NewzIntel.com

Category: Europe

  • MIL-OSI Russia: Marat Khusnullin: A new GOST R has been developed for the use of drones in construction

    Translartion. Region: Russians Fedetion –

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

    In 2024, the Ministry of Construction developed a new GOST R “Unmanned aerial systems in construction, used for geodetic work. General requirements.” The standard is intended to unify modern methods of geodetic work in construction, including engineering and geodetic surveys, using unmanned aerial systems. This was reported by Deputy Prime Minister Marat Khusnullin.

    “Russia is implementing the national project “Unmanned Aerial Systems”, which is designed to ensure the technical sovereignty of the country in the field of creating drones. Of course, their use in construction is a very promising area. This includes monitoring construction, and safety control, and transportation of goods and materials, and, of course, performing geodetic work with high accuracy and efficiency. In fact, this is one of the elements of digitalization of the industry. Therefore, today’s urgent task is to create a regulatory framework for scaling the technology and ensure the training of specialists in this field,” said Marat Khusnullin.

    The national standard covers unmanned aerial systems (UAS) used in the construction industry to perform and verify geodetic tasks, including engineering and geodetic surveys. The document defines the specifications of the functional characteristics of UAS, as well as general conditions and recommendations for their use in geodetic activities.

    “Certainly, the use of drones in construction, including in engineering and geodetic surveys, is a very promising area, which will be used, among other things, to implement the new national project “Infrastructure for Life”. UAVs allow obtaining more accurate and detailed data, are capable of surveying large areas in a short time, and performing work on sites with difficult terrain. The new standard establishes a unified approach to classification, types of application, equipment requirements and the procedure for performing work using UAVs. It is important to note that the document establishes requirements for assessing the accuracy of the data obtained, as well as safety requirements when working with drones,” said Deputy Minister of Construction and Housing and Public Utilities Sergei Muzychenko.

    During the discussion of the standard, more than 30 specialized organizations provided their proposals.

    Among the advantages of using UAS is the ability to shoot from low altitudes to obtain high-resolution images, which is especially important for detailed study of the territory. Also noted is a reduction in the impact on the ecosystem compared to traditional methods of ground-based shooting, which is especially important in nature conservation areas.

    “For the systematic development and implementation of UAS in construction, amendments to the set of rules governing geodetic work have also been approved in 2024. SP 126 has been supplemented with provisions on the use of laser scanning systems and the use of unmanned aerial systems. Recommendations have been included on processing aerial photography data to create orthophotomaps, digital terrain models and three-dimensional models, provisions on remote monitoring using UAS, requirements for monitoring deviations in the geometric parameters of buildings and structures under construction from design solutions,” said Andrey Kopytin, Director of the Federal Center for Surveying and Surveying.

    As part of the “road map” “Reengineering of industrial construction”, amendments have been made to SP 317, which regulates the requirements for engineering and geodetic surveys. This is necessary to improve the accuracy of surveys and design solutions using drones and optimize topographic and geodetic work.

    In the future, the use of drones for engineering and geodetic surveys will reduce construction time and costs by up to 10% when implementing an investment and construction project.

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

    MIL OSI Russia News –

  • MIL-OSI: International Petroleum Corporation to release 2024 Year-End Financial and Operational Results and to hold Capital Markets Day on February 11, 2025

    Source: GlobeNewswire (MIL-OSI)

    International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) will publish its financial and operating results and related management’s discussion and analysis for the three months and year ended December 31, 2024, on Tuesday, February 11, 2025 at 07:30 CET, followed by an audiocast at 10:00 CET (09:00 GMT). IPC’s annual Capital Markets Day will also be held on Tuesday, February 11, 2025 as a webcast at 15:00 CET (14:00 GMT).

    Follow the 2024 year-end financial and operating results presentation starting at 10:00 CET (09:00 GMT) live on www.international-petroleum.com or using the link below:

    Presentation Link: https://ipc.videosync.fi/2025-02-11-q4

    Follow the Capital Markets Day presentation at 15:00 CET (14:00 GMT) live on www.international-petroleum.com or using the link below:

    Presentation Link: https://ipc.videosync.fi/2025-02-11-cmd

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		  

    Or

    		 Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    Attachment

    The MIL Network –

  • MIL-OSI: International Petroleum Corporation to release 2024 Year-End Financial and Operational Results and to hold Capital Markets Day on February 11, 2025

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 06, 2025 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) will publish its financial and operating results and related management’s discussion and analysis for the three months and year ended December 31, 2024, on Tuesday, February 11, 2025 at 07:30 CET, followed by an audiocast at 10:00 CET (09:00 GMT). IPC’s annual Capital Markets Day will also be held on Tuesday, February 11, 2025 as a webcast at 15:00 CET (14:00 GMT).

    Follow the 2024 year-end financial and operating results presentation starting at 10:00 CET (09:00 GMT) live on www.international-petroleum.com or using the link below:

    Presentation Link: https://ipc.videosync.fi/2025-02-11-q4

    Follow the Capital Markets Day presentation at 15:00 CET (14:00 GMT) live on www.international-petroleum.com or using the link below:

    Presentation Link: https://ipc.videosync.fi/2025-02-11-cmd

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50    		 Or Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15
         

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    The MIL Network –

  • MIL-OSI Global: These maps of support for Germany’s far-right AfD lay bare the depth of the urban-rural divide

    Source: The Conversation – UK – By Rolf Frankenberger, Managing Director Research, Institute for Research on Right-Wing Extremism (IRex), University of Tübingen

    The process of industrialisation, globalisation and urbanisation – spreading out from urban centres into the countryside – is one of the core developments of modern society. It has changed people’s lives in almost every part of the world. This is a process that has been going on for more than a century. New lifestyles have developed and traditional ones have been challenged.

    A new division has emerged as a result between the urban and the rural. The two are more than just forms of settlements – they reflect ideals, values and lifestyles. Those who live in towns and cities lead almost entirely different lives to those who live in the countryside.

    Where the two meet, there is potential for tension. And that tension can be politicised. In Germany, the Alternative für Deutschland (AfD), a far-right nationalist and völkisch party, is using the “urban-rural divide” to polarise and mobilise an electorate that is attracted by romanticised notions of purity, tradition, nation and rurality.

    Using spatial and data analysis, we can illustrate the patterns of this politicisation.

    Imagine you are living in a small village in the countryside. You strongly believe in traditions and family life. You regard the landscape around you as home – as heimat, as it would be called in German. But people from abroad are moving into your village, because they can afford land there. They are different in the way they think and live. They might, for example, be digital nomads in search of a picturesque location for their home office.

    These newcomers bring the city with them, changing the rural community they join. City, to you, is a cipher for urbanity, globalism and individualism.

    But this is just one side of the coin. The other is that people from the countryside also move to cities, be it for education, work or just because there is nothing left in their village. And they bring their lifestyles to the city, too, trying to keep up traditional ideals of how the world should look.

    Diversity, ambiguity and, sometimes, incompatibility become the norm under these conditions. Urban lifestyles and designs – such as shared flats, alternative family forms, non-binary identity or digital mobility at work – collide with rural norms such as the traditional family and “rootedness” across generations.

    This can happen both in cities and in rural areas. As a result, a pluralism of ideas, styles and values arises – ranging from progressive, liberal and leftist, inclusive, modernist values to traditional, conservative and rightist, exclusive and nationalist beliefs. They coexist but are unevenly distributed over urban and rural areas.

    The AfD and other far-right parties introduce a political meaning to the urban-rural divide. The AfD pushes a narrative of the city as a negative force that is fundamentally incompatible with the rural. It claims that an elite cartel has usurped power in Germany and is trying to destroy the “culturally determined German identity”. It instead advocates for the protection of a leitkultur – of customs and traditions (brauchtum) that it believes create identity. It asserts heteronormativity as a biological fact, emphasises a strong traditional family, traditional farming and rural identity.

    What might be called cultural landscapes (kulturlandschaften) have become a particular battleground of late, with opposition to the construction of wind turbines, especially in forests, now a policy position. The AfD’s candidate for chancellor, Alice Weidel, described these as “windmills of shame” (“Windmühlen der Schande”) and called for their dismantling at the recent party congress. Wind turbines can be understood here as expressions of urban leitmotifs in a rural cultural landscape – they disrupt the countryside to provide energy for unseen urban consumers.

    And ultimately, this politicisation translates into electoral outcomes. In the European parliament elections of June 2024, the AfD took 15.9% of German votes. If we look at the spatial distribution of the AfD’s vote, a pattern showing the salience of the urban-rural divide emerges.

    East and west, town and country

    It’s clear by looking at the map that most (though not all) of the AfD’s strongholds are in eastern Germany – the region which used to be the German Democratic Republic (GDR). Fascism and Nazism were outlawed by decree when this anti-fascist state was established but, in reality, far-right ideologies don’t die off that easily. The result was that extremist views survived in an environment where there was also a lack of education on the National Socialism of the past – and a lack of education about democracy.

    When the socialist authoritarian GDR regime fell in 1989, Germany was reunified under western conditions. This had various effects, including a sense that the experiences of the east were not valued. The inequalities between the two sides of the reunified nation have left some in the east feeling distant from the state. The AfD’s version of nationalism finds fertile ground here.

    Another pattern is also clear across the whole country: the AfD is stronger in remote and rural areas and weaker in urban centres. There is less support in cities such as Berlin, Cologne, Dresden, Hamburg, Leipzig, Munich and Stuttgart. Places with more globalised cultures, international business and diverse populations remain comparably resilient to the spread of the far right.

    AfD support in different municipalities. The darker the colours, the higher the AfD vote share.
    R Frankenberger, CC BY-ND

    These patterns become more visible if you take the European election results in the state of Baden-Württemberg as an example.

    The AfD performs significantly worse in the more globalised, cosmopolitan and university-oriented urban areas and their suburbs than in the more remote and rural areas of Baden-Württemberg. On the map, university cities are marked out with a white outline.

    AfD support mapped, with university cities highlighted.
    University of Tübingen, CC BY-ND

    The AfD is particularly strong in the northern and eastern Black Forest, on the Baar, in the Swabian Alb, in the Rems-Murr district, in the Swabian Forest and in Hohenlohe. Most of these areas are remote, with many small towns and villages. They have slightly lower income levels and lower levels of migration than average. They are much more traditional in terms of culture and religion than urban areas.

    The Black Forest, the Swabian Forest, and Hohenlohe also have quite strong protestant and evangelical communities, which are strongholds of traditional family life, customs and traditions.

    We should expect to see these trends continue. The AfD looks set to make further gains in the February 23 election being held in Germany, retaining its strongholds in the east but also spreading into the west in rural areas. The urban-rural divide will therefore become all the more apparent and entrenched when German voters head to the polls.

    Rolf Frankenberger 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. These maps of support for Germany’s far-right AfD lay bare the depth of the urban-rural divide – https://theconversation.com/these-maps-of-support-for-germanys-far-right-afd-lay-bare-the-depth-of-the-urban-rural-divide-248405

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Civil servants can now learn more about national security

    Source: United Kingdom – Executive Government & Departments

    The College for National Security launches a new online course to help break down barriers and help civil servants learn more about national security.

    Andrew Millar, College for National Security

    Civil servants can now learn more about national security, thanks to a new online course launched by the College for National Security.

    The aim of the What is national security course is to break down barriers to understanding National Security threats and impacts and help civil servants integrate it into their jobs.

    Threats to the UK

    “To respond to a broad range of threats the UK faces, we need a workforce that is knowledgeable, skilled and connected when it comes to national security,” said college head Andrew Millar, pictured, who is also deputy director of Government Skills, of which the college is a part.

    “This course gives an introduction to national security and gives civil servants an overview of key national security themes. It’s an ideal introduction for anyone who would like a better understanding of national security, are interested in a career in national security or who are new to the sector.”

    Better understanding

    As part of its efforts to increase understanding of national security, the college has also published its ‘Guide to the UK National Security Community’. The guide outlines the departments, agencies and devolved administrations involved in national security and was developed in collaboration with 23 departments and agencies. It aims to help colleagues better understand the UK’s national security community and the breadth of departments involved. 

    Find out more about the College for National Security.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New Chair of The Royal Mint announced

    Source: United Kingdom – Executive Government & Departments

    Chris Walton has taken up the position following Graham Love’s six-year term.

    The Treasury has today announced the appointment of Chris Walton as Non-Executive Chair of The Royal Mint.

    Chris Walton will be in position for an initial three-year term, succeeding Graham Love, who served as Chair since December 2018. Chris will oversee the Mint as it continues to diversify its portfolio into new business areas, and to produce UK circulating coins in line with demand.

    Commenting on the appointment, Economic Secretary to the Treasury and City Minister, Emma Reynolds said:

    I’m delighted to welcome Chris Walton to The Royal Mint as the new Chair. Chris brings a wealth of leadership experience to the role, and I look forward to working with him as he shapes the strategic vision of The Royal Mint in the years ahead.

    I want to thank Graham Love for his leadership over the last six years. Graham has overseen a number of successes in his time as Chair and has set the foundations for The Royal Mint of the future.

    Chris Walton added:

    It is a privilege to join The Royal Mint during this fascinating period of transformation. With sustainability at its core, the Mint is evolving for the future, and I am eager to support its growth and build on a remarkable legacy.

    The Royal Mint is one of the oldest companies in the world – supplying coins to the UK for over 1,100 years. It also produces commemorative coins, to mark events of national, historical and cultural significance, offers investment in precious metals, a jewellery collection and recycling precious metals from e-waste. 

    The Chair of The Royal Mint is responsible for providing strategic direction and works closely with the Board of Directors and Executive Team.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Backgrounder: Sanctions against individuals and entities in Belarus

    Source: Government of Canada News

    Canada is imposing sanctions against individuals and entities in relation to the Lukashenko regime’s ongoing gross and systematic human rights violations in Belarus, as well as its support of Russia’s violation of Ukraine’s sovereignty and territorial integrity.

    MIL OSI Canada News –

  • MIL-OSI United Kingdom: Labour warned against pandering to far right

    Source: Scottish Greens

    06 Feb 2025 Equality

    It’s impossible to beat the far right by copying them.

    More in Equality

    Labour cannot defeat the far right by pandering to them or replicating their policies, warns Scottish Greens co-leader Lorna Slater.

    The warning comes as a group of Labour MPs called on Labour to take a more right-wing stance on immigration and other issues, and as Scottish Labour leader Anas Sarwar said he couldn’t rule out working with Reform MSPs to take power in Scotland.

    With recent polls showing that Reform UK are set to gain seats in Holyrood and for the first time take the lead in Westminster, Scottish Greens are calling on Labour to ignore the far right’s toxic game.

