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Category: Europe

  • MIL-OSI Asia-Pac: MOFA response to inclusion of Taiwan-friendly statements in coalition agreement of new Belgian government

    Source: Republic of China Taiwan 3

    MOFA response to inclusion of Taiwan-friendly statements in coalition agreement of new Belgian government

    Date：2025-02-12
    Data Source：Department of European Affairs

    February 12, 2025  

    On February 11, the Kingdom of Belgium’s five-party coalition government, which was formed on January 31, publicized a coalition agreement that for the first time stressed the importance of maintaining peace, stability, and the status quo across the Taiwan Strait and South China Sea, and called for the signing of investment agreements between Europe and countries in the region. 
     
    This is the first coalition agreement of a Belgian government to contain content on Taiwan. MOFA expresses sincere appreciation for this action and congratulates Prime Minister Bart De Wever and his cabinet on their inauguration on February 3. Building upon shared values, MOFA looks forward to working with the Belgian government to further promote cordial relations; enhance all forms of substantive bilateral exchanges; advance regional peace, stability, and prosperity; and foster robust friendship between the peoples of Taiwan and Belgium. 

    MIL OSI Asia Pacific News –

    February 18, 2025

  • MIL-OSI Asia-Pac: President Lai meets British-Taiwanese All-Party Parliamentary Group delegation

    Source: Republic of China Taiwan

    Details
    2025-02-17
    President Lai meets former United States Deputy National Security Advisor Matthew Pottinger
    On the morning of February 17, President Lai Ching-te met with a delegation led by former United States Deputy National Security Advisor Matthew Pottinger. In remarks, President Lai thanked the delegation for demonstrating staunch support for Taiwan through their visit. The president pointed out that increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. He emphasized that only by bolstering our defense capabilities can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. The president stated that moving forward, Taiwan will continue to enhance its self-defense capabilities. He also expressed hope of strengthening the Taiwan-US partnership and jointly building secure and resilient non-red supply chains so as to ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. A translation of President Lai’s remarks follows: I am delighted to welcome our good friends Mr. Pottinger and retired US Rear Admiral Mr. Mark Montgomery to Taiwan once again. Last June, Mr. Pottinger and Mr. Ivan Kanapathy came to Taiwan to launch their new book The Boiling Moat. During that visit, they also visited the Presidential Office. We held an extensive exchange of views on Taiwan-US relations and regional affairs right here in the Taiwan Heritage Room. Now, as we meet again eight months later, I am pleased to learn that Mr. Kanapathy is now serving on the White House National Security Council. The Mandarin translation of The Boiling Moat is also due to be released in Taiwan very soon. This book offers insightful observations from US experts regarding US-China-Taiwan relations and valuable advice for the strengthening of Taiwan’s national defense, security, and overall resilience. I am sure that Taiwanese readers will benefit greatly from it. I understand that this is Mr. Montgomery’s fourth visit to Taiwan and that he has long paid close attention to Taiwan-related issues. I look forward to an in-depth discussion with our two friends on the future direction of Taiwan-US relations and cooperation. Increased cooperation between authoritarian regimes is posing risks and challenges to the geopolitical landscape and regional security. One notion we all share is peace through strength. That is, only by bolstering our defense capabilities and fortifying our defenses can we demonstrate effective deterrence and maintain peace and stability across the Taiwan Strait and around the world. Moving forward, Taiwan will continue to enhance its self-defense capabilities. We also hope to strengthen the Taiwan-US partnership in such fields as security, trade and the economy, and energy. In addition, we will advance cooperation in critical and innovative technologies and jointly build secure and resilient non-red supply chains. This will ensure that Taiwan, the US, and democratic partners around the world maintain a technological lead. We believe that closer Taiwan-US exchanges and cooperation not only benefit national security and development but also align with the common economic interests of Taiwan and the US. I want to thank Mr. Pottinger and Mr. Montgomery once again for visiting and for continuing to advance Taiwan-US exchanges, demonstrating staunch support for Taiwan. Let us continue to work together to deepen Taiwan-US relations. I wish you a smooth and fruitful visit.  Mr. Pottinger then delivered remarks, first congratulating President Lai on his one-year election anniversary and on the state of the economy, which, he added, is doing quite well. Mentioning President Lai’s recent statement pledging to increase Taiwan’s defense budget to above 3 percent of GDP, Mr. Pottinger said he thinks that the benchmark is equal to what the US spends on its defense and that it is a good starting point for both countries to build deterrence. Echoing the president’s earlier remarks, Mr. Pottinger said that peace through strength is the right path for the US and for Taiwan right now at a moment when autocratic, aggressive governments are on the march. He then paraphrased the words of former US President George Washington in his first inaugural address, saying that the best way to keep the peace is to be prepared at all times for war, which captures the meaning of peace through strength. In closing, he said he looks forward to exchanging views with President Lai.

    Details
    2025-02-17
    President Lai meets Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini
    On the afternoon of February 11, President Lai Ching-te met with a delegation led by Deputy Prime Minister Thulisile Dladla of the Kingdom of Eswatini. In remarks, President Lai thanked Eswatini for continuing to support Taiwan’s international participation at international venues. The president stated that Taiwan and Eswatini work closely in such areas as agriculture, the economy and trade, education, and healthcare, and expressed hope that the two countries will continue to support each other on the international stage and strive together for the well-being of both peoples.  A translation of President Lai’s remarks follows: I warmly welcome our distinguished guests to the Presidential Office. Deputy Prime Minister Dladla previously visited Taiwan while serving as minister of foreign affairs. This is her first time leading a delegation here as deputy prime minister. I want to extend my sincerest welcome. Deputy Prime Minister Dladla has earned a high degree of recognition and trust from His Majesty King Mswati III. She was not only Eswatini’s first woman foreign minister, but is also the second woman to have held her current key position. She shows an active interest in people’s welfare, and has a reputation for being deeply devoted to her compatriots. I have great admiration for this. I am truly delighted to meet with Deputy Prime Minister Dladla today. I would like to take this opportunity to once again express my gratitude to His Majesty the King for leading a delegation to attend the inauguration ceremony for myself and Vice President Bi-khim Hsiao last year. This demonstrated the close diplomatic ties between our countries. I also want to thank Eswatini for continuing to support Taiwan’s international participation at international venues. I would ask that when Deputy Prime Minister Dladla returns to Eswatini, she conveys Taiwan’s greetings and gratitude to His Majesty the King and Her Majesty the Queen Mother Ntombi Tfwala. Diplomatic ties between Taiwan and Eswatini have endured for over half a century. Our two nations have continued to work closely in such areas as agriculture, the economy and trade, education, and healthcare. Our largest collaboration to date has been assisting Eswatini in the construction of a strategic oil reserve facility. We will continue to push forward with this project, and look forward to achieving even greater results in all areas. I understand that Deputy Prime Minister Dladla is very concerned about issues regarding gender equality and women’s empowerment. During her term as foreign minister, she facilitated bilateral cooperation in those areas. Now, as deputy prime minister, she is actively attending to the disadvantaged and advancing social welfare. These policies are very much in line with the priorities of my administration. I look forward to strengthening cooperation with Deputy Prime Minister Dladla for the benefit of both our societies. Taiwan and Eswatini are peace-loving nations. Faced with a constantly changing international landscape and the growing threat posed by authoritarianism, we hope that our two countries will continue to support each other on the international stage and strive together for the well-being of both our peoples. In closing, I wish Deputy Prime Minister Dladla and our distinguished guests a pleasant and successful visit. Deputy Prime Minister Dladla then delivered remarks, first greeting President Lai on behalf of the King, the Queen Mother, and the people of Eswatini, and extending gratitude for the warm reception afforded to her and her delegation, which underscores the strong bonds of friendship between our two nations. The deputy prime minister stated that, in reflecting on the fruits of our partnership, the evidence of Taiwan’s commitment to Eswatini is all around us. The strategic oil reserve project launching in April, she indicated, will redefine Eswatini’s energy security, and the Central Bank complex and electrification project stand as monuments of Taiwan’s vision for Eswatini’s progress and indicate that our partnerships are very strong. Deputy Prime Minister Dladla pointed out that education is the foundation of any nation’s progress, and that Taiwan’s contribution to Eswatini’s education sector cannot be overstated. Through Ministry of Foreign Affairs scholarship programs, she said, Eswatini has sent numerous students to Taiwan, where they’ve received world-class education in various disciplines, including engineering, business, and medicine. In turn, she said, these graduates are now contributing to the development of Eswatini. The deputy prime minister stated that Taiwan has also strengthened Eswatini’s industrial and technological sectors, with collaborations and partnerships that create new opportunities for employment and innovation, and that Taiwan’s technical and medical assistance has strengthened Eswatini’s healthcare systems and uplifted the expertise of its professionals. Deputy Prime Minister Dladla also congratulated President Lai once again on his presidency, which she stated will lead Taiwan to new heights, adding that His Majesty coming to Taiwan personally for the inauguration was a resounding declaration of Eswatini’s enduring support for Taiwan’s sovereignty, stability, and rightful place on the world stage. She emphasized that Eswatini stands with Taiwan always and unwaveringly. In conclusion, the deputy prime minister stated that Eswatini fully agrees with Taiwan that we must all safeguard our national sovereignty and protect the lives and property of our people. She said that our common enemy will always be poverty and natural disasters, but against all odds, we will stand united, and we shall remain united and be one. The delegation was accompanied to the Presidential Office by Eswatini Ambassador Promise Sithembiso Msibi.

    Details
    2025-02-17
    Presidential Office thanks US and Japan for joint leaders’ statement
    On February 7 (US EST), President Donald Trump of the United States and Prime Minister Ishiba Shigeru of Japan issued a joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community.” In the statement, the two leaders also “encouraged the peaceful resolution of cross-strait issues, and opposed any attempts to unilaterally change the status quo by force or coercion” and “expressed support for Taiwan’s meaningful participation in international organizations.” Presidential Office Spokesperson Karen Kuo (郭雅慧) on February 8 expressed sincere gratitude on behalf of the Presidential Office to the leaders of both countries for taking concrete action to demonstrate their firm support for peace and stability across the Taiwan Strait and for Taiwan’s international participation. Spokesperson Kuo pointed out that there is already a strong international consensus on the importance of peace and stability in the Indo-Pacific region. The spokesperson emphasized that Taiwan, as a responsible member of the international community, is capable and willing to work together with the international community and will continue strengthening its self-defense capabilities as it deepens its trilateral security partnership with the US and Japan and works alongside like-minded countries to uphold the rules-based international order. The spokesperson said that Taiwan will work toward ensuring a free and open Taiwan Strait and Indo-Pacific region, as well as global peace, stability, and prosperity, as it continues to act as a force for good in the world.

    Details
    2025-02-17
    President Lai’s response to Pope Francis’s 2025 World Day of Peace message  
    President Lai Ching-te recently sent a letter to Pope Francis of the Catholic Church in response to his message marking the 58th World Day of Peace. The following is the full text of the president’s letter to the pope: Your Holiness, In your message for the 2025 World Day of Peace entitled Forgive us our trespasses: grant us your peace, you called for a cultural change that would bring an end to the governance of interpersonal and international relations by a logic of exploitation and oppression and herald true and lasting peace. I wholeheartedly admire and identify with your point of view. Since transitioning from a medical career to politics, I have remained true to my original intentions in the sense that, while a doctor can help only one person at a time, a public servant can simultaneously assist many people in resolving the difficulties affecting their lives. In my inaugural address in May 2024, I pledged that every day of my term, I would strive to act justly, show mercy, and be humble, which accord with the teachings of the Bible. I promised to treat the Taiwanese people as family and prove myself worthy of their trust and expectations. With an unwavering heart, I have accepted the people’s trust and taken on the solemn responsibility of leading the nation forward and building a democratic, peaceful, and prosperous new Taiwan. In this new year, the changing international landscape continues to present many grave challenges to democratic nations around the world. As the Russia-Ukraine war persists, the steady convergence of authoritarian regimes, including China, Russia, North Korea, and Iran, threatens the rules-based international order and severely impacts peace and stability in the Indo-Pacific and the world at large. Your Holiness has stated that war is a defeat for everyone. I, too, firmly believe that peace is priceless and that war has no winners. A high level of consensus has formed in the international community on upholding peace and stability across the Taiwan Strait. The Taiwanese people also maintain an unyielding commitment to safeguarding a way of life that encompasses freedom, equality, democracy, and human rights. Taiwan will continue to spare no effort in preserving regional peace and stability and serving as a pilot for global peace. In your World Day of Peace message, you urged prosperous countries to assist poorer ones. This compassion is truly touching. Taiwan is proactively implementing values-based diplomacy and, under the Diplomatic Allies Prosperity Project, enhancing allies’ development through a range of initiatives. Over many years, Taiwan has accumulated abundant and unique experience of providing foreign assistance. Seeking to foster self-reliance among disadvantaged countries, we have extended genuine support to help alleviate poverty through such avenues as strengthening basic infrastructure, transferring technology, and cultivating talent. In your message, you reminded countries worldwide that assistance should not be merely an isolated act of charity and pointed to the need to devise a new global financial framework so that food crises, climate change, and other challenges could be jointly addressed. I hold this view in high regard. I therefore earnestly hope that international organizations will stop excluding Taiwan for political reasons. Taiwan is willing to shoulder its international responsibilities so that it can contribute and share its valuable experience through many global platforms.  On behalf of the government and people of the Republic of China (Taiwan), I again express our interest in collaborating with the Holy See to advance world peace through concrete action. We also aspire to demonstrate Taiwanese values and the Taiwanese spirit and work together with the Holy See to uphold the core values of justice, democracy, freedom, and peace.  Please accept, Your Holiness, the renewed assurances of my highest consideration, as well as my best wishes for your good health and the continued growth of the Catholic Church.

    Details
    2025-02-17
    President Lai meets former US Vice President Mike Pence
    On the afternoon of January 17, President Lai Ching-te met with former Vice President of the United States Mike Pence. In remarks, President Lai thanked former Vice President Pence for his contributions to the deepening of Taiwan-US relations, noting that he actively helped to strengthen Taiwan-US cooperation and facilitate the normalization of military sales to Taiwan, and did his utmost to deepen the Taiwan-US economic partnership. The president indicated that former Vice President Pence also spoke up for Taiwan on numerous occasions at international venues, backing Taiwan’s international participation. President Lai expressed hope for a stronger Taiwan-US partnership to maintain peace and stability throughout the world, and that the two sides can advance bilateral exchanges in such areas as the economy, trade, and industry. A translation of President Lai’s remarks follows: I am delighted to welcome former Vice President Pence and Mrs. Karen Pence to the Presidential Office. Former Vice President Pence is not only an outstanding political leader in the US, but also a staunch supporter of Taiwan on the international stage. On behalf of the people of Taiwan, I would like to take this opportunity to extend our deepest gratitude to former Vice President Pence for his contributions to the deepening of Taiwan-US relations. Thanks to former Vice President Pence’s strong backing, ties between Taiwan and the US rose to unprecedented heights during President Donald Trump’s first administration. Former Vice President Pence actively helped to strengthen Taiwan-US security cooperation and facilitate the normalization of military sales to Taiwan, helping Taiwan reinforce its self-defense capabilities. He also did his utmost to deepen the Taiwan-US economic partnership. Former Vice President Pence also paid close attention to the military threats and diplomatic isolation faced by Taiwan. He spoke up for Taiwan on numerous occasions at international venues, taking concrete action to back Taiwan’s international participation. We were truly grateful for this. As we speak, China’s political and military intimidation against Taiwan persist. China and other authoritarian regimes, such as Russia, North Korea, and Iran, are continuing to converge and present serious challenges to democracies around the globe. At this moment, free and democratic nations must come together to bolster cooperation. I believe that a stronger Taiwan-US partnership can be an even more powerful force in maintaining peace and stability throughout the world. Former Vice President Pence has previously supported the signing of a trade agreement between Taiwan and the US. Taiwan looks forward to continuing to work with the new US administration and Congress to advance bilateral exchanges in such areas as the economy, trade, and industry. This is the first time that former Vice President Pence and Mrs. Pence are visiting Taiwan, and their visit is significantly meaningful for Taiwan-US exchanges. On behalf of the people of Taiwan, I want to extend a warm welcome. Moving forward, I hope we will jointly realize even more fruitful achievements through Taiwan-US cooperation. Former Vice President Pence then delivered remarks, thanking President Lai for his hospitality on his and his wife’s first visit to Taiwan, saying that it is an honor to be here to reaffirm the bonds of friendship between the people of America and the people of Taiwan, which are strong and longstanding. The former vice president indicated that the American people admire the people of Taiwan and all that has been accomplished in a few short decades for Taiwan to rise to one of the world’s preeminent economic powers and free societies. He said that he is grateful for President Lai’s courageous and bold leadership of Taiwan, and grateful to be able to express the support of the overwhelming majority of the American people for this alliance. Former Vice President Pence indicated that the values shared by Taiwan and the US, including freedom, the rule of law, and respect for human rights, bind us together in a partnership that transcends geographic boundaries and cultures. He then assured President Lai that China’s increasingly aggressive posture in the Taiwan Strait and across the Indo-Pacific, for the values and interests that both sides share, is deeply concerning to the American people. Former Vice President Pence stated that America is a Pacific nation, and is committed to the status quo, adding that they recognize it is China that wants to change the status quo that America, Taiwan, and other allies in the region want to preserve, which has created an environment of extraordinary growth and prosperity. The former vice president concluded by once again thanking President Lai and his team for their gracious hospitality and conveying best wishes to him and the people of Taiwan. Former Vice President Pence then assured President Lai that just as Taiwan will never surrender its freedom, he will continue to be a voice for a strong US-Taiwan relationship in the defense and the benefit of Taiwan, the US, and the free world. Later that day, Vice President Bi-khim Hsiao hosted a banquet for former Vice President Pence and his delegation at Taipei Guest House to thank him for his longstanding friendship and staunch support for Taiwan-US ties.  

