NewzIntel.com

Category: Europe

  • MIL-OSI United Kingdom: Crowds enjoy Derby’s St George’s Day celebrations

    Source: City of Derby

    Dragons roared, knights clashed, and medieval games delighted crowds in Derby as the city celebrated St George’s Day.

    The annual festivities featured live performances, engaging workshops, and creative crafts that brought the legend of St George to life. 

    The event was produced by Derby LIVE, Derby City Council’s arts and events team, in conjunction with The Lost Boys and St Peters Quarter Business Improvement District (BID). 

    St George and The Mayor of Derby launched the festivities before one of the highlights of the day, The Lost Boys’ spectacular and tongue-in-cheek reenactment of St George’s legendary battle with the dragon, which drew enthusiastic cheers from the audience. 

    Families gathered to enjoy AVP Theatre’s delightful puppet show, a family-friendly fairytale retelling of the St George and the Dragon story, and aspiring knights had the chance to train in hands-on workshops led by The Lost Boys and Team Falchion, learning about chivalry and trying their hand at sword skills. 

    Team Falchion

    Team Falchion also provided fascinating showcases of medieval armour and combat, alongside engaging medieval games and blanket weaving activities. Throughout the afternoon, roaming dragons added an extra element of surprise and delight for young adventurers. 

    St Peter’s Cross was also a hub of creativity, with Scraggy Moo’s environmentally-friendly family crafts proving a hit. In partnership with St Peter’s Quarter BID, children were able to create their own dragons and flags, adding their colourful creations to the St George’s Day celebrations.

    Councillor Nadine Peatfield, Leader of Derby City Council and Cabinet Member for City Centre, Regeneration, Culture and Tourism, said:

    Derby once again embraced the spirit of St George’s Day with a fantastic array of free family activities. It was wonderful to see so many people coming together to enjoy the entertainment and have a go at the activities.

    The atmosphere was really special so thank you to everyone who made the event happen.

    Brad Worley, Manager for the Derby Cathedral Quarter and St Peters Quarter BIDs said:

    St George’s Day celebrations are always a fantastic event in Derby and this year was no exception. St Peters Quarter and Cathedral Quarter BIDs were excited to help support the wide variety of performances on offer, and we hope that everybody had a wonderful time.

    When events like this happen, the city comes to life, and it’s wonderful to see.

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Artificial Intelligence Can Become a Catalyst for Sustainable Development

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Artificial intelligence is transforming all areas of life, expanding our capabilities and boundaries. At the same time, technology is throwing up new challenges to humanity related to safety, ethics, and environmental protection. Today, every neural network leaves behind a large carbon footprint. However, with proper management, AI can benefit the planet and become the key to a sustainable economy of the future. This was explained by the scientific directorLaboratory of Algorithms and Technologies for Network Structure Analysis at the National Research University Higher School of Economics in Nizhny Novgorod Panos Pardalos in the framework XXV Yasinsky (April) International Scientific Conference on Problems of Economic and Social Development.

    Today, the world is experiencing the fourth industrial revolution, the main character of which is artificial intelligence. Like electricity during the last revolution, AI has taken a dominant position among all technologies. Many countries, such as the United States, China, France, Canada, etc., have included the development of machine learning technologies among their national priorities, thereby emphasizing the importance and prospects of this area.

    “We talk a lot about artificial intelligence today. It’s amazing how much technology has expanded our biological capabilities in the field of vision, hearing, our cognitive abilities. I think it would be more correct to call these developments not artificial intelligence, but augmented intelligence,” said Panos Pardalos. “Telescopes, sensors, brain-computer interfaces, the metaverse, ChatGPT — all these impressive achievements are based on complex mathematics and optimization algorithms.”

    According to Professor Pardalos, the widespread adoption of technology and automation, on the one hand, can bring enormous benefits to the global economy and welfare, but on the other hand, it is associated with serious problems in terms of resource use. For example, machine learning technologies are associated with colossal amounts of energy consumption.

    “We often forget the price we pay for technology. Machine learning algorithms have incredible computing power, but they require equally incredible amounts of electricity. The carbon footprint of training a single model is comparable to the emissions of several cars over their entire service life,” the researcher emphasized.

    Other problems highlighted by the scientist include recycling electronic equipment and mining rare earth metals. The metals themselves are necessary for the production of green technologies (electric vehicle engines, wind generators, energy-saving lamps), but their mining is not environmentally friendly and is detrimental to the environment.

    According to dataresearch 2023, the Earth has already crossed 7 of 8 possible boundaries of safe human life on it, including emissions of hazardous substances into the atmosphere, reduction of biodiversity, climate change, etc. At the same time, Panos Pardalos believes that it is artificial intelligence that can become the key to a sustainable economy of the future.

    “We already have all the necessary technologies for developing a sustainable economy, and with the right policy, AI can become a key factor in the transition to it. The use of nuclear and renewable energy, waste recycling, digital twins of enterprises, the creation of energy storage facilities, the development of new materials – all this is possible today. Of course, the price of implementing new solutions is quite high. Political will and a number of educational, enlightening measures are needed to use the opportunities that AI gives us with maximum benefit,” concluded Panos Pardalos.

    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: From Cases to Career: The Smolny School Has Ended at the Polytechnic University

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Institute of Industrial Management, Economics and Trade hosted the final meeting of the participants with the Polytechnic University as part of the career guidance project “Smolny School”. This large-scale initiative is aimed at career guidance for high school students and developing their interest in public service. For five days, schoolchildren participated in expert master classes and solved practical cases.

    The project is being implemented by the Committee for Civil Service and Personnel Policy of the St. Petersburg Governor’s Administration, with Polytechnic University acting as one of the partner universities. The goal is to build a conscious career path for schoolchildren and popularize state civil service as one of the promising areas for future graduates.

    The children’s acquaintance with the Polytechnic University began withcareer guidance excursions, where they were told about the history of the construction of the buildings, as well as about the people who made a significant contribution to the development of the university.

    The series of events also included familiarization with the educational programs of IPMEiT, interactive lectures, master classes and business games. The project participants visited the laboratories of commodity science and consumer goods expertise, the educational and simulation complex “Factory of production processes”, the educational laboratory “Qualimetry and modeling in quality management” and assessed modern approaches to training at the Polytechnic University.

    One of the highlights was the interactive session of the board game “Candidate”. The event was organized by Nikita Golubov, representative of the head of the Kalininsky District Administration for youth affairs, and Varvara Bucherova, deputy chairman of the youth parliament, resident of the student association “Public Administration Laboratory”, a second-year master’s student in the “State and Municipal Administration” program. The participants of the game immersed themselves in the atmosphere of the election campaign: they created their own parties, developed election programs, defined a strategy and made key decisions, striving for victory in the virtual vote.

    The students were also very interested in meetings with representatives of the student associations “Model UN Polytechnic” and “Public Administration Laboratory”. Future applicants enthusiastically discussed the possibilities of participating in student life, implementing leadership initiatives and socially significant projects.

    Associate Professor of the HSE University Ekaterina Avduyevskaya and 5th-year student of the Economic Security specialty Elizaveta Kulchitskaya held a master class on financial security, where participants modeled a family budget, responding to unexpected life circumstances. Deputy Chair of the Institute’s Student Scientific Society, HSE Master’s student Margarita Yanchevskaya organized an interactive business game on lean manufacturing, where schoolchildren got acquainted with the 5S methodology and its application in the management of production processes. Assistant of the KET Elena Lobova presented an interactive LEGO challenge “Mind Game”, combining elements of a quiz and practical tasks aimed at developing economic thinking, decision-making skills and teamwork.

    The student association PROF.IPMET prepared an interactive game for schoolchildren on stations. In an exciting format, the children learned about material support for students, the activities of associations, university sports sections and the organization of seasonal recreation.

    The career guidance project “Smolny School” is a unique opportunity to learn about professions in the field of public administration, make useful contacts and decide on a university. We really remember the tour of the Polytechnic territory, meeting students, and the interactive game “Candidate”. We even looked into the classrooms of IMPET and observed the students at work. We want to come back again, – said Alexandra Kalinina and Maxim Guk.

    Participants who successfully complete the career guidance project will be able to receive an additional 5 points as an individual achievement when applying for admission to study at SPbPU.

    We highly value the initiative and deep interest of the participants of the Smolny School. We create all the conditions so that talented young people can realize their potential to the fullest for the benefit of the state. Awarding additional points upon admission is a logical recognition of their achievements and an investment in the future of the country’s personnel reserve. Such guys are leaders, and we are happy to support them on their way to the Polytechnic, – noted the project curator, Deputy Director of IPMET for educational and organizational work Maxim Ivanov.

    The final will take place on May 16 in Smolny, where the names of the winners will be announced.

    The series of events of the Smolny School at the Polytechnic University has ended. It is a project that has become a bridge between talented youth and a future profession in the service of the city. We are glad that we were able to show schoolchildren the diversity of our university’s opportunities in the field of public administration, ensuring sustainable development of the region and advanced technologies. “Making the right choice is an art.” Today I see that the first steps have already been taken, – shared the director of the IPMEiT Vladimir Shchepinin.

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

    MIL OSI Russia News –

  • MIL-OSI Economics: 28 April 2025 Yury Trutnev: EEF big contributor to development of Far East and President’s instructions Deputy Prime Minister of the Russian Federation and Presidential Envoy to the Far Eastern Federal District Yury Trutnev chaired a meeting in Vladivostok on preparations in the lead-up to the 10th Eastern Economic Forum, which is scheduled to take place on the campus of Far Eastern Federal University on 3–6 September. The EEF is being organized by the Roscongress Foundation.

    Source: Eastern Economic Forum

    28 April 2025

    Yury Trutnev: EEF big contributor to development of Far East and President’s instructions

    Deputy Prime Minister of the Russian Federation and Presidential Envoy to the Far Eastern Federal District Yury Trutnev chaired a meeting in Vladivostok on preparations in the lead-up to the 10th Eastern Economic Forum, which is scheduled to take place on the campus of Far Eastern Federal University on 3–6 September. The EEF is being organized by the Roscongress Foundation.

    “The Eastern Economic Forum has contributed much over the years to the development of the Far East and the fulfilment of the instructions of the President of the Russian Federation, Vladimir Putin. Thousands of people from all over the world attend the EEF every year, and no sanctions or anything else will succeed in weakening interest in it. The Russian Far East is a huge region, and its development affects its neighbours and the entire world. We will do our best as always to ensure that our guests receive all the information they seek and are able to carry out their work in comfort and safety at the Eastern Economic Forum,” Trutnev said as he opened the meeting.

    The composition of the Forum programme was considered in detail.  

    “We discussed possible themes for the EEF, and I believe it would be impossible to ignore the Soviet nation’s victory in the Great Patriotic War. Our proposal for the main theme is going to be something like ‘The Far East: From Victory to Victory’, though we’ll think a bit more about the exact wording. The Second World War ended in the Far East. The President of the Russian Federation has ordered us to prepare a major exhibition on the island of Shumshu, where the Kuril landing took place, to educate young people and remind all of us about the heroic feats that led to the great victory,” Trutnev said.

    The Ministry for the Development of the Russian Far East and Arctic suggested including in the business programme topics of vital importance to regional development and possible integration with the economy of the broader Asia-Pacific region.

    “We would focus in particular on technological development. Technology is changing the world now. It is changing the very fabric of life. And many of these technologies either originate in Asia or are first brought to market here. We would like to see the Far East play a bigger role in this process and believe it can. We would like to use new tools like our international advanced-development territories to ensure that these technologies are created and replicated in Russia,” Minister for the Development of the Russian Far East and Arctic Alexei Chekunkov said.

    First Deputy CEO of the Roscongress Foundation and Director of the Eastern Economic Forum Igor Pavlov touched on organizational issues and how preparations for the 10th Eastern Economic Forum were getting along.

    “A great many events have been planned for EEF 2025, including the ‘Welcome to the Far East!’ exhibition, which traditionally enjoys the participation of federal ministries and agencies. And the sports programme will include a special patriotic Parade of Sails, rowing competitions, a hockey match, a run, and more,” Pavlov said.

    According to Governor of Primorsky Territory Oleg Kozhemyako, the region has been following the roadmap laid out last year in its preparations for the Forum. Funds have been set aside in the regional budget for the construction of the region’s pavilion at the Far East Street exhibition, sports and cultural programmes, medical care, and road inspections. A special unit has been tasked with ensuring electrical supply, and preparations are underway on transmission lines and at power facilities. Law enforcement agencies are coming together to create a task force to ensure public order and security. 25 hotels in Vladivostok and Artem are on call to accommodate Forum guests and participants in 1,600 rooms.

    Mayor of Vladivostok Konstantin Shestakov reported on the measures being implemented as part of the preparations for the Forum in the capital of the Far Eastern Federal District in landscaping, road infrastructure, sanitation and security, building facades, and catering and cultural events. Work has been planned to repair roads, paint elevated and underground pedestrian crossings, and fix metal and concrete fences, bus stops, and bridges. The storm water drainage system will also be cleaned, sunken manholes fixed, pavement and curbs touched up, graffiti and unauthorized advertising removed, and concrete surfaces and road infrastructure painted. The city itself will receive an important facelift, with private investors funding 10 objets d’art across the route that will be travelled by guests through the city. Special events, concerts, and evening programmes are also being planned for the city’s open-air venues, with additional cultural initiatives for Forum participants and the residents of Vladivostok in development.

    Far Eastern Federal University President Boris Korobets spoke about the preparation of the Far Eastern Federal University campus for the Forum, with large-scale modernization of infrastructure to begin in May and student service brigades to take part in campus renovation work for the first time this year, for which volunteers are currently being recruited. For the fourth year in a row, FEFU will work together with the Russian Znanie Society to organize a lecture hall for the students and youth of Primorsky Territory at the Forum. 350 top students and talented schoolchildren will attend in person, with another 8.5 million people expected to join the event online. This year, the lecture will focus on the end of World War II, the contribution of the Soviet nation to the fight against fascism, and the events of the Soviet-Japanese War of 1945. A new visual attraction will be installed in the park on FEFU’s central square in the form of a 50-metre-high flagpole flying a 150-square-metre tricolour. As part of the Year of the Defender of the Fatherland announced by the President of Russia, an Alley of Heroes will be established in the campus park and dedicated to the Russian heroes serving their country in the special military operation from all eleven regions of the Far East.

    The regions of the Far East are also preparing for this tenth anniversary forum. As in the past, they will present their economic achievements and unique culture and customs at the Far East Street exhibition. 11 region and five industry pavilions have been planned this year: two pavilions for the Ministry of Sport of Russia, the ‘Business’ and ‘GTO Arena’; the Far East and Arctic Development Corporation’s ‘Developing the Far East’ Pavilion; the Ministry of Natural Resources and Environment of Russia’s ‘Falcon House’ Pavilion; and the ‘Corporation Turizm.RF’ Pavilion. The pavilions dedicated to the regions will focus on economic and social achievements of the past ten years, provide information about investment projects, advanced technological developments, and the implementation of master plans for the development of the cities of the Far East, and the celebration of the 80th anniversary of victory in the Great Patriotic War. An alley dedicated to brands from the Far East is being organized in conjunction with ASI and will present the goods manufactured in the region.

    Also discussed during the meeting were issues of sanitary and epidemiological safety to be addressed during the preparation for EEF 2025.

    “The EEF is a well-prepared, balanced tool for attracting investment to the Far East that allows all federal executive authorities to see whether they are fulfilling the President’s instructions and for investors to understand that they are on the right track. And we will protect what we have here, even as we turn now to the content and move forward, work on the sessions, and think about how to set the right tasks,” Trutnev said in conclusion.

     

    Read more

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Regulator reveals insights from large-scale trustee research project

    Source: United Kingdom – Executive Government & Departments

    Press release

    Regulator reveals insights from large-scale trustee research project

    New research from the Charity Commission and Pro Bono Economics finds trustees are “immensely positive” about their experience

    The charity regulator for England and Wales, with think tank and social sector research organisation, Pro Bono Economics, has published the findings of the most comprehensive survey ever undertaken of trustee motivations and skills.  

    The research finds that the vast majority of trustees are “immensely positive” about their experience, with eight in ten trustees likely to recommend the role to others. Most trustees feel positive about board dynamics, and their relationships with staff and volunteers.  

    Researchers have analysed over 2,000 responses from trustees across England and Wales, with responses weighted to ensure it was representative of the size profile of charities on the Register. 

    The charity sector has a turnover of £94 billion per year, assets of £340 billion and employs 3% of the UK workforce. Building a better picture of the experience of trustees will help the Commission, policy makers and the sector better understand the skills, motivations and backgrounds of existing trustees, and engage the broadest possible pool of trustee talent. 

    Reported rewards and benefits of trusteeship 

    Among the key benefits reported is the opportunity trusteeship brings to grow and develop professionally, especially among younger trustees. Over half (57%) of trustees aged under 30 said trusteeship supported their career development, while older trustees said it gave them an opportunity to give back. 

    Six in 10 report that the role makes them feel they are having a positive impact on the world and nearly four in 10 feel more fulfilled because of their trustee role (38%). 

    Skills and expertise among trustees  

    The research finds that the trustee population largely feels confident and well-equipped to exercise their duties. More than nine in ten trustees reported understanding their roles and responsibilities (95%) and feeling qualified to fulfil them (93%). 

    However, the findings suggest some boards could benefit from more people with certain skills or expertise.  A quarter of respondents reported accessing legal expertise externally, suggesting a possible lack of relevant skills at board level. 

    While most trustees report their board had significant finance skills and experience (59%), this was also the skillset with the second greatest reliance on external sources (8%). 

    Similarly, fewer than 25% of respondents report having anti-fraud, campaigning or marketing skills on their charity’s board.  

