Category: Economy

  • MIL-OSI: Brookfield Completes Acquisition of Chemelex

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Brookfield Asset Management (NYSE: BAM, TSX: BAM) through one of its private equity funds, together with its listed affiliate Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC), today announced that it has completed the acquisition of Chemelex (“the business”) from nVent Electric Plc for a purchase price of $1.7 billion.

    Chemelex is a global leader in the design and manufacturing of electric heat trace systems, the specialized wiring systems that regulate the temperature of pipes in industrial plants and commercial buildings. With high barriers to entry and strong brand recognition as the inventor of electric heat tracing in 1972, the business sells its products into the industrial, commercial and residential, traditional and clean energy, and infrastructure markets.

    Dave Gregory, a Managing Partner in Brookfield’s Private Equity Group, said “Chemelex is a global market leader providing an essential product and service with extensive connectivity to the Brookfield ecosystem through its end markets. We’re excited to draw on our deep expertise in industrials and corporate carve-outs as we partner with the team to enhance operations and unlock its full potential as an independent business.”

    Brookfield brings deep global expertise of investing in and driving operational transformation in industrials and manufacturing businesses. Previous investments include Clarios, the global leader in advanced low-voltage batteries, Westinghouse, a leader in providing mission-critical technologies, products and service to the nuclear power industry and GrafTech, a global manufacturer of graphite electrodes.

    Funding

    Brookfield’s investment was funded with approximately $830 million of equity, of which Brookfield Business Partners invested approximately $210 million for a 25% interest. The balance was funded by institutional partners.

    Brookfield Asset Management (NYSE: BAM, TSX: BAM) is a leading global alternative asset manager, headquartered in New York, with over $1 trillion of assets under management. We invest client capital for the long-term with a focus on real assets and essential service businesses that form the backbone of the global economy. We offer a range of alternative investment products to investors around the world — including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

    Brookfield’s private equity business, which manages over $140 billion of assets under management, focuses on driving operational transformation in businesses providing essential products and services.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield’s private equity group. It is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position.

    Investors have flexibility to invest in Brookfield Business Partners either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    For more information, please contact:

    The MIL Network

  • MIL-OSI: Caisse Française de Financement Local: EMTN 2025-4

    Source: GlobeNewswire (MIL-OSI)

    Paris, 3 February 2025

    Capitalised terms used herein shall have the meaning specified for such terms in the Caisse Française de Financement Local base prospectus to the €75,000,000,000 Euro Medium Term Note Programme dated 8 July 2024 (the “Base Prospectus”).

    Caisse Française de Financement Local has decided to issue on 5 February 2025 – Euro 50,000,000 Callable Fixed Rate Obligations Foncières due 5 February 2055. 

    The Base Prospectus dated 8 July 2024 and the supplements to the Base Prospectus dated 13 September 2024, 30 September 2024 and 26 December 2024 approved by the Autorité des Marchés Financiers are available on the website of the Issuer (https://www.caissefrancaisedefinancementlocal.fr/), at the registered office of the Issuer: 112-114, avenue Emile Zola, 75015 Paris, France, and at the office of the Paying Agent indicated in the Base Prospectus.

    The Final Terms relating to the issue will be available on the website of the AMF (www.amf-france.org) and of the Luxembourg Stock Exchange (www.bourse.lu), at the office of the Issuer and at the office of the Paying Agent.

    Attachment

    The MIL Network

  • MIL-OSI United Kingdom: Government sets out plans to target ‘stuck’ schools

    Source: United Kingdom – Executive Government & Departments

    Education Secretary sets out plan for a new era of school standards.

    Stronger accountability, increased intervention in stuck schools and faster school improvement are at the heart of this government’s plan to give every child the best start in life, the Education Secretary has said today.

    Speaking at the Centre for Social Justice, Bridget Phillipson laid out plans for a new era of school standards building on the reforms of successive governments and delivering on the Prime Minister’s Plan for Change – breaking the link between background and success. 

    This includes an excellent teacher for every classroom, a high-quality curriculum for every school and a core offer of excellence for every parent so that every child can achieve and thrive.  

    The Secretary of State announced new plans to tackle forgotten schools as part of proposals for a significantly strengthened school accountability system that works for parents. 

    There are more than 600 ‘stuck’ schools in England that have received consecutive poor Ofsted judgements, and which are attended by more than 300,000 children. Those attending these schools leave primary school with results 14 percentage points worse on average and secondary school with results a grade per subject worse on average.  

    Plans unveiled by the Education Secretary today provide for a stronger, faster system, spearheaded by an initial £20m investment in new regional improvement teams, known as RISE teams which will prioritise these stuck schools. They will draw up bespoke improvement plans with those schools, with government making up to £100,000 available initially to each school for specialist support. This compares to a £6,000 grant that was available previously for similar schools. 

    In her speech, Education Secretary Bridget Phillipson said: 

    Stuck schools are the new front in the fight against low expectations. 

    I will not accept a system that is content for some to sink, even while others soar.  

    The opportunity to succeed must be the right of every child. 

    We simply can’t allow stuck schools to disappear off the radar. 

    The reforms announced today continue the strong accountability already within the education system since the growth of inspection in the 1990s that has improved school standards.

    The government will continue to use structural intervention – converting to an academy, or moving to a new, strong trust – where Ofsted identifies the most serious concern or does not identify rapid improvement. It has also proposed closer monitoring of schools with the most serious problems to track progress. 

    The government expects the number of schools that receive mandatory intervention – including structural and from RISE teams – to be around double than before, securing swift improvement for children and driving high and rising standards in every part of the country.  

    Leora Cruddas, Chief Executive of the Confederation of School Trust, said:

    There is a lot to be proud of about our school system in England. We are a good school system on a journey to great.

    This is because we have built on the evidence of what works – thirty years of curriculum development, teacher development, accountability, structural reform, and innovation. But the school system does not work for all children: the gap between economically disadvantaged pupils and their peers has widened; the system does not serve children with SEND well; and not enough of our children feel like they belong in our schools. Some of our schools are not on a secure improvement trajectory.

    If we are to build a great school system, then we must design it so that all our children achieve and thrive. We are committed to working with government to design a system that is built on excellence, equity, and inclusion.

    Sir Hamid Patel, Chief Executive of Star Academies, said:

    The Government is right to focus on strong and supportive accountability to deliver high standards and expectations. While we take pride in the significant strengths, achievements, and international reputation of our school system, the entrenched disadvantage gap is a national crisis that requires urgent and persistent action from us all.

    The introduction of RISE Teams to support the work of our outstanding school trusts, along with additional funding for tailored school improvement and enhanced monitoring of schools facing serious performance challenges, will contribute to an aspirational system that benefits all children and families.

    Jon Coles, Chief Executive of United Learning, said:

    Turning around schools which are not doing a good enough job for children is a critical priority for our school system. It is therefore good to see the government’s determination to ensure rapid improvement in a larger number of struggling schools while continuing with structural intervention in the weakest schools by using all the resources and capacity available.

    Jason Elsom, Chief Executive of Parentkind said:

    Parents will welcome efforts to make sure that there are high standards in every classroom.

    Schools will be at the centre of significant social change during the decade ahead and we will need a robust, responsive system that not only recognises when schools are excelling but steps in with meaningful support when they struggle.

    When we engage with parents about school inspections, their message is clear: they want a framework that is firm yet fair, one that places the success and well-being of every child at its core and acknowledges the essential role of parents in making this vision a reality.

    Dr Vanessa Ogden, Chief Executive Mulberry Schools, said:

    We see an ambitious plan announced today that invests in the quality assurance, leadership and resources to build on existing success and improve standards for all. Those schools that need it will get the expert challenge and support required to achieve turnaround. Those that already hold this knowledge can help. Working together in this way, we can ensure that every child gets the great school they deserve – and we can reach higher and further than ever in education, for a thriving economy, regional prosperity and fulfilled secure lives.

    Tom Campbell, Chief Executive Office, E-Act, said:

    I welcome the government investment in support for schools who have been left to struggle in recent years.  The RISE teams and their focus on support rather than intervention makes high quality school improvement available to all schools, irrespective of which trust or LA they are in or which geographical region they are based.

    While RISE teams will immediately prioritise stuck schools, the proposals also set out that they will engage with schools that have concerning levels of pupil attainment, including large year-on-year declines.  

    The teams will also work across all schools providing a universal service, signposting to best practice and bringing schools together to share their knowledge and innovation.  

    The measures today come as Ofsted has unveiled the new report cards which they propose will evaluate schools across nine separate areas.  They also set out proposals for evaluating areas from ‘exemplary’ to ‘causing concern’, holding schools to a higher standard and providing far greater information for parents.  

    School report cards will start to be introduced from this autumn.  

    ENDS 

    • RISE teams abbreviated from ‘Regional Improvement for Standards and Excellence’.

    DfE media enquiries

    Central newsdesk – for journalists 020 7783 8300

    Updates to this page

    Published 3 February 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: New partnerships with financial sector to unlock growth in UK and overseas

    Source: United Kingdom – Government Statements

    UK Minister for Development announces funding and partnerships to deliver Sustainable Development Goals and domestic growth, in speech at London Stock Exchange.

    • Government to partner with UK financial sector to deliver on the Plan for Change by tackling climate change and driving growth at home.
    • Minister for Development Anneliese Dodds pays tribute to the UK financial services sector, which “powers jobs and growth across the UK”.
    • New funding and partnerships will unlock investment opportunities, as part of a new development approach supporting sustainable economic growth overseas.

    Efforts to address the climate crisis and boost growth in the Global South and at home will be enhanced under a partnership approach between the government and the UK financial sector, the UK’s Minister for Development Anneliese Dodds announced today (Monday 3 February).

    Speaking at the London Stock Exchange, Minister Dodds praised the “expertise, experience and dynamism” of the UK’s financial services sector, and pledged to put this expertise “at the heart of how we meet the opportunities and challenges of our time”, including accelerating delivery of the UN’s Sustainable Development Goals (SDGs). These seek to address global challenges, including poverty, inequality, and climate change, to achieve a better and more sustainable future for all, by 2030.

    Minister Dodds set out how investment in the Global South is an opportunity for UK financial services “to marry investment in the economies and technologies of the future, with the experience and expertise of the City of London”, adding that the government will hold up its end of the bargain by working internationally to reform the global financial system to provide greater opportunity and stability.

    Minister for Development Anneliese Dodds said:

    With businesses and the government working hand in hand to drive investment in the Global South, we can unlock growth, jobs, trade, investment, and pride in our economy overseas and here at home.

    This government is enabling the financial services sector to flourish and use its expertise and depth of capital to invest in the markets and technologies of the future.

    Through partnerships like this, we will deliver on the Plan for Change, drive domestic growth, and create a world free from poverty on a liveable planet.

    The Minister announced up to £100 million for the UK’s flagship public markets programme MOBILIST. This programme will provide businesses focused on delivering the SDGs with the anchor funding and expert advice they need to list on stock exchanges around the world, including in London, allowing them to attract significant sums of additional private investment. 

    This is expected to generate between £400 million and £600 million of new investments in businesses across emerging markets in Asia, Africa, and Latin America. These investments will support economic growth, sustainable development, and climate action in local markets.

    She also celebrated the issuance of the first Climate Investment Fund (CIF) Capital Markets Mechanism (CCMM) bond last month, which raised $500 million (approximately £400 million) for energy and clean technology projects in low- and middle-income countries. The CCMM, launched by the Prime Minister at COP29, is a new financial mechanism to leverage future loan repayments by issuing bonds on capital markets.

    As today’s announcements demonstrate, this government’s modern approach to development focuses on harnessing the power of the private sector in mobilising the finance emerging markets need to grow. This will create future export markets for the UK and new overseas investment opportunities, supporting domestic growth and delivering on the government’s Plan for Change. It will also make the UK safer and more stable by tackling the drivers of conflict, climate crises and economic decline in partner countries.

    UK Climate Minister Kerry McCarthy said: 

    This is a historic moment for tackling the climate crisis, with the first bond raising $500 million to accelerate the global clean energy transition and support the flow of climate finance to developing countries.

    Public finance alone cannot tackle the scale of this challenge, and this mechanism will help leverage the private finance needed to support those on the frontline of a changing climate.

    Its listing in the UK positions London as a green finance capital. By working with partners such as the World Bank the UK can drive the action needed to grow the economy and reap the rewards of net zero.

    Minister Dodds made the announcements during a speech to the UK financial sector, including pension funds, insurers, banks, and development finance organisations, after joining a market opening ceremony at the London Stock Exchange.

    Julia Hoggett, CEO of the London Stock Exchange, added:

    Flows of investment are vital to generating sustainable growth both in the UK and around the world. London’s capital markets have long played a leading role in driving flows of capital to where they need to go, and we welcome the focus on fuelling growth and supporting the just transition to net zero.

    As part of these efforts, we are proud to celebrate the listing of the Climate Investment Funds’ Capital Markets Mechanism on the London Stock Exchange. This pioneering bond issuance programme not only brings a new financing tool to our market but is facilitating critical investment in sustainable and clean assets.

    As part of the speech, the Minister also welcomed a first-of-its-kind report from UK institutional investors, co-led by Mercer, Aviva Investors and the Private Infrastructure Development Group (PIDG) and supported by the Institutional Investors Group on Climate Change (IIGCC), on scaling private capital for climate action in emerging markets, and announced a new taskforce to take its recommendations forward.

    The speech comes a week after British International Investment (BII), which is funded by the FCDO, launched a call for institutional investors to work with them to develop solutions that will boost the flow of private capital into emerging markets, which are often considered too risky by global investors, but can offer attractive investment opportunities for growth, diversification and impact for the climate transition. 

    Tariye Gbadegesin, Chief Executive Officer, Climate Investment Funds, said:

    The UK has long recognized that to transform our energy systems at the scale and speed required, we must deploy public money smartly. That means putting climate finance to work where it’s most needed: investing in promising new technologies and enabling new clean energy markets, to spur private sector interest at scale.

    As a founding member of the Climate Investment Funds and a proud partner in the launch of our next-generation CIF Capital Markets Mechanism today, the UK is demonstrating its commitment to bold new models of public-private partnership for both people and planet.

    Benoit Hudon, Mercer’s UK President and CEO said:

    UK institutional investors, as part of the wider financial and professional services ecosystem are uniquely placed to help finance development projects in emerging markets and developing economies, which will also support UK growth. The report published today, co-led by Mercer, sets out a range of measures the UK Government and finance industry can take to secure the UK’s position as the world’s leading destination for transition finance.

    Background

    The Minister’s full speech will be made available on gov.uk following the event: Search – GOV.UK

    Photos to be available on FCDO Flickr later today.

