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Category: Economy

  • MIL-OSI: New Willis survey highlights changing global trends in cyber risk strategy for directors and officers

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 03, 2025 (GLOBE NEWSWIRE) — Data loss and cyber-attacks were identified as two of the top three risks to directors and officers, according to the latest Cyber Directors’ and Officers’ Survey Report by Willis, a WTW business, (NASDAQ:WTW).

    The survey gathered responses from a range of sectors, including the services sector (24%) and finance and insurance (19%), with more than half representing for-profit, private companies. Among those surveyed, Great Britain was the only region to identify cyber-attacks (excluding cyber extortion) as the top risk. In contrast, respondents from North America and the Middle East ranked data loss as their primary concern.

    Despite growing awareness of cyber-attacks and recent high-profile incidents, the risk ranking for cyber-attacks reduced by 2% between 2024 and 2025. The remainder of the survey explores potential reasons behind this change. Key points are as follows:

    • Frequency of cybersecurity updates: The survey found that the frequency of updates to boards on cyber security shifted. Last year, the survey illustrated that 20% of respondents only updated their board in response to an incident, which has decreased to 12% in 2025. The number of respondents who update their board on cyber security monthly increased from 18% to 28% between 2024-2025
    • Sponsorship trends: Respondents indicated an increased involvement from an officer outside of senior leadership, which suggested a need to engage both strategic and technical stakeholders to manage cyber risk most effectively
    • Incident response: 80% of respondents indicated that they have put a cyber incident response in place, with more than two thirds indicating that they have completed an incident response exercise in the past 12 months
    • Preparation: 65% of respondents feel they are well prepared to manage a cyber incident effectively (compared with 56% in 2024)
    • Cyber risk strategy budget: Respondents indicated that cyber security budgets will continue to increase in 2025 but to a lesser extent than 2024 (56% versus 63% respectively)
    • Cyber insurance: Cybersecurity risks were ranked as the most important aspect of directors’ and officers’ liability insurance coverage. More than half of respondents (53%) indicated that they have cyber insurance in place, with a further 18% planning to purchase it in the next two years.

    Adrian Ruiz, head of FINEX GB Cyber & TMT, WTW, said: “Building a strong cyber security culture that engages all levels of the organisation is critical to managing today’s evolving threats. From investing wisely in training and technology to regularly testing response plans, businesses must take a proactive, strategic approach to cyber risk. The survey highlights the importance of staying informed and adapting in an increasingly complex digital landscape.”

    The report can be downloaded here.

    About the survey:

    The survey provides a global view of the perceptions of risk among directors, officers, and risk managers from countries around the world. Once again, this year’s survey provides insights into the distribution of companies by type, revenue and industry. For-profit, private companies are the most represented, accounting for 56% of the respondents, followed by for-profit, listed companies at 32%. In terms of revenue, 33% of the companies have revenues between $0 and $50 million, another 33% have revenues between $50 million and $1 billion. The services industry makes up the largest proportion of respondents followed by transportation and retail and finance and insurance.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance.

    Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you.

    Learn more at wtwco.com.

    Media contact

    Lauren David:

    Lauren.david@wtwco.com / +44 7385947619

    Haggie Partners

    WTW@haggiepartners.com / + 44 20 7562 4444

    The MIL Network –

  • MIL-OSI China: China’s grassroots ‘World Cup’ ignites football frenzy

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

    Players of Yangzhou greet supporters after winning the third round match against Changzhou at the 2025 Jiangsu Football City League (JSCL) in Changzhou, May 31, 2025. (Xinhua)

    Those eager to catch a glimpse of next year’s FIFA World Cup magic a little early may want to head to eastern China’s Jiangsu Province, where an amateur football league is offering an unlikely but extraordinary alternative.

    With a cheeky nod to both the English Premier League and the Chinese Super League, the Su Super League, or the Jiangsu Football City League, features a seven-month, 85-match grassroots showdown between 13 cities, packed with local pride, derby drama and an atmosphere that is nothing short of electric.

    The league has taken China by storm, even eclipsing the domestic buzz surrounding the 2025 FIFA Club World Cup. On June 29, 43,617 fans packed into the stands to watch Suzhou take on Yangzhou, a crowd even larger than the average attendance of Italy’s Serie A last year.

    And that might just be the warm-up. The upcoming July 5 clash between Suzhou and Nanjing, moved to a stadium with over 60,000 seats, is expected to set a new attendance record. Ticket demand has been so wild that hundreds of thousands have scrambled online just for a shot at entry.

    Since its May 10 kick-off, the league had racked up a jaw-dropping 11 billion views on Chinese short video platforms by June 21, according to Jiangsu’s statistical authorities. That’s not a typo – billion with a “B.”

    Despite China’s struggles on the international football stage, the passion for the sport runs deep at home. And the Su Super League is a living proof. Unlike its professional counterparts, the league’s players come from everyday backgrounds like students, office workers and repairmen.

    But they deliver no fewer spectacles on the pitch. In that June 29 match, Suzhou scored just one minute and 18 seconds into the game, setting a league record for the fastest goal. The scorer was a 17-year-old high schooler who netted twice more in the second half, leading his team to victory.

    Even in defeat, the league finds its heroes. Changzhou, a team yet to register a win in five games, has become a fan favorite for their fight, grit and refusal to give in. Fans flood social media with affectionate memes, and the team’s underdog charm has sparked a local tourism and spending boom.

    “We never used to watch football,” said Xu Huaiyu, a housewife from Changzhou. “Now our whole family gathers for every match and cheers for our home team!”

    On weekends, the league streams across more than 20 platforms. According to Jiangsu TV, the past weekend’s locally televised broadcasts alone pulled in a combined audience of 83.7 million viewers.

    The fever is just as real offline. Bars, plazas and even cinemas across Jiangsu have seen surging crowds for public viewings – scenes typically reserved for the World Cup.

    In Nantong, 34 viewing spots in parks and commercial districts have become makeshift stadiums, filled with chants and applause. In Wuxi, outdoor screens and football-themed night markets serve up beer, barbecue and 90 minutes of grassroots glory under the stars.

    “The phenomenon reflects people’s rising enthusiasm for diverse, mass-participation sports events,” said Li Chao, a spokesperson of China’s National Development and Reform Commission. “It also reveals the immense potential for growth in China’s sports, cultural and tourism industries.”

    Suzhou has gone all in. More than 100 local restaurants, malls and scenic spots are offering discounts to traveling fans. Match ticket holders and visitors from opposing cities can enjoy free entry to over 40 attractions across the city.

    In Nantong, the economic impact is already measurable. On a recent home game Sunday, the city welcomed over 730,000 visitors and generated 420 million yuan (around 58 million U.S. dollars) in tourism revenue, a 44.5 percent and 52.3 percent jump year-over-year, respectively.

    A Jiangsu statistical department’s recent survey of over 3,000 local residents found that nearly 59 percent plan to increase household spending on sports this year – be it gear, training or participation – thanks to the league’s influence.

    “The Su Super League has broken through the walls of traditional competitive sports,” said Ding Xiang, associate professor at Nanjing University. “It’s creating a culture where everyone can talk football, watch football and be part of the experience,” he said. “It’s much like the World Cup at street level, with a ripple effect on diverse consumer behavior.”

    Multiple Jiangsu cities have already moved to capitalize, listing the league as a strategic economic priority for the second half of 2025. At a recent provincial briefing, Jiangsu Governor Xu Kunlin urged officials to “fully leverage the league to drive integration of culture, tourism, sports and commerce, and spark a consumption-led economy.”

    Beyond economic gains, the league is casting new light on youth development. Powerhouse teams like Nantong, who have netted 12 goals in four matches, are largely made up of players from local youth academies. The city has already made football part of high school entrance assessments and boasts over 240 national-level school football programs.

    Even Changzhou, winless but undaunted, is stepping up. The city is preparing a new three-year action plan to expand its youth training system and bring football further into schools.

    In March, German football giants Borussia Dortmund opened a youth training base in Changzhou. Bundesliga-level coaches now train local PE teachers and run regular sessions for students, embedding a global football philosophy into local roots.

    “The Su Super League reminds us of football’s raw passion and purity,” said Bai Yufei, professor at Beijing Sport University. “It’s getting longtime fans even more excited, and it’s bringing new ones into the game. That’s how you grow the sport at the grassroots level.”

    MIL OSI China News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY 9M 2024 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    • 9M 2024 HYDROCARBON PRODUCTION AMOUNTED TO 193.4 MLN TOE
    • 9M 2024 LIQUID HYDROCARBON PRODUCTION EQUALED 138.3 MLN TONS
    • 9M 2024 GAS PRODUCTION TOTALLED 67.0 BCM 
    • 9M 2024 EBITDA AMOUNTED TO RUB 2,321 BLN
    • 9M 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 926 BLN
    • 9M 2024 FREE CASH FLOW AMOUNTED TO RUB 1,075 BLN
    • 9M 2024 UNIT LIFTING COSTS AMOUNTED TO $2.8/BOE

    Rosneft Oil Company (hereinafter – Rosneft, the Company) announces its results for 9M 2024, prepared in accordance with the International Financial Reporting Standards (IFRS).

      9M
    2024    		 9M
    2023    		 % change
      RUB bln (except for %)
    Revenues from sales and equity share in profits of associates and joint ventures 7,645 6,612 15.6%
    EBITDA 2,321 2,403 (3.4)%
    Net income attributable to Rosneft shareholders 926 1,076* (13.9)%
    CAPEX 1,052 909 15.7%
    Adjusted free cash flow 1,075 1,157 (7.1)%

    * Revised due to completion of the 2022–2023 acquisition price allocation in 2023.

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft said:

    “Due to the Russian Government’s decisions to cap oil production in addition to the quotas set by the OPEC+ agreement, Rosneft’s operating performance in the reporting period was under pressure. In this context, the Company has been taking additional steps to ensure stable financial results as well as aimed at achieving a sustainable corporate business model.

    The key rate increase resulted in the reduced efficiency of refinery modernization projects that require external financing. The outstripping growth of tariffs of natural monopolies and incremental anti-terrorist security costs exerted additional pressure on the refineries’ performance. In order to protect the shareholders’ interests and avoid losses, Rosneft has been considering the need to suspend refinery modernization projects. At the same time, meeting the domestic demand for quality petroleum products remains a priority.

    Continuous changes in the taxation system have a negative impact on the oil industry. In particular, in the reporting period, net income attributable to Rosneft’s shareholders was negatively affected by the income tax rate increase to 25% from 2025. In accordance with IFRS, this resulted in a restatement of a deferred tax with a negative income effect of RUB 0.2 trillion.

    However, efficient execution and improved development parameters of a number of our key projects afforded an opportunity to dramatically reduce the negative effect of these changes on our shareholders.

    The reported net income attributable to Rosneft shareholders was also negatively affected by the exchange rate revaluation of foreign currency liabilities due to the weakening of the national currency. For example, during the third quarter, the ruble weakened against the yuan by more than 10%.

    It is worth pointing out that net income attributable to shareholders adjusted for the non-cash effects mentioned above remained mainly unchanged year-on-year.

    Shareholders’ interests remain one of our key priorities. On November 8, the Board of Directors recommended an interim dividend of RUB 36.47 per share which resulted in the semi-annual dividend yield of 7.6%. In full compliance with the corporate dividend policy, a total of RUB 386.5 bln or 50% of H1 2024 net income is recommended to be distributed as dividends.

    In the context of high stock market volatility and taking into account our shareholders’ rights and interests, the Company has resumed its Share Buyback Program previously approved by the Board of Directors.”

    ESG

    In the reporting period, the Company continued to implement measures to achieve sustainable development goals under the ‘Rosneft-2030: Reliable Energy and Global Energy Transition’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illness. In 9M 2024, the Lost Workday Injury Severity (LWIS) improved by 33%.

    In 9M 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during drilling operations at Company facilities. As part of efforts to minimize oil and petroleum product spills, measures were taken to replace field pipelines.

    In 9M 2024, as part of the corporate program to eliminate the environmental legacy, the area of contaminated land reduced by 7% and the volume of oily waste – by 12%.

    In October 2024, Rosneft entered the first quartile in the ESG transparency ranking of the Expert RA credit rating agency. The ranking was compiled based on the analysis of public information on the sustainability performance of 124 Russian companies in four main blocks: environment, society, corporate governance and non-financial reporting standards.

    Operating performance

    Exploration and production

    In 9M 2024, Rosneft liquid hydrocarbons production amounted to 138.3 mln tons (3,753 th. bpd). The indicator performance was primarily driven by the production cap in compliance with the decisions of the Russian Government.

    9M 2024 gas production amounted to 67.0 bcm (1,488 th. boepd). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company’s gas production.

    As a result, the Company’s 9M 2024 hydrocarbon production amounted to 193.4 mln toe (5,241 th. boepd).

    9M 2024 production drilling footage exceeded 9.1 mln meters. Rosneft commissioned over 2.2 th. new wells, 71% of which were horizontal.

    In 9M 2024, Rosneft conducted 1.2 th. km of 2D seismic and 4.8 th. sq. km of 3D seismic onshore Russia. The Company completed testing of 31 exploratory wells with a success rate of 84%.

    Vostok Oil Project

    As part of the Vostok Oil project, in 9M 2024 the Company completed 0.7 th. linear km of 2D seismic and 0.6 th. sq. km of 3D seismic. Rosneft carried out successful testing of 3 wells with 3 more wells being drilled and 1 more well being tested.

