Headline: Members spotlight development issues in trade and environmental sustainability discussions
“Here we are at the end of 2024 and MC14 isn’t that far away. We’re committed to having concrete outcomes and so as part of achieving that, this session will be important,” said Richard Tarasofsky of Canada, which co-convenes TESSD together with Costa Rica, in opening the meeting. He added that a high-level TESSD plenary stocktaking session will be held on 4 December to seek members’ support for the proposed way forward towards achieving concrete outcomes at MC14 that reflect both the technical discussions in working groups as well as the written outcomes of those groups.
“We are really making an effort to dig deeper into the development dimension, including in how we select topics such as climate adaptation,” said Mr. Tarasofsky.
The four TESSD working groups advanced substantive work in their respective discussions at the meeting.
In the Working Group on Trade-related Climate Measures (TrCMs), members deliberated on the use of TrCMs for achieving climate change adaptation and focused on developing country perspectives. They heard presentations from the International Institute for Sustainable Development, the WTO Secretariat, the World Bank, Barbados and Samoa.
In the Working Group on Environmental Goods and Services, members exchanged views on trade-related aspects of water management and climate change adaptation, considering presentations on water management technologies and developing country experiences from the UN Environment Programme (UNEP) Copenhagen Climate Centre and the UN Climate Technology Centre & Network (CTCN). Members also considered presentations on identification and trade promotion of environmental goods and services from Australia, Finland and the WTO Secretariat.
In the Working Group on Subsidies, members considered presentations on critical minerals, including how international cooperation can support developing countries in addressing challenges and seizing opportunities in the sector. The International Energy Agency, the African Development Bank, Australia and the Philippines provided presentations.
In the Working Group on Circular Economy-Circularity, members heard from the Global Batteries Alliance on batteries passports and on circularity of batteries. They also heard from Rwanda on implementing circular economy principles in the transport sector. Members also were briefed on new analytical work from the International Chamber of Commerce, Organisation for Economic Co-operation and Development, and the Forum on Trade, Environment and SDGs (TESS).
Across the four working groups, members also discussed possible ways forward for outcomes at MC14, including a compilation and mapping of policy measures shared by members, practical ways to enhance cooperation, and expanding and refining the TESSD indicative list of environmental goods and services. They also considered developing guidelines for subsidy design and recommendations to enhance transparency, trade-related guidelines for a circular economy and trade‑related good practices for circularity in priority sectors.
Presentations and documents related to the working group meetings are available here.
At the close of the two-day meeting, Ana Lizano of Costa Rica, TESSD co-convenor, said: “We have heard support as well as constructive feedback from the participants to the suggestions on the way forward presented by the facilitators of the four groups. So the co-conveners, together with the facilitators, will put together the most balanced outlook possible for 2025 and towards the next Ministerial Conference.”
“We will continue working on bringing to the table more voices from the developing and least-developed members to consolidate an agenda that is not only balanced but also representative of the needs, opportunities, and interests of all TESSD participants,” she said.
Guided by their 2021 Ministerial Statement, TESSD seeks to complement the work of the WTO Committee on Trade and Environment and advance discussions at the intersection of trade and environmental sustainability towards identifying concrete actions that members could take individually or collectively. The initiative, which is open to all WTO members, is currently co-sponsored by 77 members representing all regions and all levels of development.
DENVER – Today, Governor Polis released the administration’s Fiscal Year 2025-26 budget proposal. This strategic budget proposal makes prudent investments that protect Colorado’s funding for education, continue investing in public safety, and prioritize fiscal responsibility to maintain financial reserves and ensure the state is prepared for future rainy days.
“We’ve made real progress on what matters most to Coloradans over the last five years, and this budget is about protecting those investments while ensuring that we are putting fiscal responsibility front and center, driving greater government efficiency, and continuing delivering for Coloradans. This budget reflects tighter budget conditions due to rapidly declining inflation, and I’m proud of the values and priorities represented here,” said Governor Jared Polis.
Since taking office in 2019, the Polis-Primavera administration has delivered on the priorities most important to Coloradans. This includes everything from delivering free, full-day kindergarten and universal preschool; cutting health care costs through Reinsurance, the Colorado Option, Prescription Drug Affordability Board, capping the cost of insulin and more; saving Coloradans money by cutting income, and property taxes; moving closer to the goal of 100% renewable energy while saving Coloradans money on their energy bills, and more. This work all continues.
This budget builds on those investments with continued support to help make Colorado one of the ten safest states. This includes:
$15.0 million to support and sustain Colorado’s emergency and operational communications dispatching system, which is used by 90 percent of the state’s first responders. This will help first responders do their jobs effectively.
$3.4 million to the Crime Prevention Through Safer Streets program. This grant program supports local governments and law enforcement entities in making physical infrastructure and security improvements like improved lighting, which can reduce crime and make neighborhoods safer.
$1.7 million to increase the bed cap for youth detention to reflect increasing demands across the state and provide more services for at-risk youth.
$1.8 million in repurposed funding for Colorado Youth Detention Continuum (CYDC) programs to provide community-based placements for at-risk youth.
$2.0 million to the Youth Delinquency Prevention and Intervention program, which supports the collaborative work of community-based organizations and local governments to reduce crime among youth.
$0.9 million for legislation to address the penalty for firearm theft, the connection between motor vehicle theft and firearm possession, and establish an entity to research and make recommendations on criminal justice policy.
$7.6 million to expand capacity at the Colorado Mental Health Hospital in Fort Logan for competency restoration, which will accommodate more individuals in the criminal justice system to gain competency and proceed to trial more quickly.
$6.1 million for Community Corrections to expand the capacity at facilities often called “halfway houses,” which are an effective and less expensive alternative to traditional incarceration facilities.
$0.6 million to support crime victims by investing in the Address Confidentiality Program resources. This increase in state investment will backfill declining federal funds so that DPA can continue this program to protect survivors of stalking, sexual assault, and domestic violence.
This budget also prioritizes education funding to ensure the success of students and educators, including:
$115 million from the General Fund to bolster Total Program funding for education in an effort to preserve a significant balance in the State Education Fund to ensure the state never has to go back to a Budget Stabilization Factor.
Proposed changes that move Colorado to the best-practice of a current-year enrollment funding method. Adopting a method based on current-year enrollment more accurately represents the current population of students to better target resources to where kids are. Only nine other states employ a method that averages enrollment over multiple years.
$13.5 million in categorical funding to specific groups of students and student needs, including special education, transportation, English language proficiency, and career and technical education.
$3.4 million in repurposed funding to provide greater support to young students with reading deficiencies (K-3) using evidence-based interventions.
$2.0 million to provide support and new learning opportunities to students attending turnaround and priority improvement schools.
$7.8 million placeholder for Universal Preschool reflecting anticipated Proposition EE and General Fund revenue.
$3.6 million funding increase to support Early Intervention, which provides developmental supports such as speech therapy to children from birth through age two with developmental delays.
Fiscal responsibility is also front and center in this budget with a proposal to maintain a 15 percent reserve level in FY 2025-26. This was made possible by difficult decisions and balancing actions made to balance the budget and protect funding for critical investments in education, public safety and health care.
This budget also requests a number of transfers, efficiencies, and other policy changes to slow the growth in spending and limit spending to create space for critical budget needs.
In addition to these priorities, the budget also makes critical investments in economic growth, housing, child care, higher education, health care and Medicaid funding, support for counties and benefits administration to help connect Coloradans to services faster, support for homelessness, expanding behavioral health care, in Colorado’s state employees, and investments to help Colorado celebrate its 150th birthday and America’s 250th birthday.
In total, this budget requests total expenditures of $46.1 billion, including $17.8 billion General Fund. Read the full budget letter here and view the slide deck here.
Source: United States Senator Jacky Rosen (D-NV)
WASHINGTON, D.C. – U.S. Senators Jacky Rosen (D-NV) and Marco Rubio (R-FL) led a bipartisan letter to Secretary of State Antony Blinken urging him to redesignate the Houthis as a Foreign Terrorist Organization (FTO). As the Houthis, backed by Iran’s regime, continue to escalate their attacks in the Middle East, this designation would impose meaningful costs on the Houthis and help limit their ability to commit acts of terrorism. Both senators have been outspoken in their strong support for this redesignation. They were joined by Senators Bob Casey (D-PA), Rick Scott (R-FL), Catherine Cortez Masto (D-NV), and Marsha Blackburn (R-TN).
“Since the misguided revocation of the Houthis’ FTO designation in 2021, the Houthis, backed by the Iranian regime, have only escalated their efforts to destabilize the Middle East,” wrote the Senators. “These actions include firing drones and missiles against Israel that have killed civilians, disrupting international shipping by targeting commercial vessels, directly attacking U.S. forces, and obstructing the delivery of humanitarian aid to civilians in Yemen.”
“Relisting the Houthis as an FTO would make individuals or entities providing material support to the group liable for criminal prosecution and considered Tier III terrorists subject to sanctions and a travel ban, open up economic tools to target the Houthis’ weapons procurement networks and manufacturing capabilities, provide a legal right of action to U.S. victims of Houthi terrorism, and ban Houthi members from obtaining a visa or entering the United States,” they continued. “We therefore urge you to immediately restore the designation of the Houthis as an FTO, which would enable the United States to better target the group’s assets and financial support and hold the group accountable for committing terrorism against the United States, Israel, and our partners and allies throughout the region.”
The full letter can be found HERE.
Senator Rosen has been a leader in the fight to counter Iran’s destabilizing actions in the Middle East and protect U.S. national security. Last month, she joined a bipartisan letter calling on the administration to ensure Iran’s regime cannot benefit from the petroleum trade. Senator Rosen introduced bipartisan legislation to counter space threats posed by Iran and called on the Biden Administration to refreeze $6 billion in Iranian assets held in Qatar following Hamas’ October 7th terrorist attack on Israel. She also helped introduce the bipartisan Solidify Iran Sanctions Act to make the Iran Sanctions of 1996 permanent, allowing the President to impose sanctions on Iran’s energy sector.
WASHINGTON, DC – Today, U.S. Senator Jacky Rosen (D-NV) voted against confirming South Dakota Governor Kristi Noem as the next Secretary of Homeland Security. Senator Rosen met with Governor Noem earlier this month and strongly opposed the Trump Administration’s plans to carry out mass deportations. She also emphasized the importance of protecting Deferred Action for Childhood Arrivals (DACA) and Temporary Protected Status (TPS) recipients.
“Nevada is the proud home of countless law-abiding immigrants looking for a better future and making contributions to our state and our economy. We also have thousands of DACA and TPS recipients who deserve a permanent solution that provides them peace of mind and a pathway to citizenship,” said Senator Rosen. “The Trump Administration has already taken shameful actions to try to eliminate automatic citizenship of children born here to immigrant parents, target sensitive locations like schools and churches, and start to carry out mass deportations. I voted against Kristi Noem for Secretary of Homeland Security because I believe she will take actions that will hurt families in my state. I’ll keep fighting back against the Trump Administration’s actions that negatively impact Nevadans.”
Senator Rosen has been outspoken in her opposition to mass deportation, and her strong support for DACA and TPS recipients and their families. Earlier this year, she applauded the extension of TPS status for immigrants from El Salvador and Venezuela, after calling on the Biden Administration to continue to protect displaced Salvadorans. She has also raised concerns over the significant application delays impacting DACA recipients, and gave a floor speech urging her Senate colleagues to take immediate action to permanently protect Dreamers, while simultaneously continuing to work to pass comprehensive immigration reform that provides a pathway to citizenship.
Source: United States Senator for Illinois Dick Durbin
January 25, 2025
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) today released the following statement after voting against the confirmation of Pete Hegseth, President Trump’s nominee for Secretary of Defense:
“Today, I voted against the confirmation of Pete Hegseth to serve as Secretary of Defense. We must have military leaders who have proven good judgement for when they are sitting in the Situation Room. From the outset, Pete Hegseth has failed to position himself as someone who can be trusted to develop a strategic plan to address the threats to our nation.
“Between his unacceptable views on women in the military, his stunning lack of basic knowledge on the rules of engagement, and serious allegations of personal misconduct, it’s crystal clear that Pete Hegseth should not be leading the Department of Defense.”
Hegseth was confirmed with a vote of 50-50, with Vice President JD Vance casting a tie-breaking vote.
Earlier this week, Durbin delivered a speech on the Senate floor explaining his objections to Hegseth’s nomination, including his inability to articulate a defense strategy in addressing threats to the U.S., his disparaging comments about women serving in the military, and troubling reports of financial mismanagement, alcohol abuse, and personal misconduct.
Financial Secretary Paul Chan completed the final day of his visit in Riyadh, Saudi Arabia, yesterday by participating in several events at the Future Investment Initiative (FII) with his delegation.
Speaking at a themed session at the conference, Mr Chan highlighted that Hong Kong is actively developing as an international centre for green tech and green finance, contributing to the future of the New Silk Road.
