Category: Economy

  • MIL-OSI Europe: An autonomous Europe in times of geopolitical tension: the role of the financial system | Guest contribution in the Handelsblatt

    Source: Deutsche Bundesbank in English

    The world has been turned on its head and Germany’s economy is stagnating. But in times of geopolitical tensions, a strong German economy is critically important for an autonomous Europe. Public investment will rise sharply now that the special funds have been adopted. While this will unleash positive growth effects, it won’t be enough to significantly expand the economy over a medium to long-term horizon. The German economy itself needs to get match fit to compete internationally – by becoming more agile, more digitalised and more innovative. To achieve this, it is also going to require a great deal more private investment, and that means mobilising vast swathes of private capital. A strong European financial ecosystem is critically important for an autonomous Europe that can be relied on in turbulent geopolitical times.
    In this context, “autonomous” means a European real economy capable of obtaining funding via the European financial ecosystem and reducing its dependencies on non-European sources of capital. Bearing this in mind, a strong financial centre in Germany and Europe is crucially important, as is a more robust capital market culture.
    Germany’s potential growth – a measure of the country’s trend rate of growth – is languishing at a multi-year low. Compared with an average of 1.4% of gross domestic product (GDP) between 2011 and 2019, it is a mere 0.4% today.
    At the same time, Germany is Europe’s number one location for patent applications, and also ranks among the leading countries worldwide on this score – fifth, to be precise. However, much of Germany’s innovation is playing out in sectors characterised by lower growth potential, one of which is the automotive sector.
    What is more, China has emerged as more than just a strong rival in these middle technology sectors, as they are known. Overcapacities in the Chinese economy, including in the car industry, are also rippling out to the European market, exacerbating the competition and price wars further still.
    Why the United States is a high tech leader
    When it comes to high tech sectors boasting strong potential growth, there’s no getting around the United States. Much of this success is down to the fact that capital (including venture capital, which is all important for funding innovation) is far easier to mobilise in US markets. While 0.8% of GDP gets invested in venture capital in the United States, it is only 0.19% in Germany. Incentives would make sense here. In Italy, pension funds benefit from tax relief if they invest 5% or 10% in venture capital funds. Generally speaking, it is important to make it easier for firms to access financing via capital markets. Fingers crossed, then, that measures like the ones envisaged in Germany under the second Future Financing Act (Zukunftsfinanzierungsgesetz II) will be taken up again. These include, for example, making it easier for firms to go public and improving the general tax rules for investment in growth and innovation capital. 
    There are a great many growth markets offering a wealth of opportunities for German firms, like cleantech, pharmaceuticals, bioscience or artificial intelligence. In this respect, it is very welcome to see businesses, associations and government team up as part of the WIN Initiative (Growth and Innovation Capital for Germany) to channel up to €12 billion into the venture capital ecosystem. 
    Sweden: four times more IPOs than Germany
    But what Germany needs besides more venture capital activity is funded pensions. Sweden is a great example of how important this can be for capital markets. That Nordic country, with a population of roughly ten million, has seen 474 IPOs in total since 2015. Germany, with its much larger population, has had just 115. Sweden ranks first in the EU in the number of SME IPOs.
    This striking capital market culture is due, in part, to the country’s funded pension scheme, introduced back in the 1990s. Since its launch, Sweden’s AP7 pension fund has generated an average return of more than 10%. The Netherlands also has an adequate pension system, which is mainly built around capital-funded occupational pensions.
    There are many more countries I could mention that have taken similarly successful measures. A common feature is that two effects come about. First, as society ages, these models take the pressure off government budgets.
    Second, a country’s economy benefits from the capital market activities of its own population, which smooths the domestic funding of innovation and growth.
    German households were holding €9 trillion in capital at the end of last September – that’s a huge amount of potential investment. At present, though, only 17% of the population aged 14 and over hold shares, equity funds or ETFs.
    A strong capital market would benefit the domestic economy, the general public and government alike. It would enable the economy to be funded by the region, for the region, and add substantially to Europe’s autonomy. The general public would get better provision for their old age, one that is furthermore placed on a broader footing. Also, the pressure on government budgets would be reduced, which will be significant in view of the rising expenditure burden.
    In times of distinct geopolitical uncertainty, it is important for Germany and Europe to be autonomous. The capital market has a key role to play in this regard.

    MIL OSI

    MIL OSI Europe News

  • MIL-OSI: Temenos continues to top ESG ratings from Dow Jones, S&P Global, Sustainalytics and CDP

    Source: GlobeNewswire (MIL-OSI)

    GRAND-LANCY, Switzerland, March 26, 2025 (GLOBE NEWSWIRE) — Temenos (SIX: TEMN), a global leader in mission-critical solutions for financial institutions, today announced that it has been recognized once again as a global sustainability leader by the top ESG ratings agencies.

    Temenos achieved the top score in the Software industry for the third year running in the 2024 Dow Jones Best-in-Class Indices (DJBICI) and was once again the only software company to be awarded a top 1% distinction in the S&P Global Sustainability Yearbook. Temenos was also classified as low risk in the Sustainalytics ESG Risk Rating Report and rated A- for climate by the Carbon Disclosure Project (CDP).

    These strong results from a range of respected organizations reflect Temenos’ ongoing commitment to sustainability, ESG disclosure and transparency, as well as the environmental benefits of its efficient software.

    Jean-Pierre Brulard, CEO, Temenos, commented: “We’re proud to be recognized once again for our leadership in sustainability with some of the highest ratings in the industry from a host of well-respected organizations, including Dow Jones and S&P Global. Our clients choose to work with us because we understand how crucial ESG is. Through our market-leading core banking suite, our best-in-class modular solutions and enhanced point solutions, Temenos is modernizing the banking industry, giving banks the power to operate reliably and sustainably.”

    By migrating banking operations to Temenos on the cloud or as SaaS, banks can significantly reduce their environmental impact. This is further enabled by Temenos’ end-to-end Enterprise Services, launched in 2024, which help banks to quickly deploy software solutions and take advantage of a leaner, agile and more efficient banking system.

    In May 2024, Temenos set a sustainability benchmark for cloud-native core banking with Microsoft. This showed the advances in Temenos’ leaner and more sustainable architecture to handle the variable demands of digital transactions while supporting banks to meet their sustainability goals. From a 2021 baseline and validated by GoCodeGreen, Temenos has reduced the carbon impact of its software by over 50%.

    Temenos is also helping clients measure, improve and report on the carbon footprint of their operations with the Carbon Emissions Calculator.

    Temenos is the only software company to be included in both the World and Europe DJBICI in 2024, with an overall score of 83 out of 100, its highest yet and the best of the 343 companies assessed in the industry. Temenos is one of 780 companies included in the S&P Global Sustainability Yearbook out of 7,690 assessed, and the only software company to rank among the top 1% of scores globally. The company also achieved the second-best ESG risk rating in Sustainalytics out of 374 companies assessed in the Enterprise and Infrastructure Software sub-industry.

    About Temenos
    Temenos (SIX: TEMN) is the world’s leading platform for banking, serving clients in 150 countries by helping them build new banking services and state-of-the-art customer experiences. Top performing banks using Temenos software achieve cost-income ratios almost half the industry average and returns on equity 2x the industry average. Their IT spend on growth and innovation is also 2x the industry average.

    For more information, please visit www.temenos.com.

    Media Contacts
     
    Scott Rowe & Michael Anderson
    Temenos Global Public Relations
    Tel: +44 20 7423 3857
    Email: press@temenos.com 
    Gabriel Goonetillake
    Temenos Team at Edelman Smithfield
    Tel: +44 7813 407710
    Temenos@EdelmanSmithfield.com 
       

    The MIL Network

  • MIL-OSI: Aurora Mobile’s GPTbots.ai Partners with EasyCraft to Expand AI Agent Markets Abroad

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, March 26, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that its leading enterprise AI agent platform, GPTbots.ai has recently entered into a strategic collaboration with EasyCraft. The partnership aims to deeply integrate AI-powered agents into business process automation, knowledge management, and multi-platform collaboration, redefining the boundaries of enterprise digital transformation.

    As a leading provider of information and business automation platforms, EasyCraft is dedicated to empowering traditional enterprises with innovative solutions, paving the way for smart office practices in the era of big data and AI. Through its centralized platform, EasyCraft enables companies to optimize operational efficiency, enhance team collaboration, and respond swiftly to market changes. The goal of this strategic alliance is to leverage the strengths of both companies to achieve comprehensive digital transformation in knowledge management, business process automation, and multi-platform collaboration.

    Key Highlights of the Partnership:

    • AI-Powered Workflow Automation: EasyCraft will integrate GPTbots.ai’s AI agents to optimize its workflow management system, offering intelligent approval processes, dynamic task assignments, and data-driven decision support. This solution will significantly enhance operational efficiency, enabling rapid responses and automated management, ensuring that teams can collaborate effectively at every stage.
    • Enhanced Third-Party Integration: GPTbots.ai’s AI agents will collaborate with EasyCraft’s Third-Party Integration Bus, enabling businesses to gain AI-driven insights across various business tools (such as CRM and ERP).
    • Multi-Device AI Accessibility: GPTbots.ai’s AI agent solutions will enhance EasyCraft’s PC and mobile multi-operating system experience. Through AI-driven virtual assistants, users will enjoy seamless interactions and support across different operating systems and devices, allowing for a more flexible working environment.
    • AI-Augmented Low-Code Development: The partnership will develop AI-driven business applications tailored for international markets, assisting enterprises in quickly building intelligent workflows through a low-code platform, unlocking the full potential of AI.
    • Revolutionary Knowledge Management: Leveraging GPTbots.ai’s AI agents, EasyCraft’s Knowledge Management System (KMS) will transform traditional knowledge retrieval methods, allowing enterprises to conduct in-depth, context-aware knowledge searches. With the implementation of Retrieval-Augmented Generation (RAG) technology, businesses will gain more precise insights and analyses from their internal knowledge bases, enhancing intelligent decision-making and supporting flexible application and innovation of knowledge.

    This collaboration will also include joint marketing initiatives, joint participation in international AI and enterprise technology forums, and customized solution packages for various industries, including financial services, manufacturing, healthcare, and retail, further promoting AI adoption in the global markets.

    The deepening collaboration between GPTbots.ai and EasyCraft aims to provide enterprises with more flexible, efficient, and intelligent business solutions, helping them thrive in an AI-driven era. We look forward to exploring new possibilities together in the days ahead, advancing enterprise digital transformation hand in hand.

    About EasyCraft

    EasyCraft is a brand under FORTUNE DUO SDN. BHD. and a leading expert in intelligent digital office solutions. We provide a centralized information and business automation platform designed to empower enterprises with seamless workflow automation, third-party integrations, and low-code development. EasyCraft’s solutions help businesses optimize processes, enhance team collaboration, and swiftly adapt to market changes, driving digital transformation. Our goal is to leverage advanced technology and innovation to support traditional enterprises in thriving in the era of intelligent office solutions.

    About GPTBots.ai

    GPTBots.ai is a complementary general-purpose LLM AI bot featuring private data input and continuous fine-tuning, which can replace ‘rule-based’ chatbots, improve user experience, and reduce costs. GPTBots.ai aims to provide users with an end-to-end business platform that can seamlessly integrate robots into existing applications and workflows via plug-ins. GPTBots.ai also allow users to have great access to, and more efficiently and effectively using, AIGC to improve overall corporate productivity and output quality.

    To know more, please visit https://www.gptbots.ai.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited 
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed9def4e-b8ad-4e94-a5d3-8e90911504e3

    The MIL Network

  • MIL-OSI: HUMAN Drives Momentum in EMEA with Key Leadership Appointments and Channel Expansion to Drive Growth

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 26, 2025 (GLOBE NEWSWIRE) — HUMAN Security, a leading cybersecurity company committed to safeguarding every step of the customer’s online journey by defending against bots, fraud, and digital risk, today announced key leadership appointments and channel expansion to strengthen its commitment to clients and partners across the UK, France, and Germany. These investments underscore HUMAN’s dedication to further bolstering its go-to-market (GTM) strategy and expanding its regional presence in EMEA.

    “HUMAN’s commitment to EMEA is stronger than ever as we scale our operations and deepen our partnerships,” said Chris Scanlan, CRO at HUMAN. “With Mark Phillips, a long-standing HUMAN employee, promoted to Vice President of Sales, EMEA, and Bal Lakha joining as Head of Channel Partnerships, EMEA, we are accelerating our efforts to protect organisations from bots and fraud while delivering a seamless data journey and client experience. As we continue investing in our next growth stage, their expertise in cybersecurity sales and strategic alliances will be instrumental in strengthening our partner ecosystem, expanding our product capabilities, and driving impactful, scalable solutions for our clients across the region.”

    Mark Phillips, Vice President of Sales, EMEA, brings over 25 years of industry experience, including over two decades in cybersecurity. Phillips has a proven track record of success at leading security firms such as FireEye, Trend Micro, and Malwarebytes. Most recently, he served as Vice President of Global Sales Engineering at Bitdefender, leading worldwide technical sales initiatives. Phillips will oversee sales and presales teams across EMEA in his new role at HUMAN, shaping the region’s GTM strategy. With deep expertise and a commitment to innovation, he remains focused on empowering HUMAN’s customers and delivering impactful solutions that protect organisations across the EMEA region.

    Bal Lakha, Head of Channel Partnerships, EMEA, is an accomplished Global Sales and Partner Alliances leader with deep expertise in network security, managed security services, and partner management. Currently spearheading Channel Partnerships – EMEA at HUMAN, Lakha has held pivotal roles at FireEye, Forescout, and Cybereason, where he successfully drove strategic alliances and revenue growth. With proven performance in cybersecurity sales, he remains focused on building high-impact global partnerships and advancing innovative security solutions that strengthen HUMAN’s market presence.

    The leadership announcements come on the heels of several global milestones for HUMAN:

    • $50+ Million Growth Funding: This latest investment accelerates platform growth, integrating advanced AI techniques to enhance digital account protection and media security solutions, including defences against click fraud and advertising integrity for platforms, agencies, and brands.
    • Announced HUMAN Advantage Program: The new programme offers high rewards and margins through a three-tier structure, designed to stay in tune with evolving market economics and centered on three key factors: annualised bookings, training, and retention.
    • Recognition in The Forrester Wave™: Bot Management Software, Q3 2024: HUMAN was named a Leader, achieving top scores in nine categories, including “Detection Models,” “Mobile App and API Protection,” and “Vision.”
    • Voice of the Customer: HUMAN was ranked the #1 vendor in all G2 Grids for Bot Detection and Mitigation in both 2024 and 2025.

    The Human Defense Platform solves enterprise-wide pain points through its product offerings across the entire customer journey:

    • Advertising Protection: Protects programmatic inventory from bots, fraud, malvertising, and ad quality violations, ensuring brand reputation and revenue by fostering a trusted buying experience.
    • Application Protection: Protects against account takeover, scraping, transaction abuse, fake interactions, and client-side supply chain attacks by fostering a trusted application environment where users feel safe to interact and transact.
    • Account Protection: Protects accounts from automated credential stuffing and brute force account takeover attacks, fake accounts used by fraudsters to exploit platforms and services, and remediates accounts that have been compromised.

    HUMAN customers leveraging The Human Defense Platform include some of the world’s foremost online travel planning and booking services, top-tier e-commerce platforms, and global insurance leaders such as Allianz Technology. HUMAN’s solutions have earned widespread acclaim from major enterprises, including those in the railroad and transportation sectors, citing “great defence against bot attacks” and affirming that “HUMAN has a very good rate of identifying malicious requests.” An IT Security & Risk leader from the travel and hospitality industry states in a Gartner Peer Insights review that HUMAN is one of the best anti bot protection service you can find”.

    About HUMAN
    HUMAN is a leading cybersecurity company committed to protecting the integrity of the digital world. We ensure that every digital interaction, transaction, and connection is authentic, secure, and human. The Human Defense Platform safeguards the entire customer journey with high-fidelity decision-making that defends against bots, fraud, and digital threats. Each week, HUMAN verifies 20 trillion digital interactions, providing unparalleled telemetry data to enable rapid, effective responses to even the most sophisticated threats. Recognised by our customers as a G2 Leader, HUMAN continues to set the standard in cybersecurity. To ensure your digital connections are trusted, visit www.humansecurity.com

    Contact information:
    Masha Krylova, Director of Communications
    press@humansecurity.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/deb9d109-f546-4c8a-b41b-74dad285775d

    The MIL Network

  • MIL-OSI Russia: We invite you to the creative competition Brand Education

    Translartion. Region: Russians Fedetion –

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

    The Institute of Marketing invites you to participate in the traditional student competition Brand Education.

    The competition has become a reflection of the global and domestic economy’s aspirations for responsible consumption and sustainable development. It brings together creative students and high school students interested in developing professional competencies in the field of creating and promoting sustainable brands.

    To participate in the first stage of the competition, you must register before April 7 and send your project work to brandeducation@yandex.ru.

    Competition directions and nominations:

    University brand promotion: media activity – promoting the university in the digital environment (posting press releases, maintaining social media pages, etc.); television activity – videos about the university, department, etc.; advertising activity – posting posters, distributing leaflets, leaflets and other advertising materials; PR activity – positioning the university in online and offline media, strengthening its reputation, interacting with target audiences. Social entrepreneurship: civic initiatives, socially significant projects, development of volunteerism and volunteer work; environmental projects; Internet startups aimed at developing universities; sustainable business development projects. Initiatives of the year: green technologies in the organization’s infrastructure; sustainable packaging in the culture of responsible consumption; sustainable design and environmental responsibility; creative poster for social advertising.

    Participants of the competition can indicate one or several nominations when registering. The jury will evaluate the projects and publish a list of the lucky ones who made it to the finals on April 17.

    The second stage (final) of the competition will be held from April 18 to 30 in person at the Department of Services Marketing and Brand Management of the Institute of Marketing.

    Details about the competition are available on the Brand Education Telegram channel https://t.me/brand_education.

    The competition is organized by the Department of Services Marketing and Brand Management of the Institute of Marketing, which traditionally studies the problems of forming and developing sustainable brands, and trains specialists in the field of their design and capitalization.

    Subscribe to the TG channel “Our GUU” Date of publication: 03/26/2025

    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 Economics: Asian Development Blog: Artificial Intelligence Meets Real Finance: Innovation, Risk, and Regulation

    Source: Asia Development Bank

    Artificial intelligence is reshaping financial services by improving credit scoring, customer service, fraud detection, and risk management across sectors.

    The financial sector is data-intensive and among the most exposed to artificial intelligence. The application of AI in finance is significantly changing how markets operate, risks are managed, and consumers interact with financial services. 

    The use of AI in finance is not something new. Traditional analytics have been applied in various functions throughout the financial system. 

    For example, AI models have been used for rule-based risk analysis in financial intermediation, risk management and portfolio optimization in asset management, and fraud detection in payment systems. 

    In particular, the emerging generative AI technology can generate and execute transactions, even without human intervention. 

    It enables the processing of huge amounts of data at a speed far beyond human capacity. Generative AI thus offers vast opportunities for the financial sector across several functions, including financial intermediation, insurance, asset management, and payment systems. 

    Financial institutions have also used generative AI to strengthen credit scoring, back-end processing, customer support, risk analysis, robo-advising, and know-your-customer processes. 

    These four areas offer interesting opportunities for AI in finance:

    Financial intermediation: Traditional analytics focus on rule-based risk analysis and fostering greater competition. With the adoption of machine learning, financial institutions have improved credit risk analysis, reduced underwriting costs, and expanded financial inclusion. Generative AI takes this further by enabling enhanced credit scoring using unstructured data, streamlining back-end processing, and improving customer support.

    Insurance: Traditional analytics support risk analysis and market competition. Machine learning introduces better risk assessment, lowers processing costs, and enhances fraud detection capabilities. Generative AI enhances risk analysis through the ability to process newly legible data and facilitates easier compliance with regulatory requirements.

    Asset management: Traditional analytics help with risk management, portfolio optimization, and high-frequency trading. Machine learning allows the analysis of new data sources and continues to support high-frequency trading. Generative AI contributes through robo-advising, asset embedding, the development of new financial products, and improved customer service.

    Payments: Traditional analytics are primarily used for fraud detection. Machine learning introduces new liquidity management tools and strengthens fraud detection. Generative AI enhances know-your-customer and anti-money laundering processes, increasing the efficiency and accuracy of identity verification and transaction monitoring.

    To maximize the net benefits for finance, AI regulations must strike a balance between innovation and safety.

    While AI has created numerous benefits for the financial sector, there are some challenges related to its adoption. In particular, there are new risks associated with the use of generative AI. 

    Since AI can be adopted across different functions, processes, and applications, financial systems will likely become more vulnerable to cybersecurity threats. 

    Further, generative AI models are prone to the garbage-in-garbage-out problem, as they tend to capture and sustain the biases and errors inherent in the underlying data that they have been trained on. 

    AI models could also generate hallucinations, which are false or misleading information resulting from incorrect or insufficient training data and faulty assumptions. 

    The use of generative AI can also create systemic risks. The domination of AI supply chain by a few big tech players results in more uniform behavior. This means that failures and disruptions within the AI systems of big tech players can have widespread effects that lead to overall financial instability.   

    Therefore, the key challenge is to build AI regulations that recognize both the risks and benefits of AI adoption. This would help maximize the benefits of AI for finance while minimizing its risks. 

    The principles underlying AI regulations must encompass social and environmental well-being, transparency and accountability, and fairness and protection of privacy. 

