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Category: Economy

  • MIL-OSI: Inside information: Karri Alameri appointed as the CEO of Oma Savings Bank Plc

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 30.9.2024 AT 8:45 A.M. EET, INSIDE INFORMATION

    Inside information: Karri Alameri appointed as the CEO of Oma Savings Bank Plc

    The Board of Directors of Oma Savings Bank Plc (OmaSp or Company) has appointed Karri Alameri, M.Sc. (Econ.), CEFA as the new CEO of the Company. Alameri will start in his position no later than 1 April 2025. Interim CEO Sarianna Liiri will continue in her position until Alameri starts.

    Karri Alameri (b. 1963) has strong experience in the financial sector. Alameri joins OmaSp from the Savings Banks Group, where he has served as CEO since 2022. Prior to this, he has held several demanding management positions in the Savings Banks Group, OP Financial Group and Danske Bank.

    “We started the search process for the new CEO in June, and I am very pleased with its rapid progress and outcome. Karri Alameri is distinguished in the financial sector and enjoys broad trust. We especially appreciate his strong leadership skills in different operating environments and market situations. Karri is the best possible choice as the CEO, and I am glad that we can get a CEO like him to continue implementing the Company’s strategy towards the next phase. I warmly welcome Karri to OmaSp,” says Jaakko Ossa, Chairman of the Board.

    “OmaSp has skilled personnel and satisfied customers, and the bank has been able to find good growth areas. The flow of news has been exceptionally challenging in recent months, but I see that it is good to build the future success of OmaSp on the existing strengths and bring the bank back to a good growth and earnings track. I am excited to accept the position as the CEO of the largest savings bank in Finland”, tells Karri Alameri.

    A prerequisite for the appointment is that the Finnish Financial Supervisory Authority (FIN-FSA) has no objections to the appointment.

    Oma Savings Bank Plc

    Additional information:
    Jaakko Ossa, Chairman of the Board, tel. +358 40 044 0139
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    Distribution:
    Nasdaq Helsinki Ltd
    Major media
    http://www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 45 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    Attachment

    The MIL Network –

  • MIL-OSI China: China’s major national commercial banks announce plans for mortgage rate adjustment

    Source: People’s Republic of China – State Council News

    China’s major national commercial banks announce plans for mortgage rate adjustment

    BEIJING, Sept. 30 — China’s six major national commercial banks have announced plans to adjust mortgage rates for existing home loans in line with the central bank’s policies to stabilize the property market.

    Detailed measures of the adjustment of mortgage rates for existing home loans will be released on Oct. 12, 2024, according to statements of the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, and Postal Savings Bank of China.

    The statements noted that the adjustment will be implemented by Oct. 31, 2024.

    China’s central bank on Sunday requested commercial banks to lower mortgage rates for existing home loans as the country aims to lower financial burdens on property owners.

    The mortgage rates for first homes, second homes and more are required to be reduced no lower than 30 basis points below the loan prime rate by Oct. 31, 2024.

    MIL OSI China News –

  • MIL-OSI China: Notice of the PBOC and NFRA on Extending the Term of Some Real Estate Financial Policies

    Source: Peoples Bank of China

    To the People’s Bank of China (PBOC) Shanghai Head Office, PBOC branches in all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state plan; regulatory bureaus of the National Financial Regulatory Administration (NFRA); China Development Bank, Agricultural Development Bank, all state-owned commercial banks, Postal Savings Bank of China, and all joint-stock commercial banks; all trust companies, insurance companies, and financial asset management companies:

    To implement the decisions and arrangements of the CPC Central Committee and the State Council, meet the reasonable financing needs of the real estate sector, and promote the stable and healthy development of the real estate market, some issues are announced as follows:

    I. The applicable period of the reasonable extension policy for outstanding loans such as property development loans and trust loans in the Notice of the People’s Bank of China and China Banking and Insurance Regulatory Commission on Providing Financial Support for the Stable and Healthy Development of the Real Estate Market (Yinfa No. 254 [2022]) is extended until December 31, 2026.

    II. If relevant policies in the Notice of the General Administration Department of the People’s Bank of China and the General Office of National Financial Regulatory Administration on Effectively Managing Commercial Property Loans (Yinbanfa No.8 [2024]) have an applicable period, the applicable period will be extended until December 31, 2026.

                                                        The People’s Bank of China

                                              National Financial Regulatory Administration

                                                          Sep.24th 2024

    Date of last update Nov. 29 2018

    2024年09月29日

    MIL OSI China News –

  • MIL-OSI Russia: From October 31 to November 1, 2024, NSU will host the II annual scientific and production forum “Golden Valley-2024”

    MILES AXLE Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    The organizer of the forum is Novosibirsk State University. According to the idea of the founder of the Novosibirsk Akademgorodok, academician Mikhail Lavrentiev, the university was included in the Lavrentiev triangle “science-personnel-industry” from the day of its foundation, and today it confidently ranks among the top ten leading universities in the country.

    The Forum’s partners include the interregional association “Siberian Agreement”, the government of the Novosibirsk region, the NSU Graduates Association, the Novosibirsk Akademgorodok technology park, the Siberian Branch of the Russian Academy of Sciences and the Council of Rectors of Universities of Novosibirsk.

    Director of the Center for Interaction with Government Authorities and Industrial Partners of NSU Alexander Lyulko noted:

    — The results of the first Forum were very pleasing to all participants. One of the main results of the work was the signing of several agreements at once, designed to strengthen the trinity of science, education and business.

    Throughout the past year, we have seen an active growth of interest from industrial enterprises in our university and its resources. The programs implemented by the Center for Technology Transfer and Commercialization, New Functional Materials, the Advanced Engineering School and other innovation centers of NSU find a response and support in industry and business.

    This year, the key aspect of the Forum will be the discussion of ways of further interaction between science and production with an emphasis on joint solution of import substitution tasks and creation of high-tech products. We will be glad to see representatives of both the scientific community and business structures at our Forum to strengthen ties and exchange ideas.

    Together we can create conditions for the introduction of innovative technologies into production and the training of qualified specialists necessary for the success of the Russian economy, and become part of an important dialogue about the future of science and industry in our country.

    The Golden Valley 2024 Forum will feature thematic sections:

    Aviation

    Unmanned aircraft systems.

    Mechanical engineering and instrument making.

    Energy.

    Smart city technologies. Construction.

    Medicine and pharmaceutical industry.

    Artificial Intelligence in Industry and Robotics

    Agriculture.

    In addition to the business program, the Forum will host a number of related events aimed at establishing contacts between universities and potential industrial partners. In particular, there will be an exhibition of the latest scientific developments and advanced industrial achievements. Participants of the exhibition will be able to get acquainted with the best developments and technologies already implemented in the Novosibirsk Region, other regions of the Russian Federation and in the world.

    The result of the Forum should be the formation of partnerships between representatives of science, universities, industry, development institutions, and government agencies to introduce new technologies and developments into the real sector of the economy.

    In 2023, the Forum brought together more than 1,000 participants. Over 130 speakers spoke at sections and plenary sessions, including 15 members of the Russian Academy of Sciences, 20 rectors of universities in the Siberian Federal District, and more than 50 directors of federal and regional enterprises. The forum was attended by Deputy Governors of the Novosibirsk Region Irina Manuilova and Sergey Semka, representatives of leading corporations interested in introducing new technologies and promising developments into the domestic industry: Rosatom, Rostec, Russian Railways, Sitronics, Rostelecom, UEC, SGK, LUKOIL and many others.

    Following the results of the first Forum, the rector of NSU, academician of the Russian Academy of Sciences Mikhail Fedoruk noted:

    — Such events will be held regularly, their main goal is to help ensure the technological sovereignty of our country. It is not without reason that the forum’s motto is: “Real science for real industry.

    More detailed information is provided on the forum 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.

    http://vvv.nsu.ru/n/media/nevs/science/on October 31-November 1, 2024-its-annual-research-production-forum-zolo will be held in NSU/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Europe: Wide differences in pay among cultural workers

    Source: Switzerland – Department of Home Affairs

    Neuchâtel, 30.09.2024 – Half of cultural workers work part-time, 14% have more than one job and just over a quarter are self-employed, considerably more than in the overall economy. In Switzerland, cultural workers earned a median wage of CHF 69 600, and for part-time work CHF 45 700 in 2023. There was a large gender pay gap: a female cultural worker earned CHF 78 000 for a full-time job, while her male colleague earned CHF 98 000. These are some of the new results from the Federal Statistical Office’s cultural economy statistics, updated today for the first time with detailed information on wages.

    This press release and further information on this topic can be found on the FSO website (see link below)

    Address for enquiries

    Olivier Moeschler, FSO, Politics, Culture and Media Section, tel.: +41 58 463 69 67, email: poku@bfs.admin.ch

    Publisher

    Federal Statistical Office
    http://www.statistics.admin.ch

    MIL OSI Europe News –

  • MIL-OSI China: China issues revised regulations for honoring fallen heroes

    Source: China State Council Information Office 3

    China has released a set of revised regulations for commending fallen heroes ahead of the country’s Martyrs’ Day, which falls on Sept. 30.

    Premier Li Qiang signed a State Council decree to promulgate the revised regulations, which emphasize upholding the leadership of the Communist Party of China, safeguarding the dignity and honor of fallen heroes, and protecting the rights and interests of their families.

    The revised regulations stipulate improved criteria and assessment procedures for identifying martyrs, better financial support and preferential treatment for their families, and strengthened protection and management of their memorial facilities. The revised regulations also highlight the need to strengthen the dissemination of martyrs’ heroic deeds and improve the protocols when paying homage to them.

    The revised regulations will take effect on Jan. 1, 2025. China has been marking Martyrs’ Day annually since 2014. 

    MIL OSI China News –

  • MIL-OSI: NNIT A/S: ATP choses NNIT as new supplier of business-critical SAP system

    Source: GlobeNewswire (MIL-OSI)

    As referred to in the Company Announcement 05/2024, Interim Financial Report Q2 2024 on August 26, NNIT was close to signing a large important strategic contract. NNIT has entered into a contract with ATP (Udbetaling Danmark) for the delivery of their critical SAP Debtor system. Udbetaling Danmark is the authority responsible for the collection, disbursement, and control of a number of public benefits. – e.g., state pension and housing benefits.

    The contract will initially run for six years with the possibility to extend twice for a two-year period. The contract was tendered by ATP at an estimated value of DKK 240 million incl. options, ad hoc solutions made to order and infrastructure operations to be delivered by a subcontractor.

    Kasper Søndergaard Andersen, Senior Vice President of Region Denmark, says “We are exceedingly pleased to have won the project for the delivery of ATP’s Debtor system. Public digitalization is a strategic focus area in NNIT, and we are energized by the significant task of ensuring the continued welfare in Denmark. With this Debtor delivery, we are building on our long-standing relationship with ATP, and we will also have the opportunity to bring our recently fortified SAP business to the table and begin the substantial task of modernizing SAP”.

    The contract has no implications for NNIT’s financial guidance for the full-year of 2024.

    For more information, please contact:

    Investor Relations
    Carsten Ringius
    EVP & CFO
    Tel: +45 3077 8888
    carr@nnit.com

    Media Relations
    Tina Joanne Hindsbo
    Media Relations Manager
    Tel: +45 3077 9578
    tnjh@nnit.com

    ABOUT NNIT

    NNIT is a leading provider of IT solutions to life sciences internationally, and to the public and private sectors in Denmark.

