Category: Economy

  • MIL-OSI: Très forte accélération pour ASC Technologies France en 2024

    Source: GlobeNewswire (MIL-OSI)

    ASC Technologies France, l’un des principaux fournisseurs de solutions d’enregistrement et d’analyse de communications, annonce une forte traction de ses activités en 2024 en réalisant une croissance de plus de 30 % de son chiffre d’affaires par rapport à son dernier exercice.

    ASC est un éditeur de solutions cloud dans le domaine de l’enregistrement omnicanal, de la gestion de la qualité et de l’analyse des conversations. Ses principaux clients sont toutes les entreprises qui ont besoin de conserver et d’étudier leurs communications, principalement les prestataires de services financiers mais aussi les centres de contact ainsi que les organismes publics. Basées sur l’IA Générative, l’éditeur propose maintenant des solutions pour l’analyse et l’évaluation de toutes les communications ; pour le secteur financier cela permet de vérifier la conformité avec une réglementation type MIFID2, PCIDSS ou encore FINMA ; alors que dans un centre de contacts ce sont les compétences des téléconseillers qui seront notées.

    Éric BUHAGIAR, Directeur Général d’ASC Technologies France « La forte croissance de nos activités démontre la qualité et la pertinence de notre offre. Nous nous positionnons comme un partenaire de choix pour accompagner nos clients efficacement dans leurs opérations de mise en conformité de leurs enregistrements et analyses des communications, notamment sur le secteur de la finance. Nous allons fortement renforcer notre avantage concurrentiel sur un marché dynamique et en attente de solutions de nouvelle génération conjuguant amélioration de la productivité et respect des normes en vigueur. En 2025, nous allons continuer à travailler en grande proximité avec nos partenaires pour accompagner au mieux nos clients dans leurs différents projets. »

    The MIL Network

  • MIL-OSI United Kingdom: Workers must be protected from extreme weather

    Source: Scottish Greens

    Scottish Greens echo calls from the Scottish Trade Union Council to stop endangering the lives of workers.

    Storm Éowyn caused mass chaos across Scotland on Friday, with schools, public transport, and football all being cancelled due to high winds.

    However, many hospitality and retail businesses remained open despite a red weather warning from the Met Office. Now, Scottish Greens Co-Leader Lorna Slater MSP is calling on the UK Government to protect workers from extreme weather events.

    Extreme weather events such as Storm Éowyn will only become more frequent with the looming climate breakdown. The Met Office’s red weather warning is a rare precaution but one that many Scots could become more used to in coming years.

    Despite advice to remain at home, many businesses forced their employees to travel to work during the storm. Many bartenders, shop workers, and waiters all had to brave 100mph winds to attend work.

    We need your support to put people and planet before profit. Take action today to help.

    Scottish Greens Co-Leader Lorna Slater said:

    “Red weather warnings are rare, but the damage that they do is severe. It’s appalling that any business forced workers to ignore government advice and come into work during one of the worst storms for a long time.

    “We’ve seen the devastating impact of Storm Eowyn on communities across Scotland, with hundreds of thousands of homes losing power, railways brought to a standstill, and, tragically, the loss of life.

    “As the climate crisis worsens, we will face increasing climate chaos, so we must be prepared to protect communities and workers against these extreme weather events.

    “The best thing the UK government can do is take real action to tackle the climate crisis and reduce emissions, but they must also adapt to the damage already done.

    “Governments must face the reality of climate breakdown and adapt legislation to protect workers; we need to see robust rights in place for workers to stay safe during red weather warnings by rejecting shifts or avoiding unnecessary travel.”

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Additional £1.18M investment for parking improvements

    Source: City of Winchester

    As part of the council’s ongoing commitment to support a vibrant local economy, Cabinet agreed the investment, which will see improvements delivered at pace this year.

    Winchester Park and Ride service

    £305,000 will be spent to improve CCTV provision, tackle anti-social behaviour at the Park and Ride sites and upgrade payment machines. A further £40,000 will be invested to improve and upgrade the multi-storey phone signal.

    As part of the improvements programme budget, further resurfacing works will take place at St Catherine’s Park and Ride facility, alongside improved signage, enhanced cycle storage and new digital signs, supporting the council’s commitment to become a carbon neutral district by 2030.

    Cllr Kelsie Learney, Cabinet Member for the Climate Emergency, said: “Tackling the climate emergency and improving air quality across the Winchester district, whilst ensuring our town centres thrive, underpins the significant investment we are making.

    “Our ambitious programme of works over the coming year will improve the visitor experience by ensuring our Park & Ride, Park and Walk and cycle parking facilities are well maintained, safe and accessible, which supports the Winchester Movement Strategy.”

    Winchester City Council’s Park and Ride and Park and Walk facilities have both seen an increase in user numbers over the last 12 months, which is supported by positive city centre footfall data which also shows an increase over the same time period.

    Later this year, Middle Brook Street car park will be upgraded to become a Pay and Display facility. This enables the council to provide disabled parking spaces closer to the shops, make entry and exit easier, and improve traffic flow along Friarsgate. This will require some phased closure periods, but the council is committed to minimising disruption and ensuring users are kept well informed throughout the process.

    MIL OSI United Kingdom

  • MIL-OSI: Proposals to Annual General Meeting 2025 concerning the Number of the Board Members, Their Remuneration and Reimbursement of Their Costs, and Nomination of the Board Members

    Source: GlobeNewswire (MIL-OSI)

    eQ Plc Stock Exchange Release
    28 January 2025, at 11:00 am

    Shareholders of eQ Plc, who control over 60 per cent of the outstanding shares and votes, have proposed to the Annual General Meeting to be held at 25 March 2025 concerning the number of members of the Board of Directors, their remuneration and reimbursement of their costs, and the nomination of members of the Board of Directors.

    Proposal relating to number of persons on the Board of Directors

    The shareholders propose no changes to the number of the Board members, i.e. that six persons be elected to the Board of Directors, or five persons, if a person proposed by the shareholders is prevented from being a Board member of the company.

    Decision relating to the compensation of the members of the Board of Directors

    The shareholders propose no changes to the compensation of the Board members, i.e. that the Chair of the Board of Directors receives 5,000 euros per month, Vice Chair of the Board of Directors receives 4,000 euros per month and the members of the Board of Directors receive 3,000 euros per month. In addition, a compensation of 750 euros per meeting is proposed to be paid for all the Board members for each attended Board meeting and travel and accommodation expenses are reimbursed according to the effectual guidelines of eQ Plc.

    Nomination of the Board of Directors

    The shareholders propose that Päivi Arminen, Nicolas Berner, Georg Ehrnrooth, Janne Larma and Tomas von Rettig are re-elected to the Board of Directors and Caroline Bertlin will be elected as a new member to the Board. If one of the persons proposed by the shareholders is prevented from being a Board member of the company, such persons will be elected who are not prevented from being Board members. The term of office of the Board members ends at the close of the next Annual General Meeting.

    Caroline Bertlin (born 1978) is an experienced business leader with vast experience in the Nordics and internationally. Bertlin is based and has spent most of her career in Sweden. Currently she is engaged in strategy and funding of energy infrastructure for Nordion Energi. Prior to that she was the CEO of Nordisk Renting and Managing Director in NatWest Structured Finance (2016-2023). Previously she worked as Head of Restructuring, Turnaround CEO and Project Lead for Strategic projects in the NatWest Group (2009-2015). Earlier experience includes portfolio management and analyst positions within banking and alternative investments. In addition, she is a member of the Board of Nordisk Renting AB (2016-). Caroline Bertlin holds a Master of Science (Economics) degree from Hanken School of Economics.

    All nominees have given their consent to the proposal. In addition, the nominees have indicated that on selection, they will select Georg Ehrnrooth as Chair of the Board of Directors.

    Helsinki, 28 January 2025

    Additional information: Juha Surve, Group General Counsel, tel. +358 9 6817 8733

    Distribution: Nasdaq Helsinki, www.eQ.fi

    eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.3 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

    The MIL Network

  • MIL-OSI Africa: OMV Discusses Exploration Efforts in Libya’s Sirte Basin, Eyes Strategic Growth

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

    TRIPOLI, Libya, January 28, 2025/APO Group/ —

    In an exclusive interview with Energy Capital & Power (www.EnergyCapitalPower.com), Berislav Gašo, Member of the Executive Board and Executive Vice President of Energy at OMV, discusses the company’s exploration efforts in the Sirte Basin and shares an optimistic perspective on Libya’s oil and gas sector.

    OMV has resumed exploration activities in Libya’s Sirte Basin after a 13-year hiatus, signaling renewed confidence in the country’s oil and gas sector. What key factors led to the decision to resume exploration activities, and what role do you see Libya playing in OMV’s overall upstream strategy moving forward?

    Indeed, OMV was among the first international companies to resume exploration activities in the region. Libya plays an important role in OMV’s Energy portfolio with successful exploration efforts being crucial for adding value and bringing in new volumes. A testament to these strong bonds with the country is the spudding of the Essar well in the C103 license within the Sirte Basin, which was the first OMV-operated exploration well drilled in Libya since the 1990s. OMV’s ongoing exploration efforts will be pivotal in generating growth and solidifying our energy business in Libya.

    The ESSAR Prospect is a key focus of OMV’s exploration efforts in Libya. What are the main objectives of this campaign, and how do you assess the potential for additional discoveries in the Sirte Basin?

    Today, our exploration activities in Libya are mainly focused on the Sirte Basin, where we are an operator, and the Murzuq Basin, where we are a partner. We are currently drilling the Essar well, which will be followed by the Alhilal well within the same license. This infrastructure-led approach leverages the proximity of these wells to existing producing fields, enabling efficient tie-ins to nearby production facilities for rapid additional output. Beside our drilling activities in C103, OMV is also working diligently on maturing leads in our other exploration licenses within the Sirte Basin.

    OMV is collaborating with Zueitina Oil Company (ZOC) on the drilling of the B1-106/4 well. Can you discuss the importance of this partnership and how OMV plans to integrate local expertise and resources in the execution of its exploration projects in Libya?

    Synergies between ZOC and OMV are a crucial backbone of our drilling activities. OMV’s exploration is carried out by ZOC, as our integrated service provider. By working with a local operator, we can efficiently share drilling rigs between OMV-operated exploration and ZOC-operated development projects in our licenses, resulting in more effective use of the rig utilization. Through this collaboration, OMV benefits from local expertise and fosters a culture of open communication and knowledge transfer. Furthermore, we transmit drilling data to our headquarters in Vienna via real-time data streaming services, where it is processed to ensure safe and efficient operations.

    What are your expectations for the broader outlook of Libya’s oil and gas sector over the next few years?

    The outlook for the Libyan oil and gas sector in the coming years is promising, driven by the National Oil Corporation’s strategy to increase production. An upcoming bidding round is expected to attract interest and open up new opportunities for exploration and production. Libya’s vast untapped reserves and strategic location make it a major player in the global energy market, but sustained progress will depend on ensuring security, regulatory reforms and investment in infrastructure. Tackling these challenges could spur growth in the sector and increase its contributions to the national economy.

    MIL OSI Africa

  • MIL-OSI Africa: Mission 300 Africa Energy Summit: Continent to connect 300 million to electricity by 2030 in new ambitious and collaborative initiative

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

    DAR ES SALAAM, Tanzania, January 28, 2025/APO Group/ —

    • African Development Bank (www.AfDB.org), and World Bank in unprecedented collaboration to transform Africa’s Energy Access 
    • Strong emphasis on clean cooking solutions to avoid 600,000 deaths annually due to smoke exposure

    Connecting 300 million Africans to electricity within the next five years is within reach through collaborative effort and commitment to implementation, participants at the Africa Energy Summit in Dar es Salaam, Tanzania, heard on Monday.

    The summit is organized by the Government of Tanzania and Mission 300, an unprecedented collaboration between the African Development Bank Group, the World Bank Group and global partners to address Africa’s electricity access gap using new technology and innovative financing. 

    Nearly 600 million Africans lack electricity, a critical resource for economic development and job creation. 

    Speaking during the first panel discussion of the opening day of the two-day Summit, African Development Bank President Dr. Akinwumi Adesina set the summit’s tone of action and implementation, emphasizing practical solutions to achieve the ambitious goal, from regulatory reforms to private sector engagement. He called for active involvement from a wide range of stakeholders, including bilateral and multilateral institutions, private sector entities, civil society organizations, and foundations. 

    “This is mission critical… Our mission here is to say we need everybody… It’s not about us, it’s about those who are not here, and we must listen and hear and make sure this is an action-driven summit… We can’t do Mickey Mouse business… We can’t have a situation where Africa does not have enough electricity,” Adesina told the audience, which included several African energy ministers, international development partners and private sector titans, civil society organizations, and foundations, attending the first day of the summit. 

    The second day of the summit will see the participation of several heads of state from across Africa, who will join more than 1,500 other participants. Together they will chart Africa’s course toward universal access to energy. 

    “We have a clear path to reaching these 300 million people,” Dr. Adesina stressed, distinguishing the initiative from previous efforts. He emphasized that the program seeks to transform Africa’s vast potential into reality through comprehensive electrification.  

    “With power, Africa will not just meet expectations but exceed them, becoming a competitive and prosperous continent,” he added. 

    Mission 300 will incorporate robust accountability measures, including country-specific monitoring and evaluation systems and the Africa Energy Regulatory Index to track progress. “This is all about accountability, transparency, and delivery while letting Africa develop with pride,” Adesina stated. 

    Adesina highlighted the devastating toll of traditional cooking methods based on firewood and charcoal, resulting in the death of 600,000 women and children annually due to smoke exposure. 

    The crisis extends beyond energy access, affecting environmental sustainability through deforestation and biodiversity loss. “It’s not just about energy transition,” Adesina said. “This is about dignity. Africa must develop with dignity and pride, and access to clean cooking solutions is fundamental to achieving this goal.” He praised Tanzania for developing a comprehensive national strategy to address this issue. 

    World Bank Group President Ajay Banga expressed optimism about the initiative, saying its ambitious objectives are achievable through hard work, particularly in ensuring a conducive environment for the private sector to participate. He emphasized the need for predictability of currencies, regulatory frameworks and land acquisition to incentivize investments supporting Mission 300. 

    In his remarks, Rajiv Shah, President of The Rockefeller Foundation, called global philanthropists to support the initiative.  

    “Please join us in getting behind the ideas of this initiative and the country compacts that the leaders will be signing. What is at stake is the future of African economies, the future of African young people, and the future of our world,” he said, adding that his foundation was committing $65 million to the program. 