    About MOBILIST 

    A flagship UK government programme, MOBILIST (Mobilising Institutional Capital Through Listed Product Structures) identifies and invests in scalable, replicable transactions on public markets that help deliver the climate transition and the Sustainable Development Goals. MOBILIST invests capital on commercial terms, delivers technical assistance, conducts research, and builds partnerships to catalyse investment in newly listed products. Since its inception, MOBILIST has invested £87 million in equity and equity commitments, directly mobilising £247.5 million in private capital.

    Examples of initiatives supported by MOBILIST include:

    • Citicore Renewable Energy Company: in June 2024, MOBILIST supported the Philippines in its transition to renewable energy through a £9.9 million local currency investment in the initial public offering (IPO) of Citicore Renewable Energy Corporation (CREC) on the Philippines Stock Exchange, Inc. (PSE), helping to decarbonise the Philippines power generation fleet by rapidly rolling out wind and solar, adding 2.3GW by the end of 2025 and 5GW by 2028. MOBILIST’s investment supported £63.7 million of private investment, a mobilisation ratio of 6.25.
    • Bayfront Infrastructure Capital IV: MOBILIST’s £4 million equity investment in September 2023 into a $410 million securitisation vehicle that listed on the Singapore Stock Exchange and enabled the greening of bank balance sheets in Southeast Asia and attracted international investors into developing countries’ infrastructure. MOBILIST’s investment supported £90.5 million in private investment, a mobilisation ratio of 22.9.

    About the CIF & CCMM

    The Climate Investment Funds (CIF) were launched in 2008 to invest in Emerging Markets and Developing Economies (EMDEs) climate projects. To date, the CIF has leveraged over $64bn from $12.3bn of donor contributions, supporting over 400 projects in over 80 countries. The UK (led by DESNZ) is a leading donor and chairs its Joint Trust Fund Committee.

    The CIF Capital Markets Mechanism (CCMM) was launched by the Prime Minister at COP29, and the bonds were issued on the London Stock Exchange in January 2025. It is a new financial mechanism to leverage future loan repayments (reflows) from previous investments made under the CIF’s Clean Technology Fund (CTF), by issuing bonds on capital markets. 

    Examples of investments made by the CTF include:

    • In South Africa, CTF invested $430.9 million (with co-financing of $2.28 billion). Key achievements include supporting Sub-Saharan Africa’s first large-scale battery storage project and increasing clean energy share in the power grid. This has led to a reduction of 1 million tons of CO2 annually. Notable projects include the KaXu, Xina, and Khi solar plants and the 2023 launch of Africa’s largest battery energy storage system.
    • In Thailand, CTF invested $85.7 million (with co-financing of $1.1 billion). This funding supported over 480MW of solar and wind capacity, reducing 160,000 tons of CO2 annually. Over eight years, wind capacity increased seven-fold, and solar capacity more than doubled. CTF also helped finance the Theppana Wind Power Project and kickstarted the Solar Power Company Group to develop solar farms across northeastern Thailand.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 3 February 2025

    MIL OSI United Kingdom

  • MIL-OSI: Terms for Nykredit’s and Totalkredit’s auctions – Totalkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq Copenhagen 
            
    Terms for Nykredit’s and Totalkredit’s auctions

    The total bond offering in connection with the interest rate adjustment of adjustable-rate mortgages (ARMs) and the refinancing of floating-rate loans at Nykredit’s and Totalkredit’s refinancing auctions amounts to approx. DKK 53.6bn. The auctions will be conducted in the period from 4th to 7th Februrary 2025.

    In the auction period, Nykredit Realkredit A/S will publish the amounts offered in the individual ISINs daily at nykredit.com/ir.

    Terms for the auctions including a list of the bonds offered, amounts offered and an auction schedule appear from Appendices 1 and 2.

    Questions regarding the bond sale as well as technical matters may be addressed to Nykredit Realkredit A/S, Group Treasury, Christian Mauritzen, tel +45 44 55 10 14.

    Other questions may be addressed to Corporate Communications, tel +45 44 55 14 50.

    Appendix 1: Auction terms

    Bonds offered, amounts offered and auction schedule
    Appendix 2 contains auction schedules, lists of bonds offered, expected amounts and settlement dates.

    Every morning at 09:00 CET in the auction period, the amounts offered on that particular day in the individual ISINs will be published at nykredit.com/ir under “Debt”, where you can find information on the refinancing auctions.

    Refinancing principles – ARMs
    The Nykredit Group offers fixed-rate non-callable bullet covered bonds for interest rate adjustment of ARMs based on the “refinancing price” principle.

    For interest rate adjustment at the refinancing price, the bonds are sold at one or more bond auctions. The price is fixed as a weighted average of the prices obtained at the auctions.

    If the Nykredit Group finds that the amount of bonds offered at an auction is not sufficient to obtain a market-consistent price, the refinancing price will instead be based on the Consolidated Reference Price of the bond in question quoted on Nasdaq Copenhagen.

    Refinancing principles – floating-rate loans
    Floating-rate loans are refinanced at four stand-alone auctions.

    • ISIN DK000954829-9 is non-callable.
      The mortgage bond is offered and settled at a price of 100.20.
      Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing.

    Reference Rate: Cibor/3 months
    Fixing method: Fifth last Business Day (adjusted)
    Expiring ISIN: DK000953644-3

    • ISIN DK000954810-9 is non-callable.
      The mortgage bond is offered and settled at a price of 100.20.
      Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing.

    Reference Rate: Cibor/3 months
    Fixing method: Fifth last Business Day (adjusted)
    Expiring ISIN: DK000954136-9

    • ISIN DK000954802-6 is non-callable.
      The mortgage bond is offered and settled at a price of 100.20.
      Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing.

    Reference Rate: Cibor/3 months
    Fixing method: Fifth last Business Day (adjusted)
    Expiring ISIN: DK000954152-6

    • ISIN DK000954799-4 is non-callable.
      The mortgage bond is offered and settled at a price of 100.20.
      Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing.

    Reference Rate: Euribor/3 months
    Fixing method: Second last Business Day
    Expiring ISIN: DK000953865-4

    Credit ratings
    All auctioned bonds issued through Capital Centre H and G are rated AAA by S&P.

    Bids
    Bids for fixed-rate non-callable bullet covered bonds must be made in terms of amount and price. With respect to bonds maturing within 14 months, bids must be made in prices correct to three decimals. Other bids must be made correct to two decimals.

    For all DKK-denominated bonds bids must be made in multiples of DKK 100,000, and for all EUR-denominated bonds in multiples of EUR 10,000.

    More than one bid may be made in the same ISIN.

    Type of auction
    Mortgage bonds issued through Capital Centre H will be auctioned through Nasdaq Copenhagen’s auction submarket: 136 – CPH Auctions. Participants are stockbrokers and investors with access to the auction submarket at Nasdaq Copenhagen.

    Allotment
    As regards bonds for which bids are made in terms of price, bids above the cut-off price will be settled in full, and bids at the cut-off price may be accepted on a pro rata basis.

    With respect to bonds for which bids are made in terms of reference rate spread, bids below the cut-off spread will be settled in full, and bids at the cut-off spread may be accepted on a pro rata basis.

    All trades concluded will be published through Nasdaq Copenhagen.

    Allotment at the auctions will take place as soon as possible, but not later than 10 minutes after closing.

    Conditional offering of bonds with interest rate trigger
    A condition of the final completion of a sale (allotment) of bonds offered with an interest rate trigger is that the yield-to-maturity of the bonds will not rise by more than 5 percentage points. Reference is made to the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act.

    Value date
    All bonds at auction will be subject to long settlement. The value date of all trades executed at the auctions will be 1st April 2025.

    Reverse facility
    As the bonds traded will be subject to long settlement, Nykredit Realkredit A/S offers a reverse facility to auction participants whose bids have been accepted and who require the bonds after only two trading days.

    By means of the reverse facility, Nykredit Realkredit A/S offers to sell the allotted bonds subject to the conventional two settlement days and subsequently repurchase them with 1st April 2025 as the value date.

    The size of the reverse facility will be determined on an individual basis but cannot exceed the amount allotted to each individual bidder. The reverse facility can be made conditional on the investor providing a corresponding amount of bonds maturing on 1st April 2025.

    Reverse facilities will be arranged on an individual basis. Please contact Nykredit Realkredit A/S, Group Treasury, Morten Søby Willendrup, tel +45 44 55 16 92.

    Reservations regarding auctions
    If, contrary to expectations, technical problems should prevent Nykredit Realkredit A/S from conducting an auction through Nasdaq Copenhagen’s auction submarket, a stock exchange announcement will be issued containing the practical details of the auction.

    Tap sales
    Tap sales are made on 5th and 6th February 2025. Bids may be made on these days by contacting Nykredit Realkredit A/S, Group Treasury.

    Other terms
    The Nykredit Group is not obliged to sell the announced offering, and the offering may furthermore be subject to changes following loan disbursements in the auction period. In addition, the entire or parts of the offering may be postponed, but not later than the second-last business day of this quarter.

    On or before the second-last business day of this quarter, it must be ascertained whether the number of purchasers was sufficient for all the covered bonds offered. If a sale of bonds has to be cancelled, the market will be notified immediately by a stock exchange announcement.

    Appendix 2: Settlement times and amounts offered for bonds issued through Capital Centre H and G.

    ISIN Capital centre IT / RF* Coupon Maturity date Bids on Interest rate
    trigger
    LCR level Currency Auction dates Settlement Offering (million)
                      Start End Cut-off Allotment  
    DK0009547051 SDO (H) IT / RF 1 01/04/2026 Price 8,25% 1b DKK 04/02/2025 07/02/2025 11:30 11:40 22,000
    DK0009515363 SDO (H) RF 1 01/01/2028 Price 1b DKK Tapsale**     355
    DK0009524001 SDO (H) RF 1 01/01/2030 Price 1b DKK Tapsale**     195
    DK0009530750 RO (G) RF 1 01/04/2026 Price 2a DKK Tapsale**     190
    DK0009533507 RO (G) RF 1 01/04/2027 Price 1b DKK Tapsale**     275
    DK0009537920 RO (G) RF 1 01/04/2028 Price 2a DKK 07/02/2025 10:30 10:40 1,400
    DK0009542847 RO (G) RF 1 01/04/2029 Price non-level DKK Tapsale**     190
    DK0009546913 RO (G) RF 1 01/04/2030 Price non-level DKK 07/02/2025 13:00 13:10 850
    DK0009548109 SDO (H) RF Adjustable 01/10/2028 Yield 1b DKK 05/02/2025 13:00 13:10 7,900
    DK0009548299 SDO (H) RF Adjustable 01/10/2028 Yield 1b DKK 05/02/2025 10:30 10:40 11,900
    DK0009548026 RO (G) RF Adjustable 01/10/2027 Yield   1b DKK 06/02/2025 10:30 10:40 4,600
    DK0009547994 SDO (H) RF Adjustable 01/04/2028 Yield 1b EUR 06/02/2025 13:00 13:10 500

    *        (IT) Interest rate and refinancing trigger / (RF) Refinancing trigger
    **        Tap sales are conducted on 5th and 6th February 2025.

    Please note that the Nykredit Group is not obliged to sell the announced offering, and the offering may furthermore be subject to changes following loan disbursements in the auction period. In addition, the entire or parts of the offering may be postponed, but not later than the second-last business day of this quarter.

    On or before the second-last business day of this quarter, it must be ascertained whether the number of purchasers was sufficient for all the covered bonds offered. The market must be notified hereof immediately by way of a company announcement.

    Attachment

    The MIL Network

  • MIL-OSI: Terms for Nykredit’s and Totalkredit’s auctions – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq Copenhagen 

    Terms for Nykredit’s and Totalkredit’s auctions

    The total bond offering in connection with the interest rate adjustment of adjustable-rate mortgages (ARMs) and the refinancing of floating-rate loans at Nykredit’s and Totalkredit’s refinancing auctions amounts to approx. DKK 53.6bn. The auctions will be conducted in the period from 4th to 7th Februrary 2025.

    In the auction period, Nykredit Realkredit A/S will publish the amounts offered in the individual ISINs daily at nykredit.com/ir.

    Terms for the auctions including a list of the bonds offered, amounts offered and an auction schedule appear from Appendices 1 and 2.

    Questions regarding the bond sale as well as technical matters may be addressed to Nykredit Realkredit A/S, Group Treasury, Christian Mauritzen, tel +45 44 55 10 14.

    Other questions may be addressed to Corporate Communications, tel +45 44 55 14 50.

    Appendix 1: Auction terms

    Bonds offered, amounts offered and auction schedule
    Appendix 2 contains auction schedules, lists of bonds offered, expected amounts and settlement dates.

    Every morning at 09:00 CET in the auction period, the amounts offered on that particular day in the individual ISINs will be published at nykredit.com/ir under “Debt”, where you can find information on the refinancing auctions.

    Refinancing principles – ARMs
    The Nykredit Group offers fixed-rate non-callable bullet covered bonds for interest rate adjustment of ARMs based on the “refinancing price” principle.

    For interest rate adjustment at the refinancing price, the bonds are sold at one or more bond auctions. The price is fixed as a weighted average of the prices obtained at the auctions.

    If the Nykredit Group finds that the amount of bonds offered at an auction is not sufficient to obtain a market-consistent price, the refinancing price will instead be based on the Consolidated Reference Price of the bond in question quoted on Nasdaq Copenhagen.

    Refinancing principles – floating-rate loans
    Floating-rate loans are refinanced at four stand-alone auctions.

    • ISIN DK000954829-9 is non-callable.
      The mortgage bond is offered and settled at a price of 100.20.
      Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing.

    Reference Rate: Cibor/3 months
    Fixing method: Fifth last Business Day (adjusted)
    Expiring ISIN: DK000953644-3

    • ISIN DK000954810-9 is non-callable.
      The mortgage bond is offered and settled at a price of 100.20.
      Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing.

    Reference Rate: Cibor/3 months
    Fixing method: Fifth last Business Day (adjusted)
    Expiring ISIN: DK000954136-9

    • ISIN DK000954802-6 is non-callable.
      The mortgage bond is offered and settled at a price of 100.20.
      Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing.

    Reference Rate: Cibor/3 months
    Fixing method: Fifth last Business Day (adjusted)
    Expiring ISIN: DK000954152-6

    • ISIN DK000954799-4 is non-callable.
      The mortgage bond is offered and settled at a price of 100.20.
      Based on the offer price, bids must be made in terms of the reference rate spread used for the regular coupon fixing.

    Reference Rate: Euribor/3 months
    Fixing method: Second last Business Day
    Expiring ISIN: DK000953865-4

    Credit ratings
    All auctioned bonds issued through Capital Centre H and G are rated AAA by S&P.