    We focus on high complexity industries and thrive in environments where regulatory demands and complexity are high.

    We advise on and build sustainable digital solutions that work for the patients, citizens, employees, end users or customers.

    We strive to build unmatched excellence in the industries we serve, and we use our domain expertise to represent a business first approach – strongly supported by a selection of partner technologies, but always driven by business needs rather than technology.

    NNIT consists of group company NNIT A/S and subsidiaries SCALES, Excellis Health Solutions and SL Controls. Together, these companies employ more than 1,700 people in Europe, Asia and USA. Read more at http://www.nnit.com.

    Attachment

    The MIL Network –

  • MIL-OSI Translation: Large salary disparities among cultural workers

    MIL OSI Translation. Government of the Republic of France statements from French to English –

    Source: Switzerland – Department of Foreign Affairs in French

    Federal Statistical Office

    Neuchâtel, 30.09.2024 – Half of cultural workers have a part-time job, 14% have several jobs and a good quarter are self-employed. This is significantly more than in the economy as a whole. In Switzerland, full-time cultural workers earned a median salary of 69,600 francs in 2023, while their part-time colleagues earned 45,700 francs. In this area, a significant gender disparity can be noted: for a full-time position, a woman earned 78,000 francs while a man earned 98,000 francs. These are some of the recent results of the cultural economy statistics of the Federal Statistical Office (FSO), which contain, for the first time, detailed data on salaries.

    You will find this press release and further information on this topic on the OFS website (see link below)

    Address for sending questions

    Olivier Moeschler, OFS, Politics, Culture and Media section, tel.: 41 58 463 69 67, e-mail: poku@bfs.admin.ch

    Author

    Federal Statistical Officehttp://www.statistique.admin.ch

    Social sharing

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI: Change to the Executive Management Committee

    Source: GlobeNewswire (MIL-OSI)

    30 September 2024 | SAINT HELIER, Jersey – CoinShares International Limited (“CoinShares” or “the Company”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), Europe’s leading alternative asset manager specialising in digital assets, today announced changes in the composition of the Executive Management Committee.

    Graeme Dickson, Group General Counsel, has resigned to pursue other opportunities and as a result, has been removed from the Executive Management team of the Company with effect from the date of this announcement.

    The Chief Executive Officer, supported by the wider Executive Management team, will carefully consider the options for a successor and will provide further details to the market, when available.

    About CoinShares

    CoinShares is Europe’s leading alternative asset manager specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. The firm is headquartered in Jersey, with offices in France, Stockholm, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority.  CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    For more information on CoinShares, please visit: https://coinshares.com
    Company | +44 (0)1534 513 100 | enquiries@coinshares.com
    Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

    The MIL Network –

  • MIL-OSI: Nokia deployments with majority of world’s largest IXPs reflect push for scale, reliability and automation

    Source: GlobeNewswire (MIL-OSI)

    Press release
    Nokia deployments with majority of world’s largest IXPs reflect push for scale, reliability and automation

    • Six of the world’s 10 largest IXPs have deployed Nokia networking infrastructure and cumulatively carry close to 45 Tbps of traffic during peak times
    • Performance at scale, security and AI-enhanced operations of Nokia IP, optical and DDoS solutions support buildouts of massive cloud networks
    • Stunning growth of regional clouds driven by unprecedented latency, security and bandwidth pressures as global digital economy flourishes

    30 Sept 2024
    Espoo, Finland: Nokia today reaffirmed its leadership and commitment to the global Internet Exchange market as it continues to work with more than 20 Internet Exchange Providers (IXPs), including six of the world’s 10 largest based on both peak traffic and number of members. As the local interconnection points for more than 5,000 member organizations, these six IXPs cumulatively transport close to 45 Tbps of traffic during peak times – a figure that’s set to grow as the Equinix Global Interconnection Index (GXI) 2024 predicts a stunning 34% five-year CAGR in interconnection bandwidth.

    The expanding digital economy, proliferation of edge compute, and anticipated move of latency-sensitive AI models to regional clouds for local consumption are contributing to the need for what the GXI calls an Interconnection Oriented Architecture® (IOA). According to the GXI 2024 report, “The economics of data, density, velocity and experience demand localized exchange to move the highest volumes of data with the lowest latency to dense clusters of participants and population centers.”

    Built to handle these current and future pressures, the characteristics of the Nokia IP, optical and security solutions align to those identified in the IOA and are central to why the Nokia portfolio has increasingly become the dominant choice of leading IXPs.

    The Nokia FP5 800GE technology, deployed by leading European IXPs including Germany’s DE-CIX and the Netherlands’ NL-ix , provides the fastest possible performance in the industry and is realizing dramatic sustainability gains. Since deploying this technology, NL-ix has shown a reduction in power consumption from 0.8 watts to 0.1 watts per gigabit in parts of its network.

    Thomas King, CTO at DE-CIX, said: “Nokia’s 800GE technology gives us the considerable runway needed to address future traffic growth in a cost- and energy-efficient way. 800GE optics consume the least amount of space and power per bit, and at the same time it provides the most headroom for traffic peaks of the future.”

    Nokia has also played a leadership role in the standardization of Ethernet Virtual Private Networks (EVPNs). With industry-leading functionality and scalability, the SROS implementation of EVPN provides IXPs an ideal toolset to manage the increase in traffic. When Telehouse America selected Nokia to upgrade its NYIIX peering exchange infrastructure in the US, it deployed the Nokia EVPN solution to resolve multiple technical challenges.

    Akio Sugeno, Vice President of Telehouse and founder of NYIIX, said: “EVPN is a game changer for us. It is a next-generation VPN solution that provides a unified architecture, in both the control and data planes, and solved many of our requirements. With our new EVPN implementation from Nokia we police and control broadcast, unknown-unicast and multicast traffic entering our network while also rate-limiting ARP requests, so they do not flood our network. With this same protocol, we are also able to implement load balancing techniques between our edge and the customer’s network to increase resiliency and network availability. Finally, with EVPN’s auto-configuration capabilities we can simplify operational complexity across the entire lifecycle of our VPNs.”

    Additionally, the virulent rise in cybercrime has made anti-DDoS solutions critical. Nokia partnered with NL-ix for an industry-first deployment of an anti-DDoS solution that performs mitigation directly on the router, avoiding dedicated scrubbing centers that would push up transport costs and impact latency. Nokia’s AI-enhanced Deepfield Defender actively detects DDoS attacks and then instructs Nokia’s FP5 silicon to block those packet flows without any impact on other router traffic.

    Jan Hoogenboom, Founder and Chief Vision Officer at NL-ix, said: “With this innovative anti-DDoS solution from Nokia we can provide our customers with security across their entire area of operations as we pursue our goal of zero enterprise downtime. We are now a one-stop-shop for Europe-wide connectivity and security, saving our customers the hassle of working with multiple parties or making complex arrangements to be protected by a third party.”

    Vach Kompella, Senior Vice President and General Manager of IP Networks business at Nokia, said: “As the nerve centers of the Internet, the world’s largest IXPs are host to every type of traffic and customer, and in response they have reset expectations around networking innovation – driving the highest levels of uptime, reliability and security with Nokia solutions. We are proud to be the leading provider of networking infrastructure solutions for these critical organizations.”  

    Nokia has won contracts with 23 IXPs, and has publicly announced wins with Telehouse NYIIX, NL-ix, LINX, LINX NoVa, BIX, DE-CIX, France-ix, ESpanix, LINX Nairobi, TOP-ix and TREX.

    Resources and additional information 
    Webpage: 7750 Service Router | Nokia
    Webpage: FP5 network processor | Nokia
    Webpage: Optical networks | Nokia
    Webpage: Deepfield Defender | Nokia

    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.  

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. 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.

    # # #

    Media inquiries
    Nokia, Corporate Communications
    Email: Press.Services@nokia.com

    Follow us on social media

    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI Germany: Germany’s international investment position at the end of 2023