    Speaking after the fireside chat, United Nations Deputy Secretary-General Amina Mohammed emphasized that energy access is not merely about power delivery, but about what that power will connect and enable. “It is important that we see food systems at the helm of all of this, and that they are powered by the energy that you will connect,” she stated. Mohammed explained how energy connectivity would catalyze transformative change in rural communities, particularly for women and youth, through access to digital financial services, online education, and e-commerce opportunities. 

    However, she stressed that realizing these ambitions would require significant financial engineering and private sector engagement. “The private sector’s got to lean in and it won’t lean in if the message is that your finance environment is not conducive to us,” she noted, calling for reforms in credit rating systems and financial architecture. “When you want to put together the financing for energy it is not easy and it requires many people at the table in parallel with what we are doing, the policy and the regulation, designing these pipelines and getting the money ready.” 

    The summit is expected to yield two significant outcomes: the Dar es Salaam Energy Declaration, outlining commitments and practical actions from African governments to reform the energy sector, and the first set of National Energy Compacts, which will serve as blueprints with country-specific targets and timelines for implementation of critical reforms.

    MIL OSI Africa

  • MIL-OSI Asia-Pac: Financial results for nine months ended December 31, 2024

    Source: Hong Kong Government special administrative region

    Financial results for nine months ended December 31, 2024
    Financial results for nine months ended December 31, 2024
    *********************************************************

         The Government announced today (January 28) its financial results for the nine months ended December 31, 2024.           Expenditure and revenue from April to December 2024 amounted to HK$524.2 billion and HK$349.7 billion respectively, resulting in a deficit of HK$70.5 billion after taking into account HK$114.6 billion received from issuance of Government Bonds and repayment of HK$10.6 billion principal on Government Bonds.           A Government spokesperson said that the deficit for the period was mainly due to the fact that some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year. The revised estimates for the current financial year will be published along with the 2025-26 Budget.           The fiscal reserves stood at HK$664.1 billion as at December 31, 2024.           Detailed figures are shown in Tables 1 and 2. TABLE 1. CONSOLIDATED ACCOUNT (Note 1) 

     
    Month endedDecember 31, 2024HK$ million
    Nine months endedDecember 31, 2024HK$ million

    Revenue
    101,403.9
    349,677.1

    Expenditure
    (52,635.2)
    (524,217.4)

     
     
     

    Surplus / (Deficit) before issuance and repayment of Government Bonds
    48,768.7
    (174,540.3)

     
     
     

    Proceeds received from issuance of Government Bonds
    23,934.7
    114,588.2

     
     
     

    Repayment of Government Bonds*
    (38.0)
    (10,555.5)

     
     
     

    Surplus / (Deficit) after issuance and repayment of Government Bonds
    72,665.4
    (70,507.6)

     
     
     

    Financing
     
     

          Domestic
     
     

              Banking Sector (Note 2)
    (72,152.2)
    67,227.5

              Non-Banking Sector
    (513.2)
    3,280.1

          External

     
     
     

    Total
    (72,665.4)
    70,507.6

    * Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.

     Government Debts as at December 31, 2024 (Note 3)    HK$293,210 millionDebts Guaranteed by Government as at December 31, 2024 (Note 4)    HK$132,387 million TABLE 2. FISCAL RESERVES 

     
    Month endedDecember 31, 2024HK$ million
    Nine months endedDecember 31, 2024HK$ million

    Fiscal Reserves at start of period
    591,412.4
    734,585.4

    Consolidated Surplus / (Deficit) afterissuance and repayment of Government Bonds
    72,665.4
    (70,507.6)

     
     
     

    Fiscal Reserves at end of period(Note 5)
    664,077.8
    664,077.8

     Notes:     1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at December 31, 2024, was HK$229,943 million. 2. Includes transactions with the Exchange Fund and resident banks. 3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise: (i) the Green Bonds (equivalent to HK$203,686 million as at December 31, 2024) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (5,330 million euros with maturity from January 2025 to November 2041), Renminbi (RMB39,000 million with maturity from January 2025 to July 2054) and Hong Kong dollars (HK$42,000 million with maturity from May 2025 to October 2026); (ii) the Infrastructure Bonds (equivalent to HK$34,597 million as at December 31, 2024) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB6,000 million with maturity from December 2025 to November 2034) and Hong Kong dollars (HK$28,230 million with maturity from November 2025 to December 2039); and (iii) the Silver Bonds with nominal value of HK$54,927 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.       They do not include the outstanding bonds with nominal value of HK$178,169 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,764 million as at December 31, 2024) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,669 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$53,357 million will mature within the period from January 2025 to December 2025 and the rest within the period from January 2026 to May 2042. 4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023. 5. Includes HK$249,751 million, being the balance of the Land Fund held in the name of “Future Fund”, for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.

     
    Ends/Tuesday, January 28, 2025Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Advance release calendar for monthly financial results

    Source: Hong Kong Government special administrative region

    Advance release calendar for monthly financial results
    Advance release calendar for monthly financial results
    ******************************************************

         The Government of the Hong Kong Special Administrative Region releases a monthly summary of its financial results and debts in compliance with the International Monetary Fund’s Special Data Dissemination Standard.           The timetable for the release of the monthly data for the 2025-26 financial year is as follows: 

    Month
    Release date

    ———-
    —————–

    April 2025
    May 30, 2025

    May 2025
    June 30, 2025

    June 2025
    July 31, 2025

    July 2025
    August 29, 2025

    August 2025
    September 30, 2025

    September 2025
    October 31, 2025

    October 2025
    November 28, 2025

    November 2025
    December 31, 2025

    December 2025
    January 30, 2026

    January 2026
    February 27, 2026

    February 2026
    March 31, 2026

    March 2026 (provisional)
    April 30, 2026

         In addition to press releases, the summary of financial results and debts will also be published on the Treasury’s website (www.try.gov.hk).

     
    Ends/Tuesday, January 28, 2025Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI: 21Shares Adds to its “Core” Suite of Affordable Crypto Exchange-Traded Products with the Launch of the Solana Core Staking ETP (CSOL)

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, 28 January 2025 – 21Shares AG (“21Shares”), one of the world’s largest issuers of crypto exchange traded products (ETPs), today announced the launch of the 21Shares Solana Core Staking ETP (CSOL) on SIX Swiss Exchange. CSOL joins the 21Shares Bitcoin Core ETP (CBTC), the 21Shares Ethereum Core Staking ETP (ETHC) and the 21Shares Crypto Basket 10 Core ETP (HOLDX) as the fourth addition to the 21Shares’ “core” suite, which offers investors exposure to cutting-edge crypto technologies at exceptionally low fees.

    Exchange Product Name Ticker ISIN Fee
    SIX Swiss Exchange 21Shares Solana Core Staking ETP CSOL CH1385084384 0.35%

    Solana is one of the top blockchain networks powering innovation, and – due to its high-speed and low fees – Solana is expected to reach an all-time high in Total Locked Value (TLV) in 2025, with net inflows of $1.2billion in 2024. With transaction costs less than $0.01 and an average of 2,400 transactions per second, Solana’s performance has led to a noticeable market shift that puts the network front and center in 2025. In addition, Solana has proven itself in the traditional finance ecosystem, evidenced by PayPal’s PYUSD stablecoin processing $13 billion as well as partnerships with Visa and Shopify to enable crypto payments. Further, institutional players like Franklin Templeton and Citibank are adopting Solana, underlining its potential to bridge crypto and traditional finance.1  

    “Launched in 2020, Solana emerged as a clear solution to the outdated technology in the blockchain space. The Solana ecosystem evolved quickly, boasting unparalleled speeds and cost efficiency, making transacting on the network essential,” said Mandy Chiu, Head of Financial Product Development at 21Shares. “21Shares launched the world’s first Solana ETP in 2021. With the launch of CSOL, the firm is continuing to leverage its expertise and track record in crypto, product development savvy and operational excellence in order to provide investors with access to Solana, one of the top growing blockchain networks, at an incredibly affordable cost.”

    With a management fee of 0.35%, CSOL offers innovative and cost-efficient exposure to a leading blockchain shaping the future. 100% physically backed, CSOL also benefits from staking rewards, which are seamlessly generated by adding the yield to the investor’s coin entitlement. By integrating staking rewards into 21Shares ETPs, investors enjoy a potential additional income stream without having to keep their assets locked, enhancing overall returns while maintaining exposure to the respective underlying assets. As of 23 January 2025, the average staking yield for Solana was 6.60%.2

    For more details about the 21Shares Solana Core Staking ETP, including the factsheet, please click here.

    Press Contact

    Audrey Belloff, Head of Global Communications, audrey.belloff@21.co

    About 21Shares

    21Shares is one of the world’s first and largest issuers of crypto exchange traded products. We were founded to make cryptocurrency more accessible to investors, and to bridge the gap between traditional finance and decentralized finance. In 2018, 21Shares listed the world’s first physically-backed crypto ETP, and we have a six-year track-record of creating crypto exchange-traded funds that are listed on some of the biggest, most-liquid securities exchanges globally. In addition to our six-year track record, 21Shares offers investors best-in-class research and unparalleled client service.

    21Shares is a member of 21.co, a global leader in decentralized finance. For more information, please visit www.21Shares.com.

    DISCLAIMER

    This document is not an offer to sell or a solicitation of an offer to buy or subscribe for securities of 21Shares AG in any jurisdiction. Neither this document nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer or commitment whatsoever or for any other purpose in any jurisdiction. Nothing in this document should be considered investment advice.

    This document and the information contained herein are not for distribution in or into (directly or indirectly) the United States, Canada, Australia or Japan or any other jurisdiction in which the distribution or release would be unlawful.

    This document does not constitute an offer of securities for sale in or into the United States, Canada, Australia or Japan. The securities of 21Shares AG to which these materials relate have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There will not be a public offering of securities in the United States. Neither the US Securities and Exchange Commission nor any securities regulatory authority of any state or other jurisdiction of the United States has approved or disapproved of an investment in the securities or passed on the accuracy or adequacy of the contents of this presentation. Any representation to the contrary is a criminal offence in the United States.

    Within the United Kingdom, this document is only being distributed to and is only directed at: (i) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”); or (iii) persons who fall within Article 43(2) of the Order, including existing members and creditors of the Company or (iv) any other persons to whom this document can be lawfully distributed in circumstances where section 21(1) of the FSMA does not apply. The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

    Exclusively for potential investors in any EEA Member State that has implemented the Prospectus Regulation (EU) 2017/1129 the Issuer’s Base Prospectus (EU) is made available on the Issuer’s website under www.21Shares.com.

    The approval of the Issuer’s Base Prospectus (EU) should not be understood as an endorsement by the SFSA of the securities offered or admitted to trading on a regulated market. Eligible potential investors should read the Issuer’s Base Prospectus (EU) and the relevant Final Terms before making an investment decision in order to understand the potential risks associated with the decision to invest in the securities. You are about to purchase a product that is not simple and may be difficult to understand.

    This document constitutes advertisement within the meaning of the Prospectus Regulation (EU) 2017/1129 and the Swiss Financial Services Act (the “FinSA”) and not a prospectus. The 2024 Base Prospectus of 21Shares AG has been deposited pursuant to article 54(2) FinSA with BX Swiss AG in its function as Swiss prospectus review body within the meaning of article 52 FinSA. The 2024 Base Prospectus and the key information document for any products may be obtained at 21Shares AG’s website (https://21shares.com/ir/prospectus or https://21shares.com/ir/kids).

    ###


    1 Source: 21Shares State of Crypto #13: Market Outlook 2025
    2 Source: Coinbase, as of 23 January 2025

    The MIL Network

  • MIL-OSI: Vect-Horus further strengthens leadership with appointment of strategy and finance executive Jérôme Berger to its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

                                                                            PRESS RELEASE

    • Extensive expertise in finance and venture capital at telecoms firm Orange
    • Brings life sciences experience and serves as Director of several tech companies

    Marseille, France, January 28, 2025 – Vect-Horus, a privately held biotechnology company that designs and develops molecular vectors that facilitate the targeted delivery of therapeutic molecules and imaging agents, today announced the appointment of Jérôme Berger as a member of its Board of Directors. Mr Berger’s vast expertise in strategy, finance, and venture capital in the technology and life sciences sectors will be invaluable to Vect-Horus as the company accelerates its growth and development.

    Bringing over two decades of experience in global finance and strategic leadership, Mr Berger has held pivotal roles at Orange Group, one of the world’s largest telecommunications providers, where he is currently Global Head of Strategy and Venture Capital. He was previously President and Managing Partner of Orange Ventures, where he oversaw investments in cutting-edge technology startups, and also served as Global Head of Financing and Treasury, managing equity and debt markets funding operations and leading infrastructure financing initiatives. This included structuring and executing several multi-billion-dollar international mergers and acquisitions.

    Mr Berger has a deep understanding of life sciences and digital health, serving as Director of several technology companies, including Future4Care, a leading digital health accelerator he co-founded on behalf of Orange in partnership with Sanofi, Capgemini, and Generali.

    “We are thrilled to welcome Jérôme Berger to our Board of Directors, as Vect-Horus is poised to enter its next phase of growth,” said Alexandre Tokay co-founder and CEO of Vect-Horus. “Jérôme’s unparalleled experience in strategy, venture capital and global financing, coupled with his strong background in digital health and life sciences, will be invaluable in supporting the development of Vect-Horus as we aim to revolutionize targeted drug delivery.”

    “I am honored to join the Board of Directors of one of the most advanced biotechnology companies in its domain, which deploys important partnerships with tier1 Pharmaceutical companies and life science actors around the world, promising to improve the lives and conditions of countless current and future patients suffering from CNS diseases or certain cancers, with currently little or no efficient therapeutic solutions.” said Jérôme Berger.

    About Vect-Horus

    Vect-Horus designs and develops vectors that facilitate targeting and delivery of therapeutic or imaging agents to organs, including the brain, and to tumors. Founded in 2005, Vect-Horus is a spin-off of the Institute for Neurophysiopathology (INP, UMR7051, CNRS and Aix Marseille University), formerly headed by Dr Michel Khrestchatisky, co-founder of the company. Vect-Horus has 42 employees (most in R&D).

    To learn more about Vect-Horus, visit www.vect-horus.com.

