NewzIntel.com

Category: Europe

  • MIL-OSI USA: McConnell Comments on Hegseth Nomination

    US Senate News:

    Source: United States Senator for Kentucky Mitch McConnell
    Washington, D.C. – U.S. Senator Mitch McConnell (R-KY), Chairman of the Senate Appropriations Subcommittee on Defense, issued the following statement today on the nomination of Pete Hegseth to serve as Secretary of Defense:
    “The most consequential cabinet official in any Administration is the Secretary of Defense. In the face of the gravest threats to U.S. national security interests since World War II, this position is even more important today.
    “Major adversaries are working closer together to undermine U.S. interests around the world. And America’s military capabilities and defense industrial capacity are increasingly insufficient to deter or prevail in major conflict with China or Russia, especially given the real risk of simultaneous challenges from other adversaries like Iran or North Korea.
    “Stewardship of the United States Armed Forces, and of the complex bureaucracy that exists to support them, is a massive and solemn responsibility. At the gravest moments, under the weight of this public trust, even the most capable and well-qualified leaders to set foot in the Pentagon have done so with great humility – from George Marshall harnessing American enterprise and Atlantic allies for the Cold War, to Caspar Weinberger orchestrating the Reagan build-up, to Bob Gates earning the wartime trust of two Commanders-in-Chief, of both parties.
    “Mere desire to be a ‘change agent’ is not enough to fill these shoes. And ‘dust on boots’ fails even to distinguish this nominee from multiple predecessors of the last decade. Nor is it a precondition for success. Secretaries with distinguished combat experience and time in the trenches have failed at the job.
    “Effective management of nearly 3 million military and civilian personnel, an annual budget of nearly $1 trillion, and alliances and partnerships around the world is a daily test with staggering consequences for the security of the American people and our global interests.
    “Mr. Hegseth has failed, as yet, to demonstrate that he will pass this test. But as he assumes office, the consequences of failure are as high as they have ever been.
    “The United States faces coordinated aggression from adversaries bent on shattering the order underpinning American security and prosperity. In public comments and testimony before the Armed Services Committee, Mr. Hegseth did not reckon with this reality.
    “President Trump has rightly called on NATO allies to spend more on our collective defense. But the nominee who would have been responsible for leading that effort wouldn’t even commit to growing America’s defense investment beyond the low bar set by the Biden Administration’s budget requests.
    “In his testimony before the Committee, Mr. Hegseth provided no substantial observations on how to defend Taiwan or the Philippines against a Chinese attack, or even whether he believes the United States should do so. He failed, for that matter, to articulate in any detail a strategic vision for dealing with the gravest long-term threat emanating from the PRC.
    “Absent, too, was any substantive discussion of countering our adversaries’ alignment with deeper alliance relationships and more extensive defense industrial cooperation of our own.
    “This, of course, is due to change. As the 29th Secretary of Defense, Mr. Hegseth will be immediately tested by ongoing conflicts caused by Russian aggression in Europe and Iranian-backed terror in the Middle East. He will have to grapple with an unfinished FY25 appropriations process that – without his intervention – risks further harming the readiness of our forces.
    “By all accounts, brave young men and women join the military with the understanding that it is a meritocracy. This precious trust endures only as long as lawful civilian leadership upholds what must be a firewall between servicemembers and politics. The Biden Administration failed at this fundamental task. But the restoration of ‘warrior culture’ will not come from trading one set of culture warriors for another.
    “The single most important way for Secretary Hegseth to demonstrate his professed devotion to America’s warfighters will be to equip them – urgently – to deter aggression… and rebuild the defense industrial capacity to restock the depleted arsenal of democracy. In this cause, he will find willing partners on the Senate Appropriations Defense Subcommittee, which will expect and receive his candid testimony.
    “I wish Secretary Hegseth great success, and I look forward to working closely with him to restore American hard power. Every member of the uniformed services will be looking to him for decisive, principled, and nonpartisan leadership.”

    MIL OSI USA News –

  • MIL-OSI Banking: Navigating Trump’s tariffs and social media key strategic priorities for retailers in 2025, says GlobalData

    Source: GlobalData

    Navigating Trump’s tariffs and social media key strategic priorities for retailers in 2025, says GlobalData

    Posted in Retail

    2025 will present significant challenges for retailers globally, as geopolitical issues and the disruptive force of AI continue, with the added challenge of navigating the impacts of the Trump administration, says GlobalData, a leading data and analytics company.

    GlobalData’s latest report, “Strategic Intelligence: Top Themes in Retail and Apparel 2025,” reveals that international trade and social media will be among the major themes impacting the retail sector in 2025.

    Sophie Mitchell, Retail Analyst at GlobalData, comments: “Trump’s proposed tariffs and tougher import tax regulations will cause major issues for retailers, especially those who operate highly globalized supply chains, adding significant import costs that will ultimately be passed on to the consumer. Solutions to this, including diversifying or localizing supply chains, will not happen overnight and come with their own costs, such as the higher cost of labor, which could again be passed on to consumers through higher retail prices.

    “Shein and Temu could be two of the biggest retailers to be hit by the measures, as for instance, Europe could also impose retaliatory tariffs to ensure it does not become the primary destination for Chinese goods as they are displaced from the US.”

    Something Trump has immediately taken action on is negotiations with China over TikTok. Trump’s pause on the ban on TikTok in the US indicates that he intends to reach a deal with its Chinese owner. However, the brief ban and prior noise around its implications have highlighted how essential a social media strategy centered around short-form video content with shoppable links, particularly on TikTok, is to driving retailers’ sales.

    GlobalData’s global survey of respondents in seven countries (US, France, Germany, Italy, Spain, China, and the UK) conducted in December 2023 found that 33.5% of consumers use TikTok (excluding China), making it the fourth most used social media app after Facebook, Instagram, and YouTube, overtaking X/Twitter*.

    Mitchell continues: “TikTok Shop provides a significant opportunity for retailers to convert usage and content consumption into sales, with consumers being able to discover and purchase products on one platform, whereas previously social content was primarily a brand awareness raising exercise.”

    TikTok has been particularly instrumental for retailers as it has allowed for the growth of micro-influencers, larger influencers, user-generated content, and brand/ retailer-generated content all in one platform due to the way the algorithm works. Retailers can take a 360-degree strategic approach to targeting consumers on the platform, with a combination of paid ads, organic reviews, and brand campaigns, convincing them to buy a product that they may not even have to leave the app to purchase.

    Mitchell concludes: “An effective social media strategy is essential for retailers in 2025, and should a permanent ban on TikTok come into effect in the US, retailers should pivot to other social media platforms that offer multi-pronged approaches to marketing and the ability to complete the shopping journey in-app, as TikTok’s efficacy has been proven.”

    *GlobalData’s 2023/24 Global Survey was conducted in December 2023 with 1,000 consumers per country

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Storm Éowyn information

    Source: Scotland – City of Aberdeen

    24/1/25, 9am

    Due to Storm Éowyn, Council housing repairs today will be on an emergency basis only.

    People are asked to keep windows closed today due to the high winds.

    24/1/25, 8.26am

    *** ADDITIONAL CLOSURES ***

    Due to Storm Éowyn

    All Aberdeen City Council Museums and Art Galleries

    24/1/25, 8.15am

    *** CLOSED TODAY ***
    Due to Storm Éowyn
    * All schools
    * No bin collections
    * Libraries
    * Community learning centres
    * School lets

    24/1/25, 7am

    Be prepared in Storm Éowyn
    * The Ready Scotland website Advice for emergencies in Scotland
    *  Call 105 in the event of a power cut
    * Scottish and Southern Energy has a Priority Services Register https://www.ssen.co.uk/news-views/2025/Were-ready-to-respond-to-Storm-Eowyn/ which provides extra help and support during a power cut
    * Ensure mobile phones and powerbanks are charged up
    * Listen to latest police advice for travel https://www.scotland.police.uk/default.aspx or local radio updates
    * Keep up-to-date with the weather forecast https://www.metoffice.gov.uk/

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Info here

    Source: Scotland – City of Aberdeen

    24/1/25, 9am

    Due to Storm Éowyn, Council housing repairs today will be on an emergency basis only.

    People are asked to keep windows closed today due to the high winds.

    24/1/25, 8.26am

    *** ADDITIONAL CLOSURES ***

    Due to Storm Éowyn

    All Aberdeen City Council Museums and Art Galleries

    24/1/25, 8.15am

    *** CLOSED TODAY ***
    Due to Storm Éowyn
    * All schools
    * No bin collections
    * Libraries
    * Community learning centres
    * School lets

    24/1/25, 7am

    Be prepared in Storm Éowyn
    * The Ready Scotland website Advice for emergencies in Scotland
    *  Call 105 in the event of a power cut
    * Scottish and Southern Energy has a Priority Services Register https://www.ssen.co.uk/news-views/2025/Were-ready-to-respond-to-Storm-Eowyn/ which provides extra help and support during a power cut
    * Ensure mobile phones and powerbanks are charged up
    * Listen to latest police advice for travel https://www.scotland.police.uk/default.aspx or local radio updates
    * Keep up-to-date with the weather forecast https://www.metoffice.gov.uk/

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: River of Light smashes previous festival records

    Source: City of Liverpool

    An illuminating report has revealed that last year’s River of Light festival was the most successful ever.

    The 12-night light festival attracted double the number of visitors from previous years and was worth £18.9m to the local economy – a significant increase on previous editions of the event.  

    The festival’s popularity was felt right across the city centre with footfall up, and restaurants, bars and shops reporting a boost in sales.

    At Liverpool ONE, in comparison to the impact of the 2023 edition of River of Light, there was a huge spike in footfall during 5-9pm, with reports of an 11 percent increase in footfall with almost 1 million visitors to the retail and leisure complex during River of Light, while restaurants saw a 22 per cent increase in sales.

    Over at Royal Albert Dock Liverpool, many of the outlets there benefitted from River of Light. Rosa’s Thai experienced its biggest sales since it opened in 2019, Francie’s Focaccia & Coffee – which went viral on social media for its hot chocolate – had an impressive  40 per cent increase in sales, and Gusto welcomed a different, younger clientele to what they are used to, with non-stop business each event night, from 4-11pm.

    Liverpool BID Company which represents city centre businesses reported a significant increase in footfall around the Church Street, Lord Street and Whitechapel areas throughout the duration of the event period in comparison to 2023, with just over 186,000 extra people recorded. Numbers peaked on Saturday 2 November when there was a 122 per cent increase in the number of visitors.

    Hotel occupancy also increased in comparison to 2023, an indication that people from outside Liverpool City Region are travelling to enjoy the light trail. There was a 96.6 per cent occupancy rate on 1 November – up 17 per cent on the previous year.  

    Research from North West Research – part of the Liverpool City Region Destination Partnership – also showed that of the audience surveyed, 55 per cent responded to say that they don’t attend any other cultural events or activity during the course of a year, reinforcing how crucial the festival is in engaging the widest possible audience in free, world-class art. 

    Around 30 per cent of those surveyed had never been to River of Light before, and 83 per cent said they are likely to return to Liverpool again.  

    It also proved a huge hit online with 1.1 million views across the official Visit Liverpool event pages – the site’s highest web traffic for the site in that period, with interest from across the UK, Spain, Germany and the United States.

    River of  light will be back for the eight time from Friday 24 October to Sunday 2 November, this year’s theme will be Optics – Science and Light.

    Any artists who would like to propose a new or existing artwork for the festival should contact cultureliverpool@liverpool.gov.uk so they can be sent a more detailed commissioning brief.

    Councillor Harry Doyle, Cabinet Member for Health, Wellbeing and Culture said: 

    “These results are stunning. We all saw how busy the festival was this year but that huge economic impact figure has smashed our previous festivals.

    “I think we were lucky enough to have a perfect set of circumstances – the weather was unseasonably warm and dry, the artworks were incredible and interactive, it was a strong marketing campaign and of course the dates fell perfectly for family audiences to attend. I am not expecting every year to have impact figures like this, but a huge congratulations to everyone involved in 2024 for such a bumper edition!”

    Claire McColgan CBE, Director of Culture Liverpool said

    “River of Light continues to grow and just get better and better. The fact that so many of our audience are young and often don’t engage in other cultural events and activity is so special – the festival has become a place where everyone can spend time with families and friends alongside incredible free art. It is a perfect Liverpool event and again shows that nowhere in the UK embraces outdoor art like this city. 

    “I am really excited about this year’s festival – a collision of art and science in the most spectacular and accessible way. As a city which boasts some of the most innovative science and creative industries, it is wonderful to be able to shine a spotlight on some of that work which many people might not be aware of. Already we have some jaw-dropping artworks and unexpected collaborations lined up, but we are keen to hear from artists or scientists who might have ideas for an installation that can capture the scale and theme of the project in 2025.” 

    Iain Hoskins, Managing Director – Ma Pub Group, responsible for Nova Scotia, said:

    “We love River of Light and it’s an absolute fixture of Liverpool’s cultural events calendar that we all look forward to each year. 

    “As a waterfront business, it’s incredible to have something to drive such huge footfall in the traditionally harsh trading conditions between the end of the summer and the start of Christmas. 

    “Each year it gets better and better and the feedback we get as a hospitality business from locals and tourists visiting River of Light, it’s something that the city should be very proud of. It brings together an incredible cross-generational appeal that you rarely see in public festivals. 

    “As a business we see a massive uptick in our sales during the festival period. Additionally, we also find it brings people through our doors for the first time, that then becoming reacquiring customers. So, the benefit of this extra footfall is not just during the festival, but throughout the year.” 

    Katherine Caldwell from The Nest – an art and design shop based at Royal Albert Dock Liverpool, said: 

    “Events like River of Light show how Liverpool can produce spectacular, immersive, and joyful cultural events for visitors that are hugely popular.

    “It encourages people of all ages to play and expand their imagination within a programme of exciting installations that are totally unique to the city.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Lady Anne Dodd to be awarded top civic honour

    Source: City of Liverpool

    Anne, Lady Dodd, the wife of beloved comic Sir Ken Dodd, is set to receive one of Liverpool’s greatest accolades.

    Lady Dodd will be admitted to the city’s Roll of Citizen of Honour, after a decision made by Councillors tonight (Wednesday 22 January).

    Lady Dodd is one of the Trustees of the Ken Dodd Charitable Foundation, which works to support performing arts charities and organisations. In the past six years, the Foundation has made over 50 donations to more than 30 charities, many of which are based in Liverpool and Merseyside.

    Some of the recipients of these donations include Liverpool Women’s Hospital Charity, Liverpool Theatre School, and Alder Hey Children’s Hospital.

    Outside of the Foundation, Lady Dodd has personally supported a number of projects in the City. Her contributions to her local community were highlighted through letters of recognition from St John the Evangelist Church and Happiness Hall in Knotty Ash, as well as Knotty Ash Primary School.

    Tonight’s meeting also saw Councillors agree to award the Liverpool Law Society with the Freedom of Association for their work to provide free legal advice to those in need who may otherwise be unable to access it.

    Lord Mayor of Liverpool, Councillor Richard Kemp CBE said: “Anne, Lady Dodd works tirelessly to improve the lives of others, and she is well deserving of the Citizen of Honour title.

    “Lady Dodd has supported countless organisations and community projects both in Liverpool and further afield. Her compassion and generosity have made a significant difference to thousands of lives.

    “Her work, both individually and through the Kenn Dodd foundation, is often done without great fanfare. It is clear that Lady Dodd does not help others for recognition, but for a genuine love for her community and her desire to support those who need it the most.”

    Leader of Liverpool City Council, Cllr Liam Robinson said: “The Citizen of Honour accolade recognises people who make an exceptional contribution to the City and Anne, Lady Dodd is the perfect embodiment of this.

    “Not only has she worked closely with community groups and organisations in her home of Knotty Ash, but her work through the Kenn Dodd Charitable Foundation has seen millions of pounds donated to an incredible number of Liverpool and Merseyside charities.