    Source: Deutsche Bundesbank in English

    At the end of 2023, Germany’s net external assets totalled €2,964 billion, thus amounting to just over 70% of Germany’s nominal gross domestic product (GDP). Overall, both assets and liabilities vis-à-vis non-residents rose further in 2023. This was especially true of claims and liabilities from cross-border portfolio investment. However, corporate ties resulting from direct investment by German investors also continued to expand in 2023. By contrast, both assets and liabilities from other investment declined. These include loans and trade credits (where these do not constitute direct investment) as well as currency and deposits. However, as German liabilities in this segment fell even more sharply than claims in 2023, the other investment balance also rose. In net terms, Germany’s net external assets at the end of 2023 were €206 billion higher than at the end of 2022. This increase was attributable in large part to the surplus on the German current account and the resulting net capital exports.
    Net external assets rise on the year once again
    At the end of 2023, Germany’s net external assets stood at €2,964 billion. This was slightly more than 70 % of nominal gross domestic product and meant that this ratio remained virtually unchanged on the year. In 2023, the German net external asset position rose by around €206 billion in absolute terms. Claims on non-residents were up on the year by €381 billion (or 3.1 %) to €12,579 billion; liabilities rose by €175 billion (or 1.9%) to €9,616 billion. Claims mainly reflected transaction-related changes, i.e. asset purchases, as well as positive market price effects. The exchange rate effect, meanwhile, was negative: as the euro effectively appreciated against the currencies of its most important trading partners over the course of the year,[1] the value, in euro terms, of German assets abroad tended to drop where they were reported in a foreign currency. Other non-transaction-related adjustments had a positive impact on Germany’s external assets.[2] The rise in German foreign liabilities was mainly attributable to market price effects, which predominantly occurred around year-end, driven by a more favourable inflation outlook and expectations of falling key interest rates.
    The cross-border transactions recorded in the financial account resulted in net capital exports of €250 billion last year, in line with Germany’s current account surplus. Non-transaction-related changes reduced the increase by €44 billion, however. On balance, negative market price and exchange rate effects were contributory factors. Other adjustments made a positive overall contribution to Germany’s external position.
    Surplus in portfolio investment slightly higher than in 2022
    At €807 billion, the portfolio investment balance at the end of 2023 was around €23 billion higher than in the previous year. Securities claims on non-residents slightly outpaced the corresponding liabilities.[3]
    At the end of 2023, resident investors held foreign securities totalling €4,004 billion, up by €392 billion (or 10.9 %) on the previous year. The rise was mainly the result of net purchases of foreign bonds and positive market price effects. The relative strength of the euro, meanwhile, caused mostly negative exchange rate effects on the assets side. Alongside foreign bonds, resident investors also bought foreign investment fund shares and money market papers. However, they sold foreign shares – in small amounts.
    At the end of 2023, non-resident investors held German securities to the tune of €3,197 billion in their portfolios, which was €369 billion (or 13.1 %) more than at the end of 2022. This was mainly the result of positive market price effects, especially in relation to shares and long-term debt securities. Transactions recorded in the financial account also contributed to the build-up of holdings. On balance, non-resident investors almost exclusively bought German long-term debt securities, as well as, to a lesser extent, short-term debt securities. By contrast, they were net sellers of German shares and investment fund shares.
    Drop in the positive balance for financial derivatives
    At the end of 2023, holdings of financial derivatives and employee stock options registered a positive balance of €27 billion. This was, however, only slightly more than half the size of the previous year’s balance. In 2022, Russia’s war of aggression against Ukraine had triggered severe disruptions in the energy markets and caused considerable net capital exports in forward and futures contracts relating to electricity and gas.
    Further expansion in direct investment
    Cross-border corporate ties involving German firms continued to expand in 2023. German outward direct investment was up on the year by a total of €85 billion (3.0 %) to €2,929 billion, an increase that was, on balance, exclusively attributable to transactions. In particular, German investors boosted their equity capital in enterprises abroad, but also issued additional loans to affiliated group entities. The effective appreciation of the euro meant that exchange rate effects had a negative impact on Germany’s outward foreign direct investment stocks. These valuation losses were, however, largely offset by positive other adjustments and slightly positive market price effects. 
    Non-resident enterprises increased their direct investment in Germany by €26 billion (1.3 %) to €1,995 billion in 2023, with transactions accounting for just over two-thirds of this total. Non-resident investors augmented their equity capital in German enterprises but reduced their intra-group lending to domestic enterprises. 
    On balance, Germany’s direct investment balance at the end of 2023 amounted to around €933 billion and was therefore €59 billion higher than at year-end 2022.
    Other investment: net claims higher
    In other investment, comprising loans and trade credits (where these do not constitute direct investment) as well as currency and deposits amongst others, Germany’s positive net asset position rose by €133 billion on the year, bringing it up to €905 billion at the end of 2023. The Bundesbank’s external claims in this segment fell by €174 billion, which was, on balance, exclusively attributable to the Bundesbank’s lower TARGET balance vis-à-vis the ECB.[4] At the same time, the Bundesbank’s external liabilities in other investment declined, as non-euro area counterparties reduced their deposits with the Bank. On balance, the Bundesbank’s net external position in other investment sank by €33 billion. Monetary financial institutions (excluding the central bank) granted additional loans to non-residents and expanded their holdings of currency and deposits. In both segments, negative valuation effects as a result of exchange rate changes reduced the overall effect on outstanding claims, which rose by €19 billion on balance. Non-residents’ deposits with German monetary financial institutions (excluding the Bundesbank) came down by €65 billion. Overall, the balance of monetary financial institutions (excluding the central bank) in other investment rose by €84 billion last year. General government also recorded a rise in its net claims, by €9 billion, in 2023. By contrast, other investment by enterprises and households swelled by €73 billion on balance. At the end of 2023, claims on non-residents arising from other investment had dropped by €17 billion, or 0.4 %, to €3,867 billion across all sectors. External liabilities fell even more sharply; they stood at €2,963 billion at year-end 2023, down €150 billion, or 4.8 %, on the year. 
    Increase in reserve assets
    The Bundesbank’s reserve assets amounted to €292 billion at the end of 2023 and were therefore up by €16 billion on the previous year. They grew only marginally by €1 billion as a result of transactions. Reserve asset holdings increased on the back of positive market price effects, in particular (€18 billion), with the rise in the price of gold dominating. Taken in isolation, the appreciation of the euro against the US dollar and other important currencies brought the value of reserve assets down by €3 billion.
    uncollectable credit claims, changes in sector classifications, changes in the functional category of a financing instrument, as well as statistical discrepancies between the international investment position and the balance of payments due to differing data sources, for example.
    Footnotes:
    The fact that the Eurosystem raised key interest rates was also a factor. 
    Non-transaction-related changes include valuation effects as a result of exchange rate or market price movements and other adjustments. Other adjustments include, for instance, write-downs on uncollectable credit claims, changes in sector classifications, changes in the functional category of a financing instrument, as well as statistical discrepancies between the international investment position and the balance of payments due to differing data sources, for example.
    For more information on transactions in portfolio investment, see Deutsche Bundesbank, German balance of payments in 2023, Monthly Report, March 2024.
    The Bundesbank’s TARGET claims on the ECB dropped by €176 billion in 2023. That was attributable, amongst other things, to the fact that payments from maturing securities under the asset purchase programme (APP) were no longer being reinvested in full. Reinvestments under the APP were discontinued as of July 2023. See Deutsche Bundesbank, German balance of payments in 2023, Monthly Report, March 2024.

    MIL OSI

    MIL OSI German News –

  • MIL-OSI China: Notice on Improving Central Bank Lending for Affordable Housing

    Source: Peoples Bank of China

    To China Development Bank, policy banks, state-owned commercial banks, Postal Savings Bank of China, and joint-stock commercial banks,

    To support local state-owned enterprises in purchasing completed yet unsold housing at reasonable prices and in turning them into affordable housing, and to further enhance market-based incentives for financial institutions and acquiring entities, the People’s Bank of China (PBOC) has decided to adjust and improve relevant policies for central bank lending for affordable housing. For eligible loans issued by financial institutions, central bank lending issued by the PBOC to financial institutions will be increased from 60 percent of the loan principal to 100 percent.

    In the case of any inconsistency between previous policies and this notice, this notice shall prevail. Other matters, operational procedures, and work requirements for central bank lending for affordable housing will continue to follow relevant provisions of the “Notice of the People’s Bank of China on Launching Central Bank Lending for Affordable Housing” (Yinfa No. 110 [2024]) and the “Notice of the People’s Bank of China and the National Financial Regulatory Administration on Implementing Central Bank Lending for Affordable Housing” (Yinfa No. 135 [2024]).

    General Administration Department of the People’s Bank of China

    September 27, 2024

    Date of last update Nov. 29 2018

    2024年09月29日

    MIL OSI China News –

  • MIL-OSI Europe: Germany’s international investment position at the end of 2023

    Source: Deutsche Bundesbank in English

    At the end of 2023, Germany’s net external assets totalled €2,964 billion, thus amounting to just over 70% of Germany’s nominal gross domestic product (GDP). Overall, both assets and liabilities vis-à-vis non-residents rose further in 2023. This was especially true of claims and liabilities from cross-border portfolio investment. However, corporate ties resulting from direct investment by German investors also continued to expand in 2023. By contrast, both assets and liabilities from other investment declined. These include loans and trade credits (where these do not constitute direct investment) as well as currency and deposits. However, as German liabilities in this segment fell even more sharply than claims in 2023, the other investment balance also rose. In net terms, Germany’s net external assets at the end of 2023 were €206 billion higher than at the end of 2022. This increase was attributable in large part to the surplus on the German current account and the resulting net capital exports.
    Net external assets rise on the year once again
    At the end of 2023, Germany’s net external assets stood at €2,964 billion. This was slightly more than 70 % of nominal gross domestic product and meant that this ratio remained virtually unchanged on the year. In 2023, the German net external asset position rose by around €206 billion in absolute terms. Claims on non-residents were up on the year by €381 billion (or 3.1 %) to €12,579 billion; liabilities rose by €175 billion (or 1.9%) to €9,616 billion. Claims mainly reflected transaction-related changes, i.e. asset purchases, as well as positive market price effects. The exchange rate effect, meanwhile, was negative: as the euro effectively appreciated against the currencies of its most important trading partners over the course of the year,[1] the value, in euro terms, of German assets abroad tended to drop where they were reported in a foreign currency. Other non-transaction-related adjustments had a positive impact on Germany’s external assets.[2] The rise in German foreign liabilities was mainly attributable to market price effects, which predominantly occurred around year-end, driven by a more favourable inflation outlook and expectations of falling key interest rates.
    The cross-border transactions recorded in the financial account resulted in net capital exports of €250 billion last year, in line with Germany’s current account surplus. Non-transaction-related changes reduced the increase by €44 billion, however. On balance, negative market price and exchange rate effects were contributory factors. Other adjustments made a positive overall contribution to Germany’s external position.
    Surplus in portfolio investment slightly higher than in 2022
    At €807 billion, the portfolio investment balance at the end of 2023 was around €23 billion higher than in the previous year. Securities claims on non-residents slightly outpaced the corresponding liabilities.[3]
    At the end of 2023, resident investors held foreign securities totalling €4,004 billion, up by €392 billion (or 10.9 %) on the previous year. The rise was mainly the result of net purchases of foreign bonds and positive market price effects. The relative strength of the euro, meanwhile, caused mostly negative exchange rate effects on the assets side. Alongside foreign bonds, resident investors also bought foreign investment fund shares and money market papers. However, they sold foreign shares – in small amounts.
    At the end of 2023, non-resident investors held German securities to the tune of €3,197 billion in their portfolios, which was €369 billion (or 13.1 %) more than at the end of 2022. This was mainly the result of positive market price effects, especially in relation to shares and long-term debt securities. Transactions recorded in the financial account also contributed to the build-up of holdings. On balance, non-resident investors almost exclusively bought German long-term debt securities, as well as, to a lesser extent, short-term debt securities. By contrast, they were net sellers of German shares and investment fund shares.
    Drop in the positive balance for financial derivatives
    At the end of 2023, holdings of financial derivatives and employee stock options registered a positive balance of €27 billion. This was, however, only slightly more than half the size of the previous year’s balance. In 2022, Russia’s war of aggression against Ukraine had triggered severe disruptions in the energy markets and caused considerable net capital exports in forward and futures contracts relating to electricity and gas.
    Further expansion in direct investment
    Cross-border corporate ties involving German firms continued to expand in 2023. German outward direct investment was up on the year by a total of €85 billion (3.0 %) to €2,929 billion, an increase that was, on balance, exclusively attributable to transactions. In particular, German investors boosted their equity capital in enterprises abroad, but also issued additional loans to affiliated group entities. The effective appreciation of the euro meant that exchange rate effects had a negative impact on Germany’s outward foreign direct investment stocks. These valuation losses were, however, largely offset by positive other adjustments and slightly positive market price effects. 
    Non-resident enterprises increased their direct investment in Germany by €26 billion (1.3 %) to €1,995 billion in 2023, with transactions accounting for just over two-thirds of this total. Non-resident investors augmented their equity capital in German enterprises but reduced their intra-group lending to domestic enterprises. 
    On balance, Germany’s direct investment balance at the end of 2023 amounted to around €933 billion and was therefore €59 billion higher than at year-end 2022.
    Other investment: net claims higher
    In other investment, comprising loans and trade credits (where these do not constitute direct investment) as well as currency and deposits amongst others, Germany’s positive net asset position rose by €133 billion on the year, bringing it up to €905 billion at the end of 2023. The Bundesbank’s external claims in this segment fell by €174 billion, which was, on balance, exclusively attributable to the Bundesbank’s lower TARGET balance vis-à-vis the ECB.[4] At the same time, the Bundesbank’s external liabilities in other investment declined, as non-euro area counterparties reduced their deposits with the Bank. On balance, the Bundesbank’s net external position in other investment sank by €33 billion. Monetary financial institutions (excluding the central bank) granted additional loans to non-residents and expanded their holdings of currency and deposits. In both segments, negative valuation effects as a result of exchange rate changes reduced the overall effect on outstanding claims, which rose by €19 billion on balance. Non-residents’ deposits with German monetary financial institutions (excluding the Bundesbank) came down by €65 billion. Overall, the balance of monetary financial institutions (excluding the central bank) in other investment rose by €84 billion last year. General government also recorded a rise in its net claims, by €9 billion, in 2023. By contrast, other investment by enterprises and households swelled by €73 billion on balance. At the end of 2023, claims on non-residents arising from other investment had dropped by €17 billion, or 0.4 %, to €3,867 billion across all sectors. External liabilities fell even more sharply; they stood at €2,963 billion at year-end 2023, down €150 billion, or 4.8 %, on the year. 
    Increase in reserve assets
    The Bundesbank’s reserve assets amounted to €292 billion at the end of 2023 and were therefore up by €16 billion on the previous year. They grew only marginally by €1 billion as a result of transactions. Reserve asset holdings increased on the back of positive market price effects, in particular (€18 billion), with the rise in the price of gold dominating. Taken in isolation, the appreciation of the euro against the US dollar and other important currencies brought the value of reserve assets down by €3 billion.
    uncollectable credit claims, changes in sector classifications, changes in the functional category of a financing instrument, as well as statistical discrepancies between the international investment position and the balance of payments due to differing data sources, for example.
    Footnotes:
    The fact that the Eurosystem raised key interest rates was also a factor. 
    Non-transaction-related changes include valuation effects as a result of exchange rate or market price movements and other adjustments. Other adjustments include, for instance, write-downs on uncollectable credit claims, changes in sector classifications, changes in the functional category of a financing instrument, as well as statistical discrepancies between the international investment position and the balance of payments due to differing data sources, for example.
    For more information on transactions in portfolio investment, see Deutsche Bundesbank, German balance of payments in 2023, Monthly Report, March 2024.
    The Bundesbank’s TARGET claims on the ECB dropped by €176 billion in 2023. That was attributable, amongst other things, to the fact that payments from maturing securities under the asset purchase programme (APP) were no longer being reinvested in full. Reinvestments under the APP were discontinued as of July 2023. See Deutsche Bundesbank, German balance of payments in 2023, Monthly Report, March 2024.