    Demographic profile of trustees  

    The research also offers new data on charity board demographics, suggesting movement towards gender parity on trustee boards. 43% of trustees are female compared to 36% in 2017, when the last comparable research project was undertaken. The findings suggest variation based on charities’ size, with smaller charities tending to have more female trustees proportionally.

    Over half of trustees are retired, more than double the proportion in the general population. People aged 44 and under make up only 8% of trustees, and just 1% overall were aged 30 or under.

    The research suggests that a lower percentage of trustees are from ethnic minority backgrounds compared to the general population (8% compared to 17%, with 92% of trustees being white compared to 83% of the general population). Analysis of the data suggests the difference is related to the age profile of trustees. Notably, the research finds that there are proportionately slightly more black trustees aged below 60 compared to the general population (7% compared to 5%), but that people of Asian heritage make up 1% of trustees compared to 4% in the older population. 

    Charity Commission Chief Executive, David Holdsworth, said: 

    This rich and detailed research gives us valuable new insights into the people on whom all charities, of all sizes, ultimately rely. This research shows what those of us who have been trustees already knew – that whilst it is a significant responsibility, it is also a hugely rewarding way to have an impact on something you care about. I hope that in making these findings available, we can support the sector to respond, encouraging and inspiring a pipeline of committed and skilled people willing to serve as volunteer trustees into the future – and to reap the personal rewards of the role.

    Pro Bono Economics Head of Social Sector, Anoushka Kenley, said: 

    This new research provides plenty of room for optimism, with the vast majority of trustees saying that they find their role rewarding and evidence of an improvement over recent years in the representativeness of the trustee population. But there is further to go, with the potential to bring even more talent and more diverse perspectives to the fore by supporting more young people and individuals from underrepresented backgrounds to take up trustee roles. By encouraging a more diverse range of people to become trustees, we can strengthen boards and better support communities.

    In a speech today at Trustee Exchange, David Holdsworth is expected to say the publication of this report reflects the Charity Commission’s commitment to supporting trustees and doing what it can to promote and position trusteeship as an attractive proposition, as set out in the regulator’s five year strategy.

    ENDS

    Notes to editors: 

    1. Research methodology: Fieldwork was conducted by the Charity Commission of England and Wales and BMG Research in English and Welsh. The survey was sent to 19,929 trustees over July and August 2024, yielding 2,432 completed responses (2,194 valid responses after cleaning). Responses were weighted according to the annual gross income of the respondent’s organisation to ensure the results are representative of the population of charities in the Commission’s Register.

    2. The findings can be viewed on PBE’s website or GOV.UK

    3. Pro Bono Economics (PBE) uses economic analysis and the unique insight from our connection to the social sector to help charities, funders, firms and policymakers tackle the causes and consequences of low wellbeing in the UK. Policy analysts, researchers and economists at PBE work on a wide range of issues related to low wellbeing, including mental health, education, employment, financial security, poverty, disability, inequality, volunteering and civil society. PBE works closely with the economics profession to achieve its aims, building relationships between over 600 economist volunteers and supporting over 600 charities and social purpose organisations since 2009.  

    4. The Charity Commission is the independent, non-ministerial government department that registers and regulates charities in England and Wales. Its ambition is to be an expert regulator that is fair, balanced, and independent so that charity can thrive. This ambition will help to create and sustain an environment where charities further build public trust and ultimately fulfil their essential role in enhancing lives and strengthening society. Find out more: https://www.gov.uk/government/organisations/charity-commission/about 

    5. Charity Commission Strategy 2024-2029 was published 26 February 2024: https://www.gov.uk/government/publications/charity-commission-strategy-2024-2029/charity-commission-strategy-2024-2029 

    6. David Holdsworth’s speech at Trustee Exchange will be published on gov.uk after 14:00hrs Tuesday 29 April 2025.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New appointments to Financial Conduct Authority board announced

    Source: United Kingdom – Executive Government & Departments

    News story

    New appointments to Financial Conduct Authority board announced

    Chancellor announces the appointment of four new Non-Executive Directors at the Financial Conduct Authority (FCA).

    The Chancellor of the Exchequer Rachel Reeves has today confirmed that Julia Black, Anita Kimber, John Ball and Stéphane Malrait have been appointed as Non–Executive Directors to the Board of the Financial Conduct Authority (FCA). The Chancellor also confirms a one-year extension of Richard Lloyd’s second term as a Non-Executive Director on the FCA Board.

    Julia Black and Anita Kimber will commence their terms on 12 May 2025, John Ball on 27 May 2025, whilst Stéphane Malrait will join later in the year on 20 October 2025. They will each serve an initial three-year term. Richard Lloyd’s second term has been extended and will now conclude on 31 March 2026.

    Julia Black is a former External Member of the Prudential Regulation Committee. Julia is a highly accomplished academic in the field of law and financial regulation and has advised policy makers, consumer bodies, and regulators on issues of regulatory strategy and design in the UK and internationally.

    Anita Kimber is a former Partner at EY who has also led large practices at PwC and IBM. Anita is experienced in leading transformation programmes across technology, data and analytics combined with customer insight and user experience focused teams. Anita’s experience is closely aligned with regulatory compliance for banks and other financial services institutions, including a secondment and a permanent appointment at Nationwide Building Society.

    John Ball is a former Global MD, Pensions Practice for Willis Towers Watson where he enjoyed a near 40 year career. He has extensive change management experience and broader board experience across several WTW subsidiary boards and committees. The FCA Board will benefit from John’s deep pensions expertise.

    Stéphane Malrait is a former Managing Director and Global Head of market structure and innovation for Financial Markets at ING Bank. Stéphane has operated in large, complex organisations internationally, including in the US, France, and the UK. He will bring experience of governance across different entities including non-executive board experience with industry associations and fintech companies.

    Richard Lloyd is a distinguished member of the Financial Conduct Authority (FCA) Board, bringing a wealth of experience from his extensive career in consumer rights and public policy. He previously held significant roles, including serving as the Executive Director of Which?, where he championed consumer interests and advocated for fairer markets. Notably, Richard served effectively as the interim Chair of the FCA Board from June 2022 until February 2023, demonstrating strong leadership and a steadfast commitment to the organisation’s objectives.

    Chancellor of the Exchequer, Rachel Reeves, said:

    The FCA have been crucial in supporting the government’s efforts to reform regulation in order to better support growth and I am pleased to announce the appointments of Julia Black, Anita Kimber, John Ball and Stéphane Malrait to the FCA Board and the extension of Richard Lloyd for an additional year.

    All five individuals bring extensive financial services experience to the Board and will help the FCA go further and faster to deliver on this government’s Plan for Change.

    Chair of the FCA Board Ashely Alder, said:

    I’m delighted to welcome Julia, Anita, John and Stéphane to the FCA board. Together, they bring a wealth of experience and insight across the financial services sector. I look forward to working with them as we deliver our ambitious new 5-year strategy.

    I’d also like to congratulate Richard Lloyd on the extension of his second term, which ensures we continue to benefit from his invaluable counsel in the months ahead.

    About the Financial Conduct Authority

    The Financial Conduct Authority (FCA) is the conduct regulator for the UK’s financial services firms and markets. It is responsible for the conduct of around 42,000 businesses and sets the specific prudential standards for roughly 17,000 firms.

    It has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers. Its secondary objective is to facilitate the international competitiveness of the UK economy, and its growth in the medium to long-term.

    About the appointment process

    Julia Black, Anita Kimber, John Ball and Stéphane Malrait have been appointed by the Chancellor following a fair and open recruitment process run by HM Treasury. All appointments are subject to vetting and security clearances currently in progress.

    The Treasury is committed to appointing a diverse range of people to public appointments, including at the Financial Conduct Authority. The Treasury continues to take active steps to attract the broadest range of suitable applicants for posts.

    Appointments to the FCA Board are regulated by the Office of the Commissioner for Public Appointments. Julia Black, Anita Kimber, John Ball and Stéphane Malrait have not engaged in any political activity in the last five years.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Chair appointed for public inquiry into Nottingham attack

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Chair appointed for public inquiry into Nottingham attack

    Former senior circuit judge, Her Honour (HH) Deborah Taylor, has been appointed by the Lord Chancellor to chair the statutory inquiry into the Nottingham attacks.

    HH Deborah Taylor

    • Her Honour Deborah Taylor to chair Nottingham inquiry
    • Holistic review to provide recommendations to prevent similar incidents
    • Full Terms of Reference to be published in due course

    Barnaby Webber, Grace O’Malley-Kumar, both 19, and Ian Coates, 65, were tragically killed and three other survivors were seriously injured by Valdo Calocane in Nottingham in June 2023.

    Speaking in the House of Commons today (April 22), the Lord Chancellor confirmed HH Deborah Taylor would undertake a thorough, independent assessment of the events that culminated in these brutal attacks, and provide recommendations to prevent similar incidents.

    The statutory inquiry will have the power to examine all the agencies involved, including the Nottinghamshire Police and the Crown Prosecution Service; compel witnesses, and establish the facts. The Prime Minister has committed that the inquiry should report within two years.

    The bereaved families and survivors of the attack were present in the public gallery during the Lord Chancellor’s announcement.

    Lord Chancellor Shabana Mahmood said:

    The bereaved families and survivors of the Nottingham Attack, who have suffered so much, deserve to know how these horrific attacks were able to happen.

    I am pleased to appoint Her Honour Deborah Taylor as the Chair of this inquiry. She brings deep experience to the role, and I know she will undertake a fearless and thorough examination of the facts.

    The Chair, a retired senior circuit judge, has already engaged with survivors and victims’ families, and taken views on the draft Terms of Reference, which will be laid in due course.

    Minister for Victims and Violence Against Women and Girls (VAWG), Alex Davies-Jones, said:

    My thoughts remain with the bereaved families and survivors of this terrible incident, who in the face of such tragedy, have consistently called for an Inquiry.

    It is important for the bereaved families and survivors that this Inquiry reports without undue delay which is why the Prime Minister has committed the inquiry should report in two years.

    Notes to editors:

    • With the Chair in place and the inquiry being formally established today, it can begin preliminary work immediately. The final terms of reference will be published as soon as possible.
    • There have been nine separate reviews into various elements of the Nottingham attacks including: Valdo Calocane’s healthcare and the healthcare institution; actions by Nottinghamshire and Leicestershire Police; and decisions of the CPS.  IOPC investigations into the actions of Nottinghamshire and Leicestershire police are ongoing.
    • The Law Commission is undertaking a review into homicide law and will consider the partial defence of diminished responsibility.
    • HH Deborah Taylor was a Senior Circuit Judge, Resident Judge at Southwark Crown Court and Recorder of Westminster until her retirement from the Judiciary in December 2022. In 2022 she was Treasurer of Inner Temple, where she advocated for greater diversity at the Bar.
    • Deborah will continue in her role as Chair of the Criminal Legal Aid Advisory Board which she has held since July 2023

    Updates to this page

    Published 22 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Last chance to become ArtMasters-2025 champion

    Translation. Region: Russian Federal

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

    There are 7 days left until the end of registration for participation in the 6th season of the National Open Championship of Creative Competencies ArtMasters.

    Hurry up to submit your application and get a chance to win a cash prize.

    You can participate in two age categories: from 14 to 17 years old and from 18 to 35 years old.

    The competition will be held in 20 creative competencies:

    “Architectural Environment Designer”; “Industrial Engineering”; “Creative Producer”; “UX/UI Web Designer”; “Graphic Designer”; “Virtual World Designer”; “Theater and Film Playwright”; “Clip Director”; “Popular Music Composer”; “Copywriter”; “Media Composer”; “Motion Designer”; “Film and TV Camera Operator”; “Editing Director”; “Sound Designer”; “Computer Game Writer”; “Photographer”; “Design Artist”; “Make-up Artist”; “Costume Designer”.

    The championship is held in 3 stages:

    Register on the website before May 5, 2025, upload your portfolio and take the online test before May 23, 2025. Complete the correspondence practical assignment before June 23, 2025 and be among the best according to the jury. Complete the modules of the final stage from July 14 to September 30, 2025: correspondence module, in-person completion of the practical assignment, ceremonial meeting of the finalists.

    The winners of the Championship will receive cash certificates and the opportunity for an internship and subsequent employment in a large partner company, the use of equipment necessary for creative implementation within the framework of the partnership program, and the integration of final works into existing projects of creative industries.

    The award ceremony for the winners of the Championship in the main age category is scheduled to take place on September 30, 2025 at the State Academic Bolshoi Theater of Russia in Moscow.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

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

    MIL OSI Russia News –

  • MIL-OSI: Municipality Finance issues a EUR 175 million tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 April 2025 at 11:00 am (EEST)

    Municipality Finance issues a EUR 175 million tap under its MTN programme

    On 30 April 2025 Municipality Finance Plc issues a new tranche in an amount of EUR 175 million to an existing benchmark issued on 26 April 2023. With the new tranche, the aggregate nominal amount of the benchmark is EUR 1.650 billion. The maturity date of the benchmark is 29 July 2030. The benchmark bears interest at a fixed rate of 3.125 % per annum.

    The new tranche is issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and 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 new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 30 April 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    J.P. Morgan SE acts as the Dealer for the issue of the new tranche.

    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 owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland.
    The Group’s balance sheet is over EUR 53 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 Europe: ECB Consumer Expectations Survey results – March 2025

    Source: European Central Bank

    29 April 2025

    Compared with February 2025:

    • median consumer perceptions of inflation over the previous 12 months remained unchanged, as did expectations for inflation five years ahead (reported for the first time this month), while median inflation expectations for both the next 12 months and three years ahead increased;
    • expectations for nominal income growth over the next 12 months remained unchanged, while expectations for spending growth over the next 12 months decreased;
    • expectations for economic growth over the next 12 months were unchanged (remaining somewhat negative), while the expected unemployment rate in 12 months’ time decreased;
    • expectations for growth in the price of homes over the next 12 months increased, while expectations for mortgage interest rates 12 months ahead remained unchanged.

    Inflation

    The median rate of perceived inflation over the previous 12 months remained unchanged at 3.1% in March. This is its lowest level since September 2021. Median expectations for inflation over the next 12 months increased by 0.3 percentage points to 2.9%, the highest level since April 2024, while expectations for three years ahead edged up by 0.1 percentage points to 2.5%, the highest level since March 2024. Expectations for inflation five years ahead, which are being reported for the first time this month, were unchanged for the fourth consecutive month at 2.1%. For more information on this new measure of inflation expectations, please see the box entitled “Consumers’ long-term inflation expectations: an overview” in the Economic Bulletin, Issue 3, ECB, 2025. Inflation expectations at the one-year, three-year and five-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months remained unchanged in March at its lowest level since January 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, over the previous year and a half inflation perceptions and short-horizon expectations for lower income quintiles were, on average, slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

    Income and consumption

    Consumers’ nominal income growth expectations over the next 12 months remained unchanged at 1.0%. Perceived nominal spending growth over the previous 12 months increased to 5.0%, from 4.9% in February. Expected nominal spending growth over the next 12 months decreased to 3.4% in March, from 3.5% in February and 3.6% in January. This decrease was observed across most income groups. (Income and consumption results)

    Economic growth and labour market

    Economic growth expectations for the next 12 months were stable in March, standing at -1.2%. Expectations for the unemployment rate 12 months ahead decreased to 10.4%, from 10.5% in February. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.0%), implying a broadly stable labour market. Expectations for both economic growth and the unemployment rate remained broadly stable over the previous four months, fluctuating within a narrow range. (Economic growth and labour market results)

    Housing and credit access

    Consumers expected the price of their home to increase by 3.1% over the next 12 months, which was slightly higher than in February. Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.3% and 2.8% respectively), although the difference between them narrowed in recent months. Expectations for mortgage interest rates 12 months ahead remained unchanged from February at 4.4%. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.1%), while the highest income households expected the lowest rates (4.0%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months increased, while the net percentage of those expecting a tightening over the next 12 months declined. (Housing and credit access results)

    The microdata underlying the aggregate results are available on the Consumer Expectations Survey (CES) web page in the Data and methodological information section.

    The release of the Consumer Expectations Survey (CES) results for April is scheduled for 28 May 2025.

    For media queries, please contact: Benoit Deeg, tel.: +49 172 1683704.

    Notes

    MIL OSI Europe News –

  • MIL-OSI Europe: Monetary developments in the euro area: March 2025

    Source: European Central Bank

    29 April 2025

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 decreased to 3.6% in March 2025 from 3.9% in February, averaging 3.7% in the three months up to March. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 3.8% in March from 3.4% in February. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 1.5% in March from 2.0% in February. The annual growth rate of marketable instruments (M3-M2) decreased to 11.3% in March from 18.0% in February.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 2.4 percentage points (up from 2.2 percentage points in February), short-term deposits other than overnight deposits (M2-M1) contributed 0.4 percentage points (down from 0.6 percentage points) and marketable instruments (M3-M2) contributed 0.7 percentage points (down from 1.1 percentage points).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households stood at 3.5% in March, compared with 3.4% in February, while the annual growth rate of deposits placed by non-financial corporations decreased to 2.3% in March from 3.0% in February. Finally, the annual growth rate of deposits placed by investment funds other than money market funds increased to 16.2% in March from 8.5% in February.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in March 2025, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 2.7 percentage points (down from 3.1 percentage points in February), claims on the private sector contributed 2.1 percentage points (down from 2.2 percentage points), claims on general government contributed 0.2 percentage points (as in the previous month), longer-term liabilities contributed -1.3 percentage points (up from -1.5 percentage points), and the remaining counterparts of M3 contributed -0.1 percentage points (as in the previous month).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents stood at 1.7% in March 2025, unchanged from the previous month. The annual growth rate of claims on general government stood at 0.4% in March, unchanged from the previous month, while the annual growth rate of claims on the private sector stood at 2.2% in March, compared with 2.3% in February.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 2.6% in March from 2.4% in February. Among the borrowing sectors, the annual growth rate of adjusted loans to households increased to 1.7% in March from 1.5% in February, while the annual growth rate of adjusted loans to non-financial corporations increased to 2.3% in March from 2.1% in February.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Get in a spin for Compton Care at WV Active

    Source: City of Wolverhampton

    WV Active Aldersley and WV Active Bilston-Bert Williams are hosting an epic two-hour spin-a-thon on Saturday 10 May from 9.30am-11.30am in support of the Cycle for Compton appeal.