    Bids
    Bids for fixed-rate non-callable bullet covered bonds must be made in terms of amount and price. With respect to bonds maturing within 14 months, bids must be made in prices correct to three decimals. Other bids must be made correct to two decimals.

    For all DKK-denominated bonds bids must be made in multiples of DKK 100,000, and for all EUR-denominated bonds in multiples of EUR 10,000.

    More than one bid may be made in the same ISIN.

    Type of auction
    Mortgage bonds issued through Capital Centre H will be auctioned through Nasdaq Copenhagen’s auction submarket: 136 – CPH Auctions. Participants are stockbrokers and investors with access to the auction submarket at Nasdaq Copenhagen.

    Allotment
    As regards bonds for which bids are made in terms of price, bids above the cut-off price will be settled in full, and bids at the cut-off price may be accepted on a pro rata basis.

    With respect to bonds for which bids are made in terms of reference rate spread, bids below the cut-off spread will be settled in full, and bids at the cut-off spread may be accepted on a pro rata basis.

    All trades concluded will be published through Nasdaq Copenhagen.

    Allotment at the auctions will take place as soon as possible, but not later than 10 minutes after closing.

    Conditional offering of bonds with interest rate trigger
    A condition of the final completion of a sale (allotment) of bonds offered with an interest rate trigger is that the yield-to-maturity of the bonds will not rise by more than 5 percentage points. Reference is made to the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act.

    Value date
    All bonds at auction will be subject to long settlement. The value date of all trades executed at the auctions will be 1st April 2025.

    Reverse facility
    As the bonds traded will be subject to long settlement, Nykredit Realkredit A/S offers a reverse facility to auction participants whose bids have been accepted and who require the bonds after only two trading days.

    By means of the reverse facility, Nykredit Realkredit A/S offers to sell the allotted bonds subject to the conventional two settlement days and subsequently repurchase them with 1st April 2025 as the value date.

    The size of the reverse facility will be determined on an individual basis but cannot exceed the amount allotted to each individual bidder. The reverse facility can be made conditional on the investor providing a corresponding amount of bonds maturing on 1st April 2025.

    Reverse facilities will be arranged on an individual basis. Please contact Nykredit Realkredit A/S, Group Treasury, Morten Søby Willendrup, tel +45 44 55 16 92.

    Reservations regarding auctions
    If, contrary to expectations, technical problems should prevent Nykredit Realkredit A/S from conducting an auction through Nasdaq Copenhagen’s auction submarket, a stock exchange announcement will be issued containing the practical details of the auction.

    Tap sales
    Tap sales are made on 5th and 6th February 2025. Bids may be made on these days by contacting Nykredit Realkredit A/S, Group Treasury.

    Other terms
    The Nykredit Group is not obliged to sell the announced offering, and the offering may furthermore be subject to changes following loan disbursements in the auction period. In addition, the entire or parts of the offering may be postponed, but not later than the second-last business day of this quarter.

    On or before the second-last business day of this quarter, it must be ascertained whether the number of purchasers was sufficient for all the covered bonds offered. If a sale of bonds has to be cancelled, the market will be notified immediately by a stock exchange announcement.

    Appendix 2: Settlement times and amounts offered for bonds issued through Capital Centre H and G.

    ISIN Capital centre IT / RF* Coupon Maturity date Bids on Interest rate
    trigger
    LCR level Currency Auction dates Settlement Offering (million)
                      Start End Cut-off Allotment  
    DK0009547051 SDO (H) IT / RF 1 01/04/2026 Price 8,25% 1b DKK 04/02/2025 07/02/2025 11:30 11:40 22,000
    DK0009515363 SDO (H) RF 1 01/01/2028 Price 1b DKK Tapsale**     355
    DK0009524001 SDO (H) RF 1 01/01/2030 Price 1b DKK Tapsale**     195
    DK0009530750 RO (G) RF 1 01/04/2026 Price 2a DKK Tapsale**     190
    DK0009533507 RO (G) RF 1 01/04/2027 Price 1b DKK Tapsale**     275
    DK0009537920 RO (G) RF 1 01/04/2028 Price 2a DKK 07/02/2025 10:30 10:40 1,400
    DK0009542847 RO (G) RF 1 01/04/2029 Price non-level DKK Tapsale**     190
    DK0009546913 RO (G) RF 1 01/04/2030 Price non-level DKK 07/02/2025 13:00 13:10 850
    DK0009548109 SDO (H) RF Adjustable 01/10/2028 Yield 1b DKK 05/02/2025 13:00 13:10 7,900
    DK0009548299 SDO (H) RF Adjustable 01/10/2028 Yield 1b DKK 05/02/2025 10:30 10:40 11,900
    DK0009548026 RO (G) RF Adjustable 01/10/2027 Yield   1b DKK 06/02/2025 10:30 10:40 4,600
    DK0009547994 SDO (H) RF Adjustable 01/04/2028 Yield 1b EUR 06/02/2025 13:00 13:10 500

    *        (IT) Interest rate and refinancing trigger / (RF) Refinancing trigger
    **        Tap sales are conducted on 5th and 6th February 2025.

    Please note that the Nykredit Group is not obliged to sell the announced offering, and the offering may furthermore be subject to changes following loan disbursements in the auction period. In addition, the entire or parts of the offering may be postponed, but not later than the second-last business day of this quarter.

    On or before the second-last business day of this quarter, it must be ascertained whether the number of purchasers was sufficient for all the covered bonds offered. The market must be notified hereof immediately by way of a company announcement.

    Attachment

    The MIL Network

  • MIL-OSI: GT Protocol wraps up a busy 2024 with numerous milestones including launching AI agents Builder

    Source: GlobeNewswire (MIL-OSI)

    Peter Ionov, CEO and Co-Founder of GT Protocol

    From a successful TGE to the launch of its Global AI Executive Technology, GT Protocol’s AI agents will make AI accessible to industries worldwide and are being integrated with major brands such as Nike, Amazon, and Shein

    DUBAI, United Arab Emirates, Feb. 03, 2025 (GLOBE NEWSWIRE) — GT Protocol, a blockchain AI execution protocol building advanced AI agents, enters 2025 on a high following a momentous 2024 defined by more than 100 strategic partnerships, key hires including the creation of an AI Solutions team, and recognition from major industry platforms as a top AI token. Enhancing all GT Protocol’s milestones and achievements is the launching of its Global AI Executive Technology, a powerful suite of tools, including the AI Agents Builder and AI Agents Marketplace with personalized AI agents designed to enhance the user experience. After initially starting out as an AI-powered Web3 investment and portfolio management platform, GT Protocol introduced its Global AI Executive Technology to expand its ecosystem into non-crypto services.

    As more companies deploy advanced generative AI tools, AI agents have emerged as software systems designed to go beyond today’s expansive AI models by reasoning, planning, and executing actions completely independent of humans. A recent Google white paper on the future of AI agents concluded that for enterprises, these agents aren’t just smarter AI models or a theoretical concept. The report states they are a practical tool that can reshape how businesses function.

    As GT Protocol advances its Global AI Executive Technology by creating AI agents designed to automate complex tasks and adapt to individual preferences, it enables businesses to embed its decentralized AI technology into their platforms through the GT API SDK. GT’s AI agents aren’t just tools but rather personal systems that smoothly integrate into both crypto and non-crypto services, changing how people engage with the digital world.

    To redefine efficiency and make AI accessible to all industries, these are GT Protocol’s AI agents:

    • Personalized AI Agent Auto caller: Used for streamlining bookings, meetings, and daily tasks for individuals and businesses. The personalized AI agents can also book restaurant reservations via the auto caller feature which integrates Google Maps, a speech API, and Voice over Internet Protocol (VoIP) to provide a more intuitive experience.
    • Global AI Translator: Real-time translations of voice messages across more than 100 languages. This AI agent features grammar checks and is compatible with Telegram and WhatsApp group chats.
    • Sexuality Meme Analyzer: This fun and lighthearted AI agent enables users to take a selfie and then have their sexuality rated.
    • Trading AI Agent: Automates crypto trading while delivering unique insights and optimized portfolio management. This AI agent also conducts marketing activities and can monitor competitors.

    Despite generative AI’s revolutionary impact, common chatbots often fail to meet users’ needs due to their generic nature. GT Protocol’s AI Agents Marketplace counters this by allowing users to create or select AI agents that are customized to fit their specific desires—whether to help with personal tasks, business operations, or creative endeavors. All AI agents, whether custom-built or from GT Protocol’s existing lineup, are rigorously tested to guarantee peak performance and reliability, enhancing productivity and creativity. Furthermore, if a custom-built agent becomes popular, it can receive crowdfunding with the potential of being listed on Raydium—providing a unique opportunity for scaling and community engagement.

    Powered by its Global AI Executive Technology, GT Protocol enables users to design their own AI agents to be featured in its AI Marketplace. Its AI Agent Builder is currently in a closed testing phase but recently opened up an early access program for early adopters to sign up and engage with the systems, including the AI Agents Marketplaces. GT Protocol is currently building additional AI agents.

    In 2024 GT Protocol’s Global AI Executive Technology highlighted the end of the year but the project made noise throughout the year, starting with a successful launch of its native $GTAI token in January. The $GTAI utility token garnered much recognition throughout the year, as it was listed as “Top Gainer” on BNB Chain seven times, achieved the top ranking for AI tokens on CoinGecko twice, and was trending on CoinMarketCap.

    GT Protocol was also recognized by Forbes as a leading AI-driven crypto project and was one of the top 10 most-voted projects on Skynet and Certik. GT Protocol was very active during 2024 participating in six major global conferences, including Token2049 and EthCC2024, while its CEO and Co-Founder Peter Ionov served as a judge for seasons six and seven of HackaTRON.

    During 2024, GT Protocol was featured in 67 publications including Cointelegraph, Finance Magnates, Investing.com, Crypto.news, and other leading publications where its advancements in AI and blockchain were highlighted. As part of its mission to consistently engage with its community, GT Protocol team members participated in an unprecedented 33 X (formerly Twitter) Spaces to discuss everything from AI, blockchain, and Web3 with other industry experts.

    “We couldn’t have wished for a better 2024 and look forward to continuing on our path in 2025,” says Peter Ionov, CEO and Co-Founder of GT Protocol. “Our achievements over the past year couldn’t have been done without the unwavering support we’ve received from our dedicated community, who will always be the backbone of our expanding ecosystem. We will continue building tools and products that provide simplicity, intelligence, and user empowerment as we look to redefine what is possible in AI and blockchain.”

    “It has been a real pleasure to collaborate with GT Protocol and its amazing team over the last year plus,” says Ilan Rakhmanov, CEO and Founder of ChainGPT. “GT Protocol was one of the most promising and groundbreaking projects to come through our ChainGPT Pad and its achievements in 2024 support this. As they transition to focusing on AI agents, I have no doubt this journey will be nothing short of a great success.”

    “I greatly appreciated working with GT Protocol over the last year as they integrated our decentralized settlement layer to enhance their wonderful Web3 investment platform by facilitating cross-chain transactions using $GTAI,” says Eitan Katz, CEO and Co-Founder of Kima. “They truly are a great team with a lot of talented individuals who work together effectively, so it’s no surprise they are one of the most promising projects bridging AI and digital assets.”

    About GT Protocol:
    GT Protocol is revolutionizing the landscape with its AI Layer for Web3, targeting the onboarding of 100 million users through cutting-edge technology. The company develops AI infrastructure specifically designed for Web3 investments, trading, and portfolio management. With a robust community presence, GT Protocol is set to transform how users interact with the crypto market. For more information, visit: https://www.gt-protocol.io/

    Contact:
    Ari Karp
    ari@reblonde.com

    Disclaimer: This content is provided by GT Protocol. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dedcd6b2-66f4-4cc2-a6fd-92b19780e406

    The MIL Network

  • MIL-OSI Africa: Former Africa Finance Corporation (AFC) Executive Board Member Sanjeev ‘SG’ Gupta, Joins APO Group as Senior Advisor to the Founder and Chairman

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

    JOHANNESBURG, South Africa, February 3, 2025/APO Group/ —

    APO Group (www.APO-opa.com), the award-winning pan-African communications consultancy and press release distribution service, is pleased to announce the appointment of Sanjeev SG Gupta as Senior Advisor to its Founder and Chairman, Nicolas Pompigne-Mognard (www.Pompigne-Mognard.com). In this role, Mr Gupta will assist APO Group in guiding African governments and corporations to harness the power of public relations and strategic communication to attract vital investments, amplify their competitive advantages, and unlock their growth potential. His experience will be invaluable in developing compelling and globally resonant narratives that not only highlight the unique opportunities but also inspire investor confidence and foster an environment primed for sustainable growth.

    This strategic relationship highlights APO Group’s commitment to furthering its impact on the African continent by empowering African governments and the private sector to create coherent branding and communication strategies that is recognised internationally as a balanced and constructive argument on African realities and opportunities.

    Gupta brings over three decades of distinguished experience in finance and investment, particularly within African markets. As the former Executive Director of Financial Services at the Africa Finance Corporation (AFC), a leading pan-African multilateral development finance institution, Gupta played a pivotal role in shaping Africa’s infrastructure and economic development landscape. During his tenure, AFC raised well over USD 10 billion from diverse funding sources and maintained an A3 investment-grade credit rating during what has been another decade of extreme turbulence and an enhanced risk environment for the continent. The Treasury team under his guidance was named “Best Supranational Treasury & Funding Team of the Year”. 

    Mr Gupta has been a vocal advocate for integrating climate considerations into investment decisions, promoting sustainable development, and through his academic interests has nurtured young professionals globally to understand and appreciate the African relevance to global challenges better. 

    A powerful orator and a passionate campaigner for a fair role for Africa on the global stage, he has been particularly successful in structuring significant investment flows into Africa along with African domestic capital to provide equitable returns to both private and public investors on transformational projects on the continent. 

    Gupta has consistently highlighted that unlocking Africa’s demographic dividend is a vital priority, alongside the need for the continent to firmly establish itself as a leading source of solutions to critical global challenges.  

    Nicolas Pompigne-Mognard, Founder and Chairman of APO Group, said: “Sanjeev’s extensive experience and visionary leadership in African finance are truly unique as we seek to work together to amplify the continent’s stories on the global stage. His expertise and extensive network will be instrumental in advancing APO Group’s mission to promote positive and impactful narratives about Africa.” 

    Speaking on his new role, Gupta stated: “I am delighted to join APO Group and collaborate with Nicolas and his exceptional team. APO Group’s dedication to showcasing Africa’s potential resonates deeply with my own commitment to fostering sustainable development and investment across the continent. I look forward to contributing to APO Group’s efforts to ensure Africa is heard and accurately understood by all relevant stakeholders, so that both the African voice and the critical role it must play in building a better world are fully embraced and acted upon”. 