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI United Nations: Press Release 30 September 2024 Major international drought conference seeks to increase resilience

    Source: World Meteorological Organization

    Experts, policymakers, and practitioners will gather at the headquarters of the World Meteorological Organization at the Drought Resilience +10 Conference – so called because it marks a decade since the High-Level Meeting on National Drought Policy.

    The conference provides an opportunity for global stakeholders to reflect on a decade of advancements in drought preparedness, response, and adaptation while exploring new ways to turn knowledge into practical solutions that can help countries become more drought-resilient.

    “Droughts are an insidious and dangerous climate-related hazard, which undermines food human security and is a major cause of internal displacement in worst-hit countries. It can wreak a devastating impact on the environment and economies and reverse progress in sustainable development,” said WMO Secretary-General Celeste Saulo.

    “We need sustainable solutions, based on scientific knowledge and tailored policies that promote integrated drought management practices and policies. We have the knowledge and the tools but we all too often lack the necessary political will and financial investment to build drought-resilient societies,” said Celeste Saulo.

    The Conference will focus on the escalating drought-related risks posed by climate change and increasing structural vulnerabilities in many societies. It will examine how to accelerate the shift in approach from a reactive, crisis-driven one to a more proactive approach, which leverages climate services such as seasonal forecasts, and anticipatory action tools, including innovative financing mechanisms.

    The conference will examine drought monitoring and forecasting advances and will discuss how to strengthen drought monitoring for early warnings for food security and health, and how to embed policies into the international Early Warnings for All initiative. There will be a heavy emphasis on case studies and community-led actions.

    It will also look at scientific and policy-making developments, including progress in satellite technology and artificial intelligence tools, which bring new perspectives to forecasting, monitoring and impact assessment.

    Drought is not a new phenomenon and has historically occurred as a consequence of natural climatic variability. However, climate change is intensifying the water cycle. This brings more intense rainfall and associated flooding, as well as more intense drought in many regions, according to the Intergovernmental Panel on Climate Change.

    Changes in land use and land cover are compounding the challenge.

    “Healthy economies depend on healthy lands. We must urgently recognize that our land and natural systems are allies in our responses to climate change and drought, and we must leverage them for integrated, proactive drought management. Drought Resilience +10 is a crucial opportunity to exchange knowledge and build momentum for UNCCD COP16, which will take place in Riyadh, Saudi Arabia, from 2 to 13 December”, remarked the UNCCD Deputy Executive Secretary Andrea Meza.

    Drought Resilience +10 Conference

    State of Climate

    Between 1970 and 2019 drought caused approximately 650,000 reported deaths. Poverty and poor land use can increase vulnerability to drought and intensify their impact, according to the WMO Atlas of Mortality and Economic Losses from Weather, Climate and Water Extremes.

    In Africa, 1 839 disasters attributed to weather, climate and water extremes were reported between 1970 and 2021. They caused 733 585 reported deaths and US$ 43 billion in economic losses. Droughts accounted for 95% of reported deaths.

    WMO State of the Climate reports report on the occurrence and impact of droughts.

    For instance, a prolonged La Niña event led to five consecutive failed rainfall seasons in the Horn of Africa, culminating in a massive humanitarian, food security and displacement crisis in 2023 in Ethiopia, Kenya, and Somalia.

    With the transition to El Niño in 2023-2024, Southern African nations became the focus of the drought crisis – especially countries like Zimbabwe, Zambia, and Malawi.

    Enhanced drought resilience

    Despite the challenges, progress has been made in integrated drought management.

    The Integrated Drought Management Programme (IDMP) is a joint initiative between WMO and the Global Water Partnership (GWP), which works with over 45 partners to support countries and states, by providing them with policy and management guidance for handing droughts.

    There are a number of success stories. These examples underscore the importance of strong drought management policies and early warning systems. They highlight the need for governments to adopt forward-looking approaches that integrate climate data and resource management into their drought preparedness strategies.

    Brazil’s Northeast region, which historically faces frequent and severe droughts, provides a prime example of the benefits of proactive drought management policies. Recent policy responses focused on developing a comprehensive drought management system that integrates early warning systems, sustainable water management practices, and integration of climate change scenarios into infrastructure planning. Coordination between federal, state, and local governments was also enhanced to facilitate timely and efficient responses.  

    Similarly, in the USA, a proactive approach helped mitigate the effects of a severe water shortage in the State of Washington in 2024. With water supplies falling below 75% of normal levels in April, the state issued an early emergency drought declaration, unlocking funding for drought relief measures. This early action allowed communities and public entities to access funding for drought relief in advance, giving them time to implement mitigation strategies such as securing alternative water supplies and preparing for reduced irrigation.

    Drought Resilience +10 Conference

    Conference themes

    Discussions at DR+10 will focus on nine topics, each addressing key aspects of drought management and reflecting the central challenges and opportunities for building drought resilience globally.

    It will include national and regional case studies
    These include:

    • Drought resilience and global mechanisms
    • Drought risk governance: the regional, national and local challenges
    • Drought monitoring, impact assessment and forecasting
    • From policies to action
    • Ecosystems
    • Social inclusion and climate justice
    • Drought finance
    • Public-private civil society partnerships
    • Health

    There will be a high-level closing session: Turning Drought Resilience Challenges into Action.

    The Conference’s final declaration will include recommendations for countries to accelerate drought resilience efforts over the next decade. It will focus on policy implementation, drought resilience in countries’ preparedness plans, and adaptation strategies. It will also seek to mobilize resources to support vulnerable countries facing drought-related challenges.

    The outcomes of the Conference will inform the global drought community as well as the high-level discussions at the 16th session of the Conference of the Parties (COP-16) of the United Nations Convention to Combat Desertification (UNCCD) in Riyadh in December 2024.

    Logos of the World Meteorological Organization, Drought Resilience High-Level Meeting on National Drought Policy, and United Nations Convention to Combat Desertification.

    The World Meteorological Organization (WMO) is a specialized agency of the United Nations responsible for promoting international cooperation in atmospheric science and meteorology.

    WMO monitors weather, climate, and water resources and provides support to its Members in forecasting and disaster mitigation. The organization is committed to advancing scientific knowledge and improving public safety and well-being through its work.

    MIL OSI United Nations News –

  • MIL-OSI Economics: The amount of student loan available for drawing down was raised in August

    Source: Bank of Finland

    In August 2024, drawdowns of student loans totalled EUR 165 million – almost the same as in the corresponding month last year. However, the volume of student loan drawdowns was affected by opposing forces.

    At the beginning of August 2024, the amount of student loan available for drawdown per month was raised by up to 30%.[1] As a result of an amendment to the Act on Financial Aid for Students, persons over 18 years studying in Finland have been able to draw down EUR 850 per month of government-guaranteed loan, instead of the previous EUR 650. The previous raise to the government-guaranteed amount of student loan was made in August 2017.

    Another change affecting the monthly drawdown volume was that students in secondary education now have more frequent student loan disbursements than before.[2] From now on, there are four disbursement dates in an academic year, regardless of the duration of studies. The change of the number of disbursements reduces the drawdowns in August and January and correspondingly increases them in March and November. According to Kela’s statistics, students in secondary education drew down approximately 19% of all student loans in the academic year 2022/2023.

    The rise in level of interest rates has reduced the volume of student loan drawdowns. However, interest rates on student loans have declined in 2024. In August 2024, the average interest rate on new student loans drawn down declined further, to stand at 4.07% in August. The average interest rate was slightly lower than at the same time a year earlier. 89% of the student loans drawn down were linked to Euribor rates and 11% to banks’ own reference rates.

    The reduced drawdown volume has contributed to the slowdown in the growth rate of the student loan stock in recent years.[3] However, the annual rate of growth of the student loan stock (4.2% in August) has picked up somewhat in recent months, and the increase of the government guarantee and lower interest rates may accelerate it further going forward. In August 2024, the stock of student loans (EUR 6.3 billion) was the largest ever.

    Loans

    In August 2024, Finnish households drew down EUR 1.1 billion of new housing loans, which is EUR 40 million less than in the same period a year earlier. Buy-to-let mortgage loans accounted for EUR 110 million of the new housing loan drawdowns. The average interest rate on new housing loans decreased from July, to stand at 3.93% in August. At the end of August 2024, the housing loan stock totalled EUR 105.9 billion, and its year-on-year change amounted to -0.7%. Buy-to-let mortgages accounted for EUR 8.7 billion of the housing loan stock. At the end of August, Finnish households’ loan stock included EUR 17.9 billion of consumer credit and EUR 17.6 billion of other loans.

    Drawdowns of new loans by Finnish non-financial corporations in August totalled EUR 1.5 billion, including EUR 440 million of loans to housing corporations. The average interest rate on new corporate-loan drawdowns rose from July, to stand at 5.36 %. At the end of August, the stock of loans granted to Finnish non-financial corporations was EUR 107.7 billion, whereof housing corporations accounted for EUR 44.8 billion.

    Deposits

    At the end of August 2024, the total stock of Finnish households’ deposits was EUR 110.6 billion, and the average interest rate on these deposits was 1.35%. Overnight deposits accounted for EUR 67.1 billion and deposits with an agreed maturity for EUR 14.6 billion of the total deposit stock. In August, Finnish households made new deposit agreements with an agreed maturity in the amount of EUR 1.1 billion. The average interest rate on these new term deposits was 3.39%.