    Pilot development of the Payakha, the Ichemminskoye and the Baikalovskoye fields is in progress: production drilling footage amounted to 64 th. meters, while 10 production wells were completed in 9M 2024.

    Drilling and testing of another high-tech well with the horizontal section of 1,000 meters and 7-stage hydraulic fracturing at the Payakha field resulted in a stable oil flow, which confirms the resource potential of the development targets.

    Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. Taking into account local climate patters, preparatory works for pipe laying were carried out during the summer period: more than 24 thousand piles were manufactured and prepared for mounting, over 200 km of the pipeline was welded.

    Construction of logistics infrastructure, building of hydraulic structures, shore reinforcement, expansion of coastal and berthing infrastructure is underway.

    Refining

    9M 2024 refining volume in Russia amounted to 62.6 mln tons.

    The Company has been consistently developing domestic technologies and import substitution. In particular, Rosneft provides Company refineries with proprietary catalysts, which are essential for production of high-quality motor fuel. In 9M 2024, Rosneft produced 1,810 tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced over 133 tons of gasoline reforming catalysts and 272 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 1,002 tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.

    Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft’s key priorities. In 9M 2024, the Company sold 32.9 mln tons of petroleum products on the domestic market, including 9.9 mln tons of gasoline and 13.5 mln tons of diesel fuel.

    The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In 9M 2024, Rosneft sold 7.3 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume. The Company’s share in the total volume of exchange sales of gasoline and diesel fuel amounted to 37%.

    Financial performance

    Operating performance and the current macroeconomic environment combined with management decisions determined the trend of the Company’s key financial indicators.

    In 9M 2024, the Company’s revenue1 amounted to RUB 7,645 bln, representing an increase of 15.6% year-on-year on the back of higher oil prices. EBITDA reached RUB 2,321 bln, and the EBITDA margin amounted to 30%.

    In 9M 2024, the unit lifting costs amounted to $2.8/boe.

    9M 2024 net income attributable to Rosneft shareholders amounted to RUB 926 bln, which is 13.9% lower year-on-year driven by lower EBITDA, and higher debt financing rates, as well as non-cash factors, including the exchange rate revaluation of foreign currency liabilities and the effect of changes in the income tax rate.

    9M 2024 capital expenditure amounted to RUB 1,052 bln, which was 15.7% higher year-on-year due to the scheduled implementation of the Company’s investment program. At the same time, Rosneft’s free cash flow2 in the reporting period reached RUB 1,075 bln.

    The net debt/EBITDA ratio at the end of September 2024 amounted to 1.2x. The indicator growth was due to payment of final dividends of RUB 307 bln for 2023, as well as depreciation of the national currency.

    1 Includes revenues from sales and equity share in profits of affiliates and joint ventures
    2 Adjustment for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.

    Department of Information and Advertising
    Rosneft Oil Company
    November 29, 2024

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY FULL YEAR 2024 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    • 2024 HYDROCARBON PRODUCTION  AMOUNTED TO 255.9 MLN TOE
    • 2024 LIQUID HYDROCARBON PRODUCTION AMOUNTED TO 184.0 MLN TONS
    • 2024 GAS PRODUCTION TOTALLED 87.5 BCM
    • 2024 EBITDA AMOUNTED TO RUB 3,029 BLN
    • 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 1,084 BLN
    • 2024 FREE CASH FLOW AMOUNTED TO RUB 1,295 BLN
    • 2024 UNIT UPSTREAM COSTS AMOUNTED TO $2.9/BOE
    • THE TOTAL AMOUNT OF PAID TAXES AND OTHER PAYMENTS BY THE COMPANY TO THE CONSOLIDATED BUDGET OF THE RUSSIAN FEDERATION EXCEEDED RUB 6.1 TRLN

    Rosneft Oil Company (hereafter, “Rosneft”, and the “Company”) publishes its results for 12M 2024 prepared in accordance with International Financial Reporting Standards (IFRS).

      12M
    2024    		 12M
    2023    		 % change
      RUB bln (except for %)
    Revenues from sales and equity share in profits of associates and joint ventures 10,139 9,163 10.7%
    EBITDA 3,029 3,005 0.8%
    Net income attributable to Rosneft shareholders 1,084 1,267 (14.4)%
    CAPEX 1,442 1,297 11.2%
    Adjusted free cash flow 1,295 1,427 (9.3)%

     

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, said:

    “In the reporting year, the Company operated against the backdrop of oil production cap under the OPEC+ agreement, increased taxation, the natural monopolies tariff rises outstripping inflation, incremental anti-terrorist security costs, growing sanctions pressure, and unprecedented interest rates increases.

    Management focused its efforts on revenue and EBITDA growth, while maintaining unit upstream costs at less than $3/boe, which is in line with our strategic objective, as well as on debt burden reduction. At the end of the year the net financial debt/EBITDA ratio amounted to less than 1.2x.

    Rosneft is the country’s largest taxpayer. In 2024, the total amount of paid taxes and other payments made by the Company to the consolidated budget of the Russian Federation exceeded RUB 6,1 trillion1.This is record high both for the Company and for the whole of the Russian market.

    The net income attributable to the Company’s shareholders is lower as compared to the previous year due to the impact of non-cash factors, the main one being the revaluation of tax liabilities due to the income tax rate increase to 25% from 2025. In accordance with IFRS requirements, this resulted in a restatement of deferred tax with a negative income effect of RUB 0.24 trillion. However, efficient execution and improved development parameters of a number of our key projects afforded an opportunity to dramatically reduce the negative effect of these changes.

    The sizable key rate increase exerted additional pressure on the net income. In particular, the Company’s interest expenses on loans and borrowings increased 1.5 times in 2024. I should note that the Bank of Russia maintains a very high real interest rate in the economy: in the last two years, it has been the highest in the world.

    Taking into account our shareholders’ interests and in full compliance with the dividend policy, in February, the Company paid an interim dividend of RUB 36.47 per share. The Company has been paying dividends consecutively since 1999. The dividend base has remained unchanged since the 2011 dividend, which ensures transparency and predictability of the dividend amount. I am pleased to note that in the last year alone the number of our shareholders increased by almost a third and reached 1.5 million people.

    Taking into account the negative macroeconomic environment, the Company forcibly adjusts its strategy to sustain its fundamental value. In 2024, in order to support its stock prices during the periods of sharp decline, the Company continued its Share Buyback Program previously approved by the Board of Directors. At the end of October – beginning of November 2024, when the Russian stock market hit its local lows, Rosneft successfully bought back about 2.6 mln of its shares at an average price of RUB 443.7. The Company used the same mechanism during 2020, when commodity markets suffered a COVID-pandemic related price crisis. At that time, the Company bought back about 0.76% of its shares at an average price of RUB 347.5. The current stake value exceeds the buyback price by more than 1.5х”.

    Operating performance

    Exploration and production

    FY2024, liquid hydrocarbon production amounted to 184.0 mln tons (3,737 th. bpd) on the back of, primarily, the production cap in compliance with the decisions of the Russian Government.

    In 2024, the Company’s gas production amounted to 87.5 bcm (1,455 th. boepd), maintaining Rosneft’s status as the largest independent gas producer in Russia. Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company’s gas production.

    As a result, in 2024, the Company’s hydrocarbon production amounted to 255.9 mln toe (5,192 th. boepd).

    In 2024, production drilling footage exceeded 12 mln meters. Rosneft commissioned over 3 th. new wells, horizontal wells accounting for 72% of that amount.

    In 2024, Rosneft conducted 1.2 th. linear km of 2D seismic and 5.3 th. sq. km of 3D seismic onshore Russia. The Company completed testing of 62 exploratory wells with a success rate of 89%.

    In 2024, Rosneft discovered 7 deposits and 97 new hydrocarbon accumulations to the total of 0.2 bln toe under the AB1C1+B2C2 categories of the Russian reserve classification due to the high efficiency of the Company’s exploration activities. As a result, Rosneft’s hydrocarbon reserves under the Russian classification amounted to 21.5 bln toe (AB1C1+B2C2) at the end of 2024.

    Following an audit under the international PRMS classification (Petroleum Resources Management System), the Company’s 2P hydrocarbon reserves amounted to 11.4 bln toe. The 2P reserves replacement ratio exceeds 100%.

    Vostok Oil Project

    As part of the Vostok Oil project, in 2024, the Company completed 0.7 th. linear km of 2D seismic and 0.6 th. sq. km of 3D seismic. Rosneft carried out successful testing of 4 wells, with 1 well being drilled and 3 more wells being tested.

    In the reporting year, the project scope expanded from 52 to 60 license areas, and the resource base under the Russian classification increased to 7.0 bln tons of crude oil.

    The Company continues pilot development of the Payakhskoye, Ichemminskoye and Baikalovskoye fields: in 2024, production drilling footage amounted to 92 th. meters, while 11 production wells were completed. Successful drilling and testing of wells at the Payakhskoye field resulted in transportation of produced oil to the nearby Suzun field.

    Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. As of the end of 2024, over 78,000 piles were installed; 359 km of pipeline were laid, including a 119 km long two-piped section. The Company completed laying and leak testing of the main pipeline crossing the Yenisei River, continues laying the backup pipeline.

    The Company completed most of the work on the construction of two cargo berths, as well as a berth for the port fleet at the Sever Bay Port terminal. Construction of the first oil loading berth is underway, and preparatory work for the second one is carried out. Construction of a crude oil delivery and acceptance point and the Suzun oil pumping station is underway. The Company continues with the construction of logistics infrastructure and hydraulic engineering installations, shore reinforcement, and expansion of onshore and berth infrastructure.

    Refining

    In 2024, Rosneft processed 82.6 mln tons of crude oil in Russia.

    Efforts have been made to maintain a high degree of reliability of refining assets and transition to domestic technologies. In particular, Rosneft provides its refineries with proprietary catalysts, which are essential for the production of high-quality motor fuel. In 2024, Rosneft produced more than 2 th. tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced 138 tons of gasoline reforming catalysts and 390 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 1.6 th. tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.

    Stable supply of high-quality motor fuel to Russian consumers is one of Rosneft’s key priorities. In 2024, the Company sold 43.6 mln tons of petroleum products in the domestic market, including 13.1 mln tons of gasoline and 18.1 mln tons of diesel fuel.

    The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In the reporting year, Rosneft sold 10.1 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume.

    Financial performance

    Operating performance and the current macroeconomic environment combined with management solutions determined the dynamics of the Company’s key financial indicators.

    The Company’s revenue2 for 2024 amounted to RUB 10,139 bln, representing an increase of 10.7% year-on-year on the back of higher Urals prices. EBITDA amounted to RUB 3,029 bln with an EBITDA margin of 29.7%.

    The unit upstream liftng costs in 2024 amounted to $2.9/boe.

    FY2024 net income attributable to Rosneft shareholders amounted to RUB 1,084 bln, which was 14.4% lower year-on-year and driven primarily by higher debt financing rates, as well as non-cash factors, including exchange rate revaluation of foreign currency liabilities and the effect of changes in the income tax rate.

    In 2024, capital expenditures amounted to RUB 1,442 bln, which was 11.2% year-on-year higher due to the scheduled implementation of the investment program at Upstream assets. At the same time, free cash flow3 in the reporting period reached RUB 1,295 bln.

    The net debt / EBITDA ratio at the end of 2024 remained unchanged in comparison with the end of Q3 2024, amounting to 1.2x, despite new negative macroeconomic factors.

    ESG

    Based on 2024 results, Rosneft reaffirmed its leading positions in sustainable development as well as high quality of information disclosure.

    The Company once again became a constituent of the Moscow Exchange – RAEX “ESG Balanced” Index with the best performance among Russian oil and gas companies. Rosneft became the only Russian oil and gas company with an AA ESG-rating assigned by RAEX for its “very high” level of ESG risk and opportunity management, with Rosneft governance rating at the highest AAA level.

    As a result of RAEX research, Rosneft was recognized as a leader of efficient management of water resources, becoming the only Russian oil and gas company among the top-10 rating participants with the highest scores in prudent water consumption, as well as in the quality of corporate policies and programs related to water consumption. The share of recycled and reused water at Rosneft production facilities consistently has exceeded 90% for 10 years.

    Moreover, Rosneft became the only Russian oil and gas company with the highest A+ rating “Leader of Corporate ESG Practices in the Russian Federation” from the Corporate Development Agency “Da-strategy”.

    In the reporting period, the Company proceeded with activities aimed at achieving sustainable development goals under the ‘Rosneft-2030: Reliable Energy and Global Energy Transition’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In 2024, the Lost Workday Injury Severity (LWIS) went down by 23%.

    In 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during well drilling operations at Rosneft facilities. The Company continued with pipeline replacement as part of its efforts to minimize oil and petroleum product spills.

    In 2024, Rosneft reduced the area of contaminated land by 9%, and the volume of oily waste – by 11% under the corporate program for the elimination of environmental legacy. In particular, the Company completed execution of a large-scale remediation program of legacy lands harmed during the Soviet years at the Samotlor oil field. Biological soil productivity was restored at the area of more than 2.2 th. hectares.

    1 Excluding the reimbursement of the excise duty on crude oil, which represents compensation for oil companies’ losses from motor fuels domestic price controls and refinery modernization costs.
    2 Includes sales revenue and income from associated organizations and joint ventures.
    3 Adjusted for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.