Also during the FII, Mr Chan witnessed the signing of co-operation agreements between a number of Hong Kong organisations and enterprises with their Saudi counterparts.
Among such agreements are a memorandum of understanding between the Hong Kong Monetary Authority and the Saudi Arabia Public Investment Fund to jointly establish a new investment fund of up to US$ 1 billion and a pact between the Hong Kong Science & Technology Parks Corporation and the FII Institute to join the institute’s investment ecosystem.
Earlier in the day, the Financial Secretary attended the listing ceremony of the SAB Invest Hang Seng Hong Kong Exchange Traded Fund at the Saudi Exchange.
The product, developed in collaboration with Saudi Awwal Bank’s subsidiary, SAB Invest, provides Middle East investors with opportunities to invest in Hong Kong’s capital markets.
After concluding his visit, Mr Chan departed for Hong Kong last night and is scheduled to arrive in the city this afternoon.
Source: Hong Kong Government special administrative region
Facilitation measure on Standard Contract for the Cross-boundary Flow of Personal Information Within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong) extends to all sectors Facilitation measure on Standard Contract for the Cross-boundary Flow of Personal Information Within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong) extends to all sectors ******************************************************************************************
The Chief Executive’s 2024 Policy Address announced the extension of the facilitation measure on the Standard Contract for the Cross-boundary Flow of Personal Information Within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong) (the GBA Standard Contract) to all sectors, promoting more cross-boundary services to benefit the public and businesses while facilitating data flow throughout the Greater Bay Area (GBA). The related measure commences today (November 1). According to the agreement framework of Memorandum of Understanding on Facilitating Cross-boundary Data Flow Within the Guangdong-Hong Kong-Macao Greater Bay Area, signed by the Innovation, Technology and Industry Bureau and the Cyberspace Administration of China (CAC) in June 2023, the GBA Standard Contract facilitation measure was launched at the end of last year, allowing individuals and organisations of the two places, namely the nine Mainland cities in the GBA (i.e., Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing in Guangdong Province) and Hong Kong, to enter into a standard contract by adopting a standardised template on a voluntary basis, with a view to facilitating and streamlining the cross-boundary flow of personal information within the GBA in a safe and orderly manner. The “early and pilot implementation” arrangements of the facilitation measure on GBA Standard Contract for the banking, credit referencing and healthcare sectors has been operating smoothly and has been well received. Thus, the Digital Policy Office (DPO) announced that starting from November 1, 2024, industries of all sectors in the nine Mainland cities in the GBA and Hong Kong can take part in the facilitation measure and voluntarily adopt the GBA Standard Contract. The DPO, at the same time, optimises the filing arrangements and rationalises several operational details to further facilitate the compliance of the cross-boundary flow of personal information by enterprises. The Commissioner for Digital Policy, Mr Tony Wong, said, “Facilitating the Mainland’s data flow in the GBA is an important initiative to promote the development of cross-boundary services, digital economy and smart cities. It not only brings benefits to citizens and enterprises, but also accelerates the integration of economic development in the GBA. We are grateful for the support of the CAC and the Cyberspace Administration of Guangdong Province in enabling industries of all sectors in the GBA to enjoy the benefits from the GBA Standard Contract facilitation measure.” Mr Wong added that, “The GBA Standard Contract is an administrative measure. It does not affect the supervisory and regulatory roles of the Office of the Privacy Commissioner for Personal Data in ensuring compliance with the Personal Data (Privacy) Ordinance (PDPO). The processing and cross-boundary transfer of personal information in Hong Kong will continue to be on a voluntary basis and being regulated in accordance with the PDPO of Hong Kong.” The DPO will arrange briefings and production of promotional videos to facilitate industries’ understanding of the details of the facilitation measure on the GBA Standard Contract. For details, please visit the DPO’s thematic webpage (www.digitalpolicy.gov.hk/en/our_work/digital_infrastructure/mainland/cross-boundary_data_flow/index.html).
KH Group Plc Stock Exchange Release 1 November 2024 at 8:00 am EET
KH Group Plc’s Business Review January–September 2024: Moderate profitability in a demanding market
This is the summary of the Business Review for January–September 2024. The full Business Review is attached to this release and is also available on the company’s website atwww.khgroup.com.
KH Group, July–September 2024 pro forma
Net sales amounted to EUR 85.7 (91.1) million.
Operating profit was EUR 3.3 (4.1) million.
The net sales of KH-Koneet were slightly better than in the comparison period and operating profit remained nearly unchanged from the comparison period.
Indoor Group’s net sales and operating profit were below the level of the comparison period.
NRG’s net sales and operating profit were below the level of the comparison period.
KH Group divested its holdings in HTJ.
KH Group, January–September 2024 IFRS
Net sales amounted to EUR 253.2 (161.0) million. The figure for the comparison period includes net sales accumulated in May–September 2023 and HTJ is classified as a discontinued operation retroactively.
Operating profit was EUR 0.8 (-17.5) million.
Net profit for the period was EUR -3.3 (-12.1) million.
Earnings per share (undiluted and diluted) were EUR -0.02 (-0.15).
Equity per share at the end of the review period was EUR 1.30 (1.39).
Return on equity for rolling 12 months was -7.1% (-14.5%).
The Group’s cash and cash equivalents amounted to EUR 11.6 million at the end of the review period
Gearing at the end of the review period was 195.6% (195.4%).
Gearing excluding lease liabilities was 120.6% (115.1%).
CEO Ville Nikulainen:
“Our consolidated pro forma net sales and operating profit declined year-on-year. KH-Koneet’s net sales increased moderately and operating profit was nearly at the same level as in the comparison period, which means that the market share increased in a declining market. For Indoor Group, the general market uncertainty, the increase to the general value-added tax rate in Finland and the deployment of a new ERP system in spring 2024 had a negative impact on net sales and operating profit.
On 15 August 2024, KH Group announced the launch of an extensive operating model reform programme aimed at improving the group company Indoor Group’s profitability. The reform includes development initiatives to stabilise Indoor Group’s financial situation in the challenging furniture industry market environment. The company aims for an annual operating profit improvement of at least EUR 10 million by the end of 2026. Based on current information, a significant part of the targeted profitability improvement is estimated to be realised already during 2025. KH Group published a stock exchange release on 10 October 2024 concerning the reform of Indoor Group’s operating model and change negotiations.
Nordic Rescue Group’s pro forma net sales and operating profit decreased year-on-year during the seasonally weaker quarter. The demand for rescue vehicles in Sweden has remained at a good level but, in Finland, the budgeting phase of the wellbeing services counties has slowed down the accrual of new orders during autumn 2024.
In the fourth quarter, the business areas will focus on securing net sales and operating profit as well as improving the efficiency of working capital. KH Group’s change in strategy is progressing according to plan.
On 9 August 2024, the company updated its earlier guidance on net sales and operating profit for 2024. The calculation of the guidance is based on Indoor Group’s lower than expected net sales and operating profit in both the first and second half of 2024. According to the updated guidance, the company estimates, with the current Group structure, to reach pro forma net sales of EUR 340–360 million and operating profit of EUR 4–7 million in 2024.”
Events after the review period
During the current year, Indoor will continue to implement measures aimed at improving profitability. KH Group published a press release on 10 October 2024 concerning the reform of the operating model and change negotiations.
Future outlook
KH Group’s medium-term objective is to become an industrial group built around the KH-Koneet business and to divest other business areas in line with previous strategy. At the same time, active developments will continue regarding other business areas. Exit planning and the assessment of exit opportunities for the other business areas will also continue.
On 9 August 2024, the company updated its earlier guidance on net sales and operating profit for 2024. According to the updated guidance, with the current Group structure, the company estimates pro forma net sales for 2024 to be EUR 340–360 million and operating profit to be EUR 4–7 million.
KH GROUP PLC
Ville Nikulainen CEO
FURTHER INFORMATION: CEO Ville Nikulainen, tel. +358 400 459 343
DISTRIBUTION: Nasdaq Helsinki Ltd Major media www.khgroup.com
KH Group Plc is a Nordic conglomerate operating in business areas of KH-Koneet, Indoor Group and Nordic Rescue Group. We are a leading supplier of construction and earth-moving equipment, furniture and interior decoration retailer as well as rescue vehicle manufacturer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.
Trifork Group AG Company announcement no. 39/2024 Schindellegi, Switzerland – 1 November 2024 Interim Financial Report for the third quarter ending 30 September 2024
Trifork Group reports -0.8% revenue growth in the core business, adjusts full year-outlook, and targets around EURm 10 in annual cost savings to improve margins
CEO Jørn Larsen comments on the third quarter: “2024 has proven to be one of Trifork’s most challenging years. The private sector business environment for many of the services we provide remained difficult and unpredictable through the third quarter, but we cannot only blame the market. Some of our units have struggled to secure new customers or new engagements with existing customers. This will be fixed, based on the ways of working of our well-performing units.
We underestimated the negative margin impact from persistently lower-than-expected revenue growth throughout the year. In response, we will now extend our cost savings program with the aim to reduce overall annual cost by around EURm 10. We will introduce a 10% cut in selected management remuneration led by myself and our CFO, make further rightsizing in low-performing units, and reduce other costs until we see an improved market situation. Reducing our workforce in certain units is a necessary but difficult decision that weighs heavily on me and our business unit leaders and we will work closely together to make the right decisions. We do not know when a market improvement will materialize, but with a broader customer network and pipeline than ever before, we are prepared to capitalize when it does, at which time we aim to return to double-digit growth with a double-digit EBIT margin.
These challenges in parts of the organization are offset by many positive developments too. Our Public sector business, accounting for 39% of revenue, is back on track with healthy growth and a robust pipeline. Our strategic focus on the U.S. market is also yielding results, with solid growth and a promising pipeline for 2025. US revenue increased by 56% in Q3 and 29% in the first nine months compared to the same periods in 2023. Additionally, our Run business is building momentum for recurring revenue growth, and our new office in Oman is off to a strong start, powered by our proprietary platforms. Finally, our most valuable companies in Trifork Labs are performing very well.”
Third quarter 2024
Trifork Group
In Q3 2024, Trifork Group revenue amounted to EURm 47.1, a net decline of -1.8% from Q3 2023, the combined result of an inorganic growth of 4.9% and an organic decrease of 6.8%. In the quarter, Trifork had EURm 0.5 less revenue from the more volatile and non-core hardware and third-party licenses compared to Q3 2023. Adjusted for this, Group revenue growth was -0.8% in Q3 2024.
Trifork Group adjusted EBITDA amounted to EURm 5.3, corresponding to 11.3% margin. No special items were recorded.
Trifork Group EBIT amounted to EURm 1.1, corresponding to 2.4% EBIT margin.
Trifork Group net income amounted to EURm 1.6.
Trifork Segment
In Q3 2024, adjusted EBITDA in the Trifork Segment amounted to EURm 5.8 (Q3 2023: EURm 7.0). The adjusted EBITDA margin was 12.3% (Q3 2023: 14.5%).
Sub-segments
Inspire revenue increased by 11.6% to EURm 0.8 and realized an adjusted EBITDA of EURm -0.6 (Q3 2023: EURm -0.9).
Build revenue declined by -2.9% to EURm 34.5 and realized an adjusted EBITDA margin of 11.3% (Q3 2023: 18.5%).
Run revenue increased by 2.2% to EURm 11.7. Adjusted for volatile and non-core hardware and third-party licenses, revenue growth was 8.4%. The adjusted EBITDA margin was 33.5% (Q3 2023: 23.2%).
Trifork Labs
In Q3 2024, fair value adjustment of Trifork Labs investments was EURm 1.7. The book value of all minority investments was EURm 75.4 at the end of the quarter. EBT from Trifork Labs was EURm 2.1 in the quarter.
The financial outlook for 2024 is adjusted as follows:
Revenue is expected in the range of EURm 205-208 (previously EURm 215-220) equal to -1.4 to 0.0% growth. The revised revenue guidance is explained by lower revenue expectations in the fourth quarter, including around EURm 7 (license and hardware sales) in revenue on already agreed engagements now delayed to 2025.
Adjusted EBITDA in Trifork Segment is expected in the range of EURm 25-27 (previously EURm 31-34). The revised guidance on adjusted EBITDA in Trifork Segment is explained by the lower revenue outlook and the additional costs of reorganizations in Q3 and Q4.
EBIT in Trifork Group is expected in the range of EURm 8-10 (previously EURm 14-17).
As the planned transaction in our managed security services is not yet to be closed, we have excluded any potential effect from its potential deconsolidation in the guidance. We expect a positive effect between EURm 3-5 on unadjusted EBITDA and EBIT when the process is completed.