    “Lady Dodd’s selfless support and dedication to those in need make her an incredible role model.”

    Anne, Lady Dodd said: “When I received the letter from Liverpool City Council I was amazed, overwhelmed, undeserved, I feel, but so honoured to hear that I would receive this award. 

    “I love Liverpool, my adopted home for over fifty years. During the last six years, as Trustees running The Ken Dodd Charitable Foundation with Ken’s nephew, John Lewis, I have met so many incredible workers and volunteers in a variety of charitable organisations, and particularly Liverpool Hospitals, who give extra time and effort to making people’s lives better.

    “My family, friends and I are so very proud to have this recognition for spending what really have been joyful times doing all the things that Ken’s legacy and his wishes have enabled me to do on his behalf since he passed away in 2018.

    “I am very much looking forward to the ceremony and receiving the Citizen of Honour scroll.  I am truly thrilled to bits or as Ken would say, I am completely discomknockerated!”

    MIL OSI United Kingdom –

  • MIL-OSI Banking: profitflex247.com: BaFin warns of website and points to identity theft

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The website operator appears under the name ProfitFlex247, without using a legal form. He does not provide any information about his place of business. The operator claims to be authorised and regulated by the UK Financial Conduct Authority (FCA). It links to the FCA’s homepage to a publication there about the registration of the company Flex Instant Services Ltd. The BaFin has no information about a possible connection between Flex Instant Services Ltd and the website profitflex247.com. Rather, it is assumed that the company’s identity has been stolen.

    Recently, a large number of websites with almost identical content have come to light, and BaFin has also issued warnings about these. In all cases, the presentation on the websites begins with the following sentence: ‘Step Into the Trading Arena with Confidence & [name of website]’ or, more recently, ‘Enter the trading arena with confidence & [name of website]’. In addition, BaFin has evidence of a link between the ‘Step Into the Trading Arena with Confidence’ platform series and the ‘Trade Wisely’ platform series, which BaFin has also already warned about.

    Anyone offering financial or investment services in Germany requires the permission of BaFin. However, some companies offer such services without the required permission. Information on whether a particular company is authorised 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 (Kreditwesengesetz – KWG).

    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 Russia: With the support of Rosneft, an IT project laboratory was opened in a school in Udmurtia and sports halls were renovated

    Translation. Region: Russian Federation –

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

    With the support of PJSC Udmurtneft (operates under the management of NK Rosneft and the Chinese petrochemical corporation Sinopec), a programming project laboratory was created at the V.I. Kudinov Secondary School in the city of Votkinsk in the Udmurt Republic, and two sports halls were renovated.

    The project is aimed at supporting the education sector in the region, which corresponds to the tasks and national development goals defined by the President of Russia in his Address to the Federal Assembly. Rosneft implements social projects aimed at creating favorable living conditions in the regions of its presence. In particular, it supports the development of educational institutions and initiatives in the field of education of the younger generation.

    The unique educational space – the IT laboratory – is equipped with an interactive panel, a 3D printer, a laser 3D scanner, and other modern equipment and software for working in the field of information technology. The created IT laboratory will become a platform for conducting programming and computer modeling lessons, as well as scientific conferences with the defense of research and project work.

    In addition, interior finishing was carried out in two of the school’s gyms: utility lines were updated, locker rooms, coaching rooms and showers were renovated, and basketball backboards were installed.

    The V.I. Kudinov Secondary School is one of the largest comprehensive schools in the city of Votkinsk, with over a thousand children studying there. Rosneft pays special attention to the creation and development of a system of pre-university training and professional orientation for schoolchildren. For this purpose, in 2007, the first Rosneft class in Udmurtia was opened at the school, with in-depth study of physics, chemistry and mathematics. Today, there are seven Rosneft classes in the republic, in Igra, Sarapul, Votkinsk and Izhevsk. They are the first stage of the corporate system of continuous education “school-university/college-enterprise”.

    Reference:

    PAO Udmurtneft is the largest oil producing enterprise in Udmurtia, which provides 60% of the raw materials produced in the Udmurt Republic. The company’s assets include 70 licenses for geological study, exploration and production of oil and gas at the region’s fields. Since 2006, the company has been operating under the management of PAO NK Rosneft and the Chinese petrochemical corporation Sinopec.

    Throughout its activities, Udmurtneft has provided support to various social facilities in the republic: social rehabilitation centers, kindergartens and schools, cultural and sports institutions. These include the improvement of public spaces in the areas of the enterprise’s production activities, the modernization of educational sites, the provision of medical and sports equipment, and the holding of social and environmental campaigns.

    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 Security: Defense Official Statement on AUKUS Pillar 2 and Exercise Maritime Big Play

    Source: United States INDO PACIFIC COMMAND

    The following statement can be attributed to Ms. Madeline Mortelmans who is currently performing the duties of the Assistant Secretary of Defense for Strategy, Plans and Capabilities. Her office is lead for both pillars of AUKUS within the department and is in close partnership with all of the DOD stakeholders.

    “Secretary Austin has said several times in the past that our alliances and partnerships are our greatest global strategic advantage. Specifically, AUKUS presents a unique opportunity for Australia, the United Kingdom and the United States to foster a more capable, more combined force of the future. And in so doing, we will strengthen deterrence in the Indo-Pacific.

    Through AUKUS, we are working across the full spectrum of capability development, generating requirements, co-developing new systems, deepening industrial based collaboration and ultimately delivering advanced capabilities to our forces. AUKUS Pillar 1 focuses these co-development efforts on delivering an advanced nuclear power submarine capability through the optimal pathway.

    Pillar 2 focuses on the development and delivery of emerging technology. AUKUS Pillar 2 is designed to harness the combined industrial and innovation bases of the tri-lateral partners to ensure that our forces are equipped with cutting edge interoperable military capabilities and prepared to face down aggression in whatever form it may take.

    In Pillar 2, we’re building a more capable combined joint force for the future, working across the full spectrum of capability development and we’re already delivering. This year, we’re advancing our undersea warfare capabilities by expanding our ability to launch and recover uncrewed underwater systems from torpedo tubes on current classes of British and US submarines, that will increase the range and capability of our undersea forces.

    We’re integrating the Stingray lightweight torpedo into the P-8A maritime patrol aircraft, which will support our forces in being more interchangeable while providing resilience to munitions stockpiles across AUKUS nations. At the same time, we’re also implementing a fundamental shift to more closely integrate our systems and break down barriers to collaboration at every stage and in every part of our systems.

    We’ve welcomed collaboration with the International Joint Requirements Oversight Council or I-JROC, a critical collaborative forum to identify and validate joint and combined requirements. The I-JROC will ensure that we have prioritized combined and joint solutions from the very start and that the capabilities we develop under Pillar 2 address some of the most pressing challenges our forces face.

    A cornerstone of AUKUS Pillar 2 remains the opportunity to leverage the best of our defense industrial bases in combined innovation communities. This year we executed the first office innovation challenge focused on electronic warfare. We announced the winners last month and our teams are working to develop a robust two-year plan to increase the collaboration between and among our innovation centers of excellence.

    By the end of the year, we’ll have convened meetings with the Advanced Capabilities Industry Forum in each country. Engagements provide an opportunity for representatives across government and industry to exchange ideas and deepen industrial based collaboration.

    This week we’re here in Jervis Bay to observe the Maritime Big Play, which is an important demonstration of AUKUS in action. The Maritime Big Play is a series of integrated trilateral experiments and exercises aimed at enhancing capability development, improving interoperability and increasing the sophistication and scale of autonomous systems in the maritime domain. These experiments address the need to expand the reach, capability and capacity of our forces in the maritime environment through the use of artificial intelligence and autonomous systems.

    Over the past several weeks, we’ve been testing and refining the ability to jointly operate uncrewed maritime systems, to share and process maritime data from all three nations, and to provide real time maritime domain awareness to support decision making. The Maritime Big Play allows AUKUS partners to practice fielding and maintaining thousands of uncrewed systems, gaining valuable experience operating in coalitions to solve realistic operational problems such as improving undersea situational awareness.

    Our work will inform AUKUS partners’ understanding of how crewed and uncrewed capabilities can be integrated to get an operational advantage, and where we can achieve cost savings and improved efficiencies in acquisition, maintenance and sustainment activities.

    Maritime Big Play isn’t just a demonstration for demonstration’s sake. It’s our goal to transition cutting edge technologies into capabilities that give our forces decisive advantage as quickly as we can. This year, Japan joined the Maritime Big Play as an observer. We look forward to deepening their participation in the coming years. All of this together underpins a more strategic approach to ensure that AUKUS and like-minded partners can operate new autonomous uncrewed systems more effectively as a coalition force from the start.

    This is only the first in our series of experiments and demonstrations. Over time, Maritime Big Play will grow and evolve to reflect the emerging technologies, new systems and new operational requirements. I want to emphasize that AUKUS is dynamic. It will grow, it will evolve as the world changes around us, and as we break down the old barriers to cooperation and inevitably discover new ones.

    AUKUS is building a foundation for deep defense industrial cooperation and delivering advanced capabilities that can and will ensure our defense forces succeed in enhancing peace and stability in the Indo-Pacific alongside UK and Australia partners both now and in the years ahead. Thank you.”

    MIL Security OSI –

  • MIL-OSI China: China resolutely opposes unilateral sanctions and ‘long-arm jurisdiction’

    Source: China State Council Information Office

    China firmly opposes unilateral sanctions and long-arm jurisdiction, a spokesperson for the Ministry of Commerce (MOC) said on Thursday when responding to a question about U.S. sanctions on Chinese drone-related entities.

    MOC spokesperson He Yadong said that China has strict measures controlling the export of military and related dual-use products, and requires companies that trade controlled items internationally to comply with relevant laws and regulations.

    Since the beginning of the Ukraine crisis, China has issued multiple announcements concerning drone control, and has clearly stipulated that non-controlled civilian drones must not be used for military purposes in violation of regulations. Relevant authorities have strengthened their examination and approval processes for the issuance of drone export permits in accordance with the law, and have intensified their inspection procedures for illegal exports.

    China firmly opposes unilateral sanctions and “long-arm jurisdiction” that have no basis in international law and are not authorized by the United Nations Security Council, the spokesperson said.

    When it comes to malicious acts that sanction or otherwise suppress Chinese companies by citing Russia-related issues, China will resolutely safeguard its legitimate rights and interests, He said.

    MIL OSI China News –

  • MIL-OSI China: ECB rate-setters consider 50-bp rate cut for December

    Source: China State Council Information Office

    Some rate-setters of the European Central Bank (ECB) have floated the idea of a possible 50-basis point rate cut, signaling a shift in focus from inflation concern to growth challenges in the eurozone.

    The prospect of such a cut could be considered during the ECB’s December meeting, when the central bank will decide its next move, according to Portugal’s central bank governor, Mario Centeno. Speaking to CNBC on Wednesday, Centeno cited recent data that could support a more aggressive rate cut.

    Inflation in the euro area unexpectedly fell in September, leading the ECB to lower key interest rates by 25 basis points last Thursday. This marked the third rate cut this year and the first back-to-back rate reduction in 13 years.

    Although ECB President Christine Lagarde insisted that the rate cut was based on the view that the “disinflationary process is well on track,” speculation is growing in the market regarding a potential 50-basic point cut in December.

    Klaas Knot, president of the Dutch Central Bank, expressed confidence that inflation will return to target levels sometime next year, noting that a 50-basis point rate cut should not be ruled out for December.

    In contrast, Austrian central bank chief Robert Holzmann believes that, based on current data, a 50-basis point rate cut is unlikely in December.

    Inflation in the euro area dropped sharply to 1.7 percent in September, down from 2.2 percent in August. This marks the first time inflation has dipped below the 2-percent target since mid-2021.

    Following the governing council meeting last Thursday, Lagarde acknowledged that the inflation figure was a surprise. “I’m not sure we had anticipated that 1.7 percent, nor did anyone else for that matter.”

    An ECB survey of professional forecasters published last Friday adjusted the inflation expectation for 2025, lowering it to 1.9 percent from two percent.

    Lagarde stressed that the fight against inflation is not over and it is still premature for the central bank to claim victory.

    The euro area economy stagnated throughout 2023 and recovery has been slow in 2024. While Lagarde dismissed concerns about a recession, she acknowledged that economic activity has been weaker than expected.

    There are rising concerns that the current restrictive monetary policy may hinder the fragile economic recovery.

    Knot told CNBC that the ECB should be as concerned about undershooting targets as it is about overshooting them. He noted that the ECB can continue to cut rates until it reaches a neutral stance, defined as neither expansionary nor contractionary, particularly if the December projections align with further deterioration in economic data.

    There have been calls for the ECB to lower its key interest rate to the neutral rate, also known as the natural rate, which is neither expansionary nor contractionary. The natural rate is not constant over time and was near zero during the 2010s (equivalent to a nominal rate of two percent), according to an ECB study published in September.

    Given that the current policy rate remains significantly higher than the neutral rate, analysts suggest that the ECB will need to implement further cuts in the future to quickly reach neutral territory.

    MIL OSI China News –

  • MIL-OSI: Bigbank’s Unaudited Financial Results for Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Bigbank’s total gross loan portfolio grew to a record 2.1 billion euros by the end of the quarter, increasing by 158 million euros (+8%) quarter on quarter and by 451 million euros (+28%) year on year. All three main product lines posted solid quarter-on-quarter growth. The corporate loan portfolio grew by 46 million euros (+7%) to 703 million euros, the housing loan portfolio by 78 million euros (+17%) to 534 million euros and the consumer loan portfolio by 36 million euros (+4%) to 837 million euros.

    On the deposit side, the term deposit portfolio showed solid growth, increasing by 86 million euros to 1.25 billion euros (+7%) in the third quarter. The savings deposit portfolio decreased by 82 million euros to 1.01 billion euros during the quarter. This was mainly because our deposit customers continued to switch their short-term savings products to 3- to 9-month term deposits to lock in an attractive interest rate for the chosen period. The Group’s total deposit portfolio grew by 11 million euros (+0.5%) over the quarter and by 484 million euros (+27%) over the year to 2.27 billion euros.

    Bigbank ended the first nine months of 2024 with a net profit of 27.6 million euros, compared with 29.4 million euros for the same period in 2023. In the third quarter, Bigbank earned a net profit of 11.8 million euros. Compared to the third quarter of 2023, net profit decreased by 0.6 million euros (-5%).

    Group’s net interest income increased compared to the third quarter of 2023: net interest income for the third quarter of 2024 was 27.7 million euros (Q3 2023: 26.1 million euros), 1.6 million euros (+6%) higher than a year earlier. Net interest income for the first nine months of 2024 was 79.1 million euros, up 6.3 million euros (+9%) year on year.

    In the third quarter, the credit quality of the loan portfolio remained stable compared to the previous quarter. However, compared with the 2023 figures, there was some deterioration in the consumer and corporate loan portfolios, but this is due to a decline in quality in the first quarter of 2024. The quality of the housing loan portfolio remains excellent.

    Net loss allowances for loans and provision expenses totalled 4.2 million euros. This represents a significant decrease of 2.1 million euros compared to the previous quarter (6.3 million euros) and a decrease of 0.8 million euros compared to the third quarter of 2023 (5.0 million euros).

    The Group’s income tax expense increased by 0.6 million euros to 2.4 million euros compared to the third quarter of 2023. The increase was driven by the introduction of advance income tax in Latvia at the end of 2023, which was only reflected in the figures for the fourth quarter of 2023 but will affect all quarters in 2024.

    The Group’s investment property portfolio, which includes both agricultural land and commercial real estate, stood at 48.7 million euros at the end of the third quarter. During the quarter, the Group sold agricultural land of 0.3 million euros.