    Department of Information and Advertising
    Rosneft Oil Company
     March 20, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY FIRST QUARTER 2025 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    ROSNEFT OIL COMPANY FIRST QUARTER 2025 IFRS RESULTS

    • HYDROCARBON PRODUCTION AMOUNTED TO 61.2 MLN TOE
    • LIQUID HYDROCARBON PRODUCTION AMOUNTED TO 44.6 MLN TONS
    • GAS PRODUCTION TOTALLED 20.2 BCM
    • EBITDA AMOUNTED TO RUB 598 BLN
    • NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS INCREASED TO RUB 170 BLN
    • UPSTREAM LIFTING COSTS AMOUNTED TO $3/BOE

    Rosneft Oil Company (hereinafter – Rosneft, the Company) publishes its results for Q1 2025, prepared in accordance with the International Financial Reporting Standards (IFRS).

      Q1
    2025    		 Q4
    2024    		 % change
    RUB bln
    Revenues from sales and equity share in profits of associates and joint ventures 2,283 2,494 (8.5)%
    EBITDA 598 708 (15.5)%
    Net income attributable to Rosneft shareholders 170 158 7.6%
    Capex 382 390 (2.1)%
    Costs and expenditures 1,927 2,038 (5.4)%

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, noted:

    “In the reporting period, the Company operated in the context of continuous deterioration of the macroeconomic environment that included lower prices and wider discounts for Russia’s Urals crude oil, new sanction restrictions, as well as a stronger ruble.

    The Bank of Russia independently sets the exchange rate of the national currency, considering, primarily, the realities of the financial system. The use of such exchange rate thus does not take into account the economic conditions of the Company’s operations leading to incremental costs associated with the calculation of the tax base, currency conversion, understating the value of oil in rubles and so on.

    In the first quarter of 2025, the Company’s EBITDA was under the additional pressure from rising transportation expenses due to the tariff indexation by the natural monopolies. For example, Transneft oil transportation tariffs have gone up by 9.9% since January 2025, while petroleum product transportation tariffs and freight railroad transportation expenses have increased by 13.8% since the end of 2024.

    Most natural monopolies tariffs, including even the tariffs imposed by the Russian Post, rise outstripping inflation: since early 2024, the price of sending an ordinary postal card has increased by 20%. Electricity tariffs were raised by 9.1% from July 2024 and are scheduled to be indexed by another 11.6% in July 2025.

    Moreover, in accordance with the updated socio-economic development forecast, in 2025, indexation of regulated gas prices, electricity tariffs, and tariffs of grid companies is planned to exceed the forecast inflation rate, accelerating cost inflation.

    In these circumstances, cost control remains our constant priority. In the first quarter of 2025, upstream lifting costs amounted to $3/boe in line with our strategic goal.

    Net income increased quarter-on-quarter but declined year-on-year against the growing key interest rate. For instance, interest expenses on loans and borrowings went up 1.8 times year-on-year.

    Shareholders’ interests remain a top priority for Rosneft. On April 25, the Board of Directors recommended that the General Shareholders Meeting make a resolution on paying a final dividend of RUB 14.68 per share. In this way, the total amount of dividends attributable to shareholders and based on last year results will amount to RUB 51.15 per share”.

    Operating Performance

    Exploration and Production

    In Q1 2025, liquid hydrocarbon production amounted to 44.6 mln tons (3,681 th. bpd) on the back of challenging weather conditions in Central Russia, and oil production cap in compliance with the decisions of the Russian Government.

    In Q1 2025, the Company’s gas production amounted to 20.2 bcm (1,366 th. boe/day). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for around a third of the Company’s gas production.

    As a result, in Q1 2025, the Company’s hydrocarbon production amounted to 61.2 mln toe (5,047 th. boe/day).

    In Q1 2025, production drilling footage exceeded 2.8 mln meters. Rosneft commissioned over 0.6 th. new wells with horizontal wells accounting for 76% of that amount.

    Vostok Oil Project

    The Company continues pilot development of the Payakhskoye, Ichemminskoye and Baikalovskoye fields: in Q1 2025, production drilling footage exceeded 30,000 meters, while 4 production wells were completed. The Company launched pilot production at the Payakhskoye and Ichemminskoye fields with produced oil transported by trucks.

    Work is underway at the Vankor – Payakha – Sever Bay trunk oil pipeline. As of the end of Q1 2025, 104,000 piles were installed, about 450 km of the pipeline were laid, including a 171 km long two-piped section. Most of the work on laying the backup pipeline crossing the Yenisei River was completed.

    The Company completed most of the work on the construction of two cargo berths and a berth for the port fleet at the Sever Bay Port terminal. Construction of the first oil loading berth is in progress as well as preparatory work for the second berth. Construction of a crude delivery and acceptance point at Sever Bay Port terminal and the Suzun oil pumping station is underway. The Company continues the construction of logistics infrastructure and hydraulic engineering installations, shore reinforcement, and expansion of onshore and berth infrastructure.

    Refining

    In Q1 2025, the refining volumes amounted to 19.5 mln tons, demonstrating a quarter-on-quarter decrease. The refining volume trend is attributable to optimization of refinery utilization in view of the current pricing environment and demand, and the need for maintenance and repair works. The refining depth increased to 75.9%, while the light product yields reached 59.9%.

    Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft key priorities. In Q1 2025, the Company sold 9.8 mln tons of petroleum products on the domestic market, including 3.2 mln tons of gasoline and 3.8 mln tons of diesel fuel. 

    The Company is an active trader at the St. Petersburg International Mercantile Exchange (SPIMEX). In the reporting period, Rosneft sold 2.2 mln tons of gasoline and diesel fuel on the exchange that is 1.7 times higher than the required volume.

    Financial Performance

    Operating performance and the current macroeconomic environment combined with management solutions determined the dynamics of the Company’s key financial indicators.

    In Q1 2025, the Company’s revenue1 amounted to RUB 2,283 bln, down 8.5% quarter-on-quarter against lower Urals prices in rubles. At the same time, the rate of costs savings and expense reductions lagged behind the revenue dynamics, with one of the reasons being indexation of tariffs imposed by the natural monopolies. As a result, Q1 2025 EBITDA decreased to RUB 598 bln, with an EBITDA margin of 26%.

    In Q1 2025, unit upstream lifting costs amounted to $3/boe.

    In Q1 2025, net income attributable to Rosneft shareholders grew quarter-on-quarter, reaching RUB 170 bln.

    In Q1 2025, capital expenditure amounted to RUB 382 bln due to the scheduled implementation of the investment program mainly at Upstream assets.

    As of the end of Q1 2025, the net debt / EBITDA ratio amounted to 1.36x that is significantly below the minimum covenant under the loan agreements.

    ESG

    In the reporting period, the Company proceeded with activities aimed at achieving sustainable development goals under the ‘Rosneft-2030’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illnesses. In Q1 2025, the Lost Workday Injury Severity (LWIS) went down by 68%.

    Incident prevention measures resulted in a lower number of process safety events at the Company subsidiaries in Q1 2025. In particular, the frequency of incidents related to loss of containment of equipment with severe consequences of Tier 1 (PSER-1) reduced by 13% against Q1 2024, while the frequency of Tier 2 incidents (PSER-2) decreased by 19%.

    In the reporting period, no oil, gas or water shows (release of oil, gas or water to the surface) were registered during well drilling operations at the Company sites. The Company continued with pipeline replacement as part of its efforts to minimize oil and petroleum product spills.

    The Company leadership in sustainable development received independent external recognition. In April 2025, Rosneft became one of the leaders in the ESG ranking  for the quality of personnel management according to RAEX, Russia’s largest non-credit agency.

    1 Includes sales revenue and income from associates and joint ventures.

    Department of Information and Advertising
     Rosneft Oil Company
     May 30, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft and the Ministry of Finance of the Russian Federation Enter into a Cooperation Agreement

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft and the Ministry of Finance of the Russian Federation signed an Agreement on Cooperation in Financial Sector at the XXVIII St. Petersburg International Economic Forum.

    The document was signed by Rosneft CEO Igor Sechin and the Minster of Finance Anton Siluanov.

    The parties intend to establish integrated cooperation in the financial sector in order to facilitate the development and implementation of actions to reduce a negative impact on the Russian Federation and Russian legal entities.

    The Agreement provides for assistance in arranging settlements with friendly countries in national currencies, the development of the medium-term and long-term interbank lending in Russian rubles and currencies of friendly countries, and the development of international communication platforms in the Russian Federation and abroad in order to facilitate the discussion of cooperation in the financial sector.

    Additionally, the parties plan to develop cooperation in the area of expert and analytical activity.  

    Information and Advertising Department
    Rosneft Oil Company
    June 20, 2025

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: China Moves Towards Full Energy Independence to Become Major Energy Exporter – Rosneft CEO

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    China is moving towards full energy independence and will turn from an importer to a major energy exporter in the foreseeable future, Rosneft CEO Igor Sechin said in his report at the Energy Panel of the XXVIII St. Petersburg International Economic Forum.

    He noted that China is a unique example of a competent approach to energy system development – the country now accounts for a third of the world’s investments in the energy sector.

    “In my opinion, China, which has already ensured its energy security, is confidently moving towards complete energy independence, forming a stable energy balance based on its own resources. There is no doubt, taking into account the persistence and professionalism of the Chinese comrades, that in the foreseeable future they will achieve the desired result, which will turn China from an importer of energy resources into a major energy exporter,” said the CEO of Rosneft.

    According to Igor Sechin, in recent years it is in China that the largest amount of new renewable energy capacity has been commissioned and more than 70% of the world’s capacity for the production of equipment for the “green” economy is located. This applies to the entire value chain: from critical minerals to the production of high-tech equipment that has no analogues in Western countries.

    Rosneft’s CEO also noted China’s efforts in increasing investments in related infrastructure: investments in power grids increased by 15% last year and may double this year. “investments in rechargeable batteries have grown almost fivefold to $11 billion. As of today, the total capacity of such batteries in China exceeds 35 GW , which amounts to two-thirds of the entire global capacity,” Igor Sechin said.

    At the same time, China has never given up fossil fuels. Over the last five years, the country has outpaced the rest of the world in terms of commissioning new coal-fired generation capacity. “Today, coal accounts for almost 60% of China’s electricity generation. Last year alone, China issued permits for about 100 gigawatts of new coal-fired power generation, the highest in a decade, which should strengthen coal’s role in the grid,” emphasized the CEO of Rosneft.

    China’s efforts to strengthen its own energy security have drawn a barrage of criticism, often disguised as concern for the environment. “As the outstanding Chinese strategist and thinker Sun Tzu aptly noted two and a half thousand years ago: ‘The more brilliant your plan, the fewer people will agree with it,’” the Rosneft CEO added. 

    According to Sechin, China’s coordinated approach to energy security is particularly clear from the example of electric cars. The growth of their sales led to a significant slowdown in demand for motor fuel last year, and “the continuation of this trend may have a significant reversing effect on the balance of the oil market”.

    An important part of China’s strategy to reduce its dependence on energy imports is the processing of coal into synthetic fuels and chemical products. “Chinese companies are investing billions of dollars in the development of this industry. According to experts, today in China 40 million tons of coal is used to produce synthetic fuels and more than 260 mln tons for ammonia and methanol production,” Igor Sechin concluded.

    Department of Information and Advertising
    Rosneft Oil Company
    June 21, 2025

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: ROSNEFT OIL COMPANY H1 2024 IFRS RESULTS

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    • H1 2024 HYDROCARBON PRODUCTION AMOUNTED TO 131.3 MLN TOE
    • H1 2024 LIQUID HYDROCARBON PRODUCTION EQUALED 92.8 MLN TONS
    • H1 2024 GAS PRODUCTION TOTALLED 46.8 BCM
    • H1 2024 EBITDA AMOUNTED TO RUB 1,650 BLN
    • H1 2024 NET INCOME ATTRIBUTABLE TO ROSNEFT SHAREHOLDERS AMOUNTED TO RUB 773 BLN
    • H1 2024 FREE CASH FLOW AMOUNTED TO RUB 700 BLN
    • NET DEBT/EBITDA AT THE END OF H1 2024 WAS LESS THAN 1X
    • H1 2024 UNIT LIFTING COSTS AMOUNTED TO $2.7/BOE

    Rosneft Oil Company (hereinafter – Rosneft, the Company) announces its results for H1 2024, prepared in accordance with the International Financial Reporting Standards (IFRS).

      H1
    2024    		 H1
    2023    		 % change
      RUB bln (except for %)
    Revenues from sales and equity share in profits of affiliates and joint ventures 5,174 3,880* 33.4%
    EBITDA 1,650 1,401 17.8%
    Net income, attributable to Rosneft shareholders 773 609** 26.9%
    CAPEX 696 599 16.2%
    Adjusted free cash flow 700 434 61.3%

    * Adjusted for royalty effect in the Sakhalin-1 project.
    ** Revised due to completion of the 2022–2023 acquisition price allocation in 2023.

    Operating performance

    Exploration and production

    H1 2024 liquid hydrocarbons production amounted to 92.8 mln tons (3,796 th. bpd). The indicator performance is primarily driven by the production cap in compliance with the decisions of the Russian Government.

    H1 2024 gas production amounted to 46.8 bcm (1,566 th. boepd). Greenfield projects in the Yamal-Nenets Autonomous District commissioned in 2022 account for over a third of the Company’s gas production.

    As a result, the Company’s H1 2024 hydrocarbon production amounted to 131.3 mln toe (5,362 th. boepd).

    H1 2024 production drilling footage exceeded 5.9 mln meters. Rosneft commissioned over 1.4 th. new wells, 71% of which were horizontal.

    In H1 2024, Rosneft conducted 1.2 th. sq. km of 2D seismics and 4.7 th. sq. km of 3D seismics onshore Russia. The Company completed testing of 15 exploratory wells with a success rate of 87%.