    Scottish Greens Co-Leader Lorna Slater said:

    “Copying the hateful and authoritarian policies of the far right is always wrong. It punished marginalised people and normalises extreme policies. It won’t win Labour any votes, and will simply legitimise the toxic policies of Reform and those like them.

    “Time and again, across Europe and the world, we have seen that trying to mimic the far-right and take them on at their own game does nothing to silence them; it only makes them louder.

    “In Germany, the AfD has been legitimised by mainstream parties who have pandered to them on immigration; now these fascists stand a real chance at entering government and in America, Donald Trump was propelled to the White House by a pitiful failure of centrist opposition who tried to do the same.

    “Labour needs to learn lessons from fighting the far right across the world, but I have little hope that Keir Starmer will listen. He promised change, yet on everything from tackling the climate crisis to protecting working-class families he is already failing badly.”

    Ms Slater added:

    “Scotland deserves so much better than a race to the bottom between Labour, the Tories and Nigel Farage. We can have a fairer, greener and more equal future.

    “Whilst other parties are lurching to the right, the Scottish Greens are standing our ground as a party that will always put people and planet before profit.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Royal Liverpool Philharmonic Society announces new Chief Executive

    Source: City of Liverpool

    Royal Liverpool Philharmonic Society has announced that it has appointed Vanessa Reed as its new Chief Executive. She will take up the position on 2 June 2025.

    Vanessa will lead one of the most important music organisations in the UK, comprising the Royal Liverpool Philharmonic Orchestra and Choir, Liverpool Philharmonic Hall, Liverpool Philharmonic Youth Company, and an extensive learning and community programme. She succeeds Michael Eakin as Chief Executive who retires at the end of March 2025 after 16 years in the role.

    Vanessa Reed is an award-winning music executive with more than 16 years’ experience as CEO of national music organisations in the UK and the US. Since 2019, she has been President and CEO of New Music USA, a New York based national resource which supports music creation and performance across the US. In this role, Vanessa has launched an array of new initiatives including Amplifying Voices which unites over 45 US orchestras in the co-commissioning of new work and major jazz and film scoring programs which address inequities in the music industry in collaboration with leading US artists. In the US, Vanessa has also been advisor to the Recording Academy’s New York Chapter.

    Before the move to New York, Vanessa was CEO at PRS Foundation in London where she repositioned the Foundation as a pioneering international force, leading new initiatives which demonstrate her advocacy for music across a range of genres. This includes the New Music Biennial which won the Royal Philharmonic Society’s best festival award in 2012, and the global Keychange gender equity movement which has been supported by over 650 festivals and music organisations around the world, and recognised through multiple awards, including Classical Next’s Innovation Award.

    Vanessa served as Board member of Royal Liverpool Philharmonic between 2016 and 2019, was an Ambassador for the University of Liverpool and collaborated with Liverpool City Council to support emerging musicians. Her love for Liverpool stems from her father who studied law at Liverpool University in the 60’s, loved the Philharmonic Hall, and inspired her and her family to support one of the city’s football teams. She is married to a Liverpudlian – FACT founder, Eddie Berg.

    Vanessa Reed, Chief Executive-designate, says: I am thrilled and honoured to be the first woman appointed to the role of Chief Executive at the Royal Liverpool Philharmonic. This unique organisation is very close to my heart and Liverpool is my favourite UK city. Every time I’ve seen the Orchestra perform at Liverpool Philharmonic Hall I’ve been blown away by the quality of the players and the warmth of local audiences.  I’m inspired by Liverpool Philharmonic’s mission to transform lives through music and I’m a longstanding fan of its three-way commitment to the orchestra, venues and learning programmes which reach over 100,000 young people every year.

    My goal is to ensure that we, as one of the world’s oldest music societies, continue to evolve and thrive as we embark on our next imaginative chapter. This includes serving more of the city region’s musicians and young people through the planned “Abbey Road of the North” studios and tapping into Liverpool’s international brand for the benefit of our orchestra, led by our dynamic Chief Conductor, Domingo Hindoyan. I can’t wait to join Domingo and the Liverpool Philharmonic’s outstanding musicians, staff, board, and supporters to make all of this happen and to enjoy lots of live music in Liverpool with the audiences we welcome to our performances.

    Louise Shepherd CBE, Chair of the Board of Trustees, says: “We are thrilled to welcome Vanessa Reed as our new Chief Executive. She brings outstanding international experience in the music sector, and in encouraging, supporting and growing new musical voices, artists and audiences. She knows Liverpool Philharmonic and the city well, having served on our board between 2016-2019 and has a real passion for the work we do and the role we play within our local community, and as a nationally and internationally important orchestra and music organisation. She is a strategic and creative leader who, with our brilliant team, will take Liverpool Philharmonic forward and continue to grow the quality, ambition and reach of our work.”

    Leader of Liverpool City Council, Councillor Liam Robinson, said: “The Royal Liverpool Philharmonic is one of the UK’s most important cultural institutions, not only for its incredible annual programme of events, but also the vital role it plays in music education and community engagement – inspiring young musicians and making music as accessible as possible. This year marks the tenth anniversary of our UNESCO City of Music status, and Vanessa’s appointment seems incredibly fitting. Michael Eakin will be a hard act to follow, but Vanessa’s credentials can only enhance the vibrancy of this much-loved organisation and boost its global reputation for musical excellence.”

    Claire McColgan CBE, Director of Culture & Major Events, Liverpool City Council, says: “Vanessa’s appointment will be transformative for the Royal Liverpool Philharmonic. She is a visionary leader who has had an indelible impact on the music industry in America.

    Vanessa not only brings with her a whole wealth of knowledge and passion, but she understands this sector and is committed to elevating it where she can, promoting gender equity and diversity at every level. We’re really keen to explore links with New York, and in doing so take the Philharmonic – and the city – to exciting new frontiers. Michael has been a wonderful ambassador for Liverpool and has been a leading civic figure – a role which Vanessa is sure to embrace, and in doing so, will make the city culturally richer.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Match Day Parking Zone to be introduced around Everton FC’s new stadium

    Source: City of Liverpool

    Liverpool City Council is to introduce a ‘Football Match Parking Zone’ around Everton FC’s new stadium, at Bramley-Moore Dock.

    A raft of new parking measures are to be implemented surrounding the 52,888 seater stadium, similar to what is already in place around Goodison Park and Anfield.

    More than 4,000 residents and 3,000 businesses are now being invited to apply for the relevant parking permits ahead of the zone going live under an Experimental Traffic Road Order (ETRO) to coincide with the historic first test game at the £500m venue later this month.

    The ETRO will run for up to 18 months and during that period will then be reviewed by the Council’s Transport and Highways team.

    Residents will be able to apply for a permit for each vehicle registered at their address, plus one visitor permit, for which there will be no fee. Businesses will be charged an annual fee of £50 per vehicle, up to a maximum of 10.

    The focus of the proposed parking zone covers the area within a 30-minute walk of Everton Stadium, which is serviced by the city’s historic “Dock Road”, and will encompass the surrounding Ten Streets district, into the city centre and up to Great Homer Street in Everton.

    The new parking zone requirements, which were subject to a public consultation in late 2022, includes:

    • New resident parking areas
    • New taxi ranks
    • New match day bus stands
    • New parking restrictions
    • New hours of operation for existing parking zones for the Great Homer Street area
    • New hours of operation for existing parking zones for the Ten Streets and Love Lane areas
    • New industrial parking zone south of Boundary Street
    • New industrial parking zone north of Boundary Street

    The overall aim of the new Parking Zone is to reduce congestion, improve air quality and safety to and from the stadium. The proposals have also been designed to complement the planned modernisation of parking across the city centre.

    The Council’s Transport and Highways team has already begun the process of installing new signage ahead of Everton’s first “test match” at the waterfront stadium, situated within Liverpool Waters, which will be held on Monday, 17 February.

    Scheduled to open for the 2025/26 season, Everton’s new home has already been picked as a venue for the UEFA European Championships in 2028 and will also be capable of hosting major non-footballing events.

    Liverpool City Council has invested more than £20m in the highways infrastructure around Bramley-Moore Dock, including a permanent segregated cycle lane running from the city centre up to Liverpool’s northern border at Bootle in Sefton, which passes right in front of the new stadium.

    The Council is also working with Sefton Council and the Liverpool City Region Combined Authority on a new town bid which which would see for than 10,000 new homes, with community infrastructure, from the city centre, around the new stadium, and north into Bootle and Walton.

    • The Liverpool City Region Combined Authority is also working with Merseyrail, Network Rail and Everton FC on the development of a new crowd management zone and an additional entrance at Sandhills station. The aim is to primarily support fans and event goers accessing public transport on their way to and from the new stadium.

    Councillor Dan Barrington, Liverpool City Council’s Cabinet Member for Transport and Connectivity, said: “Everton Stadium is going to be transformational especially for the surrounding Ten Streets district and the wider Kirkdale community.

    “As well as the economic benefit, the vast volume of people the stadium will attract – and how they arrive and depart – needs to be carefully managed.

    “The North Docks area has never had to cope with such large numbers of people in such concentrated time periods, but fortunately the city has the experience and knowledge thanks to Goodison Park and Anfield. By creating this new match day parking zone, we’ll be looking to adopt and incorporate those controls which so effectively move tens of thousands on a weekly basis.

    “Bramley-Moore Dock is also a unique location given its very close proximity to the city centre and the fact the surrounding transport infrastructure is well developed. There’s more to be done but all the partners are talking to make those improvements.

    “We’ll also be looking to encourage as many active travel options as possible for those attending the games or other events there, which is a win-win for everyone in terms of managing congestion and air quality and promoting healthy habits.

    “There’s lots of residents and businesses, as well as Everton fans, who will be affected by this new zone and thanks to their feedback we’ve been able to formulate a plan which accommodates their needs.”

    MIL OSI United Kingdom –

  • MIL-OSI: Stabilization Notice – Pre Stab – Loxam SAS

    Source: GlobeNewswire (MIL-OSI)

    [06/02/2025]

    Not for distribution, directly or indirectly, in or into the United States or any jurisdiction in which such distribution would be unlawful.

    [LOXAM SAS]

    Pre-stabilisation Period Announcement

    BNP Paribas (contact: Stanford Hartman telephone: 0207 595 8222 hereby gives notice, as Stabilisation Coordinator, that the Stabilisation Manager(s) named below may stabilise the offer of the following securities in accordance with Commission Delegated Regulation EU/2016/1052 under the Market Abuse Regulation (EU/596/2014).

    The securities:1  
    Issuer: Loxam S.A.S
    Guarantor (if any): N/A
    Aggregate nominal amount: EUR 500,000,000
    Description: EUR 5YR 
    Offer price: TBC
    Other offer terms:  
    Stabilisation:  
    Stabilisation Manager(s) BNP Paribas
    Stabilisation period expected to start on: 06/02/2025
    Stabilisation period expected to end no later than: 20/03/2025
    Existence, maximum size and conditions of use of over‑allotment facility: The Stabilisation Manager(s) may over‑allot the securities to the extent permitted in accordance with applicable law.
    Stabilisation trading venue: OTC

    In connection with the offer of the above securities, the Stabilisation Manager(s) may over‑allot the securities or effect transactions with a view to supporting the market price of the securities during the stabilisation period at a level higher than that which might otherwise prevail. However, stabilisation may not necessarily occur and any stabilisation action, if begun, may cease at any time. Any stabilisation action or over‑allotment shall be conducted in accordance with all applicable laws and rules.

    This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction.

    This announcement and the offer of the securities to which it relates are only addressed to and directed at persons outside the United Kingdom and persons in the United Kingdom who have professional experience in matters related to investments or who are high net worth persons within Article 12(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and must not be acted on or relied on by other persons in the United Kingdom.

    In addition, if and to the extent that this announcement is communicated in, or the offer of the securities to which it relates is made in, the UK or any EEA Member State before the publication of a prospectus in relation to the securities which has been approved by the competent authority in the UK or that Member State in accordance with Regulation (EU) 2017/1129 (the “Prospectus  Regulation”) (or which has been approved by a competent authority in another Member State and notified to the competent authority in the UK or that Member State in accordance with the Prospectus Regulation), this announcement and the offer are only addressed to and directed at persons in the UK or that Member State who are qualified investors within the meaning of the Prospectus Regulation (or who are other persons to whom the offer may lawfully be addressed) and must not be acted on or relied on by other persons in the UK or that Member State.

    This announcement is not an offer of securities for sale into the United States. The securities have not been, and will not be, registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offer of securities in the United States. 

    The MIL Network –

  • MIL-OSI Global: The ‘degrowth’ movement envisions global climate justice, but must adapt to global south realities

    Source: The Conversation – France – By Claudius Gräbner-Radkowitsch, Junior Professor of Pluralist Economics, Europa-Universität Flensburg

    It is widely accepted that human activities are the primary drivers of global warming and environmental crises, including the rapid loss of biodiversity. However, the debate over how best to address these issues is far from settled. In political circles, “green growth” – the concept of making economic activities more sustainable – has emerged as the most popular solution.

    Is green growth enough?

    The idea behind green growth is to continue expanding economies while minimising environmental harm. However, critics argue that this approach has failed to significantly curb climate change and biodiversity loss.

    Despite international efforts since the 1970s, carbon emissions have continued to rise. As the World Inequality Report reveals, nearly half of historical emissions occurred after 1990. Incremental policy changes, technological innovations and shifts in consumer behaviour have not been enough to reverse this trend. This failure has led to the growing appeal of “degrowth” – a more radical alternative that challenges the current global economic system.

    What is ‘degrowth’?

    “Degrowth” emerged in Europe, particularly in France, in the late 2000s. Philosophers such as André Gorz and economists such as Serge Latouche were among its early proponents, with researchers such as Tim Jackson later popularising the concept in the English-speaking world. They argue that the root cause of environmental destruction lies not only in human activity but also in a global economic model that has prioritised growth and profit since the Industrial Revolution.

    Initially, degrowth was a critique of Western lifestyles and notions of progress. Environmental concerns were just one part of the movement’s broader agenda. Over time, however, environmentalism has become central to the movement’s goals.

    A stenciled message in favour of degrowth.
    Paul Sableman, CC BY



    À lire aussi :
    Idea of green growth losing traction among climate policy researchers, survey of nearly 800 academics reveals

    What about the global south?

    Today, many degrowth advocates assert that the richer countries of the global north, being largely responsible for environmental degradation, should be the ones to scale back economic activity to avert ecological catastrophe. But what about the poorer countries of the global south? Should they adopt degrowth strategies? Some argue this would impose a neocolonial agenda, with wealthier countries once again dictating the terms of global development. Others note that many poorer countries need economic growth to combat poverty. And even if degrowth were limited to the north, it could still have significant effects on the south – both positive and negative.