    Details
    2025-02-14
    President Lai holds press conference following high-level national security meeting
    On the morning of February 14, President Lai Ching-te convened the first high-level national security meeting of the year, following which he held a press conference. In remarks, President Lai announced that in this new year, the government will prioritize special budget allocations to ensure that Taiwan’s defense budget exceeds 3 percent of GDP. He stated that the government will also continue to reform national defense, reform our legal framework for national security, and advance our economic and trade strategy of being rooted in Taiwan while expanding globally. The president also proposed clear-cut national strategies for Taiwan-US relations, semiconductor industry development, and cross-strait relations. President Lai indicated that he instructed the national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches outlined. He also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. He expressed hope that as long as citizens remain steadfast in their convictions, are willing to work hand in hand, stand firm amidst uncertainty, and look for ways to win within changing circumstances, Taiwan is certain to prevail in the test of time yet again. A translation of President Lai’s remarks follows: First, I would like to convey my condolences for the tragic incident which occurred at the Shin Kong Mitsukoshi department store in Taichung, which resulted in numerous casualties. I have instructed Premier Cho Jung-tai (卓榮泰) to lead the relevant central government agencies in assisting Taichung’s municipal government with actively resolving various issues regarding the incident. It is my hope that these issues can be resolved efficiently. Earlier today, I convened this year’s first high-level national security meeting. I will now report on the discussions from the meeting to all citizens. 2025 is a year full of challenges, but also a year full of hope. In today’s global landscape, the democratic world faces common threats posed by the convergence of authoritarian regimes, while dumping and unfair competition from China undermine the global economic order. A new United States administration was formed at the beginning of the year, adopting all-new strategies and policies to address challenges both domestic and from overseas. Every nation worldwide, including ours, is facing a new phase of changes and challenges. In face of such changes, ensuring national security, ensuring Taiwan’s indispensability in global supply chains, and ensuring that our nation continues to make progress amidst challenges are our top priorities this year. They are also why we convened a high-level national security meeting today. At the meeting, the national security team, the administrative team led by Premier Cho, and I held an in-depth discussion based on the overall state of affairs at home and abroad and the strategies the teams had prepared in response. We summed up the following points as an overall strategy for the next stage of advancing national security and development. First, for overall national security, so that we can ensure the freedom, democracy, and human rights of the Taiwanese people, as well as the progress and development of the nation as we face various threats from authoritarian regimes, Taiwan must resolutely safeguard national sovereignty, strengthen self-sufficiency in national defense, and consolidate national defense. Taiwan must enhance economic resilience, maintain economic autonomy, and stand firm with other democracies as we deepen our strategic partnerships with like-minded countries. As I have said, “As authoritarianism consolidates, democratic nations must come closer in solidarity!” And so, in this new year, we will focus on the following three priorities: First, to demonstrate our resolve for national defense, we will continue to reform national defense, implement whole-of-society defense resilience, and prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. Second, to counter the threats to our national security from China’s united front tactics, attempts at infiltration, and cognitive warfare, we will continue with the reform of our legal framework for national security and expand the national security framework to boost societal resilience and foster unity within. Third, to seize opportunities in the restructuring of global supply chains and realignment of the economic order, we will continue advancing our economic and trade strategy of being rooted in Taiwan while expanding globally, strengthening protections for high-tech, and collaborating with our friends and allies to build supply chains for global democracies. Everyone shares concern regarding Taiwan-US relations, semiconductor industry development, and cross-strait relations. For these issues, I am proposing clear-cut national strategies. First, I will touch on Taiwan-US relations. Taiwan and the US have shared ideals and values, and are staunch partners within the democratic, free community. We are very grateful to President Donald Trump’s administration for their continued support for Taiwan after taking office. We are especially grateful for the US and Japan’s joint leaders’ statement reiterating “the importance of maintaining peace and stability across the Taiwan Strait as an indispensable element of security and prosperity for the international community,” as well as their high level of concern regarding China’s threat to regional security. In fact, the Democratic Progressive Party government has worked very closely with President Trump ever since his first term in office, and has remained an international partner. The procurement of numerous key advanced arms, freedom of navigation critical for security and stability in the Taiwan Strait, and many assisted breakthroughs in international diplomacy were made possible during this time. Positioned in the first island chain and on the democratic world’s frontline countering authoritarianism, Taiwan is willing and will continue to work with the US at all levels as we pursue regional stability and prosperity, helping realize our vision of a free and open Indo-Pacific. Although changes in policy may occur these next few years, the mutual trust and close cooperation between Taiwan and Washington will steadfastly endure. On that, our citizens can rest assured. In accordance with the Taiwan Relations Act and the Six Assurances, the US announced a total of 48 military sales to Taiwan over the past eight years amounting to US$26.265 billion. During President Trump’s first term, 22 sales were announced totaling US$18.763 billion. This greatly supported Taiwan’s defensive capabilities. On the foundation of our close cooperation with the past eight years’ two US administrations, Taiwan will continue to demonstrate our determination for self-defense, accelerate the bolstering of our national defense, and keep enhancing the depth and breadth of Taiwan-US security cooperation, along with all manner of institutional cooperation. In terms of bilateral economic cooperation, Taiwan has always been one of the US’s most reliable trade partners, as well as one of the most important cooperative partners of US companies in the global semiconductor industry. In the past few years, Taiwan has greatly increased both direct and indirect investment in the US. By 2024, investment surpassed US$100 billion, creating nearly 400,000 job opportunities. In 2023 and 2024, investment in the US accounted for over 40 percent of Taiwan’s overall foreign investment, far surpassing our investment in China. In fact, in 2023 and 2024, Taiwanese investment in China fell to 11 percent and 8 percent, respectively. The US is now Taiwan’s biggest investment target. Our government is now launching relevant plans in accordance with national development needs and the need to establish secure supply systems, and the Executive Yuan is taking comprehensive inventory of opportunities for Taiwan-US economic and trade cooperation. Moving forward, close bilateral cooperation will allow us to expand US investment and procurement, facilitating balanced trade. Our government will also strengthen guidance and support for Taiwanese enterprises on increasing US investment, and promote the global expansion and growth of Taiwan’s industries. We will also boost Taiwan-US cooperation in tech development and manufacturing for AI and advanced semiconductors, and work together to maintain order in the semiconductor market, shaping a new era for our strategic economic partnership. Second, the development of our semiconductor industry. I want to emphasize that Taiwan, as one of the world’s most capable semiconductor manufacturing nations, is both willing and able to address new situations. With respect to President Trump’s concerns about our semiconductor industry, the government will act prudently, strengthen communications between Taiwan and the US, and promote greater mutual understanding. We will pay attention to the challenges arising from the situation and assist businesses in navigating them. In addition, we will introduce an initiative on semiconductor supply chain partnerships for global democracies. We are willing to collaborate with the US and our other democratic partners to develop more resilient and diversified semiconductor supply chains. Leveraging our strengths in cutting-edge semiconductors, we will form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. Through international cooperation, we will open up an entirely new era of growth in the semiconductor industry. As we face the various new policies of the Trump administration, we will continue to uphold a spirit of mutual benefit, and we will continue to communicate and negotiate closely with the US government. This will help the new administration’s team to better understand how Taiwan is an indispensable partner in the process of rebuilding American manufacturing and consolidating its leadership in high-tech, and that Taiwan-US cooperation will benefit us both. Third, cross-strait relations. Regarding the regional and cross-strait situation, Taiwan-US relations, US-China relations, and interactions among Taiwan, the US, and China are a focus of global attention. As a member of the international democratic community and a responsible member of the region, Taiwan hopes to see Taiwan-US relations continue to strengthen and, alongside US-China relations, form a virtuous cycle rather than a zero-sum game where one side’s gain is another side’s loss. In facing China, Taiwan will always be a responsible actor. We will neither yield nor provoke. We will remain resilient and composed, maintaining our consistent position on cross-strait relations: Our determination to safeguard our national sovereignty and protect our free and democratic way of life remains unchanged. Our efforts to maintain peace and stability in the Taiwan Strait, as well as our willingness to work alongside China in the pursuit of peace and mutual prosperity across the strait, remain unchanged. Our commitment to promoting healthy and orderly exchanges across the strait, choosing dialogue over confrontation, and advancing well-being for the peoples on both sides of the strait, under the principles of parity and dignity, remains unchanged. Regarding the matters I reported to the public today, I have instructed our national security and administrative teams to take swift action and deliver results, working within a stable strategic framework and according to the various policies and approaches I just outlined. I have also instructed them to keep a close watch on changes in the international situation, seize opportunities whenever they arise, and address the concerns and hope of the citizens with concrete actions. My fellow citizens, over the past several years, Taiwan has weathered a global pandemic and faced global challenges, both political and economic, arising from the US-China trade war and Russia’s invasion of Ukraine. Through it all, Taiwan has persevered; we have continued to develop our economy, bolster our national strength, and raise our international profile while garnering more support – all unprecedented achievements. This is all because Taiwan’s fate has never been decided by the external environment, but by the unity of the Taiwanese people and the resolve to never give up. A one-of-a-kind global situation is creating new strategic opportunities for our one-of-a-kind Taiwanese people, bringing new hope. Taiwan’s foundation is solid; its strength is great. So as long as everyone remains steadfast in their convictions, is willing to work hand in hand, stands firm amidst uncertainty, and looks for ways to win within changing circumstances, Taiwan is certain to prevail in the test of our time yet again, for I am confident that there are no difficulties that Taiwan cannot overcome. Thank you.

    MIL OSI Asia Pacific News –

    February 18, 2025

  • MIL-OSI China: Chinese delegation attends 156th session of WHO Executive Board

    Source: People’s Republic of China Ministry of Health

    he 156th session of the World Health Organization (WHO) Executive Board was held in Geneva, Switzerland, from Feb 3 to 11. Around 800 representatives from WHO member states, relevant international organizations and non-governmental organizations attended the meeting.

    The Chinese delegation comprised representatives from relevant departments of the National Health Commission, the Ministry of Foreign Affairs, the Ministry of Ecology and Environment, the National Administration of Traditional Chinese Medicine, the National Disease Control and Prevention Administration, the National Healthcare Security Administration, and the National Medical Products Administration, the Permanent Mission of China to the United Nations Office at Geneva as well as relevant experts.

    In his report at the session, WHO Director-General Tedros Adhanom Ghebreyesus reviewed the organization’s work in improving access to health services and responding to public health emergencies and financing in 2024, calling on the countries involved to increase their support for the WHO so as to achieve the highest attainable standard of health for all at an early date.

    The session discussed over 40 topics, including primary healthcare, mental health, human resources for health and public health emergencies, and deliberated more than 20 draft resolutions on issues such as rare diseases, strengthening health financing and enhancing national capacity for evidence-based decision-making.

    The Chinese delegation played an active part in the discussions on various topics, commended the work done by the WHO, and expressed support for the organization in playing a leading and coordinating role in global health governance. The delegation also shared Chinese experience in relevant fields and called on the WHO to focus on its primary responsibilities and work to further improve efficiency and performance.

    They said China is ready to promote cooperation with all parties involved so as to jointly advance the building a global community of health for all.

    MIL OSI China News –

    February 18, 2025

  • MIL-OSI United Kingdom: Mayor proposes record-breaking £1.16bn investment in the Metropolitan Police

    Source: Mayor of London

    • In a draft budget published last night the Mayor proposed an additional £83m investment – £10m from City Hall and £73m from central Government – to go into policing
    • The £83m additional builds on the extra £237m already announced for next year to give a record £320m increase
    • In total, this means there will be £1.159 billion Mayoral funding policing in 2025-26. It is the largest figure ever spent on policing in the capital, the biggest year-on-year settlement ever proposed for the Met and more than double the previous Mayor’s final budget for policing
    • It comes as the number of homicides, young people being injured with knives and burglary are all down since Sadiq was first elected in 2016

    The Mayor of London, Sadiq Khan, has today proposed an extra £83m million – £10m from City Hall and £73million from central government – for policing in his final draft budget bringing total Mayoral investment in the Met to an historic £1.159 billion for the next year.

    It means there is an additional £320m funding for the Metropolitan Police compared to the current year’s budget, an unprecedented increase. This additional investment will keep hundreds of Metropolitan Police officer posts and reduce expected cuts to key specialist police units.

    Last November’s budget submission from the Mayor’s Office for Policing and Crime (MOPAC) assumed that by 31 March 2026, the Met would need to reduce the number of officers by 1,899 to 30,553 due to chronic underfunding by the previous government, which reduced annual core funding for policing in the capital by £1.1 billion in real terms.

    The Mayor has confirmed that some of the cuts the Metropolitan Police had originally proposed in November will be substantially scaled back due to this proposed investment, which will be used to fund additional police officers, key police staff and the equipment they need to carry out their roles.  Final decisions on how to use the extra investment will be considered by MOPAC and the Met, with plans announced next month. It is expected that hundreds of officer posts will be kept in place due to this investment, on top of the 420 officers funded in last month’s Provisional Policing Settlement.

    There is still much more to do to tackle crime in London and this proposed investment by the Mayor and the Government will help the Met to continue to invest in tacking crime locally and build on the progress being made. The number of homicides, young people being injured with knives, and burglary are all down since Sadiq was first elected in 2016. Homicides are also falling – there were fewer homicides of people under-25 in London last year than any year since 2003. The number of teenage homicides in London last year was at its lowest total since 2012.

    In total, Sadiq has earmarked a record £1.159 billion to fund policing in 2025-26 – an increase of nearly 105 per cent in annual funding compared to the previous Mayor’s final budget.  But despite this investment, and the extra support from the new government, the Met is still facing significant financial pressures due to over a decade of real terms cuts by the previous government.  

    The Mayor of London, Sadiq Khan, said: “No-one should under-estimate the significance of this. It is a record amount of investment.

    “Bearing down on crime and keeping Londoners safe is my top priority as Mayor and I’ll always use all the levers at my disposal to fund the police, investing record sums from City Hall.

    “I am pleased to propose an additional £320 million since last year for the Metropolitan Police, with £83m more since January, thanks to Government support.

    “Despite this record-breaking additional funding, the Met still faces a difficult financial situation due to over a decade of cuts by the previous government. As Mayor, I will continue to work with the new government and the Commissioner ahead of the forthcoming spending review on the funding the Met needs to ensure we can continue building a safer London for everyone.”

    The Mayor’s final draft Budget also confirms £147.5 million of funding to deliver free school meals for all London’s state primary schoolchildren in 2025-26 – the third year of the historic scheme. Delivering free school meals has been one of Sadiq’s proudest moments as Mayor and he has vowed to continue the scheme for as long as he is in office.

    More than 43 million free school meals were funded in the first year of the scheme, with up to 287,000 children benefitting and families saving more than £1,000 per child over the first two years of the scheme.

    MIL OSI United Kingdom –

    February 18, 2025

  • MIL-OSI Russia: Sergey Netesov: “You have to root for the positive”

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    At the popular science marathon “Darwin Week”, a doctor of biological sciences, professor, academician of the Russian Academy of Sciences, head of the laboratory of bionanotechnology, microbiology and virology spoke with a report “Evolution of a set of respiratory infections” Faculty of Natural Sciences of NSU Sergey Netesov.

    Evolution of the virus

    In Russia, doctors register 28 to 33 million cases of acute respiratory infections every year, but these are official statistics. When seeing a patient, the doctor fills out a statistical form, which is sent for processing to the health authorities, where statistical data is collected. However, not everyone comes to see a therapist, especially if the disease is mild, preferring to endure it “on their feet” or use home remedies to fight the infection. Such patients are not included in these statistics. Therefore, experts assume that the actual number of cases exceeds the official data at least twice.

    Acute respiratory infections (ARI) are caused by viruses, bacteria, mycobacteria and mycoplasma. In addition, most likely not all pathogens of ARI in humans have been discovered yet.

