freedom-loving nations worldwide. I would like to thank Halifax and President [Peter] Van Praagh for their strong support for Taiwan. Every year since 2018, Taiwan has been invited to participate in the forum. Last year, former President Tsai Ing-wen was invited to speak, and this year, Halifax has chosen Taiwan as the first location outside North America to hold a forum. As President Van Praagh has said, “While the security challenges ahead are too big for any single country to solve alone, there is no challenge that can’t be met when the world’s democracies work together.” Today, we have world leaders and experts who traveled from afar to be here, showing that they value and support Taiwan. It demonstrates solidarity among democracies and the determination to take on challenges as one. I would like to express my gratitude and admiration to all of you for serving as defenders of freedom. At this very moment, Russia’s invasion of Ukraine is still ongoing. Authoritarian regimes including China, Russia, North Korea, and Iran continue to consolidate. China is hurting economies around the world through its dumping practices. We face grave challenges to global economic order, democracy, freedom, peace, and stability. Taiwan holds a key position on the first island chain, directly facing an authoritarian threat. But we will not be intimidated. We will stand firm and safeguard our national sovereignty, maintain our free and democratic way of life, and uphold peace and stability across the Taiwan Strait. Taiwan cherishes peace, but we also have no delusions about peace. We will uphold the spirit of peace through strength, using concrete actions to build a stronger Taiwan and bolster the free and democratic community. I sincerely thank the international community for continuing to attach importance to the situation in the Taiwan Strait. Recently, US President Donald Trump and Japan’s Prime Minister Ishiba Shigeru issued a joint leaders’ statement expressing their firm support for peace and stability across the Taiwan Strait, and for Taiwan’s participation in international affairs. As we face a complex global landscape, I call on the international community to take the following actions: First, as authoritarianism consolidates, democratic nations must also come closer in solidarity. Just a few days ago, the top diplomats of the US, Japan, and South Korea held talks, underlining the importance of maintaining peace and stability across the Taiwan Strait. They also conveyed their stance against “any effort to destabilize democratic institutions, economic independence, and global security.” On these issues, Taiwan will also continue to contribute its utmost. I recently announced that we will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP.  Soon after I assumed office last year, I formed the Whole-of-Society Defense Resilience Committee at the Presidential Office. This committee aims to combine the strengths of government and civil society to enhance our resilience in national defense, economic livelihoods, disaster prevention, and democracy. We will also deepen our strategic partnerships in the democratic community to mutually increase defense resilience, demonstrate deterrence, and achieve our goal of peace throughout the world. Second, let’s create non-red global supply chains.  For the democratic community to deter the expansion of authoritarianism, it must have strong technological capabilities. These can serve as the backbone of national defense, promote industrial development, and enhance economic resilience. So, in addressing China’s red supply chain and the impact of its dumping, Taiwan is willing and able to work with global democracies to maintain the technological strengths among our partners and build resilient non-red supply chains. As a major semiconductor manufacturing nation, Taiwan will introduce an initiative on semiconductor supply chain partnerships for global democracies. We will collaborate with our democratic partners to form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. The achievements of today’s semiconductor industry in Taiwan can be attributed to our collective efforts. Government, industry, academia, and research institutions had to overcome various challenges over the last 50 years for us to secure this position.  We hope Taiwan can serve as a base for linking the capabilities of our democratic partners so that each can play a suitable role in the semiconductor industry chain and develop its own strengths, deepening our mutually beneficial cooperation in technology. This benefits all of us. Moreover, it allows us to further enhance deterrence and maintain global security. Third, let’s unite to usher in peace. China has not stopped intimidating Taiwan politically and militarily. Last year, China launched several large-scale military exercises in the Taiwan Strait. Its escalation of gray-zone aggression now poses a grave threat to the peace and stability of the Indo-Pacific region. As a responsible member of the international community, Taiwan will maintain the status quo. We will not seek conflict. Rather, we are willing to engage in dialogue with China, under the principles of parity and dignity, and work toward maintaining peace and stability in the Taiwan Strait. As the agenda of this forum suggests, democracy and freedom create more than just opportunities; they also bring resilience, justice, partnerships, and security. Taiwan will continue working alongside its democratic partners to greet a bright, new era. Once again, a warm welcome to all of you. I wish this forum every success. Thank you. Also in attendance at the event were Mrs. Abe Akie, wife of the late former Prime Minister Abe Shinzo of Japan, and Halifax International Security Forum President Van Praagh.

    Details
    2025-02-20
    President Lai meets British-Taiwanese All-Party Parliamentary Group delegation
    On the morning of February 18, President Lai Ching-te met with a delegation from the British-Taiwanese All-Party Parliamentary Group (APPG). In remarks, President Lai thanked the delegation members, the Parliament of the United Kingdom, and the UK government for continuing to demonstrate support for Taiwan through a variety of means. He also stated that Taiwan-UK relations have advanced significantly in recent years, noting that the Taiwan-UK Enhanced Trade Partnership (ETP) is the first institutionalized economic and trade framework signed between Taiwan and any European country. The president said he looks forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability, and indicated that together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. A translation of President Lai’s remarks follows: This is the first UK parliamentary delegation of the current session to visit Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. APPG Chair Sarah Champion visited Taiwan last May to attend the inauguration ceremony of myself and Vice President Bi-khim Hsiao. In July, she also attended the annual summit of the Inter-Parliamentary Alliance on China (IPAC), which was held in Taipei. I am delighted that we are meeting once again. Taiwan-UK relations have advanced significantly in recent years. I would especially like to thank our distinguished guests, as well as the UK Parliament and government, for continuing to demonstrate support for Taiwan through a variety of means. For example, the House of Commons held a debate on Taiwan’s international status last November. After the debate, a motion was unanimously passed affirming that United Nations General Assembly (UNGA) Resolution 2758 does not mention Taiwan. Responding to the motion, Parliamentary Under-Secretary of State Catherine West stated that the UK opposes any attempt to broaden the interpretation of the resolution to rewrite history. This highlighted concrete progress in Taiwan-UK bilateral relations. I would also like to thank the UK Parliament and government for openly opposing on multiple occasions any unilateral change to the status quo across the Taiwan Strait, and for emphasizing that the security of the Indo-Pacific and transatlantic regions is closely intertwined. We look forward to continuing to deepen Taiwan-UK relations and jointly maintaining regional and global peace and stability. Together, we can create win-win developments for both Taiwan and the UK and Taiwan and European nations. For example, the Taiwan-UK ETP is the first institutionalized economic and trade framework signed between Taiwan and any European country. We hope to swiftly conclude negotiations on signing sub-arrangements on investment, digital trade, and energy and net-zero transition. This will facilitate even more exchanges and cooperation between Taiwan and the UK. We also hope that the UK will continue to support Taiwan’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Together, we can build even more resilient global supply chains and further contribute to global prosperity and development. I believe that this visit adds to a strong and solid foundation for future Taiwan-UK cooperation. Thank you once again for backing Taiwan. I wish you a fruitful and successful visit. Chair Champion then delivered remarks, thanking President Lai for his warm welcome and for the hospitality he has shown to her and the delegation, and thanking Taiwan’s excellent team of officials for their care and attention. Chair Champion expressed that she thinks the IPAC conference held in Taiwan at the end of July last year was very significant, with legislators from 23 countries coming to show support for Taiwan, adding that that is something they have built on since the conference. She stated that she is also very proud that the UK Parliament supported the motion which made very clear that UNGA Resolution 2758 is specific to China and only to China, expressing that it was important and powerful that they recognize that. The chair went on to say that after the UK’s general election, more than half of the members of parliament are now new. She said she is very proud that there are new MPs as part of the delegation, and that she hopes it gives President Lai reassurance that their commitment to Taiwan is still there.  Chair Champion emphasized that the all-party group is important because it is indeed all-party, and that they work together for their common interests, stating that the common interest for the UK and for the world is to maintain Taiwan’s sovereignty. She also noted that the United States has now come out very much in support of Taiwan, which she said she hopes encourages other countries around the world to do the same. Chair Champion said that the UK will be going into the 27th trade negotiation with Taiwan, and that they hope the partnership that develops is very fruitful. The chair closed by saying that it is wonderful for the delegation to be meeting President Lai, as well as legislators and ministers, and to be understanding more about the culture of Taiwan so that they can build a deeper, longer-lasting friendship. The delegation also included Lord Purvis of Tweed of the House of Lords and Members of Parliament Ben Spencer, Helena Dollimore, Noah Law, and David Reed. The delegation was accompanied to the Presidential Office by Political and Communications Director at the British Office in Taipei Natasha Harrington.  

    Details
    2025-02-20
    President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
    On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit.  Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

    Details
    2025-02-20
    President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini
    On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples.  A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.

    Details
    2025-02-20
    Presidential Office thanks US and Japan for joint leaders’ statement
    On February 7 (US EST), President Donald Trump of the United States and Prime Minister Ishiba Shigeru of Japan issued a joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community.” In the statement, the two leaders also “encouraged the peaceful resolution of cross-strait issues, and opposed any attempts to unilaterally change the status quo by force or coercion” and “expressed support for Taiwan’s meaningful participation in international organizations.” Presidential Office Spokesperson Karen Kuo (郭雅慧) on February 8 expressed sincere gratitude on behalf of the Presidential Office to the leaders of both countries for taking concrete action to demonstrate their firm support for peace and stability across the Taiwan Strait and for Taiwan’s international participation. Spokesperson Kuo pointed out that there is already a strong international consensus on the importance of peace and stability in the Indo-Pacific region. The spokesperson emphasized that Taiwan, as a responsible member of the international community, is capable and willing to work together with the international community and will continue strengthening its self-defense capabilities as it deepens its trilateral security partnership with the US and Japan and works alongside like-minded countries to uphold the rules-based international order. The spokesperson said that Taiwan will work toward ensuring a free and open Taiwan Strait and Indo-Pacific region, as well as global peace, stability, and prosperity, as it continues to act as a force for good in the world.

    Details
    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News –

    February 21, 2025
  • MIL-OSI: Finnvera Group’s Report of the Board of Directors and Financial Statements 2024 – Level of financing reduced from previous year, expectations of future demand positive – Result EUR 228 million

    Source: GlobeNewswire (MIL-OSI)

    Finnvera Group, Stock Exchange Release, 21 February 2025

    Finnvera Group’s Report of the Board of Directors and Financial Statements 2024

    Level of financing reduced from previous year, expectations of future demand positive – Result EUR 228 million

    Finnvera Group, summary 2024 (vs. 2023)

    • Result 228 MEUR (433) – The result for the period under review was strong for all business operations. Net interest income grew by 20% and net fee and commission income by 12%. During the period under review, Finnvera was able to partially reverse loss provisions for export credit guarantees and special guarantees, which have had a significant impact on the company’s result in recent years, especially those relating to cruise shipping companies. The reference period saw larger reversals of loss provisions than the period under review.
    • Result by business operations: Result of parent company Finnvera plc’s SME and midcap business stood at 23 MEUR (55) and that of Large Corporates business at 173 MEUR (351). The impact of Finnvera’s subsidiary, Finnish Export Credit Ltd, on the Group’s result was 32 MEUR (27).
    • The cumulative self-sustainability target set for Finnvera’s operations was achieved.
    • The balance sheet total EUR 14.8 bn (14.3) increased by 3%.
    • Contingent liabilities decreased by 9% and stood at EUR 14.9 bn (16.4).
    • Non-restricted equity and the assets of the State Guarantee Fund, which provide the Group’s reserves for covering potential future losses, increased by 12% and totalled EUR 2.1 bn (1.9).
    • Expected credit losses on the balance sheet were reduced by 4% to EUR 1.1 bn (1.2).
    • The NPS index (Net Promoter Score) used to measure client satisfaction improved by 15 points to 79 (64).
    • Outlook for 2025: The business outlook for cruise shipping companies continued to improve in 2024. The credit loss risk of export financing liabilities remains high, however, which causes uncertainty concerning the Finnvera Group’s financial performance in 2025.
    Finnvera Group, year 2024 (vs. 2023)
    Result
    228 MEUR
    (433), change -47%
    Balance sheet total
    EUR 14.8 bn
    (14.3), change 3%
    Contingent liabilities
    EUR 14.9 bn
    (16.4), change -9%
    Non-restricted equity and
    the assets of The State Guarantee Fund
    EUR 2.1 bn (1.9), change 12%
    Expense-income ratio
    17.3%
    (19.4), change -2,1 pp
    NPS index
    (net promoter score)
    79
    (64), change 15 points

    Comments from CEO Juuso Heinilä: 

    “Year 2024 was challenging for the Finnish economy, even if a cautious improvement could be observed in the early part of the year. Finland’s key export markets were also affected by a downturn, which dampened Finnish export companies’ prospects. While interest rates dropped and inflation decreased, geopolitical uncertainty persisted.

