MIL-OSI Global: The rise of Brazil’s fuel mafias and their gas station money laundering machines

Source: The Conversation – Global Perspectives – By Robert Muggah, Richard von Weizsäcker Fellow na Bosch Academy e Co-fundador, Instituto Igarapé

Brazil’s federal police recently pulled back the curtain on a criminal web that had infiltrated the country’s fuel distribution chains. What looked like ordinary gas stations were, in fact, outposts of a vast laundering machine, washing dirty money with diesel and ethanol. According to Justice Minister Ricardo Lewandowski, more than 1,000 service stations across the country were overseen by organised crime syndicates.

The plot thickened when Rio de Janeiro’s state police launched raids against the so-called “fuel mafia”, dismantling a racket that sold millions of liters of adulterated fuel. In the process, they revealed a network of ghost companies churning out fake invoices.

Crime moves into the fuel sector

Across Brazil organised crime is diversifying beyond narcotics, arms trafficking into the biofuel and fossil fuel sectors. Criminal factions with names such as the Primeiro Comando da Capital (PCC), Comando Vermelho (CV), and militia groups made-up of retired and active duty police are expanding into fuel theft, smuggling, tax evasion, and money laundering. The pivot by Brazil’s criminal underworld underscores their adaptability in exploiting legitimate markets.

Fuel theft is hardly new to Brazil. The country’s top fuel distributors – Ale, BR, Ipiranga, and Raizen – have warned of criminal infiltration. But the costs of these illegal activities are significant. According to ICL, an industry group, illegal profits generated by gas stations amounted to $23 billion reais($3.89 billion) in 2021.

A 2022 study by the Brazilian Public Security Forum (FBSP) revealed that criminal organisations generated approximately 146.8 billion reais (around $25.4 billion) from sectors including fuel, gold, cigarettes, and beverages far surpassing the revenues from cocaine trafficking.

Meanwhile, a 2024 assessment found that the costs of cargo-theft, fuel-related robberies and fraud generated annual losses of $29 billion reais. Vibra Energia estimated that roughly 13 billion liters of fuel were being traded through “irregular” means a year.

Fake gas stations, adulterated fuel, and tax fraud

Organised criminal groups employ multiple strategies to exploit the fuel sector. The most common involves the use of “pirate” gas stations — outlets that flout safety standards and sell adulterated and stolen fuel. Police have exposed hundreds of gas stations linked to individuals indicted or convicted for fuel-related offenses since 2015. In 2019, for example, BR purged its retail network of 730 stations nationwide suspected of involvement in “irregularities”.

By 2023, the PCC reportedly extended its influence to five ethanol plants and approximately 1,100 of São Paulo’s 9,000 gas stations. And in 2024, police claimed that as many as 30 gas stations in Rio de Janeiro were under PCC control. Meanwhile, the National Agency for Petroleum, Natural Gas and Biofuels (ANP) reported that violations related to the use of methanol — a toxic substance commonly used to adulterate fuels—increased by over 73 percent compared to the previous year.

Fraud and tax evasion are also common in the fuel sector. In Brazil, fuel taxes on ethanol vary from state to state. These discrepancies create incentives for enterprising criminals to purchase fuel from low-tax jurisdictions and resell in high-tax states to station owners who charge higher tax and pocket the difference.

A 2019 study by FGV estimated that fuel-related tax evasion generated 7.2 billion reais ($1.3 billion), with major rewards for petrol station owners that laundered funds. There are also schemes that involve tax fraud in fuel production and illegal diesel imports. One prominent case involved Copape, a company that sold fuel below market price by evading import taxes and manipulating its product. The company was later shut down amid allegations of ties to the PCC.

Another common strategy involves outright theft by installing clandestine taps and siphoning fuel from pipelines. This practice often leads to significant economic losses and poses environmental hazards and public safety risks. The process usually involves precise “insider” knowledge of pipeline networks. In 2019, for example, Petrobras identified over 261 such incidents in Rio de Janeiro and São Paulo alone.

The direct targeting of personnel and infrastructure has also occurred. In 2019, for example, more than 40 people were arrested in Rio de Janeiro in 2019 suspected of extorting and murdering Petrobras contactors. The group was described as highly organised with separate divisions for intimidating targets, tapping pipelines, transporting stolen fuel, and monitoring police movements. Stolen fuel can be sold on to asphalt companies, underground gas owners, and others.

The entrenchment of organised crime in biofuels such as sugar and palm oil has resulted in confrontations with state authorities. In August 2024, 59,000 hectares of São Paulo’s sugarcane plantations were ravaged by fires resulting in losses of over 1 billion reais. Authorities suspect that the PCC orchestrated arson attacks as retaliation against government measures targeting their involvement in the adulterated fuel trade.

And in February 2025, police in Rio de Janeiro revealed that operators of an illegal gambling (jogo do bicho) network were financing the criminal extraction of oil from underground pipelines. Proceeds were used to acquire equipment, rent fuel transport vehicles, and pay off personnel. In Rio, and elsewhere in Brazil, such activities undermine the rule of law, distort markets, and erode public trust.

Technology-enabled solutions to disrupt fuel theft

Preventing and disrupting infiltration of organised crime into the fuel sectors is challenging. Legal proceedings are often protracted. Efforts by fuel distributors to terminate franchise agreements with non-compliant operators are often stymied by prolonged court battles. The sophistication of Brazil’s criminal organisations also complicates enforcement efforts including their blending of illicit activities with legitimate business.

At a minimum, federal and state authorities need to track gas stations and pipelines that are implicated in crime. Advanced tracking technologies that improve transparency in the fuel supply chain. And these solutions need to be bolstered by intelligence sharing across jurisdictions. One promising response comes from Brazil’s National Institute of Metrology (Inmetro) which has expanded its inspections of fuel pumps and product quality.