    Previously, doctors officially diagnosed ARVI without specifying the pathogen and specifically – influenza viruses, and even then the diagnosis was made by the doctor, guided only by the symptoms observed in the patient, and the laboratory diagnostic methods that existed before the 2000s were lengthy, inaccurate and insensitive. More or less reliable test systems for diagnosing influenza viruses based on the polymerase chain reaction PCR method appeared only in the late 90s, and for diagnosing other pathogens – only in the last 5-10 years. The data from a study of the causes of ARVI using the example of one of the counties of the state of Michigan (USA), published in 2002, surprised epidemiologists: influenza was not in the leading positions – its share was only 9%, while ordinary coronaviruses – 14%, rhinovirus – 34%. Unknown infections then accounted for 23%. Later, metapneumoviruses were identified, and their share in the structure of pathogens was about 10% in the category that was previously designated as “unknown infections.” Common coronaviruses, as a rule, have “overtaken” the flu in the share of infected people in the last 20-30 years, but did not pose a serious danger in the form of fatalities – until SARS-CoV-2 appeared, which took millions of lives around the world. At the initial stage of the pandemic, it posed a very serious danger with a mortality rate of up to 6%, but over time, due to the evolution into much less pathogenic variants, it almost equaled the mortality rate of the common flu – 0.1 – 0.2%.

    — The high mortality rate from the new coronavirus infection was due to vascular thrombosis, which was classified as a circulatory disease at the initial stages of the pandemic, and a cytokine storm — an overly aggressive immune response of the body to a viral infection. It manifests itself in different ways, depending on the chronic diseases of the infected person — in the form of circulatory diseases, pneumonia, complications of type 1 and type 2 diabetes, and sometimes — digestive organs. In the first six months of the pandemic, there were no reliable diagnostics for SARS-CoV-2 markers. Partly due to this, some cases of death from the new coronavirus infection were attributed to serious chronic diseases that the deceased patients suffered from – diseases of the circulatory system, respiratory system, endocrine system, etc. In addition, unlike most respiratory diseases, people died from the new coronavirus not during the first two weeks of the disease, but within a month or two, so it was believed that the patient’s death was the result of complications rather than an acute viral disease, explained Sergei Netesov.

    Over the past few years, the deadly coronavirus has evolved towards changing its antigenic properties and reducing pathogenicity, and is no longer as dangerous in terms of mortality as before. Large-scale vaccination of the population, as well as the immunity formed in those who have recovered, have also had an effect, but in terms of morbidity, this virus still sometimes outpaces the combined influenza viruses A and B, and mortality from it has not been reduced to zero. Last fall, 20-30 people died from Covid every week in Russia. These were mainly elderly people with serious chronic diseases.

    Currently, another pathogen of ARVI, the respiratory syncytial virus, is no less dangerous in terms of severe progression and mortality. In certain periods of the 2023-2024 season, its share in the causes of the overall incidence of ARVI was 40%. Scientists and doctors have long found out that it is one of the main causes of severe pneumonia in children and the elderly. Since last year, trials of vaccines against this virus have begun in the European Union and the United States.

    In the winter of 2024, rhinovirus was the leading cause of acute respiratory viral infections in Russia. It has unpleasant symptoms because it causes inflammation of the nasal sinuses, but does not pose a danger to humans.

    — Only in rare cases is the cause of ARI or ARVI only one pathogen, more often two or three. It often happens that the same patient has one or two ARI pathogens — viral and one — bacterial. In this case, the picture of the disease becomes complex. Viral infections, as a rule, prepare the ground for infection with pathogenic bacteria, — said Sergey Netesov.

    Reliable protection

    To reduce the risk of severe respiratory viral infections, it is necessary to get vaccinated in a timely manner, and it is advisable for people at increased risk of severe acute respiratory infections to wear medical masks in public places. Sergei Netesov also spoke about the influenza vaccines used in Russia. According to him, it is necessary to choose, if possible, four-component drugs with a share of 15 micrograms of antigens of each subtype of the virus. At the same time, the probability of severe disease is reduced by about 20-30 times. And for unvaccinated people, increased risks of severe acute respiratory infections remain for people with impaired immune systems, diabetics and representatives of other risk groups.

    In favor of the effectiveness of masks, Sergei Netesov noted that the mask will not hold a single viral particle, because the size of its pores is too large for this. But viruses in the form of single particles do not fly through the air. They move on microdroplets of fluids in our bodies, released from the body when talking, singing, coughing or sneezing. But these drops have a larger diameter and do not pass through the pores of the mask. And even the most primitive mask holds about 75-80% of such particles, of course, if you cover both your mouth and nose with it. And for infection, the size of the pathogen dose that a person receives is very important. Reducing this dose often leads to zeroing out the infection or getting a very small dose – then the disease does not develop quickly, and the body copes with it much easier.

    The flu virus is constantly evolving, and this process is aimed at an important goal for it – to “break through” the previous immunity and infect as many carriers – susceptible people – as possible.

    In early 2024, several publications were published in the United States stating that cow milk yields in some regions of the country had begun to decline; later, veterinarians identified the H5N1 subtype of avian influenza in them. The influenza virus of this subtype was first isolated not only from birds, but also from some sick people in 1997 in Singapore, Hong Kong, and Vietnam. The virus also affected people, with a very high mortality rate. The reason was soon revealed: in most cases, it was a rare mutation characteristic of the inhabitants of these countries, in which one of the receptors in their lungs turned out to be similar to a similar receptor in birds. This feature is not typical for residents of other countries. And so in 2024, the virus spread not only among birds, but acquired new mutations and “switched” to cattle and more. Several dead cats that had previously drunk cow’s milk were found near the barns with sick cows. The cause of their death, like the illness of the cows on the farm, was the avian influenza virus. And although humans and animals do not have many common infections, this virus has become one of them. It turned out that at the end of 2023, the virus acquired mutations that allowed it to move from birds to cattle. From the beginning of 2024 to February 2025, 68 cases of infection of dairy and poultry workers were noted worldwide. It seems that this flu virus has not yet spread widely, but careful monitoring of its evolution is necessary.

    Race for survival

    Scientists believe that the more common this subtype of the virus becomes, the more likely it is to acquire a combination of mutations that will increase the risk of infection in humans. On the other hand, this subtype of flu has been circulating in various bird species and causing rare sporadic infections in humans for more than two decades, but so far there has been no pandemic. This is one of those cases where a pandemic could start next week or never.

    — Not only pathogens of viral diseases evolve, but also our immune system. It is a kind of race. Therefore, it is necessary to study not only pathogens, but also the parameters of our immunity. Increase the number and effectiveness of vaccines, increase the volume of vaccination. This really improves the quality of life of the population and increases its duration. At the same time, long-term monitoring studies are needed to study the occurrence of pathogens, their molecular genetic diversity and molecular evolution, including drug resistance. Russia has the necessary instrumental and material-reactive bases, including its own high-tech production of many (but not all) modern vaccines and diagnostics. But their wider implementation in practice is required. It is also necessary to develop new vaccines against a number of viral and bacterial pathogens. Unfortunately, so far the diagnostic algorithms in our compulsory insurance medicine have been worked out to a minimum — primarily due to underfunding. But it is possible to distinguish a bacterial infection from a viral one using a very simple test for the content of procalcitonin and some other markers in the blood, said Sergei Netesov.

    The scientist also noted that when fighting a viral disease, regardless of what virus caused it, the patient’s psychological state and the support of loved ones are also important. It is important to be sick in a good mood, then recovery will be faster.

    — You should always be positive when you are sick! A person with a bad emotional background is objectively sicker. You need to look to the future with confidence and optimism and tell your body: “Get well.” The human body is a very complex unified system, where all components influence each other. In this case, you need to establish positive feedback between the body and the brain, try to create a good mood for yourself and, of course, follow all the doctor’s recommendations, — said Sergey Netesov.

    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 –

    February 18, 2025

  • MIL-OSI: Telefónica selects Nokia Packet Core to deliver superior network quality for enterprises in Spain #MWC25

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Telefónica selects Nokia Packet Core to deliver superior network quality for enterprises in Spain #MWC25

    • Nokia Packet Core solutions will support Telefónica in rolling out 4G and 5G low latency services and other use cases to the operator’s enterprise customers.
    • Telefónica will deploy the Nokia cloud-native software solutions on top of its telco cloud and as packet core appliances on enterprise premises.

    18 February 2025
    Espoo, Finland – Telefónica, the top operator in Spain for enterprise customers, has selected Nokia’s Packet Core solution to enhance the scale, capacity, performance, and reliability of its 4G and 5G network for enterprise customers in the country while simplifying its network architecture.

    Nokia Packet Core solutions will support Telefónica in rolling out low-latency services like drone control, robotics and industrial applications, smart metering that enables real-time monitoring and billing for utility consumers, and other use cases to the operator’s enterprise customers.

    Telefónica and Nokia already collaborate on a host of other network technologies, including 5G RAN, XGSPON, IP and Optical transport, network analytics, and network APIs. Telefónica will deploy Nokia Cloud Mobile Gateway and Nokia Mediation on its telco cloud, providing flexibility and operational efficiencies with its multi-vendor and multi-cloud capabilities.

    Nokia Cloud Mobile Gateway will enable Telefonica to more efficiently manage and route user traffic for enterprises, a key operator growth area.

    Erez Sverdlov, Vice President, Cloud and Network Services Market Leader for Europe at Nokia, said: “We are pleased to support Telefónica in strengthening the enterprise customer experience in Spain. Beyond better data capacity, latency, and reliability, our packet core will also provide a local breakout of user traffic with our latest generation appliances, providing reduced latency and improved security.”

    Nokia had the most 5G Standalone Core communication service provider customers, with 123 in total, at the end of 2024.

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale.
    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
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    The MIL Network –

    February 18, 2025

  • MIL-OSI United Kingdom: National Insurance: Labour should be taxing wealthy not cutting services

    Source: Scottish Greens

    18 Feb 2025 Economy

    Labour’s National Insurance hike could do serious damage to vital services.

    More in Economy

    Unless Labour’s increase on Employer National Insurance Contributions is funded it could have a devastating impact on Scotland’s services, says Scottish Green co-leader Lorna Slater.

    Ms Slater, who was speaking ahead of a Scottish Government debate on the increase, has urged the UK government to introduce a wealth tax which would raise far more funding while ensuring it is the best-off that are paying the most rather than causing anxiety and possibly cuts by implementing a tax increase on service providers.

    Ms Slater said:

    “Without full funding, this increase could do a lot of damage to vital services like health and social care as well as punishing small businesses and charities.

    “There is more than enough money to ensure that services are fully funded and that everyone can have security and a good standard of living, but so much of it is being hoarded by a small number of very wealthy people.

    “Labour has refused to provide clarity about how it will offset the costs it is choosing to inflict.

    “It’s a cowardly move which has been done to avoid raising taxes on the richest people, including the ones who bankroll the Labour Party.

    “Rather than saddling overstretched service providers with anxiety and extra costs, the Prime Minister and his chancellor should be asking the super wealthy to pay their fair share.”

    Analysis from the University of Greenwich shows that a wealth tax starting at a marginal rate of 1%, rising to 5% for those with £5.7 million and above (the richest 0.5%), and 10% for those with £18.2 million (the richest 0.15%) would raise over £70 billion a year.

    MIL OSI United Kingdom –

    February 18, 2025

  • MIL-OSI Russia: To the winners of the XXV All-Russian competition “Engineer of the Year – 2024” and laureates of the youth award in the field of science and technology “Hope of Russia”

    Translartion. Region: Russians Fedetion –

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

    The award ceremony for the winners of the Engineer of the Year 2024 competition and the laureates of the Hope of Russia award will take place on February 18.

    Dear friends!

    Congratulations to the winners of the Engineer of the Year 2024 competition and the laureates of the Hope of Russia award.

    For two decades, these social projects have played an important role in raising the prestige of engineering professions, popularizing achievements and advanced experience in science and technology. They unite talented young scientists, engineers and workers of industrial enterprises, providing an opportunity to demonstrate their professional knowledge, skills and unconventional thinking.

    Your innovative projects have received high praise from experts and well-deserved awards. And you have once again confirmed that you are worthy successors to the traditions of the Russian engineering school. And you are capable of solving strategic tasks facing the country, creating innovations that are in demand in all areas, and successfully implementing unique technologies in production.

    I am confident that your competence and desire to work for the benefit of the Fatherland will help you realize your creative potential and make a special contribution to strengthening the competitiveness and technological sovereignty of Russia.

    I wish you further success, new achievements and all the best.

    M. Mishustin

    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 –

    February 18, 2025

  • MIL-OSI Russia: Limits instead of blocking – banks will receive new tools for working with clients from the fraudsters’ database

    Translartion. Region: Russians Fedetion –

    Sours: Mainfin Bank –

    Why is the Central Bank of the Russian Federation easing restrictions on suspicious individuals?

    Federal Law No. 161 regulates the procedure for blocking accounts of clients whose data is contained in a unified database of information on cases of transactions carried out without consent. Also bank has the right to suspend service if information about fraud came from law enforcement agencies. However, tough measures affected not only real criminals – the accounts of legitimate citizens whose data were stolen and used to issue, for example, virtual kart.

    The easing of restrictions is aimed specifically at protecting honest clients who themselves suffered at the hands of fraudsters. Such persons will be able to use bank cards during the inspections, including transfers, but with a maximum amount limit. The sanctions will be completely lifted only after the information is removed from the Central Bank database.

    How will banks respond to suspicious transactions?

    The amendments currently being considered by the State Duma introduce a gradation of measures against suspicious citizens. It is assumed that after the bill is adopted:

    a complete blocking of banking services will be carried out only for clients included in the Central Bank of the Russian Federation database in the presence of an open criminal case; partial restrictions (transfer limit of 100 thousand rubles per month) will be allowed to be set by banks for persons included in the fraudsters database, but who were not subsequently involved in dubious schemes; clients from the “green zone” who were not included in the database or subject to measures of influence by the law enforcement system will be able to be served without restrictions.

    “Partial restrictions will be used when the amount of information received is insufficient, for example, when there are doubts that the client was involved in fraudulent schemes,” the lawyer notes.

    Experts are confident that the relaxations will not affect obvious drops – intermediaries in the activities of fraudsters will continue to be effectively blocked. The choice of restrictive measures will fall on the bank – credit institutions will be able to independently introduce bans and blocking depending on the nature of suspicions.

    09:55 02/18/2025

    Source:

    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: //Mainfin.ru/novosti/ Limits-Vesta-Blokovka-Banki-Recychata-New-Instruments-Forms-S-Clients-BAZ-OILENS

    MIL OSI Russia News –

    February 18, 2025

  • MIL-OSI Russia: We invite you to participate in the qualifying round of the VI Finathlon Forum

    Translartion. Region: Russians Fedetion –

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

    From February 10 to March 15, 2025, registration and collection of scientific papers of students, postgraduates, young teachers on sustainable development, investments and financial risks under the age of 35 is underway to participate in the remote selection round of the VI Finathlon Forum – the International Scientific and Practical Conference of Young Scientists and Specialists in Sustainable Development, Investments and Financial Risks.

    Over the years, the Forum has become a platform that unites young professionals who focus their efforts on developing and solving problems of sustainable development, investments and financial risks in the economy of Russia and neighboring countries. A unique environment has been created for exchanging opinions, discussions, building cooperation, professional communications and personal development. Leading industry experts take part in the Forum.

    This year, the Forum will include more than 20 thematic sections, which will be attended by more than 400 students, young professionals and teachers from Russia and friendly countries. The works that pass the selection round will take part in the in-person final at the Conference, which will be held in Moscow on April 15, 2025. The finalists’ works will be published in the Forum’s electronic collection in the Russian Science Citation Index.

    The forum was organized by the Department of State Youth Policy and Educational Activities of the Ministry of Science and Higher Education of the Russian Federation with the support of the Bank of Russia, the Ministry of Economic Development of Russia, the Ministry of Transport of Russia, and the Ministry of Natural Resources of Russia.

    Details of the Forum program and registration form are available on the official Finathlon website.

    Subscribe to the tg channel “Our State University” Announcement date: 02/18/2025

    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 –

    February 18, 2025

  • MIL-OSI: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    18 February 2025

    Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

    Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

    Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

    With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

    The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

    If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

    The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

    At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

    The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9 B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

    This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachment

    • Announcement of extension of Offer Period

    The MIL Network –

    February 18, 2025

  • MIL-OSI: Correction: Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025 – Nykredit Realkredit A/S

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 9(4) AND (5) AND SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020

    NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

    Publication of supplement concerning extension of offer period for Nykredit’s recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    18 February 2025

    Nykredit extends the offer period concerning the recommended, voluntary public tender offer for Spar Nord Bank A/S until 20 March 2025

    In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public tender offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion.

    On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order.

    Today, Nykredit published a supplement (the “Supplement”) to the Offer Document, which extends the Offer Period for the Offer. The Supplement has been approved by the Danish FSA on 18 February 2025 in accordance with section 9(4) and section 9(5) of the Danish Takeover Order.

    Under the Offer document, the offer period is set to expire on 19 February 2025 at 23:59 (CET) (the “Initial Offer Period”).

    With the Supplement, Nykredit extends the Initial Offer Period, such that the Offer will expire on 20 March 2025 at 23:59 (CET). Subsequently, any reference to the “Offer Period” in the Offer Document or other documents relating to the Offer will refer to the period commencing on the day of publication of the Offer Document on 8 January 2025 and ending on 20 March 2025 at 23:59 (the “Extended Offer Period”).