    Finnvera granted EUR 0.9 billion (1.8) in domestic loans and guarantees in 2024. The significant decrease in financing from the previous year is due to a major individual amount of working capital financing granted to a large corporate in the reference period. The level of SME and midcap financing was similar to the reference period. The largest share of funding by sector was granted to industry, and the regional drivers were the Helsinki Metropolitan Area and Lapland. Financing for investments did not reach the previous year’s level. The level of financing for corporate acquisitions and transfers of ownership was also lower than in previous years.

    A total of EUR 73 million (36) was granted in climate and digitalisation loans intended for green transition and digitalisation projects under the InvestEU guarantee programme. These loans were first granted in June 2023. To ensure that companies of all sizes have access to financing, we launched loans for micro-enterprises’ growth as a pilot project at the beginning of October 2024. Over three months, EUR 6 million in these loans was granted to micro-enterprises. The pilot project will continue until the end of March 2025, after which we will reassess the availability of financing for small companies.

    In accordance with Finnvera’s strategy, 92% of domestic financing was allocated to start-ups, SMEs seeking growth and internationalisation, investments, transfers of ownership, export and delivery projects, and SME guarantee projects. The long period of economic uncertainty eroded SMEs’ liquidity and increased the number of applications for corporate restructuring and bankruptcy.

    Finnvera granted export credit guarantees, export guarantees and special guarantees amounting to EUR 2.9 billion (5.4). The lower amount of export financing reflected the post-cyclical nature of Finnish exports and reduced demand for exports. Annual fluctuations are also always influenced by the timing of large individual export transactions. In particular, financing was granted to companies in the telecommunications, cruise shipping and mining sectors.

    Largest export credit guarantee agreement related to telecommunications sector in Finnvera’s history was signed in April concerning Nokia’s deliveries for the Indian 5G network worth USD 1.5 billion. In the mining sector, we financed Sibanye-Stillwater’s Keliber lithium project with a Finance Guarantee, which can be granted for domestic investments that support exports. In the energy sector, we financed Wärtsilä’s deliveries of energy storage systems for solar and wind power projects in the United States and Chile. These mining and energy projects, whose total value was approx. EUR 500 million, were the first export financing projects compliant with Finnvera’s climate criteria. Towards the end of the year, Finnvera participated in Meyer Turku’s construction financing that amounted to around EUR 1 billion for the Icon 3 ship.

    Finnish Export Credit Ltd, which is Finnvera’s subsidiary, granted EUR 0.6 billion in export credits (0.5) in 2024. While the demand for export credits increased slightly, it remains significantly lower than in pre-pandemic years. An increasing number of export transactions are financed by a bank to which Finnvera grants a guarantee.

    2024 was a successful year for Finnvera. The Finnvera Group’s result was EUR 228 million (433). The SME and midcap business, export credit guarantee and special guarantee operations, and subsidiary Finnish Export Credit Ltd turned a profit. Finnvera also built up its reserves for possible future losses. The business outlook for the cruise shipping sector, which is important for Finnvera’s export credit guarantee exposure, has continued to improve. Repayments have also helped to reduce exposure relating to Russia. In recent years, Finnvera has been able to partially reverse loss provisions for export financing, which have had a significant impact on the Group’s financial performance since 2020. The reversal of loss provisions has especially impacted the good results for the last two financial periods.

    As a result of crises affecting the global economy, the difficulties faced by some companies around the world and in various sectors have built up to form an insurmountable obstacle. During the period under review, Finnvera incurred major export credit guarantee losses in two cases. Our mission is to bear the risks of export companies. Our core business enjoys a high level of profitability, building up our reserves and creating preconditions for enabling companies’ growth and exports. However, the credit loss risks of exposure relating to export financing remain high, which may affect Finnvera’s future financial performance and reserves.

    We continued to develop our operations and services in line with our strategy in 2024. The ongoing upgrade of our basic information systems supports the digitalisation of services and a good client experience. Our client satisfaction reached an exceptionally high level, as did our personnel satisfaction. We invested in accelerating the growth of midcap enterprises in close cooperation with the European Investment Bank and the Tesi Group, and worked together with the Team Finland network and Business Finland to promote exports. We maintained export financing expertise, especially in SMEs and midcap enterprises, and we brought out new export financing instruments to ensure the availability of financing. The overhaul of the legislation applicable to Finnvera, which is included in the Government Programme and which is extremely important in terms of developing Finnvera’s operations and the competitiveness of export financing, was circulated for comments.

    We advanced our sustainability measures based on our goals in 2024. We joined the Net-Zero ECA Alliance of export credit agencies, which enables us to focus on the sustainability theme and enhance our impact through international cooperation. We developed Finnvera’s sustainability reporting as planned.

    In 2025–2028, our new strategy adopted by the company’s Board of Directors at the end of the year will emphasise increasing the volume of Finnish exports and the number of exporters as well as enabling growth and new business. The achievement of these goals will be supported by our competent personnel and management as well as client-oriented digitalisation. Finnvera contributes to ensuring that Finnish companies are able to invest, develop their products and get their products out around the world. This is a prerequisite for ensuring that we can continue to look after our welfare in Finland in the future.”

    Finnvera Group Financing granted, EUR bn 2024 2023 Change, %
    Domestic loans and guarantees 0.9 1.8 -51%
    Export credit guarantees, export guarantees and special guarantees 2.9 5.4 -47%
    Export credits 0.6 0.5 15%
    The fluctuation in the amount of granted financing is influenced by the timing of individual major financing cases.

    The credit risk for the subsidiary Finnish Export Credit Ltd’s export credits is covered by the parent company Finnvera plc’s export credit guarantee.

    Exposure, EUR bn 31 Dec 2024 31 Dec 2023 Change, %
    Domestic loans and guarantees 2.9 3.0 -4%
    Export credit guarantees, export guarantees and special guarantees 21.1 23.4 -10%
    – Drawn exposure 14.3 14.2 1%
    – Undrawn exposure 4.4 4.5 -2%
    – Binding offers 2.4 4.7 -49%
    Parent company’s total exposure 24.0 26.4 -9%
    Contract portfolio of export credits 10.2 11.0 -8%
    – Drawn exposure 6.5 7.3 -11%
    – Undrawn exposure 3.7 3.7 -2%
    The exposure includes binding credit commitments as well as recovery and guarantee receivables.

    Financial performance 

    The Finnvera Group’s result for 2024 was EUR 228 million (433). Finnvera’s result was strong for all business operations. EUR 46 million of the total result was generated in the last quarter of the year, and EUR 182 million between January and September. Compared to the year before, the result was most significantly affected by the changes in the amount of expected losses, or loss provisions. Loss provisions have had a significant impact on the Group’s result in recent years. Finnvera was able to partially reverse its loss provisions for export credit guarantees and special guarantees in 2024, especially those relating to cruise shipping companies. In the reference period, Finnvera was able to reverse more loss provisions than in the review period, which led to an exceptionally good result in 2023. The result for the review period was also significantly affected by higher net interest income and fee and commission income as well as changes in the value of items recognised at fair value through profit or loss.

    The Group’s realised credit losses and change in expected losses totalled EUR 49 million during the review period, whereas the corresponding item was positive with a value of EUR 210 million during the reference period. The realised credit losses of EUR 121 million (128) were slightly lower than in the reference period. During the period under review, two larger individual export credit guarantee compensations were paid. Expected losses, or loss provisions, decreased by EUR 51 million (320), of which the reversal of loss provisions for export credit guarantee and special guarantee operations accounted for EUR 74 million (376). Credit loss compensation from the State covering losses in domestic financing totalled EUR 20 million (18).

    Compared to the year before, the Group’s net interest income increased by 20% to EUR 139 million (115) and net fee and commission income by 12% to EUR 198 million (177). The higher level of market interest rates was a particularly important factor affecting the increased net interest income. The most significant factors increasing the net fee and commission income were recognition of guarantee premiums for reimbursed export and special guarantees and prepayments of individual liabilities as well as the reimbursement of insurance premiums received as a result of the cancellation of reinsurance contracts. The changes in the Group’s value of items recognised at fair value through profit or loss and net income from foreign currency operations amounted to EUR 8 million (-9).

    After the result of the period under review, the parent company’s reserves for domestic operations as well as export credit guarantee and special guarantee operations for covering potential future losses amounted to a total of EUR 1,878 million (1,676) at the end of December. These reserves, which also cover the credit risk of export credits granted by the subsidiary, consisted of the following: the reserve for domestic operations, EUR 432 million (405) as well as the reserve for export credit guarantees and special guarantees and the assets of the State Guarantee Fund for covering losses, totalling EUR 1,446 million (1,272). The State Guarantee Fund is an off-budget fund whose assets include the assets accumulated from the activities of Finnvera’s predecessor organisations. Under the Act on the State Guarantee Fund, the Fund covers the result showing a loss in the export credit guarantee and special guarantee operations if the reserve funds in the company’s balance sheet are not sufficient. The non-restricted equity of the subsidiary, Finnish Export Credit Ltd, amounted to EUR 230 million (198) at the end of December.

    Finnvera Group
    Financial performance
    2024
    MEUR
    2023
    MEUR
    Change
    %
    Q4/2024
    MEUR
    Q4/2023
    MEUR
    Change
    %
    Net interest income 139 115 20% 37 33 10%
    Net fee and commission income 198 177 12% 50 40 24%
    Gains and losses from financial instruments carried at fair value through P&L and foreign exchange gains and losses 8 -9 – -2 -5 -54%
    Net income from investments and other operating income 0 1 -95% 0 0 -23%
    Operational expenses -53 -50 6% -16 -14 12%
    Other operating expenses, depreciation and amortisation -7 -5 35% -3 -1 118%
    Realised credit losses and change in expected credit losses, net -49 210 – -19 209 –
    Operating result 236 439 -46% 47 262 -82%
    Income tax -8 -6 45% -1 -1 4%
    Result 228 433 -47% 46 261 -82%

    Outlook for financing 

    The worst of the recession is behind us, and the Finnish economy is forecast to start growing in 2025. Great expectations are currently placed on the improved outlook for exports as well as the growth and renewal of the entire business sector.

    We expect that the demand for Finnvera’s domestic financing will increase, including more and more financing for investments, as the economic upturn drives a need for more production capacity. Due to the long-standing uncertainty, the economic position of many companies is weak. Finnvera’s role is stressed in arranging financing and sharing the risk with other providers of financing.

    We encourage companies to grasp the growth opportunities created by the green transition with the help of our climate and digitalisation loans and other incentives for sustainable financing. We will continue piloting loans for micro-enterprises’ growth projects until the end of March 2025. While we expect the high demand for the loans to continue, we will reassess small companies’ access to financing after the conclusion of the pilot. Finnvera strives to be active wherever our input is needed to arrange access to financing.

    We expect that the demand for export credit guarantees will start growing in 2025 and that this growth will continue in 2026. Exportation of investment goods, which is vital for Finland’s exports, is post-cyclical and the increase in demand will be reflected in export credit guarantees granted by Finnvera with a delay. Positive signs can already be seen in several sectors, however. Finnvera plays an important role in granting guarantees for long-term trade. We encourage export companies to seek growth in emerging and new markets and to rely on Finnvera for financing export transactions and risk hedging. We will continue to grant export credit guarantees to Ukraine as part of Finland’s national reconstruction programme for the country.