    Given differences in countries’ level of development and extent of AI adoption, global cooperation on AI regulation is also important.

    The adoption of AI can deliver potentially large benefits for the financial sector. However, AI also poses systemic risks and potential market disruptions. 

    To maximize the net benefits for finance, AI regulations must strike a balance between innovation and safety. Doing so requires international cooperation, transparency, and adaptable principles that can keep up with fast-evolving AI technologies.

    MIL OSI Economics

  • MIL-OSI China: RCEP emerges as anchor for free trade amid rising protectionism

    Source: China State Council Information Office

    The Regional Comprehensive Economic Partnership (RCEP) has emerged as an important anchor for global free trade, injecting momentum into the world economy amid rising protectionism and geopolitical uncertainties, according to sources from the Boao Forum for Asia (BFA) conference.

    The RCEP has become a major driving force and institutional pathway for economic globalization, further opening up the regional market and advancing regional liberalization, said Kuang Xianming, deputy head of the China Institute for Reform and Development.

    Three years after its implementation, the trade pact has delivered initial benefits, with the total trade value within the region expanding 3 percent year on year in 2024, a significant figure given the headwinds facing global trade, Kuang said.

    Under the agreement, the RCEP region has become the most dynamic hub for cross-border capital flows, according to Kuang. In 2023, the RCEP region attracted 35 percent of global foreign direct investment and contributed 30 percent of global outbound investment, he added.

    The RCEP, the world’s largest free trade deal to date, covers 10 member states of the Association of Southeast Asian Nations and its five free trade agreement partners, namely China, Japan, the Republic of Korea, Australia, and New Zealand.

    The RCEP, as a major achievement of Asian economic integration, has injected new vitality into the member economies, bringing certainty into the uncertain global economy and trade landscape, according to a report released at the BFA.

    The trade pact has integrated the free trade agreement arrangements within the region, optimized the configuration of economic resources, and demonstrated the determination of Asian economies to promote open cooperation, the report said. 

    MIL OSI China News

  • MIL-OSI United Kingdom: UK-Southeast Asia Tech Week 2025 in Manila

    Source: United Kingdom – Executive Government & Departments

    World news story

    UK-Southeast Asia Tech Week 2025 in Manila

    The UK Government recently hosted UK-Southeast Asia Tech Week in Manila, driving innovation, collaboration and investment.

    His Majesty’s Ambassador Laure Beaufils (second from right) and His Majesty’s Trade Commissioner Martin Kent (rightmost) sign a Strategic Partnership with Fintech Alliance Philippines, represented by Martha Borja and Lito Villanueva, to enhance UK-Philippines cooperation in the fintech sector, driving financial inclusion and technological advancement.

    Under the theme “Bridging Boundaries, Building a Resilient, Innovative, and Inclusive Tech Ecosystem,” the event held from 24 to 25 March 2025 showcased British cutting-edge technology and expertise while fostering partnerships to strengthen the region’s tech landscape.

    His Majesty’s Trade Commissioner for Asia Pacific, Martin Kent led the delegation of 12 pioneering British artificial intelligence (AI) and data companies, exploring opportunities for collaboration with Philippine partners in the tech ecosystem. He stated:

    The UK is a global leader in science and technology, with our tech ecosystem worth US$1.2 trillion – the 3rd largest in the world after the US and China.

    I am delighted to lead this delegation of cutting-edge companies to Manila for UK-Southeast Asia Tech Week to represent the UK’s tech prowess. The UK is committed to building opportunities for mutual prosperity with the Philippines, and I look forward to the innovation and new partnerships that will unfold from this week.

    Companies including NCC Group, iProov and Revolut took centre stage during the UK Tech Showcase, demonstrating their latest innovations in cybersecurity, biometric authentication, and digital banking.

    Panel discussions on AI and cybersecurity were conducted, providing insights on latest trends, emerging threats and best practices. The discussions also underscored the need for collaboration to address common challenges.

    Furthering the UK and Philippine tech partnership, His Majesty’s Ambassador Laure Beaufils signed a Strategic Partnership with Fintech Alliance Philippines to enhance cooperation in the fintech sector, driving financial inclusion and technological advancement across the industry. She shared:

    The UK is proud to be a long-standing partner in the Philippines’ digital journey, supporting initiatives that foster innovation, improve cybersecurity resilience and develop a skilled tech workforce.

    British Embassy Manila and Kickstart Ventures, the Philippines’ largest corporate venture capital firm, also launched the UK Tech Growth Programme. This new collaboration is designed to match UK startups to receive potential investment from Kickstart Ventures through The Ayala Corporation Technology Innovation Venture Fund (ACTIVE Fund), the largest venture capital fund to come out of the Philippines.

    Kickstart Ventures Managing Partner and Co-Founder Minette Navarrete said:

    We recognise the vital role of forging partnerships beyond borders in fuelling innovation that benefits all– a commitment we take to heart at Kickstart. Our collaboration with the British Embassy is integral to this commitment, allowing us to lead transformative investments with UK startups and bring in tech-driven solutions that ensure mutual growth.

    Ambassador Beaufils added:

    Technology is not just about infrastructure—it’s about partnerships, trust, and shared progress. The UK is working hand in hand with the Philippines on this, supporting it to expand its tech ecosystem.

    UK-Southeast Asia Tech Week 2025 reaffirms the UK’s commitment to driving innovation, strengthening partnerships, and shaping a resilient and inclusive tech ecosystem across the region.

    The delegation includes British Companies Content Guru, CyberQ Group, Encompass, Intelligent AI Solutions, Kraken IM, Newcastle University, Open Data Institute, Smart Pension, Summatic, Sumsub, Synectics and Veracity Trust Network APAC.

    Updates to this page

    Published 26 March 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: UK, Philippines hold 5th Climate Change and Environment Dialogue

    Source: United Kingdom – Government Statements

    World news story

    UK, Philippines hold 5th Climate Change and Environment Dialogue

    Bilateral cooperation on climate and environment is being strengthened through discussions on science, innovation, localisation, resilience, and finance.

    His Majesty’s Ambassador to the Philippines, Laure Beaufils, and Environment Secretary and Official Representative of the President to the Climate Change Commission, Maria Antonia Yulo Loyzaga recently led the 5th UK-PH Climate Change and Environment (CCE) Dialogue to set the direction for the year, building on the successes of 2024.

    These saw UK support for the operationalisation of the Philippines’ National Adaptation Plan, mobilisation of institutional capital into renewable energy in the country through the Philippines Stock Exchange, funding to civil society across projects on biodiversity and coastal livelihoods and launching of key multi-stakeholder platforms tacking plastic pollution and blue carbon.

    Both countries agreed to establish a UK-led development partners coordination group for the localisation of climate analytics in provinces identified with high exposure to climate risks in the National Adaptation Plan, and the government’s Risk Resiliency Programme. Using the findings from pilot site of Negros Occidental, an investment platform will be developed to mobilise private capital for adaptation and resilience with a focus on climate-smart agriculture, innovative water management solutions and agroforestry projects.

    The Dialogue also agreed to ramp up support for the blue economy through the UK’s Blue Planet Fund. The new COAST (Climate and Ocean Adaptation and Sustainable Transition) programme will be rolled out in the Philippines this year, which seeks to deliver interventions that will strengthen marine protected areas, operationalise sustainable fisheries management, and promote blue carbon initiatives.

    Representatives reached an agreement to form a UK-DENR partnership mechanism to promote biodiversity and nature grants to local governments and communities that would not only support biodiversity conservation but also build resilience and provide long-term economic benefits for resource-dependent communities.

    Representatives also agreed to ramp up collaboration on climate and nature finance. Discussions covered expanding access to sustainable financing, catalysing private capital for climate change adaptation, and aligning financial strategies with climate risk assessments to develop more investment-ready portfolio for large-scale, long-term sustainability efforts.

    Ambassador Beaufils said:

    I am very proud of the progress we have made together. But we won’t rest on our laurels. We are ambitious for the future, and we will continue to deliver tangible results across adaptation, climate finance, science and research, and investments into renewable energy.

    Meanwhile, Secretary Loyzaga highlighted:

    Our Enhanced Partnership with the UK is a testament to our commitment as like-minded countries and large ocean nations to a future that is secured under a rules-based international order. The bi-annual reviews of our climate change joint work plan will allow us to align, calibrate, and adapt when we respond to geo strategic uncertainties that we actually face.

    The dialogue concluded with both countries signing a renewed partnership statement on climate and nature. The UK remains committed to supporting these efforts through expertise, financing, and advocacy for climate-vulnerable nations.

    The Dialogue was attended by high-level representatives from key agencies, including the DENR, Climate Change Commission, Department of Agriculture, Department of Finance, Department of Science and Technology, Department of Energy, Bangko Sentral ng Pilipinas, National Economic and Development Authority, the Public-Private Partnership Center and the Department of Trade and Industry.

    Updates to this page

    Published 26 March 2025

    MIL OSI United Kingdom

  • MIL-OSI: Sampo plc: Notice of the Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 26 March 2024 at 10:25 am EET

    Sampo plc: Notice of the Annual General Meeting

    Notice is given to the shareholders of Sampo plc of the Annual General Meeting to be held on Wednesday, 23 April 2025 at 2.00 pm (EEST) at the Helsinki Exhibition and Convention Centre’s Congress Wing, address Rautatieläisenkatu 3, FI-00520 Helsinki, Finland. The reception of persons who have registered for the meeting and serving of coffee prior to the meeting will start at 12.30 pm (EEST).

    Shareholders have the opportunity to exercise their voting rights also by voting in advance on certain matters on the agenda of the Annual General Meeting. In addition, shareholders may follow the meeting through a live webcast. The webcast begins on 23 April 2025 at 2.00 pm (EEST). Following the meeting through the webcast is not considered as participation in the Annual General Meeting or the exercising of shareholder rights. It is not possible to ask questions, make counterproposals, address the meeting otherwise or vote through the webcast. Shareholders who wish to follow the webcast can exercise their voting rights by voting in advance. To receive the link for the webcast, shareholders are required to register through the registration system. The instructions regarding the advance voting and registering for the webcast are presented in Section C.6-7 herein.

    A. Items on the agenda of the Annual General Meeting

    The information and proposals of agenda items 1 to 5 concerning the formal organisational matters of the Annual General Meeting are included in a separate organisational document published on Sampo’s website at www.sampo.com/agm, which document also constitutes a part of this notice. The document may be supplemented at the meeting with any information that is not available before the Annual General Meeting.

    At the Annual General Meeting, the following items will be considered:

    1. Opening of the meeting

    2. Calling the meeting to order

    3. Election of persons to scrutinise the minutes and to supervise the counting of votes

    4. Recording the legality of the meeting

    5. Recording the attendance at the meeting and adoption of the list of votes

    6. Presentation of the Financial Statements, Report of the Board of Directors, the Auditor’s Report and the Sustainability Reporting Assurance Report for the financial year 2024

    • Review by the Group CEO
    • Auditor’s Report and Sustainability Reporting Assurance Report presented by the Auditor and Sustainability Reporting Assurance Provider

    7. Adoption of the Financial Statements

    8. Resolution on the use of the profit shown on the balance sheet and the payment of dividend

    The Board of Directors proposes to the Annual General Meeting that a total dividend of EUR 0.34 per share be paid to all shares except for the shares held by Sampo plc on the dividend record date of 25 April 2025. The dividend will be paid to the shareholders registered in the Company’s shareholders’ register maintained by Euroclear Finland Oy as at the record date of 25 April 2025. The Board proposes that the dividends be paid on 6 May 2025.

    The issuer of the Swedish depository receipts shall ensure that the dividend is paid to the depository receipt holders registered in the securities depository and settlement register maintained by Euroclear Sweden AB as at the record date of 25 April 2025, which payment shall be made in Swedish Krona. The dividend payment for shares registered in the form of share entitlements book-entered in VP Securities A/S in Denmark as at the record date of 25 April 2025 will be administered by VP Securities A/S subsequent to receipt of the dividend from Euroclear Finland.

    9. Resolution on the discharge of the members of the Board of Directors and the CEO from liability for the financial year 2024

    10. Consideration of the Remuneration Report for Governing Bodies

    The Board of Directors proposes that the Remuneration Report for Governing Bodies for the financial year 2024 be adopted by the Annual General Meeting through an advisory resolution.

    The Remuneration Report for Governing Bodies is available on Sampo plc’s website at www.sampo.com/agm.

    11. Resolution on the remuneration of the members of the Board of Directors

    The Nomination and Remuneration Committee of the Board of Directors proposes to the Annual General Meeting that the following annual fees be paid to the members of the Board of Directors until the close of the next Annual General Meeting:

    • EUR 243,000 for the Chair of the Board (prev. EUR 235,000);
    • EUR 140,000 for the Vice Chair of the Board (prev. EUR 135,000);
    • EUR 108,000 for each member of the Board (prev. EUR 104,000);
    • EUR 30,000 for the Chair of the Audit Committee as an additional annual fee (prev. EUR 29,000); and
    • EUR 6,800 for each member of the Audit Committee as an additional annual fee (prev. EUR 6,600).

    A Board member must acquire Sampo plc A shares at the price paid in public trading with 50 per cent of his/her annual fee after the deduction of taxes, payments and potential statutory social and pension costs. Notwithstanding this, a Board member is not required to purchase any additional Sampo plc A shares if the Board member owns such amount of said shares that their value is equivalent to twice the respective Board member’s gross annual fee. The Company will pay any possible transfer tax related to the acquisition of the shares.

    12. Resolution on the number of members of the Board of Directors

    The Nomination and Remuneration Committee of the Board of Directors proposes to the Annual General Meeting that the number of Board members is decreased by one and that eight members be elected to the Board.

    13. Election of the members of the Board of Directors

    The Nomination and Remuneration Committee of the Board of Directors proposes that the current members of the Board Christian Clausen, Steve Langan, Risto Murto, Antti Mäkinen, Markus Rauramo, Astrid Stange and Annica Witschard be re-elected for a term continuing until the close of the next Annual General Meeting. Of the current members, Georg Ehrnrooth and Jannica Fagerholm are not available for re-election. The Committee proposes that Sara Mella be elected as a new member to the Board.

    All the proposed Board members have been determined to be independent of the Company and its major shareholders under the rules of the Finnish Corporate Governance Code 2025.

    The CVs of all persons proposed as Board members are available at www.sampo.com/agm.

    14. Resolution on the remuneration of the Auditor and the Sustainability Reporting Assurance Provider

    The Audit Committee of the Board of Directors proposes to the Annual General Meeting that compensation be paid to the Company’s Auditor and to the Sustainability Reporting Assurance Provider against invoices approved by the Company.

    15. Election of the Auditor and the Sustainability Reporting Assurance Provider

    The Audit Committee of the Board of Directors proposes to the Annual General Meeting that the Authorised Public Accountant Firm Deloitte Ltd be re-elected as the Company’s Auditor for the financial year 2025. If Deloitte Ltd is elected as Sampo plc’s Auditor, the firm has announced that APA ASA Jukka Vattulainen will continue as the auditor with principal responsibility.

    The Audit Committee also proposes to the Annual General Meeting that Authorised Sustainability Audit Firm Deloitte Ltd be re-elected as the Company’s Sustainability Reporting Assurance Provider for the financial year 2025. If Deloitte Ltd is elected as Sampo plc’s Sustainability Reporting Assurance Provider, the firm has announced that APA ASA Jukka Vattulainen will continue as the principal authorised sustainability auditor.

    16. Authorising the Board of Directors to decide on the repurchase of the Company’s own shares

    The Board of Directors proposes to the Annual General Meeting that the Annual General Meeting authorise the Board to resolve to repurchase, on one or several occasions, a maximum of 250,000,000 Sampo plc A shares. The maximum number of shares represents approximately 9.29 per cent of all outstanding A shares of the Company as of number of shares on the date of the Board’s proposal. The repurchased shares will be cancelled.

    The shares may be repurchased either through an offer to all shareholders on equal terms or through other means and otherwise than in proportion to the existing shareholdings of the Company’s shareholders (directed repurchase) if the Board of Directors deems that there are weighty financial reasons for such directed repurchase. Directed repurchases may be carried out, among others, through open market purchases, participation in accelerated book-building processes or through arranging reversed accelerated book-building processes.

    The purchase price per share shall be no more than:

    (i) the highest price paid for the Company’s shares in public trading on the day of the repurchase or the offer to repurchase the Company’s own shares, or alternatively,

    (ii) the average of the share prices (volume weighted average price on the regulated markets where the Company’s share is admitted to trading) during the five trading days preceding the repurchase or the offer to repurchase the Company’s own shares.

    The lowest purchase price per share shall be the price that is 20 per cent lower than the lowest price paid for the Company’s shares in public trading during the validity of this authorisation until the repurchase or the offer to repurchase the Company’s own shares.

    It is proposed that the authorisation be valid until the close of the next Annual General Meeting, however no longer than 18 months from the Annual General Meeting’s decision.

    17. Closing of the meeting  

    B. Documents of the Annual General Meeting

    The proposals for decisions on the items on the agenda of the Annual General Meeting and this notice are available on Sampo plc’s website at www.sampo.com/agm. The Financial Statements, the Report of the Board of Directors, the Auditor’s Report, the Sustainability Reporting Assurance Report and the Remuneration Report for Governing Bodies for the financial year 2024 are available on Sampo plc’s website at www.sampo.com/year2024. The proposals for decisions and the other above-mentioned documents are also available at the meeting. Copies of these documents and of this notice will be sent to shareholders upon request. The minutes of the meeting will be available at www.sampo.com/agm on 7 May 2025 at the latest.

    C. Instructions for the participants in the Annual General Meeting

    The registration for the Annual General Meeting and the advance voting will commence on 26 March 2025 at 3:00 pm (EET) and end on 14 April 2025 at 4.00 pm (EEST). For holders of Swedish depositary receipts, the registration for the Annual General Meeting will commence on 26 March 2025 at 3.00 pm (EET) and end on 14 April 2025 at 9.00 am (EEST). For Danish shareholders, the registration for the Annual General Meeting and the advance voting will commence on 26 March 2025 at 2:00 pm (CET) and end on 11 April 2025 at 3:00 pm (CEST), Instructions on the registration for the Annual General Meeting for shareholders wishing to participate in the meeting at the meeting venue are set out in Subsections 1, 2 and 3 below. Instructions for holders of nominee-registered shares are set out below under Subsection 4. Information on proxy documents and Suomi.fi authorisations are set out in Subsection 5 below. The instructions for advance voting are set out in Subsection 6 below. Instructions regarding the registration for the live webcast are set out in Subsection 7 below.

    In connection with the registration and advance voting, at least the following information is requested: the shareholder’s name, date of birth (except for shareholders with shares registered with VP Securities A/S in Denmark) or business ID, email address, telephone number and information on a possible authorised representative. Strong electronic identification is required for the registration on the Company’s website of shareholders, their authorised representatives and proxy representatives who are private persons by using Finnish, Swedish or Danish online banking IDs or mobile certificates. For shareholders that are Finnish legal persons, electronic registration requires providing the entity’s business ID and that the relevant authorised person uses strong electronic identification for the registration. For shareholders that are legal persons with shares registered with VP Securities A/S in Denmark, registration requires providing the entity’s business ID, name of the shareholder, name and birthdate of the authorised representative, and an email address, the entity’s address and telephone number as contact information.

    The personal data provided by the shareholders to the Company is only used in connection with the Annual General Meeting and the processing of related registrations.

    More information on registration for the meeting and advance voting is available until 14 April 2025 by phone from Innovatics Ltd at +358 10 2818 909 from Monday to Friday between 9.00 am and 12.00 noon and between 1.00 pm and 4.00 pm (EET/EEST).

    1. Shareholders registered with Euroclear Finland Oy in Finland

    Each shareholder who is on 9 April 2025 registered in the shareholders’ register of Sampo plc held by Euroclear Finland Oy has the right to participate in the Annual General Meeting. A shareholder whose shares are registered on their personal Finnish book-entry account is registered in the shareholders’ register of the Company.

    A shareholder who is registered in the Company’s shareholders’ register and who wishes to participate in the Annual General Meeting shall notify the Company thereof according to the instructions set out below.

    Notification of participation shall be made no later than by 4.00 pm (EEST) on Monday 14 April 2025

    a) On the Company’s website at www.sampo.com/agm

    b) By email to agm@innovatics.fi or regular mail to Innovatics Oy, Yhtiökokous / Sampo Oyj, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland.

    c) By telephone to Innovatics Ltd at +358 10 2818 909 from Monday to Friday between 9.00 am and 12.00 noon and between 1.00 pm and 4.00 pm (EET/EEST). When registering by phone, a shareholder cannot vote in advance.

    Registration must be received by 4.00 pm (EEST) on Monday 14 April 2025 irrespective of the registration method.

    2. Shareholders registered with VP Securities A/S in Denmark

    Each shareholder who is on 9 April 2025 registered in the shareholders’ register of Sampo plc held by VP Securities A/S (Euronext Securities Copenhagen) has the right to participate in the Annual General Meeting. Such shareholders who wish to participate in the Annual General Meeting shall notify Euronext thereof according to the instructions set out below.

    Notification of participation shall be made no later than by 3.00 pm (CEST) on Friday 11 April 2025

    a) On the Company’s website at www.sampo.com/agm

    b) By email to CPH-investor@euronext.com

    c) By telephone to Euronext at +45 4358 8866 from Monday to Friday between 9.00 am and 4.00 pm (CET/CEST). When registering by phone, a shareholder cannot vote in advance.