    The purpose of the extension is to provide Nykredit with more time to obtain the approval from the Danish Competition and Consumer Authority required to complete the Offer. The process to obtain such approval from the Danish Competition and Consumer Authority is proceeding as planned.

    If the approval from the Danish Competition and Consumer Authority has not been granted by the expiry of the Extended Offer Period, Nykredit expects to extend the Extended Offer Period further.

    The extension of the Initial Offer Period entails that the expected completion of the Offer and settlement of the Offer Price to the Spar Nord Bank shareholders who have accepted the Offer will be extended correspondingly. Completion is subsequently expected to take place on 28 March 2025.

    At the time of this announcement, Nykredit holds 32.44 per cent of the shares in Spar Nord Bank, and on 4 February 2025 Nykredit released an announcement to the effect that a preliminary compilation of the acceptances that Nykredit is aware of indicates that the 67 per cent acceptance limit of the Offer has been achieved. The final result of the Offer will be determined on expiry of the Offer Period and published in accordance with section 21(3) of the Danish Takeover Order.

    The full terms and conditions of the Offer are contained in the Offer Document as amended by the Supplement. The Offer Document and the Supplement are published in the Danish FSA’s OAM database: https://oam.finanstilsynet.dk/ and can also, with certain restrictions, be accessed at https://www.nykredit.com/kobstilbud-spar-nord/ and https://www.sparnord.dk/investor-relations/overtagelsestilbud.

    About Spar Nord Bank

    Spar Nord Bank was founded in 1824 and is now a nationwide bank with 58 branches. Spar Nord Bank offers all types of financial services, consultancy and products, focusing its business on retail customers and primarily small and medium-sized enterprises (SMEs) in the local areas in which the bank is represented. The bank is also focused on leasing operations and large corporate customers, which are both business areas handled by the head offices.

    Spar Nord Bank has historically been rooted in northern Jutland and continues to be a market leader in this region. However, in the period from 2002 to 2024, Spar Nord Bank has established and acquired branches outside northern Jutland. Over the course of the years, the bank has adjusted its branch network in an ongoing process and now has a nationwide distribution network comprising 58 branches. These 58 branches are distributed on 32 banking areas, each of which is headed by a manager reporting directly to the bank’s executive board.

    The Spar Nord Bank Group consists of two earnings entities: Spar Nord Bank’s branches and the Trading Division. As an entity, the Trading Division serves customers from Spar Nord Bank’s branches as well as large retail customers and institutional clients in the field of equities, bonds, fixed income and forex products, asset management and international transactions. Finally, under the concept Sparxpres, the bank offers consumer loans to personal customers through Sparxpres’ platform as well as debt consolidation loans and consumer financing via retail stores and gift voucher solutions via shopping centres and city associations.

    About Nykredit

    Nykredit Realkredit A/S (“Nykredit”) is a public limited company incorporated under the laws of Denmark, company reg. (CVR) no. 12 71 92 80, having its registered office at Sundkrogsgade 25, 2150 Nordhavn, Denmark. Nykredit is a mortgage credit institution and, together with its wholly-owned subsidiary Totalkredit A/S, is a market leader of the Danish mortgage credit market with a market share of some 45.2 per cent. Nykredit offers mortgage financing for private individuals and businesses.

    Nykredit is part of the Nykredit Group, which historically dates back to 1851. In addition to carrying on mortgage credit business, the Group carries on banking business through Nykredit Bank – including banking and wealth management operations – and has a total of around 4,000 employees in Denmark.

    Nykredit is owned by an association of the Nykredit Group’s customers, Forenet Kredit. Forenet Kredit owns close to 80 per cent of Nykredit’s shares. Other major shareholders are five Danish pension funds: Akademikernes Pension AP Pension, PensionDanmark, PFA and PKA.

    Nykredit is known for the advantages offered through the association. Forenet Kredit makes capital contributions to the Nykredit Group when times are good, and Nykredit has decided to pass these on to its customers.

    Since, 2017, Forenet Kredit has paid over DKK 8 billion in capital contributions to the Nykredit Group, and in the period to 2027, Forenet Kredit has provided a further DKK 7 billion.

    Questions and further information

    Any questions concerning the Offer may be directed to:

    Nykredit Bank A/S

    Company reg. (CVR) no.: 10 51 96 08

    Sundkrogsgade 25

    2150 Nordhavn
    Denmark

    Telephone: +45 7010 9000

    and

    Carnegie Investment Bank

    Filial af Carnegie Investment Bank AB (publ), Sverige

    Company reg. (CVR) no. 35 52 12 67

    Overgaden Neden Vandet 9 B

    1414 Copenhagen K
    Denmark

    E-mail: annette.hansen@carnegie.dk

    For further information about the Offer, please see: https://www.nykredit.com/kobstilbud-spar-nord/.

    This announcement and the Offer Document (with Supplement) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these.

    This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with Supplement) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information.

    Restricted jurisdictions

    The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank Shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction.

    Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa.

    Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Supplement, the Offer Document or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the Laws of such jurisdiction, including securities Laws. It is the responsibility of all Persons obtaining announcement, the Supplement, the Offer Document, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions.

    Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Supplement or the Offer Document to Shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable Law in any jurisdiction other than Denmark, the United States and the United Kingdom.

    Important Information for Shareholders in the United States

    The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order.

    The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice

    Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies.

    In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information.

    In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities.

    It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws.

    The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer.

    NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES.

    1 Executive Order no. 636 of 15 May 2020

    Attachments

    • Announcement of extension of Offer Period
    • Supplement to the Offer Document

    The MIL Network –

    February 18, 2025

  • MIL-OSI Russia: Mikhail Mishustin met with Chairman of the State Duma Vyacheslav Volodin

    Translartion. Region: Russians Fedetion –

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

    A meeting was held between Prime Minister Mikhail Mishustin and State Duma Chairman Vyacheslav Volodin.

    The parties discussed current issues of socio-economic development and implementation of national projects, interaction between the Government and the State Duma in terms of the legislative process, as well as the preparation of the annual report of the Cabinet of Ministers to the State Duma.

    According to the agreement reached during the meeting, the report is scheduled for the end of March. Mikhail Mishustin and Vyacheslav Volodin discussed the format of the event and also planned traditional meetings with representatives of the Duma factions.

    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 –

    February 18, 2025

  • MIL-OSI United Kingdom: CMA provisionally clears poultry feed merger

    Source: United Kingdom – Executive Government & Departments

    An independent inquiry group has provisionally cleared Boparan’s deal to buy ForFarmers’ Burston and Radstock feed mills in an interim report published today.

    iStock

    The Competition and Markets Authority’s (CMA) independent inquiry group has provisionally cleared Boparan’s proposed purchase of ForFarmers’ Burston and Radstock feed mill sites, following an in-depth Phase 2 investigation.  

    ForFarmers and Boparan (through 2Agriculture) both manufacture and supply chicken feed and other types of poultry feed in the UK.    

    The inquiry group’s investigation has provisionally found that Boparan’s purchase of ForFarmers’ Burston feed mill site could reduce the capacity available to manufacture chicken feed for chicken suppliers in the area around the mill in East Anglia. However, these suppliers will still have choice and the option to switch providers due to competition from other chicken feed providers in the market. Therefore, the inquiry group does not believe the merger would lead to a substantial lessening of competition as a result. 

    Kirstin Baker, chair of the independent inquiry group, said:  

    Having assessed the evidence, we have provisionally found that Boparan’s purchase of ForFarmers’ Burston feed mill does not raise competition concerns. We’re reassured by the evidence which shows that farmers and chicken suppliers in the UK will continue to have options when it comes to choosing chicken feed providers, should the deal go ahead.  

    We’re now seeking feedback and views on our interim report before reaching a final decision.

    The independent inquiry group will now consult on its interim report and is inviting any feedback from interested parties by Tuesday 11 March 2025. A final decision will be made by the statutory deadline of 13 May 2025. 

    For more information, visit the Boparan / ForFarmers (Burston and Radstock mills) case page.   

    Notes to Editors:  

    1. ForFarmers is a European manufacturer and supplier of animal feed, based in the Netherlands. 2Agriculture, a subsidiary of Boparan, is one of the UK’s largest suppliers of poultry feed and supplies feed to Hook 2 Sisters, a company affiliated with Boparan, as well as farmers on the open market. 

    2. At the Phase 1 investigation stage, the CMA concluded that Boparan’s purchase of the Radstock feed mill site does not raise competition concerns and the sale of this mill has completed.  

    3. The CMA has a statutory duty to promote competition for the benefit of consumers and assesses each case on its individual merits. This includes a duty to investigate mergers that could raise competition concerns in the UK where it has jurisdiction to do so. In this case, the CMA has concluded that the CMA has jurisdiction to review this merger because a relevant merger situation has been created: each of Boparan and ForFarmers’ Burston and Radstock feed mills is an enterprise that will cease to be distinct as a result of the merger and the turnover test is met.  More information on the CMA’s mergers jurisdiction and procedure can be read on its guidance page. 

    4. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk, or by phone on 020 3738 6460.

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    Updates to this page

    Published 18 February 2025

    MIL OSI United Kingdom –

    February 18, 2025

  • MIL-OSI Russia: NSU students’ project included in the rating of 100 promising Russian startups of 2024, according to RB.RU

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    RB.RU is a media outlet for business owners and those who want to become one. RB Chuyka — an annual special project in which the media selects 100 promising Russian company projects. The goal is not just to highlight companies that have shown themselves in the past year, but also to introduce readers to new faces on the market, as well as to show which niches are promising for startups and investors.

    Startup Lexis Voice from NSU Catalist— a special acceleration program from NSU Startup Studios, which helps to reveal creative and scientific potential, create and bring technological projects to the market, was included in the RB Choice rating. Its founders are students of the Higher College of Informatics of NSU and the Faculty of Economics of NSU.

    The Lexis Voice project is a practical simulator for training managers in “cold sales” using artificial intelligence. The system simulates dialogues with clients, analyzes the results and offers recommendations for improving sales skills. This solution frees experienced employees from performing the standard procedure for training newcomers.

    “We help companies with sales departments that want to improve the skills of sales managers and reduce the time for their training through our AI Model, which is able to parody the client’s behavior and give personalized recommendations for training the manager based on his conversation with it,” they write in their telegram channelfounders of the project.

    In 2024, Lexis Voice entered the TOP-5 projects of the Phystech.Idea accelerator from MIPT and successfully conducted a pilot project with Rostelecom. The main goal of the experiment was to identify the key problems that sales managers face during the onboarding process, as well as to assess the potential of the Lexis Voice product being developed to solve these problems.

    — During the experiment, we focused on the following aspects. The first was to analyze existing training methods and their effectiveness. The second was to test the hypothesis that our AI-based training algorithm could significantly reduce the onboarding time for new employees. The third was to evaluate the potential increase in manager performance in the long term. The approach we used included a comparison of the standard employee training process and the updated process we offer, — the developers say.

    The team divided the employees into two groups of four people each: one group underwent the training that the company provides, and the other followed the new algorithm that underlies the product. Results:

    1. The adaptation time was reduced by 5 times in the group that followed the new method.

    2. Managers from the AI group achieved their KPIs faster.

    3. The level of skills in handling objections and closing deals increased by more than 30%.

    More details about the results of the experiment can be found by link.

    It is safe to say that the guys’ hypothesis was confirmed. Acceleration of training, reduction of the workload of senior managers and increase in the efficiency of new employees are indicators that can be reproduced in other companies.

    There is a high probability that this approach can revolutionize this conservative area and significantly change the standard methods of training employees.

    “We are confident that these achievements can be scaled and benefit companies and, most importantly, the people who work in them,” the students conclude.

    Currently, more than 10 companies from various fields, from fitness centers to remote sales departments, are showing interest in implementing the solution.

    In addition to Lexis Voice, the list of 100 promising startups in Russia also included the MPlays project, a service that analyzes external advertising traffic on marketplaces. The startup from Novosibirsk received support from the Innovation Assistance Fund and the federal project University Technological Entrepreneurship Platform.

    The following materials were used in preparing the news: RB.ru.

    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 –

    February 18, 2025

  • MIL-OSI Russia: Marat Khusnullin: In the Siberian Federal District, about 123 thousand people moved from emergency housing

    Translartion. Region: Russians Fedetion –

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

    Reducing the number of dilapidated housing stock is an important task set by the President for the Russian construction industry. Since 2019, when the program for resettling people from uninhabitable buildings became part of the national project “Housing and Urban Environment”, more than 2.2 million square meters of such housing have been resettled in the Siberian Federal District. This was reported by Deputy Prime Minister Marat Khusnullin.

    “All federal districts in the country are involved in the work on resettling emergency housing. The government has been actively working on the issue of resettling residents from outdated houses for many years. The implementation of this program is a serious and important step towards improving the quality of life of people who live in unsuitable conditions. Since 2019, about 123 thousand citizens have moved from emergency housing to new apartments in the Siberian Federal District. The deterioration of houses is a constant and, unfortunately, irreversible process. Therefore, we continue to work on solving this problem,” said Marat Khusnullin.

    According to the Deputy Prime Minister, the largest volume of emergency housing in the Siberian Federal District was resettled in the Kemerovo Region – Kuzbass – 664.3 thousand square meters, Irkutsk Region – 580.8 thousand square meters, Krasnoyarsk Territory – 360.9 thousand square meters, Novosibirsk Region – 188.6 thousand square meters, Altai Territory – 149.6 thousand square meters.

    The program for resettling citizens from emergency housing stock is supervised by the Russian Ministry of Construction. Its operator is the Territorial Development Fund.

    “Regions are taking a responsible approach to solving the problem of reducing the unsuitable housing stock and improving the quality of life of residents of such houses. In order to speed up the solution of this problem and provide people with modern housing, many regions are additionally resettling emergency houses using their budgets. In the Siberian Federal District, thanks to such work, more than 37 thousand people from the total number of program participants have improved their housing conditions,” said FRT General Director Ilshat Shagiakhmetov.

    Since 2025, the resettlement of houses recognized as unsafe in the regions will continue under the national project “Infrastructure for Life”.

    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 –

    February 18, 2025

  • MIL-Evening Report: Having dense breasts is linked to cancer. But advice about breast density can depend on where you live

    Source: The Conversation (Au and NZ) – By Jennifer Stone, Principal Research Fellow, School of Population and Global Health, The University of Western Australia

    Gorodenkoff/Shutterstock

    Having dense breasts is a clear risk factor for breast cancer. It can also make cancers hard to spot on mammograms.

    Yet you might not be aware you have dense breasts, even after mammographic screening.

    In Australia, advice for women with dense breasts and their health-care professionals can be inconsistent and confusing.

    This is because there’s not currently consensus on whether women who have dense breasts, but no symptoms, benefit from further imaging such as ultrasounds. Concerns include potential cost of these tests and the risk they can produce false positives.

    What is breast density?

    Breasts are made up of fatty tissue and fibroglandular tissue (including glands that make milk, held together by fibrous tissue).

    On a mammogram – an x-ray of the breast – fibroglandular tissue appears white and fatty tissue appears dark. The white areas are referred to as breast density.

    Fibroglandular tissue shows up white on a mammogram.
    Nata Sokhrannova/Shutterstock

    A higher proportion of fibroglandular tissue means your breasts are dense.

    There are four categories to classify breast density:

    • A: almost entirely fatty
    • B: scattered areas of fibroglandular density
    • C: heterogeneously or consistently dense
    • D: extremely dense.

    Breast density is very common. Around 40% of women aged 40–74 are estimated to have “dense breasts”, meaning they fall in category C or D.

    What’s the link to cancer?

    Breast density is associated with the risk of breast cancer in two ways.

    First, breast density usually decreases with age. But if a woman has high breast density for her age, it increases her likelihood of breast cancer.

    One study looked at the risk of breast cancer over the age of 50. It found there was a 6.2% risk for the one-third of women with the lowest density. For the 5% with the highest density, the risk was 14.7%.

    Second, breast density “masks” cancers if they develop. Both cancers and breast density appear white on a mammogram, making cancers very hard to see.

    Breast cancer screening saves lives through early detection and improved treatment options. But we don’t yet know if telling women about their breast density leads to earlier cancer detection, or lives saved.

    In Australia, screening mammography is free for all women* aged 40 and older. This is run through BreastScreen Australia, a joint national, state and territory initiative. Those aged 50-74 are invited to have a mammogram, but it’s available for free without a referral from age 40.

    However, the messages Australian women currently receive about breast density – and whether it’s recorded – depends on where they live.

    What does the advice say?

    In 2023, the Royal Australian and New Zealand College of Radiologists updated its position statement to recommend breast density is recorded during screening and diagnostic tests in Australia and New Zealand.

    Meanwhile BreastScreen Australia says it “should not routinely record breast density or provide supplemental testing for women with dense breasts”. However this position statement is from 2020 and is currently under review.

    Some state and territory BreastScreen programs, including in Western Australia, South Australia and soon Victoria, notify women if they have dense breasts. Victoria is currently at an early stage of its roll-out.

    While the messaging regarding breast density differs by state, none currently recommend further imaging for women with dense breasts without speaking to a doctor about individual risk.