    Finnvera, the Tesi Group and Business Finland will step up their cooperation with the goal of boosting companies’ growth, exports, and the impact of financing. We will continue to work actively together with Team Finland and promote the growth and internationalisation of companies, also while the renewal of public export functions is underway. Finnvera’s Trade Facilitators strive to bring together foreign buyers and Finnish exporters and to promote trade using Finnvera’s export financing together with Business Finland. The aims also include increasing the number of midcap enterprises in Finland.

    Outlook for 2025

    The business outlook for cruise shipping companies continued to improve in 2024. The credit loss risk of export financing liabilities remains high, however, which causes uncertainty concerning the Finnvera Group’s financial performance in 2025.

    Further information:

    Juuso Heinilä, CEO, tel. +358 29 460 2576

    Ulla Hagman, CFO, tel. +358 29 460 2458

    Finnvera publishes the Report of the Board of Directors and its financial statements as an XHTML file compliant with the European Single Electronic Format (ESEF) requirements. Auditor Ernst & Young Ltd has issued an independent assurance report that provides reasonable assurance concerning Finnvera’s ESEF financial statements. The XHTML file is available in Finnish and English. Finnvera additionally publishes the report and financial statements in PDF format.

    ESEF Report 2024 (ZIP)

    Finnvera Group’s Report of the Board of Directors and Financial Statements 1 January – 31 December 2024 (PDF)

    Distribution: NASDAQ Helsinki Ltd, London Stock Exchange, key media, www.finnvera.fi

    The report is available in Finnish and English at www.finnvera.fi/financial_reports

    Attachments

    • 743700T69OBBJO7TCA15-2024-12-31-0-en
    • Finnvera-Group-Report-of-the-Board-of-Directors-and-Financial-Statements-2024

    The MIL Network –

    February 21, 2025
  • MIL-OSI: StoneX Unites with Women’s Run Series to Champion Athletics Diversity

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 21, 2025 (GLOBE NEWSWIRE) — StoneX Financial Ltd, the U.K. based subsidiary of StoneX Group Inc., is proud to continue their partnership with the Women’s Run Series – a pioneering running initiative designed to increase female and ethnic minority participation in athletics. The next event scheduled is on International Women’s Day – Saturday, March 8, 2025 – at the Queen Elizabeth Olympic Park in London, previously a venue for the 2012 Olympic and Paralympic Games.

    Supported by RunThrough, the Women’s Run Series represents a significant step forward in reducing the barriers to participation in athletics, by inspiring an inclusive environment that welcomes runners of all backgrounds.

    Victoria Lepadden, Head of Client Management (Non-Banks) at StoneX Payments, said, “I’m so excited that StoneX and Women’s Run Series have come together to organise the groundbreaking Women’s Run Series. This event ties in so well with our ‘Women in StoneX’ movement. Both StoneX and Women’s Run Series have provided opportunities for women to come together, have fun, and get fit at the same time. I’m delighted to see that the series will be expanding across the country this year, giving more women the chance to join in and help them thrive in a supportive community.”

    Lucy Wood, Race Director at Women’s Run Series, added, “We are thrilled to bring this event to life in partnership with StoneX. This partnership strengthens our commitment to increasing female and ethnic minority participation in running events, ensuring that everyone, regardless of background, feels welcome and supported. Together, we’re creating more opportunities for women to experience the joy of running in an environment designed just for them.”

    For more information about the Women’s Run Series and to register for upcoming events, visit www.womensrunseries.co.uk.

    About StoneX Group Inc.

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The group strives to be the one trusted partner to its clients, providing its network, products, and services to enable them to pursue trading opportunities, manage market risks, make investments, and improve business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its 4,300+ employees serve more than 54,000 commercial, institutional, and global payments clients, as well as more than 400,000 retail accounts, from more than 80 offices spread across six continents.

    The MIL Network –

    February 21, 2025
  • MIL-OSI Russia: Dmitry Chernyshenko: The latest domestic developments are presented at the Future Technologies Forum

    Translartion. Region: Russians Fedetion –

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

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    February 21, 2025

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    February 21, 2025

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    February 21, 2025

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    February 21, 2025

    Previous news Next news

    Dmitry Chernyshenko visited the exhibition of the Future Technologies Forum

    Deputy Prime Minister Dmitry Chernyshenko inspected the exhibition of the Future Technologies Forum, which is taking place in Moscow on February 20–21.

    The forum’s exposition brought together developments from high-tech enterprises and startups from all over the country – achievements are presented at the stands of the largest corporations that develop science-intensive production.

    “The joint work of representatives of science, business and the state is of key importance in achieving Russia’s technological leadership – a national goal set by President Vladimir Putin. The Future Technologies Forum exhibition shows striking examples of such interaction. It presents dozens of the latest domestic developments that are being introduced into industrial production and have high export potential,” the Deputy Prime Minister emphasized.

    The Russian Ministry of Industry and Trade presented the national project “New Materials and Chemistry” at the forum. The ministry’s stand featured developments and samples in four areas of the national project: chemistry, biotechnology, composites and rare earth metals. The exhibits included an absorbent carbon dressing for healing open wounds and burns; synthetic blood vessel prostheses that allow replacing critically damaged areas of blood vessels in atherosclerosis, aneurysm, and thrombosis; polymeric materials for the manufacture of bone substitutes that are similar in properties to human bone tissue; samples of raw biomass obtained from medicinal plants without harming the environment; innovative fertilizers; composite materials based on carbon fiber and thermoplastics, which are used in aviation, UAV design, and automotive engineering, as well as products made of rare and rare earth metals, which are used in high-tech products, and other developments.

    “It is extremely important that Russia ensures its sovereignty, including in the extraction of minerals for the needs of our industry. It is also important to form directions and invest in science: the processing of these materials and the creation of technologies based on them,” noted Dmitry Chernyshenko.

    The Kurchatov Institute National Research Center, one of the leaders in modern Russian materials science, demonstrated aircraft parts manufactured using additive technologies, polymeric materials for medical use, heat-resistant materials for engine building, special cold-resistant steels and coatings for Arctic use, and other developments.

    The stand presents a model of the synchrotron-laser complex “SILA” – a fundamentally new research mega-installation, which is being built at the site of the National Research Center “Kurchatov Institute” in Protvino (Moscow Region) and will allow obtaining unique data on the structure and properties of any substances at the level of individual atoms.

    Rosatom demonstrated developments of nuclear industry organizations, they were presented by the CEO of the state corporation Alexey Likhachev. Composite material with boron carbide is capable of effectively blocking different types of radiation. The material is indispensable in nuclear power plants, where it reduces the impact of radiation on personnel and equipment, in medicine (in radiotherapy) and in industry, where they work with radioactive substances.

    The drug synthesis platform is designed to create radiopharmaceuticals – drugs with radioactive elements. The essence of the development is that radioactive substances are added to microspheres that can decompose in the body, which help directly destroy diseased cells. The drugs attack only the affected cells without harming healthy ones – this is their main advantage.

    The Rosatom stand also features beryllium-based materials, which have high strength, withstand high temperatures and can be used in spacecraft, in the production of spark-proof alloys and in the radio-electronic industry.

    Another exhibit is carbon fiber, a unique component for the production of composite materials. The fiber consists almost entirely of carbon atoms, which means high strength with a significantly lower weight than metals and their alloys, and is used to create structural elements of aircraft, to strengthen wind turbine blades and in gas centrifuges, to create prostheses and orthoses, in automobile and shipbuilding, sports and construction.

    Gazprombank presented several high-tech developments of Russian startups at once. The companies Prokeramika and M-Shape demonstrated titanium and steel intervertebral disc prostheses printed using 3D technologies, ceramic scaffolds – biological tissue implants grown on a 3D printer.

    “Such work needs to be supported and accelerated. Especially now, in the conditions of the SVO, when a lot is required for operations and for the creation of implants,” the Deputy Prime Minister emphasized.

    Gazprombank’s subsidiary N2Tech demonstrated the innovative CryoSafe-42 tank container, which allows for safe and lossless transportation of liquid hydrogen, one of the most promising sources of clean energy, over a distance of up to 15,000 km. All developments are designed to ensure high efficiency of their implementation and use in practice with a focus on saving resources and technological leadership in Russian industry, medicine, and the aerospace industry. The stand also demonstrated the interface and workflow of products from KuBoard, a developer of quantum software.

    At the Moscow government stand, Dmitry Chernyshenko was presented with samples of the latest materials and products manufactured at Moscow enterprises. Among them are lithium-ion and sodium-ion batteries, composite panels, carbon fibers, innovative building materials, and much more. For example, prototypes of implants for bone tissue restoration, forearm and hip prostheses with biocoating, and knee modules with microprocessor control, which are used in restorative medicine and surgery, are on display.

    “In the context of rapid changes in the global economy and technological progress, events such as the Future Technologies Forum are becoming a platform for exchanging knowledge, experience and innovation. Moscow actively promotes research and development in the field of new materials. The prospects for using achievements in this area are enormous. This concerns not only industry, but also the daily life of the capital’s residents. We are talking about improving the quality of life through the creation of safer, more durable and efficient products, such as building materials, medical products and much more. This approach not only meets modern requirements for sustainable development, but also emphasizes our commitment to creating a comfortable environment for every resident,” said Anatoly Garbuzov, Minister of the Moscow Government and Head of the Department of Investment and Industrial Policy.

    During the Future Technologies Forum, Sber demonstrated the concept of the AI for Science platform with artificial intelligence (AI) tools, which is designed to improve the quality of scientific research in Russia. The main goal of the platform is to help scientists speed up research, improve its quality and facilitate the writing of scientific articles.

    At the stand, Dmitry Chernyshenko made a number of proposals on the possible use of digital technologies in the work of scientists.

    Detailed information about the events of the Future Technologies Forum is available on the website Futura-forum.The.

     

    The Future Technologies Forum is a flagship event where leading researchers and industry leaders present high-tech technologies, innovative scientific developments and implemented projects that determine the vector of development of economic sectors in the coming years.

    The forum has been held in Moscow annually since 2023 with the participation of the President of Russia. The event is supported by the Government of Russia, and the operator is the Roscongress Foundation.

    In 2023, the FBT was dedicated to quantum technologies, in 2024 it focused on the future of medicine. In 2025, the forum is dedicated to new materials and chemistry.

    In 2025, the forum is held with the support of the Russian Academy of Sciences, the Russian Science Foundation, and the Russian Quantum Center. The co-organizers of the forum are Gazprombank, the Moscow government, and the Rosatom state corporation. The general partner is Sber, the strategic partner is PJSC Rosseti, and the strategic scientific partner is the Kurchatov Institute National Research Center.

     

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

    MIL OSI Russia News –

    February 21, 2025
  • MIL-OSI China: China’s top legislature to expedite legislation promoting private economy

    Source: China State Council Information Office 2

    China’s top legislature will conduct a second reading of the draft private economy promotion law next week and will then solicit further opinions from various sectors to refine the draft.
    Efforts will be made to ensure the prompt deliberation and adoption of the law, a spokesperson for the Legislative Affairs Commission of the National People’s Congress Standing Committee said on Friday. 

    MIL OSI China News –

    February 21, 2025
  • MIL-OSI: ANNUAL RESULTS 2024: MOBILIZE FINANCIAL SERVICES CONTINUES TO GROW

    Source: GlobeNewswire (MIL-OSI)

       

    PRESS RELEASE

    21 February 2025
    ANNUAL RESULTS 2024:
    MOBILIZE FINANCIAL SERVICES CONTINUES TO GROW
    In 2024, Mobilize Financial Services reported an increase in sales1, with growth in the amount of financing of 2.4%. Mobilize Financial Services also reported a rise in pre-tax income to 1,194 million euros, thanks to strong growth in net banking income. This solid annual performance reflects the effective operational management of Mobilize Financial Services and the commercial dynamism of Renault Group brands.

    KEY FIGURES

    Sales performance

    • The number of financing contracts is stable (+0.6%) compared with 2023.
    • The amount of new financings is up 2.4% compared with 2023
    • The penetration rate for electric vehicles is 45% in 2024, i.e. 2.9 points higher than the penetration rate for other types of engines
    • The penetration rate, all engines combined, was 42.3%, down 1.1 point on 2023.
    • In a growing market, Mobilize Lease&Co’s portfolio of financing contracts is up 11% compared with 2023.
    • Mobilize Financial Services sold 3.7 million service and insurance contracts in 2024, down 4.4% on 2023.