    A review of academic literature on degrowth and the global south reveals two main perspectives: those who see degrowth as incompatible with the south’s development needs, and those who believe it could offer synergies with sustainable development goals.

    Supporters of degrowth often point out that many of its core ideas originate in the global south. Anthropologist Jason Hickel cites figures such as Sri Lankan philosopher Ananda Coomaraswamy, Indian economist J.C. Kumarappa and Bengali poet Rabindranath Tagore as inspirations. While these thinkers may not use the term “degrowth”, they promote ideas aligned with it, such as the Latin American Sumak kawsay (or “Buen vivir”) or the South African Ubuntu. These non-Western perspectives have been instrumental in shaping the degrowth discourse in the global north.

    Degrowth as decolonisation

    Degrowth advocates argue that scaling back economic activity in the north could help dismantle the unequal global division of labour, in which raw materials are extracted from the south and processed into consumer goods in the north. This system disproportionately benefits wealthier nations while leaving poorer countries with the social and environmental costs. Federico Demaria, a researcher in political ecology, argues that northern countries must “pay for past and present colonial exploitation in the south” – a central theme in contemporary degrowth discourse.

    An aerial view of a gold mine in Brazil.
    Tarcisio Schnaider/Shutterstock

    Some researchers suggest that dependence on economic growth is problematic for both the north and south. They argue that growth alone does not guarantee poverty reduction – wealth distribution and institutional reforms are just as crucial. Degrowth could help both regions avoid unsustainable development models by focusing more on social well-being than perpetual economic expansion.

    Challenges for degrowth in the global south

    However, many scholars believe degrowth is unattractive for the global south. Critics argue that the concept is too Eurocentric and fails to resonate amid the specific challenges faced by poorer nations. Interviews with academics and activists in the south show that while they may agree with some of the ideas behind degrowth, they reject its language, which they see as rooted in Western thinking. Economist Beatriz Rodríguez Labajos and her co-authors suggest that researchers from the north and south should look at “strengthening potential synergies, through an assertive recognition of the barriers to doing so”.

    There is also concern that promoting degrowth in the south could be perceived as a new form of colonialism. Imposing Western notions of degrowth could prevent poorer countries from following the same path to prosperity that the north took, which often involved exploiting the resources of the south. The degrowth movement’s failure to fully address the colonial roots of economic development poses a challenge to its decolonization-oriented ambitions.

    The problem of global dependencies

    Finally, global dependencies further complicate the degrowth debate. Many people in the south rely on export-driven economies that serve Western markets. A reduction in economic activity in the north could harm populations in the south who depend on those exports.

    This interdependence presents a dilemma for the degrowth movement. Proponents argue that degrowth is not about abandoning economic activity but reforming the global trade, finance and governance systems to prevent negative impacts on the south. For degrowth to succeed, its advocates must formulate concrete proposals that address these global dependencies without exacerbating inequalities or harming the most vulnerable.

    This article is part of a project involving The Conversation France and AFP audio. It has received financial support from the European Journalism Centre, as part of the Solutions Journalism Accelerator programme supported by the Bill and Melinda Gates Foundation. AFP and The Conversation France have retained their editorial independence at every stage of the project.

    We offer this article as part of the Normandy World Forum for Peace, organised by the Normandy region of France on September 26-27, 2024. The Conversation France is a partner of the forum. For more information, visit the Normandy World Forum for Peace’s website.

    Claudius Gräbner-Radkowitsch is a member of the Bündnis90/Die Grünen (The Greens) party. He has received research grants, notably from the Austrian FWF and the German DFG.

    Birte Strunk ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. The ‘degrowth’ movement envisions global climate justice, but must adapt to global south realities – https://theconversation.com/the-degrowth-movement-envisions-global-climate-justice-but-must-adapt-to-global-south-realities-238276

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Reappointments to the Civil Procedure Rule Committee

    Source: United Kingdom – Executive Government & Departments

    The Lord Chancellor has approved the reappointments of Ben Roe and Ian Curtis-Nye as members of the Civil Procedure Rule Committee.

    The Lord Chancellor has approved the reappointment of Ben Roe as a Legal Member of the Civil Procedure Rules Committee (CPRC) for 3 years from 9 June 2025, and Ian Curtis-Nye as a lay member of the CPRC for 3 years from 24 October 2025.

    Ben Roe

    Ben Roe is a solicitor who is the Lead Knowledge Lawyer for Baker McKenzie’s Global Disputes and Compliance Group, responsible for knowledge management and training for litigation, arbitration and compliance lawyers. He is a member of the Association of Litigation Professional Support Lawyers and the Ministry of Justice Governance and Standards Board, overseeing the Witness Intermediary Scheme.

    Ian Curtis-Nye

    Ian Curtis-Nye is a Partner/Divisional Manager at Lyons Davidson solicitors, with overall responsibility for the civil litigation division and legal costs teams, also being a solicitor and costs lawyer. In addition, he is a trustee and chair at Citizens Advice Reading; providing support and advice to the local community on a wide range of issues. He has extensive experience in consumer affairs across both the legal and lay advice sector.

    The CPRC is the statutory body that governs the practice and procedure to be followed in the Civil Division of the Court of Appeal, the High Court, and the County Court.

    The appointment of members, of the CPRC, are made by the Lord Chancellor after consulting the Master of the Rolls and – in respect of legal members – the relevant professional body.

    Appointments are regulated by the Commissioner for Public Appointments and recruitment processes comply with the Governance Code on Public Appointments.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Birmingham Crane Survey – another record-breaking year

    Source: City of Birmingham

    The latest Deloitte’s Crane Survey, which looks at construction activity in four UK cities, has found Birmingham has had another record-breaking year.

    Both residential and student residential sectors hit new highs despite a challenging economic backdrop.

    As with previous years, the residential sector led the way with 3,180 homes completed in 2024. 2,242 bedspaces are currently under construction in the student residential sector, both the highest amount recorded in the history of the Birmingham Crane Survey.

    The Birmingham Crane Survey is part of Deloitte’s Regional Crane Survey series, which monitors construction activity within four UK cities, across a range of sectors including office, residential, hotels, retail, education and student accommodation. Across all surveys – Belfast, Birmingham, Leeds and Manchester – 47 new construction starts were recorded in 2024 compared to 63 in 2023.

    For the first time in its 23-year history, the latest Birmingham Crane Survey has expanded its boundaries to to align with the definition of the city centre as set out in the council’s Our Future City Framework.

    Cllr Sharon Thompson, deputy leader of Birmingham City Council, said: “Birmingham continues to attract investors, and as the Crane Survey makes clear, we’re building new homes and creating jobs for our young and growing population. Our challenge is to lever the investment that is flowing into our city and ensure that success for Birmingham means success for the people of Birmingham.

    “Our Future City Framework 2045, which was approved last year, outlines how we will continue to deliver much-needed growth to boost the lives and life chances of our citizens.”

    Managing Director Joanne Roney added: “Birmingham is going from strength to strength, with both public and private sector investment. Our Future City Framework will shape the next 20 years of development, delivering unprecedented levels of new jobs, homes and green space.”

    The private sector is now investing in facilities, sporting excellence and growth. Notable developments include Knighthead Capital’s investment into Birmingham City Football Club and its acquisition of 48 acres of land in Bordesley Green to deliver a new sports quarter and stadium, and Edgbaston Cricket Club’s planning application for the latest development of its masterplan, which will include a new stand and 4* hotel.

    There are also a number of  major developments in Digbeth including Masterchef Studios, BBC Tea Factory and Digbeth Loc.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Bumper turnout at award winning SEND careers fair

    Source: City of Wolverhampton

    The City of Wolverhampton Council, with support from Tettenhall Wood School, staged the free Moving into Adulthood Careers Fair at Wolverhampton Racecourse, aimed at young people in Year 9 and above, parents, carers and staff who support the children in their current educational setting.

    They were invited to find out about the options available for further education, training and employment from exhibitors including colleges, providers, supported employers, social care settings and community groups.

    Councillor Jacqui Coogan, the City of Wolverhampton Council’s Cabinet Member for Children, Young People and Education, said: “We want to ensure that children and young people with special educational needs or disabilities are able to live their lives to the full.

    “This was our third Moving into Adulthood Careers Fair and the biggest and best yet, with more children and young people, more parents and carers, and more exhibitors, and we hope it gave everyone involved plenty of information and advice about the many opportunities that are out there for our children and young people with SEND as they move into adulthood.

    “Feedback was overwhelmingly positive with attendees praising the range of careers showcased and the engaging nature of the activities, and I would like to thank everyone who attended and who organised this year’s very successful event.”

    The second Moving into Adulthood SEND Careers Fair, staged at Wolverhampton Racecourse in November 2023, won the Careers Intervention category at last summer’s West Midlands Combined Authority (WMCA) Adult Learning Awards.

    MIL OSI United Kingdom –

  • MIL-OSI Banking: BaFin warns consumers about various websites advertising automated crypto trading bot

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about a series of platforms advertising an AI-controlled algorithm for trading in financial instruments and cryptoassets. Specifically, the following providers are under investigation:

    • zivaprofit7.com – ZivaProfit7 Ai
    • velmocoin.com – Velmo Coin AI
    • zolintex.com – Zolintex AI
    • luxigain.com – LuxiGain AI
    • grabcapital4u.com – GrabCapitaL4u Ai
    • tivanafund.com – TivanaFund AI
    • brixogain.com – Brixo Gain AI
    • brixofund.com – BrixoFund AI
    • pamborich.com – Pamborich Ai
    • zonocash.com – Zono Cash AI
    • econarix.com – Econarix AI
    • zorbofund.com – ZorboFund AI
    • gaintomo.com – GAINTOMO AI
    • trovafund.com – TrovaFund AI
    • gliporich.com – GlipoRich AI
    • viznofund.com – ViznoFund AI
    • grivogain.com – GrivoGain AI

    Anyone offering financial or investment services or crypto-asset services in Germany requires a license from BaFin. However, some companies offer such services without the required license. Information on whether a particular company is authorized by BaFin can be found in the company database.

    The information provided by BaFin is based on Section 37 (4) of the German Banking Act (KWG) and Section 10 (7) of the German Crypto Markets Supervision Act (KMAG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Government opens record industry conference to kickstart SME exports

    Source: United Kingdom – Executive Government & Departments

    UK Export Finance welcomes industry to its largest ever national conference, promoting SME growth.

    • Minister for Exports calls on SME audience to make use of government support at UK Export Finance’s annual conference.

    • Around 1,000 business leaders – including directors from CBI and British Chambers of Commerce – gather to help UK businesses access international opportunities.

    • With a £60 billion remit, UKEF enabled exports to 45 global territories in 2024, unlocking export opportunities for British suppliers.

    The UK government is hosting one of its largest ever export conferences, with around 1,000 business leaders attending today’s UK Trade and Export Finance Forum to discuss ways of reducing financial barriers to exporting.

    Hosted in London by UK Export Finance (UKEF), the event welcomes speakers from the CBI, British Chambers of Commerce and Invest in Women Taskforce. Workshops will discuss overseas opportunities and how government and private sector can collaborate to help a wider range of businesses to export.   

    UKEF is a government department which helps businesses to export by offering financing guarantees and insurance – support which helps companies to fill their order-books, invest in growth and create wealth. The event comes a week after the Chancellor pledged to kick-start economic growth across the country as part of this government’s Plan for Change.  

    In the 2023-24 financial year, UKEF backing for businesses contributed £3.3 billion to the UK economy and supported up to 41,000 jobs across the country.

    UKEF can also now reveal that in 2024, its work secured export deals to 45 territories, increasing the availability of overseas contract opportunities for British businesses.

    A majority of businesses seeking UKEF support and attending the conference are small and medium-sized enterprises (SMEs). Export finance support complements other actions which the government is taking to support SMEs, like measures tackling the scourge of late payments, the launch of a Business Growth Service, and trade agreements generating new opportunities.

    Gareth Thomas, Minister for Exports, said:

    UKEF plays a key part in this government’s central mission to go further and faster to deliver economic growth across the country. Their support has led to projects in dozens of countries around the world, supporting jobs, boosting wages and increased investment into the UK.

    Supporting small firms and supercharging exports are at the very core of that growth mission, because we know that when more SMEs trade around the world, it boosts the whole economy.

    The conference falls ahead of the government’s Industrial Strategy, a plan for supporting investment into high-growth sectors which is expected to launch in spring 2025. This will be supported by UKEF’s own vision for supporting more SMEs and facilitating £10 billion in financing for clean-growth exports by 2029 – a vision furthered by the Chancellor’s recent launch of export finance support for projects supplying critical minerals to UK industry.

    Shevaun Haviland, Director General of the British Chambers of Commerce, said:

    If the UK wants to grow its economy, then we need to export more. The maths on this is really very simple. If we export more than we import, then trade contributes to economic growth, productivity rises, and wages and investment are pushed up – creating a virtuous circle. 

    Our experience has also taught us that firms that export are more resilient, innovative and grow faster. Support for our SME exporters and encouragement to help them start selling overseas is vital to making this happen and UKEF has a key role to play.

    Jordan Cummins, Director (UK Competitiveness), CBI, said:

    To be a key player in the global race for growth, the UK needs a bold and ambitious Trade Strategy.

    As business continues to navigate changing global dynamics, persistent economic headwinds, and geopolitical uncertainty, intervention is needed from government to enable firms to capture the growth prizes on offer. Doing so will ensure the UK is positioned as one of the world’s best locations for investment and trade.

    Record interest in the government event follows growth in the range of businesses seeking UKEF support. Since launching the event in 2018, UKEF has seen a significant rise in the number of retail and wholesale exporters supported, particularly in food & drink, beauty & healthcare, furniture, homeware and interior design.

    Contact

    Media enquiries:

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: OP Mortgage Bank: Financial Statements Bulletin for 1 January‒31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    OP Mortgage Bank
    Financial Statements Bulletin
    Stock Exchange Release 6 February 2025 at 10.00 EET

    OP Mortgage Bank: Financial Statements Bulletin for 1 January‒31 December 2024


    OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Financial Group. Together with OP Corporate Bank plc, its role is to raise funding for OP Financial Group from money and capital markets.

    Financial standing

    The intermediary loans and loan portfolio of OP MB totalled EUR 14,800 million (16,988)* on 31 December 2024. Bonds issued by OP MB totalled EUR 14,800 million (14,915) at the end of December.