    The charity is asking people to cycle 50, 100, 250 or 500 miles throughout May to enable it to continue its work supporting patients and their families.

    To get involved at WV Active costs just £10 per bike, with all proceeds going to Compton Care. Every participant will also get a WV Active and Compton goodie bag. It is open to members and non-members and places can be booked via the WV Active app or by visiting one of the centres.

    Councillor Jasbir Jaspal, the City of Wolverhampton Council’s Cabinet Member for Adults and Wellbeing, said: “We’re delighted to be supporting Compton Care’s Cycle for Compton appeal with this spin-a-thon next weekend, so please take up this opportunity to spin, sweat and support this vital good cause.”

    People can also support the Cycle for Compton appeal by donating online at Cycle for Compton. 

    Emily Thompson, Compton Care Community and Events Manager, said: “For over 40 years, we have been providing specialist palliative and end of life care to patients, and support for their families, helping them to navigate every aspect of life with a life limiting condition.

    “Our care, whether delivered at our purpose-built facilities or at home, is tailored to individual needs, helping patients and their loved ones to feel safe and supported. Ensuring local people living with or caring for someone with a palliative diagnosis have access to the care and support they need remains our priority.

    “By Cycling for Compton you are helping to raise vital funds for Compton Care.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: University of Aberdeen team wins at national event awards A conference organised by a team from the School of Psychology and CPD and Event Services at the University of Aberdeen has been recognised for its excellence and impact at a national awards ceremony.

    Source: University of Aberdeen

    A conference organised by a team from the School of Psychology and CPD and Event Services at the University of Aberdeen has been recognised for its excellence and impact at a national awards ceremony.
    The European Conference on Visual Perception (ECVP) was named the Best Association Event at The Scottish Event Awards. 
    The 46th annual ECVP took place in Aberdeen from 25 to 29 August 2024. A team from the School of Psychology led by Professor Constanze Hesse and Dr Mauro Manassi, and with support from the University’s CPD and Event Services team, successfully bid for and delivered the event. The organisers were recognised by the judges for the conference’s commitment to inclusion and impact.
    Attracting more than 800 delegates, the ECVP provided a forum for presenting and discussing new developments in the study of visual perception in the disciplines of Psychology, Neuroscience and Cognitive Sciences. Last year’s event involved a series of lectures, tutorials, roundtables, and poster sessions on the extensive field of visual perception. The programme also included the Illusion Night, an outreach city event which featured interactive visual experiences, demonstrations of cutting-edge research techniques such as mobile eye-tracking and virtual reality and a scientific magic show, offering insights into visual perception which was attended by more than 1,600 attendees from the public and conference delegates, with more than 40 international researchers involved.
    The Scottish Event Awards are Scotland’s only awards evening dedicated to the events and festivals industries. The awards recognise the resilience of the industry, as well as the outstanding companies, organisations and individuals in Scotland’s event scene. This year’s ceremony took place on 24 April at The Corn Exchange in Edinburgh.
    Professor Peter Edwards, Vice-Principal for Regional Engagement at the University of Aberdeen, said: “It is a huge achievement to be recognised at The Scottish Event Awards. This win is a testament to the fantastic research coming out of the School of Psychology, the excellent collaboration between teams across the University and our commitment to public engagement with science and research.”
    CPD and Event Services was also shortlisted for two other awards: the Public Sector Events Team of the Year, and the Rising Star Award for Jessica Hippey.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Treat for car lovers as Supercar Saturday roars into town

    Source: Northern Ireland – City of Derry

    Treat for car lovers as Supercar Saturday roars into town

    29 April 2025

    Car enthusiasts across the city and district are in for a treat as the Mayor’s popular Supercar Saturday roars into Guildhall Square and Harbour Square on Saturday 24th May from 12-5pm.

    Local car enthusiasts Gary and Stephen McCaul will showcase approximately 35 luxury vehicles including Lamborghini, Ferrari, Porsche, McLaren and Maserati for public viewing.

    Popular local entertainer Micky Doherty will lead this family-friendly event which offers children and big kids the chance to get up close with one of Ireland’s finest collections of supercars. Adding to the festive atmosphere, DJ Lui and DJ Richie Rich will keep the music flowing throughout the day. A mobile gaming truck will provide additional entertainment for younger attendees, while local food vendors will be on site serving delicious refreshments.

    The Mayor of Derry City and Strabane District Council, Cllr Lilian Seenoi Barr, said she was delighted to see this well-supported event return to the city. Supercar Saturday will help to raise funds for The Bud Club, the Mayor’s chosen charity for her year in office. 

    “I’m really looking forward to hosting Supercar Saturday. This event has become a highlight in our community calendar, and for good reason. The collection of Lamborghinis, Ferraris, and other luxury vehicles that Gary and Stephen have arranged is truly world-class. I’ve had the privilege of previewing some of these fantastic vehicles, and they are simply breathtaking.

    “What makes this day so special is that it allows car enthusiasts to explore the spectacular vehicles they have previously only dreamt about. I’m particularly proud that this event will raise funds for The Bud Club, allowing our community’s passion for incredible cars to directly benefit a life-changing organisation for young people with additional needs.”

    Supercar Saturday is part of the Mayor’s One Big Weekend, One Big Cause – Revved Up and Ready to Rock for Bud Club’ extravaganza which will take place on the Bank Holiday weekend of May 24th and 25th and features three incredible events designed to appeal to all ages and interests.

    The fun will begin with Supercar Saturday, followed by a night of music and entertainment with ‘Derry Rocks for Bud Club’ in the Guildhall. This event will feature The Mindbenders with the Ultimate Yacht Rock Show, along with funnyman Black Paddy and musician Ritchie Remo. The weekend will be brought to an epic conclusion with ‘Feel the Beat’ a night of high-energy and infectious Afrobeats at St Columb’s Hall. All three events will raise funds for the Mayor’s chosen charity, The Bud Club, a life-changing organisation for young people with additional needs.

    For more information and to purchase tickets to the ‘Derry Rocks for Bud Club’ and Afrobeats night go to www.derrystrabane.com/OneWeekend. You can also keep up to date with everything that is happening on What’s On Derry Strabane and Council’s social channels.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: LFC Premier League Victory Parade Confirmed

    Source: City of Liverpool

    Last updated:

    The Leader of Liverpool City Council, Councillor Liam Robinson, has invited Liverpool Football Club to parade the city’s streets to officially celebrate securing their 20th English league title.

    After Arne Slot’s team triumphed against Tottenham Hotspur yesterday, the City Council has hit the green light on initiating its complex parade protocol, with plans for the Premier League trophy parade to take place on Bank Holiday Monday, 26 May, from 2.30pm.

    The major logistical challenges in arranging a parade of this scale, which is expected to be witnessed by hundreds of thousands of people, means months of planning has already been taking place behind the scenes with stakeholders across the city. Given the magnitude of the event, organisers are keen for the date to be publicised in advance so residents and businesses in the city can prepare.

    The victory parade route will start at Allerton Maze and will travel north bound on Queens Drive towards the Fiveways roundabout and Rocket flyover. From there it will journey along:

    • Queens Drive

    • Mill Bank

    • West Derby Road

    • Islington

    • Leeds Street

    • The Strand

    • Route finishes at Blundell Street

    It is expected the 15km-long parade will last anywhere between 3 to 5 hours, but this is subject to change.

    As in 2019 and in 2022, the key advice to supporters to line the entire route, plan travel in advance and supporters are reminded that bringing their own pyrotechnics/flares is prohibited in order to protect the safety of all in attendance.

    Those planning to line the route and cheer the team on should expect the city to be extremely busy, not only on the Monday, but also in the days beforehand as Liverpool is hosting the major music event, Radio 1 Big Weekend.  Cunard’s Queen Anne will also be sailing into the city on Monday 26 May, which is expected to also attract crowds.

    More information and advice will be issued by the City Council and partner agencies (Liverpool Football Club, Merseyside Police and Merseytravel) in the run up to the date.

    The full costs of the parade will be met by Liverpool Football Club.

    The parade is being organised by Liverpool City Council’s award-winning Culture Liverpool team, which has been praised for its work on the previous victory parades, and is also responsible for bringing other major events to the city, such as Eurovision 2023 and this year’s Radio 1 Big Weekend.  

    Leader of Liverpool City Council, Councillor Liam Robinson, said:

    “We’re delighted to officially invite Liverpool Football Club to parade around the city on the 26 May. A Liverpool victory parade is more than football – it’s a celebration of our city’s pride, passion and community spirit.

    “It’s going to be a bumper weekend in Liverpool, with Radio 1 welcoming more than 100,000 people to Sefton Park, the final Premier League match on the Sunday, Cunard’s Queen Anne sailing into the city on Monday, on the same day as the parade – any other city may shy away from back-to-back high-profile events, but as one of the world leader’s when it comes to staging major, successful and safe outdoor activities, Liverpool is set to shine once again under the global spotlight.

    “A huge amount of work goes on behind the scenes in preparation for an event of this size and scale, and there has already been months of careful planning taking place as the Team Liverpool approach – which we saw work so well throughout Eurovision – comes to the fore again.

    “It’s set to be an unforgettable Bank Holiday Weekend as we give the team the celebration they deserve.”

    Chief Inspector Chris Barnes, the Silver Commander for the event, said:

    “We have been working with Liverpool City Council, who are organising the event, and will be supporting them with the running and policing of the Victory Parade Monday, 26 May, to ensure the event goes ahead safely and disruption to regular road users and people living and visiting the city is minimal.

    “Officers will be providing a reassuring presence  along the route to ensure that that day is not only one to remember, but also an enjoyable and safe event for all those attending the parade.

    “Rolling road closures will be put in place to accommodate the parade and although we will work with Liverpool City Council to keep disruption to a minimum, some traffic disruption is inevitable and we would ask motorists to be patient, or avoid the area of parade route where possible.

    “If you have plans already for Monday (26th May) or are going to be driving in and out of the area, I would ask you to familiarise yourself with the route so you can fully prepare, make alternative travel arrangements in advance, or use available public transport wherever possible.

    “We would like to take this opportunity to congratulate Liverpool Football Club on their success. The parade on Monday, 26 May, will be a fantastic event for the players, the club, the city, and all the fans who will turn out to cheer their team on through the streets of Liverpool.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Greens lodge plans for tenants to withhold rent if landlords don’t carry out repairs

    Source: Scottish Greens

    29 Apr 2025 Housing

    Homes are for living in, not for profiteering.

    More in Housing

    Scottish Green MSP Ariane Burgess has lodged proposals that would allow renters to withhold rent payments if landlords do not promptly carry out serious repairs to their property.

    Ms Burgess’ proposed amendment to the Housing (Scotland) Bill would see renters able to withhold payment of rent if landlords do not carry out the repairs within 30 days of being notified about the issues.

    This would ensure major concerns such as damp, mould, broken floorings and heating and hot water systems are repaired promptly, so that private housing stock is maintained to a safe standard for living in.

    The amendment would also make the tribunal process more evenly shared, as landlords who act in bad faith would have to prove they have done enough to resolve the issue to unlock the withheld rent.

    Ms Burgess said:

    “My proposals will make it easier for renters to stand up to rogue landlords and to get vital repairs done quickly.

    “At the moment, renters can do little except threaten to take their landlords to tribunals, which can be time consuming and stressful, and the burden of the tribunal falls on the renter.

    “My amendment, which is backed by Living Rent, would allow tenants to withhold rent if their landlord hasn’t fixed serious issues within a timeframe of 30 days of being notified about them.

    “Renters should expect their homes to be maintained to the same standard as any other. But in some cases, there are landlords who simply feel it is okay to take rent and let their properties fester with damp, mould and serious problems that significantly impact health and wellbeing.

    “While not all landlords let this happen, and many will be encouraged to keep up the good work, there are some bad faith actors who fail to maintain their properties. For those who rent these properties, it can be a miserable experience. People in this situation need more support and the power to make sure major repairs happen.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Greens in tax bid to tackle holiday home crisis in National Parks

    Source: Scottish Greens

    29 Apr 2025 Finance

    National Parks are iconic spaces that should be protected.

    More in Finance

    The Scottish Greens are lodging plans to tackle the housing crisis in our National Parks and protect the communities who live there by increasing the tax due when buying a holiday home within park boundaries.

    At present, someone buying a second or holiday home anywhere in Scotland must pay a tax known as the Additional Dwelling Supplement. 

    These new proposals, to be lodged by Ross Greer MSP as an amendment to the upcoming Housing Bill, would create a further charge on top of this within National Parks, in recognition of the housing crisis in these communities being caused by so many properties becoming holiday homes.

    The change would build on successful changes already made by the Scottish Greens, namely doubling the Additional Dwelling Supplement from 4% to 8% since 2021. This will raise more than a quarter of a billion pounds in the current financial year.

    The Greens preferred policy would be for the Additional Dwelling Supplement to be doubled again in National Parks, though this would be for MSPs to agree on an annual basis.

    The latest data shows there are 2455 second homes in Loch Lomond and the Trossachs National Park, which is around 5% of all homes. This is more than five times the national average of 0.9%.

    The problem is far worse within the Cairngorms National Park, where around 12% of all houses are second homes, reaching 20% in some communities, meaning one in five homes are empty for most of the year.

    The Greens are confident that their amendment would raise more funds for public services and free up more homes for people to live in by reducing the number bought to be used as holiday homes.

    Research from 2022 shows that 75% of National Park households cannot afford average house prices.

    Ross Greer said:

    “Our National Parks are iconic and beautiful places, but the families who actually live there are being pushed out by second home owners. 

    “Young people in particular are too often forced to leave the communities they grew up in after being outbid by those wealthy enough to buy a second property.

    “Too many properties are also used as cash cows for short-term lets while local people are priced out and businesses find it impossible to recruit staff because there is nowhere for them to live.

    “The changes already delivered by Green MSPs have reduced the number of second and holiday homes bought each year, freeing up more properties for people who need a home to live in. Now we can build on this success and ensure that the communities within our National Parks are more than just holiday parks.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Drone racing and UAV control: a course for Moscow teachers at the State University of Management

    Translation. Region: Russian Federal

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

    The State University of Management held a series of educational events on the management of unmanned aerial vehicles for teachers of comprehensive schools in Moscow.

    The program is being implemented by the State University of Management jointly with the Department of Education and Science of the City of Moscow and the State Budgetary Educational Institution of Additional Professional Education “Moscow Center for Educational Practices”.

    During the 4 days of training, teachers became familiar with the legal basis of UAS, the organization of project activities in the field of UAV management, and the management of a drone racing competition project.

    The students also learned about current trends in the development of unmanned aircraft systems and became familiar with the design and construction of UAVs.

    In addition, the participants tried their hand at controlling an unmanned aerial vehicle in a special cube – a safe airspace.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

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

    MIL OSI Russia News –

  • MIL-OSI Europe: OSCE Secretary General concludes visits to Armenia, Georgia and Azerbaijan, underscores commitment to peace, security and stability in the region

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE Secretary General concludes visits to Armenia, Georgia and Azerbaijan, underscores commitment to peace, security and stability in the region

    OSCE Secretary General concludes visits to Armenia, Georgia and Azerbaijan, underscores commitment to peace, security and stability in the region | OSCE
    Skip navigation

    Navigation

    Navigation

    Home Newsroom News and press releases OSCE Secretary General concludes visits to Armenia, Georgia and Azerbaijan, underscores commitment to peace, security and stability in the region

    MIL OSI Europe News –

  • MIL-Evening Report: Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon

    Source: The Conversation (Au and NZ) – By Mehdi Seyedmahmoudian, Professor of Electrical Engineering, School of Engineering, Swinburne University of Technology

    The lights are mostly back on in Spain, Portugal and southern France after a widespread blackout on Monday.

    The blackout caused chaos for tens of millions of people. It shut down traffic lights and ATMs, halted public transport, cut phone service and forced people to eat dinner huddled around candles as night fell. Many people found themselves trapped in trains and elevators.

    Spain’s prime minister, Pedro Sánchez, has said the exact cause of the blackout is yet to be determined. In early reporting, Portugal’s grid operator REN was quoted as blaming the event on a rare phenomenon known as “induced atmospheric vibration”. REN has since reportedly refuted this.

    But what is this vibration? And how can energy systems be improved to mitigate the risk of widespread blackouts?

    How much does weather affect electricity?

    Weather is a major cause of disruptions to electricity supply. In fact, in the United States, 83% of reported blackouts between 2000 and 2021 were attributed to weather-related events.

    The ways weather can affect the supply of electricity are manifold. For example, cyclones can bring down transmission lines, heatwaves can place too high a demand on the grid, and bushfires can raze substations.

    Wind can also cause transmission lines to vibrate. These vibrations are characterised by either high amplitude and low frequency (known as “conductor galloping”), or low amplitude and high frequency (known as “aeolian vibrations”).

    These vibrations are a significant problem for grid operators. They can place increased stress on grid infrastructure, potentially leading to blackouts.

    To reduce the risk of vibration, grid operators often use wire stabilisers known as “stock bridge dampers”.

    What is ‘induced atmospheric vibration’?

    Vibrations in power lines can also be caused by extreme changes in temperature or air pressure. And this is one hypothesis about what caused the recent widespread blackout across the Iberian peninsula.