Main events in the third quarter of 2024
Inspire Q3 is seasonally a quarter with low conference activity. Hence, the conference activities in the quarter were primarily focused on preparing for GOTO Copenhagen and GOTO Chicago in October. The online GOTO universe continued to grow in with 1.9 million combined views on YouTube and Instagram in Q3, and 74.6 million views in total. At the end of the quarter, we had 1.0 million subscribers. We are continuously sharpening our planning of events and have optimized our cost structure through the year. The improved earnings momentum continued in Q3, and in the first three quarters Inspire improved EBITDA with EURm 0.8 compared to the same period last year.
Build Build revenue declined by 2.9% compared to the same quarter last year. The weakness came primarily from the private sector, which accounted for 61% of revenue. Corporates continued to take a cautious approach to IT spending in light of the global economic uncertainty, geopolitical uncertainty, and higher interest rates compared to previous years. The continued low activity from private sector customers has been particularly visible in UK, whereas our private sector engagements in the US displayed comparatively better performance. Danish public revenue grew 15% in Q3 compared to the same quarter last year. After a soft start to the year with disruptions to existing customer engagements, our Danish Public business has gained momentum with several key wins and ramp-up of delivery on existing framework agreements won in previous quarters and years. Public wins in Q3 included The IT and Development Agency at the Danish Ministry of Taxation as well as The Danish Business Authority.
Run Revenue in Run increased by 2.2% in Q3 compared to the same quarter last year. Our Cloud Operations business has built a solid sales pipeline supported by our new Contain cloud product offering. This is driven by both public and private customers. As announced in Q2, our managed services security business is in discussion with potential strategic partners in order to accelerate growth and market share. Our Splunk services gained momentum in Q3 with key customer wins and a new product offering for SME’s compliance with NIS2 cyber regulation.
Trifork Labs In Q3, Trifork Labs completed no new investments or exits. One Labs company completed an internal financing round. Activities in the quarter primarily included reviewing investment proposals from new investors in individual Labs companies. The most valuable companies in Trifork Labs are performing to a satisfactory degree. Dividends of EURm 0.2 were received in the quarter.
Results presentation
Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 1 November 2024 at 11:00 CET in a live webcast that can be accessed via the following link, or via the investor website:
Investors Frederik Svanholm, Group Investment Director & Head of Investor Relations frsv@trifork.com, +41 79 357 7317
Media Peter Rørsgaard, CCO Fintech & Head of Press Relations pro@trifork.com, +45 2042 2494
About Trifork Group Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,278 professionals across 76 business units in 15 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.
Days from the US presidential election, the polls are showing the outcome of the race between Kamala Harris and Donald Trump remains a nail biter.
With the United States our closest ally, the result could have potential implications for Australia in areas such as climate change policy, defence and the economy. If there is a Trump victory, Prime Minister Anthony Albanese will also have the challenge of building a relationship with an unpredictable character.
To discuss the state of the contest and what comes next, we’re joined by Bruce Wolpe, senior fellow at the United States Studies Centre at the University of Sydney. Wolpe worked with the Democrats in Congress, and on the staff of Julia Gillard. Last year, he authored the book, Trump’s Australia.
Wolpe regards the election as too close to call.
They’re just deadlocked in two fundamental respects. National head-to-head across the country – the popular vote – they’re 49-48, 47-47, no one cracking 50, and there’s no clear favourite. And then that same pattern exists in all of the seven swing states that will decide the election per the Electoral College.
In terms of key issues:
Just as it is here in Australia, hip pocket is the strongest determinant of how you will vote, and so inflation and the state of the economy, in the lived experience, is the number one issue. Americans and Australians share the same experience over the past post-COVID years where there’s been an outbreak of inflation and high interest rates. And that means that the basket of goods that you buy day in, day out, week in, week out, from the supermarket to your petrol to your insurance prices are up between 10 and 40%.
The second big issue is immigration. As I’m sure you know from looking at the news over the past three years, just following things, the southern border with Mexico has been effectively out of control. It’s back under control but in that time, perhaps millions of people have flowed into the United States.
The third big issue is abortion rights, reproductive health rights and its future. The Supreme Court two years ago repealed Roe v Wade, which established a right found in the Constitution for women to take care of their reproductive health services. That’s the first time that a universal human constitutional right has been repealed since Dred Scott in the Civil War [denying slaves’ rights]. Three generations of women have grown up with the protections for them.
This has become a very powerful issue. And 52% of all voters are women.
On what either a Harris or a Trump administration might look like for Australia:
I think with Harris, we would just see very strong continuity with Biden. I mean, on foreign policy issues, they really have worked together.
The relationship with Australia is fine. Her relationship with the Prime Minister is absolutely fine. They know each other, can work together, a very comfortable working relationship.
[As to] Trump and Australia: first, I really have to say in the first [Trump] term, I think Australia had the most untroubled relationship with Trump than any other country in the world, and that includes Israel, that includes Europe, that includes Canada.
There is a structural trade surplus that the United States has with Australia. So Australia is not number one on the hit list of nations that are, quote, taking advantage of the United States in their trade agreements. […] It will start off in Trump’s head with all the countries that he wants to go after – I don’t think Australia is high on the list.
However, on a personal level, Wolpe says there might be some issues between Trump and Albanese:
I think personally it will be rocky at the start for several reasons. First, Trump will be briefed on everything that the Prime Minister has said on him and his presidency. And he attacked Trump for the January 6th insurrection. He’s for abortion rights and attacked the ruling of the Supreme Court. He’s for gun control, and Australia has a completely different posture on gun control, and Trump is strong on the Second Amendment. If Trump looks at the agenda of the Albanese government, it is a mirror image of Joe Biden’s domestic policy agenda adjusted for realities in both countries. But it’s the same deal.
Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICES: Good afternoon, everybody. It’s great to be here with Louise Glanville, who is the National Quality and Safeguards Commissioner for the NDIS, and also with Associate Commissioner Natalie Wade. Two bits of good news for Australians with disability and indeed for Australians generally. The first is that the National Disability Insurance Agency has released its Annual Financial Statement, the AFSR, and it demonstrates that because of the reforms that we’ve undertaken in the last nearly three years, that the Scheme is going to spend $1 billion less in the last 12 months than was expected.
So, Treasurer Chalmers said the forecast was that the Scheme for financial year 2023/24 would be $1 billion higher than it actually was. Now the Scheme is looking after more people than ever in the last 12 months, there’s 660,000 Australians receiving valuable and life changing support on the National Disability Insurance Scheme. What we were able to do is invest in outcomes and actually spend a little less than we forecast we would. So great news for the future sustainability of the Scheme. And it reflects well on the changes which Labor’s been making.
The other bit of really good news is that the National Quality and Safeguards Commission has released its annual statement, its annual report, and it demonstrates that for the first time really since the creation of the NDIS, we’re coming to grips with handling complaints. Complaints are up 78%, not because there’s been a 78% jump in problems, but rather that for the first time, a properly resourced Quality and Safeguards Commission is able to investigate 111,000 different matters.
The Scheme is changing lives, but there have been problems with it. There have been problems because the Scheme’s been treated as the only lifeboat in the ocean for Australians with disability, because there hasn’t been proper scrutiny of the payment system, because whilst most providers are doing a great job, some are not. But what we’re able to say today is that the reforms which Labor has put in place with people with disability, with states and territories, is improving the bottom line of the Scheme. We’re getting better outcomes without having to spend quite as much money as we expected to, which is good news for taxpayers and for people on the Scheme, because quality is being emphasised. But also, the National Safeguards Commission, who is the watchdog, to make sure that participants on the Scheme are both safe and receiving quality services Labor has invested significantly, we’ve doubled their staff, we’ve majorly increased their funding. What it means is we’re now able to ensure that we are now seeing greater attention paid to the quality and the safeguarding of NDIS participants.
Why don’t we leave it at that from me for now. We’re happy to take questions, but I might invite Louise Glanville, the new Quality and Safeguards Commissioner, to explain what’s been happening with how we’re keeping people safe. And then I might invite Natalie Wade, the Associate Commissioner, to add some further remarks.
LOUISE GLANVILLE, NDIS QUALITY AND SAFEGUARDS COMMISSIONER: Thank you for that, Minister. It’s great to be here with you and with Natalie today. And what’s really important about the work of the Commission, that it is building progressively to being a strong regulator. Indeed, we want to be a formidable regulator. We want to ensure that people with disability are receiving the sorts of supports they need and the quality of services that they need. We know there are many providers out there that do fantastic work in relation to the disability space, and we are keen to ensure that that continues into the future.
It’s important that we think about the human rights of people with disability in this respect, and that we deliver on the promise of the NDIS for people to live ordinary lives, like we all do, in every single way. So, it’s wonderful to be here and to watch the way in which the regulatory tools that we can be using to assist with that process are really on the increase and on the improve that the government, the federal government has made substantial commitment to our resourcing to enable us to do that work well. There has been a strong staff grown, and certainly I give credit to my predecessor, Mike Phelan, who has been acting in this space and has done some great work in leading the team at the commission in order to do this very important piece of work that will assist in ensuring the sustainability of the NDIS over time.
NATALIE WADE, NDIS QUALITY AND SAFEGUARDS ASSOCIATE COMMISSIONER: Thank you, Minister and Commissioner Glanville. Today’s annual report from the NDIS Quality and Safeguards Commission, really highlights that with the increase in complaints there is a demonstrated trust between the Commission, but also the disability community, where people with disabilities are bringing forward to us at the regulator, the issues that they’re facing in receiving quality and safe services.
It is fundamental to our work as a regulator to hear directly from people with disability and for them to trust that when they tell us that there is a problem, that they will be able to receive a response and resolve, and those matters will be [inaudible].
It’s really important to reflect on the increase of regulatory action that has been taken by the Commission in the last 12 months. It is absolutely imperative that providers be supported to understand their role in providing quality and safe services to people with disability. But it’s also fundamental to ensure that when things go wrong or providers do not do what they are expected to do, that regulatory action follows. And today’s annual report really highlights that that is exactly what has been happening in the last 12 months.
Commissioner Glanville and I are very much looking forward to continuing the work from the last 12 months and ensuring that the human rights of people with disability is centred in our work, that providers are most supportive, and that we all move forward to advance the rights of people with disability as we regulate this space.
JOURNALIST: Part of these reports, will anything in the near future be addressing the wait times to get onto the NDIS?
SHORTEN: Yeah, the NDIS has grown remarkably. The year before I became the Minister, it was growing at 23%. That’s too fast. That’s I think reflecting also a lack of other services for Australians with disability. One thing that has happened though in the last 12 months as we’ve been reforming the Scheme, is that there’s been almost the analogy that, there’s almost been a rush for last drinks at the pub, so to speak, by a proportion of providers who have been desperate to try and get some extra money out of the Scheme before they can’t any longer. So that has led to, I think, a surge in people seeking change of circumstances. Listen, long story short, we’ve got to treat every application and every change of circumstance as serious and legitimate until proven otherwise.
But what that has meant is a doubling in the workload of the agency. We’ve surged workforce to help get rid of the backlog of claims. We’re sorry that people have been inconvenienced, but we are now seeing a decrease in the claims coming in and the variations coming in as people calm down and realize that the Scheme isn’t actually just trying to exit a whole lot of people with permanent disability.
And also, some of the shonks are now being chased out. I mean, I think it shows the determination of the Albanese government that we have banned for life, in many cases 200 people, from providing services to the Scheme. 200 plus people have been banned in the last two years, 124 in the last 12 months. This is a clear message that if you just want to use people with disability as human ATMs, if you think that somehow a government Scheme of taxpayer money is easy pickings, you’re wrong. That’s changing.
JOURNALIST: And so, how is that working? How do you monitor those shonks for lack of a better word?
SHORTEN: When I became Minister three years ago, frankly, I was shocked and appalled at what I discovered. The Scheme had been rolled out and there were over half a million people on the Scheme, and that was good by the previous government. But the complete naivety, negligence of a lack of scrutiny of payments meant that people were able to draw down, in some cases, tens of thousands of dollars with no accountability, that there was no pre-checking of the integrity of invoices before they were paid, that we see price gouging, where some service providers will provide an identical service to someone on the Scheme to who’s not on the Scheme, identical, and it could be a shower chair or it could be a some other service, but they charge the NDIS participant more just because they’re on the NDIS.
So, we’ve now got rules against that. We’ve set up what’s called a Fraud Fusion Taskforce. They have got hundreds of investigations underway. It shouldn’t have been the case, but it’s taken until now and this government, to get 21 Commonwealth agencies working with each other. And, you know, we’re now sending people to jail for ripping off the Scheme. I think there was a view in the unethical parts of the community that NDIS is a government Scheme, it’s easy money to cheat. Those wells are drying up, because we are now investing in a state-of-the-art investigation processes. I must always stress though, it is changing hundreds of thousands of lives for the better, and most service providers are doing a good job. But there has been an element of fraud, unethical behaviour, price gouging and opportunism. And we say to those people, get off our Scheme, you’re not welcome, you will get caught.
