Source: Reserve Bank of India
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Category: Economy
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MIL-OSI Economics: Money Market Operations as on October 16, 2024
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MIL-OSI Economics: Consumer sustainability demands drive Thailand’s food and beverage companies to shift to circular packaging, says GlobalData
Source: GlobalData
Consumer sustainability demands drive Thailand’s food and beverage companies to shift to circular packaging, says GlobalData
Posted in Consumer
Thailand’s food and beverage (F&B) industry is undergoing a significant shift towards sustainability as regulatory pressures and consumer demands for eco-friendly packaging continue to rise. With sustainability increasingly at the forefront of business strategies, industry leaders like Tetra Pak Thailand are taking significant steps to drive the adoption of circular packaging solutions. Underlining the trend, 90% of respondents in a recent survey stated that they choose sustainable feature as essential/nice to have when deciding to make a purchase*, says GlobalData, a leading data and analytics company.
In response to growing environmental concerns, the Thai government has implemented stronger regulations targeting waste reduction and promoting circularity. The Second National Action Plan on Plastic Waste (2022-2027) and the Sustainable Packaging Act are part of the government’s broader effort to tackle plastic waste and improve recycling rates. These regulations compel F&B manufacturers to adopt Extended Producer Responsibility (EPR) frameworks, ensuring that packaging is responsibly managed from production through disposal.
Kakarlapudi Karthik Varma, Consumer Analyst at GlobalData, comments: “With sustainability becoming a priority for consumers, brands are adapting to meet these expectations. F&B manufacturers are increasingly turning to renewable and recyclable materials as they seek to meet both regulatory requirements and consumer expectations.
“Tetra Pak Thailand has been at the forefront of circular packaging innovations, offering solutions that not only meet regulatory requirements but also align with consumer preferences for eco-friendly packaging. Other manufacturers have also taken initiatives, such as Kao Industrial Thailand’s partnership with SCG Chemicals Co., Ltd (SCGC) and Dow Thailand Group to create recyclable, low-carbon packaging.”
Francis Gabriel Godad, Consumer Business Development Manager, GlobalData India, adds: “Tetra Pak’s four-step approach—focused on resource conservation, energy recovery, operational efficiency, and environmentally neutral production processes—highlights the company’s commitment to advancing sustainability in the F&B industry. Their packaging materials, including FSC-certified paperboard, contribute to the shift towards a circular economy by reducing reliance on fossil fuels and minimizing environmental impact.”
Varma concludes: “With the introduction of the Sustainable Packaging Act and the continuous pressure from consumers, Thailand’s packaging industry is at a turning point. Collaboration among businesses, government entities, and industry leaders like Tetra Pak is crucial in creating a future where packaging is no longer considered waste but a valuable resource within the circular economy.
“The shift towards 100% recyclable and renewable packaging is on the horizon, and stakeholders in the F&B sector must proactively stay ahead of regulatory trends and consumer demands.”
*GlobalData 2024 Q2 Consumer Survey – Thailand was conducted with 502 participants
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MIL-OSI Australia: Drug Charges – Operation Kint
Source: Northern Territory Police and Fire Services
The Northern Territory Police Drug and Organised Crime Unit have arrested 6 offenders in relation to the largescale supply of drugs across the Territory.
Operation Kint was launched in May 2024 to specifically target known commercial suppliers and distributors of illicit substances. Since its launch, investigators have been gathering evidence and identifying members from a known Outlaw Motorcycle Gang who have had significant influence on the Greater Darwin drug trade.
Yesterday, Investigators arrested two men, aged 48 and 56, outside a hotel in Darwin. Police will alleged the 48-year-old was in possession of $201,000 in cash while the other had just transported 31kg of cannabis from Melbourne to be distributed.
These arrests prompted investigators to immediately execute 8 separate search and seizure warrants across the Greater Darwin Area.
As a result of these searches, including the hotel arrest operation, police have seized in total:
- $447,430 cash
- 35.5kg of cannabis
- 3 vehicles
- Traffickable and less than traffickable quantities of methamphetamine
- A substance believed to be commercial MDMA
- An unsecured firearm
- Nun chucks, knuckle dusters and an extendable baton
- 5 ice pipes
- An encrypted communication device
- Items indicative of drug supply
A further 4 men, aged 33, 50, 51 and 54, were arrested during the searches.
All 6 men have since been charged with:
- Possess/Supply Commercial Quantity Sch2 dangerous drug
- Possess/Use Tainted Property
All have been remanded to appear in Darwin Local Court today.
Detective Acting Senior Sergeant Tim Gardiner said “These arrests have significantly disrupted the illicit drug trade across Darwin and are the direct result of hundreds of hours of comprehensive police work.
“ Drug Syndicates, with influences from Outlaw Motorcycle Gangs, cause untold harm throughout our community. They fuel crime and financially cripple vulnerable members of the Territory, while having a complete disregard for the impacts of their actions.
“Outlaw Motorcycle Gangs are not welcome here, and members should be aware that any attempt to operate an organised crime network will be disrupted by the Northern Territory Police.
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MIL-OSI New Zealand: New Zealand Māori Arts and Crafts Institute Boards Appointment
Source: New Zealand Government
Māori Development Minister Tama Potaka has confirmed the appointment of Fletcher Tabuteau as Chair of the Te Puia New Zealand Māori Arts and Crafts Institute (NZMACI) Board.
Mr Tabuteau (Ngāti Ngāraranui, Ngāti Rangiwewehi, Ngāti Whakaue) was a teacher at Rotorua Boys’ High School, a lecturer in Economics, and head of the Business School at Waiariki Institute of Technology. He now runs Hoporona Consulting and serves as Director of Capital Government Relations and Communications.
“I want to congratulate Fletcher on his appointment to the New Zealand Māori Arts and Crafts Institute Board,” says Mr Potaka.
“His experience in governance, management, and business will be an asset to the Board and the important work they do to encourage and promote ahurea and toi Māori.”
Located in Rotorua, NZMACI is home to Te Wānanga Whakairo Rākau (National Wood Carving School), Te Takapū o Rotowhio (National Stone and Bone Carving School), and Te Rito o Rotowhio (National Weaving School).
With a 60-year legacy, NZMACI has a strong history of producing highly skilled crafts people.
“At its core, NZMACI fosters the protection and transfer of mātauranga Māori. It is an integral part of the Rotorua economy and the wider Māori economy, contributing to the sustainable development of scenic and tourist attractions in the Rotorua district and across the motu.”
He Whakatūnga ki Te Puia
Kua whakatūturungia e te Minita Whanaketanga Māori, e Tama Potaka, te whakatūngia o Fletcher Tabuteau hei Upoko o te Poari o Te Puia (NZMACI).
He pouako o mua a Mr Tabuteau (Ngāti Ngāraranui, Ngāti Rangiwewehi, Ngāti Whakaue) i Te Kura Tuarua mō ngā Taitama o Rotorua, he pūkenga i te Mātai Ōhanga, ko ia hoki te upoko o te Kura Pakihi i Te Whare Takiura o Waiariki. Ko tāna i āianei he whakahaere i te Hoporona Consulting, he noho hoki hei Kaiarataki i ngā Hononga Rawa ā-Kāwanatanga me ngā Pāpāhotanga.
“E tōmina ana au ki te whakamānawatanga o Fletcher i tāna whakatū atu ki te Poari o Te Puia,” te kupu a Potaka.
“Ka whai hua mārika te Poari i ōna wheako i ngā ao o te kāwanatanga, te whakahaerenga, me te pakihi, ā, ka whai hua hoki ki ā rātou mahi i te akiākina me te whakatairangahia o te ahurea me te toi Māori.”
Kei Rotorua te NZMACI, ā, koia tērā ko te kāinga o Te Wānanga Whakairo Rākau, Te Takapū o Rotowhio, me Te Rito o Rotowhi.
E 60 tau te whakapapa o NZMACI, ā, kua roa nei tāna whakaputanga i ngā pūkenga me ngā ringa rehe.
“I tōna iho, ko tā NZMACI he poipoi i te tiakina me te whāngaia o te mātauranga Māori. He wāhanga hirahira hoki nō te ōhanga o Rotorua me te ōhanga Māori whānui, nā, e whāngai ana i te whanaketanga toitūtanga o ngā whakapoapoatanga ā-taiao, ā-tūruhi hoki i Rototua, puta hoki nei i te motu.
“Mā te whakatū ngā mātanga pūmanawa ki ngā taraipiunara me ngā poari e kino ai te painga o te whakapakarihia o te ōhanga, me te tukuna o ngā ratonga tūmatanui pai ake.”
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MIL-OSI China: Stimulus plan seen around 10 trln yuan
Source: China State Council Information Office
China’s much-anticipated fiscal stimulus package could amount to somewhere around 10 trillion yuan ($1.4 trillion), which would represent reasonable and moderate funding to address the most immediate issues facing the world’s second-largest economy, policy researchers and advisers said.
They underlined the need for policymakers to avoid any overly massive stimulus that could come at a heavy cost, but instead advance deeper, wider reforms along with the stimulus package to secure a more sustainable transition in growth drivers.
Sheng Zhongming, a research fellow at CF40 Institute, affiliated with the China Finance 40 Forum think tank, said China must confront the key structural issues of local debt risks, government outstanding payables to businesses, real estate concerns and the recapitalization needs of banks.
Effectively addressing these issues will require at least 10 trillion yuan in additional public funds over several years, Sheng said, adding that he anticipates an annual debt swap program of around 2 trillion yuan, with a cumulative total of 5 to 6 trillion yuan required to substantially reduce the debt load in heavily indebted regions.
Charlie Zheng, chief economist at Samoyed Cloud Technology Group Holdings, said that a fiscal stimulus package of around 10 trillion yuan may be essential in 2025 to tackle the key issues highlighted by the finance minister.
The proposed package, which could be financed by ultra-long-term special treasury bonds, would primarily focus on local debt swaps and bank recapitalization, while alleviating the property sector’s challenges and supporting people in difficulties, Zheng said.
However, he emphasized that China should not rely solely on stimulus measures to revive the economy, warning of the potential for high inflation and an imbalance between the State-owned and private sectors that could result from overreliance on government spending.
China must advance reforms to boost the private economy at the same time, Zheng said, urging policy clarity for private entrepreneurs that any business is permissible unless prohibited by law, while explaining to government officials that any governmental behavior is infeasible without legal authorization.
Discussions of the size of China’s stimulus package heated up after Finance Minister Lan Fo’an said on Saturday that the country plans to increase the debt limit by a large scale and replace local government hidden debt, while recognizing there is “relatively large space” for the central government to raise debt and increase the deficit.
The market is waiting for the Standing Committee of the National People’s Congress — the country’s top legislature — to convene in late October or early November to approve the specifics of the plan.
Gong Liutang, a professor of applied economics at Peking University’s Guanghua School of Management, said that if the stimulus package comes to about 10 trillion yuan, it won’t be “overly aggressive” given that China’s annual GDP has reached 126 trillion yuan.