    Vostok Oil Project

    As part of the flagship Vostok Oil project, in H1 2024 the Company completed 0.7 th. linear km of 2D seismics and 0.6 th. sq. km of 3D seismics. Rosneft carried out successful testing of one well, completed drilling of two wells with two more wells being tested.

    Pilot development of the Payakha, the Ichemminskoye and the Baikalovskoye fields is in progress: production drilling footage amounted to 42 th. meters, six production wells were completed in H1 2024.

    Work is underway at the ‘Vankor – Payakha – Sever Bay’ trunk oil pipeline. As of the end of H1 2024, over 65 th. piles had been mounted; over 280 km of pipeline had been welded, including 78 km long two-piped section. The Company completed the main pipeline crossing across the Yenisei River is finalizing the trench backfilling, and has started bottom dredging for laying a backup pipeline.

    The Company has completed most of activities on two cargo berths and one berth for the port fleet at the Sever Bay Port terminal, continues construction of an oil loading berth, and is working on construction of a crude oil delivery and acceptance point. Construction of logistics infrastructure, building of hydraulic structures, shore reinforcement, expansion of coastal and berthing infrastructure is underway.

    The Company completed winter-spring cargo delivery, and over 830 th. tons of property and equipment were delivered to the project’s production facilities via the Northern sea route and winter roads. Compared to the previous period, the volume of transported cargo increased by 32%.

    Refining

    H1 2024 refining volume in Russia amounted to 40.9 mln tons.

    The Company has been consistently developing domestic technologies and import substitution. In particular, Rosneft provides Company refineries with proprietary catalysts, which are essential for production of high-quality motor fuel. In H1 2024, Rosneft produced 1,130 tons of catalysts for hydrotreatment of diesel fuel and gasoline fractions, as well as protective layer catalysts. Rosneft subsidiaries also produced over 100 tons of gasoline reforming catalysts and 185 tons of catalysts for hydrogen production, petrochemicals and adsorbents. 630 tons of coked catalysts for hydrotreatment of diesel fuel were regenerated.

    Sustainable supply of high-quality motor fuel to Russian consumers is one of Rosneft’s key priorities. In H1 2024, the Company sold 21.6 mln tons of petroleum products on the domestic market, including 6.4 mln tons of gasoline and 8.8 mln tons of diesel fuel.

    The Company is an active participant of trading activities at the St. Petersburg International Mercantile Exchange (SPIMEX). In H1 2024, Rosneft sold 5.0 mln tons of gasoline and diesel fuel on the exchange, which is twice the required volume. The Company’s share in the total volume of exchange sales of gasoline and diesel fuel amounted to 38%.

    Financial performance

    Operating performance and the current macroeconomic environment combined with management decisions determined the trend of the Company’s key financial indicators.

    In H1 2024, the Company’s revenue1 amounted to RUB 5,174 bln, representing an increase of 33.4% year-on-year. EBITDA reached RUB 1,650 bln, which is 17.8% higher year-on-year. EBITDA margin amounted to 32%. At the end of H1 2024, the Net Debt/EBITDA ratio was 0.96x.

    H1 2024 unit lifting costs amounted to USD 2.7/boe.

    H1 2024 net income attributable to Rosneft shareholders increased to RUB 773 bln, a growth of 26.9%, which was mainly driven by the EBITDA growth.

    H1 2024 capital expenditure amounted to RUB 696 bln, which was 16.2% higher year-on-year and was due to the scheduled implementation of activities in the Upstream segment. At the same time, Rosneft’s free cash flow2 in the reporting period reached RUB 700 bln, which is 61.3% higher than in H1 2023.

    The Company is taking measures to reduce its ruble-denominated debt burden against the backdrop of high interest rates.

    In addition to the increase in interest rates, the outstripping growth of tariffs of natural monopolies negatively affects the Company’s performance. In particular, since 2020 increase in tariffs for cargo transportation by rail has exceeded the inflation rate by 17%.

    ESG

    In the reporting period, the Company continued to implement measures to achieve sustainable development goals under the ‘Rosneft-2030: Reliable Energy and Global Energy Transition’ strategy.

    Rosneft applies advanced technologies and state-of-the-art production methods to create a safe working environment and minimize the risk of occupational injuries and occupational illness. In H1 2024, while the overall LTIF (Lost Time Injury Frequency Rate) remained unchanged, the Lost Work Injury Frequency Rate (LWIS) dropped by 34%.

    In H1 2024, there were no gas, oil and water shows (release of oil, gas or water to the surface) during drilling operations at Company facilities. As part of efforts to minimize oil and petroleum product spills, measures were taken to replace field pipelines.

    In H1 2024, the Company processed more than 30 th. tons of legacy oily waste under the program on liquidation of environmental legacy.

    Active implementation of circular economy principles is one of the Company’s strategic development areas. In April 2024, Rosneft headed the waste management rating of RAEX, Russia’s largest non-credit rating agency, of 160 Russian companies. The Company’s leadership was acknowledged on the basis of the quality of corporate waste management policies and programs, gross and unit indicators of waste generation, as well as the share of waste reuse.

    Igor Sechin, Chairman of the Management Board and Chief Executive Officer of Rosneft, said:

    “Despite external pressure and challenges including production restrictions under the OPEC+ agreement, outstripping growth of tariffs of natural monopolies, increasing tax burden and interest rates, the Company continues to achieve strong financial results thanks to its high level of operational efficiency.

    In the first half of 2024, Rosneft’s key financial indicators – revenue, EBITDA, net income, cash flow – demonstrated stability. Unit lifting costs remained at a low level of USD 2.7/boe. As the country’s largest taxpayer, Rosneft paid RUB 2.8 trln in taxes in the first half of 2024.

    The ongoing growth of the tax burden has a negative impact on the oil industry. Its high level is confirmed by the calculations based on the data of Russia’s Federal Tax Service and Ministry of Finance – for 2019-2023, the tax burden in the oil industry amounted to 75%. By comparison, the burden in other industries for the same period is much lower: in the banking sector – 27%, in mining and metallurgy – 35%, in mining of diamonds and precious metals – 31%, in the gas industry – 62%.

    Such a level of tax burden undermines the very economic model of the industry and violates the rights of investors, including individual shareholders, of which Rosneft has over 1.3 mln people.

    In August 2024, for the benefit of shareholders and in full compliance with the dividend policy, the Company completed payment of final dividends approved by the Annual general shareholder meeting totaling over RUB 307 bln (29.01 per share).The total amount of dividends for 2023 is RUB 59.78 rubles per share or RUB 634 bln, which is a record high in the Company’s history”.

    1 Includes revenues from sales and equity share in profits of affiliates and joint ventures.
    2 Adjustment for prepayments under long-term oil supply contracts, including accrued interest payments thereon, net change in operations of subsidiary banks, and operations with trading securities.

    Department of Information and Advertising
    Rosneft Oil Company
    August 29, 2024

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft and the Khabarovsk Territory develop cooperation

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft and the Government of the Khabarovsk Territory signed a long-term Cooperation Agreement within the 9th Eastern Economic Forum.

    The document was signed by Igor Sechin, Rosneft CEO, and Dmitry Demeshin, Acting Governor of the Khabarovsk Territory.

    The agreement provides for cooperation between the parties in the implementation of industrial, financial and social programs to improve living standards in the Khabarovsk Territory.

    Under the Agreement, Rosneft will support the development of the region’s industrial and scientific potential. In particular, the Company plans to expand cooperation with local enterprises. The Agreement implementation will contribute to the improvement of investment attractiveness as well as innovation and educational activities efficiency in the Khabarovsk Territory.

    Under the document, Rosneft and the Territory Government plan to develop and implement environmental protection and educational projects together.

    In particular, the parties agreed to develop training and advanced training system for the Khabarovsk Territory workers and engineers.

    For reference:

    Rosneft plays a key role in petroleum product supply in the Khabarovsk Territory and the entire Far East. Komsomolsk Refinery is the largest refinery in the Khabarovsk Territory with more than 20 items in the product range: grade 5 high-octane gasoline and diesel, low-sulfur marine fuel RMLS 40, etc. The refinery supplies petroleum products to the Khabarovsk Territory as well as to the Primorsky Territory, the Amur, the Sakhalin, the Magadan, the Kamchatka regions and the Jewish Autonomous Region.

    Department of Information and Advertising
    Rosneft Oil Company
    September 4, 2024

    These materials contain statements regarding future events and expectations that are forward-looking estimates. Any statement in these materials that is not historical information is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by these forward-looking statements. We assume no obligation to adjust the data contained herein to reflect actual results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Keywords: Social News 2024

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft and 1C Promote IT Cooperation

    Source: Rosneft – An important disclaimer is at the bottom of this article.

    Rosneft and 1C signed a Strategic Cooperation Agreement in the IT area at the XXVII St. Petersburg International Economic Forum (SPIEF).

    The document defines the main areas of cooperation in development, implementation and promotion of software solutions based on the 1C:Enterprise 8 platform. These include business applications, as well as operational, metrological, and managerial products.

    Over the years, Rosneft has been continuously developing and scaling up 1C-based information systems. In particular, the company has automated the processes for retail sales of petroleum products, HR management, health and safety, financial and business activities.

    The signed Agreement will serve as an additional driver for enhanced partnership relations between Rosneft and 1C, and facilitate development of the efficient and effective process solutions to support digitalization of all segments of the Company operations.

    Information & Advertising Department
    Rosneft
     June 7, 2024

    These materials contain forward-looking statements regarding future events and expectations. All statements contained in these materials that do not relate to matters of historical fact constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any expected results, performance or achievements expressed or implied by such forward-looking statements. We assume no obligation to update the data contained herein to reflect actual performance or results, changes in underlying assumptions or factors affecting the forward-looking statements.

    Please note; this information is the raw content received directly from the information source. This is exactly what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Microalgae: an innovative tool for bioeconomy

    Source: Peoples’Friendship University of Russia –

    An important disclaimer is at the bottom of this article.

    Products derived from microalgae represent a cutting-edge development in the field of bioeconomy. The potential of this biological resource was discussed at the international research seminar “Foundations for a Green Sustainable Energy”, part of the BRICS Network University’s thematic group on “Energy”. The event was organized by the Institute of Ecology at RUDN University.

    The series of scientific seminars is designed to inform graduate students and young researchers from the universities participating in the BRICS Network University about the scientific challenges being solved by partner institutions and to encourage them to participate in international academic mobility

    Sergey Shirinsky,

    Associate Professor of the Department of Electromechanics, Electrical and Electronic Apparatus at NRU “MPEI”.

    The main speaker of the seminar was Irina Adarchenko, a graduate student from the Institute of Ecology at RUDN University with the presentation “Innovative Tools for Bioeconomy: the case of microalgae production.”

    Production

    Microalgae production is a key source of valuable bioproducts, including proteins, lipids, carbohydrates, vitamins, and various other beneficial compounds. However, their extraction involves a complex, multi-stage process.

    First, microalgae are cultivated under controlled conditions, whether in open ponds, closed photobioreactors, or fermenters. The biomass produced this way is then harvested and dehydrated. To release the contents of the cells, it is necessary to remove the cell walls. This can be done through mechanical, chemical, or enzymatic methods. Next step is the extraction process, where organic solvents, alkalis, acids, and enzymes are utilized to isolate specific compounds. The resulting extracts are then separated and purified to obtain the product.

    For example, high-purity proteins are extracted using alkaline extraction or enzymatic hydrolysis, while Omega-3 fatty acids are obtained through lipid extraction with organic solvents followed by separation. Vitamins and natural pigments are extracted using specialized solvents. Antioxidants and other specific compounds are extracted using solvent extraction and chromatography

    Areas of use

    Proteins, lipids, and carbohydrates derived from microalgae have potential applications in the food industry, for example, as additives, ingredients for functional foods, and aquaculture feed. Vitamins, pigments, antioxidants, and other bioactive compounds can be used in pharmaceuticals, cosmetics, and dietary supplements. In the energy sector, lipids are used for the production of biodiesel, while carbohydrates are used for bioethanol. In agriculture, microalgal biomass is becoming a biofertilizer. Furthermore, microalgae are used for wastewater treatment and in the production of biodegradable plastics.

    Bioeconomy uses microalgae for several reasons:

    1. Microalgae exhibit rapid growth rates, allowing for the production of biomass in significant quantities in a short time frame.
    2. It does not require arable land, as they can be cultivated in controlled environments.
    3. Microalgae are capable of absorbing CO2 from the atmosphere, helping to mitigate the greenhouse effect.
    4. It also plays a crucial role in bioremediation, cleaning up wastewater and contaminated sites.
    5. The diverse range of microalgal species, each with its unique composition, opens up avenues for a wide variety of products.

    Microalgae hold significant potential for addressing both food and environmental security issues. Their application in bioremediation and biofuel production is becoming increasingly prevalent. A key aspect of developing effective solutions is the selection of microorganisms. Therefore, research aimed at discovering new strains of microalgae with unique traits, such as mixotrophy, is particularly relevant today.

    Anna Popkova

    Deputy Director for International Activities at the Institute of Ecology of RUDN

    Microalgae provide proteins and micronutrients to the population, addressing the global challenge of food security. They also play a crucial role in ensuring energy security by offering renewable sources of biofuels, which helps reduce dependence on fossil fuels. The exciting prospects for using microalgae are tied to advancements in cultivation, processing, and scaling up production technologies. In the future, we can expect the emergence of new bioproducts derived from microalgae, as well as an expansion of their applications across various industries.