JOURNALIST: And then just a question, locally in Port Augusta earlier this week, there was the death of a 26-year-old woman with severe intellectual and physical disabilities. Are you aware of that?
SHORTEN: It’s shocking and tragic about Tegan’s passing in Port Augusta. She wasn’t on the NDIS. South Australian Police are investigating it. It’s not compulsory to be on the NDIS, but I think it is a wakeup call for community to look out for each other. This is a more general comment, not reflecting on the NDIS, but just all of us. Someone who’s vulnerable is not someone else’s business. We should all keep an eye out for our neighbours. You can do that without being a nosey parker, but we’ve got to look after each other. SA police will do, I’m sure, an excellent job in getting to what has happened. We certainly will take a keen interest to see what lessons there are.
One thing that the NDIS is doing is that when people are presenting for their plans, we are now – and this is following Annie Smith’s death, that tragedy which was completely avoidable and culpable – what we are now doing is making sure that if you’re on the NDIS, you’ve got more than one relationship. You can’t just be with a carer or just with a family member. We want to make sure that that’s a red flag to us because we it takes it takes a village to support anyone. And that’s what we’ve got to behave. We’ve got to get back to that true Australian value.
JOURNALIST: Are you aware of she was receiving any government payments, Centrelink or?
SHORTEN: I don’t know.
JOURNALIST: And now completely unrelated from Canberra. Um, do you believe the Prime Minister and his claims about contact with Qantas?
SHORTEN: Yes, I do. Um, the Prime Minister has been diligent in reporting, um, any upgrades and disclosures. He’s acted consistently with the standards which are set out for our parliamentarians. The opposition has tried to smear the Prime Minister, but a lot of it seems to have blown back in their own face. Again, you know, Mr. Dutton, he says it’s wrong of Mr. Albanese to accept an upgrade, which he declared. But then again, when you take a favour from Gina Rinehart, you know, is there an expectation? So, their transport spokeswoman, Bridget, just said it came out all guns blazing but managed to shoot her foot off.
So, what Australians want us to do is adhere to proper standards of ethical conduct. What Australians want us to do is be transparent in our dealings with all people, and what they want us to do is get on with the cost-of-living issues. I mean, the opposition, the Liberal Party, has stolen a week of the nation’s life talking about this. All it’s done is probably depress Australians opinions of politicians generally. But in the meantime, people are battling their mortgages. People are trying to make ends meet. That’s where Labor’s head is at. And I think that’s what they expect of all parliamentarians.
JOURNALIST: Someone leaking out of the ministry called the Prime Minister a sook. So, you think that the PM is being a sook in this situation?
SHORTEN: Oh, I’m not even going to respond. I mean, frankly, that is not an accurate characterisation.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
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DAVID PENBERTHY, HOST: Well, it’s a very opportune breaking at eight this morning, because on the same day that major reforms and savings are being announced to the NDIS, we have the Minister for the NDIS, not just here in Adelaide, but here in our studio in Adelaide. Bill Shorten is with us here at FiveAA HQ this morning. Minister, good morning and thanks so much for coming in.
BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICES: Good morning gentlemen. Thanks for having me here.
PENBERTHY: Now look, we’ve had, we’ve done a lot of work lately. Mr. Shorten, on the NDIS. And we’ve had a few local cases that have been in the headlines. There was another one too, that I spoke to your office about myself earlier this week, which very, very kindly has been resolved. But in a in a broader sense, we’ll start with the big sort of headline figures. This thing has grown like mad and was on target to become, I think, the biggest budgetary item, bigger than the age pension. What are the reforms that you’ve put in place? How much are you going to save, and is it possible to do that without reducing the level of service that people have come to rely on?
SHORTEN: Yes, it is possible to improve the scheme without undermining its fundamental values. When I became Minister nearly three years ago, the reality is there was over half a million people on the scheme, changing a lot of lives for the better, hundreds of thousands of lives for the better, a lot of very good service providers. But there has been insufficient attention to the administration of the scheme and that has changed. So, one issue was that the scheme was almost becoming the only lifeboat in the ocean. So as soon as you have a disability, everyone says, oh, that’s an NDIS matter. Well, the fact of the matter is, the NDIS is only designed for personal budgets for the most profoundly disabled, not for everyone.
But the states have been good. Peter Malinauskas, Mally, he’s a rock star. He’s been helping lead the States and working with Nat Cook here to make sure we start developing with Amanda Rishworth, working services up outside the scheme. So that’s one reform, not everyone needs to flock to the NDIS. And within the scheme itself, there was no back-office payments checking. Like, I don’t want to make people, you know, just sort of drive off the road as they’re listening here. But it was possible for people to draw down 20 and $30,000 out of their packages with no invoices.
We see some service providers, you know, you have a shower chair and then you have an NDIS shower chair. And guess what? They’re identical. But when it’s called an NDIS shower chair, it’s four times as much. We’ve now made that illegal. 92% of service providers are currently unregistered. Like, imagine having a system where you can drive on Adelaide roads. You can have the driver’s license system or the not the driver’s license system. So, we’re overhauling how we register. We’re overhauling how we assess people, making it consistent. We also, we’ve put a sort of in and out list what you can spend your resources on. And whilst that’s led to tears at bedtime by some of the dodgy providers with crystal therapy and other therapies which are just not evidence based, the truth of the matter is it’s now providing clarity.
All of this means that we can get the growth of the scheme to about 8% when, the year before I became the Minister, it was 23%, but next year we’re on track to have growth at only 12%, so we’re still investing.
PENBERTHY: So, about a billion bucks, you’re looking at saving?
SHORTEN: Well, we’ve saved a billion. We’ve spent $1 billion less than we thought we would in May. So, for the financial year 2023/24, we thought it would be 42.5 billion. And it’s actually come in under $42 billion, which means that we’re just running the scheme better. That doesn’t mean that we’re not providing services. There’ll be more people on the scheme next year than this year. There’ll be more money invested in people next year than this year. But what we are saying is, if you’re getting a service, is it a quality service? Is it, are you not being price gouged? You know, yesterday in the Downing Street court in Sydney, we, through long investigations, three dodgy gentlemen or two dodgy gentlemen and a lady, are going to jail for ripping off $5.8 million. We’ve set up a criminal task force. We’ve got 21 Commonwealth agencies. You know, to channel my inner Clint Eastwood, I say to dodgy providers, do you feel lucky? Because we will catch you.
PENBERTHY: Have there been any successful prosecutions under those laws?
SHORTEN: Yes. We’ve got 56 people are in court or on the desk of the relevant public prosecutor, Director of Public Prosecutions, 500 investigations. We’ve released some information this morning. Under my predecessors, yes, the Liberals, they had a safeguards commission which is meant to handle complaints. But that’s where complaints used to go to die. It was not transparent. This year we’ve just after – we’ve tripled the number of people working in the complaints Commission from 367 to 1052. We’ve given them money. When I put in an acting administrator into the Complaints Commission to liven it up. He was a former policeman. I said, tell me what you found, Mike. And Mike said, oh, you’ve got state of the art investigation systems for 1988. So, we’ve upgraded the ICT. Now the complaints have gone up 78%, my usual, you know, Ratbag critics say, oh, that proves that everyone’s unhappy because you’re the Minister. No, it just means for the first time, we’re following up the complaints. They’ve always been there.
PENBERTHY: Minister we’ve got some callers with questions for you. Geraldine’s on the line Geraldine good morning to you.
CALLER: Hi Bill. I’m getting a ramp put in and there’s a quote on it, it’s $17,000.
SHORTEN: Oh, that’s rubbish.
CALLER: Yeah. Now I believe that they’re ripping the system off. And this this man, he’s. That’s all he does. Him and his two sons. And they employed, more or less employed by my provider. And I just hope the government can do something to get a cheaper ramp for me, because I haven’t been outside my home for 11 months. If there was a fire here, I’d burn to death because I can’t go up and down the steps and I’ve got to wait another till June or July next year to save up enough money to pay for the ramp.
SHORTEN: Well, I don’t know if you’re on the NDIS or another government payment scheme?
CALLER: My Aged Care.
SHORTEN: Okay, well, what we’ll do is if we can get your details offline, I don’t know if a ramp should cost $17,000, but my gut says that must be a beautiful ramp.
PENBERTHY: Yeah. The on ramp to the New South Road extension cost that much.
SHORTEN: Yeah, it sounds like a piece of art. Um, so what we have seen, and Geraldine, thanks for calling, is just because it’s the government money and a government package doesn’t give some contractors the God given right to rip taxpayers and people off. So, we’ve now in the NDIS, I’ve now got through the Competition Commission laws which say you cannot be charged more for an identical service or product than if you weren’t on the scheme. So, what we can do is you can, what it means is if they were selling you an NDIS ramp, we’re now allowed to look at the books of the company and see what they charge other people for ramps, and if it’s if it’s less that they charge another punter than someone on the NDIS, that’s against the law now.
PENBERTHY: So, it should be. Minister, there’s another local story we’ve been following closely. Listener by the name of Alex Castoroides, who has called in. I just note who explained to us his situation. A severely disabled daughter who requires two on one care all day, had been in school and receiving terrific care, and they’d had a good experience on the NDIS. That ended, and he’s had some trouble continuing it, so much so they’ve had to sell their business. He’s told us his family home has been at risk. He’s on the line now. Alex, good morning to you. You’re speaking with the NDIS Minister, Bill Shorten.
CALLER: Good morning. Good morning.
SHORTEN: Good morning, Alex.
CALLER: Minister. Yeah. Just quickly touch on my daughter’s case. Um, she finished school last year, and we spent the whole year preparing her to come out into the public and be part of the, you know, the wide world out there. And we put in a change of circumstance with NDIS and – because obviously we had to fill that gap between 9 and 3 where she needed care, where she used to be at school. Instead of giving us the extra care, we actually got our, our funds slashed. And the person that made the decision said that Georgia only needed one on one care. She has got a two on one restraining order set up through [inaudible]. She has all the reports from her psychologist and OT that she does need two on one care at all times. And when this decision was made, it just destroyed our lives. Where, like Will said, I had to sell my business to look after my, I had to close my business, actually, to look after my daughter to help her. And, you know, we did the review. The gentleman used old information, that worked for NDIS, and quoted things when George was at school not being in public. And we did a review of the review. The lady totally bunged that up. She asked for the new information. We provided it to her again. She didn’t use the new information. She thought we didn’t give it to her. We gave her the reference number of the call we did with NDIS to say this is where we’ve uploaded all the information and here’s the email. And, you know, her response was, oh, I saw the email from my colleague, but I thought it was an American date, so I didn’t open it.
So that was her reasoning. And she used the old information for my daughter’s schooling days, to say her, she sticks with her judgment. It’s only one on one care and we were not going to give you any extra funding. So, we followed the process, and we applied for the tribunal. With the help of Senator Nat Cook, the federal health Minister, they’ve all helped me and sent emails to your office. We haven’t had much response, and much help. And I’ve been in the Advertiser. I’ve been on 5AA trying to get this hurried up because my daughter’s health was spiralling out of control and mental health, that is. To the point where four weeks ago, um, she was out of control. We had to call the ambulance. The poor girl that was looking after her on her own just couldn’t control her anymore. The ambulance took her to the QEH, and she was put in an induced coma due to her state, for three weeks. And she’s just come out of the induced coma. They did all the testing on her. Her health is perfectly fine, and they’ve put it down to her situation of losing her carers and all of that situation that the NDIS put us through with the bunged-up decisions that they made.
You know, we’re on the we’ve got no savings no more. No one’s, no one’s helping us in a hurry. And now that the, the next excuse is, oh, you’ve signed up with the tribunal so we can’t help you. And that’s from your office. So, you know, what do you want us to do? That’s what I want to know. Like the NDIS is there for specifically for my daughter. And I praise you for what you’re doing now. It’s amazing. And I can’t believe it wasn’t done earlier, what you’re what you’re doing now. But my daughter is sitting here on the couch having to learn how to walk again, how to talk again. And we’re in a mess.
And this system, from April to now, we’re still fighting and sitting by my daughter’s bedside watching her, the tube down her throat, not knowing if she’s going to live anymore. You know, I still have to take calls, and I still have to try and fight the NDIS and the tribunal system to try and get, you know, put back what my daughter needs. And I’m one of many. And, you know, you just said before, the system is there for people like my daughter. But I’m sorry, but it’s failed dismally. The workers that, the worker that did that last review of the review, you know, I know nothing’s going to happen to her. But if she could come now to my house and see my daughter the way she is because of her silly decision, of not bothering to read any of the new reports we gave, not bothering to read any of the incident reports that we gave…
PENBERTHY: Minister, can anything be done in Alex’s case to at least get this process moving along a little bit more quickly so he can get some clarity?