    Loans and deposits to Finland, preliminary data*
      June, EUR million July, EUR million August, EUR million August, 12-month change1, % Average interest rate, %
    Loans to households, stock 141,421 141,223 141,425 -0.4 4.53
        – of which housing loans 106,032 105,861 105,914 -0.7 3.95
        – of which buy-to-let mortgages 8,682 8,680 8,708   4.14
    Loans to non-financial corporations2, stock  108,10 107,497 107,747 1.1 4.62
    Deposits by households, stock 110,784 109,951 110,644 1.2 1.35
               
    Households’ new drawdowns of housing loans 1,096 1,049 1,104   3.93
        – of which buy-to-let mortgages 96 96 111   4.06

    * Includes loans and deposits in all currencies to residents in Finland. The statistical releases of the Bank of Finland up to January 2021, as well as those of the ECB, present loans and deposits in euro to euro area residents and also include non-profit institutions serving households. For these reasons, the figures in this table differ from those in the aforementioned releases.
    1 Rate of change has been calculated from monthly differences in levels adjusted for classification and other revaluation changes.  
    2 Non-financial corporations also include housing corporations.

    For further information, please contact:

    Markus Aaltonen, tel. +358 9 831 2395, email: markus.aaltonen(at)bof.fi,

    Ville Tolkki, tel. +358 9 183 2420, email: ville.tolkki(at)bof.fi.

    The next news release on money and banking statistics will be published at 10:00 on 28 October 2024.

    Related statistical data and graphs are also available on the Bank of Finland website: https://www.suomenpankki.fi/en/statistics2/.

    [1] A larger amount of student loan can be taken out starting from August | Kela

    [2] Amount of the student loan | Our services| Kela. For students in higher education, there are two disbursement dates.

    [3] To a limited extent, the slowdown also reflects student loan compensations paid by Kela. Student loan compensation | Our services| Kela.

    statistics loans deposits interest rates student loans

    MIL OSI Economics –

  • MIL-OSI Translation: Pilot skills assessed on simulator

    MIL OSI Translation. Government of the Republic of France statements from French to English –

    Source: Switzerland – Department of Foreign Affairs in French

    Federal Office of Civil Aviation

    Bern, 30.09.2024 – Flight simulators have been used for around fifty years in commercial aviation and for training on multi-pilot aircraft. In future, tests to assess the aeronautical skills of pilots of helicopters and complex single-pilot aircraft will take place on simulators. Simulators have several advantages over real-world flights: they are safer, cheaper and more environmentally friendly.

    Currently, several certified helicopter and PC-12 simulators are in operation in Switzerland for pilot training and testing. More will follow. Examiners certified by the Federal Office of Civil Aviation (FOCA) check the aeronautical skills of pilots as part of a flight test. The FOCA has decided that from 1 October 2024, tests of piloting skills on single-pilot aircraft must be carried out on a simulator if a suitable simulator is available. The same will apply from 1 June 2025 for tests on single-pilot helicopters. Several reasons are given for this decision. Firstly, the simulator eliminates the risk of accidents with significant financial consequences. Secondly, it is significantly less expensive than a flight in real conditions. Finally, the simulator does not cause any noise pollution or pollutant emissions.

    Modern simulators are able to faithfully reproduce real situations of visual or instrument piloting by integrating, for example, engine failures, avionics failures or even forced landings. Today, simulators of this type are an integral part of the training and development of professional pilots.

    On the other hand, until recently, the situation was different for simulators on helicopters and on complex or high-performance single-pilot aircraft. Although common European regulations have governed tests and examinations on simulators since 2011, they were rarely used for this purpose, due in particular to an insufficient fleet of aircraft.

    Address for sending questions

    For media professionals: OFAC Communication Telephone: 41 58 464 72 87

    Author

    Federal Office of Civil Aviationhttp://www.bazl.admin.ch

    Social sharing

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI: Prepayments (CK93) – Totalkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    To the Nasdaq Copenhagen

    Prepayments (CK93)

    Pursuant to s 24 of the Danish Capital Markets Act, Totalkredit A/S hereby publishes prepayment data (CK93) as at 27 September 2024 in the attached file.

    Furthermore, the data will be distributed in the usual way through Nasdaq Copenhagen. Data on Nykredit and Totalkredit bonds is also available by ISIN code in Excel format on https://www.nykredit.com/en-gb/investor-relations/financial-reporting/prepayments/.

    For further information about data format and contents, please refer to the Nasdaq website.

    Questions may be addressed to Morten Bækmand Nielsen, Head of Investor Relations, tel +45 44 55 15 21.

    Yours sincerely
    Totalkredit A/S

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: Sustainable Food Network launches in the city

    Source: City of Stoke-on-Trent

    Food Partnership Meeting

    Published: Monday, 30th September 2024

    The Food Partnership is a cross-sector partnership, with members and representatives from the statutory, VCSE, and private sectors.

    Organisations across Stoke-on-Trent are joining forces to help drive forward an “equitable, resilient, and environmentally sustainable food network that supports the health, wellbeing and prosperity of our communities”.

    Fronted by the YMCA North Staffordshire and VAST the partnership has three overarching priorities;
    1. Food availability
    2. Food affordability
    3. Food sustainability

    The Food Partnership is a cross-sector partnership, with members and representatives from the statutory, VCSE, and private sectors. Its clear aim is to ensure representation and influence from a range of expertise, and specialisms.

    Councillor Sarah Jane Colclough, cabinet member for education and anti-poverty, said: “Collaboration work is vital to ensuring all residents are represented and supported. We know the Cost-of-Living crisis impacted people harder than we could ever imagine. Support is out there and I urge anyone struggling to reach out. We want to help communities to come together to support each other.”

    Daniel Flynn, Chief Executive Officer at YMCA North Staffordshire advised: “We collectively believe that every person in the city should have access to healthy, tasty, affordable food. We recognise that food is at the heart of some of our city’s most pressing social, economic and environmental problems; however, we also see good food as part of the solution to our communities’ challenges.”

    Over the last couple of years, Stoke-on-Trent City Council, alongside voluntary sector partner, VAST pulled together an essential directory to help families all year round, signposting support services, including information for those facing food poverty, financial issues and support with household energy.

    The Help is at Hand campaign has been coordinated by the city council in partnership with a range of community and voluntary organisations across the city. The city council has committed to ensuring every resident has access to a financial MoT and is now focusing on ensuring everyone has the nutritional, healthy, affordable food they need.

    Information on the range of advice, support and information on offer as part of the Help is at Hand campaign is available at http://www.stoke.gov.uk/helpisathand.

    Interested organisations can find out about upcoming Food Partnership meetings at vast.org.uk/events or email support@vast.org.uk

    VAST currently provides city-wide support to communities in Stoke-on-Trent and North Staffordshire and supports the voluntary, community, and social enterprise sectors.

     

    MIL OSI United Kingdom –

  • MIL-OSI: Prepayments (CK93) – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    To the Nasdaq Copenhagen

    Prepayments (CK93)

    Pursuant to s 24 of the Danish Capital Markets Act, Nykredit Realkredit A/S hereby publishes prepayment data (CK93) as at 27 September 2024 in the attached file.

    Furthermore, the data will be distributed in the usual way through Nasdaq Copenhagen. Data on Nykredit and Totalkredit bonds is also available by ISIN code in Excel format on https://www.nykredit.com/en-gb/investor-relations/financial-reporting/prepayments/.

    For further information about data format and contents, please refer to the Nasdaq website.

    Questions may be addressed to Morten Bækmand Nielsen, Head of Investor Relations, tel +45 44 55 15 21.

    Yours sincerely
    Nykredit Realkredit A/S

    Attachments

    The MIL Network –

  • MIL-OSI United Kingdom: Pan-African partnership reaches milestone for long-term climate finance solutions in Kenya

    Source: United Kingdom – Executive Government & Departments

    Mobilisation of climate finance set to be boosted across East Africa through new UK-backed company as investors put pen to paper to begin operations.

    • Investors back Dhamana Guarantee Company’s work to transform East Africa’s financial landscape.

    • Tackling climate change given another boost in Kenya as, for second time in a week, a UK-Government backed investor in green finance solutions puts pen to paper.

    Monday 30 September 2024 – Dhamana Guarantee Company Ltd (Dhamana) has reached a major milestone, marked at an event in Nairobi today.

    Investors in the new company put pen to paper at a signing ceremony, which will allow the company to kick-start operations.

    Dhamana aims to mobilise private sector finance to support the development of sustainable businesses. It will do so by issuing guarantees to commercially viable projects, businesses, and institutions that tackle the climate crisis and make progress towards the Sustainable Development Goals (SDGs).

    The design and creation of the company was supported by the UK-Government backed investor the Private Infrastructure Development Group (PIDG) through InfraCo Africa. With its anchor investment, PIDG kick-started Dhamana, attracting further equity investment from the African Development Bank (AfDB) and CPF Group, with support provided by Cardano Development and FSD Africa.

    Dhamana is a new limited liability company based in Kenya with a mandate to deliver for the East African region – including – Kenya, Tanzania, Uganda and Rwanda. It will provide credit guarantees on debt capital market instruments, to boost the credit rating of such instruments and crowd in investment from pension funds, insurance companies and sovereign wealth funds to support sustainable infrastructure and business development in East Africa.

    Dhamana will target businesses that add value to people’s lives, improving the day-to-day life of Kenyans and of people across the region. The increase in affordable finance for Kenyan businesses will mean projects will require less capital to get off the ground, make money, and generate growth. Dhamana will also enable investors to diversify their portfolios, acting as a catalyst to transform East Africa’s financing landscape.

    This is the second time in a week that an investor in climate solutions backed by the UK Government has achieved a milestone. Last week, MOBILIST signed a partnership with the Nairobi Securities Exchange which aims to drive the listing of new investment products in the Kenyan market and increase the amount of private sector capital available for development and climate projects in Kenya and drive growth.

    Dhamana CEO, Christopher Olobo, said:

    With the support of our investors and supporters, we have worked to develop Dhamana as an important catalyst for long-term sustainable finance in the region. Dhamana’s local currency guarantees will connect pools of untapped capital with East Africa’s real economy, making a tangible difference to people’s lives and offering local investors the opportunity to invest in Paris-aligned initiatives.

    Deputy High Commissioner and Development Director, British High Commission Nairobi, Leigh Stubblefield, said:

    For the second time in a week I am proud to say that the UK has supported a climate finance solution in Kenya – an example of our long-term commitment to long-term investment and growth. This is a great pan-Africa partnership that will improve the lives of East Africans for the better, and as the saying goes, we go far when we go together.

    Representing PIDG, InfraCo Africa CEO, Gilles Vaes, added:

    Building on the success of other PIDG-supported credit enhancement facilities in Nigeria and Pakistan, Dhamana will demonstrate the value of such a facility in the East African market, opening up opportunities for investors and clients alike. Crucially, Dhamana will engage new partners and investors in our efforts to urgently address the climate crisis and accelerate delivery of the UN sustainable development goals.

    In his remarks at the launch event, Solomon Quaynor, African Development Bank Vice President for Private Sector, Infrastructure & Industrialisation, said:

    The African Development Bank’s equity investment in Dhamana reinforces the catalytic role and potential of credit enhancement companies in leveraging opportunities for infrastructure financing in local currency and supporting debt capital markets deepening in our regional member countries. We intend to replicate this business model in appropriate markets across Africa with partners such as the Private Infrastructure Development Group (PIDG) and others. The first example of this type of credit enhancement company was InfraCredit in Nigeria which has had demonstrated success, and now Dhamana in East Africa. The investment in Dhamana aligns with the Bank’s priority to mobilise financing through innovative vehicles from African institutional funds including pension funds, sovereign wealth funds and insurance companies for infrastructure development in Africa.