Companies like Petrobras have ramped up their security measures to protect pipelines, refineries, transportation systems, and petrol stations. Advanced surveillance systems, including drones and sensor-based technology, are now being used by its subsidiary, TransPetro, to monitor pipeline integrity.

Specialised response teams have also been established to detect and contain illegal taps. Petrobras and Transpetro have also increased collaboration with federal and state security forces to target organised crime cells involved in fuel theft and trafficking.

In especially high-risk areas, particularly near major refineries such as Duque de Caxias in Rio de Janeiro, joint operations with law enforcement have resulted in arrests and the seizure of illegal equipment used to tap pipelines.

Petrobras has invested in internal compliance, audit mechanisms, and fuel traceability systems to track product movement and prevent insider threats and diversion to illicit markets. The company has also partnered with regulatory agencies like the (National Agency of Petroleum, Natural Gas and Biofuels, or ANP) to tighten oversight over gas stations and transport companies suspected of facilitating the resale of adulterated or stolen fuel.

Legislation and regulation is also needed to increase penalties for criminality in the fuel sector. Legal reforms, including a new bill approved in April 2025 targets companies that systematically evade taxes. Another bill is being explored that would mandate real-time electronic reporting of fuel sales and storage to ANP in order to increase traceability.

A new Parliamentary Commission of Inquiry focusing on the relationship between organised crime and fuel is also about to be launched. Federal police, together with the financial intelligence unit (COAF) and tax authorities are also preparing a broad investigation into related activities.

Addressing the infiltration of organised crime into Brazil’s biofuel and fossil fuel sectors requires more than enforcement — it demands a coordinated national strategy backed by industry cooperation. Enforced compliance, empowered regulators, transparent supply chains, and worker protections are essential. Without urgent and sustained action, organised crime will continue siphoning off Brazil’s future, weakening one of its most vital sectors.

*Katherine Aguirre, senior researcher at Igarape Institute, contributed to this article

Dr. Robert Muggah is the co-founder of the Igarapé Institute, an independent “think and do tank” that develops research, solutions and partnerships to address global public, digital and climate security challenges. Dr. Muggah is also a principal of the SecDev Group, and an advisor to the United Nations, the IMF and the World Bank. An advisor to AI start-ups and a climate tech venture firms, Dr. Muggah has experience developing new technologies and testing AI systems for security and governance.

– ref. The rise of Brazil’s fuel mafias and their gas station money laundering machines – https://theconversation.com/the-rise-of-brazils-fuel-mafias-and-their-gas-station-money-laundering-machines-254422

MIL OSI – Global Reports –

April 22, 2025

MIL-OSI: Siili Solutions Plc, Business review, 1 January–31 March 2025

Source: GlobeNewswire (MIL-OSI)

Q1 2025 FOR SIILI: Siili continued AI strategy implementation and actions for profitability improvements, revenue at the previous year’s level

Siili Solutions Plc Stock Exchange Release 22 April 2025 at 9:30 am EEST

January-March 2025

We completed the acquisition of a majority stake in Intergrations Group Oy
We launched an Advisory service to accelerate our clients’ digital business and use of artificial intelligence
We adjusted our competence profile to match our strategy and the current market situation
The revenue for the first quarter was EUR 29.9 (29.8) million, representing increase of 0.3% year on year. Organically, revenue decreased by 1.6% from the comparison period.
Adjusted EBITA for the first quarter was EUR 1.3 (1.6) million, which corresponds to 4.2% (5.3%) of revenue

EUR million	Q1/2025	Q1/2024
Revenue	29.9	29.8
Revenue growth, %	0.3%	-11.3%
Organic revenue growth, %	-1.6%	-11.3%
Share of international revenue, %	27.1%	27.7%
Adjusted EBITA	1.3	1.6
Adjusted EBITA, % of revenue	4.2%	5.3%
EBITA	1.2	1.4
EBIT	0.9	1.1
Earnings per share, EUR	0.05	0.07
Number of employees at the end of the period	957	973
Average number of employees during the period	950	990
Total full-time employees and subcontractors (FTE) at the end of the period	1,075	1,087

Outlook of 2025

Revenue for 2025 is expected to be EUR 108-130 million and adjusted EBITA EUR 4.7-7.7 million.

CEO Tomi Pienimäki:

The first quarter of this year was challenging for Siili as the sluggish market conditions prevailed, and we took concrete steps to improve the profitability of our operations. However, many positive developments also occurred during the initial months of the year while we focused with determination on the implementation of our strategy.

The Group’s revenue in January-March amounted to just under EUR 30 million, broadly at the previous year’s level. Adjusted EBITA for the first quarter amounted to EUR 1.3 million, 4.2% of revenue. Profitability came in slightly weaker than last year, in line with our expectations. However, when comparing to the previous year’s result, it is worth noting that the adjusted EBITA for the comparison period was improved by the temporary layoffs implemented during Q1 2024.

During the initial months of the year, we have seen encouraging developments in the market, with our customers moving from testing artificial intelligence to firm transition programmes. In March, we launched a new Advisory service to accelerate our customers’ digital business and adoption of AI.

An example of how we support our customers on their AI journey is an AI-assisted training programme we delivered for Alma Media at the beginning of the year. It is a tailored solution that helps Alma Media to integrate AI seamlessly into its operations and culture.

Siili also worked with Varma to modernise a key system. The objective of the modernisation was to simplify the maintenance of the system and improve its scalability and development potential, ensuring it continues to meet Varma’s business needs reliably into the future. The work was carried out in stages and in close cooperation with the client, ensuring the continuous operability of the system.

During the opening months of the year, we have also built new cooperation networks that allow extensive utilisation of Siii’s expertise. In March, Siili was accepted as a member in the Digital Defence Ecosystem, which brings together Finland’s leading technology companies to support national defence capabilities and the security of supply. Siili also became an NVIDIA partner earlier this year as part of the NVIDIA Partner Network (NPN), which significantly supports us in bringing scalable, production-ready AI solutions to our customers.