SHORTEN: Yeah. First of all, Alex, it can’t be easy having to share that story. And you’re a good dad, and I know you’re doing your absolute level best. And I’m sorry that you’ve had a bad experience with the Agency, so no ifs or buts. I’m sorry. What I understand about your case is that the package was north of $300K, for a year? I understand that on October the 30th, the matter, that plan has been kept at the same level for the next six months while you go through the appeals process?
CALLER: Yeah.
SHORTEN: The fact of the matter is, there is a legal system. And if something’s before the courts, I can’t just simply step in and act as judge. You know, there’s a separation of powers between the politician and the legal process. But I do understand that the plan you had last year has now been approved on the 30th of October for the next six months. At the same level I get. There’s also issues about – the school system at least had your daughter, but now post school and you leave school, it’s a bit of a black hole. And then, there’s no I don’t think there’s been enough work – this is not you, but this is the system – that when people finish school and they’ve got a profound disability, they’re sort of left to their own devices. So, we’ve set up some projects to try and work out how we can do better stuff for school leavers so that it’s not the, ‘left to your own devices’ that you’ve been in.
Just on the, the general point. So, on your matter, your plan has been rolled over for the next six months. Status quo payment. That was decided, I think, on the 30th of October. But just to other people who are listening, this is a problem. But God only knows what would happen if we didn’t have an NDIS at all. And no other country in the world has it, so that doesn’t help you. But going to the general issue, I don’t know what this country would do without the NDIS. And the problem we got is that in your matter, you feel that the evidence hasn’t been looked at properly, the people making the decisions haven’t taken into account matters. When I became the Minister, there were 4000 staff at the agency. Now, my predecessors capped the number of people at the agency at 4000. In 2017, there were 4000 people working on matters like yours, your daughter’s, everyone else, and there were 170,000 people on the scheme.
When I became the Minister, there’s over half a million people on the scheme and still 4000 people. So, we’ve now started to invest in planner capability because I want you to have a more consistent experience. But anyway, I know your matters in the courts, but I do know that rather than get nothing until the court matters resolved, your plan has been rolled over for the next six months so that there are funds there.
PENBERTHY: All right. Thank you. Thanks for sharing that story, Alex. It’s full on and thanks to you as the Minister too, Mr. Shorten to, you know, take what Alex is saying as seriously as you have because –
SHORTEN: Oh, yeah.
PENBERTHY: – it’s been a big story locally.
SHORTEN: Yeah, no, I get it. That’s tough.
PENBERTHY: Why can’t that cap change?
SHORTEN: Oh, we have changed it.
PENBERTHY: How on earth can 4000 people look after? Because – and the case I mentioned the other day that I won’t go into now, but it feels like half the battle is actually just getting responses from within the organisation, in the same way it is with My Aged Care?
SHORTEN: Yeah, to be fair to the Agency, they were underfunded, as was the complaints commission, but now we’ve put on an extra 2000 people, so it takes a while to get people up to speed. Of the leadership of the Agency, we have changed that. The new Chair of the Agency is Kurt Fearnley, who’s just an amazing Australian, charismatic, smart, capable, passionate, doesn’t take a backward step. The leadership of the Agency, of the top 11 people who were running it, there’s one left. We’ve sort of changed the guard there, and now we’re bringing in people and training them up.
We had a call centre which was contracted out, which meant that if you rang the call centre and they were getting nearly 2 million calls a year –
PENBERTHY: 2 million?
SHORTEN: Because of their contract, yeah, they couldn’t get, they couldn’t access the information. So, we’re now bringing some of that in-house, but we’re investing in the capability of the agency, more people and training them more so we hope we can get more consistent decision making.
PENBERTHY: It was a long chat in the end, but a good chat. We thank you. Thank you for coming in. Mr. Shorten, we’ll catch up with you again soon.
Four years on from a fatal shooting in Ilford, detectives are releasing footage of a man they would like to identify.
An investigation was launched on 1 November 2020 when officers were called to Balfour Road, Ilford at 22:14hrs following reports of a disturbance.
Officers arrived at the scene and located Jason Diallo, 30 with multiple injuries. He sadly died at the scene.
A witness told officers that they had seen Jason cycling along the road, when he was knocked off his bike by a car. Two occupants of the car got out and shot Jason in the head before driving away.
Fifteen minutes after Jason Diallo was shot, at 22:29hrs, police were called to a shooting around five miles away in Garvary Road, E16. A 27-year-old man was found with a gunshot injury to his shoulder.
He was taken to hospital with gunshot wounds which were determined not to be life-threatening. When providing a statement to officers, he told them he had been followed by three men driving a car who began shooting at him.
A complex investigation was launched within Specialist Crime North and two men were convicted and sentenced for their involvement.
On Tuesday, 14 June 2022, Mushin Mohamed, 28 (06.04.1996) of Leytonstone Road, E15 was found guilty of murder and attempted murder at the Old Bailey and sentenced to life in prison to serve a minimum of 35 years.
Tyrelle Joseph, 24 (16.09.2000) of Banks Way, E12 was found guilty of assisting an offender and jailed for seven years after being identified as someone who had helped Mohamed and the unidentified suspects leave the scene.
Enquiries have remained ongoing to identify two more suspects believed to be involved in the shootings that night.
Investigating officers are now in a position to release this footage of a man they would like to speak with in connection with this investigation and a financial reward for information is available.
The Metropolitan Police Service is offering a substantial reward of up to £20,000 for information leading to the identification, arrest and prosecution of the person responsible for the murder of Jason Diallo and the non-fatal shooting of a 27-year-old man on 1 November 2020.
Detective Chief Inspector Kelly Allen, the senior investigating officer, said:
“We have continued our momentum behind this investigation to ensure that those responsible for killing Jason Diallo and seriously injuring another man are held accountable.
“Our enquiries have found no evidence to suggest that Jason Diallo or the attempted murder victim were known to one another or those convicted, suggesting that this was a completely unprovoked and violent incident.
“Jason Diallo was described by his family as a devoted father of two who had the softest heart. Our thoughts have remained with his family and friends throughout a difficult four years and we are determined that they see justice.
“We are now in a position to release an image of this man, who we would like to speak with in connection with this ongoing investigation.
“If you know who he is or have any information which could help us, please get in contact.”
Anyone with information that could help the investigation is asked to call 101 quoting Operation Shenley. You can also report information anonymously to Crimestoppers by calling 0800 555 111.
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
Deputy Prime Minister of Russia Dmitry Chernyshenko held a meeting with Prime Minister of the Republic of Uzbekistan Abdulla Aripov. The parties discussed current issues of Russian-Uzbek cooperation. The meeting was also attended by Minister for the Development of the Far East and the Arctic Alexey Chekunkov.
Meeting of Dmitry Chernyshenko with the Prime Minister of the Republic of Uzbekistan Abdulla Aripov
November 1, 2024
Meeting of Dmitry Chernyshenko with the Prime Minister of the Republic of Uzbekistan Abdulla Aripov
November 1, 2024
Meeting of Dmitry Chernyshenko with the Prime Minister of the Republic of Uzbekistan Abdulla Aripov
November 1, 2024
Meeting of Dmitry Chernyshenko with the Prime Minister of the Republic of Uzbekistan Abdulla Aripov
November 1, 2024
Minister for the Development of the Far East and the Arctic Alexey Chekunkov
November 1, 2024
In the presence of Dmitry Chernyshenko and Umid Shadiev, Acting Rector of the Russian State University of Tourism and Service Ambartsum Galustov and First Vice-Rector for Administrative Affairs of the Silk Road International University of Tourism Dilmurod Nasimov signed a Memorandum of Cooperation between universities for the development of joint educational programs in the field of tourism
November 1, 2024
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Meeting of Dmitry Chernyshenko with the Prime Minister of the Republic of Uzbekistan Abdulla Aripov
The Prime Minister of the Republic emphasized that cooperation between Uzbekistan and Russia is developing on the principles of comprehensive strategic partnership and allied relations.
“This has been achieved thanks to the strong political will and trusting relations between the presidents of the two states – the respected Shavkat Miromonovich Mirziyoyev and the respected Vladimir Vladimirovich Putin. The state visit of the President of the Russian Federation to the Republic of Uzbekistan on May 26-28, 2024 and the agreements reached opened a new milestone in our multifaceted cooperation. Under the direct leadership of the respected heads of state, the first meeting of the Council of Regions of Uzbekistan and Russia was held in Tashkent, which was attended by a representative delegation from 26 regions of Russia, of which 22 regions were represented by their heads,” said Abdulla Aripov.
For his part, Dmitry Chernyshenko expressed gratitude to the President of the Republic Shavkat Mirziyoyev and Abdulla Aripov for the warm welcome in Uzbekistan.
The Russian Deputy Prime Minister noted that, despite the difficulties caused by sanctions and turbulence in the global economy, trade, economic and investment ties between Russia and Uzbekistan are developing dynamically, and an effective intergovernmental dialogue has been established.
The countries are working systematically on the basis of an intergovernmental comprehensive economic cooperation program for 2022–2026.
Last year, mutual trade turnover between Russia and Uzbekistan grew by 11.5% and reached 823 billion rubles.
In order to develop investment cooperation, the Ministry of Economic Development of Russia has prepared proposals for the implementation of 30 tourism investment projects in Russia.
During the negotiations, the parties focused on discussing cooperation in the fields of science, education, youth policy, tourism and sports.
“Our presidents pay great attention to the development of fruitful cooperation. Uzbekistan is the leader in the number of branches of Russian universities abroad, implementing projects within the framework of the state programs “Priority-2030″, advanced engineering schools. The success of the branches is ensured, among other things, by close ties with industrial partners,” Dmitry Chernyshenko emphasized.
During his visit to the republic, the Russian Deputy Prime Minister also held a meeting with the Chairman of the Tourism Committee under the Ministry of Ecology, Environmental Protection and Climate Change of the Republic of Uzbekistan Umid Shadiev. At the meeting, the parties discussed measures to increase mutual tourist flow and implement the action plan in the tourism sector.
Last year, the mutual tourist flow between the countries doubled. This became possible due to the active work of the departments, including increasing the frequency of regular flights.
In 2024, the Year of Tourism of Uzbekistan in Russia will be held. Participation of businesses in key Russian tourism exhibitions is ensured.
Umid Shadiev noted that Uzbekistan feels support from Russia, thanked for cooperation and proposed to intensify internships and exchanges of tourism personnel.
Minister for the Development of the Far East and the Arctic Alexey Chekunkov, who was present at the meeting, spoke about the main points of attraction for travelers in the Far East.
“In the Far East, tourism projects are aimed at both domestic and foreign tourism. Today, about 420 investment projects are being implemented here and in the Arctic. There is great interest, which makes it possible to work at the crossroads of Europe and Asia, to offer tourism products to Asian guests. If we take into account the legendary Uzbek hospitality and cuisine, we can create a unique offer that will be mutually beneficial and will allow us to strengthen ties. I invite you to the Far East to take part in the Eastern Economic Forum,” said Alexey Chekunkov.
In the presence of Dmitry Chernyshenko and Umid Shadiev, Acting Rector of the Russian State University of Tourism and Service Ambartsum Galustov and First Vice-Rector for Administrative Affairs of the Silk Road International University of Tourism Dilmurod Nasimov signed a memorandum of cooperation between the universities for the development of joint educational programs in the field of tourism.
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NBPE Announces Appointment of Oak Group as Guernsey Adminstrator
1 November 2024
NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces the appointment of Oak Fund Services (Guernsey) Limited as NBPE’s Guernsey Administrator and Company Secretary. The appointment is with effect from 1 November 2024.
Effective as of 1 November 2024, NBPE’s registered address will be changed to:
NB Private Equity Partners Limited Oak House, Hirzel Street, St Peter Port, Guernsey GY1 2NP
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
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.
Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $509 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 PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. 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 ten years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of September 30, 2024.
Aktsiaselts Infortar subsidiary AS Eesti Gaas acquires a 100% shareholding in EWE Polska
AS Eesti Gaas, a wholly owned subsidiary of Aktsiaselts Infortar (Infortar) and the German energy group EWE AG have entered into an agreement on the 31st of October 2024, under which EWE AG will sell 100% of the shares of its wholly owned subsidiary EWE Polska sp. z o.o. (EWE Polska) which operates in Poland. EWE Polska has two wholly owned subsidiaries, EWE Energia sp. z o.o. and EWE Przesył sp. z o.o. (altogether EWE Polska group). Chairman of the Management Board of Infortar Ain Hanschmidt: “Our ambition is to expand beyond the Baltic-Finnish region into Central and Western Europe, implementing our proven model and experience as a gas supplier and network operator Poland, thereby delivering the best service to consumers. The acquisition of an energy company in Poland provides us with the necessary momentum in this large and important growing gas market, while also ensuring an additional steady cash flow for the company’s shareholders.”