    On his part, Dr. Hosea Kili, OGW – CPF Group Managing Director/CEO – said:

    We are proud to be part of this transformative initiative through Dhamana Guarantee Company. We believe in the power of innovative financial solutions to drive sustainable growth. By leveraging local currency guarantees, Dhamana will unlock critical capital for critical infrastructure projects, advancing economic development. This partnership aligns with our commitment to investing in initiatives that improve the lives of people’s lives and our economy while contributing to a more sustainable future.

    Joost Zuidberg, CEO of Cardano Development concluded:

    Dhamana’s true strength lies in its capacity to attract significant investments from East Africa’s institutional capital, laying a strong foundation for future scaling up according to its sizeable potential and thus meaningfully contribute to sustained economic growth in the region. Part of our core work is to incubate guarantee solutions for emerging and frontier markets, and we are thrilled to formalise this partnership today, as we collectively provide Dhamana with the crucial support and capital needed to fulfil this vital objective.

    NOTES FOR EDITORS

    The UK-Kenya Strategic Partnership

    The UK-Kenya strategic partnership joint statement can be found here.

    About Dhamana

    Dhamana Guarantee Company (Dhamana): Dhamana is working to catalyse the development of domestic capital markets in East Africa. It does this by connecting significant under-utilised sources of domestic institutional capital with the real economy, such as new green infrastructure, and providers of credit to  businesses. This increases access and the affordability of local capital, providing new low-risk opportunities for local investors. Dhamana will also serve to provide a portfolio of businesses with access to the local currency capital needed to deliver bankable projects, meeting the high demand for new affordable housing, transportation, water, and energy infrastructure, and promoting long term economic development. http://www.dhamana.com

    About PIDG

    The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of pioneering, partnership, safety, inclusivity, and urgency. PIDG offers Technical Assistance for upstream, early-stage activities and concessional capital; its project development arm – which includes InfraCo Africa and InfraCo Asia – invests in early-stage project development and project and corporate equity. PIDG credit solutions include EAIF (the Emerging Africa Infrastructure Fund), one of the first and more successful blended debt funds in low-income markets; GuarantCo, its guarantee arm that provides credit enhancement and local currency solutions to de-risk projects; and a growing portfolio of local credit enhancement facilities, which unlocks domestic institutional capital for infrastructure financing. Since 2002, PIDG has supported 233 infrastructure projects to financial close, which provided an estimated 228 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia, Sweden, Global Affairs Canada, Germany, and the IFC. http://www.pidg.org

    About the African Development Bank (AfDB)

    The African Development Bank (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. http://www.afdb.org

    About the CPF Group

    The CPF Group offers a comprehensive range of services through its various subsidiaries including  CPF Financial Services which administers both private and public pension funds; notably – the Public Service Superannuation Scheme (PSSS); The Local Authorities Pensions Trust (LAPTRUST); the Taifa Pension Fund; the County Pension Fund and CPF Individual Pension Plan. The funds under our administration have a total membership of just over 500,000 members.

    Other subsidiaries include Laser Infrastructure & Technology Solutions (LITES); Laser Property Services; Rukisha Advances payment platform; CPF Asset Managers; CPF Capital & Advisory; and Laser Insurance Brokers (LIB).  The Group offers a wide range of services in ICT & renewable energy solutions, Property Services, Insurance Brokerage, Smart Money platform, fund management, Transaction Advisory, Trust fund services, training & consultancy, and Corporate Trustee Services. Derived from uncompromised commitment to fulfilling lives, the CPF Group prioritises new models and approaches in engineering turnkey solutions for clients across the region. http://www.cpfgroup.or.ke

    About Cardano Development

    Cardano Development (CD), established in 2007, incubates new companies, and creates and manages fund managers. Through careful risk-management analysis in data poor settings, CD identifies scalable solutions that can help to make frontier financial markets more inclusive, investible, and sustainable to unlock lasting economic value. CD creates scalable solutions for currency, credit, and liquidity risks in these markets. With over USD 6 billion assets and USD 3.1 billion capital under management, CD supports scale-up ventures (TCX, GuarantCo, Frontclear, BIX Capital, ILX Fund, AGRI3 Fund), and a number of new start-ups, with ongoing management support services and corporate governance oversight. http://www.cardanodevelopment.com.

    Updates to this page

    Published 30 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI China: Announcement No. 11 [2024] of the People’s Bank of China

    Source: Peoples Bank of China

    The Announcement No. 16 [2019] of the People’s Bank of China has played an important role in advancing the market-based interest rate reform and promoting the stable and healthy development of the real estate market since its release. In order to implement the decisions and arrangements of the CPC Central Committee and the State Council, respond to new changes in the supply and demand of the real estate market, meet new expectations of the people for high-quality housing, deepen the market-oriented reform of interest rates, better play the role of market mechanisms, and safeguard the legitimate rights and interests of both borrowers and lenders, relevant matters regarding improving the pricing mechanism for commercial personal housing loans are hereby announced as follows:

    1. The borrower, when applying for commercial personal housing loans, can choose fixed or floating interest rate as the pricing methods for the loan contract. If the contract specifies a fixed interest rate, the interest rate shall remain unchanged during the contract period. If the contract specifies a floating interest rate, the interest rate shall be formed by adding spread to the latest Loan Prime Rate (LPR), and the spread, which can be positive or negative, shall reflect factors such as market supply and demand and risk premium of the borrower.

    2. The borrower of a fixed-rate commercial personal housing loan, after negotiating with the banking institution, can obtain a new floating-rate commercial personal housing loan to replace the existing one. The interest rate in the replacement is formed by adding spread to the latest LPR, and spread equals the difference between the interest rate of the original contract and the latest LPR.

    3. From November 1, 2024 onwards, the borrower of a commercial personal housing loan may negotiate with the banking institution for a different fixing period, if the contract specifies a floating interest rate. On the fixing date, the benchmark for repricing should be reset to the latest LPR. The fixing period and the way for adjustments shall be specified in the loan contract.

    4. From November 1, 2024 onwards, the borrower of a floating-rate personal housing loan may negotiate with the banking institution when the interest rate on the loan deviates to a certain extent from that on the newly issued personal housing loans nationwide. The banking institution shall then grant a new floating-rate personal housing loan to replace the existing one based on the negotiation. The newly agreed spread added to LPR shall reflect changes in factors such as the market supply and demand, and the risk premium of the borrower. The new spread shall not be lower than the floor set by the city where the replacement is made, if the floor exists.

    5. All provincial branches of the PBOC shall provide guidance to the self-regulatory pricing mechanism for market interest rates at their corresponding levels. The latter shall guide the financial institutions within their jurisdictions to implement the requirements effectively, regulate market competition, and maintain market order, according to the development of the real estate market in the cities within their jurisdictions and regulations of local governments.

    6. Banking institutions shall effectively disseminate and explain the policies and provide consultations. They shall safeguard the rights of the borrowers granted by the contract, and protect the legitimate rights and interests of consumers according to laws and regulations, to ensure that relevant work is carried out in a smooth and orderly manner.

    This announcement shall come into force on the date of its issuance, while the Announcement No. 16 [2019] of the People’s Bank of China shall be repealed at the same time. Where the previous relevant regulations are inconsistent with this announcement, this announcement shall prevail.

    The People’s Bank of China

    September 29, 2024

    Date of last update Nov. 29 2018

    MIL OSI China News –

  • MIL-OSI Economics: Notice on Rotating Chair Tenure

    Source: Huawei

    Headline: Notice on Rotating Chair Tenure

    In accordance with Huawei’s Rotating Chair system, Ms. Sabrina Meng will assume the position of Rotating and Acting Chair of Huawei from October 1, 2024 to March 31, 2025. During her term, Ms. Meng will serve in the company’s top leadership position and head the Board of Directors and its Executive Committee.
    Sabrina Meng’s Bio

    Ms. Meng holds a master’s degree from Huazhong University of Science and Technology. Ms. Meng joined Huawei in 1993 and has held positions including Director of the International Accounting Dept, CFO of Huawei Hong Kong, and President of the Accounting Mgmt Dept. Ms. Meng now serves as Deputy Chairwoman of the Board, and Rotating Chairwoman and CFO of Huawei.
    Since 2003, Ms. Meng has led the establishment of Huawei’s globally unified finance organizational structure, processes, regulations, and IT platforms. From 2007 to 2014, Ms. Meng implemented the Integrated Financial Services (IFS) Transformation Program across the company around the world, making fine-grained management part of Huawei’s DNA for sustainable growth.
    In 2014, Ms. Meng led the company’s data transformation and established a comprehensive data management system, creating a single source for data and making data a strategic asset of the company. During the same period, Ms. Meng implemented transformation programs for Internal Controls over Financial Reporting (ICFR), Consistency of Inventory Accounts and Goods (CIAG), treasury management, and tax management. This has transformed the finance team into a business partner and value integrator, and supported the rapid and stable development of the company’s business worldwide.
    Since 2019, Ms. Meng has developed a blueprint for the digital transformation of finance based on the company’s strategic vision and long-term development plan. She has led the development of key risk indicators and risk control models, making contactless risk controls a reality at Huawei. She has guided the establishment of an agile operations management system which has facilitated intelligent operations management and decision-making based on data and AI algorithms. She has also guided the establishment of an integrated management platform for key financial operations scenarios, to achieve collaborative operations and matrix management based on data sharing and real-time interactions.
    Under Ms. Meng’s leadership, Huawei has established a world-leading digital and intelligent finance organization, laying a solid foundation for the company’s operations and supporting the company’s efforts to realize its strategies in the new era.

    MIL OSI Economics –

  • MIL-OSI NGOs: DRC President Felix Tshisekedi must be held accountable for human rights violations

    Source: Amnesty International –

    By Jean Mobert Senga, Amnesty International’s DRC researcher

    Speaking at the UN General Assembly on 25 September 2024, President Tshisekedi ignored the continuing deterioration of human rights under his own government. The international community must push him to change course.

    At the start of his first term in 2019, President of the Democratic Republic of the Congo (DRC) Felix Tshisekedi promised to protect human rights — but his government appears to have embarked on a crusade against his own pledges.

    The DRC authorities’ response to the armed conflict and inter-communal violence that has ravaged the country for decades has failed to improve the security situation. In some cases, it has made it worse.

    While the international community must address serious human rights abuses by armed groups in eastern DRC, including Rwanda and other countries’ alleged support to some armed groups, it must also increase pressure on President Tshisekedi’s government to uphold human rights, tackle impunity, and address deep-rooted socioeconomic injustices.

    The DRC is enduring one of the most protracted humanitarian crises in the world. From east to west and from north to south, the civilian population faces daily threats of violence from a myriad of armed groups. Congolese soldiers and affiliated militia groups also continue to target civilians and commit horrendous crimes, often with impunity.

    A profound failure

    Internally displaced persons (IDPs), particularly women and girls, disproportionately bear the brunt of this conflict. IDP camps are rife with sexual violence, exacerbated by poor security conditions and insufficient humanitarian aid. The continued failure of the Tshisekedi administration to protect populations made vulnerable by these living conditions is inacceptable.