    Income statement, in thousands of euros Q3 2024 Q3 2023 9M 2024 9M 2023
    Net interest income 27,717 26,090 79,090 72,790
    Net fee and commission income 2,316 2,097 6,725 6,116
    Net income (loss) on financial assets 1,023 3,965 4,101 4,976
    Net other operating income -974 -1,033 -2,800 -1,686
    Total net operating income 30,082 31,119 87,116 82,196
    Salaries and associated charges -6,813 -6,072 -19,576 -17,687
    Administrative expenses -2,827 -3,845 -8,781 -11,158
    Depreciation, amortisation and impairment -2,145 -2,001 -6,297 -4,361
    Total expenses -11,785 -11,918 -34,654 -33,206
    Provision income (expense) 1,223 79 -106 -882
    Profit before loss allowances 19,520 19,280 52,356 48,108
    Net loss allowances on loans and financial investments -5,410 -5,023 -19,293 -13,985
    Profit before income tax 14,110 14,257 33,063 34,123
    Income tax expense -2,371 -1,887 -5,503 -4,169
    Profit for the period from continuing operations 11,739 12,370 27,560 29,954
    Income (loss) from discontinued operations 0 61 29 -557
    Profit for the period 11,739 12,431 27,589 29,397
             
             
             
    Statement of financial position, in thousands of euros 30 Sept 2024 30 June 2024 31 Dec 2023 restated* 30 Sept 2023
    Cash and cash equivalents 475,284 626,081 518,672 406,837
    Debt securities at FVOCI 14,992 9,907 15,400 14,942
    Loans to customers 2,059,625 1,902,001 1,662,002 1,608,720
    Other assets 87,126 89,255 91,324 88,709
    Total assets 2,637,027 2,627,244 2,287,398 2,119,208
    Customer deposits and loans received 2,274,269 2,264,137 1,946,314 1,791,581
    Subordinated notes 83,437 88,148 76,109 71,490
    Other liabilities 14,585 22,113 20,182 18,909
    Total liabilities 2,372,291 2,374,398 2,042,605 1,881,980
    Equity 264,736 252,846 244,793 237,228
    Total liabilities and equity 2,637,027 2,627,244 2,287,398 2,119,208

    Commentary by Martin Länts, chairman of the management board of Bigbank AS: “The third quarter of 2024 marked the continuation of stable and strategic growth for Bigbank, highlighted by a significant milestone as our gross loan portfolio surpassed 2 billion euros for the first time, reaching 2.1 billion euros. Our bank’s strategy focuses on stable growth in the home loan and business loan product lines, and this is reflected in the results. In the third quarter, our gross portfolio grew by 158 million euros (+8%), marking the largest quarterly growth in Bigbank’s history. I would particularly highlight the home loan portfolio’s quarterly growth of 78 million euros (+17%), bringing it to a total of 534 million. In a declining interest rate environment, we are also pleased with the 6% growth in net interest income compared to Q3 2023 and the 9% year-on-year increase for the first nine months.”

    Bigbank AS (www.bigbank.eu), with over 30 years of operating history, is a commercial bank owned by Estonian capital. As of 30 September 2024, the bank’s total assets amounted to 2.6 billion euros, with equity of 264,7 million euros. Operating in nine countries, the bank serves more than 150,000 active customers and employs over 500 people. The credit rating agency Moody’s has assigned Bigbank a long-term deposit rating of Ba1, as well as a baseline credit assessment (BCA) and adjusted BCA of Ba2.

    Argo Kiltsmann
    Member of the Management Board
    Tel: +372 53 930 833
    Email: Argo.Kiltsmann@bigbank.ee 
    www.bigbank.ee

    Attachment

    The MIL Network –

  • MIL-OSI Russia: NSU scientists have received the first pilot batch of synthetic fuel from non-recyclable plastic

    Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    A catalytic unit for processing liquid products of polymer waste pyrolysis into synthetic fuel has been installed in the laboratory of the Department of Physical Chemistry of the Faculty of Natural Sciences of Novosibirsk State University. During the first three weeks of its operation, scientists obtained the first three liters of kerosene. At present, optimal operating modes of the capillary reactor are being determined, important catalyst regeneration cycles are being worked out, optimal parameters of the catalytic process are being selected, a catalyst is being selected, the most important performance indicators of the unit are being monitored, and the resulting product is being analyzed.

    The equipment was provided to NSU scientists by specialists from Onium Plus LLC (Yaroslavl). They were also involved in the installation of the equipment. Publication about the joint work of scientists from the Department of Physical Chemistry Faculty of Natural Sciences of NSU, the Boreskov Institute of Catalysis of the Siberian Branch of the Russian Academy of Sciences and representatives of this company to create a technology for converting non-recyclable plastic into synthetic fuel was published on the NSU website in December 2023. You can read it by link.

    The jointly developed technology consists of several stages. First, non-recyclable plastic undergoes pyrolysis – thermal destruction without oxygen at temperatures from 400 to 600 ° C. The output is pyrolysis oil – a heterogeneous liquid mixture of hydrocarbons containing a large number of undesirable impurities, dark yellow in color with a strong unpleasant odor. Then the multicomponent mixture is divided into fractions based on boiling point. Pyrolysis oil and its fractions are not yet suitable for use as fuel – due to the high content of unsaturated hydrocarbons, this substance can damage internal combustion engines. It can be converted into usable fuel through the use of catalytic technology. Representatives of Onium Plus LLC asked NSU researchers to develop it, who conducted preliminary experiments with nickel-molybdenum catalysts on an aluminum oxide support. The first positive results were obtained using them in tubular reactors – a transparent, colorless liquid with a faint odor of kerosene was synthesized. However, before using it for internal combustion engines, it is necessary not only to develop a new composition and method of catalyst synthesis, but also to modify the hydrogenation plant, select the optimal parameters of the catalytic process, and work out all cycles of automatic catalyst regeneration. For this purpose, the company’s specialists created two more catalytic installations – a pilot and a laboratory. The pilot one is working at the enterprise, and the laboratory one was made available to NSU researchers at the end of May. Parallel trials of the catalytic process are currently underway. NSU scientists select catalyst compositions, process conditions, temperature conditions, pressure, flow rates, and company specialists conduct life tests on an enlarged scale. An important condition of the experiment is that both installations must operate around the clock in a continuous mode.

    — The liquid product of plastic waste pyrolysis, which mainly consists of medium and heavy fractions with a large amount of unsaturated hydrocarbons, is fed from the feedstock tank using a high-pressure liquid pump to the mixer, where it is mixed with hydrogen under a pressure of 40 atmospheres. Then the mixture is fed in portions to the reactor, inside which a catalytic reaction occurs under conditions of high pressure and high temperature. Depending on the composition of the catalyst, hydrogenation, hydrocracking or hydroisomerization occurs. At the moment, this is hydrocracking at a pressure of 40 atmospheres and a temperature of 360 – 400 degrees Celsius, which is considered the norm for this process. These parameters are selected depending on what product needs to be obtained. In this case, the task is to obtain kerosene, — said Anton Lysikov, a researcher at the Department of Physical Chemistry of the Faculty of Natural Sciences of Novosibirsk State University, about the device of the installation.

    From the reactor, the product mixture enters the separator via a coil, where it cools down and separates into gas and liquid. The gas goes up, and the liquid gradually condenses in the accumulator. When the liquid weight reaches a specified value, it is discharged using the lock method: the first valve of the discharge line is turned on, and the liquid product is poured into the buffer tank. After the weight decrease is recorded, this valve closes and the second one opens, the liquid enters the receiver, and the product yield is assessed in accordance with the scale readings. Then the second valve is also closed until the next sampling. This design with automatic overflow allows to avoid a significant pressure drop when removing products from the process and to accumulate them stably during long-term experiments.

    — Our first attempts to process the liquid product of polymer waste pyrolysis resulted in obtaining a substance similar to what we are synthesizing now, only its freezing temperature was about zero degrees Celsius. This figure is much higher than what we intended to achieve. Therefore, we had to select a catalyst composition that would initiate a cracking and isomerization reaction, leading to a strong decrease in the freezing temperature. And now it is already -20 degrees. In three weeks of continuous round-the-clock work, we extracted about 3 liters of high-quality non-freezing kerosene from the pyrolysis product, which can be used as a fuel additive. The production rate is 6 ml per hour, — said Ekaterina Parkhomchuk, Associate Professor of the Department of Physical Chemistry of the NSU Natural Sciences Department.

    The finished product undergoes a thorough analysis: researchers study its fractional, group, component and elemental composition. They measure the sulfur and chlorine indicators at the outlet, flash point and turbidity. These parameters are very important for the further use of the final product, they determine its practical purpose.

    The first experiments were suggested by NSU scientists to start with widespread and well-known systems: nickel-molybdenum catalysts on an aluminum oxide carrier. They managed to obtain the first positive results.

    — We have gained the first experience — we have determined the activity of this catalyst, observed the process, acquired the skill of working with unusual raw materials, and identified the main problem. It is that pyrolysis oil is very different from traditional oil. Most often, such raw materials contain long-chain hydrocarbons and are characterized by a high content of C17 hydrocarbons, which have high freezing and boiling points. They accumulate in the cold zones of the reactor, forming “wax” plugs, due to which pressure drops can occur. Having encountered this problem, we began to select hydrocracking and hydroisomerization catalysts to break long-chain hydrocarbons into smaller molecules, making them branched. This allowed us to solve the problem of reactor waxing, as well as reduce the freezing and turbidity temperatures of the product, and at the output we received higher quality and flammable hydrocarbons, — explained Ekaterina Vorobyova, a postgraduate student of the Department of Physical Chemistry of the Faculty of Natural Sciences of NSU.

    First, a hydrogenation catalyst was obtained, then a hydroisomerization and hydrocracking catalyst, on which the first positive results were obtained: the cloud point began to decrease significantly, hydrocarbons began to burn differently. Now scientists are working on a catalyst with increased activity in hydrocracking and hydroisomerization, while obtaining a product with a cloud point below -20. It is important to note that this is its stable operation for several hundred hours. But the most important thing is that products were obtained that flash and burn as needed, hydrogenation and hydrocracking processes are underway, the products contain a large number of isomers, which is required to obtain synthetic motor fuels and oils.

    The installation with the new catalyst has been operating continuously for almost four weeks, and the catalyst activity has not been lost, no pressure drops have been observed, and no coking has occurred.

    — The main thing is that while developing this technology, we continue to improve our skills in working with this special raw material, which is so different from oil. For us, this is a very interesting task, since plastic waste is really growing. And not all of it is recyclable. Burying it in landfills is not a solution to the problem. For me, from a scientific point of view, it is interesting to identify the features of processing this raw material, as well as the requirements for the properties of the catalyst, which will allow us to stably and for a long time obtain high-quality motor fuels and oils from non-recyclable waste into valuable fuel, — said Ekaterina Vorobyova.

    Scientists assess the results of their work as encouraging, and the production of fuel from pyrolysis products as profitable, because only 5% of the original substance turns into gas, the rest of the mass turns into high-quality synthetic fuel. At the moment, this technology can be considered almost ready for implementation, which will be determined only by the speed of construction of catalytic units. The main difference between production samples and a laboratory unit is the number of reactors. In a laboratory unit, there is one reactor, and in industrial ones, it is theoretically possible to install hundreds and even thousands. Then the productivity will increase many times over.

    — Each type of catalyst or new parameters, before being implemented, requires thousands of running hours. The more parallel tests, the faster the process optimization and confirmation of the success of certain solutions. By the end of the year, we will put into operation two additional laboratory units for hydrogenation, increasing the number of simultaneously running processes. But the most interesting task, in our area of responsibility, which we are currently implementing, is the creation of a pilot unit with dozens of micro reactors simultaneously. This module will allow the process to be carried out with a capacity of liters per hour. All systems will be integrated in it, as in a “large” plant. It is equipped with its own hydrogen source, its own hydrogen purification and recompression unit and an automatic regeneration system. In addition to confirming the readiness of the catalytic system for industrial use, this device will also confirm the economic aspects of fuel production. The cost of the process will be very accurately determined, which is necessary for further industrial implementation, — explained Alexander Klimov, a representative of the company OOO Onium Plus.

    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 Security: Guilty plea following Enfield murder investigation

    Source: United Kingdom London Metropolitan Police

    A man has appeared in court where he pleaded guilty to the murder of Bledi Petraj, who died following a fight on an Enfield street.

    Kozma Papa, 22 (23.09.02) of Fairview Road, Cheltenham, appeared at the Old Bailey on Thursday, 24 October where he pleaded guilty to murder.

    He was remanded in custody to appear for sentencing at the same court on Friday, 6 December.

    Police and London Ambulance Service (LAS) were called at 14:04hrs on Sunday, 4 February to reports of a stabbing at Queen Elizabeth’s Drive in Enfield.

    Officers and LAS attended. At the scene 37-year-old Bledi Petraj, who was from Westcliff-on-Sea in Essex, was found with knife injuries.

    Despite the efforts of medics at the scene and in hospital, he sadly died that afternoon. His family were notified and were supported by specialist officers.

    Papa was arrested by Met officers in a car that was stopped in Hertfordshire that same day. He was charged the following day with murder.

    Detective Sergeant Matthew Goode said: “We know that on the day of the murder the victim pulled over in his car on Queen Elizabeth’s Drive. Papa pulled in behind him and both men got out of their cars and immediately started to fight. A fight that ended in a senseless loss of life.

    “It has never been established why they fought, but whatever the reason for the confrontation, I know it wouldn’t justify the loss felt by Bledi’s family and the years that Papa will now spend in prison.

    “I am pleased that this guilty plea will spare Bledi’s family the experience of a criminal trial – my thoughts are with them today.”

    A 30-year-old man, who was also arrested as part of the investigation, was released without further action.

    MIL Security OSI –

  • MIL-OSI: QPR Software Plc: Interim Report January-September 2024

    Source: GlobeNewswire (MIL-OSI)

    QPR SOFTWARE PLC           STOCK EXCHANGE RELEASE          25 October 2024, AT 9.00 AM EET

    QPR Software Plc Interim Report for January-September 2024: The growth in SaaS net sales supports positive development, with profitability improving already for the eighth consecutive quarter compared to the same period last year. The most significant achievement of the third quarter was the signing of a contract with a global luxury brand.

    FINANCIAL DEVELOPMENT BRIEFLY

    JULY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales decreased by -3% 
    • Net sales was 1,409 thousand euros, down -22% (July-September 2023: 1,806) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 269 thousand euros (242), an increase of +11%
    • The operating profit was -6 thousand euros (-12), +6 thousand euros change compared to the previous period
    • Profit before taxes was -33 thousand euros (-37), +4 thousand euros change compared to the previous period
    • The result was -33 euros (-37), +4 thousand euros change compared to the previous period
    • Earnings per share was -0.002 euros (-0.002) 
    • Cash flow from operations 34 thousand euros (-640), +674 thousand euros change compared to the comparison period

    JANUARY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales increased by +4% 
    • Net sales was 4,651 thousand euros, down -22% (January-September 2023: 5,951) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 745 thousand euros (213), a difference of +532 thousand euros from the comparison period 
    • The operating profit was -39 thousand euros (-529), a difference +490 thousand euros from the comparison period  
    • Profit before taxes was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • The result was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • Earnings/share was -0.006 euros (-0.038)  
    • Cash flow from operations -226 thousand euros (20), a difference of -246 thousand euros from the comparison period 

    OUTLOOK FOR 2024

    The company monitors the development of the world’s economic situation and geopolitical tensions. The slowly budding recovery of economic growth, falling interest rates and normalizing inflation will improve the financial position of customers, and investment decisions can be expected to accelerate towards the end of 2024.

    Supported by the current contract base and the projected growth of SaaS (Software as a Service) net sales, QPR expects the growth of SaaS net sales to be double-digit and estimates that the entire software net sales will grow in 2024 (2023: 5,122 thousand euros).

    The company expects the operating result to improve significantly in the financial year 2024. The operating result in 2023 was -813 thousand euros.