    Financial performance

    • Net banking income (NBI) came to 2,180 million euros, up 11.2% on 2023.
    • Operating costs reached 1.30% of Average Performing Assets (APA)2, an improvement of 8 basis points compared with 2023.
    • The total cost of risk was 0.31% of APAs in 2024, compared with 0.30% in 2023.
    • At the end of the year, net assets at end3 amounted to 61 billion euros compared with 54.7 billion euros in 2023, an increase of 11.6%.
    • Net deposits collected increased by 2.3 billion euros to 30.5 billion euros.
    • Pre-tax income was 1,194 million euros, compared with 1,034 million euros at the end of December 2023.

    Gianluca De Ficchy, Chairman of the Board of Directors of RCI Banque SA: “In a rapidly changing automotive and banking environment, Mobilize Financial Services continues to demonstrate its strength by delivering an excellent commercial and financial performance and making a significant contribution to Renault Group’s results. In 2025, we will leverage synergies with the Group to accelerate the adoption of more sustainable mobility, while placing customer experience and satisfaction at the heart of our strategy. Together, we will continue to create value for all our stakeholders. “

    Martin Thomas, Chief Executive Officer of Mobilize Financial Services: “In 2024, Mobilize Financial Services delivered remarkable growth and proved its resilience, with a 2.4% increase in financing amounts and an 11.2% rise in net banking income. As we start 2025, we are determined to support our customers in adopting a more sustainable form of mobility by offering products and services tailored to new uses. We will also continue our efforts to achieve operational excellence, through exemplary management of our costs and risks “.

    SOLID SALES PERFORMANCE DRIVEN BY AN INCREASE IN NEW FINANCING

    Mobilize Financial Services will see the amount of new financings (excluding cards and personal loans) rise by 2.4% compared with 2023, to 21.5 billion euros, thanks to the growth in registrations by Renault Group, Nissan and Mitsubishi, the increase in average amounts financed and the acquisition of MeinAuto. Mobilize Financial Services financed 1,282,066 contracts in 2024, a stable volume compared with 2023 (+0.6%).

    In an automotive market that grew slightly by 2.3%, volumes for Renault Group, Nissan and Mitsubishi brands reached 2.25 million vehicles in 2024, up 3.9%.

    The penetration rate, all engines combined, will be 42.3% in 2024, down 1.1 points on 2023. The penetration rate for electric vehicles is 45%, 2.9 points higher than for other types of engines.

    Mobilize Financial Services sold 3.7 million service and insurance contracts in 2024, down 4.4% on 2023.

    Used vehicle financing was down 5.9% on 2023, with 310,747 loans financed.

    Mobilize Financial Services is continuing to roll out operational leasing offers in partnership with its dealer network, via Mobilize Lease&Co. In a buoyant operational leasing market, Mobilize Lease&Co aims to expand its fleet to one million vehicles by 2030. Renault Group’s full-service leasing offerings in Europe and Latin America are showing a very positive trend for 2024, with volumes up 11% on the previous year.

    In 2024, Mobilize Financial Services achieved a record level of customer recommendation with a Net Promoter Score4 of +59 in June 2024, up one point compared to November 2023, the date of the previous edition of this barometer. Mobilize Financial Services has also achieved a 79% satisfaction rate among its dealer customers, up 4 points compared with 2023, and a Net Promoter Score of +49 (+11 points compared with 2023).

    FINANCIAL PERFORMANCE CONFIRMS THE RELEVANCE OF MOBILIZE FINANCIAL SERVICES’ STRATEGY

    At the end of 2024, net assets at end of business reached 61 billion euros compared with 54.7 billion euros at the end of 2023, an increase of 11.6% on the previous year.

    Net banking income (NBI) came to 2,180 million euros, up 11.2% on 2023. This increase is due to growth in outstandings, the non-recurrence of a negative impact on the valuation of swaps observed in 2023 and the acquisition of MeinAuto at the beginning of 2024.

    Services account for 34% of NBI, down 2.8 points on 2023.

    The deposit collection business was buoyant. The net savings collected increased by 2.3 billion euros to 30.5 billion euros, compared with 28.2 billion euros at the end of December 2023.

    Operating costs amount to 727 million euros, up 21 million euros on 2023. This increase is due to the inclusion of MeinAuto’s operating costs in 2024. Operating expenses represent 1.30% of average performing assets (APA), an improvement of 8 basis points compared with 2023.

    The overall cost of risk is 0.31% of APAs, compared with 0.30% in 2023.

    Pre-tax income was therefore 1,194 million euros, compared with 1,034 million euros at the end of December 2023.

    MOBILIZE FINANCIAL SERVICES, MORE THAN 4,000 EMPLOYEES COMMITTED TO SUPPORTING THE TRANSITION TO MORE SUSTAINABLE MOBILITY

    Mobilize Financial Services focuses on four priorities:

    • Offers based on usage throughout the vehicle’s life cycle to meet the changing mobility needs of professional and retail customers. Mobilize Financial Services is continuing to develop its loyalty-building operational leasing offers, with the aim of developing a pan-European range of offers for new and used vehicles.
    • Insurance and services tailored to new mobility needs: new offers will be tested and deployed according to the value they bring to customers and to Renault Group, to cover new uses and the real needs of the market.
    • The ongoing development of information systems: Mobilize Financial Services continues to invest in the transformation of its digital tools, in order to benefit from the latest technological standards and increased flexibility in the management of its activities. This development is being carried out with particular attention to the customer experience, in compliance with cybersecurity and data protection requirements.
    • Operational excellence: the Group will take great care to improve its efficiency by simplifying and harmonising its processes, to the benefit of all its businesses.

    In pursuing these focus areas, Mobilize Financial Services relies on two fundamental levers:

    • Consolidate the management of its sustainable development strategy, in line with Renault Group’s ESG approach.
    • Managing risks and ensuring compliance throughout the Group to protect its customers and its business.
     
    About Mobilize Financial Services

    Attentive to the needs of all its customers, Mobilize Financial Services, a subsidiary of Renault Group, creates innovative financial services to build sustainable mobility for all. Mobilize Financial Services, which began operations over 100 years ago, is the commercial brand of RCI Banque SA, a French bank specializing in automotive financing and services for customers and networks of Renault Group, and also for the brands Nissan and Mitsubishi in several countries. With operations in 35 countries and over 4,000 employees, Mobilize Financial Services financed more than 1,2 million contracts (new and used vehicles) in 2023 and sold 3,7 million service contracts. At the end of December 2024, average earning assets stood at 61 billion euros of financing and pre-tax earnings at 1 194 million euros. Since 2012, the Group has deployed a deposit-taking business in several countries. At the end of December 2024, net deposits amounted to 30,5 billion euros, or 50 % of the company’s net assets.    

    The consolidated financial statements of RCI Banque Groupe and RCI Banque S.A. at 31 December 2024 were approved by the Board of Directors on 11 February 2025. The audit procedures on the consolidated financial statements for the year ended 31 December 2024 have beeń substantially completed. The audit reports relating to the certification of these consolidated financial statements will be issued after verification of the management report and finalisation of the procedures required for the purposes of publication of the 2024 Annual Financial Report in ESEF format. The 6-page business report with an analysis of the financial results for 2024 and the uncertified consolidated financial statements are available on www.mobilize-fs.com under the headings ‘Business Report’ and ‘Financial Reports’ on the ‘Finance’ page.

    Find more about Mobilize Financial Services on : www.mobilize-fs.com/

    Read this press release online, click here
    Press contacts

    Hopscotch PR
    +33 (0)1 41 34 22 03
    mobilize-fs-presse@hopscotch.fr

     

    1 Except Equity Accounted Companies
    2 Average performing assets: APA corresponds to average performing assets plus assets related to operating leases. For customers, this is the average of month-end performing assets. For the dealer network, it is the average of daily performing assets.
    3 Net assets at-end = Total net outstandings at-end + operating leases transactions net of depreciation and impairement.
    4 The Net Promoter Score (NPS) is the percentage of customers who rate their likelihood of recommending a company, product or service to a friend or colleague as 9 or 10 (“promoters”) minus the percentage who rate this likelihood as 6 or less (“detractors”) on a scale of 0 to 10.

    Attachment

    • UK – PR Annual Results 2024 MFS

    The MIL Network –

    February 21, 2025
  • MIL-OSI: Notice to annual general meeting in Konsolidator A/S

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no 6-2025

    Søborg, February 21, 2025

    Notice to annual general meeting in Konsolidator A/S

    Notice is hereby given to shareholders in Konsolidator A/S of the annual general meeting, which is scheduled for March 13, 2025 at 15:00, at Vandtårnsvej 83A, 2., DK-2860 Søborg. Shareholders who are not able to attend the general meeting will be able to follow the live webcast of the general meeting by a link, which will be available from March 7, 2024 on the Konsolidator investor site.

    Enclosed please find notice and agenda for the annual general meeting.

    Attachments

    • Notice to ordinary general meeting 2025 / Indkaldelse til ordinær generalforsamling 2025
    • Ordering of admission card / Bestilling af adgangskort
    • Proxy and postal vote form / Fuldmagt og brevstemme
    • Appendix 1 / Bilag 1

    For further information please contact the company.

    Contacts

    Certified Adviser

    About Konsolidator
    Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

    Attachments

    The MIL Network –

    February 21, 2025
  • MIL-OSI Russia: Comrade Sergeant, you have a letter… An exhibition for February 23 has opened at NSU

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    The main idea of the exhibition is to introduce students and teachers of NSU to unique and warm stories that were born during the years of student conscription into the army on the eve of Defender of the Fatherland Day.

    Preparations for organizing the memorial exhibition began last summer. The staff Museum of the History of NSU together with interested students Humanitarian Institute of NSUletters, photographs and telegrams were selected, and data on where exactly the students served in those years was systematized. One of the schoolgirls from Lyceum No. 130 of Akademgorodok also took part in this work.

    — This exhibition tells about the 1980s, when our students began to be called up en masse for military service. If you look at the statistics, before the 1980s, individual students were sent to the army, mainly from the Humanities Faculty, where there was no military department, and after receiving their diplomas. Since 1984, they began to recruit students from all faculties where the guys studied full-time, — says Lidiya Vorobtsova, director of the NSU History Museum.

    NSU was fundamentally different from other universities in its attitude towards those guys who were called up. If we take the statistics of the call-up, then almost 96% of all servicemen returned to study at NSU: in the 1980s, 2110 students were called up, and 2013 of them returned after service to complete their studies at NSU, that is, almost all. If we take the statistics of other universities in the country, then on average about 70% of guys returned.

    — Credit should be given to those who were in charge of communication with our students. Evgeniya Vasilyevna Ulyanova headed this headquarters, which gathered active girls and the remaining guys from the groups from which students were called up, so that the connection with those who left would not be broken. They wrote letters, sent photos, talked about their lives and even sent textbooks and manuals. In addition, there were propaganda teams, which included guys from NSU humor clubs, they went to military units. In response, good news and gratitude came from their places of service that the called up guys were not forgotten, not crossed out from the ranks of NSU students, — adds Lidiya Vorobtsova.

    The exhibition presents letters, postcards, telegrams from places of service, clippings from photo albums, among them are the faces of young boys, in whom one can recognize current professors and teachers of NSU. As well as military uniforms of that time from the collection of the Integral Museum-Apartment of the History of Akademgorodok.

    Many of those who served in the army in the 80s as students now work at the university and in the research institutes of the Siberian Branch of the Russian Academy of Sciences. They shared their memories of that time with us, and told us how their military service influenced their future lives and professional activities.