    Registration must be received by 3.00 pm (CEST) on Friday 11 April 2025 irrespective of the registration method.

    If you represent a legal entity/person, you must present proof of identification and rights of representation. Such identification may consist of a document that proves your authorisation to sign on behalf of the entity or a document that process you are part of the management of the entity.

    Shareholders whose shares are held in trust in Denmark and who wish to participate in the Annual General Meeting are advised to request their trustee for the necessary instructions regarding the registration and advance voting. The trustee shall register the shareholder according to the instructions above to Euronext Securities Copenhagen no later than 11 April 2025 at 3.00 pm (CEST).

    3. Holders of Swedish depository receipts

    Holders of Swedish depository receipts (SDRs) have the right to participate in the Annual General Meeting by virtue of shares represented by the SDRs based on which they would be entitled to be registered in the shareholders’ register of the Company held by Euroclear Finland Oy on 9 April 2025. In addition, the right to participate in the Annual General Meeting requires that the holder of SDRs has been registered, on the basis of such shares represented by the SDRs, into the temporary shareholders’ register held by Euroclear Finland Oy at the latest by 10.00 am (EEST) on 16 April 2025, and the request regarding such registration must be delivered to the issuer of the SDRs and all necessary actions taken at the latest by 9.00 am (EEST) on 14 April 2025. As regards holders of SDRs, this constitutes a due registration for the Annual General Meeting.

    A holder of SDRs is advised to request without delay necessary instructions regarding the registration in the temporary shareholders’ register of the Company, the issuing of proxy documents and voting instructions from their custodian bank which the holder of the SDRs has appointed to hold the SDRs on their account. Said custodian bank shall take necessary actions to the effect that a holder of SDRs who wants to participate in the Annual General Meeting is registered into the temporary shareholders’ register of the Company at the latest by 10.00 am (EEST) on 16 April 2025 and, if necessary, arrange for advance voting on behalf of the holders of SDRs before the end of the registration period.

    Further information on these matters can also be found on the Company’s website www.sampo.com/agm.

    4. Holders of nominee-registered shares

    Holders of nominee-registered shares have the right to participate in the Annual General Meeting by virtue of shares based on which they would be entitled to be registered in the shareholders’ register of the Company held by Euroclear Finland Oy on 9 April 2025. In addition, the right to participate in the Annual General Meeting requires that the shareholder has been registered on the basis of such shares into the temporary shareholders’ register held by Euroclear Finland Oy at the latest by 10.00 am (EEST) on 16 April 2025. As regards nominee-registered shares, this constitutes a due registration for the Annual General Meeting.

    A holder of nominee-registered shares is advised to request without delay necessary instructions regarding the registration in the temporary shareholders’ register of the Company, the issuing of proxy documents, voting instructions and registration and advance voting for the Annual General Meeting from their custodian bank. The custodian bank shall register a holder of nominee-registered shares who wants to participate in the Annual General Meeting into the temporary shareholders’ register of the Company at the latest by the date stated above and, if necessary, arrange for advance voting on behalf of the holder of nominee-registered shares before the end of the registration period for holders of nominee-registered shares.

    Further information on these matters can also be found on the Company’s website www.sampo.com/agm.

    5. Proxy representative and powers of attorney

    A shareholder may participate in the Annual General Meeting and exercise their rights at the meeting by way of proxy representation. A proxy representative may also vote in advance in accordance with the instructions provided herein. The proxy representative shall authenticate in the electronic registration service and advance voting (if applicable) personally with strong authentication, after which they will be able to register and vote in advance on behalf of the shareholder whom they represent.

    A proxy representative shall produce a dated proxy document or otherwise in a reliable manner demonstrate their right to represent the shareholder at the Annual General Meeting. Providing the right to represent can be done by using the suomi.fi e-authorizations service available in the electronic registration service.

    When a shareholder participates in the Annual General Meeting by means of several proxy representatives representing the shareholder with shares on different securities accounts, the shares by which each proxy representative represents the shareholder shall be identified in connection with the registration for the Annual General Meeting.

    Possible proxy documents shall be delivered primarily as an attachment as part of the electronic registration, or alternatively, through email to agm@innovatics.fi or as originals to the address Innovatics Oy, Yhtiökokous / Sampo Oyj, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland before the end of the registration period.

    Delivering of a proxy prior to the end of the registration period is considered as registration for the meeting if all required information for registration described above is given.

    Shareholders may also use the electronic Suomi.fi authorisation service instead of a traditional authorisation. In such case, the shareholder authorises a representative in the Suomi.fi service at www.suomi.fi/e-authorizations by using the category “Representation at a general meeting”. The representative shall in connection with the registration to Innovatics’ general meeting service identify oneself through strong electronic identification. After that, the electronic authorisation will be proofed automatically. Online banking credentials or a mobile certificate may be used for strong electronic identification. More information is available at www.suomi.fi/e-authorizations and Sampo plc’s website at www.sampo.com/agm.

    6. Advance voting

    Shareholders may vote in advance on certain items on the agenda of the Annual General Meeting.

    a. Shareholders with shares registered with Euroclear Finland Oy in Finland

    Each shareholder who is registered in the shareholders’ register of the Company maintained by Euroclear Finland Oy as described in Subsection 1 above may vote in advance on certain items on the agenda of the Annual General Meeting between 26 March 2025 at 3.00 pm (EET) and 14 April 2025 at 4.00 pm (EEST):

    a) On the Company’s website at www.sampo.com/agm

    b) By email by submitting the advance voting form available on the Company’s website or equivalent information to agm@innovatics.fi or regular mail to Innovatics Oy, Yhtiökokous / Sampo Oyj, Ratamestarinkatu 13 A, FI-00520 Helsinki, Finland.

    b. Shareholders with shares registered with VP Securities A/S in Denmark

    Each shareholder who is registered in the shareholders’ register of Sampo plc held by VP Securities A/S (Euronext Securities Copenhagen) as described in Subsection 2 above may vote in advance on certain items on the agenda of the Annual General Meeting between 26 March 2025 at 2.00 pm (EET) and 11 April 2025 at 3.00 pm (CEST):

    a) On the Company’s website at www.sampo.com/agm

    b) By email to CPH-investor@euronext.com

    Shareholders whose shares are held in trust in Denmark and who wish to vote in advance are advised to instruct the trustee to vote in advance on behalf of such shareholders by 3.00 pm (CEST) on 11 April 2025 at the latest according to the instructions set out in this notice.

    The advance votes must be received by the end of the advance voting period. The submission of votes by email or by regular mail before the end of the registration and advance voting period shall be regarded as registration for the General Meeting, provided that it contains the above information required for the registration.

    A shareholder who has voted in advance may request information under the Finnish Limited Liability Companies Act, request a vote at the Annual General Meeting or vote on a possible counterproposal if they are present or represented at the Annual General Meeting at the meeting venue.

    The agenda items subject to advance voting are deemed to be presented unchanged at the Annual General Meeting. Therefore, under agenda item 13, if any of the members proposed to be elected to the Board of Directors are unavailable for election to the Board of Directors at the Annual General Meeting for any reason, the number of the proposed members unavailable for election will be automatically decreased from the number of the members of the Board of Directors to be elected, and the remaining candidates available for election will be elected in accordance with the proposal of the Nomination and Remuneration Committee.

    Instructions regarding the advance voting, and the terms related to the electronic advance voting are also available on the Company’s website at www.sampo.com/agm.

    7. Webcast

    A shareholder who is entitled to attend the Annual General Meeting may also follow the meeting via live webcast. Following the meeting through the webcast is not considered as participation in the Annual General Meeting or the exercising of shareholder rights. It is not possible to ask questions, make counterproposals, address the meeting otherwise or vote through the webcast. Webcast access to the Annual General Meeting will be provided through Inderes Oyj’s virtual general meeting service on the Videosync platform, which includes video and audio access to the General Meeting. Following the webcast does not require any paid software or downloads. In addition to an internet connection, following the webcast requires a computer, smartphone or tablet with speakers or headphones for sound. One of the following browsers is recommended: Chrome, Firefox, Edge, Safari, or Opera. It is advisable to log in to the meeting system well in advance of the meeting.

    The link and password for following the meeting via the webcast will be sent by e-mail and/or SMS to the e-mail address and/or mobile phone number provided at the time of registration to all those who have registered for the General Meeting no later than the day before the General Meeting.

    For more information on the general meeting service, additional instructions for proxies representing more than one shareholder, contact details of the service provider and instructions in case of possible disruptions can be found here: https://vagm.fi/support. A link to test the compatibility of your computer, smartphone or tablet with the network connection can be found here: https://demo.videosync.fi/agm-compatibility?language=en. It is recommended that you read the detailed instructions before the meeting. More information and instructions can also be found on the Company’s website at www.sampo.com/agm.

    8. Other instructions and information

    Pursuant to Chapter 5, Section 25 of the Finnish Limited Liability Companies Act, a shareholder who is present at the Annual General Meeting has the right to request information with respect to the items to be considered at the meeting.

    Any changes in the ownership of shares that have occurred after the record date of the Annual General Meeting do not affect the right to participate in nor the number of votes of the shareholder at the Annual General Meeting.

    On the date of this Notice of the Annual General Meeting the total number of shares in Sampo plc is 2,690,238,860 A shares, representing 2,690,238,860 votes, and 1,000,000 B shares, representing 5,000,000 votes, i.e. a total of 2,691,238,860 shares and 2,695,238,860 votes. At the Annual General Meeting, each A share carries one vote and each B share carries five votes.

    All of Sampo plc’s B shares are owned by a shareholder independent from the Company. Based on Sampo plc’s articles of association, each B share can be converted into an A share at the request of the holder of the B share. Subject to the Finnish Limited Liability Companies Act, the general meeting may resolve upon a directed acquisition of own shares, decide on the amendment of the articles of association to the effect that share classes are combined or otherwise reduce share class rights only provided such a proposal is supported by at least two thirds of the votes and shares, per share class, represented at the meeting. Thus, the authority to decide on the combination of Sampo plc’s share classes does not rest with the Company.

    Helsinki, 26 March 2025

    SAMPO PLC
    Board of Directors

    For further information, please contact:

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

    Maria Silander
    Communications Manager, Media Relations
    tel. +358 10 516 0031

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

    The MIL Network

  • MIL-OSI: Ress Life Investments A/S publishes notice for Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

                                                                                                                            Ress Life Investments A/S
                                                                                                                            Nybrogade 12
                                                                                                                            1203 Copenhagen K
                                                                                                                             Denmark
                                                                                                                             CVR nr. 33593163
                                                                                                                             www.resslifeinvestments.com

    To: Nasdaq Copenhagen
    Date: 26 March 2025

    Corporate Announcement 11/2025

    Ress Life Investments A/S publishes notice for Annual General Meeting

    TO THE SHAREHOLDERS OF RESS LIFE INVESTMENTS A/S

    In accordance with Article 9.8 of the Articles of Association, notice is hereby given of the Annual General Meeting of Ress Life Investments A/S (the “Company“) which will take place on Wednesday 16 April 2025 at 10.00 a.m. at Nybrogade 12, 1203 Copenhagen K, Denmark.

    Shareholders in the Company are invited to participate.

    Agenda for the Annual General Meeting:

    1)     Adoption of the annual report
    2)     Appropriation of profit or loss as recorded in the adopted annual report
    3)     Election of members of the Board of Directors
    4)     Approval of the Remuneration Report
    5)     Approval of remuneration for the Board of Directors for the financial year 2025
    6)     Appointment of auditor
    7)     Any other business

    COMPLETE PROPOSALS

    Re. item 1

    The Board of Directors proposes that the annual report be adopted.

    Re. item 2

    The Board of Directors proposes that the profit as recorded in the annual report as adopted by the general meeting should be distributed in accordance with the annual report.

    Re. item 3

    The Board of Directors proposes that Søren Andersen, Jeppe Buskov and Henrik Franck be re-elected to the Board of Directors.

    Mr Søren Andersen has been a member of the Board of Directors of the Company since August 2019. Mr Andersen is the managing director of Nordic I&P DK ApS, S.A. Consulting ApS, FPension A/S and NHMSA ApS. Mr Andersen currently is a board member of FPension A/S.

    Mr Jeppe Buskov has been a member of the Board of Directors of the Company since February 2014. Mr Buskov currently holds the position as chairman of the board of directors of Advokatfirmaet Kromann Reumert International A/S. Mr Buskov is a board member of KR 649 A/S.

    Mr Henrik Franck has been a member of the Board of Directors of the Company since April 2024. Mr Franck has 35 years of experience from the Asset Management Industry including 24 years in CIO positions.

    Re. item 4

    The Board of Directors proposes that the Remuneration Report attached to this notice be approved.

    Re. item 5

    The Board of Directors proposes the following remuneration for the Board of Directors for the financial year 2025:

    • Ordinary members will receive a basic remuneration of DKK 100,000
    • The chairman will receive a basic remuneration of DKK 215,000

    Re. item 6

    The Board of Directors proposes that Deloitte Statsautoriseret Revisionspartnerselskab should be re-elected as auditor. The Board of Directors has not been influenced by any third party and has not been bound by any third-party agreement, restricting the general meeting’s choice of auditor to certain auditors or audit firms.

    REGISTRATION, ADMISSION, PROXY AND POSTAL VOTE

    Registration date

    A shareholder’s right to participate in the general meeting and the number of votes, which the shareholder is entitled to cast, is determined in accordance with the number of shares held by such shareholder on 9 April 2025 (the registration date). The shares held by each shareholder are determined at the registration date on the basis of the shareholdings registered in the share register in accordance with any notices on shareholding received, but not yet registered, by the Company in the share register.

    Deadline for notice of attendance

    A shareholder or its proxy wishing to attend the general meeting must give notice of their participation to the Company no later than 11 April 2025, see Article 11.5 of the Articles of Association. Similarly, the shareholders’ advisor or the shareholders’ proxy’s advisor must give notice of their participation to the Company no later than 11 April 2025. Notice of participation may be given to the Company using the form attached as Appendix 1, which shall be sent, duly completed and signed, to Ress Life Investments A/S, Nybrogade 12, 1203 Copenhagen K, Denmark by letter or by email to RessLifeGroup@citco.com for receipt no later than 11 April 2025, 23:59 p.m.

    Proxy

    If you are prevented from attending the general meeting, you may appoint a proxy, e.g. the Board of Directors, to cast the votes carried by your shares. If you wish to appoint a proxy, please return the instrument of proxy form attached as Appendix 2, duly signed and dated, to Ress Life Investments A/S, Nybrogade 12, 1203 Copenhagen K, Denmark by letter or by email to RessLifeGroup@citco.com for receipt no later than 11 April 2025, 23:59 p.m.

    Postal vote

    You may also submit your votes by post before the date of the meeting. If you wish to vote by post, please fill in and return the postal vote form attached as Appendix 2, duly signed and dated, to Ress Life Investments A/S, Nybrogade 12, 1203 Copenhagen K, Denmark by letter or by email to RessLifeGroup@citco.com for receipt no later than 15 April 2025, 17:00 p.m.

    SHARE CAPITAL AND VOTING RIGHTS

    The Company’s share capital is EUR 87,873,500 divided into shares of EUR 500, cf. Article 3.1 of the Company’s Articles of Association. Pursuant to Article 11.1, each share of EUR 500 carries one (1) vote:

    Number of shares: 175,747
    Number of votes: 175,747

    AGENDA ETC.

    The agenda and the Annual Report for the period 1 January – 31 December 2024 will be available for inspection by the shareholders on all business days and within normal business hours at the office of the Company at Nybrogade 12, 1203 Copenhagen K, Denmark no later than 3 weeks before the general meeting.

    The following information will be made available at the Company’s website (http://resslifeinvestments.com/) not later than 3 weeks before the meeting:

    1. Notice convening the meeting.
    2. The total number of shares and voting rights as at the date of the notice.
    3. The documents to be submitted to the general meeting.
    4. The agenda and the full text of the proposals.
    5. The forms to be used for voting by proxy and by post, if relevant

    RIGHT TO INQUIRE

    At the general meeting, the management will answer questions from the shareholders on matters of relevance to the assessment of the Annual Report for the period 1 January – 31 December 2024, the Company’s position, and other questions to be addressed by the meeting.

    Questions related to this announcement can be made to the Company’s CEO Ketil Poul Petersen, email: ketilp.rli@gmail.com or to the Company’s AIF-manager, Resscapital AB, Gustaf Hagerud, email: gustaf.hagerud@resscapital.com.

    Attachments

    The MIL Network

  • MIL-OSI: The Next Big XRP Play Has Arrived – And Whales Are Already Loading Up

    Source: GlobeNewswire (MIL-OSI)

    ZURICH, Switzerland, March 26, 2025 (GLOBE NEWSWIRE) — In the world of crypto, the smartest money always moves first. And right now, it’s moving straight into XploraDEX ($XPL Token) the first AI-powered decentralized exchange built on the XRP Ledger. From early XRP investors to seasoned DeFi traders, the sharpest minds in the ecosystem are buying $XPL early, sensing a rare 100x opportunity that blends cutting-edge technology with real-world trading utility.

    The $XPL Presale is Live, and momentum is exploding as XRP whales and insiders secure their allocation before the platform goes public.

    Why Is Smart Money Betting Big on XploraDEX?

    XploraDEX isn’t just another DEX. It’s a next-gen platform designed for those who want to trade faster, smarter, and more profitably. Here’s what makes it a magnet for serious capital:

    1. AI-Powered Trade Execution

    Real-time, machine-learning-powered trading algorithms that remove emotion and guesswork—giving users optimal entry and exit points 24/7.

    2. Predictive Market Analytics

    XploraDEX forecasts market trends before they unfold, helping traders ride momentum and avoid traps.

    3. Smarter Liquidity

    AI automatically manages liquidity pools, routes trades efficiently, and reduces slippage—perfect for large-volume investors.

    4. Built on XRP Ledger

    With ultra-fast speeds, micro-fees, and native token support, XRPL gives XploraDEX an edge in scalability and execution.

    5. Institutional-Grade Tools for Everyday Traders

    What hedge funds use, now in your hands, with full decentralization and non-custodial control.

    PARTICIPATE IN XPLORADEX PRESALE: https://sale.xploradex.io

    The $XPL Token: Fueling the AI DeFi Revolution on XRPL

    The $XPL Token powers every layer of the XploraDEX experience. From fee discounts and AI access to staking and governance, this is more than just a token, it’s the heartbeat of a fast-growing DeFi machine.

    $XPL Token Utility Includes:

    • Access to AI Trading Suite
    • Reduced Platform Fees
    • Staking Rewards & Passive Income
    • Governance Voting Rights
    • Early Access to Liquidity Mining Programs

    With real utility, real integration, and early adoption from XRP whales, $XPL is poised to become one of the most valuable tokens on XRPL.

    Buy $XPL TOKEN on Presale: https://sale.xploradex.io

    Why the $X Presale Is Your Best Entry Point

    Presales are where 100x moves begin, and $XPL is no different. Early buyers:

    • Get in at the lowest price tier
    • Access exclusive rewards and airdrops
    • Influence early governance decisions
    • Gain priority access to staking and AI tools

    And with the $XPL presale buzz growing by the day, this window won’t stay open long.

    Final Thoughts: Follow the Smart Money

    The investors who made 100x on XRP in 2017 are already betting on XploraDEX today. They understand the formula: early access + real utility + first-mover advantage = explosive upside.

    If you missed the last XRP wave—don’t miss this one.

    Join the $XPL Presale Now: https://sale.xploradex.io

    Stay connected and Join the XploraDEX AI Revolution

    Website | $XPL Token Presale | X | Telegram

    Contact:
    Oliver Muller
    oliver@xploradex.io
    contact@xploradex.io

    Disclaimer: This press release is provided by the XploraDEX. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.

    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.

    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b069b8a4-8f3b-4a65-976e-e736cd3f7450

    The MIL Network

  • MIL-OSI Russia: With the support of the State University of Management: “School in Nekrasovka” becomes a forge of banking personnel

    Translartion. Region: Russians Fedetion –

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

    GUU and “School in Nekrasovka” will create entrepreneurship and environmental classes. Agreements on this were reached during a meeting held on March 25, 2025 at the State University of Management between Rector Vladimir Stroyev and the school director, Deputy Chairperson of the Commission on Education and Youth Policy of the Moscow City Duma Maya Bulaeva.

    Also present at the meeting from the GUU side were Vice-Rector Dmitry Bryukhanov and Advisor to the Rectorate Nikolay Mikhailov, Director of the Career Guidance Center Elena Likhatskikh and her deputy Andrey Kolchin. And from the guests side – Deputy Director of the school for maintenance Olga Shuvanova and partner-employer, representative of Alfa-Bank Dmitry Belyavsky.

    At the beginning of the meeting, welcoming the guests, the rector called the State University of Management a “district-forming university” since residents and enterprises of Vykhino-Zhulebino use the university’s infrastructure, its swimming pool, sports complex, assembly hall, and the former prefect of the South-Eastern Administrative District Vladimir Zotov still actively works at the Department of State and Municipal Management.

    Director of the School in Nekrasovka Maya Bulaeva shared that she has been trying to build a school-university-enterprise line for a long time, but has not been able to establish connections with the middle management. The school actively cooperates with Alfa-Bank within the framework of the Moscow Department of Education and Science project “Entrepreneurial Class”. “The school works, the bank invests, but ultimately does not receive results in the form of young specialists. We ask for help to fill this gap,” Maya Valeryevna addressed the management of the State University of Management.