    CEO REVIEW

    In the third quarter, we continued to execute our strategy as planned, and the company’s turnaround is progressing steadily. We have achieved our eighth consecutive quarter of improved results compared to the same period last year, indicating positive development. However, growth this time was modest, as market recovery has been slower than anticipated. Strengthening customer relationships, expanding our partner network, and acquiring new clients continue to support long-term growth. The most significant achievement of the quarter was securing a contract with a global luxury brand, which selected QPR ProcessAnalyzer to optimize its business processes, solidifying our position as a leader in process mining.

    SaaS revenue grew by 15% in July-September, while software revenue decreased by 3%, mainly due to the timing of deals. Overall revenue declined because of our decision to discontinue external consulting services in Finland at the end of 2023. Our positive EBITDA, totaling EUR 269,000, increased by 11% compared to the previous year. The company’s result was slightly negative, and the timing of individual deals continues to significantly impact quarterly outcomes. This quarter also saw one-off write-offs related to the relocation of our headquarters, which affected the results.

    One of our most significant product development milestones was advancing our flagship product, QPR ProcessAnalyzer, into a native app on the Snowflake Marketplace. This development significantly changes how process mining software is bought and sold, offering our customers using Snowflake cloud services a fast and straightforward way to acquire software cost-effectively. Our goal is to have our product listed on the Snowflake Marketplace by the end of October.

    At the core of our strategy is the development of our international partner network. In the first half of the year, we established several key partnerships in the United States, which have led to active sales efforts to attract new customers. We continue to seek new potential partners, and the EDGE 2024 Supply Chain Conference held in Nashville in September was an important part of this strategy.

    The market situation in the Middle East also showed positive development in the third quarter. Our strong partner network and growing interest in our process mining solutions provide excellent opportunities for expanding our market share. Snowflake has acquired several customers in the region, which also presents us with new opportunities to expand in this market.

    Our focus now turns to the final quarter of the year, where we plan to leverage our strengths and focus on securing deals effectively. Despite challenges in the business environment, we believe in our innovations and strategic partnerships that support the company’s long-term growth goals.

    QPR appointed Taru Mäkinen as CFO in July, and under her leadership, our financial processes are being developed to support our growth strategy. Additionally, Antti Kivalo started as the company’s new Sales Director at the beginning of September.

    I would like to extend my warmest thanks to our customers, partners, and investors for their trust. A special thank you also to all our employees for their hard work towards the success of our company.

    Heikki Veijola

    CEO

    KEY FIGURES

    EUR in thousands,
     unless otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    EBITDA 269 242 11 745 213 249 182
    % of net sales 19.1 13.4   16.0 3.6   2.4
    Operating result -6 -12 55 -39 -529 93 -813
    % of net sales -0.4 -0.7   -0.8 -8.9   -10.8
    Result before tax -33 -37 11 -107 -617 83 -924
    Result for the period -33 -37 11 -107 -617 83 -924
    % of net sales -2.4 -2.1   -2.3 -10.4   -12.2
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
    Equity per share, EUR 0.018 0.036 -48 0.019 0.036 -48 0.020
                   
    Cash flow from operating
     activities    		 34 -640 105 -226 20 -1,202 850
    Cash and cash equivalents 99 181 -46 99 181 -45 885
    Net borrowings 1,513 1,639 -8 1,513 1,639 -8 934
    Gearing, % 451.3 257.2 75 451.3 257.2 75 268.3
    Equity ratio, % 11.0 13.7 -20 11.0 13.7 -20 8.1
    Return on equity, % -38.6 -49.7 22 -41.8 -146.4 71 -221.5
    Return on investment, % -6.3 -11.6 23 -9.0 -35.9 75 -42.0

    REPORTING AND BUSINESS OPERATIONS

    QPR Software Plc is a pioneer in business process optimization solutions and has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology and one of the most advanced process mining software companies in the world.

    QPR innovates, develops, and delivers software for analyzing, monitoring and modeling the operations of organizations. The company also offers consulting services to ensure that customers get full value from the software and associated methods.

    QPR Software reports one business segment, which is Organizational Development of organizations. In addition to this, the Company reports revenue from products and services as follows: Software licenses, Renewable software licenses, Software maintenance services, Cloud services, and Consulting.

    The company’s reported recurring revenues consist of SaaS net sales, maintenance services, as well as revenue from renewable licenses. Licenses are sold to customers for perpetual use or for an agreed, limited period. The revenue from SaaS and maintenance services is recorded monthly as recurring revenue over the contract period.

    Renewable software licenses are sold to customers as a user right with an indefinite-term contract. These contracts are automatically renewed at the end of the agreed period, usually one year, unless the agreement is terminated within the notice. Renewable license revenue is recognized at one point in time, in the beginning of the invoicing period, yet at the earliest on the delivery.

    The geographical areas reported are Finland, the rest of Europe (including Turkey), and the rest of the world. Net sales are reported according to the location of the customer’s headquarters. Until 2023, the company provided consulting services, predominantly to public administration, which were unrelated to its core business. In the end of 2023, the company discontinued these activities. In the future, the company will prioritize offering consulting services tailored to the software it develops, aiming to deliver maximum added value to its customers.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    NET SALES DEVELOPMENT

    NET SALES BY PRODUCT GROUP  

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Software licenses 85 174 -51   406 383 6 485
    Renewable software licenses 43 78 -45   334 453 -26 504
    Software maintenance services 430 428 0   1,268 1,272 0 1,720
    SaaS 673 585 15   2,020 1,754 15 2,371
    Consulting 179 541 -67   623 2,089 -70 2,469
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    NET SALES BY GEOGRAPHIC AREA

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Finland 555 793 -30   1,881 2,799 -33 3,499
    Europe incl. Turkey 623 702 -11   2,026 2,398 -16 3,128
    Rest of the world 232 310 -25   745 754 -1 923
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    JULY-SEPTEMBER 2024

    The net sales for July to September was 1,409 thousand euros (1,806), and it decreased by 22% compared to the same period last year. The group discontinued consulting services outside our core business in Finland at the end of 2023. The proportion of recurring revenue in the total revenue increased from 56 percent to 79 percent.

    SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales decreased by 3% during July-September.

    The software license net sales was 85 thousand euros (174), representing a 51% decrease. The decline was due to larger individual new license deals in the comparison period, which exceeded the new license deals reported in the current period. Expansions with existing customers partially offset the lower new customer license sales. The net sales mainly consisted of additional sales through partner transactions and to existing and new customers, additional sales to existing direct customers, as well as the expansion of the partner network, which brought new commercial opportunities and customer relationships.

    The net sales from renewable software licenses was 43 thousand euros (78), a decrease of 45%. This decline was primarily due to the expiration of individual customer contracts and the earlier renewal timing, partially offset by new customer acquisitions and price increases made in response to inflationary pressures.

    The net sales from software maintenance services amounted to 430 thousand euros (428). The net sales was positively impacted by Middle Eastern customers transitioning to a software maintenance model, increased maintenance revenue from new license acquisitions, and winning back lost customers. Additionally, price increases to counter inflationary pressures and favorable exchange rate effects contributed to the net sales growth. However, the growth was offset by customer churn and a decline in revenue from certain individual customers.

    SaaS net sales grew by 15% and amounted to 673 thousand (585). The growth was primarily driven by new customer acquisitions, the expansion of existing customer relationships, and price increases to counter inflationary pressures. On the other hand, customer churn and a decrease in revenue from individual clients had a negative impact on the overall SaaS revenue development.

    Net sales from consulting was 179 thousand euros (541), a 67% decrease due to the company’s discontinuation of consulting services outside its core business in Finland. During the comparison period, the company had a large customer project in Europe, but no similar project occurred in this reporting period.

    The Group’s net sales was 39 % (44) from Finland, 44% (39) from the rest of Europe (including Turkey) and 17 % (11) from the rest of the world.

    JANUARY-SEPTEMBER 2024

    The net sales January-September was 4,651 thousand euros (5,951), and it decreased by 22 % compared to the same period last year. This decline is due to the company’s decision to discontinue non-core consulting services in Finland at the end of 2023. The proportion of recurring revenue of the total revenue increased from 51 percent to 71 percent.

    Our SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales grew by 4% in the January-September period. The proportion of software net sales in the total net sales grew from 65 percent to 87 percent.

    The net sales from software licenses was 406 thousand euros (383) and it grew by 6%. The growth was primarily driven by an increase in partner sales volume, particularly among customers in the Middle East, as well as the expansion with a global pharmaceutical company in accordance with a previous agreement. Additionally, the company achieved broader success in partner sales across multiple geographical regions.

    The net sales from renewable software licenses amounted to 334 thousand euros (453), a decrease of 26%. The decline was driven by several factors, including customer churn, individual customers transitioning to a SaaS service model, and negative currency exchange effects. These factors were partially offset by new customer acquisitions and price increases implemented to counter inflationary pressure.

    The net sales from software maintenance services amounted to 1,268 thousand euros (1,272). The decline in net sales was negatively impacted by customer churn, a decrease in revenue from individual customers, and, to a lesser extent, the transition of existing customers to the SaaS service model. The decline was partially offset by the expansion of cooperation with existing customers, the inclusion of Middle Eastern customers’ projects under maintenance services, new customer contracts, and the previously agreed expansion with a global pharmaceutical company. Additionally, price increases to counter inflationary pressures and favorable currency exchange rate effects contributed to net sales growth.

    SaaS net sales grew by 15% to 2,020 thousand euros (1,754). The growth was primarily driven by the expansion of existing customer relationships and successes in acquiring new customers. The shift of customers from licenses to the SaaS service model and, to some extent, price increases due to inflationary pressures also contributed to the growth. On the other hand, fluctuations in exchange rates and customer churn had a negative impact on the development of SaaS net sales.

    Consulting revenue was 623 thousand euros (2,089), a decrease of 70%, following the company’s discontinuation of consulting services outside its core business in Finland. Additionally, the company recognized revenue from fixed-price projects in the Middle East according to their to their completion status during the first half of 2023. These projects were completed in the second quarter of the same year. In the comparison period, the company had a large customer project in Europe, but there was no similar project during this reporting period.

    The Group’s net sales was 40% (49) from Finland, 44% (40) from the rest of Europe (including Turkey) and 16 % (11) from the rest of the world.

    FINANCIAL DEVELOPMENT

    JULY-SEPTEMBER 2024

    The group’s EBITDA for July-September was 269 thousand euros (242), an improvement of 27 thousand euros compared to the previous year. The operating profit was -6 thousand euros (-12), an increase of 6 thousand euros compared to the reference period. The season’s result was -33 thousand euros (-37).

    The active measures implemented by the company in 2023 to improve cost structure and enhance business profitability are already partially visible in the first half of 2024 and to be fully realized by the third quarter.

    The Group’s variable costs amounted to 210 thousand euros (240). The decrease in costs was mainly due to lower partner commissions, resulting from lower software license sales through partners compared to the reference period.

    The company’s fixed expenses amounted to 931 thousand euros (1,324), a decrease of 30% compared to the same period last year. This decrease was due to savings programs implemented in the second and final quarters of 2023, as well as reduced personnel expenses resulting from change negotiations. The full impact of the cost-saving measures materialized starting from the third quarter of 2024. The effect of these savings was partially offset by lower product development capitalizations, investments in reorganizing the company’s operational activities, and a one-time write-off of 24 thousand euros related to the company’s headquarters relocation.

    Earnings per share were -0.002 euros (-0.002) per share.

    JANUARY-SEPTEMBER 2024

    The Group’s EBITDA for January–September was 745 thousand euros (213), an increase of 532 thousand euros compared to the previous year. The operating result was -39 thousand euros (-529), showing an improvement of 490 thousand euros compared to the same period last year. The result for the period was -107 thousand euros, which is a significant improvement from the previous year (-612).

    The active measures implemented by the company in 2023 to improve cost structure and develop business profitability are already partially visible in the first quarter of 2024 and fully realized by the third quarter.

    The Group’s variable costs amounted to 693 thousand euros (1,013). The decrease in expenses was primarily due to the completion of challenging fixed-price software delivery projects in the Middle East during the second quarter of 2023. This completion significantly reduced the need for external services, further lowering costs.

    The company’s fixed expenses amounted to 3,214 thousand euros (4,726 thousand), a decrease of 32% compared to the same period last year. This decrease was driven by cost-saving programs implemented in the second and final quarters of 2023, as well as lower personnel expenses resulting from the outcomes of change negotiations. The full impact of the cost-saving measures realized starting from the third quarter of 2024. The effect of these savings was partially offset by lower R&D capitalizations and investments required for the reorganization of the company’s operational activities.

    Earnings per share were EUR -0.006 (-0.038) per share.

    FINANCE AND INVESTMENTS

    The cash flow from operations during the review period amounted to -226 thousand euros (20). The main reason for this change compared to the comparable period was successful collection in the last quarter of 2023, particularly regarding the advanced license payments for 2024. A larger portion of the prepayments was collected in the final quarter of 2023, leading in lower cash flow from annual licenses in the first quarter of 2024. Annual billing is mostly concentrated around the end of the year, making it seasonal.

    The change in working capital was affected by higher sales commissions paid to the company’s personnel for 2023, as well as holiday compensation for employees who left due to the change negotiations. The negative cash flow was also due to the fact that the largest new deals occurred in a market where payment behavior is slow.

    The positive cash flow from operations in the third quarter was driven by successful receivables collection and lower costs. Compared to the same period last year, a significant reduction in expenses is a key reason for the clear improvement in operational cash flow. During the comparison period, the company conducted a directed share issue, resulting in significantly higher cash flow from financing activities.

    Net financial expenses amounted to 19 thousand euros (30), including exchange losses of 1 thousand euros (4).

    Investments totaled 357 thousand euros (511), and those were mainly research and development investments.

    The company’s financing net cash flow for the period January to September was -318 thousand euros (656). The negative net cash flow was primarily due to the company reducing its loan by 500 thousand euros and having a credit limit in use. Additionally, during the comparison period, the company raised 760 thousand euros through a directed share issue.

    The group’s financial situation is fair. At the end of the review period, the group’s cash and cash equivalents were 99 thousand euros (181). Short-term receivables were 1,290 thousand (1,468). 

    Euro-denominated receivables accounted for 68%, and 68% of invoices had not yet matured. Of the total amount of short-term receivables, the share of 1-30 days overdue receivables was 16%, 30-60 days 11% and more than 60 days 5%. 

    The group has a credit limit of 500,000 euros available.                                                                 

    At the end of the review period, the group had a bank loan of EUR 1,000 thousand, of which 500 thousand euros was long-term. In accordance with the original financing agreement, the first installment of EUR 0.5 million was due on January 31, 2024. After this, installments of EUR 0.5 million will mature annually in January 2025 and 2026. The covenants related to the loan are based on the company’s EBITDA and equity ratio. The EBITDA of the covenants is tested every six months, and the equity ratio is tested annually according to the situation on the last day of the year. The EBITDA exceeded the agreed covenant limit for the first half of the year.

    The company’s free cash flow, including operating and investment cash flows, and office lease costs totaled -37 thousand euros (-735) in the third quarter. The significant improvement in free cash flow is due to both lower operating expenses and enhanced receivables collection. From January to September, free cash flow was -486 thousand euros (-595). The change was influenced by shifts in the timing of operating cash flows, which were mitigated by a significant decrease in investment cash flows and lower paid office lease costs.

    The equity ratio was 11%, lower than the comparison period (14%) due to a loss of -307 thousand euros in the final quarter of 2023 and a -107 thousand euros loss for the reporting period, January to September. Additionally, the new lease agreement signed in June 2024 negatively impacts the company’s equity ratio, as the IFRS 16 interest effect increases the lease liability by approximately 100 thousand euros.

    PRODUCT DEVELOPMENT

    QPR has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology. The company innovates and develops software products that analyze, measure, and model the operations of organizations. The Company develops the following software products: QPR ProcessAnalyzer, QPR EnterpriseArchitect, QPR ProcessDesigner, and QPR Metrics.