    — I joined the army in 1984, when NSU drafted about 70-80% of all the guys studying in different faculties after the second year. We spent a long time, 2-3 days for sure, at the distribution point, then traveled for a long time to our place of service by train. We didn’t know where we were being taken. When we crossed the entire country, got to Murmansk and didn’t stop there, our mood began to fall, and we had only one thought: “Where should we go, the border is coming soon.” When the railway ended, we finally stopped. Our place of service was the village of Pechenga on the Kola Peninsula. We go to the bathhouse — the sun is standing, we leave the bathhouse — everything is the same, over our heads, it goes in circles all day and doesn’t set. That’s how we ended up behind the Arctic Circle in the conditions of the polar day and night, — recalls his years of service in the army Evgeny Sagaydak, head of the education export department at NSU and a graduate. Faculty of Mechanics and Mathematics of NSU.

    Evgeny Ivanovich ended up in a specialized mountain motorized rifle battalion, where the guys were taught literally everything, including how to shoot any small arms that existed at the time. I remember the moments of the evening roll call, when they went on duty. As a rule, this happened at eight o’clock in the evening. The soldiers had a sign: when they saw the Northern Lights on a polar night, it meant that the night would be cold and the next day too.

    — Some of the warmest memories from the years of service in the army were communication with the university. We wrote, and they wrote to us. The management sent the newspaper “University Life”, for various holidays — postcards and appliques, and New Year’s greetings were especially significant – each postcard had the real signature of the NSU rector. That is, at one point, stacks of these postcards were brought to his reception room, and he signed each one by hand, — Evgeny Sagaydak shares his memories.

    The period of military service became a good school of life for the guys.

    — The ability to communicate, the ability to stand up for yourself and rely on your own strength, on your closest friends and colleagues. Over two years of service, you matured, understood what life is, what you really want to do next. That is why 96% of all conscript students returned to study, because they wanted to study further, wanted to learn new things and did it successfully, — emphasizes Evgeniy Sagaydak.

    Naimjon Ibragimov, graduate Faculty of Economics, NSU 1990 and deputy dean of the Faculty of Economics of NSU, served in the Chita region, in the village of Olovyanny-3, in the strategic missile forces.

    — Far from home, we, Novosibirsk students, were united by something greater. Even when we served in different units and met by chance only at training camps, smiles never left our faces, we encouraged each other, shared news. I remember that every month in the unit we were given 13 rubles. We always wanted something sweet, so we went to the soldiers’ buffet, or “chipok” in other words, bought waffles and accidentally met our own, which made it even more pleasant.

    I remember the physical and volitional loads that were much easier for the students from the dormitory than for those who lived at home during their studies. We were already adapted to strict timings, when, for example, we had to have breakfast or lunch very quickly in order to then complete strategic tasks or run to another unit.

    The university skills that we managed to acquire helped us quickly expand our circle of acquaintances and find a common language with the unit’s leadership, so first the Physics and Mathematics School, and then the first and second years allowed us to cope with the difficulties of army life quite quickly and successfully, and quickly find solutions in difficult situations, says Naimdzhon Ibragimov.

    Naimdzhon Mulaboevich also notes that the university was distinguished by its attitude towards students who ended up in the army. None of the guys from other universities who served in his unit received letters of support.

    — It was the uniqueness of NSU that gave rise to a feeling of pride for our university. I express my gratitude to the university and the teachers who supported us with regular letters so that we felt that the university was waiting for us.

    Pavel Logachev, graduate Physics Department of NSU 1989, Director of the INP SB RAS, Academician of the Russian Academy of Sciences, graduated from the Physics and Mathematics School with almost excellent marks, he solved all the problems of the entrance exams to the universities where a deferment from military service was provided (at Moscow State University and Moscow Institute of Physics and Technology), so he could choose any of them. However, he deliberately did not go to Moscow.

    — When I entered Novosibirsk University in 1982, I understood perfectly well that I would be drafted into the army in 1984. I planned to work at the Institute of Nuclear Physics — and nowhere else. To do this, I needed to study at the Physics Department of NSU.

    After the first two courses, I was drafted into the army. I served for a short time – only two days and two nights – polar. Time flew by, the army experience I gained was also important and interesting. I do not regret that I honestly gave these two years to the country. We served in the north of the Murmansk region, not far from the border with Norway, in a regular motorized rifle regiment. However, the regiment was fully staffed and had a large number. We regularly had combat exercises, so we learned to shoot from the weapons assigned to us and honed our skills in various training sessions.

    As for learning, of course, any experience requires constant practice. If you don’t do something, skills are lost, but they can be restored later.

    I would like to thank the university separately for the informal, but very important and effective work it did with the students who had gone into the army, and they were the majority. The remaining boys and girls regularly wrote us letters, told us about life at the university and sent us fresh issues of the newspaper “University Life”. This was extremely important for us. Moreover, during the two years of service, delegations from NSU came to us three times. The visiting students told us what was happening at the university and reminded us that we were expected there. I do not know anyone from those with whom I served who did not return to the university after the army. Everyone continued their studies and completed them, – Pavel Logachev shares his memories.

    The staff of the NSU History Museum would like to thank Svetlana Dovgal, Director of the NSU Career Development Center, Elena Krasilova, Head of the Department of Youth Policy and Educational Work, and Anastasia Bliznyuk, Director of the Integral Museum-Apartment of the History of Akademgorodok, for their assistance in organizing the exhibition.

    You can immerse yourself in archival data, read warm letters and view the exhibition until February 28 in the light window near auditorium 2322 (3rd block, Pirogova St., 1).

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

    MIL OSI Russia News –

    February 21, 2025
  • MIL-OSI USA: Senator Murray on Senate Republicans’ Pro-Billionaire Budget Resolution, Trump and Musk’s Devastating Funding Freeze and Mass Firings

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    Murray: “Republicans are going down this partisan path because they know Democrats are not going to join them in throwing Medicaid, nutrition assistance, and veterans’ benefits into the wood chipper so they can throw more tax cuts at billionaires and the biggest corporations.”

    Murray: “We should not be taking kids out of child care to give billionaires a tax break. We should not be taking food off the family table to put more fuel in private jets.”

    ICYMI: Senator Murray speaks at Budget Committee markup of resolution, offers common sense amendments rejected by Republicans

    ***VIDEO HERE***

    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former chair of the Senate Budget Committee, took to the Senate floor to forcefully speak out against Senate Republicans’ budget resolution that will help billionaires at working families’ expense—as well as the Trump administration’s lawless mass firings and ongoing funding freeze that is hurting people and jeopardizing critical services they need in every part of the country. She also underscored how a clean full-year CR is not an acceptable solution to government funding.

    Senator Murray’s remarks, as delivered, are below:

    “Thank you M. President. We need to be focused on solving problems—and I think most of us here get that.

    “No matter who the President is, our constituents expect us to work for them. They expect us to fight for them. And they expect us to do the hard work of passing laws to make their lives better.

    [TRUMP LEAVING FARMILIES IN THE DUST]

    “People don’t send us here to make their lives worse. But that’s exactly what Trump and Musk are doing. They are looking at our most pressing problems—and making them so much worse. And this budget proposal will only add fuel to the fire.

    “Right now—even as egg prices hit an all time high—Trump and Musk have done nothing to lower prices.

    “They’ve done nothing to address the housing crisis, or help families get quality, affordable child care—or address other issues I hear about from folks all the time.

    “Instead, they are slashing programs that help our families make ends meet, they are gutting an agency that saves working people money and protects them from scams, and starting trade wars that will impose what is effectively a Trump sales tax entirely on the backs of American workers.

    “As China works to strengthen its global leadership, Trump and Musk have ceded the ground almost entirely—illegally cutting off investments we make to continue our country’s leadership and help allies.

    “At the most precarious moment for the Middle East in decades—Trump is casually proposing to ethnically cleanse Gaza so that Trump and his family can build waterfront property there.

    “When it comes to helping our allies in Ukraine secure a just peace—Trump is giving away countless concessions to Putin out of the gate, calling our ally a dictator and meeting with Russia without inviting Ukraine.

    “When it comes to the Bird Flu—Trump and Musk are firing the very workers who are responsible for tracking the disease and keeping it from spreading further. And now, suddenly, they are desperately trying to hire them back.

    “And as Texas deals with a serious measles outbreak, Trump’s Health Secretary can’t even confirm the obvious, and tell parents the vaccine doesn’t cause autism—which, to be clear, it does not!


    “And, almost unbelievably, just weeks after the deadliest commercial plane crash in the U.S. in over two decades—Trump and Musk are firing FAA workers who make sure flying is safe. Who does that help?

    “And now Trump is letting Musk run wild by inappropriately accessing and rifling through sensitive SSA and Treasury files, with IRS being next—your data! How does that make sense?

    “But while President Trump is busy making problems worse, and trampling our laws, and quoting dictators—what are we doing here in the Senate?

    “Are we holding President Trump accountable? Are we holding his co-President, Elon Musk—the richest man in the world, who has billions of dollars in conflicts of interest—accountable? 

    “Are we putting a stop to the catastrophic cuts and reckless firings that are hurting people and our communities, and setting our country back decades?

    “Seems to me that would be a good use of our time—after all, I’ve even heard some Republicans admit that cutting things like medical research, and firing people like VA workers are bad ideas. So you would think—maybe—we could work together from that common ground.

    “But instead—Republicans are throwing all their effort behind a partisan plan to slash and burn programs that help our families, and raise costs for everyday Americans, and shovel billions of dollars to help people who already have billions of dollars.

    “Meanwhile, I would like to remind my colleagues we are less than a month away from a deadline to pass bills to fund our government. And as we approach that deadline, the entire world is watching as President Trump and Elon Musk shut the government down bit-by-bit—whatever parts Elon doesn’t like.

    [TRUMP AND MUSK’S RECKLESS, HEARTLESS MASS FIRINGS]

    “Trump and Musk are already showing thousands of essential workers the door—despite the fact that they have no clue what these workers do, or why their jobs matter. They’re just turning off the lights and hoping for the best! 

    “I am hearing so much alarm about this back home—from fired workers and from the people who depend on them.

    “Trump and his co-president are shuttering entire agencies, they are locking workers out of their devices and out of their buildings, and demanding the work of the American people come to a screeching halt—again, for no good reason.

    “And let me really drive home just how damaging and extreme these firings are—because we are not talking about some routine changing of the guard or some thoughtful or strategic plan to make government more efficient.

    “Trump and Musk are just taking a wrecking ball through the U.S. government. They don’t care what they smash up. They don’t care who they hurt. And they don’t seem to have any idea just how painful this is for American families.

    “We are talking about tens of thousands of people—and counting—being pushed out the door without any plan, and without any justification beyond Trump and Elon want to slash and cut with reckless abandon.

    “This has nothing to do with making government more efficient—it is about breaking it beyond repair.

    “Fundamentally, this is not about cutting waste or curbing fraud. Instead, this is about putting the federal workforce into ‘trauma’—that’s how OMB Director Russ Vought callously put it. 

    “So, they are mass firing hardworking women and men—many of them veterans—whose only mistake was serving our country, serving our communities, and believing they wouldn’t get stabbed in the back by a wannabe dictator and the richest man in the world.

    “And, setting aside the fact that many were illegally fired and without real cause, it’s not just the workers who are suffering because of this.

    “These cuts undermine essential services for the American people—right down to some of the most basic functions of government.

    “Trump and Musk are firing people who help Americans find quality, affordable health insurance, people who help small businesses get a loan, people who help communities and families get back on their feet after a disaster, and people who help Americans get their tax refunds.

    “They are firing people who help our economy stay competitive—from firings that undermine energy projects and thousands of good, new jobs, to firings that undermine innovation and technology, to firings that are hurting our farmers and undermining agricultural research.

    “They are laying off National Park Rangers—which will mean longer wait times, dirtier bathrooms, delayed emergency responses, and closed parks.

    “They fired Forest Service workers who are crucial to preventing wildfires.

    “Again, I have to emphasize, they are firing FAA workers for crying out loud—including personnel who work on radar, landing, and other critical infrastructure that help our aircraft navigate safely.

    “They are firing these people, and pretending it is no big deal, all just weeks after the deadliest crash our nation has seen in decades.

    “Trump and Elon might not fly commercial—but the rest of us do.

    “In the Pacific Northwest, the Bonneville Power Administration is losing hundreds of highly skilled workers. This includes everyone from electricians and engineers, to dispatchers, to lineworkers, to cybersecurity experts, and so many others.