The fields of activity of EWE Polska group include a natural gas distribution network in Western Poland and all business lines of energy sales (including gas and electricity sales).
The completion of the transaction requires approval from the Polish Competition Authority (Polish: Urząd Ochrony Konkurencji i Konsumentów), as well as corporate approval by the EWE AG Supervisory Board (German: Aufsichtsrat).
The acquisition of shares in EWE Polska constitutes a significant transaction under Nasdaq Tallinn Stock Exchange Rules and Regulations. Therefore, the Stock Exchange Release includes comprehensive information on the transaction’s circumstances and EWE Polska’s financial results.
EWE Polska is the second-largest privately-owned network operator in Poland. The company operates a natural gas distribution network of 2,316 km in western Poland, mainly around Poznan, serving over 25,000 clients. In addition to infrastructure management, the company sells natural gas and electricity, with energy sales totaling 1.2 TWh last year.
The aim of the transaction is to significantly expand Infortar’s energy business in the Polish market, with the impact on the Infortar’s consolidation group being adding estimated revenues of more than 100 million euros. The acquisition of EWE Polska group increases our market presence in this large and important growing gas market, while also ensuring steady cash flow from regulated assets to our shareholders.
1. Terms of payment of purchase price for the shares of EWE Polska The purchase price for shares of EWE Polska is 120 000 000 euros payable as monetary payment. The purchase price will be paid at the completion of the transaction after being adjusted based on accrued interest and occurred leakage (if any).
2. EWE Polska’s financial results EWE Polska group total revenues in year 2023 amounted to 141.1 mEUR (2022: 133.2 mEUR and 2021: 76.4 mEUR) which is 6% higher than the year before and 85% higher than in year 2021. In 2023, earnings before interest, taxes, depreciation, and amortization (EBITDA) was -2.2 mEUR, compared to 15.6 mEUR in 2022 and 15.0 mEUR in 2021. In 2023, the consolidated net profit was -3.7 mEUR, compared to net profit of 10.5 m EUR and 10.0 mEUR in years 2022 and 2021 respectively.
EWE Polska group total assets in 2023 were 170.0 mEUR (2022: 182.4 mEUR and 2021: 156.5mEUR) including total fixed assets 115.8 mEUR that is 68% from total assets (2022: 63% and 2021: 69%). Total current assets in 2023 were 54.2 mEUR, including cash and equivalents 22.9 m EUR. In 2022 respective numbers were 66.7 mEUR and 20.7 mEUR. In 2021 the numbers were 48.1 mEUR and 16.2 mEUR.
Total Equity in 2023 was 115.5 mEUR (in 2022 total equity was 121.5 mEUR and in 2021 114.6 mEUR). For more detailed information, please see appendix.
Based on the additional information provided to Infortar, there have been no adverse changes in the business operations of the EWE Polska group since the close of the 2023 financial year. Unaudited consolidated figures for the first eight months of 2024 have been presented to Infortar, showing consolidated sales of 74.6 mEUR (2023 8 months: 94.2 mEUR), an EBITDA of 15.2 mEUR (2023 8 months: 5.9 mEUR), and a net profit of 12.3 mEUR (2023 8 months: -2.6 mEUR).
3. Overview of the loans undertaken by EWE Polska EWE Polska group has no outstanding loans in its consolidated balance sheet.
4. The structure of shareholders of EWE Polska EWE Polska is 100% owned by EWE AG. Upon completion of the transaction 100% of EWE Polska shares will be acquired by Infortar’s wholly owned subsidiary AS Eesti Gaas.
5. Information on significant court or arbitration proceedings involving EWE Polska According to information provided to Infortar, the companies within the EWE Polska group are not engaged in any significant court or arbitration proceedings. While certain legal proceedings related to their regular business activities are ongoing, Infortar has grounds to believe that the outcomes of these proceedings are unlikely to have a material impact on the business activities of EWE Polska group companies.
6. Information on valid contracts between Infortar and EWE Polska Currently there are no valid contracts between Infortar and EWE Polska group.
7. The composition of managing bodies of EWE Polska The Management Board of EWE Polska currently consists of Mr. Krzysztof Noga and Ms. Agnieszka Bielewicz. The Supervisory Board has not been formed.
The contemplated transaction is not a transaction between related parties and the members of the Supervisory Board and the Management Board of Aktsiaselts Infortar have no personal interest in the transaction in any other way.
Aktsiaselts Infortar operates in seven countries, the company’s main fields of activity are energy, maritime transport, and real estate. Aktsiaselts Infortar owns a 68.47% stake in Aktsiaselts Tallink Grupp, a 100% stake in AS Eesti Gaas and a versatile and modern real estate portfolio of approx. 113,000 m2. In addition to the three main areas of activity, Aktsiaselts Infortar also operates in construction and mineral resources, agriculture, printing, taxi business and other areas. A total of 104 companies belong to the Aktsiaselts Infortar group: 95 subsidiaries, 4 affiliated companies and 5 subsidiaries of affiliated companies. Excluding affiliates, Aktsiaselts Infortar employs 6,625 people.
CALGARY, Alberta, Nov. 01, 2024 (GLOBE NEWSWIRE) — Prospera Energy Inc. (PEI: TSX-V; OF6B: FRA) (“Prospera” or the “Corporation“)
Prospera announces the opportunistic appointment of Mr. Shubham Garg as Chairman of the Board of Directors. Previous Chairman, Mr. Mel Clifford has stepped down from the Board of Directors for personal reasons, effective October 31, 2024. The Board and Prospera express their sincere gratitude to Mr. Clifford for his dedication and contributions to PEI’s restructuring efforts out of bankruptcy.
The board and the principal investors of Prospera have unanimously approved Mr. Garg as the Chairman of the Board, recognizing his extensive knowledge of the public oil & gas market, his influential connections within financial industry, and his sound understanding of oil and gas operations, especially in Saskatchewan’s heavy oil fields.
The recent medium-light oil drills have been completed, and production flow is beginning to reach the anticipated levels. Ongoing efforts, including SK heavy oil well automation, battery maintenance and upgrades, pipeline modifications, water injection realignment, and ensuring sufficient fuel gas supply, are enhancing well runtime and optimizing production to support the horizontal transformation volumes as outlined in the structured development phases. Prospera will continue developing its assets and diversifying the heavy-to-light oil ratio to enhance its margins.
About Prospera Prospera is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner, and service stakeholders.
The company is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas.
The Corporation continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English
The website operator is simply referred to as “NorthUnion”, and there is no information regarding its legal form. They give business addresses in Zurich, Switzerland, London, United Kingdom, Graz, Austria, and Madrid, Spain.
BaFin has recently become aware of a number of websites with almost identical content and has also warned consumers about them. In each case, the website’s homepage displays the phrase: “Step Up Your Trading with [name of operator]“.
Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies database of companies.
Theinformation provided by BaFin is based on section 37 (4) of the German BankingAct (Kreditwesengesetz – KWG).
Please be aware:
BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.
Source: People’s Republic of China – State Council News
BEIJING, Nov. 1 — China aims to see the annual direct economic output value of its nuclear technology application industry hit 400 billion yuan (about 56 billion U.S. dollars) by 2026.
The target was set in an action plan, recently jointly released by China Atomic Energy Authority, the National Development and Reform Commission and other departments, which aims to support the development of the nuclear technology application industry over the next three years.
According to the plan, the development of nuclear technology application industry is an inevitable trend to promote the high-quality development of the nuclear industry, as well as an important means of supporting the transformation and upgrading of the national economy.
By 2026, the independent innovation capability of China’s nuclear technology application industry will be significantly enhanced, and the industrial field will be further expanded, said the plan.
Over the next three years, breakthroughs will be made in a number of key technologies, a number of innovation platforms will be built, and new enterprises will be cultivated, focusing on the application of nuclear technology in the fields such as medical diagnosis and treatment, agricultural breeding, food processing, safety and security, it added.
Source: Hong Kong Government special administrative region
The Census and Statistics Department (C&SD) released the latest figures on retail sales today (November 1). The value of total retail sales in September 2024, provisionally estimated at $29.6 billion, decreased by 6.9% compared with the same month in 2023. The revised estimate of the value of total retail sales in August 2024 decreased by 10.0% compared with a year earlier. For the first 9 months of 2024 taken together, it was provisionally estimated that the value of total retail sales decreased by 7.6% compared with the same period in 2023. Of the total retail sales value in September 2024, online sales accounted for 10.4%. The value of online retail sales in that month, provisionally estimated at $3.1 billion, decreased by 11.8% compared with the same month in 2023. The revised estimate of online retail sales in August 2024 decreased by 0.7% compared with a year earlier. For the first 9 months of 2024 taken together, it was provisionally estimated that the value of online retail sales decreased by 2.0% compared with the same period in 2023. After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales in September 2024 decreased by 8.7% compared with a year earlier. The revised estimate of the volume of total retail sales in August 2024 decreased by 11.7% compared with a year earlier. For the first 9 months of 2024 taken together, the provisional estimate of the total retail sales decreased by 9.2% in volume compared with the same period in 2023. Analysed by broad type of retail outlet in descending order of the provisional estimate of the value of sales and comparing September 2024 with September 2023, the value of sales of commodities in supermarkets decreased by 1.1%. This was followed by sales of electrical goods and other consumer durable goods not elsewhere classified (-7.6% in value); jewellery, watches and clocks, and valuable gifts (-17.9%); food, alcoholic drinks and tobacco (-3.2%); wearing apparel (-8.7%); medicines and cosmetics (-2.5%); commodities in department stores (-11.4%); motor vehicles and parts (-26.7%); fuels (-8.6%); furniture and fixtures (-14.4%); footwear, allied products and other clothing accessories (-3.8%); Chinese drugs and herbs (-17.7%); and optical shops (-10.6%). On the other hand, the value of sales of other consumer goods not elsewhere classified increased by 2.9% in September 2024 over a year earlier. This was followed by sales of books, newspapers, stationery and gifts (+20.3% in value). Based on the seasonally adjusted series, the provisional estimate of the value of total retail sales decreased by 1.0% in the third quarter of 2024 compared with the preceding quarter, while the provisional estimate of the volume of total retail sales decreased by 2.0%.Commentary A government spokesman said that the value of total retail sales continued to decline in September from a year earlier, but the rate of decline narrowed. On a seasonally adjusted month-to-month comparison, the value of total retail sales recorded an increase. Looking ahead, the spokesman said that the near-term performance of the retail sector would continue to be affected by the change in consumption patterns of residents and visitors. Nevertheless, an improved outlook for the Mainland economy following the recent introduction of a wide range of stimulus measures, and a possible easing of the Hong Kong dollar alongside the US dollar with the commencement of the US interest rate cut, would be conducive to boosting sentiment and supporting spending. In addition, the Central Government’s various measures benefitting Hong Kong, the SAR Government’s various initiatives to boost market sentiment and increasing employment earnings would also benefit the retail sector. The spokesman added that the Policy Address this year includes various measures that would benefit the retail sector, such as developing new tourist hotspots, relaxing visa application criteria for some ASEAN countries, and boosting “silver consumption”. The Policy Address has also launched a series of measures to assist small and medium enterprises (SMEs), including those in the retail sector, in addressing the challenges encountered in the process of economic restructuring. These include relaunching the principal moratorium under the SME Financing Guarantee Scheme to ease the repayment pressure of enterprises, expanding the geographical coverage of E-commerce Easy to the 10 ASEAN countries, and relaunching the Hong Kong Shopping Festival in the next two years to help SMEs develop e-commerce business to expand their markets. These measures would help the retail sector in transitioning through the economic restructuring period and improve its prospects.Further information Table 1 presents the revised figures on value index and value of retail sales for all retail outlets and by broad type of retail outlet for August 2024 as well as the provisional figures for September 2024. The provisional figures on the value of retail sales for all retail outlets and by broad type of retail outlet as well as the corresponding year-on-year changes for the first 9 months of 2024 taken together are also shown. Table 2 presents the revised figures on value of online retail sales for August 2024 as well as the provisional figures for September 2024. The provisional figures on year-on-year changes for the first 9 months of 2024 taken together are also shown. Table 3 presents the revised figures on volume index of retail sales for all retail outlets and by broad type of retail outlet for August 2024 as well as the provisional figures for September 2024. The provisional figures on year-on-year changes for the first 9 months of 2024 taken together are also shown. Table 4 shows the movements of the value and volume of total retail sales in terms of the year-on-year rate of change for a month compared with the same month in the preceding year based on the original series, and in terms of the rate of change for a three-month period compared with the preceding three-month period based on the seasonally adjusted series. The classification of retail establishments follows the Hong Kong Standard Industrial Classification (HSIC) Version 2.0, which is used in various economic surveys for classifying economic units into different industry classes. These retail sales statistics measure the sales receipts in respect of goods sold by local retail establishments and are primarily intended for gauging the short-term business performance of the local retail sector. Data on retail sales are collected from local retail establishments through the Monthly Survey of Retail Sales (MRS). Local retail establishments with and without physical shops are covered in MRS and their sales, both through conventional shops and online channels, are included in the retail sales statistics. The retail sales statistics cover consumer spending on goods but not on services (such as those on housing, catering, medical care and health services, transport and communication, financial services, education and entertainment) which account for over 50% of the overall consumer spending. Moreover, they include spending on goods in Hong Kong by visitors but exclude spending outside Hong Kong by Hong Kong residents. Hence they should not be regarded as indicators for measuring overall consumer spending. Users interested in the trend of overall consumer spending should refer to the data series of private consumption expenditure (PCE), which is a major component of the Gross Domestic Product published at quarterly intervals. Compiled from a wide range of data sources, PCE covers consumer spending on both goods (including goods purchased from all channels) and services by Hong Kong residents whether locally or abroad. Please refer to the C&SD publication “Gross Domestic Product by Expenditure Component” for more details. More detailed statistics are given in the “Report on Monthly Survey of Retail Sales”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080003&scode=530). Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of C&SD (Tel. : 3903 7400; E-mail : mrs@censtatd.gov.hk).