    Technologies for cultivating microalgae

    There are several technologies for cultivating microalgae.

    • Open ponds represent the most cost-effective option, although they do not allow for complete control over growth conditions.
    • Closed photobioreactors provide more regulated environments, ensuring higher productivity and biomass purity, but they come with a significantly higher price tag.
    • Hybrid systems blend elements of open ponds and closed photobioreactors to optimize the production process.
    • Additionally, fermenters are used for cultivating certain types of microalgae in the dark, utilizing organic substrates for growth.

    The implementation of these technologies in production comes with a range of challenges and obstacles. The high costs of production require substantial investments in equipment and infrastructure. Additionally, the low productivity of certain strains and processing methods needs further optimization and scaling efforts. Cultivation and processing processes are highly energy-intensive, highlighting the need to develop more efficient and environmentally friendly solutions. Another critical concern is the risk of water body eutrophication when microalgae are used in bioremediation, which necessitates strict monitoring and regulation. On top of this, scaling up laboratory innovations to industrial production remains challenging, compounded by logistical issues and difficulties in storing biomass and derived products.

    Please note; this information is raw content received directly from the information source. It is an accurate account of what the source claims, and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Russia: Expert RA affirms MKB’s credit rating at ruA+

    Источник: Credit Bank of Moscow – Московского Кредитного Банка –

    Важный отказ от ответственности находится в нижней части этой статьи.

    Expert RA affirms MKB’s credit rating at ruA+

    10.06.2025

    Expert RA has affirmed MKB’s national scale credit rating at ruA+ (“Moderately high level of creditworthiness / reliability / financial strength”). The outlook is “Stable”.

    Expert RA’s analysts note that the rating reflects, in particular, MKB’s moderately strong market position, satisfactory funding and liquidity profiles, fair asset quality, and fair corporate governance practices.

    As for MKB’s market standing, the agency points out that it enjoys notable competitive positions in the corporate lending and cash management segments and a rather broad base of large- and mid-cap borrowers across many sectors, giving it an important role at the federal level. The analysts also note a low level of overdue debt.

    They also mention MKB’s high systemic importance. Its share of the banking system’s total deposits by private individuals and sole proprietors was 1.5% as at 01.04.2025.

    Click here for more details.

    Примите к сведению; Эта информация является необработанным контентом, полученным непосредственно от источника информации. Она представляет собой точный отчет о том, что утверждает источник, и не обязательно отражает позицию MIL-OSI или ее клиентов.

    .

    MIL OSI Russia News –

  • MIL-OSI Africa: Applications Open for the Meltwater Entrepreneurial School of Technology (MEST) Artificial Intelligence (AI) Startup Program – Africa’s Launchpad for Artificial Intelligence (AI) Founders

    Source: APO

     The Meltwater Entrepreneurial School of Technology (MEST Africa) (www.Meltwater.org), a leader in tech entrepreneurship training and early to growth stage startup support, has officially opened applications for its newly evolved Training Program; the MEST AI Startup Program. This bold redesign of MEST’s flagship Training Program is built to prepare Africa’s most promising tech talents to build, launch, and scale world-class AI startups.

    For over 17 years, MEST has trained and supported software entrepreneurs across the continent, contributing to Africa’s innovation economy. Now, as artificial intelligence transforms industries at a very rapid pace, MEST is positioning Africa’s tech entrepreneurs at the forefront of this shift.

    “Africa has world-class tech talent, and it’s time AI solutions built on the continent reach users everywhere,” says Emily Fiagbedzi, Director of the MEST AI Startup Program. “MEST is proud to contribute to this reality through our training and incubation program that equips talent from across Africa with training and mentoring from international experts for the development of globally relevant AI Software.”

    The MEST AI Startup Program is a fully-funded, immersive experience hosted in Accra, Ghana that equips Africa’s most promising AI entrepreneurs with the technical, business, and leadership skills to build and scale globally competitive startups. Over an intensive seven-month training phase, founders receive hands-on instruction, technical mentorship, and business coaching from global experts while developing AI-powered solutions to real-world challenges. The top ventures then advance to a four-month incubation period, where they refine their products, secure market traction, and sharpen their go-to-market strategies. At the end of incubation, startups have an opportunity to pitch for pre-seed investment of up to $100, 000 and join the MEST Portfolio.

    As MEST Founder Jorn Lyseggen notes, “Mastering AI and the advanced AI tools available today is a must for any entrepreneur and further levelling the playing field. The world has never been flatter. We are proud and excited to announce that the next batch of MEST entrepreneurs will be trained by some of the most knowledgeable people in the industry from companies such as OpenAI, Perplexity, Google, and Meltwater.”

    For the 2026 intake, the program is open to African founders based in West Africa aged 21 – 30 with software development experience who want to start their own AI startup.

    Apply now at https://bit.ly/MESTAI26_APO

    Distributed by APO Group on behalf of The Meltwater Entrepreneurial School of Technology (MEST Africa).

    Media Contact:
    Ophesmur Naa Adjeley Adjei
    Marketing and Communications Manager
    ophesmur@meltwater.org

    About MEST Africa:
    Established in 2008 as the non‑profit arm of Meltwater, the Meltwater Foundation drives job creation and economic growth in Africa through software entrepreneurship. Headquartered in Accra, Ghana, the Foundation’s Entrepreneurial Support Organisation—MEST—delivers a full-time, in-person intensive tech‑entrepreneurship training to emerging talent from more than 22 African countries and provides early‑stage investment to promising ventures. To extend this impact, the Foundation launched MESTx, a suite of collaborative programs designed and delivered with like‑minded partners to expand digital‑skills training and startup acceleration across the continent. Since inception, the Meltwater Foundation has trained 2,000+ entrepreneurs and invested in 90+ startups across the continent—fueling innovation, creating jobs, and shaping Africa’s next generation of tech entrepreneurs.

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI Africa: Defence Committee Expresses Concern Over Continued Delays in Military Veterans’ Benefits

    Source: APO


    .

    The Portfolio Committee on Defence and Military Veterans has expressed deep concern over the ongoing challenges faced by military veterans, many of whom remain in limbo due to delays in receiving their service-related benefits from the Department of Military Veterans (DMV).

    During a briefing today on the amended Strategic Plans, annual performance plans, and the 2025/26 Budget of the DMV and the Castle Control Board (CCB), the committee stressed that the absence of a permanent Director-General undermines the department’s ability to deliver on its mandate and to manage its budget effectively. The committee also highlighted the dysfunctional organisational structure as a major frustration.

    Committee Chairperson, Mr Dakota Legoete, said: “We urgently need the appointment of a Director-General. The current Acting Director General is uncertain about her future, which compromises accountability and decision making. The continued delays in making this appointment destabilise the department and make it difficult for us, as the oversight committee, to track the department’s expenditure and performance.”

    The committee said it was sad that the DMV through its inability to put its stakeholders first continued to return unspent funds back to National Treasury. Members of the committee pointed out that on various occasions veterans were reaching out to them complaining after waiting for more than a year for their benefits.

    Of specific concern is the roll-out of the pension benefit where it appears that the DMV and implementing agent, the Government Pensions Administration Agency, appear to lack a coherent and responsive plan to serve them. The committee also raised serious concerns about the DMV’s failure to establish a functioning internal audit unit which is an essential tool for financial accountability and risk management.

    The committee highlighted the need for urgent intervention by the executive to turn around the DMV, starting with the appointment of a permanent Director-General, re-evaluating the organisational structure, addressing the findings of the Auditor-General and developing a more responsive department.

    Distributed by APO Group on behalf of Republic of South Africa: The Parliament.

    MIL OSI Africa –

  • MIL-OSI Video: High-level visit from Iceland

    Source: World Trade Organization – WTO (video statements)

    Director-General Ngozi Okonjo-Iweala met with the President of Iceland, Halla Tómasdóttir, on 1 July at the WTO. They discussed the current uncertainty faced by global trade and the world economy and emphasized the importance of collective efforts to tackle global challenges. Both leaders reiterated the importance of the multilateral trading system and the need for reform and repositioning of the WTO.

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=37JPkDDMUtQ

    MIL OSI Video –

  • MIL-OSI Europe: OLAF and EUIPO join forces to fight counterfeits in everyday products

    Source: European Anti-Fraud Offfice

    Press release no 19/2025
    PDF version

    The European Anti-Fraud Office (OLAF) and the European Union Intellectual Property Office (EUIPO) co-organised a two-day conference in Alicante, Spain to discuss current and emerging trends in intellectual property (IP) crime related to the sector of Fast-Moving-Consumer-Goods (FMCG). The event took place from 1-2 July and brought together more than 50 participants, including customs officers, police, market surveillance authorities, EU and international bodies and representatives from the industry. 

    The so-called Fast-Moving-Consumer-Goods (FMCG) include everyday items such as personal care and home care items, packaged food, snacks, soft drinks and household batteries. These items are often targeted by fraudsters due to high consumer demand, short shelf lives and high turnover that reaches hundreds of billions every year. 

    The economic scale of this sector makes it a lucrative target for counterfeit products, which are increasingly making their way into people’s homes. However, counterfeit goods not only harm legitimate businesses but can also pose serious risks to consumer health and safety as they oftentimes fail to comply with the European standards and regulations. The infiltration of fake products leads to significant economic damage – undermining fair competition, causing loss of revenue for legitimate producers, which ultimately results in job losses across affected industries. 

    To address this growing threat, OLAF and EUIPO co-hosted a two-day conference titled “The Counterfeit Closed: Uncovering Fake Products in Your Home and on Your Shelf”, held at the EUIPO premises in Alicante, Spain. The aim was to share information and best practices, discuss enforcement tools as well as practical insights on how to improve detection and strengthen cooperation to protect consumers and business from fake products. For more information, see the EUIPO news item. 

    “This conference is yet another concrete step in reinforcing EU’s fight against fraud involving intellectual property,” said OLAF Director-General Ville Itälä. “By working together across borders and sectors, we are better equipped to stop counterfeit goods at the source and protect European consumers, industry and markets.”

    Background 

    The conference is part of an ongoing cooperation between OLAF and EUIPO, under a service-level agreement launched in 2022. Together, the two institutions organise major knowledge-sharing events each year, focused on strengthening enforcement against intellectual property crimes. 

    Read the news item issued by the EUIPO

    OLAF mission, mandate and competences:

    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    https://anti-fraud.ec.europa.eu
    LinkedIn: European Anti-Fraud Office (OLAF)
    X: x.com/EUAntiFraud
    Bluesky: euantifraud.bsky.social

    If you’re a journalist and you wish to receive our press releases in your inbox, please leave us your contact data.
     

    MIL OSI Europe News –

  • MIL-OSI Russia: Young scientists of the State University of Management will take part in the formation of the country’s personnel strategy

    Translation. Region: Russian Federal

    Source: State University of Management – Official website of the State –

    On July 2, young scientists from the State University of Management presented one of the best projects of the forum “Strong Ideas for a New Time” and were invited to a strategic session on the formation of a personnel strategy at the Ministry of Labor and Social Protection of the Russian Federation.

    Head of the Scientific Research Coordination Department of the State University of Management Maxim Pletnev and specialist of the Center for Scientific Research Coordination, graduate student of the State University of Management Nikita Akinshin presented the project “Creation of a flexible, practice-oriented system for training scientific personnel” at the pitch session.

    The proposed initiative is aimed at reforming the training programs for scientific and pedagogical personnel in postgraduate studies by ensuring closer interaction between higher education institutions and enterprises in the real sector of the economy.

    The key basis of the proposal is the creation of conditions under which this interaction will be beneficial to all participants and will ensure unprecedented growth in scientific and technological development and the importance of science, as well as the status of scientists in Russia.

    Based on the successful experience of reorganizing the educational process in the training of scientific and pedagogical personnel in the postgraduate program of the State University of Management, a new approach was proposed that combines management, scientific and industrial competencies.

    A special feature of the new generation educational program is the presence of a scientific supervisor with experience in organizations in the real sector of the economy, who himself completed postgraduate studies, has a candidate/doctoral degree and understands the needs of industrial enterprises.

    As a result, the project of the SUM scientists entered the top 100 ideas in the direction of the “National Personnel Initiative”.

    To develop the idea, the project team was invited to a strategic session on the formation of a personnel strategy at the Ministry of Labor and Social Protection of the Russian Federation.