In February–March, we adjusted our competence profile to align with the strategy we released last year, and current market conditions. Following change negotiations started in February, we will reduce 25 roles from Siili Finland’s functions and 8 from Siili Auto Finland. Actions affecting personnel are always difficult for the organisation, but we believe these adjustments will strengthen Siili’s competitiveness and profitability. With these measures, we estimate that we will achieve a total of 2.2 million euros in annual cost savings.

To strengthen Siili’s competence profile, we concluded the acquisition of a majority stake in Integrations Group Oy at the beginning of the year. Integrations Group is now part of Siili, and the collaboration has started strongly. We continue to strengthen our competence profile in line with the strategy also through recruitment and human resources development.

I want to thank all our customers and partners for the past few months, but above all, I extend my thanks to the Siili team for their commitment and outstanding work during the quarter.

—

This is not an interim report under IAS 34. The company complies with the half-yearly reporting requirements of the Securities Markets Act and publishes business reviews for the first three and nine months of the year, which present key information on the company’s financial performance. The financial information presented in this business review is unaudited.

FURTHER INFORMATION:
CEO Tomi Pienimäki
Tel: +358 40 834 1399, email: tomi.pienimaki(at)siili.com
CFO Aleksi Kankainen
Tel: +358 40 534 2709, email: aleksi.kankainen(at)siili.com

DISTRIBUTION:
Nasdaq Helsinki Ltd
Main media
www.siili.com/en

SIILI SOLUTIONS IN BRIEF:
Siili Solutions Plc is a forerunner in AI-powered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc’s shares are listed on the Nasdaq Helsinki Stock Exchange. Siili has grown profitably since its founding in 2005. www.siili.com/en

Attachment

Siili Solutions_Q1_2025_EN

The MIL Network –

April 22, 2025

MIL-Evening Report: A landmark ruling will tackle the gender pay gap for thousands of workers

Source: The Conversation (Au and NZ) – By Fiona Macdonald, Policy Director, Centre for Future Work at the Australia Institute and Adjunct Principal Research Fellow, RMIT University

Lordn/Shutterstock

The Fair Work Commission has found award pay rates in five industrial awards covering a range of female-dominated occupations and industries do not provide equal pay.

This important decision should narrow the gender pay gap.

The commission proposed significant increases to award pay rates covering thousands of workers including pharmacists, early childhood education and care workers, psychologists, physiotherapists and some other health workers.

The Fair Work Commission’s review of the five “priority” awards was undertaken following the Labor government’s changes to the Fair Work Act in 2022. The changes require the commission to take account of the need to achieve gender equality in setting modern award rates of pay.

Who is covered by the latest review?

The five priority modern awards reviewed by the expert panel are:

Aboriginal and Torres Strait Islander Health Workers and Practitioners and Aboriginal Community Controlled Health Services Award 2020
Children’s Services Award 2010
Health Professionals and Support Services Award 2020
Pharmacy Industry Award 2020
Social, Community, Home Care and Disability Services Industry Award 2010.

The commission examined the evidence and found many pay rates in the five modern awards do not reflect the value of the work undertaken in these female-dominated occupations and industries.

The commission found pay rates in these awards are not equal to pay rates for comparable work, due to the work largely being done by women.

Skills typically required to work with and to provide care and support to people, sometimes referred to as “soft” skills, have not been valued as much as the so-called “hard” skills required in male-dominated technical roles.

Past attempts were not successful

Before the Labor government’s 2022 changes to the Fair Work Act, almost all attempts by unions to have industrial tribunals address gender pay inequity failed.

One major barrier to success was a requirement that discrimination be demonstrated. The need to prove gender undervaluation of work largely done by women by referring to “comparable” jobs largely undertaken by men has also been a problem.

Now, under an amended Fair Work Act, the Fair Work Commission is able to examine the skills required in feminised jobs to assess the work’s value without needing to find a male comparison.

The commission’s decision that a total increase of 14% in award rates for pharmacists is justified will take effect in three phases, starting in July 2025.

The commission’s decisions on pay increases for workers covered by the other four awards, including proposed increases of 23% for Certificate III qualified childcare workers, have been put forward as provisional views only. The expert panel will begin consultations on these views in May.

Some concerns remain

The commission’s proposal for remedying gender undervaluation in one of the awards, covering a broad range of workers in social and community services, including disability workers, is puzzling.

The remedy appears to risk undermining past pay gains won for many social and community services workers because of proposed changes in the classification structure. These changes may not take account of the complexity and diversity of skills used by workers in the wide range of roles covered by the award.

Reflecting this, unions have expressed concerns the proposals for changes to this award may have the unintended consequence of reducing pay and hurting careers for some workers.

The final pay increases and their timing for workers covered by the four awards other than the pharmacy award will be made following consultations with unions, employers and funding bodies, including federal and state governments.

Following last week’s decision, one large employer group is arguing employers in private hospitals and the early childhood education and care sectors cannot afford the proposed pay increases.

They are calling on the government to fund increases in the industries that are largely government funded, including the early childhood education and care sector.

The funding picture so far

The Labor government supported the Fair Work Commission’s gender undervaluation review when it was announced in 2024. At the time the government also made clear it was their view any large pay increases would need to be phased in.

Aged care workers have already received pay hikes.
R.Classen/Shutterstock

The government did fully fund increases for aged care workers, which it said came to a total investment of A$17.7 billion.

The government has also funded a 15% pay increases for early childhood workers gained through a multi-enterprise agreement covering hundreds of centres. The first increase of 10% came into effect in December, with a further 5% increase due in December 2025.

Better pay in care and support occupations was identified by the Labor government as essential to the sustainability and growth of the care and support economy.

The Coalition has not made any commitments regarding funding for any pay increases awarded in the gender undervaluation proceedings. The Coalition spokeswoman on workplace relations, Michaelia Cash, said the Coalition would examine the decision and its implications.

The Coalition did not support the larger Same Job Same Pay legislation that included the gender equality changes.