    OP MB’s covered bonds after 8 July 2022 are issued under the Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The collateral is added to the EMTCB cover pool from the member cooperative banks’ balance sheets via the intermediary loan process on the issue date of a new covered bond.

    In January, OP MB issued its first covered bond of the year in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of seven years and six months. All proceeds of the bond were intermediated to 63 OP cooperative banks in the form of intermediary loans.

    In March, a fixed-rate covered bond worth EUR 1 billion issued by OP MB in March 2017 matured. At the same time, OP cooperative banks’ intermediary loans worth EUR 1 billion related to the bond in question matured.

    In October, OP MB issued its second covered bond of the year in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of five years. All proceeds of the bond were intermediated to 48 OP cooperative banks in the form of intermediary loans.

    The terms of issue are available on the op.fi website, under Debt investors: https://www.op.fi/en/op-financial-group/debt-investors/issuers/op-mortgage-bank/emtcb-debt-programme-documentation

    In November, OP MB sold a loan portfolio with a nominal value of EUR 1,825 million back to 85 OP cooperative banks. A capital loss of EUR 7.9 million was recognised on the sale in other operating expenses, and at the same time, income of EUR 5.0 million was recognised in net interest income consisting of income of EUR 7.7 million from the unwinding of hedge accounting items and an expense of EUR 2.7 million from the unwinding of loan EIR amortisations. In addition, EUR 4.5 million was recognised as expected credit loss on the sold loans. Net effect on operating profit was EUR 1.7 million. Previously, OP MB has purchased loans from OP cooperative banks as collateral for the bonds. Currently, OP MB operates on an intermediary loan model in which loans are tagged as collateral for bonds directly in OP cooperative banks’ balance sheets.

    Also, a fixed-rate registered bond (Namensschuldverschreibung) worth EUR 115 million issued by OP MB in November 2012 matured in November. Additionally, a fixed-rate covered bond worth EUR 1 billion issued by OP MB in November 2014 matured in November together with OP cooperative banks’ intermediary loans related to the bond worth EUR 1 billion.

    At the end of December, 92 OP cooperative banks had a total of EUR 14,800 million (14,800) in intermediary loans from OP MB.

    Impairment loss on receivables related to loans in OP MB’s balance sheet totalled EUR 2.5 million (-0.3). Loss allowance was EUR 0.0 million (2.6) following the sale of the loan portfolio.

    Operating profit was EUR 4.4 million (9.3). The company’s financial standing remained stable throughout the reporting period.

    * The comparatives for 2023 are given in brackets. For income statement and other aggregated figures, January–December 2023 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2023) serve as comparatives.


     Collateralisation of bonds issued to the public

    The European covered bonds (premium) issued under the EMTCB programme worth EUR 25 billion established on 11 October 2022, in accordance with the Act on Mortgage Credit Banks and Covered Bonds (151/2022), totalled EUR 6,250 million. The cover pool included a total of EUR 6,882 million in loans serving as collateral on 31 December 2024. Overcollateralisation exceeded the minimum requirement under the Act (151/2022).

    The covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 20 billion established on 12 November 2010, in accordance with the Act on Mortgage Credit Banks (Laki kiinnitysluottopankkitoiminnasta, 688/2010), totalled EUR 8,550 million. The cover pool included a total of EUR 9,451 million in loans serving as collateral on 31 December 2024. Overcollateralisation exceeded the minimum requirement under the Act (688/2010).

    Capital adequacy

    OP MB’s Common Equity Tier 1 (CET1) ratio stood at 797.0% (41.8) on 31 December 2024. The ratio was improved by the sale of the loan portfolio back to OP cooperative banks and the resulting reduction in capital requirement for credit risk. The minimum CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer is 2.5%. The minimum total capital requirement is 8% (or 10.5% with the increased capital conservation buffer). OP MB fully covers its capital requirements with CET1 capital, which in practice means that it has a CET1 capital requirement of 10.5%. Estimated profit distribution has been subtracted from earnings for the reporting period.

    OP MB uses the Standardised Approach (SA) to measure its capital adequacy requirement for credit risk. The Standardised Approach is also used to measure the capital requirement for operational risks.

    OP MB belongs to OP Financial Group. As part of the Group, OP MB is supervised by the European Central Bank. OP Financial Group presents capital adequacy information in its financial statements bulletins and interim and half-year financial reports in accordance with the Act on the Amalgamation of Deposit Banks. OP Financial Group also publishes Pillar 3 disclosures.

    Own funds and capital adequacy

    TEUR 31.12.2024 31.12.2023
    Equity capital 368,122 372,160
    Common Equity Tier 1 (CET1) before deductions 368,122 372,160
    Excess funding of pension liability   -13
    Proposed profit distribution -3,466  
    Share of unaudited profits   -7,490
    Insufficient coverage for non-performing exposures   -2,856
    CET1 capital 364,656 361,800
         
    Tier 1 capital (T1) 364,656 361,800
         
    Tier 2 capital (T2)    
    Total own funds 364,656 361,800

    Total risk exposure amount

    TEUR 31.12.2024 31.12.2023
    Credit and counterparty risk 18,581 812,205
    Operational risk (Standardised Approach) 26,636 25,140
    Other risks* 538 27,336
    Total risk exposure amount 45,755 864,682

    * Risks not otherwise covered.

    Ratios

    Ratios, % 31.12.2024 31.12.2023
    CET1 capital ratio 797.0 41.8
    Tier 1 capital ratio 797.0 41.8
    Capital adequacy ratio 797.0 41.8

    Capital requirement

    Capital requirement, TEUR 31.12.2024 31.12.2023
    Own funds 364,656 361,800
    Capital requirement 4,804 90,829
    Buffer for capital requirements 359,852 270,971

    Liabilities under the Resolution Act

    Under regulation applied to the resolution of credit institutions and investment firms, the resolution authority is authorised to intervene in the terms and conditions of investment products issued by a bank in a way that affects an investor’s position. The EU’s Single Resolution Board (SRB) based in Brussels is OP Financial Group’s resolution authority. The SRB has confirmed a resolution strategy for OP Financial Group whereby the resolution measures would focus on the OP amalgamation and on the new OP Corporate Bank that would be formed in case of resolution. According to the resolution strategy, OP Mortgage Bank would continue its operations as the new OP Corporate Bank’s subsidiary.

    The SRB has set a Minimum Requirement for Own Funds and Eligible Liabilities (MREL) for OP MB. From May 2024, the MREL is 16% of the total risk exposure amount and 18.5% of the total risk exposure amount including a combined buffer requirement, and 6% of leverage ratio exposures. The requirement entered into force on 15 May 2024. The requirement includes a Combined Buffer Requirement (CBR) of 2.5%.

    OP MB’s buffer for the MREL requirement was EUR 356 million. The buffer consists of own funds only. OP MB clearly exceeds the MREL requirement. OP MB’s MREL ratio was 797% of the total risk exposure amount.


    Joint and several liability of amalgamation

    Under the Act on the Amalgamation of Deposit Banks (599/2010), the amalgamation of cooperative banks comprises the organisation’s central cooperative (OP Cooperative), the central cooperative’s member credit institutions and the companies belonging to their consolidation groups, as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 31 December 2024, OP Cooperative’s member credit institutions comprised 93 OP cooperative banks, OP Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc.

    The central cooperative is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy, and for compliance with harmonised accounting policies in the preparation of the amalgamation’s consolidated financial statements.

    As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions the amount necessary to preventing the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution’s assets.

    Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as a support measure or to a creditor of such a member bank in payment of an overdue amount which the creditor has not received from the member bank. Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing liability for the central cooperative’s debts as referred to in the Co-operatives Act.

    Each member bank’s liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member banks in proportion to their last adopted balance sheets. OP Financial Group’s insurance companies do not fall within the scope of joint and several liability.

    According to section 25 of the Act on Mortgage Credit Banks (688/2010), which was valid at that time, the creditors of covered bonds issued prior to 8 July 2022 have the right to receive payment, before other claims, for the entire term of the bond, in accordance with the terms and conditions of the bond, out of the funds entered as collateral, without this being prevented by OP MB’s liquidation or bankruptcy. A similar and equal priority also applies to derivative contracts entered in the register of bonds, and to marginal lending facilities referred to in section 26, subsection 4 of said Act. For mortgage-backed loans issued prior to 8 July 2022 and included in the total amount of collateral of covered bonds, the priority of the covered bond holders’ payment right is limited to the amount of loan that, with respect to home loans, corresponds to 70% of the value of shares or property serving as security for the loan and entered in the bond register at the time of the issuer’s liquidation or bankruptcy declaration.

    Under section 20 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022), which entered into force on 8 July 2022, the creditors of bonds issued after 8 July 2022, including the related management and clearing costs, have the right to receive payment from the collateral included in the cover pool, before other creditors of OP MB or the OP cooperative bank which is the debtor of an intermediary loan. A similar priority also applies to creditors of derivative contracts related to covered bonds, including the related management and clearing costs. Interest and yield accruing on the collateral, and any substitute assets, fall within the scope of said priority. Section 44, subsection 3 of the Act on Mortgage Credit Banks and Covered Bonds includes provisions on the creditor’s priority claim regarding cover pool liquidity support. According to said subsection, the creditor has the right to receive payment against the funds contained in the cover pool after claims based on the principal and interest of covered bonds secured by the cover assets included in the cover pool, obligations based on derivatives contracts associated with covered bonds, as well as administration and liquidation costs.


    Sustainability and corporate responsibility

    As of the reporting year 2024, OP Financial Group reports on its sustainability and corporate responsibility in accordance with the European Sustainability Reporting Standards (ESRS) under the EU’s Corporate Sustainability Reporting Directive (CSRD). OP Financial Group’s Report by the Board of Directors and Financial Statements 2024, including CSRD reporting, will be published in March 2025.

    Responsible business is one of OP Financial Group’s strategic priorities. OP Financial Group’s sustainability programme guides the Group’s actions and is built around three themes: Climate and the environment, People and communities, Corporate governance. Read more about the sustainability programme at www.op.fi/en/op-financial-group/corporate-social-responsibility/corporate-social-responsibility-programme

    At OP Financial Group, sustainability and corporate responsibility are guided by a number of principles and policies. OP Financial Group is committed to complying not only with all applicable laws and regulations, but also with a number of international initiatives. The Group is committed to complying with the ten principles of the UN Global Compact initiative in the areas of human rights, labour rights, the environment and anti-corruption. OP Financial Group is a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Furthermore, OP Financial Group is committed to complying with the UN Principles for Responsible Investment and the UN Principles for Sustainable Insurance.

    OP Financial Group’s biodiversity roadmap includes measures to promote biodiversity. OP Financial Group aims to grow its nature positive handprint by 2030. ‘Nature positive’ means that OP Financial Group’s operations will have a net positive impact (NPI) on nature.

    OP Financial Group has drawn up a Human Rights Statement and Human Rights Policy. The Group respects all recognised human rights. The Human Rights Statement includes the requirements and expectations that OP Financial Group has set for itself and actors in its value chains. OP Financial Group is committed to perform remediation actions if its operations have adverse human rights impacts.

    In March 2024, OP MB published a Green Covered Bond Report on the allocation and impacts of Finland’s first green covered bonds issued in March 2021 and April 2022. Under OP MB’s Green Covered Bond Framework, the proceeds from the bonds have been allocated to mortgages with energy-efficient residential buildings as collateral.

    The environmental impacts allocated to the green covered bonds in 2023 were 59,000 MWh of energy use avoided per year and 8,800 tonnes of CO2-equivalent emissions avoided per year.


    Personnel

    At the end of the reporting period, OP MB had six employees. OP MB has been digitising its operations and purchases all key support services from OP Cooperative and its subsidiaries, reducing the need for its own personnel.


     Governing body members

    The Board composition is as follows:

    Chair Mikko Timonen Chief Financial Officer, OP Cooperative
    Members Satu Nurmi Business Lead, SME Financing,
    OP Retail Customers plc
      Mari Heikkilä Head of Group Treasury & ALM,
    OP Corporate Bank plc

    OP MB’s Managing Director is Sanna Eriksson. The Deputy Managing Director is Tuomas Ruotsalainen, Senior Covered Bonds Manager at OP MB.


    Risk profile

    OP MB has a strong capital base, capital buffers and risk-bearing capacity.

    OP MB’s most significant risks are related to the quality of collateral and to structural liquidity and interest rate risks on the balance sheet, for which limits have been set in the Banking Risk Policy. The key credit risk indicators in use show that OP MB’s credit risk exposure is stable. OP MB has used interest rate swaps to hedge against its interest rate risk. Interest rate swaps have been used to swap home loan interest, intermediary loan interest and interest on issued bonds onto the same basis rate. OP MB has concluded all derivative contracts for hedging purposes, applying fair value hedges which have OP Corporate Bank plc as their counterparty. OP MB’s interest risk exposure is under control and has been within the set limit.

    The liquidity buffer for OP Financial Group is centrally managed by OP Corporate Bank and therefore exploitable by OP MB. At the end of the reporting period, OP Financial Group’s Liquidity Coverage Ratio (LCR) was 193% and the Net Stable Funding Ratio (NSFR) was 129%. OP MB monitors its cash flows on a daily basis to secure funding liquidity and its structural funding risk on a regular basis as part of the company’s internal capital adequacy assessment process (ICAAP).

    An analysis of OP MB’s risk exposure should always take account of OP Financial Group’s risk exposure, which is based on the joint and several liability of all its member credit institutions. The member credit institutions are jointly liable for each other’s debts. All member banks must participate in support measures, as referred to in the Act on the Amalgamation of Deposit Banks, to support each other’s capital adequacy.

    OP Financial Group analyses the business environment as part of its ongoing risk assessment activities and strategy process. Megatrends and worldviews behind OP Financial Group’s strategy reflect driving forces that affect the daily activities, conditions and future of the Group and its customers. Factors currently shaping the business environment include climate, biodiversity loss, scientific and technological innovations, polarisation, demography and geopolitics. External business environment factors are considered thoroughly, so that their effects on customers’ future success are understood. OP Financial Group provides advice and makes business decisions that promote the sustainable financial success, security and wellbeing of its owner-customers and operating region while managing the Group’s risk profile on a longer-term basis. Advice for customers, risk-based service sizing, contract lifecycle management, decision-making, management and reporting are based on correct and comprehensive information.


    Outlook

    Finland’s economy contracted in 2024. However, the economy began to recover as the year progressed and preliminary figures suggest that GDP grew in the second half compared to the same period in 2023. Slower inflation and lower interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment.

    OP MB’s capital adequacy is expected to remain strong and its risk exposure favourable. This enables the issuance of covered bonds in the future.