    Contacts

        For more information, please contact Vect-Horus

        Emmanuelle Bettendorf, BD & Alliance Management,

        Vect-Horus contact@vect-horus.com

        Media Relations

        Sophie Baumont, Cohesion Bureau – sophie.baumont@cohesionbureau.com

    Attachment

    The MIL Network

  • MIL-OSI USA: Vice Chair Murray, Ranking Member DeLauro Raise Alarm on New OMB Memoranda, Trump Administration’s Efforts to Defy Federal Law, Constitution to Withhold Approved Federal Funding

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    WASHINGTON — Senate Appropriations Committee Vice Chair Patty Murray and House Appropriations Committee Ranking Member Rosa DeLauro today wrote to Acting Office of Management and Budget (OMB) Director Matthew J. Vaeth raising the alarm on President Trump’s unlawful executive orders and the new memoranda issued by OMB on Monday directing agencies to withhold vast swaths of approved federal funding.
    In the letter, Murray and DeLauro wrote, “As leaders of the House and Senate Committees on Appropriations, we write with extreme alarm about the Administration’s efforts to undermine Congress’s power of the purse, threaten our national security, and deny resources for states, localities, American families, and businesses.” 
    “The President has issued a number of Executive Orders to unilaterally freeze or contravene critical funding provided in bipartisan laws, sowing chaos across states, families, and communities. In that vein, you have now issued a series of Office of Management and Budget (OMB) memoranda that only further disarray and inefficiency—in particular, M-25-13, pursuant to which agencies will be ordered to stop vast swaths of federal financial assistance to states, families, and communities as of 5:00 PM ET on Tuesday, January 28,” continued Murray and DeLauro. “The scope of what you are ordering is breathtaking, unprecedented, and will have devastating consequences across the country.  We write today to urge you in the strongest possible terms to uphold the law and the Constitution and ensure all federal resources are delivered in accordance with the law.”
    “While we may have strong policy disagreements, we should all be united in upholding our nation’s laws and the Constitution.  We will be relentless in our work with members on both sides of the aisle and in both chambers to protect Congress’s power of the purse. The law is the law—and we demand you in your role as Acting OMB Director reverse course to ensure requirements enacted into law are faithfully met and the nation’s spending laws are implemented as intended,” concluded the Democratic leaders of the Senate and House Appropriations Committees.   
    The full text of the letter is here. Fact sheets detailing how presidents lack power to unilaterally override spending laws and deny enacted funding to communities through impoundment can be found here and here.

    MIL OSI USA News

  • MIL-OSI: The Saudi Capital Market Authority: Allowing Foreign Investment in Real Estate Listed Companies Operating in Makkah and Madinah

    Source: GlobeNewswire (MIL-OSI)

    RIYADH, Saudi Arabia, Jan. 28, 2025 (GLOBE NEWSWIRE) — The Saudi Capital Market Authority (CMA) has announced that foreigners are allowed to invest in Saudi listed companies in the Saudi capital market that own real estate within the boundaries of the cities of Makkah and Madinah, starting today. This follows the approval of the Controls for the Exclusion of Companies Listed in the Saudi Stock Exchange (Tadawul) from the Meaning of the Phrase (Non-Saudi) in accordance with the Law of Real Estate Ownership and Investment by Non-Saudis.

    Through this announcement, the Capital Market Authority aims to stimulate investment, enhance the attractiveness and efficiency of the capital market, and strengthen its regional and international competitiveness while supporting the local economy. This includes attracting foreign capital and providing the necessary liquidity for current and future projects in Makkah and Madinah through the investment products available in the Saudi market, positioning it as a key funding source for these distinctive developmental projects.

    According to the approved controls, foreign investment in companies owning real estate within the boundaries of Makkah and Madinah will be limited to shares of these Saudi companies listed on the Saudi capital market, convertible debt instruments, or both. However, the ownership of natural and legal persons jointly who do not hold Saudi nationality shall not exceed 49% of the company’s shares. An exception applies to strategic foreign investors, who are not permitted to own shares or convertible debt instruments in these companies.

    The approved Controls allow non-Saudi investors to benefit from the economic advantages of existing and future projects without violating the relevant laws, regulations, and instructions, particularly the Law of Real Estate Ownership and Investment by Non-Saudis, whether during the companies’ operations or liquidation.

    At the same time, according to the Controls, CMA grants Saudi listed companies the right to acquire ownership, easement, or usufruct rights over properties allocated for their headquarters or branch offices within Makkah and Madinah. This is contingent upon the property being fully utilized for this purpose and in accordance with the Exclusion Controls exemption regulations under the Law of Real Estate Ownership and Investment by Non-Saudis.

    It is worth noting that the Capital Market Authority has undertaken, and continues to implement, numerous efforts and measures to enhance the attractiveness of the Saudi capital market and facilitate the entry of foreign investors, both directly and indirectly. These efforts include allowing foreign residents to directly invest in the Saudi stock market, enabling foreign investors to access the market through swap agreements, permitting qualified foreign capital institutions to invest in listed securities, allowing foreign strategic investors to acquire strategic stakes in listed companies, and enabling foreign investors to directly invest in debt instruments. These initiatives reflect the completeness and diversity of the capital market’s funding options available for projects in Makkah and Madinah.

    In 2021, the Capital Market Authority (CMA) allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Makkah and Madinah. This move contributed to the reliance on the capital market as a diverse financing channel and supported the objectives of Saudi Vision 2030, which aims to make the Saudi capital market attractive to both local and foreign investments.

    The approval of the Controls came after the CMA published on 15 November 2023, the “Regulations of Foreign Investors’ Ownership of Shares in Saudi Listed Companies that have Investment Properties in Makkah and Madinah” on the Unified Electronic Platform for Consulting the Public and Government Entities (Public Consultation Platform “Istitlaa”), affiliated with the National Competitiveness Center (NCC), and the CMA’s website for public consultation for the purpose of approving the final text.

    The Controls for Foreign Investors’ Ownership of Shares in Saudi Listed Companies that have Investment Properties in Makkah and Madinah can be viewed via the following link:

    Controls for the Exclusion of Companies Listed in the Saudi Stock Exchange (Tadawul) from the Meaning of the Phrase (Non-Saudi) in accordance with the Law of Real Estate Ownership and Investment by Non-Saudis​

    Contact Information: معلومات التواصل:
    Capital Market Authority
    Communication & Investor Protection Division
    +966114906009
    +966557666932
    Media@cma.org.sa
    www.cma.org.sa
    هيئة السوق المالية
    الإدارة العامة للتواصل وحماية المستثمر
    +966114906009
    +966557666932
    Media@cma.org.sa
    www.cma.org.sa

    The MIL Network

  • MIL-Evening Report: DeepSeek shatters beliefs about the cost of AI, leaving US tech giants reeling

    Source: The Conversation (Au and NZ) – By Michael J. Davern, Professor of Accounting & Business Information Systems, The University of Melbourne

    Almost A$1 trillion (US$600 billion) was wiped off the value of artificial intelligence microchip maker Nvidia overnight on Monday, when a little-known Chinese start up, DeepSeek, threatened to upend the US tech market.

    While Nvidia suffered the biggest one-day loss in sharemarket history, other tech giants – Microsoft, Alphabet and Amazon, who are investing heavily in competing AI tools including ChatGPT and Gemini – were also hit.

    The rout was caused by investors’ shock at the claimed performance of DeepSeek’s new R1 chatbot. The Chinese AI was reported to be more advanced than its competitors and less expensive to develop.

    DeepSeek R1 has soared, becoming the top free downloaded app on Apple’s app store, as US technology and related stock prices fell dramatically.

    Why tech stocks took a deep dive

    The market was surprised by DeepSeek providing what amounts to cheaper technology but comparable performance.

    This has dramatically changed the market’s expectations of computing power, showing more can be done for less. It has also compromised the competitiveness of the US tech companies’ existing AI products and developments.

    Stock prices are driven by market expectations. The claimed performance of DeepSeek R1 prompted a major revision of expectations about what was technologically possible and about how cheaply AI could be developed and operated.

    Investors have rapidly incorporated the news of a low-cost Chinese AI competitor into stock prices, anticipating this new entrant could disrupt the market and erode the competitive advantage of existing leaders.

    Who is DeepSeek and what is R1?

    DeepSeek was founded in 2023 by Chinese hedge fund High Flyer, which had been exclusively using AI in trading since 2021.

    DeepSeek develops large language models (LLMs) that can underpin chatbots and other AI-based tools. R1 is the latest iteration of DeepSeek’s chatbot and underlying model. It builds on earlier versions of generative AI models developed by DeepSeek, and considerable amounts of data, but is a surprising leap forward in performance and cost.

    CAPTION TO GO HERE.
    Koshiro K/Shutterstock

    Technology investors believe R1 matches or outperforms competitors, including OpenAI’s ChatGPT 4.o1 on numerous benchmarks.

    However, there are some key differences:

    1. The model underlying R1 operates in a much less intensive manner. It is much cheaper to develop and run, requiring less data and computing power.

    2. The training of the model was possible despite the US export ban preventing Chinese companies such as DeepSeek from accessing chips from US companies such as Nvidia. The Biden administration had introduced laws restricting the sale of certain computer chips and machinery to China, in a move intended to block its rival from accessing some of the world’s most advanced technology.

    3. The training data and data uploaded to R1 sit on servers in China. Given concerns about data privacy and intellectual property have already been raised about US-based companies, having data under jurisdiction of the Chinese Communist Party (CCP) is arguably even more concerning.

    4. The chatbot program code is free to download, read and modify, unlike ChatGPT. This is however somewhat a false transparency – what matters more is the underlying model, not the Chatbot code.

    5. R1 is known to censor its responses in line with Chinese Communist Party values.

    The future of AI and tech stocks

    It is unknown whether this crash in price of tech stocks is an irrational panic that will reverse, or whether it simply reflects correct pricing. The future costs and benefits of AI are still uncertain.

    This is both a technological and an economic question.

    In technological terms, it is yet to be seen whether R1 really does require less computing power and less data to train and use.

    Economically, there are potential winners and losers. AI users may win with cheaper access to AI, and LLMs in particular, leading to increased adoption and associated productivity gains. Existing producers such as Nvidia may lose out in what was a market with few real competitors.

    More broadly, society may benefit from less computationally intensive, and therefore more energy-efficient, AI. However, the geopolitical risk of a single country capturing the market, together with concerns about data privacy, intellectual property and censorship may outweigh the benefits.

    Michael J. Davern has previously received funding from CPA Australia for industry research into Artificial Intelligence.

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

    ref. DeepSeek shatters beliefs about the cost of AI, leaving US tech giants reeling – https://theconversation.com/deepseek-shatters-beliefs-about-the-cost-of-ai-leaving-us-tech-giants-reeling-248424

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Haffner Energy, LanzaJet, and LanzaTech Join Forces to Unlock Alcohol-To-Jet SAF Production from Biomass Residues

    Source: GlobeNewswire (MIL-OSI)

    VITRY-LE-FRANÇOIS, France and CHICAGO, Jan. 28, 2025 (GLOBE NEWSWIRE) —

    Haffner Energy, a leading advanced solid biomass-to-clean fuels solutions provider, LanzaTech, a carbon management company providing a differentiated syngas-to-ethanol solution, and LanzaJet, the leading ethanol-to-jet technology company and fuels producer, announce today they are working together to explore joint biomass-to-Sustainable Aviation Fuel (SAF) projects covering the entire production value chain.

    The three companies are exploring SAF production opportunities, including the development of commercial plants, joint technology licenses, and offtake opportunities as they become available, and funding support and/or investment in specific SAF projects.

    The three companies together demonstrate the type of partnership and technology alignment this industry will need to be successful in meeting the global demands of aviation,” says LanzaJet CEO Jimmy Samartzis. “CirculAir™, the joint product between LanzaJet and LanzaTech, brings together our proprietary technologies to create low-carbon SAF from a variety of feedstocks, including discreet biomass sources. The technology developed by Haffner Energy further opens new opportunities for additional SAF production because it is biomass-agnostic.

    France-based Haffner Energy relies on its 31-years of experience to design, manufacture, supply, license, and operate proprietary disruptive clean fuels solutions using all types of biomass residues wet or dry, including agricultural and municipal waste.

    LanzaJet, a U.S.-based company with operations around the world, has a leading, exclusive, and patented Alcohol-to-Jet (ATJ) technology. LanzaJet is backed by global airport operator group Aéroports de Paris (ADP), British Airways, Airbus, Southwest Airlines and Microsoft, among others. In 2024 LanzaJet was named to the TIME100 Most Influential Companies list, and opened the world’s first commercial-scale ATJ plant in the U.S.

    LanzaTech is a proven leader in commercial-scale carbon management solutions, with operations worldwide that transform waste carbon into valuable raw materials, such as ethanol. Ethanol is the essential input required to produce SAF through the ATJ pathway. LanzaTech’s waste-based ethanol provides a tremendous resource for the scalability of the ATJ pathway and CirculAir™, the initiative unveiled last year by LanzaTech and LanzaJet, formally brings together both companies’ technologies into one integrated solution to take advantage of the immense opportunity in using waste-based feedstocks for SAF production.

    LanzaTech’s extensive experience using synthetic gas (syngas) as a feedstock to produce ethanol coupled with the proven flexibility of Haffner Energy’s proprietary technology to use a wide array of biomass residues to produce syngas, creates a strong foundation upon which to connect LanzaJet’s ATJ technology. The combination of the three companies’ technology unlocks a compelling pipeline of opportunities to develop and build multiple profitable projects together.

    “We are excited to team up with LanzaTech and LanzaJet to develop our first SAF projects together, says Haffner Energy co-founder and CEO Philippe Haffner. We’re confident that CirculAir™ is an exciting pathway, and we look forward to growing our global pipeline together thanks to our combined technologies.”

    Dr. Jennifer Holmgren, Chair and CEO of LanzaTech, and Board Chair of LanzaJet, stated, “The powerful combination of CirculAir and Haffner Energy’s technologies widens the range of waste-based feedstocks able to be used to meet growing SAF demand. Together, our technologies and teaming can drive innovation and economic growth through advanced technology. This partnership is about more than just fuel production; it’s about creating well-paid jobs in rural areas, generating additional value from agricultural and forestry waste, and building new refineries that can bolster local economies.”

    About Haffner Energy

    Haffner Energy designs, manufactures, supplies, and operates biofuel and hydrogen solutions using biomass residues. Its innovative, patented thermolysis technology produces Sustainable Aviation Fuel, as well as renewable gas, hydrogen, and methanol. The company also contributes to regenerating the planet through the co-production of biogenic CO2 and biochar. A family-owned company co-founded 31 years ago by Marc and Philippe Haffner, Haffner Energy has been working from the outset to decarbonize industry and all forms of mobility, as well as governments and local communities. Further information is available at https://​www.haffner-energy.com.