Fiona Macdonald appeared as an expert witness in the Fair Work Commission’s hearing on the review of the Social, Community, Home Care and Disability Services Industry Award.

– ref. A landmark ruling will tackle the gender pay gap for thousands of workers – https://theconversation.com/a-landmark-ruling-will-tackle-the-gender-pay-gap-for-thousands-of-workers-254798

MIL OSI Analysis – EveningReport.nz –

April 22, 2025

MIL-OSI: LHV Group unaudited financial results for Q1 2025

Source: GlobeNewswire (MIL-OSI)

The first quarter of the year was characterised by rapid growth in business volumes for LHV, but also by a decrease in profit due to lower interest rates and increased impairments.

In Q1 2025, AS LHV Group earned EUR 29.2 million in net profit. AS LHV Pank earned EUR 25.2 million and LHV Bank Ltd EUR 2.1 million in net profit. At the same time, the net profit of AS LHV Varahaldus was EUR 103 thousand and of AS LHV Kindlustus EUR 665 thousand in Q1. The return on equity attributable to the shareholders of the Group was 16.7% in Q1.

On a consolidated basis, LHV earned EUR 79.4 million in revenue in Q1 2025, i.e. 6% less than in the previous quarter and 5% less than a year ago. Of the revenue, net interest income accounted for EUR 62.0 million, and net fee and commission income for EUR 14.1 million. The expenses of the consolidation group totalled EUR 37.5 million in Q1, which is 8% less than in the previous quarter, but 10% more than in Q1 of 2024. Impairments totalled EUR 5.7 million in Q1, which is twice as much as a year earlier. The net profit of the Group in Q1 was 20% lower than in the previous quarter and 28% lower than in the same period a year earlier.

As at the end of March, the consolidated assets of the LHV Group stood at EUR 8.51 billion (annual growth of 15%). Over the quarter, the asset volume dropped by 3%, i.e. EUR 228 million. The consolidated loan portfolio grew by EUR 177 million, i.e. 4%, to EUR 4.73 billion over the quarter (+30% year-on-year). The consolidated deposits of the LHV Group decreased by EUR 306 million (-4%) to EUR 6.60 billion (+11% year-on-year). The total volume of funds managed by LHV increased by EUR 1 million (+0%) to EUR 1.56 billion (annual growth of +1%) over the quarter. The number of payments made by customers who are financial intermediaries reached a record 20.1 million payments in Q1, which is 1% more than in Q4 of the previous year.

Income statement, EUR thousand	Q1-2025	Q4-2024	Q1-2024
Net interest income	62 010	66 556	68 918
Net fee and commission income	14 071	17 323	15 543
Net gains from financial assets	2 748	-198	536
Other income	594	49	418
Total revenue	79 422	83 730	85 415
Staff costs	-22 656	-22 831	-20 275
Office rent and expenses	-659	-715	-572
IT expenses	-3 576	-4 270	-3 100
Marketing expenses	-1 258	-2 086	-658
Other operating expenses	-9 394	-10 882	-10 924
Total operating expenses	-37 543	-40 783	-35 528
EBIT	41 879	42 946	49 888
Earnings before impairment losses	41 879	42 946	49 888
Impairment losses on loans and advances	-5 667	-1 085	-2 851
Income tax	-7 052	-6 733	-6 335
Net profit	29 160	35 128	40 702
Profit attributable to non-controlling interest	592	565	158
Profit attributable to share holders of the parent	28 568	35 754	40 544

Profit attributable to non-controlling interest	0.09	0.11	0.13
Profit attributable to share holders of the parent	0.09	0.11	0.12

Balance sheet, EUR thousand	Mar 2025	Dec 2024	Mar 2024
Cash and cash equivalents	3 279 271	3 818 305	3 402 338
Financial assets	442 463	309 804	249 968
Loans granted	4 774 970	4 591 906	3 676 442
Loan impairments	-45 628	-39 813	-31 843
Receivables from customers	10 511	5 367	22 934
Other assets	46 698	50 742	50 733
Total assets	8 508 285	8 736 311	7 370 572
Demand deposits	4 834 265	4 855 101	3 926 714
Term deposits	1 770 227	2 055 009	2 007 628
Loans received	936 215	927 686	568 355
Loans received and deposits from customers	7 540 707	7 837 795	6 502 697
Other liabilities	134 514	93 601	141 573
Subordinated loans	126 247	126 257	127 568
Total liabilities	7 801 467	8 057 653	6 771 838
Equity	706 817	678 657	598 734
Minority interest	7 133	8 571	7 394
Total liabilities and equity	8 508 285	8 736 311	7 370 572

The profitability of LHV was affected at the beginning of 2025 by a decrease in interest rates and temporarily higher provisions made to individual customers. At the same time, revenue was slightly better than planned, supported by an increase in business volumes and a good level of customer activity. LHV Pank’s more modest than planned profit was compensated by LHV Bank’s higher-than-planned profitability.

The number of LHV Pank clients increased by 9,700 over the quarter. Customers actively used payment services and bank cards. The number of Entrepreneur Account users exceeded 30,000 over the quarter. Bank deposits decreased by EUR 309 million over the quarter, but this was due to a decrease of EUR 232 million in deposits from financial intermediaries and EUR 80 million from platform deposits. Involving deposits is still in focus for the bank. LHV Pank was recognised as the bank with the best service in Estonia by the research company Dive.

The loan portfolio volume of LHV Pank increased by a total of EUR 35 million over the quarter. At the same time, the offering of home loans was active: the portfolio volume grew by EUR 81 million and exceeded the of EUR 1.5 billion over the quarter. The quality of the bank’s loan portfolio as a whole remained stronger than planned, with model-based impairments improving. At the same time, the classification of two customers as non-working resulted in significantly higher impairments: the goal is to partially reverse these within a couple of quarters. This also affected the profit gap from the financial plan.