    What are the issues?

    Providing recommendations for women with dense breasts is difficult.

    The European Society of Breast Imaging recommends women with extremely dense breasts aged 50–70 receive an MRI every two to four years, in addition to screening mammography. This is based on a large randomised controlled trial from the Netherlands.

    But the Royal Australian and New Zealand College of Radiologists describes this recommendation as “aspirational”, acknowledging cost, staffing and accessibility as challenges.

    That is, it is not feasible to provide a supplemental MRI for everyone in the screening population in category D with extremely dense breasts (around 10%).

    Further, there is no consensus on appropriate screening recommendations for women in the category C (heterogeneous density).

    We need a national approach to breast density reporting in Australia and to do better at identifying who is most likely to benefit from further testing.

    BreastScreen Australia is currently undergoing a review of its policy and funding.

    One of its goals is to enable a nationally consistent approach to breast screening practices. Hopefully breast density reporting, including funding to support national implementation, will be a priority.

    *This includes those recorded female at birth and who are gender diverse.

    Jennifer Stone receives funding from Cancer Council Western Australia and the NHMRC. She is affiliated with the University of Western Australia and the University of Melbourne. She is Co-chair of the Australian Breast Density Consumer Advisory Council and member of the InforMD Alliance (www.informd.org.au).

    – ref. Having dense breasts is linked to cancer. But advice about breast density can depend on where you live – https://theconversation.com/having-dense-breasts-is-linked-to-cancer-but-advice-about-breast-density-can-depend-on-where-you-live-249863

    MIL OSI Analysis – EveningReport.nz –

    February 18, 2025

  • MIL-OSI: Full-year 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Victoire Grux
    Tel.: +33 6 04 52 16 55
    victoire.grux@capgemini.com

    Investor relations:
    Vincent Biraud
    Tel.: +33 1 47 54 50 87
    vincent.biraud@capgemini.com

    Full-year 2024 results

    • Revenues of €22,096 million in 2024, down -1.9%
    • Revenue growth at constant exchange rates* of -2.0% for the full year, and -1.1% in Q4
    • Bookings at €23.8 billion with a 1.08 book-to-bill
    • Stable operating margin*, at 13.3% of revenues
    • Net profit, Group share, up +0.5% and basic earnings per share up +1.2%
    • Organic free cash flow0F*of €1,961 million
    • Proposed dividend of €3.40 per share

    Paris, February 18, 2025 – The Board of Directors of Capgemini SE, chaired by Paul Hermelin, convened on February 17 in Paris to review and adopt the accounts1F1 of the Capgemini Group for the year-ended December 31, 2024.

    Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our performance in the fourth quarter is in line with expectations. As anticipated, Manufacturing and France experienced strong headwinds, whereas we saw an improvement in Financial Services and Consumer Goods & Retail, as well as a robust Public Sector.

    The Group demonstrated strong resilience in 2024, maintaining its operating margin and free cash flow generation, thanks to the growth of its high value-added offerings as well as its ecosystem of leading technology partners.

    Client demand continues to be driven by efficiency, operational agility and cost-optimization programs which are driving traction for our Cloud and Data & AI services. The Group is recognized as a global leader in AI by market analysts, reflecting our continued investments. Generative AI supported strong bookings and accounted for around 5% of bookings in Q4. The acquisition of Syniti strengthens the Group’s data-driven digital transformation capabilities.

    Our clients keep showing a strong appetite for technology and recognize the value we bring as their trusted business and technology transformation partner. However, we remain cautious in this uncertain environment, notably around Manufacturing and Europe, and expect H1 2025 constant currency revenue growth to remain in the same range as in Q4 2024. We will continue to demonstrate in 2025 the strength of our positioning and the resilience of our operating model, with growth as a priority.”

    KEY FIGURES

    (in millions of euros) 2023 2024 Change
    Revenues 22,522 22,096 -1.9%
    Operating margin* 2,991 2,934 -1.9%
    as a % of revenues 13.3% 13.3% 0pt
    Operating profit 2,346 2,356 +0.4%
    as a % of revenues 10.4% 10.7% +0.3pts
    Net profit (Group share) 1,663 1,671 +0.5%
    Basic earnings per share (€) 9.70 9.82 +1.2%
    Normalized earnings per share (€)* 12.44 12.23 -1.7%
    Organic free cash flow* 1,963 1,961 -€ 2m
    Net cash / (Net debt)* (2,047) (2,107)  

    In an environment that proved weaker than initially anticipated, Capgemini demonstrated in 2024 the resilience of its operating model and its leadership on AI and Generative AI. Clients focused on driving efficiency, prioritizing operational agility and cost optimization while discretionary spend remained soft. This environment has fueled a strong demand for transformation programs which translated into continued traction for Capgemini’s Cloud, Data & AI services as well as its innovative offerings, most notably in intelligent supply chain, digital core and generative AI projects. This is contributing to the continuous improvement of the portfolio mix toward innovation and enhanced client value creation.

    Capgemini reported revenues of €22,096 million in 2024, down -1.9% year-on-year. Constant currency growth* was -2.0%, at the top end of the outlook as revised in October 2024. Organic growth* (i.e., excluding the impact of currency fluctuations and changes in Group scope) was -2.4%. After bottoming out in Q1, revenue trends gradually improved through the year with a revenue decline limited to -1.1% at constant currency and -1.5% organically in Q4.

    With bookings of €23,821 million in 2024 and €6,806 million in Q4, the Group maintained a strong commercial momentum despite client decision cycles that remain long, achieving a solid book-to-bill of 1.08 for the year, and 1.22 in Q4. When compared to 2023 bookings, this represents, at constant exchange rates, a decrease of -0.5% for the year and an increase of +1.9% in Q4. Generative AI bookings amounted to close to 4% of Group bookings for the year and around 5% for Q4.

    The ongoing shift in Capgemini’s offerings portfolio towards higher value services, coupled with enhanced operational efficiency, generated a 50 basis points increase in gross margin to 27.4% of revenues, reflecting the resilience of its operating model. This enabled the Group to absorb the incremental investment in selling efforts aimed at driving future growth and offset the slight increase in G&A expenses.

    Consequently, the operating margin* was stable at 13.3% of revenues, or €2,934 million, in line with the operating margin target set for 2024.

    Other operating income and expenses was a net expense of €578 million, down €67 million year-on-year. This decrease is mainly attributable to lower restructuring charges, which decreased by €55 million.

    Capgemini’s operating profit was €2,356 million, or 10.7% of revenues, compared with €2,346 million, or 10.4% of revenues in 2023.

    Capgemini reported a net financial income of €13 million in 2024, compared to a net expense of €42 million in 2023, reflecting higher interest income.

    The income tax expense was €681 million, up from €626 million last year. This represents an increase in the effective tax rate from 27.2% in 2023 to 28.8% this year.

    Taking into account the share of profits of associates and non-controlling interests, the Group share in net profit rose by +0.5% year-on-year to €1,671 million. Basic earnings per share increased by +1.2% to €9.82. Normalized earnings per share* was €12.23, compared with €12.44 in 2023.

    Organic free cash flow* generation remained strong at €1,961 million, in line with the 2024 target and the previous year despite lower revenues.

    CAPITAL ALLOCATION & BALANCE SHEET

    In 2024, Capgemini actively redeployed close to €2.0 billion of capital, essentially funded by the organic free cash flow of the year. Capgemini invested €827 million in acquisitions. The Group also paid dividends of €580 million (€3.40 per share) to Capgemini SE shareholders and allocated €972 million to share buybacks: €498 million on its multiyear program and €474 million to neutralize the dilution of the 11th employee share ownership plan (ESOP). This ESOP plan, which proved highly successful and thus contributed to maintaining employee shareholding at around 8% of the share capital, led to a gross capital increase of €415 million.

    In October 2024, the Group also redeemed in full and at maturity its €600 million bond issued in April 2018.

    At December 31, 2024, the Group had cash, cash equivalents and cash management assets of €3.1 billion. After accounting for borrowings of €5.1 billion as well as for derivative instruments, Group net debt* is €2.1 billion, slightly up compared with €2.0 billion at December 31, 2023.

    The Board of Directors decided to recommend the payment of a dividend of €3.40 per share at the Shareholders’ Meeting of May 7, 2025. The corresponding payout ratio is 35% of net profit (Group share), in line with the Group’s historical distribution policy.

    OPERATIONS BY REGION

    At constant exchange rates, revenues in North America (28% of Group revenues) decreased by -4.1% with improving trends in H2. The Financial Services, Consumer Goods & Retail and Telco, Media & Technology (TMT) sectors were the main drivers of improvement. In contrast, the Manufacturing and Public sectors slowed down in H2. The operating margin increased to 16.5%, from 15.6% in 2023.

    The United Kingdom and Ireland region (12% of Group revenues) remained resilient, posting a -1.0% decline in revenue primarily driven by the contraction of the Consumer Goods & Retail sector. The region’s return to growth in H2 was driven by the recovery in Financial Services and the continued strength in the Energy & Utilities sector. The operating margin reached 19.7% compared with 18.6% in 2023.

    France (20% of Group revenues) revenues decreased by -3.5%, in an environment that led to a visible degradation in H2. This evolution was mostly driven by the contraction of the Manufacturing sector. However, as in most regions, Financial Services visibly improved through the year. The operating margin contracted from 12.6% to 10.2%.

    In the Rest of Europe region (31% of Group revenues), revenues stood at +0.1% with solid Public and Energy & Utilities sectors and Financial Services returning to growth. The Manufacturing sector also negatively weighed on activity in the region. The operating margin was 12.0%, slightly up from 11.7% a year earlier.

    Finally, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were slightly down
    -0.3% driven by a slower Financial Services sector in Asia-Pacific. However, the Public Sector in Asia-Pacific and the Consumer Goods & Retail sector in Latin America, both enjoyed double-digit growth rates. The operating margin slightly improved to 12.4% compared with 12.2% the year before.

    OPERATIONS BY BUSINESS

    At constant exchange rates, Strategy & Transformation consulting services (9% of Group revenues) reported +3.2% growth in total revenues* in 2024. This continued momentum illustrates the strength of the Group’s positioning as a strategic partner to its clients.

    Applications & Technology services (62% of Group revenues and Capgemini’s core business) reported
    a -2.1% decrease in total revenues.

    Finally, Operations & Engineering services total revenues (29% of Group revenues) decreased -2.1%.

    OPERATIONS IN Q4 2024

    Q4 was the third consecutive quarter of gradual improvement in growth rate. As expected, the Financial Services and Consumer Goods & Retail sectors saw an acceleration and TMT returned to growth. This was offset by the slowdown in Manufacturing.

    Geographically, growth rates improved substantially in North America, but also the United Kingdom and Ireland, Asia-Pacific and Latin America, but slowed down visibly in France.

    Group revenues totaled €5,581 million in Q4 2024, a decline of -1.1% year-on-year at constant exchanges rate and -1.5% organically. This decline in revenue can be solely attributable to -6.1% slowdown in Manufacturing.

    At constant exchange rates, the decline in revenues in the North America region was limited to -1.6%, with the growth in Financial Services, Consumer Good & Retail and TMT, more than offset by the weakness in the Manufacturing and Energy & Utilities sectors. Revenues in the United Kingdom and Ireland region grew +1.5%, supported by the good performance of the Energy & Utilities and Manufacturing sectors and to a lesser extent the growth in Financial Services. In France, the weakness in the Manufacturing, Consumer Goods & Retail and Energy & Utilities sectors led the revenue to decline -5.8%. Revenues in the Rest of Europe region were stable (+0.1%), driven by robust activity in the Public, Energy & Utilities and Financial Services sectors that offset the decline in the Manufacturing sector. Finally, revenues in the Asia-Pacific and Latin America region grew by +4.6% supported by the visible recovery in the Financial Services and Consumer Goods & Retail sectors, more than offsetting the weak Manufacturing and Energy & Utilities sectors.

    HEADCOUNT

    At December 31, 2024, the Group’s total headcount stood at 341,100, slightly up by +0.2% year-on-year and +0.7% compared to the end of September 2024.

    The onshore workforce decreased by -1.1% at 144,200 employees, while the offshore workforce was up by +1.2% to 196,900 employees, i.e., 58% of the total headcount.

    ESG PERFORMANCE

    In 2024, Capgemini demonstrated continued leadership in corporate responsibility by making significant advancements aligned with its ESG (Environment, Social and Governance) policy and commitments.

    From an environmental standpoint, Capgemini set ambitious near-term (2030) and long-term (2040) carbon reduction targets in 2022, including a 90% reduction in all emissions (Scope 1, 2 and 3) by 2040 to reach its “net zero emissions” targets as validated by the SBTi (Science-Based Targets initiative). At the end of 2024, the Group had reduced its absolute emissions (Scope 1, 2 and 3) by 35% compared to 2019. Reflecting the commitment to 100% renewable electricity (RE100) by 2025, Capgemini’s scope 1 and 2 emissions have decreased by 93% since 2019. The share of renewable energy in the Group’s electricity consumption reached 98% last year up from 96% in 2023.

    In human capital development, Capgemini continued to invest in its talent in 2024. The average number of learning hours per employee trained reached 77 hours last year, significantly up notably with the expansion of the generative AI training program.

    The Group also made notable progress in gender balance, nearing its global objective of 40% by 2025. By the end of 2024, women comprised 39.7% of the total workforce, up by almost 1 point year-on-year and almost 7 points since 2019. The proportion of women among executive leadership positions globally reached 29.0%, up by almost 3 points year-on-year and more than 12 points since 2019.

    The scale of impact through digital inclusion initiatives also extended greatly in 2024. Overall, the Group’s various programs and partnerships with leading non-profit organizations benefited almost 3.2 million individuals in 2024.

    In recognition of this continued progress, the Group was confirmed as a constituent of the Dow Jones Sustainability Index (DJSI) Europe and maintained its position on the “A list” in the 2024 CDP (Carbon Disclosure Project) assessment.

    OUTLOOK

    The Group’s financial targets for 2025 are:

    • Revenue growth of -2.0% to +2.0% at constant currency;
    • Operating margin of 13.3% to 13.5%;
    • Organic free cash flow of around €1.9 billion.

    CONFERENCE CALL

    Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, will comment on this publication during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

    All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

    PROVISIONAL CALENDAR

    April 29, 2025        Q1 2025 revenues
    May 7, 2025        Shareholders’ meeting
    July 30, 2025        H1 2025 results
    October 28, 2025        Q3 2025 revenues

    The dividend payment schedule to be submitted to the Shareholders’ Meeting for approval would be:

    May 20, 2025        Ex-dividend date on Euronext Paris
    May 22, 2025        Payment of the dividend

    DISCLAIMER

    This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

    This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

    ABOUT CAPGEMINI

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

    Get the Future You Want | www.capgemini.com

    * *

    *

    APPENDIX3F2

    BUSINESS CLASSIFICATION

    • Strategy & Transformation includes all strategy, innovation and transformation consulting services.
    • Applications & Technology brings together “Application Services” and related activities and notably local technology services.
      • Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

    DEFINITIONS

    Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates.