    About LanzaJet

    LanzaJet is a leading alternative fuels technology and engineering company with a patented Alcohol-to-Jet (ATJ) technology, LanzaJet is creating an opportunity for future generations by catalyzing the deployment of SAF and other energy solutions capable of building new industries, creating next generation jobs, and transforming the global economy. LanzaJet was named to TIME100 Most Influential Companies list in 2024. The company is backed by investors and supporters including: LanzaTech, Suncor, Mitsui, Shell, British Airways, All Nippon Airways, Microsoft, Breakthrough Energy, Southwest Airlines, MUFG, Groupe ADP and Airbus. Further information is available at https://​www.lanzajet​.com/.

    About LanzaTech

    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its bio-recycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Coty, Craghoppers, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    Media relations

    Haffner Energy
    Laetitia Mailhes
    laetitia.mailhes@haffner-energy.com
    +33 (0)6 07 12 96 76

    LanzaJet
    Meg Whitty
    meg.whitty@lanzajet.com
    +1 (515) 554 4244

    LanzaTech
    Kit McDonnell
    press@lanzatech.com
    +1 (630) 205-5800

    Investor relations

    Haffner Energy
    investisseurs@haffner-energy.com

    LanzaTech
    investor.relations@lanzatech.com

    The MIL Network

  • MIL-OSI: Euronext to acquire Nasdaq’s Nordic power futures business

    Source: GlobeNewswire (MIL-OSI)

    Euronext to acquire Nasdaq’s Nordic power futures business

    Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris / New York – 28 January 2025 – Euronext (Euronext: ENX), the leading European capital market infrastructure, and Nasdaq (Nasdaq: NDAQ), a leading transatlantic market operator and global technology company, today announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.

    The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearinghouse.

    The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

    Camille Beudin, Euronext Head of Diversified Services, said: “Euronext, with its strong presence in the Nordics and efficient integrated trading and clearing setup, is in an excellent position to deliver a long-standing and liquid power futures market for the Nordic and Baltic region. The acquisition of Nasdaq’s Nordic power futures is a major accelerator for our power futures ambition and positions Euronext as a leading player for trading and hedging of power in Europe.”

    Roland Chai, President of European Markets at Nasdaq, said: “Nasdaq’s European multi-asset class market infrastructure is an integral part of our business as an operator of transatlantic markets. This transaction will further sharpen our focus on strategic growth areas as we lead the European capital markets with strong client commitment, state of the art infrastructure for multi-asset class trading and clearing, and expertise in sustainability solutions. We are pleased that Euronext can offer a compatible power product structure and are confident that it will provide our members with the scale and expertise needed to further their power businesses.”

    In August 2024, Euronext and Nord Pool announced their plan to launch a Nordic and Baltic power futures market that addresses the need expressed by the market to have a long-standing, sustainable market infrastructure committed to developing secure power futures trading in the Nordic and Baltic regions. Client testing for the Euronext Nord Pool power futures offering will open in March 2025. The infrastructure created as part of this project is expected to go live in June 2025 and will be able to support the existing Nasdaq Nordic power futures business.

    Euronext and Nasdaq intend to work closely together to ensure a smooth migration of Nasdaq’s Nordic power futures in the first half of 2026. Until the migration is completed, Nasdaq will continue to operate its Nordic power futures business as usual. On receipt of the required approvals, Nasdaq will inform the market about the timing for the transfer of existing open positions to Euronext and Nasdaq will exit its commodities business post migration. No financial details of the transaction are disclosed.

    CONTACTS – EURONEXT  

    ANALYSTS & INVESTORS ir@euronext.com

    Investor Relations        Aurélie Cohen         

            Judith Stein        +33 6 15 23 91 97          

    MEDIA – mediateam@euronext.com 

    Europe        Aurélie Cohen         +33 1 70 48 24 45   

            Andrea Monzani         +39 02 72 42 62 13 

    Belgium        Marianne Aalders         +32 26 20 15 01                 

    France, Corporate        Flavio Bornancin-Tomasella        +33 1 70 48 24 45                 

    Ireland        Andrea Monzani         +39 02 72 42 62 13                 

    Italy         Ester Russom         +39 02 72 42 67 56                 

    The Netherlands        Marianne Aalders         +31 20 721 41 33                 

    Norway         Cathrine Lorvik Segerlund        +47 41 69 59 10                 

    Nord Pool        Irene Zeier        +47 905 79 250

    Nord Pool        Stuart Disbrey         +44 7887 409 044

    Portugal         Sandra Machado        +351 91 777 68 97                

    Corporate Services        Coralie Patri         +33 7 88 34 27 44                                         

    CONTACTS – NASDAQ

    ANALYSTS & INVESTORS Ato.Garrett@nasdaq.com

    Investor Relations        Ato Garrett        +1 212 401 8737

    MEDIA – Hampus.Stenberg@nasdaq.com 

    European Market Services        Hampus Stenberg         +46 73 449 64 31   

    About Euronext

    Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal.

    As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

    For the latest news, go to euronext.com or follow us on X and LinkedIn.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    This communication contains forward-looking information related to Nasdaq and the proposed sale of the Nasdaq Nordic power futures business by an affiliate of Nasdaq to an affiliate of Euronext, which transaction involves substantial risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied by such statements. When used in this communication, words such as “will”, “enable”, “intends”, “plans”, “expected” and similar expressions and any other statements that are not historical facts are intended to identify forward-looking statements. Forward-looking statements in this communication include, among other things, statements about the potential benefits of the proposed transaction, including statements relating to expectations of future operating results and financial performance, the anticipated timing of closing of the proposed transaction, preparations for the transfers of open interest and the actions of Nasdaq after the closing. Risks and uncertainties include, among other things, risks related to the ability of Nasdaq to consummate the proposed transaction on a timely basis or at all; Nasdaq’s ability to secure regulatory approvals on the terms expected, in a timely manner or at all; the ability to realize the anticipated benefits of the proposed transaction, including the possibility that the expected benefits from the proposed transaction will not be realized or will not be realized within the expected time period; disruption from the transaction making it more difficult to maintain business and operational relationships; risks related to diverting management’s attention from Nasdaq’s ongoing business operations; the negative effects of the announcement or the consummation of the proposed transaction on the market price of Nasdaq’s common stock or on Nasdaq’s operating results; significant transaction costs; unknown liabilities; the risk of litigation or regulatory actions related to the proposed transaction; and the effect of the announcement or pendency of the transaction on Nasdaq’s business relationships, operating results, and business generally.

    Further information on these and other risks and uncertainties relating to Nasdaq can be found in its reports filed on Forms 10-K, 10-Q and 8-K and in other filings Nasdaq makes with the SEC from time to time and available at www.sec.gov. These documents are also available under the Investor Relations section of Nasdaq’s website at http://ir.nasdaq.com/investor-relations. The forward-looking statements included in this communication are made only as of the date hereof. Nasdaq disclaims any obligation to update these forward-looking statements, except as required by law.

    Disclaimer

    This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

    © 2025, Euronext N.V. – All rights reserved. 

    The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

    Attachment

    The MIL Network

  • MIL-OSI: NBPE Announces December Monthly NAV Estimate

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    St Peter Port, Guernsey        28 January 2025

    NB Private Equity Partners (NBPE), the $1.2bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces its 31 December 2024 monthly NAV estimate.

    NAV Highlights (31 December 2024)

    • NAV per share was $26.91 (£21.49), a total return of (2.2%) in the month
    • Year to date NAV TR of (0.8%) (based on 31 December 2023 final numbers and 31 December 2024 monthly estimate)
    • NBPE expects to receive additional updated Q4 2024 financial information which will be incorporated in the monthly NAV updates in the coming weeks
    • $283 million of available liquidity at 31 December 2024
    As of 31 December 2024 2024 3 years 5 years 10 years
    NAV TR (USD)*
    Annualised
    (0.8%) (6.1%)
    (2.1%)
    65.0%
    10.5%
    160.2%
    10.0%
    MSCI World TR (USD)*
    Annualised
    19.2% 22.0%
    6.9%
    73.9%
    11.7%
    171.9%
    10.5%
    Share price TR (GBP)*
    Annualised
    (1.1%) (2.3%)
    (0.8%)
    62.1%
    10.1%
    231.2%
    12.7%
    FTSE All-Share TR (GBP)*
    Annualised
    9.5% 18.5%
    5.8%
    26.5%
    4.8%
    81.9%
    6.2%

    * All NBPE performance figures assume re-investment of dividends on the ex-dividend date and reflect cumulative returns over the relevant time periods shown, measured against the 31 December audited results at the beginning of the period. Three-year, five-year and ten-year annualised returns are presented for USD NAV, MSCI World (USD), GBP Share Price and FTSE All-Share (GBP) Total Returns.

    Portfolio Update to 31 December 2024

    NAV performance during the month driven by:

    • 0.8% NAV decrease ($10 million) from the receipt of private company valuation information
    • 0.5% NAV decrease ($6 million) from negative FX movements
    • 0.7% NAV decrease ($9 million) from the value of quoted holdings (which now constitute 6% of portfolio fair value)
    • 0.2% NAV decrease ($3 million) attributable to expense accruals

    Realisations from the portfolio

    • $179 million of realisations received in 2024. Driven by full exits of Cotiviti, Safefleet, Melissa & Doug, FV Hospital and Syniti, partial realisations of Action and Qpark as well as full and partial realisations of quoted holdings and income investments

    $283 million of total liquidity at 31 December 2024

    • $73 million of cash and liquid investments with $210 million of undrawn credit line available

    Four new investments completed in 2024; $104 million invested in 2024 in new and follow-on investments

    • $25 million invested in FDH Aero, a leading parts distributor to the aerospace and defense industry
    • $38 million invested into two U.S. healthcare businesses, Benecon and Zeus
    • $30 million investment in Mariner Wealth Advisors, a financial services firm
    • $11 million of additional new and follow on investments

    Portfolio Valuation

    The fair value of NBPE’s portfolio as of 31 December 2024 was based on the following information:

    • 7% of the portfolio was valued as of 31 December 2024
      • 6% in public securities
      • 1% in private direct investments
    • 1% of the portfolio was valued as of 30 November 2024
      • 1% in private direct investments
    • 92% of the portfolio was valued as of 30 September 2024
      • 91% in private direct investments
      • 1% in private funds

    For further information, please contact:

    NBPE Investor Relations        +44 (0) 20 3214 9002
    Luke Mason        NBPrivateMarketsIR@nb.com  

    Kaso Legg Communications        +44 (0)20 3882 6644

    Charles Gorman        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    Supplementary Information (as at 31 December 2024)

    Company Name Vintage Lead Sponsor Sector Fair Value ($m) % of FV
    Action 2020 3i Consumer 65.6 5.2%
    Osaic 2019 Reverence Capital Financial Services 62.7 4.9%
    Solenis 2021 Platinum Equity Industrials 61.3 4.8%
    BeyondTrust 2018 Francisco Partners Technology / IT 45.6 3.6%
    Branded Cities Network 2017 Shamrock Capital Communications / Media 38.3 3.0%
    Monroe Engineering 2021 AEA Investors Industrials 38.2 3.0%
    Business Services Company* 2017 Not Disclosed Business Services 38.1 3.0%
    GFL (NYSE: GFL) 2018 BC Partners Business Services 35.5 2.8%
    True Potential 2022 Cinven Financial Services 32.1 2.5%
    Staples 2017 Sycamore Partners Business Services 31.6 2.5%
    Kroll 2020 Further Global / Stone Point Financial Services 31.4 2.5%
    Marquee Brands 2014 Neuberger Berman Consumer 31.2 2.5%
    Mariner 2024 Leonard Green & Partners Financial Services 30.0 2.4%
    FDH Aero 2024 Audax Group Industrials 29.1 2.3%
    Fortna 2017 THL Industrials 28.7 2.3%
    Viant 2018 JLL Partners Healthcare 27.2 2.1%
    Stubhub 2020 Neuberger Berman Consumer 26.5 2.1%
    Agiliti 2019 THL Healthcare 25.3 2.0%
    Benecon 2024 TA Associates Healthcare 25.1 2.0%
    Solace Systems 2016 Bridge Growth Partners Technology / IT 24.4 1.9%
    Engineering 2020 NB Renaissance / Bain Capital Technology / IT 24.0 1.9%
    Addison Group 2021 Trilantic Capital Partners Business Services 23.8 1.9%
    USI 2017 KKR Financial Services 22.2 1.8%
    Auctane 2021 Thoma Bravo Technology / IT 21.9 1.7%
    Excelitas 2022 AEA Investors Industrials 21.9 1.7%
    Qpark 2017 KKR Transportation 21.3 1.7%
    AutoStore (OB.AUTO) 2019 THL Industrials 20.4 1.6%
    CH Guenther 2021 Pritzker Private Capital Consumer 20.2 1.6%
    Renaissance Learning 2018 Francisco Partners Technology / IT 19.7 1.6%
    Bylight 2017 Sagewind Partners Technology / IT 19.5 1.5%
    Total Top 30 Investments                             $942.7 74.4%

    *Undisclosed company due to confidentiality provisions.

    Geography % of Portfolio
    North America 79%
    Europe 20%
    Asia / Rest of World 1%
    Total Portfolio 100%
       
    Industry % of Portfolio
    Tech, Media & Telecom 22%
    Consumer / E-commerce 20%
    Industrials / Industrial Technology 17%
    Financial Services 16%
    Business Services 12%
    Healthcare 8%
    Other 4%
    Energy 1%
    Total Portfolio 100%
       
    Vintage Year % of Portfolio
    2016 & Earlier 10%
    2017 19%
    2018 15%
    2019 12%
    2020 12%
    2021 17%
    2022 5%
    2023 2%
    2024 8%
    Total Portfolio 100%

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $508 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The firm’s leadership in stewardship and sustainable investing is recognized by the PRI based on its consecutive above median reporting assessment results. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of 31 December 2024, unless otherwise noted.


    1Based on net asset value.