    As The Guardian initially reported Portugal’s REN as saying:

    Due to extreme temperature variations in the interior of Spain, there were anomalous oscillations in the very high voltage lines (400 kV), a phenomenon known as “induced atmospheric vibration”. These oscillations caused synchronisation failures between the electrical systems, leading to successive disturbances across the interconnected European network.

    In fact, “induced atmospheric vibration” is not a commonly used term, but it seems likely the explanation was intended to refer to physical processes climate scientists have known about for quite some time.

    In simple terms, it seems to refer to wavelike movements or oscillations in the atmosphere, caused by sudden changes in temperature or pressure. These can be triggered by extreme heating, large-scale energy releases (such as explosions or bushfires), or intense weather events.

    When a part of Earth’s surface heats up very quickly – due to a heatwave, for example – the air above it warms, expands and becomes lighter. That rising warm air creates a pressure imbalance with the surrounding cooler, denser air. The atmosphere responds to this imbalance by generating waves, not unlike ripples spreading across a pond.

    These pressure waves can travel through the atmosphere. In some cases, they can interact with power infrastructure — particularly long-distance, high-voltage transmission lines.

    These types of atmospheric waves are usually called gravity waves, thermal oscillations or acoustic-gravity waves. While the phrase “induced atmospheric vibration” is not formally established in meteorology, it seems to describe this same family of phenomena.

    What’s important is that it’s not just high temperatures alone that causes these effects — it’s how quickly and unevenly the temperature changes across a region. That’s what sets the atmosphere into motion and can cause power lines to vibrate. Again, though, it’s still unclear if this is what was behind the recent blackout in Europe.

    Atmospheric waves can sometimes be seen in clouds.
    Jeff Schmaltz/NASA

    More centralised, more vulnerable

    Understanding how the atmosphere behaves under these conditions is becoming increasingly important. As our energy systems become more interconnected and more dependent on long-distance transmission, even relatively subtle atmospheric disturbances can have outsized impacts. What might once have seemed like a fringe effect is now a growing factor in grid resilience.

    Under growing environmental and electrical stress, centralised energy networks are dangerously vulnerable. The increasing electrification of buildings, the rapid uptake of electric vehicles, and the integration of intermittent renewable energy sources have placed unprecedented pressure on traditional grids that were never designed for this level of complexity, dynamism or centralisation.

    Continuing to rely on centralised grid structures without fundamentally rethinking resilience puts entire regions at risk — not just from technical faults, but from environmental volatility.

    The way to avoid such catastrophic risks is clear: we must embrace innovative solutions such as community microgrids. These are decentralised, flexible and resilient energy networks that can operate independently when needed.

    Strengthening local energy autonomy is key to building a secure, affordable and future-ready electricity system.

    The European blackout, regardless of its immediate cause, demonstrates that our electrical grids have become dangerously sensitive. Failure to address these structural weaknesses will have consequences far worse than those experienced during the COVID pandemic.

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

    – ref. Did ‘induced atmospheric vibration’ cause blackouts in Europe? An electrical engineer explains the phenomenon – https://theconversation.com/did-induced-atmospheric-vibration-cause-blackouts-in-europe-an-electrical-engineer-explains-the-phenomenon-255497

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: SPC change – Credelio Chewable Tablets for Dogs

    Source: United Kingdom – Government Statements

    News story

    SPC change – Credelio Chewable Tablets for Dogs

    Change to the information provided on adverse events in the Summary of Product Characteristics for Credelio 56mg/ 112mg/ 225mg/ 450mg/ 900mg Chewable Tablets for Dogs

    Following monitoring of pharmacovigilance data, the Summary of Product Characteristics (SPCs) for Credelio 56 mg / 112 mg / 225 mg / 450 mg / 900 mg Chewable Tablets for Dogs have been updated:

    Pruritus, bloody diarrhoea, urinary incontinence, inappropriate urination, polyuria and polydipsia can occur very rarely following the administration of the veterinary medicinal product.

    Any veterinary medicinal product which is authorised for marketing in the United Kingdom will have its Summary of Product Characteristics (SPC) available on our Product Information Database.

    No medicine is 100% risk free, the SPC includes information on what adverse events have been known to occur following administration of a particular product, these can be found in either section Adverse events (3.6) or Adverse reactions (4.6).

    All updates to SPCs other than template changes, are published in the medicine updates section of VMD Connect.

    Updates to this page

    Published 29 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Plans submitted for new Town Youth and Community Centre29 April 2025 Plans have been submitted for a brand-new youth and community centre that is scheduled to be delivered in the north of town by the end of June of 2028. The project is a result of this Government’s Common… Read more

    Source: Channel Islands – Jersey

    29 April 2025

    Plans have been submitted for a brand-new youth and community centre that is scheduled to be delivered in the north of town by the end of June of 2028. 

    The project is a result of this Government’s Common Strategic Policy, of which one of the priorities is to deliver a plan to revitalise Town, and on 17 April a key milestone was achieved when the planning application was submitted. Subject to approval in the summer months, building works can begin towards the end of this year. 

    The new facilities will be based on the old Ann Street Brewery site, which has been vacant for several years. 

    The proposed centre will provide a long overdue provision in the north of town and will contain a range of modern facilities including a sports hall, roof-top kick pitch, climbing wall, fitness rooms, dance studio, boxing gym, sensory room, food preparation facilities, multi-functional use rooms, and eight counselling rooms as it will be the main hub of the Youth Enquiry Service, YES. 

    Throughout the last year, officers from the Jersey Youth Service, JYS, have consulted with residents in the nearby area, as well as young people and their families, and have incorporated their feedback on the suggested plans. Once the building is complete, there will be further opportunities for children and young people to be involved in its interior design and decoration. 

    Assistant Minister for Children and Families, Deputy Malcolm Ferey, said: “The development of these facilities will have a significantly positive impact on our children, young people and their families in town, and will offer them a new service within modern facilities. We are listening to our young people who have told us that ‘more places to play, free clubs and activities, and activities for older children’ were all very important to them; this project will deliver on these and much more. 

    “It is vital that we continue to invest in services to support our children and young people and provide support and guidance for the adults of the future.” 

    Associate Director for Young People’s Services, Mark Capern, said: “I’m extremely proud of the Jersey Youth Service and the positive impact it has on the community of Jersey. The town youth and community centre will provide children and young people much-needed access to engage in positive activities, have access to Youth Workers and have somewhere where they can be part of their community. 

    “The youth work curriculum delivered from the centre will provide children and young people with various learning activities that support their health and well-being, opportunities for them to be physically active in various games and sports, as well as quieter activities like arts and crafts, and opportunities to develop life-skills such as cooking.” ​

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Polytechnic University Wins Gazprom Neft Universities League Prize

    Translation. Region: Russian Federal

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    The Science. Business. Education strategic partnership forum was held in St. Petersburg, where experts discussed joint strategies for personnel and technological transformation. Among the key participants was the team from Peter the Great St. Petersburg Polytechnic University. It presented the university’s projects and initiatives in the field of digitalization of education and interaction with partners. The main event of the forum was the presentation of the Gazprom Neft University League Prize. The SPbPU program in the field of innovative engineering for oil industry enterprises won in the Great Prospects nomination. It was developed taking into account the current challenges of the industry, including the tasks of creating digital models and technologies for their application in various industries.

    Our task is not just to train, but to form engineers of the future, capable of solving problems of technological leadership. Winning the award is recognition of the efforts of the entire team, – noted the head of the program Ivan Kurta.

    The project is being implemented in partnership with Gazprom Neft and has become the first additional professional education program in Russia transferred for use by other organizations under a license agreement. This partnership has provided the conditions for its implementation in the leading educational and industrial centers of the country.

    The program in the field of innovative engineering for oil industry enterprises was successfully tested in 2024 as part of a case championship, in which students from leading technical universities of St. Petersburg participated. SPbPU provided the organization of training, thereby confirming the practical value of the program.

    The interaction of science and industry is a necessity. By joint efforts we can form unique competencies, – emphasized Irina Rudskaya, Director of the Scientific and Educational Center for Information Technologies and Business Analysis of Gazprom Neft.

    In the nomination “Science of Enlightenment”, the winner of the competition was the project “Purchase Management at Oil and Gas Complex Enterprises”, developed by the Polytechnic team. The head of the program is Mikhail Afanasyev, professor at the Higher School of Industrial Management. The program trains specialists for key functions in the oil and gas industry, including for procurement at Gazprom Neft.

    We see a consistently high interest in our programs from both industrial partners and educational and scientific organizations. This confirms the demand and potential for scaling up Polytechnic’s educational solutions. The forum showed that we are moving in the right direction, – noted Dmitry Tikhonov, Vice-Rector for Continuing and Pre-University Education at SPbPU.

    The second day of the forum was devoted to discussing strategic directions for the development of the scientific and educational space in Russia. The focus was on issues of training engineering personnel, integrating science, education and business, and forming technological leadership in the regions. The agenda included panel discussions, sessions on franchising educational solutions, the academic mobility program, developing world-class campuses and mechanisms for supporting university technological entrepreneurship.

    The work of the sections “Designing network educational projects with regional universities” and “Franchising educational solutions in the field of industrial safety” should be separately noted. They presented proposals for new joint initiatives, and supported projects that are planned to be implemented in the field of additional education in 2025-2026. These decisions strengthen the position of the Polytechnic University as a reliable partner in the implementation of national priorities in education.

    Participation in the forum confirmed SPbPU’s status as a leader in the field of additional professional education and its key role in training engineering personnel for the industry of the future.

    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: Open Day at the State University of Management: Master Classes, Excursions and Answers to All Questions

    Translation. Region: Russian Federal

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

    On April 27, the State University of Management held an Open Day, which brought together hundreds of applicants and their family members.

    Vice-Rector of the State University of Management Dmitry Bryukhanov introduced those who came to the history of the first management, the main achievements over more than a century of history and the latest innovations.

    Head of the Department for Admission of Applicants Ezizkhan Dzhumaev spoke about the admission process in 2025 and its main changes, and also answered the most popular questions from applicants.

    Vice-Rector of the State University of Management Pavel Pavlovsky presented the students’ rich extracurricular life, and the Director of the Career Guidance Center Elena Likhatskikh spoke about the importance of choosing the right field of study.

    Also, a quiz on knowledge of history, institutes and programs was held for the university guests, in which the children won branded gifts from the State University of Management.

    Throughout the day, it was possible to get advice from admissions committee specialists about admission rules, required documents and benefits, as well as get advice on the optimal strategy for preparing for admission.

    Representatives of all the institutes also answered questions from those gathered, helping to understand the specifics of each program and employment prospects.

    In addition, student clubs prepared interactive activities in which everyone could take part: play board games with the Mind Games club, test your knowledge of Moscow districts with the Student Parliamentary Club, or solve puzzles with residents of the Moscow Government Personal Scholarship.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: President Lai meets Japanese Diet Member and former Minister of State for Economic Security Takaichi Sanae

    Source: Republic of China Taiwan

    Details
    2025-04-23
    President Lai delivers remarks at International Holocaust Remembrance Day event
    On the afternoon of April 23, President Lai Ching-te attended an International Holocaust Remembrance Day event and delivered remarks, in which he emphasized that peace is priceless, and war has no winners, while morality, democracy, and respect for human rights are powerful forces against violence and tyranny. The president stated that Taiwan will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability, defending democracy, freedom, and human rights. He said we must never forget history, and must overcome our differences and join in solidarity to ensure that the next generations live in a world that is more just and more peaceful. Upon arriving at the event, President Lai heard a testimony from the granddaughter of a Holocaust survivor, followed by a rabbi’s recitation of the prayer “El Maleh Rachamim.” He then joined other distinguished guests in lighting candles in memory of the victims. A transcript of President Lai’s remarks follows: To begin, I want to thank the Israel Economic and Cultural Office (ISECO) in Taipei, German Institute Taipei, Taiwan Foundation for Democracy, and Ministry of Foreign Affairs for co-organizing this deeply significant memorial ceremony again this year. I also want to thank everyone for attending. We are here today to remember the victims of the Holocaust, express sympathy for the survivors, honor the brave individuals who protected the victims, and acknowledge all who were impacted by this atrocity. It was deeply moving to hear Ms. [Orly] Sela share the story of how her grandmother, Yehudit Biksz, escaped the Nazi regime. I want to thank her specially for traveling so far to attend this event. From the 1930s through World War II, the Nazi regime sought to exclude Jewish people from society. In their campaign, they perpetrated systematic genocide driven by their ideology. Policies and directives under the authoritarian Nazi regime resulted in the deaths of approximately 6 million Jews. Millions of others were persecuted, including Romani people, persons with disabilities, the gay community, and anyone who disagreed with Nazi ideology. It is one of the darkest chapters in human history. Many countries, including Taiwan, have enacted anti-massacre legislation, and observe a remembrance day each year. Those occasions help us remember the victims, preserve historical memory, and most importantly, reinforce our resolve to fight against hatred and discrimination. Twenty-three years ago, Chelujan (車路墘) Church in Tainan founded the Taiwan Holocaust Memorial Museum. It is the first Jewish museum in Taiwan, and the second Holocaust museum in Asia. Its founding mission urges us to forget hatred and love one another; put an end to war and advocate peace. Many of the exhibition items come from Jewish people, connecting Taiwan closer with Israel and helping Taiwanese better understand the experiences of Jewish people. In this way, we grow to more deeply cherish peace. When I was mayor of Tainan, I took part in an exhibition event at Chelujan Church. I was also invited by the Israeli government to join the International Mayors Conference in Israel, where I visited the World Holocaust Remembrance Center. I will never forget how deeply that experience moved me, and as a result, peace and human rights became even more important issues for me. These issues are valued by Taiwan and our friends and allies. They are also important links connecting Taiwan with the world. Peace is priceless, and war has no winners. We will continue to expand cooperation with democratic partners and safeguard regional and global peace and stability. We will also continue to make greater contributions and work with the international community to defend democracy, freedom, and human rights. This year also marks the 80th anniversary of the end of World War II. However, we still see wars raging around the world. We see a resurgence of authoritarian powers, which could severely impact global democracy, peace, and prosperous development. Today’s event allows for more than reflection on the past; it also serves as a warning for the future. We are reminded of the threats that hatred, prejudice, and extremism pose to humanity. But we are also reminded that morality, democracy, and respect for human rights are powerful forces against violence and tyranny. We must never forget history. We must overcome our differences and join in solidarity for a better future. Let’s work together to ensure that the next generations live in a world that is more just and more peaceful. Also in attendance at the event were Member of the Israeli Knesset (parliament) and Taiwan friendship group Chair Boaz Toporovsky, ISECO Representative Maya Yaron, and German Institute Taipei Deputy Director General Andreas Hofem.

    Details
    2025-04-23
    President Lai pays respects to Pope Francis  
    On the morning of April 23, President Lai Ching-te visited the Taipei Archdiocesan Curia to pay respects in a memorial ceremony for His Holiness Pope Francis. As officiant of the ceremony, President Lai burned incense and presented flowers, fruits, and wine to pay his respects to Pope Francis. At the direction of the master of ceremonies, the president then bowed three times in front of Pope Francis’s memorial portrait, conveying his grief and deep respect for the late pope. After hearing of Pope Francis’s passing on April 21, President Lai promptly requested the Ministry of Foreign Affairs to express sincere condolences from the people and government of Taiwan to the Vatican. The president also instructed Minister of Foreign Affairs Lin Chia-lung (林佳龍) to convey condolences to the Holy See’s Apostolic Nunciature in Taiwan.  

    Details
    2025-04-23
    President Lai meets US CNAS NextGen fellows
    On the morning of April 23, President Lai Ching-te met with fellows from the Shawn Brimley Next Generation National Security Leaders Program (NextGen) run by the Center for a New American Security (CNAS). In remarks, President Lai thanked the government of the United States for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. The president pointed out that we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US, and form a “Taiwan investment in the US team” to expand investment and bring about even closer Taiwan-US trade cooperation, allowing us to reduce the trade deficit and generate development that benefits both sides. A translation of President Lai’s remarks follows: Ms. Michèle Flournoy, chair of the CNAS Board of Directors, is a good friend of Taiwan, and she has made major contributions to Taiwan-US relations through her long-time efforts on various aspects of our cooperation. I am happy to welcome Chair Flournoy, who is once again leading a NextGen Fellowship delegation to Taiwan. CNAS is a prominent think tank focusing on US national security and defense policy based in Washington, DC. Its NextGen Fellowship has fostered talented individuals in the fields of national security and foreign affairs. This year’s delegation is significantly larger than those of the past, demonstrating the increased importance that the next generation of US leaders attach to Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. The Taiwan Strait, an issue of importance for our guests, has become a global issue. There is a high degree of international consensus that peace and stability across the Taiwan Strait are indispensable elements in global security and prosperity. Facing military threats from China, Taiwan proposed the Four Pillars of Peace action plan. First, we are actively implementing military reforms, enhancing whole-of-society defense resilience, and working to increase our defense budget to more than 3 percent of GDP. Second, we are strengthening our economic resilience. As Taiwan’s economy must keep advancing, we can no longer put all our eggs in one basket. We are taking action to remain firmly rooted in Taiwan while expanding our global presence and marketing worldwide. In these efforts, we are already seeing results. Third, we are standing side-by-side with other democratic countries to demonstrate the strength of deterrence and achieve our goal of peace through strength. And fourth, Taiwan is willing, under the principles of parity and dignity, to conduct exchanges and cooperate with China towards achieving peace and stability in the Taiwan Strait. This April 10 marked the 46th anniversary of the enactment of the Taiwan Relations Act. We thank the US government for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. We look forward to Taiwan and the US continuing to strengthen collaboration on the development of both our defense industries as well as the building of non-red supply chains. This will yield even more results and further deepen our economic and trade partnership. The US is now the main destination for outbound investment from Taiwan. Moving forward, we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US. And our government will form a “Taiwan investment in the US team” to expand investment. We hope this will bring Taiwan-US economic and trade cooperation even closer and, through mutually beneficial assistance, allow us to generate development that benefits both our sides while reducing our trade deficit. In closing, thank you once again for visiting Taiwan. We hope your trip is fruitful and leaves you with a deep impression of Taiwan. We also hope that going forward you continue supporting Taiwan and advancing even greater development for Taiwan-US ties.  Chair Flournoy then delivered remarks, first thanking President Lai for making time to receive their delegation. Referring to President Lai’s earlier remarks, she said that it is quite an impressive group, as past members of this program have gone on to become members of the US Congress, leading government experts, and leaders in the think-tank world and in the private sector. She remarked that investing in this group is a wonderful privilege for her and that they appreciate President Lai’s agreeing to take the time to engage in exchange with them. Chair Flournoy emphasized that they are visiting Taiwan at a critical moment, when there is so much change and volatility in the geostrategic environment, a lot of uncertainty, and a lot of unpredictability. She stated that given our shared values, our shared passion for democracy and human rights, and our shared interests in peace and stability in the Indo-Pacific region, this is an important time for dialogue, collaboration, and looking for additional opportunities where we can work together towards regional peace and stability.