    In the third quarter of the year, product development expenses amounted to 183 thousand euros (248), and 69 thousand euros (80) of development costs were capitalized on the balance sheet. Product development depreciation was recorded at 228 thousand euros (220). The amortization period for capitalized development costs is four years.

    PERSONNEL

    At the end of the review period, the group employed 29 people (52). The average number of personnel in April-June was 28 (60).

    The average age of the personnel is 45 (47) years. Women account for 23% (23) of employees, and men for 77% (76). Of all personnel, 21% (16) work in sales and marketing, 32% (31) in consulting and customer care, 40% (42) in product development, and 7% (11) in administration.

    Personnel expenses were 2,499 thousand euros (4,085), of which the share of salaries and bonuses was 2,127 thousand euros (3,406).

    For incentive purposes, the company has a bonus program covering the entire personnel. The top management’s short-term remuneration consists of monetary salary, fringe benefits and a possible annual bonus, mainly determined by the net sales development of the group and profit units. In addition, the company has a stock option program for key personnel.

    SHARES AND SHAREHOLDER

    Trading of shares Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
             
    Shares traded, pcs 3,407,075 1,729,586 97 3,538,455
    Volume, EUR 1,685,250 898,702 88 1,585,931
    % of shares 19.0 9.7 96 19.8
    Average trading price, EUR 0.49 0.52 -5 0.45
    Average trading value per day, EUR 8,917 4,755 88 6,318
    Treasury shares acquired during the year, pcs 0 0 0 0
    Shares and market capitalization Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Total number of shares, pcs 18,175,192 18,175,192 0 18,175,192
    Treasury shares, pcs 256,849 339,471 -24 339,471
    Book counter value, EUR 0.11 0.11 – 0.11
    Outstanding shares, pcs 17,918,343 17,835,721 0 17,835,721
    Number of shareholders 2,117 1,863 14 1,943
    Closing price, EUR 0.60 0.39 54 0.33
    Market capitalization, EUR 10,751,006 6,938,095 55 5,957,131
    Book counter value of all treasury
    shares, EUR    		 28,253 37,342 -24 37,342
    Total purchase value of all treasury
    shares, EUR    		 244,349 347,552 -30 347,552
    Treasury shares, % of all shares 1.4 1.9 -26 1.9
             

    GOVERNANCE

    The Annual General Meeting of QPR Software Plc was held on May 15, 2024, in Helsinki. The General Meeting adopted the Company’s financial statements for the financial year 2023 and discharged the members of the Board of Directors and the CEO from liability. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023, and adopted the Company’s Remuneration Report and Remuneration Policy. Further, the General Meeting resolved to authorize the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares as well as on the acquisition of own shares.

    Annual accounts and the use of the profit shown on the balance sheet

    The General Meeting adopted the Company’s financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial period January 1 – December 31, 2023. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023.

    Remuneration of the members of the Board of Directors and the Auditor

    The General Meeting resolved that the Chairman of the Board of Directors be paid EUR 45,000 per year and the other members of the Board of Directors EUR 25,000 per year. Approximately 40 percent of the remuneration will be paid in shares and 60 percent in cash. The shares will be granted as soon as possible after the Annual General Meeting and if the insider regulations allow it. The members of the Board of Directors will also be reimbursed for travel and other expenses incurred while they are managing the Company’s affairs. 

    The remuneration of the Auditor shall be paid according to the reasonable invoice.

    Board of Directors and Auditor

    The General Meeting confirmed that the number of Board members is four (4). Pertti Ervi was re-elected as the Chairman of the Board of Directors and Antti Koskela and Jukka Tapaninen were re-elected as members of the Board of Directors. Linda von Schantz was elected as a new member of the Board of Directors.

    Authorised Public Accountants KPMG Oy Ab was re-elected as the Company’s auditor. KPMG Oy Ab has announced that Petri Kettunen, Authorized Public Accountant, will act as the principal auditor.

    Authorization of the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares

    The General Meeting resolved to authorize the Board of Directors to decide on issuances of new shares and conveyances of the own shares held by the Company (share issue) either in one or more instalments. The share issues can be carried out against payment or without consideration on terms to be determined by the Board of Directors. The authorization also includes the right to issue special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, which entitle to the Company’s new shares or own shares held by the Company against consideration. Based on the authorization, the maximum number of new shares that may be issued and own shares held by the Company that may be conveyed in share issues or on the basis of special rights is 6,361,317 shares. The authorization includes the right to deviate from the shareholders’ pre-emptive subscription right. The authorization is in force until the next Annual General Meeting.

    Authorization of the Board of Directors to decide the acquisition of own shares

    The General Meeting resolved to authorize the Board of Directors to decide on the acquisition of the Company’s own shares. Based on the authorization, an aggregate maximum amount of 500,000 own shares may be acquired, either in one or more instalments. The authorization includes the right to acquire own shares otherwise than in proportion to the existing shareholdings of the Company’s shareholders, using the Company’s non-restricted shareholders’ equity. The authorization is in force until the next Annual General Meeting.

    SHORT-TERM RISKS AND UNCERTAINTIES

    Internal control and risk management at QPR Software aim to ensure that the Company operates efficiently and effectively, distributes reliable information, complies with regulations and operational principles, reaches its strategic goals, reacts to changes in the market and operational environment, and that business continuity is secured considering the financial position.

    The Company has identified the following three groups of risks related to its operations: risks related to business operations (country, customer, personnel, legal), risks related to information and products (QPR products, IPR, data privacy, and security), and risks related to financing and liquidity (foreign currency, short-term cash flow).

    The Company has an insurance policy covering property, operational, and liability risks. Financial risks include reasonable credit risk concerning individual business partners, which is characteristic of any international business. QPR seeks to limit this credit risk by continuously monitoring standard payment terms, receivables, and credit limits.

    Approximately 68% of the Group’s trade receivables were in euros at the end of the quarter (79%). At the end of the quarter, the Company had not hedged its non-euro trade receivables.

    EVENTS AFTER THE REVIEW PERIOD

    No events after the review period.

    QPR SOFTWARE PLC

    BOARD OF DIRECTORS

    For further information:

    Heikki Veijola

    Chief Executive Officer

    QPR Software Plc

    Tel. +358 40 922 6029

    QPR Software in Brief

    QPR Software (Nasdaq Helsinki) is a leading player in the Digital Twin of an Organization (DTO) use case and one of the most advanced process mining software companies in the world. The company innovates, develops, and delivers software for analyzing, monitoring, and modeling organizational operations. Additionally, QPR provides consulting services to ensure its customers derive full benefits from the software and associated methodologies.

    www.qpr.com

    DISTRIBUTION

    Nasdaq Helsinki

    Key medias

    www.qpr.com

    INTERIM REPORT JANUARY-SEPTEMBER

    QPR Software’s Board of Directors has approved this interim report for January 1–September 30, 2024, to be published. 

    The financial figures for the full fiscal year 2023 presented in the interim report have been audited. The interim report financial figures are unaudited.

    CONSOLIDATED COMPREHENSIVE INCOME STATEMENT          

    EUR in thousands, unless
     otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    Other operating income – – – – 1 – 1
                   
    Materials and services 210 240 -13 693 1,013 -32 896
    Employee benefit expenses 658 1,056 -38 2,499 4,085 -39 5,287
    Other operating expenses 273 268 2 714 640 12 1,186
    EBITDA 269 242 11 745 213 249 182
                   
    Depreciation and amortization 274 254 8 784 743 6 995
    Operating result -6 -12 55 -39 -530 93 -813
                   
    Financial income and expenses -28 -25 -12 -68 -87 22 -111
    Result before tax -33 -37 11 -107 -617 83 -924
                   
    Income taxes – – – 0 – 0 –
    Result for the period -33 -37 11 -107 -617 83 -924
                   
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
                   
    Consolidated statement of
    comprehensive income:    		              
    Result for the period -33 -37 11 -107 -617 83 -924
    Exchange differences on
     translating foreign operations    		 3 – – 2 1 100 1
    Total comprehensive income -30 -37 19 -105 -616 83 -925

    CONDENSED CONSOLIDATED BALANCE SHEET 

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Assets        
             
    Non-current assets:        
    Intangible assets 1,788 2,357 -24 2,245
    Goodwill 358 358 0 358
    Tangible assets 30 95 -69 81
    Right-of-use assets 393 320 23 318
    Other non-current assets 277 277 0 277
    Total non-current assets 2,847 3,407 -16 3,279
             
    Current assets:        
    Trade and other receivables 1,782 1,896 -6 1,706
    Cash and cash equivalents 100 181 -45 884
    Total current assets 1,881 2,077 -9 2,590
             
    Total assets 4,728 5,484 -14 5,869
             
    Equity and liabilities        
             
    Equity:        
    Share capital 80 80 0 80
    Other funds 21 21 1 21
    Treasury shares -244 -348 -30 -348
    Translation differences -68 -67 -1 -67
    Invested non-restricted equity fund 4,925 4,925 0 4,925
    Retained earnings -4,379 -3,974 -10 -4,263
    Equity attributable to shareholders of
    the parent company    		 335 637 -47 348
    Total equity 335 637 -47 348
             
    Non-current liabilities:        
    Interest-bearing liabilities 500 1,000 -50 1,000
    Interest-bearing lease liabilities 386 209 85 192
    Total non-current liabilities 886 1,209 -27 1,192
             
    Current liabilities:        
    Provisions – – – –
    Interest-bearing liabilities 697 500 39 500
    Interest-bearing lease liabilities 29 110 -73 126
    Advances received 1,169 841 39 1,558
    Accrued expenses and prepaid income 1,102 1,496 -26 1,539
    Trade and other payables 511 690 -26 607
    Total current liabilities 3,507 3,638 -4 4,329
             
    Total liabilities 4,393 4,847 -9 5,521
             
    Total equity and liabilities 4,728 5,484 -14 5,869

    CONSOLIDATED CONDENCED CASH FLOW STATEMENT

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Cash flow from operating activities:              
    Result for the period -33 -37 10 -107 -555 81 -924
    Adjustments to the result 381 264 44 962 745 29 1,078
    Working capital changes -282 -791 64 -1,001 -54 -1,755 821
    Interest and other financial
     expenses paid    		 -32 -74 -57 -79 -104 -24 -107
    Income taxes paid – -2 – – -11 – -19
    Net cash from operating activities 34 -640 105 -226 20 -1,228 849
                   
    Cash flow from investing activities:              
    Purchases of tangible and
     intangible assets    		 -68 -80 -15 -246 -512 -52 -620
    Proceeds from sales of tangible and intangible assets 6 – – 6 – – –
    Net cash used in investing activities -62 -80 22 -240 -512 53 -620
                   
    Cash flow from financing activities:              
    Proceeds from short term
     borrowings    		 102 – – 1,197 1,500 -20 1,500
    Repayments of short term
     borrowings    		 – – – -1,500 -1,500 0 -1,500
    Payment of lease liabilities -3 -15 -81 -15 -103 -86 -121
      Share issue net – 760 – – 760 – 760
    Net cash used in financing activities 99 745 -87 -318 656 -149 639
                   
    Net change in cash and cash
    equivalents    		 70 26 -169 -784 164 578 868
    Cash and cash equivalents
     at the beginning of the period    		 31 156 -80 884 17 5,100 17
    Effects of exchange rate changes
     on cash and cash equivalents    		 -2 – – -1 – – –
    Cash and cash equivalents
     at the end of the period    		 99 181 -46 99 181 -45 884

    *Including non-interest bearing short term liabilities related to cash flow for investment

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    EUR in thousands Share
     capital    		 Other
     funds    		 Translation
     differences    		 Treasury
     shares    		 Invested non-
     restricted
     equity fund    		 Retained
     earnings    		 Total
    Equity Jan 1, 2023 1,359 21 -66 -406 2,943 -3,364 487
    Stock option scheme           36 36
    Reduction of share capital -1,279       1,279   0
    Disposal of own shares       58   -10 48
    Share issue, net         703   703
    Comprehensive income     -1     -924 -925
    Equity Dec 31, 2023 80 21 -67 -348 4,925 -4,263 348
    Stock option scheme           46 46
    Reduction of share capital             0
    Disposal of own shares       103   -55 48
    Share issue, net             0
    Comprehensive income     -2     -107 -109
    Equity Sept 30, 2024 80 21 -68 -244 4,925 -4,379 335

    NOTES TO INTERIM FINANCIAL STATEMENTS

    ACCOUNTING PRINCIPLES

    This report complies with the requirements of IAS 34” Interim Financial Reporting”.

    The interim report does not contain full notes and other information presented in the financial statements, and therefore the interim report should be read in conjunction with the Financial Statements Bulletin published for 2023.

    In preparing the interim report, the same accounting principles have been followed as in the 2023 annual financial statements, except for new standards and standard amendments that came into effect starting January 1, 2024. The new standards and standard amendments had no significant impact on QPR Software’s consolidated financial statements.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    Considering the company’s financial position, this financial statement has been prepared on a going concern basis. The company entered into a refinancing agreement in January 2023.

    In preparation of the consolidated financial report, company’s management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from those estimated.

    All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported.

    INTANGIBLE AND TANGIBLE ASSETS              

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
    Increase in intangible assets:      
    Acquisition cost Jan 1 14,836 14,217 14,217
    Increase 246 512 619
    Acquisition cost at the end of the period 15,082 14,729 14,836
    Increase in tangible assets:      
    Acquisition cost Jan 1 2,816 2,816 2,816
    Increase 111 – –
    Acquisition cost at the end of the period 2,927 2,816 2,816

    CHANGES IN INTEREST-BEARING LIABILITIES

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
           
    Interest-bearing liabilities Jan 1 1,818 2,279 2,279
    Proceeds from borrowings 1,197 1,500 1,500
    IFRS 16 – change in lease liability 97 -335 -319
    Repayments 1,500 1,623 1,641
    Acquisition cost at Sept 30 1,612 1,820 1,818

    PLEDGES AND COMMITMENTS

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Business mortgages (held by the Company) 2,382 2,381 0 2,382
             
    Minimum lease payments based on lease agreements:        
    Maturing in less than one year 30 30 -1 30
    Maturing in 1-5 years 3 34 -90 27
    Total 34 65 -48 57
             
    Total pledges and commitments 2,416 2,445 -1 2,439

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 RESTATED) 

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – – – – –
               
    Materials and services 210 223 260 229 240
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 199 268
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 AS PUBLISHED)

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – –   – –
               
    Materials and services 210 223 260 134 147
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 294 361
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    GROUP KEY FIGURES

    EUR in thousands, unless
     otherwise indicated    		 Jan-Sept or Sept 30, 2024 Jan-Sept or Sept 30, 2023 Jan-Dec or
     Dec 31, 2023
           
    Net sales 4,651 5,951 7,550
    Net sales growth, % -21.8 4.8 -3.5
    EBITDA 745 213 182
    % of net sales 16.0 3.6 2.4
    Operating result -39 -530 -813
    % of net sales -0.8 -8.9 -10.8
    Result before tax -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
    Result for the period -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
           
    Return on equity (per annum), % -41.8 -146.4 -221.5
    Return on investment (per annum), % -9.0 -35.9 -42.0
    Cash and cash equivalents 99 181 885
    Net borrowings 1,513 1,639 934
    Equity 335 637 348
    Gearing, % 451 257 268
    Equity ratio, % 11.0 13.7 8.1
    Total balance sheet 4,728 5,484 5,869
           
    Investments in non-current assets 357 511 637
    % of net sales 7.7 8.6 8.4
    Product development expenses 740 1,113 1,427
    % of net sales 15.9 18.7 18.9
           
    Average number of personnel 39 60 57
    Personnel at the beginning of period 49 85 85
    Personnel at the end of period 30 52 49
           
    Earnings per share, EUR
     (basic and diluted)    		 -0.006 -0.038 -0.055
    Equity per share, EUR 0.019 0.036 0.020

    The MIL Network –

  • MIL-OSI: JLT Mobile Computers AB (publ) publishes interim report for January–September 2024

    Source: GlobeNewswire (MIL-OSI)

    Växjö, Sweden, 7 May 2024 * * * JLT Mobile Computers, a leading supplier of rugged computers for demanding environments, publishes its interim report for the period January–September 2024 today.