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

    NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    Attachment

    The MIL Network

  • MIL-OSI: Netcompany – Interim report for the 12 months ended 31 December 2024 and Annual Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Company announcement
    No. 06/2025

                                                     28 January 2025

    Continued growth and margin improvement in a challenging market
    Summary full year 2024

    • For the full year, Netcompany grew revenue by 7.6% (constant 7.4%) to DKK 6,540.6m, in line with guidance.
    • Adjusted EBITDA was DKK 1,097.9m in 2024 compared to DKK 901.2m in 2023. Adjusted EBITDA margin was 16.8% for 2024 (constant 16.9%) compared to 14.8% in 2023.
    • Average workforce increased to 8,007 FTEs.
    • Free cash flow in 2024 was DKK 821.1m compared to DKK 552.1m in 2023.
    • Cash conversion ratio increased to 147.1% in 2024 from 135.1% in 2023.
    • Debt leverage was 1.2x.
    • For 2025, Netcompany expects revenue growth in constant currencies of between 5% and 10% and adjusted EBITDA margin measured in constant currencies is expected to be between 16% and 19%.

    Performance highlights Q4

    • Revenue increased by 6% to DKK 1,678.2m in reported currencies and by 5.7% in constant currencies.
    • Adjusted EBITDA increased 12.8% to DKK 275.3m in Q4. Adjusted EBITDA margin was 16.4% (constant 16.5%) compared to 15.4% in Q4 2023.
    • Average workforce increased by 484 FTEs to 8,249 FTEs.
    • Free cash flow was DKK 532.4m.  
    • Cash conversion ratio (tax normalised) was 407.8%.

    We realised revenue growth of 7.6% (constant 7.4%) and adjusted EBITDA margin of 16.8% (constant 16.9%) in 2024, which was another year of high macro and geopolitically uncertainty.

    I am pleased to see the impacts of our significant investment into our operation materialising in continued growth and an improvement of more than 53% in our earnings compared to last year. This, combined with the significant work spent on business development in the last quarter of the year comforts me in Netcompany’s ability to deliver continued growth and margin expansion going forward.

    During the year we have welcomed more than 1,700 new employees to our Group and at the end of 2024 we were more than 8,250 impressive individuals whom, together with our customers, will pave the way forward for continued success – for all parties.

    Despite the continued uncertainty on both macro and geopolitical matters we expect to grow between 5% and 10%, and deliver an adjusted EBITDA margin of between 16% and 19% in 2025. At the same time, we reiterate our mid-term adjusted EBITDA margin target of 20%, but defer the timing for realising DKK 8.5bn in revenue to 2027. We remain committed to a total redistribution of cash of at least DKK 2bn to our shareholders by 2026, however, due to ongoing strategic considerations we are not initiating a new share buyback programme at this particular point in time.

    These are truly exiting times, and I look forward to continue to grow Netcompany successfully with all our stakeholders in 2025.”

    André Rogaczewski,
    Netcompany CEO and Co-founder

    Financial overview
    For full details on financial performance, see enclosed Company announcement Q4 2024 and Annual Report 2024 (incl. iXBRL)

    Conference details
    In connection with the publication of the results for Q4 2024, Netcompany will host a conference call on 28 January 2025 at 11.00 CET.

    The conference call will be held in English and can be followed live via the company’s website; www.netcompany.com

    Dial-in details for investors and analysts
    DK: +45 7876 8490
    UK: +44 203 769 6819
    US: +1 646 787 0157
    PIN: 598046

    Webcast Player URL: https://netcompany-as.eventcdn.net/events/annual-report-2024

    Additional information
    For additional information, please contact:

    Netcompany Group A/S
    Thomas Johansen, CFO, +45 51 19 32 24
    Frederikke Linde, Head of IR, +45 60 62 60 87

    Attachments

    The MIL Network

  • MIL-OSI: ING to sell its business in Russia to Global Development JSC

    Source: GlobeNewswire (MIL-OSI)

    ING to sell its business in Russia to Global Development JSC

    ING announced today that it has reached an agreement on the sale of its business in Russia to Global Development JSC, a Russian company owned by a Moscow-based financial investor with a background in factoring services. This transaction will effectively end ING’s activities in the Russian market. Under the terms of the agreement, Global Development will acquire all shares of ING Bank (Eurasia) JSC, taking over all Russian onshore activities and staff. Global Development intends to continue to serve customers in Russia under a new brand. The transaction, which has been preceded by extensive due diligence, is subject to various regulatory approvals and is expected to be closed in the third quarter of 2025.

    Since February 2022, ING has taken on no new business with Russian companies, has scaled down operations and has taken actions to separate the business from ING’s networks and systems. At the same time ING’s total lending exposure to Russian clients has been reduced by more than 75%.

    ING expects a negative P&L impact of around €0.7 billion post tax. This includes an estimated book loss of around €0.4 billion, representing the difference between the sale price and the book value of the business, which would have a negative impact of around 5 basis points on ING’s CET1 ratio. It also includes an estimated negative impact of around €0.3 billion from recycling the currency translation adjustment through P&L, that is currently booked in equity for past changes of the value of ING Bank (Eurasia) JSC as a result of exchange rate movements. This currency translation adjustment recycling will not affect ING’s CET1 ratio and resilient net profit.

    After the transaction, ING will continue to further reduce its offshore exposure to Russian clients. This exposure, which is booked by other ING entities outside of Russia, amounted to €1.0 billion as of 30 September 2024, of which €0.5 billion is under ECA or CPRI cover.

    Note for editors

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

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

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

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    Important legal information

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

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

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

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

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

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

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

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

    Attachment

    The MIL Network

  • MIL-OSI: BAWAG Group: Mandates of Management Board Members extended through end of 2029

    Source: GlobeNewswire (MIL-OSI)

    VIENNA, Austria – January 28, 2025 – The Supervisory Board of BAWAG Group has decided to extend the mandates of all six Management Board members through the end of December 2029. This reflects the long-term commitment of both the Supervisory Board and Management Board members to the long-term profitable growth and success of the Group.

    My Supervisory Board colleagues and I are proud to announce that we’ve extended the mandates of the Management Board through the end of 2029. I am personally excited about the journey ahead for the Group. Given the recent acquisitions, I wanted to ensure that the same team, which successfully transformed the franchise over the last decade, continues to drive forward the execution of our strategy while keeping the continuity of leadership,” commented Chair of the Supervisory Board Egbert Fleischer.

    First and foremost, I want to thank the Supervisory Board for securing the long-term commitment of the Management Board and supporting our leadership team over the years. We have worked together as a team for more than a decade and built a great senior leadership team that has driven the transformation of the Group. Our success is a testimony to the merits of being patient, disciplined, and making strategic decisions with a long-term perspective. I am grateful for the support from our Supervisory Board, investors, customers, and team members that have placed their trust in the Management Board as stewards of this great company. The future of the bank has never looked so bright, and the team is excited about the many opportunities ahead. We will do our best to continue delivering for all stakeholders,” comments Anas Abuzaakouk, CEO of BAWAG Group.

    BAWAG Group will report FY 2024 results on March 4, 2025 and will host an Investor Day on the same day.

    About BAWAG Group

    BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving 2.5 million retail, small business, corporate, real estate and public sector customers across Austria, Germany, Switzerland, Netherlands, Western Europe, and the United States. The Group operates under various brands and across multiple channels offering comprehensive savings, payment, lending, leasing, investment, building society, factoring and insurance products and services. Our goal is to deliver simple, transparent, and affordable financial products and services that our customers need. BAWAG Group’s Investor Relations website https://www.bawaggroup.com/ir contains further information, including financial and other information for investors.

    Forward looking statement

    This release contains “forward-looking statements” regarding the financial condition, results of operations, business plans and future performance of BAWAG Group. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should,” “would,” “could” and other similar expressions are intended to identify these forward-looking statements. These forward-looking statements reflect management’s expectations as of the date hereof and are subject to risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Readers are cautioned not to place undue reliance on the forward-looking statements as actual results may differ materially from the results predicted. Neither BAWAG Group nor any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this report or its content or otherwise arising in connection with this document. This report does not constitute an offer or invitation to purchase or subscribe for any securities and neither it nor any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. This statement is included for the express purpose of invoking “safe harbor provisions”.

    Contact:

    Financial Community:

    Jutta Wimmer (Head of Investor Relations)
    Tel: +43 (0) 5 99 05-22474
    IR Hotline: +43 (0) 5 99 05-34444
    E-mail: investor.relations@bawaggroup.com

    Media:

    Manfred Rapolter (Head of Corporate Communications and Social Engagement)
    Tel: +43 (0) 5 99 05-31210
    E-mail: communications@bawaggroup.com

    This text can also be downloaded from our website: https://www.bawaggroup.com

    The MIL Network

  • MIL-OSI Economics: HSBC’s Zing shutdown a $150 million innovation misstep, says GlobalData

    Source: GlobalData

    HSBC’s Zing shutdown a $150 million innovation misstep, says GlobalData

    Posted in Banking

    HSBC has officially shut down Zing, its $150 million attempt to challenge fintech giants like Wise and Revolut in cross-border payments. The ambition was clear: create a cutting-edge app with low fees and sleek functionality to capture a share of the booming international payments market. In 2024, $503 trillion in cross-border payments were made, underscoring the vast potential of this space. However, Zing’s journey has become a cautionary tale about why traditional banks struggle to innovate effectively, according to GlobalData, a leading data and analytics company.

    Joanne Kumire, Lead Banking and Payments Analyst at GlobalData, comments: “The app’s concept may have been sound, but its execution was flawed from the start. Existing customers were forced to undergo re-KYC, an unnecessary hurdle. The product itself was incomplete, failing to offer meaningful differentiation from Wise or Revolut.

    “Worst of all, HSBC spent over three years developing Zing before engaging with real users, sinking more than $150 million before generating any revenue. In contrast, Wise and Revolut had already captured the market by rapidly iterating their platforms, expanding globally, and building deep customer loyalty.”

    The underlying problem wasn’t HSBC’s lack of talent or resources, it was the cultural and structural challenges that plague many large banks. Innovation at scale requires speed, adaptability, and a willingness to experiment, traits that traditional financial institutions often struggle to embody.

    Kumire continues: “There are valuable lessons to be learned from Zing’s failure that banks must internalize to succeed in today’s hyper-competitive financial landscape. Banks need to prioritize moving quickly and gathering user feedback early in the process to guide development. Additionally, excessive spending should be avoided until there is clear evidence of product-market fit, and in many cases, partnering with experienced providers may be far more effective than attempting to build everything in-house.”

    Kumire concludes: “The future of such propositions lies in a more agile, customer-centric approach. Success will require banks to adopt the more entrepreneurial mindset of fintechs, where speed, experimentation and responsiveness takes precedence over rigid planning and internal processes. As cross-border payments continue to grow exponentially, those who can marry innovation with execution will be the ones who redefine the market. The future of banking innovation will be defined not by who builds it first, but by who delivers the best solution, whether independently or through collaboration.”

    MIL OSI Economics

  • MIL-OSI: Bitfarms Enters into a Binding LOI with HIVE Digital Technologies for the Sale of its Yguazu, Paraguay Site

    Source: GlobeNewswire (MIL-OSI)

    -Bitfarms to reinvest capital in US growth opportunities-

    -Accretive transaction values the completed site at ~$85 million and significantly reduces anticipated 2025 capital requirements-

    -Rebalances YE 2025 proforma energy portfolio to ~80% North American & 20% international-

    -Reduces expected average power costs by ~10%-

    This news release constitutes a “designated news release” for the purposes of Bitfarms’ second amended and restated prospectus supplement dated December 17, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Jan. 28, 2025 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global vertically integrated Bitcoin data center company, today announced that it has entered into a binding Letter of Intent (“LOI”) to sell its 200 MW site in Yguazu, Paraguay to HIVE Digital Technologies, Ltd (“HIVE”). The transaction is expected to close in the first quarter of 2025.

    Bitfarms CEO Ben Gagnon stated, “We are pleased to announce the sale of our Yguazu site to HIVE as we continue to streamline our operations and rebalance towards North America. Bitfarms will be reinvesting the capital from this sale towards its 1 GW growth pipeline in the U.S. for BTC and HPC/AI infrastructure which marks a significant milestone in our transition from an international Bitcoin miner to a North American energy and compute infrastructure company.”

    “We remain fully committed to our current operations in Latin America, with three sites totaling 144 MW that all benefit from long-term power contracts, competitive pricing and geographical diversification. This shift towards U.S.-based assets is in-line with our strategy to diversify beyond Bitcoin mining and capitalize on the significant growth opportunities in HPC/AI.”

    Terms
    Under the terms of the binding LOI, HIVE will purchase from Bitfarms its 100% ownership stake of its Yguazu, Paraguay Bitcoin mining site. The proposed transaction values the completed site at approximately $85 million, inclusive of approximately $19 million of power deposits with ANDE and the assumption of remaining capital obligations.

    Bitfarms to receive:

    • $25 million upon closing of this transaction
    • $31 million over 6 months following closing
    • $19 million as reimbursement for power deposits made to ANDE by Bitfarms
    • Approximately $10 million in remaining capital obligations

    Transaction Benefits

    • Significantly reduces Bitfarms’ anticipated 2025 capital requirements.
    • Rebalances portfolio to ~80% North American and 20% International by YE 2025, when coupled with our acquisition of Stronghold Digital Mining, which is expected to close in the next couple of months.
    • Reduces estimated average power costs by ~10%.
    • Does not impact miner deployment schedule. Reduces YE 2025 MW capacity from 955 MW to 755 MW.

    About Bitfarms Ltd.

    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • Y/Y or M/M= year over year or month over month
    • EH or EH/s = Exahash or exahash per second
    • MW or MWh = Megawatts or megawatt hour
    • HPC/AI = High Performance Computing / Artificial Intelligence

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the sale of the Yguazu, Paraguay Site, the merits of the rebalancing operations to North America, the reinvestment of the proceeds of the sale for growth, the North American energy and compute infrastructure strategy, and other statements regarding future growth, plans and objectives of the Company are forward-looking information. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of the Company at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: an inability to complete the sale of the Yguazu, Paraguay Site on the terms as announced or at all; the reinvestment of the proceeds of the sale may not occur on an economic basis; the anticipated benefits of the rebalancing of operations to North America and the North American energy and compute infrastructure strategy may not be realized; expansion may not materialize as currently anticipated, or at all; the digital currency market; the ability to successfully mine Bitcoin; revenue may not increase as currently anticipated, or at all; it may not be possible to profitably liquidate the current Bitcoin inventory, or at all; a decline in Bitcoin prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of Bitcoin prices; the anticipated growth and sustainability of hydroelectricity for the purposes of Bitcoin mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power for the Company to operate Bitcoin mining assets; the risks of an increase in the Company’s electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which the Company operates and the adverse impact on the Company’s profitability; the ability to complete current and future financings; the risk that a material weakness in internal control over financial reporting could result in a misstatement of the Company’s financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; any regulations or laws that will prevent Bitfarms from operating its business; historical prices of Bitcoin and the ability to mine Bitcoin that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to the Company’s filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission at www.sec.gov), including the restated MD&A for the year-ended December 31, 2023, filed on December 9, 2024. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by the Company. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law . Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Investor Relations Contacts:

    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:

    Caroline Brady Baker
    Director, Communications
    cbaker@bitfarms.com

    The MIL Network

  • MIL-OSI New Zealand: Release: Luxon misleading on the economy

    Source: New Zealand Labour Party

    Prime Minister Christopher Luxon is misleading the public by falsely claiming the economy has been in recession for three years.