    MIL OSI Africa

  • MIL-OSI United Kingdom: Thousands of children to be supported thanks to multi-million expansion of innovation in family courts

    Source: United Kingdom – Executive Government & Departments

    Families, children and victims of domestic abuse will be spared the trauma of going to court thanks to a multi-million-pound expansion of an innovative pilot across Wales and West Yorkshire.

    • Funding boost to benefit up to 8,000 families in Wales and West Yorkshire
    • New data shows “Pathfinder” courts resolve cases quicker – tackling backlogs and shielding children from further trauma
    • Flagship family mediation voucher scheme extended for a year

    The £12.5 million funding boost comes as new figures published today (3 February) show the Pathfinder scheme is resolving cases faster, with family court backlogs reduced by half in pilot areas.

    The Pathfinder pilot works by bringing together local authorities, police and support services to gather and share information on cases as early as possible.

    This saves children and families from having to go through unnecessary and potentially hostile hearings. As part of delivering on its Plan for Change and mission to halve violence against women and girls, the scheme also provides extra support to victims of domestic abuse.

    New figures published today show the approach is working, with cases being resolved 11 weeks quicker, and the backlog of cases reducing by 50 per cent across both Dorset and North Wales.

    Lord Ponsonby, the Minister for Family Justice, said:

    For too long families have been pitted against each other in the court room, or abusers have hijacked proceedings to continue campaigns of cruelty. Children and vulnerable people bear the brunt of this, and it must stop.

    Pathfinder has been welcomed as a less adversarial approach, and early evidence shows it’s working. This is another important step to achieving our promise of halving violence against women and girls.

    A primary focus of the courts is improving information sharing between agencies to allow for more informed decision making, fewer bureaucratic hearings, less time in court and quicker resolution to cases. The courts can also offer specialist support to victims of domestic abuse through Independent Domestic Violence Advisors (IDVAs).

    To further help separating families resolve conflict, the Government’s family mediation vouchers scheme will also be extended to March 2026.

    The programme, which provides £500 to help couples settle issues before they get to court, has provided helped over 37,700 families to date, with early analysis showing 70 per cent of recipients reach a whole or partial agreement thanks to mediation. 

    Since the voucher scheme was introduced in April 2021, the number of applications being made to court has dropped – avoiding thousands of these cases a year, which could save taxpayers millions of pounds.

    There were 50,807 private law applications in 2023, compared to 55,711 in 2020.

    It also saves families, especially children, from a potentially length and damaging court process.

    Domestic Abuse Commissioner Nicole Jacobs said:

    Improving the Family Court is a key priority for my office. It is clear to me that Pathfinder Courts recognize the impact of domestic abuse and consider children’s needs much earlier than in the traditional Family Court.

    I believe this approach is essential to ensuring the protection of victims in the family justice system. I welcome Government’s commitment to this pilot and look forward to seeing its influence on all Family Courts.

    The family mediation voucher scheme was introduced in 2021 as a pilot to help relieve backlogs in the family court caused by the pandemic.

    Further information

    • The Pathfinder pilot launched in Dorset and North Wales in February 2022, it expanded to South East Wales in April 2024, and Birmingham in May 2024.
    • The expansion is set to launch in Mid and West Wales on 3 March, and in West Yorkshire on 3 June.
    • In 2020 The Harm Panel, comprised of experts on the family justice system, was convened to draw together evidence and published a report on private law children cases. It recommended reform to the Child Arrangements Programme (CAP), which is the process that the family court follows when settling disputes between separating parties involving children.
    • The Pathfinder pilot was designed in response to this recommendation to achieve the reform of private law by trialling a more investigative approach which better supports victims of domestic abuse and other harms.
    • The 2023 update on the pilots can be found here: Assessing Risk of Harm to Children and Parents in Private Law Children Cases – https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1158907/annex-integrated-domestic-abuse-courts.pdf
    • For more information on the impact parental conflict can have on young people and their life chances: What works to enhance interparental relationships and improve outcomes for children? – Early Intervention Foundation (eif.org.uk)
    • Family mediation is a process in which an independent, professionally trained mediator helps parties work out arrangements for children and finances where there is a dispute. For more information on mediation and how it works visit: Home – Family Mediation Council

    Data published today shows:

    Updates to this page

    Published 3 February 2025

    MIL OSI United Kingdom

  • MIL-OSI Russia: HSE University Opens Dual Degree Master’s Program with Chinese University RIEM SWUFE

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    In January 2025, HSE and Southwestern University of Finance and Economics (SWUFE) signed a cooperation agreement to implement a dual degree master’s program within the Financial Economics program at ICEF and the Master’s in Finance program at SWUFE. This program will allow students to gain a unique educational experience in two countries, combining the best educational traditions of Russia and China. ICEF’s counterpart is the Research Institute of Economics and Management (RIEM), established at SWUFE in 2006 to implement research and educational programs in economics and finance at a high international level.

    ICEF delegation at Southwestern University of Finance and Economics (SWUFE) in Chengdu, China, in October 2024. During the meetings, an agreement was reached to establish the ICEF–RIEM Dual Degree Master’s Program.

    © MIEF

    Features of the program

    The program is based on the principle of mirror mobility: students study for 1-1.5 years in China at RIEM SWUFE and for 1-1.5 years in Russia at ICEF HSE. During their studies, students will gain in-depth knowledge in economics, finance, and data analysis, and will also study the economic and cultural characteristics of both countries.

    To participate in the program, you must successfully complete the first year at your home university and be selected for the double degree program. In the second year, students will study at the partner university and then return to their home university to complete their studies. Master’s theses will be defended separately at each of the universities.

    The programme will be taught in English and will include courses in micro- and macroeconomics, asset valuation and corporate finance. Each university will offer its own unique emphasis: RIEM will focus on the Chinese economy and financial system, and ICEF on quantitative and applied finance and data analysis.

    Upon completion of the program, graduates will receive two diplomas: a Master’s degree from the National Research University Higher School of Economics in Economics and a SWUFE diploma in Economics (specialization in Finance).

    Dean of the Research Institute of Economics and Management RIEM, Professor Yan Dong (graduated with a Master’s degree from the London School of Economics, UK, and received a PhD from the University of Essex, UK) about RIEM:

    “Our institute is very special. From the name, it seems that we are a research institute, but in fact, we are an educational unit. We have about 1,000 undergraduate, graduate and doctoral students. Our institute is special because all of our teachers have obtained their PhD degrees abroad. We have graduates from universities in the United States, Europe, Asia and other countries. All of our teachers are fluent in English, and the language of instruction – the working language in our institute – is English. We have more than 100 foreign students studying at our institute. This is what makes our institute special – it is quite an internationalized institution, and we have teachers who do not speak Chinese at all – they are international specialists.”

    Academic Director of the ICEF Master’s Program “Financial Economics” Maxim Nikitin:

    “Since the creation of the Financial Economics program, its main feature has been its international format. We have sought to integrate international standards and practices into the educational process. Cooperation with one of China’s leading universities in the field of finance, such as SWUFE, is an important step in this direction and expands the geography of our educational interaction. We are pleased that this initiative is based on the principle of equal exchange, which will enrich the programs of both partners, and will also create a new platform for academic exchange and joint projects. We are confident that this partnership will provide our students with access to unique knowledge and skills that will be in demand in the global labor market.”

    Earlier in 2024, HSE ICEF and RIEM SWUFE launched Bachelor’s double degree program in economics and financeCurrently, the first cohort of 2nd year students of ICEF is already successfully studying at SWUFE under this program.

    Graduates of the program will receive a bachelor’s degree in economics from the National Research University Higher School of Economics and a bachelor’s degree in economics from SWUFE.

    Academic Director of the ICEF Bachelor’s Program Oleg Zamkov:

    “ICEF HSE and RIEM SWUFE are a very good match for each other in implementing dual degree programs due to the close financial and economic focus of the programs and the level of updating of the courses. All economic and financial subjects required for ICEF students are also available at SWUFE, and, conversely, ICEF has everything required for students of the partner university.”

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

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Retail sales down 9.7% in December

    Source: Hong Kong Information Services

    The value of total retail sales for December, provisionally estimated at $32.8 billion, was 9.7% less than in the same month a year earlier, the Census & Statistics Department announced today.

    After netting out the effects of price changes over the same period, the provisional estimate represents an 11.5% year-on-year decrease.

    The value of total retail sales for 2024 as a whole was provisionally estimated at $376.8 billion, down 7.3% in value and 9% in volume against 2023.

    Online sales accounted for 7.2% of December’s total retail sales value. Provisionally estimated at $2.4 billion, the value of this segment fell 17.2% from the same month a year earlier.

    The value of sales of jewellery, watches, clocks and valuable gifts dropped by 13.8%.

    Meanwhile, decreases were likewise seen in sales of “consumer goods not elsewhere classified” (down 2.9%); commodities in supermarkets (down 3.1%); clothing (down 11.1%); food, alcoholic drinks and tobacco (down 0.6%); commodities in department stores (down 8.9%); and medicines and cosmetics (down 2.2%).

    Sales also declined in the following categories: electrical goods and other consumer durable goods not elsewhere classified (down 20.2%); motor vehicles and parts (down 36.3%); fuels (down 11.2%); footwear, allied products and other clothing accessories (down 4.9%); Chinese drugs and herbs (down 2.2%); furniture and fixtures (down 22%); books, newspapers, stationery and gifts (down 9.6%); and optical items (down 7.5%).

    The Government commented that the decline in the value of total retail sales in December from a year earlier partly reflected an increase in outbound trips by residents during the holidays.

    Looking ahead, it said the retail sector’s near-term performance will continue to be affected by changes in the consumption patterns of visitors and residents.

    However, it added that increasing earnings from employment, and the introduction of various measures by the central government to boost the Mainland’s economy and benefit Hong Kong, together with proactive efforts by the Hong Kong Special Administrative Region Government to promote tourism and boost market sentiment, will benefit the sector.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Economy grows 2.5% in 2024

    Source: Hong Kong Information Services

    Hong Kong’s economy in the fourth quarter of 2024 increased 2.4% year-on-year, and grew 2.5% for 2024 as a whole.

    The Census & Statistics Department announced the figures today as it released its advance estimates on gross domestic product (GDP) for the fourth quarter and the whole of 2024.

    According to the estimates, private consumption expenditure decreased 0.2% in real terms in the fourth quarter of 2024 over a year earlier, while it decreased 0.6% for the whole year.

    Government consumption expenditure grew 1.9% year-on-year and expanded 0.9% for 2024 as a whole.

    Gross domestic fixed capital formation fell 0.9% year-on-year and increased 2.4% for the whole of 2024.

    Over the same period, total goods exports and imports grew 1.2% and 0.1% from a year earlier. For the whole of 2024, total goods exports and imports increased 4.7% and 2.3%.

    Compared with a year earlier, exports of services rose 5.6% in the fourth quarter, while imports of services went up 8.7%. For 2024 in full, exports and imports of services increased 4.8% and 11.8% respectively.

    Commenting on the figures, the Government said the Hong Kong economy posted moderate growth of 2.5% in 2024, further to 3.2% growth in 2023.

    During the year, total exports of goods resumed growth amid improved external demand. Exports of services continued to increase, driven by further growth of visitor arrivals and improvement in other cross-border economic activities. Overall investment expenditure showed a further increase as the economy continued to expand.

    However, private consumption expenditure recorded a slight decline, affected by the change in residents’ consumption patterns.

    Looking ahead, the Hong Kong economy is expected to register further growth in 2025 despite heightened uncertainties in the external environment. Trade protectionist policies implemented by the US may disrupt global trade flows and adversely affect Hong Kong’s goods exports, and also lead to a slower pace of interest rate cuts in the US and keep the Hong Kong dollar strong for longer.

    Nevertheless, the Mainland’s proactive policy to boost its economy will help bolster market confidence and benefit a wide spectrum of economic segments in Hong Kong. The central government’s various measures benefitting Hong Kong, coupled with the Hong Kong Special Administrative Region Government’s wide range of initiatives to promote economic growth, will also provide support to various economic activities, it added.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Guest blog: The role of litigation funding in advancing international arbitration in MENA  

    Source: International Chamber of Commerce

    Headline: Guest blog: The role of litigation funding in advancing international arbitration in MENA  

    In this guest blog, sponsor of the 13th ICC MENA Conference, WinJustice, explains how litigation funding, an innovative financial solution, is now bridging this gap, transforming arbitration into a more accessible and equitable process for all parties. 

    As a leading  funding firm in the UAE, WinJustice is at the forefront of this transformation, advocating for broader adoption of litigation funding to strengthen the region’s arbitration ecosystem. 

    The benefits of litigation funding in arbitration 

    Litigation funding has become a game-changer in international arbitration. By covering the legal and procedural costs of arbitration, it provides claimants with the financial support needed to pursue meritorious claims. This is especially vital in the MENA region, where many businesses face significant financial constraints when initiating or defending claims in arbitration. 

    Key benefits of litigation funding include: 

    1. Reducing financial barriers: Claimants no longer need to rely solely on their financial resources to engage in arbitration, enabling fairer access to justice. 
    1. Promoting high-quality representation: Litigation funding ensures that claimants can access top-tier legal counsel and expert witnesses, significantly enhancing the quality of arbitration proceedings. 
    1. Risk mitigation: Funders typically work on a no-win, no-fee basis, assuming the financial risk of unsuccessful claims, thereby offering claimants peace of mind. 

    Case studies: Global lessons for the MENA region 

    In jurisdictions where litigation funding is well-established, such as the UK and Australia, the positive impact on arbitration proceedings is evident. For instance, a funded claimant in a high-profile cross-border dispute in London successfully recovered damages after overcoming significant financial hurdles. 

    Drawing on such global experiences, WinJustice believes that the adoption of litigation funding in the MENA region will similarly empower businesses to seek justice. By levelling the playing field, litigation funding fosters a more inclusive and robust arbitration environment. 

    Impact on the MENA region 

    The MENA region is witnessing rapid economic growth and diversification, leading to an inevitable increase in commercial disputes. As arbitration becomes the preferred method for resolving these disputes, litigation funding serves as a catalyst for the region’s legal and economic development. 

    1. Enhancing trust in arbitration: By providing financial solutions, litigation funding strengthens trust in arbitration as a fair and efficient dispute resolution mechanism. 
    1. Attracting international investors: A robust arbitration framework supported by litigation funding reassures investors about the region’s commitment to the rule of law and dispute resolution. 
    1. Accelerating economic growth: With greater access to arbitration, businesses can resolve disputes more effectively, contributing to overall economic stability. 

    WinJustice’s commitment to driving these outcomes highlights the transformative role of litigation funding in the MENA arbitration landscape. 