    Summary of key figures

    • Order intake 75.4 MSEK (78.9)
    • Net sales 93.6 MSEK (117.0)
    • Operating profit -1.3 MSEK (-3.0)
    • Profit after taxes -0.4 MSEK (-2.0)

    In short

    • The challenging macroeconomic and geopolitical conditions in many of our target markets are limiting demand, resulting in an order intake of SEK 75 million for the period, which is 4% lower than the previous year.
    • Service agreements constituted a larger share of sales and gross margin during the period increased to 45% (40). Total expenses were SEK 41 million, a reduction in the cost-base by SEK 6 million compared to the previous year.
    • The operating result improved from SEK -3.0 million the previous year to SEK -1.3 million for the period, despite a lower turnover. The company generated a positive EBITDA of SEK 1.3 million (-0.5).
    • We continue to implement our strategic initiatives by:
      • Hiring a new Vice President of Marketing – North America with extensive industry experience.
      • New leadership and an expanded sales organization in JLT France.
      • Upgrading our JLT1214 series of rugged computers with faster processors, more memory and Windows 11 for better performance and support for the latest wireless connectivity standard.

    The full interim report is attached to this press release and available for download at the company’s website, jltmobile.com. Additional financial information is available online on JLT’s investor pages.

    This information is information that JLT Mobile Computers AB (pub) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 8:00 am CET on Friday, October 25, 2024.

    About JLT Mobile Computers

    Reliable performance, less hassle. JLT Mobile Computers is a leading supplier of rugged mobile computing devices and solutions for demanding environments. Almost 30 years of development and manufacturing experience have enabled us to set the standard in rugged computing, combining outstanding product quality with expert service, support and solutions to ensure trouble-free business operations for customers in warehousing, transportation, manufacturing, mining, ports and agriculture. JLT operates globally from offices in Sweden, France, and the US, complemented by an extensive network of sales partners in local markets. The company was founded in 1994, and the share has been listed on the Nasdaq First North Growth Market stock exchange since 2002 under the symbol JLT. Eminova Fondkommission AB acts as Certified Adviser. Learn more at jltmobile.com.

    Attachment

    The MIL Network –

  • MIL-OSI: FRO – 2024 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Frontline plc (the “Company”) advises that the 2024 Annual General Meeting of the Company will be held on December 12, 2024. The record date for voting at the Annual General Meeting is set to November 5, 2024. The notice, agenda and associated material will be distributed prior to the meeting.

    Limassol, Cyprus
    October 25, 2024

    This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI: Digitalist Group Plc’s Business Review, 1 January – 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Digitalist Group Plc                    Stock Exchange Release 25.10.2024 at 9:00

    Digitalist Group Plc’s Business Review, 1 January – 30 September 2024

    SUMMARY

    July–September 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 3.6 million (EUR 3.6 million), decrease: -0.8%.
    • EBITDA: EUR -0.2 million (EUR 0.4 million*), -5.0% of turnover (12.1%).
    • EBIT: EUR -0.3 million (EUR 0.2 million*), -8.7% of turnover (6.6%).
    • Net income: EUR -1.5 million (EUR -0.5 million*), -40.8% of turnover (-13.2%).
    • Earnings per share: EUR -0.00 (EUR -0.00).
    • Earnings per share (diluted): EUR -0.00 (EUR -0.00).

    *) EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction.

    January–September 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 11.5 million (EUR 12.5 million), decrease: -8.4%.
    • EBITDA: EUR -1.3 million (EUR -0.5 million*), -11.5% of turnover (-3.9%).
    • EBIT: EUR -1.7 million (EUR -1.1 million*), -14.4% of turnover (-8.8%).
    • Net income: EUR -4.0 million (EUR -2.5 million*), -35.0% of turnover (-19.7%).
    • Earnings per share: EUR -0.01 (EUR -0.00).
    • Earnings per share (diluted): EUR -0.00 (EUR -0.00).
    • Number of employees at the end of the review period: 126 (138), decrease of -9%.

    *) EBIT, EBITDA and net income of the period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction.

    CEO’s review

    The third quarter of 2024 has been one step towards a profitable business for Digitalist Group. While no major events impacted this quarter, we are seeing slowly improving market conditions in Sweden. However, the weak Finnish economy continues to affect our business operations in the region.

    Our revenues for the quarter remained consistent with the same period last year, totaling EUR 3.6 million. EBITDA for the third quarter of 2024 was EUR -0.2 million, compared to EUR 0.4 million in the same period last year, which included a EUR 0.6 million gain from the FutureLab Share transaction. This underscores the need for ongoing efforts in operational efficiency and cost management.

    A significant highlight of the quarter was the launch of our first AI offering, Digitalist Private AI Hub, in September. This platform enables companies to leverage the strengths of generative AI without compromising on data security and GDPR compliance. We believe this innovative solution positions us well to meet the growing demand for secure AI applications in the enterprise as well as in the public sector. The new offering has already brought us clients like Sandå and Pinmeto. Other new clients acquired during the third quarter are DNA, City of Tampere and Pricer.

    Looking ahead, I remain cautiously optimistic. The improving market conditions in Sweden provide a foundation for growth, and we are committed to addressing the challenges in Finland through ongoing initiatives and continued focus on efficiency.

    I extend my sincere gratitude to all our employees for their dedication and hard work. Together, we are advancing towards a stronger future for Digitalist Group.

    /CEO Magnus Leijonborg

    FUTURE PROSPECTS

    In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    EVENTS AFTER THE THIRD QUARTER

    Digitalist Group Plc decreases its earlier guidance regarding future prospects 17.10.2024

    Digitalist Group Plc (”Company”) decreases its earlier guidance regarding future prospects. The new guidance is:

    In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    The previous guidance of the company was:

    In 2024, it is expected that turnover will maintain its current level and EBITDA will improve in comparison with 2023.

    Although the third quarter shows an improvement compared to the first quarters of the year, and we are cautiously optimistic regarding the fourth quarter, we do not expect to reach last year’s reported EBITDA, which included other operating income of EUR 1.0 million. Operationally, not including the impact of other operating income, we expect that the current financial year will still be stronger than the previous year.

    The stock exchange releases are on the company’s website at https://digitalist.global/investors/releases

    Despite the implemented efficiency measures and financial arrangements, the cash flow for the next 12 months is likely to be negative, according to the forecast. However, at the time of publishing the business review, the company estimates that its working capital is sufficient for the needs of the next 12 months, taking into account the financing support provided by the main owner if needed.

    DIGITALIST GROUP OYJ
    Board of Directors

    Additional information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    Nasdaq Helsinki Ltd
    Major media
    https://digitalist.global

    Attachment

    The MIL Network –

  • MIL-OSI: US District Court for the Southern District of New York orders a new trial on compensatory damages in Atos’ litigation with TriZetto

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    US District Court for the Southern District of New York orders a new trial on compensatory damages in Atos’ litigation with TriZetto

    Paris, France – October 25, 2024

    On October 23, 2024, as part of Syntel’s ongoing litigation with Cognizant and its subsidiary TriZetto, the United States District Court for the Southern District of New York ordered a new trial as to what compensatory damages Syntel, now part of Atos, would be liable for due to Syntel’s alleged trade secret misappropriation and copyright infringement.

    As a reminder, the case began in 2015, before Syntel’s acquisition by Atos in 2018. On May 25, 2023, the United States Second Circuit Court of Appeals vacated the decision rendered by the United States District Court for the Southern District of New York in October 2020, finding Syntel liable for damages due to Syntel’s alleged trade secret misappropriation and copyright infringement. In its decision, the Second Circuit Court held that the use of the avoided development costs methodology, underlying the initial damages award, was contrary to the law. The Second Circuit Court remanded the case to the District Court for further consideration if any amounts of damages are still appropriate, which has now ordered a new trial.

    Further information will be shared in the next future about the development of the case.

    ***

    About Atos

    Atos is a global leader in digital transformation with circa 82,000 employees and annual revenue of circa €10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.

    The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.

    Contacts

    Investor relations:
    David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96
    Sofiane El Amri | investors@atos.net | +33 6 29 34 85 67

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    Attachment

    The MIL Network –

  • MIL-OSI: Anoto resolves on a SEK 15 million directed issue, a SEK 50 million rights issue and a set-off issue of SEK 21 million to strengthen the company’s financial position and for the implementation of the company’s business plan

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, BELARUS, HONG KONG, JAPAN, CANADA, NEW ZEALAND, RUSSIA, SINGAPORE, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

    Anoto Group AB (“Anoto” or the “Company“) hereby informs that the Board of Directors has resolved to carry out a directed share issue amounting to approximately SEK 15 million, a rights issue amounting to approximately SEK 50 million and a set-off issue amounting to approximately SEK 21 million. The issues are being carried out in order to strengthen the Company’s financial position and to implement the Company’s business plan. The rights issue is covered by subscription and guarantee undertakings amounting to in total 100 percent. The rights issue, the directed share issue and the set-off issue are subject to approval by an Extraordinary General Meeting.

    Background and Rationale

    Anoto is a global Swedish technology company in digital writing and drawing. The Company develops and manufactures smart pens and related software using its proprietary technology. Anoto bridges the analogue and digital worlds with its solution, pattern recognition, optics and image processing. Anoto’s business idea is to offer an intuitive digital pen that works easily, connecting the art and experience of writing on paper with instant usability on digital devices. The Company has two main business areas: B2C (Livescribe) and B2B (Enterprise Forms). Enterprise Solutions offers digital pens for professional and legal purposes, such as signatures, forms and documents while Livescribe is aimed at consumers who want to use digital pens for note-taking, meetings, messaging and creative applications. Anoto’s sales of hardware and software generate two different types of revenue streams; one-off revenue per digital pen sold from Livescribe and subscription fees from Enterprise Forms.

    Over the last year the Company has recruited a new management team with experience from building and scaling companies on an international scale as well as with a long track-record of successful product launches within the consumer sector. The new management team has, together with the Board of Directors, developed a new consumer centric strategy that is focused on growth and profitability and that includes new product launches including improved supporting software. As a first step, Anoto will launch its new product LivePen in November of 2024. The LivePen is an affordable digital pen that comes along with the accompanying LivePen app. The app allows users to instantly transfer their handwritten notes into digital form, creating a seamless integration between traditional writing and digital platforms. A key part of Anoto’s new strategy is to use a data-driven approach to understand user experiences and feedback. By analysing how users interact with the LivePen and the app, Anoto can continuously improve its products and services. This approach will inform future developments in both the pen and software segments, ensuring that products meet user needs and expectations.

    The demand for digital pens is expected to be strong and grow over the coming years, and Anoto sees a high potential for the LivePen as well as for the next-generation of digital pens and supporting software where, inter alia, Artificial intelligence (AI) powered handwriting and orientation recognition will be central. In order to capture these growth opportunities, the Company will need to build inventory and invest in marketing for LivePen with the accompanying LivePen app as well as invest in research and development for the next generation of digital pens. In order to facilitate growth, the Company also has a need to strengthen its financial position by reducing debt and improving its working capital.

    In view of the above, the Board of Directors has resolved to carry out a directed share issue of approximately SEK 15 million (the “Directed Issue”), a right issue of approximately SEK 50 million, which is covered by subscription and guarantee undertakings amounting to in total 100 percent (the “Rights Issue”), and a set-of issue of approximately SEK 21 million (the “Set-off Issue”) (and together with the Directed Issue and the Rights Issue the “Issues”).

    The proceeds from the Issues amounts to approximately SEK 86 million before transaction related costs. Of the issue proceeds, approximately SEK 40.0 million relates to set-off of loans in the Issues. The Company intends to use the net proceeds expected to be received in connection with the New Share Issues for the following purposes and in the order of priority set out below.

    The Directed Issue

    • Manufacturing                                                    approximately 47 per cent
    • Selling, general and administrative expenses        approximately 35 per cent
    • Marketing                                                          approximately 7 per cent

    Rights issue

    • Manufacturing                                                    approximately 62 per cent
    • Selling, general and administrative expenses        approximately 27 per cent
    • Marketing                                                          approximately 7 per cent
    • General corporate purpose                                  approximately 4 per cent

    Directed Issue

    The Board of Directors of Anoto has, with deviation from the shareholders’ preferential rights, resolved on the issue of no more than 125,043,750 new ordinary shares at a subscription price of SEK 0.12 per share. Payment for the subscribed shares shall be made through payment in cash or through set-off of claim. The Directed Issue provides the Company with proceeds of a total of approximately SEK 15 million before transaction related. The Directed Issue is subject to the approval by an Extraordinary General Meeting, which is scheduled to be held on 26 November 2024 (the “EGM”). The new shares have been subscribed for by institutional and other qualified investors. Payment for the subscribed shares shall be made no later than on 27 November 2024.

    The reason for the deviation from the shareholders’ preferential rights is that the Company is in great need of capital and the Board of Directors believes that the expected issue proceeds in a timely and cost-effective manner will enable the Company to (i) ensure continued operations until a rights issue has been completed, and (ii) diversify and strengthen the Company’s shareholder base with institutional investors, which justifies the issue’s deviation from the shareholders’ preferential rights. The Directed Issue will, unlike the Rights Issue, broaden the shareholder base and provide the Company with new reputable owners, which the Board of Directors believes will strengthen the liquidity of the share and be favorable for the Company. In light of the above, the Board of Directors has made the assessment that the Directed Issue with deviation from the shareholders’ preferential rights is favorable for the Company and in the best interest of the Company’s shareholders.

    The subscription price has been determined through arm’s length negotiations with the subscribers in the Directed Issue. The Board of Directors has also taken into account that the Rights Issue (as described below) is carried out with a subscription price of SEK 0.12 per ordinary share and has therefore deemed it reasonable that the Directed Issue is carried out on equivalent terms.

    The new shares in the Directed Issue corresponds to approximately 11.3 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Rights Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

    Rights Issue

    The Board of Directors of Anoto has resolved on the issue of no more than 414,823,830 new ordinary shares with preferential rights for the shareholders, raising proceeds of approximately SEK 50 million before transaction related costs. The Rights Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

    In the Rights Issue, Anoto’s current shareholders will have a preferential right to subscribe for new shares in proportion to the number of shares held on the record date on 28 November 2024. The last day of trading in Anoto’s share including the right to participate in the Rights Issue will be 26 November 2024. The subscription period is expected to run from 2 December 2024 to 16 December 2024.

    One (1) share held on the record date entitles to one (1) subscription right, according to the proposed terms and conditions. Four (4) subscription rights entitle the holder to subscribe for five (5) new shares. The subscription price has been set to SEK 0.12 per share.

    Shares which are subscribed for without preferential rights will be offered to current shareholders and other investors who have applied to subscribe for new shares without preferential rights. The new shares in the Rights Issue corresponds to approximately 37.6 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Set-off Issue and assuming that the Rights Issue is fully subscribed.

    Set-off Issue

    As previously communicated through a press release, on 27 June 2024, the Company entered into a convertible investment agreement with Mark Stolkin and DDM Debt AB, two major shareholders in Anoto, providing Anoto with a total of USD 1.5 million in the form of convertible loans (the “Investment Agreement“). The Investment Agreement has since been increased by a total of USD 0.5 million with the following investors having adhered the Investment Agreement: Gary Butcher, BLS Futures Limited, Rocco Homes Ltd, Machroes Holdings Ltd and Adrian Weller.

    Under the terms of the Investment Agreement, upon the request of a lender, the outstanding loan amount, in full or in part, plus accrued interest, shall be converted into newly issued ordinary shares of the Company at a conversion price of SEK 0.42, which corresponds to the current quota value of the shares, and at a fixed exchange rate of 10.51 SEK/USD. However, in the event of a Qualified Financing Round (see further details in the press release published by the Company on 27 June 2024) the outstanding loan amounts shall automatically be converted into newly issued ordinary shares in Anoto at a conversion price corresponding to 75 percent of the subscription price in the Qualified Financing Round.