    “These are literally the people who help keep the lights on—and now they’re being fired on a whim because Trump and Elon Musk don’t have a clue about what they do and why it’s important, and you know what? They don’t care to learn.

    “They don’t even seem to understand that these are positions funded by ratepayers—by all of us who live in the Northwest—they are not from federal funding.

    “Trump and Musk have even fired over a thousand VA workers, including people who are doing lifesaving research for our veterans—research to prevent veteran suicide, build life changing prosthetics, address opioid addiction, and more.

    “These layoffs could mean longer wait times for veterans to see their health care providers. It could mean ongoing clinical trials coming to a sudden stop. It could mean delays getting your disability claims approved.

    “Because Trump and Musk went ahead and fired clinicians and claims raters—even while the current back log of disability claims is over 250,000!

    “That is not just a betrayal of these public workers—it is a betrayal of our women and men who have served us in uniform.

    “And it is also worth noting—many of the workers being fired are veterans themselves. Trump is firing veterans.

    “And let’s not forget the thousands of NIH researchers who are having their research thrown into jeopardy, and the patients who are watching President Trump carelessly toss their best hope for a cure into the shredder.

    “Or CMS experts, who were working on improving maternal health outcomes so fewer pregnant women die in this country.

    “And medical research layoffs aren’t the only ones putting American lives at risk because Trump and Musk are firing public health workers who respond to disease outbreaks, cybersecurity experts who protect our critical infrastructure, sensitive systems, and our data, scientists who make sure our water and air are clean, and that we are ready for extreme weather, workers that help communities prepare for, respond to, and recover from disasters—not to mention, members of law enforcement who help stop violent criminals—and of course, our nuclear engineers!

    “Seriously—people who manage our nuclear weapons stockpile were being fired by the hundreds, with no real strategy. 

    “And we know there isn’t a strategy—because then Trump and Musk frantically turned around and rehired many of them.

    “And we also know they haven’t learned their lesson—because they just did the exact same thing to workers responding to bird flu.

    “Reckless layoffs—followed by ‘Wait, no! Come back!’ That is not a plan.

    “To callously fire people who help us stay ahead of deadly diseases, or who maintain a safe, secure, and reliable nuclear weapons stockpile—that is the height of dangerous incompetence.

    “And nuclear clean-up work has been hit as well. I’ve been fighting to get more resources for the Hanford clean-up in Washington state for years—it is already understaffed, and now Trump is actively making things worse.

    “I have heard directly from workers at Hanford who have been laid off—even after some were recognized just this past year for their outstanding work. And by the way: that underscores another reality of these firings—they have absolutely nothing to do with merit.

    “In fact, the way they are targeting new employees includes people who were recently promoted—so now these workers are getting fired from their newly earned jobs. Literally pushing out some of our best performers and our most committed workers.

    “Oh, and one more thing—they are even illegally firing the government watchdogs who provide accountability and prevent fraud.

    “If Trump and Musk were really committed to tackling waste, fraud, and abuse, would they fire the very people serving in nonpartisan roles whose very job is to uncover and reduce waste, fraud, and abuse?

    “If they were really interested in transparency, would they have torn down websites where the public can find information about agencies’ spending and policy?

    “The list of pointless, actively dangerous firings goes on, and on, and on. It grows by the day—as does the fallout and alarm being caused by it. My phones have been ringing off the hook—and I know I am not the only one.

    “Again, these sweeping layoffs do not address fraud or waste. These firings are totally arbitrary—pushing out high performers and the promising next generation of our federal workforce who won’t be easily replaced. Not to mention—the hiring freeze prevents them from even trying!

    “And here’s the thing that is so important to remember: these are people who have families, who work hard, who love their country. They are not being sent packing because they’ve done anything wrong or because their work is not important.

    “They are being pushed out simply because Trump and Musk are trying to break the government—trying to make it not work for the people who need it. It is wrong, and if this doesn’t stop now, it will be catastrophic.

    “The scale and scope of Trump and Elon’s purge will set our country back decades. It is not like you can fire everyone, say ‘oh wait, my bad,’ and rehire everyone with the snap of a finger.

    “If you are a VA medical researcher working for less than you could make in the private sector, and you’re fired by a billionaire who decides your research on cancer and burn pit exposure isn’t worth the investment, would you want to come back? Especially with the chaos and sheer incompetence of this administration?

    “The federal government is not Twitter. You can’t just fire everyone and break things and hope for the best—people’s lives are at stake.

    “Elon Musk has no clue what nuclear safety engineers do at Hanford. He doesn’t care that the Social Security Administration is already understaffed, and that pushing more of those federal workers out the door will make life harder for seniors.

    “This effort to push out and arbitrarily fire federal workers is going to break something, worse than it already has—and it’s going to break it irreparably.

    “When that happens, the blame will fall squarely on Trump, Musk, and Republicans.

    [TRUMP AND MUSK’S ILLEGAL FUNDING FREEZE]

    “And it is not just people being fired that is a serious problem—there are also funds still being frozen without rhyme, or reason, or any legal authority for Trump to do that.

    “So I’m not only worried about the fast-approaching funding deadline in March—I’m worried about the de facto government shutdown happening right now.

    “As we speak, Trump and Musk are still illegally blocking hundreds of billions of dollars in funding we all secured for the people we represent back home, putting good-paying jobs on the chopping block, creating incredible uncertainty for businesses, stalling funds for infrastructure and energy projects, and so much else.

    “As another week of Trump’s illegal funding blockade has come and gone, still, reports are coming in from across my state, and across the country—of the chaos and cuts this is causing.

    “And yet, little to nothing has been done by this administration to restore investments people in red and blue states are counting on. And Republicans here in Congress continue to sit by idly while our communities are robbed of hundreds of billions of dollars in bipartisan spending.

    “Meanwhile, it’s our workers, it’s our families, it’s our businesses that are feeling this consequence.

    “With each day that passes, the uncertain fate of these investments takes a toll of its own: ever-growing anxiety for workers whose jobs are in jeopardy, for farmers who are eyeing the calendar and waiting on resources that they are owed, and for business owners worried a ripped-up contract might put them under.

    “I’ve heard USDA grants have been cut off to rural businesses and farmers in my home state of Washington—and it is putting those hard-working Americans in dire straits.

    “A small laundromat ordered new machines—but Trump is now stiffing them on funds they need to make the payment.

    “A wheat farmer installed solar panels under a federal program—but Trump is going to leave them holding the bag.

    “A greenhouse has completed its end of the bargain to install upgrades—but Trump has stopped the federal government from doing the part it promises.

    “And there are so many other federal investments on hold as well: Forest Service funding to reduce wildfire risks and restore ecosystems. EPA funding for clean water infrastructure and clean-up work at superfund sites. HUD and Department of Energy investments to bring down folks’ energy costs and create new, good-paying jobs. Funding for our roads, bridges, transit, flood mapping, fisheries—and so many other things.

    “Medical research has also been completely upended at research institutions across the country—throwing lifesaving research, clinical trials, and patients into uncertainty.

    “Meanwhile they have not only illegally blocked our foreign assistance and shuttered USAID programs that bolster our global leadership and make the world safer for Americans—they are now illegally dismantling the Department of Education.

    “They have already bulldozed the independent research arm of the Department of Education—taking a wrecking ball to ongoing evidence-based research and basic collection data we need for accountability to improve student outcomes at our K-12 schools and colleges.

    “And, among the many contracts Trump cancelled with his executive orders was funding for a program that helps students with disabilities transition from high school to work and work to improve adoption of evidence-based literacy practices in Washington state. These billionaires have no idea what programs they are cutting.

    “Given the chaos of all these efforts—from Trump’s sweeping, radical, and illegal Executive Orders, to Elon Musk jumping from agency to agency and doing seemingly whatever he pleases and whatever is good for his businesses—it’s getting hard to even keep track of all the funding that is being illegally blocked.

    “Even stuff they say is not blocked, or say has been unblocked—is still frequently frozen.

    “But one thing that is clear? This is hurting our families. It is hurting our communities. And it needs to stop.

    “Remember, Musk is the richest man on earth—with deep business ties to China and a direct line to Putin.

    “Republicans have chosen to stand by and twiddle their thumbs, as he unilaterally, clandestinely, and illegally cuts our constituents off from the federal investments they are owed and badly need.

    “We have zero insight or oversight of what conflicts of interest Musk has as he chokes off government funding left and right, and as he hands over our sensitive financial data and systems to patently unqualified individuals with no accountability.

    “This multi-billionaire is operating completely in the dark, hoping his lies are loud enough to drown out any calls for truth or for transparency.


    “You can agree or disagree about federal spending—goodness knows we have debates on it here—but it is a complete lie to try and say this is all fraud, or waste, or a conspiracy.

    “As a long-time Appropriator—I can tell you—we debate these bills publicly, we post the details out in the open. We pass them in a bipartisan way.

    “Republicans overwhelmingly supported the individual bills we put together in Committee last year—many unanimously.


    “Spending is not a ‘conspiracy’ just because Elon Musk doesn’t know how to read USA-Spending.gov.

    “A program is not waste just because it doesn’t help the richest man in the world. It is not fraud just because he doesn’t like it.

    “A law is not illegal just because he disagrees with it. This guy just does not know what he is talking about—and it is frankly embarrassing, he doesn’t know how to count!

    [MUSK, DOGE LIES AND CORRUPTION]

    “The ‘DOGE’ website says it is slashing $55 billion—but it only lists $16.6 billion, and half of that is a typo.

    “They took $8 million with an M—as in ‘Musk can’t count’—and counted it as $8 billion with a B—as in ‘BS.’ That is not saving money—it is poor reading comprehension.

    “Speaking of reading comprehension—I don’t think Elon fully grasps what the concepts of ‘transparency’ and ‘accountability’ mean.

    “When he tweeted out the names of government employees months ago—and again this month even—that was ‘accountability,’ but when reporters name people gaining illegal access to Treasury’s payment system, that is a crime?

    “Elon Musk gets to look at all of our most sensitive data but no one gets to look at what he is actually doing? That cannot be the standard.

    “It’s not ‘maximally transparent’ for Elon Musk to decide for himself what he shares publicly about his actions.

    “It is maximally concerning—especially given there are many obvious conflicts of interest—but Elon has not recused himself from a single decision.

    “How is it not a conflict—when the owner of Space X is gutting NASA while taxpayer funds to his company keep flowing?

    “How is it not blatant corruption—when the owner of Tesla is freezing grants and loans that benefit his competitors?

    “How are we supposed to just trust him, when he is probing agencies that have done—or are doing right now—investigations into his businesses?

    “Trump fired the Ag Inspector General who was investigating Elon’s company, Neuralink—and then fired the FDA officials who were reviewing it.


    “He fired the EPA Inspector General and Transportation Inspector General as they were looking at Tesla.


    “He fired the Labor Inspector General—as the Department has several investigations into Musk’s companies.

    “And Trump fired the Defense Inspector General who was looking at Space X—and notably, Musk’s connections to Putin.

    “And it’s not just Musk who is concerning—he’s brought on an army of walking red flags to pry into our government’s most sensitive data.

    “How are Americans supposed to feel, knowing someone who was previously fired for leaking sensitive information from their employer is digging through your most private financial data?

    “How are Americans supposed to feel, knowing someone who engaged with prominent white supremacists and misogynists online is helping to shutdown USAID?

    “How are they supposed to feel, knowing someone who tweeted explicitly racist statements, someone who said they were, quote, ‘racist before it was cool,’ was given control over incredibly important Treasury payment systems?

    “What sort of vetting—if any—is going on here? Are they trying to pick the least qualified, most concerning people? Hey Elon—you are supposed to filter out red flags—not select for them!

    “The American people deserve transparency—if Elon Musk really has nothing to hide, then he should leave his safe place on X and at Trump rallies and come before us at a Congressional hearing to be held accountable to the public.

    [TRUMP HURTING PEOPLE IN RED AND BLUE STATES]

    “What they are doing here is not just illegal—it is devastating for working people in every single zip code in America, red and blue states alike.

    “Right now, we need to be speaking out with a unified voice to ensure that when Congress passes a bill, the law is followed.