“The key is for the government to comprehensively communicate with the public regarding details of the package as soon as possible so as to provide more certainty to the market and ensure a steadier recovery in confidence,” said Gong, who is also a member of the 14th National Committee of the Chinese People’s Political Consultative Conference, the country’s top political advisory body.
Compared with the stimulus program initiated in 2008, Gong said the latest round of policy buffer should focus more on enhancing consumption and preventing resource misallocation, with increased spending on education, healthcare and social protection, as well as subsidies for low-income and unemployed individuals.
Upon the recent bigger-than-expected policy stimulus announcement, Goldman Sachs has raised its forecast for China’s real GDP growth from 4.7 percent to 4.9 percent this year and from 4.3 percent to 4.7 percent in 2025.
“The Chinese government has clearly made a turn on cyclical policy management and increased its focus on growth,” a Goldman Sachs report said, adding that a significant policy offset is needed next year due to the property market’s lingering drag on GDP growth and the possibility of slowing export growth.
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MIL-OSI China: Housing market in major Chinese cities heating up over stimulus
Source: China State Council Information Office
This photo taken from Jingshan Hill on Aug. 12, 2024 shows the skyscrapers of the central business district (CBD) on a sunny day in Beijing, capital of China. [Photo/Xinhua]
Home sales in major Chinese cities are ticking up this month, as a series of recent stimulus measures have boosted homebuyer sentiment.
The early signs of recovery in the housing market in big cities offer some relief as Chinese authorities seek to stimulate the world’s second-largest economy by stabilizing the property market.
The struggling property sector has been a major drag on China’s economy over the past few years, with cash-strapped developers and high inventories of unsold homes and unfinished projects.
In a bid to prop up the housing market, Chinese authorities in late September ordered to cut mortgage rates for existing loans, lower down payment ratios and relax purchase restrictions.
The cities of Beijing, Shanghai, Guangzhou and Shenzhen introduced their versions of stimulus measures for local housing markets just before the National Day holiday.
This came in late September, when a meeting of the Political Bureau of the Communist Party of China Central Committee underlined the need for efforts to reverse the real estate market downturn and stabilize the market.
The stimulus package has proven effective in boosting homebuyer sentiment in big cities quickly. This month, many housing sales centers in major cities are packed with clients as many once hesitant homebuyers are again jumping into the market.
On Sunday, 744 customers signed up to vie for 332 flats in a Shenzhen housing project, and all the flats were sold out in three and a half hours, a rarity before the stimulus package was announced.
The market rebound started with the week-long National Day holiday from Oct. 1 to 7. According to Leyoujia, a housing agency in Shenzhen, the conversion rate of home buyers for new homes — the ratio of finalized deals to all customers who have visited a real estate project — jumped to 12 percent from 2 percent.
Liu Xiaofei, a sales manager at property developer LVGEM Group in Shenzhen, said the new stimulus has greatly boosted the market and confidence, helping to increase the conversion rate and shorten the decision-making process.
During the holiday, buyers in Shenzhen signed initial purchase contracts for 1,841 new homes, up 664.1 percent from a year earlier, local data showed. Meanwhile, homebuyers signed contracts for 2,316 second-hand homes last week, a weekly transaction record in nearly three years, according to housing agency Leyoujia.
Liu believes the housing market is stabilizing after hitting a trough, but more measures are needed to further boost consumer confidence.
In Guangzhou, capital of south China’s Guangdong Province, homebuyers had signed initial purchase contracts for 6,687 new homes, up 137 percent year on year, after home purchase restrictions were lifted on Sept. 29, the Guangzhou Municipal Housing and Urban-Rural Development Bureau said on Oct. 12. The bureau attributed the strong growth to policy incentives and sales promotions by developers.
In Shanghai, 1,334 second-hand homes were traded on Sunday, the daily record in more than a year, according to the website of the Shanghai Real Estate Trading Center.
The daily number of more than 1,000 shows that second-hand home transactions are very active in Shanghai, said Lu Wenxi, an analyst with real estate agency Centaline Property.
A Shanghai homebuyer, surnamed Zhang, was a beneficiary of the stimulus. The down payment ratio for second-home purchases was lowered to 25 percent, allowing him to improve his living conditions much sooner, Zhang said.
The market also heats up in Beijing. The number of second-hand home transactions here nearly doubled from the previous month and surged more than 150 percent year on year from Oct. 1 to 15, according to Leng Hui, an analyst with the research institute of Lianjia, a major second-home realtor.
Li Yifeng, deputy research chief at China Index Academy, said Beijing, Shanghai and Shenzhen still have room to loosen housing policies to further stabilize the property market in the future.
Economic fundamentals are key to stabilizing the property sector and expectations, and if the economic recovery accelerates in the fourth quarter with stimulus measures, the property market in key cities could stabilize, and a similar result could even be expected for the market nationwide, Li said.
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MIL-OSI China: Hainan to issue dim sum bonds in HK
Source: China State Council Information Office
The country’s southernmost province of Hainan plans to issue up to 3 billion yuan ($421.8 million) in offshore renminbi bonds in the Hong Kong Special Administrative Region, marking its third consecutive year of tapping the dim sum bond market.
The People’s Government of Hainan and the Hong Kong Monetary Authority jointly hosted an investor roadshow on Wednesday to promote the bond sale. This follows Hainan raising 5 billion yuan through a mix of green, blue and sustainable bonds last year, and a 5 billion yuan offering in 2022.
This year’s bond sale is expected to include three tranches: a three-year green bond for environmental and social sustainability projects, a five-year bond for general government use, and a 10-year blue bond focusing on ocean-related initiatives.
The pricing of the bonds is expected to take place on Thursday.
Under Secretary for Financial Services and the Treasury of the HKSAR government Joseph Chan Ho-lim said that the sale “marks Hainan’s first 10-year long-term offshore renminbi bond, further enriching Hong Kong’s renminbi financial product offerings and supporting the internationalization of renminbi”.
“For years, Hong Kong has been Asia’s largest international bond issuance center and hosts the world’s largest offshore renminbi liquidity pool,” he added.
Chan noted that Hainan’s bond issuance in Hong Kong demonstrates the SAR’s crucial role as a “superconnector” between the Chinese mainland and the rest of the world, and “super value-adder” in international finance.
Kenneth Hui Wai-chi, the executive director (external) of the Hong Kong Monetary Authority, said the bond structure reflects the mainland authorities’ commitment to sustainable development and the national “30/60 dual carbon” goal, referring to peak CO2 emissions before 2030 and achieve carbon neutrality before 2060.
Hui noted the fundraising amount will be used for critical areas such as marine protection, water pollution control, and projects supporting public welfare in healthcare and education.
The island province posted a 766 billion yuan GDP last year, marking an increase of 9.2 percent year-on-year.
Li Lei, deputy director of the Department of Finance of Hainan province, said that Hainan’s local government debt balance stood at 410.6 billion yuan in 2023, accounting for 54.4 percent of the province’s GDP.
From 2020 to June this year, the Hainan free trade port recorded duty-free imports totaling 20.75 billion yuan, with total tax exemptions reaching 4 billion yuan, Li added.
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MIL-Evening Report: How can Australia make housing affordable for essential workers? Here are 4 key lessons from overseas
Source: The Conversation (Au and NZ) – By Nicky Morrison, Professor of Planning and Director of Urban Transformations Research Centre, Western Sydney University
GettyImages Essential workers such as teachers, health workers and community safety staff play a vital role in ensuring our society works well. Yet soaring housing costs in cities like Sydney, Melbourne and Brisbane are squeezing essential workers out of the communities they serve.
The issue is reaching crisis point across Australia. Anglicare Australia yesterday released a special edition of its Rental Affordability Snapshot focused on essential workers in full-time work. Housing costs under 30% of household income are considered affordable. In a survey of 45,115 rental listings, it found:
- 3.7% were affordable for a teacher
- 2.2% were affordable for an ambulance worker
- 1.5% were affordable for an aged care worker
- 1.4% were affordable for a nurse
- 0.9% were affordable for an early childhood educator
- 0.8% were affordable for a hospitality worker.
This trend is creating unsustainable patterns of urban sprawl and long commutes. It erodes workers’ quality of life. It also undermines public service delivery by making it harder to recruit and retain these workers in high-cost areas.
International experience, particularly in the UK where I have advised on similar policies, shows there are solutions to this crisis. These global lessons fall into four categories.
Essential workers face long commutes from home when they can’t afford to live in the communities they serve.
Halfpoint/Shutterstock1. Define essential worker housing
Essential worker housing typically targets front-line public sector workers on low to middle incomes. Yet eligibility should extend to support roles, such as ambulance drivers, porters and medical receptionists, who play a vital part in enabling front-line services. They too struggle to find affordable housing near their workplaces.
Conditions of eligibility should also include a cap on household earnings.
The UK experience highlights the importance of providing both rental and ownership options. To keep key worker housing affordable and accessible over time, both types need to be priced appropriately.
Australian cities could adopt similar approaches, by requiring housing developers and community housing providers to allocate affordable housing for essential workers. Prices would be below market rates for both rentals and home ownership for the long term, and not revert to market rates. This ensures stability for public service workers.
2. Financial innovations focused on long-term affordability
Innovative financial models, such as shared equity schemes, have succeeded in the UK. These allow workers to gradually buy into their homes, creating long-term stability.
Shared equity involves the government or another investor covering some of the cost of buying the home in exchange for an equivalent share in the property. Australia could explore similar schemes to provide immediate relief while ensuring sustained affordability for future essential workers.
This approach could build on the Commonwealth’s proposed Help to Buy scheme, currently before the Senate, and existing state and territory shared equity programs. These may need refinement to better serve essential workers by, for example, adjusting income thresholds and eligibility criteria to ensure they qualify. These schemes also need to expand to cover all urban areas where housing affordability is most strained.
3. Leverage planning systems
Countries like the UK have leveraged their planning systems to deliver affordable housing for key workers. In England, planning authorities use mechanisms such as Section 106 agreements to ensure a portion of new developments is reserved for key worker housing as a condition of planning approval.
Australian states could adapt this model, setting targets within existing planning frameworks. For example, they could use Voluntary Planning Agreements to prioritise essential worker housing.
Yet essential worker housing should not displace housing for other people in urgent need. They include people who are homeless, low-income families, people with disabilities, the elderly, those at risk of domestic violence, veterans and youth leaving foster care.
4. Use public land for housing development
The use of surplus public land for essential worker housing has proven successful in several cities, including London, Amsterdam and San Francisco.
Earmarking land owned by the public sector, such as hospital or education sites, is a strategic way to deliver affordable housing near key public sector employers. It also allows staff to travel to work nearby using sustainable transport instead of cars.
Affordable housing has profound benefits
Without action, essential workers are likely to be forced into lower-quality, high-cost housing, shared accommodation, or long commutes from more affordable areas. Over time, these patterns of job-housing imbalances and urban sprawl are unsustainable. These issues are the focus of my current research, particularly in Western Sydney.