    “Let’s set the record straight: National’s economic mismanagement has caused a recession that began after they took office,” Labour finance spokesperson Barbara Edmonds said.

    A recession is defined as two consecutive quarters of negative economic growth, which has been the case for the last two quarters where official data is available.

    “Trying to claim the economy was in recession when it wasn’t is frankly embarrassing for a Prime Minister.

    “Recession indicators are easily verifiable from official sources, so for Luxon to make such an uninformed comment is truly mind boggling. Either Nicola Willis isn’t briefing him, or he’s not listening to her – either way it’s dysfunctional.

    “Instead of taking responsibility and presenting a real plan to grow the economy, they are trying to rewrite history.

    “New Zealanders deserve honesty and leadership, not excuses and spin,” Barbara Edmonds said.


    Stay in the loop by signing up to our mailing list and following us on FacebookInstagram, and X.

    MIL OSI New Zealand News

  • MIL-OSI Australia: Interview with Hamish Macdonald, Sydney Mornings, ABC Radio

    Source: Australian Treasurer

    Hamish Macdonald:

    Are you finding the cost of living getting any better this year, or are things as tight as they ever have been? The federal Treasurer, Jim Chalmers, is pointing some good news on inflation this morning. The latest quarterly figure show petrol, furniture, games, toys all down – the biggest price fall, though, seems to be electricity down almost 16 per cent, that’s due largely to those household energy rebates.

    So what I want to hear from you this morning is, are you noticing any of this? How’s the bank statement looking at the end of the month? 1300 222 702 is the number. Let me know what you’re thinking about this. And perhaps the big question is, might these numbers point to a cut in your mortgage rates anytime soon? Jim Chalmers is here, good morning.

    Jim Chalmers:

    Good morning Hamish, thanks for having me on your show.

    Macdonald:

    We haven’t been getting a lot of good news on the cost‑of‑living front for some time. Have you got any good news for us this morning?

    Chalmers:

    Well, tomorrow we’ll get a big update on the inflation numbers in our economy. And first of all, I want to acknowledge that even at the same time as we are making as a country very substantial, very now sustained progress on the fight against inflation, we know that people are still under pressure. I suspect when people call into the program after the interview, they will convey that to you as they convey that to us, and we take that very seriously – but in aggregate, in the in the national economic data, what we have seen over the last couple of years is a quite remarkable moderation in inflation. Remember, when we came to office, inflation was higher than 6 per cent and rising. It’s now got a 2 in front of it.

    So we’ll get that update tomorrow. It will remind us of that substantial progress that we’ve made on inflation. Any number with a 2 in front of it will show that inflation has more than half since this government came to office. Any number with a 2 in front of it in the headline number will show that it’s within the Reserve Bank’s target band. Any progress on underlying inflation would be welcome as well. But we know that it doesn’t always immediately translate into how people are feeling and faring in the economy. We know that people are still battling to make ends meet.

    Macdonald:

    How do you explain that? Because obviously that’s what I hear from Sydney listeners. It’s obviously what people come and talk to you about; the sense that maybe the statistics, maybe the trend lines, are pointing to things getting better, but that it doesn’t necessarily feel that way. How do you explain that?

    Chalmers:

    Because the fight against inflation isn’t over. You know, it’s not mission accomplished, even if we get very encouraging numbers tomorrow, as we have been getting encouraging inflation numbers for some months now, you know, we would recognise that it’s not, it’s not mission accomplished – because people are still dealing with stresses and strains in their household budget.

    But what’s happened over the last 2 and a half years since this government’s come to office, is inflation’s come down very substantially, but what we’ve been able to do, unlike a lot of other countries, is we’ve been able to do that at the same time as we’ve got wages up, we’ve kept unemployment very low, we’ve got the budget into better condition. Even though we recognise those pressures are still there, we shouldn’t diminish what Australians have achieved together over the course of the last couple of years. Not every country has been able to do what we’ve been able to do, to get inflation down and wages up and unemployment low, all at the same time.

    I think it’s possible to do, as we do, to recognise those pressures are still there. It’s still very important that we’re rolling out those tax cuts, the energy bill relief that you referred to, and all the cost‑of‑living help that Peter Dutton opposed. That’s still important that we roll it out because people are under pressure. But we should recognise at the same time that we’ve made substantial and sustained progress in the fight against inflation and those new numbers tomorrow will reflect that.

    Macdonald:

    Now, I know you don’t speculate on the Reserve Bank will or won’t do when it meets, but a lot of people are very focused on that February meeting. People here in Sydney are really feeling it with home loan repayments. Do you think this year will be a better year?

    Chalmers:

    Well, I do acknowledge – especially in Sydney, but not just in Sydney – that interest rates, which started going up before the election, have gone up a number of times. They are one of the causes of this cost‑of‑living pressure that people are enduring and trying to deal with. So I do recognise that. You’re right, that I don’t make commentary or predictions or try and give free advice to the independent Reserve Bank. I focus on my job, which is doing what we can to fight inflation and roll that cost‑of‑living relief in a responsible way, keep unemployment low, get wages growing, all of those things that we’ve been talking about this morning. I leave the predictions or the commentary about rates decisions to others, to the independent Reserve Bank, primarily, and also to all of the other commentators who are interested in this at the moment.

    Macdonald:

    Sure, but this is really a question about what might unfold around those things this year. I mean, you must think about all the time. As most Sydneysiders with mortgages would as well.

    Chalmers:

    I do, and in the broad, in the main, I think that there are real reasons for people to be confident about 2025 – acknowledging that the last few years have been especially difficult for people, I think there is good cause for confidence, not complacency, about our economy in 2025 for a couple of reasons.

    First of all, we are making progress on inflation. We have got those real wages growing. We have kept the jobs market in really quite extraordinary condition. So all of those things will flow through into some of the other indicators, we expect growth in our economy to pick up a little bit, not a lot, a little bit, and that will be a good thing – but primarily the reason why people can be more confident about 2025 than 2024 is we’re seeing some of the fruits of our collective efforts. If you look at that most recent data we got from the national accounts – which is the big report card on our economy – growth was weak in our economy, but the combination of real wages growing again, inflation coming down and the tax cuts rolling out, means that we are starting to make up some of the ground that’s been lost over the last few years when it comes to living standards. And so that does give me a bit more confidence, not getting carried away about 2025 – there’s still a lot of global economic uncertainty, for example. But we are more confident about 2025 than we have been about the last couple of years.

    Macdonald:

    I read a piece, you’ve written an op‑ed in News Limited publications in the last few days. And you say every taxpayer is better off as a result of the decision you took 12 months ago, that’s obviously referring to changes you made to the stage 3 tax cuts. You say not just some, and those benefits will be even bigger from July this year. It seems to me that this is going to be a central question at the election, because Peter Dutton is saying are you better off after a term of the Albanese government? It’s pretty obvious a lot of people don’t necessarily feel better off. So the question is, would we all be better off if you’re re‑elected. It sounds like you’re making an argument to say we would be. Why is that?

    Chalmers:

    Well, the point I’m referring to in that piece I wrote for the media is that as we get wages growing, the tax cuts get bigger as well. I see those 2 things really as of a piece. You know, we’re all about making sure people can earn more and keep more of what they earn, getting wages growing, giving every Australian taxpayer a tax cut, getting inflation down, keeping unemployment low. These are our objectives, and these are the things that we have been achieving as a government, recognising that a lot of the pressures are still there.

    Now, you asked me about the choice at the election. I think one of the most important things for people to understand as we get nearer and nearer to this election is that if Peter Dutton had his way, not every taxpayer would’ve got a tax cut. No households would’ve got energy bill relief. They like lower wages, he went after Medicare when he was the Health Minister. The biggest risk to household budgets, and I think to the economy more broadly in 2025, is Peter Dutton and a Coalition government. And we know that they are a risk to household budgets because we know their record on some of these things: Medicare, wages, cost‑of‑living relief and the like.

    Macdonald:

    Just on that, though – you’re taking a pretty big swing there, the opposition says that they would tame the budget more, this would get our economy moving better, and we’d all benefit from that. So some of these pressures would reside. How do you answer that?

    Chalmers:

    Well, they have 2 economic policies, Hamish. One is taxpayer funded long lunches for bosses, and the other one is to push up electricity prices with this nuclear insanity that they’re pushing. Those are the 2 economic policies that they have announced. They say there’s hundreds of billions too much spending in the Budget, but they won’t come clean on what the cuts would be if they came to office. We know that after many cared last time, so it’s within our rights to point out. But the key question here really is the cost of living in this election campaign. People would have been worse off by thousands of dollars over the last couple of years if Peter Dutton had have his way, and they’ll be worse off still if he wins the election. And that is part of the choice that people will weigh up as we get closer and closer to election day this year.

    Macdonald:

    I’m talking to the federal Treasurer Jim Chalmers, I should make it clear we have been talking to Peter Dutton about joining the program to speak to you here in Sydney as well. We hope that will happen very soon.

    Jim Chalmers, a text from Jeff asking this: Hamish, ask Jim what’s caused the deep per capita recession we’re in? Why they run immigration at unheard of levels during a housing crisis?

    Chalmers:

    Well Jeff, a couple of things about your question – I appreciate you texting in. First of all, on migration, we saw a big recovery in the numbers after COVID, but we’re managing that level down to more normal levels, and we expect to see the fruits of that over the next year or 2. So that’s part of your question. When it comes to the per capita measure of growth in our economy, growth in our economy is remarkably weak, we have acknowledged that – but unlike a lot of other countries around the world, we’ve actually managed to keep the economy growing.

    The UK has had a recession, New Zealand is in recession right now, most of the OECD countries have had a negative quarter of growth. We’ve been able to avoid that, but growth is weak in the economy, and we see that reflected in the per capita measure. If you take a step back – Jeff and Hamish and all your listeners – acknowledging the pressures that people are under, acknowledging growth in our economy is week. We have a combination of things in our economy which a lot of other countries would like. We’ve kept the economy ticking over. We’ve got inflation down, we’ve got wages up, we’ve kept unemployment low, we’ve delivered 2 budget surpluses, we’ve got the Liberal debt down, and that means we’re paying less interest on it. All of these things are good things. We don’t pretend the job is finished – obviously it’s not because people are still under pressure and we know we’ve got more work to do, but the biggest risk to this progress would be a Dutton Coalition government who would make people worse off, not better off.

    Macdonald:

    For all of that, that list you rattle off about what you say are your achievements, many Australians are not that happy with you. You know, the polls – I don’t want to get into poll arguments – pointing to many Australians considering Peter Dutton as Prime Minister. Clearly, the shift is afoot in terms of polling. Why are you not getting credit for it, then?

    Do you acknowledge that perhaps Australians are feeling quite so positive and optimistic as you paint it?

    Chalmers:

    I think I’ve acknowledged that probably half a dozen times in the course of this conversation, Hamish – that people are under pressure, I think you see that reflected in opinion polls. Obviously I notice these opinion polls, I don’t obsess over them – the numbers I’m focused on are the numbers in the economy, but I think I’ve acknowledged numerous times today that people are still under pressure and we see that reflected in the polls.

    Macdonald:

    A question about something slightly related to this: Donald Trump’s established something called a DOGE – a Department of Government Efficiency – that will be led in part by Elon Musk. Peter reshuffled his shadow cabinet and we now have a SMOGE – I think is the abbreviation – a Shadow Minister for Government Efficiency. Now we can see how that worked out for Trump’s opponent. What are you going to do to counter this idea?

    Chalmers:

    What do you mean you can see how this worked out –

    Macdonald:

    – Trump’s opponent. Kamala Harris. She didn’t win. So the question is, how are we going to –

    Chalmers:

    Oh, okay, you’re saying that was decisive in the American election, okay. I think a couple of things about that. I saw that reshuffle that Peter Dutton made on the weekend. I don’t think it’s much of a vote of confidence in Shadow Finance Minister or Shadow Treasurer that he thought it necessary to make that appointment. And I’d also point out that this Labor government, as part of delivering those 2 surpluses and a $200 billion positive turnaround in the Budget and getting the debt down, one of the big reasons for that is this government has found $92 billion worth of savings across 3 Budgets and updates. And what that’s shown is we can find the necessary savings to get the budget in much better nick without making these sorts of announcements that Peter Dutton made.

    I compare that $92 billion in savings to the last Budget of the Coalition government before we came office, which had zero savings in it. What we’ve shown, is we can have all the fancy titles that they like, but we’ve got a Finance Minister in Katy Gallagher and a cabinet for whom responsible economic management is really the defining feature of how we go about managing the budget. We found those savings without finding it necessary to have these kinds of titles that Peter Dutton gave to one of his colleagues on the weekend.

    Macdonald:

    I want to ask you about the position the government’s ended up in on gambling advertising, it seems, a lot of listeners pretty upset about this. We heard from Mary‑Lynne yesterday on the question of gambling ads, and whether she’d vote for your government again.

    [Excerpt]

    Listener:

    Well, I can’t actually see myself going voting for either side at the moment. I think I’m going independent this time, well and truly – but one of my main criticisms is that Albanese came in, was going to do something about the gambling ads. As soon as he was in, he became wishy‑washy about the gambling ads, and there’s been absolutely nothing done about the gambling ads. All through the tennis, all through TV, day and night, we’re up to our eyeballs in gambling ads, and neither side is doing anything about this. And I think it’s just completely a reflection of the lack of action by the government.

    [End of excerpt]

    Macdonald:

    That was Mary‑Lynne speaking to us yesterday.

    Now, I’ve been reading in the papers that the Prime Minister had met with the bosses at the TV networks, the sporting codes, just a fortnight before essentially ditching the plans that you had in place. Did you get rumbled by these big executives on this?