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

    MIL OSI Russia News –

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Session 3

    Source: European Central Bank (video statements)

    Session 3: Non-bank financial intermediaries, liquidity and their prudential treatment

    Chair: Luis de Guindos, Vice-President, European Central Bank

    Paper: “Growth of non-bank financial intermediaries, monetary policy, and financial stability”
    Author: Loriana Pelizzon, Deputy Scientific Director, Leibniz Institute for Financial Research SAFE and Professor, Goethe University Frankfurt and Ca’ Foscari University of Venice
    (together with Riccardo Mattiello, Ca’ Foscari University of Venice and Warwick University, and Jonas Schlegel, Financial Economist, SAFE Policy Center)

    Discussant: Nicola Cetorelli, Financial Research Advisor and Head of Financial Intermediation, Federal Reserve Bank of New York

    https://www.youtube.com/watch?v=KozVSM50NZg

    MIL OSI Video –

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Session 3

    Source: European Central Bank (video statements)

    Session 3: Non-bank financial intermediaries, liquidity and their prudential treatment

    Chair: Luis de Guindos, Vice-President, European Central Bank

    Paper: “Growth of non-bank financial intermediaries, monetary policy, and financial stability”
    Author: Loriana Pelizzon, Deputy Scientific Director, Leibniz Institute for Financial Research SAFE and Professor, Goethe University Frankfurt and Ca’ Foscari University of Venice
    (together with Riccardo Mattiello, Ca’ Foscari University of Venice and Warwick University, and Jonas Schlegel, Financial Economist, SAFE Policy Center)

    Discussant: Nicola Cetorelli, Financial Research Advisor and Head of Financial Intermediation, Federal Reserve Bank of New York

    https://www.youtube.com/watch?v=KozVSM50NZg

    MIL OSI Video –

  • MIL-OSI Video: ECB Forum on Central Banking 2025 – Session 3

    Source: European Central Bank (video statements)

    Session 3: Non-bank financial intermediaries, liquidity and their prudential treatment

    Chair: Luis de Guindos, Vice-President, European Central Bank

    Paper: “Growth of non-bank financial intermediaries, monetary policy, and financial stability”
    Author: Loriana Pelizzon, Deputy Scientific Director, Leibniz Institute for Financial Research SAFE and Professor, Goethe University Frankfurt and Ca’ Foscari University of Venice
    (together with Riccardo Mattiello, Ca’ Foscari University of Venice and Warwick University, and Jonas Schlegel, Financial Economist, SAFE Policy Center)

    Discussant: Nicola Cetorelli, Financial Research Advisor and Head of Financial Intermediation, Federal Reserve Bank of New York

    https://www.youtube.com/watch?v=KozVSM50NZg

    MIL OSI Video –

  • Australian govt confirms $2.2 billion funding for 2032 Brisbane Games venues

    Source: Government of India

    Source: Government of India (4)

    The Australian government has confirmed it will contribute A$3.435 billion ($2.25 billion) towards the A$7.1 billion cost of building the venues for the 2032 Brisbane Olympics, clearing the way for the start of construction.

    Queensland taxpayers and private finance will provide the balance of the money for the 17 new and upgraded venues for the Summer Games under the funding deal announced by state and federal governments on Thursday.

    “The Sydney 2000 Games left an incredible legacy and many Australians have memories that have lasted for decades,” Federal Infrastructure Minister Catherine King said in a statement.

    “We are ready to deliver a Brisbane 2032 games that will leave the same incredible legacy for Queensland.

    “The Australian government’s commitment of A$3.4 billion towards the Games venues is the single largest contribution any Australian government has made towards sporting infrastructure in this country.”

    Brisbane was awarded hosting rights for the Games in 2021 but political wrangling over the venues meant the final plans were not decided until March this year.

    Organising committee chief Andrew Liveris welcomed Thursday’s announcement as a “significant shift in forward momentum”.

    “I thank the Australian and Queensland governments for moving swiftly following the Australian government’s recent return to office to agree on intergovernmental funding that will ensure physical works can get underway …” he said.

    The main stadium, which is estimated to cost A$3.7 billion, will be built in the city’s Victoria Park and seat 60,000 during the Olympics and 3,000 more for Australian Rules football and cricket matches after 2032.

    A new aquatics centre to host the swimming in 2032 will also be built nearby at an estimated cost of A$650 million.

    “Today’s landmark agreement is the beginning of a new partnership that sets the pathway to deliver 2032 as the best Games ever,” said Queensland’s Deputy Prime Minister Jarrod Bleijie.

    “We’ve also launched procurement on four key projects to kickstart the delivery of world-class venues in the delivery plan.

    “I can also announce that we will start site investigations at Victoria Park for Australia’s most exciting sporting precinct that will be home to the new main stadium and the new National Aquatic Centre.”

    Liveris said in May that he did not think any ground would be broken on the two major new venues until the end of 2026.

    The federal government has already committed A$12.4 billion for local transport improvements that the Queensland government believes are necessary for 2032, the statement said.

    (Reuters)

  • Australian govt confirms $2.2 billion funding for 2032 Brisbane Games venues

    Source: Government of India

    Source: Government of India (4)

    The Australian government has confirmed it will contribute A$3.435 billion ($2.25 billion) towards the A$7.1 billion cost of building the venues for the 2032 Brisbane Olympics, clearing the way for the start of construction.

    Queensland taxpayers and private finance will provide the balance of the money for the 17 new and upgraded venues for the Summer Games under the funding deal announced by state and federal governments on Thursday.

    “The Sydney 2000 Games left an incredible legacy and many Australians have memories that have lasted for decades,” Federal Infrastructure Minister Catherine King said in a statement.

    “We are ready to deliver a Brisbane 2032 games that will leave the same incredible legacy for Queensland.

    “The Australian government’s commitment of A$3.4 billion towards the Games venues is the single largest contribution any Australian government has made towards sporting infrastructure in this country.”

    Brisbane was awarded hosting rights for the Games in 2021 but political wrangling over the venues meant the final plans were not decided until March this year.

    Organising committee chief Andrew Liveris welcomed Thursday’s announcement as a “significant shift in forward momentum”.

    “I thank the Australian and Queensland governments for moving swiftly following the Australian government’s recent return to office to agree on intergovernmental funding that will ensure physical works can get underway …” he said.

    The main stadium, which is estimated to cost A$3.7 billion, will be built in the city’s Victoria Park and seat 60,000 during the Olympics and 3,000 more for Australian Rules football and cricket matches after 2032.

    A new aquatics centre to host the swimming in 2032 will also be built nearby at an estimated cost of A$650 million.

    “Today’s landmark agreement is the beginning of a new partnership that sets the pathway to deliver 2032 as the best Games ever,” said Queensland’s Deputy Prime Minister Jarrod Bleijie.

    “We’ve also launched procurement on four key projects to kickstart the delivery of world-class venues in the delivery plan.

    “I can also announce that we will start site investigations at Victoria Park for Australia’s most exciting sporting precinct that will be home to the new main stadium and the new National Aquatic Centre.”

    Liveris said in May that he did not think any ground would be broken on the two major new venues until the end of 2026.

    The federal government has already committed A$12.4 billion for local transport improvements that the Queensland government believes are necessary for 2032, the statement said.

    (Reuters)

  • Australian govt confirms $2.2 billion funding for 2032 Brisbane Games venues

    Source: Government of India

    Source: Government of India (4)

    The Australian government has confirmed it will contribute A$3.435 billion ($2.25 billion) towards the A$7.1 billion cost of building the venues for the 2032 Brisbane Olympics, clearing the way for the start of construction.

    Queensland taxpayers and private finance will provide the balance of the money for the 17 new and upgraded venues for the Summer Games under the funding deal announced by state and federal governments on Thursday.

    “The Sydney 2000 Games left an incredible legacy and many Australians have memories that have lasted for decades,” Federal Infrastructure Minister Catherine King said in a statement.

    “We are ready to deliver a Brisbane 2032 games that will leave the same incredible legacy for Queensland.

    “The Australian government’s commitment of A$3.4 billion towards the Games venues is the single largest contribution any Australian government has made towards sporting infrastructure in this country.”

    Brisbane was awarded hosting rights for the Games in 2021 but political wrangling over the venues meant the final plans were not decided until March this year.

    Organising committee chief Andrew Liveris welcomed Thursday’s announcement as a “significant shift in forward momentum”.

    “I thank the Australian and Queensland governments for moving swiftly following the Australian government’s recent return to office to agree on intergovernmental funding that will ensure physical works can get underway …” he said.

    The main stadium, which is estimated to cost A$3.7 billion, will be built in the city’s Victoria Park and seat 60,000 during the Olympics and 3,000 more for Australian Rules football and cricket matches after 2032.

    A new aquatics centre to host the swimming in 2032 will also be built nearby at an estimated cost of A$650 million.

    “Today’s landmark agreement is the beginning of a new partnership that sets the pathway to deliver 2032 as the best Games ever,” said Queensland’s Deputy Prime Minister Jarrod Bleijie.

    “We’ve also launched procurement on four key projects to kickstart the delivery of world-class venues in the delivery plan.

    “I can also announce that we will start site investigations at Victoria Park for Australia’s most exciting sporting precinct that will be home to the new main stadium and the new National Aquatic Centre.”

    Liveris said in May that he did not think any ground would be broken on the two major new venues until the end of 2026.

    The federal government has already committed A$12.4 billion for local transport improvements that the Queensland government believes are necessary for 2032, the statement said.

    (Reuters)

  • MIL-OSI: Capgemini unveils strategic AI framework to turn enterprise ambition into measurable business impact

    Source: GlobeNewswire (MIL-OSI)

    Press contact:
    Mollie Mellows
    Phone:+ 44 (0) 7342 709384
    E-mail: mollie.mellows@capgemini.com

    Capgemini unveils strategic AI framework to turn enterprise ambition into measurable business impact

    Paris, July 3, 2025 – Capgemini today unveiled its Resonance AI Framework to help organizations unlock the full potential of AI at scale, reimagining their business from operations to innovation. With the vast majority of organizations planning to implement agentic AI in the next 2 years1, there is a strong need to reinforce organizations’ AI readiness, while creating the right “human-AI chemistry” to ensure long-lasting adoption. Supported by a suite of AI transformation offers and RAISE, a comprehensive generative AI and AI agents gallery, the framework enables organizations to turn strategy into action across the enterprise.

    In an era of unprecedented transformation, AI can release waves of opportunities across industries, ranging from performance improvement to breakthrough innovation and business reinvention. The Resonance AI Framework by Capgemini helps leaders envision AI’s potential, embed it into the foundation of their operations, and enable what Capgemini terms “human-AI chemistry”. Designed to allow effective interaction between people and intelligent systems, the framework addresses the trust, understanding, and collaboration needed for human and AI agents to build reliability over time, ensuring that hybrid teams thrive.

    The Resonance AI Framework combines the breadth of the Group’s capabilities, enabling seamless delivery of cohesive, responsible, and high-impact solutions to clients. It is a strategic blueprint that helps organizations navigate a new world of democratized AI, release the next waves of human-AI innovation, and secure long-term adoption.

    “At Capgemini, we believe AI is becoming the next utility – accessible everywhere, anytime, and by anyone. This democratization of AI empowers businesses to embed AI into the fabric of everyday operations,” said Aiman Ezzat, Chief Executive Officer of the Capgemini Group. “At the heart of the framework is the concept of resonance, the idea that AI transformation must begin at the core of an organization and radiate outward to generate continuous waves of value. Our approach offers a clear path forward: one that aligns vision with execution, strategy with operations, and innovation with responsibility. This is how the next market-leading businesses will thrive, by fostering human-AI interaction and making AI performance real.”

    Releasing the next waves of human-AI innovation
    To deliver business value, the Resonance AI Framework by Capgemini equips organizations to act across three strategic dimensions:

    • AI essentials (ACCESS): The core components required to unlock actionable intelligence and transformative value within an organization. It is the combination of two critical components: Intelligent-as-a-Service, which includes scalable infrastructure, advanced language models, and software with built-in AI capabilities; and the organization’s raw data – unique, unprocessed, and often underused assets that power meaningful insights.
    • AI readiness (ADAPT): This is about preparing the organization to use AI responsibly and effectively. It involves establishing the right enablers, such as workforce models, governance frameworks, and data infrastructure. The implementation of guardrails is also required to ensure ethical, legal, and safe AI operations. Together, these foundations support scalable adoption.
    • Human-AI chemistry (ADOPT): To achieve success with AI, organizations must intentionally design interactions between humans and AI across workflows, decision-making, and culture. The quality of collaboration between humans and AI is shaped by three core elements: clearly defined roles and responsibilities, well-designed interactions, and strong alignment with legal and ethical standards to build reliability over time. Just as team chemistry drives human performance, human-AI chemistry will shape how deeply AI can integrate into the enterprise.

    A comprehensive AI-first portfolio of offers delivering client outcomes
    Capgemini’s framework is supported by a broad suite of transformation offers, each designed to help organizations derive tangible value from AI. These include:

    • Envisioning and building the AI strategy roadmap
    • Developing AI-powered experiences, products and innovation
    • Boosting AI-powered go-to-market
    • Uplifting business outcomes with AI-powered business process operations
    • Evolving faster with AI-powered IT

    These offers are supported by a comprehensive and enterprise-ready generative AI and AI agents builder and gallery that will be constantly evolving to support new market opportunities (RAISE).

    Already being adopted by clients worldwide, the framework is poised to become a global standard for enterprise AI transformation. From manufacturing to financial services, organizations are using it to craft their AI roadmaps, hyper-automate business process and IT operations, and reimagine customer engagement.

    For example, Capgemini is working with a global pharmaceutical leader to address slow resolution times, high support costs, and low user satisfaction in its IT service desk. By introducing agentic and generative AI, the organization reduced average handling time by 20%, improved first contact resolution and user satisfaction, enabled up to 80% zero-touch automation, and cut operational costs by 40%.
      
    The business and technology transformation partner enabling AI-powered enterprises
    The launch of the Resonance AI Framework is the latest initiative from Capgemini to strengthen its leadership in AI. Over the last two years, Capgemini has accelerated its AI strategy by upskilling over 150,000 team members on generative AI tools and establishing AI Centers of Excellence plus two AI-focused Labs (AI Futures and AI Robotics & Experiences). With a broad ecosystem of 25 strategic partners in AI, the Group has invested in strengthening its partnerships with key players across the AI value chain, including AWS, Google Cloud, Microsoft and Mistral AI. Capgemini’s leadership in AI has also been recognized by the Forrester Wave™: AI services, Q2 2024.