The loan portfolio of LHV Bank, operating in the United Kingdom, grew at a record pace by EUR 142 million to EUR 490 million. At the same time, there are loans approved by the credit committee but not yet issued in the value of EUR 167 million, which allows us to assume that the rapid growth will continue. To support the rapid growth of the loan portfolio, the bank’s share capital was increased by EUR 12 million in March.

Deposits taken by LHV Bank increased by EUR 115 million. The first few hundred customers have joined the retail banking mobile app. During the quarter, the account opening process was significantly improved and fixed-term deposits and card payments for the first customers were opened. In the area of financial intermediaries, the focus was primarily on the integration and activation of larger new customers in order to create pre-conditions for an increase in the volume of pound payments in the second half of the year.

Compared to recent years, significantly greater uncertainty on the stock markets also affected the pension funds managed by LHV Varahaldus. At the same time, actively managed funds succeeded in preserving the assets of pension savers better than their competitors, as the quarterly rate of return of LHV’s pension funds M, L , and XL was 3.0%, 3.8%, and 4.5%, respectively. The rate of return of the more conservative funds XS and S was 1.5% and 2.1%, respectively. Pension fund Indeks decreased by 4.1% and Roheline lost 5.2% in value over the quarter.

Both the operating income and net profit of LHV Varahaldus exceeded the financial plan. The profit was positively affected by the financial income from equity units that accompanied the rate of return of the funds. However, the profit was reduced by the income tax accompanying the dividend payment made in March. In January, the company launched a new LHV Euro Bond Fund. In March, the nearly 17-year-long outdoor sale of LHV pension funds in shopping centres ended, and in the future, other opportunities will be sought to promote the sale.

The growth trend of LHV Kindlustus continued in Q1. Sales were affected by a market-wide decline in insurance premiums, but sales increased by EUR 2.1 million year-on-year. Net earned premiums continued to grow. There were no major loss events in the first three months of the year, but medium-sized losses were registered more often and the number of travel insurance claims increased. The increase in losses over the past year has been proportional to the growth of the portfolio. The number of effective insurance contracts has increased to 266,000 and the number of customers to 174,000.

LHV Group is well capitalised and all capital objectives have been met with a sufficient margin. At the annual general meeting of shareholders held in March, it was decided to pay a dividend of 9 cents per share to the shareholders for the previous year. The dividends were paid on 10 April. LHV Group fell short of the financial plan published in February by EUR 1.2 million in terms of net profit for the first three months. The financial plan stands.

Comment by Madis Toomsalu, the Chairman of the Management Board at LHV Group:
“Decisions are currently being made in global trade policy, the outcome of which is not known in advance. Against this background, the positive growth in Estonia and in the United Kingdom is rather within the margin of error, depending primarily on the investment courage of entrepreneurs. LHV wants to stay open and support good ideas.

In the competitive Estonian home loan market, we have managed to grow the portfolio of LHV. We are working to further increase the share of active customers. In terms of the business environment, we look favourably at initiatives that could support the entrepreneurial landscape, for example, through regulations and reducing bureaucracy.

In the United Kingdom, LHV’s loan business is gaining momentum. We soon hope to more widely introduce an offer aimed at retail customers.”

The reports of AS LHV Group are available on the website at: https://investor.lhv.ee/en/reports/.

In order to present the financial results of LHV, the company will organise an investor meeting via the Zoom webinar platform. The virtual investor meeting will take place on 22 April at 9:00, before the market opens. The presentation will be in Estonian. We kindly ask you to register at the following address: https://lhvbank.zoom.us/webinar/register/WN__57Iel-DQeeINK3BSksMdQ.

LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,160 people. As at the end of March, LHV’s banking services are being used by 465,000 clients, the pension funds managed by LHV have 113,000 active customers, and LHV Kindlustus is protecting a total of 174,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee

Attachments

The MIL Network –

April 22, 2025

MIL-OSI Australia: Get involved in the Fire Equipment Maintenance Program

Source:

Fire Equipment Maintenance (FEM) is a vital fire prevention activity and an important income source for many CFA brigades.

Brigades providing FEM services visit businesses and facilities in their communities, checking fire extinguishers, fire blankets, fire hose reels and lay flat hose, ensuring they are maintained and ready to use in the event of an emergency.

This maintenance is legally required for building owners and occupiers and businesses pay a fee to have CFA complete this maintenance, with the funds reinvested into the brigade.

Queenscliff Fire Brigade, with Point Lonsdale, reignited their FEM services last year and said the benefits were far reaching.

“For us, the benefits of providing FEM services in our community are three-fold: fundraising, community engagement and situational awareness,” 1st Lieutenant Paul Hicks said.

“Providing the service strengthens our ties with the community socially and economically.”

The brigade has used funds earned through FEM to upgrade or supplement their firefighting equipment.

“It also provides us with a solid economic base to finance any future needs,” Paul said.

“Every dollar we raise through FEM or donated by the community is invested back into the brigade to deliver the best outcome for members and our community.”

“Delivering FEM also plays a critical role in our community engagement efforts, allowing members to provide information, address concerns and promote fire safety while on site. That direct contact gives the community confidence in our brigade.

“By visiting local businesses and facilities we also gain valuable insight into each location, its fire protection systems and potential hazards.”

With more than 265 brigades and 1,350 accredited members statewide, the past year has been one of their busiest and most successful, with more than $3.8 million dollars raised.

Brigades use FEM revenue to fund equipment, vehicles, tools, building works, training and cultural activities. It also supplements applications under the Volunteer Emergency Services Equipment Program.

CFA is encouraging more brigades to become involved with the FEM program to help them continue to provide the best outcomes to their communities.

More information can be found here.

Submitted by	CFA Media

MIL OSI News –

April 22, 2025

MIL-OSI United Nations: Secretary-General’s Message for International Mother Earth Day [scroll down for French]

Source: United Nations secretary general

Mother Earth is running a fever.

Last year was the hottest ever recorded:

The final blow in a decade of record heat.