    Conclusion 

    Litigation funding is revolutionising international arbitration by ensuring that financial constraints no longer hinder access to justice. As a pioneer in this field, WinJustice is proud to lead the conversation at the 13th ICC MENA Conference, showcasing how litigation funding can accelerate arbitration proceedings and foster a fairer dispute resolution process in the region. 

    The future of arbitration in the MENA region lies in innovative solutions like litigation funding, which not only empower claimants but also strengthen the overall arbitration ecosystem. 

    *Disclaimer: The content of this article may not reflect the official views of the International Chamber of Commerce. The opinions expressed are solely those of the authors and other contributors. 

    MIL OSI Economics

  • MIL-OSI United Kingdom: New chief executive Stannard “ambitious” for Manchester

    Source: City of Manchester

    Manchester City Council’s new Chief Executive Tom Stannard starts in the role today, Monday 3 February 2025. 

    Tom becomes only the third Chief Executive in more than 25 years in a city which prides itself on stability and long-term strategic planning. 

    He brings with him considerable experience, having served as Chief Executive in neighbouring Salford City Council for the past four years – overseeing achievements including the transformative regeneration of Salford, an ambitious council housebuilding programme and high-performing children’s services – and held a number of senior posts in a long local government career.  

    Tom is nationally recognised as a leading voice in local government, public service reform and delivering inclusive growth and currently holds the lead chief executive brief for Greater Manchester in the economy, business and international portfolio.   

    He joins the Council at a pivotal moment as it gears up to bring forward the 2025-2035 Our Manchester Strategy which will guide the city in the decade ahead. The new vision will aim to build on the achievements of the 2015-2025 plan, delivering economic growth that benefits everyone – including by addressing inequalities through the Making Manchester Fairer action plan and pursuing ambitious housebuilding and zero carbon programmes.  

    As well as driving forward this long-term strategy, Tom will ensure the Council stays focused on providing high quality day-to-day services and supporting clean, green and vibrant neighbourhoods across the city.  

    Tom will also be the place-based lead for Manchester and its locality health arrangements within the Greater Manchester Integrated Care system.  

    Cllr Bev Craig, Leader of Manchester City Council, said: “Tom brings experience, energy and ideas to this important role for the city and will oversee the delivery of our vision for Manchester’s next decade.  

    “The city is on a positive trajectory, making an impact on the world stage while continuing to improve its neighbourhoods and create opportunities for its residents, and I’m looking forward to working with Tom in the years ahead to take these achievements to the next level.”  

    Tom Stannard, Chief Executive of Manchester City Council, said: “I’m highly ambitious for Manchester and the people who call it home.  

    “I’ve lived and worked in Greater Manchester for much of my career so I know the area well and have a deep personal commitment to it. But at the same time, there’s always more insight to gain and I’m looking forward to getting to know more of those who make up Team Manchester – from the elected members and council staff to partner organisations, businesses and residents who all have a part to play in the city’s success.  

    “This is an incredible job in a remarkable city and I’m delighted to be here to get working on behalf of Manchester and its people.” 

    MIL OSI United Kingdom

  • MIL-OSI United Nations: UN Regional Commissions’ High-Level Side Event at CBD COP-16: Key Actions for Interregional and Regional Implementation of the Kunming-Montreal Global Biodiversity Framework

    Source: United Nations Economic Commission for Europe

    The UN Regional Commissions (RCs), with their unique ability to address diverse regional approaches and needs, and their mandate to drive transformative actions, play a crucial role in supporting Member States in achieving the 2030 Agenda, the Biodiversity Plan, the climate agenda, and fostering structural changes in economies and production systems.

    RCs contribute significantly to planning and monitoring development aimed at integrating the three dimensions of sustainable development. They are actively addressing the biodiversity challenge in key areas such as biodiversity mainstreaming, climate action, human rights, resource mobilization, sustainable management, bioeconomy, governance, and participation processes, among others.

    This action-oriented side event will launch a joint document on regional actions to accelerate the implementation of the Kunming-Montreal Global Biodiversity Framework. It will explore the impact of a coordinated approach and how RCs can support collaborative and inclusive efforts to facilitate the early implementation of the Global Biodiversity Framework (GBF). Through an overview of challenges, progress, opportunities, and good practices from all regions—along with cross-cutting issues of shared concern—the dialogue will focus on identifying complementary strategies, mechanisms, and key stakeholders.

    Objectives of the event:

    • Launch the publication: “Mainstreaming Biodiversity and Investment Across Regions and Sectors: Key Messages, Good Practices, and Actions from United Nations Regional Commissions,” which supports the regional implementation of the Kunming-Montreal GBF.
    • Present key actions and explore potential common approaches by RCs on key issues, policy recommendations, and actions that can drive regional transformation and facilitate national and subnational implementation of multiple targets of the Kunming-Montreal Global Biodiversity Framework
    • Highlight key experiences and lessons learned by RCs in biodiversity mainstreaming, resource mobilization, monitoring, and assessment, and discuss shared perspectives, challenges, and cross-cutting priority areas across regions

    For more information, please visit: https://www.cbd.int/side-events/5602

    MIL OSI United Nations News

  • MIL-OSI United Nations: UNCCD COP16 side event: Dry Lands, Green Cities: United for Urban Land Restoration

    Source: United Nations Economic Commission for Europe

    The side event highlights strategies to scale urban forestry and nature-based solutions (NBS) to advance land restoration, climate resilience, and biodiversity conservation in arid urban areas.

    The session emphasizes the transformative potential of urban forestry as a nature-based solution that supports the objectives of UNCCD and other Rio Conventions. Specifically, reflecting the Coalition’s key messages and Action Agenda, the event presents actionable guidance for funding and integrating urban forestry into national policies and plans to strengthen climate, biodiversity and land restoration goals. This includes national plans under the Rio conventions National Action Plans (UNCCD), Nationally Determined Contributions (NDCs) (UNFCCC Paris Agreement), National Biodiversity Strategies and Action Plans (NBSAPs) (UNCBD).

    Practical insights will be shared on how urban forestry drives sustainable urban development in dry cities, along with innovative funding models to support these efforts. Participants will engage in a cross-sector dialogue, fostering collaboration between local and national governments, financial institutions and international organizations, highlighting tools and replicable models for embedding urban greening into national plans and budgets for resilience in dry regions.

    The Trees in Dry Cities Coalition operates as a collaborative network of UN Member States, cities, civil society, NGOs, private sector partners, and international organizations, including the UNCCD. This collective effort aligns urban greening initiatives with key global commitments, creating a cohesive approach to tackle environmental and urban challenges. The Coalition champions urban forestry as a scalable, impactful solution to build resilient, sustainable, and ecologically sound urban landscapes in arid regions.

    The outcomes of the event will be an important input to shaping the work and activities of the Coalition over the coming year and beyond.

    MIL OSI United Nations News

  • MIL-OSI United Nations: Master planning and innovative financial solutions to support the implementation of the Yashil Makon initiative of the Republic of Uzbekistan

    Source: United Nations Economic Commission for Europe

     

    The consultative workshop on master planning of forest restoration and afforestation in Uzbekistan was organized in on 21-22 November in Tashkent and Termez, Uzbekistan by the Ministry of Ecology, Environment Protection and Climate Change of the Republic of Uzbekistan, the United Nations Economic Commission for Europe (UNECE), the United Nations Development Programme (UNDP), and the United Nations High Commissioner for Refugees (UNHCR).

    The workshop was organized as part of a joint UNDP, UNECE and UNHCR project to support the successful implementation of Uzbekistan’s Yashil Makon Initiative – a nationwide program launched by the Government of Uzbekistan to expand and enhance green spaces, promote environmental stewardship, and improve the overall quality of life for citizens.

    This project focuses on integrating comprehensive master planning with innovative financial solutions and aims at providing the national framework for expanding green spaces, improving biodiversity, and promoting sustainable afforestation practices across Uzbekistan.

    The consultative workshop brought together stakeholders and national and international experts to present the objectives and outline of the Master Plan, gather feedback and ensure a collaborative approach to finalizing the document and developing a detailed roadmap for the conclusion, approval and implementation of the Master Plan.

    The workshop was complemented by a field visit to the Surkhandarya region to learn first-hand about the challenges, knowledge and lessons learned from recent and ongoing afforestation activities.

     

    Photo credit: Roman Michalak, UNECE.

    MIL OSI United Nations News

  • MIL-OSI USA: State secures L.A. firestorm areas ahead of rain, crews lay 60 miles of specialized protective materials

    Source: US State of California 2

    Feb 2, 2025

    What you need to know: At Governor Gavin Newsom’s directive, crews have been working around the clock to install nearly 60 miles of emergency protective materials in the recent Los Angeles-area burn scars.

    Los Angeles, CaliforniaAs another storm system is expected to reach California this week, work continues in Southern California to ensure communities impacted by the recent firestorms in Los Angeles are protected.

    At Governor Gavin Newsom’s directive, crews have been working around the clock to install nearly 60 miles of emergency protective materials in the recent Los Angeles-area burn scars. Through the California Governor’s Office of Emergency Services (Cal OES), the California Department of Water Resources, California Conservation Corps, CAL FIRE, Caltrans, and the California Department of Conservation have coordinated and conducted comprehensive watershed and debris flow mitigation efforts to safeguard public health and protect the environment in affected communities.

    Our top priority is to protect people and the environment from the cascading effects of wildfire damage. Through coordinated collaborative efforts, we are reducing the risk of debris flows and maintaining the integrity of our natural resources.

    Governor Gavin Newsom

    To date, the state has conducted mitigation efforts on 5,795 affected parcels with the use of protective barriers, laying over 310,150 linear feet of materials – equivalent to more than 58 miles.

    On the Palisades Fire, task force members have installed 7,350 linear feet of straw wattle, 157,675 linear feet of compost sock, and 6,500 linear feet of silt fence for watershed protection efforts. On the Eaton Fire, task force members have installed 8,275 feet of straw wattles, and 130,350 linear feet of compost sock

    According to the National Weather Service, a storm system will bring widespread rain to the area Tuesday into early Friday, along with gusty southerly winds. While moderate rainfall across the area is the most likely scenario, there is a 10-20 percent chance of moderate debris flows if heavier rain moves over one of the recent burn scars.

    Wildfires significantly alter the landscape and burned debris leave behind contaminants, leaving areas vulnerable to erosion, flooding, and debris flows, particularly during subsequent rain events. These hazards can compromise drinking water sources, damage infrastructure, and pose serious risks to both human health and wildlife habitats.

    Residents in affected areas are urged to stay informed about potential debris flow risks, especially during storms, and to follow guidance from local emergency officials. For resources and information specific to the Los Angeles firestorms, visit CA.gov/LAfires.

    Preparing the state for storms 

    Governor Newsom has deployed resources and thousands of personnel to communities throughout California in anticipation of the storm system

    Newly deployed resources include swift water rescue crews and fire engines in at least 12 counties: Butte, El Dorado, Glenn, Lake, Marin, Monterey, Napa, Nevada, Plumas, Sacramento, San Joaquin, and Tuolumne. More resources will be deployed to further help protect communities.

    Previously, Governor Newsom directed the Cal OES to coordinate state and local partners to deploy emergency resources to support impacted communities. State officials are urging people to take precautions now before the storm arrives, and to stay informed. 

    Go to ready.ca.gov for tips to prepare for the incoming storm.

    Speeding recovery 

    This is part of the state’s ongoing work to help Los Angeles families recover from the January firestorms, including reopening Pacific Palisades to residents, surging CHP patrols along the Pacific Coast Highway, supporting impacted workers and businesses, and launching a unified recovery initiative to support rebuilding efforts, among other efforts. 

    Additional actions to aid in the rebuilding and recovery efforts include:

    • Providing tax relief to those impacted by the fires. California postponed the individual tax filing deadline to October 15 for Los Angeles County taxpayers. Additionally, the state extended the January 31, 2025, sales and use tax filing deadline for Los Angeles County taxpayers until April 30 — providing critical tax relief for businesses. Governor Newsom suspended penalties and interest on late property tax payments for a year, effectively extending the state property tax deadline.
    • Fast-tracking temporary housing and protecting tenants and homeowners. To help provide necessary shelter for those immediately impacted by the firestorms, the Governor issued an executive order to make it easier to streamline the construction of accessory dwelling units, allow for more temporary trailers and other housing, and suspend fees for mobile home parks. Governor Newsom also issued an executive order that prohibits landlords in Los Angeles County from evicting tenants for sharing their rental with survivors displaced by the Los Angeles-area firestorms. For homeowners, California has worked with five major lenders, as well as 270 financial institutions, to provide mortgage relief to their customers.
    • Mobilizing debris removal and cleanup. With an eye toward recovery, the Governor directed fast action on debris removal work and mitigating the potential for mudslides and flooding in areas burned. He also signed an executive order to allow expert federal hazmat crews to start cleaning up properties as a key step in getting people back to their properties safely. The Governor also issued an executive order to help mitigate the risk of mudslides and flooding and protect communities by hastening efforts to remove debris, bolster flood defenses, and stabilize hillsides in affected areas. 
    • Safeguarding survivors from price gouging. Governor Newsom expanded restrictions to protect survivors from illegal price hikes on rent, hotel and motel costs, and building materials or construction. Report violations to the Office of the Attorney General here.
    • Directing immediate state relief. The Governor signed legislation providing over $2.5 billion to immediately support ongoing emergency response efforts and to jumpstart recovery efforts for Los Angeles. California quickly launched CA.gov/LAfires as a single hub of information and resources to support those impacted and bolsters in-person Disaster Recovery Centers.  
    • Getting kids back in the classroom. Governor Newsom signed an executive order to quickly assist displaced students in the Los Angeles area and bolster schools affected by the firestorms.
    • Protecting victims from real estate speculators. The Governor issued an executive order to protect firestorm victims from predatory land speculators making aggressive and unsolicited cash offers to purchase their property.

    Get help today

    For those Californians impacted by the firestorms in Los Angeles, there are resources available. Californians can go to CA.gov/LAfires – a hub for information and resources from state, local and federal government.  

    Individuals and business owners who sustained losses from wildfires in Los Angeles County can apply for disaster assistance:

    If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service.

    Recent news

    News LOS ANGELES — As recovery efforts continue in the wake of the early January firestorm, Governor Gavin Newsom today announced the deployment of additional state law enforcement resources to help Los Angeles maintain checkpoints and keep the Pacific Palisades…

    News What you need to know: At the direction of Governor Newsom, the state is augmenting flood fighting and swift water resources across Northern and Central California to protect communities from the significant wet weather event expected through the upcoming days….