    Chalmers:

    No, of course not. But I do want to acknowledge that there are a lot of people like Mary‑Lynne who want us to go further and faster when it comes to gambling advertising. But where I differ respectfully with Mary‑Lynne’s comments is when I point out that we have actually done a lot when it comes to gambling reform. You know, we introduced Betstop, we introduced the warnings, we banned credit cards from online gambling – and we’ll continue to work through the recommendations of the Murphy inquiry into online gambling, and we are doing a lot of consultation.

    We know that there are a range of views in the community, including Mary‑Lynne’s, but I don’t agree, respectfully, that nothing has happened. We have done probably more to crack down on the harms of online gambling, particularly for young people, than any government before. We acknowledge people want us to do more than that, but we haven’t done nothing.

    Macdonald:

    I want to play a bit of music that I think we familiar to you.

    [Tupac’s Changes plays]

    Now, I think you write the budget to this track. Is that correct?

    Chalmers:

    I listen to it a lot, Hamish. I wasn’t expecting Tupac on Sydney morning radio today, but it’s a real favourite of mine. It’s a very regular feature of my playlist.

    Macdonald:

    So what are you listening to while you write this year’s Budget?

    Chalmers:

    I find that my musical tastes are mellowing over time, and so I listen to a lot of very chilled electronic music now. I still listen to Tupac from time to time, usually on a running playlist rather than a working playlist.

    Macdonald:

    Alright. Treasurer Jim Chalmers, thank you for your time, we appreciate it.

    Chalmers:

    Appreciate your time Hamish, all the best.

    MIL OSI News

  • MIL-OSI Australia: Mandatory service standards for the superannuation industry

    Source: Australian Treasurer

    The Albanese Government is taking action to raise the bar for member service in superannuation by introducing mandatory and enforceable service standards for all large APRA‑regulated superannuation funds.

    These reforms are all about strengthening the superannuation system by improving member outcomes.

    The new standards will improve how funds engage with their members and put member interests at the heart of service delivery.

    Superannuation is a powerhouse of prosperity for Australians. With a $4.1 trillion system delivering strong returns, workers are retiring with an average balance of over $200,000.

    The Government is ensuring that the same high standards Australians expect in investment performance also apply to member service.

    While most funds offer services that meet or often surpass community expectations, there have been some areas where some funds have fallen short.

    The new standards will initially target critical areas where complaints data shows the greatest need for improvement, such as:

    • The timely and compassionate handling of death benefits;
    • Fair and efficient processing of insurance claims; and
    • Clear, respectful and accessible communications with members.

    Better service is especially important during sensitive and vulnerable moments in members’ lives.

    Super funds have a responsibility to support members or their beneficiaries during these times, not add to their stress.

    Treasury will work closely with consumer advocates, regulators and industry stakeholders to develop the standards. Draft standards will be released for public consultation.

    This reform aligns with the newly legislated objective of superannuation: “to preserve savings to deliver income for a dignified retirement, alongside government support, in an equitable and sustainable way.”

    It also complements the Government’s retirement phase of super reforms and the Delivering Better Financial Outcomes package, which are about ensuring Australians receive better advice and information, improved products and greater transparency.

    With this reform, the Albanese Government is making sure the superannuation system not only delivers financial security for retirement but does so with fairness and dignity for members along the way.

    MIL OSI News

  • MIL-OSI Australia: MEDIA RELEASE: WGEA confirms 4 March for next release of employer gender pay gaps

    Source: Workplace Gender Equality Agency

    MEDIA RELEASE

    The Workplace Gender Equality Agency (WGEA) has announced it will publish the next set of Australian private sector employer gender pay gaps on 4 March 2025.

    Australians will be able to search and compare the gender pay gaps of more than 9,200 private sector employers when their 2023-24 results are published on the Agency’s website in the interactive Data Explorer dashboard and in a WGEA Employer Gender Pay Gaps Report.

    Legislative changes in 2023 enable WGEA’s second release of employer gender pay gaps to include more detailed insights on the state of gender equality in Australian workplaces.

    On 4 March, WGEA will again publish employer gender pay gaps by median, for total remuneration and base salary, and the gender composition of the workforce, by pay quartile.

    The inclusion of CEO remuneration in employer gender pay gap calculations for the first time means WGEA will also publish each individual employer’s average gender pay gap, for total remuneration and base salary, and their average remuneration, by pay quartile.

    WGEA Chief Executive Officer Mary Wooldridge said publishing individual results each year is an important catalyst for employers to take action to end their gender pay gap.

    “In Australia, we have a strong sense of fairness and the right to a fair go, but a national gender pay gap of 21.8% means women earn, on average, just 78 cents for every $1 men earn,” Ms Wooldridge said.

    “The gender pay gap limits women’s ability to meet costs of essentials like groceries, fuel or rent or the ongoing costs of children’s education. This financial pressure has a flow-on effect.

    “With less money left over after paying for daily essentials, a woman’s ability to build long-term financial security for themselves and their family is reduced. They also have less money to put aside extra savings to invest for retirement, but we know that women, on average, live longer than men.

    “Employers are in a unique position to take action to create environments where all people are fairly represented and equally valued and rewarded in the workplace.

    “Employers aren’t alone in working to this goal. WGEA has a comprehensive suite of tools and resources on the Take Action page of our website to support employers to investigate and act on their gender pay gap as well as personalised advice at our gender equality masterclasses and 1:1 direct advisory sessions.”

    In 2025, WGEA will publish the 2023-24 employer gender pay gaps for corporate groups, subsidiaries of corporate groups and standalone employers, where each organisation has 100 or more employees. This is more comprehensive than how WGEA published employer gender pay gaps in 2024 when results were published by how corporate groups submitted their data to WGEA.

    More details about what WGEA will publish on 4 March is available on the ‘Gender pay gap publishing 2025 FAQ’ webpage on the WGEA website at www.wgea.gov.au/about/our-legislation/publishing-employer-gender-pay-gaps.

    MIL OSI News

  • MIL-OSI USA: Capito Votes to Confirm Bessent for Treasury Secretary

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    WASHINGTON, D.C. – U.S. Senator Shelley Moore Capito (R-W.Va.) issued the following statement after voting to confirm Scott Bessent to serve as the next Secretary of the Treasury.
    “The American people, frustrated with the high cost of living and barriers to growth, elected President Trump to restore strength and confidence in the U.S. economy,” Senator Capito said. “Mr. Bessent is a well-qualified choice to lead the Treasury Department and I was proud to vote to confirm him. I am confident that Mr. Bessent will lead in this crucial position in a way that will support pro-growth economic policies, protect our national security, and improve global competitiveness.”

    MIL OSI USA News

  • MIL-OSI Economics: Money Market Operations as on January 27, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,48,635.18 6.55 5.10-6.85
         I. Call Money 12,208.54 6.57 5.10-6.65
         II. Triparty Repo 3,82,808.20 6.53 6.25-6.58
         III. Market Repo 1,51,866.04 6.60 5.95-6.75
         IV. Repo in Corporate Bond 1,752.40 6.80 6.80-6.85
    B. Term Segment      
         I. Notice Money** 242.00 6.49 5.90-6.60
         II. Term Money@@ 434.00 6.50-7.50
         III. Triparty Repo 1,600.00 6.58 6.55-6.65
         IV. Market Repo 797.72 6.89 6.65-6.90
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 27/01/2025 1 Tue, 28/01/2025 1,93,661.00 6.51
         (b) Reverse Repo          
    3. MSF# Mon, 27/01/2025 1 Tue, 28/01/2025 682.00 6.75
    4. SDFΔ# Mon, 27/01/2025 1 Tue, 28/01/2025 55,881.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       1,38,462.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 24/01/2025 14 Fri, 07/02/2025 1,62,096.00 6.51
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,556.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,71,652.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     3,10,114.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on January 27, 2025 9,30,154.39  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ January 27, 2025 1,93,661.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 10, 2025 -40,102.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2020

    MIL OSI Economics

  • MIL-OSI USA: ICYMI: On Senate Floor, Warren Opposes Treasury Nominee for Backing Trump Billionaire Agenda

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    January 27, 2025

    “[B]illionaires dominate the American economy, and Republicans plan to give them more tax breaks…And Mr. Bessent is another billionaire ready to do the hard work of cutting taxes for every billionaire in America, himself included.” 

    “Mr. Bessent has been an advocate for deregulating Wall Street and letting the Big Banks load up on risk…[an] approach [that] brought our economy to its knees in 2008…Trump wants to run that same economic play and Mr. Bessent is the guy he’s picked to do it.”

    Video of Remarks (YouTube) 

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, delivered remarks on the floor of the U.S. Senate opposing the nomination of Mr. Scott Bessent for Secretary of the Treasury. Mr. Bessent’s views – including support for policies that compromise the stability of our financial system and support for tax policies that help billionaires instead of working families – have raised deep concerns for Senator Warren. 

    Remarks from Senator Elizabeth Warren
    As Delivered
    January 27, 2025

    Madam President, I rise today in opposition of Scott Bessent to be the next Treasury Secretary and in support of tens of millions of working families who need a government on their side.

    The Treasury Secretary is one of the President’s top economic advisors. He has the power to lower costs for hard-working people—or to give billionaires another break. 

    Now, Mr. Bessent has a long history as an investment manager helping rich clients get even richer. In fact, helping rich people get richer has been a profitable business for him. Mr. Bessent is now a billionaire himself. He owns not one, but two, multi-million dollar mansions, including one in the Bahamas, and has hundreds of millions in investments. Now, he’s spent a lot of money, but he’s saved money in one area:  he hasn’t paid the taxes he owes. According to an analysis from the Congressional tax experts, Mr. Bessent has refused to pay $2 million in taxes that he owed on his hedge fund earnings just in the past 3 years. And Mr. Bessent has no demonstrated track record of fighting to make life better or more affordable for working people.

    So let’s start with some of Trump’s economic plans that Mr. Bessent would be in charge of advancing. 

    Right now, Republicans in the White House and in Congress are working through their plans to extend tax breaks for billionaires and giant corporations – paid for in part with major cuts to health care.  

    In plain English, Republicans are hoping you won’t notice major budget cuts for nursing homes that take care of your grandpa or the cuts in school lunches for poor kids. Move grandpa out of the nursing home and let the little kids go hungry in order to make sure a tiny handful of billionaires get a few more truckloads of cash from Uncle Sam. 

    There’s a truth no one can escape: Someone has to pay to run this country. Folks like Scott Bessent think the burden should be just a little heavier on working people because billionaires like him are smarter than everyone else. One place or the other, someone has to pay. 

    So during his hearing, I asked Mr. Bessent about those cuts for billionaires. I asked if there were any billionaires already rich enough that they just didn’t need another tax cut. 

    He said, well, that it was unwise to single out anyone, not even billionaires. 

    You wouldn’t want to single out a billionaire like Jeff Bezos who pays a lower tax rate than a Boston public school teacher?

    You wouldn’t want to single out a billionaire like Mark Zuckerberg whose company Meta paid a tax rate of just 11.5-percent in 2023 despite making nearly $40 billion in profits?

    You wouldn’t want to single out a billionaire like Elon Musk who’s more focused on flying to Mars than making life better for working families here on Earth?

    Those billionaires had better seats at Donald Trump’s inauguration than Trump’s own cabinet nominees.

    Those billionaires dominate the American economy, and Republicans plan to give them more tax breaks. This is the payout for Trump’s quote ‘rich as hell donors.’ And Mr. Bessent is another billionaire ready to do the hard work of cutting taxes for every billionaire in America, himself included.

    The top economic issue today is how do we lower costs for families and build an economy that works, not just for the wealthy and well-connected, but an economy that works for everyone. 

    I’m hammering out plans to make it a little easier for families to be able to pay their bills, to buy a home, and to build some financial security. 

    Trump’s tax breaks for billionaires is the same old Republican playbook of trickle down economics. Help the rich get richer and leave everyone else behind. 

    But that’s not the Trump administration’s only bad economic idea.

    Mr. Bessent has been an advocate for deregulating Wall Street and letting the Big Banks load up on risk. 

    Deregulate Wall Street. Yeah, a lot of people remember how that approach brought our economy to its knees in 2008. People who remember include millions of people who lost their homes. The millions who lost their jobs. The millions who lost their savings. And now, once again, Trump wants to run that same economic play and Mr. Bessent is the guy he’s picked to do it.  

    We don’t need less oversight of the giant banks and Wall Street movers and shakers. Risk is building in the system. 

    The too-big-to-fail banks are quietly taking on riskier investments. 

    The shadowy private credit market has loaded up on highly leveraged loans. 

    And after waves of catastrophic losses, the insurance industry is facing a reckoning that even climate-change deniers can’t ignore. 

    Without significant changes, another financial crash is coming.

    As we learned, those big crashes fall hardest on hard working people who are just trying to make a living.  A billionaire willing to roll along on deregulation poses a threat to the economic well-being of every American. And a billionaire who supports more tax cuts for every single billionaire in America is not someone who is watching out for hard working families.

    For me, this is simple.  

    I’m ready to work together with President Trump’s team wherever we agree to help families, but I’m also ready to fight like hell when Republicans pursue economic policies that load up the risk in our financial system or tax policies that mostly benefit billionaires. 

    I will vote NO on Mr. Bessent to be the next Secretary of the Treasury, and I urge my colleagues to do the same. 

    Thank you, Madam President, and I suggest the absence of a quorum. 

    MIL OSI USA News

  • MIL-OSI USA: Sen. Scott Statement on Confirmation of Scott Bessent

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — Today, U.S. Senator Tim Scott (R-S.C.), member of the Senate Finance Committee, issued the statement below following the confirmation of Scott Bessent to serve as U.S. Secretary of the Treasury:
    “Scott Bessent’s confirmation is great news for the pockets of American taxpayers. He understands the cataclysmic repercussions the middle class will face if provisions of the 2017 Tax Cuts and Jobs Act expire. With his great success as an entrepreneur, he will help ensure all Americans have the necessary tools to reach financial freedom. I am excited to work with the President and Secretary Bessent to unleash economic opportunity for all Americans!”

    MIL OSI USA News

  • MIL-OSI Australia: Doorstop – Jerrabombera

    Source: Australia Government Ministerial Statements

    SUBJECTS: Cheaper Child Care; Wage rise for early educators; Universal early education; Fully funding public schools; $7,200 worse off under Peter Dutton; National Bullying Action Plan; The Middle East; Antisemitism; University governance; Local government 

    KRISTY McBAIN, MINISTER FOR REGIONAL DEVELOPMENT, LOCAL GOVERNMENT AND TERRITORIES: It’s a pleasure today to welcome Minister Jason Clare to Goodstart Jerrabomberra where 90 places a day are filled, and we have a wait list. Jerrabomberra is the heart of the Queanbeyan region, it’s fast growing, and this childcare centre is one of many that have benefitted from the Albanese Labor Government’s Cheaper Childcare plan.