    Reconciliation of growth rates Q1
    2024    		 Q2
    2024    		 Q3
    2024    		 Q4
    2024    		 FY
    2024
    Organic growth -3.6% -2.3% -2.1% -1.5% -2.4%
    Changes in Group scope +0.3 pts +0.4 pts +0.5 pts +0.4 pts +0.4 pts
    Growth at constant exchange rates -3.3% -1.9% -1.6% -1.1% -2.0%
    Exchange rate fluctuations -0.2 pts +0.4 pts -0.3 pts +0.5 pts +0.1 pts
    Reported growth -3.5% -1.5% -1.9% -0.6% -1.9%

    When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

    Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expenses” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

    Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

    Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

    Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

    RESULTS BY REGION

      Revenues   Year-on-year growth   Operating margin rate
      2024
    (in millions of euros)    		   reported at constant exchange rates   2023 2024
    North America 6,188   -4.2% -4.1%   15.6% 16.5%
    United Kingdom and Ireland 2,753   +1.6% -1.0%   18.6% 19.7%
    France 4,380   -3.5% -3.5%   12.6% 10.2%
    Rest of Europe 6,851   +0.2% +0.1%   11.7% 12.0%
    Asia-Pacific and Latin America 1,924   -2.6% -0.3%   12.2% 12.4%
    TOTAL 22,096   -1.9% -2.0%   13.3% 13.3%

    RESULTS BY BUSINESS

      Total revenues*   Year-on-year growth
      2024
    (% of Group revenues)    		   At constant exchange rates in Total revenues* of the business
    Strategy & Transformation 9%   +3.2%
    Applications & Technology 62%   -2.1%
    Operations & Engineering 29%   -2.1%

    SUMMARY INCOME STATEMENT AND OPERATING MARGIN

    (in millions of euros) 2023 2024 Change
    Revenues 22,522 22,096 -1.9%
    Operating expenses (19,531) (19,162)  
    Operating margin 2,991 2,934 -1.9%
    as a % of revenues 13.3% 13.3% 0bp
    Other operating income and expenses (645) (578)  
    Operating profit 2,346 2,356 +0.4%
    as a % of revenues 10.4% 10.7% +30bp
    Net financial expenses (42) 13  
    Income tax income/(expense) (626) (681)  
    Share of profit of associates and joint-ventures (10) (11)  
    (-) Non-controlling interests (5) (6)  
    Profit for the period, Group share 1,663 1,671 +0.5%

    NORMALIZED AND DILUTED EARNINGS PER SHARE

    (in millions of euros) 2023 2024 Change
    Average number of shares outstanding 171,350,138 170,201,409 -0.7%
    BASIC EARNINGS PER SHARE (in euros) 9.70 9.82 +1.2%
    Diluted average number of shares outstanding 177,396,346 176,375,256  
    DILUTED EARNINGS PER SHARE (in euros) 9.37 9.47 +1.1%
           
    (in millions of euros) 2023 2024 Change
    Profit for the period, Group share 1,663 1,671 +0.5%
    Effective tax rate 27.2% 28.8%  
    (-) Other operating income and expenses, net of tax 469 412  
    Normalized profit for the period 2,132 2,083 -2.3%
    Average number of shares outstanding 171,350,138 170,201,409 -0.7%
    NORMALIZED EARNINGS PER SHARE (in euros) 12.44 12.23 -1.7%

    CHANGE IN CASH AND CASH EQUIVALENTS AND ORGANIC FREE CASH FLOW

    (in millions of euros) 2023 2024
    Net cash from operating activities 2,525 2,526
    Acquisitions of property, plant and equipment and intangible assets, net of disposals (254) (310)
    Net interest cost (11) 37
    Repayments of lease liabilities (297) (292)
    ORGANIC FREE CASH FLOW 1,963 1,961
    Other cash flows from (used in) investing and financing activities (2,126) (2,788)
    Increase (decrease) in cash and cash equivalents (163) (827)
    Effect of exchange rate fluctuations (115) 97
    Opening cash and cash equivalents 3,795 3,517
    Closing cash and cash equivalents 3,517 2,787

    NET DEBT

    (in millions of euros) December 31, 2023 December 31, 2024
    Cash and cash equivalents 3,536 2,789
    Bank overdrafts (19) (2)
    Cash and cash equivalents 3,517 2,787
    Cash management assets 161 268
    Long-term borrowings (5,071) (4,281)
    Short-term borrowings and bank overdrafts (675) (863)
    (-) Bank overdrafts 19 2
    Borrowings, excluding bank overdrafts (5,727) (5,142)
    Derivative instruments 2 (20)
    NET CASH / (NET DEBT) (2,047) (2,107)

    ESG PERFORMANCE

      Objectives Key Performance Indicators 2019
    (baseline)    		 2023 2024 Change vs. 2019 2025 Objective 2030 Objective (vs 2019)
    Environment Be carbon neutral for our own operations no later than 2025 and across our supply chain by 2030, and committed to becoming a net zero business by 2040 Scope 1 & 2 – Absolute emissions (ktCO₂e) 154.1 13.6 11.2 -93%   -80%
    Scope 3 – Employee commuting emissions per headcount (tCO₂e/head) 1.08 0.50 0.55 -49%   -55%
    Scope 3 – Business travel emissions per headcount (tCO₂e/head) 1.26 0.50 0.48 -62%   -55%
    Scope 3 – Purchased goods and services (ktCO₂e) 305.7 352.1 301.5 -1%   -50%
    Transition to 100% renewable electricity by 2025, and electric vehicles by 2030 % of electricity from renewables 28% 96% 98% +70pts 100%  
    Social Increase average learning hours per employee by 5% every year to ensure regular lifelong learning Average Completed Learning Hours per headcount trained during the reporting period 41.9 53.8 77.4 +85%    
    40% of women in our teams by 2025 % of women in the workforce 33.0% 38.8% 39.7% +6.7pts 40%  
    5m beneficiaries supported by our digital inclusion programs by 2030 Cumulated number of beneficiaries since 2018 29,012 4.4m 7.5m     5m
    Governance 30% of women in Group executive leadership positions in 2025 % of women in Group executive leadership positions 16.8% 26.2% 29.0% +12.2pts 30%  
    Maintain over 80% of the workforce with an Ethics score of 7-10 % of the headcount with an Ethics score of 7-10   86% 85%   >80% >80%
    Be recognized as a front leader in data protection and cybersecurity Cyber Rating agencies – CyberVadis score   958 977   940-950
    out of 1,000
    DPO certification   72% 76%   95%  

    Note: in the table above, 2024 data may include some estimates and some historical data points have been restated to ensure comparability.

    1 Audit procedures on the consolidated financial statements have been completed. The auditors are in the process of issuing their report.
    2 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

    Attachments

    The MIL Network –

    February 18, 2025

  • MIL-OSI: WISeKey Announces Holistic Technology Consolidation for Digital Trust Leadership

    Source: GlobeNewswire (MIL-OSI)

    WISeKey Announces Holistic Technology Consolidation for Digital Trust Leadership

    Geneva, Switzerland, February 18, 2025 –WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today announces the consolidation of its advanced technologies into a unified ecosystem, aiming to enhance security, interoperability, and innovation. This initiative integrates AI, quantum-resistant cryptography, blockchain, and IoT security to ensure holistic digital trust across industries.

    Specifically, WISeKey is integrating:

    • WISeID is advancing digital identity solutions by incorporating AI-driven behavioral and post-quantum cryptographic algorithms for enhanced authentication. The platform ensures secure and seamless identity verification for individuals, enterprises, and governments, leveraging blockchain and AI to offer a decentralized identity framework resistant to cyber threats.
    • SEALSQ (Nasdaq: LAES) is embedding quantum-resistant chips into WISeKey’s digital identity and IoT security solutions, fortifying data protection. The deployment of post-quantum cryptographic microcontrollers ensures long-term security against emerging quantum threats, positioning SEALSQ at the forefront of semiconductor innovation. Additionally, SEALSQ’s AI-driven predictive security mechanisms enhance threat intelligence, providing real-time responses to cyber vulnerabilities. SEALSQ Quantum Roadmap is designed to invest in quantum related companies expanding its quantum positioning
    • OISTE RootKey is expanding trust models through blockchain-based root-of-trust systems, reinforcing the Company’s role as a global trust anchor. This ensures that digital identities, transactions, and communications remain protected against unauthorized access and cyber fraud, enhancing the overall trustworthiness of WISeKey’s security architecture.
    • WISeSat is securing satellite-based communications with post-quantum cryptographic security, addressing the growing need for secure IoT communications. With an increasing number of IoT devices relying on satellite infrastructure, WISeSat integrates quantum-resistant key exchange mechanisms to prevent unauthorized access and data breaches in remote and critical infrastructure applications.
    • WISeCoin is transforming blockchain-based financial transactions, ensuring fraud-proof, tokenized markets. The use of AI-driven fraud detection systems, coupled with secure digital identity and data verification, enhances the integrity of financial transactions, reducing risks associated with identity theft and cybercrime in digital finance.
    • SEALCOIN platform is designed to create a secure, decentralized platform for IoT, enabling real-time peer-to-peer transactions and data exchanges through the TIOT token. SEALCOIN platform empowers devices to operate independently and securely in a trusted ecosystem, driving innovation and efficiency.
    • WISeArt is pioneering AI and blockchain technology to authenticate and protect digital and physical art assets, mitigating risks of forgery and fraud. The platform ensures traceability and verification of ownership, allowing for secure art tokenization and digital rights management.
    • WISeAi.IO is the latest addition to WISeKey’s technology stack, revolutionizing AI-driven cybersecurity and identity protection. WISeAi.IO harnesses machine learning models to detect anomalies in real time, predict cyber threats, and automate security protocols. Integrated with WISeID, SEALSQ, and WISeSat, WISeAi.IO enhances cybersecurity resilience by identifying potential threats before they manifest, ensuring proactive security management across WISeKey’s ecosystem.

    WISeKey’s long-term strategy includes substantial investments in AI and Quantum Computing. AI-powered cybersecurity solutions are being developed to predict and prevent cyber threats, while quantum-resistant cryptography is safeguarding digital assets from future quantum computing risks. Self-sovereign digital identity solutions will integrate AI to enhance authentication mechanisms, and blockchain will ensure secure AI model verification to prevent manipulation and breaches.

    To accelerate technology adoption and market leadership, WISeKey has actively pursued strategic acquisitions and partnerships. Specifically, WISeKey has:

    1. Acquired AI-driven cybersecurity technology to enhance its predictive threat detection capabilities.
    2. Collaborated with quantum computing startups to strengthen its expertise in post-quantum security.
    3. Established joint ventures with space technology providers to expand secure satellite-based communications.
    4. Partnered with digital asset firms to enhance blockchain-based identity verification and create a robust, decentralized digital economy.

    Carlos Moreira, Founder and CEO of WISeKey, emphasizing the strategic importance of this consolidation, noted, “By unifying our technologies into a comprehensive digital trust ecosystem, WISeKey is reinforcing its position as a global leader in cybersecurity. The integration of AI, quantum computing, and blockchain ensures we are prepared for the challenges of the digital future. We are delivering future-ready solutions that protect individuals, enterprises, and governments worldwide.”

    SEALSQ, together with WISeKey, boasts a rich portfolio of over 46 patent families encompassing more than 100 fundamental individual patents https://www.sealsq.com/investors/news-releases/sealsq-expands-protection-of-luxury-and-valuable-assets-with-patented-advanced-digital-certification-and-nft-technology.

    For further information, please visit www.wisekey.com.

    About WISeKey

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611
    lcati@equityny.com

    The MIL Network –

    February 18, 2025

  • MIL-OSI: LHV Group results in January 2025

    Source: GlobeNewswire (MIL-OSI)

    After a strong end to year, January’s results, as is customary for the season, were more modest in terms of results for LHV. The consolidated loan portfolio of LHV Group decreased by EUR 8 million in January, and the total volume of clients’ deposits decreased by EUR 15 million. The volume of the funds managed by LHV decreased by EUR 10 million. A total of 6.6 million payments related to financial intermediaries were made over the month.

    In January, AS LHV Group earned EUR 9 million in consolidated net profit. Among the subsidiaries, the net profit of AS LHV Pank was EUR 6.9 million, while LHV Bank Ltd earned EUR 1.4 million in net profit, AS LHV Varahaldus EUR 363 thousand, and AS LHV Kindlustus EUR 249 thousand. The financial plan, which was disclosed in February, remains.

    The loan portfolio of LHV Pank decreased by EUR 23 million, with retail loans increasing by EUR 27 million; however, corporate loans decreased by EUR 50 million due to the planned loan repayment of one client. Although credit quality generally remained strong, the result for the month was affected this time by a short-term increase in write-downs due to a decrease in the rating of one client. The decline in the total volume of deposits of EUR 11 million was due to a decrease in the deposits of regular clients by EUR 78 million, as the deposits of financial intermediaries increased.

    LHV Pank added 4,000 clients to its ranks in January. At the beginning of the year, the research company Dive declared LHV Pank the bank with the best service in Estonia for the ninth time, both in terms of phone calls and visits to a bank branch.

    The volume of loans from LHV Bank, which operates in the United Kingdom, continued to rise, as the portfolio grew by EUR 16 million in January, while the amount of approved but not yet issued loans rose to EUR 186 million. Additional deposits in the amount of EUR 25 million were raised from deposit platforms. By the end of January, the first 100 retail clients had opened an account with LHV Bank, and work continues to supplement the offer intended for retail customers. The net income of the Bank was higher than planned in January, due to the increased revenues from the financial intermediaries business line.

    For LHV Varahaldus, the year started with good results. Pension funds M, L, and XL increased by 1.8%, 2.6%, and 3.7%, respectively, over the month. Indeks increased by 3.7% and Roheline 1.3%. Conservative funds S and XS increased by 1.2% and 0.7%, respectively. In January, LHV Varahaldus launched a new LHV Euro Bond Fund available to all retail investors, the units of which were subscribed for in the initial public offering by more than 1,000 investors worth EUR 9.6 million.

    In January, clients entered into 17,500 new insurance agreements with LHV Kindlustus in the volume of EUR 6.6 million. Sales results were excellent in vehicle insurance products, home insurance, and travel insurance. Losses were compensated in the amount of EUR 2 million. All in all, the first month of the year was profitable for LHV Kindlustus.

    To access the reports of AS LHV Group, please visit the website at https://investor.lhv.ee/en/reports.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of January, LHV’s banking services are being used by 460,000 clients, the pension funds managed by LHV have 112,000 active clients, and LHV Kindlustus protects a total of 172,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

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

    Attachment

    • LHV Group 2025-01-EN

    The MIL Network –

    February 18, 2025

  • MIL-OSI: CoinShares Announces Q4 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    18thFebruary 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), a leading global investment company specialising in digital assets, has today published its results for the quarter ending 31st December 2024.  

    Jean-Marie Mognetti, Chief Executive Officer of CoinShares said:

    “Q4 2024 was arguably the most transformative quarter in digital asset history, marked by groundbreaking policy shifts. It was also one of CoinShares’ strongest quarters since inception, with EBITDA reaching £33.6 million (£109.8 million year-to-date), a 37% increase from Q4 2023 and 116% year-on-year growth.

    Over the past three years, we have systematically built a strong foundation, establishing leading platforms in both Europe and the United States. With our infrastructure in place and market position stronger than ever, we are uniquely poised to seize this pivotal moment in digital assets.”

    Q4 2024 financial highlights

    • Q4 revenue, gains and other income of £48.3 million (Q4 2023: £31.6 million)
    • Q4 adjusted EBITDA of £33.6 million (Q4 2023: £24.5 million)
    • Total comprehensive income for Q4 2024 of £46.7 million (Q4 2023: £15.8 million)

    Full Year 2024 financial highlights

    • 2024 revenue, gains and other income of £126.8 million (2023: £76.3 million)
    • 2024 adjusted EBITDA of £109.8 million (2023: £50.9 million)
    • Total comprehensive income for 2024 of £107.5 million (2023: £38.4 million)

    Q4 2024 operational highlights

    • CoinShares’ Asset Management division achieved its strongest quarter to date, with the Physical platform seeing notable growth in Q4. Our Physical Staked Ethereum ETP led inflows with $75 million, while our Physical XRP ETP attracted $31 million in new investments. The CoinShares Physical platform’s total assets increased by 54% to $2.3 billion, with our Physical Bitcoin ETP becoming Europe’s largest. Despite outflows in our XBT platform, strong crypto price appreciation drove AuM up by 30% to $3.74 billion. In the U.S., our CoinShares-Valkyrie business line saw positive net flows of $19 million, led by WGMI with $52 million in inflows, amidst a broader U.S. market that saw $16 billion flow into crypto spot, futures, and equity ETPs. The Asset Management division generated £25.3 million in revenue for the quarter and £87.1 million in revenue for the full year 2024.
    • The Capital Markets and Hedge Fund Solutions division demonstrated robust performance across all business lines in Q4. Our trading team capitalized on market volatility, while liquidity provisioning saw materially higher flows than previous quarters. The lending book remained stable with a focus on credit quality, and staking activities generated consistent yields between 3-3.5%. Together with gains from our Bitcoin treasury position, the division delivered £21.2 million in Q4, bringing the full year 2024 revenue to £57.4 million.

    The performance for Q4 marks one of the Group’s strongest quarter ever and has contributed to 2024 being the second strongest year in the Group’s history after 2021. Full details of the Q4 results, inclusive of financial information on each of the Group’s business units, are included within the full report, available here.

    Proposed Dividend

    The Board of the Company today announces that, subject to finalisation of the Group audit, it has resolved to declare and pay in four equal instalments an annual dividend in relation to the financial year ending 31 December 2024 amounting to £20,000,000, to be paid from the Group’s reserves.

    The annual dividend payment will be made in four quarterly instalments via the Euroclear Sweden settlement system, subject to an assessment by the Board of the financial health and cash requirements of the Group prior to each payment being made. 

    ENDS 

    Download the Swedish Executive Summary here.

    The Annual Report for the Group, inclusive of full audited financials is due to be released on 30th April 2025. 

    ABOUT COINSHARES

    CoinShares is a leading global investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

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

    This information is information that CoinShares International Limited is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information in this press release has been published through the agency of the contact persons set out below, at 7:00 am CET on 18th February 2025.

    PRESS CONTACT

    CoinShares
    Benoît Pellevoizin
    bpellevoizin@coinshares.com

    M Group Strategic Communications
    Peter Padovano
    press@coinshares.com

    Attachment

    • coinshares_report_q4_24

    The MIL Network –

    February 18, 2025

  • MIL-Evening Report: Trump’s view of the world is becoming clear: America’s interests matter more than any set of rules

    Source: The Conversation (Au and NZ) – By John Blaxland, Professor, Strategic and Defence Studies Centre, Australian National University

    Last week in Europe, the United States sent some very strong messages it is prepared to upend the established global order.

    US Vice President JD Vance warned a stunned Munich Security Conference that Europe has an “enemy within”, referring to leaders who ignore their citizens’ concerns and values. He also advocated for right-wing political groups to be brought into the mainstream.