We know what’s causing this sickness: the greenhouse gas emissions humanity is pumping into the atmosphere – overwhelmingly from burning fossil fuels.

We know the symptoms: devastating wildfires, floods and heat. Lives lost and livelihoods shattered.

And we know the cure: rapidly reducing greenhouse gas emissions, and turbocharging adaptation, to protect ourselves – and nature – from climate disasters.

Getting on the road to recovery is a win-win.

Renewable power is cheaper, healthier, and more secure than fossil fuel alternatives.

And action on adaptation is critical to creating robust economies and safer communities, now and in the future.

This year is critical.

All countries must create new national climate action plans that align with limiting global temperature rise to 1.5 degrees Celsius – essential to avoid the worst of climate catastrophe.

This is a vital chance to seize the benefits of clean power. I urge all countries to take it, with the G20 leading the way.

We also need action to tackle pollution, slam the brakes on biodiversity loss, and deliver the finance countries need to protect our planet.

Together, let’s get to work and make 2025 the year we restore good health to Mother Earth.

*****

La Terre nourricière est prise de fièvre.

L’année dernière a été la plus chaude jamais enregistrée – le coup de grâce d’une décennie de chaleur record.

Nous savons la cause de cette maladie : les émissions de gaz à effet de serre que l’humanité rejette dans l’atmosphère, et qui proviennent essentiellement des combustibles fossiles.

Nous en connaissons les symptômes : les incendies de forêt, les inondations et les chaleurs, qui font des ravages. Des vies perdues et des moyens de subsistance anéantis.

Et nous connaissons le remède : réduire rapidement les émissions de gaz à effet de serre et accélérer l’adaptation pour nous protéger – et protéger la nature – des catastrophes climatiques.

Tout le monde gagne à prendre le chemin de la guérison.

Les énergies renouvelables sont moins chères, plus saines et plus sûres que les combustibles fossiles.

Les mesures d’adaptation sont essentielles pour créer des économies solides et des sociétés plus sûres, aujourd’hui et demain.

L’année 2025 est décisive.

Tous les pays doivent établir de nouveaux plans d’action nationaux pour le climat compatibles avec l’objectif de limiter la hausse de la température mondiale à 1,5 degré Celsius, qui sera primordial pour éviter la pire des catastrophes climatiques.

Il s’agit d’une occasion unique de profiter des avantages de l’énergie propre. J’invite tous les pays à la saisir, le G20 montrant la voie à suivre.

Nous devons également agir pour lutter contre la pollution, freiner l’appauvrissement de la biodiversité et fournir les fonds dont les pays ont besoin pour protéger notre planète.

Ensemble, mettons-nous à l’œuvre et faisons de 2025 l’année où nous remettrons d’aplomb la Terre nourricière.

MIL OSI United Nations News –

April 22, 2025

MIL-OSI China: China, Indonesia hold ministerial talks

Source: China State Council Information Office

China and Indonesia pledged shared efforts to ensure the peace and stability of the South China Sea, expand security cooperation and uphold the multilateral trading system during their first joint meeting of foreign and defense ministers, also known as the “2+2” dialogue, in Beijing on Monday.

The meeting was attended by Foreign Minister Wang Yi and Defense Minister Dong Jun with Indonesian Foreign Minister Sugiono and Indonesian Defense Minister Sjafrie Sjamsoeddin.

The dialogue mechanism between Beijing and Jakarta is the first of its kind that China has established with a foreign country.

The two sides agreed to jointly safeguard peace and stability in the South China Sea and set an example in maritime cooperation, Wang told a news conference after the meeting, adding that the coast guard agencies of both countries signed a maritime security cooperation agreement.

Both sides reaffirmed their commitment to the full and effective implementation of the Declaration on the Conduct of Parties in the South China Sea and to accelerating consultations on a Code of Conduct.

Wang stressed that as each other’s major trading partners, the two countries should remain committed to opposing any kind of unilateralism or trade protectionism.

“We believe that abusing tariffs will seriously undermine the normal trade exchanges between countries, and we pledged to jointly promote regional economic integration, ensure stable and smooth supply and industrial chains and safeguard the legitimate rights and interests of the Global South,” Wang said.

In terms of security cooperation, he said that Beijing and Jakarta agreed to establish a bilateral consultation mechanism on disarmament, nonproliferation and arms control.

They also agreed to enhance law enforcement and security cooperation and jointly combat transnational crimes, such as transnational gambling and online and telecommunication fraud, and strengthen cybersecurity cooperation, Wang noted.

Speaking of defense cooperation, Dong called on the two sides to have more substantive cooperation in areas including strategic communication, exchanges between services, equipment and technology, and maritime security.

Calling the meeting a milestone in bilateral ties, Sugiono said that Indonesia is willing to work with China to further consolidate political mutual trust, enhance exchanges at all levels, deepen mutually beneficial cooperation, and strengthen communication and coordination under multilateral frameworks such as ASEAN-China cooperation.

Indonesia firmly upholds the one-China policy and opposes any foreign intervention in China’s domestic affairs, he added.

Sjamsoeddin said that Indonesia is committed to enhancing strategic trust with China through transparent and equitable defense cooperation.

Indonesia is the largest economy in the Association of Southeast Asian Nations, while China has been Indonesia’s largest trading partner for 12 consecutive years.

In 2024, bilateral trade exceeded $147.8 billion, marking a year-on-year increase of 6.1 percent, according to Wang Lutong, Chinese ambassador to Indonesia.

Xu Liping, director of the Chinese Academy of Social Sciences’ Center for Southeast Asian Studies, said that the establishment of the joint foreign and defense ministerial dialogue will help expand China’s neighborhood diplomacy.

The mechanism places greater emphasis on deepening China-Indonesia comprehensive strategic partnership and translating it into concrete actions, Xu said.