    Schedule for financial reports for 2024

    Report by the Board of Directors and Financial Statements 2024 Week 11, 2025
    Corporate Governance Statement 2024 Week 11, 2025

    Schedule for Interim Reports and Half-Year Financial Report in 2025

    Interim Report 1 January–31 March 2025 7.5.2025
    Half-year Financial Report 1 January–30 June 2025 30.7.2025
    Interim Report 1 January–30 September 2025 28.10.2025

    Helsinki, 6 February 2025

    OP Mortgage Bank

    Board of Directors

    Additional information:

    Sanna Eriksson, Managing Director, tel. +358 10 252 2517

    DISTRIBUTION
    LSE London Stock Exchange
    Euronext Dublin (Irish Stock Exchange)
    OAM (Officially Appointed Mechanism)
    Major media
    www.op.fi

    The MIL Network –

  • MIL-OSI Global: Where support for Germany’s far-right AFD is growing and why – podcast

    Source: The Conversation – UK – By Laura Hood, Host, Know Your Place podcast, The Conversation

    Germany is holding an election on February 23 and the contest is attracting an unusual amount of attention. That’s because the far-right Alternative for Germany (AFD) is polling in second place on 20% of the national vote.

    Should the party end up with a vote share on this scale, it would be its best ever result in a national election. It would change the face of the German parliament and force mainstream parties into difficult questions about their longstanding refusal to work with extreme parties.

    The AFD’s roots are in nationalistic and racist movements. It continues to take an ultra anti-immigration stance and, in this election, is calling for “demigration” – effectively the deportation of migrants.

    In this episode of The Conversation Weekly podcast, Rolf Frankenberger, an expert on right-wing extremism at the University of Tübingen in Germany, explains where the AFD draws its support from and what type of Germany it wants to return to.

    Frankenburger has found two clear trends in the geographical distribution of AfD voting. The first is common among far-right parties around the world:

    “ There are always exceptions, of course, but the main pattern is that around the big cities like Berlin, like Hamburg, Bremen, Hanover, Münster, Stuttgart, Munich, Frankfurt in these cities and their direct environment and suburbs, the AFD is less important. Whereas in the specific rural areas, like in Saxonia, in the Erzgebirge, in Baden-Württemberg, in the Black Forest, in Rhineland Palatinate, in the more rural areas, they have their strongholds.”

    The second, however, is unique to Germany. Support for the AFD is far more concentrated in the east of Germany. This region was the part of the country that made up the communist German Democratic Republic between 1949 and 1990, before German reunification.

    “Reunification in Germany produced winners and losers. And in the view of many East German people – and much of it is true – there are inequalities that were produced by reunification.”

    These divisions are being exploited to push what Frankenburger terms a form of white supremacist, traditionalist “Völkisch nationalism” – not a term that is well understood outside of Germany but which resonates heavily in domestic politics.

    “And so the AFD comes in and says ‘hey, there’s something wrong with the state, there’s something wrong with democracy, and there’s something wrong with our heritage. So we have a strong German heritage. We have an identity, we have an idea and all the others are trying to destroy it’. So it’s a kind of protest.”

    To find out more about narratives pushed by the AFD, listen to the interview with Rolf Frankenberger on The Conversation Weekly podcast.

    This episode of The Conversation Weekly was written and produced by Mend Mariwany and Gemma Ware. Sound design was by Michelle Macklem, and theme music by Neeta Sarl.

    Clips in this episode from AFP News, AfD in English, DW News and Al Jazeera English.

    Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

    Rolf Frankenberger 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. Where support for Germany’s far-right AFD is growing and why – podcast – https://theconversation.com/where-support-for-germanys-far-right-afd-is-growing-and-why-podcast-249045

    MIL OSI – Global Reports –

  • MIL-OSI Africa: Oando’s Expansion in Africa’s Energy Sector to Take Center Stage at Invest in African Energy (IAE) 2025 in Paris

    Source: Africa Press Organisation – English (2) – Report:

    PARIS, France, February 6, 2025/APO Group/ —

    Wale Tinubu, Group Chief Executive Officer will speak at the Invest in African Energy 2025 Forum in Paris this May. As one of Africa’s largest indigenous energy companies, Oando is experiencing significant growth, driven by its landmark acquisition of Eni’s Nigerian subsidiary last year and its recent expansion into Angola.

    In August 2024, Oando finalized the acquisition of a 100% shareholding in the Nigerian Agip Oil Company (NAOC) from Eni for $783 million. This strategic move increased Oando’s participating interests in OMLs 60, 61, 62 and 63 from 20% to 40%, effectively doubling the company’s total reserves to approximately one billion barrels of oil equivalent. With plans to scale production to 100,000 barrels per day by 2028, the acquisition solidifies Oando’s position as a key player in Nigeria’s upstream sector.

    IAE 2025 (http://apo-opa.co/4aMELLc) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    Oando continues to strengthen its presence across Africa with a significant milestone in Angola. Through its upstream subsidiary, Oando Energy Resources (OER), the company has been awarded operatorship of Block KON 13 in the onshore Kwanza Basin. Following a competitive bidding process organized by Angola’s National Agency for Petroleum, Gas and Biofuels, OER now holds a 45% participating interest and will lead the block’s development in partnership with Effimax and Sonangol. Strategically located in the prolific Kwanza Basin, Block KON 13 offers substantial exploration potential in both pre-salt and post-salt plays, with estimated prospective resources ranging between 770 million and 1.1 billion barrels of oil. Two exploration wells previously drilled to a depth of 3,000 meters have indicated the presence of oil and gas across various intervals.

    In addition to expanding its asset base, Oando is integrating artificial intelligence (AI) into its drilling operations to enhance efficiency and decision-making. By leveraging AI, the company aims to optimize resource utilization and improve performance in upcoming projects. This initiative reflects Oando’s commitment to adopting innovative technologies to maintain its leadership in the energy sector.

    MIL OSI Africa –

  • MIL-OSI: Danish Government Borrowing and Debt 2024

    Source: GlobeNewswire (MIL-OSI)

    Today, Danmarks Nationalbank publishes the report Danish Government Borrowing and Debt 2024.

    The highlights are: 

    Central government debt fell to a historic low of kr. 217 billion, equivalent to 7.4 per cent of GDP in 2024. Interest costs remained low at a total of kr. -0.3 billion and the yield spread to Germany became negative during the year. The highest possible credit rating of AAA has been retained with a stable outlook. Consolidation remained a key focus to maintain a well-functioning and liquid government securities market. In February, a new 2-year government bond was opened and in September a 2-year euro denominated bond was issued under the government’s EMTN programme. Robust risk management has continued to stabilise the government’s interest rate and market risk. Combined with the solid Danish economy, the Danish government enters 2025 in a strong position for managing government debt. 

    Read more in the report Danish Government Borrowing and Debt 2024 at https://www.nationalbanken.dk/en/news-and-knowledge/publications-and-speeches. 

    Enquiries can be directed to governmentdebt@nationalbanken.dk. 

    The MIL Network –

  • MIL-OSI: Konsolidator’s Annual Report 2024 – From Growth to Resilient Growth

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no 4-2025

    Søborg, February 6, 2025

    Konsolidator’s Annual Report 2024 – From Growth to Resilient Growth

    Konsolidator’s Q4 2024 result showed a quarterly net ARR increase of DKK 1.3m, the highest in 3 years. In the entire 2024, the ARR growth was 10% – totaling an ARR of DKK 21.3m on December 31, 2024, which was in line with expectations. For the entire year, ARR was negatively impacted by churn but positively impacted by solid sales performances in Q3 and Q4 of 2024. In 2025, Konsolidator expects to deliver an ARR of DKK 23-24m.

    Annual recurring revenue (ARR) in 2024 amounted to DKK 21.3m, just within the expectations of an ARR between DKK 21-23m. Revenue amounted to DKK 20.3m in 2024, an increase of 6% and below the expectations of DKK 21-23m.

    In April 2024, Konsolidator established a subsidiary in Madrid, Spain, which impacted the EBIT loss and cash flow as expected. The EBIT loss for 2024 was DKK 12.1m, compared to 10.7m in 2023.

    On December 31, 2024, the equity was negative by DKK 2.4m compared to a positive equity of DKK 1.3m on December 31, 2023. In 2024, Konsolidator received DKK 10.1m through a capital increase. At the beginning of 2025, Konsolidator received an additional DKK 2.2m in net proceeds and secured a binding commitment of DKK 1.8m to be paid during 2025.

    At the end of 2024, Konsolidator announced its focused strategy for 2025-2027, “Resilient Growth” (Company Announcement no 21, 2024). Besides stabilizing and improving the EBITDA margin, the strategy focuses on one key metric: ARR Growth, with a target ARR of DKK 27-30m by 2027.

    CEO Claus Finderup Grove comments: “2024 strengthened our foundation and unlocked new growth opportunities. Both the Board and management have strong confidence in our future, as we transition from being solely a consolidation system to a broader product offering. With data warehousing, budgeting & planning, and ESG capabilities, we are equipping finance teams with everything they need to deliver reliable data – making CFOs better.

    2024 Financial Highlights

    • ARR amounted to DKK 21.3m compared to DKK 19.4m in 2023, corresponding to an increase of 10%. The ARR was within expectations of DKK 21-23m.
    • Revenue amounted to DKK 20.3m in 2024, an increase of 6% and below the expectations of DKK 21-23m.
    • EBIT amounted to a loss of DKK 12.1m compared to an EBIT loss of DKK 10.7m in 2023. The EBIT loss was below expectations of a loss of DKK 10-12m.
    • EBIT before share-based payments was a loss of DKK 11.0m compared to a loss of DKK 8.9m in 2023.
    • Total cash and cash equivalents amounted to DKK 0.4m at the end of 2024 compared to DKK 1.8m at the end of 2023.
    • The total equity amounted to a negative equity of DKK 2.4m on December 31, 2024, compared to a positive equity of DKK 1.3m a year before.

    ARR expectations

    During 2024, Konsolidator announced its Resilient Growth strategy, which will focus and guide solely on ARR. In 2025, Konsolidator expects to deliver an ARR of DKK 23-24m.

    Annual Report 2024
    Konsolidator’s Annual Report 2024 is included in this announcement and can be found on Konsolidator’s investor website.

    Investor webinar
    On 6 February 2025 at 12.30 (CET), an investor webinar will be held. Sign up using this link.

    Contacts

    Certified Adviser

    About Konsolidator
    Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: £8 million for Port Talbot growth and regeneration project

    Source: United Kingdom – Executive Government & Departments

    A new project will support more than 100 jobs and eventually generate more than £87 million for the South Wales economy.

    £8.2 million more announced for growth and regeneration project in Port Talbot.

    • The first of the growth and regeneration projects in Port Talbot will receive £8.2 million from the Tata Steel / Port Talbot Transition Board.
    • Plans will support more than 100 jobs and eventually generate more than £87 million for the South Wales economy. 
    • Tata Steel / Port Talbot Transition Board has now allocated £51 million into the local community.

    More than 100 jobs are expected to be created and supported with the UK Government announcement of £8.2 million funding for the first regeneration project in Port Talbot with other projects set to follow. 

    Chairing the latest meeting of the Tata Steel Port Talbot Transition Board today (6 February) Welsh Secretary Jo Stevens will announce £8.2 million for the South Wales Industrial Transition from Carbon Hub (SWITCH) supporting more than 100 jobs. 

    The South Wales Industrial Transition from Carbon Hub project will redevelop a four-acre site at Harbourside, Port Talbot which will include the construction of additional shared space, undertake flood mitigation and the provision of specialist equipment. This investment will help establish an Innovation District in Port Talbot. 

    This will allow the development of a new facility targeted at supporting the steel and metal industry and supply chain to reduce carbon emissions in production. The facility is expected to create and support more than 100 jobs and eventually benefit the South Wales economy by £87 million.

    The latest funding comes from the UK Government’s £80m Tata Steel / Port Talbot Transition Board fund which, since last July, has announced £51 million to support individual steelworkers and businesses in Tata Steel’s supply chain to protect jobs and grow the local economy. The latest announcement is the first project to support growth and regeneration of the region. In the coming months, there will be up to £30 million (as part of the overall £80 million) put into growth and regeneration projects.   

    This funding supports the UK Government’s mission to kickstart economic growth and will help deliver the ambition to raise living standards in every part of the United Kingdom as set out its Plan for Change. 

    Welsh Secretary Jo Stevens said:  

    We said we would back the community of Port Talbot through Tata Steel’s transition and we continue to do exactly that.

    In just six months there has now been over £50 million announced by the Transition Board to support individual steelworkers and their families, businesses in the supply chain and now on a major regeneration project for the town.

    Millions more will follow and while this remains a very difficult time for Tata workers, their families and the community, we are determined to support our steel communities whatever happens.

    The Secretary of State will also ensure that work is progressing at pace to develop a range of wellbeing and mental health interventions. This work will prioritise the provision of mental health support, help build community cohesion, support the delivery of wellbeing initiatives and peer support within the local community including that currently delivered via local community and other support groups. Funding to support this work will be announced at the next transition board meeting.

    Cabinet Secretary for Economy, Energy and Planning Rebecca Evans said:

    This announcement builds on the investment that will be unlocked through the recent Celtic Freeport and other investments and innovation we are supporting in and around Port Talbot. 

    Working alongside our Transition Bard partners, we will continue to do everything we can to provide opportunities for growth wherever they arise as well as making sure that the right assistance and support is in place for those impacted by the Tata changes.

    The Leader of Neath Port Talbot Council, Cllr Steve Hunt, said:

    We welcome this extra tranche of funding as the SWITCH project will attract jobs and investment to Neath Port Talbot as it progresses over the next few years. It also means this area can build on its long history in the steel and metals industries to address the challenges of our time.” 

    Professor Helen Griffiths, Pro Vice Chancellor for Research and Innovation at Swansea University, said:

    SWITCH will leverage Swansea University’s history of uniting academia, industry, local authorities, and government. This significant investment will make Welsh research and innovation expertise even more accessible to business and industry, and help stimulate economic growth, provide long-term employment and foster a thriving community.

    The South Wales Industrial Transition from Carbon Hub (SWITCH) delivers research to support industrial decarbonisation transition. This announcement of Transition Board funding for the SWITCH Harboursideproject will create a new base for SWITCH. This will add to the facility’s £20 million funding from the Swansea Bay City Deal, which is also part-funded by the UK Government. 

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Coop Pank AS will hold an investor webinar to introduce the results for the fourth quarter and 12 month of 2024

    Source: GlobeNewswire (MIL-OSI)

    Coop Pank invites shareholders, investors, analysts and other stakeholders to join its investor webinar, scheduled on 13 February 2025 at 9 am (EET). 