    Meanwhile, at a meeting of NATO defence ministers, US Defence Secretary Pete Hegseth talked about hard power, the warrior ethos and the need for NATO members to spend up to 5% of their GDPs on defence. Most have only just climbed to about 2%, the longstanding NATO guideline.

    In Poland, he reaffirmed the US commitment to the defence of Poland (and NATO) and committed to bolstering the US military presence there. So, despite the mixed messaging, the United States is not leaving Europe anytime soon.

    Meanwhile, President Donald Trump is reportedly demanding a significant levy from Ukraine as payback for US protection and support.

    The combination of remarks has left pundits and policymakers wondering – is the US-led international order, with its multilateral institutions, nearing its end?

    The demise of the rules-based order?

    The United States played a leading role in establishing the rules-based international order from the ashes of the second world war.

    Critics have decried the UN-related institutions that arose at this time. But the rules-based order is perhaps best viewed as Voltaire saw the Holy Roman Empire: “no way holy, nor Roman, nor an empire”. Those proclaiming the demise of the rules-based order should be careful what they wish for.

    Such a system of trusted international exchanges barely existed prior to 1945. And while superpowers have carved out many exceptions for themselves, the rules-based order has nonetheless resulted in a time of remarkable stability and prosperity for the world.

    So, why would the United States now appear to be retreating from this arrangement? The declining centrality of US influence goes some way to explain this.

    China’s rise and the rise of Trump

    To place the current events in proper context, we need to go back 25 years, when China joined the World Trade Organisation (WTO).

    This move was supported by and facilitated by then US President Bill Clinton in a belief that market liberalisation would eventually lead to political liberalisation.

    Since then, China’s growth has skyrocketed thanks to its ready access to global markets. But it’s retained a strong mercantilist approach, counter to the spirit of the WTO. This has generated much resentment and nervousness among Western powers about the changing global power balance.

    Since Xi Jinping’s rise to power in 2012, in particular, China has taken on an adversarial position to the rules-based order, following its own set of rules.

    In effect, the world got neither the political nor the trade liberalisation that it once sought from China. Rather, the rules as they applied in China (and to an extent in Russia) allowed state-owned enterprises to co-opt – if not outright steal – technology shared by their international industry partners.

    Foreign companies were squeezed out of China and had difficulty competing with lower-priced Chinese products at home.

    Trump’s rise is, in part, a reaction to these developments. During his first term from 2017–20, Trump fitfully attempted to take a retaliatory, transactional approach to international relations. Now, as he begins his second term, he has a much more clear-eyed plan of action.

    What Trump expects now

    What became startlingly clear at the Munich Security Conference was Trump’s new vision of transactional alliances with America’s traditional partners.

    In his view, the United States is not so much retreating into isolationism as much as it’s acting as a great power with its own economic interests at heart. Trump is eager for the US to assert its place in a world where spheres of influence matter as much – if not more – than any particular set of rules.

    Evidently, the US is no longer advocating for multilateralism, in which states cooperate as equals. Now, it’s focused more on multi-polarity – a world with several great powers, in which the US puts its own interests first. As Trump frequently reminds us, “America First”.

    According to this world view, allies and adversaries have equally been taking unfair advantage of:

    • America’s famous openness (notably its borders)
    • its liberal trade policies (which, according to Trump, has led to the de-industrialisation of the American heartland).

    Its allies have also taken advantage of the generosity of its security umbrella, leading to their cavalier approach to security.

    The Trump administration’s remedy to all of this involves doling out sanctimonious advice. An example of this: Vance telling European allies they should unwind their relaxed immigration policies.

    JD Vance’s speech to the Munich Security Conference.

    It’s also doling out some tough medicine, apparently trying to provoke a reaction in European capitals so they significantly increase their defence spending. This would enable the US to step back from being Europe’s security guarantor and finally undertake its long-talked-about pivot to Asia and focus on its main adversary: China.

    Russia evidently features as part of this plan. Trump appears intent to try to cleave Russia from its Chinese embrace in order to either isolate or weaken China. A hard-nosed deal with Russia over Ukraine may well be the price he’s willing to pay to make that happen.

    For America’s close security and economic partners, this presents an unprecedented challenge. The old preconceptions and expectations no longer seem to apply. What’s important now is not so much America’s shared values with Europe, it’s their overlapping interests.

    For America’s allies, as well as its adversaries, this is going to require some hard thinking and new strategies, both economically and militarily.

    John Blaxland does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Trump’s view of the world is becoming clear: America’s interests matter more than any set of rules – https://theconversation.com/trumps-view-of-the-world-is-becoming-clear-americas-interests-matter-more-than-any-set-of-rules-250144

    MIL OSI Analysis – EveningReport.nz –

    February 18, 2025

  • MIL-OSI Economics: Fragile X syndrome market to quadruple to $111.9 million in US and Germany by 2030, forecasts GlobalData

    Source: GlobalData

    Fragile X syndrome market to quadruple to $111.9 million in US and Germany by 2030, forecasts GlobalData

    Posted in Pharma

    The fragile X syndrome (FXS) market across the US and Germany is projected to experience explosive growth, quadrupling from $28.7 million in 2025 to $111.9 million by 2030, a CAGR of 31.3% (2025-2030), driven by the anticipated launch of two high-priced targeted therapies for FXS in 2027, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Fragile X Syndrome: Opportunity Assessment and Forecast -Update,” anticipates a stable market until the projected US launches of Harmony Biosciences’ Zygel (cannabidiol) and Shionogi Inc’s zatolmilast in 2027. Zygel is expected to launch in Germany in 2028, whereas zatolmilast is not anticipated to launch in Germany during the forecast period. These therapies are set to represent the first treatments to be indicated for FXS.

    Lorraine Palmer, Pharma Analyst at GlobalData, comments: “The introduction of Zygel and zatolmilast could mark a turning point in FXS treatment as, for the first time, there could be therapies offering the potential to address the underlying mechanisms of the disease, a significant unmet need.”

    There are currently no approved therapies available for FXS; prescribed treatment consists exclusively of off-label drugs that target individual symptoms of the disease. Examples of such interventions include SSRIs for depressive symptoms and anxiety; stimulants like methylphenidate for hyperactivity, inattention, and impulsivity; antipsychotic medications for aggression; and anticonvulsant agents for seizures.

    In addition, according to key opinion leaders (KOLs) interviewed by GlobalData, the behavioral symptoms of irritability, aggression, and anxiety are not adequately addressed by the available treatment options, offering only partial relief. Furthermore, these treatments often come with the burden of side effects, particularly sedation, which can limit normal activity and impact the quality of life of patients. KOLs emphasized the need for therapies that address the underlying etiology of FXS.

    The US FXS market, which currently accounts for 96.5% of the combined sales in the US and Germany, is projected to reach $108.3 million by 2030. The German market is expected to grow to $3.7 million by 2030, driven by the launch of Zygel. While the anticipated high costs of Zygel and zatolmilast may be a barrier to their uptake, GlobalData still expects uptake of the agents due to their mechanism of action having the potential to address processes implicated in FXS pathogenesis. KOLs interviewed by GlobalData emphasized that the availability of therapies targeting the underlying etiology of FXS is a key unmet need within the market.

    Palmer adds: “Despite the promise of these new therapies, the clinical heterogeneity of FXS suggests that efficacy may vary among patients.  This underscores the need for the continued research and development of therapies targeting the underlying etiology of FXS. This need might be met in the future, as currently 73.3% of FXS pipeline agents are in Phase I and II stages of development and most seek to target underlying processes leading to FXS symptoms.”

    GlobalData’s report also highlighted the growing prevalence of FXS, with diagnosed cases in the US and Germany expected to go from 69,942 in 2020 to 73,216 in 2030, an AGR of 0.47%. This will be driven by the increasing US total population.

    Palmer concludes: “While there previously hasn’t been much movement in the US and German FXS markets, together they are on the cusp of a major transformation and the face of these markets will change within the next five years. The arrival of targeted therapies offers hope for significant improvements in the lives of individuals with FXS.”

    MIL OSI Economics –

    February 18, 2025

  • MIL-Evening Report: What is divestiture and how would it stop insurance companies ‘ripping off’ customers?

    Source: The Conversation (Au and NZ) – By Allan Fels, Professor Allan Fels, Professor of Law, Economics and Business at the University of Melbourne and Monash University., The University of Melbourne

    Australia is creeping towards adding a divestiture power to its Competition and Consumer Act.

    Under such a law, the courts, on the recommendation of the Australian Competition and Consumer Commission, could break a firm into parts.

    Divestiture is currently used in Australia when the competition and consumer commission considers proposed mergers. Often it will only approve a merger when certain parts of the business are broken up to prevent monopolies.

    It has also been used to deal with abuse of market power by electricity providers.

    Under the proposed change, a company with substantial market power which breaches the Consumer and Competition Act may be forced to divest assets to restore balance and ensure the market is competitive. This would reduce the possibility of consumers being over-charged.

    The Coalition has already proposed breaking up the major supermarkets, Coles and Woolworths which have been long-accused of price gouging customers.

    On Sunday, Coalition leader Peter Dutton signalled he was likely to introduce divestiture if elected to stop insurers from “ripping off” customers by charging exorbitant premiums or refusing to pay claims.

    Premiums have soared by 16.4% in the last year as Australia has been hit by major floods and bushfires. Climate Valuation analysts last month warned one in ten properties could be uninsurable by 2035.

    Repeating his position on Monday, Dutton said:

    If we have a situation where people are being priced out of insurance or they’re deemed an uninsurable risk when they shouldn’t be, that is a failure of the market and we’ll respond accordingly to that.

    He said insurance companies had to be responsible corporate citizens and work with their customers.

    We’re not going to have a situation where people can’t afford insurance or they’re being priced out of products.

    Previously the Morrison government enacted laws which enabled a breakup of energy companies in certain circumstances.

    Labor has not supported a divestiture power. One reason is the Shop, Distributive and Allied Employees Association has opposed such measures.

    The case for divestiture

    In principle there is a strong case for a divestiture law.

    Monopolies and market power stem from an industry being highly concentrated. Often the only way to prevent them from misusing their monopoly is to break them up. The solution could be left to the market or to price regulation or other remedies but these do not address the source of the problem.

    A divestiture power has long existed in the United States. It was used to break up oil, cigarettes, and chemicals in the early days of antitrust law. In the mid-80s it was successfully used to break up the AT&T telephone monopoly. AT&T controlled both long distance and local calls before it was broken up.

    But divestiture is only occasionally used and only when stringent criteria are satisfied.

    Some 20 years ago the US Department of Justice proposed a breakup of Microsoft – the case was never finalised because of procedural problems. However, the Federal Court laid out many prerequisites before this drastic remedy could occur.

    The power has been used in a number of other OECD countries including the United Kingdom.

    When divesting is necessary

    There has been heavy use in Australia of divestiture powers to break up gas and electricity monopolies in the last 30 years

    And there is a strong case for making it a general remedy available for all industries, even though its use would be infrequent.

    Importantly, the availability of this sanction would provide an incentive for firms to comply with abuse of market power provisions of the competition law. These provisions are intended to stop powerful businesses from deterring competition by making it difficult for new entrants to join the market.

    The sanctions for this part of the law currently are very weak. Fines are rarely imposed and if they are, they are small and seen as a cost of doing business to be weighed up against the benefits of anti-competitive behaviour.

    Another reason is that cases take many years. For example, the ACCC case v Safeway 19 years ago took seven years before a court resolution.

    A divestiture power would make firms far more careful before breaching the law.

    Too ‘Russian’?

    Occasionally people question the desirability of this power on the grounds it is the sort of thing you would only see in a country like Russia.

    In an ABC interview last February, Prime Minister Albanese said:

    We have a private sector economy in Australia and not a command and control economy […]We’re not the old Soviet Union. What we have the power to do is to encourage competition and encouraging new entrants.

    However, most observers agree one of the big failures of the Soviet economy has been failure to divest monopolies in energy, transport and other parts of the economy.

    The Coalition’s adoption of a divestiture remedy in three industries is welcome. We need at some point to move to a divestiture power that is available for the whole economy.

    Allan Fels is a former chair of the ACCC.

    – ref. What is divestiture and how would it stop insurance companies ‘ripping off’ customers? – https://theconversation.com/what-is-divestiture-and-how-would-it-stop-insurance-companies-ripping-off-customers-250036

    MIL OSI Analysis – EveningReport.nz –

    February 18, 2025

  • MIL-OSI New Zealand: Love Our Lakes – How to be a happy camper around our lakes

    Source: Environment Canterbury Regional Council

    “In some more remote places we’ve seen a few bits and pieces, but otherwise we haven’t seen much rubbish at all,” said Jack and Sarah, campervan tourists from Australia who’d parked up at Lake Takapō as part of a three-week South Island road trip.

    Caroline and David, from Germany, had their van parked up near Lake Ruataniwha at the southern side of Twizel.

    “In Germany, it’s super important to take care of the environment,” they said.

    “So, it’s cool to see the same thing happening here. The scenery here is crazy by the way.”

    Katrien and Femke, Dutch friends travelling near Lake Takapō, said their stay had been “super clean and nice to experience”.

    MIL OSI New Zealand News –

    February 18, 2025

  • MIL-Evening Report: Ukraine isn’t invited to its own peace talks. History is full of such examples – and the results are devastating

    Source: The Conversation (Au and NZ) – By Matt Fitzpatrick, Professor in International History, Flinders University

    (From left to right): Neville Chamberlain, Édouard Daladier, Adolf Hitler, Benito Mussolini, and Italian Foreign Minister Galeazzo Ciano before signing the Munich Agreement, which gave the Sudetenland to Germany. German Federal Archives/Wikimedia Commons

    Ukraine has not been invited to a key meeting between American and Russian officials in Saudi Arabia this week to decide what peace in the country might look like.

    Ukrainian President Volodymyr Zelensky said Ukraine will “never accept” any decisions in talks without its participation to end Russia’s three-year war in the country.

    A decision to negotiate the sovereignty of Ukrainians without them – as well as US President Donald Trump’s blatantly extortionate attempt to claim half of Ukraine’s rare mineral wealth as the price for ongoing US support – reveals a lot about how Trump sees Ukraine and Europe.

    But this is not the first time large powers have colluded to negotiate new borders or spheres of influence without the input of the people who live there.

    Such high-handed power politics rarely ends well for those affected, as these seven historical examples show.

    1. The Scramble for Africa

    In the winter of 1884–85, German leader Otto von Bismarck invited the powers of Europe to Berlin for a conference to formalise the division of the entire African continent among them. Not a single African was present at the conference that would come to be known as “The Scramble for Africa”.

    Among other things, the conference led to the creation of the Congo Free State under Belgian control, the site of colonial atrocities that killed millions.

    Germany also established the colony of German South West Africa (present-day Namibia), where the first genocide of the 20th century was later perpetrated against its colonised peoples.

    How the boundaries of Africa changed after the Berlin conference.
    Wikimedia Commons/Somebody500

    2. The Tripartite Convention

    It wasn’t just Africa that was divided up this way. In 1899, Germany and the United States held a conference and forced an agreement on the Samoans to split their islands between the two powers.

    This was despite the Samoans expressing a desire for either self-rule or a confederation of Pacific states with Hawai’i.

    As “compensation” for missing out in Samoa, Britain received uncontested primacy over Tonga.

    German Samoa came under the rule of New Zealand after the first world war and remained a territory until 1962. American Samoa (in addition to several other Pacific islands) remain US territories to this day.

    3. The Sykes-Picot Agreement

    As the first world war was well under way, British and French representatives sat down to agree how they’d divide up the Ottoman Empire after it was over. As an enemy power, the Ottomans were not invited to the talks.

    Together, England’s Mark Sykes and France’s François Georges-Picot redrew the Middle East’s borders in line with their nations’ interests.

    The Sykes-Picot Agreement ran counter to commitments made in a series of letters known as the Hussein-McMahon correspondence. In these letters, Britain promised to support Arab independence from Turkish rule.



    Read more:
    What was the Sykes-Picot agreement, and why does it still affect the Middle East today?

    The Sykes-Picot Agreement also ran counter to promises Britain made in the Balfour Declaration to back Zionists who wanted to build a new Jewish homeland in Ottoman Palestine.

    The agreement became the wellspring of decades of conflict and colonial misrule in the Middle East, the consequences of which continue to be felt today.

    Map showing the areas of control and influence in the Middle East agreed upon between the British and French.
    The National Archives (UK)/Wikimedia Commons

    4. The Munich Agreement

    In September 1938, British Prime Minister Neville Chamberlain and French Prime Minister Édouard Daladier met with Italy’s fascist dictator, Benito Mussolini, and Germany’s Adolf Hitler to sign what became known as the Munich Agreement.

    The leaders sought to prevent the spread of war throughout Europe after Hitler’s Nazis had fomented an uprising and began attacking the German-speaking areas of Czechoslovakia known as the Sudetenland. They did this under the pretext of protecting German minorities. No Czechoslovakians were invited to the meeting.

    The meeting is still seen by many as the “Munich Betrayal” – a classic example of a failed appeasement of a belligerent power in the false hope of staving off war.