    Due to the Rights Issue constituting a Qualified Financing Round, the Board of Directors has resolved on a directed issue of a total of 230,636,111 ordinary shares with payment by way of set-off to the lenders Mark Stolkin, DDM Debt AB, Gary Butcher, BLS Futures Limited, Rocco Homes Ltd., Machroes Holdings Ltd and Adrian Weller. The subscription price per ordinary share is SEK 0.09, which corresponds to 75 percent of the subscription price in the Rights Issue. The subscription price in the Set-off Issue has been determined in accordance with the Investment Agreement between Anoto and the lenders. Payment shall be made through set-off of claims in connection with subscription. The Set-off Issue is subject to the approval by the EGM, which is scheduled to be held on 26 November 2024.

    The new shares in the Set-Off Issue correspond to approximately 20.9 percent of the total number of shares in the Company after dilution, calculated on the number of shares in the Company after the completion of the Directed Issue and the Rights Issue and assuming that the Rights Issue is fully subscribed.

    Subscription undertakings and guarantee commitments

    Anoto has received subscription undertakings amounting to approximately 30.2 percent of the Rights Issue from existing shareholders.

    Furthermore, the Company has entered into underwriting agreements consisting of a so-called bottom guarantee of approximately SEK 21.2 million, corresponding to approximately 42.6 percent of the Rights Issue, and a so-called top guarantee of approximately SEK 13.6 million, corresponding to approximately 27.3 percent of the Rights Issue. The bottom guarantee ensures, provided that subscription takes place at least corresponding to the subscription undertakings, that approximately 72.7 percent of the Rights Issue is subscribed and paid. The top guarantee ensures that 100 percent of the Rights Issue is subscribed for and paid for, provided that subscriptions are at least equivalent to the subscription undertakings and the bottom guarantee.

    For the guarantee undertakings a fee of 14 percent of the guaranteed amount is paid in cash compensation or in the form of new shares. The guarantee undertakings is subject to customary conditions. The guarantee undertaking is not secured through a bank guarantee, blocked funds, or pledge of collateral or similar arrangement.  

    New Board Member

    Adrian Weller, one of the investors in the Directed Issue and the Set-off Issue, will be proposed as a new member of the Board of Directors at the EGM scheduled to be held on 26 November 2024.

    Extraordinary General Meeting

    The Rights Issue is subject to approval by the EGM scheduled to be held on 26 November 2024. Notice to the EGM will be published in a separate press release later today and will be available on www.anoto.com.

    Prospectus

    Complete terms and conditions for the Rights Issue, as well as other information regarding the Company, will be provided in the prospectus that is planned to be published on or about 29 November 2024. The Prospectus which will be published on the Company’s website (www.anoto.com).

    Advisers

    Setterwalls Advokatbyrå is acting as legal advisor and Bergs Securities AB (“Bergs Securities”) is acting as Sole Global Coordinator and Bookrunner to the Company in connection with the Issues.

    This information constitutes inside information as Anoto Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation 596/2014. The information was provided by the contact person below for publication 25 October 2024 at 08:15 CEST.

    For further information, please contact:

    Kevin Adeson, Chairman of the board of Anoto Group AB (publ)

    For more information about Anoto, please visit www.anoto.com or email ir@anoto.com

    Anoto Group AB (publ), Reg.No. 556532-3929, Flaggan 1165, SE-116 74 Stockholm

    About Anoto Group

    Anoto is a publicly held Swedish technology company known globally for innovation in the area of information-rich patterns and the optical recognition of those patterns. It is a lead-er in digital writing and drawing solutions, having historically used its proprietary technology to develop smartpens and related software. These smartpens enrich the daily lives of millions of people around the world. Anoto currently has three main business lines: Livescribe retail, Enterprise Forms and OEM. Anoto also holds a stake in Knowledge AI, a leading AI based education solution company. Anoto is traded on the Small Cap list of Nasdaq Stockholm under ANOT.

    IMPORTANT INFORMATION

    The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions. The recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in the Company in any jurisdiction where such offer would be considered illegal. This press release does not constitute an offer to sell or an offer to buy or subscribe for shares issued by the Company in any jurisdiction where such offer or invitation would be illegal. In a member state within the European Economic Area (“EEA”), shares referred to in the press release may only be offered in accordance with applicable exemptions under the Prospectus Regulation.

    This press release does not constitute or form part of an offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Australia, Belarus, Canada, Hong Kong, Japan, New Zealand, Russia, Singapore, South Africa, or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. Actions taken in violation of this instruction may constitute a crime against applicable securities laws and regulations.

    In the United Kingdom, this document and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). In the United Kingdom, any investment or investment activity to which this communication relates is available only to, and will be engaged in only with, relevant persons. Persons who are not relevant persons should not take any action on the basis of this press release and should not act or rely on it.

    A prospectus will be prepared in connection with the offering and admission to trading of shares in Anoto. The prospectus will be scrutinized and approved by the Swedish Financial Supervisory Authority. The Swedish Financial Supervisory Authority’s approval of the prospectus should not be understood as an endorsement of the securities being offered and admitted to trading. The prospectus will contain a description of the risks and rewards associated with an investment in Anoto and potential investors are recommended to read the prospectus in its entirety before making an investment decision.

    The prospectus will be published by the Company on or around 29 November 2024 and available on the Company’s website, www.anoto.com. This release is however not a prospectus in accordance to the definition in the Prospectus Regulation. In accordance with article 2 k of the Prospectus Regulation this press release constitutes an advertisement. Complete information regarding the Rights Issue can only be obtained through the Prospectus. Anoto has not authorized any offer to the public of shares or rights in any other member state of the EEA. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation. This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in the new shares. Any investment decision in connection with the Rights Issue must be made on the basis of all publicly available information relating to the Company and the Company’s shares. Such information has not been independently verified by Bergs Securities. Bergs Securities is acting for the Company in connection with the transaction and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to its clients nor for giving advice in relation to the transaction or any other matter referred to herein.

    Information to distributors

    Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended (“MiFID II”); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the “MiFID II Product Governance Requirements”), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any “manufacturer” (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Anoto have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the “Target Market Assessment”). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Anoto may decline and investors could lose all or part of their investment; the shares in Anoto offer no guaranteed income and no capital protection; and an investment in the shares in Anoto is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Rights Issue.

    For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Anoto.

    Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Anoto and determining appropriate distribution channels.

    Attachment

    The MIL Network –

  • MIL-OSI Europe: 2024–2033 scenarios for the education system – Student numbers expected to rise sharply in post-compulsory education by 2033

    Source: Switzerland – Department of Home Affairs

    Changing demographics will lead to sharply increasing numbers in all post-compulsory education and training in the next ten years. According to the Federal Statistical Office’s (FSO) reference scenario, numbers will rise by 15% for the upper secondary level (from 390 000 to 450 000 students) and by 18% for all universities and institutes of technology, universities of applied sciences and of teacher education (from 276 000 to 326 000 students). For both the upper secondary level and the higher education institutions, considerable increases are expected in education and training related to IT, health and social work.

    MIL OSI Europe News –

  • MIL-OSI China: Art Basel CEO depicts Chinese art as ‘fundamentally popular’

    Source: China State Council Information Office 3

    An art work by Colombian artist Fernando Botero is on show during the second Art Basel in Hong Kong, south China, May 16, 2014. (Xinhua/Li Peng)

    Noah Horowitz, CEO of Art Basel, said that he sees continued spending on art and antiques by high-net-worth individuals (HNWIs) despite a challenging market, bolstered by a strong appetite from Chinese buyers and an increased expenditure on emerging and female artists.

    “Chinese art remains fundamentally popular,” said the CEO of the world’s leading art fair in a virtual interview with Xinhua, discussing “The Art Basel and UBS Survey of Global Collecting 2024,” a report published on Thursday.

    “It’s such a large market with so much happening, in Beijing, Shanghai, Guangzhou and elsewhere that I think that there’s continued interest. We see that most visibly in our Hong Kong fair and we can expect that to continue,” said Horowitz.

    The report was authored by cultural economist Dr. Clare McAndrew of Arts Economics and conducted in collaboration with Swiss banking giant UBS.

    The survey examines the spending, event attendance, motivations for collecting of HNWIs and their interactions with artists, galleries and institutions. It reveals insights into the behaviors of HNWIs across 14 markets worldwide in 2023 and the first half of 2024.

    Horowitz described the 2024 survey as the largest of its kind to date, which gathered responses from over 3,660 HNWIs in Brazil, France, Germany, Hong Kong, Indonesia, Italy, Japan, the Chinese mainland, Mexico, Singapore, Switzerland, Taiwan, Britain and the United States.

    Visitors look at exhibits during Art Basel Hong Kong 2018 at Hong Kong Convention and Exhibition Centre in south China’s Hong Kong, March 27, 2018. (Xinhua/Li Peng)

    “China is a large, diversified economy with many active artists and galleries, and it contributes a huge amount to the global art trade,” he said.

    “The broader Asian story is really compelling. We’re seeing a lot of clients from throughout the Asian region, attending our shows, leaning in and remaining very active. It’s a super important market for us, and we can expect to see that vibrancy continue,” he added.

    HNWIs from the Chinese mainland had the highest expenditure on art and antiques in 2023, as well as in the first half of 2024 with a median of 97,000 U.S. dollars, more than double that of any other region surveyed, the report showed, indicating that the strong return to spending has been sustained despite worries of a slowdown in the market, Horowitz said.

    Horowitz also underscored a significant appetite to buy living artists’ work and increased expenditure on emerging as well as female artists.

    “I think it’s a reminder that at the highest level of the wealth spectrum, there’s still considerable spending on art and luxury goods,” he told Xinhua.

    Founded in 1970 by gallerists from Basel, Switzerland, Art Basel today stages the world’s premier art shows for modern and contemporary art. It has four locations: Basel, Miami Beach, Hong Kong and Paris.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Thousands see Leeds in a new light as city’s dazzling cultural spectacle returns

    Source: City of Leeds

    The stunning sights and sounds of Light Night Leeds transformed the city centre last night as the incredible cultural spectacle returned for its 20th edition.

    A huge programme of mesmerising illuminated artworks from around the world arrived at well-known buildings and locations in Leeds for the event’s first night, with the stunning show set to continue this evening (Oct 25).

    The UK’s largest light art festival, this year’s Light Night features a compelling mix of large-scale projections, live street theatre and interactive installations which wowed crowds of thousands last night.

    At The Queens Hotel The BookBinder saw a fairy tale figure lead a cast of birds, beasts and boats, in an impressive projection across the iconic hotel’s façade.

    A collaboration with the British Library and created by artists Illuminos, the piece is inspired by British Library’s Flickr Commons collection which includes fantastical drawings, prints and images.

    At Leeds Dock, Norwegian artist Anastasia Isachsen’s stunning Monad, was projected onto the water, taking inspiration from nature and the universe and accompanied by a compelling soundscape.

    Aire Park hosted the magnificent Parallels by Architecture Social Club, where multi-coloured laser beams pulsed and flickered overhead near the new Aire Park, outside The Tetley.

    And at Leeds Civic Hall, the breath-taking Out of the Aire paid tribute to some of the people and events that have been part of the fascinating story of Leeds.

    Dynamic, live street performances this year also included a giant Ghost Caribou, the return of the ever-popular Spark Drummers and a fire-breathing dragon.

    This year marks the 20th edition of Light Night Leeds, and over the past two decades, the event has attracted more than 1.1 million visitors to the city and generates millions of pounds for the local economy.

    Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, said: “Light Night always promises to be a breath-taking and compelling cultural spectacle like no other, and last night certainly did not disappoint.

    “Watching so many people come together in the city centre to see some of our most famous places and spaces transformed is truly amazing, and really brings home the power which culture and the arts have to unite and inspire.

    “The event is also a massive credit to all the people, organisations and businesses who have shown their support and helped create an event which showcases the very best of Leeds. Tonight is set to be just as special and I hope people have a memorable evening.”

    Light Night Leeds 2024 will continue this evening, October 25 from 6pm to 10pm.

    Visit www.lightnightleeds.co.uk and follow Light Night Leeds on social media for more information.

    ENDS

    MIL OSI United Kingdom –

  • MIL-OSI: Municipality Finance issues USD 150 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    25 October 2024 at 10:00 am (EEST)

    Municipality Finance issues USD 150 million notes under its MTN programme

    Municipality Finance Plc issues USD 150 million notes on 28 October 2024. The maturity date of the notes is 28 October 2027. MuniFin has a right, but no obligation, to redeem the notes early on 28 October 2025. The notes bear interest at a fixed rate of 4.06% per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 October 2024. 

    Natixis SA, Paris acts as the dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The company is owned by Finnish municipalities, the public sector pension fund Keva and the Republic of Finland.
    The Group’s balance sheet totals over EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: https://www.kuntarahoitus.fi/en/

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI Russia: The II Forum of the Eurasian Network University was held in Minsk

    Translation. Region: Russian Federation –

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

    On October 22-23, 2024, the II Forum of the scientific and educational consortium “Eurasian Network University” was held in Minsk. The goal of the Forum is to deepen the interaction of science, education and business, develop network forms of implementing higher education programs, as well as programs of additional professional education and retraining of personnel for the labor market of the EAEU member states.

    The Forum was organized by the State University of Management with the support of the Belarusian State University of Economics, the Belarusian State University and the Belarusian-Russian University. The event was attended by heads and representatives of more than 20 leading universities in the Eurasian space, representatives of ministries, authorized government bodies and the business community.

    The Forum’s formal ceremony was opened by moderators: Rector of the State University of Management Vladimir Stroyev and Rector of the Belarusian State University of Economics Alexey Egorov. Deputy Minister of the Ministry of Science and Higher Education Konstantin Mogilevsky addressed the Forum participants with a welcoming speech. The Deputy Minister noted the results of the fruitful and effective work of the Eurasian Network University over a two-year period, including the successfully launched project “Eurasian International Olympiad”, new joint educational programs launched, implemented programs for advanced training for the business community and civil servants in the field of business and management, and teachers of universities in the EAEU countries.

    Next, a welcoming address was presented to the Forum participants by Senator of the Russian Federation Lyudmila Skakovskaya. The Senator emphasized the special importance of the event in the context of modern challenges that require an active exchange of knowledge and technology in the field of education, science and culture, as well as promoting intercultural dialogue and the implementation of innovative projects. Head of the Representative Office of Rossotrudnichestvo of the Russian Federation in the Republic of Belarus Yuri Makushin delivered a welcoming speech, emphasizing that the Forum is a unique platform not only for the exchange of experience, developments and ideas for the future development of science and the education system in the territory of the EAEU member states, but also for establishing partnerships, developing effective mechanisms for the development of interaction, which is especially relevant today, in the context of modern geopolitical turbulence.

    The leading speakers of the plenary session of the Forum were: First Deputy Chairman of the State Duma Committee on Science and Higher Education Vladimir Sipyagin, Chairman of the Committee on Education and Science of the CIS Business Center for Economic Development Dmitry Repnikov, Academician of the Russian Academy of Sciences, Doctor of Economics, Professor Sergei Glazyev, Director of the branch of the National Accreditation Agency in Education Mikhail Petropavlovsky, Rector of the State University of Management Vladimir Stroyev, Rector of the National Research University “MPEI” Nikolay Rogalev, Rector of the Mari State University Mikhail Shvetsov, Rector of the University under the Interparliamentary Assembly of the EurAsEC Irlan Iskakov, Vice-Rector for Academic Affairs of the Belarusian-Russian University Natalia Vologina, Vice-Rector for Academic Affairs of the Almaty Technological University Lyazzat Baibolova.