    Organizations can learn more about the Resonance AI Framework by Capgemini and how it can help them lead in the age of intelligence here.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get The Future You Want | www.capgemini.com

    1“Top Tech Trends of 2025: AI-powered everything”, Capgemini Research Institute, November 2024

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  • MIL-OSI: Capgemini unveils strategic AI framework to turn enterprise ambition into measurable business impact

    Source: GlobeNewswire (MIL-OSI)

    Press contact:
    Mollie Mellows
    Phone:+ 44 (0) 7342 709384
    E-mail: mollie.mellows@capgemini.com

    Capgemini unveils strategic AI framework to turn enterprise ambition into measurable business impact

    Paris, July 3, 2025 – Capgemini today unveiled its Resonance AI Framework to help organizations unlock the full potential of AI at scale, reimagining their business from operations to innovation. With the vast majority of organizations planning to implement agentic AI in the next 2 years1, there is a strong need to reinforce organizations’ AI readiness, while creating the right “human-AI chemistry” to ensure long-lasting adoption. Supported by a suite of AI transformation offers and RAISE, a comprehensive generative AI and AI agents gallery, the framework enables organizations to turn strategy into action across the enterprise.

    In an era of unprecedented transformation, AI can release waves of opportunities across industries, ranging from performance improvement to breakthrough innovation and business reinvention. The Resonance AI Framework by Capgemini helps leaders envision AI’s potential, embed it into the foundation of their operations, and enable what Capgemini terms “human-AI chemistry”. Designed to allow effective interaction between people and intelligent systems, the framework addresses the trust, understanding, and collaboration needed for human and AI agents to build reliability over time, ensuring that hybrid teams thrive.

    The Resonance AI Framework combines the breadth of the Group’s capabilities, enabling seamless delivery of cohesive, responsible, and high-impact solutions to clients. It is a strategic blueprint that helps organizations navigate a new world of democratized AI, release the next waves of human-AI innovation, and secure long-term adoption.

    “At Capgemini, we believe AI is becoming the next utility – accessible everywhere, anytime, and by anyone. This democratization of AI empowers businesses to embed AI into the fabric of everyday operations,” said Aiman Ezzat, Chief Executive Officer of the Capgemini Group. “At the heart of the framework is the concept of resonance, the idea that AI transformation must begin at the core of an organization and radiate outward to generate continuous waves of value. Our approach offers a clear path forward: one that aligns vision with execution, strategy with operations, and innovation with responsibility. This is how the next market-leading businesses will thrive, by fostering human-AI interaction and making AI performance real.”

    Releasing the next waves of human-AI innovation
    To deliver business value, the Resonance AI Framework by Capgemini equips organizations to act across three strategic dimensions:

    • AI essentials (ACCESS): The core components required to unlock actionable intelligence and transformative value within an organization. It is the combination of two critical components: Intelligent-as-a-Service, which includes scalable infrastructure, advanced language models, and software with built-in AI capabilities; and the organization’s raw data – unique, unprocessed, and often underused assets that power meaningful insights.
    • AI readiness (ADAPT): This is about preparing the organization to use AI responsibly and effectively. It involves establishing the right enablers, such as workforce models, governance frameworks, and data infrastructure. The implementation of guardrails is also required to ensure ethical, legal, and safe AI operations. Together, these foundations support scalable adoption.
    • Human-AI chemistry (ADOPT): To achieve success with AI, organizations must intentionally design interactions between humans and AI across workflows, decision-making, and culture. The quality of collaboration between humans and AI is shaped by three core elements: clearly defined roles and responsibilities, well-designed interactions, and strong alignment with legal and ethical standards to build reliability over time. Just as team chemistry drives human performance, human-AI chemistry will shape how deeply AI can integrate into the enterprise.

    A comprehensive AI-first portfolio of offers delivering client outcomes
    Capgemini’s framework is supported by a broad suite of transformation offers, each designed to help organizations derive tangible value from AI. These include:

    • Envisioning and building the AI strategy roadmap
    • Developing AI-powered experiences, products and innovation
    • Boosting AI-powered go-to-market
    • Uplifting business outcomes with AI-powered business process operations
    • Evolving faster with AI-powered IT

    These offers are supported by a comprehensive and enterprise-ready generative AI and AI agents builder and gallery that will be constantly evolving to support new market opportunities (RAISE).

    Already being adopted by clients worldwide, the framework is poised to become a global standard for enterprise AI transformation. From manufacturing to financial services, organizations are using it to craft their AI roadmaps, hyper-automate business process and IT operations, and reimagine customer engagement.

    For example, Capgemini is working with a global pharmaceutical leader to address slow resolution times, high support costs, and low user satisfaction in its IT service desk. By introducing agentic and generative AI, the organization reduced average handling time by 20%, improved first contact resolution and user satisfaction, enabled up to 80% zero-touch automation, and cut operational costs by 40%.
      
    The business and technology transformation partner enabling AI-powered enterprises
    The launch of the Resonance AI Framework is the latest initiative from Capgemini to strengthen its leadership in AI. Over the last two years, Capgemini has accelerated its AI strategy by upskilling over 150,000 team members on generative AI tools and establishing AI Centers of Excellence plus two AI-focused Labs (AI Futures and AI Robotics & Experiences). With a broad ecosystem of 25 strategic partners in AI, the Group has invested in strengthening its partnerships with key players across the AI value chain, including AWS, Google Cloud, Microsoft and Mistral AI. Capgemini’s leadership in AI has also been recognized by the Forrester Wave™: AI services, Q2 2024.

    Organizations can learn more about the Resonance AI Framework by Capgemini and how it can help them lead in the age of intelligence here.

    About Capgemini
    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, generative AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2024 global revenues of €22.1 billion.

    Get The Future You Want | www.capgemini.com

    1“Top Tech Trends of 2025: AI-powered everything”, Capgemini Research Institute, November 2024

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    The MIL Network –

  • MIL-OSI: Sampo plc: Disclosure Under Chapter 9 Section 10 of the Securities Market Act (BlackRock, Inc.)

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 3 July 2025 at 9:35 am EEST

    Sampo plc: Disclosure Under Chapter 9 Section 10 of the Securities Market Act (BlackRock, Inc.)

    Sampo plc (business code 0142213-3) has received a disclosure under Chapter 9, Section 5 of the Securities Markets Act. The reason for the notification by BlackRock, Inc. is the Group restructure following the acquisition of HPS Investment Partners (“HPS”). The aggregate holdings including financial instruments according to SMA 9:6a owned by BlackRock, Inc. and the entities referred to above amounts to 7.00 per cent of the total number of shares and 6.98 per cent of the total voting rights of Sampo plc.

    Sampo’s share capital comprises 2,691,238,860 shares, of which 2,690,238,860 are A shares and 1,000,000 are B shares. Each A share entitles its holder to one (1) vote and each B share to five (5) votes. Thus, the total number of votes is 2,695,238,860.

    Total positions of BlackRock, Inc and its funds subject to the notification:

      % of shares and voting rights (total of A) % of shares and voting rights through financial instruments (total of B) Total of both in % (A+B)
    Resulting situation on the date on which threshold was crossed or reached 6.89% shares

    6.88% voting rights

    		 0.10% shares

    0.10% voting rights

    		 7.00% shares

    6.98% voting rights
    Positions of previous notification (if applicable) 5.63% shares

    5.62% voting rights

    		 0.29% shares

    0.29% voting rights

    		 5.93% shares

    5.92%voting rights

    Notified details of the resulting situation on the date on which the threshold was crossed:

    A: Shares and voting rights:

    Class/type of shares
    ISIN code    		 Number of shares and voting rights % of shares and voting rights
      Direct
    (SMA 9:5)    		 Indirect
    (SMA 9:6 and 9:7)    		 Direct
    (SMA 9:5)    		 Indirect
    (SMA 9:6 and 9:7)
    FI4000552500   185,655,678 shares

    185,655,678 voting rights

    		   6.89% shares

    6.88% voting rights
    SUBTOTAL A 185,655,678 shares

    185,655,678 voting rights

    		 6.89% shares

    6.88% voting rights

    B: Financial instruments according to SMA 9:6a:

    Type of financial
    instrument    		 Expiration date Exercise/
    Conversion Period    		 Physical or
    cash settlement    		 Number of shares
    and voting rights    		 % of shares and
    voting rights
    American Depository Receipt (US79588J1025) N/A N/A Physical 1,251,080 shares

    1,251,080 voting rights

    		 0.04% shares

    0.04% voting rights
    CFD N/A N/A Cash 1,484,268 shares

    1,484,268 voting rights

    		 0.05% shares

    0.05% voting rights
          SUBTOTAL B 2,735,348 shares

    2,735,348 voting rights

    		 0.10% shares

    0.10% voting rights

    SAMPO PLC

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London stock exchange
    FIN-FSA
    The principal media
    www.sampo.com

    The MIL Network –

  • India’s services sector soars to 10-month high in June, signaling strong growth

    Source: Government of India

    Source: Government of India (4)

    The growth in India’s services sector activity surged to a 10-month high in June, driven by robust demand in both the domestic and export markets, according to an HSBC survey released on Thursday.

    The seasonally adjusted HSBC India Services PMI Business Activity Index, compiled by S&P Global, rose from 58.8 in May to 60.4 in June. The PMI threshold of 50.0 is neutral mark that separates growth from contraction on the index.

    New orders expanded at the quickest rate since August 2024. Services companies benefited most from the continued strength of the domestic market, alongside a marked increase in new export business. Overseas demand particularly improved from the Asian, Middle Eastern and US markets, according to panel members, the survey states.

    The ongoing expansion of the Indian services sector had a positive impact on recruitment. Employment rose for the thirty-seventh consecutive month in June, with the rate of job growth outpacing its long-run average, although it was lower than the record figure achieved in May.

    The rate of input cost inflation across India’s service economy eased to a ten-month low in June, and was below its long-run average. Despite easing from May, the rate of charge inflation remained above the series trend. Outstanding business expanded at a slight rate that was nevertheless faster than in May.

    According to the survey, optimism regarding the outlook for output levels in one-year time was sustained, with 18 per cent of service providers forecasting growth. This proportion of upbeat firms was, however, the lowest since mid-2022. Hence, the overall level of confidence fell and was below its long-run average.

    The HSBC India Composite PMI, which combines services and manufacturing activity, rose to 61.0 in June from 59.3, marking the fastest expansion in 14 months. The manufacturing PMI data released this week showed manufacturing activity growth accelerated in June, in tune with the strong services sector performance.

    (IANS)

  • MIL-Evening Report: The takeaway from the Venice Biennale saga: the art world faces deep and troubling structural inequality

    Source: The Conversation (Au and NZ) – By Grace McQuilten, Professor of Art and Associate Dean, Research and Innovation, School of Art, RMIT University

    Creative Australia’s decision earlier this year to rescind the selection of artist Khaled Sabsabi and curator Michael Dagostino as Australia’s 2026 representatives at the Venice Biennale sent shockwaves through the arts sector.

    For many artists and arts workers, it reinforced concerns around participation and access for those from culturally and racially diverse backgrounds.

    This week’s reinstatement of the artistic team offers some comfort. However, the entire incident has reinforced that, while diversity in the arts is celebrated, inclusion at the highest level can’t be taken for granted.

    Some worrying stats

    Our 2024 survey of more than 900 visual and craft artists, and visual arts workers (who we define as workers who support the visual arts sector), revealed several concerning findings in relation to opportunity and inclusion for culturally and racially diverse creatives.

    The first key finding was more than 67% of artists and 78% of arts workers felt there were cultural and/or access-related barriers to them participating in the sector.

    The second was culturally diverse workers in the sector tended to identify as “early career” rather than “established”. This points to challenges for career progression and, in turn, to systemic and structural barriers to career development.

    Of all the people we surveyed, 17% of visual artists and 20% of visual arts workers reported being of a culturally diverse background. Of these, only 15% of artists and 14% of arts workers reported being at an “established” career stage.

    By contrast, among the general population of artists (including those without a diverse background), 30% of the artists reported being “established” in their careers, along with 26% of arts workers.

    Art shouldn’t be at the behest of politics

    Issues around political censorship and cultural bias in the sector were not a focus of our survey, which was conducted nine months after the war in Gaza began, and before Creative Australia’s selection (and swift cancellation) of the 2026 Venice Biennale team.

    Nonetheless, respondents were concerned their political views, and/or their cultural or racial background, could impact their likelihood of advancing a career in the sector.

    Some respondents explained if they were no longer working as an artist or arts worker in five years’ time, it would most likely be due to “systemic discrimination” and “increasing censorship prevalent in this industry”.

    According to an independent review into the Sabsabi decision (and its reversal):

    While no formal assessment was undertaken, it is clear that there was a general awareness within Creative Australia, among those with knowledge of the selected Artistic Team, that the decision had the potential to be controversial. The Panel heard that, at the time, the decision was described as ‘bold’ or ‘courageous’. The source of potential controversy was seen to lie in the fact of selecting any artist with heritage connected to the Middle East at a time when conflict in that region was so emotive and polarising, rather than because of the proposed nature of the work to be undertaken at the 2026 Venice Biennale.

    Entrenched harmful biases

    Sadly, the negative response from politicians to the initial selection of Khaled Sabsabi and Michael Dagostino gave credibility to our respondents’ concerns.

    One participant told us “being called Ahmed* is a bit of a disadvantage given the international situation”.

    Another said “only certain cultures and political plights are given support”.

    Financial security is also potentially at risk. As one respondent explained, the main barrier to their personal financial security were political values. “My work is at risk when governments change,” they said.

    Artists and arts workers from culturally and racially diverse backgrounds also reported more significant impacts from the cost-of-living crisis, along with poorer mental health and work-life balance.