During President Xi Jinping’s Southeast Asian tour last week, China and Malaysia, and China and Cambodia agreed respectively to establish joint foreign and defense dialogue mechanisms, while the strategic dialogue mechanism of diplomacy, national defense and public security was upgraded to the ministerial level with Vietnam.

Such arrangements show that strategic security dialogues and cooperation with neighboring countries have become increasingly institutionalized and mature, Xu said, adding that this brings greater stability and predictability to regional peace and prosperity.

MIL OSI China News –

April 22, 2025

MIL-OSI New Zealand: Release: Govt funding needed to combat invasive seaweed

Source: New Zealand Labour Party

The Government must support Northland hapū who have resorted to rakes and buckets to try to control a devastating invasive seaweed that threatens the local economy and environment.

“The Government’s expectation that local Bay of Islands hapū fight a tsunami of caulerpa, a pest seaweed species, with garden rakes is unrealistic,” Labour biosecurity spokesperson Jo Luxton said.

“Government funding of $15 million to combat caulerpa in Northland is not enough. Tonnes of it have washed up on shores following Cyclone Tam.

“Caulerpa is a seaweed that smothers the seafloor and competes with other species for space. It could potentially devastate the local aquaculture industry, and stifle opportunities for the local Māori economy and jobs.

“Local hapū are crying out for government resourcing to control the weed but are being ignored. Instead, they must resort to rakes and buckets to clean up a multimillion-dollar mess.

“Overseas, infested areas have halved local fish stocks and heavily affected tourism jobs.

“Māori aren’t after compensation but want their efforts to be resourced and to be involved in decision making. By ignoring their calls, this is just another kick in the guts for Māori from this government.

“There are opportunities for the local Māori economy and jobs that could be lost because of this Government’s incompetent response,” Jo Luxton said.

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MIL OSI New Zealand News –

April 22, 2025

MIL-OSI Economics: Money Market Operations as on April 21, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	6,27,477.20	5.85	4.00-7.00
I. Call Money	18,423.34	5.87	4.95-6.05
II. Triparty Repo	4,16,314.00	5.83	5.70-6.10
III. Market Repo	1,90,944.01	5.90	4.00-6.15
IV. Repo in Corporate Bond	1,795.85	6.06	6.00-7.00
B. Term Segment
I. Notice Money**	85.00	5.66	5.50-5.85
II. Term Money^@@	2,475.00	–	5.80-6.15
III. Triparty Repo	5,625.00	5.86	5.84-6.90
IV. Market Repo	2,284.07	6.10	6.10-6.10
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Mon, 21/04/2025	1	Tue, 22/04/2025	6,332.00	6.01
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo
(b) Reverse Repo
3. MSF^#	Mon, 21/04/2025	1	Tue, 22/04/2025	879.00	6.25
4. SDF^Δ#	Mon, 21/04/2025	1	Tue, 22/04/2025	87,351.00	5.75
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-80,140.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo	Thu, 17/04/2025	43	Fri, 30/05/2025	25,731.00	6.01
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				8,173.94
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				33,904.94
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-46,235.06
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		April 21, 2025		9,68,566.77
(ii) Average daily cash reserve requirement for the fortnight ending		May 02, 2025		9,51,938.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		April 21, 2025		6,332.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		April 04, 2025		2,36,088.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^{^} As per the Press Release No. 2025-2026/91 dated April 11, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2025-2026/147

MIL OSI Economics –

April 22, 2025

MIL-OSI China: China injects more certainty into world

Source: China State Council Information Office 3

The State Council Information Office holds a press conference on the Work Plan for Accelerating the Comprehensive Pilot Program for Expanding Opening-up of the Service Sector in Beijing, capital of China, April 21, 2025. [Photo/Xinhua]

China is accelerating the opening-up of its services sector through measures such as fast-tracking the implementation of pilot projects, expanding related coverage, and enhancing stress testing and the replication of successful practices, according to the Ministry of Commerce on Monday.

Against the backdrop of rising unilateralism and protectionism globally, China’s push to expand voluntary opening-up in an orderly manner represents its concrete efforts to inject more certainty and stability into the world, Ling Ji, vice minister of commerce and deputy China international trade representative, said at a press conference.

China’s State Council has recently approved a plan that aims to expand comprehensive pilot programs to accelerate the services industry’s opening-up, which includes 155 pilot tasks across key areas such as the opening of key services sectors and the promotion of industrial innovation and development, Ling said.

Specifically, pilot tasks include removing foreign ownership caps in services areas such as app stores and internet access within the telecommunication sector.

In the health care sector, pilot tasks include supporting foreign doctors in opening clinics in China, allowing overseas medical professionals to practice in the country on a short-term basis, encouraging the establishment of foreign-funded nursing schools, and permitting the creation of non-profit medical and elderly care institutions through donations.

In the financial sector, pilot tasks include supporting the development of international factoring services and attracting overseas insurance companies, sovereign funds, pension funds, certification and verification agencies, and environmental, social and governance (ESG) funds to provide financing, investment and technical services for green projects.

In the commerce, trade and cultural tourism sectors, foreign-invested travel agencies will be allowed to offer outbound tourism services, while the transportation sector will explore new multimodal transport models to support the export of new energy vehicles and power batteries, Ling said.

Since 2015, China has approved 11 provinces and cities, including Beijing and Hainan, to carry out pilot programs, continuously expanding institutional opening-up with regard to rules, regulations, management and standards. This is fostering a world-class business environment that is market-oriented, law-based and internationalized, and is providing foreign-invested enterprises in China with diverse application scenarios and a stable, open policy environment for investment and operations.

The newly released plan says that nine additional cities, including Ningbo and Xiamen, will be permitted to carry out comprehensive pilot programs.

Bai Ming, a researcher at the Chinese Academy of International Trade and Economic Cooperation, noted that the nine cities boast relatively high levels of openness in the services sector, as well as unique industrial characteristics, with some specializing in lifestyle services and others focusing on productive services, which will facilitate differentiated exploration.