The New South Wales government has set up a parliamentary select committee to inquire into options for essential worker housing. It’s bringing much-needed attention to the housing crisis affecting key public sector roles.
Tackling these issues through targeted housing solutions has many benefits. It can help create more sustainable communities, reduce recruitment and retention difficulties for employers and ease the strain on infrastructure and services.
The key takeaway from the UK and other countries is the importance of long-term, sustainable solutions that do not shift the focus away from those most in need of housing. Australia has the opportunity to strike this balance. We need to ensure essential workers can afford to live near their workplaces while not sidelining everyone else in need of affordable housing.
Nicky Morrison does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
– ref. How can Australia make housing affordable for essential workers? Here are 4 key lessons from overseas – https://theconversation.com/how-can-australia-make-housing-affordable-for-essential-workers-here-are-4-key-lessons-from-overseas-239934
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MIL-OSI Russia: Three important steps for a hotelier: Mosturism has prepared instructions for opening a hotel
MILES AXLE Translation. Region: Russian Federation –
Source: Moscow Government – Government of Moscow –
The number of tourists visiting Moscow is constantly growing and has already approached pre-pandemic levels: 24.5 million people visited it last year. Due to the increase in tourist flow, the capital will need to expand its hotel stock by 25.7 thousand rooms by 2030. This means that the hotel business is expecting a new rise, and opening hotels remains a profitable investment. But where should an entrepreneur who wants to work in the hospitality industry start? Head of the Hotel Management Department of Mostourism Ekaterina Kirillova has prepared step-by-step instructions for those planning to open a new hotel.
Opening a hotel is not only a significant financial investment, but also the competent execution of the necessary documents. It is important to take into account all the nuances: from the design of rooms and public areas to the selection of a suitable location. Investors are responsible for the funds, desire and opportunities when opening a hotel, and the city will help with the solution of bureaucratic and technical issues. If any questions arise, including after studying the checklist, you can contact the specialists of Mosturism, who provide online consultations.
The first step will be to calculate the financial business model. To begin with, the investor must determine the required (desired) capacity of the room stock and the category of the future hotel. In Moscow, guests’ expectations even from a three-star hotel are already quite high. Therefore, during construction, it is worth considering even the smallest details, without trying to save on quality. Moreover, such requirements are becoming even more relevant for four- and five-star hotels.
You can build a hotel yourself or organize the redevelopment of your inefficiently used building (or purchase such a building with various rights of use).
The location plays a vital role here. Here are the main points to consider in the infrastructure of the chosen area:
transport accessibility (availability of nearby metro stations, convenient transfer from airports and train stations to the hotel and back); availability of nearby business centers, attractions, etc.; proximity to the city center.
The second step is to determine the possibility of using the territory for a hotel. Mosturism draws the attention of investors to the fact that financing the creation of a hotel facility does not cancel the rules of use provided for in a specific territory. The purpose for which the land plot will be used in the future is determined only by the urban development regulations of a specific territory. Therefore, it is very important to first familiarize yourself with the extract on the land plot, which will indicate the possible type of permitted use.
If the required type of permitted use is not available (4.7. “Hotel services”), changes must be made to the land use and development regulations. How to do this, Mosturism will tell you.
To obtain detailed information, you need to be honest about your plans. In the future, by attaching a concept of a hotel project indicating the planned hotel category, number of rooms and management contract with a hotel operator, you will be able to obtain a conclusion from Mosturism.
The third step is construction. After receiving all the necessary permits, it is necessary to start construction on time, designing the hotel in accordance with the technical specifications.
Due to the fact that tourists’ interest in the capital is constantly growing, the demand for comfortable and cozy small hotels with the best price-to-service ratio is also increasing. Since tourism is a priority industry, the Moscow Government is interested in building new high-quality hotels of three-star categories. Good hotels meet the high expectations of guests from the Russian capital and support Moscow’s reputation as one of the most progressive cities in the world.
The city provides comprehensive support to the hotel industry as an important part of the tourism infrastructure and is constantly in dialogue with the hotel business, responding to industry requests. Moscow provides various preferential programs to investors opening new hotels. For example, they can receive the right to preferential rent of buildings and premises at a cost of one ruble per square meter per year. New facilities also appear thanks to the concession mechanism – one of the forms of public-private partnership, which makes it possible to develop hotel infrastructure through investor investments. The Moscow City Tourism Committee forms an up-to-date information field on the dynamics of tourism development in the capital.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
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MIL-OSI Russia: Palace of Science: What Opportunities Does the Lomonosov Cluster Open for Innovators
MILES AXLE Translation. Region: Russian Federation –
Source: Moscow Government – Government of Moscow –
Cluster “Lomonosov” — one of the leading innovation platforms of the capital. It has become the flagship of the scientific valley of the Moscow State University (MSU) named after M.V. Lomonosov. 66 companies — residents of the cluster are engaged in developments in medicine, information and biotechnology, industry, service infrastructure and other areas. They have at their disposal production sites and laboratories, offices and coworking spaces, conference halls and lecture halls.
A mos.ru correspondent went to the scientific valley and found out how the Lomonosov cluster is structured, what it offers to Moscow companies and what innovative production facilities are located there.
Driver of Innovation
The Lomonosov cluster opened in 2023. On behalf of Sergei Sobyanin, the building concept was developed by the chief architect of Moscow Sergey Kuznetsovand architect Ivan Grekov. Lomonosov became one of nine future clusters of the innovative scientific and technological center of Moscow State University “Vorobyovy Gory”. The ten-story building with mirrored facades was erected in less than two years.
“The Lomonosov Cluster is a project of the Moscow Government, which is being implemented by the Moscow Innovation Cluster Foundation. This is a territory for the development of innovative and high-tech companies. Here, scientists and entrepreneurs create new products and services, improve existing ones, find partners and investors. At the same time, the cluster provides tax benefits to resident companies,” notes Alexander Ulanov, Deputy General Director of the Foundation.
Residents of Lomonosov can reduce their tax burden by up to 30 percent. They are exempt from paying income taxes, value-added tax, and property tax for 10 years. In addition, they are subject to reduced insurance premium rates, and they can also reimburse customs duties paid.
Capital companies with useful and innovative projects were able to become residents of the cluster. Their developments were related to science, brought new ideas and helped the city. The declared projects passed the examination, and based on its results, the companies were granted the status of a resident.
Today, Lomonosov’s production facilities employ more than two thousand people. They have original ideas, modern technologies and know-how in their arsenal that can compete with both Russian and foreign products. The inventions of the cluster residents not only help develop the city’s economy, but also make a major contribution to import substitution. For example, the capital’s factories are already using innovative air purification filters manufactured in Lomonosov, and the Arctic seas of Russia are using a hardware and software complex for seismic research.
Vladimir Putin and Sergei Sobyanin opened the Lomonosov cluster, the flagship of the Moscow State University innovation centerSergei Sobyanin: The Lomonosov Cluster has united the best innovators of the capital
Offices, laboratories and engineering workshop
The Lomonosov cluster is located on Ramensky Boulevard (building 1), not far from the Ramenki and Universitet metro stations. Sharp angles, straight projections, and even ribbons of rectangular windows make the building look like a spaceship.
In front of the main entrance there is an installation of two hemispheres with a truncated lower base, reminiscent of a core divided into two. On the first floor of the building you can examine a model of the future scientific valley, drink coffee and work, sitting in soft chairs with a noise-insulating effect. Here, the cluster employees meet guests and relax at lunchtime. Some go out for a walk in the courtyard.
We walk to the escalator along the bright interactive signs and go up to the second floor. In front of us is the cluster’s scientific treasure trove with spacious lecture halls and halls. The largest of them is the Molecule hall, where up to 650 people can sit in front of a huge screen. Forums, conferences and congresses are held here.
Then we take the elevator up. Resident companies rent premises from the cluster and equip them for their needs. Some organize a laboratory, others — an office, an engineering center or a design bureau. The companies also purchase equipment at their own expense.
“Our main task is to provide residents with the opportunity to create and develop, to unite them in one place so that they can grow together, exchange specialists, developments, suppliers, create joint projects and use each other’s infrastructure. Such an effective synergy,” emphasizes Alexander Ulanov.
The corridors are spacious and green, plants stretch along the walls, decorating the space. There are logos of residents on the doors. On the fourth floor, we are met by Svyatoslav Krivozubov, the CEO of Adaptto. He opens one of the office doors, and we find ourselves in a small production workshop. Here, electric drives for electric transport are manufactured.
Engineers have everything they need. The laboratory has a complete cycle of electronic product manufacturing — from applying solder paste to soldering and testing the manufactured devices. Special equipment is used for this: a printer, a component arranger, and a furnace. Manufacturing processes are controlled through a control system.
“Our flagship products – controllers – have a record high specific power. At peak, the equipment can pump up to 50 kilowatts. In this indicator, we are ahead of manufacturers not only in Russia, but also in the world. And our controllers are four times lighter than their analogues. Such equipment weighs about a kilogram, and can power a two-ton vehicle,” says Svyatoslav Krivozubov.
The company’s electric drive powers excursion buses, ATVs and snowmobiles, as well as the Muscovites’ favorite wireless robot cleaner “Pixel”You can see such an assistant in the parks “Kuzminki”, “Sokolniki” and 50th Anniversary of October.
Drug development and shampoo for astronauts
The specialists of the company “Simurgpharm” work in the neighboring office. It became one of the first residents of the cluster.
“We develop software for analyzing biomedical data. They are obtained during the testing of new drugs. The Simurg platform created by the company is the first software in Russia for clinical drug development and comprehensive data analysis,” says Kirill Zhudenkov, the company’s CEO.
The experts work in a modern, high-tech office with panoramic windows and their own lounge. There you can take a break from complex tasks and play table football or guitar.
“To achieve results, you need to not only work in science, you need to live it. And team spirit and the desire to invest in a common cause are also very important. That is why our work areas are united. There is a feeling of unity. This corresponds to our mission – to create and implement new technologies in the development of domestic drugs. By the way, the cluster itself is organized in a similar way. You can find partners literally in the neighborhood,” emphasizes Kirill Zhudenkov.
Dmitry Kurshin, CEO of Intersen-Plus, also speaks about the power of common opportunities. Together with another resident of the cluster, they began to produce a line of skin care cosmetics with peptides.
“Conferences, meetings and other events held in Lomonosov help to unite forces. For example, our company organized about five scientific events in the cluster this year. There you can tell about yourself and meet other residents,” says Dmitry Kurshin.
The company is located in a small room on the eighth floor. At the entrance, there are long shelves with vessels of different sizes – from jars to canisters. Each has its own valuable product. Behind the glass doors is a laboratory with a picturesque view of Moscow. On the tables are test tubes, flasks, and vials. Experts painstakingly mix the compositions and create new formulas.