    Details
    2025-04-18
    President Lai meets US delegation from Senate Foreign Relations Subcommittee on East Asia and the Pacific
    On the afternoon of April 18, President Lai Ching-te met with a delegation led by Senator Pete Ricketts, chairman of the United States Senate Foreign Relations Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy. In remarks, President Lai said we hope to promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US, to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation. The president said that by deepening cooperation, Taiwan and the US will be better positioned to work together on building non-red supply chains. He said a more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. A translation of President Lai’s remarks follows: I warmly welcome you all to Taiwan. I want to take this opportunity to especially thank Chairman Pete Ricketts and Ranking Member Chris Coons for their high regard and support for Taiwan. Chairman Ricketts has elected to visit Taiwan on his first overseas trip since taking up his new position in January. Ranking Member Coons made a dedicated trip to Taiwan in 2021 to announce a donation of COVID-19 vaccines on behalf of the US government. He also visited last May, soon after my inauguration, continuing to deepen Taiwan-US exchanges. Thanks to support from Chairman Ricketts and Ranking Member Coons, the US Congress has continued to introduce many concrete initiatives and resources to assist Taiwan through the National Defense Authorization Act and Consolidated Appropriations Act, bringing the Taiwan-US partnership even closer. For this, I want to again express my gratitude. There has long been bipartisan support in the US Congress for maintaining security in the Taiwan Strait. Faced with China’s persistent political and military intimidation, Taiwan will endeavor to reform national defense and enhance whole-of-society defense resilience. We will also make special budget allocations to ensure that our defense budget exceeds 3 percent of GDP, up from the current 2.5 percent, so as to enhance Taiwan’s self-defense capabilities. We look forward to Taiwan and the US continuing to work together to maintain peace and stability in the region. We will also promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US. We hope to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation, jointly promoting prosperity and development. We believe that by deepening cooperation through the Taiwan plus one policy, Taiwan and the US will be better positioned to work together on building non-red supply chains. A more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. In closing, I wish Chairman Ricketts and Ranking Member Coons a smooth and successful visit. Chairman Ricketts then delivered remarks, first thanking President Lai for his hospitality. He said that he and his delegation have had a wonderful time meeting with government officials, industry representatives, and the team at the American Institute in Taiwan. Highlighting that Taiwan has long been a friend and partner of the US, he said their bipartisan delegation to Taiwan emphasizes long-time bipartisan support in the US Congress for Taiwan, and though administrations change, that bipartisan support remains. Chairman Ricketts stated that the US is committed to peace and stability in the Indo-Pacific and that they want to see peace across the Taiwan Strait. He also stated that the US opposes any unilateral change in the status of Taiwan and that they expect any differences between Taiwan and China to be resolved peacefully without coercion or the threat of force. To that end, he said, the US will continue to assist Taiwan in its self-defense and will also step up by bolstering its own defense capabilities, noting that there is broad consensus on this in the US Congress. Chairman Ricketts stated that they want to see Taiwan participate in international organizations and memberships where appropriate, and encourage Taiwan to reach out to current and past diplomatic allies to strengthen those bilateral relationships. He pointed out that the long economic relationship between the US and Taiwan is important for our as well as the entire world’s security and prosperity. He also noted that there are many opportunities for us to continue to grow the economic relationship that will help create more prosperity for our respective peoples and ensure that we are more secure in the world. Chairman Ricketts emphasized that they made this trip early on in the new US administration to work with Taiwan to develop three points: security, diplomatic relations, and the economy. He stated that in the face of rising aggression from communist China, the US will provide commensurate help to Taiwan in self-defense and that they will continue to provide the services and tools needed. In closing, Chairman Ricketts once again thanked President Lai for the hospitality and said he looks forward to dialogue on how we can continue these relationships. Ranking Member Coons then delivered remarks. Mentioning that their delegation also visited the Philippines on this trip, he said that there and in Taiwan, they have been focused on peace, stability, and security, and the ways for deepening and strengthening economic and security relations. He noted that 46 years ago, the US Senate passed the Taiwan Relations Act, adding that it was strongly bipartisan when enacted and that support for it is still strongly bipartisan today. Its core commitment, he said, is that the US will be engaged and will be a partner in ensuring that any dispute or challenge across the strait will be resolved peacefully, and that Taiwan will have the resources it needs for its self-defense. Ranking Member Coons said that between people, friendships are deepest and most enduring when they are based not just on interests but on values, and that the same is true between the US and Taiwan. Free press, free enterprise, free societies, democracy – these core shared values, he said, anchor our friendship and partnership, making them deeper. He remarked that they are grateful for the significant investment in the US being made by companies from Taiwan, but what anchors our partnership, in addition to these important investments and investments being made by Taiwan in its own security, are the values that mobilize our free-enterprise spirit and our commitment to free societies. In Europe in recent years, Ranking Member Coons said, an aggressive nation has tried to change boundaries and change history by force. He said that the US and dozens of countries committed to freedom have come to the aid of Ukraine to defend it, help it stabilize, and secure its future. So too in this region of the world, he added, the US and a bipartisan group in the US Senate are committed to stable, secure, peaceful relations and to deterring any unilateral effort to change the status quo by force. In closing, he said he is grateful for a chance to return to Taiwan after the pandemic and that he looks forward to our conversation, our partnership, and the important work we have in front of us. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-04-17
    President Lai meets New Zealand delegation from All-Party Parliamentary Group on Taiwan  
    On the morning of April 17, President Lai Ching-te met with a delegation from New Zealand’s All-Party Parliamentary Group on Taiwan. In remarks, President Lai thanked the government of New Zealand for reiterating the importance of peace and stability across the Taiwan Strait on multiple occasions since last year. He also stated that this year, the Taiwan-New Zealand economic cooperation agreement (ANZTEC) is being implemented in its complete form. The president expressed hope that deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among our indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. A translation of President Lai’s remarks follows: I extend a warm welcome to all of our guests. New Zealand’s All-Party Parliamentary Group on Taiwan was established in 2023, marking a significant milestone in the deepening of Taiwan-New Zealand relations. I would like to thank Members of Parliament Stuart Smith and Tangi Utikere for leading this delegation, and thank all our guests for demonstrating support for Taiwan through action. We currently face a rapidly changing international landscape. Authoritarian regimes continue to converge and expand. Democracies must actively cooperate and jointly safeguard peace, stability, and the prosperous development of the Indo-Pacific region. Since last year, the government of New Zealand has on multiple occasions reiterated the importance of peace and stability across the Taiwan Strait. On behalf of the people of Taiwan, I would like to express our sincere gratitude for these statements and demonstrations of support. This year, ANZTEC is being implemented in its complete form. We look forward to exploring even more diverse markets with New Zealand. Deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. Taiwan and New Zealand share the universal values of democracy, freedom, and respect for human rights, and parliamentary diplomacy is a tradition practiced by democracies around the world. Looking ahead, our parliamentary exchanges and mutual visits are bound to become more frequent. This will enable us to explore even more opportunities for cooperation and further deepen and solidify the democratic partnership between Taiwan and New Zealand. Thank you once again for making the long journey to visit us. I wish you a fruitful and successful trip. I also hope that everyone can take time to see more of Taiwan, try our local cuisine, and learn more about our culture. I hope our guests will fall in love with Taiwan. MP Smith then delivered remarks, saying that it is a great pleasure and an honor to be received by President Lai. The MP, noting that President Lai already covered many of the points he planned to make, went on to say that New Zealand and Taiwan share many values. He indicated that both are trading nations that rely on easy access for imports and exports, and that is why freedom of navigation is so important. That is why New Zealand had a naval vessel sail through the Taiwan Strait, he said, to underline the importance of freedom of navigation and our mutual security. MP Smith said that they look forward to building stronger relationships and enhancing the trade between our two nations. He added that New Zealand has much to offer in the field of geothermal energy to assist Taiwan, and mentioned that New Zealand is third largest in terms of the number of rocket launchers for satellites, which could assist Taiwan with communications in the future. New Zealand has other products as well, he said, but looks for assistance from Taiwan’s technology and technological sector. Lastly, MP Smith stated that he looks forward to a long and prosperous relationship between Taiwan and New Zealand. MP Utikere then delivered remarks, indicating that like Taiwan, New Zealand is a nation that is surrounded by ocean, which means that they rely on strong partnerships with communities of interest all around the globe. He said that the all-party parliamentary friendship group that was established and that they are a part of goes a long way in ensuring that a secure relationship between our two parliaments can continue to prosper. The MP also thanked Taiwan’s Representative to New Zealand Joanne Ou (歐江安) and her team for their work, which has ensured the success of the delegation’s visit. He said that the delegation experienced meetings with ministers in Taiwan’s government, members of the legislature, and those from the non-government organization sector as well. He also said that they enjoyed the opportunity to visit Wulai, and that the strength of the connections between the indigenous peoples of Taiwan and the indigenous peoples of Aotearoa New Zealand is something that certainly landed with members of the delegation. MP Utikere noted that he will take up President Lai’s offer on experiencing more of Taiwan, and will spend a few extra days in Tainan, which he understands has a very special place in the president’s heart, adding that he looks forward to his time and experiences there. The MP concluded his remarks by saying that this will be a relationship that continues to go from strength to strength. After their remarks, the New Zealand delegation sang the Māori song “Tutira Mai Nga Iwi” to extend best wishes to Taiwan. Also in attendance at the meeting were New Zealand Members of Parliament Jamie Arbuckle, Greg Fleming, Hamish Campbell, Cameron Luxton, and Helen White.  

    Details
    2025-04-06
    President Lai delivers remarks on US tariff policy response
    On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions.  However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods:  1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age.  4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: The first joint seminar with NSU for residents and postgraduate students on immunology issues

    Translation. Region: Russian Federal

    Source: Novosibirsk State University – Novosibirsk State University – Center for Postgraduate Medical Education of the Institute of Medicine and Medical Technologies of NSU, Research Institute of Clinical and Experimental Lymphology, branch of the Institute of Cytology and Genetics of the Siberian Branch of the Russian Academy of Sciences, Research Institute of Fundamental and Clinical Immunology and Novosibirsk State Medical University held the first joint interdisciplinary seminar for young specialists.

    The meeting took place at the NIIKEL site. Opening the seminar, the head of NIIKEL, Maxim Aleksandrovich Korolev, spoke about the work of the institute and outlined the topic of the meeting – psoriatic arthritis and skin psoriasis.

    – There are diseases that cannot be treated alone. And we chose the topic of psoriatic arthritis and skin psoriasis for the first interdisciplinary seminar precisely because dermatologists, rheumatologists, and immunologists participate in the diagnosis and treatment of these diseases. And multidisciplinarity is the basic principle that allows for success in treating such diseases, – explained Maxim Aleksandrovich.

    The introductory lecture on the mechanisms of autoimmune diseases for the participants of the seminar was given by Academician of the Russian Academy of Sciences, Scientific Director of the Research Institute of Physical Culture and Informatics Vladimir Aleksandrovich Kozlov. Then young doctors, immunologists, dermatologists and rheumatologists – residents and postgraduates of NSU and the Research Institute of Physical Culture and Informatics – made presentations.

    The prize for the best presentation of her work following the seminar was awarded to Galina Voronina, an allergist-immunologist at the Immunopathology Clinic of the Research Institute of Physical Culture and Infection.

    As noted by the Director of the Center for Preventive Medical Research of the Institute of Medical Technologies of NSU Irina Gennadyevna Sergeeva, such meetings are very useful for young specialists. They allow them to present the results of their work, hear constructive criticism and get acquainted with the topics that colleagues from related fields of medicine are working on.

    – In the future, we plan to hold similar seminars twice a year at various educational venues in the city so that young specialists can communicate and get acquainted not only with professional problems, but also with each other.

    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 Europe: International Conference in Bishkek: Strengthening Co-operation for Mountain Region Development

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: International Conference in Bishkek: Strengthening Co-operation for Mountain Region Development

    Ambassador Alexey Rogov and OSCE staff took part in a tree-planting activity together with partners in a mountainous area near Bishkek, Bishkek, 25 April 2025. (OSCE/Alima Omorova) Photo details

    On 24–25 April 2025, Bishkek hosted the high-level international conference “Global Mountain Dialogue for Sustainable Development: Towards the Bishkek+25 Summit.” The forum brought together over 200 delegates from 50 countries and around 30 international and regional organizations.
    The conference was organized by the Government of the Kyrgyz Republic in partnership with the Organization for Security and Co-operation in Europe (OSCE), UN FAO and other international institutions. It was held within the framework of the United Nations-designated Five Years of Action for the Development of Mountain Regions (2023–2025).
    Participants discussed key challenges faced by mountain regions, including climate change, ecosystem degradation, and water, food, and energy security.The event marked an important milestone on the road to the Bishkek+25 Global Mountain Summit scheduled for 2027 and helped develop joint initiatives for the sustainable development of mountain territories.
    Key topics of the forum included the impact of climate change on mountain ecosystems, the role of mountains in global security, the prevention of ecosystem degradation, the advancement of scientific research, and the financing of sustainable mountain development.
    The OSCE supports the efforts of the Kyrgyz Republic and its partners to promote inclusive dialogue and strengthen international co-operation for the benefit of mountain communities.

    MIL OSI Europe News –

  • MIL-OSI Europe: Piero Cipollone: Navigating a fractured horizon: risks and policy options in a fragmenting world

    Source: European Central Bank

    Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the conference on “Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow” organised by the Bank for International Settlements, the Bank of England, the ECB and the International Monetary Fund

    Frankfurt am Main, 29 April 2025

    I’m honoured to welcome you to this conference, jointly organised by the Bank for International Settlements (BIS), the Bank of England, the European Central Bank (ECB) and the International Monetary Fund (IMF).[1]

    Today, we come together to discuss the urgent challenges posed by global fragmentation – a growing risk to our interconnected world. Earlier this month, the President of the United States announced tariff hikes, sending shockwaves through the global economy – a stark reminder that the fractures we face are no longer hypothetical, but real.

    This announcement is but the latest chapter in a series of four major shocks that have been reshaping our world in recent years.

    First, since 2018 the intensifying power struggle between the United States and China has led to tit-for-tat tariffs affecting nearly two-thirds of the trade between these two economic giants. Second, starting in 2020, the pandemic caused unprecedented disruptions to supply chains, which prompted a re-evaluation of the balance between global integration and resilience. Third, in 2022 Russia’s unjustified invasion of Ukraine not only triggered an energy crisis but also deepened a geopolitical divide that continues to have worldwide repercussions. And fourth, we are now facing the rising risk of economic fragmentation within the western bloc itself, as new trade barriers threaten long-standing international partnerships.

    The data paint a sobering picture. Geopolitical risk levels have surged to 50% above the post-global financial crisis average, and uncertainty surrounding trade policy has risen to more than eight times its average since 2021.[2] What we are experiencing is not merely a temporary disruption – it is a profound shift in how nations interact economically, financially and diplomatically. So, it does not come as a surprise that financial markets have experienced considerable volatility in recent weeks. It remains to be seen if, for markets to find a stable equilibrium, it will be enough to step back from the current international economic disorder towards a more stable, predictable and reliable trading system – a development that appears elusive in the short term. Against this backdrop, recent moves in exchange rates, bond yields and equities, suggest that US markets have not been playing their usual role as a safe haven in this particular episode of stress. This potentially has far-reaching longer-term implications for capital flows and the international financial system.

    Today I will focus on three key points. First, we are seeing increasing signs of fragmentation becoming visible across the economy and financial system. Second, the implications of this accelerating fragmentation could extend far beyond the immediate disruptions, with consequences for growth, stability and prosperity. Third, in this evolving economic landscape, central banks must adapt their approaches yet retain a steadfast focus on their core mandates, while striving to preserve international cooperation.

    The emerging reality of fragmentation

    Let me begin by addressing a common belief – still held by many until recently – that, despite rising geopolitical tensions, globalisation appears largely resilient. Headline figures in trade and cross-border investment, for example, do indeed appear to support this belief. In 2024 world trade expanded to a record USD 33 trillion – up 3.7% from 2023. Similarly, the global stock of foreign direct investment reached an unprecedented USD 41 trillion.[3] However, these surface-level indicators may not reflect the underlying realities, creating a misleading sense of stability when important changes are already underway. In reality, fragmentation is already happening in both the global economy and the financial system.