    Vladimir Stroyev agreed that today there is a noticeable shortage of personnel even in the most prestigious banks. Modern youth should be prepared in advance for a serious attitude towards their career, build personal connections, otherwise graduates will be immediately “taken apart” by competitors. “Our option of training specialists from school is very effective, it is almost an ideal scheme, especially since we are also geographically close,” the rector noted.

    Maya Bulaeva also suggested creating environmental classes, especially since the rector’s advisor Nikolai Mikhailov is the head of the department of “Ecology and Nature Management” and a member of the Russian Geographical Society. The university has a solid scientific foundation, and the “School in Nekrasovka” has excellent teachers who prepare winners of environmental Olympiads. In addition, there is already a partner in mind that is ready for cooperation – the Moscow Zoo.

    Vladimir Stroyev expressed readiness for any cooperation options, provided that the planned initiatives are worked out in detail. In addition, he, together with the vice-rector of the State University of Management Dmitry Bryukhanov, spoke about the unique system of project-based learning at our university, which allows employers to select potential employees starting from the first year without financial investments.

    During the further conversation it became clear that the School in Nekrasovka has developed the teaching of Chinese, which is useful for future specialists given Russia’s current orientation toward Eastern markets. Continuing this topic, Vladimir Stroyev told the guests about cooperation with the Ministry of Economic Development, in particular about foreign internships and the All-Russian competition of socially responsible initiatives of entrepreneurs and NPOs “My Good Business”, the third season of which is nearing completion. Maya Bulaeva was especially interested in the competition of social entrepreneurs and received an invitation from the rector to take part in the award ceremony for the winners.

    Subscribe to the TG channel “Our GUU” Date of publication: 03/26/2025

    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 New Zealand: Unlocking data to increase competition and choice

    Source: New Zealand Government

    Easier data sharing will lead to greater competition and better choice for consumers in key markets such as banking and electricity, thanks to today’s passing of the Customer and Product Data Bill, says Commerce and Consumer Affairs Minister Scott Simpson.
    “The days of manually searching the internet for the best electricity plan, or painstakingly going line by line through months of bank statements when applying for a mortgage, could soon be over. Using your own data shouldn’t be that difficult, and it won’t be in the future,” says Mr Simpson.
    “This is a monumental step for Kiwi consumers. It sets up the framework to give them greater ownership of their data, and more power and ease when it comes to shopping around for the best deal on utilities and other essential services.
    “It will also help grow New Zealand’s economy by breaking down the barriers for innovative technology companies, meaning they can also save time and money and offer new data-driven products and services.
    “Progressing this Bill was recommended by the Commerce Commission following its market study of the banking sector. We are on track to have open banking operational by the end of the year – well before the June 2026 target set by the Commission – with regulations specific to the sector to be confirmed in the coming weeks.
    “The next cab off the rank will be the electricity sector, to enable open electricity, and the legislation opens up possibilities in other sectors in future.
    “This legislation is very timely, with the media reporting just last week on exactly why a consumer data regime was needed. For instance, a Commerce Commission study found that nearly a third of mobile and broadband users have not switched providers because it was simply too hard.
    “Meanwhile in the electricity sector, comparison website Powerswitch says that because not all retailers are playing ball and sharing information, it is difficult to support people wanting to switch.
    “The data has always been there – but businesses holding it have had little incentive to invest in better data-sharing technology and agreements. We’re putting the power back into the hands of those who own the data: consumers.
    “I am excited to see the competition, choice, and innovation that this will unleash.”

    MIL OSI New Zealand News

  • MIL-OSI: Proposals of the Board of Directors of Sampo plc and its Audit Committee to the Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 26 March 2025 at 10:20 am EET

    Proposals of the Board of Directors of Sampo plc and its Audit Committee to the Annual General Meeting

    The Board of Directors of Sampo plc and its Audit Committee have made proposals for the election and remuneration of the Auditor and the Sustainability Reporting Assurance Provider as well as a proposal for repurchase of own shares to Sampo’s Annual General Meeting (AGM) to be held on 23 April 2025.

    The Audit Committee proposes to the AGM that the Authorised Public Accountant Firm Deloitte Ltd be re-elected as the Company’s Auditor and Sustainability Reporting Assurance Provider for the financial year 2025. Furthermore, the Audit Committee proposes that compensation be paid to the Company’s Auditor and to the Sustainability Reporting Assurance Provider against invoices approved by the Company.

    The Board of Directors proposes that the AGM authorise the Board to resolve to repurchase, on one or several occasions, a maximum of 250,000,000 Sampo plc A shares. The maximum number of shares represents approximately 9.29 per cent of all outstanding A shares of the company. The repurchased shares will be cancelled. It is proposed that the authorisation be valid until the close of the next AGM, however no longer than 18 months from the AGM’s decision.

    The proposals of the Nomination and Remuneration Committee to Sampo AGM were published on 9 December 2024. In addition, the Board proposal for distribution of profit was published on 6 February 2025. These proposals,as well as the proposals of the Audit Committee, are available at www.sampo.com/agm. The proposals of the Audit Committee are also attached in full to this release.

    SAMPO PLC
    Board of Directors

    For further information, please contact:

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

    Maria Silander
    Communications Manager, Media Relations
    tel. +358 10 516 0031

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

    APPENDIX 1

    Proposal for the remuneration of the Auditor and the Sustainability Reporting Assurance Provider

    The Audit Committee of the Board of Directors proposes to the Annual General Meeting that compensation be paid to the Company’s Auditor and to the sustainability reporting assurance provider against invoices approved by the Company.

    As background to the proposal, the Audit Committee states that the Authorised Public Accountant Firm Deloitte Ltd has acted as Sampo plc’s Auditor since 2021 and as Sampo plc’s sustainability reporting assurance provider since 2024.

    Sampo plc’s fees to Deloitte Ltd for statutory audit services in 2024 totaled to approximately EUR 450,000 and approximately EUR 137,000 for sustainability reporting assurance. In addition, Sampo plc’s fees to Deloitte Ltd for non-audit services totalled to approximately EUR 204,000.

    Sampo Group’s fees to audit firm Deloitte for statutory audit services in 2024 totaled to approximately EUR 4,322,000. In addition, Sampo Group’s fees for non-audit services to audit firm Deloitte totalled to approximately EUR 712,000, which is at most approximately 16.5 per cent of Sampo Group’s fees to audit firm Deloitte for statutory audit services.

    The Auditor’s fees for services provided to Sampo Group have been presented in note 6 of the consolidated financial statements.

    26 March 2025

    SAMPO PLC
    Audit Committee

    APPENDIX 2

    Proposal for the election of the Auditor and the Sustainability Reporting Assurance Provider

    The Audit Committee of the Board of Directors proposes to the Annual General Meeting that the Authorised Public Accountant Firm Deloitte Ltd be re-elected as the Company’s Auditor for the financial year 2025. If Deloitte Ltd is elected as Sampo plc’s Auditor, the firm has announced that APA ASA Jukka Vattulainen will continue as the auditor with principal responsibility. Jukka Vattulainen has acted as the Company’s principally responsible auditor since 2021.

    The Audit Committee also proposes to the Annual General Meeting that Authorised Sustainability Audit Firm Deloitte Ltd be re-elected as the Company’s Sustainability Reporting Assurance Provider for the financial year 2025. If Deloitte Ltd is elected as Sampo plc’s Sustainability Reporting Assurance Provider, the firm has announced that APA ASA Jukka Vattulainen will continue as the principal Authorised Sustainability Auditor. Jukka Vattulainen has acted as the Company’s principal Authorised Sustainability Auditor since 2024.

    The Audit Committee notes that its proposal is free from influence by a third party, and the Audit Committee is not subject to compliance with any such clauses referred to in Article 16(6) of the Audit Regulation (Regulation (EU) No 537/2014 of the European Parliament and of the Council of 16 April 2014 on specific requirements regarding statutory audit of public-interest entities and repealing Commission Decision 2005/909/EC) that restrict the choice as regards the election of a statutory auditor or audit firm.

    The election of Deloitte Ltd as the Company’s Sustainability Reporting Assurance Provider is conditional on Deloitte Ltd being elected as the Company’s Auditor.

    26 March 2025

    SAMPO PLC
    Audit Committee

    APPENDIX 3

    Proposal for authorisation to decide on the repurchase of the company’s own shares

    The Board of Directors proposes that the Annual General Meeting authorise the Board to resolve to repurchase, on one or several occasions, a maximum of 250,000,000 Sampo plc A shares. The maximum number of shares represents approximately 9.29 per cent of all outstanding A shares of the company. The repurchased shares will be cancelled.

    The shares may be repurchased either through an offer to all shareholders on equal terms or through other means and otherwise than in proportion to the existing shareholdings of the company’s shareholders (directed repurchase) if the Board of Directors deems that there are weighty financial reasons for such directed repurchase. Directed repurchases may be carried out, among others, through open market purchases, participation in accelerated book-building processes or through arranging reversed accelerated book-building processes.

    The purchase price per share shall be no more than

    (i) the highest price paid for the company’s shares in public trading on the day of the repurchase or the offer to repurchase the company’s own shares, or alternatively,

    (ii) the average of the share prices (volume weighted average price on the regulated markets where the company’s share is admitted to trading) during the five trading days preceding the repurchase or the offer to repurchase the company’s own shares.

    The lowest purchase price per share shall be the price that is 20 per cent lower than the lowest price paid for the company’s shares in public trading during the validity of this authorisation until the repurchase or the offer to repurchase the company’s own shares.

    The repurchases under the authorisation are proposed to be carried out by using funds in the unrestricted shareholders’ equity, which means that the repurchases will reduce funds available for distribution of profit.

    The Board of Directors shall be authorised to decide on all other terms relating to the repurchase of the company’s own shares. It is proposed that the authorisation be valid until the close of the next Annual General Meeting, however no longer than 18 months from the Annual General Meeting’s decision. The holder of all of Sampo plc’s B shares has given its consent to a buy-back of A shares.

    26 March 2025

    SAMPO PLC
    Board of Directors

    The MIL Network

  • MIL-OSI Submissions: Global Economy – KOF Economic Forecast, spring 2025: Swiss economy caught in the tension between trade conflict and fiscal stimulus

    Source: KOF Economic Institute

    Uncertainty is currently unusually high owing to the geopolitical strategy of the new US administration. Assuming that the international trade conflict does not escalate any further, KOF is forecasting that real sport-adjusted gross domestic product (GDP) will increase by 1.4 per cent in 2025. Although this international trade conflict is a burden, the fiscal stimulus expected in individual European Union (EU) countries is boosting economic activity. This is improving the outlook for the Swiss economy. KOF is predicting GDP growth of 1.9 per cent for 2026. The labour market will turn the corner and inflation will remain low. However, this forecast is subject to considerable downside risks.

    The economic outlook is largely being determined by the latest economic policy events. In particular, the geopolitical strategy adopted by the new US administration has far-reaching consequences for global economic developments. While the current trade conflict is acting as a drag on the international economy, EU countries’ additional fiscal packages should provide increasing impetus from the end of this year and improve the economic outlook in Switzerland’s key European markets.

    Growing trade policy uncertainty is weighing on the investment plans of Swiss firms and households. Adjusted for one-off effects, the investment situation remains subdued for the time being. If the fiscal programmes of European trading partners take effect, this should reduce economic policy uncertainty in Europe, provide positive stimulus and boost the economy. This will primarily benefit manufacturing – especially suppliers to the defence sector – and industry-related services. Through the transmission mechanism of foreign trade this should stimulate investment in equipment and, indirectly, private consumption. Major infrastructure projects and fiscal stimulus from Europe should also directly or indirectly support construction investment during the forecast period.

    Swiss labour market stabilising, real wages rising

    Private consumption will be underpinned by the stabilising labour market. Employment and the number of people in work are likely to increase in line with GDP growth over the next few years, while the unemployment rate as defined by the State Secretariat for Economic Affairs (SECO) will rise only slowly and will soon peak at 3 per cent. KOF expects real wages – according to the Swiss wage index (SLI) – to rise by 0.9 per cent this year and 0.6 per cent next year.

    Low inflationary pressures: KOF does not expect any further interest-rate cuts by the SNB during the forecast period

    Inflation – as measured by the national consumer price index (CPI) – fell to 0.3 per cent in February compared with the same month last year and has thus been below 1 per cent for six months now. KOF is forecasting inflation rates of 0.5 per cent for this year and 0.6 per cent for next year. Following the recent reduction in the Swiss National Bank’s (SNB) key interest rates by 25 basis points to 0.25 per cent, KOF does not expect to see any further interest-rate cuts during the forecast period.

    High uncertainty during the trade conflict; downside risks predominant

    As it is still unclear which of the trade policy measures threatened by the Trump administration to date will ultimately be implemented and what further measures might follow, the latest forecast is subject to greater uncertainty than usual, with downside risks predominating. In order to factor in this uncertainty, KOF has used its new trade model to carry out additional calculations, which analyse in detail the possible trade policy measures and their potential impact on both international trade and the Swiss economy. This analysis shows that if the trade conflict spread, this could entail considerable downside risks for the Swiss economy.

    The main downside risk is that the US government imposes further tariffs on other countries and products, including any retaliatory tariffs implemented in response. In addition, the fiscal stimulus introduced in Europe may be ineffective or only materialise with a delay. And, finally, geopolitical conflicts such as the wars in Ukraine and the Middle East could escalate, impacting commodity prices and global trade.

    There is an upside risk that the US government’s threatened tariffs will only be used as a bargaining chip and will either not be introduced or will be withdrawn after just a short period of time. And, last but not least, a swift end to the war in Ukraine and a solution to the Middle East conflict could have a positive impact on energy prices and global trade.

    MIL OSI – Submitted News

  • MIL-OSI Europe: EU citizens most concerned with security and unity, survey shows

    Source: European Union 2

    The European Parliament’s Winter 2025 Eurobarometer survey, released today, highlights historic levels of approval for EU membership linked to peace and security.

    European Parliament President Roberta Metsola said: “Two thirds of Europeans want the EU to play a greater role in their protection. This is a clear call for action which we will answer. Europe needs to be stronger so that our citizens feel safer. The European Parliament will ensure that every proposal put forward is bold and ambitious enough to match the serious level of threat Europe faces. Europe must step up today, or it risks being stepped over tomorrow.”

    66% of EU citizens want the EU to take a more important role in protecting them against global crises and security risks. This view is particularly strong amongst younger respondents to the survey. At the national level, results for a stronger role of the EU range from 87% in Sweden to 47% in Romania and 44% in Poland.

    Almost three quarters of EU citizens (74%) believe their country has benefited from being a member of the EU. This is the highest result ever recorded in a Eurobarometer survey for this question since it was first asked in 1983. Fitting the current context, respondents mention the EU’s contribution to maintaining peace and strengthening security (35%) as the main reason why membership is considered beneficial.

    In addition, there is wide agreement among EU citizens that EU Member States should be more united to face current global challenges (89%) and that the European Union needs more means to deal with the challenges ahead (76%).

    Citizens expect the EU to strengthen security and defence and to enhance competitiveness

    In a rapidlychanging geopolitical environment, defence and security (36%) as well as competitiveness, economy and industry (32%) are identified as the areas on which the EU should focus most to reinforce its position in the world. These are also the topics that featured high on last week’s European Council with Parliament’s President calling for faster action and bolder ambition. While the results for defence and security have remained stable compared to February/March 2024, those for competitiveness, economy and industry have increased by five points. These two areas are followed by energy independence (27%), food security and agriculture (25%) and education and research (23%).

    Economic and security issues are also at the forefront when it comes to the topics citizens want the European Parliament to address as a priority. Four in ten Europeans mention inflation, rising prices and the cost of living (43%), followed by the EU’s defence and security (31%), the fight against poverty and social exclusion (31%) and support to the economy and the creation of new jobs (29%). Inflation, rising prices and the cost of living is a main priority across all age groups and with peak results recorded in Portugal (57%), France (56%), Slovakia (56%), Croatia (54%) and Estonia (54%).

    As shown by the EP’s previous survey, inflation and the cost of living had already played a major role as a driving force in the last European elections and the economic situation continues to be a main concern for many Europeans. A third (33%) expect their standard of living to decrease in the next five years, seven points more than in June-July 2024. This is the case for 53% of French respondents (+8 pp) and 47% of Germans (+15 pp).

    Peace and democracy remain EU core values

    Looking at the values Europeans would like the European Parliament to defend, peace (45%), democracy (32%) and the protection of human rights in the EU and worldwide (22%) come first. The results for this question have remained stable, underlining citizens steadfast support for the EU’s founding values and principles.

    Two-thirds of citizens support a stronger role for the EP

    As historic trend lines show, in moments of crisis citizens look to the EU for decisive actions and solutions. When the EU is perceived as coming together and delivering results, support indicators are high – which is currently the case.  50% of respondents have a positive image of the EU. In the last decade, this positive perception was only higher once (at 52%), in spring 2022 in the aftermath of the Russian invasion of Ukraine. The positive image of the EP is stable at a high level (41%). A few months into the legislative term, over six in ten (62%) citizens would like to see the European Parliament play a more important role, a six- percentage point increase compared to February-March 2024, a few months before the June 2024 European elections.

    Full results can be found here.

    Background   

    The European Parliament’s Winter 2025 Eurobarometer survey was carried out between 09 January and 04 February 2025 in all 27 EU Member States. The survey was conducted face-to-face, with video interviews used additionally in Czechia, Denmark, Finland, Malta, Netherlands, and Sweden. 26.354 interviews were conducted in total and EU results are weighted according to the size of the population in each country.

    MIL OSI Europe News

  • MIL-OSI Russia: Moscow experts to hold webinars on financial literacy for teachers

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Moscow experts will hold free webinars for teachers who introduce elements of financial literacy into the educational process. On March 28 at 14:00, school and college employees will be able to join the online class, and on April 15 at 13:00, preschool teachers will be able to join.

    The educational mini-marathon is being held by the financial literacy center at the capital Department of Finance, organizational support is provided by the Department of Human Resources Services of the Moscow Government.

    “Today, financial literacy is not just a useful skill, but a vital necessity. Without knowledge in this area, it is difficult to make informed decisions and achieve serious financial goals. With the help of our webinars, teachers from Moscow and other regions can receive up-to-date information on modern trends in financial education. In an accessible and convenient format, participants will get acquainted with popular teaching methods, analyze practical examples, ask questions to experts and gain access to educational materials. This will make classes for children more diverse and interesting,” she noted.

    Elena Zyabbarova, Minister of the Moscow Government, head of the capital’s Department of Finance.

    The audience will get acquainted with new methodological developments that will help conduct exciting and meaningful classes on financial literacy. Participants will learn what interactive training formats exist today and how to improve the educational process with their help.

    Olga Lukacheva, head of the Moscow financial literacy center, will talk about thematic educational projects in the capital and suggest which lectures and master classes to attend in order to improve your own knowledge and consolidate it in practice. She will also explain how to organize financial literacy events with the participation of experts in a kindergarten, school or college.

    Olga Guryanova, two-time winner of the “Budget for Citizens” competition, will share her own ideas and explain how characters from popular cartoons can motivate children to understand financial issues.

    History teacher at school #854, lecturer at the Russian Society “Knowledge” Alexander Odzho will use examples to prove why social studies lessons in grades seven through nine are an excellent platform for developing financial literacy. And Ekaterina Lavrenova, candidate of pedagogical sciences, will tell how to interest preschoolers during their studies and keep their attention.

    Teachers of educational institutions can view the detailed program and sign up for webinars on the page “Showcase of HR services”. Registration closes at the beginning of the event. All listeners will receive a reminder letter with a link to join. Upon completion of the seminar, participants will receive an electronic certificate and access to materials for independent study.

    The most convenient way to follow announcements of financial literacy events is on the Telegram channel “Open Budget of Moscow” and on the portal “Open Budget of the City of Moscow”.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/151792073/

    MIL OSI Russia News

  • MIL-OSI Submissions: Telco Sector – Japan multiplay service revenue to surpass $27 billion in 2029, forecasts GlobalData

    Source: GlobalData

    The total multiplay service revenue in Japan is set to increase at a compound annual growth rate (CAGR) of 1%  from $26.4 billion in 2024 to $27.7 billion in 2029 with the growing adoption triple- and quad-play services helping offset the anticipated decline in dualplay service revenues, reveals GlobalData, a leading data and analytics company.

    GlobalData’s Japan Multiplay Forecast (Q4 2024) reveals that the total multiplay service households in Japan will increase at a CAGR of 2.2% over the period 2024-2029, driven by the high-demand for bundled telecom services in the country, and continued increase in coverage and availability of high-speed fiber-broadband services that enable the delivery of high-quality service bundles to customers.

    Srikanth Vaidya, Telecom Analyst at GlobalData, says: “Doubleplay services will remain the most popular multiplay service category through the forecast period in terms of service adoption. However, its share in the total multiplay households will gradually drop from 75.8% in 2024 to 70.9% in 2029 as more subscribers start adopting tripleplay and quadplay service bundles.

    Tripleplay services category will see its share in the total multiplay-households grow from 20.6% in 2024 to 24.5% in 2029. Quadplay services, which attract highest average monthly- household spending among all the multiplay service categories, will also see strong growth in adoption, thereby boosting the overall multiplay service revenue in the country

    Vaidya concludes: “KDDI will lead the doubleplay market, by subscription share, through 2029. The operator is leveraging its fiber-to-the-home (FTTH) networks to accelerate multiplay services adoption and offers discounted doubleplay plans, with focus on reducing churn and increasing revenue-generating units (RGUs). NTT, on the other hand, will lead the tripleplay segment in terms of households through 2029.”