    Importantly, our findings don’t stand in isolation. Similar issues have been identified by Diversity Arts Australia, who in 2022 reported on the significant negative impacts of the pandemic on First Nations artists and artists of colour.

    Also, in 2021, Creative Australia reported on problems around inclusion and access for culturally diverse communities in the arts and cultural sector.

    What might progress look like?

    Our research involved making a number of policy recommendations to tackle these issues.

    For one thing, there is a clear need for organisational change. On this front, arts organisations and employers should invest in cultural competency training for all staff and board members. They should also prioritise professional development and career growth for culturally and racially diverse staff.

    To drive meaningful change, funding incentives should be introduced to support diverse leadership. This should include higher pay for culturally and/or racially diverse leaders whose backgrounds lead them to having added responsibility in the workplace.

    The sector also needs greater transparency around cultural and racial representation in staffing and leadership roles, including board roles. This will promote accountability and help drive cultural change.

    Finally, success for artists from culturally and linguistically diverse backgrounds requires the Australian art world to engage with multiple world views – and understand not all art will be immediately accessible to all audiences.

    The controversy surrounding Creative Australia’s biennale backflip offers an opportunity for the visual arts sector to reckon with deep and troubling issues of structural inequity, along with broader questions of free expression – especially in a fraught political climate.

    These issues are wider than the art world. But what better place to start?

    *Name changed to protect identity.

    Grace McQuilten received funding from the Australian Research Council’s Linkage Projects funding scheme (project LP200100054). The views expressed herein are those of the authors and are not necessarily those of the Australian government or Australian Research Council.

    Kate MacNeill received funding from the Australian Research Council’s Linkage Projects funding scheme (project LP200100054). The views expressed herein are those of the authors and are not necessarily those of the Australian government or Australian Research Council.

    – ref. The takeaway from the Venice Biennale saga: the art world faces deep and troubling structural inequality – https://theconversation.com/the-takeaway-from-the-venice-biennale-saga-the-art-world-faces-deep-and-troubling-structural-inequality-260316

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Tears, trauma and unpaid work: why men in tinnies aren’t the only heroes during a flood disaster

    Source: The Conversation (Au and NZ) – By Rebecca McNaught, Research Fellow, Rural and Remote Health, University of Sydney

    Dan Peled/Getty Images

    When flooding strikes, our screens fill with scenes of devastated victims, and men performing heroic dinghy rescues in swollen rivers. But another story often goes untold: how women step in, and step up, to hold their stricken communities together.

    Unprecedented floods in the Northern Rivers of New South Wales in 2022 are a case in point. Our research shows female leadership was the hidden backbone of community recovery in the aftermath of the emergency. Women rose to leadership roles, filling crucial gaps left by formal disaster responses. As one woman told us:

    I mean there’s some blokes around, I’ve got to give them some credit, but, yeah, I’m amazed … it was always the women saying, what do you need? What can I help with?

    And long after the disaster had passed and the media had moved on, women were still there, quietly leading sustained recovery efforts from their homes, community halls and online networks.

    But while the labour of men was generally supported and recognised, the complex and difficult work of women was largely overlooked.

    The invisible labour of disaster recovery

    The NSW Northern Rivers region is a rural area highly prone to climate disaster.

    In February and March 2022, the region experienced catastrophic flooding and landslips. About 11,000 homes were inundated. Health care facilities were damaged and disrupted. Emergency services were overwhelmed and many communities were cut off, some for weeks.

    In response, the community stepped up in extraordinary ways. Our research explored the particular contribution of women to this effort.

    The research focused on the contribution of women to community recovery after the Lismore floods.
    Dan Peled/Getty Images

    ‘No one else was going to do it’

    The research involved interviews with people involved in the flood response and recovery. We also examined notes from public events and transcripts from a NSW government inquiry into the floods.

    We found that, despite facing immense challenges, women played an essential role in sustaining their communities during and after the crisis.

    For example, they coordinated food relief, managed donation hubs, organised volunteers and provided emotional support to neighbours and strangers. As one female interviewee told us:

    It was more than about food … people would just come and then we’d just hug them and they’d just cry … the food relief turned into something deeper.

    Emergency-management environments are often dominated by men. As a result, female community organisers often felt excluded from formal decision-making. As one woman told us:

    every face in the meeting was a white middle-aged guy with a buzz cut. And, and I was like, there is no women. There is no diversity. There was no sense of community or that whole recovery space.

    One woman cited the example of a local council celebrating “men in their dinghies” who took part in a flood rescue, while failing to recognise women who collectively contributed many thousands of unpaid hours towards the recovery effort:

    here we are with just simply a trillion women doing all of the childcare, all of the cooking, all of the soft labour, literally everything plus being on dinghies … and there’s just nothing for us.

    Some women took unpaid leave from work to coordinate recovery activities in their communities, because, as one woman told us, “no one else was going to do it”.

    Women’s roles were not limited to unskilled tasks and care work. Women also brought professional skills to the recovery effort, such as event management, IT, nursing, communications, clinical psychology, trauma healing, business management, social work and public health.

    Women: there for the long term

    We found while men’s involvement in disaster recovery tended to be concentrated on specific short-term rescue and response, women tended to remain active for months or even years.

    For example, two years after the flooding disaster, at a gathering of grassroots community-disaster
    organisers, 87% of names on the contact list were female.

    Some women continued to volunteer their labour, while others managed to obtain short-term funding. Whether paid or unpaid, the women experienced overwhelm and felt exhausted by the long-term effort, and some experienced vicarious trauma. However, their sense of community responsibility prevented them from stepping back.

    Rethinking who we see as leaders

    The research confirms women’s contributions are consistently overlooked during and after a disaster. It reflects a broader trend in Australia, where women’s labour is historically undervalued.

    Women’s disaster work – coordinating volunteers, providing emotional care and advocating for their communities – was often unsupported by government and continued long after official agencies left.

    Yet, these contributions remained largely invisible.

    Three years after the floods, many women in the Northern Rivers are preparing for the next emergency, and women comprise the majority of community resilience groups in the region.

    Women must be recognised and supported to ensure the health and wellbeing of disaster-affected communities. The health and wellbeing of these women themselves must also be paramount.

    More government and private funding is vital. Where possible, philanthropic community grants should also be expanded.

    The recently formed Northern Rivers Community Resilience Alliance involves 50 grassroots groups combining to provide peer support, advocate together, seek joint funding and provide training. Such networks can provide ongoing support to community organisers.

    As Earth’s climate becomes more hostile and extreme weather events become more likely, there is an urgent need to support community efforts – and to rethink who we see as leaders in times of disaster. Building resilient communities starts with recognising and resourcing the people doing the work – including local women.

    The authors acknowledge Emma Pittaway, Loriana Bethune and Dominica Meade who co-authored the research upon which this article is based.

    Rebecca McNaught receives funding from The Peregrine Foundation and Gender and Disasters Australia. She is a board member of not-for-profit Plan C and President of the volunteer group the South Golden Beach, New Brighton and Ocean Shores Community Resilience Team. She attends the Northern Rivers Community Resilience Alliance.

    Jo Longman has received funding from the NSW State Government Disaster Risk Reduction Fund and the Healthy Environments and Lives Innovation Fund. She is affiliated as a volunteer with Plan C’s research team.

    – ref. Tears, trauma and unpaid work: why men in tinnies aren’t the only heroes during a flood disaster – https://theconversation.com/tears-trauma-and-unpaid-work-why-men-in-tinnies-arent-the-only-heroes-during-a-flood-disaster-260327

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: 10 steps governments can take now to stamp out child sexual abuse in care settings

    Source: The Conversation (Au and NZ) – By Ben Mathews, Distinguished Professor, School of Law, Queensland University of Technology

    Recent cases of prolific alleged child sexual abuse in Melbourne and other Australian early childhood education and care settings have shocked even experienced people who work to prevent child sexual abuse. Parents are right to be outraged, scared and uncertain.

    The most pressing issue, then, is what we do about it.

    Regulation and practice is still falling short, despite all our knowledge and prior recommendations. We have the benefit of the gold-standard Royal Commission Into Institutional Responses to Child Sexual Abuse (including Volume 6 on making institutions child-safe). We can also draw on rigorous scientific work about how best to prevent child sexual abuse in child and youth-serving organisations.

    Criminal history checks are essential, but many offenders will not have a criminal record. These checks are only one part of an entire safety system. Other measures are arguably even more important.

    The federal government, together with states and territories, recently announced new measures. However, these are acknowledged as only a first step.

    Children have a right to be safe from sexual violence. Continued failure is unacceptable. National Children’s Commissioner Anne Hollonds’ demand for a national inquiry, which can fully understand current limitations in the system and create a comprehensive blueprint for reform, is compelling.

    The established evidence has already identified some of these pillars of reform. Here are ten key actions for policy-makers to create key components of safe early childhood education and care settings.

    1. Policy. Every organisation needs to operate under a comprehensive policy about child safety. This should include specific guidelines for the prevention of sexual abuse. The policy should also include clear definitions and objectives, and be driven by a zero-tolerance approach.

    2. Safe screening and hiring. Every organisation needs to recruit staff through rigorous processes, including criminal history checks (supported by information-sharing within and between jurisdictions). But this is only a starting point. Staff are educators and carers, not babysitters; they should be properly qualified and appropriately remunerated.

    Should men be banned from employment in these settings? Employment discrimination based on gender is likely a step too far, but considerations of risk are important and children’s best interests are paramount. Nearly all sexual abuse of young children is by men, and stringent measures could be employed when recruiting men to child-related positions.

    3. Code of conduct. A detailed code of conduct is essential. This is the operating manual for the organisation and its staff, and should be made available to parents. A robust code will specify what conduct is prohibited, and what is required. It will have special rules for high-risk situations – for example, bathrooms, changing clothes, physical interaction, and technology use.

    4. Supervision and monitoring. A safe organisation must have appropriate measures for the implementation of the safety framework. It must also monitor the framework and its components. For example, there must be: appropriate staff supervision, recording of the approach to safety and its implementation, external auditing and oversight. Parents should be involved in oversight.

    All childcare centres should have rigorous prevention, supervision and reporting procedures in place.
    Shutterstock

    5. Environmental risk reduction. Often called “situational crime prevention”, these are actions to create safe environments. It can include measures to prohibit secluded spaces, and improve lines of sight and visibility. This can also include ensuring appropriate ratios of staff to children.

    6. Reporting of suspected cases. Across Australia, there are now clear legal requirements for practitioners in these settings to report suspected cases of child sexual abuse. Every organisation needs to ensure its staff knows about these duties, and how to comply with them. Every organisation then needs to deal appropriately with any report that is made.

    7. Education and training. Child sexual abuse is a complex field. Staff and leaders need high-quality education and training about child sexual abuse (including its nature, indicators and outcomes), organisational policy, reporting processes, legal and ethical obligations, and the protections they have as employees.

    Good education increases knowledge, attitudes and appropriate reporting, and overcomes ignorance, apathy, fear and inaction. This education needs to be multidisciplinary, high-standard, and itself the subject of oversight and monitoring. It is not clear we have high-quality education of practitioners in Australia, both when obtaining qualifications and especially in service.

    8. Leadership. We need knowledgeable and ethical leadership in child- and youth-serving organisations, and by regulators and policy-makers alike.

    Knowledge about child sexual abuse, and empathy towards children and young people, are preconditions for effective and ethical responses. Organisational leaders set the tone for the broader organisation. If leaders are seen to be knowledgeable, ethical and authentically committed to child safety, it is far more likely staff will be inspired to emulate these qualities.

    9. Oversight, enforcement and improvement. The entire system needs to be overseen by an effective regulatory framework and an efficient national regulator.

    We need to create comprehensive and stringent regulatory requirements for provider accreditation. Providers that do not meet these standards should be compelled to meet them, or lose funding and eligibility to operate. It is insufficient to be merely “working towards” the standards.

    Other accountability mechanisms should also be created; for example, owners of childcare centres could be subject to appropriate financial and other penalties.

    10. Locate prevention in these settings as part of a national strategy. As a nation, we have made progress in reducing the prevalence of child sexual abuse in organisational settings. This is partly due to tighter regulation through child-safe standards, legal requirements to report suspected cases of abuse and associated better reporting, and increased social awareness.

    However, no case is acceptable, and we have the capacity and duty to dramatically reduce the prospect that any individual can be a prolific offender. These prevention principles apply equally in schools and other settings serving children and youth.

    We have work to do: among all Australians aged 16 and over, nationally representative data has shown one in four experienced child sexual abuse. In contemporary Australia, this abuse is still prevalent, with data from 16–24-year-olds showing one in three girls are affected, and one in seven boys. The next generation of prevention is already here, but we know what is required to meet this challenge.

    This can be a turning point for Australia. The social and economic return from taking children’s rights seriously and investing in prevention far outweighs the cost of inaction. Safe, effective early childhood education and care is a nation-building strategy, both required for today’s workforce and a key factor in educating and developing young Australians.

    Ben Mathews has received grant funding from the National Health and Medical Research Council, the Department of Social Services, the National Office for Child Safety in the Attorney-General’s Department, the Australian Institute of Criminology, and the National Centre for Action on Child Sexual Abuse. He takes sole responsibility for the views in this article.

    – ref. 10 steps governments can take now to stamp out child sexual abuse in care settings – https://theconversation.com/10-steps-governments-can-take-now-to-stamp-out-child-sexual-abuse-in-care-settings-260405

    MIL OSI Analysis – EveningReport.nz –