    5. The Évian Conference

    In 1938, 32 countries met in Évian-les-Bains, France, to decide how to deal with Jewish refugees fleeing persecution in Nazi Germany.

    Before the conference started, Britain and the US had agreed not to put pressure on one another to lift the quota of Jews they would accept in either the US or British Palestine.

    While Golda Meir (the future Israeli leader) attended the conference as an observer, neither she nor any other representatives of the Jewish people were permitted to take part in the negotiations.

    The attendees largely failed to come to an agreement on accepting Jewish refugees, with the exception of the Dominican Republic. And most Jews in Germany were unable to leave before Nazism reached its genocidal nadir in the Holocaust.

    6. The Molotov-Ribbentrop Pact

    As Hitler planned his invasion of Eastern Europe, it became clear his major stumbling block was the Soviet Union. His answer was to sign a disingenuous non-aggression treaty with the USSR.

    Joseph Stalin and Joachim von Ribbentrop after the signing of the Molotov-Ribbentrop Pact.
    German Federal Archives/Wikimedia Commons

    The treaty, named after Vyacheslav Molotov and Joachim von Ribbentrop (the Soviet and German foreign ministers), ensured the Soviet Union would not respond when Hitler invaded Poland. It also carved up Europe into Nazi and Soviet spheres. This allowed the Soviets to expand into Romania and the Baltic states, attack Finland and take its own share of Polish territory.

    Unsurprisingly, some in Eastern Europe view the current US-Russia talks over Ukraine’s future as a revival of this kind of secret diplomacy that divided the smaller nations of Europe between large powers in the second world war.

    7. The Yalta Conference

    With the defeat of Nazi Germany imminent, British Prime Minister Winston Churchill, Soviet dictator Josef Stalin and US President Franklin D Roosevelt met in 1945 to decide the fate of postwar Europe. This meeting came to be known as the Yalta Conference.

    Alongside the Potsdam Conference several months later, Yalta created the political architecture that would lead to the Cold War division of Europe.

    At Yalta, the “big three” decided on the division of Germany, while Stalin was also offered a sphere of interest in Eastern Europe.

    This took the form of a series of politically controlled buffer states in Eastern Europe, a model some believe Putin is aiming to emulate today in eastern and southeastern Europe.

    Matt Fitzpatrick receives funding from the Australian Research Council. He is affiliated with the History Council of South Australia.

    – ref. Ukraine isn’t invited to its own peace talks. History is full of such examples – and the results are devastating – https://theconversation.com/ukraine-isnt-invited-to-its-own-peace-talks-history-is-full-of-such-examples-and-the-results-are-devastating-250049

    MIL OSI Analysis – EveningReport.nz –

    February 18, 2025

  • MIL-Evening Report: New experiments finally prove a long-forgotten theory about how quantum particles spin

    Source: The Conversation (Au and NZ) – By Arjen Vaartjes, PhD Student, Quantum Physics, UNSW Sydney

    Dmitriy Rybin / Shutterstock

    What makes something quantum? This question has kept a small but dedicated fraction of the world’s population – most of them quantum physicists – up at night for decades.

    At very small scales, we know the universe is made up of waves and energy fields ruled by the laws of quantum mechanics, but at the scale of the everyday world around us we mostly see solid objects following the older rules of classical mechanics. When we ask what makes something quantum, we are asking where the line is between these two realms and how it can be drawn.

    In a new study published in Newton, we answer this question in a previously undiscovered way. We show that a single spinning particle can show indubitable evidence of quantum behaviour.

    The discovery of spin

    One hundred years ago, Dutch physicists Samuel Goudsmit and George Uhlenbeck proposed the idea that most tiny particles never really stand still. Instead, they suggested, electrons – elementary particles that form the outer shell of atoms – behave like minuscule spinning tops.

    The spin can be either clockwise or anticlockwise, or what physicists call “spin up” and “spin down”. This binary nature of spinning electrons means that they can be used as building blocks for quantum computers.

    However, in 1925 Goudsmit and Uhlenbeck’s spinning electron proposal caused an uproar in the physics establishment. At this time, physics was shaped by illustrious names such as Albert Einstein, Max Planck and Paul Ehrenfest, who laid the groundwork for the grand theories of relativity and quantum mechanics that transformed our understanding of the universe.

    After eminent physicist and Nobel laureate Hendrik Lorentz criticised the spin theory, Uhlenbeck got cold feet and wanted to retract the paper. Uhlenbeck and Goudsmit’s mentor Ehrenfest told them to persist, writing: “You are both young enough to be able to afford a stupidity!”

    Old ideas still remain

    This kind of resistance to new ideas is not unusual in physics. As Planck put it, science progresses one funeral at a time.

    Much like the scepticism about the discovery of spinning electrons, today many physicists are educated with a misconception about how spin works. Conventional wisdom, still taught in standard textbooks, tells us that spin is a quantum property that is essential to understanding the behaviour of electrons and nuclei. But at the same time, the textbooks say the rotation of the particle is still somehow perfectly described by classical physics.

    Tsirelson’s forgotten protocol

    A similar consideration applies to another textbook system, the harmonic oscillator (e.g. a pendulum). According to a 1927 theorem by Paul Ehrenfest, the way a quantum pendulum swings is indistinguishable from a swing in the park.

    Strikingly, almost 80 years later the Russian-Israeli physicist Boris Tsirelson had an idea showing that it is possible to discern a quantum pendulum from a swing in the park, provided the quantum system is prepared in a truly quantum state. At the time, Tsirelson’s paper attracted little notice.

    Another 15 years later, the research team of Valerio Scarani in Singapore resurfaced Tsirelson’s paper from the depths of the internet. Scarani’s student Zaw Lin Htoo extended Tsirelson’s idea, proving theoretically that it actually was possible to detect quantumness in the rotation of a spin.

    Bigger particles and Schrödinger’s cat

    Our team at the University of New South Wales decided to take on the challenge and prove the quantumness of a spin in a real experiment. However, we couldn’t do it with a simple spin like an electron. Because an electron is so small, it only has two possible spin states: up and down. Again defying widespread intuition, it turns out that an electron spin can only be prepared in quasi-classical states, which obey the old textbook predictions.

    Instead we used a much larger particle, the nucleus of an antimony atom. The spin of this particle can point in eight different directions, instead of just two.

    We were able to place the atom in a so-called “Schrödinger’s cat” state, in which it is in a superposition of two widely different spin directions at once.

    We then performed the Tsirelson-Scarani protocol, which involves measuring not just the average orientation of the spin, but the positivity of it – a very different kind of measurement to what is done in standard spin resonance setups. This experiment showed unquestionable evidence for the quantumness of the antimony’s spin.

    What’s next?

    Our study is important for discovering fundamental truths about the universe, and for providing clarity on what it means to “be quantum”. However, it may also have real-life applications.

    The states that we demonstrated to be quantum with the Tsirelson-Scarani protocol are exactly the kind of thing that give quantum computation and quantum sensing an advantage over classical counterparts. In the future we will focus making the most of these systems for use in technological applications.

    Arjen Vaartjes receives funding from the Sydney Quantum Academy.

    Andrea Morello receives funding from the Australian Research Council, the Australian Department of Defence, and the US Army Research Office.

    – ref. New experiments finally prove a long-forgotten theory about how quantum particles spin – https://theconversation.com/new-experiments-finally-prove-a-long-forgotten-theory-about-how-quantum-particles-spin-250059

    MIL OSI Analysis – EveningReport.nz –

    February 18, 2025

  • MIL-OSI Global: Ukraine isn’t invited to its own peace talks. History is full of such examples – and the results are devastating

    Source: The Conversation – Global Perspectives – By Matt Fitzpatrick, Professor in International History, Flinders University

    (From left to right): Neville Chamberlain, Édouard Daladier, Adolf Hitler, Benito Mussolini, and Italian Foreign Minister Galeazzo Ciano before signing the Munich Agreement, which gave the Sudetenland to Germany. German Federal Archives/Wikimedia Commons

    Ukraine has not been invited to a key meeting between American and Russian officials in Saudi Arabia this week to decide what peace in the country might look like.

    Ukrainian President Volodymyr Zelensky said Ukraine will “never accept” any decisions in talks without its participation to end Russia’s three-year war in the country.

    A decision to negotiate the sovereignty of Ukrainians without them – as well as US President Donald Trump’s blatantly extortionate attempt to claim half of Ukraine’s rare mineral wealth as the price for ongoing US support – reveals a lot about how Trump sees Ukraine and Europe.

    But this is not the first time large powers have colluded to negotiate new borders or spheres of influence without the input of the people who live there.

    Such high-handed power politics rarely ends well for those affected, as these seven historical examples show.

    1. The Scramble for Africa

    In the winter of 1884–85, German leader Otto von Bismarck invited the powers of Europe to Berlin for a conference to formalise the division of the entire African continent among them. Not a single African was present at the conference that would come to be known as “The Scramble for Africa”.

    Among other things, the conference led to the creation of the Congo Free State under Belgian control, the site of colonial atrocities that killed millions.

    Germany also established the colony of German South West Africa (present-day Namibia), where the first genocide of the 20th century was later perpetrated against its colonised peoples.

    How the boundaries of Africa changed after the Berlin conference.
    Wikimedia Commons/Somebody500

    2. The Tripartite Convention

    It wasn’t just Africa that was divided up this way. In 1899, Germany and the United States held a conference and forced an agreement on the Samoans to split their islands between the two powers.

    This was despite the Samoans expressing a desire for either self-rule or a confederation of Pacific states with Hawai’i.

    As “compensation” for missing out in Samoa, Britain received uncontested primacy over Tonga.

    German Samoa came under the rule of New Zealand after the first world war and remained a territory until 1962. American Samoa (in addition to several other Pacific islands) remain US territories to this day.

    3. The Sykes-Picot Agreement

    As the first world war was well under way, British and French representatives sat down to agree how they’d divide up the Ottoman Empire after it was over. As an enemy power, the Ottomans were not invited to the talks.

    Together, England’s Mark Sykes and France’s François Georges-Picot redrew the Middle East’s borders in line with their nations’ interests.

    The Sykes-Picot Agreement ran counter to commitments made in a series of letters known as the Hussein-McMahon correspondence. In these letters, Britain promised to support Arab independence from Turkish rule.



    Read more:
    What was the Sykes-Picot agreement, and why does it still affect the Middle East today?

    The Sykes-Picot Agreement also ran counter to promises Britain made in the Balfour Declaration to back Zionists who wanted to build a new Jewish homeland in Ottoman Palestine.

    The agreement became the wellspring of decades of conflict and colonial misrule in the Middle East, the consequences of which continue to be felt today.

    Map showing the areas of control and influence in the Middle East agreed upon between the British and French.
    The National Archives (UK)/Wikimedia Commons

    4. The Munich Agreement

    In September 1938, British Prime Minister Neville Chamberlain and French Prime Minister Édouard Daladier met with Italy’s fascist dictator, Benito Mussolini, and Germany’s Adolf Hitler to sign what became known as the Munich Agreement.

    The leaders sought to prevent the spread of war throughout Europe after Hitler’s Nazis had fomented an uprising and began attacking the German-speaking areas of Czechoslovakia known as the Sudetenland. They did this under the pretext of protecting German minorities. No Czechoslovakians were invited to the meeting.

    The meeting is still seen by many as the “Munich Betrayal” – a classic example of a failed appeasement of a belligerent power in the false hope of staving off war.

    5. The Évian Conference

    In 1938, 32 countries met in Évian-les-Bains, France, to decide how to deal with Jewish refugees fleeing persecution in Nazi Germany.

    Before the conference started, Britain and the US had agreed not to put pressure on one another to lift the quota of Jews they would accept in either the US or British Palestine.

    While Golda Meir (the future Israeli leader) attended the conference as an observer, neither she nor any other representatives of the Jewish people were permitted to take part in the negotiations.

    The attendees largely failed to come to an agreement on accepting Jewish refugees, with the exception of the Dominican Republic. And most Jews in Germany were unable to leave before Nazism reached its genocidal nadir in the Holocaust.

    6. The Molotov-Ribbentrop Pact

    As Hitler planned his invasion of Eastern Europe, it became clear his major stumbling block was the Soviet Union. His answer was to sign a disingenuous non-aggression treaty with the USSR.

    Joseph Stalin and Joachim von Ribbentrop after the signing of the Molotov-Ribbentrop Pact.
    German Federal Archives/Wikimedia Commons

    The treaty, named after Vyacheslav Molotov and Joachim von Ribbentrop (the Soviet and German foreign ministers), ensured the Soviet Union would not respond when Hitler invaded Poland. It also carved up Europe into Nazi and Soviet spheres. This allowed the Soviets to expand into Romania and the Baltic states, attack Finland and take its own share of Polish territory.

    Unsurprisingly, some in Eastern Europe view the current US-Russia talks over Ukraine’s future as a revival of this kind of secret diplomacy that divided the smaller nations of Europe between large powers in the second world war.

    7. The Yalta Conference

    With the defeat of Nazi Germany imminent, British Prime Minister Winston Churchill, Soviet dictator Josef Stalin and US President Franklin D Roosevelt met in 1945 to decide the fate of postwar Europe. This meeting came to be known as the Yalta Conference.

    Alongside the Potsdam Conference several months later, Yalta created the political architecture that would lead to the Cold War division of Europe.

    At Yalta, the “big three” decided on the division of Germany, while Stalin was also offered a sphere of interest in Eastern Europe.

    This took the form of a series of politically controlled buffer states in Eastern Europe, a model some believe Putin is aiming to emulate today in eastern and southeastern Europe.

    Matt Fitzpatrick receives funding from the Australian Research Council. He is affiliated with the History Council of South Australia.

    – ref. Ukraine isn’t invited to its own peace talks. History is full of such examples – and the results are devastating – https://theconversation.com/ukraine-isnt-invited-to-its-own-peace-talks-history-is-full-of-such-examples-and-the-results-are-devastating-250049

    MIL OSI – Global Reports –

    February 18, 2025

  • MIL-OSI China: China firmly opposes any attempt to interfere in its internal affairs

    Source: China State Council Information Office

    China firmly opposes relevant countries’ attempts to put together small circles to interfere in China’s internal affairs, attack and smear China, and stoke confrontation and antagonism, a Chinese foreign ministry spokesperson said on Monday.

    Spokesperson Guo Jiakun made the remarks at a daily press briefing when asked to comment on a joint statement made by the Republic of Korea, the United States and Japan in Munich, Germany, which contains negative comments regarding China’s Taiwan and the South China Sea issue.

    “We’ve lodged serious representations with relevant countries,” Guo said.

    Noting Taiwan is an inalienable part of China’s territory, Guo said the Taiwan question is purely an internal affair of China, which brooks no external interference.

    The key to upholding peace and stability in the Taiwan Strait lies in abiding by the one-China principle, and firmly opposing “Taiwan independence” separatism, said Guo, adding the Taiwan region’s participation in the activities of international organizations must and can only be handled in line with the one-China principle.

    The spokesperson stressed that the Asia-Pacific is a stellar example of peace and development, not a chessboard for geopolitical contests. “We call on relevant parties to earnestly respect regional countries’ effort for peace and stability, abandon the Cold War mentality, stop creating bloc confrontation and stop fueling tensions in the region,” he said.

    “China will firmly safeguard territorial sovereignty and maritime rights and interests, and meanwhile, stays committed to properly handling differences through dialogue and consultation with countries concerned,” Guo said.

    MIL OSI China News –

    February 18, 2025

  • MIL-OSI China: China steadfastly promotes economic globalization, multipolar world: Spokesperson

    Source: China State Council Information Office

    Journalists work at the media center of the 61st Munich Security Conference in Munich, Germany, Feb. 16, 2025. [Photo/Xinhua]

    China firmly promotes a universally beneficial and inclusive economic globalization, and supports an equal and orderly multipolar world that “is becoming a reality,” Chinese foreign ministry spokesperson Guo Jiakun said in Beijing on Monday.

    China will be a factor of certainty in this multipolar system and strive to be a steadfast constructive force in a changing world, Guo told a daily news briefing, citing Foreign Minister Wang Yi’s keynote speech at the 61st Munich Security Conference.

    Guo said “equal” means equal rights, opportunities and rules, and that all countries, big or small, are equal.

    Instead of having international affairs dominated by a few countries or such countries conducting hegemonism and power politics, each country or country group should have its place in the globalized system, he said.

    “An orderly world ensures stable progress toward greater multipolarity instead of leading to turbulence,” the spokesperson said.

    To this end, all countries need to respect international rule of law, practice multilateralism, pursue openness and mutual benefit, jointly uphold the purposes and principles of the UN Charter, preserve the central role of the United Nations in the international system, and promote the common development of every country, he added.

    China has firmly upheld the authority and stature of the United Nations, called for increasing the representation and say of developing countries in the international system, resolutely safeguarded the authority of international rule of law, and upheld true multilateralism, he said.

    “We stay committed to sharing development opportunities with all countries, and promote a universally beneficial and inclusive economic globalization and support an equal and orderly multipolar world through our own high-quality development and high-standard opening up,” he added.

    MIL OSI China News –

    February 18, 2025
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