    [DANGERS OF A FULL-YEAR CR]

    “And we need to focus on negotiating serious funding bills on a bipartisan basis ahead of the fast-approaching March 14th deadline. That is exactly what I am trying to do right now. And, a long term CR should not be acceptable for anyone here.

    “As I have reminded my colleagues many times now: there is a world of difference between a short term CR that gives us additional time for good faith negotiations on our full-year funding bills, and a long term CR that would not only create major shortfalls for critical programs, but would also hand vast power over spending decisions to an administration that absolutely cannot and should not be trusted.

    “Passing a clean full year CR would, first of all, create major shortfalls and fail to adjust for new realities on the ground.

    “It could mean that instead of babies getting fed through WIC, moms are getting put on a waitlist for the first time in that program’s history. And instead of families getting rental assistance, they get cut off.

    “A clean full year CR means veterans are not able to get the care they need and benefits they have earned in a timely way.

    “And it means our military falling behind—from forcing cuts across DoD, to pausing promotions, station changes, and other really essential functions.

    “It also means losing opportunities to provide new resources for new challenges, and to provide a check on Trump policies—including ones it is clear members on both sides have issues with.

    “And on that note, I want to emphasize this—because this is really critical—unlike a short-term CR, a clean, full-year CR means hundreds of specific funding directives from Congress fall away, effectively creating slush funds for this administration to adjust spending priorities and potentially eliminate longstanding programs as they see fit. That is a nonstarter.


    “With a full-year CR, Congress would be turning over our power of the purse to a President who has already shown he couldn’t care less about the separation of powers.

    “A yearlong CR could be a green light for President Trump, Elon Musk, and Russell Vought to redirect funding to their own pet projects—and slash, burn, and zero out programs we have supported from Congress, that our families count on.

    “Maybe they siphon money away from public schools. Maybe they slash federal work study grants and other financial aid. Maybe they zero out money for national parks or monuments they think are too ‘Woke…’ or what would that even mean!

    “Maybe they scrap all our oversight of immigration courts, or end family reunification efforts, or dismantle the guardrails for detaining immigrants—something we are already seeing, by the way, with the use of Guantanamo Bay.

    “They could cut funding to eliminate HIV, address maternal mortality, or increase vaccination rates.

    “They could turn our constituents’ priorities into slush funds. Clean energy investments could become a payday for fossil fuels. Money meant to stop fentanyl and opioids could fuel private prison operations and mass deportations.

    [THE COMMON SENSE, BIPARTISAN PATH FORWARD]

    “Congress must detail its spending priorities—and direct President Trump to implement these programs faithfully by passing appropriations bills just as it does every year.

    “There is truly no telling just how far they will go in bending our federal budget from what our constituents need into whatever Trump and Musk want.

    “If you don’t think things could get worse—you’re wrong. A clean, yearlong CR is frankly an unacceptable outcome.


    “We cannot tell our constituents, that instead of using our authority to check a President, we give him the keys to the kingdom.

    “We cannot say, instead of fighting to get you the resources you need, we’ll let a billionaire have more say in where your tax dollars go instead.

    “So we need Republicans to get serious about bipartisan funding bills. And we have got to know that once those bills become law, Trump will actually follow them.

    “We cannot just reach an agreement, pass a bill, and then stand by while President Trump rips our laws in half.

    “There is a serious, bipartisan path forward for our country—but it is one where Congress works together to avoid a shutdown, stops the de facto shutdown that is already happening, and reasserts its authority to protect the funding our communities need.

    [REPUBLICANS’ PRO-BILLIONAIRE BUDGET RESOLUTION]

    “But unfortunately, that’s a far cry from the path Republicans are going down with this pro-billionaire, anti-middle-class budget resolution.

    “Let’s be very clear: Republicans’ budget resolution doesn’t just accept, it actually doubles down on what Trump and Musk are doing.

    “And it is not about balancing the budget—we all know that, because they don’t plan to reverse one of the biggest drivers of the debt: Republican tax cuts.

    “Despite all of the boogeymen that Republicans like to point to as driving the national debt—the reality is that the single biggest driver of our national debt since 2001 has been Republican tax cuts.

    “The Trump and Bush tax cuts have cost our nation over $10 trillion dollars and counting. And you’ll never guess what our colleagues on the other side of the aisle are focused on right now—nothing to lower the cost of eggs—it’s actually more Republican tax cuts!

    “And, no, they will not be paid-for. And, yes, they will blow up the national debt.

    “While Elon Musk hacks and chops his way through the government in the name of meager ‘savings’ and Republicans are cheering him on, they are all hoping we will ignore the elephant they brought into the room.

    “Even as this budget is a roadmap for painful cuts to programs families count on each and every day—all so they can give billionaires more tax cuts.

    “Republicans are going down this partisan path because they know Democrats are not going to join them in throwing Medicaid, nutrition assistance, and veterans’ benefits into the wood chipper, so they can throw more tax cuts at billionaires and the biggest corporations.

    “Make no mistake—this budget resolution is the DOGE resolution, as it assumes the staggering amount of $1 trillion in unspecified cuts in 2025 alone and $9 trillion over 10 years.

    “Where do we think those sort of dramatic cuts are going to come from? It’s going to come out of SNAP benefits that keep our kids from going hungry. It is going to come out of public schools and community health centers. It is going to come out of life-saving medical research.

    “It will mean costs going up for everyday Americans. 

    “It means child care costs going up when families lose access to Head Start and other quality, affordable options.

    “It means heating and cooling costs going up when families get cut off from LIHEAP.

    “It means rent going up as assistance programs get slashed.

    “It means your health care costs go up as community health centers and family planning providers are forced to close their doors.

    “It means grocery costs going up as programs like SNAP and WIC are gutted—not to mention what happens when you cut support for farmers, and for ag-research.

    “And make no mistake, if you are cutting that deeply, that painfully, you are going to start cutting things like veterans’ disability and education benefits, you are going to start cutting Medicare and Medicaid—which, for the information of all Senators, 30 million children rely on.

    “There is just no other way to make their numbers work. Especially when we know that this is just step one in their plan—and step two: tax breaks for billionaires and massive corporations.

    “So, first they are handing Elon Musk a chainsaw to cut programs families rely on with no accountability—then they are rewarding him with enormous tax breaks. And that is completely unacceptable.

    “We should not be taking kids out of child care to give billionaires a tax break.


    “We should not be taking food off the family table to put more fuel into private jets.

    “I grew up in a family that knew what it was like to fall on hard times. My dad— who was a veteran—got too sick to work. He had multiple sclerosis.

    “My mom, kept us afloat with Dad’s VA benefits, food stamps, and the new job she got thanks to a federal workforce program.

    “It wasn’t easy. Mom always said they crawled—crawled—to Social Security and Medicare. But she worked hard, and our government was there for them when those hard times came.

    “I know there are families struggling now, just like my family struggled then. I hear from them every day—in the letters we get here in Washington D.C., and in the conversations I have back home in Washington state.

    “They work hard. They play by the rules. They deserve—at the very least—the same opportunity my parents had when I was growing up.

    “And I am not going to stand by silently while Republicans try to sell that opportunity away, to pay for even more tax breaks for billionaires.

    “I get why that sounds like a good idea to billionaires like Donald Trump. I get why it’s a sweet deal for Elon Musk—the richest man in the world. It’s great for them—because they are not the ones footing the bill!

    “The bill for these tax breaks, the cost of these cuts, is going to be paid by folks like my mom and dad.

    “Everyday Americans will pay for billionaire tax breaks with their health care. They will pay for billionaire tax breaks with abandoned medical research. They will pay for billionaire tax breaks with shuttered family farms and small businesses

    “Republicans can try and spin a fairy tale about how this will pay for itself, how this will work out for everyone and nobody cares about what will be affected—but the reality is going to show through pretty darn quick, and pretty darn painfully.

    “Because spin is not going to put food on the table. It will not pay the rent. It won’t fix the roads. It won’t lower prices. It won’t lower interest rates. And it won’t put money in families’ dwindling bank accounts.

    “When it comes to the job we were all sent here to do helping people, and solving problems—families need real solutions, not tax breaks for billionaires and talking points for everyone who loses out.

    “So, M. President, I would urge all of my colleagues: hit the breaks, and not just on this devastating, partisan budget resolution. Hit the brakes on what President Trump and Elon Musk are doing right now.

    “Let’s instead come together, and work on serious, bipartisan bills to fund the government. Let’s get investments that are sorely needed out to the folks we represent. Let’s pass legislation to give folks a hand—instead of this Republican plan that gives billionaires a handout.”

    MIL OSI USA News –

    February 21, 2025
  • MIL-OSI United Kingdom: CMA reaches settlement with banks in competition case

    Source: United Kingdom – Executive Government & Departments

    Banks agree to pay fines for past exchanges of sensitive information about UK government bonds.

    • CMA and 4 banks agree to settle separate cases related to UK government bonds, known as gilts
    • Citi, HSBC, Morgan Stanley and Royal Bank of Canada will pay fines totalling over £100 million – Deutsche Bank has immunity for reporting its conduct which began in 2009 and ended in 2013
    • Individual traders at each of the banks took part in private one-to-one Bloomberg chatrooms in which they shared sensitive information relating to buying and selling gilts on specific dates

    Gilts are an important type of UK government bond that help to finance public spending. Investors in gilts lend money to the UK government and in return receive a steady and stable stream of cash interest payments.

    Healthy competition drives investment, innovation and growth, and it is important that competitors decide their price and strategies independently in order to ensure effective competition in a market. 

    Following an investigation by the Competition and Markets Authority (CMA), the banks have agreed to pay fines for specific instances in which traders shared competitively sensitive information about aspects of the pricing of UK bonds. The sharing of information occurred in one-to-one exchanges between traders about the buying and selling of gilts and gilt asset swaps.

    This conduct took place on various dates between 2009-2013, with the last exchanges occurring in 2010 for HSBC, 2012 for Morgan Stanley, and 2013 for each of Citi, Deutsche Bank and Royal Bank of Canada. Since then, the banks have implemented extensive compliance measures to ensure this behaviour does not happen again.

    Juliette Enser, Executive Director of Competition Enforcement at the CMA, said:

    Following constructive engagement between the banks and the CMA, we are pleased that we have been able to settle these 5 cases involving the past sharing of competitively sensitive information about pricing.

    The financial services sector is an integral part of the UK economy, contributing billions every year, and it’s essential that it functions effectively. Only through healthy and competitive markets can we ensure businesses and investors have confidence to invest and grow – for the benefit of all in the UK.

    The fines imposed today reflect the CMA’s commitment to dealing with competition law breaches and deterring anti-competitive conduct. The fines would have been substantially higher had the banks not already taken unusually extensive steps to make sure that this doesn’t happen again.

    Unlawful exchanges in one-to-one chatrooms

    Each of the exchanges took place in separate bilateral online Bloomberg chatrooms between individual traders at 2 banks [see Figure 1] and included information relevant to the pricing of UK government bonds – specifically, gilts and gilt asset swaps.

    In particular, each one-to-one exchange of information took place in relation to one or more of the following: firstly, the sale of gilts by the UK Debt Management Office via auctions on behalf of HM Treasury, secondly the subsequent buying and selling, i.e. trading, of gilts and gilt asset swaps, and thirdly the selling of gilts to the Bank of England – known as ‘buy back’. Not all banks were involved in unlawful exchanges in all 3 contexts.

    Figure 1 – Parties to the separate one-to-one exchanges

    Consequences

    Four banks – Citi, HSBC, Morgan Stanley and Royal Bank of Canada – have settled and agreed to pay fines totalling £104,460,000.

    Deutsche Bank is exempt from a financial penalty as it alerted the CMA to its participation in the chats via the authority’s leniency policy. Citi applied for leniency during the CMA’s investigation and as a result has received a reduced fine.

    In agreeing to settle with the CMA, the banks have agreed to pay these fines, bringing the investigation to a close.