    In their reports, the speakers presented models of inter-university cooperation, the advantages of network forms of education, areas of coordination of scientific and educational cooperation, the implementation of foreign internships as a driver for the development of trade and economic relations, and ways of integrating universities in the EAEU space.

    The International Scientific and Practical Conference of the Eurasian Network University “Priority Directions for the Development of Eurasian Integration” was held within the framework of the forum. The key topics of the sectional sessions were “Education in the Context of Eurasian Integration” and “Moral and Patriotic Education of Young People in the EAEU: Main Directions and Features of Organization”. The conference participants discussed issues of integration of government agencies, academic and business communities, prospects for the formation of a common educational space of the EAEU, tools for spiritual and moral-patriotic education of young people in EAEU universities.

    The exhibition of the Eurasian Network University, which was held at the Forum venue, also aroused great interest among students of Belarusian universities. Students got acquainted with the materials of the universities participating in the ENU, received information about the opportunities for participation in academic exchange programs at the universities participating in the ENU, Olympiads that provide opportunities to study within the quotas of the Government of the Russian Federation, and about additional professional education programs.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/25/2024

    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 Russia: Participants in a special military operation will be able to receive medical care at the nearest state medical facility during their vacation.

    Translation. Region: Russian Federation –

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

    Military personnel on leave will be able to receive medical care at any convenient state hospital or clinic. A resolution on this, prepared at the initiative of the Ministry of Defense and with the support of the Ministry of Health, has been signed.

    The decision was made on the instructions of the President. It will be in effect for the duration of the special military operation.

    Previously, due to the lack of compulsory medical insurance policies, military personnel, even while on vacation, had to seek medical care only at departmental hospitals of the Ministry of Defense, which are not available in all regions of the country. The signed resolution will improve the availability of medical care for military personnel who need it.

    The document will be published.

    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 Security: National Armaments Directors meet to enhance Allied defence planning and production and strengthen their engagement with partners

    Source: NATO

    As NATO works to enhance defence production and ensure better defence planning, NATO Secretary General Mark Rutte spoke to the Conference of National Armaments Directors (CNAD) on the urgency of the task ahead. “Defence industrial issues are at the core of my agenda,” Mr Rutte explained. “NATO has made significant progress in kick-starting defence production, supporting Ukraine with munitions, and rebuilding stockpiles, but there is more to do, together.”

    The meeting on 23 and 24 October brought representatives from Allied and Interoperability Partner nations together at NATO Headquarters for their 2024 Autumn Plenary Session. Delegates discussed the most pressing challenges for the armaments community across the Alliance and beyond. They addressed defence planning and production, joint procurement, and standardization. They also spoke about how to strengthen engagement with partners, in particular on supply chain security and defence industrial cooperation.

    The CNAD plays an essential role in delivering the interoperable capabilities needed for the Alliance’s deterrence and defence. The Secretary General commended their work, highlighting the important part that Armaments Directors play in “turning political priorities and decisions into action.” This is vital not only among Allies but also with Partners. The recently appointed Assistance Secretary General for Defence Investment and CNAD’s Permanent Chair, Tarja Jaakkola, underscored the value of the of “ensuring that the CNAD contributes to bringing on board partners in NATO discussions to the fullest extent possible.”

    MIL Security OSI –

  • MIL-OSI Global: World update: Ukraine faces prospect of defeat – but the west must ensure a just peace

    Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

    There’s a degree of irony that countries attending the 2024 Brics summit this week voted to adopt the Kazan declaration (named for the capital city of the autonomous republic of Tatarstan in Russia, where the summit is being held). The declaration’s first clause emphasises that “all states should act consistently with the Purposes and Principles of the UN Charter in their entirety”. There’s also a certain amount of chutzpah on the part of conference chair, Vladmir Putin, whose ongoing invasion of Ukraine is so egregiously in breach of that charter.

    Article one stresses that the primary purpose of the UN is to “maintain international peace and security”. Article two rules that: “All Members shall settle their international disputes by peaceful means”. If that’s not clear enough, it goes on to further insist that: “All Members shall refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any state.”

    Still, its a funny old world in which the UN secretary general, António Guterres, pitches up at a summit whose host is wanted on an arrest warrant issued by the International Criminal Court on charges relating to the alleged illegal deportation of Ukrainian children to Russia. In a country whose troops are currently fighting in Ukraine in direct contravention of the UN’s charter.

    To add a further layer of irony, October 24 is the 79th anniversary of the entry into force of the UN Charter in 1945.

    Guterres called on Putin to agree a peace deal “in line with the UN Charter, international law and UN General Assembly resolutions”. The Russian leader is perhaps more likely to listen to a deal proposed by the Chinese president, Xi Jinping. He said: “We must uphold the three key principles: no expansion of the battlefields, no escalation of hostilities, and no fanning flames and strive for swift de-escalation of the situation.”

    Now, more than ever, it’s vital to be informed about the important issues affecting global stability. Sign up to receive our weekly World Update newsletter. Every Thursday we’ll you expert analysis of the big stories making international headlines.

    The UN chief’s idea of a just peace would call for Russia to give up its illegal occupation of Crimea and eastern Ukraine. Xi’s proposal appears to call for a deal based on the status quo – virtually the opposite, in other words.

    This is pretty much all Ukraine can hope for, as far as the University of Portsmouth’s Frank Ledwidge is concerned. Ledwidge, who has written regularly for The Conversation since Putin launched his invasion in February 2024 and is well plugged into defence and intelligence networks in Nato as well as in Ukraine itself, believes that Ukraine cannot defeat Russia – at least as things stand.

    Ledwidge says Ukraine’s western allies are partly to blame for the maximalist aims of the country’s president Volodymyr Zelensky. Western rhetoric has not properly been matched by sufficient weapons or the permission to use them as effectively as the situation warrants. Now is the time for realism, he writes:

    A starting point could be accepting that Crimea, Donetsk and Luhansk are lost … Then we need to start planning seriously for a post-war Ukraine that will need the west’s suppport more than ever.



    Read more:
    Ukraine cannot defeat Russia – the best the west can do is help Kyiv plan for a secure post-war future

    One of the key factors that Ledwidge stresses is that just one of Russia’s allies, North Korea, has supplied twice as many artillery shells this year as the whole of Europe. Now North Korean troops are apparently also about to join their Russian comrades on the battlefield. This, writes Ra Mason – a Korea specialist at the University of East Anglia – will help ease the pressure on Putin to bring forward his mobilisation plans.

    Losing battle? The state of the conflict in Ukraine, October 23.
    Institute for the Study of War

    It’s a diplomatic coup for Putin, Mason believes – it’s a “clear show of opposition towards the Washington-led global order”, which “deals a further blow to the myth that the Russian Federation is isolated, as an international pariah, in a world led by western powers.”

    But a military coup de grace against Ukraine? Probably not. The jury is out on how effective North Korea’s “poorly equipped, unmotivated and undernourished” troops will be against Ukraine’s highly motivated defenders. It will also be interesting to see where and how they are deployed. If sent to the frontlines in Kursk, they’ll be helping an ally in its struggle against an incursion by Ukrainian forces. If deployed inside Ukraine, they’ll join Russia in breach of international law. Mason concludes:

    If sent into new theatres of war against state-of-the-art Nato-supplied weaponry, it could effectively mean waves of ill-prepared cannon fodder being thrown into the meat grinder of Donbas’ trenches.



    Read more:
    Kim Jong-un sends North Korean troops to fight in Ukraine – here’s what this means for the war

    Incidentally, the term “meat grinder” has been much bandied about of late. It follows reports from US intellegence recently that, while Russian forces have been making rapid advances and gaining a significant amount of ground in recent weeks, they are doing so at considerable cost in terms of dead and wounded. September was a particularly bloody month, with reports of Russian losses of more than 1,000 men a day, killed or wounded.

    But Russian military strategists are well versed in such pyrrhic victories, writes historian Becky Alexis-Martin, who points to equally savage losses in Russia’s defence against Napoleon and in the first and second world wars. Stalin, in particular, was able to defeat the Nazi war machine by, inter alia, throwing millions of troops at their enemies (and incurring terrible casualties). But it’s not a strategy that guarantees success. And terrible psychological effects are beginning to manifest themselves in veterans returning from Ukraine with severe and often violent post-traumatic stress disorder.



    Read more:
    Russia’s ‘meat grinder’ tactics in Ukraine have proved effective in past wars – but at terrible cost

    The diplomatic front

    As if things weren’t bad enough for Zelensky on the battlefield, the Ukrainian president was dealt a serious blow earlier this month when the US president, Joe Biden, was forced by extreme weather events, including a hurricane hitting the state of Florida, to cancel the planned meeting of the heads of government of up to 50 of Ukraine’s western allies in Germany. The “Ramstein Group”, so-called after the German air base at which they meet, was scheduled to meet in the second week of October to consider Zelensky’s “victory plan”. Stefan Wolff, an international security expert at the University of Birmingham writes that the Ukrainian president was hoping to get some degree of commitment for a path to Nato membership for Ukraine as well as permission to use western-supplied long-range missiles against targets deep inside Russia.

    Neither of these seem likely to happen in the short term, says Wolff. Like Ledwidge, Wolff thinks Ukraine is doomed to defeat unless its allies double down on their aid – and fast. And like Ledwidge, Wolff sees little indication of that happening any time soon.



    Read more:
    Ukraine faces worsening odds on the battlefield and a struggle on the diplomatic front after Biden postpones summit

    When it comes to continuing US support for Ukraine’s war effort, all eyes are now firmly fixed on November 5. The outcome of the presidential election will be seriously consequential for Ukraine’s future. Both candidates have made their positions clear and there is considerable difference between the two positions.

    Donald Trump has said any number of times that had he not lost that “rigged and stolen” election to Biden in 2020, Putin would never have invaded Ukraine in the first place. Still, he says, if he wins this one, he’ll bring the war to a very rapid conclusion. But it remains to be seen, given Trump’s oft-stated admiration for Putin, whether the conclusion will be palatable to Kyiv – or to Nato in general.

    Trump’s opponent, Kamala Harris, said the former president’s proposals are not “proposals for peace, they’re proposals for surrender”. As vice-president during the Biden administration, she flew to Europe not long after the invasion in February 2022 to help shore up support for Kyiv. Harris has also regularly restated her intention to continue to back Ukraine against Russia. In the only debate of the campaign she said that Ukraine was not Putin’s final stop and that he has “his eyes on the rest of Europe, starting with Poland”.



    Read more:
    On Ukraine, candidate Trump touts his role as dealmaker while Harris sticks with unwavering support

    Poland, incidentally, is an interesting case in point. While it is Ukraine’s firmest ally and it leadership is four-square behind Kyiv, the people are curiously divided on the country’s support for Ukraine. You can read more about that here.



    Read more:
    Why many Poles are not as supportive of Ukraine’s war effort as their leaders in Warsaw

    One imagines that Zelensky is as transfixed as anyone else on the 2024 US presidential election campaign as it heads into its final ten days. All we can tell you is that the polls are still very, very close. Well within most pollsters’ margin for error, in fact. A poll of polls, which combines polls from different agencies, published on the website FiveThirtyEight on October 22 shows that Harris leads Trump by 48.1% to 46.3% in the national popular vote. But the accepted popular wisdom is that the complex electoral college system used in the US may well favour Trump’s candidacy.

    We’ll be providing daily updates on the US presidential race and full coverage of election day on November 5 and its aftermath.



    Read more:
    Harris nudges ahead of Trump in the polls – but could the economy prove her downfall?

    World Update is available as a weekly email newsletter. Click here to get our updates directly in your inbox.

    – ref. World update: Ukraine faces prospect of defeat – but the west must ensure a just peace – https://theconversation.com/world-update-ukraine-faces-prospect-of-defeat-but-the-west-must-ensure-a-just-peace-242146

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Follow-up of UN framework for biodiversity at CBD COP16

    Source: Government of Sweden

    The UN global agreement to halt and reverse the ongoing loss of biodiversity – the Kunming-Montreal Global Biodiversity Framework – was adopted in 2022. Implementation efforts are being followed up at the 16th Conference of the Parties to the Convention on Biological Diversity (CBD COP16) taking place in Cali, Colombia on 21 October–1 November 2024.

    Taking place in conjunction with COP16 are Conferences to the Parties of two protocols: the Cartagena Protocol on Biosafety (COP-MOP11) and the Nagoya Protocol on Access to Genetic Resources and the Fair and Equitable Sharing of Benefits Arising from their Utilization (COP-MOP5).

    Sweden is part of the EU negotiating delegation at COP16. The top priority for Sweden is issues that are particularly important for the implementation of the Framework – the Conference’s adoption of an updated monitoring framework and a transparent review process for follow-up of the global targets, including reporting.  

    Decisions are also expected to be taken at the Conference on the following priority issues for Sweden:

    • a long-term strategy for resource mobilisation from all sources;
    • intensifying cooperation between climate and biodiversity, since climate change and the threat to biodiversity must be addressed collectively; 
    • the design of the mechanism for digital sequence information (DSI), 
    • a new work programme and stronger engagement in the Convention’s work for indigenous people and local communities; and 
    • action plan on biodiversity and health.

    In addition, negotiations on marine issues will be held to further the work on ecologically or biologically significant marine areas, which is also a priority issue for Sweden. Earlier this year, the Government presented the Bill ‘A living sea – increased protection, reduced eutrophication and sustainable fishing’, in which its proposals include reaching the target of protecting 30 per cent of marine areas – one of the key objectives in the Kunming-Montreal Framework – by 2030.

    Several representatives of Business Sweden and the business sector are in Cali. Business engagement is key to halting and reversing the loss of biodiversity, which Minister for Climate and the Environment Romina Pourmokhtari highlighted as she delivered the opening address at a Confederation of Swedish Enterprise seminar in September 2024. 

    Ms Pourmokhtari is leading the Swedish negotiating delegation, which consists of more than 20 people from the Government Offices, the Swedish Environmental Protection Agency, the Swedish Agency for Marine and Water Management, the Swedish International Development Cooperation Agency (Sida), the Sami Parliament, Stockholm Resilience Centre and the Riksdag.

    Sida Director-General Jakob Granit and the Embassy of Sweden in Colombia are also taking part. This year, Sweden and Colombia are celebrating 150 years of bilateral relations. They enjoy close cooperation on a number of issues, none more so than the green transition.

    MIL OSI Europe News –

  • MIL-OSI Russia: Happy Marketer’s Day!

    Translation. Region: Russian Federation –

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

    Specialists who are better than others at promoting goods and services on the market, and, of course, the entire Marketing Institute of the State University of Management! We are glad to congratulate you on your professional holiday! We wish that your work is always in good shape, and that your clients are pleasantly surprised by your creative ideas. And those who are just learning the basics of their future profession, strive for the best results and always achieve success in everything.

    It should be noted that the appearance of this date in the holiday calendar is associated with an event that took place on October 25, 1975. On this day, the Marketing and Advertising Department was created in the Ministry of Foreign Trade of the Soviet Union. Incidentally, specialists in market and consumer preference studies began to be trained in our country even earlier – in 1931, when the All-Union Academy of Foreign Trade opened in the USSR.

    But at the State University of Management, the Marketing Department was created in 1994, under the leadership of the rector of those years, an outstanding economist, Professor Anatoly Porshnev. Another 10 years later, by his order, the Institute of Marketing was created. Today, IM is about 1,500 students studying in three departments in ten educational programs. The Institute is developing dynamically and opening new modern audiences with the participation of its graduates.

    Once again, we congratulate our marketers on their professional holiday and wish them to be inventive and sought-after specialists, to study well not only at the university, but also to develop themselves after graduation, to imbue their whole lives with creativity and to feel happy in any workplace.

    We also congratulate the Marketing and IM departments on their 30th and 20th anniversaries, respectively. We wish you further growth and development, bright scientific projects, and an endless number of grateful graduates!

    Subscribe to the TG channel “Our GUU” Date of publication: 10/25/2024

    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 –