    About GlobalData

    4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors.

    MIL OSI – Submitted News

  • MIL-OSI United Kingdom: Major £1.6 billion equipment contract to support British Defence jobs and boost Army readiness

    Source: United Kingdom – Executive Government & Departments

    Press release

    Major £1.6 billion equipment contract to support British Defence jobs and boost Army readiness

    British Army equipment, including tanks and armoured vehicles, will receive world-class maintenance and spare parts under a contract which supports 1,600 UK jobs. 

    • Significant contract update to provide kit maintenance and increased vehicle availability.   

    • Directly supports 1,600 defence jobs across the country, supporting a 6,000-strong business supply chain.   

    • Investment in British firm Babcock boosts defence as an engine for UK economic growth.    

    British Army equipment, including tanks and armoured vehicles, will receive world-class maintenance and spare parts under a contract which supports 1,600 UK jobs.    

    The five-year £1.6 billion contract extension with British defence firm Babcock will cover vital military assets including Challenger 2 tanks, 105mm artillery guns and Trojan armoured vehicles, ensuring they remain combat-ready to meet emerging threats.   

    The Service Provision and Transformation Contract will sustain 1,600 highly skilled jobs in locations across the UK, including over 400 in Telford and over 250 in Dorset. The investment follows the Prime Minister’s historic commitment to increase defence spending to 2.5% of GDP, recognising the critical importance of military readiness in an era of heightened global uncertainty.   

    Maintenance services will cover preventative maintenance, emergency repairs and spare parts management. It will also include digital transformation to improve fleet management efficiency, keeping more vehicles and equipment primed for soldiers to use – boosting national security and renewing Britain’s economy as we deliver on our Plan for Change.  

    The move to boost the readiness of British Army combat vehicles comes as the UK continues to lead planning efforts for a Coalition of Willing nations to help secure a just and lasting peace in Ukraine. Following the planning meeting attended by approximately 30 nations last week, further operational planning meetings will be led by UK Commander Joint Operations, General Nick Perry.   

    Defence Secretary John Healey MP said:  

    Tanks, armoured vehicles and kit are the backbone of the British Army. We are taking action to ensure the outstanding service men and women of our Armed Forces are properly equipped and ready to respond to ever-changing global threats.    

    Supported by largest sustained increase in defence spending since the Cold War, this substantial investment with Babcock demonstrates how defence is an engine for growth: supporting businesses of all sizes and sustaining more than 1,600 good, well-paid jobs across Britain.

    National security is the bedrock of a successful economy and our Government’s Plan for Change.

    Babcock’s Chief Executive Officer, David Lockwood said: 

    In a period of increased global instability, more is being expected of our armed forces. This contract extension ensures that Babcock continues to provide the British Army with the tools to do its job, when and wherever they are needed. Our know-how, application of technology and extensive experience in the land domain help ensure that the British Army is ready to fight and win wars.

    While the Land Integrated Operating Services programme places future contracts, this deal will also support approximately 6,000 UK businesses throughout the wider supply chain, as well as 200 apprentices. These apprenticeships will offer valuable training and development opportunities in fields such as HGV maintenance and automotive refinishing, providing career paths in the defence sector for the next generation of skilled workers.   

    MOD Director Land Environment, Major General Lizzie Faithfull-Davies CBE said:    

    It has taken a lot of hard work to collaboratively deliver this SPTC Reframe contract amendment. I am delighted to renew our relationship with Babcock. With this amended contract, DE&S, the Army, and Babcock will now provide even better support to the in-Service platforms of our Armed forces; ensuring that the vehicles the Army will fight from are repaired, maintained, and ready whenever the Army need them.

    The work comes ahead of the Defence Industrial Strategy, which will bolster UK industry and provide more opportunities for defence to be an engine for economic growth. It follows a recent commitment to launch a new hub to provide small and medium enterprises (SMEs) with better access to the defence supply chain, and a commitment to set direct SME spending targets for the Ministry of Defence by June this year.

    Updates to this page

    Published 26 March 2025

    MIL OSI United Kingdom

  • MIL-OSI Australia: Interview with Peter Fegan, 4BC, Brisbance

    Source: Australian Parliamentary Secretary to the Minister for Industry

    Peter Fegan:

    It’s Labor’s $17 billion pledge. But is it enough to save the election? The Labor Party or the government has delivered its fourth Budget last night. Plenty of savings, but given the cost‑of‑living crisis, we’re in no position to bite the hand that could potentially feed us for the next 3 years, at least. Joining me on the line is the Treasurer, Jim Chalmers. Treasurer, it is always great to have your time on the programme.

    Jim Chalmers:

    Thanks for having me back on your show, Pete. Good morning.

    Fegan:

    $268 in tax cuts in the first year, which is 2026. That’s $538 in the second. You’ve conceded, Treasurer, that that is modest cuts. It equates to about $5 a week. You add in the Stage 3 tax cuts, that will be around $56 bucks a week. So, when you consider how much groceries, fuel, beer, health, childcare, aged care is; most Australians would say that $50 bucks doesn’t go very far at all.

    Chalmers:

    I understand that, Pete. I understand that there’s always an appetite to do more. My job is to make sure that we’re providing this cost‑of‑living relief in the most responsible way that we can. The tax cuts are an important part of that, that $50 a week in income taxes is all about helping people but so is strengthening Medicare because more bulk billing means less pressure on families.

    So are the energy rebates, the cheaper medicines, cutting student debt. There are a number of ways that we’re providing cost‑of‑living help in the Budget, but we’ve got to do that in the most responsible way. We know that there will always be calls to do more. We’re doing the most that we can afford to do for the time being.

    Fegan:

    Treasurer, I would argue what is missing from this Budget are tough decisions, serious structural reforms and addressing the elephant in the room. We know what that is, Treasurer. It’s spending. Now, there’s $40 billion set aside for decisions not yet announced. That means that the Prime Minister has another $40 billion up his sleeve to throw around during the election campaign. So, let’s just call this Budget what it is. It’s a Budget to win the election. Surely.

    Chalmers:

    I don’t agree with you, Pete. It’s a Budget to build the future and to help people with the cost of living and strengthen Medicare. Those are the 3 primary objectives of the Budget. It’s all about making our economy more resilient in the face of all this global economic uncertainty. That’s what’s motivated us here when it comes to this Budget.

    Now, when it comes to spending, about half of the new spending in the Budget is the tax cuts. A big proportion of the rest of it was already provisioned for in the mid‑year Budget update. We’ve been responsible, we’ve gone for what’s affordable and we’ve done that in the context where we have taken difficult decisions. There are billions of dollars in savings.

    There is much less debt this year in the Budget than when we came to office 3 years ago in terms of the $177 billion less debt this year. We are making good progress in the budget. We’re making especially good progress in the economy more broadly. We know that that doesn’t always immediately translate into how people are feeling and faring in the economy. That’s why the cost‑of‑living help is so important.

    Fegan:

    Migration. 260,000 new migrants will flood into Australia by the end of July, the majority of which will come into Australia. Now Treasurer, historically yes, migration does help fuel economy, we know that. But unfortunately, here in Australia we have a living crisis, we have a housing crisis.

    We have a major supply issue here in Queensland. You know that, you live in Logan. You know how bad supply is at the moment. Are you putting them up? Because I don’t know where 260,000 new migrants will go. I know that they’ll work. But we’re in a housing crisis. It doesn’t make sense to me.

    Chalmers:

    Two important things about that, Pete. Firstly, we’re investing $33 billion in building more homes.

    Fegan:

    But you haven’t built any yet though, Treasurer. That’s the issue. You haven’t built any new homes yet. That’s the big issue here. You can invest all your money, all the money you want. You can’t put them in camps until they’re built.

    Chalmers:

    We are building new homes. We’re making a very substantial investment in making sure that’s the case. Secondly, you refer to those migration numbers. Those migration numbers have actually been very substantially managed down from their peak after COVID. When Australia more or less shut down during COVID in the year or 2 after that, couple of years after that, there was a big rebound in the net overseas migration number spanning 2 governments.

    We’ve been able to manage that down to more normal levels. That is what you’re seeing in the budget. That number that you refer to is right, but it is much lower, very, very substantially lower than it was a couple of years ago.

    Fegan:

    Okay, Treasurer, this is an interesting one and I think all eyes will be on this when it comes to the election.

    Let’s talk energy.

    Okay, Treasurer, the Prime Minister and yourself and all your Ministers all maintain that energy prices are lower under a Labor government. So, why has the government, if that’s the case – if we are paying less for energy, why has the government spent $6.8 billion on energy subsidies to date? Is that not an abject failure of the last 3 years? And your energy policy, why give Australians another $150 bucks if, according to Labor, energy is affordable? I don’t understand it. I mean, if it is affordable, I don’t need the $150 bucks.

    Chalmers:

    This is another important way that we’re helping people with the cost of living. We know that in the last year in the official inflation data, we were able to get electricity prices down. That’s a good thing. That’s been a combination of rebates, but also the efforts that we’re making to introduce more cleaner and cheaper energy into the system.

    If you think about the independent experts from a body called AEMO, what they talk about is what’s pushing electricity prices up is actually the old parts of the system, the traditional parts of the system, becoming less and less reliable.

    We’re providing these energy rebates in the near term to take some of the sting out of these electricity bills while people are under cost‑of‑living pressure. At the same time, we’re introducing more cleaner and cheaper, more reliable energy into the system because that’s the best way to put downward pressure on energy prices over the medium and long term.

    Fegan:

    Yeah, there’s no. But there’s no funding for green energy. There’s no funding for net zero.

    Chalmers:

    That’s not true, Pete.

    Fegan:

    Well, there’s no extra funding. Is there, in this Budget? Is there extra investment in –

    Chalmers:

    Yeah, there’s some extra investment out of an innovation.

    Fegan:

    How much?

    Chalmers:

    For about one and a half billion, I think from memory.

    Fegan:

    But it’s not in Budget. Is it in Budget papers released?

    Chalmers:

    Yeah, it’s in the Budget papers. We’ve also recapitalised the Clean Energy Finance Corporation because that’s playing an important role as well, financing cleaner and cheaper energy.

    I accept your broader point. Electricity prices are a pressure on family budgets we’re seeing around the world. We’re not immune from that. The energy bill rebates are an important, responsible way that we take some of the edge off that while we introduce more cleaner and cheaper, and more reliable energy into the system.

    Fegan:

    Treasurer, why should Australians trust Anthony Albanese and Jim Chalmers for another 3 years?

    Chalmers:

    I think after the Coalition’s brain explosion on tax last night, the choice at the election is becoming absolutely crystal clear now. We’re helping people as a Labor government with the cost of living by cutting their taxes. Peter Dutton has an agenda of secret cuts which will make people worse off. Now, Peter Dutton wants to cut everything except people’s taxes, and that’s really the contest which was set up last night when Angus Taylor, quite bizarrely, said that he would oppose our cost‑of‑living help.

    What we’ve seen over the course of the last 3 years is every time we’ve tried to help people with the cost of living, our opponents have opposed that. Peter Dutton and Angus Taylor have both said the best predictor of future performance is past performance. They have opposed cost‑of‑living help; they’re opposing these cost‑of‑living tax cuts in the Budget last night.

    I think that sets up a very clear choice. If people want a Labor government helping with the cost of living, managing the budget responsibly, investing in building Australia’s future, they can choose that over Peter Dutton, who has secret cuts which will make people worse off, and that’s because he wants to cut everything except taxes.

    Fegan:

    Do you accept that Australians don’t trust you?

    Chalmers:

    I don’t necessarily accept that, Pete. I mean, that’s a judgement for people to make. I understand that, and it’s something that journalists and commentators can speculate about. What we did last night was keep faith with the Australian people and do justice to the progress and the sacrifices that they have made. Together as Australians, we’ve made a lot of progress in our economy. We’ve got –

    Fegan:

    But a trillion dollars in debt. A trillion dollars, though, Treasurer?

    Chalmers:

    It’s $177 billion this year lower than what it was when we came to office for this year. That’s a really important thing. You will read a lot of stuff in the papers about debt and deficits. Don’t forget, we delivered 2 surpluses, we shrunk the deficit, we got the debt down, we’re saving on interest costs.

    Fegan:

    But it’s still a trillion dollars. You grilled the former government on this. It’s still a trillion dollars. And I know it’s not all your fault, but it’s a trillion dollars. We’ve got kids that need to buy homes in 20 years’ time.

    Chalmers:

    That’s why we’re investing substantially in housing, $33 billion program. On the debt, don’t forget, we would have already had a trillion dollars of debt under our opponents. It’s $177 billion lower this year. I think that’s too easily dismissed and diminished the progress we’ve made in the budget. Same goes for the progress we made in the economy together as Australians.

    As I was saying a moment ago, we’ve got growth rebounding solidly in our economy: inflation down, real wages up, unemployment is low, interest rates have started to be cut, we’ve got the debt down. This is good progress, and we would be crazy to interrupt that progress with Peter Dutton’s secret cuts which would make Australians worse off.

    Fegan:

    What’s happening with the Coalition at the moment, Treasurer? Seems to be some rumblings. I hear or see reports yesterday that Peter Dutton had to lay down the law, that David Littleproud got pretty fired up.

    Chalmers:

    Yeah, they got fired up because basically the Coalition members and senators are forming an orderly queue to say that Angus Taylor’s not up to the job. It’s quite bizarre that Angus Taylor’s asking Australians to take him seriously when his own colleagues don’t. He’s been found out and he’s been found wanting.

    I think genuinely, it was a proper brain explosion we saw last night when he said, at a time when people are under cost‑of‑living pressures, they won’t support our tax cuts to help people meet the cost of living. I think that was a bizarre decision. I think it will come back to haunt him, and I think his colleagues will have a view about it behind the scenes.

    Fegan:

    Treasurer, you’re on the front page of every paper today, but can I just say congratulations to you because you are drinking out of a Brisbane Broncos mug. How good is that?

    Chalmers:

    I get a bit of feedback about that. Mostly from Dolphins, mostly from people –

    Fegan:

    Well, do you know what? You’re still a staunch. You’re still a staunch Bronco supporter. Right?

    Chalmers:

    Pick and stick. Absolutely.

    Fegan:

    Thank you.

    Chalmers:

    Broncos until I die, Pete.

    Fegan:

    Because I see that Peter Dutton has changed his tune a little bit. He’s now, well, Dolphins is in his electorate. A little bit of his electorate. Well, I don’t know.

    Chalmers:

    Right. I’m not sure about that. In fairness to him, I’m not sure about that. I’m certainly, I will always be a very enthusiastic supporter of the Brisbane Broncos. I still remember their first game in the comp in 1988 as a little tacker. I’m looking forward to watching the Battle of Brisbane on Friday night. Always a good contest.

    Fegan:

    Go the Broncos. Yeah, exactly. Go the Broncos. Good on you, Treasurer. Great to have your company this morning.

    Chalmers:

    Nice to talk to you again, Pete. All the best.

    Fegan:

    There he is, the Treasurer, Jim Chalmers.

    MIL OSI News

  • MIL-OSI Australia: Regional Ministerial Budget Statement 2025-26

    Source: Workplace Gender Equality Agency

    On behalf of the Albanese Labor Government, I’m proud to deliver our fourth Regional Ministerial Budget Statement.

    I’d like to acknowledge the traditional custodians of where we are today, and pay my respects to their Elders past, present and emerging.

    Mr Speaker, across our first term in Government, our message to regional Australians has been loud and clear – your postcode shouldn’t be a barrier.

    Just because you grow up in Bega on the NSW Far South Coast, or in Gladstone in Central Queensland, and just because you live at Mount Gambier in regional South Australia, or in the Pilbara Region in outback WA – doesn’t mean that the services, and the opportunities available to you should be second best.

    I say this as a proud regional Member of this place, and on behalf of my fantastic regional colleagues here with me today. 

    I say this as someone that’s always lived in our regions – from Traralgon in regional Victoria, to Merimbula on the NSW Far South Coast – where I watched my parents work hard every day to build a small business, and to provide our family with a better life.

    A regional community where I myself now run a small business with my husband, and where we’re raising our kids.

    And I say this as someone that’s had the privilege of spending a lot of time talking to regional people across Australia – both as the Member for the Mighty Eden-Monaro, and as Minister for Regional Development, Local Government and Territories.

    From the Hunter region in NSW, Caboolture in regional Queensland, Devonport in Tasmania – to communities across the 42,000 square kilometres in my electorate.

    Regional Australia is a great place to live, work, study, visit and invest – and I wouldn’t live anywhere else.

    Our regions generate a third of the nation’s economic output, and there’s so many opportunities that our Government wants to take advantage of.

    But you’d be living under a rock if you said life outside of our big cities doesn’t come without its unique challenges – it absolutely does. 

    Unlike those opposite though, on this side of the House we’re not shying away from that.

    I’m proud to be part of a Government that across its first term, has delivered record investments to improve the reliability and the accessibility of critical services that regional people rely on.

    To support more regional people to work and train closer to home – because you shouldn’t have to pack your bags to build your career. 

    To build more things in our own backyard, investing in the hard-work and know-how of regional people.

    To give regional Australians more support to buy or rent a home.

    To support local businesses and local economies to grow – with small businesses in particular the backbone of our regions.

    To ensure the local roads we drive every day to drop the kids off at school and to get to work, are safe, and keep pace with growing communities.

    To improve our major highways linking our cities to our regions, so more visitors support our local businesses, and experience everything we have to offer.

    To keep our regions connected and better prepared for natural disasters – something many regional communities, including across Eden-Monaro, have needed to rebuild from.

    And most importantly, to relieve immediate pressures on regional families and businesses.

    Which let’s not forget, those opposite talk a big game on – despite opposing every single cost of living measure to date, and committing to tearing apart every measure that’ll support regional Australians into the future.

    Because while we’re delivering record investments to Build Regional Australia’s Future, the wreckers opposite are determined to leave regional communities which aren’t the right colour on their spreadsheets behind.

    The Albanese Government is delivering better outcomes for every regional community – because we’re addressing the challenges, harnessing the opportunities, and taking the needs of our regions seriously. 

    Through our Regional Investment Framework, we’re ensuring targeted investments support regional people, the places they live, the services they need, and the industries that stimulate local economies.

    With investments through the 2025-26 Budget building on everything we’ve delivered across our first term. 

    Our number one priority has been easing pressures faced by regional families and businesses today, while supporting more work, training and economic opportunities outside of our big cites. 

    We’ve delivered tax cuts for every regional taxpayer – a huge impact for taxpayers in my own electorate of Eden-Monaro, putting an average of $1,633 back into their pockets, with another two tax cuts on the way – something those opposite just voted against.

    We’ve delivered $300 in Energy Bill Relief to millions of households and $325 to small businesses, along with cheaper childcare and cheaper medicines.

    We’ve cut $3 billion in student debt, with a further 20 per cent to be cut if we’re re-elected.

    And we’ve supported over 127,000 free TAFE places in our regions – from construction courses to childcare.

    We’re getting more people into industries screaming out for workers, after those opposite gutted the vocational education system during their failed decade.

    We’ve introduced legislation to make free TAFE permanent – something those opposite have said they’ll repeal, because as the Deputy Leader of the Opposition said in this very chamber – “if you don’t pay for it, you don’t value it.”

    But I want my kids and every regional person to know – your postcode and your bank balance shouldn’t limit your potential.

    Through this Budget we’ll provide additional cost-of-living relief, along with increased investments to remove study barriers.

    $1.8 billion to provide all households, and around one million small businesses, with an additional $150 in Energy Bill Relief.

    $800 million to expand our Help to Buy scheme to support more people get into their own home – including in our regions.

    This builds on the 32,000 regional Australians we’ve already helped into home ownership, through the Regional Home Guarantee.

    $626.9 million to support $10,000 incentive payments for construction sector apprentices – with $7.0 million to increase the Living Away from Home Allowance for apprentices.

    As an operator of a small plumbing business that hires apprentices, and having recently spent time with bricklaying apprentices at Queanbeyan – I know that every cent counts when you’re starting out, especially when you’re living away from home.

    That’s why we’re boosting apprentice wages and easing cost-of-living pressures – because we value their hard work, and we know that building this workforce is essential to delivering more regional homes.

    My mum, dad, brother, sister and husband all went to TAFE, which is why I’m incredibly proud to be part of a Government that’s strengthening the sector – and ensuring more regional people can build a better future. 

    Through this Budget, we’re delivering $407.5 million to states and territories, as part of the Better and Fairer Schools Agreement.

    Record funding to give our teachers, including in our regional schools, more support – to lift education standards, and to better support students from kindergarten through to year 12. 

    And if you want to go onto further study, existing investments like the 56 Regional University Study Hubs we’re delivering – from Port Augusta in South Australia, to Goulburn in my own electorate – will mean you don’t have to leave the region you love.

    A further $33.6 million will also flow to the Clontarf Foundation to support up to 12,500 First Nations boys and young men access better education support.

    We’re delivering record investments to continue improving the affordability and accessibility of regional healthcare – because when you need to see the doctor, and when you need to buy your script, your street address and wallet shouldn’t stop you. 

    We’ve already delivered $3.5 billion to triple the bulk billing incentive, supporting over 2.4 million additional claims across regional Australia.