    The fines for each bank are:

    • Citi: £17,160,000 – this includes a 35% leniency discount and a 20% reduction for settling in advance of the CMA issuing its Statement of Objections
    • HSBC: £23,400,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections
    • Morgan Stanley: £29,700,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections
    • Royal Bank of Canada: £34,200,000 – this includes a 10% reduction for settling after the CMA issued its Statement of Objections

    The fines take into account the length of time that has passed since the end of the infringements and the extensive compliance measures that the banks have implemented since then – some of which were in place before the start of the CMA’s investigation.

    The firms have until 22 April 2025 to pay their fines.

    More information on this investigation and the CMA’s update is available on the UK government bonds: suspected anti-competitive arrangements case page.

    Notes to editors

    1. A gilt is a UK government bond issued by HM Treasury through the UK Debt Management Office (‘DMO’). This case concerned conventional gilts only, i.e. gilts that pay a fixed rate of interest to the holder. Gilts are commonly issued through auction by the DMO in the UK to gilt-edged market makers (‘GEMMs’) and are actively traded in the financial market following issuance. All 5 banks investigated by the CMA are GEMMs.
    2. In 2009, in response to the financial crisis, the Bank of England adopted a quantitative easing (‘QE’) policy, which involved the Bank of England buying assets – the majority of which were gilts. The Bank of England therefore conducted regular buy-back auctions at certain points during the relevant period.
    3. The DMO, the Bank of England and HM Treasury were not under investigation. The DMO, on behalf of HM Treasury, and the Bank of England have assisted the CMA with the investigation by responding to information requests.
    4. The CMA has issued five separate bilateral infringement decisions. Decision documents are addressed to the following entities: Citigroup Global Markets Limited and its ultimate parent company Citigroup Inc. (together ‘Citi’), Deutsche Bank Aktiengesellschaft (‘Deutsche Bank’), HSBC Bank Plc and its ultimate parent company HSBC Holdings Plc (together ‘HSBC’), Morgan Stanley & Co. International Plc and its ultimate parent company Morgan Stanley (together ‘Morgan Stanley’), and RBC Europe Limited and its ultimate parent company Royal Bank of Canada (together ‘Royal Bank of Canada’).
    5. In each decision, the CMA has found a single and repeated ‘by object’ infringement (i.e. that the conduct had, as its object, the restriction or distortion of competition within the UK). The CMA has not made any finding as to whether the conduct at issue had the effect of preventing, restricting or distorting competition.
    6. The information exchanges took place between: – Citi and Deutsche Bank: on 12 specific dates between July 2012 and January 2013 – Citi and Morgan Stanley: on 3 specific dates between December 2011 and February 2012 – Deutsche Bank and HSBC: on 12 specific dates between October 2009 and June 2010 – Deutsche Bank and Morgan Stanley: on 8 specific dates between October 2009 and June 2011 – Deutsche Bank and Royal Bank of Canada: on 41 specific dates between November 2009 and April 2013
    7. In the case of 4 of the banks (Citi, Deutsche Bank, HSBC and Morgan Stanley) the information was exchanged by a single trader based in the UK. In the case of the Royal Bank of Canada, the information was exchanged on different occasions by 2 traders based in the UK. None of the traders remain employed by the bank they worked for at the time.
    8. Bloomberg chatrooms are a means of electronic communication through which participants can exchange messages. Although the information exchanged through certain Bloomberg chatrooms formed part of the CMA’s investigation, Bloomberg was not under investigation.
    9. All banks were involved in unlawful exchanges relating to trading. In addition, Citi, Deutsche Bank, HSBC and Morgan Stanley were involved in unlawful exchanges relating to auctions; and Deutsche Bank, Citi and Morgan Stanley were involved in unlawful exchanges relating to buy-back auctions. Deutsche Bank and RBC also coordinated their strategies for trading gilts via brokers on a limited number of occasions.
    10. Under the CMA’s leniency policy, a business that has been involved in cartel activity may be granted immunity from penalties or a reduction in penalty in return for reporting the cartel activity and assisting the CMA with its investigation.
    11. A party under investigation by the CMA may enter into a settlement agreement if it is prepared to admit that it has breached competition law, is willing to pay a fine and agree to a streamlined administrative procedure for the remainder of the investigation. Settlement can take place before or after the CMA issues a Statement of Objections, which sets out the CMA’s provisional findings of fact and its legal and economic assessment of them.
    12. The CMA and the Financial Conduct Authority have concurrent functions to enforce competition law in the financial services sector. It was agreed that the CMA would exercise those functions in relation to this investigation.
    13. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.

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    Updates to this page

    Published 21 February 2025

    MIL OSI United Kingdom –

    February 21, 2025
  • MIL-OSI Russia: Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program of the Russian Federation “Development of physical culture and sports”

    Translartion. Region: Russians Fedetion –

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

    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    February 20, 2025

    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    February 20, 2025

    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    February 20, 2025

    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    February 20, 2025

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    Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program “Development of physical culture and sports”

    Deputy Prime Minister Dmitry Chernyshenko held the first meeting of the Government Commission for the implementation of the comprehensive state program of the Russian Federation “Development of physical culture and sports”.

    Dmitry Chernyshenko recalled that in 2024, at a meeting of the Sports Council, the President instructed to increase the level of coordination of the management of physical education and sports, affecting various areas and spheres of the economy. This Government Commission was established by a Government Resolution.

    “President Vladimir Putin has set us the task of developing a unified approach to the development of physical education and sports under the state program. The total expenditure of budgets at all levels on sports in the country alone is more than 700 billion rubles, and there are also corporate expenses. The commission is called upon to unite all available resources and increase the efficiency of financial investments. Within the framework of the state program, large-scale construction of sports facilities is planned for 2030: flat sports grounds, modular complexes and capital sports facilities, and much more,” Dmitry Chernyshenko emphasized.

    The Deputy Prime Minister added that, on the instructions of the President, work is underway to increase the level of transparency of payments and create a system of incentives for coaches and athletes, which will be implemented, including through funds from the Russian Sports Fund.

    The draft law on the Russian Sports Fund has already been approved by the Government and submitted to the State Duma. The fund will also direct funds to the development of children’s and youth and mass sports, support for Olympians and Paralympians, and, if necessary, to the development of sports infrastructure. When selecting applications, the development of sports, the effectiveness of organizations, the volume of invested funds and attracted private investments will be taken into account.

    On the instructions of the head of state, the Government prepared directives for joint-stock companies with a Russian Federation share of more than 50% on the regular submission of information on extra-budgetary expenditures in the field of sports and the coordination of regions in the construction of sports infrastructure.

    Sports Minister Mikhail Degtyarev emphasized key changes in the approach to the development of the industry, and also outlined priorities for the coming years.

    “In accordance with the instructions of the President of the Russian Federation Vladimir Vladimirovich Putin, the program “Development of Physical Culture and Sports” received the status of a comprehensive one. An important criterion for efficiency is now not only the fulfillment of plans, but also the level of satisfaction of the population with the conditions created for sports. For us, this is now the main guideline,” the head of the department noted.

    The comprehensive state program until 2030 provides for large-scale construction of sports facilities throughout the country. The planned projects include 150 capital sports facilities, 637 smart sports grounds, 1078 small sports grounds and 86 quickly erected modular facilities: swimming pools, halls, skating rinks with artificial ice.

    In addition, the Ministry of Sports will continue to build modular sports facilities in historical regions that have returned to Russia. Five such facilities will be built there annually with a total funding of 1 billion rubles.

    The Minister stressed that taking into account existing sources of funding will be an important part of the work.

    “Information on consolidated regional expenditures, as well as on off-budget sources of development at the expense of state corporations, large businesses and sports federations will be systematized in the second quarter of this year. I would like to emphasize that this will not be additional financing for the industry, but a consideration of existing sources,” noted Mikhail Degtyarev.

    This approach will allow for more effective coordination between regions and the federal center, which will ensure the comprehensive development of sports infrastructure throughout the country.

    The President of the Russian Gymnastics Federation, CEO and Chairman of the Board of JSC Russian Railways Oleg Belozerov emphasized that JSC Russian Railways, being the largest company in Russia, is ready to actively integrate into the implementation of the sports development program.

    “More than 600 physical culture and sports clubs have been created and are developing in the Russian Railways system, including at its own sports facilities. This is the largest organization in terms of personnel in the Russian Federation. We hold more than 11 thousand events, covering more than 2.6 million employees, family members and veterans of the industry. All-Russian sports federations, as well as clubs and other components, receive financial support. And we can definitely say that good unified coordination within the framework of the mechanisms being created is extremely important. This will improve the quality of missionary activities,” said Oleg Belozerov.

    The head of the Federal Medical and Biological Agency, Veronika Skvortsova, noted that in order to improve the results of athletes, it is necessary to extend unified approaches to medical and biological support and analysis to regional teams, expand the digital health system for athletes, create a single database of permits based on an electronic passport, and modernize complex scientific groups, which will allow sports achievements to be brought to a new level.

    Dmitry Chernyshenko also instructed to create an expert council to support the commission and propose innovative solutions, and to continue collecting proposals to increase the level of citizen satisfaction with the conditions for physical education and sports, including through the public services portal.

    In addition, the Deputy Prime Minister noted the importance of providing information support for the development of sports and gave instructions regarding the coverage of the successes of Russian athletes.

    The work plan of the government commission for the implementation of the comprehensive state program “Development of Physical Culture and Sports” for 2025 and the composition of its presidium were also approved.

    The meeting was attended by the Minister of Sports Mikhail Degtyarev, the head of the Federal Medical and Biological Agency Veronika Skvortsova, the President of the Russian Gymnastics Federation, CEO and Chairman of the Board of JSC Russian Railways Oleg Belozerov, the Governor of the Tula Region, Chairman of the State Council Commission on Physical Culture and Sports Dmitry Milyaev, the CEO of the National Priorities ANO Sofia Malyavina, as well as representatives of relevant departments, organizations and subjects of the Russian Federation.

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

    MIL OSI Russia News –

    February 21, 2025
  • MIL-OSI China: Registration mandatory for social organizations

    Source: China State Council Information Office 2

    China will continue efforts to clamp down on illegal social organizations that harm individuals and the public interest, the Ministry of Civil Affairs said in a recently released guideline.
    The guideline clarifies that unregistered societies or groups, as well as those that have had their licenses revoked, are prohibited from organizing activities under the name of a social organization, foundation or private non-enterprise institution. Any such activity will result in the group being labeled an illegal social organization.
    Organizations operating without official permission while in their preparatory periods are also classified as illegal, according to the guideline.
    County-level authorities will be responsible for cracking down on illegal social organizations whenever their activities are detected. If an illegal group operates across multiple provinces, the civil affairs ministry or designated authorities will oversee enforcement.
    Authorities will have the power to hold regulatory talks with suspected organizations or individuals, conduct on-site investigations and review materials such as contracts, receipts, meeting records, financial ledgers and promotional materials.
    Local authorities must publicly announce and issue written decisions once an organization is confirmed to be illegal. The decision must include the organization’s name and details of its illegal activities and bear an official stamp.
    Individuals suspected of violating national laws — including fabricating, concealing or destroying evidence, providing false information, or obstructing investigations — will be referred to public security organs for further investigation.
    The guideline also states that any organization, company or individual has the right to report illegal social organizations. Supervisory authorities must publish phone numbers, email addresses and postal addresses for public reporting.
    The new guideline will take effect on May 1, replacing an interim version introduced in 2000.
    The ministry has intensified its oversight of social organizations in recent years, launching several crackdowns that have curbed illegal activity and protected public interests.
    Last year, civil affairs authorities at all levels handled 1,066 cases involving illegal social organizations.
    In December, the ministry published 10 cases highlighting illegal activities.
    In one case, an unauthorized group illegally organized a fraudulent arts competition using the name of the Belt and Road Initiative. It collected individuals’ personal information through illegal means and defrauded them by sending fabricated award lists. The Beijing Municipal Civil Affairs Bureau shut down the organization in January last year.
    By the end of 2023, China had about 881,600 registered social organizations, a decrease of 9,700 from the previous year, according to a recent report by the Chinese Academy of Social Sciences. Education-related organizations accounted for about 31 percent, while 16 percent focused on social services.

    MIL OSI China News –

    February 21, 2025
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