    The webinar will be hosted by the Chairman of the Board Margus Rink and Chief Financial Officer Paavo Truu, who present the unaudited financial results of the IV quarter and the year of 2024.

    During the webinar all attendees can ask questions. All questions will be answered after the presentation. The webinar will be held in Estonian.

    To join the webinar, you need to register in advance via following link: https://bit.ly/CP-veebiseminar-registreerimine-13-02-2025

    Registrants will be sent a link to the webinar and a reminder email one hour before the start of the webinar. The webinar will be recorded and published on the company’s website www.cooppank.ee and on our YouTube account.

    Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking has reached 206,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.

    Additional information:
    Katre Tatrik
    Communication Manager
    Tel: +372 5151 859
    E-mail: katre.tatrik@cooppank.ee

    The MIL Network –

  • MIL-OSI Russia: NSU Lecturer Wins All-Russian Competition “Knowledge.Lecturer”

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    The award ceremony for the winners of the fourth season of the All-Russian competition “Knowledge.Lecturer” from the Russian Society “Knowledge” took place at the National Center “Russia” in Moscow on February 5. They were 70 lecturers from 37 regions of the country. Each received 250 thousand rubles to promote their educational content. Among the winners of the fourth season of the competition was the deputy dean for development Faculty of Mechanics and Mathematics, Novosibirsk State University, Doctor of Physical and Mathematical Sciences Timur Nasybullov. In the final, he gave a lecture “Bayes’ Formula as a Philosophy of Life”, in which he explained how this formula can be applied in reality.

    Knowledge.Lecturer (formerly the “League of Lecturers”) is an all-Russian competition that allows each region to identify talented educators and create opportunities for their professional growth in this field. Within its framework, anyone can try their hand as a lecturer, improve their public speaking skills and find their audience. This is the flagship project of the Russian Knowledge Society, which has been implemented since 2021. Since the start of the project, more than 41,000 people have become its participants.

    The fourth season of the All-Russian competition Znanie.Lektor was held from April 23, 2024 to February 5, 2025. More than 19 thousand people from all regions of Russia took part in it, including more than 5 thousand schoolchildren in a special nomination. They prepared author’s lectures on 14 competition topics and passed a multi-stage selection, which included training in public speaking, organizing their own lectures in their home region, interviews with experts. The 140 strongest participants among adults and students from 52 regions of Russia reached the final of the competition. They overcame the selection of more than 100 people per place. Each finalist received the honorary title of lecturer of the Russian Society “Znanie”.

    The awards to the best lecturers were presented by the Minister of Education of the Russian Federation Sergey Kravtsov, Advisor to the President of the Russian Federation Elena Yampolskaya, General Director of the Russian Society “Knowledge” Maxim Dreval and others.

    Presenting the awards, the Minister of Education of the Russian Federation Sergey Kravtsov noted that the future of our country depends on teachers, mentors, and lecturers, because they not only teach their students, but also shape the worldview of the younger generation.

    “Today, together with you, we are developing our sovereign education system so that our schoolchildren are interested in our culture, language, and have a broad outlook,” said Sergei Kravtsov.

    Maxim Dreval, General Director of the Russian Society “Knowledge”, spoke about new measures to support lecturers, which the Society plans to implement this year. In his opinion, it is very important to provide lecturers with the opportunity to develop, improve their skills and share experiences. Therefore, a project will be launched in March of this year, within the framework of which they can become participants in inspiring meetings, master classes, film screenings, intellectual games. More than a thousand events are planned by the end of the year, which will take place in every region of Russia. Their culmination will be the annual forum at the Mashuk Knowledge Center, which will bring together lecturers from all over the country. Presumably, it will take place in the fall.

    — When I learned about the Znanie.Lektor competition, I immediately decided that I would participate in it to test myself. Yes, I am a teacher and I give a lot of lectures — both at NSU and outside the university. I often speak to schoolchildren — I tell them about mathematics. I think that this is very important for any teacher. In mathematics, as in any other science, not only scientific and research activities are important. They also need to be talked about. If this is not done, it will not reach either educational institutions, or technologies, or ordinary people. Therefore, every scientist should be a bit of a showman and in an understandable language in an accessible form tell a wide audience about their own results.

    As part of the competition, I gave 8 lectures to schoolchildren. I immediately announced that I was ready to speak at schools, and I received many applications to give lectures. I talked about various interesting and useful facts from the world of mathematics, about how mathematics is used in real technologies. And even more interesting – how this science is shown in a funny way in all sorts of toys and puzzles, like the Rubik’s cube.

    It is important for me that thanks to winning the competition, the geography of my performances will expand and I will be invited to give lectures not only to schools in Novosibirsk and the Novosibirsk region, but also to other cities and regions. I see special value in this and want young people to study mathematics more, because in the future they will be able to create technologies of the future with the help of this science, – said Timur Nasybullov.

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

    MIL OSI Russia News –

  • MIL-OSI: Teniz Capital to Lead Second Phase of Black Sea Trade and Development Bank Bond Placement on the Astana International Exchange

    Source: GlobeNewswire (MIL-OSI)

    Almaty, Kazakhstan, 6 February 2025 – Teniz Capital Investment Banking, a leading investment bank in Central Asia and the Middle East, will lead the second phase of bond placement for multilateral financial institution Black Sea Trade and Development Bank (BSTDB) on the Astana International Exchange (AIX).

    This follows a first tranche of 100 million USD, completed in 2024, in which Teniz Capital facilitated the transaction. 

    The second tranche will be directed to supporting BSTDB’s funding capacity and enhance investor participation in Central Asian markets.
     
    “Our objective is to open financial opportunities in the Caspian and Central Asia to Western investors. This second placement, which we expect will be closed quite soon, is a clear indicator of market interest in the region, and in its future economic growth,” the management committee of the entity said. 
     
    Founded in 1999, the BSTDB is an international financial institution based in Thessaloniki, Greece. The institution was created to accelerate regional development through financial instruments such as bond issuances. It has 11 member states, including Greece, Russia, Turkey, and Ukraine.
     
    Teniz Capital employs 50 professionals, with its main headquarters in Almaty and additional offices in Astana’s International Finance Centre and Abu Dhabi.
     
    In 2023, Teniz Capital completed 13 bond transactions across in AIX as well the Kazakhstan Stock Exchange. These transactions included JSC AIFN Retam, Capitalleasing Group Ltd., Jet Group Ltd., Kisamos Shipping DMCC, several placements of Kazakhstan’s sovereign bonds, and underwriting complex, high-value transactions.
     
    Last year, on 29 August, the company announced the expansion of its operations with the launch of a sister company, Teniz Capital Brokerage Ltd.

    For further information, members of the media can contact teniz@definition.city

    This press release contains statements regarding the future of the company and its innovations. Statements regarding the future may be accompanied by words such as “anticipate”, “believe”, “estimate”, “will”, “anticipate”, “pretend”, “power”, “plan”, “potential”, the use of future time and other terms of similar meaning. No undue reliance should be placed on these claims. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including uncertainty of the company’s commercial success, ability to protect our intellectual property rights, and other risks. These statements are based on current beliefs and forecasts and refer only to the date of this press release. The company assumes no obligation to publicly update its forward-looking statements, regardless of whether new information, future events or any other circumstance arise.

    The MIL Network –

  • MIL-OSI: OP Corporate Bank plc’s Financial Statements Bulletin 1 January–31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    OP Corporate Bank plc
    Financial Statements Bulletin
    Stock Exchange Release 6 February 2025 at 9.00 am EET

    OP Corporate Bank plc’s Financial Statements Bulletin 1 January–31 December 2024

    • OP Corporate Bank plc’s operating profit rose to EUR 473 million (329).
    • Total expenses grew by 5% to EUR 773 million (738). Net interest income grew by 8% to EUR 631 million (582). Investment income fell by 35% to EUR 34 million (52). Net commissions and fees grew by 3% to EUR 75 million (73).
    • Impairment loss on receivables decreased to EUR 1 million (96).
    • Total operating expenses decreased by 5% to EUR 298 million (313). The cost/income ratio improved to 39% (42).
    • The loan portfolio grew by 0.8% to EUR 28.3 billion (28.1) year on year. The deposit portfolio increased by 17.3% year on year, to EUR 17.2 billion (14.6).
    • The Corporate Banking and Capital Markets segment’s operating profit increased to EUR 307 million (198). Net interest income grew by 21% to EUR 381 million (316). Net commissions and fees increased to EUR 6 million (3). Investment income fell by 41% to EUR 29 million (49). Operating expenses decreased by 8% to EUR 120 million (131). Impairment loss on receivables reversed came to EUR 6 million. A year ago, impairment loss on receivables totalled EUR 44 million. The cost/income ratio improved to 28% (35).
    • The Asset and Sales Finance Services and Payment Transfers segment’s operating profit increased to EUR 167 million (126). Net interest income grew by 4% to EUR 216 million (207). Net commissions and fees totalled EUR 61 million (64). Operating expenses totalled EUR 119 million (122). Impairment loss on receivables decreased to EUR 9 million (37). The cost/income ratio improved to 40% (43).
    • The Baltics segment’s operating profit rose to EUR 39 million (27). Net interest income decreased to EUR 59 million (67). Net commissions and fees totalled EUR 11 million (10). Operating expenses remained at the previous year’s level at EUR 35 million (35). Impairment loss on receivables reversed came to EUR 3 million. A year ago, impairment loss on receivables totalled EUR 15 million. The cost/income ratio weakened to 49% (45).
    • The Group Functions segment’s operating loss was EUR 40 million. A year ago, the operating loss amounted to EUR 22 million. Funding position and liquidity remained strong.
    • OP Corporate Bank plc’s CET1 ratio rose to 14.1% (13.0), which exceeds the minimum regulatory requirement by 5.4 percentage points.

    OP Corporate Bank plc’s key indicators

    € million Q1–4/2024 Q1–4/2023 Change, %
    Operating profit (loss), € million 473 329 43.8
    Corporate Banking and Capital Markets 307 198 55.2
    Asset and Sales Finance Services and Payment Transfers 167 126 33.1
    Baltics 39 27 43.5
    Group Functions -40 -22 —
    Total income 773 738 4.7
    Total expenses -298 -313 -4.6
    Cost/income ratio, % 38.6 42.4 -3.8*
    Return on equity (ROE), % 7.9 5.9 2.0*
    Return on assets (ROA), % 0.48 0.30 0.19*
      31 Dec 2024 31 Dec 2023 Change, %
    CET1 ratio, % 14.1 13.0 1.1*
    Loan portfolio, € million 28,295 28,076 0.8
    Guarantee portfolio, € million 2,660 3,184 -16.5
    Other exposures, € million 5,238 5,745 -8.8
    Deposits, € million 17,155 14,629 17.3
    Ratio of non-performing exposures to exposures, % 1.8 2.2 -0.5*
    Ratio of impairment loss on receivables to loan and guarantee portfolio, % 0.00 0.31 -0.30*

    Comparatives for the income statement items are based on the corresponding figures in 2023. Unless otherwise specified, figures from 31 December 2023 are used as comparatives for balance-sheet and other cross-sectional items.
    * Change in ratio, percentage point(s).

    Outlook

    Finland’s economy contracted in 2024. However, the economy began to recover as the year progressed and preliminary figures suggest that GDP grew in the second half compared to the same period in 2023. Slower inflation and lower interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment. 

     A full-year earnings estimate for 2025 will only be provided at Group level, in OP Financial Group’s financial statements bulletin and in its interim and half-year financial reports.

     The most significant uncertainties affecting OP Corporate Bank’s earnings performance relate to developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables. In addition, future earnings performance will be affected by the market growth rate and the change in the competitive situation.

     Forward-looking statements in these financial statements bulletin expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view of developments in the business environment and the financial performance of OP Corporate Bank plc and its various functions, and actual results may differ materially from those expressed in the forward-looking statements.

    Time of publication of 2024 reports:

    OP Corporate Bank’s Report by the Board of Directors and Financial Statements for 2024 Week 11
    OP Corporate Bank’s Corporate Governance Statement 2024 Week 11

    Schedule for Interim Reports and Half-year Financial Report in 2025: 

    Interim Report Q1/2025 7 May 2025
    Half-year Financial Report H1/2025 30 July 2025
    Interim Report Q1−3/2025 28 October 2025

    Helsinki, 6 February 2025

     OP Corporate Bank plc
    Board of Directors

    For additional information, please contact
    Katja Keitaanniemi, Chief Executive Officer, tel. +358 (0)10 252 1387
    Piia Kumpulainen, Chief Communications Officer, tel. +358 10 252 7317

    DISTRIBUTION
    Nasdaq Helsinki Oy
    Euronext Dublin (Irish Stock Exchange)
    LSE London Stock Exchange
    Major media
    op.fi

    OP Corporate Bank plc is part of OP Financial Group. OP Corporate Bank and OP Mortgage Bank are responsible for OP’s funding in money and capital markets. As laid down in the applicable law, OP Corporate Bank, OP Mortgage Bank and their parent company OP Cooperative and other OP Financial Group member credit institutions are ultimately jointly and severally liable for each other’s debts and commitments. OP Corporate Bank acts as OP Financial Group’s central bank.

    The MIL Network –

  • MIL-OSI: OP Financial Group’s Financial Statements Bulletin 1 January–31 December 2024: Excellent business performance continued – full-year operating profit EUR 2,486 million

    Source: GlobeNewswire (MIL-OSI)

    OP Financial Group
    Financial Statements Bulletin
    Stock Exchange Release 6 February 2025 9.00 am EET

    Financial Statements Bulletin 1 January–31 December 2024: Excellent business performance continued – full-year operating profit EUR 2,486 million 

    • Operating profit increased by 21% to EUR 2,486 million (2,050).

    • Income from customer business, or net interest income, insurance service result and net commissions and fees, increased to EUR 3,805 million (3,605). Net interest income grew by 5% to EUR 2,796 million (2,654). Insurance service result increased by 136% to EUR 192 million (81) and net commissions and fees decreased by 6% to EUR 818 million (870).

    • Impairment loss on receivables was EUR 96 million (269), or 0.09% (0.26) of the loan and guarantee portfolio.

    • Investment income increased by 20% to EUR 465 million (389).

    • Total expenses grew by 3% to EUR 2,262 million (2,201). The cost/income ratio improved to 47% (49).

    • The loan portfolio was at the previous year’s level at EUR 98.9 billion (98.9), while deposits grew by 4% year on year to EUR 77.7 billion (74.5).