    News What you need to know: Governor Newsom’s executive orders to extend price gouging prohibitions protect Los Angeles firestorm survivors. Los Angeles, California – Protecting Los Angeles firestorm survivors from nefarious actors, Governor Gavin Newsom’s executive…

    MIL OSI USA News

  • MIL-OSI Economics: BaFin warns consumers about the series of platforms with the slogan “Trading made simple.”

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    BaFin warns customers about online trading platforms that use the slogan “Trading made simple. No complications, full effectivity.” According to information available to BaFin, cryptoasset and other financial services are being provided on these websites without the required authorisation. These websites all have the same text design and layout.

    BaFin specifically warns consumers about the following websites that are part of the series, use the same slogan and are largely identical. These websites provide no information about the location of any registered office.

    • Radiantix.io (and radiantixx.io)
    • Yuminex.io
    • Ecofix.io

    Anyone providing financial, investment or cryptoasset services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether particular companies have been authorised by BaFin can be found in BaFin’s database of companies.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomaerkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI NGOs: Whether Biden Or Trump, US’ Latin American Policy Will Be Contemptible

    Source: Council on Hemispheric Affairs –

    By John Perry and Roger D. Harris

    Migration, Drugs, and Tariffs.

    With Donald Trump as the new US president, pundits are speculating about how US policy towards Latin America might change.

    In this article, we look at some of the speculation, then address three specific instances of how the US’s policy priorities may be viewed from a progressive, Latin American perspective. This leads us to a wider argument: that the way these issues are dealt with is symptomatic of Washington’s paramount objective of sustaining the US’s hegemonic position. In this overriding preoccupation, its policy towards Latin America is only one element, of course, but always of significance because the US hegemon still treats the region as its “backyard.”

    First, some examples of what the pundits are saying. In Foreign Affairs, Brian Winter argues that Trump’s return signals a shift away from Biden’s neglect of the region. “The reason is straightforward,” he says. “Trump’s top domestic priorities of cracking down on unauthorized immigration, stopping the smuggling of fentanyl and other illicit drugs, and reducing the influx of Chinese goods into the United States all depend heavily on policy toward Latin America.”

    Ryan Berg, who is with the thinktank, Center for Strategic and International Studies, funded by the US defense industry, is also hopeful. Trump will “focus U.S. policy more intently on the Western Hemisphere,” he argues, “and in so doing, also shore up its own security and prosperity at home.”

    According to blogger James Bosworth, Biden’s “benign neglect” could be replaced by an “aggressive Monroe Doctrine – deportations, tariff wars, militaristic security policies, demands of fealty towards the US, and a rejection of China.” However, notwithstanding the attention of Trump’s Secretary of State, Marco Rubio, Bosworth thinks there is still a good chance of policy lapsing into benign neglect as the new administration focuses elsewhere.

    The wrong end of the telescope

    What these and similar analyses share is a concern with problems of importance to the US, including domestic ones, and how they might be tackled by shifts in policy towards Latin America. They view the region from the end of a US-mounted telescope.

    Trump’s approach may be the more brazen “America first!,” but the basic stance is much the same as these pundits. The different scenarios will be worked out in Washington, with Latin America’s future seen as shaped by how it handles US policy changes over which it has little influence. Analyses by these supposed experts are constrained by their adopting the same one-dimensional perspective as Washington’s, instead of questioning it.

    Here’s one example. The word “neglect” is superficial because it hides the immense involvement of the US in Latin America even when it is “neglecting” it: from deep commercial ties to a massive military presence. It is also superficial because, in a real sense, the US constantly neglects the problems that concern most Latin Americans: low wages, inequality, being safe in the streets, the damaging effects of climate change, and many more. “Neglect” would be seen very differently on the streets of a Latin American city than it is inside the Washington beltway.

    Who has the “drug problem”?

    The vacuum in US thinking is nowhere more apparent than in responses to the drug problem. Trump threatens to declare Mexican drug cartels to be terrorist organizations and to invade Mexico to attack them.

    But, as academic Carlos Pérez-Ricart told El Pais: “This is a problem that does not originate in Mexico. The source, the demand, and the vectors are not Mexican. It is them.” Mexican President Claudia Sheinbaum also points out that it is consumption in the US that drives drug production and trafficking in Mexico.

    Trump could easily make the same mistake as his predecessor Clinton did two decades ago. Back then, billions were poured into “Plan Colombia” but still failed to solve the “drug problem,” while vastly augmenting violence and human rights violations in the target country.

    A foretaste of what might happen, if Trump carries out his threat, occurred last July, when Biden’s administration captured Ismael “El Mayo” Zambada. That caused an all-out war between cartels in the Mexican state of Sinaloa.

    Sheinbaum rightly turns questions about drug production and consumption back onto the US. Rhetorically, she asks: “Do you believe that fentanyl is not manufactured in the United States?…. Where are the drug cartels in the United States that distribute fentanyl in US cities? Where does the money from the sale of that fentanyl go in the United States?”

    If Trump launches a war on cartels, he will not be the first US president to the treat drug consumption as a foreign issue rather than a concomitantly domestic one.

    Where does the “migration problem” originate?

    Trump is also not the first president to be obsessed by migration. Like drugs, it is seen as a problem to be solved by the countries where the migrants originate, while both the “push” and “pull” factors under US control receive less attention.

    Exploitation of migrant labor, complex asylum procedures, and schemes such as “humanitarian parole” to encourage migration are downplayed as reasons. Biden intensified US sanctions on various Latin American countries, which have been shown conclusively to provoke massive emigration. Meanwhile Trump threatens to do the same.

    Many Latin American countries have been made unsafe by crime linked to drugs or other problems in which the US is implicated. About 392,000 Mexicans were displaced as a result of conflict in 2023 alone, their problem aggravated by the massive, often illegal, export of firearms from the US to Mexico.

    Costa Rica, historically a safe country, had a record 880 homicides in 2023, many of which were related to drug trafficking. In Brazil and other countries, US-trained security forces contribute directly to the violence, rather than reducing it.

    Mass deportations from the US, promised by Trump, could worsen these problems, as happened in El Salvador in the late 1990s. They would also affect remittances sent home by migrant workers, exacerbating regional poverty. The threatened use of tariffs on exports to the US could also have serious consequences if Latin America does not stand up to Trump’s threats. Economist Michael Hudson argues that countries will have to jointly retaliate by refusing to pay dollar-based debts to bond holders if export earnings from the US are summarily cut.

    China in the US “backyard”

    Trump also joins the Washington consensus in its preoccupation with China’s influence in Latin America. Monica de Bolle is with the Peterson Institute for International Economics, a thinktank partly funded by Pentagon contractors. She told the BBC: “You have got the backyard of America engaging directly with China. That’s going to be problematic.”

    Recently retired US Southern Command general, Laura Richardson, was probably the most senior frequent visitor on Washington’s behalf to Latin American capitals, during the Biden administration. She accused China of “playing the ‘long game’ with its development of dual-use sites and facilities throughout the region, “adding that those sites could serve as “points of future multi-domain access for the PLA [People’s Liberation Army] and strategic naval chokepoints.”

    As Foreign Affairs points out, Latin America’s trade with China has “exploded” from $18 billion in 2002 to $480 billion in 2023. China is also investing in huge infrastructure projects, and seemingly its only political condition is a preference for a country to recognize China diplomatically (not Taiwan). Even here, China is not absolute as with Guatemala, Haiti, and Paraguay, which still recognize Taiwan. China still has direct investments in those holdouts, though relatively more modest than with regional countries that fully embrace its one-China policy.

    Peru, currently a close US ally, has a new, Chinese-funded megaport at Chancay, opened in November by President Xi Jinping himself. Even right-wing Argentinian president Milei said of China, “They do not demand anything [in return].”

    What does the US offer instead? While Antony Blinken proudly displayed old railcars that were gifted to Peru, the reality is that most US “aid” to Latin America is either aimed at “promoting democracy” (i.e. Washington’s political agenda) or is conditional or exploitative in other ways.

    The BBC cites “seasoned observers” who believe that Washington is paying the price for “years of indifference” towards the region’s needs. Where the US sees a loss of strategic influence to China and to a lesser extent to Russia, Iran, and others, Latin American countries see opportunities for development and economic progress.

    Remember the Monroe Doctrine

    Those calling for a more “benign” policy are forgetting that, in the two centuries since President James Monroe announced the “doctrine,” later given his name, US policy towards Latin America has been aggressively self-interested.

    Its troops have intervened thousands of times in the region and have occupied its countries on numerous occasions. Just since World War II, there have been around 50 significant interventions or coup attempts, beginning with Guatemala in 1954. The US has 76 military bases across the region, while other major powers like China and Russia have none.

    The doctrine is very much alive. In Foreign Affairs, Brian Winter warns: “Many Republicans perceive these linkages [with China], and the growing Chinese presence in Latin America more broadly, as unacceptable violations of the Monroe Doctrine, the 201-year-old edict that the Western Hemisphere should be free of interference from outside powers.”

    Bosworth adds that Trump wants Latin America to decisively choose a side in the US vs China scrimmage, not merely underplay the role of China in the hemisphere. Any country courting Trump, he suggests, “needs to show some anti-China vibes.”

    Will Freeman is with the Council on Foreign Relations, whose major sponsors are also Pentagon contractors. He thinks that a new Monroe Doctrine and what he calls Trump’s “hardball” diplomacy may partially work, but only with northern Latin America countries, which are more dependent on US trade and other links.

    Trump has two imperatives: while one is stifling China’s influence (e.g. by taking possession of the Panama Canal), another is gaining control of mineral resources (a reason for his wanting to acquire Greenland). The desire for mineral resources is not new, either. General Richardson gave an interview in 2023 to another defense-industry-funded thinktank in which she strongly insinuated that Latin American minerals rightly belong to the US.

    Maintaining hegemonic power against the threat of multipolarity

    Neoconservative Charles Krauthammer, writing 20 years ago for yet another thinktank funded by the  defense industry, openly endorsed the US’s status as the dominant hegemonic power and decried multilateralism, at least when not in US interests. “Multipolarity, yes, when there is no alternative,” he said. “But not when there is. Not when we have the unique imbalance of power that we enjoy today.”

    Norwegian commentator Glen Diesen, writing in 2024, contends that the US is still fighting a battle – although perhaps now a losing one – against multipolarity and to retain its predominant status. Trump’s “America first!” is merely a more blatant expression of sentiments held by his other presidential predecessors for clinging on to Washington’s contested hegemony.

    The irony of Biden’s presidency was that his pursuit of the Ukraine war has led to warmer relations between his two rivals, Russia and China. In this context, the growth of BRICS has been fostered – an explicitly multipolar, non-hegemonic partnership. As Glen Diesen says, “The war intensified the global decoupling from the West.”

    Other steps to maintain US hegemony – its support for Israel’s genocide in Gaza, the regime-change operation in Syria and the breakdown of order in Haiti – suggest that, in Washington’s view, according to Diesen, “chaos is the only alternative to US global dominance.” Time and again, Yankee “beneficence” has meant ruination, not development.

    These have further strengthened desires in the global south for alternatives to US dominance, not least in Latin America. Many of its countries (especially those vulnerable to tightening US sanctions) now want to follow the alternative of BRICS.

    Unsurprisingly, Trump has been highly critical of this perceived erosion of hegemonic power on Biden’s watch. Thomas Fazi argues in UnHerd that this is realism on Trump’s part; he knows the Ukraine war cannot be conclusively won, and that China’s power is difficult to contain. Accordingly, this is leading to a “recalibrating of US priorities toward a more manageable ‘continental’ strategy — a new Monroe Doctrine — aimed at reasserting full hegemony over what it deems to be its natural sphere of influence, the Americas and the northern Atlantic,” stretching from Greenland and the Arctic to Tierra del Fuego and Antarctica.

    The pundits may not agree on quite what Trump’s approach towards Latin America will be, but they concur with Winter’s judgment that the region “is about to become a priority for US foreign policy.” His appointment of Marco Rubio is a signal of this. The new secretary of state is a hawk, just like Blinken, but one with a dangerous focus on Latin America.

    However, the mere fact that such pundits hark back to the Monroe Doctrine indicates that this is only, so to speak, old wine in new bottles. Even in the recent past, an aggressive application of the 201-year-old Monroe Doctrine has never seen a hiatus.

    Recall US-backed coups that deposed Honduran President Manuel Zelaya (2009) and Bolivian Evo Morales (2019), plus the failed coup against Daniel Ortega in Nicaragua (2018), along with the parliamentary coup that ousted Paraguayan Fernando Lugo (2012). To these, US-backed regime change by “lawfare” included Dilma Rousseff in Brazil (2016) and Pedro Castillo in Peru (2023). Currently presidential elections have simply been suspended in Haiti and Peru with US backing.

    Even if Trump is more blatant than his predecessors in making clear that his policymaking is based entirely on what he perceives to be US interests, rather than those of Latin Americans, this is not new.

    As commentator Caitlin Johnstone points out, the main difference between Trump and his predecessors is that he “makes the US empire much more transparent and unhidden.” From the other end of the political spectrum, a former John McCain adviser echoes the same assessment: “there will likely be far more continuity between the two administrations than meets the eye.”

    Regardless, Latin America will continue to struggle to set its own destiny, patchily and with setbacks, and this will likely draw it away from the hegemon, whatever the US does.

    Nicaragua-based John Perry is with the Nicaragua Solidarity Coalition and writes for the London Review of Books, FAIR, and CovertAction.

    Roger D. Harris is with the Task Force on the Americas, the US Peace Council, and the Venezuela Solidarity Network

    Featured image courtesy of Cornell University/Wikimedia Commons

    First published by Popular Resistance: https://popularresistance.org/whether-biden-or-trump-us-latin-american-policy-will-still-be-contemptible/

    MIL OSI NGO

  • MIL-OSI Russia: Polytechnic students reach semi-finals of XI All-Russian engineering competition

    Translartion. Region: Russians Fedetion –

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

    The selection round of the XI All-Russian Engineering Competition has ended. Experts evaluated over 12,000 projects and scientific research. 751 graduates from universities across the country, including SPbPU, reached the semi-finals. The All-Russian Engineering Competition is an annual intellectual competition that has been held since 2014. The organizer is the Ministry of Science and Higher Education of the Russian Federation. The operator of the competition is the National Research Nuclear University MEPhI.

    The objectives of the competition are to develop the human resources potential of high-tech industries, to attract young people to solve promising production, technical, and economic problems of strategic importance for the development of Russian industry, and to improve the quality of engineering education by creating tools for interaction between engineering educational organizations and high-tech enterprises in the real sector of the economy.