It also produces biopreparations, disinfectants, cosmetics for palliative care and smart hand sanitizer dispensers with the ability to control the flow rate of liquid. In addition, the company’s experts have created a one-of-a-kind desiccant meter for mixing and dosing working solutions of disinfectants.
“We have also developed a leave-in shampoo for astronauts. It will allow them not to waste a valuable resource in zero gravity — water. The products are currently being tested in the SIRIUS space flight experiment. It is important to note that the cluster provides everything necessary for testing. This is very valuable for companies. And in general, supporting production allows them to grow faster. Therefore, we can say that the Lomonosov cluster is a palace of science and a source of advanced opportunities,” the mos.ru source notes.
Companies from the fields of IT, biomedicine and robotics have become residents of the Lomonosov clusterSobyanin: Moscow’s innovative infrastructure has grown by a quarter in five yearsPlace of Innovation: How New Developments Are Tested in the Lomonosov ClusterGeneration of Machines, or How Robots Help MoscowSergei Sobyanin presented Moscow awards in the field of architecture and construction
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
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MIL-OSI Russia: Moscow company carries out major repairs at one of the largest energy enterprises in Donbass
MILES AXLE Translation. Region: Russian Federation –
Source: Moscow Government – Government of Moscow –
Moscow entrepreneurs help to establish life in new territories of Russia by restoring industrial and infrastructure facilities. Thus, a Moscow engineering company is carrying out major repairs at one of the largest energy-generating enterprises in Donbass under a state contract. The mechanism of guarantee support for small and medium-sized enterprises is used to finance these works.
The company has 20 years of experience in implementing projects of varying levels of complexity. Its specialists build, reconstruct, repair and modernize structures and facilities throughout Russia. The enterprise has a powerful design and production base and uses modern technologies.
The Moscow Guarantee Fund provided a guarantee in the amount of 52.5 million rubles (70 percent of the bank guarantee amount) for the return of an advance payment under a government contract for the execution of major repairs of an important energy facility.
The fund helps enterprises in various industries obtain financing and solve the problem of a lack of their own collateral by providing guarantees for loans, bank guarantees, letters of credit, leasing and factoring in the amount of up to 70 percent of the transaction amount, but not more than 100 million rubles.
The Moscow Guarantee Fund was established by the Government of Moscow and is subordinate to the capital Department of Entrepreneurship and Innovative Development. During its operation, the fund has issued more than 20 thousand guarantees, under which small and medium-sized businesses received financing in the amount of over 370 billion rubles.
Support for entrepreneurs is provided within the framework of the national project “Small and medium entrepreneurship and support for individual entrepreneurial initiatives”. More information about this and other national projects implemented in Moscow can be found on a special page.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
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MIL-OSI Australia: Australia’s largest charity kitchen opens its doors in Melbourne
Source: Australian Ministers for Regional Development
Today food rescue and relief charity FareShare officially opens the doors of its new kitchen at South Audley Street, Abbotsford, in Melbourne’s inner north east.
The state-of-the-art facility will serve as Australia’s largest charity kitchen, and will see rescued, donated and homegrown food transformed into millions of delicious, healthy meals to support the dignity and wellbeing of Australians experiencing hardship.
The Allan Labor Government contributed $2.2 million to the project which upgraded key equipment to expand packing and chilling capacity.
The Albanese Labor Government committed $2 million to the $8.16 million project, which significantly upgraded the kitchen. Nearly $4 million was raised by philanthropic funding to make up the remaining funds toward the project.
With a kitchen area that has been expanded by 35 per cent, FareShare is now able to produce a staggering additional 500,000 meals every year.
In addition to the new kitchen facilities, the site’s warehouse has more than doubled in size, to enable the storage of larger quantities of rescued food, as well as keeping the vegetables and herbs grown at FareShare’s kitchen gardens fresh.
There are also new offices, banks of ovens, cool rooms, wash areas, store rooms, a forklift area, laundry and cleaners’ areas, bin rooms, toilets and parking spaces.
FareShare’s meals for people experiencing food insecurity are given away free to frontline charities such as soup vans, homeless shelters, women’s refuges, First Nations organisations and groups providing disaster relief.
Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:
“There are plenty of people here in Melbourne and across Australia, who are suffering hardship and finding it difficult to afford meals.
“It’s wonderful to see the significantly upgraded facilities here at the Fareshare Abbotsford Charity Kitchen now open, which will be able to dish up 4,000 free meals a day, to more than 400 charities that will assist in distributing the food to those in hardship.
“The upgraded facilities will also allow for meal production for frontline charities to be upscaled in times of natural disasters should this be needed.”
Quotes attributable to Victorian Minister for Carers and Volunteers Ros Spence:
“FareShare’s efforts provide a lifeline for people doing it tough and we’re proud to support their work day in and day out to support those who need a helping hand, contributing to stronger, more connected communities.”
“No Victorian family should have to worry about putting food on the table, which is why we’ve invested more than $56 million since 2020 to strengthen support, including for six regional food relief hubs.”
Quotes attributable to Federal Member for Macnamara Josh Burns:
“As well as the essential service this will provide in feeding the hungry in our city, these new facilities will improve outcomes for social amenity and cohesion, health and wellbeing for those in need.
“This project will make a real difference to many right across our city – by helping people at the ground level of hardship get a good feed.”
Quotes attributable to Federal Member for Higgins Michelle Ananda-Rajah:
“The Australian Government understands that many people are facing tough times, even in our country’s largest cities. That’s why we’ve helped fund this expanded facility, which will now be able to provide many more meals for the charities it assists.
“What a great outcome to now have the Fareshare Abbotsford Charity Kitchen working at greater capacity, to support even more people in our city who are experiencing hardship.”
Quote attributable to State Member for Northern Metropolitan Enver Erdogan
“We’re proud to support food relief operations like this one in Abbotsford, rescuing food from going to waste and – with the champion efforts of a team of volunteers – feeding thousands of hungry people.”
Quotes attributable to SecondBite | FareShare CEO Daniel Moorfield:
“The new facility couldn’t come at a better time to support the growing needs of Australians as they do it tough in the cost-of-living crisis.
“This facility would not have been possible without the support of the Australian and Victorian governments, and our many dedicated supporters – both financial and in kind.
“We would love to thank each and every one of them, who came together to make this happen.
“It is only with their help that we are officially opening our doors today and producing more meals than ever before.”
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MIL-OSI Australia: A million new jobs under Labor
Source: Australian Treasurer
Under the Albanese Government, more Australians are working, earning more and keeping more of what they earn, with today’s ABS Labour Force figures showing well over a million jobs (1,039,300) have now been created since Labor came to office in 2022.
This is the first and only time any government of any political persuasion has overseen the creation of a million new jobs in a single parliamentary term.
This is a remarkable achievement, in the context of a slowing economy and a labour market that is expected to soften.
Today’s result means the Albanese Government continues to oversee the largest increase in employment in a single parliamentary term in Australia’s history.
In September, 64,100 jobs were created – 51,600 of which were full‑time positions.
It’s also encouraging to note that the labour force participation rate continued to increase over the month, rising by 0.1 percentage points in September, to stand at a record high of 67.2 per cent.
That equates to an additional 54,900 people entering the labour force over the month.
Importantly, the female participation rate increased to a record high of 63.2 per cent, equating to an additional 23,100 women entering the labour force.
Strong jobs growth was recorded across most Australian states and territories in September with employment now at a record high in five jurisdictions.
Particularly positive results were recorded in New South Wales (with employment up by 23,100 or 0.5 per cent), followed by Victoria (up by 21,700 or 0.6 per cent) and Western Australia (up 8,300 or 0.5 per cent).
Helping all Australians find work and delivering higher wages is one of the best ways we can support households with current cost‑of‑living pressures.
The average full‑time worker is now earning $159 extra per week since the Albanese Government was elected. And the average full‑time worker is also receiving a tax cut of $44 per week because of the Government’s cost‑of‑living tax cuts.
But while the Albanese Labor Government is focused on supporting more well‑paid, secure jobs, Peter Dutton and the Coalition have promised to cut wages and working conditions if they’re elected.
Just this week, Shadow Finance Minister Jane Hume told Sky News the Coalition will “definitely consider” a request to allow medium sized businesses to unfairly dismiss their workers, without repercussions.
This is on top of earlier promises from Peter Dutton to cut labour hire workers’ pay and scrap the rights of casual workers and the Right to Disconnect, forcing Australians into more unpaid overtime.
At a time when many Australians are doing it tough, Peter Dutton and the Coalition will make things worse.
We’re all about more people working, earning more and keeping more of what they earn and this shows we’re making good progress.
Peter Dutton and the Coalition want you to work longer for less.
Quotes attributable to Prime Minister Anthony Albanese
“Today’s data shows that one million new jobs have been created since our election, and that our Government has helped more Australians than ever into secure, well‑paid jobs – earning more and keeping more of what they earn.
“This is the most jobs ever created in a parliamentary term in Australian history.
“The majority of our one million new jobs are full‑time, around half are for women and the gender pay gap is at a record low.
Quotes attributable to Treasurer Jim Chalmers
“More than a million new jobs in one parliamentary term is a pretty remarkable achievement in a slowing economy, and it means more new jobs have been created on our watch than any other government at any time.
“This is the first and only time any government of any political persuasion has overseen the creation of a million new jobs in a single parliamentary term.
“It’s a tribute to Australian workers and employers and it justifies the responsible way we’re managing the economy.”
Quotes attributable to Minister for Employment and Workplace Relations Murray Watt
“This is a great result that is helping more Australians deal with cost of living pressures.
“There’s nothing more important than having a well‑paid job, so that you can pay your bills, and that’s what the Albanese Government is delivering.
“In contrast, Peter Dutton has promised to make life harder for people, by cutting wages and conditions and making it easier to get the sack.”
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MIL-OSI: Nokia Corporation Interim Report for Q3 2024
Source: GlobeNewswire (MIL-OSI)
Nokia Corporation
Interim Report
17 October 2024 at 08:00 EESTNokia Corporation Interim Report for Q3 2024
Strong gross margin improvement amidst ongoing market weakness
- Q3 net sales declined 7% y-o-y in constant currency (-8% reported) as growth in Network Infrastructure and Nokia Technologies was offset by decline in Mobile Networks primarily in India and a divestment in Cloud and Network Services.
- Order intake remained strong in Network Infrastructure, while the sales recovery continues to be slower than expected.
- Comparable gross margin in Q3 increased by 490bps y-o-y to 45.7% (reported increased 500bps to 45.2%), with improvements across business groups, particularly in Mobile Networks.
- Q3 comparable operating margin increased 160bps y-o-y to 10.5% (reported up 70bps to 5.7%), mainly due to higher gross margin, continued cost control and a benefit from the reversal of loss allowances for certain trade receivables.
- Q3 comparable diluted EPS for the period of EUR 0.06; reported diluted EPS for the period of EUR 0.03.
- Q3 free cash flow of EUR 0.6 billion, net cash balance EUR 5.5 billion.
- Continued to make significant progress with cost savings program, EUR 500 million run-rate of gross savings actioned.