Source: Hong Kong Government special administrative region
Licence applicants to provide verified e-contact means to TD starting from November 18 (with photos) Licence applicants to provide verified e-contact means to TD starting from November 18 (with photos) ******************************************************************************************
The Transport Department (TD) today (November 1) reminded members of the public that, from November 18, 2024, applicants for the new issue or renewal of 21 driving and vehicle licences must provide and verify a Hong Kong mobile phone number or email address as an e-contact means (ECM) for receiving electronic messages issued by the Hong Kong Police Force and the TD in future, in preparation for the Traffic e-Enforcement System to be implemented gradually in the first half of 2025. Starting from November 18:
“Online applications, instant verification”: The TD encourages the public to submit licence applications online, so that they can provide and instantly verify the ECM using a one-time password (OTP) during the application process, thereby saving time and enjoying convenience; “Applications in paper form, verification via designated platform”: If a paper application is necessary, the applicant must provide and verify the ECM via OTP on the TD’s designated online platform within three months prior to application submission, and provide the same verified ECM in the application form before submission. The designated online platform will be launched at 10am on November 4; The verified ECM will only be updated in the applicant’s records of driving licence and/or all vehicle(s) registered under his/her name after the application concerned has been approved to ensure that it is accurately updated; If an ECM cannot be provided or verified, or if the ECM provided is inconsistent with the verification record, the application cannot be processed; For any change of ECM, the applicant must notify the TD within 72 hours of the change through the online services in GovHK or by submitting form TD559; Holders of licences that have not yet expired do not need to rush to provide and verify the ECM early; and Driving licence holders who have not provided an ECM to the TD before are also welcome to provide and verify their ECM through the online services in GovHK or by submitting form TD559.
A spokesman for the TD said, “Providing a frequently used and verified ECM is of utmost importance. If the Hong Kong mobile phone number or email address is incorrect or not frequently used, the licence holder will not be able to receive notifications issued by the Police and the TD, which may result in e-Tickets and tunnel tolls not being paid timely, and may need to bear the legal responsibilities such as penalties or surcharges. Applicants must ensure that their Hong Kong mobile phone number or email address is correct. If different ECMs are provided or verified at different times, the latest record will replace the old one, rendering the original ECM invalid.” Applicants providing a Hong Kong mobile phone number as their ECM should note that the TD has participated in the SMS Sender Registration Scheme under the Office of the Communications Authority. SMS messages issued by the TD will bear the ID “#TDeContact” with the prefix “#” for easy authentication. The TD will not send SMS messages or emails with hyperlinks. From September 2024, the TD has held over 10 briefings for the transport sector, including the goods vehicle, taxi, public light bus and non-franchised bus trades, as well as stakeholders covering driving schools, vehicle dealers and financial institutions, which handle first registration of new vehicles and application for vehicle licences for their clients, to brief them on the new legal requirements regarding provision and verification of ECM. The TD will issue letters in batches to holders whose licences will soon expire, informing them of the detailed steps for providing and verifying an ECM. The TD will also deploy service ambassadors at its four Licensing Offices and the Cross Boundary Unit from November 4 to assist the public in submitting applications and verifying their ECM. The passage of the Electronic Traffic Enforcement (Miscellaneous Amendments) Bill 2023 by the Legislative Council on June 19, 2024, provides a legal basis for the Police to serve fixed penalty notices against traffic offences or contraventions by electronic means; it also requires registered owners of vehicles, holders of various types of licences and permits, and holders of driving licences to provide the TD with their ECM in their applications. The Government then published in the Gazette that relevant provisions on collecting ECM would be implemented on November 18. The public may refer to the TD’s thematic webpage, HKeMobility mobile application and Agent T Facebook page (www.facebook.com/AgentT.hk), or call the hotline at 2804 2600 for details.
Source: State University Higher School of Economics – State University Higher School of Economics –
Joint research of associate professor Faculty of Economic Sciences, National Research University Higher School of EconomicsSergey Stepanov, experts from the INSEAD business school and New York University in Shanghai showed that for tasks with a high level of uncertainty, when there is no certainty which of the decisions taken is better, consultation with individual experts will be more useful than with a whole group. The study was published in the journalGamez and Economic Benavior.
In real life, decision makers often face the choice of whether to use the opinions of several independent experts or a collective discussion. Individual expert assessments are common in science and medicine. For example, when reviewing articles in academic journals, several reviewers evaluate the work independently and do not know who else is checking it. Collective assessments are meetings of directors, think tanks, commissions, and councils where the decision is discussed together.
To understand when it is better to rely on the opinions of individual experts and when to listen to a collective assessment, the researchers developed a model that involved two hypothetical experts. They received information about a situation, but could interpret it differently. Their task was to convince the decision maker of their competence, that is, to give the most accurate forecast possible. The model included two scenarios: an independent assessment, in which the experts were unaware of each other’s participation, and a joint assessment, in which they could discuss the information before presenting a unified conclusion.
In the model, the honesty of experts’ conclusions is influenced by their desire to preserve their reputation. When a certain decision is considered the most probable in the community, an expert may be reluctant to contradict this opinion. And in groups, employees can share doubts with each other without fearing for the reputation of the team, so groups can give a more accurate answer in such a situation. Where individual experts are reluctant to speak out, groups can persuade management to accept a different point of view if it seems more correct to them.
The results of the study showed that the effectiveness of one or another approach depends on the level of certainty of the situation. In conditions of certainty, where the probability of success of each option is approximately known, a collective approach allows collecting more data and making a common decision. By discussing and processing information together, a group of specialists can come to more accurate conclusions and minimize disagreements.
However, when the situation is complex and unpredictable, independent assessment works better. Due to the lack of consensus, an individual expert is not afraid of pressure and can express any point of view. This approach also helps to avoid the influence of groupthink, when pressure on experts forces them to accept the opinion of the majority.
By high uncertainty, scientists mean situations where there is no obvious and widely accepted understanding of the outcome. These may include unconventional economic forecasts, unstable political situations, unfamiliar medical cases, and other examples where assessment requires flexibility and an unconventional approach.
“The results of the study change our understanding of what advice is better – collective or individual. For the decision maker, this choice does not depend on the problem itself that he needs to solve, nor on his preferences,” comments Associate Professor of the Faculty of Economic Sciences Sergey Stepanov.
When there is no single correct answer, individual experts are able to give a more objective assessment. This is observed, for example, when polling economists to forecast inflation or GDP growth, where the complexity of economic processes does not allow one to identify the “correct” point of view in advance. The media, analytical agencies and government services involve different specialists in such polls in order to obtain a multifaceted assessment of the situation.
“In some cases, we can really choose whether to interview an individual specialist or seek advice from a group,” says Sergey Stepanov. “For example, when making a complex diagnosis, you can consult several doctors individually or organize a medical consultation. Each of these approaches will be effective.”
Thus, according to scientists, the choice between individual and collective assessment depends on the specific situation, its complexity and the available data.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
The key business priorities that each agency will deliver and any significant changes they plan to make to their services.
The key performance indicators, by which their performance will be assessed.
These plans allow service users and members of the public to understand the agencies’ plans for delivering their key services and managing their finances.
The business plans will be available electronically on GOV.UK and copies will be placed in the libraries of both Houses.
The Driver and Vehicle Standards Agency (DVSA) 2024 to 2025 business plan will be published separately as we continue to work with them on measures to drive down practical driving test waiting times.
DUBAI, United Arab Emirates, Nov. 01, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is thrilled to introduce the Bybit On-Chain Earn feature, broadening user access to Proof-of-Stake earning models with added benefits. The staking-as-a-service feature provides a seamless staking experience, peeling away complex technicalities and bringing more users direct access to staking opportunities via the Bybit platform. From Oct. 30, Bybit users may unlock a new way of earning crypto rewards with On-Chain Earn.
One of the major pain points of staking for beginners is the hassle of managing multiple technical layers and gas fees. The resource-intensive exercise also requires advanced technical know-how from individual stakers, who are expected to be equipped with the hardware and knowledge of managing and deploying staking nodes.
“Bybit On-Chain Earn will redefine the staking experience, stripping away complexity and opening doors for an influx of CeFi users to participate in the decentralized future. This launch marks a step toward a revolution in how people interact with blockchain technology, blending simplicity with opportunities. At Bybit, we are committed to creating an inclusive space and empowering users to become active contributors to blockchains they take part in,” Joan Han, Sales and Marketing Director of Bybit.
“With the launch of On-Chain Earn, our goal is to bridge the gap between decentralized experiences and centralized users. At the same time, we are eager to collaborate with a wider range of projects within the ecosystem, working together to create a ‘Crypto Ark’ that provides a robust and comprehensive gateway to the world of digital assets,” said Jerry Li, Head of Financial Products at Bybit.
Feature Highlights:
Navigating: staking with ease: With Bybit On-Chain Earn, users may take advantage of Bybit’s sophisticated platform and infrastructure. The service allows users to stake top-of-the-range cryptocurrencies from ETH to SOL with a few clicks, and without micromanaging the technical aspects of staking.
Contributing to decentralization with potential gains: Users may also benefit from market upside while contributing to the safety and decentralization of the blockchain through Bybit On-Chain Earn. By staking on a blockchain of their choice, users will be contributing to the protocol simply by participating.
CeFi x DeFi opportunities: The product is uniquely positioned to support centralized finance (CeFi) user’s pivot to the decentralized finance (DeFi) space, allowing them to kickstart their DeFi exploration in the familiar user-friendly settings of Bybit. Ease of access to both avenues affords crypto believers with more diversification opportunities. Further, Bybit users may also enjoy competitive APRs and extra benefits such as airdrops and other rewards.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, users can visit Bybit Press
Source: United Kingdom – Executive Government & Departments
Culture Secretary Lisa Nandy has welcomed confirmation in the Budget of the government’s commitment to support the creative industries – as part of the Industrial Strategy – recognising the key role it can play in economic growth.
Budget funding to help thousands of creative businesses grow across the UK
£3m scheme to improve awareness of creative career paths for school children
£25m devolved local growth funding, which the North East plans to use for new Crown Works film studio to be built in Sunderland
Grants to continue for start-up video game studios, grassroots music venues and for regional clusters of creative firms outside of London
New VFX tax credit confirmed, UK’s world-leading film,TV, theatre, orchestra and museums tax reliefs continue
The creative industries are worth £125 billion to the UK economy and were named as one of the government’s eight growth-driving sectors in its Industrial Strategy.
At the Budget yesterday the Chancellor confirmed that the Department for Culture, Media and Sport’s spending programmes to grow the creative industries will continue, with additional funding to improve access to creative careers for young people across the country.
Culture Secretary Lisa Nandy said:
This was a Budget to fix the foundations, stabilise our economy and put us on the path to prosperity for years to come.
The Creative Industries will play a critical role in helping us turn the corner and deliver on the national missions of this Government – driving economic growth into our towns and cities; drawing on the wealth of talent that exists everywhere; and flying the flag for British culture and values on the world stage.
The Chancellor’s Budget underscored just how important these sectors are going to be with funding extended for vital programmes and tax reliefs, an expansion of the Creative Careers Programme and a £25 million investment in the CrownWorks Studio in Sunderland that will make the city one of the centres of our TV and film industry for years to come.
This Government recognises that for millions of people, geography has become destiny. That while talent is everywhere, opportunity is not. This Budget has put the Creative Industries front and centre of how we write those people back into our national story and drive opportunity, jobs and prosperity into every community, in every region.
The government will continue to broaden and diversify the talent pipeline in the creative industries by expanding the Creative Careers Programme, providing 11-18 year olds with the opportunity to learn more about the full range of jobs in the creative industries and directly engage with the workplace.