    • The CET1 ratio was 21.5% (19.2), which exceeds the minimum regulatory requirement by 8.1 percentage points. The changes in the EU Capital Requirements Regulation (CRR3), which took effect on 1 January 2025, are expected to cause a slight reduction in the capital adequacy of OP Financial Group.

    • Retail Banking segment’s operating profit rose by 4% to EUR 1,275 million (1,223). Net interest income grew by 3% to EUR 2,112 million (2,041). Impairment loss on receivables decreased by EUR 78 million to EUR 95 million (173). Net commissions and fees decreased by 10% to EUR 619 million (686). The cost/income ratio was 51% (49). The loan portfolio decreased by 0.3% year on year, to EUR 70.7 billion (70.9). Deposits increased by 3% to EUR 62.9 billion (61.2).

    • Corporate Banking segment’s operating profit grew by 40% to EUR 572 million (408). Net interest income grew by 11% to EUR 657 million (591). Impairment loss on receivables decreased by EUR 96 million to EUR 0 million (96). Net commissions and fees increased by 4% to EUR 199 million (192). The cost/income ratio improved to 38% (41). In the year to December, the loan portfolio grew by 1% to EUR 28.3 billion (28.1). Deposits increased by 12% to EUR 15.4 billion (13.8).

    • Insurance segment’s operating profit grew by 39% to EUR 578 million (414). The insurance service result increased by EUR 110 million to EUR 192 million (81). Investment income increased by 10% to EUR 382 million (347). The combined ratio reported by non-life insurance improved to 92.3% (93.8).

    • Group Functions operating profit was EUR 19 million (-26). Net interest income increased by EUR 15 million to EUR 16 million (1).

    • OP Financial Group increased the OP bonuses to be earned by owner-customers for 2024 by 40% compared to the normal level of 2022. Additionally, owner-customers got daily banking services without monthly charges in 2024. Together, these benefits were estimated to add up to more than EUR 404 million in value for owner-customers in 2024. The benefits will be in force until the end of 2025.

    • Outlook: OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024. For more detailed information on the outlook, see “Outlook”.

    OP Financial Group’s key indicators

    € million Q1–4/2024 Q1–4/2023 Change, %
    Operating profit, € million         2,486         2,050         21.3
    Retail Banking         1,275         1,223         4.3
    Corporate Banking         572         408         40.4
    Insurance         578         414         39.4
    Group Functions         19         -26 –
    New OP bonuses accrued to owner-customers, € million         -314         -275         14.1
    Total income**         4,844         4,520         7.2
    Total expenses         -2,262         -2,201         2.8
    Cost/income ratio, %**         46.7         48.7 -2.0*
    Return on equity (ROE), %         11.6         10.6 0.9*
    Return on equity, excluding OP bonuses, %         13.0         12.0 1.0*
    Return on assets (ROA), %         1.24         0.98 0.26*
    Return on assets, excluding OP bonuses, %         1.39         1.11 0.28*
      31 Dec 2024 31 Dec 2023 Change, %
    CET1 ratio, %*         21.5         19.2 2.3*
    Loan portfolio, € billion         98.9         98.9         0.0
    Deposits, € billion         77.7         74.5         4.3
    Ratio of non-performing exposures to exposures, %         2.64         2.94 -0.30*
    Ratio of impairment loss on receivables to loan and guarantee portfolio, %         0.09         0.26 -0.17*
    Owner-customers (1,000) 2,115 2,094         1.0

    Comparatives for the income statement items are based on the corresponding figures in 2023. Unless otherwise specified, figures from 31 December 2023 are used as comparatives for balance-sheet and other cross-sectional items.
    * Change in ratio, percentage point(s).
    ** OP bonuses to owner-customers, which were previously shown on a separate line in the income statement, have been divided under the following items based on their accrual: interest income, interest expenses, and commission income from mutual funds. The line ‘OP bonuses to owner-customers’ is no longer shown in the income statement. Comparative information has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January–30 June 2024, Accounting policies and changes in accounting policies and presentation.

    Comments by the President and Group Chief Executive Officer:

    Uncertainty overshadowed the business environment – Finland’s economy began to recover as the year ended

    In 2024, the exceptionally tense geopolitical situation of previous years continued to predominate in Finland’s neighbouring regions. Russia’s war of aggression against Ukraine approached its third year and the Middle East conflict spilled over into new areas. A tectonic shift is underway in international politics and the global economy, creating uncertainty in the economy and our broader business environment.

    Although the world economy grew by 3% last year, Europe’s grew by just over 1%. Finland’s economy contracted for the second year running. However, the economy began to recover gradually as the year ended and OP Financial Group expects Finland’s GDP to grow by a couple of per cent in 2025.

    Construction and the related sectors were particularly affected by the sluggish economy. Risks in the real estate sector remained high and the number of bankruptcies increased substantially on the previous year.

    Inflation in Finland fell markedly, from 3.6% to 0.7%, on the year before. On the other hand, unemployment rose, reaching 8.9% in December. Market interest rates fell almost continuously from early 2024 and the Euribor rates were clearly lower by the year’s end.

    Despite the pickup in late 2024, home sale volumes and demand for home loans fell considerably year on year. Home prices continued their downward trend.

    The fall in market rates boosted the stock markets, raising share prices on several stock exchanges. However, Nasdaq Helsinki’s stock indices ended 2024 in slightly negative territory for the year as a whole.

    OP Financial Group had an excellent year – strong earnings enable outstanding benefits for owner-customers

    OP Financial Group performed extremely well and operating profit increased by 21% year on year, to EUR 2,486 million in 2024.

    Our excellent earnings will enable us to continue providing our over 2.1 million owner-customers with considerable benefits in 2025. As in 2024, our owner-customers will get daily banking services without monthly charges and accrue 40% extra OP bonuses compared to the normal level of 2022. This is how we will help to ease the strain on households in these economically challenging times. The total value of higher benefits on OP bonuses and daily services will be around EUR 400 million in 2025, which is a significant overall financial benefit.

    Being customer-owned, OP Financial Group will continue to share its financial success through a range of financial and other benefits for its owner-customers.

    Income from OP Financial Group’s customer business grew to a record level of more than EUR 3.8 billion. The improvement in the insurance service result was particularly strong, being 136% higher than a year earlier. Growth in net interest income slowed to 5% and net commissions and fees decreased by 6% year on year, chiefly due to the benefit (provided for owner-customers) of zero monthly charges for daily banking services. Income from investment activities grew considerably from 2023’s level and OP Financial Group’s total income reached over EUR 4.8 billion – 7% higher than a year earlier.

    OP Financial Group’s costs grew by 3% year on year, due to rising personnel costs and higher investments in ICT development. Compared to the previous year, its cost/income ratio improved by two percentage points to 47%, an excellent level even in international terms.

    All three business segments performed extremely well

    All three business segments performed extremely well. The Retail Banking segment’s operating profit rose by 4% year on year, to EUR 1,275 million. Insurance recorded an operating profit of EUR 578 million, growing by 39% compared to a year ago. Corporate Banking’s operating profit was EUR 572 million, up by 40% over the previous year.

    Strong capital adequacy and excellent liquidity provide security and stability in an uncertain business environment

    OP Financial Group’s CET1 ratio improved again, to 21.5%, exceeding the minimum regulatory requirement by 8.1 percentage points. OP Financial Group is one of the most financially solid large banks in Europe. Excellent profitability, strong capital adequacy and liquidity are critical factors for banks and insurance companies, building trust among customers, partners and other stakeholders. In OP Financial Group, these factors are at an excellent level, providing the Group with an even stronger basis than before for meeting future challenges.

    Deposits grew substantially and the loan portfolio stopped shrinking – customers’ loan repayment capacity remained good

    OP Financial Group’s deposit portfolio grew by more than 4% from 2023. Household, corporate and institutional deposits were on an upward trend at the end of the year. OP Financial Group’s market share of deposits rose to over 40%.

    By late 2024, OP Financial Group’s loan portfolio had reached the same level as at the end of 2023. After a long decline, the loan portfolio began to grow again in the early autumn. OP Financial Group maintained its strong market position in the home loan and corporate loan markets. Our market share of home loans was 39%. For corporate loans, we had a market share of 38%.

    OP Financial Group’s home loan customers made home loan repayments punctually and meticulously in 2024. The situation was eased by the fall in market rates. The number of loan modification applications was lower than in recent years. The number of corporate loans under special monitoring declined in comparison to last year. Non-performing exposures decreased from 2.9% to 2.6%. Impairment loss on receivables decreased markedly year on year.

    Wealth management continued to grow rapidly throughout the year

    We aim to coach our customers in making better financial choices. Wealth management is one of our growth focus areas – we intend to make a clear growth leap in this business in the coming years.

    The number of OP Financial Group unitholders rose to over 1.4 million. Moreover, the number of new systematic investment agreements increased by a third. Mutual fund investors were particularly attracted by international and sustainability-themed investment opportunities. Sustainability is a priority for younger investors in particular. At EUR 111 billion in value at the year’s end, customers’ investment assets managed by OP Financial Group grew by 8%.

    OP-mobile was used more than 700 million times – use of artificial intelligence is growing fast

    OP Financial Group’s use of digital services grew substantially again. Personal and corporate customers increasingly use digital channels for banking and insurance. Last year, customers logged in to OP-mobile around 708 million times – an average of 59 million times per month. OP-mobile already has more than 1.7 million active users.

    We moved, with increasing speed, into using artificial intelligence to ease our customers’ daily lives and help our employees in their work.

    In June, we launched OP Aina, a personal assistant on OP-mobile. OP Aina helps our customers with a range of banking and insurance matters on a 24/7 basis. It is the first financial service in Finland to use artificial intelligence and alerts. Our customers have eagerly adopted the service, which already had around 6.25 million service interactions by the end of 2024. We use it to provide customers with even more personalised and readily available services than before.

    Cybersecurity and well-functioning digital services are at the core of our operations

    OP Financial Group’s digital services functioned extremely well all year, despite the rapidly growing number of denial of service attacks.

    We continued our significant investments in cybersecurity to ensure that our customers’ money and data remain secure under all circumstances. Our customers were subjected to a high number of phishing and scam attempts throughout the year, and we have taken active measures to protect them even more effectively from such threats.

    OP Financial Group fulfils its corporate responsibilities as one of Finland’s largest corporate taxpayers

    OP Financial Group is of major direct and indirect importance to Finland’s economic development. In accordance with our mission, we aim to create sustainable prosperity, security and wellbeing for our owner-customers and operating region.

    Being one of Finland’s largest payers of corporate tax, we contributed almost EUR 400 million for 2023 – over 5% of all corporate tax paid in the period.

    We want to point the way towards futures filled with hope for people living in Finland. The success of Finland and all those who live here is our number one priority now and in the future.

    In good shape going into 2025

    OP Financial Group is in great shape to support its customers as the Finnish economy slowly recovers. We provide competitive banking and insurance services for a range of needs.

    My warm thanks to all our customers for the trust you have shown in OP Financial Group in 2024. We want to continue being worthy of your trust in the year that has just begun. I would also like to thank our employees and governing bodies for the excellent work they did last year.

    Timo Ritakallio
    President and Group CEO

    January–December

    OP Financial Group’s operating profit was EUR 2,486 million (2,050), up by 21.3% or EUR 436 million year on year. Income from customer business (net interest income, net commissions and fees and the insurance service result) increased by a total of 5.6% to EUR 3,805 million (3,605). The cost/income ratio improved to 46.7% (48.7). New OP bonuses accrued to owner-customers, which are included in earnings, increased by 14.0% to EUR 307 million.

    Net interest income grew by 5.3% to EUR 2,796 million. Net interest income reported by the Retail Banking segment increased by 3.5% to EUR 2,112 million and that by the Corporate Banking segment increased by 11.3% to EUR 657 million. OP Financial Group’s loan portfolio was at the previous year’s level at EUR 98.9 billion, while deposits grew by 4.3% year on year, to EUR 77.7 billion. Household deposits increased by 2.8% year on year, to EUR 47.8 billion. New loans drawn down by customers during the reporting period totalled EUR 22.2 billion (22.0).

    Impairment loss on loans and receivables, which reduces earnings, totalled EUR 96 million (269). A year ago, expected credit losses concerning the real estate and construction sector increased the impairment loss on receivables. Final credit losses totalled EUR 200 million (77). In 2024, OP Financial Group enhanced the recognition process for final credit losses. After a loan has been transferred for legal collection, the loan principal is written down to the value of collateral. During the fourth quarter, a total of EUR 125 million of such credit losses were recognised. Correspondingly, stage 3 expected credit losses reversed totalled EUR 93 million. At the end of the reporting period, loss allowance was EUR 824 million (929), of which management overlay accounted for EUR 77 million (109). Non-performing exposures accounted for 2.6% (2.9) of total exposures. Impairment loss on loans and receivables accounted for 0.1% (0.3) of the loan and guarantee portfolio.

    Net commissions and fees decreased by 6.0% to EUR 818 million. Owner-customers have received daily banking services without monthly charges since October 2023. This contributed to the decrease in payment transfer net commissions and fees. Net commissions and fees for payment transfer services decreased by EUR 56 million to

    EUR 291 million, and those for residential brokerage by EUR 6 million to EUR 63 million.

    Insurance service result increased by EUR 110 million to EUR 192 million. Insurance service result includes EUR 529 million (485) in operating expenses. Non-life insurance net insurance revenue, including the reinsurer’s share, grew by 6.1% to EUR 1,760 million. Net claims incurred after the reinsurer’s share grew by 4.4% to EUR 1,116 million. The combined ratio reported by non-life insurance improved to 92.3% (93.8).

    Investment income (net investment income, net insurance finance expenses and income from financial assets held for trading) increased by a total of 19.5% to EUR 465 million. Investment income grew as a result of the increase in the value of equity investments in particular. Net investment income together with net finance income describe investment profitability in the insurance business. The combined return on investments at fair value of OP Financial Group’s insurance companies was 7.6% (3.4).

    Net income from financial assets recognised at fair value through profit or loss, or notes and bonds, shares and derivatives, totalled EUR 1,975 million (1,706). Net income from investment contract liabilities totalled EUR 851 million (642). Net insurance finance expenses totalled EUR 727 million (722).

    In banking, net income from financial assets held for trading decreased by 19.1% to EUR 44 million due to the decrease in interest income from notes and bonds.

    Other operating income increased to EUR 44 million (40).

    Total expenses grew by 2.3% to EUR 2,262 million. Personnel costs rose by 12.1% to EUR 1,081 million. The increase was affected by headcount growth and pay increases. OP Financial Group’s personnel increased by approximately 1,000 year on year. The number of employees increased in areas such as sales, customer service, service development, risk management and compliance. Depreciation/amortisation and impairment loss on PPE and intangible assets decreased by 35.5% to EUR 146 million.