- Nokia’s full year 2024 outlook is unchanged. Nokia currently expects comparable operating profit of between EUR 2.3 billion and 2.9 billion and free cash flow conversion from comparable operating profit of between 30% and 60%.
This is a summary of the Nokia Corporation Interim Report for Q3 2024 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at http://www.nokia.com/financials. A video interview summarizing the key points of our Q3 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.
PEKKA LUNDMARK, PRESIDENT AND CEO, ON Q3 2024 RESULTS
As I reflect on our performance in the third quarter, I am optimistic we are now turning the corner in many parts of our business, even if some continue to experience market weakness. Among the key highlights was a return to net sales growth in Network Infrastructure with Fixed Networks growing 9% in constant currency and IP Networks growing 6%. Order intake in Network Infrastructure continued to be robust with strong year-on-year growth and a growing order backlog. Additionally, we delivered a significant improvement in our gross margin at the group level and cash generation remained strong with EUR 621 million free cash flow in the quarter.
There are reasons for optimism across our portfolio. We expect a significant acceleration in growth in Q4 in Network Infrastructure and see a number of structural demand trends supporting our future growth. In Mobile Networks, although market dynamics are more challenging, we have secured several important deals in the quarter, remain confident in our competitive position and are improving our gross margin. In Cloud and Network Services we are seeing excellent momentum in 5G Core along with strong progress in network automation, cloudification and enabling network APIs. Nokia Technologies continues to benefit from greater stability following the conclusion of its smart-phone renewal cycle and is making good progress expanding into the new growth areas.
Across Nokia we are investing to create new growth opportunities outside of our traditional communications service provider market. We see a significant opportunity to expand our presence in the data center market and are investing to broaden our product portfolio in IP Networks to better address this. Our pending acquisition of Infinera will also bolster our Optical Networks exposure to this market and accelerate our growth opportunities. Additionally, we see a compelling new long-term opportunity in bringing 5G technology to the defense market and we continue to invest in private wireless networks where we are the clear market leader.
Regarding our financial performance in Q3, our net sales declined by 7% in the quarter in constant currency. Three quarters of the decline was driven by India due to a strong year-ago quarter. Importantly we delivered a significant improvement in comparable gross margin which expanded 490 basis points from the year-ago period to reach 45.7%. This was driven by a combination of improved product mix, regional mix and actions to reduce product cost. Despite continued intense competition, we remain disciplined on price while still winning deals as we remain focused on improving the profitability of our business. We also progressed our cost reduction efforts contributing to a solid improvement of 160 basis points in our comparable operating margin on a year-on-year basis.
Regarding full year 2024, our comparable operating profit outlook remains EUR 2.3 to 2.9 billion and we are currently tracking within the bottom-half of the range. The net sales recovery is happening slower than we expected previously, however, this is being partially offset by an improving gross margin and quick action on cost. We expect to be at the high end of our free cash flow target of 30% to 60% conversion from comparable operating profit.
FINANCIAL RESULTS
EUR million (except for EPS in EUR) Q3’24 Q3’23 YoY change Constant currency YoY change Q1-Q3’24 Q1-Q3’23 YoY change Constant currency YoY change Reported results Net sales 4 326 4 709 (8)% (7)% 13 236 15 722 (16)% (15)% Gross margin % 45.2% 40.2% 500bps 46.1% 39.4% 670bps Research and development expenses (1 116) (1 067) 5% (3 376) (3 197) 6% Selling, general and administrative expenses (692) (697) (1)% (2 101) (2 104) 0% Operating profit 246 237 4% 1 082 1 127 (4)% Operating margin % 5.7% 5.0% 70bps 8.2% 7.2% 100bps Profit from continuing operations 145 130 12% 965 700 38% Profit/(loss) from discontinued operations 31 3 933% (494) 11 Profit for the period 175 133 32% 471 711 (34)% EPS for the period, diluted 0.03 0.02 50% 0.08 0.13 (38)% Net cash and interest-bearing financial investments 5 460 2 960 84% 5 460 2 960 84% Comparable results Net sales 4 326 4 709 (8)% (7)% 13 236 15 722 (16)% (15)% Gross margin % 45.7% 40.8% 490bps 47.0% 39.9% 710bps Research and development expenses (1 029) (1 024) 0% (3 169) (3 119) 2% Selling, general and administrative expenses (591) (594) (1)% (1 785) (1 833) (3)% Operating profit 454 418 9% 1 477 1 507 (2)% Operating margin % 10.5% 8.9% 160bps 11.2% 9.6% 160bps Profit for the period 358 293 22% 1 198 1 035 16% EPS for the period, diluted 0.06 0.05 20% 0.21 0.18 17% ROIC(1) 10.4% 11.9% (150)bps 10.4% 11.9% (150)bps 1 Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters’ ending balances. Refer to the Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for details.
Business group results Network
InfrastructureMobile
NetworksCloud and Network Services Nokia
TechnologiesGroup Common and Other EUR million Q3’24 Q3’23 Q3’24 Q3’23 Q3’24 Q3’23 Q3’24 Q3’23 Q3’24 Q3’23 Net sales 1 525 1 534 1 747 2 157 702 742 352 258 3 22 YoY change (1)% (19)% (5)% 36% (86)% Constant currency YoY change 1% (17)% (4)% 35% (86)% Gross margin % 42.1% 40.5% 39.8% 34.8% 40.9% 39.1% 100.0% 100.0% Operating profit/(loss) 180 165 92 99 65 36 242 181 (126) (62) Operating margin % 11.8% 10.8% 5.3% 4.6% 9.3% 4.9% 68.8% 70.2% SHAREHOLDER DISTRIBUTION
Dividend
Under the authorization by the Annual General Meeting held on 3 April 2024, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.13 per share to be paid in respect of financial year 2023. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.
On 17 October 2024, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 22 October 2024 and the dividend will be paid on 31 October 2024. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.
Following this announced distribution, the Board’s remaining distribution authorization is a maximum of EUR 0.03 per share.
Share buyback program
In January 2024, Nokia’s Board of Directors initiated a share buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The share buyback execution started on 20 March 2024. On 19 July 2024, Nokia’s Board of Directors decided to accelerate the timeframe for the share buyback program with the aim of completing the full EUR 600 million program by the end of this year instead of the initial two year timeframe.
On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares (“ADSs”), depending on the elections of Infinera shareholders. Nokia’s Board of Directors is committed to repurchase additional shares on top of the on-going EUR 600 million program to offset the dilution from the transaction to Nokia shareholders.
Under the share buyback program, by 30 September 2024, Nokia had repurchased 84 295 899 of its own shares at an average price per share of approximately EUR 3.48.
OUTLOOK
Full Year 2024 Comparable operating profit(1) EUR 2.3 billion to EUR 2.9 billion Free cash flow(1) 30% to 60% conversion from comparable operating profit 1Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for a full explanation of how these terms are defined.
The outlook, long-term targets and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this release. Along with Nokia’s official outlook targets provided above, below are outlook assumptions by business group that support the group level outlook.
Nokia business group assumptions (full year 2024) Net sales growth (constant currency) Operating margin Network Infrastructure -6% to -3% (update) 10.0% to 12.0% (update) Mobile Networks -22% to -19% (update) 5.0% to 7.0% (update) Cloud and Network Services -7% to -4% (update) 6.0% to 8.0% (update) Nokia provides the following approximate outlook assumptions for additional items concerning 2024:
Full year 2024 Comment Nokia Technologies operating profit at least
EUR 1.4 billionNokia expects cash generation in Nokia Technologies to be EUR 700 million below operating profit in 2024 due to prepayments received in 2023. From 2025 onwards Nokia expects greater alignment between cash generation and operating profit in Nokia Technologies. Group Common and Other operating expenses EUR 350 million This includes central function costs which are expected to be largely stable at approximately EUR 200 million and an increase in investment in long-term research to approximately EUR 150 million. Comparable financial income and expenses Positive EUR 75 to EUR 125 million Comparable income tax rate ~25% Cash outflows related to income taxes EUR 450 million Capital Expenditures EUR 450 million (update) 2026 TARGETS
Nokia’s current targets for its existing perimeter of the business for 2026 are outlined below. This does not consider pending acquisitions. The Network Infrastructure operating margin assumption below considers Submarine Networks being treated as a discontinued operation. Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term.
Net salesGrow faster than the market Comparable operating margin(1) ≥ 13% Free cash flow(1) 55% to 85% conversion from comparable operating profit 1 Please refer to Alternative performance measures section in Nokia Corporation Interim Report for Q3 2024 for a full explanation of how these terms are defined.
The comparable operating margin target for Nokia group is built on the following assumptions by business group for 2026:
Network Infrastructure 13 – 16% operating margin Mobile Networks 6 – 9% operating margin Cloud and Network Services 7 – 10% operating margin Nokia Technologies Operating profit more than EUR 1.1 billion Group common and other Approximately EUR 300 million of operating expenses RISK FACTORS
Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:
- Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
- Changes in customer network investments related to their ability to monetize the network;
- Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
- Our ability to procure certain standard components and the costs thereof, such as semiconductors;
- Disturbance in the global supply chain;
- Impact of inflation, increased global macro-uncertainty, major currency fluctuations and higher interest rates;
- Potential economic impact and disruption of global pandemics;
- War or other geopolitical conflicts, disruptions and potential costs thereof;
- Other macroeconomic, industry and competitive developments;
- Timing and value of new, renewed and existing patent licensing agreements with licensees;
- Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
- The outcomes of on-going and potential disputes and litigation;
- Our ability to execute, complete and realize the expected benefits from our ongoing transactions;
- Timing of completions and acceptances of certain projects;
- Our product and regional mix;
- Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
- Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
- Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;as well the risk factors specified under Forward-looking statements of this release, and our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects-Risk factors.
FORWARD-LOOKING STATEMENTS
Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to our ongoing transactions and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “see”, “plan” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.
ANALYST WEBCAST
- Nokia’s webcast will begin on 17 October 2024 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
- The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at http://www.nokia.com/financials.
- A link to the webcast will be available at http://www.nokia.com/financials.
- Media representatives can listen in via the link, or alternatively call +1-412-317-5619.
FINANCIAL CALENDAR
• Nokia plans to publish its fourth quarter and full year 2024 results on 30 January 2025.
About Nokia
At Nokia, we create technology that helps the world act together.
As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.
Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.
Inquiries:
Nokia
Communications
Phone: +358 10 448 4900
Email:press.services@nokia.com
Maria Vaismaa, Global Head of External CommunicationsNokia
Investor Relations
Phone: +358 4080 3 4080
Email:investor.relations@nokia.comAttachment
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MIL-OSI: LHV Group Financial Calendar for 2025
Source: GlobeNewswire (MIL-OSI)
AS LHV Group has decided the company’s Financial Calendar for the 2025 financial year.