    Fragmentation of the real economy

    Fragmentation is most evident in rebalancing trade, driven by escalating geopolitical tensions. Take, for instance, the escalating US-China trade tensions that have been intensifying since 2018. Studies show the impact of geopolitical distance on trade has become notably negative. A doubling of geopolitical distance between countries – akin to moving from the position of Germany to that of India in relation to the United States – decreases bilateral trade flows by approximately 20%.[4]

    The series of shocks to the global economy in recent years have also contributed to this fragmentation. According to gravity model estimates, trade between geopolitically distant blocs has significantly declined. Trade between rivals is about 4% lower than it might have been without the heightened tensions post-2017, while trade between friends is approximately 6% higher.[5] Global value chains are being reconfigured as companies respond to these new realities. In 2023 surveys already indicated that only about a quarter of leading firms operating in the euro area[6] that sourced critical inputs from countries considered subject to elevated risk had not developed strategies to reduce their exposure.[7]

    However, these shifting trade patterns have not yet been reflected in overall global trade flows. Non-aligned countries have played a crucial role as intermediaries, or connectors, helping to sustain global trade levels even as direct trade between rival blocs declines.[8] But this stabilising influence is unlikely to endure as trade fragmentation deepens and geopolitical alliances continue to shift.

    The tariffs announced by the US Administration are far-reaching and affect a substantial share of global trade flows. The effects on the real economy are likely to be material. In its World Economic Outlook, published last week, the International Monetary Fund revised down global growth projections for 2025-26 by a cumulative 0.8 percentage points and global trade by a cumulative 2.3 percentage points.[9] This notably reflects a negative hit from tariffs that ranges between 0.4% to 1% of world GDP by 2027.[10] In particular, IMF growth projections for the United States have been revised down by a cumulative 1.3 percentage points in 2025-26. The cumulative impact on euro area growth is smaller, at 0.4 percentage points.

    Financial fragmentation

    The fragmentation we are witnessing in global trade is mirrored in the financial sector, where geopolitical tensions are also reshaping the landscape.

    In recent years, global foreign direct investment flows have increasingly aligned with geopolitical divides. Foreign direct investment in new ventures has plunged by nearly two-thirds between countries from different geopolitical blocs. However, strong intra-bloc investments have helped sustain overall foreign direct investment levels globally, masking some of the fragmentation occurring beneath the surface.[11]

    But, as with trade flows, this dynamic is unlikely to persist as geopolitical tensions grow within established economic blocs. For instance, increased geopolitical distance is shown to curtail cross-border lending. A two standard deviation rise in geopolitical distance – akin to moving from the position of France to that of Pakistan in relation to Germany – leads to a reduction of 3 percentage points in cross-border bank lending.[12]

    The impact of fragmentation in global financial infrastructure is perhaps even more revealing. Since 2014 correspondent banking relationships – crucial for facilitating trade flows across countries – have declined by 20%. While other factors – such as a wave of concentration in the banking industry, technological disruptions and profitability considerations – have played a role[13], the contribution of the geopolitical dimension can hardly be overstated. The repercussions of this decline can be profound. Research shows that when correspondent banking relationships are severed in a specific corridor, a firm’s likelihood of continuing to export between the two countries of that corridor falls by about 5 percentage points in the short term, and by about 20 percentage points after four years.[14]

    Contributing to this trend, countries such as China, Russia and Iran have launched multiple initiatives to develop alternatives to established networks such as SWIFT, raising the possibility of a fragmented global payment system.[15] Geopolitical alignment now exerts a stronger influence than trade relationships or technical standards in connecting payment systems between countries.[16] This poses risks of regional networks becoming more unstable, increased trade costs and settlement times, and reduced risk sharing across countries.

    Additionally, we are witnessing a noticeable shift away from traditional reserve currencies, with growing interest in holding gold. Central banks purchased more than 1,000 tonnes of gold in 2024, almost double the level of the previous decade, with China being the largest purchaser, at over 225 tonnes. At market valuations, the share of gold in global official reserves has increased, reaching 20% in 2024, while that of the US dollar has decreased. Survey data suggest that two-thirds of central banks invested in gold to diversify, 40% to protect against geopolitical risk and 18% because of the uncertainty over the future of the international monetary system.[17] There are further signs that geopolitical considerations increasingly influence decisions to invest in gold. The negative correlation of gold prices with real yields has broken down since 2022, a phenomenon we have also observed in recent weeks. This suggests that gold prices have been influenced by more than simply the use of gold to hedge against inflation. Moreover, countries geopolitically close to China and Russia have seen more pronounced increases in the share of gold in official foreign reserves since the last quarter of 2021.

    The looming consequences of fragmentation

    Accelerating fragmentation is resulting in the immediate disruptions we are now seeing, but this is likely to only be the beginning – potentially profound medium and long-term consequences for growth, stability and prosperity can be expected.

    Medium-term impacts

    The initial consequences of fragmentation are already evident in the form of increased uncertainty. In particular, trade policy uncertainty has led to a broader rise in global economic policy instability, which is stifling investment and dampening consumption. Our research suggests that the recent increase in trade policy uncertainty could reduce euro area business investment by 1.1% in the first year and real GDP growth by around 0.2 percentage points in 2025-26[18]. Consumer sentiment is also under strain, with the ECB’s Consumer Expectations Survey revealing that rising geopolitical risks are leading to more pessimistic expectations, higher income uncertainty and ultimately a lower willingness to spend.[19] Moreover, ECB staff estimates suggest that the observed increase in financial market volatility might imply lower GDP growth of about 0.2 percentage points in 2025.

    Over the medium term, tariffs are set to have an unambiguously recessionary effect, both for countries imposing restrictions and those receiving them. The costs are particularly high when exchange rates fail to absorb tariff shocks, and some evidence suggests exchange rates have become less effective in this role.[20]

    The Eurosystem’s analysis of potential fragmentation scenarios suggests that such trade disruptions could turn out to be significant. In the case of a mild decoupling between the western (United States-centric) and the eastern (China-centric) bloc, where trade between East and West reverts to the level observed in the mid-1990s, global output could drop by close to 2%.[21] In the more extreme case of a severe decoupling – essentially a halt to trade flows – between the two blocs, global output could drop by up to 9%. Trade-dependent nations would bear the brunt of these trade shocks, with China potentially suffering losses of between 5% and 20%, and the EU seeing declines ranging from 2.4% to 9.5% in the mild and severe decoupling scenarios respectively. The analysis also shows that the United States would be more significantly affected if it imposed additional trade restrictions against western and neutral economies – with real GDP losses of almost 11% in the severe decoupling scenario – whereas EU losses would increase only slightly in such a case.[22]

    The inflationary effects of trade fragmentation are more uncertain. They depend mainly on the response of exchange rates, firms’ markups and wages. Moreover, they are not distributed equally. While higher import costs and the ensuing price pressures are likely to drive up inflation in the countries raising tariffs, the impact is more ambiguous in other countries as a result of the tariffs’ global recessionary effects, which push down demand and commodity prices, as well as of the possible dumping of exports from countries with overcapacity. The short to medium-term effects may even prove disinflationary for the euro area, where real rates have increased and the euro has appreciated following US tariff announcements.

    In fact, a key feature of most model-based assessments is that higher US tariffs lead to a depreciation of currencies against the US dollar, moderating the inflationary effect for the United States and amplifying it for other countries. But so far we have seen the opposite: the risk-off sentiment in response to US tariff announcements and economic policy uncertainty have led to capital flows away from the United States, depreciating the dollar and putting upward pressure on US bond yields. Conversely, the euro area benefited from safe haven flows, with the euro appreciating and nominal bond yields decreasing.

    Long-term structural changes

    The long-term consequences of economic fragmentation are inherently difficult to predict, but by drawing on historical examples and recognising emerging trends, it’s clear that we are on the verge of significant structural changes. Two areas stand out.

    The first one is structurally lower growth. On this point, international economic literature has reached an overwhelming consensus.[23] Quantitatively, point estimates might vary. For example, research of 151 countries spanning more than five decades of the 20th century reveals that higher tariffs have typically led to lower economic growth. This is largely due to key production factors – labour and capital – being redirected into less productive sectors.[24]

    However, data from the late 19th and early 20th centuries, a period which tariff supporters often look back to, seem to tell a different story. At that time, trade barriers across countries were high – the US effective tariff rate, for example, reached almost 60%, twice as high as after the 2 April tariffs. And sometimes countries imposing higher trade barriers enjoyed higher growth, which may provide motivation for current policymakers’ trade tariff policies. But these episodes need to be read in historical context. Before 1913, tariffs mostly shielded manufacturing, a high-productivity sector at the time, attracting labour from other, less productive sectors, like agriculture. Therefore, their negative effects were mitigated by the expansion of industries at the frontier of technological innovation. Moreover, the interwar years offer further nuance – the Smoot-Hawley tariffs of the 1930s had relatively limited direct effects on US growth, mainly because trade accounted for just 5% of the economy.

    But today’s tariffs are unlikely to replicate the positive effects seen in the 19th century. Instead, they risk creating the same inefficiencies observed in the course of the 20th century, by diverting resources from high-productivity sectors to lower-productivity ones. This contractionary effect could lead to persistently lower global growth rates. In fact, the abolition of trade barriers within the EU and the international efforts towards lower trade barriers in the second half of the 20th century were a direct response to the economic and political impact of protectionism,[25] which had played a key role in worsening and prolonging the Great Depression[26] and had contributed to the formation of competing blocs in the run-up to the Second World War.[27]

    The second long-term shift driven by fragmentation might be the gradual transition from a US-dominated, global system to a more multipolar one, where multiple currencies compete for reserve status. For example, if the long-term implications of higher tariffs materialise, notably in the form of higher inflation, slower growth and higher US debt, this could undermine confidence in the US dollar’s dominant role in international trade and finance.[28] Combined with a further disengagement from global geopolitical affairs and military alliances, this could, over time, undermine the “exorbitant privilege” enjoyed by the United States, resulting in higher interest rates domestically.[29]

    Moreover, as alternative payment systems gain traction, regional currencies may start to emerge as reserves within their respective blocs. This could be accompanied by the rise of competing payment systems, further fragmenting global financial flows and international trade. Such shifts would increase transaction costs and erode the capacity of countries to share risks on a global scale, making the world economy more fragmented and less efficient.

    The central bank’s role in a fragmented world

    So, as these tectonic shifts reshape the global economic landscape, central banks must adapt their approaches while remaining steadfast in their core mandates. The challenges posed by fragmentation require a delicate balance between confronting new realities and working to preserve the benefits of an integrated global economy. In order to navigate the present age of fragmentation, it is necessary to take action in four key areas.

    First, central banks must focus on understanding and monitoring fragmentation. Traditional macroeconomic models often assume seamless global integration and may not fully capture the dynamics of a fragmenting world. Enhanced analytical frameworks that incorporate geopolitical factors and how businesses adjust to these risks will be essential for accurate forecasting and effective policy formulation. The Eurosystem is reflecting on these issues.

    Second, monetary policy must adapt to the new nature of supply shocks generated by fragmentation. The effects of the greater frequency, size and more persistent nature of fragmentation-induced shocks and their incidence on prices require a careful calibration of our monetary responses. In this respect, our communication needs to acknowledge the uncertainty and trade-offs we face while giving a clear sense of how we will react depending on the incoming data. This can be done by making use of scenario analysis and providing clarity about our reaction function, as emphasised recently by President Lagarde.[30]

    Third, instead of building walls, we must forge unity. Even as political winds shift, central banks should strengthen international cooperation where possible. Through forums such as those provided by the BIS and the Financial Stability Board, we can keep open channels of cooperation that transcend borders. Our work on cross-border payments stands as proof of this commitment in line with the G20 Roadmap[31]. The ECB is pioneering a cross-currency settlement service through TARGET Instant Payment Settlement (TIPS) – initially linking the euro, the Swedish krona and the Danish krone. We are exploring connections between TIPS and other fast-payment systems globally, both bilaterally and on the basis of a multilateral network such as the BIS’ Project Nexus.[32]

    And fourth, central banks must enhance their capacity to address financial stability risks arising from fragmentation. The potential for sudden stops in capital flows, payment disruptions and volatility in currency markets requires robust contingency planning and crisis management frameworks. Global financial interlinkages and spillovers highlight the importance of preserving and further reinforcing the global financial safety net so that we can swiftly and effectively address financial stress, which is more likely to emerge in a fragmenting world.[33]

    In fact, the lesson from the 1930s is that international coordination is key to avoiding protectionist snowball effects, where tit-for-tat trade barriers multiply as each country seeks to direct spending to merchandise produced at home rather than abroad.[34] In order to avoid this, the G20 countries committed to preserving open trade could call an international trade conference to avoid beggar-thy-neighbour policies[35] and instead agree on other measures, such as macroeconomic policies that can support the global economy in this period of uncertainty and contribute to reduce global imbalances.

    Let me finally emphasise that the current situation also has important implications for the euro area. If the EU upholds its status as a reliable partner that defends trade openness, investor protection, the rule of law and central bank independence, the euro has the potential to play the role of a global public good. This requires a deep, trusted market for internationally accepted euro debt securities. That is why policy efforts to integrate and deepen European capital markets must go hand in hand with efforts to issue European safe assets.[36]

    Conclusion

    Let me conclude.

    As we stand at this crossroads of global fragmentation, we must confront an uncomfortable truth: we are drifting toward a fractured economic and financial landscape where trust is eroded and alliances are strained.

    Central banks now face a double challenge: to be an anchor of stability in turbulent economic waters while reimagining their role in a world where multiple economic blocs are forming. The question is not whether we adapt, but how we mitigate the costs of fragmentation without sacrificing the potential of global integration.

    Our greatest risk lies not in the shocks we anticipate, but in the alliances we neglect, the innovations we overlook and the common ground we fail to find. The future of global prosperity hinges on our ability to use fragmentation as a catalyst to reinvent the common good.

    MIL OSI Europe News –

  • MIL-OSI: VAALCO Schedules First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 29, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced the timing of its first quarter 2025 earnings release and conference call.

    The Company will issue its first quarter 2025 earnings release on Thursday, May 8, 2025 after the close of trading on the New York Stock Exchange and host a conference call to discuss its financial and operational results on Friday morning, May 9, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time and 3:00 p.m. London Time.)

    Interested parties in the United States may participate toll-free by dialing (833) 685-0907. Interested parties in the United Kingdom may participate toll-free by dialing 08082389064. Other international parties may dial (412) 317-5741. Participants should ask to be joined to the “Vaalco Energy Earnings Conference Call.” This call will also be webcast on VAALCO’s website at www.vaalco.com. An audio replay will be available on the Company’s website following the call.

    About Vaalco

    Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea, Nigeria and Canada.

    For Further Information

       
    Vaalco Energy, Inc. (General and Investor Enquiries) +00 1 713 543 3422
    Website: www.vaalco.com
       
    Al Petrie Advisors (US Investor Relations) +00 1 713 543 3422
    Al Petrie / Chris Delange  
       
    Buchanan (UK Financial PR) +44 (0) 207 466 5000
    Ben Romney / Barry Archer Vaalco@buchanan.uk.com
       

    The MIL Network –

  • MIL-OSI: Annual report and financial statements for the period ended 31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    OCTOPUS FUTURE GENERATIONS VCT PLC

    Annual report and financial statements for the period ended 31 December 2024

    Octopus Future Generations VCT plc (‘Future Generations VCT’ or the ‘Company’) is backing businesses that aim to address some of society’s biggest challenges, providing an opportunity for investors to share in the growth of ambitious, purpose‑driven companies.

    The Company is managed by Octopus AIF Management Limited (the ‘Manager’), which has delegated investment management to Octopus Investments Limited (‘Octopus’ or ‘Portfolio Manager’) via its investment team Octopus Ventures.

    Chair’s statement

    I am pleased to present the financial report and audited accounts for the Company for the 18 months to 31 December 2024.

    I would like to welcome all of our new shareholders to the Company. Future Generations VCT invests in exciting early-stage companies which aspire to address current environmental and societal issues. In 2023, the Board reviewed and approved a proposal to move the Company’s year end from 30 June to 31 December. As a result, shareholders are receiving this annual report covering an extended 18-month period and will thereafter receive a half-year report as at June, and annual report and audited financial statements for the years ending December thereafter.

    The NAV per share at 31 December 2024 was 88.8p, which represents a net decrease of 5.5p per share from 30 June 2023. In the 18 months to 31 December 2024, we utilised £10.1 million of our cash resources, including £8.2 million which was invested into 16 new and follow‑on opportunities. The cash balance of £20.1 million (excluding cash awaiting allotment) as at 31 December 2024 represents 42% of net assets at that date. The loss made in the period to 31 December 2024 was £2.9 million. This decline is reflective of some company specific performance challenges and the difficult funding conditions in the early-stage space which have led to downward movements in some valuations. Given the Company is still a relatively young VCT, many of its portfolio companies are at the beginning of their journey and will likely require further funding to succeed, so it is to be expected to see under performance or even failures before any growth in value of companies which are ultimately successful. The decline is also accentuated by the running costs of the Company exceeding returns from investments, which is to be anticipated at this stage.

    We look forward to deploying further capital into attractive new investment opportunities, and we ultimately intend the profile of the Company to comprise 80% to 90% in VCT qualifying investments and 10% to 20% in permitted non-VCT qualifying investments or cash.

    Fundraise
    We raised £3.6 million in the fundraise which closed on 31 October 2024. The 2023/2024 VCT fundraise market was highly competitive, ranking as the third highest on record with £882 million raised. In this environment, newer VCTs such as ours faced challenges in raising funds, as we compete with more established funds.

    On 3 February 2025, to further support the Company’s growth, the Board launched an initial offer to raise up to £5 million. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5.0 million.

    As investors will be aware, the intention is to invest in businesses which meet one of three key themes, which we hope will demonstrate excellent investment prospects as well as having the potential to transform the world we live in for the better.

    VCT status
    In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning that VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024 His Majesty’s Treasury brought the extension into effect through The Finance Act 2024.