    Peter the Great St. Petersburg Polytechnic University will be represented in the semi-final of VIK 24/25 by 11 students, including 5 master’s students from the Advanced Engineering School of SPbPU “Digital Engineering”:

    Alena Aquentieva, student of the Higher Engineering and Economic School of IPMEIT SPBPU. The theme of the project “Financial pyramids, modern methods of fraud: analysis and measures to reduce them”, the direction of the competition “Countering technogenic, biogenic, sociocultural threats, terrorism and extremist ideology, destructive foreign information and psychological impact, as well as cyberosis and other danger to society , economics and state ”;
    Anna Gaina, student of the Higher School of Management of Cyber-Physical Systems of the ICNK SPBPU. The theme of the project “Universal system of temperature control of laser radiation parameters during hardening steel”, the direction of the competition “Intellectual transport, energy and telecommunication systems”;
    Iona Gesin, student of the advanced engineering school of SPBPU “Digital Engineering”. The theme of the project “Study of the behavior of through cracks in elastic-high bodies”, the direction of the contest “Advanced digital technologies for designing and creating high-tech products”;
    Natalia Grozova, student of the advanced engineering school of SPBPU “Digital Engineering”. The theme of the project “Development of radiation -resistant polymer composite materials to protect solar elements”, the direction of the competition “New materials, chemical compounds and design methods;
    Ilya Ermilov, student of the advanced engineering school of St. Petersburg State University “Digital Engineering”. The theme of the project “Development of a virtual test stand for validation of the model of compositional material under the action of centrifugal force”, the direction of the contest “Advanced digital technologies for designing and creating high -tech products”;
    Ekaterina Isupova, student of the Higher School of Applied Physics and Space Technologies IEIT SPBPU. The theme of the project “Universal temperature control system for high -precision measurements in frequency standards”, the direction of the competition “Advanced digital design and creation of high -tech products”;
    Julia Kolesnikova, student of the Higher Engineering and Economic School of IPMEIT SPBPU. The theme of the project “Using new technologies for illegal purposes”, the direction of the competition “Combating technogenic, biogenic, sociocultural threats, terrorism and extremist ideology, destructive foreign information and psychological impact, as well as cyberosis and other danger to society, economy and state”;
    Nikita Piskun, a student of the advanced engineering school of St. Petersburg State University “Digital Engineering”. The theme of the project “Synthesis of non -linear models of reduced order based on the method of final elements in the tasks of rotary dynamics”, the direction of the contest “Advanced digital design technologies and the creation of high -tech products”;
    Elena Porfiryeva, student of the Higher School of Management of Cyber-Physical Systems of the ICNK SPBPU. The theme of the project “A new non -invasive method for determining the coefficients in ESCCO technology for the reliable diagnosis of the patient’s heart release in real time”, the direction of the “High -tech healthcare contest and health technology, including the rational use of drugs (primarily antibacterial) and the use of genetic data and technologies” ;
    Yana Sprygina, student of the advanced engineering school of SPBPU “Digital Engineering”. The theme of the project “Development and training of a prototype of the language model to adapt the requirements in the machine-readable IDS format (Information Delivery Specification)”, the direction of the “Tim-modeling in construction” contest;
    Lina Sycheva, student of the Higher School of Management of Cyber-Physical Systems of the ICNK SPBPU. The theme of the project “Automatic management system of a special climatic camera”, the direction of the contest “Advanced digital technologies for designing and creating high -tech products”.

    The development of modern protective coatings for solar cells used in the space industry is an important problem in the field of materials science. Glass coatings currently used have significant drawbacks. A promising direction is the use of polymer and composite materials that are highly flexible, low density and have excellent optical characteristics. The key challenge remains increasing the resistance of such materials to radiation, which requires the creation of fundamentally new composite materials. This is the task that was set during the project. Thanks to the equipment laboratories “Polymer composite materials”, as well as the competencies of the project curator, research fellow of the laboratory “Modeling of technological processes and design of power equipment” of the SPbPU PISh “Digital Engineering” Elizaveta Bobrynina, I managed to develop and test the technology for obtaining optically transparent composite materials based on thermoplastic polyurethane and glass flakes to protect solar cells, – shared 2nd year master’s student of the SPbPU PISh Natalia Grozova.

    I submitted a project for the All-Russian engineering competition, “Development of a virtual test bench for validation of a composite material model under centrifugal force”, prepared in the interests of the industrial partner of the SPbPU PIS “Digital Engineering”, CentroTech-Engineering LLC, under the supervision of the curator, associate professor of the Higher School of Advanced Digital Technologies of the SPbPU PIS Ilya Keresten and scientific consultant, engineer of the power engineering department of the SPbPU PIS “Digital Engineering” Daria Ozhgibesova. The goal of the work is to create a VIS for conducting virtual tests, which will allow obtaining a degradation curve of the mechanical properties of the material based on experimental data of structurally similar samples. The result of the work is necessary to obtain a highly accurate digital model of the material required for the calculation justification of the design elements of high-speed rotor systems, and the modeling technique will reduce the number of tests of prototypes of new design solutions, said Ilya Ermilov, a second-year master’s student at the Digital Engineering School.

    On February 1, an extensive business program started for the participants: in-person events for the semi-finalists will be organized together with the competition’s partner employers, including career consultations, trainings and master classes aimed at developing professional skills, as well as effective planning of work on engineering projects. The semi-final will include a “Job Auction” – a competition in which participants will be able to compete for the best offers from leading employers.

    The final of the competition will be held in the format of defending final and scientific qualification works before state examination (expert) commissions headed by the top officials of high-tech corporations. Based on the results of the defenses, the winners and prize-winners of VIK 24/25 will be determined.

    The best participants will be able to receive exclusive job offers, cash prizes from Rosatom State Corporation, a trip to the cosmodrome from Roscosmos State Corporation and advantages when entering the next level of education. Winners and prize winners will be included in the state information resource about individuals who have demonstrated outstanding abilities of the Talent and Success educational foundation.

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

    MIL OSI Russia News

  • MIL-OSI Canada: Statement by Minister Hussen on International Development Week: Building a Better World Together

    Source: Government of Canada News

    “In our increasingly complex and interconnected world, Canada has a responsibility do our part to build a brighter future for everyone. From tackling climate change to strengthening health systems, international assistance is an investment that will create stronger communities for generations to come. When people have the tools to lift themselves out of poverty and strengthen local economies, it not only impacts individuals and their communities, it also benefits the global economy and our security and prosperity here at home.

    MIL OSI Canada News

  • MIL-OSI Asia-Pac: Advance estimates on Gross Domestic Product for fourth quarter and whole year of 2024

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released today (February 3) the advance estimates on Gross Domestic Product (GDP) for the fourth quarter and the whole year of 2024.
     
         According to the advance estimates, GDP increased by 2.4% in real terms in the fourth quarter of 2024 over a year earlier, compared with the increase of 1.9% in the third quarter. For 2024 as a whole, GDP increased by 2.5% in real terms over 2023.
     
         Analysed by major GDP component, private consumption expenditure (PCE) decreased by 0.2% in real terms in the fourth quarter of 2024 from a year earlier, narrowed from the decrease of 1.3% in the third quarter. For 2024 as a whole, PCE decreased by 0.6% in real terms from 2023.
     
         Government consumption expenditure (GCE) measured in national accounts terms recorded an increase of 1.9% in real terms in the fourth quarter of 2024 over a year earlier, compared with the increase of 1.7% in the third quarter. For 2024 as a whole, GCE increased by 0.9% in real terms over 2023.
     
         Gross domestic fixed capital formation (GDFCF) decreased by 0.9% in real terms in the fourth quarter of 2024 from a year earlier, as against the increase of 5.7% in the third quarter. For 2024 as a whole, GDFCF increased by 2.4% in real terms over 2023.
     
         Over the same period, total exports of goods measured in national accounts terms recorded an increase of 1.2% in real terms over a year earlier, moderated from the increase of 4.0% in the third quarter. Imports of goods measured in national accounts terms grew by 0.1% in real terms in the fourth quarter of 2024, compared with the increase of 2.8% in the third quarter. For 2024 as a whole, total exports of goods and imports of goods recorded increases of 4.7% and 2.3% respectively in real terms over 2023.
     
         Exports of services rose further by 5.6% in real terms in the fourth quarter of 2024 over a year earlier, after the increase of 2.9% in the third quarter. Imports of services increased by 8.7% in real terms in the fourth quarter of 2024, compared with the increase of 8.9% in the third quarter. For 2024 as a whole, exports of services and imports of services recorded increases of 4.8% and 11.8% respectively in real terms over 2023.
     
         On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 0.8% in real terms in the fourth quarter of 2024 when compared with the third quarter.
     
    Commentary
     
         A Government spokesman said that the Hong Kong economy grew at an accelerated pace in the fourth quarter of 2024 over a year earlier. According to the advance estimates, real GDP expanded by 2.4% year-on-year in the fourth quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP turned to growth of 0.8%.
     
         For 2024 as a whole, real GDP posted moderate growth of 2.5%, further to 3.2% growth in 2023. Total exports of goods resumed growth amid improved external demand. Exports of services continued to increase, driven by further growth of visitor arrivals and improvement in other cross-border economic activities. Overall investment expenditure showed a further increase as the economy continued to expand. However, private consumption expenditure recorded a slight decline, affected by the change in residents’ consumption patterns.
     
         Looking ahead, the Hong Kong economy is expected to register further growth in 2025 despite heightened uncertainties in the external environment. Trade protectionist policies implemented by the US may disrupt global trade flows and adversely affect Hong Kong’s goods exports. They may also lead to a slower pace of interest rate cuts in the US and keep the Hong Kong dollar strong for longer. Nevertheless, the Mainland’s proactive policy to boost its economy will help bolster market confidence and benefit a wide spectrum of economic segments in Hong Kong. The Central Government’s various measures benefitting Hong Kong, coupled with the SAR Government’s wide range of initiatives to promote economic growth, will also provide support to various economic activities.
     
         The revised figures on GDP and more detailed statistics for the fourth quarter and the whole year of 2024, as well as the real GDP growth forecast for 2025 will be released on February 26, 2025 when the 2025-26 Budget is announced.
     
    Further information
     
         The year-on-year percentage changes of GDP and selected major expenditure components in real terms from the fourth quarter of 2023 to the fourth quarter of 2024 are shown in Table 1.
     
         When more data become available, the C&SD will compile revised figures on GDP. The revised figures on GDP and more detailed statistics for the fourth quarter and the whole year of 2024 will be released at the C&SD website (www.censtatd.gov.hk/en/scode250.html) and the Gross Domestic Product by Expenditure Component report (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030001&scode=250) on February 26, 2025.
     
         For enquiries about statistics on GDP by expenditure component, please contact the National Income Branch (1) of the C&SD (Tel: 2582 5077 or email: gdp-e@censtatd.gov.hk).

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Survey on Small and Medium-Sized Enterprises’ Credit Conditions for fourth quarter 2024

    Source: Hong Kong Government special administrative region

    Survey on Small and Medium-Sized Enterprises’ Credit Conditions for fourth quarter 2024
    Survey on Small and Medium-Sized Enterprises’ Credit Conditions for fourth quarter 2024
    ***************************************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) published today (February 3) the results of Survey on Small and Medium-Sized Enterprises (SMEs)’ Credit Conditions for the fourth quarter of 2024. According to the survey, SMEs’ credit conditions remained broadly stable.           Regarding SMEs’ perception of banks’ credit approval stance relative to 6 months ago, excluding respondents who answered “no idea/ don’t know”, 70 per cent perceived a “similar” or “easier” credit approval stance in the fourth quarter of 2024, down from 76 per cent in the previous quarter (Chart 1 in the Annex). 30 per cent perceived a “more difficult” credit approval stance, compared to 24 per cent in the previous quarter. The perception of a more difficult credit approval stance may not necessarily reflect actual difficulties faced by SMEs in obtaining bank credit as the perception could be affected by a number of factors, such as media/news reports, business conditions and opinions of relatives and friends.           Among respondents with existing credit lines, 0 per cent reported a “tighter” banks’ stance, down further from 1 per cent in the previous quarter (Chart 2 in the Annex). In this survey, a tighter stance on existing credit lines denotes a range of possible measures or arrangements, such as reducing unused and used credit lines, raising the interest rate, imposing additional collateral requirements, or shortening loan tenor. Therefore, respondents’ indication of banks’ stance on existing credit lines may not directly reflect banks’ supply of credit to SMEs.            The survey also gauged the results of new credit applications from SMEs. 4 per cent of the respondents reported that they had applied for new bank credit during the fourth quarter of 2024. Among the respondents who had already known their application outcomes, 77 per cent reported fully or partially successful applications, down from 79 per cent in the previous quarter (Chart 3 in the Annex).           Owing to small sample sizes of SMEs with existing credit lines (26 per cent of surveyed SMEs) and with new credit applications (4 per cent of surveyed SMEs) during the quarter, the results could be prone to large fluctuations, and hence should be interpreted with care.About Survey on Small and Medium-Sized Enterprises (SMEs)’ Credit Conditions           In light of the importance of SMEs to the Hong Kong economy and concerns about potential funding difficulties facing SMEs over the past few years, the HKMA has appointed the Hong Kong Productivity Council (HKPC) to carry out this survey, starting from the third quarter of 2016. This survey is conducted on a quarterly basis, covering about 2 500 SMEs from different economic sectors each time. The results of this survey can help monitor the development of SMEs’ access to bank credit from a demand-side perspective.           The results of this survey should be interpreted with caution. Similar to other opinion surveys, views collected in this survey may be affected by changes in sentiment due to idiosyncratic events that occurred over the survey period, which can make the results prone to fluctuations. Readers are advised to interpret the results together with other economic and financial information. In addition, views collected are limited to the expected direction of inter-quarter changes (e.g. “tighter”, “no change” or “easier”) without providing information about the magnitude of these changes.           Detailed tables and technical information of this survey are published on the website of the HKPC (smecc.hkpc.org).

     
    Ends/Monday, February 3, 2025Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Provisional statistics of retail sales for December 2024 and whole year of 2024

    Source: Hong Kong Government special administrative region

         The Census and Statistics Department (C&SD) released the latest figures on retail sales today (February 3).

         The value of total retail sales in December 2024, provisionally estimated at $32.8 billion, decreased by 9.7% compared with the same month in 2023. The revised estimate of the value of total retail sales in November 2024 decreased by 7.3% compared with a year earlier.

         Of the total retail sales value in December 2024, online sales accounted for 7.2%. The value of online retail sales in that month, provisionally estimated at $2.4 billion, decreased by 17.2% compared with the same month in 2023. The revised estimate of online retail sales in November 2024 decreased by 7.2% compared with a year earlier.

         After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in December 2024 decreased by 11.5% compared with a year earlier. The revised estimate of the volume of total retail sales in November 2024 decreased by 8.4% compared with a year earlier.