In 2025 LHV Group plans to disclose information and organise the Annual General Meeting of shareholders according to the following schedule:
11.02.2025 Q4 2024 and unaudited full year results 13.02.2025 Disclosure of Financial Plan 18.02.2025 January results 04.03.2025 Audited results for 2024 12.03.2025 February results 26.03.2025 Annual General Meeting 08.04.2025 Ex-dividend date (ex-date) 22.04.2025 Q1 interim results 13.05.2025 April results 17.06.2025 May results 22.07.2025 Q2 interim results 12.08.2025 July results 16.09.2025 August results 21.10.2025 Q3 interim results 18.11.2025 October results 16.12.2025 November results LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,100 people. As at the end of August, LHV’s banking services are used by 441,000 clients, the pension funds managed by LHV have 118,000 active clients, and LHV Kindlustus protects a total of 168,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.
Priit Rum
Communication Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee -
MIL-OSI China: ASML loses title as Europe’s most valued tech firm
Source: China State Council Information Office
Dutch semiconductor equipment manufacturer ASML saw a steep drop in its stock price for a second consecutive day on Wednesday, following a sharp fall on Tuesday.
The slide came after the company released its third-quarter 2024 financial results a day early, revealing a sharp decrease in orders.
ASML reported that third-quarter orders totaled approximately 2.6 billion euros (about 2.8 billion U.S. dollars), less than half of the 5.6 billion euros from the previous quarter. This disappointing performance triggered a major sell-off on Tuesday, causing ASML’s stock to plummet by nearly 124 euros, a 15.6 percent drop by the market’s close.
The downward momentum continued into Wednesday, with shares falling an additional 5.1 percent, ending the day at 633.9 euros.
Over the two days, ASML saw more than 60 billion euros in market value erased, leading to the loss of its status as the most valuable tech company in Europe. German software giant SAP SE has now claimed that title, with a market capitalization of approximately 259 billion euros. (1 euro = 1.09 U.S. dollars)
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MIL-OSI China: China to introduce incremental policies to prop up property sector
Source: China State Council Information Office
China will introduce a slew of incremental measures to stabilize the property sector, Ni Hong, minister of housing and urban-rural development, told a press conference on Thursday.
The government will step up support for urban village and dilapidated housing renovation projects, Ni said, adding that China will complete the renovation of an additional 1 million such housing units by providing monetary compensation to residents.
The minister stressed all eligible real estate projects will be included in the “white list” mechanism and that their reasonable financing needs will be met through loans.
As of Oct. 16, loans approved for the “white list” real estate projects have reached 2.23 trillion yuan (about 313.11 billion U.S. dollars), Xiao Yuanqi, deputy head of the National Financial Regulatory Administration, said at the press conference.
It is expected that by the end of this year, the approved loan amount for “white list” projects will double to over 4 trillion yuan, Xiao said.
Under the “white list” mechanism launched in late January, local authorities are recommending that financial institutions provide financial support to eligible real estate projects.
The mechanism is part of China’s efforts to stabilize the sector weighed by debt problems and boost confidence in an industry that accounts for nearly 6 percent of the country’s GDP.
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MIL-OSI China: Hong Kong to build int’l gold trading center
Source: China State Council Information Office
Hong Kong will take advantage of its strength in gold import and export to build itself into an international gold trading center, John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), said while delivering his third policy address Wednesday.
Noting that Hong Kong ranks among the world’s largest import and export markets for gold by volume, Lee said that the current complexity in geopolitics underscores Hong Kong’s edge in security and stability, and hence an attractive location for investors for gold storage, spurring relevant activities such as gold trading, settlement, and delivery.
“This will spur development of the related industry chain, ranging from investment transactions, derivatives, insurance, storage, to trading and logistic services,” Lee said.
The HKSAR government will promote the development of world-class gold storage facilities, facilitating the storage and delivery of spot gold by users and investors in Hong Kong, and driving demand for related services such as collateral and loan businesses, opening up new growth areas of the financial sector, Lee said.
The financial services and the treasury bureau of the HKSAR government will set up a working group to take forward the establishment of the international gold trading center, Lee said, adding that this will include, among other things, strengthening the trading mechanism and regulatory framework, promoting application of cutting-edge financial technology, and actively exploring with the mainland authorities on the inclusion of gold-related products in the mutual market access program.
The international gold trading center was part of the measures Lee announced Wednesday to strengthen Hong Kong’s status as a global financial center. Among other measures, Hong Kong will deepen mutual market access and enrich offshore renminbi (RMB) business to reinforce its status as the world’s largest offshore renminbi business hub.
Hong Kong will strive to provide more RMB-denominated investment product, including seeking support from the Ministry of Finance for boosting the size and frequency of issuing RMB sovereign bonds, and launching offshore RMB sovereign bond futures as soon as possible, Lee said.
It will also actively liaise with the mainland authorities to expand the bond connect as appropriate, Lee said.
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MIL-OSI China: Clean energy growth to peak fossil fuels demand by 2030: IEA
Source: China State Council Information Office
Clean energy growth and shifts in the global economy are poised to slow energy demand growth, bringing the world to a pivotal point where demand for fossil fuels will peak by 2030, the International Energy Agency (IEA) said on Wednesday.
In its World Energy Outlook 2024, the IEA emphasized that the clean energy growth is strong enough to meet the global increase in energy demand post-2030, entirely through renewable sources.
The IEA points out that an electrified, renewables-dominated energy system is far more efficient than traditional fossil fuel-based systems where much energy is lost as waste heat.
In 2023 alone, more than 560 gigawatts (GW) of new renewable energy capacity was added globally, with investments in clean energy projects nearing 2 trillion U.S. dollars annually – almost twice the amount being spent on new fossil fuel supply.
The report praised China’s contribution, noting that the country accounted for 60 percent of the new global renewable capacity in 2023. By the early 2030s, China’s solar PV generation is expected to surpass the current electricity demand of the entire United States.
Looking ahead, the IEA predicts that electricity demand will continue to grow rapidly, outpacing overall energy demand and marking a shift toward a more electrified global energy system.
However, despite this transition, liquefied natural gas (LNG) demand is expected to grow at a rate of over 2.5 percent annually through 2035, an upward revision from last year’s outlook and faster than the rise in overall gas demand.
The IEA also forecasts an easing of oil market pressures, with spare crude production capacity set to rise to 8 million barrels per day by 2030.
IEA Executive Director Fatih Birol noted that this potential surplus in oil and gas, dependent on geopolitical developments, could lead to a very different energy world than the one experienced during the recent global energy crisis.
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MIL-OSI United Nations: Secretary-General’s message on the International Day for the Eradication of Poverty: “Ending social and institutional maltreatment: acting together for just, peaceful and inclusive societies” [scroll down for French version]
Source: United Nations secretary general
Poverty is a global plague, affecting hundreds of millions of people around the world.
But poverty is not inevitable. It is the direct result of the choices that societies and governments make — or fail to make.
This year’s theme reminds us that people mired in poverty contend with societal discrimination and systemic barriers that make it more difficult to access vital services and support.
Ending global poverty — and achieving the Sustainable Development Goals — requires governments shaping institutions and systems that put people first.
It demands that we prioritize investments in decent work, learning opportunities and social protection that offer ladders out of poverty.
And it calls on us to fully implement the new Pact for the Future by supporting an SDG Stimulus and reforming the global financial architecture to help developing countries invest in their people.
Eradicating poverty is an essential foundation for humane, dignified societies that leave no one behind.
On this important day, let’s re-commit to making poverty history.
*****
La pauvreté est un fléau mondial qui touche des centaines de millions de personnes à travers la planète.Toutefois, elle n’est pas une fatalité. Elle résulte directement des choix que font, ou ne font pas, les sociétés et les États.
Le thème de cette année nous rappelle que les personnes en proie à la pauvreté sont confrontées à des discriminations sociétales et à des obstacles systémiques qui les empêchent d’accéder à l’aide et aux services essentiels.
Pour éliminer la pauvreté dans le monde et atteindre les objectifs de développement durable, il faut que les États se dotent d’institutions et de systèmes qui placent les gens au cœur de leur action.
Il convient d’investir en premier lieu dans le travail décent, l’apprentissage et la protection sociale, véritables marchepieds pour sortir de la pauvreté.
Il convient enfin de mettre pleinement en œuvre le nouveau Pacte pour l’avenir, en soutenant le plan de relance des objectifs de développement durable et en réformant l’architecture financière internationale afin d’aider les pays en développement à investir dans leur population.
L’éradication de la pauvreté est indispensable à l’édification de sociétés humaines et dignes où personne n’est laissé de côté.
En ce jour important, redisons notre détermination à faire de la pauvreté une histoire ancienne.
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MIL-OSI: Viridien Announces its Q3 Financial Results on Thursday 31st October 2024, after Market Close
Source: GlobeNewswire (MIL-OSI)
Paris, France – October 17th, 2024
Viridien, formerly CGG, will announce its third quarter 2024 financial results on Thursday, October 31st, after market close.
- The press release and the presentation will be made available on our website http://www.viridiengroup.com at 5:45 pm (CET)
- An English language analysts conference call is scheduled the same day at 6.00 pm (CET)
Participants should register for the call here to receive a dial-in number and code or participate in the live webcast from here.
A replay of the conference call will be made available the day after for a period of 12 months in audio format on the Company’s website http://www.viridiengroup.com.
About Viridien (formerly CGG):
Viridien (http://www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resource, digital, energy transition and infrastructure challenges. Viridien employs around 3,500 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).
Contacts
Attachment
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MIL-OSI: Unable to get its cosmetics plant project financed, Global Bioenergies is now focusing all its efforts on SAF opportunities
Source: GlobeNewswire (MIL-OSI)
PRESS RELEASE
Unable to get its cosmetics plant project financed, Global Bioenergies is now focusing all its efforts on SAF opportunities
Evry, 17 October 2024 – 07:30 a.m.: After several months of efforts, the Company has been unable to find investors for its 2,500-ton plant dedicated to the cosmetics market, in a highly unfavorable context for the financing of first-of-a-kind projects. The Company is now devoting all its energy to applying its technology to the production of Sustainable Aviation Fuel (“SAF”), with a model of industrial partnerships.
Samuel Dubruque, Chief Financial Officer of Global Bioenergies, commented: “Despite all our efforts over the last few months, and with the conviction that we have presented the most mature case possible, we are now coming to the conclusion that our plant project will not reach final investment decision. Like all first-of-a-kinds, this project necessarily involves risks at various levels. The prospect of a significant return on investment linked to the cosmetics market should have been a sufficient counterbalance, allowing us to convince private investors to commit to the project, but we must realize that this is not the case in the current political, economic and financial context. Today, infrastructure investors limit themselves to less risky industrial replica projects1, and to projects more directly focused on energy markets.”
Marc Delcourt, co-founder and Chief Executive Officer, added: “Global Bioenergies regrets that this project is not moving forward, and draws the necessary conclusions: the Company will therefore not be carrying out any plant projects of its own in the short or medium term, and will be focusing all its efforts on a partnership model. The intrinsic value of the process developed by Global Bioenergies is not diminished by the non-realization of this first industrial project designed to meet the needs of the niche cosmetics market. Our main ambition remains to produce much larger volumes of SAF, in order to reduce the carbon footprint of the aviation sector and fight global warming, now an absolute priority. To achieve this, the technology partnership approach is the most appropriate.”