    The international community must hold the DRC government accountable not only for its failure to prevent and punish sexual violence and attacks against civilians, but also for its inaction in addressing the humanitarian catastrophe. Both the Congolese government and the international community must increase funding for the chronically underfunded humanitarian response to meet the urgent needs of affected populations, including shelter, food, healthcare and education.

    The international community must hold the DRC government accountable not only for its failure to prevent and punish sexual violence and attacks against civilians, but also for its inaction in addressing the humanitarian catastrophe.

    Jean Mobert Senga, DRC Researcher, Amnesty International

    A key contributing factor to the deteriorating human rights situation in the eastern DRC is the ongoing “State of Siege” imposed in North Kivu and Ituri since May 2021. This exceptional measure, which is akin to a state of emergency, has effectively militarized everyday life, concentrating all powers in the hands of military and police officials, including powers which should be those of civilian authorities. Tshisekedi’s government must urgently end the “State of Siege” and work towards a human rights-centred approach to restoring security.

    Meanwhile, a crackdown on dissent has swept the nation under the pretext of defending the country against enemies. Journalists, civil society activists, and political opponents have faced threats, arbitrary detention, and judicial harassment. By weaponizing the judiciary, the Tshisekedi administration has betrayed the hopes and aspirations of those who resisted the repression of their rights under the Kabila regime.

    Equally alarming is the government’s decision in March this year to reinstate the death penalty after more than two decades of hiatus. Military courts have since handed down more than a hundred death penalty sentences, heightening the risk of politically motivated executions.

    The recent tragedy at Makala prison in Kinshasa, where over 120 people died, hundreds were injured, and more than 200 women and girls were subjected to sexual violence, including gang rape, underscores the dire state of prison conditions in the DRC. President Tshisekedi must ensure that the courts conduct a transparent and prompt investigation and prosecute all responsible, including political and security officials who may have failed to prevent these horrific events. The international community must push for and assist in urgent criminal and penitentiary reforms to ensure such tragedies are never repeated.

    Despite repeated calls for justice, the government has so far largely failed to bring both Congolese and foreign perpetrators of crimes under international law to justice. Powerful actors continue to operate with impunity, deepening the cycle of violence. Efforts towards other forms of justice, including compensations and reparations, remain dismally inadequate. Victims and survivors are frustrated by the lack of transparency and the slow pace of these efforts, which often feel more symbolic than substantive.

    Despite repeated calls for justice, the government has so far largely failed to bring both Congolese and foreign perpetrators of crimes under international law to justice. Powerful actors continue to operate with impunity, deepening the cycle of violence.

    Jean Mobert

    It is not only armed conflict that poses an existential threat to thousands of people in the country. The DRC is a critical supplier of copper and cobalt, minerals that are essential to the global transition to renewable energy. However, as highlighted in Amnesty International’s 2023 report “Business as Usual?”, increased investments in the industrial mining sector have led to human rights abuses, including mass forced evictions and environmental pollution, leaving frontline communities in limbo. Toxic pollution and dangerous working conditions continue to plague artisanal miners, particularly in the cobalt-rich southern provinces.

    The international community cannot afford to ignore the grave human rights situation in the DRC any longer. President Tshisekedi’s allies — especially the United States, South Africa, Angola, Belgium, and France — must use their influence to demand accountability for human rights violations.

    This oped first ran in South Africa’s Daily Maverick

    MIL OSI NGO –

  • MIL-OSI Economics: Governor Christian Kettel Thomsen’s speech at the 3S Collabora­tion’s board seminar

    Source: Danmarks Nationalbank

    Danish economy

    On 30 September, Governor Christian Kettel Thomsen gave a speech at the 3S Collaboration’s board seminar. The presentation focused on Nationalbanken’s new outlook for the Danish economy, various issues in the financial sector as well as cyber security and artificial intelligence (The speech is in Danish only).

    MIL OSI Economics –

  • MIL-OSI Economics: Notice on Rotating Chair Tenure Sep 30, 2024

    Source: Huawei

    Headline: Notice on Rotating Chair Tenure
    Sep 30, 2024

    In accordance with Huawei’s Rotating Chair system, Ms. Sabrina Meng will assume the position of Rotating and Acting Chair of Huawei from October 1, 2024 to March 31, 2025. During her term, Ms. Meng will serve in the company’s top leadership position and head the Board of Directors and its Executive Committee.
    Sabrina Meng’s Bio

    Ms. Meng holds a master’s degree from Huazhong University of Science and Technology. Ms. Meng joined Huawei in 1993 and has held positions including Director of the International Accounting Dept, CFO of Huawei Hong Kong, and President of the Accounting Mgmt Dept. Ms. Meng now serves as Deputy Chairwoman of the Board, and Rotating Chairwoman and CFO of Huawei.
    Since 2003, Ms. Meng has led the establishment of Huawei’s globally unified finance organizational structure, processes, regulations, and IT platforms. From 2007 to 2014, Ms. Meng implemented the Integrated Financial Services (IFS) Transformation Program across the company around the world, making fine-grained management part of Huawei’s DNA for sustainable growth.
    In 2014, Ms. Meng led the company’s data transformation and established a comprehensive data management system, creating a single source for data and making data a strategic asset of the company. During the same period, Ms. Meng implemented transformation programs for Internal Controls over Financial Reporting (ICFR), Consistency of Inventory Accounts and Goods (CIAG), treasury management, and tax management. This has transformed the finance team into a business partner and value integrator, and supported the rapid and stable development of the company’s business worldwide.
    Since 2019, Ms. Meng has developed a blueprint for the digital transformation of finance based on the company’s strategic vision and long-term development plan. She has led the development of key risk indicators and risk control models, making contactless risk controls a reality at Huawei. She has guided the establishment of an agile operations management system which has facilitated intelligent operations management and decision-making based on data and AI algorithms. She has also guided the establishment of an integrated management platform for key financial operations scenarios, to achieve collaborative operations and matrix management based on data sharing and real-time interactions.
    Under Ms. Meng’s leadership, Huawei has established a world-leading digital and intelligent finance organization, laying a solid foundation for the company’s operations and supporting the company’s efforts to realize its strategies in the new era.

    MIL OSI Economics –

  • MIL-OSI Russia: The government has submitted a draft three-year budget for 2025–2027 to the State Duma

    MILES AXLE Translation. Region: Russian Federation –

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

    The draft law on the federal budget for 2025 and for the planning period of 2026 and 2027 has been submitted to the State Duma for consideration. The order to submit it was signed by Prime Minister Mikhail Mishustin.

    Document

    Order dated September 28, 2024 No. 2693-r

    When drafting the new three-year budget, the Government proceeded from the need to fulfill social obligations to citizens and solve priority tasks outlined by the President.

    Thus, one of the main priorities is targeted support for pregnant women and families with children.

    Submission to the State Duma of the draft federal law developed by the Ministry of Finance “On the federal budget for 2025 and for the planning period of 2026 and 2027”

    12 hours ago

    In particular, over 4 trillion rubles have been allocated for monthly benefits in connection with the birth and upbringing of a child for 2025–2027. Over 1.7 trillion rubles have been planned for the provision of maternity capital, and over 12 billion rubles over three years for subsidies for housing for young families.

    Dmitry Grigorenko on the introduction to the State Duma of the draft federal law developed by the Ministry of Finance “On the federal budget for 2025 and for the planning period of 2026 and 2027”

    12 hours ago

    It is proposed to allocate approximately 37.5 billion rubles to support regional demographic programs aimed at increasing the birth rate.

    The necessary funds have also been allocated for such important areas as hot meals for schoolchildren, payments to class teachers, major repairs and construction of new educational institutions, provision of medicines for beneficiaries, increasing the level of pension provision and resuming indexation of pensions for working pensioners.

    The draft budget allocates over 130 billion rubles to help citizens who find themselves in difficult life situations under the social contract program.

    More than 80 billion rubles are planned for the development of a long-term care system for the elderly and disabled who need such assistance.

    The Government’s priority tasks include the implementation of national projects. A total of more than 18 trillion rubles have been allocated for their financing (19 projects) over three years. Over 40 trillion rubles have been allocated from the federal budget over six years. Compared to the national projects in effect in 2019–2024, funding from the federal budget has been almost doubled.

    An equally important area is financial support for the regions. It is planned to allocate 3.3 trillion rubles annually for these purposes.

    The draft of the new three-year federal budget is based on the basic version of the socio-economic development forecast. It implies that in 2025–2027, economic dynamics will be on a moderate trajectory of 2.5–2.8% of GDP.

    Budget revenues in 2025 will amount to 40.3 trillion rubles, in 2026 – 41.8 trillion rubles, in 2027 – 43.2 trillion rubles.

    Expenditures in 2025 are planned at 41.5 trillion rubles, 44 trillion rubles in 2026, and 45.9 trillion rubles in 2027.

    The execution of the new three-year federal budget is expected with a deficit of 0.5% of GDP in 2025, 0.9% of GDP in 2026 and 1.1% in 2027. During this period, the non-oil and gas deficit will be reduced to 5% of GDP in 2027 (by 2.5 percentage points compared to 2024).

    The main sources of deficit financing in 2025–2027 will be government borrowing. The volume of government debt will remain at a safe level.

    Along with the draft of the new three-year budget, the Government also sent draft budgets of extra-budgetary funds and a number of other bills of decisive importance for public finances to the lower house of parliament.

    This year, the budget package was submitted entirely via electronic communication channels for the first time. This was the result of systematic work to improve the interaction between the Government Office and the State Duma.

    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.

    http://government.ru/nevs/52839/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Translation: Extraordinary Meeting of the Council of Ministers on September 30, 2024

    MIL OSI Translation. Timor-Leste Portuguese to English –

    Presidency of the Council of Ministers

    Spokesperson for the Government of Timor-Leste
    ……………………………………………. ……………………………………………. …………………….

    Press release

    Extraordinary Meeting of the Council of Ministers on September 30, 2024

    The Council of Ministers met at the Government Palace in Dili and approved the Draft State Budget (OGE) Bill for 2025, presented by the Minister of Finance, Santina José Rodrigues F. Viegas Cardoso, with a total value of US$ 2.6 billion allocated to the Central Administration, the Special Administrative Region of Oe-Cusse Ambeno (RAEOA) and Social Security, including the Social Security Reserve Fund. This amount includes an allocation of US$ 2.07 billion for the Central Administration, US$ 482 million for Social Security and US$ 62 million for the RAEOA.

    The 2025 State Budget Bill continues the strategy of implementing the priorities set out in the Government Programme, under the motto “Investment in strategic infrastructure, strengthening the economy and improving the well-being of citizens”. The Proposal is formulated based on the Strategic Objectives of the IX Constitutional Government, with a view to promoting the socio-economic development of the Nation through targeted investments in strategic infrastructure, economic strengthening and initiatives aimed at improving the well-being of citizens. The 2025 State Budget aims to promote economic development and improve the living conditions of the Timorese population, through a clear strategy focused on sustainable economic growth, improving public services and ensuring that the benefits of development reach all citizens.

    In terms of strategic infrastructure, US$227.3 million has been earmarked for the construction, expansion, rehabilitation and maintenance of road networks and bridges, as well as for the implementation of measures to protect against natural disasters, with the aim of improving connectivity and protecting communities from the effects of climate change. Funding is also provided for the rehabilitation of Presidente Nicolau Lobato International Airport and for the completion of the submarine fibre optic cable that will link Timor-Leste to Australia. The expansion of the internal fibre optic network will enable the provision of high-speed internet throughout the country from 2025 onwards. In the electricity sector, the budget foresees a significant increase in subsidies to the public company EDTL, EP, with the aim of improving and expanding the continuous supply of electricity, especially in rural and remote areas, ensuring a more stable and comprehensive service.