    Through this Budget, we’re investing an additional $7.9 billion to deliver more bulk billing to all Australians, including in our regions.

    Having delivered the largest cut to the cost of medicines in the history of the Pharmaceutical Benefits Scheme, we’re now making cheaper medicines even cheaper.

    $689 million to bring a PBS script down to $25, keeping more money in the hip pockets of regional Australians – with our pensioners and concession cardholders to continue paying $7.70 for PBS medicines until 2030.

    $792.9 million to deliver more choice, lower costs and better health care for women – including the first PBS listing for new oral contraceptive pills in more than 30 years.

    Along with more bulk billing for long-term contraceptives, more endometriosis and pelvic pain clinics to treat more conditions, and more Medicare support for women experiencing menopause. 

    Regional health and aged care were left in crisis under those opposite – a mess the Albanese Government has been cleaning up from day one.

    We’ve delivered $17.7 billion to fund increases to the minimum award wage for aged care workers – to not only support and retain these critical workers – but to ensure that our loved ones get the care they need, as they get older.

    We’re delivering an additional $1.8 billion to strengthen our public hospitals and to reduce waiting times across Australia, bringing our hospital funding to a record $33.9 billion in 2025-26.

    We’ve also increased the number of regional GP training places, along with waiving HECS for doctors and nurses that work in our regions – getting more skilled workers where we need them most.

    Through this Budget, we’re investing $662.6 million to grow our health workforce.

    There will be hundreds more GP and rural generalist training places to grow the pipeline of future GPs – with fairer salary incentives for junior doctors who choose general practice as their specialty.

    100 more Commonwealth Supported Places for medical students a year from 2026, increasing to 150 more a year by 2028 – with a focus on encouraging students to pursue general practice in our regions.

    And hundreds of scholarships for nurses and midwives, to help meet our current and future demands.

    A re-elected Albanese Government will deliver another 50 Medicare Urgent Care Clinics across Australia, from Burnie in Tasmania, to Bega in my own electorate – with our $644.3 million investment.

    This builds on the 87 Medicare Urgent Care Clinics we’ve already delivered, which are making a huge difference.

    With 48 of these 137 clinics to be in our regions– from Broome in Western Australia, Townsville in Queensland, to Tamworth in New South Wales.

    The Urgent Care Clinic we delivered in Queanbeyan has already supported over 7,000 fully bulk billed presentations.

    Rusty, a local constituent of mine told me about the huge difference it made for him, when he had an infection.

    He walked right into the clinic and received the help he needed, for free – a service that’s also supported his children and grandchildren.

    As Rusty said, this type of clinic is critical to taking pressure off our hospitals – as we continue to rebuild the health sector.

    But regional services like this will cease to exist under those opposite, because you only have to look at the billions cut from Medicare by the Leader of the Opposition when he was Health Minister, to know their only plan for Medicare is cuts.

    No government has done more for regional services than the Albanese Government – but healthcare wasn’t the only service completely abandoned during the wasted decade by those opposite.

    We’re already investing $2.2 billion to strengthen regional communications, particularly in disaster-prone areas – after programs like the Mobile Black Spot Program were pork-barrelled by those opposite.

    Through our record investments in the NBN, we’ve fixed half of some streets being stuck on the unreliable copper network they rolled out, including just 15 minutes down the road at Jerrabomberra.

    Because it actually takes a little bit more than a string and a can to run a small business, and to work and study from home.

    In this Budget, we’re providing an additional $3.0 billion in equity funding to NBN Co to complete upgrades for all remaining Fibre to the Node premises, including connecting an additional 334,000 regional premises to high speed internet.

    A service that we can’t forget, would be sold off to the highest bidder under those opposite.

    We’re also introducing a Universal Outdoor Mobile Obligation – requiring telcos to provide access to mobile voice and SMS almost everywhere across Australia – which will have huge benefits for regional and remote communities, particularly during emergencies and disasters. 

    Natural disasters are something my own electorate of Eden-Monaro has felt deeply, which is why I’m proud the National Emergency Management Agency that we launched continues to support regional communities – most recently in Queensland and NSW during Ex-Tropical Cyclone Alfred.

    That’s on top of our $1 billion Disaster Ready Fund continuing to support regional communities to be better prepared.

    And our additional $35 million investment to boost our national aerial fleet – giving regional communities more emergency support when they need it most.

    But it’s not just during disasters when our regions need reliable aviation.

    Despite the Leader of the Nationals in the Senate telling Sky News just last week that the Opposition had been fighting for a more competitive aviation sector – the reality is they’ve sat idle at the departure gate. 

    Those opposite did nothing with the Sydney Airports Slot Review handed to them in 2021 – something we’ve responded to with our Aviation White Paper.

    And they’ve said that keeping Rex Airlines’ regional routes operating during the voluntary administration process is sabotaging the sale process.

    I’m proud the Albanese Government has kept Rex’s regional flights in the air, with an $80 million loan facility to Rex Administrators, and additional support to reduce the debt Rex owes.

    Because for regional communities like mine, these flights are critical to our local economy, accessing important health services, and for getting around.

    The reality of living in our regions is we need to travel longer for some services, which is why we’ll continue standing up for a strong regional aviation sector.

    But travelling by car is generally how we get around, which is why we’ve already increased local road funding for every council.

    Roads to Recovery funding is going up from $500 million to $1 billion per year, road Black Spot funding increasing to $150 million per year, we’ve launched our $200 million per year Safer Local Roads and Infrastructure Program – and we’ve continued investing in major transport projects.

    Because every local community should have confidence in the roads they’re driving on.

    In his Budget reply last year, the Leader of the Nationals said those opposite would deliver the strong infrastructure funding pipeline that our regional communities need. 

    But let’s not forget, they were responsible for an infrastructure pipeline that below out from 150 projects to 800 projects, without a single dollar extra being added to the Budget, and without the delivery. 

    Regional communities deserve better than promises in press release with no follow through, which is why we continue to deliver critical projects to Build Regional Australia’s Future.

    Funding through this Budget includes $7.2 billion for Bruce Highway safety upgrades in Queensland, $200 million towards duplicating the Stuart Highway from Darwin to Katherine.

    $40 million for the Main South Road Upgrade in South Australia, and $1.1 billion towards upgrades along the Western Freeway in Victoria.

    After colour-coded spreadsheets from those opposite, we’ve delivered on our commitment to establish transparent grant programs that every postcode can apply for.

    Our $600 million Growing Regions Program is already supporting 112 projects, with 29 projects supported under our $400 million Regional Precincts and Partnerships Program so far. 

    I had the pleasure of visiting Wagga’s Lake Albert – one of this region’s most popular recreational sites, which will be completely transformed thanks to $4.4 million in Growing Regions Funding.

    Projects like this are making our regions better places to live, to work and to invest – but having more housing to attract and retain workers is something every community tells me they need.

    We’ve already committed $32 billion in housing measures, including over 13,000 homes nationally under the first round of our Housing Australia Future Fund – many of these in our regions.

    That’s more than those opposite delivered in an entire decade – when they had no plan for building, and their only idea for turning more keys was letting people raid their super for a deposit. 

    To their credit, they’ve now said they’ll fund enabling infrastructure – labelling this a fantastic idea.

    So fantastic, we’re already doing it – through our $1.5 billion Housing Support Program.

    Including $27.2 million to support upgrading Marulan’s sewage treatment in the Mighty Eden-Monaro – laying the foundations for more housing.

    Through this Budget, we’re delivering $54 million to turbocharge advanced manufacturing of prefabricated and modular homes, getting more homes into our regions where we need them most – lifting our total housing commitments to $33 billion. 

    More housing is a key part of how we’re Building Regional Australia’s Future, as is supporting our regional businesses and regional economies to grow.

    Under those opposite, car manufacturers left our shores, leaving our regional people behind. 

    But Labor has always had the back of regional manufacturing, and we’ve shown that again with our new investment of $2.4 billion with the South Australian Government to save the Whyalla Steelworks.

    Supporting 1,100 direct workers, and encouraging more investment into Australian made steel. 

    This builds on our existing $22.7 billion Future Made in Australia agenda, ensuring we build more in our own backyard – which includes over $500 million to boost Australia’s battery manufacturing capabilities, and $1 billion to supercharge the production of solar panels in our regions.

    Our investments are putting regional communities at the centre of industries of the future – unlocking more secure and well-paid regional jobs, and ensuring that we train and retrain regional workforces.

    This includes $38.2 million to boost the diversity of our STEM workforce, with a focus on supporting more women secure jobs in these critical industries.

    Through this Budget, we’re delivering further investments to Build Regional Australia’s Future – by leveraging the competitive advantages that come with our vast energy resources, world-leading agricultural sector, and regional innovation.

    $250.0 million to accelerate the pace of Australia’s growing domestic Low Carbon Liquid Fuels industry – helping to drive economic growth and jobs in regional areas.

    $1.0 billion under our Green Iron Investment Fund to boost green iron manufacturing in our regions.

    This builds on our existing commitment of $2.0 billion to support aluminium smelters transition to renewables – in places like Portland in Victoria, Tomago in NSW, and in Queensland’s Gladstone region.

    From our factories to our fields, we’re backing our regions – with $11.0 million to tackle established pests and weeds in our agriculture and forestry sectors – keeping them productive

    An additional $20 million for a new round of the On Farm Connectivity Program so farmers can use the latest technology to make their work more efficient.  

    And $20.0 million to encourage more Australians to buy Australian-made products, which will have huge benefits for regional economies – because so much of what we love and rely on comes from our regions.

    In his Budget reply last year, the Leader of the Nationals said the Opposition will take decisive action to give regional Australians a fair go.

    But all we’ve seen since then is those opposite continue to vote against every single cost of living measure, while petrifying regional communities with their Nuclear thought bubble.

    An idea that was announced with zero consultation, and most importantly – one that will deliver zero savings for regional Australians and their power bills. 

    Since my last Regional Budget Statement, the Albanese Government has continued to relieve pressures on regional families and businesses, while improving access to the services and support regional people rely on – regardless of their postcode.

    Through our 2025-26 Budget we’re delivering more energy bill relief, making cheaper medicines even cheaper, and providing extra support to get more regional Australians into their own home.

    We’re strengthening Medicare and expanding regional health services, delivering further investments to boost regional connectivity, and investing in more support to help build workforces in our in-demand sectors.

    That’s because only the Albanese Government is serious about Building Regional Australia’s Future.

    MIL OSI News

  • MIL-OSI: GAM announces 2024 full year results

    Source: GlobeNewswire (MIL-OSI)

    26 March 2025

    PRESS RELEASE

    Ad hoc announcement pursuant to Art. 53 Listing Rules:

    GAM announces 2024 full year results

    Strong progress in implementing turnaround strategy. GAM continues to target profitability in fiscal year 2026.

    Financial Highlights for Full Year 2024

    • IFRS net loss of CHF 70.9 million compared to CHF 82.1 million for FY 2023.
    • Underlying loss before tax of CHF 66.8 million compared to CHF 49.5 million for FY 2023.
    • AuM at CHF 16.3 billion compared to CHF 19.3 billion as at 31 December 2023.
    • Cost optimisation initiatives across the business resulted in a 20% decrease in underlying expenses compared to FY 2023. The full impact of these cost optimisation initiatives will be reflected in FY 2025 and beyond.
    • Successful CHF 100 million rights issue completed in November 2024, which resulted in our anchor shareholder, NJJ Holding SAS (through its holding in Rock Investment SAS (“Rock”)) becoming our majority shareholder.
    • The maturity of the existing CHF 100 million Rock loan facility has been extended until 31 December 2027.
    • GAM is now a highly scalable pure investment platform with strong global distribution capabilities focusing on three core areas to drive sustainable growth and profitability: Specialist Active Investing, Alternative Investing and Wealth Management.
    • GAM continues to target profitability in fiscal year 2026.

    Strategic Highlights

    • Launched GAM Alternatives, providing access to in-house and third-party alternative managers focusing on absolute return strategies and best-in-class talent.
    • A new, high performing and successful European Equity team joins GAM in 2025.
    • Partnering with Sun Hung Kai & Co. Ltd to drive growth and enhance our distribution capabilities across Greater China including Hong Kong, mainland China, Taiwan, and Macau.
    • In 2025, GAM will continue to partner with best-in-class external managers, to include the development of new products and the distribution of their own existing products to GAM clients.

    Elmar Zumbuehl, Group CEO at GAM said: “We have made strong progress in implementing GAM’s turnaround strategy and have now evolved into being a pure play investment management firm, but we are not finished yet. The cost optimisation initiatives implemented in 2024 will yield their full benefit in 2025 and beyond. While we stay focused on further cost optimisation, our main emphasis is growing our AuM and revenues as we continue our turnaround. With an unwavering commitment to our clients, and an expanding suite of innovative and distinctive products, we continue to build positive momentum and strengthen our market position. Backed by our majority shareholder, we continue to target profitability in fiscal year 2026 and remain focussed on delivering for our clients and all our stakeholders.”

    Summary Financials

    In 2024, we reported IFRS net loss after tax of CHF 70.9 million, compared with an IFRS net loss after tax of CHF 82.1 million in 2023. The loss in 2024 was mainly driven by the underlying net loss after tax of CHF 66.9 million.

    Please refer to the ‘Financial Results for FY 2024’ section later in this press release for full information.

    Financial Strength

    In November 2024, GAM completed its CHF 100 million fully underwritten ordinary capital increase by way of a rights issue to support the implementation of GAM’s strategy and provide long-term financial stability. Given Rock’s underwriting commitment, NJJ Holding SA (indirectly) is now the majority shareholder of GAM following the rights issue.

    The existing CHF 100 million Rock loan facility remains in place with its maturity extended to 31 December 2027.

    Strategy Update

    GAM’s strategy is designed to achieve sustainable growth and profitability by delivering best possible investment performance and exemplary service for our clients by focusing on our Investment and Wealth Management capabilities. The four pillars of our strategy remain:

    • Focusing on clients in existing core markets;
    • Amplifying and growing core active equity, fixed income and multi-asset strategies by investing in talent and product ideas;
    • Diversifying into new investment product areas and our Wealth Management offering by leveraging GAM’s heritage in active management, building strategic partnerships, and its alternatives and hedge funds platform; and
    • Enhancing effectiveness by reducing complexity.

    GAM is now focusing exclusively on its Investment (Specialist Active and Alternatives) and Wealth Management businesses, expanding its distribution reach and capabilities, amplifying its core active strategies, and diversifying into new product areas, including building out our higher margin alternatives capabilities.

    We have made strong progress throughout 2024 on our four-pillar strategy to transform GAM into a focused, client-centric, and profitable business.

    Focusing on clients

    Focusing on our clients in our existing core markets has been the most important way to rebuild GAM. In key markets where we have clients, but lack scalable distribution, we have, and will continue to, add partnerships to support our growth strategy and provide a broader range of client’s access to unparalleled investment expertise, opportunities, and exceptional outcomes across specialist active and alternative investment strategies.

    We established a strategic alliance with Sun Hung Kai & Co. Ltd. to grow our client base, distribute our products, and innovate our alternatives offering across the Greater China region, including Hong Kong, mainland China, Taiwan, and Macau.

    We have also enhanced our regional presence and client coverage by hiring new Heads of Distribution across Switzerland, Germany, Austria, Iberia, the UK, Australia, New Zealand, and France to drive our local market presence. This significant investment into our client facing teams will enable GAM to provide clients with excellent local contacts, strong relationship management and access to unparalleled investment expertise targeting exceptional outcomes.

    We additionally expanded our client reach through opening a second US office in Miami to cover the US international and Latin American markets and we are close to gaining customary approvals to open our planned branches in Paris and Milan.

    Amplifying and growing core active equity, fixed income, and multi-asset strategies by investing in talent and product ideas

    We are enhancing our capabilities by recruiting first-class investment talent in alternatives, systematic and equities teams.

    We have established a multi-asset centre of excellence in a global team to optimise all our multi-asset investment capabilities, enhance client outcomes, and align with evolving market dynamics and client needs. The high quality and excellent performance of this team will allow GAM to grow its wealth management business.

    In February 2025, we announced the hiring of three high performing and successful European Equity team members from Janus Henderson Investors. These strategic hires underscore GAM’s steadfast dedication to providing clients with access to unparalleled investment expertise and exceptional outcomes. The team brings extensive experience, having managed over EUR 6.5 billion in European Equity funds on behalf of institutional and retail clients globally.

    In addition, we have strengthened our sustainability and stewardship practices, meeting the principles of the UK and Swiss Stewardship Codes. Today GAM released its 2024 Sustainability Report which is available at www.gam.com

    Diversifying into new investment products while expanding the wealth management offering by leveraging GAM’s heritage in active management, strategic partnerships, and its alternatives and hedge funds platform

    Randel Freeman joined GAM in 2024 as Co-head / Co-CIO of GAM Alternatives to build out our alternative investments platform to meet growing investor demand with differentiated offerings. In addition, in 2025, we hired two senior sales specialists with deep experience in Alternatives distribution.

    In 2024, we launched GAM funds to introduce and distribute Avenue Capital’s Sports Opportunities fund, plus partnered with Arcus Investment to distribute their Japanese long/short equities fund. GAM also partnered with world leading Trafigura Group’s subsidiary Galena Asset Management to manage the GAM Commodities fund providing best-in-class sector expertise. This provides our clients access to exclusive and attractive commodity investment opportunities.

    We are launching the GAM LSA Private Shares strategy in Europe to provide access for European clients to this award-winning evergreen, late-stage private equity fund.

    Throughout 2025, GAM will be assessing M&A opportunities to enhance existing offerings, attracting best-in-class long-term strategic partnerships, and recruiting top talent to our core business areas globally.

    Enhancing effectiveness by reducing complexity

    Following the transfer of our fund services business for third-party funds we also successfully transitioned our Luxembourg, Irish and Swiss fund management company (ManCo) activities to Apex Group and 1741 Group in Q4 2024. In addition, we consolidated our operations onto our cloud based SimCorp investment management platform. GAM now operates on a global platform that delivers operational efficiencies.

    These implementations pave the way to a much less complex operating model underpinning and delivering best outcomes for our clients.

    GAM is now a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas to drive sustainable growth and profitability: Specialist Active Investing, Alternative Investing and Wealth Management.

    Business Areas

    GAM Investments is focused on three core business areas to drive sustainable growth and profitability:

    • GAM Specialist Active: Deep expertise, experience and specialisms unlocking core and niche returns in equities, fixed income, and multi-asset investing;
    • GAM Alternatives: Access to in-house and third-party alternative investment managers focusing on absolute return strategies and best-in-class talent; and
    • GAM Wealth Management: Multi-asset solutions with tailored portfolios for high-net-worth individuals, charities and trusts, utilising best-of-breed GAM and third-party products.

    These three core business areas share and benefit from GAM’s global platform and agile operating model and modern technology.

    Investment Performance

    GAM has continued to deliver strong overall investment performance across our diverse and distinctive products, with 64% of assets under management (AuM) outperforming their three-year benchmark and 89% outperforming their five-year benchmark, as at 31 December 2024. Despite some weaker short-term performance in equities, the longer-term 5-year performance remains strong.

    Percentage of GAM Fund AuM Outperforming Benchmark

        3 years 3 years 5 years 5 years
    Business Area Asset Class 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
    Specialist Active Fixed income 94% 98% 95% 91%
    Specialist Active Equity 1% 39% 79% 59%
    Alternatives Alternatives 60% 73% 75% 96%
    Total   64% 78% 89% 81%

    % of AuM in funds outperforming their benchmark (excluding mandates and segregated accounts) across our business areas. Three- and five-year investment performance based on applicable AuM of CHF 9.0 billion and CHF 9.0 billion, respectively.

    Compared to our peer group performance remained strong, 66% of AuM outperformed their three-year Morningstar peer group and 82% outperformed their five-year Morningstar peer group, as at 31 December 2024.

    Percentage of GAM Fund AuM Outperforming Morningstar Peer Group

        3 years 3 years 5 years 5 years
    Business Area Asset Class 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
    Specialist Active Fixed income 61% 53% 60% 50%
    Specialist Active Equity 20% 51% 89% 89%
    Alternatives Alternatives 91% 89% 95% 96%
    Total   66% 66% 82% 76%

    GAM continues to be recognised for its investment performance, including having been awarded the overall best European small group 2025 by Lipper. Four GAM funds (including two funds of our Swiss Equity strategy) won Lipper’s 2025 top performance awards across multiple countries. For the second time, at the Citywire Investment Performance Awards, GAM Multi-asset won the Best Large Firm Award. GAM won the Wealth Management PAM 2024 award for its growth portfolios. GAM’s Sustainable Climate Bond strategy won and was chosen as the best ESG Investment Fund in the Green, Social and Sustainability Bonds category at the ESG Investing Awards 2024. For further details on these and other awards please visit http://www.gam.com/awards.

    Assets Under Management and Net Flows by Business Area

    Total AuM were CHF 16.3 billion as at 31 December 2024, compared to CHF 19.3 billion as at 31 December 2023. Net outflows of CHF 4.4 billion were partially offset by positive market and foreign exchange movements of CHF 2.0 billion.

    Business Area Opening AuM
    1 Jan 2024
    Net
    flows
    Disposal(1) Market/FX
    movements
    Closing AuM
    31 Dec 2024
    Specialist Active 17.5 (3.9) (0.6) 1.9 14.9
    Alternatives 0.9 (0.4)   0.5
    Wealth Management 0.9 (0.1)   0.1 0.9
    Total 19.3 (4.4) (0.6) 2.0 16.3
    (1) In the second half of 2024, the sale of the UK Equity Income Fund to Jupiter Asset Management completed and subsequently is reflected as a disposal. Therefore, net outflows of CHF 0.6 billion in 2024 have been reflected as a disposal.