The programme has helped 25,000 students meet industry professionals in 2023, trained over 200 careers professionals on roles in the sector and registered over 500 employers to take part in the annual Discover! Creative Careers Week.
Funding for the Creative Careers Programme will be increased to £3 million, meaning it can boost its awareness-raising efforts and provide even more schoolchildren with information, advice and guidance on creative career routes.
The £25 million funding for the North East Mayoral Combined Authority (NEMCA) has been confirmed. NEMCA plans to use the funding to remediate the Crown Works Studio site.
The North East is already a backdrop for major blockbusters – with Indiana Jones, Harry Potter and Transformers all filmed in the region. Crown Works is set to be one of the largest film studios in Europe and is expected to lead to around 8,000 new jobs in the region.
The DCMS will also continue to fund the following creative industries programmes:
The Create Growth Programme, which supports thousands of businesses, enabling them to convert their creative potential into creative growth, boosting their access to private finance and helping turn today’s creative entrepreneurs into tomorrow’s CEOs.
The BFI’s Global Screen Fund helps innovative independent filmmakers showcase the best of Britain’s screen sectors on the global stage by boosting international development and distribution opportunities.
The Dundee-based UK Games Fund, which develops talent and awards grants to high-potential, early-stage video game studios, helping them turn their drawing board ideas into working prototype games and unlock private investment.
The Supporting Grassroots Music Fund, which enables grassroots music venues, recording studios, promoters and festivals to apply for grants of up to £40,000 to develop new revenue streams, make repairs and improvements, and enhance the live music experience for millions of gig-goers across the UK.
More details will be set out in due course by DCMS on the specific funding for its programmes going forward.
Elsewhere the Creative Industries Clusters programme, supported with at least £50 million and delivered by the Arts and Humanities Research Council on behalf of UKRI, will continue to fund creative clusters in new sub-sectors and regions over the next six years. The first round of the scheme supports nine regional hubs of business specialising in creative subsectors, such as film and high end TV in Cardiff’s Clwstwr and fashion in the Future Fashion Factory in Leeds, helping entrepreneurs and businesses in these areas innovate with new technologies, secure investment, and access global markets, with further clusters to be announced.
DCMS will also continue to contribute funding towards the hosting of the London Film Festival and London Fashion Week, as well as providing continued funding for the British Film Commission, National Film and Television School and the BFI’s Certification Unit.
The Budget has confirmed that the government remains committed to the UK’s regime of highly-competitive tax reliefs for film, high-end TV and video games, including the recently-announced Independent Film Tax Credit, as well as reliefs for animation and children’s TV production.
Yesterday the government also confirmed that a new VFX relief will go ahead in April 2025, with costs incurred by VFX firms from 1 January 2025 eligible. It will incentivise more film projects to draw on the UK’s post-production expertise – potentially generating hundreds of millions of pounds in additional revenues and creating thousands of jobs.
The UK’s visual effects industry has grown substantially in recent years and it is now home to six of the world’s biggest visual effects studios. British firms have created CGI and visual effects for global box office hits such as Barbie and Wonka.
In addition, the Chancellor has increased support for the national museums and galleries by raising their Grant-in-Aid to help support their long-term sustainability. A package of cultural infrastructure funding will also support cultural organisations across the country.
The Chancellor also announced yesterday that the government will continue to provide generous tax reliefs to museums, galleries, theatres and orchestras, which will support cultural sectors and help to ensure they can share their world-class productions and collections with more audiences up and down the country.
From 1 April 2025, theatres, orchestras and museums and galleries will benefit from higher tax relief rates of 40 percent for non-touring productions, and 45 percent for orchestral and touring productions.
ENDS
Notes to Editors
Creative Careers Programme
The Creative Careers Programme (CCP), launched in 2018, tackles information and coordination barriers to providing specialist information, advice and guidance about creative careers to young people, targeting 11-18 year olds, as well as their parents, carers, teachers and careers advisors.
The programme delivers Discover! Creative Careers Week annually in November, alongside a website with lesson plans and resources, monthly online insight Q&A panels, and training for careers advisors.
The programme operates UK-wide, with current priority focus given to areas in England where young people face particular challenges in accessing information about the Creative Industries
It is delivered by ScreenSkills, with co-delivery partners Creative UK and Speakers for Schools. Further partners include: National Careers Service, Careers and Enterprise Company, Design Council, Into Film, the Royal Institute of British Architects, the Advertising Association, the Publishers Association, UK Fashion and Textiles Association, YouTube, UK Music and UK Theatre/Society of London Theatre.
ACQUISITION OF KNAB BY BAWAG GROUP SUCCESSFULLY COMPLETED
VIENNA, Austria – November 1, 2024 – BAWAG Group today announces the successful completion of the acquisition of Knab, a bank based in the Netherlands. BAWAG Group will work with the Knab leadership team to continue growing the Retail and SME business in the Netherlands, while also providing the operational support and financial strength of a broader banking group.
About BAWAG Group
BAWAG Group AG is a publicly listed holding company headquartered in Vienna, Austria, serving 2.1 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 whatso-ever (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”.
Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –
Future engineers are taught to listen to music. For Peter the Great St. Petersburg Polytechnic University, this has been a routine matter for 18 years. That is how long the Polytechnic has been implementing the unique educational practice of “Creative Semesters” for Russian universities.
The Polytechnic is the only university in the country where the development of students’ creative abilities is built into the educational process using the best examples of world musical culture. Instead of an auditorium, there is a concert hall, lecturers are a conservatory professor and musicians of a symphony orchestra. Future civil engineers, nuclear physicists, technologists, systems analysts, bioengineers – all first-year students of the Polytechnic do not just listen to Mozart and Bach, Tchaikovsky and Rachmaninov, they learn to hear and understand music.
For 18 years in a row, the Polytechnic University has been purposefully educating students in music, revealing to them the cultural heritage accumulated by humanity. The university’s leaders are convinced that the walls of the Polytechnic University should not just produce graduates, but the future elite of Russia, those who will determine the life of the country tomorrow. Their ideas and decisions will shape the future of the Russian economy, politics and culture, says the author of the project, the head of the Directorate of Cultural Programs and Youth Creativity of SPbPU Boris Kondin.
This year, the first lesson of the “Creative Semesters” was devoted to getting acquainted with the electronic musical instrument theremin, invented in the last century at the Polytechnic Institute. In the second lesson, students became participants in the musical and literary composition “Russia, don’t be afraid, we are with you!”, in which theater actors, soloists and musicians, through the prism of the Leningrad blockade, talked about the tragic events in Donbass. Now the Polytechnic students are getting acquainted with classical music of different eras, learning to talk about it, and willingly enter into dialogue with Professor Igor Rogalev of the St. Petersburg State Conservatory named after N. A. Rimsky-Korsakov.
In every person there lives both a creator and a scoundrel, and one of them wins. It seems to me that it is music that clears the way for the creator, for the artist, – Igor Rogalev is sure. – Music is a life-giving emotion, a feeling that gives life. Freshmen come out of our meetings different. There are more creators.
Many students, most of whom came to study from the regions, hear a symphony orchestra live for the first time in their lives in the majestic interiors of the concert hall.
This is divine! I didn’t know that music can also be described in words. The discovery in such a field is surprising, – shared first-year student of IPMET Maxim Pashin.
Lively discussions about music during creative semesters are very interesting. According to my observations, first-year students are cultured people, classical music will resonate in everyone’s heart! – says first-year student of IPMET Ivan Sinko.
Over the 18 years of the “Creative Semesters”, more than 50 thousand students have been able to receive a “cultural vaccination”. In addition to music lessons for future engineers, the Polytechnic University can boast of the White Hall with a concert philharmonic repertoire, a huge number of creative student associations, including two theaters, two choirs, vocal studios and a pop-symphony orchestra. Since the beginning of the new academic year, all of them have been involved in another cultural project of the Polytechnic University. “Musical Break”— mini-concerts on the main staircase of the Main Building.
In the spring of 2024, the SPbPU Academic Council adopted the concept of developing the university as a cultural territory, and these are the first steps towards its implementation. Banners with quotes from great thinkers, writers, and scientists about culture, education, and the purity of language have also appeared on campus, and their number will grow. A specially created film about the inadmissibility of obscene language has been shown. Creative contacts are being established with the St. Petersburg Theological Academy. The issue of covering the entire university campus with music, which today only sounds above the entrance to the Main Building, is being resolved.
All of this university activity in the musical and aesthetic education of students is in line with the National Security Strategy of Russia in terms of protecting traditional Russian spiritual and moral values, culture and historical memory.
The founder of the Polytechnic University, Sergei Witte, believed that educating a modern engineer without a good humanitarian background is not only immoral, but also destructive for the country. Today, thanks to the support of the rector of SPbPU, Andrei Rudskoy, the culture at the university is entering a new stage of development.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Source: United Nations Economic Commission for Europe
Launching a new publication on Circularity concepts in the pulp and paper industry.
An online event organized jointly by the ECE/FAO Forestry and Timber Section, the FAO Liaison Office in Geneva, the FAO Liaison Office in Brussels.
Background
Paper and paperboard products are part of everyday lives and lifestyles. While most of the work has become more digital, paper is still widely used for taking notes and for printing documents. Groceries and shopping are more and more often packed in paper bags and cardboard boxes frequently protect online-shopping deliveries. Most industrial products’ supply chains depend on paper and paperboard as they protect goods during transport and handling until they arrive to the retailer where they are unpacked for display. Although they are often invisible to the end consumer, paper and paperboard are also increasingly present in diverse industrial applications. They are mixed with other materials, for example, in the production of banknotes or some furniture components. Innovative cellulose-based products contribute to increased material efficiency and to the creation of value-added products from side streams. Examples include additives and solvents in the cosmetic and pharmaceutical industries, textile fibers, bioplastics, polymers, and resins etc.
***
The global pulp and paper industry has been undergoing a major transformation. The pulp production is increasingly moving from using virgin fibers to achieving high paper-recycling rates. The reprocessing of paper and paperboard stands out as the key circular economy feature for the industry and a true accomplishment when compared to other industries.
How the success story of paper recycling was possible to achieve?
What are the differences between graphic paper and packaging recycling processes?
Why they should be collected separately?
What are the biggest challenges for the sector today?
What are the most exciting innovations?
These key questions and others will be addressed during an online event organized jointly by the ECE/FAO Forestry and Timber Section, the FAO Liaison Office in Geneva, the FAO Liaison Office in Brussels to launch a new publication “Circularity concepts in the pulp and paper industry”.
The event will provide examples of innovative pulp and paper products, will explain how to use paper more sustainably and will describe the role of design for the end-of-life valorization and improving of the overall circularity of pulp and paper value chains.
Short presentations will be followed by a Q&A session.
The extension of the facilitation measure on the Standard Contract for the Cross-boundary Flow of Personal Information Within the Guangdong-Hong Kong-Macao Greater Bay Area (Mainland, Hong Kong) to all sectors started today.
The Digital Policy Office (DPO) made the announcement and explained that the move, announced in the 2024 Policy Address, is aimed at promoting more cross-boundary services to benefit the public and businesses while facilitating data flow throughout the Greater Bay Area (GBA).
According to the agreement framework of Memorandum of Understanding on Facilitating Cross-boundary Data Flow Within the Guangdong-Hong Kong-Macao Greater Bay Area, the GBA Standard Contract facilitation measure was launched at the end of last year.
The measure allows individuals and organisations of the nine Mainland cities in the bay area and Hong Kong to enter into a standard contract by adopting a standardised template on a voluntary basis, with a view to facilitating and streamlining the cross-boundary flow of personal information within the GBA in a safe and orderly manner.
In addition to being well received, the early and pilot implementation arrangement of the facilitation measure on GBA Standard Contract for the banking, credit referencing and healthcare sectors has been operating smoothly.
The DPO also made it known that starting from today, industries of all sectors in the nine Mainland cities of the bay area and Hong Kong can take part in the facilitation measure and voluntarily adopt the GBA Standard Contract.
Meanwhile, the DPO optimises the filing arrangements and rationalises several operational details to further facilitate the compliance of the cross-boundary flow of personal information by enterprises.
Commissioner for Digital Policy Tony Wong said facilitating the Mainland’s data flow in the GBA is an important initiative to promote the development of cross-boundary services, digital economy and smart cities.
He pointed out that it not only brings benefits to citizens and enterprises but also accelerates the integration of economic development in the bay area.
Mr Wong added that the GBA Standard Contract is an administrative measure that does not affect the supervisory and regulatory roles of the Office of the Privacy Commissioner for Personal Data in ensuring compliance with the Personal Data (Privacy) Ordinance (PDPO).
The processing and cross-boundary transfer of personal information in Hong Kong will continue to be on a voluntary basis and regulated in accordance with the PDPO of Hong Kong.