    A year ago, impairment loss recognised mainly for information systems and property in own use totalled EUR 60 million. Other operating expenses increased by 2.4% to EUR 1,036 million. ICT costs totalled EUR 514 million (460). Development costs were EUR 349 million (294) and capitalised development expenditure EUR 58 million (62). Charges of financial authorities fell by EUR 61 million to EUR 16 million. The EU’s Single Resolution Board (SRB) did not collect stability contributions from banks for 2024. In 2023, OP Financial Group paid a total of EUR 62 million in stability contributions.

    At EUR 307 million (269), OP bonuses for owner-customers are included in earnings and are divided under the following items based on their accrual: EUR 160 million (150) under interest income, EUR 82 million (67) under interest expenses, EUR 48 million (38) under commission income from mutual funds, and EUR 17 million (15) under the insurance service result.

    Income tax amounted to EUR 499 million (408). OP Financial Group paid EUR 397 million in corporate tax for 2023. The effective tax rate for the reporting period was 20.1% (19.9). Comprehensive income after tax totalled EUR 2,067 million (1,719).

    OP Financial Group’s equity amounted to EUR 18.1 billion (16.3). Equity included EUR 3.3 billion (3.3) in Profit Shares, terminated Profit Shares accounting for EUR 0.4 billion (0.4).

    OP Financial Group’s funding position and liquidity are strong. The Group’s LCR was 193% (199), and its NSFR was 129% (130).

    Outlook

    Finland’s economy contracted in 2024. However, the economy began to recover as the year progressed and preliminary figures suggest that GDP grew in the second half compared to the same period in 2023. Slower inflation and lower interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment.

    OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024.

    The most significant uncertainties affecting OP Financial Group’s earnings performance are associated with developments in the business environment, changes in the interest rate and investment environment and developments in impairment loss on receivables. All forward-looking statements in this Financial Statements Bulletin expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view on developments in the economy, and actual results may differ materially from those expressed in the forward-looking statements.

    Press conference

    OP Financial Group’s financial performance will be presented to the media by President and Group Chief Executive Officer Timo Ritakallio in a press conference on 6 February 2025 at 11am at Gebhardinaukio 1, Vallila, Helsinki.

    Media enquiries: OP Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

    OP Corporate Bank plc and OP Mortgage Bank will publish their own financial statements bulletins.

    Time of publication of 2024 reports:

    Report by the Board of Directors (incl. Sustainability Report) and Financial Statements 2024 Week 11
    OP Financial Group’s Corporate Governance Statement 2024 Week 11
    OP Financial Group’s Annual Report 2024 Week 11
    OP Amalgamation Pillar 3 Disclosures 2024 Week 11
    OP Financial Group’s Remuneration Report for Governing Bodies 2024 Week 11
    Remuneration Policy for Governing Bodies at OP Financial Group Week 11

    Schedule for Interim Reports and Half-year Financial Report in 2025:

    Interim Report 1 January–31 March 2025 7 May 2025
    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025
    OP Amalgamation Pillar 3 Disclosures 31 March 2025 Week 19
    OP Amalgamation Pillar 3 Disclosures 30 June 2025 Week 33
    OP Amalgamation Pillar 3 Disclosures 30 September 2025 Week 45

    Helsinki, 6 February 2025

    OP Cooperative
    Board of Directors

    For additional information, please contact:

    Timo Ritakallio, President and Group CEO, tel. +358 10 252 4500
    Mikko Timonen, Chief Financial Officer, tel. +358 10 252 1325
    Piia Kumpulainen, Chief Communications Officer, tel. +358 10 252 7317

    www.op.fi 

    DISTRIBUTION 
    Nasdaq Helsinki Oy 
    Euronext Dublin (Irish Stock Exchange) 
    LSE London Stock Exchange 
    Major media
    op.fi  

    OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi

    The MIL Network –

  • MIL-OSI Africa: XTransfer and Ecobank Group Partner to Empower African Small and Medium-sized Enterprises’ (SMEs) Foreign Trade

    Source: Africa Press Organisation – English (2) – Report:

    XTransfer and Ecobank Group Partner to Empower African Small and Medium-sized Enterprises’ (SMEs) Foreign Trade XTransfer will leverage Ecobank’s extensive network across Africa, enabling its Chinese clients to collect funds in local African currencies while assisting African SMEs in making payments in their local currencies to negate foreign exchange issues LOMÉ, Togo, February 6, 2025/APO Group/ — XTransfer, the world-leading and China’s No.1 B2B Cross-Border Trade Payment Platform, and Ecobank Group (www.Ecobank.com), the leading private pan-African financial services group with unrivalled African expertise, have signed a landmark Memorandum of Understanding of Cooperation (MOU) to roll out comprehensive cross-border financial services to Africa’s small and medium-sized enterprises (SMEs) engaged in foreign trade. The collaboration will facilitate trade between China and African countries. In recent years, China and Africa have continued to deepen trade cooperation, with the scale of imports and exports rising rapidly. In 2023, bilateral trade reached a record US$282 billion. From January to November 2024, China’s exports to Africa totalled US$160 billion, a 1.4% increase from the previous year, while imports from Africa reached US$107 billion, marking a substantial rise of 6.6%. Despite this growth, African SMEs engaged in foreign trade face numerous challenges related to cross-border payments and fund collections. These challenges include difficulties in opening accounts with traditional banks, a high risk of funds being frozen, difficulties in foreign exchange and related losses, lengthy remittance times and high remittance costs. The partnership between XTransfer and Ecobank Group will foster collaboration between both parties to provide comprehensive cross-border payment solutions for African SMEs’ foreign trade. XTransfer will leverage Ecobank’s extensive network across Africa, enabling its Chinese clients to collect funds in local African currencies while assisting African SMEs in making payments in their local currencies to negate foreign exchange issues. Bill Deng, Founder and CEO of XTransfer, stated, “We are excited about the partnership with Ecobank. This collaboration represents a significant milestone for XTransfer and greatly enhances our global payment capabilities. Leveraging Ecobank’s extensive payment network in Africa will accelerate our business expansion in the region. We are looking forward to the synergies and opportunities this partnership will create. Together, we will drive innovation and improve the financial landscape, making financial services more efficient and accessible for African SMEs.” Jeremy Awori, CEO Ecobank Group, said, “We are proud to partner with XTransfer to advance seamless cross-border payment solutions between Africa and China. This partnership builds on our established strategy, which includes a representative office in China and a dedicated China desk. By integrating XTransfer’s cutting-edge solutions with our pan-African payment platform, we simplify payments, reduce transaction costs, and enable African businesses to thrive in global trade.” The partnership will facilitate trade between SMEs in China and African countries and also streamline foreign trade transactions between African companies and their global partners. Ultimately, this will help reduce the costs of global trade and enhance the global competitiveness of African SMEs. This partnership aligns with Ecobank’s goals of driving financial integration by facilitating seamless cross-border trade, which is the backbone of the continent’s economy growth. By collaborating with XTransfer, Ecobank is strengthening its position as a key player in the global payments industry by reducing trade barriers, enabling African SMEs to thrive in international markets and contribute to the continent’s sustainable development. Distributed by APO Group on behalf of Ecobank Transnational Incorporated. Media Contact: XTransfer Limited Maggie NG Public Relations Director Tel: +852 6287 2989 Email: maggie.ng@xtransfer.com     Ecobank Transnational Incorporated Christiane Bossom Group Communications Ecobank Transnational Incorporated Email: groupcorporatecomms@ecobank.com Tel: +228 22 21 03 03 Web: www.Ecobank.com About XTransfer: XTransfer, the world-leading and China’s No.1 B2B Cross-Border Trade Payment Platform, is dedicated to providing small and medium-sized enterprises (SMEs) with secure, compliant, fast, convenient and low-cost foreign trade payment and fund collection solutions, significantly reducing the cost of global expansion and enhancing global competitiveness. Founded in 2017, the company is headquartered in Shanghai and has branches in Hong Kong SAR, the United Kingdom, the Netherlands, the United States, Canada, Australia, Singapore, Vietnam, Thailand, Malaysia, the Philippines, the UAE, and Nigeria. XTransfer has obtained local payment licences in Mainland China, Hong Kong SAR, Singapore, the United Kingdom, the United States, Canada, and Australia. With more than 600,000 enterprise clients, XTransfer has become the industry No.1 in China. By cooperating with well-known multinational banks and financial institutions, XTransfer has built a unified global multi-currency clearing network and built a data-based, automated, internet-based and intelligent anti-money laundering risk control infrastructure centred on SMEs. XTransfer uses technology as a bridge to link large financial institutions and SMEs around the world, allowing SMEs to enjoy the same level of cross-border financial services as large multinational corporations. XTransfer completed its Series D financing in September 2021 and achieved unicorn status. The Company possesses a diverse composition of international investors, including D1 Capital Partners LP, Telstra Ventures, China Merchants Venture, eWTP Capital, Yunqi Capital, Gaorong Capital, 01VC, MindWorks and Lavender Hill Capital Partners. For more information, please visit: https://www.XTransfer.com/ About Ecobank: Ecobank Group is the leading private pan-African banking group with unrivalled African expertise. Present in 35 sub-Saharan African countries, as well as France, the UK, UAE and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment. The Group employs over 14,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels, including digital, to over 32 million customers. For further information, please visit www.Ecobank.com

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  • MIL-OSI Russia: NSU scientists have established that ordinary optical fiber can be used to manufacture systems for generating optical frequency combs

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    Research staff of the Laboratory of Fiber Lasers Faculty of Physics, Novosibirsk State University found that high precision is not required to produce a radius variation on the surface of an optical fiber. It is enough to take a regular piece of fiber, make a couple of notches on it, and automatically obtain a system in which it is already possible to generate an optical frequency comb with a low repetition rate. The results of their study were published in the journal Optics Letters (Soliton-comb solutions for fiber-based bottle microresonators, HTTPS: //d.org/10.1364/ul.544823)

    — In our work, we show that cylindrical microresonators are a simple and reliable platform for generating optical frequency combs with a low repetition rate. If small variations in the radius are introduced into such a system, there is a set of axial modes with different spatial distributions along the fiber axis, while the spectral distance between them can be reduced to 100 MHz. In earlier works, a theoretical demonstration of an axial comb in a cylindrical microresonator with a parabolic radius variation was already carried out at a qualitative level. Our study reveals a counterintuitive fact: the axial soliton width weakly depends on the mode dispersion and can be observed, in principle, in a system with any form of radius variation. This significantly simplifies the fabrication of a system for generating optical frequency combs. Thus, any piece of optical fiber, regardless of its shape and surface roughness, can be used to generate combs, said Alena Kolesnikova, a junior researcher at the NSU Fiber Laser Laboratory.

    An optical frequency comb is a signal spectrum that looks like a set of narrow spectral lines equidistant from each other with high accuracy. In essence, it is a frequency line. The signal itself, to which such a spectrum corresponds, is a sequence of pulses arriving at the measuring device with one frequency, which is exactly equal to the distance between the lines in the comb. Since the comb is a kind of frequency line, the main application is ultra-precise measurement of frequency and time. And this in turn opens up a wide range of applications in the fields of spectroscopy, optical clocks, GPS navigation, distance measurement in astronomy, and also has applications in telecommunications, etc.

    There are two options for generating frequency combs: mode-locked lasers and microresonators. The first platform allows generating combs with a low repetition rate, i.e. with a small line pitch, but requires significant energy consumption and is relatively large. Microresonators, in turn, are small in size and require less power, but the distance between the lines is limited. To reduce it, it is necessary to increase the size of the resonator, but then it will require more power.

    — As in any resonator, there are modes in microresonators — this is a stable distribution of the electromagnetic field, which is a consequence of the limitation of the space in which it exists. Depending on the shape of the microresonator, we obtain different spatial distributions of modes. Each mode has its own resonant frequency. In order for the generation of combs in microresonators to be possible, it is necessary for the system to have a set of modes whose resonant frequencies are equidistant, that is, equally spaced. It is the distance between the frequencies of the modes that determines the distance between the lines in the comb, — explained Alena Kolesnikova.

    In previously known microresonators of spherical, ring or toroidal shape, the distance between the lines is about 10-1000 GHz. The best oscilloscopes at the moment allow direct measurement of frequencies up to 20 GHz, that is, without additional signal processing it is simply impossible to measure such frequencies.

    In a cylindrical microresonator with a small radius variation, it is possible to generate a comb with a repetition rate of less than 10 GHz and with the possibility of reducing it to 100 MHz, while maintaining the micron dimensions of the platform. This became possible due to the fact that such a system has a set of axial modes (modes with a spatial distribution along the cylinder), which, due to the geometry of the cylinder itself, have a small distance between resonant frequencies.

    — We have studied a cylindrical microresonator with a radius variation for the possibility of generating combs on a set of axial modes using the developed model. Such a microresonator can be made on the basis of a standard optical fiber, which is available in any laboratory that deals with fiber optics. To do this, it is enough to remove the plastic shell from the fiber and heat it with a CO2 laser. At the point of heating, the fiber will swell a little, that is, a small radius variation will occur. It is this radius variation that allows us to obtain a set of axial modes, since it will delay the radiation inside this area. Before us, such a system had already been studied for the possibility of generating combs. From the experience of generating combs in microspheres, rings, etc., it was believed that in order to make the comb as wide as possible, an almost perfectly equidistant spectrum of modes is necessary. For axial modes of a cylindrical microresonator, this is possible if we make a parabolic form of radius variation on its surface, which is actually a non-trivial experimental task and requires a good, precise algorithm for heating the fiber with a CO2 laser, said Alena Kolesnikova.

    The laboratory scientists have shown that in fact almost any form of radius variation can be suitable for generating a comb in such a system. In this case, the width of the comb, all other parameters being equal, will not depend on the shape. They modeled two cases: microresonators with a parabolic shape and a rectangular form of radius variation, and obtained the generation of solitons, in the spectrum of which look like an optical frequency comb. In this case, the characteristics of solitons and combs are almost the same for both cases. They came to the conclusion that high precision in manufacturing the radius variation on the fiber surface is not required. You can take an ordinary piece of fiber, make a couple of notches on it (i.e. a rectangular form of radius variation), you can even mechanically and automatically obtain a system in which the generation of an optical frequency comb with a low repetition rate is already possible.

    — It is also worth noting that the manufacturing process of other types of microresonators, spherical, toroidal, ring, etc., is also complex and requires high precision, while optical fiber is available and is a mass-produced product. As far as we know, no one has yet obtained optical combs in such a system, — explained Alena Kolesnikova.

    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 –