    Board of Directors
    As announced in the half-yearly report to 31 December 2023, Emma Davies announced her retirement from the Board of Directors with effect from 31 March 2024 and Ajay Chowdhury was appointed with effect from 1 March 2024 and was elected by shareholders at the Annual General Meeting (AGM) held in December. We are already benefiting from his extensive experience in the early-stage venture ecosystem.

    All the other Directors have indicated their willingness to remain on the Board and will be seeking re-election at the AGM.

    Portfolio Manager
    In September 2024, Octopus Titan VCT PLC, a fund which the Company has co-invested alongside to date, announced a review of strategy, due to the ongoing performance issues it has faced. This review (which benefits from independent external advice) is ongoing, and when concluded, the results will be shared with the Board of the Company and via any public announcements that the Board of Octopus Titan VCT PLC may make.

    During this period, the investment team has prioritised much of its resource towards those portfolio companies which they believe have the potential to drive the greatest returns. This has affected your Company’s investment rate into new opportunities.

    In the meantime, there have been a significant number of leavers from the broader Octopus Ventures team which invests capital from both the Company and other funds under management. Simon King, Octopus’ Lead Fund Manager for Future Generations, has unfortunately resigned to pursue a new opportunity after 13 years with Octopus. He will continue to take an active role as Lead Fund Manager of the Company until late summer. I would like to take this opportunity to thank Simon for his contribution and to wish him well for the future. We will provide you with updates in due course regarding his potential successor.

    Erin Platts was appointed as new Chief Executive Officer (CEO) of Octopus Ventures in January 2025. Previously, she was CEO of HSBC Innovation Banking UK, formerly Silicon Valley Bank UK and worked at the heart of the UK and European tech ecosystem. Erin will be looking to scale the Octopus Ventures business, including ensuring there is appropriate investment and portfolio management resource to support the ongoing success of the Company.

    AGM
    The AGM will take place on 4 June 2025 from 10am and will be held at 33 Holborn, London EC1N 2HT. Full details of the business to be conducted at the AGM are given in the Notice of the AGM. We will have a Portfolio Manager’s update at the AGM, supported by a filmed update from the Portfolio Manager which will be available on the website at www.octopusinvestments.com/futuregenvct/.

    Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions within the Notice of the AGM using the proxy form, or electronically at www.investorcentre.co.uk/eproxy. The Board has carefully considered the business to be approved at the AGM and recommends shareholders to vote in favour of all the resolutions being proposed, as the Board will be doing.

    Outlook
    In the 18-month reporting period, the sharpest decline in NAV was seen in the first half of 2024 with a 7.1% drop. This was reflective of some of the portfolio companies struggling to scale, secure customer wins and successfully fundraise, meaning they were not achieving the milestones set at the time the Company invested. With companies not able to prove their business models, we will unfortunately see some fail. The Board is mindful that such performance is not an unusual outcome for a VCT at this stage of its investment life cycle, with any failures likely preceding valuation growth which is usually expected once the portfolio matures. The portfolio has been operating in a volatile macro environment since the Company launched and global geo-political and economic pressures continue to hamper some of their growth plans. However, we are satisfied to see a stabilisation in the NAV, with the portfolio showing a positive return in the six months from June to December 2024.

    The Mergers and Acquisitions (M&A) environment has started to thaw with startups experiencing the highest annual M&A transaction levels since 2019¹. We are delighted to have been able to realise the Company’s first full and partial exits in the reporting period. These exits within just three years of launch we hope provide validation of Future Generations VCT’s investment strategy, demonstrating the ability of Octopus to identify and back high-potential companies while delivering early returns to the VCT and brings confidence that it is well positioned to generate long-term, sustainable value for shareholders.

    The long-term target is to pay an annual dividend of 5% of the NAV. However, given the expected holding period of target portfolio companies and restrictions imposed on VCTs, it is very unlikely that the Company will be able to pay dividends before 2026. During this time, any growth in value will increase the net asset value of the Company. Dividends are likely to be generated from successful exits, so the Company is unlikely to pay significant dividends until more portfolio companies have time to mature and realisations are secured.

    I would like to conclude by thanking both my Board colleagues and the Octopus team on behalf of all shareholders for their hard work. The Board’s long-term view of early-stage venture capital remains positive, and I am looking forward to seeing what 2025 brings for your Company.

    Helen Sinclair
    Chair

    1 https://carta.com/uk/en/data/state-of-private-markets-q4-2024/#key-trends

    Portfolio Manager’s review

    At Octopus, our focus is on managing your investments and providing investors with clear and transparent communication. Our annual and half-yearly updates are designed to keep you informed about the progress of your investment.

    Focus on Future Generations VCT’s performance
    The NAV per share at 31 December 2024 was 88.8p, which represents a decrease in NAV of 5.5p per share versus a NAV of 94.3p per share as at 30 June 2023. The Company invests in three key areas that we believe demonstrate excellent investment prospects and have potential to transform our world for the better.

    Below is a breakdown of the 36 investments held as at 31 December 2024, showing the proportion and value of the portfolio in each investment theme:

    Proportion by number of portfolio companies in each theme
    Revitalising healthcare: 53%
    Empowering people: 28%
    Building a sustainable planet: 19%

    Value of the portfolio in each theme
    Revitalising healthcare: £13.3m
    Empowering people: £8.0m
    Building a sustainable planet: £5.5m

    The decline in valuation over the 18-month period has been in large part driven by the downward valuation movements across 11 companies which saw a collective decrease in valuation of £7.9 million. The businesses which contributed most significantly to this were Tympa Health, Pear Bio and Elo Health. Tympa Health over‑invested in growth and had to make significant cost cuts and changes to senior management whilst running a fundraise process. It has successfully concluded a further investment round, but at a reduced valuation and the Company’s shareholding now sits behind a large preference stack, meaning that other investors get paid back first before the Company would see any returns. Pear Bio also had to significantly reduce its cash burn but has limited runway and needs to further fundraise, so the valuation has been reduced to reflect the risk to its future. Elo Health struggled to find a market fit and execute on the investment thesis, so to extend its cash runway it had to raise an investment round at a reduced valuation. These three valuation movements account for 86% of the total decline in the reporting period. The total investment cost of these three companies was £7 million.

    Octopus Ventures believes that some of the companies which have seen decreased valuations in the 18 months have the potential to overcome the issues they face and get their growth plans back on track. We will continue to work with them to help them realise their ambitions. In some cases, if a company is achieving its performance milestones, the support offered could include further funding, to ensure a business has the capital it needs to execute on its strategy. At this early stage of the Company’s life cycle, it is to be anticipated that failures will likely precede valuation growth, which takes longer as the portfolio companies must achieve their agreed milestones and mature.

    Conversely, 12 companies saw an increase in unrealised valuation in the period, delivering a collective increase in valuation of £4.4 million. These valuation increases reflect businesses which have successfully concluded further funding rounds, grown revenues or met certain important milestones. Notable strong performers in the portfolio include Apheris and Manual, both of which have shown impressive capital efficient growth. These strong performers demonstrate that there are opportunities available for companies to scale.

    The interest on Future Generation’s uninvested cash reserves was £1.4 million in the 18 months to 31 December 2024 (30 June 2023: gain of £0.4 million), driven by returns on money market funds. The Board’s objective for these investments is to generate sufficient returns through the cycle to cover costs, at limited risk to capital.

    Disposals
    In September 2024, as part of a Series A funding round, Octopus sold a portion of the Company’s shares in Neat. Then in November, Pluxee (a global leader in employee benefits) acquired Cobee. The two exits combined offer the Company a return of 1.5x, including contingent deferred proceeds.

    Overview of investments
    The Company completed 16 investments in the 18 months to 31 December 2024 (comprising a total of £8.2 million) and 4 further investments after the reporting date totalling £2.4 million. More information on some of these businesses can be found below:

    A selection of our completed investments

    Revitalising Healthcare

    Pencil Biosciences is a gene editing technology platform.

    Awell Health automates routine clinical tasks, synchronising data between systems and driving seamless coordination between care teams and patients.

    Cellvoyant is an artificial intelligence (AI) first biotechnology company creating novel stem cell-based therapies for chronic diseases.

    Manual provides easy access to advice and medical support for diagnosis, custom treatment plans and holistic care to induce long-term behaviour change.

    Nanosyrinx has developed a targeted biologic therapeutic delivery platform (a nano-syringe).

    Empowering people

    Correcto is an AI writing and grammar tool for the Spanish language.

    Remofirst is an Employer of Record (EOR) and compliance platform that allows companies to hire and pay employees globally.

    Swiipr has developed a digital payments platform specifically for the airline industry.

    Building a sustainable planet

    Metris Energy has created a platform that allows landlords of multi-unit buildings to monetise modular renewable energy projects through a single billing platform to charge tenants.

    Drift is designing sailing vessels and routing algorithms required to capture deep water wind energy and convert it into onboard hydrogen gas for transportation back to shore using a fully integrated desalination, electrolysis and storage system.

    Q&A

    Q. How do you value a portfolio company?
    A. Future Generations VCT’s unquoted portfolio companies are valued in accordance with UK Generally Accepted Accounting Practice (UK GAAP) accounting standards and the International Private Equity and Venture Capital (IPEV) valuation guidelines.

    This means we value the portfolio at fair value, with all companies being valued at least twice yearly, for our half-year (June) and annual accounts (December).

    Q. What do you mean by ‘fair value’?
    A. When we say fair value, we mean the price we expect people would be willing to buy or sell an asset for, assuming they understand the asset and market conditions, are knowledgeable parties, act independently, and that the transaction is carried out under the normal course of business (i.e. is not rushed and proper marketing has taken place).

    Q. Who values the portfolio, what is the process and what oversight is there to make sure this is right?
    A. The Octopus Investment Managers involved with the portfolio companies, either in the capacity of a Director or observer on the board, or the primary contact, will provide commentary including, but not limited to, recent developments with the portfolio and the wider market in which they operate, progress towards milestones, management team changes, board dynamics and technical progress. This is combined with the latest available financial accounts and budget provided by the portfolio company which will be summarised into Key Performance Indicators (KPIs).

    From this information, a member of the separate Valuations team drafts the initial proposal. This will highlight any material changes, key asset level assumptions used and KPIs, and discuss portfolio company performance as well as the rationale underpinning the selected valuation methodology. A peer review exercise then takes place, where the proposals are challenged and reviewed. The peer reviewer is an investment professional from the Fund Manager (typically the Lead Fund Manager) who has not been involved in preparing the valuations.

    This will then be reviewed and approved by the Octopus Valuations Committee which comprises individuals with appropriate expertise and experience in valuations. Those individuals are not involved in the investment decisions and as such can independently review and challenge. The Future Generations VCT Board will then meet to discuss them in detail, revise as necessary and ultimately approve them.

    There are also more valuation checkpoints throughout the year in advance of allotments and other share-related transactions, which means that the portfolio’s valuation is reviewed to ensure NAV is fairly represented prior to these corporate actions.

    As part of our continuous improvement processes, we periodically review the actual realised value of our investments compared to their last holding value and refine our valuation methodologies accordingly. This, combined with the high proportion of valuations that are based on the terms of further funding rounds led by new external investors, firmly underpins the robustness of the valuation process.

    Valuations
    The table illustrates the split of valuation methodology (shown as a percentage of portfolio value and number of companies). ‘External price’ includes valuations based on funding rounds that typically completed in the last 18 months to the period end or shortly after the period end, and exits of companies where terms have been agreed with an acquirer. ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenues for portfolio companies. Where there is uncertainty around the potential outcomes available to a company, a probability weighted ‘scenario analysis’ is considered.

    Valuation methodology By value By number of companies
    Multiples 18% 3
    External price 44% 12
    Scenario analysis 14% 7
    Milestone analysis 24% 10
    Write-off — 4

    Portfolio case studies

    CoMind
    CoMind is building revolutionary brain sensing technologies.

    Their mission is to redefine the way the brain is measured and treated at every stage of care. One of the first applications of CoMind’s core technology is in measuring intracranial brain pressure using an adhesive sensor and advanced signal processing. This will be a step change from the current standard of having to drill through the skull to measure intracranial pressure in patients impacted by traumatic brain injury, stroke, and/or other neurocritical conditions.

    While other companies are trying to create noninvasive technology in this sector, we believe CoMind has a distinct competitive advantage. CoMind has developed an advanced optical sensing technique that has opened up new possibilities in monitoring brain health. Unlike existing methods, CoMind’s technology is more similar to the “LiDAR” (Light Detection and Ranging) systems used in self-driving cars. This allows CoMind’s devices to give a unique, detailed view of brain health, helping doctors deliver more personalised and targeted treatments to patients at every stage of care.

    >250 subjects were measured in 2024.
    Several devices are currently being used in hospitals for clinical trials.

    Swiipr
    Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service.

    When flights are disrupted, compensating passengers is a hassle for both airlines and travellers. Swiipr’s platform simplifies this by automating payment verification and processing through a system designed specifically for airlines. The company provides passengers with virtual and physical prepaid cards, offering instant, flexible spending compared to outdated paper vouchers or slow payments. Swiipr also supports airlines with solutions for crew, operational, and crisis payments, enabling fast, direct payouts to staff. Passengers get quick, easy-to-use compensation, airlines save on processing costs while improving service, and retailers benefit from instant payment settlement. Swiipr also integrates with airline Customer Relationship Management systems, making it an essential partner for the industry.

    Octopus Ventures is excited about Swiipr’s travel-focused digital payments solution and its potential to revolutionise how airlines handle pay-outs. Swiipr’s innovative product aims to transform compensation payments and speed up management processes for airlines and beyond. By enabling digital payments, Swiipr seeks to boost efficiency, enhance customer experiences, and provide automated processes that are transparent and compliant with regulations.

    With over 500 million passengers affected by travel disruptions each year, simplifying the path to compensation has the potential to significantly improve customer satisfaction, build trust, and foster loyalty in the industry.

    Only 1–2% of disrupted passengers currently receive compensation.
    Billions of dollars lost by passengers in outdated, inefficient pay-out processes every year.
    Pay360 Payment Award winner: Best B2B Programme and Best Customer Facing Experience at the 2024 awards.

    DRIFT
    DRIFT aims to drive the clean energy transition worldwide with high-performance sailing vessels that harness deep ocean wind to produce green hydrogen at sea and deliver it globally.

    It does this using a unique, AI-enabled vessel routing system that enables the vessels to find and stay in optimum weather conditions. The growing demand for clean hydrogen to accelerate the decarbonisation of sectors such as heavy industry, transportation and manufacturing is sparking innovation in the sector. DRIFT’s solution is mobile, resilient and works outside of existing infrastructure. The company is developing renewable energy partnerships that will benefit coastal and island communities around the world.

    DRIFT is leading the way in developing a truly innovative new class of mobile renewable energy, building the world’s first net-positive ships and unlocking a new era of clean fuel generation capable of covering 70% of the globe. The company’s technology uniquely unlocks the planet’s greatest resource, overcoming supply challenges and enabling a fair and equitable clean energy transition.

    €10 trillion: Goldman Sachs estimates that the green hydrogen market could reach €10 trillion by 2050.

    24%: Bank of America predicts that clean hydrogen could provide 24% of global energy needs by 2050.

    COP 28 winner: DRIFT is a COP 28 award-winning DeepTech company and winner of the Monaco Prize for Innovation in Renewable Hydrogen and Transportation 2024.

    Top 10 investments
    Here, we set out the cost and valuation of the top 10 holdings, which account for over 58% of the value of the portfolio.