    Financial Results for FY 2024

    The average management fee margin earned on investment management AuM in 2024 was 40.4 basis points, compared with the average margin for the financial year 2023 of 49.7 basis points. The change in average management fee margin primarily reflects the mix of assets under management across products and sub-advisory agreements with existing and new partners.

    Net management fees and commissions in 2024 totalled CHF 75.9 million, down from CHF 124.4 million in 2023 due primarily to the sale of the third-party fund services business in January 2024, lower average AuM and reduced average management fee margin in investment management.

    Underlying net performance fees totalled CHF 1.9 million, down from CHF 4.8 million in 2023.

    Underlying net other income/expenses includes net interest income and expenses, the impact of foreign exchange movements, net gains and losses on seed capital investments and hedging, as well as fund-related fees and service charges. In 2024, a net loss of CHF 2.3 million was recognised, compared with a CHF 0.4 million net loss in 2023. The 2024 net loss was mainly driven by the interest expenses incurred on the Rock Investment SAS loan facility and the impact of foreign exchange movements. The IFRS net other expense in 2024 amounts to CHF 4.4 million. The difference between the underlying and the IFRS net other expense of CHF 2.1 million mainly relates to a net foreign exchange loss on pension loan note offset by other income driven by the assignment of the UK property lease to a third party.

    Underlying personnel expenses decreased by 26% to CHF 76.6 million in 2024, compared with CHF 96.8 million in 2023. Fixed personnel costs decreased by 28%, driven by lower headcount. Headcount stood at 294 FTEs as at 31 December 2024, compared to 478 FTEs as at 31 December 2023. Variable compensation in 2024 fell to CHF 11.2 million from CHF 13.1 million in 2023, mainly driven by lower management and performance fees which impacted variable compensation arrangements. The underlying personnel expenses compares to IFRS personnel expenses of CHF 81.0 million. The difference between the underlying and the IFRS personnel expenses of CHF 4.4 million primarily relates to a reorganisation charge. (For further information, see note 6 of the condensed consolidated interim financial statements).

    Underlying general expenses in 2024 were CHF 52.1 million, down from CHF 65.0 million in 2023 due to cost optimisations initiatives across the business. This compares to IFRS general expenses of CHF 54.0 million. The difference between the underlying and the IFRS general expenses of CHF 1.9 million mainly relates to the Group’s reorganisation initiatives.

    Underlying depreciation and amortisation charges were CHF 13.8 million in 2024 compared to CHF 16.5 million in 2023. There is no difference between underlying and IFRS amounts.

    The underlying pre-tax loss in 2024 was CHF 66.8 million, compared to a CHF 49.5 million underlying pre-tax loss in 2023. The higher loss was driven mainly by lower net fee and commission income being only partially offset by lower personnel and general expenses. The underlying loss compares to an IFRS net loss before tax of CHF 69.6 million. The difference of CHF 2.8 million mainly relates to the remeasurement of the brand intangible, strategic initiative expenses and foreign exchange loss on pension loan note. (For further information, see note 6 of the condensed consolidated interim financial statements).

    The underlying income taxes in 2024 was a tax expense of CHF 0.1 million compared to a tax expense of CHF 0.3 million in 2023.

    Diluted underlying losses per share in 2024 was a negative CHF 0.25, compared to a negative of CHF 0.32 in 2023. This compares to a diluted IFRS earnings per share of negative CHF 0.27 in 2024. The difference between the diluted underlying and the diluted IFRS earnings per share of CHF 0.02 relates to the lower underlying net loss.

    Cash and cash equivalents as at 31 December 2024 were CHF 65.1 million, down from CHF 87.2 million as at 31 December 2023.This reduction was driven by the losses made by the Group partially offset by the proceeds received from the ordinary capital increase made by way of a rights offering in November 2024.

    Adjusted tangible equity as at 31 December 2024 was CHF 58.5 million, up from CHF 20.9 million as at 31 December 2023.The main contributor to this increase was ordinary capital increase by way of a rights issue that took place in November 2024. See page 17 of our Annual Report 2024 for full definition of adjusted tangible equity.

    The Board of Directors proposes to shareholders that no dividend will be paid for financial year 2024 given the underlying net loss in 2024.

    Outlook

    GAM continues to focus on implementing its strategy. Our priority is to achieve sustainable overall positive net inflows by rebuilding GAM’s distribution capabilities with a focus on our existing products and new product launches. The timeline for achieving these net inflows will be driven by our success in delivering our strategy, subject to market conditions. GAM continues to target profitability in fiscal year 2026.

    Additional information

    Results Centre | [FY2024 year report] | [FY2024 Investor presentation] | [FY2024 Investor workbook] | [2024 Sustainability Report] | [GAM corporate calendar]

    Investor Relations        
    Magdalena Czyzowska        
    T +44 (0) 207 917 2508        
    Media Relations        
    Colin Bennett        
    T +44 (0) 207 393 8544

    Visit us: www.gam.com
    Follow us: X and LinkedIn

    About GAM Investments

    GAM Investments is a highly scalable global investment platform with strong global distribution capabilities focusing on three core areas, Specialist Active Investing, Alternative Investing and Wealth Management, that is listed in Switzerland. It delivers distinctive and differentiated investment solutions across its Investment and Wealth Management businesses. Its purpose is to protect and enhance clients’ financial future. It attracts and empowers brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM Investments has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit www.gam.com

    Other Important Information

    This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

    Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

    This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

    Attachment

    The MIL Network

  • MIL-OSI Australia: Automotive sector outlook: what’s driving recent trends

    Source: Allens Insights (legal sector)

    Regulation and scrutiny set to intensify 11 min read

    Whether it be consumer guarantees or vehicle emissions, the automotive sector continues to be highly regulated, and the target of scrutiny from regulators and private litigants alike. In this Insight, we reflect on some of the key issues facing the sector.

    Class action risk regaining momentum

    In recent years, the automotive sector has been a prominent target of class actions, with multiple claims filed each year. However, the rate of new claims noticeably stalled in mid-to-late 2023. Although there were eight claims in 2023, seven of these were filed by May. 

    In our 2024 Class Action Risk Report, we suggested that class action promoters may have been adopting a ‘wait and see’ approach, pending the High Court’s guidance in the Toyota and Ford proceedings on the availability of ‘reduction in value damages’ for breaches of the acceptable quality guarantee under section 272(1)(a) of the Australian Consumer Law (the ACL). This form of damages has been a mainstay in previous automotive class actions and a substantial driver of significant damages awards.

    The High Court provided that guidance late last year. As reported previously, it held that reduction in value (RIV) damages are a ‘performance based remedy’, reflecting the monetary difference between the value of what the consumer bargained for and what they ultimately received. The majority found that RIV damages are to be calculated as the amount by which the value of the goods was reduced by the failure to comply with the guarantee at the time of supply, with regard to ‘all that is known at the time of trial about the “state and condition of the goods”‘. Accordingly, the assessment includes consideration of both the nature of the defect, and the likely availability, timing, effectiveness, cost and inconvenience of any repairs.

    Automakers can find welcome relief in this decision because the High Court’s approach gives recognition to ‘field actions’ carried out by manufacturers in reducing their liability. However, depending on the seriousness of the defect and/or how long it takes to repair, manufacturers’ potential exposure to damages may still be considerable.

    It remains early days in assessing how class action promoters may respond to the High Court’s decision. Even so, there are initial signs that automotive class action filings may be regaining momentum, with two new claims filed in the past few months.

    Changes to dealership operating models

    Recent years have seen a number of Australian automakers consider, and implement, changes to their distribution models—away from a traditional dealer structure and towards an agency arrangement. Under this change, instead of dealers purchasing cars from automakers and onselling them to customers at a mark-up, they act as agents and sell cars on the automaker’s behalf (generally at an agreed price and in exchange for commission).

    While an agency approach gives automakers far more control over pricing and margins, the transition has been opposed by many franchisees, who fear a loss of profitability and goodwill in their business. Following Mercedes-Benz’s implementation of an agency model between 2016 to 2020, 38 of its 49 dealers commenced a class action alleging the loss of A$650 million in expropriated goodwill.

    We have now seen two distribution model changes litigated through the Australian courts—Mercedes-Benz (referred to above) and Honda Australia, which restructured its dealership network in 2020. While Mercedes-Benz emerged (relatively) unscathed, Honda had mixed success before different courts, and the two cases provide a helpful illustration of the current state of the law. Importantly, the decisions confirm that:

    • automakers are generally entitled to change their business models in the interest of improving profitability (even where it causes financial loss to their dealers); and
    • there is no current right under Australian franchising laws for a franchisee to be compensated for any loss of goodwill upon the non-renewal of a franchise agreement.

    With that said, in implementing any changes to distribution models, automakers should be very careful to honour existing contractual relationships and avoid misrepresentations or inaccurate statements. Compensation may be available where automakers eg :

    1. terminate dealership agreements early, and without a contractual right to do so;
    2. inform dealers they will be no worse off under a new model without a proper basis; or
    3. represent to customers that former authorised dealers can no longer service their vehicles, when this is inaccurate.

    The Mercedes-Benz and Honda cases concerned restructures that occurred before 2021, when the Franchising Code was amended to codify a compensation mechanism in circumstances where a motor vehicle franchisor terminates dealership agreements early. This regime will continue to apply under the new Franchising Code (see below). It will be interesting to see—in light of these decisions and the reforms to the Code—whether other automakers decide to follow in Mercedes-Benz and Honda’s footsteps.

    New Franchising Code on the way

    The Federal Government has now legislated a new Franchising Code of Conduct, which will take effect on 1 April 2025 and replace the current version of the Code, which is due to ‘sunset’.

    For motor vehicle franchisors, the changes in the Code will start applying on the following dates:

    • Almost all changes apply only to conduct that occurs on or after 1 April 2025, in relation to franchise agreements entered into, transferred, renewed or extended from this date.
    • Disclosure requirements in relation to significant capital expenditures will change, but the new requirements apply only to disclosure documents created on or after 1 November 2025. In all other respects, disclosure documents provided to franchisees in relation to franchise agreements to be entered into on or after 1 April 2025 (including disclosure documents provided before 1 April 2025 but relating to franchise agreements to be entered into after 1 April 2025) must comply with the form required by the new Code.

    Automakers will need to make some changes to the standard form of their dealership agreements, and a new form of disclosure document is required to be created.

    The new Code contains very few surprises for industry players who have been following its progress, as it largely aligns with the recommendations of the Independent Review released in February 2024 and the Exposure Draft released in October 2024.

    For automakers, it is important to note that the new Code has retained, without substantive changes, the provisions relating to compensation where a franchisor terminates dealership agreements early (with the changes proposed in the earlier Exposure Draft not implemented). The new Code also retains the obligation on motor vehicle franchisors to ensure that dealership agreements give franchisees a reasonable opportunity to make a return on their investment.

    The following reforms in the new Code are relevant to automakers who distribute through dealership or agency networks in Australia:

    1. Inclusion of service and parts agreements: The new Code includes a revised definition of ‘motor vehicle dealership’, which expressly captures ‘any servicing or repairing of motor vehicles’ conducted by dealers, or associated with a dealership agreement, where the dealer buys, sells, exchanges or leases motor vehicles.

      This change aligns the statutory definition with judicial interpretation of the Code in the AHG v Mercedes-Benz case.1 It is broadly designed to prevent franchisors from structuring contracts with dealers so as to exclude service and repair work from the Code’s application, while ensuring that pure service and repair franchise businesses are not subject to obligations specific to ‘motor vehicle dealerships’.

    1. Simplification of termination rights for franchisors: In relation to a limited set of serious termination events—eg the franchisee ceasing to hold a licence it needs to carry on the business, being deregistered as a company, or being convicted of a serious offence—the franchisor will be entitled to include in its franchise agreements a right to terminate on seven days’ notice, and the franchisee will not be permitted to raise a dispute under the alternative dispute resolution mechanism for such termination.
    2. Disclosure obligations: The new Code no longer requires franchisors to provide a key facts sheet to franchisees, separate from the disclosure document. Existing franchisees will be entitled to opt out of receiving disclosure documents, and also the 14-day cooling-off period, at the time of renewal or extension of the franchise agreement.
    3. Civil penalties apply to all substantive obligations: Whereas in the existing Code, only a limited number of substantive obligations will attract a civil penalty if breached, under the new Code, all substantive obligations will attract civil penalties if breached.

    Outside of the new Code, the Government has legislated to empower the ACCC to issue infringement notices with penalties at the upper end of what is currently available under the ACL (ie $19,800 for a body corporate).

    The New Vehicle Efficiency Standard begins to bite

    With the New Vehicle Efficiency Standard Act 2024 (Cth) (the NVES Act) taking effect at the start of this year, and the accumulation of the associated units and penalties commencing on 1 July 2025, the new standard is now kicking into gear.

    The NVES Act forms a central part of the Government’s National Electric Vehicle Strategy, which aims to promote Australia’s transition to a decarbonised transport system by providing a national framework to enhance the supply of, and access to, electric vehicles. Under the NVES Act, suppliers are incentivised to uptake more fuel-efficient, low or zero emission vehicles (including electric vehicles) through the following mechanisms:

    1. Suppliers of new light vehicles into the Australian market are required to keep CO2 emissions below annual emissions targets calculated based on the emissions and weight of vehicles sold. Stricter emissions targets are imposed for ‘Type 1’ vehicles (eg sedans and hatchbacks) than ‘Type 2’ vehicles (eg vans and utilities, and larger SUVs). The emissions targets of both vehicle types are expected to become more stringent over time.
    2. Central to the statutory regime is the concept of ‘Interim Emission Value’ (IEV), which measures the emissions performance of each supplier’s covered vehicles for a given year against the annual emissions targets set for the relevant vehicle type.
    3. Suppliers whose average fleetwide emissions fall below legislative targets (and therefore generate a negative IEV) will accrue tradeable ‘units’ or credits that can be sold to or purchased by other suppliers, and will be valid for up to three years.
    4. By contrast, suppliers that exceed their emissions targets (and therefore generate a positive IEV) may be liable for civil penalties, although liability will not crystallise immediately. Suppliers will have two years to bring their IEV down to zero, and can do so either by generating sufficient units themselves to meet any shortfall (ie by importing more fuel-efficient vehicles) and/or by purchasing units from other suppliers.

      If the supplier’s IEV has not been fully offset at the end of this period, the supplier will be liable for a civil penalty calculated at the scale of $100 for every gram of CO2 per kilometre of the supplier’s IEV that has not been offset. As the penalty regime applies to each covered vehicle, there is potential for significant fleetwide penalties, presenting a substantial new regulatory risk for automakers importing new vehicles into Australia.

    NGOs play a growing part in the enforcement of greenwashing claims

    We continue to see non-government organisations (NGOs) playing an increasingly prominent role in highlighting alleged instances of greenwashing by automakers, often with the dual aims of raising public awareness and agitating for regulatory enforcement action.

    Recent examples of this phenomenon are widespread. In 2023, the Environmental Defenders Office (EDO), an Australian environmental legal centre, published a report assessing climate-related claims made by the largest automotive companies in Australia. Most significantly, the report alleged that almost all automakers had made exaggerated climate-related claims, particularly by misleadingly comparing hybrid vehicles to ‘lower emitting electric vehicles’.

    To similar effect, United States-based advocacy group Ekō published a report in 2024 reviewing one automaker’s online marketing of its electrified vehicle line. The report surveyed 23 jurisdictions, including Australia, and alleged (among other things) that the automaker had misled consumers by using words such as ‘electrification’ on its website to describe hybrid, plug-in hybrid and hydrogen fuel cell vehicles. The automaker was said to have capitalised on growing electric vehicle demand to sell more of its hybrid (and allegedly polluting) vehicles.

    Ekō urged regulators worldwide, including the ACCC, to investigate its findings and those contained in EDO’s 2023 report, highlighting the growing relationship between NGOs and regulators in the enforcement of greenwashing claims.

    Data, privacy and cyber risk

    In May 2024, it was reported the Office of the Australian Information Commissioner had commenced an inquiry aimed at ensuring that connected vehicles purchased in Australia protected sensitive personal data.

    While details of the inquiry have not been released, the Privacy Commissioner, Carly Kind, has stated that ‘cars are now [a] kind of computers on wheels’ that collect a lot of personal information and there is ‘not a lot of transparency or understanding about how that data is being used’.

    Whether this inquiry becomes public remains to be seen, but it contributes to growing public and media attention on the auto industry regarding privacy and data security issues, following several recent high-profile data breach incidents—as well as various studies released over the past several years that have been highly critical of the privacy compliance of connected vehicles. Privacy advocates have also raised concerns around intrusive surveillance made possible through connected services.

    These trends in the auto sector reflect the broader scrutiny being placed on privacy and large-scale data use, in the context of a number of pieces of law reform in late 2024, such as:

    • material changes to the Privacy Act 1988 (Cth), including expanding enforcement options— further tranches of reform to the Privacy Act are expected this year; and
    • whole-of-economy changes to cyber security laws, with the passage of the Cyber Security Act 2024 (Cth). While vehicles have been largely excluded from the new cyber standards for connected products under this Act, it will have broader ramifications, and cyber standards for manufacturers remain a key area of risk.

    We anticipate that car manufacturers and auto financiers will come under increasing privacy and cyber scrutiny, given the volume and potential sensitivity of data collected at scale through connected vehicles. We will be providing an in-depth look into these issues in a future Insight.

    Consumer law reforms

    There is momentum building for consumer law reforms that, if introduced, could significantly affect the automotive sector. Among other things, the Government signalled its commitment late last year to a suite of reforms including to the consumer guarantees in the ACL, and the introduction of a prohibition on unfair trading practices.

    The proposals to strengthen the consumer guarantees were set out in a Consultation Paper released in October 2024 for feedback. The paper cited evidence that for high-value goods, and vehicles in particular, consumers find it difficult to obtain a remedy for breaches of the consumer guarantees. The proposed reforms include:

    1. clarifications to the meaning of a ‘major failure’ under the ACL;
    2. introduction of a new prohibition on suppliers refusing to provide remedies to consumers for a major failure;
    3. introduction of a prohibition on manufacturers failing to indemnify suppliers; and
    4. civil penalties for contraventions of the above.

    Treasury is expected to publish a Decision Regulation Impact Statement that will set out the Government’s preferred options in relation to these proposals.

    Separately, the Government has outlined proposals for a new prohibition on unfair trading practices. This prohibition would target conduct that might not meet the ACL thresholds for misleading or unconscionable conduct, but nonetheless causes consumer detriment through the distortion or manipulation of consumer choices (eg online pressure tactics). A Consultation Paper from November 2024 set out proposed general and specific prohibitions in this regard, and a Decision Regulation Impact Statement is now also anticipated, furthering these proposals.

    MIL OSI News

  • MIL-OSI: Capital, Strategy, and Governance: Market Implications of a DFC-Managed Sovereign Wealth Fund

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) — Global Policy Advisors LLC, recognized for devising the first governance and policy roadmap for a U.S. sovereign wealth fund, has released a new report titled Capital, Strategy, and Governance: Market Implications of a DFC-Managed Sovereign Wealth Fund. The analysis explores the Development Finance Corporation (DFC) as a potential institutional home for a prospective U.S. sovereign wealth vehicle.

    The report outlines how a DFC-based sovereign wealth fund could be structured to balance fiduciary objectives with national strategic priorities, while drawing on DFC’s existing investment infrastructure, global networks, and interagency governance model. With ex officio board members including the Secretaries of State, Treasury, and Commerce, the DFC offers a unique governance environment where investment strategy can be evaluated from diverse national interest perspectives, the report says.

    GPA’s president Salar Ghahramani, who has advised clients across finance, policy, and law on sovereign wealth fund developments, stated: “Institutional design will shape the direction, legitimacy, and market impact of any future U.S. sovereign wealth fund. This report underscores the practical and strategic advantages of anchoring the fund within the DFC.”

    GPA’s latest SWF 2050™ report further examines how such a fund could engage with private equity and external asset managers while preserving transparency and avoiding conflicts of interest. The report offers detailed considerations on portfolio allocation strategies, public-private investment models, and the legislative implications of housing the fund within a federal agency.

    As highlighted in recent interviews with Barron’s and Bloomberg, Salar Ghahramani emphasized the importance of transparent governance and multi-perspective oversight in building long-term trust among both market participants and the American public.

    To learn more, contact Global Policy Advisors at:
    Email: inquiries@globalpolicyadvisors.com
    Website: https://www.globalpolicyadvisors.com/

    About Global Policy Advisors

    Global Policy Advisors® LLC is a boutique sovereign wealth fund advisory to corporations, boards of directors, and institutional investors—including hedge funds, private equity firms, pension funds, and SWFs. GPA’s ​expertise is delivering actionable insights, strategy sessions, and executive briefings on the governance, operations, and investment strategies of sovereign wealth funds.

    The MIL Network

  • MIL-OSI Australia: Mix 104.9 with Katie Woolf

    Source: Workplace Gender Equality Agency

    KATIE WOOLF: And we are going to be catching up with the Minister for Northern Australia. I believe that I have got her on the line hopefully right now, the Minister for Northern Australia, Madeleine King. Good morning to you.