    In the natural resources sector, the proposal allocates US$40 million to improve industrial and oil and mineral extraction areas on the country’s southern coast, contributing to economic development and strengthening energy security.

    In the financial sector, an investment of US$5 million is expected in the capitalization of the Central Bank of Timor-Leste, with the aim of strengthening the stability and resilience of the national financial system.

    The bill allocates a significant portion of the spending, around US$406 million, to support civil society, health and social services. In human capital development, US$17.2 million is allocated to vocational and technical training programs, as well as to grant scholarships. Education will also receive US$145.8 million to build new schools, train teachers and strengthen the education management system.

    In health, the budget allocates US$99.2 million to improve the hospital network and health centers throughout the country, in addition to US$14.2 million for the acquisition and distribution of essential medicines and medical equipment. In terms of social protection, the Bolsa da Mãe program will be strengthened with an increase of more than US$7 million, plus US$2.86 million earmarked for improving the health and nutrition of pregnant women and children. The proposal also includes a transfer of US$124.1 million to the Social Security Budget, an increase of US$37.4 million compared to 2024, which reflects the expansion of the Social Security system and the value of the social old-age and disability pension. END

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI United Kingdom: Nina Hingorani-Crain reappointed as a Non-Executive Director to the Board of NS&I

    Source: United Kingdom – Executive Government & Departments

    HM Treasury has announced today the reappointment of Nina Hingorani-Crain as a Non-Executive Director to the Board of NS&I for a second, three-year term.

    HM Treasury has announced today that Nina Hingorani-Crain has been reappointed as a Non-Executive Director to the Board of NS&I (National Savings and Investments), as of 1 November 2024. The reappointment will be for a term of three years.

    Non-Executive Directors on NS&I’s Board ensure a sound strategy is in place to meet the organisation’s remit of raising cost-effective debt financing for the government. They also act as an external source of advice, have oversight of risk control, and ensure NS&I’s links with its outsourcing partners remain open and transparent.

    NS&I is one of the largest savings organisations in the UK, offering a range of savings and investments. All products offer 100% capital security because NS&I is backed by HM Treasury.

    Nina was first appointed as a Non-Executive Director in November 2021. She has held a number of high-profile executive and non-executive roles, including as Chief of Staff and Principal Private Secretary to the Chair of the Financial Services Authority (FSA) during the global financial crisis and as Chief of Staff leading the transition of the FSA into the Financial Conduct Authority, the current financial services regulator. She is currently on the Board of Nest (the workplace pension scheme set up by the UK government), a London mental health and community health NHS Foundation Trust, and the Institute of Chartered Accountants in England and Wales (ICAEW). She has previously served on the Board of the Charity Commission for England & Wales, and the Boards of several other national and regional organisations.

    Further information:

    The reappointment has been made in accordance with the Code of Practice published by the Commissioner for Public Appointments.

    All appointments are made on merit and political activity plays no part in the selection process. However, in accordance with the original Nolan recommendations, there is a requirement for appointees’ political activity (if any declared) to be made public. Nina Hingorani-Crain has confirmed that she has not engaged in any political activity in the last five years.

    Updates to this page

    Published 30 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI Submissions: Global Economy – KOF Economic Barometer: Recovery tendency confirmed

    Source: KOF Economic Institute

    In September, the KOF Economic Barometer continues to rise, albeit only very slightly. However, this month’s small increase nevertheless confirms the much more pronounced rise in the previous month. The Swiss economy is slowly working its way out of the trough.

    The KOF Economic Barometer rises by 0.5 points. It now stands at 105.5 (revised from 105.0 in August). In August, the Economic Barometer had climbed by a revised 3.7 points. In September, almost all indicator bundles for the economic sectors point to a more favourable outlook than before. Above all, the indicators for the manufacturing industry and, to a lesser extent, those for the financial and insurance services, the construction industry and the other services. In the hospitality industry, the rather above-average prospects remain almost unchanged. On the demand side, the indicators for consumer demand are also almost unchanged, pointing to a rather above-average further development. By contrast, the indicators for future foreign demand are weakening.

    In the producing industries (manufacturing and construction), in particular the indicators for the general business situation, export opportunities and intermediate input purchases are increasingly pointing to an improvement. By contrast, those for production activity and employment development suggest a less favourable further development than in the previous month.

    Within the manufacturing, the outlook for chemical and pharmaceutical companies as well as for the metal industry is improving. By contrast, it is weakening for the electrical industry as well as the textile and clothing segment.

    KOF Economic Barometer and Reference Series: Annual Update

    The annual 2024 revision took place in September. These updates always comprise the following steps: a redefinition of the pool of indicators that enter the selection procedure, an update of the reference time series and a renewed execution of the automated variable selection procedure. For further background information, we refer to a separate document.

    The updated pool of indicators now consists of 553 economic time series. The updated reference series is the smoothed growth rate of Swiss GDP distributed across the three months of a quarter from 2014 until and including 2023, based on the official quarterly real GDP statistics, adjusted for the effects of major international sporting events, as released by the Swiss State Secretariat for Economic Affairs (SECO) in early September 2024. SECO, in turn takes the release of the previous year’s annual GDP data published by the SFSO into account.

    The 2023 vintage of the KOF Economic Barometer (published until August 2024) comprised 324 indicator variables. The current 2024 vintage, which is now replacing the 2023 vintage, consists of 360 indicator variables. Compared to the previous vintage, 74 indicators are new and 38 dropped out of the set of selected indicators. The Barometer is the rescaled weighted average of the selected indicators, where the weights correspond to the loadings of the first principal component.

    MIL OSI – Submitted News –

  • MIL-OSI: Interim Results for the six months ended 30 June 2024

    Source: GlobeNewswire (MIL-OSI)

    CAMBRIDGE, United Kingdom, Sept. 30, 2024 (GLOBE NEWSWIRE) — Bango (AIM: BGO), today announces its interim results for the six months ended 30 June 2024.

    Financial Overview (unaudited):

    Results for the 6 months ended 30 June 2024  1H24 1H23 Change
           
    Total Revenue $24.1M $20.3M +18.6%  
             
    Transactional Revenue1 $16.4M $15.5M +5.3%  
             
    DVM, Audiences & One-Off2 $ 7.7M $ 4.7M +62.5%  
             
    Annual recurring revenue (ARR)3 $12.9M $5.6M +130.4%  
           
    Net Revenue Retention4 159%      
             
    Adjusted EBITDA5 $4.0M ($0.2M) +$4.2M
           
    Profit/(Loss) before taxation ($3.4M) ($4.9M) +$1.5M
           
    Net (Debt6)/Cash ($5.1M) $5.5M -$10.6M


    Notes:

    • Transactional revenue grew 9.4% on a constant currency basis.
    • Other Income of $1.4M, which is not included in the revenue figure above, related to recovery of tax costs from the acquisition of DOCOMO Digital. $1.1M will be accounted for as a tax cost, resulting in $0.3M profit.
    • Gross profit margin of 80.8% (1H23: 90.0%) reduced from 82.8% in 2H 2023 due to geographic mix. Improvements expected in 2H 2024 as high margin DVM revenue grows.
    • Net debt6 of $5.1M at 30 June 2024 (net debt of $3.9M at 31 Dec 2023) after R&D investment of $7.6M in the period.

    Operational Highlights

    • Bango signed 4 new Digital Vending Machine® (DVM) customers in 1H24, including a Bank in Brazil. Post-period there has been a further 3 new customer wins.
    • A leading European telco that adopted the DVM in 2020 extended their contract for a further 3 years, with a minimum contract value of $1.5M over the term.
    • 13 new subscription content providers were added to the DVM in 1H24, taking the total to 106.
    • The eDisti7 program now has 20 content providers, including Microsoft and Disney, allowing Bango to provide a ‘pre-stocked’ Digital Vending Machine, reducing time to revenue for both DVM customers and Bango.
    • Bango signed a global agreement with Uber to accelerate the take-up of Uber One subscriptions through telco channels, proving the appeal of the Bango DVM beyond digital video, music and gaming services.
    • The ‘global technology leader’ (announced in June 2022) launched its first two telcos with Bango in 1H24. Additional launches are underway.
    • Chartered Accountant Tony Perkins joined the Bango Board as a Non-Executive Director and Chair of the Audit Committee. In Q3, Tony was appointed as Senior Independent Director replacing Eric Peacock who retired from the Board to focus on his recovery from an accident.

    Presentation and Webcast

    A presentation of the interim results will be made to investors and analysts at 10:00 BST today via the Investor Meet Company Platform. Those wishing to join the call can sign up to Investor Meet Company for free via:
    https://www.investormeetcompany.com/bango-plc/register-investor

    Full RNS announcement

    Read the full Interims Results RNS announcement here: https://polaris.brighterir.com/public/bango_plc/news/rns/story/r7ze9jw

    Paul Larbey, Chief Executive Officer of Bango, commented:

    “The first six months of 2024 have gone to plan and are in-line with the Trading Update issued in July. The payments business continues to deliver growth, providing cash to fund expansion of the Digital Vending Machine® (DVM), which continues to be adopted as the defacto standard platform for subscription bundling by the world’s largest companies. The addition of Disney+ to the Bango eDisti program is further evidence of this and will help accelerate time-to-revenue from DVM deals. With 4 new DVM wins in the 1H and a further 3 in Q3, the pipeline built over the past years continued to deliver results and provides confidence in meeting market expectations for the full year.

    The subscriptions market is vast and growing, and the percentage of subscriptions bundled through channels is increasing. Bango’s leadership position in this market is strengthening with the DVM now playing a key role in the customer acquisition and engagement strategies of major content brands. We are excited by the opportunity ahead and remain on track to continue our strong growth trajectory and return to a positive net cash position in FY25.”

    1 Transactional Revenue is revenue derived by charging a percentage of the retail price paid by the consumer and is made up of direct carrier billing, resale and revenue share amounts.
    2 DVM, Bango Audiences & one-off Revenue includes all DVM license and support fees, revenue from Bango Audiences (discontinued in Q1) and one-off fees including DVM set-up and change requests.
    3 Annual Recurring Revenue is the expected annual revenues to be generated in the next 12 months based on contracted revenues recognized as at 30 June 2024.
    4 Net Revenue Retention is a measure of the retention and expansion of revenue from customers over the previous 12 months and is calculated by dividing the ARR from existing customers at the end of 1H24 to the ARR from those same customers at the end of 1H23.
    5 Adjusted EBITDA is earnings before interest, tax, depreciation, amortization, negative goodwill, exceptional items, share of net loss of associate and share based payment charge 
    6 Net debt is cash and cash equivalents plus short-term investments less the loan from NHN and borrowings. Barclays continues to provide an overdraft facility which was not used at the end of the period .
    7eDisti is a program that allows Bango to resell subscriptions from content providers removing the need for a commercial agreement between the DVM customer and the content provider.

    Contact Details:  
    investors@bango.com

    About Bango

    Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers.

    The world’s largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere.

    Bango, where people subscribe. For more information, visit http://www.bangoinvestor.com

    The MIL Network –