The services sector is a key area for foreign investment in China. In the first quarter of the year, the actual use of foreign direct investment (FDI) in the services sector totaled 193.33 billion yuan (about 26.83 billion U.S. dollars), accounting for more than 70 percent of the country’s total FDI, according to the latest data from the Ministry of Commerce.

In 2024, the 11 provinces and cities participating in the pilot programs attracted 293.2 billion yuan in FDI in the services sector, accounting for roughly half of the national total in that category.

MIL OSI China News –

April 22, 2025

MIL-OSI USA: April 21st, 2025 New Mexico Congressional Delegation Urges Trump Administration to Keep Hands Off of New Mexico’s National Monuments

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Senate Energy and Natural Resources Committee led the New Mexico Congressional Delegation — U.S. Senator Ben Ray Luján (D-N.M) and U.S. Representatives Melanie Stansbury (D-N.M.) and Teresa Leger Fernández (D-N.M.), members of the House Natural Resources Committee, and Gabe Vasquez (D-N.M.) — in urging the Trump-Musk Administration to leave New Mexican national monuments intact.

The letter comes in anticipation of a number of harmful executive orders to be announced tomorrow by the Trump Administration, including one that will purportedly target America’s national monuments.

“Our national monuments in New Mexico protect some of the most significant landscapes and cultural resources in the nation. The monuments were carefully curated and represent a balance of public land protection negotiated between local leaders, communities, Tribes, and our constituents. The areas protected under national monument status across the state are culturally valuable, archeologically and geologically unique, and represent a conservation legacy that should not be erased,” the lawmakers wrote. “National monuments are vitally important to our history and any proposals to reduce their boundaries will not be reflective of the voices of New Mexicans.”

The lawmakers emphasized how crucial New Mexico’s national monuments are to the state’s economy, underscoring the significant revenue particular monuments under threat of elimination generate annually, “In New Mexico, we have a $3.2 billion outdoor recreation sector and monuments are a significant contributor to this robust economy. In 2022 alone, monument visitation resulted in $1.9 million in tax revenue. The economic impacts of visitation to Organ Mountains — Desert Peaks National Monument (OMDP) surpassed the initial prediction by more than 50 percent. In just one year after its establishment, the Rio Grande del Norte (RGDN) National Monument saw a 40 percent increase in visitors, resulting in a 21 percent increase in Town of Taos lodgers’ tax revenue.”

The lawmakers continued, highlighting the immeasurable cultural and economic impact of three national monuments in New Mexico under consideration for reduction or elimination: Organ Mountains — Desert Peaks, Rio Grande del Norte, and Kasha-Katuwe Tent Rocks, “In OMDP in southern New Mexico, you will find significant petroglyph and archeological sites and walk among historic travelers’ routes. In northern New Mexico, RGDN boasts some of New Mexico’s most prized recreational opportunities in an area where the Rio Grande carves an 800-foot gorge through historic volcanic activity. RGDN offers immense economic value to northern New Mexico and provides access for traditional use like piñon nut collection. As for the third monument under review, Kasha-Katuwe Tent Rocks National Monument, the Bureau of Land Management recently celebrated the monument’s inclusion on TIME’s World’s Greatest Places of 2025. Not only is Tent Rocks “geologically surreal,” but it is also a sacred landscape to the Cochiti Pueblo.”

The lawmakers concluded by demanding the Administration keep New Mexico’s national monuments intact, “There is no greater value to these natural landscapes than what is brought to the community through their continued protection. Withdrawing protections from these sites would threaten the economic benefits associated with New Mexico’s outdoor recreation economy and it undermines our community and tribal voices. We urge you to honor the voices of New Mexicans and confirm that you will leave the Organ Mountains, Rio Grande del Norte, Kasha-Katuwe Tent Rocks, and all other national monuments intact.”

Read the full letter here.

MIL OSI USA News –

April 22, 2025

MIL-OSI New Zealand: Improving New Zealand’s environmental reporting

Source: New Zealand Government

The Government is improving the way the state of New Zealand’s environment is measured and reported on, Environment Minister Penny Simmonds says.
“Having data and information about our changing environment means we can make informed decisions that protect our homes, build a strong and enduring economy, and ensure New Zealand is best prepared for the future,” Ms Simmonds says.
The Environmental Reporting Act 2015 plays an important role in making sure New Zealanders have access to robust and credible environmental data and research.
“The recently published Our Environment 2025 report – jointly produced by the Ministry for the Environment and Stats NZ under the Act – is a clear example of how this kind of reporting helps us better understand the state of New Zealand’s environment,” Ms Simmonds says.
“However, the Act’s inflexible structure means the reporting programme is inefficient, and the impact of the reports in supporting New Zealand’s decisions about the environment is limited.”
Ms Simmonds says changes to the Act will increase efficiency; improve data quality and make it more accessible and useful; ensure that reports provide timely and relevant information; and strengthen data and environmental research.
An expert panel will provide independent advice on matters related to environmental science, economics, health and monitoring and reporting.
The changes will include reducing the frequency of environmental reports from six-monthly to annually and introducing ‘drivers’ and ‘outlooks’ into environmental reporting. Drivers are factors that cause pressures on the environment – such as human influences and natural conditions that drive environmental change. Outlooks describe how the environment may change in the future.
“Reducing the frequency of reports to better align with the pace of environmental change will enable the Ministry for the Environment to focus on improving the quality of the data it collects, rather than maintaining the cycle of continual reporting required under the current legislation,” Ms Simmonds says.
“Reporting on drivers will help decision-makers understand the causes of pressures on the environment. Meanwhile, reporting on outlooks will support understanding of the future impact of decisions.
“These additions will ensure greater consistency in reporting over time, enable more comprehensive reporting on the environment, and bring New Zealand in line with reporting practices in other OECD countries.”

MIL OSI New Zealand News –

April 22, 2025

MIL-OSI China: China accelerates services opening-up, injects more certainty into world