    We know families right across our region have benefitted from this, and it’s so great to be able to introduce Minister Clare to the wonderful staff here, the wonderful centre manager and State manager and the wonderful kids that come here each and every day to enjoy this beautiful centre.

    JASON CLARE, MINISTER FOR EDUCATION: Thanks very much, Kristy. It’s absolutely fantastic to be with you here at Jerrabomberra at the Goodstart Centre here. You are an absolutely fantastic Member of Parliament, and we are so lucky to have as part of the Albanese Labor Government and this community is lucky to have you as their Labor Member.

    When we were elected two and a half years ago, childcare costs had sky rocketed, childcare costs under the Liberals went up by 49 per cent over just under a decade, and that was double the OECD average.

    We’ve cut the cost of childcare now for more than a million Australian families. In the first 15 months of our Cheaper Childcare laws this has meant that for an average family on about 120 grand a year combined income with one child in early education or care saved them about 2,700 bucks, and that’s real money that’s making a real difference for families right across the country.

    And when we were elected two and a half years ago childcare workers were leaving the sector in droves, that’s the truth of it, and we’re now starting to see that turn around. Data that’s been released today shows that vacancy rates in the childcare sector are down 22 per cent, and at Goodstart, where we are today, all of their centres across the country, we’re seeing job applications now jump by 35 per cent, and expressions of interest jump by 50 to 60 per cent. Vacancy rates at Goodstart Centres are down by a massive 28 per cent.

    So that’s fantastic news. It shows that when you pay people more, more people want to do the job, and there aren’t many jobs that are more important than the work that our early educators do, getting young people ready for school.

    If we win the next election, the next big thing that we need to do is build more centres where they don’t exist at the moment and help to make sure that more young people get the chance that the children we’ve met here today get, help young people who can’t get into early education and care now, either because there’s no centre in their town, or because they can’t get access to the subsidy through no fault of their own.

    And that’s why if we win the next election, we’ll set up a $1 billion fund to build more centres in the outer suburbs and in the regions where they don’t exist at the moment, and implement a three day guarantee, to guarantee that every child who needs it will get access to three days a week of government supported early education and care.

    Why? To make sure that more children are ready to start school, because the evidence is, that if children spend more time in early education and care in centres like this, they’re more likely to start school ready to learn.

    And just while talking about school, last week the Prime Minister announced that South Australia and Victoria have become the fifth and sixth States to sign up to our public school funding and reform agreement, the Better and Fairer Schools Agreement, that’s along with WA, Tassie, ACT, the Northern Territory and of course now South Australia and Victoria.

    On the weekend, teachers backed this agreement, on the weekend principals backed this agreement, and now today the Business Council of Australia backed this agreement. This is real funding, to fix the funding of our public schools, and it’s not a blank cheque, it’s tied to real reform; things like phonics checks in Year 1 and numeracy checks in Year 1 to identify children who might already be falling behind, and then using that funding to make sure that children who do fall behind catch up early, because we know that children who catch up early are more likely to go on and finish high school.

    So, it’s backed by teachers, backed by principals, backed by the business community. The only people that are against it are Peter Dutton and the Liberal Party, they’re against cutting the cost of childcare for Australian parents, they’re against pay rises for childcare workers, they’re against building more childcare centres where they don’t exist, and they’re against fixing the funding of our public schools and tying that funding to evidence based teaching and real reform to help more young children to catch up, keep up and finish high school.

    Happy to take some questions.

    JOURNALIST: When do you expect that Queensland and New South Wales will sign on to that school agreement?

    CLARE: I won’t give you a date, but negotiations are going well.

    JOURNALIST: Fresh polling is showing that it’s really tight. Are your cost-of-living measures cutting through with the voters?

    CLARE: We know that Australians are doing it tough, a lot of Australians are doing it tough, that’s why creating a million jobs is really important, that’s why cutting inflation by more than half is really important, that’s why boosting real wages is really important as well.

    We’re making progress, there’s more work to do, but the evidence that came out on the weekend shows that if Peter Dutton had been the Prime Minister of Australia for the last 12 months, Australian families would be over $7,000 worse off.

    Why? Well, because he was against the tax cuts that delivered a lot of support for Australian families, he’s against cheaper childcare, he’s against cutting the cost of medicine, he’s against lifting real wages, he’s against cutting the cost of people’s energy bills through that $300 rebate, and when you add all that up, it means that Aussie families would be thousands and thousands of dollars, $7,200, worse off under Peter Dutton.

    JOURNALIST: On the School Agreement, so New South Wales and Queensland you would assume are trying to get more than 25 per cent. Are you open to that?

    CLARE: Don’t assume that. But I’m not going to negotiate through the media. What’s important here is that we fix the funding of our public schools, and we tie that to the sort of reforms that are going to help make sure that more kids that fall behind can catch up and keep up and finish high school.

    Private schools, non government schools are funded at the level that David Gonski said they should be at, public schools aren’t, and this agreement is about fixing that, but also tying that to real targets and real reforms.

    The current agreement doesn’t do that. There aren’t any real targets, there aren’t any real reforms. I want to make sure that we fix the funding of our schools and tie it to the sort of reforms that we know work. I want this money to get results.

    At the moment in public schools, over the course of say, you know, the last eight years or so, we’ve seen the percentage of kids finishing high school drop from 83 per cent to 73 per cent. Just think about that for a second. That’s happening at a time where it’s more important to finish school than it was when we were little.

    We’ve got to turn that around if we’re going to make sure that more people get a chance to go to TAFE and university and get the jobs that are being created today. That’s why this funding is important, but that’s why the reforms that it’s linked to are just as important.

    JOURNALIST: The States that signed on to it earlier, are they now pushing for 25 per cent as well, and will you grant that?

    CLARE: I’ve already spoken to those States, and we will offer to them the same deal, which is we’ll lift our offer from 20 to 25 if they get rid of that 4 per cent which is usually aligned to things like capital depreciation costs. So, we’re having great conversations with states like WA and Tassie.

    JOURNALIST: Is there a willingness though to go above 25 per cent for the two states that have paid off, and then does that open up the chance for increased funding for other states?

    CLARE: No. That’s why when I answered your previous question, I said don’t assume that the States are asking for more than 25 per cent. What the states have been asking for, for the last 12 months is that we increase our offer from 20 to 25 per cent, and we said, “Yeah, we’ll do that, but we need you to chip in as well”.

    It’s always been my view that the Commonwealth’s got to chip in and the states have to chip in as well. That’s why we’re saying to the states, if we can lift our funding from 20 to 25 per cent, let’s get rid of that other 4 per cent, which is used for things like capital depreciation that don’t actually go to real funding for schools at the moment.

    JOURNALIST: Is the absolute cap 25?

    CLARE: Well, again, I’m not going to go into the details of the conversation, but we’re not talking beyond 25.

    JOURNALIST: How exactly are you going to address high rates of absenteeism due to bullying or mental health issues, do you actually have a stepped plan in place for the next school year?

    CLARE: Yep. This is a complicated thing. There is absolutely no place for bullying in our schools. That’s why the work that we’re doing in putting together a National Bullying Action Plan with the states is so critical, so important; that’s why getting rid of mobile phones in schools is so important; that’s why the ban on access to social media for young people under the age of 16 is so important as well.

    We know fundamentally that children are less likely to be at school if they’re suffering from bullying or they’re suffering from mental health challenges. And young people with mental health challenges, by the time they’re in Year 9 are about a year and a half to two years behind the rest of the class, and less likely to finish school.

    And so the sort of things that we want to tie this funding to are early intervention when children are young at primary school to make sure that they keep up and catch up, but also more investment in things like mental health workers and paediatric nursing support in our schools.

    That investment in health is not just about health, it has real education outcomes as well.

    JOURNALIST: Donald Trump overnight said that   sorry, a couple of days ago said that he proposed “cleaning”   unquote   “cleaning out Gaza and resettling Palestinians”. What is the Government’s response to that?

    CLARE: The Government’s position for a very, very long time, I think since December of 2023, has been to call for a ceasefire in Gaza, and we’re glad that that has finally happened. We want to see an end to the killing in the Middle East, we want to see trucks come in with food and with medicine and with aid. We want to see the hostages returned.

    JOURNALIST: And what about resettling Palestinians though? What is your response directly to that suggestion that they should be moved to Jordan or Egypt?

    CLARE: The position of the Australian Government, which I think is still the position of the Opposition as well is that we believe in a two-state solution, two countries living side by side, two peoples living side by side in two nations where people can live in safety and security without having to go through checkpoints or fear that their lives will be taken from them the next day.

    JOURNALIST: Just on that language though, you know, “cleaning out”, do you think that’s triggering language or insensitive language?

    CLARE: Repeating my previous answer, we want two peoples able to be live side by side in safety and security.

    JOURNALIST: Do you have a set price tag on the number of those professional healthcare workers you want in schools?

    CLARE: No, there’s no set number, but this investment in South Australia’s an extra billion dollars over the next 10 years, in Victoria it’s an extra two and a half billion dollars over the next 10 years.

    The agreements that we’re striking with the states are all going to be slightly different depending on the needs in those states, but it’s designed to invest in real practical reforms that we know are going to get the results that we need.

    Just to add to what we’re talking about here, we’re talking about fixing the funding of our public schools. Now one in 10 children at the moment, when they sit for their NAPLAN tests in third grade, are identified as being below the national average, so one in 10   sorry, below the national minimum standard, so one in 10. But amongst children from poor families, from really disadvantaged backgrounds, it’s one in three, and most of those children go to public schools.

    So our public schools are the places that do the real heavy lifting where the challenge is three times as big, and they’re the ones that were underfunded at the moment. We want to fix that funding and tie that funding to help those children to catch up and keep up and finish high school.

    JOURNALIST: On that pay rise for early educators, do you know how many centres have used that as an excuse to immediately increase their fees by 4.4 per cent?  

    CLARE: Here’s the thing, they can’t, because a condition of getting the funding for the pay rise is they can’t increase their fees by more than 4 per cent.

    JOURNALIST: Yeah. That’s why I’m asking how many have increased their fees to that 4.4?

    CLARE: I suspect that most centres will increase their fees somewhere between zero and up to that 4 per cent over the next 12 months. The key thing is they can’t go beyond that, and that’s a big part of this deal. Number one, we want to make sure that the money goes to the worker, not the centre, and number two, in order to get that funding, they cannot increase their fees by more than 4 per cent.

    JOURNALIST: Do you know how many though have hit that cap?

    CLARE: It’s too early to give you that number.

    JOURNALIST: This billion-dollar strategy for outer suburbs and regional areas, do you have any hotspots, any, you know, regional areas that you’re concerned about that don’t have enough facilities?

    CLARE: You can look at data that shows where there are what’s called sometimes “childcare deserts” right across the country. This fund is designed to help to make sure that we build centres where they’re needed most, and in particular, if you look at the Productivity Commission report released last year it talks to this, it’s the outer suburbs, and it’s in Regional Australia.

    Just talking to the team at Goodstart here is the only childcare centre in Jerra that provides full service from six week old children right through to four year olds.

    JOURNALIST: I did just want to ask you about – there was evidence at a Parliamentary Committee last week about an online meeting of ANU to delete the Nazi salute. The investigation to my understanding is that they found that that wasn’t the case. What else do you think was happening there?

    CLARE: I make the general point, whether it’s at ANU or whether it’s at QUT that there is absolutely no place for the poison of antisemitism in our universities or anywhere in this country or anywhere in the world.

    There is a commemoration that’s just happened of the 80th Anniversary of the Holocaust and Auschwitz. You know, in the lifetime of our grandparents we’ve all seen the true terror of what antisemitism can wreak and there is no place for it, and that’s why I’ve made it very clear to every university leader in the country that they must enforce their Codes of Conduct, and that includes saying that directly to the Vice Chancellor of QUT.

    JOURNALIST: Do you believe though that it was appropriate that an ANU student who went on radio said that terrorist designated organisation, Hamas [indistinct] unconditional support was able to overturn her expulsion on appeal. You’ve just spoken about the poison of antisemitism; we have a growing issue in Australia. Is that an appropriate thing to do?

    CLARE: No.

    JOURNALIST: Are we any closer to a governance review   what’s the latest with the university governance review?

    CLARE: Yeah, last week we announced the members of the panel that will be responsible for implementing that review.

    JOURNALIST: Are you confident with the members of that panel?

    CLARE: I am.

    JOURNALIST: And then I might just Ms McBain something if that’s okay.

    CLARE: Sure.

    JOURNALIST: [Indistinct] would like to see councils auctioning off properties. What do you think of this decision?

    McBAIN: Look, every Council has the opportunity to take action when someone doesn’t pay rates for a period of time. My understanding, and it was a unanimous decision of Queanbeyan-Palerang Council to take this route, is that these rates have been unpaid for more than five years. A lot of those properties that attempted to make contact by door knocking them, letter boxing them, serving them, there’s been no contact made with any of those individuals for a variety of reasons. It is an avenue open to them, but as I said, it’s a unanimous decision of Queanbeyan-Palerang Council to take this action, which I’m sure that hasn’t been done lightly either.

    JOURNALIST: Are you concerned about the financial stability of councils if they are having to resort to methods like this just to try and stay out of debt?

    McBAIN: Look, I think when you look at it, it’s about a million dollars in unpaid rates that they are going to attempt to recruit through auction. I don’t think this goes anywhere near dealing with some of the ongoing issues that councils have, but what we’ve done since we’ve been in government, you know, there’s been more collaboration with local councils than in any time before that.

    I’ve personally met with over 250 councils either in their communities or in Canberra or at a Local Government Association conference. We have doubled Roads to Recovery funding and that means regional councils across the country have now more money than ever before to deal with road issues.

    Across Eden Monaro that’s $26.3 million extra for our local councils resulting in over $65 million for roads alone. We’ve increased road black spot funding, we’ve created the new safer local road and infrastructure program, $200 million a year, you know, we’ve been really putting our shoulder to the wheel making a difference for local councils, and just last week I was able to announce $27.2 million for Marulan Sewer Treatment Plant, you know, which is something that Council had called from but hadn’t been supported in getting.

    So, the Albanese Government takes seriously the priorities of local councils and local communities and we’ve been delivering for all of them.

    JOURNALIST: Thank you.

    MIL OSI News