    MADELEINE KING: Oh, good morning, Katie. How are you going?

    KATIE WOOLF: Lovely to have you on the show. I’m really good. Thank you so much for joining us with a late call up this morning. It is very much appreciated. Now, Minister, talk us through what is in the budget from overnight for the Northern Territory.

    MADELEINE KING: Well, thanks, Katie. It’s a real pleasure to be calling back in to Darwin again. So, you know, overall the Federal Government will be providing over $7 billion in funding to the NT, which is a huge boost for the Northern Territory and that’s part of a great relationship we have with the Chief Minister, Lia Finocchiaro and of course their deputy, Gerard Maley. Now, I speak to the Member for Solomon, Luke Gosling all the time about how important the territory is to Australia because without a strong north, we don’t have a strong Australia. So, we’re going to keep on investing in the NT backing in one of our first commitments on coming into government, the $1.2 billion in Middle Arm investment precinct – industrial precincts with hundreds of millions of dollars on roads into the NT. But for every single NT taxpayer though, it is really, I want to be really clear about the magnitude of the tax cuts the Albanese Labor Government has delivered.

    KATIE WOOLF: I might get to those in just a moment and you know, I don’t want to sound ungrateful, but it does seem as though the only new money announced for the Northern Territory is a conditional $200 million out of a total budget of $786 billion. That is what the Northern Territory’s Treasurer Bill Yan is saying. I mean, is that correct when it comes to new money, it is just that, conditional $200 million?

    MADELEINE KING: Well, there are many things that will benefit the Territorians. Every single Territorian in this budget, one, of course, is the accumulated tax cuts. There are some already came in in July of last year. There is more now coming as the Treasurer spoke about last night. But there’s also savings on medicines that will save Northern Territory residents more than $1.3 million. Student debt will be slashed for Territorians and particularly important for young Territorians. We’ve made a commitment to a further Medicare Urgent Care Clinic in the Territory, bringing the total number in the NT up to nine. So, they’re really important commitments that will affect so many Territorians and of course the tax cuts will affect and be good for every single Territorian.

    KATIE WOOLF: So, just in relation to any sort of specific projects at this point in time, it is that $200 million for the Stuart Highway, that conditional $200 million. Is there any money going towards, you spoke before about Middle Arm and that development, but any new money or anything new in that space and certainly in the gas development space?

    MADELEINE KING: Well, no, excuse me. The focus is on Middle Arm and that $1.2 billion is, you know, one of the biggest commitments this Government has made to any single project in the country. So, it is of untold significance and it reflects the importance of Darwin’s position in relation to our neighbours in the north. And of course, the whole of the NT’s opportunity to be a renewable superpower. But there will be other industries involved in that like hydrogen and critical minerals processing and as you know, it’ll be Middle Arm is very close of course to the existing Inpex plant. So, there’s a lot of work going on on the planning for Middle Arm. It is a game changer for Darwin and our commitment to it remains solid.

    KATIE WOOLF: And Minister, in terms of, because there has been some discussion again as well about the Darwin Port, nothing in last night’s budget around the Darwin Port. Where does the Albanese Government stand on this? I mean, is there going to be some further announcements on the Darwin Port?

    MADELEINE KING: Well, as we know, the Darwin Port was permitted to be sold off under the former Coalition Government and that’s not something we agreed with at the time. But, you know, that’s a contract that was signed by that government and we have to work within those contractual laws. So, at the moment, you know, we will keep a watching brief, of course, on the solvency of the Port owner, Landbridge, I think it is. And make sure we’re well aware of what’s going on there, as we always are. I mean, Darwin remains and will always remain an integral part of Australia’s national defence. In the defence review we identified how important Darwin and other northern ports are. So, you know, obviously, we’ll keep a very close eye on everything that goes around with the Darwin Port. But the infrastructure spend on the Northern defence positions, including in Katherine as well, of course, are going to be vitally important to the country.

    KATIE WOOLF: Minister, look, there’s a lot of people messaging through to the show this morning. You know, they’re not like they are not hearing that there is, there’s a lot in it for the Northern Territory. I mean, is the Federal Government feeling as though at this point in time, you know, the Northern Territory seats are not winnable at the next election? Is that why there doesn’t seem to be a big focus on us.

    MADELEINE KING: Well, I mean, $7 billion to the Northern Territory –

    KATIE WOOLF: It’s not new money, though. Like, it’s not. They’re not new announcements, is the point that our listeners are making this morning.

    MADELEINE KING: Well, $7.2 billion is an extraordinary contribution to the NT economy and we as a government have a solid commitment and an ongoing commitment to the Territory. But I’ve taken you through a number of commitments already around urgent care clinics, obviously around the scripts being reduced under Medicare and strengthening Medicare as well. And also the tax cuts to every single Northern Territorian and we –

    KATIE WOOLF: Let’s talk about those. Let’s talk about those because we do know obviously the Federal Opposition, Angus Taylor, he’s come out and said what was offered was a bribe. He reckons the election bribe of 70 cents a day starting in a year’s time. He said, frankly, it’s not even going to touch the sides of the economic pain that Australian households have felt over the last two and a half years. Is it a bit insulting when you look at the cost of living and the rises that we are experiencing, particularly in regional parts of Australia? I know you’d understand that more than most, you know, as the Minister for Northern Australia.

    MADELEINE KING: Well, yeah, I do, and thanks for acknowledging that. But I would remind your listeners that Angus Taylor and Peter Dutton voted against tax cuts to Territorians worth over $2,700 per year. So, that’s what they have voted against and that they stood against it this morning in the Parliament, and I witnessed that myself. So, whilst we have had larger tax cuts in the last two budgets, and they were really important, and then this latest tax cut, of course, it’s smaller, but that’s why we are a responsible government. But the point of them is the accumulation of up to over $2,500 per Territorian taxpayer is undeniably a very good thing for everyone that lives there. And if it’s an extra $50 a week, as announced last night by the Treasurer, that’s nothing to be sneezed at. I mean, who wouldn’t want an extra 50 bucks in their pocket at the end of the week?

    KATIE WOOLF: So, how are we getting the, how’s the breakdown of the $50 happening? Is that in addition to the $5, what exactly is that breakdown for the $50?

    MADELEINE KING: Well, that’s the same thing, I think. I’m not sure what figures Angus Taylor has given you, but what it adds up to is, on average, for taxpayers, and of course, people pay different rates of tax. It’s an extra $50 a week in the pockets of Territorians on top of the over $2,000 worth of tax cuts we’ve introduced over the term of our Government.

    KATIE WOOLF: I just want to make it really clear for our listeners because I’m obviously reading off some other info that we have received, and it says that the Federal Treasurer obviously announcing the $17 billion tax cuts and that it will equate to most Australians to about $5 per week if you’re on a wage of around $79,000 a year.

    MADELEINE KING: Well, so what, doc – I don’t know what document that is, Katie. I’m sorry, I don’t know. But the figures I have is that for most Territorians it’s about $50 a week.

    KATIE WOOLF: All right. We’ll make sure we can do that.

    MADELEINE KING: Well, we can clear that up. I’m really happy to do that.

    KATIE WOOLF: Yeah. Yeah, absolutely. Hey, now, do we know what date this election’s going to be called? Madeleine King, when is it going to happen? We’re all waiting to find out.

    MADELEINE KING: Yeah. I mean, aren’t we all? But I can assure you it will be in May.

    KATIE WOOLF: We don’t know what date though.

    MADELEINE KING: Elections are an excellent opportunity for our democracy to demonstrate how great it is. And really important that there are so many more Territorians now on the electoral roll as well, which has been a great effort of the Special Minister of State, Don Farrell and his team to make sure more people across remote regions of the Territory are able to, you know, have their say in Australia’s future. And I really look forward to being part of that.

    KATIE WOOLF: Yeah, absolutely. Well, Minister for North Australia and Resources, Madeleine King, really appreciate your time this morning. Thanks very much for joining us on the show.

    MADELEINE KING: Thanks, Katie. I’ll see you up there soon. 

    MIL OSI News

  • MIL-Evening Report: Going to the dentist is expensive. Here are 3 things you can do to protect your oral health – and 3 things to avoid

    Source: The Conversation (Au and NZ) – By Dileep Sharma, Professor and Head of Discipline – Oral Health, University of Newcastle

    Jiri Hera/Shutterstock

    Around one in three Australians delayed their visit to a dentist in the last financial year – or didn’t go at all – due to cost.

    Given it doesn’t look like dental treatment is being added to Medicare any time soon, what can you do?

    Most oral and dental diseases are preventable, if you take care of your teeth and mouth. In-between visits to the dentist, here’s what you can do to avoid preventable issues – and blow-out costs.

    What causes diseases in your mouth?

    More than 1,000 species of microbes live in the mouth. Most dental and oral diseases are due to an imbalance or overgrowth in these microbes within the plaque (or “biofilm”).

    Plaque gathers on the hard surfaces inside the mouth (your teeth), as well as soft surfaces (such as your tongue). Removing plaque manually with brushing and flossing is the most effective way to maintain oral health.

    Plaque starts to form immediately after brushing, which is why you should remove it regularly.

    Things to do

    1. Brush twice a day

    Use a toothbrush with soft bristles (either electric or manual). Soft bristles remove plaque without damaging the teeth or gums. A fluoridated toothpaste will help strengthen the teeth.

    Brush for at least two minutes, using a sweeping and scrubbing motion, away from the gums. It’s a good idea to start at the back teeth and work your way through to the front teeth. Don’t forget to scrub the biting surface of the teeth.

    2. Floss

    Don’t skip this step – it’s crucial to clean in-between the teeth where a toothbrush can’t reach. Once a day should be enough.

    Whether you use floss, a pick, a bottle brush or other devices may depend on the space between your teeth.

    3. Clean your tongue

    To completely remove the microbes, it’s also important to clean your tongue regularly (twice daily). You can use a toothbrush while you’re already brushing, or a special tongue scraper – just don’t brush or scrape too hard.

    Brushing twice a day is important to remove bacteria in the mouth and on the teeth.
    PeopleImages.com – Yuri A/Shutterstock

    Things to avoid

    1. Sugary drinks and refined food

    What we eat and drink can affect the mouth’s pH.

    When bacteria in the mouth break down sugars, they produce acids. The acidity can dissolve minerals in the teeth and lead to decay.

    Refined foods – such as white bread, cakes and pastries – can easily be broken down by the mouth’s bacteria. So, having a lot of them, as well as sugary drinks, can damage the teeth and cause cavities.

    Water is the best choice to drink with your meals. Sparkling and soda water are acidic and can lead to mineral loss from the teeth, even when they are unflavoured. There is evidence flavoured sparkling water can be as harmful as orange juice.

    2. Tobacco and vaping

    Smoking or using smokeless tobacco (such as chewed tobacco or snuff pouches) is linked to oral cancer.

    Nicotine is also known to increase the severity of gum diseases – even when inflammation isn’t visible.

    This is true for both smoking and smokeless tobacco (such as chewed tobacco or snuff pouches).

    Vaping also increases your risk of developing cavities and gum disease.

    3. Too much alcohol, tea and coffee

    Drinking a lot of coffee, tea or red wine can stain your teeth. So if you’re concerned about your teeth appearing yellow or brown, it’s best to limit your intake.

    Drinking alcohol is also linked to an increased risk of developing oral cancers, which most commonly affect the tongue, floor of the mouth, cheek and palate.

    Drinks that are fizzy and sugary can damage the teeth.
    Svetlana Foote/Shutterstock

    Your mouth’s health is linked to your overall health

    Leaving oral diseases untreated (such as gum disease) has been linked to developing other conditions, such as liver disease, and pre-existing conditions getting worse.

    This is particularly evident if you have diabetes. Evidence shows it’s easier to manage blood sugar levels when gum diseases are properly treated.

    You can keep an eye on symptoms, such as bleeding gums which may be an early sign of gum disease. If symptoms that worry you, talk to your GP or diabetes educator. They may be able to refer you to a dentist if needed.

    Dileep Sharma receives funding from Dental Council of NSW, International Association for Dental, Oral, and Craniofacial Research, Australian Government Department of Foreign Affairs and Trade, International College of Dentists and Tropical Australian Academic Health Centre for his dental research projects. He is affiliated with The International Association for Dental, Oral, and Craniofacial Research and Australian Dental Association.

    ref. Going to the dentist is expensive. Here are 3 things you can do to protect your oral health – and 3 things to avoid – https://theconversation.com/going-to-the-dentist-is-expensive-here-are-3-things-you-can-do-to-protect-your-oral-health-and-3-things-to-avoid-250786

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI: Fivecast revolutionizes financial crime investigations with AI-driven online insights

    Source: GlobeNewswire (MIL-OSI)

    LONDON, March 26, 2025 (GLOBE NEWSWIRE) — Fivecast today launched its cutting-edge, AI-driven digital intelligence platform into the financial crime compliance market, enabling financial institutions to radically streamline financial crime investigations, anti-money laundering (AML), know your customer (KYC), and enhanced due diligence (EDD) through online data analytics.

    Fivecast empowers financial investigation teams to swiftly and efficiently assess customer risk across masses of online information. The Fivecast platform delivers relevant and actionable information from a vast range of online data sources, enabling broad digital footprint discovery combined with in-depth, AI-driven multi-media data analysis. Current sources and methods used for financial intelligence investigations are missing critical, risk-based information about customers, leading financial institutions to grossly underestimate their risk exposure.

    The need for accurate, timely, and global data has never been greater. The global regulatory landscape is rapidly changing, demanding new data sources to meet evolving due diligence requirements for AML compliance. This is highlighted in guidance and consent orders from Government agencies and financial regulatory bodies across Europe, the US, and Australia. In 2024, global penalties related to financial crime imposed by U.S. regulators alone surpassed $4.3 billion.

    Duane Rivett, Fivecast Co-founder and VP of Strategic Growth, said: “The vastly superior speed and accuracy of our digital intelligence platform streamlines slow, labor-intensive processes in a highly sensitive area for financial institutions. Just as national security agencies use our solutions to analyze extremist or terrorist networks online, banks are doing the same with a slightly different focus on EDD, AML, and KYC.”

    Fivecast solutions empower financial investigation units to efficiently and accurately assess a customer’s risk profile to rapidly identify predicate crimes and customer risk exposure and adopt a genuine risk-based approach to compliance while minimizing compliance costs.

    About Fivecast:
    Fivecast is a world-leading provider of digital intelligence solutions that enable financial institutions to efficiently and accurately assess a customer’s risk profile, uncovering actionable insights critical to reducing business risk while driving down the cost of compliance. Fivecast was born out of a unique collaboration between government agencies and world-leading research institutions to tackle big data challenges like those facing financial institutions today.
    www.fivecast.com

    Media Contact:
    Monica Brink – Sr Director, Marketing
    Monica.brink@fivecast.com 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3bca299-cead-4de1-9142-e768a865dc69

    The MIL Network

  • MIL-Evening Report: Non-compete clauses make it too hard to change jobs. Banning them for millions of Australians is a good move

    Source: The Conversation (Au and NZ) – By William van Caenegem, Professor of Law, Bond University

    Zivica Kerkez/Shutterstock

    The Labor government used this week’s budget to announce it plans to ban non-compete agreements for employees on less than A$175,000 per year, a move that will affect about 3 million Australian workers.

    Describing them as “unfair”, a media release by federal Treasurer Jim Chalmers said non‑compete clauses “are holding back Australian workers from switching to better, higher‑paying jobs”. Banning non-compete clauses could lift the wages of affected workers by up to 4%, the government has said.

    The Australian Chamber of Commerce and Industry quickly called the measure “heavy-handed”, arguing that very few employees, according to businesses, turn down employment due to non-compete clauses.

    However, research I did with colleagues from Melbourne and Monash universities showed very few employees signing a new job contract ever think about the end of the relationship and what might happen after.

    Workers often accept non-compete clauses with little understanding or regard for their practical implications.

    What the law currently says

    The current law says contractual clauses that stop departing workers from taking a new job in their preferred line of work, often for long periods of time, are – in principle – unenforceable.

    That is, however, unless a court says a particular non-compete clause is “reasonably required” to protect a “legitimate interest”.

    Therein lies the problem: it is hard to predict when, where or under what circumstances a court will find a particular clause is “reasonably required”.

    Our research concluded this uncertainty favoured employers with greater nous and resources.

    These employers have the advantage over employees, who are rarely willing or able to go to court arguing their non-compete clause is invalid.

    This has a chilling effect on the mobility of employees. In other words, these clauses make it harder for workers to change jobs.

    That’s detrimental to labour market competition and can hold back knowledge-sharing and economic growth.

    Global efforts to ban non-compete clauses

    In California, non-compete clauses have long been banned. Many economists have identified this as among the key reasons for the success of the Californian knowledge economy. This example also featured in a submission I made (with researcher Caitlyn Douglas) to a 2024 Treasury review into non-compete clauses in Australia.

    US research from 2021 also found non-compete clauses can hinder labour mobility. They can impede fundamental freedoms such as freedom of employment and freedom of general competition.

    In 2024, under President Biden, the US Federal Trade Commission banned non-competes clauses across the US.

    However, the ban has been blocked due to legal challenges in the US Federal Court. It’s also been reported the Trump administration may kill off these reforms altogether.

    The UK government proposed in 2023 limiting non-competes to a maximum of three months.

    Holding employees back

    Unlike in some countries, Australian law does not require employers to compensate their ex-employee for loss of income during their non-compete period.

    This means that if workers comply and do not work in the field they’re most skilled for, they will take a serious financial hit for months or more.

    This is another detrimental effect of non-compete clauses. They really hurt if the worker in question is lower paid and has very specific skills (such as hairdressers or dental assistants).

    In that respect, Labor’s mooted ban on such clauses for employees on less than $175,000 is well conceived.

    Courts will usually only enforce a non-compete clause if its terms are reasonable to protect a legitimate interest, such as trade secrets an employee has learned during their employment.

    However, it’s mostly higher-ranked employees that have access to really significant trade secrets, such as technical information, confidential business plans or pricing structures.

    Higher paid employees are also more often the “public face of the business”. A court might decide it’s fair to say such workers can’t leave and the next day turn up as the main face of a competing business.

    And the new government proposal won’t leave employers without any recourse against employees who take their genuine trade secrets and pass them on to their new employers. They will still be able to sue for breach of confidence.

    Non-competes really hurt if the worker in question is lower paid and has very specific skills (such as hairdressers or dental assistants).
    Dorde Krstic/Shutterstock

    Challenges for reform

    The proposed reforms are well supported by authoritative legal and economic research.

    The federal government will have to consider carefully how to make sure the prohibition cannot be easily circumvented.

    And they’ll have to ensure these reforms don’t make it more likely judges will find restraints valid for those on more than A$175,000. Labour and knowledge mobility remain crucially important for them too.

    Another key challenge will be ensuring a ban doesn’t encourage practices or clauses restricting competition to emerge or become too prevalent.

    That could include “garden leave” clauses. These give a departing employee a long notice period, during which they are paid but do not work and are isolated from their employment (and instead “doing the gardening” at home).

    The risk is that if employers can no longer include non-compete clauses in contracts, they might use long garden leave provisions more often.

    Although it is good that “garden leave” employees get paid during that period (unlike during a non-compete term), they are still isolated from their work, stagnating in their skills and unable to move to new employment.

    William van Caenegem received funding from the Australian Research Council a decade ago for some of the research referred to in this article.

    ref. Non-compete clauses make it too hard to change jobs. Banning them for millions of Australians is a good move – https://theconversation.com/non-compete-clauses-make-it-too-hard-to-change-jobs-banning-them-for-millions-of-australians-is-a-good-move-253101

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Australia: Understanding early access to super

    Source:

    Superannuation is intended to support people during their retirement. There are only a few situations where early access to super is permitted and if you take out your super without meeting these conditions, serious penalties could apply.

    Illegal early access is the most significant regulatory risk impacting the SMSF sector, with an estimated $250.1 million in illegal early access from SMSFs in the 2021–22 period. It can have a significant impact on an individual’s retirement savings, result in additional tax, penalties, and interest.

    To reduce illegal early access through SMSFs, we provide support and guidance on obligations as a trustee, review new registrants, and remove non-compliant SMSFs from SuperFund Lookup. If an SMSF is removed from SuperFund Lookup, it cannot receive contributions and may face liquidity issues.

    If you’re a SMSF trustee and you illegally release benefits to a member who hasn’t met a condition of release, you may face administrative penalties and be disqualified as an SMSF trustee.

    If you have illegally accessed your super or been involved in a scheme promoting illegal early access, contact us immediately using our voluntary disclosure service. We will take your voluntary disclosure and circumstances into account when determining any penalties.

    We also investigate late or non-lodgements of SMSF annual returns (SARs) as that can be an indicator to us that SMSF members may be illegally accessing their super early and it raises questions about the trustees’ ability to fulfill their obligations and the purpose of having an SMSF.

    We continue to collaborate with ASIC to identify non-compliant funds and take corrective actions.

    For more information, we have a factsheet (PDF, 157 KB)This link will download a file to help individuals understand:

    • permitted reasons you can access your super
    • risks of accessing your super early
    • steps to take if someone offers to help you access your super early.

    Prohibited loans

    Loans to members are prohibited under the law and can result in significant penalties, regardless of whether repayments are made.

    In the 2021–22 financial year, the amount inappropriately withdrawn from SMSFs via prohibited loans was estimated to be $231.7 million.

    Looking for the latest news for SMSFs? – You can stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly SMSF newsletter.

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