         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing December 2024 with December 2023, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 13.8%. This was followed by sales of other consumer goods not elsewhere classified (-2.9% in value); commodities in supermarkets (-3.1%); wearing apparel (-11.1%); food, alcoholic drinks and tobacco (-0.6%); commodities in department stores (-8.9%); medicines and cosmetics (-2.2%); electrical goods and other consumer durable goods not elsewhere classified (-20.2%); motor vehicles and parts (-36.3%); fuels (-11.2%); footwear, allied products and other clothing accessories (-4.9%); Chinese drugs and herbs (-2.2%); furniture and fixtures (-22.0%); books, newspapers, stationery and gifts (-9.6%); and optical shops (-7.5%).

         Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales decreased by 0.1% in the fourth quarter of 2024 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales decreased by 0.2%.

         For 2024 as a whole, the value of total retail sales was provisionally estimated at $376.8 billion, decreased by 7.3% in value and 9.0% in volume compared with 2023. The value of online retail sales was provisionally estimated at $31.7 billion, decreased by 2.6% over 2023.
     
         Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing the whole year of 2024 with the whole year of 2023, the value of sales of jewellery, watches and clocks, and valuable gifts decreased by 14.5%. This was followed by sales of commodities in supermarkets (-1.5% in value); wearing apparel (-10.6%); food, alcoholic drinks and tobacco (-3.2%); electrical goods and other consumer durable goods not elsewhere classified (-11.3%); commodities in department stores (-13.9%); motor vehicles and parts (-17.2%); fuels (-11.4%); footwear, allied products and other clothing accessories (-7.5%); furniture and fixtures (-14.4%); Chinese drugs and herbs (-14.8%); and optical shops (-13.6%).

         On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 0.4% in 2024 compared with 2023. This was followed by sales of medicines and cosmetics (+4.4% in value); and books, newspapers, stationery and gifts (+4.7%).

    Commentary

         A government spokesman said that the value of total retail sales declined further in December from a year earlier, partly reflecting the impact of residents’ increased outbound trips during the holidays. For the fourth quarter as a whole, the value of total retail sales fell by 6.7% year-on-year, narrower than the 9.6% decrease in the preceding quarter.

         Looking ahead, the spokesman said that the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of visitors and residents. Nevertheless, the introduction of various measures by the Central Government to boost the Mainland economy and benefit Hong Kong, together with the SAR Government’s proactive efforts to promote tourism development and boost market sentiment, as well as increasing employment earnings, would benefit the retail sector.

    Further information

         Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for November 2024 as well as the provisional figures for December 2024. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the whole year of 2024 are also shown.

         Table 2 presents the revised figures on value of online retail sales for November 2024 as well as the provisional figures for December 2024. The provisional figures on year-on-year changes for the whole year of 2024 are also shown.
     
         Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for November 2024 as well as the provisional figures for December 2024. The provisional figures on year-on-year changes for the whole year of 2024 are also shown.

         Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series.

         The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes.

         These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics.

         The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending.

         Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details.

         More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530).

         Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel: 3903 7400; email : mrs@censtatd.gov.hk).

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Mineral and non-ferrous Metal Production on Growth Track in FY 2024-25 (April-December)

    Source: Government of India (2)

    Mineral and non-ferrous Metal Production on Growth Track in FY 2024-25 (April-December)

    Robust Growth in Production of Key Minerals and non-ferrous Metals

    Posted On: 03 FEB 2025 12:16PM by PIB Delhi

    Production of some key minerals in the country has continued to witness strong growth during FY 2024-25 (April-December), after reaching record production levels in FY 2023-24. Iron ore accounts for 69% of the total MCDR mineral production by value. Production of iron ore was 274 million metric tonne (MMT) in FY 2023-24.

    As per provisional data, production of iron ore has increased from 203 MMT in FY 2023-24 (April-December) to 208 MMT in FY 2024-25 (April- December), showing a healthy 2.5% growth. Production of manganese ore has risen by 8.3% to 2.6 MMT in FY 2024-25 (April- December) from 2.4 MMT during the corresponding period of previous year. Production of Chromite has risen by 9.5% to 2.3 MMT in FY 2024-25 (April- December) from 2.1 MMT during the corresponding period of previous year. Additionally, production of bauxite has also risen by 6.5% to 18.1 MMT in FY 2024-25 (April- December) from 17.0 MMT in FY 2023-24 (April- December).

    In the non-ferrous metal sector, primary aluminium production in FY 2024-25 (April- December) posted a growth of 1.6% over the corresponding period last year, increasing to 31.56 lakh ton (LT) in FY 2024-25 (April- December) from 31.07 LT in FY 2023-24 (April- December). During the same comparative period, refined copper production has grown by 7.3% from 3.69 LT to 3.96 LT.

    India is the 2nd largest Aluminium producer, among top-10 producer in refined copper and 4th largest iron ore producer in the world. Continued growth in production of iron ore in the current financial year reflects the robust demand conditions in the user industry viz. steel. Coupled with growth in aluminium and copper, these growth trends point towards continued strong economic activity in user sectors such as energy, infrastructure, construction, automotive and machinery.

     

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    Shuhaib T

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Coal Production and Dispatch from Captive and Commercial Mines Cross Last Financial Year’s Total; Production in January crosses 19 MT

    Source: Government of India (2)

    Posted On: 03 FEB 2025 12:04PM by PIB Delhi

    In furtherance of the vision of Atmanirbhar Bharat, India’s coal sector continues to set new benchmarks. As on January 2025, the total coal production from Captive and Commercial mines for the financial year 2024-25 has surged to 150.25 million tonnes (MT), surpassing last financial year’s total of 147.12 MT by January 27, 2025, 64 days ahead of schedule. This marks an impressive 34.05% YoY growth from 112.08 MT at the end of January 2024, underscoring the resilience and accelerated pace of India’s coal industry.

    Similarly, coal dispatch has mirrored this success, with the total dispatch for the financial year reaching 154.61 MT, surpassing last financial year’s total of 142.79 MT by January 11, 2025. This reflects a robust 33.75% increase from 115.57 MT in January 2024, ensuring a consistent and uninterrupted coal supply to key industries, including power, steel, and cement.

    With coal production reaching an all-time high of 19.20 MT in January 2025, this milestone represents the highest-ever monthly output from Captive and Commercial mines. This achievement marks a 33.15% increase YoY from 14.42 MT in January 2024. Coal dispatch in January, similarly surged to 17.26 MT, a 32.45% rise YoY from the previous year, further securing the supply for industrial growth.

    Additionally, the Ministry of Coal has granted Mine Opening Permissions for three new mines—Bhaskarpara, Utkal E, and Rajhara North (Central and Eastern). Notably, Rajhara North (Central and Eastern), allocated to Fairmine Carbon Pvt. Ltd., is the first commercial coal mine in Jharkhand to receive Mine Opening Permission. This development will significantly contribute to boosting coal production and enhancing the role of commercial mining in the region.

    The Ministry of Coal remains unwavering in its commitment to augmenting domestic coal production, reducing import dependency, and ensuring energy security for the nation. The sector continues to play a pivotal role in the realization of Viksit Bharat—a self-reliant and developed India.

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    Shuhaib T

    (Release ID: 2099037) Visitor Counter : 24

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Kumbh Mela Reflects India’s Inclusivity and World-Class Management, States VP

    Source: Government of India (2)

    Kumbh Mela Reflects India’s Inclusivity and World-Class Management, States VP

    India’s Aspirational Population Is No Less Than Nuclear Power, Emphasizes VP

    Budget Booster for Taxpaying Populace Has Generated Radiance All Around, Highlights VP

    Achieving Developed Nation Status Requires Eightfold Per Capita Income Rise, Asserts VP

    Chartered Accountants Must Nurture the Spirit of Economic Nationalism, says VP

    Vice-President Addresses 75th Annual Function of ICAI at World Forum of Accountants at New Delhi

    Posted On: 02 FEB 2025 9:32PM by PIB Delhi

    The Vice-President of India, Shri Jagdeep Dhankhar, today said, “There has been a budget booster and for me, there has been a Kumbh booster. The two are coupled.” He explained that the budget booster, particularly for the taxpaying populace, has generated radiance all around. Reflecting on his visit to the Kumbh Mela—an event of unparalleled consequence for humanity—he noted, “When I took the holy dip in an event that celestially occurs after 144 years, the population beyond America had already visited the place. Excellent Management!”

    Drawing a unique parallel, He further elaborated that world-level arrangements were evident at the Kumbh. “How in such a small area, such a large human congregation has been taken care of, reflects India’s inclusivity and peace within us,” he said. While acknowledging a mishap during the event, Shri Dhankhar praised the management’s swift and effective response: “The management thereof, the response was electric, nuclear. It was done in a moment.” He commended the health facilities, law and order arrangements, and the availability of helping hands, concluding, “I, therefore, as an Indian, take pride that we as a nation have come of age where such a large human gathering, infatuated by commitment to religiosity, sublimity, spirituality, and our civilizational ethos, has come together and peacefully handled situations. I salute everyone associated with such exemplary management.”

    Addressing the gathering at the 75th Annual Function of the Institute of Chartered Accountants of India (ICAI) at the World Forum of Accountants held at Yashobhoomi, New Delhi, the Vice-President observed that the people of India have now entered an aspirational mode. “This aspirational mode is premised on the fact that in the last decade, no nation has progressed as much on the development aspect as Bharat,” he stated. He pointed out that when people witness development, they naturally desire more, and this has converted one-sixth of humanity into the most aspirational population. “Therefore, this descending, demanding population is an asset. But it is also a challenge. If it is restive, it is a ticking time bomb. And if energy is channelised, it is no less than nuclear power,” he emphasized.

    He further highlighted that India has had an unparalleled and remarkable economic rise and upsurge, alongside significant infrastructure development, technology penetration, and deep digitization in the last few years. Amongst large economies, its growth stands out. He emphasized that an environment of hope and possibility is all-pervasive.

    Expressing his confidence in the role of professional bodies, Shri Dhankhar stated, “I strongly feel bodies like yours have the capacity to convert the youth dividend into nuclear power and keep it away from restive temperament.”

    Shifting focus to economic concerns, the Vice-President shared his apprehensions: “I am deeply concerned when I notice that when balance sheets shine, premised on avoidable imports, and finances blossom on raw material exports, the national economy bleeds as there is an avoidable drain of foreign exchange, loss of employment, and impeding of entrepreneurial growth.” He emphasized that this was a challenge that only the chartered accountants could address. “There is a need to imbibe the spirit of economic nationalism. As a distinguished class, chartered accountants are imminently positioned and suited to propagate and nurture this spirit of nationalism. Such an approach will be highly beneficial to the economy and save us billions in foreign exchange—billions of dollars—while creating millions of jobs and accounting for the growth of entrepreneurship,” he asserted.

    Recognizing the pivotal role of chartered accountants, Shri Dhankhar remarked, “As the architects of economic stability, watchdogs of financial integrity, and guardians of fiscal discipline, you are particularly enjoined to contribute optimally to the nation’s march towards unprecedented growth and prosperity.” He highlighted that in contemporary times, influencers from various walks of life matter significantly, but as a professional class, chartered accountants are the most potent influencers for transformative change in the economy.

    “There is no other class other than chartered accountants who can bring about revolutionary positive change in business ethics and business promotion,” he added. He further noted, “Your unique position at the intersection of business, finance, and governance enables you to bring about and catalyse reforms from the grassroots to the highest corporate achievements. You have the potential to be the nerve centre for big changes that will contribute to our economy.”

    Concluding his address, the Vice-President emphasized the challenge and importance of achieving developed nation status. “A challenge to be a developed nation has to be understood at your level,” he stated. He explained that while a developed nation status is not explicitly defined, certain global parameters can be identified. “In my modest understanding of economics, our per capita income has to rise eightfold. A daunting challenge, but achievable,” Shri Dhankhar affirmed.

    CA. N.D. Gupta, MP, Rajya Sabha, Shri P.C. Mody, Secretary-General, Rajya Sabha, CA. Ranjeet Kumar Agarwal, President, ICAI, CA. Abhinav Aggarwal, Chairman, NIRC and other dignitaries were also present on the occasion.

    ****

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    MIL OSI Asia Pacific News

  • MIL-OSI Europe: Written question – Economic competitiveness, EU monetary support programmes for companies/sectors, EU regulation and economic theory – E-000323/2025

    Source: European Parliament

    Question for written answer  E-000323/2025
    to the Commission
    Rule 144
    Rada Laykova (ESN)

    The initial semesters of economics courses already provide considerable insight into why constant subsidies undermine the competitiveness of any business or sector in the medium and long run. In addition, a large set of regulatory requirements, especially if they are subject to constant changes and there is no end in sight, also undermine the competitive strength of companies or whole sectors for obvious reasons: encumbrance and uncertainty. The past approach has been to offset this with more financial aid programmes with fancy names, creating even more dependence on state and/or EU subsidies. This, of course, increases the power of the EU and makes companies dependent on the influx of EU money, further exacerbating the aforementioned competition aspect in relation to monetary aid. The Draghi report and constant plenary discussions and Commission letters have highlighted the severe problems surrounding the EU’s economic competitiveness.

    • 1.For what economic (not legal) reason has the Commission decided on this approach of mixing strong regulation and ever-increasing financial aid, even though it strongly contradicts basic economic theory with regard to competitiveness?
    • 2.In the case of some of the proposals contained in the Draghi report, would the Commission deviate from its approach and regard less regulatory or financial interference by the EU as beneficial for competitiveness?

    Submitted: 24.1.2025

    Last updated: 3 February 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – Ensuring housing as a fundamental right – P-000269/2025

    Source: European Parliament

    Priority question for written answer  P-000269/2025
    to the Commission
    Rule 144
    Hanna Gedin (The Left)

    In December 2024, Parliament decided to set up a special committee on the housing crisis in the EU. Even though we had hoped for a stronger focus on the tenant’s perspective and rights, we welcome such a committee. Every effort to ensure people’s right to good living conditions in affordable homes is imperative, and the EU institutions play a crucial role going forward. According to the International Union of Tenants, one third of European citizens live in rental housing. But rents are unaffordable, and energy costs in poorly insulated homes have soared. The housing market is not for the many, even though a home is recognised as a fundamental right. The financialisation of all housing markets has consequently transferred housing policy from governments to profit-oriented corporate finance, and short-term rentals are extracting existing housing from the regular housing market, at the expense of residents.

    In light of the above:

    • 1.What steps will the Commission take to revise EU state aid rules and to regard housing policy as a national competence?
    • 2.Will the Commission work towards an EU transparency register on real estate transactions?
    • 3.What measures will the Commission take towards regulating short-term rentals?

    Submitted: 22.1.2025

    Last updated: 3 February 2025

    MIL OSI Europe News