As a reminder, the Company’s process is one of only a dozen solutions to have obtained ASTM certification. The SAF market is currently in the start-up phase, and will really accelerate in 2030, when the European mandate increases to 6% (i.e. around 3 million tons/year) and production in the United States reaches the “Grand Challenge” target of 3 billion gallons per year (i.e. 9 million tons/year)2. The Company still aims to contribute to achieving these 2030 objectives on both sides of the Atlantic. Alongside this future large-scale SAF production, the Company intends to continue serving niche markets, in particular cosmetics.
About GLOBAL BIOENERGIES
As a committed player in the fight against global warming, Global Bioenergies has developed a unique process to produce SAF and e-SAF from renewable resources, thereby meeting the challenges of decarbonising air transport. Its technology is one of the very few solutions already certified by ASTM. Its products also meet the high standards of the cosmetics industry, and L’Oréal is its largest shareholder with a 13.5% stake. Global Bioenergies is listed on Euronext Growth in Paris (FR0011052257 – ALGBE).
Contacts
1 Réussir le passage à l’échelle des cleantech en France (website-files.com) – Cleantech for France (in French
2 Sustainable Aviation Fuel Market Outlook – June 2024, SkyNRGAttachment
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MIL-OSI Africa: Secretary-General’s message on the International Day for the Eradication of Poverty: “Ending social and institutional maltreatment: acting together for just, peaceful and inclusive societies” [scroll down for French version]
Source: United Nations – English
overty is a global plague, affecting hundreds of millions of people around the world.
But poverty is not inevitable. It is the direct result of the choices that societies and governments make — or fail to make.
This year’s theme reminds us that people mired in poverty contend with societal discrimination and systemic barriers that make it more difficult to access vital services and support.
Ending global poverty — and achieving the Sustainable Development Goals — requires governments shaping institutions and systems that put people first.
It demands that we prioritize investments in decent work, learning opportunities and social protection that offer ladders out of poverty.
And it calls on us to fully implement the new Pact for the Future by supporting an SDG Stimulus and reforming the global financial architecture to help developing countries invest in their people.
Eradicating poverty is an essential foundation for humane, dignified societies that leave no one behind.
On this important day, let’s re-commit to making poverty history.
*****
La pauvreté est un fléau mondial qui touche des centaines de millions de personnes à travers la planète.Toutefois, elle n’est pas une fatalité. Elle résulte directement des choix que font, ou ne font pas, les sociétés et les États.
Le thème de cette année nous rappelle que les personnes en proie à la pauvreté sont confrontées à des discriminations sociétales et à des obstacles systémiques qui les empêchent d’accéder à l’aide et aux services essentiels.
Pour éliminer la pauvreté dans le monde et atteindre les objectifs de développement durable, il faut que les États se dotent d’institutions et de systèmes qui placent les gens au cœur de leur action.
Il convient d’investir en premier lieu dans le travail décent, l’apprentissage et la protection sociale, véritables marchepieds pour sortir de la pauvreté.
Il convient enfin de mettre pleinement en œuvre le nouveau Pacte pour l’avenir, en soutenant le plan de relance des objectifs de développement durable et en réformant l’architecture financière internationale afin d’aider les pays en développement à investir dans leur population.
L’éradication de la pauvreté est indispensable à l’édification de sociétés humaines et dignes où personne n’est laissé de côté.
En ce jour important, redisons notre détermination à faire de la pauvreté une histoire ancienne.
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MIL-OSI New Zealand: Release: Further uncertainty for Kiwirail as jobs set to go
Source: New Zealand Labour Party
KiwiRail offering voluntary redundancy to all its staff is hugely concerning given the future of New Zealand’s rail system is under threat.
KiwiRail employs 4,500 people and has staff in more than 50 towns and cities across the country.
“These are skilled workers who contribute a lot to the New Zealand economy and make sure freight and passengers move around safely,” Labour’s state-owned enterprises spokesperson Arena Williams said.
“It was revealed last week that more than 50 roles at the Interislander ferries were going, and now we hear all staff are going to be offered redundancy as of Monday.
“I am especially concerned about the timing of this. There is already huge uncertainty around the future of the essential rail connection across the Cook Strait, following Nicola Willis’ decision to cancel the rail-enabled ferries.
“Labour had a plan for new ferries, because the current ones will need significant maintenance to serve their critical role in connecting the North and South Islands.
“Cutting maintenance and engineering jobs, when you have no plan for new ferries and are relying on the old ones, is adding fuel to the fire and will only mean ferries that break down more often and put passenger and crew safety at risk.
“Freight companies are worried too. They are unsure if their journeys will go ahead, and there is growing concern about stock arriving on time, safely.
“A year on, there is still no plan from the government to replace the ageing ferries and even less certainty for staff and the public,” Arena Williams said.
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MIL-OSI New Zealand: Maritime News – Charter boat operator sentenced over fatal incident
Source: Maritime New Zealand
company’s failure to ensure health and safety policies and procedures were correctly followed played a key role in the tragic death of a passenger on a luxury charter vessel.Zefiro Charters Limited was today sentenced in the District Court at Auckland for a breach of the Health and Safety at Work Act 2015, in relation to the death of Danielle Tamarua on 1 April, 2021, after she fell overboard off the Zefiro . At the time Ms Tamarua was on the vessel with work colleagues on a trip around the Hauraki Gulf.Maritime NZ’s General Manager Investigations, Pete Dwen says the company had been operating the Zefiro for 17 years, and it had policies and procedures in place to keep passengers safe while it was underway.“Tragically these procedures were not followed on 1 April, 2021,” he says.In accordance with the Maritime Operator Safety System, Zefiro Charters’ was operating under a Maritime Transport Operator Plan (MTOP). This plan identified various health and safety risks, including the hazard of passengers being on the bow of the vessel while it is underway. Ultimatley, the company failed to ensure the systems and processes in the MTOP were properly implemented and enforced on board.“All crew members are meant to know, understand and enforce the health and safety procedures on the vessel.“The MTOP plan also covered a safety briefing which stated passengers were not allowed on the bow, side decks or the duckboard (the very rear of the boat) while it is underway.“Some crew were unaware it was a policy for the vessel,” Mr Dwen says.There was also a lack of a physical barrier for the passengers indicating the no-go areas.Prior to Ms Tamarua falling overboard, the vessel was returning to berth, and weather conditions had worsened. Ms Tamarua had gone up to the bow of the vessel with another passenger.“When returning to go back inside the vessel, Ms Tamarua slipped and fell overboard. She was struck by the vessel and died, despite the efforts to save her.“If the prescribed health and safety procedures were followed, this incident would have likely been avoided,” Pete Dwen says.“This should have been a fun day out on the water. This incident is a horrific example of what can go wrong when a company fails to ensure health and safety procedures are followed.“I want to offer our sincere condolences to the family and friends of Ms Tamarua, as well as those on-board the Zefiroon 1 April, 2021.“I also want to thank the emergency service personnel who responded quickly and professionally to a very difficult situation,” Pete Dwen says.Sentencing notes what happened in the District Court at Auckland– Following a plea by notice, Zefiro Charters Limited was convicted on one charge under s 36(2) of the Health and Safety at Work Act 2015.– Judge Thomas described the culpability as amounting to a significant breach and indicated he would have had no hesitation in imposing a significant fine in the hundreds of thousands of dollars.– However, due to the limited financial means of the company, Judge Thomas ordered emotional harm reparation of $140,000 (to be apportioned between the victims) only. -
MIL-OSI Russia: Government meeting (2024, No. 30)
MILES AXLE Translation. Region: Russian Federation –
Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.
1. On the draft federal law “On Amendments to Article 111 of the Federal Law “On Compulsory Civil Liability Insurance of Vehicle Owners””
The bill establishes the possibility for insurers to issue a notification of a road traffic accident in the form of an electronic document without the participation of authorized police officers using the Unified Identification and Authentication System (UIAS).
2. On the allocation of budgetary appropriations to the Ministry of Finance of Russia in 2024 from the reserve fund of the Government of the Russian Federation for the provision of subsidies to the joint-stock company DOM.RF for the purpose of compensating credit and other organizations for lost income on housing (mortgage) loans (credits) issued to citizens of the Russian Federation
The decision is aimed at ensuring compensation to credit and other organizations for lost income on housing (mortgage) loans (credits) issued under the preferential mortgage programs “Preferential Mortgage”, “Family Mortgage” and “Far Eastern and Arctic Mortgage”.
3. On the distribution of subsidies to support measures to ensure the balance of the budgets of the Donetsk People’s Republic, the Lugansk People’s Republic, the Zaporizhia region and the Kherson region
The decision is aimed at providing additional financial assistance to the Donetsk People’s Republic, the Luhansk People’s Republic, the Zaporizhia region and the Kherson region.
4. On the allocation of budgetary appropriations to Rosavtodor in 2024 to provide the budget of the Smolensk region with a subsidy from the federal budget for bringing highways and artificial road structures into compliance with the standard
The funding is aimed at ensuring the restoration and repair of the road overpass in the city of Vyazma, Smolensk region.
5. On the allocation by the Ministry for the Development of the Russian Far East in 2024 of budgetary allocations reserved in the federal budget for the provision of a subsidy in the form of a property contribution of the Russian Federation to the state development corporation VEB.RF
The decision is aimed at implementing priority investment projects in the Far Eastern Federal District and state support for regular transportation along the Northern Sea Route.
6. On the allocation in 2024 by the Ministry for the Development of the Russian Far East of budgetary allocations reserved in the federal budget for the provision of subsidies to the constituent entities of the Russian Federation that are part of the Far Eastern Federal District for the implementation of measures of the social development plans of economic growth centers
7. On the draft federal law “On Amending Article 353 of the Labor Code of the Russian Federation”
Establishing the possibility of implementing state control (supervision) over the activities of organizations conducting special assessments of working conditions, and improving the quality of such assessments.
8. On the allocation in 2024 of budgetary appropriations to the Ministry of Labor of Russia for the provision of subventions to the budgets of the constituent entities of the Russian Federation and the city of Baikonur for the payment of housing and communal services to certain categories of citizens
The decision is aimed at ensuring the timely provision of social support measures for the payment of housing and communal services to citizens exposed to radiation as a result of the Chernobyl disaster, the accident at the Mayak production association and the discharge of radioactive waste into the Techa River, nuclear tests at the Semipalatinsk test site, as well as certain categories of citizens from among veterans and disabled people.
9. On the Government Commission on issues of nature management and environmental protection, development of forestry and water management complexes
The draft resolution provides for the formation of an updated Government Commission on Nature Management and Environmental Protection, Development of the Forestry and Water Management Complexes and the approval of the regulations on the commission, as well as the abolition of the Government Commission on Nature Management and Environmental Protection and the Government Commission on Development of the Forestry Complex.
10. On the draft order of the Government of the Russian Federation on the allocation of budgetary allocations to the Ministry of Agriculture of Russia in 2024 for the provision of subsidies from the federal budget to Russian credit institutions and the joint-stock company DOM.RF
The funding is intended to compensate for lost income on housing (mortgage) loans (credits) issued to citizens for the construction (purchase) of housing in rural areas, as well as to compensate for lost income on consumer loans (credits) issued to improve the level of improvement of households located in rural areas.
11. On the draft order of the Government of the Russian Federation on the allocation in 2024 of budgetary appropriations to the Ministry of Agriculture of Russia for the provision of subsidies from the federal budget to Russian credit institutions and the state development corporation VEB.RF to compensate for lost income on loans issued to agricultural producers, organizations and individual entrepreneurs engaged in the production, primary and subsequent processing of agricultural products and their sale, at a preferential rate
The decision is aimed at ensuring the implementation of the preferential lending program for the agro-industrial complex in 2024.
12. On the allocation of budgetary appropriations to the Russian Emergencies Ministry in 2024 from the reserve fund of the Government of the Russian Federation for the purpose of providing another inter-budget transfer to the budget of the Kursk region
The decision is aimed at providing citizens who suffered as a result of the attack by the Ukrainian armed forces on the territory of the Kursk region with financial assistance in connection with the partial or complete loss of essential property.
13. On amendments to certain acts of the Government of the Russian Federation
The changes concern the clarification of the powers of federal and regional executive bodies in the field of heat supply, as well as the procedure for organizing heat supply, regulating relations on the development and approval of heat supply schemes for municipal districts.
14. On the draft federal law “On Amending Article 7 of the Federal Law “On Combating the Legalization (Laundering) of Criminally Obtained Incomes and the Financing of Terrorism”
The adoption of the draft federal law will allow banks to test the most optimal methods of remote identification within the framework of an experimental legal regime.
15. On the progress of the implementation of the comprehensive state program of the Russian Federation “Construction” in 2024
Moscow, October 16, 2024
The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
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MIL-OSI Russia: Modernization of the Dalniy gas control station in the south of Moscow has been completed
MILES AXLE Translation. Region: Russian Federation –
Source: Moscow Government – Government of Moscow –
Specialists from the city economy complex have completed the modernization of the large gas control point “Dalniy” in the south of the capital. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.
“The city is conducting systematic work to update gas pressure control points, which are responsible for reducing gas pressure to certain values and maintaining them within specified limits. We have modernized the Dalniy gas pressure control point, which supplies gas to public utilities and residential areas in the Donskoy and Yakimanka districts,” said Pyotr Biryukov.
Due to the long-term operation of the equipment, it was decided to reconstruct it. The work was carried out in a short time without disconnecting consumers from gas supply.
The outdated systems were replaced with new modern equipment manufactured from Russian components at the own production facilities of Mosgaz JSC. It has a high degree of reliability and reduced noise characteristics, which meets all safety requirements. Additionally, the system of supply gas pipelines and distribution networks was updated.
All gas control points of the capital are equipped with shut-off devices. Their work is constantly monitored from the central control room. This allows managing the gas economy of the capital in real time.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
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MIL-OSI Russia: How competitions for the best themed design of stores and restaurants help develop business
MILES AXLE Translation. Region: Russian Federation –
Source: Moscow Government – Government of Moscow –
Voting continues in the Active Citizen project for the best seasonal designcatering, trade and service enterprises. Until November 1, Muscovites can choose the most beautiful store, restaurant or beauty salon.
The prize fund, which is distributed among the first three places, helps restaurateurs and cafe owners develop their business and become better for residents and guests of the capital. The winners of previous years’ competitions for the best New Year and holiday window decoration used the money they won for repairs, purchasing new equipment, and even motivating their team.
Thus, the restaurant located on Patriarch’s Ponds took second place in the competition for the best New Year’s decoration and received three million rubles. Anastasia Danilova, the restaurant’s general director, said that thanks to the victory, it was possible to put up summer tents, green the veranda and arrange a recreation area among the birches.
The company continues to delight Muscovites and guests of the capital with new decor, paying more and more attention to the design. Seasonal decorations are harmoniously complemented by the landscape design of the space near the mansion, where the veranda is located. Thanks to this, guests see a bright change of seasons.
According to Olesya Romanova, a representative of the restaurant — the winner of the City Day competition, all the costs of beautiful decoration pay off in the end, raising the spirits of not only the visitors, but also the team. The establishment won in the nomination “Best decoration of a public catering establishment”. The prize fund was five million rubles.
The owners invested some of the money into renovations: they updated the walls, bought additional furniture and equipment for the confectionery shop. They managed to implement ideas that had been put off because there was not always the financial opportunity to implement them. In addition, the victory motivated the team and gave an additional incentive to continue decorating the cafe for the holidays.
The next holiday is New Year. Elena Melnik, the owner of the restaurant, which took second place for the festive decoration for Victory Day, is already coming up with a design. The company’s managers spent three million rubles on inventory for the bar and kitchen, beautiful dishes, invited artists who updated the interior space – added design elements. In addition, the employees who decorated the establishment received bonuses.
Project “Active Citizen” has been operating since 2014. During this time, over seven million people have joined it, taking part in more than 6.6 thousand votes. Every month, 30-40 decisions of Muscovites are implemented in the city. The project is being developed by the capital Department of Information Technologyand the State Institution “New Management Technologies”.
The use of digital technologies and artificial intelligence to improve the quality of life of city residents corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the regional project of the capital “Digital Public Administration”. More information about this and other national projects implemented in Moscow, you can find out here.
The Active Citizen project has begun voting for the best design of shops and cafes in the summer
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.
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MIL-OSI New Zealand: Slash Management – Aratu Forests plans high strength steel nets to manage woody debris
Source: Aratu Forests Limited
Aratu Forests Ltd (Aratu) today announced plans for the first of three Swiss-designed high strength steel debris nets which aim to reduce the amount of woody debris flowing into catchments following storm events.Aratu plans debris nets at private properties bordering Te Marunga, Waimanu and Wakaroa forests. These will be subject to a resource consent process. The first is planned to span a waterway near Wakaroa Forest on a site straddling two properties.These will complement a range of other measures within the forest that have already been implemented or are planned.“We’re committed to being a responsible custodian of the environments we operate in, so we’re pleased to be advancing our plans with today’s announcement,” said Neil Woods, Aratu Chief Executive.“Debris nets are one part of a toolbox of measures we are using and plan to use to minimise woody debris accumulating in plantations and migrating down waterways after storms.“The nets are an extra layer of protection that have been successfully used overseas and in New Zealand. They’ve proven to be very effective at saving lives, buildings and land from the impacts of woody debris and rock falls.“We’re proud to be partnering with Swiss-based Geobrugg, the pioneer of debris net technology. In the last 10 years Geobrugg has installed over 250 debris flow barriers of the kind proposed by Aratu in more than 25 countries including New Zealand.“The planned net will be the first of its kind in Tairāwhiti. One installed in 2021 in northern Hawke’s Bay has worked well to date to trap debris after storms.“The region paid a high price for the devastation caused by cyclones Hale and Gabrielle. Like all forestry companies in Tairāwhiti, we work in a very challenging environment with many trees planted on highly erodible soils on steep hill slopes.“We have learnt much from the cyclones and are determined to keep lifting our game to limit the impacts from our operations.”Since taking over the forests in 2019, Aratu has introduced a range of measures to improve the management of woody debris (see details in Q&A attached).“We look forward to progressing the resource consent process with the Gisborne District Council so we can get on with doing our bit to better manage woody debris in Tairāwhiti,” said Neil Woods.Aratu manages 35,000 hectares of forestry plantation land across Te Tairāwhiti. In July 2019, Hikurangi Forest Farms was purchased by New Forests, an Australian-based, international and sustainable forestry investment manager, on behalf of its institutional investment clients. The company was renamed Aratu Forests Ltd. Since taking over ownership, we have continued to develop low impact harvesting techniques to mitigate debris movements from the plantations to ensure its sustainable plantations deliver long term benefits for the local community. We support over 200 permanent jobs and each week our company invests more than $1 million into the local economy through payments to our employees and suppliers. Aratu is committed to being a responsible custodian of the environment it operates in. In learning from the 2023 cyclone events, we have continued to refine our forest management practices with the aim of mitigating any negative impacts on the wider environment. -
MIL-OSI Russia: More than 1.6 million square meters of industrial space to be built in Moscow under preferential investment lending program
MILES AXLE Translation. Region: Russian Federation –
Source: Moscow Government – Government of Moscow –
Thanks to the program of preferential investment lending, more than 1.6 million square meters of new industrial space will be built in the capital. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.
“On the instructions of Sergei Sobyanin, from 2022
Moscow Foundation for Support of Industry and Entrepreneurshipis implementing a program to subsidize interest rates on preferential investment loans at three percent up to three billion rubles for the development of production for a period of three years. According to the contracts concluded since the instrument was put into effect, more than 1.6 million square meters of production space will be built in the capital, and more than 27.5 thousand new jobs will be created,” said Maxim Liksutov.
New production facilities will appear in the city, where they will produce medical products, medicines, food products, microelectronics, building materials and much more.
“In just nine months of 2024, thanks to the mechanism of preferential investment lending, Moscow enterprises attracted funds for the construction of more than 781 thousand square meters of industrial space, where 12.5 thousand jobs will be created,” noted the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy
In particular, the Itelma enterprise, which produces electronics for transport, will be able to attract three billion rubles for the construction of a new industrial facility. Its area will be 84.6 thousand square meters. Research and development, information technology and electronics centers will be located inside.
The tea and spice manufacturer Ekom Company has acquired industrial infrastructure with an area of almost six thousand square meters and more than 50 units of equipment. For these purposes, the organization was able to attract 710 million rubles. The new facility will be commissioned in the second or third quarter of 2025.
Under the preferential investment lending program, the capital’s Alfa company attracted 500 million rubles. The funds will be used to build a new plant for the production of reinforced concrete structures and commercial concrete. The area of the facility will be almost 14 thousand square meters. After expansion, the enterprise will increase the output of products used in the construction of residential buildings and significant social and infrastructure facilities. When the project is completed, the city will receive 60 jobs. The plant is planned to be commissioned in 2025.
The Ankom-med company, which produces medical equipment, was able to attract 150 million rubles to purchase a production site with an area of 1.5 thousand square meters. Thanks to this, the enterprise will increase the volume of manufactured products.
To receive funds at a preferential rate, you must first enter into a loan agreement and then contact the Moscow Fund for Support of Industry and Entrepreneurship. After the application is approved, you must sign a financial support agreement to compensate for part of the costs of paying interest on the loan. After that, the required amount will be transferred to the company’s account at the bank where the loan is opened. Detailed information can be found on the foundation’s website.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.