    Portfolio company Investment cost Valuation at
    31 December 2024    		 Investment Theme
    1. HelloSelf Limited £2.6m £2.6m Revitalising healthcare
    2. Remofirst, Inc £1.2m £1.7m Empowering people
    3. Infinitopes Ltd £1.6m £1.6m Revitalising healthcare
    4. Neat SAS £0.6m £1.5m Building a sustainable planet
    5. TYTN Ltd (t/a TitanML) £0.5m £1.5m Building a sustainable planet
    6. Apheris AI GmbH £1.5m £1.5m Empowering people
    7. Menwell Limited (t/a Manual) £0.9m £1.5m Revitalising healthcare
    8. Mr & Mrs Oliver Ltd (t/a Skin + Me) £1.0m £1.4m Revitalising healthcare
    9. Intrinsic Semiconductor Technologies Ltd £0.9m £1.2m Empowering people
    10. CoMind Technologies Ltd £0.8m £1.0m Revitalising healthcare

    Top 10 investments in detail1

    1

    HelloSelf Limited
    A digital, personalised psychological therapy and coaching platform.
    www.helloself.com

    Initial investment date: January 2023
    Investment cost: £2.6m
      (2023: £2.6m)
    Valuation: £2.6m
      (2023: £2.6m)
    Last submitted accounts: 31 March 2024
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: £(15.5)m
      (2023: £(9.8)m)
    Valuation methodology: Calibration

    2
    Remofirst, Inc.
    Global payroll and compliance system for remote teams.
    www.remofirst.com

    Initial investment date: February 2024
    Investment cost: £1.2m
      (2023: n/a)
    Valuation: £1.7m
      (2023: n/a)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last Round

    3
    Infinitopes Ltd
    Has built an antigen discovery platform to develop cancer vaccines that provide better treatment outcomes.
    www.infinitopes.com

    Initial investment date: December 2022
    Investment cost: £1.6m
      (2023: £1.6m)
    Valuation: £1.6m
      (2023: £1.6m)
    Last submitted accounts: 31 December 2023
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax Not available2
      (2023: Not available2)
    Net assets: £9.3m
      (2023: £8.1m)
    Valuation methodology: Last Round

    4
    Neat SAS
    An embedded insurance platform that gives merchants the ability to provide insurance bundles to their customers at a competitive rate.
    mobility.neat.eu

    Initial investment date: November 2022
    Investment cost: £0.6m
      (2023: £0.8m)
    Valuation: £1.5m
      (2023: £0.8m)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last round

    5

    TYTN Ltd (t/a TitanML)
    An artificial intelligence company which is developing a one-stop-shop for Natural Language Processing AI Optimisation, allowing enterprises to generate value from their data.
    www.titanml.co

    Initial investment date: February 2023
    Investment cost: £0.5m
      (2023: £0.5m)
    Valuation: £1.5m
      (2023: £0.5m)
    Last submitted accounts: 30 April 2024
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: £1.5m
      (2023: £2.0m)
    Valuation methodology: Last Round

    6

    Apheris AI GmbH
    An end-to-end federated learning platform enabling data scientists to conduct analysis over sensitive data without compromising the privacy or security of the data subjects.
    www.apheris.com

    Initial investment date: November 2022
    Investment cost: £1.5m
      (2023: £1.2m)
    Valuation: £1.5m
      (2023: £1.2m)
    Last submitted accounts: Not available2
    Turnover: Not available2
      (2023: Not available2)
    Profit/(loss) before tax: Not available2
      (2023: Not available2)
    Net assets: Not available2
      (2023: Not available2)
    Valuation methodology: Last round

    7

    Menwell Limited (t/a Manual)
    Making high-quality healthcare more accessible and stigma-free
    www.manual.co

    Initial investment date: May 2024
    Investment cost: £0.9m
    (2023: n/a)
    Valuation: £1.5m
      (2023: n/a)
    Last submitted accounts: 31 December 2023
    Turnover: £54.7m
    (2023: £22.4m)
    Profit/(loss) before tax: £(7.9)m
    (2023: £(10.6)m)
    Net assets: £11.8m
    (2023: £8.0m)
    Valuation methodology: Last round

    8
    Mr & Mrs Oliver Ltd (t/a Skin + Me)
    A direct to consumer, personalised skin care company.
    www.skinandme.com

    Initial investment date: December 2022
    Investment cost: £1.0m
      (2023: £1.0m)
    Valuation: £1.4m
      (2023: £1.3m)
    Last submitted accounts: 31 August 2023
    Turnover: £28.7m
      (2023: £14.3m)
    Profit/(loss) before tax: £1.8m
      (2023: £(3.3)m)
    Net assets: £12.8m
      (2023: £(0.7)m)
    Valuation methodology: Revenue Multiple

    9
    Intrinsic Semiconductor Technologies Ltd
    Solid state memory technology that is simple to integrate and faster than current alternatives like Flash.
    www.intrinsicsemi.com

    Initial investment date: December 2023
    Investment cost: £0.9m
      (2023: n/a)
    Valuation: £1.2m
      (2023: n/a)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
    (2023: Not available2)
    Consolidated net assets: £4.0m
      (2023: £5.5m)
    Valuation methodology: Scenario Analysis

    10

    CoMind Technologies Ltd
    Development of non-invasive brain sensing technology for monitoring of medical conditions.
    comind.io

    Initial investment date: November 2023
    Investment cost: £0.8m
      (2023: n/a)
    Valuation: £1.0m
      (2023: n/a)
    Last submitted group accounts: 31 December 2023
    Turnover: Not available2
    (2023: Not available2)
    Profit/(loss) before tax: Not available2
    (2023: Not available2)
    Net assets: £17.1m
      (2023: £4.1m)
    Valuation methodology: Milestone Analysis

    1. These are numbers per latest public filings. More recent figures have not yet been disclosed.
    2. Information not publicly available.

    Portfolio engagement
    As part of our strategy, we require portfolio companies to put in place a Diversity and Inclusion policy (D&I) and an Anti-Harassment policy. We also engage with each company to help them understand their greenhouse gas (GHG) emissions and support them to take action to minimise them. You can see how we are progressing with these goals below, as at the date of this report:

    D&I policy status
    Policy in place: 100%

    Engaged in monitoring 2023 greenhouse gas emissions1
    Signed up: 16
    Introduced: 19
    In progress: 1

    1 As of 31 December 2024, only 2023 carbon emissions data was available.

    Outlook
    Despite the declining NAV in the reporting period, we are reassured to see an increase in the NAV per share of the fund in the last six months. This, combined with the two profitable realisations in the period, is offering us early proof points of the Company’s investment strategy to deliver sustainable growth as it moves into its third year of deployment. With a more diversified portfolio, in terms of both stage and sector, this also offers a clearer path for the Company to enter a growth phase.

    As is to be expected at this stage in the Company’s lifecycle, it has started to make its first follow-on investments into portfolio companies which are achieving their agreed milestones and successfully gaining new external lead funders. The Company made two follow-on investments in the reporting period and three after.

    This strategy of reinvesting into existing portfolio companies aims to increase the Company’s stake in portfolio companies that have achieved market fit and are scaling successfully, supporting its overall growth plan. Along with further financial support, Octopus’ resources are directed in the most impactful way, both through Octopus-appointed non-executive Directors or monitors on the boards and our in-house People and Talent team. This team works directly with the portfolio company management teams, offering training and recruitment support to ensure the best talent pool is being explored to help drive success.

    We are excited to have the opportunity to continue to scale the Company, support its ambition to make the world a better place for future generations, and hope to deliver attractive returns to shareholders.

    Simon King
    Partner and Lead Fund Manager for Future Generations VCT

    Risks and risk management

    The Board assesses the risks faced by Future Generations VCT, reviews the mitigating controls and monitors the effectiveness of these controls.

    Emerging and principal risks, and risk management
    The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place. The Board carries out a regular review of the risk environment in which the Company operates.

    Emerging risks

    The Board has considered emerging risks. The Board seeks to mitigate risks by setting policy, regularly reviewing performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

    The following are some of the potential emerging risks management and the Board are currently monitoring:

    • adverse changes in global macroeconomic environment;
    • challenging market conditions for private company fundraising and exits;
    • geo‑political instability; and
    • climate change.

    Detailed below are the principal risks of Future Generations VCT, and the mitigating actions in relation to those risks.

    Principal risks

    Risk Mitigation Change
    Investment performance:    
    The focus of Future Generations VCT investments is into early-stage, unquoted, small and medium‑sized VCT qualifying companies which, by their nature, entail a higher level of risk and shorter cash runway than investments in larger quoted companies. Octopus has significant experience of investing in early-stage unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is appointed to the board of a portfolio company using a risk-based approach, considering the size of the company within the Future Generations VCT portfolio and the engagement levels of other investors. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Future Generations VCT to play a prominent role in a portfolio company’s ongoing development and strategy. Increased exposures reflected in the previous period remain unchanged due to the difficult macro environment and challenging trading conditions for some portfolio companies continuing.
    Risk Mitigation Change
    VCT qualifying status:    
    Future Generations VCT is required at all times to observe the conditions for the maintenance of approved VCT status. The loss of such approval could lead to Future Generations VCT and its investors losing access to the various tax benefits associated with VCT status and investment. Octopus tracks Future Generations VCT’s qualifying status throughout the period, and reviews this at key points, including at the point of investment and realisation. This status is reported to the Board at each Board meeting. The Future Generations VCT Board has also engaged external independent advisers to undertake an independent VCT status monitoring role. VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
    Risk Mitigation Change
    Loss of key people:    
    The loss of key investment staff by the Portfolio Manager could lead to poor fund management and/or performance due to lack of continuity or understanding of Future Generations VCT. The Portfolio Manager has a broad team experienced in and focused on early-stage investing. This mitigates the risk of any one individual with the required skill set and knowledge of venture capital investing, and the portfolio specifically, leaving. Key investment staff are also incentivised via the performance incentive fee. The increase is attributed to the departure of key personnel from the Octopus Ventures team and risk exposure reflects a reduction in performance fees potentially increasing attrition.
    Risk Mitigation Change
    Operational:    
    The Future Generations VCT Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar, depositary and tax advisers. A failure of the systems or controls at Octopus or third‑party providers could lead to an inability to provide accurate reporting and accounting and to ensure adherence to VCT rules. The Future Generations VCT Board reviews the system of internal controls, both financial and non-financial, operated by Octopus (to the extent the latter are relevant to Future Generations VCT’s internal controls). These include controls designed to make sure that Future Generations VCT assets are safeguarded and that proper accounting records are maintained. No overall change in risk exposure on balance.
    Risk Mitigation Change
    Information security:    
    A loss of key data could result in a data breach and fines. The Future Generations VCT Board is reliant on Octopus and third parties to take appropriate measures to prevent a loss of confidential customer information. Annual due diligence is conducted on third parties which includes a review of their controls for information security. Octopus has a dedicated Information Security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence. No overall change on balance, although cyber threat remains a significant risk area faced by all providers.
    Risk Mitigation Change
    Economic:    
    Events such as an economic recession, movement in interest rates, inflation and rising living costs could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions of the sectors in which they operate. This could result in a reduction in the value of Future Generations VCT assets. Future Generations VCT aims to invest in a diverse portfolio of companies, across a range of sectors, which helps to mitigate against the impact on any one sector. Future Generations VCT also maintains adequate liquidity to make sure that it can continue to provide follow‑on investment to those portfolio companies which require it and which are supported by the individual investment case. Increased exposures reflected in the previous periods remain as economic uncertainty persists through high inflation, high interest rates and other economic factors.
    Risk Mitigation Change
    Legislative:    
    A change to the VCT regulations could adversely impact Future Generations VCT by restricting the companies Future Generations VCT can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Future Generations VCT’s ability to raise further funds. The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing early-stage companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation. Risk exposure has reduced following the extension of the sunset clause to 2035 being agreed.
    Risk Mitigation Change
    Liquidity:    
    The risk that Future Generations VCT’s available cash will not be sufficient to meet its financial obligations. Future Generations VCT invests into smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice. Future Generations VCT’s liquidity risk is managed on a continuing basis by Octopus in accordance with policies and procedures agreed by the Board. Future Generations VCT’s overall liquidity risks are monitored on a quarterly basis by the Board, with frequent budgeting and close monitoring of available cash resources. Future Generations VCT maintains sufficient investments in cash and readily realisable securities to meet its financial obligations. At 31 December 2024, these resources were valued at £20,084,000. Risk exposures continue to increase, reflecting the potential knock-on effects of economic uncertainty, impacting fundraising and increasing the risk of disposal failure.

    Viability statement

    In accordance with the FRC UK Corporate Governance Code published in 2018 and provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of Future Generations VCT over a period of five years, consistent with the expected investment holding period of an investor. A fundraise with an initial offer to raise up to £5 million was launched on 3 February 2025. The offer closed for new applications on 1 April 2025 for the 2024/2025 tax year having successfully raised £5 million. Under VCT rules, subscribing investors are required to hold their investment for a five‑year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for Future Generations VCT’s shares, and a five-year period is considered to be a reasonable time horizon for this.

    The Board carried out a robust assessment of the emerging and principal risks facing Future Generations VCT and its current position. This includes risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to the Company’s reliance on, and close working relationship with, the Investment Manager. The principal risks faced by the Company and the procedures in place to monitor and mitigate them are set out above.

    The Board has carried out robust stress testing of cash flows, which included assessing the resilience of portfolio companies, including the requirement for any future financial support.

    The Board has additionally considered the ability of Future Generations VCT to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current Investment policy.

    Based on this assessment, the Board confirms that it has a reasonable expectation that Future Generations VCT will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 December 2029. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to make sure Future Generations VCT has sufficient liquidity.

    Directors’ responsibilities statement

    The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the Financial Statements in accordance with applicable law and regulations. They are also responsible for ensuring that the annual report and financial statements include information required by the UK Listing Rules of the Financial Conduct Authority.

    Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – The Financial Reporting Standard Applicable in the United Kingdom and Republic of Ireland (FRS 102), United Kingdom accounting standards and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:

    • select suitable accounting policies and then apply them consistently;
    • make judgements and accounting estimates that are reasonable and prudent;
    • state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
    • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
    • prepare a Strategic Report, Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

    The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

    In so far as each of the Directors is aware:

    • there is no relevant audit information of which the Company’s auditor is unaware; and
    • the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

    The Directors are responsible for preparing the annual report and financial statements in accordance with applicable law and regulations. Having taken advice from the Audit Committee, the Directors are of the opinion that this report as a whole provides the necessary information to assess the Company’s performance, business model and strategy and is fair, balanced and understandable.

    The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

    The Directors confirm that, to the best of their knowledge:

    • the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
    • the annual report and financial statements (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

    On behalf of the Board

    Helen Sinclair
    Chair

    Income statement

        18 months to 31 December 2024 Year to 30 June 2023
        Revenue Capital Total Revenue Capital Total
        £’000 £’000 £’000 £’000 £’000 £’000
    Gain on disposal of fixed asset investments   — 1,382 1,382 — — —
    Net loss on valuation of fixed asset investments   — (3,564) (3,564) — (6) (6)
    Investment management fee   (345) (1,035) (1,380) (174) (522) (696)
    Investment income   1,427 — 1,427 424 — 424
    Other expenses   (759) — (759) (500) — (500)
    Earnings/(loss) before tax   323 (3,217) (2,894) (250) (528) (778)
    Tax   — — — — — —
    Earnings/(loss) after tax   323 (3,217) (2,894) (250) (528) (778)
    Earnings/(loss) per share – basic and diluted   0.6p (6.3)p (5.7)p (0.6)p (1.3)p (1.9)p
    • The ‘Total’ column of this statement is the profit and loss account of Future Generations VCT; the supplementary revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
    • All revenue and capital items in the above statement derive from continuing operations.
    • Future Generations VCT has only one class of business and derives its income from investments made in shares and securities and from bank and money market funds.

    Future Generations VCT has no other comprehensive income for the period.

    The accompanying notes form an integral part of the financial statements.

    Balance sheet

        As at 31 December 2024 As at 30 June 2023  
        £’000 £’000 £’000 £’000  
    Fixed asset investments     26,769   24,895  
    Current assets:            
    Debtors   1,166   379    
    Applications cash1   100   370    
    Cash at bank   112   152    
    Money market funds   19,972   20,140    
          21,350   21,041  
    Creditors: amounts falling due within one year   (196)   (518)    
    Net current assets     21,154   20,523  
    Net assets     47,923   45,418  
    Share capital     54   48  
    Share premium     51,854   46,461  
    Capital reserve realised     (328)   (640)  
    Capital reserve unrealised     (3,526)   3  
    Revenue reserve     (131)   (454)  
    Total equity shareholders’ funds     47,923   45,418  
    NAV per share     88.8p   94.3p  
    1. Cash received from investors but not yet allotted.

    The accompanying notes form an integral part of the financial statements.

    The statements were approved by the Directors and authorised for issue on 28 April 2025 and are signed on their behalf by:

    Helen Sinclair
    Chair
    Company No: 13750143

    Statement of changes in equity

      Share capital
    £’000    		 Share premium
    £’000    		 Capital reserve realised1
    £’000    		 Capital reserve unrealised
    £’000    		 Revenue reserve1
    £’000    		 Total
    £’000
    As at 1 July 2023 48 46,461 (640) 3 (454) 45,418
    Comprehensive income for the period:            
    Management fees allocated as capital expenditure — — (1,035) — — (1,035)
    Current year gain on disposal of fixed asset investments — — 1,382 — — 1,382
    Net loss on fair value of fixed asset investments — — — (3,564) — (3,564)
    Gain after tax — — — — 323 323
    Total comprehensive loss for the period — — 347 (3,564) 323 (2,894)
    Contributions by and distributions to owners:            
    Share issue 6 5,506 — — — 5,512
    Share issue costs — (113) — — — (113)
    Total contributions by and distributions to owners 6 5,393 — — — 5,399
    Other movements:            
    Prior year fixed asset loss unrealised — — (35) 35 — —
    Total other movements — — (35) 35 — —
    Balance as at 31 December 2024 54 51,854 (328) (3,526) (131) 47,923
      Share capital
    £’000    		 Share premium
    £’000    		 Capital reserve realised1
    £’000    		 Capital reserve unrealised
    £’000    		 Revenue reserve1
    £’000    		 Total
    £’000
    As at 1 July 2022 33 31,572 (118) 9 (204) 31,292
    Comprehensive income for the period:            
    Management fees allocated as capital expenditure — — (522) — — (522)
    Net loss on fair value of fixed asset investments — — — (6) — (6)
    Loss after tax — — — — (250) (250)
    Total comprehensive loss for the period — — (522) (6) (250) (778)
    Contributions by and distributions to owners:            
    Shares issued 15 15,164 — — — 15,179
    Share issue costs — (275) — — — (275)
    Total contributions by and distributions to owners 15 14,889 — — — 14,904
    Balance as at 30 June 2023 48 46,461 (640) 3 (454) 45,418
    1. Reserves are available for distribution, subject to the restrictions.

    The accompanying notes form an integral part of the financial statements.

    Cash flow statement

        18 months to
    31 December     		 Year to
    30 June
        2024 2023
        £’000 £’000
    Cash flows from operating activities      
    Loss before tax1   (2,894) (778)
    Decrease/(increase) in debtors   173 (325)
    Decrease in creditors   (52) (103)
    Gain on disposal of fixed assets   (1,382) —
    Loss on valuation of fixed asset investments   3,564 6
    Outflow from operating activities   (591) (1,200)
    Cash flows from investing activities      
    Purchase of fixed asset investments   (8,162) (23,238)
    Sale of fixed asset investments   3,146 —
    Outflow from investing activities   (5,016) (23,238)
    Cash flows from financing activities      
    Movement in applications account   (270) (1,544)
    Proceeds from share issues   5,512 15,179
    Share issue costs   (113) (275)
    Inflow from financing activities   5,129 13,360
    Decrease in cash and cash equivalents   (478) (11,079)
    Opening cash and cash equivalents   20,662 31,741
    Closing cash and cash equivalents   20,184 20,662
    Cash and cash equivalents comprise      
    Cash at bank   112 152
    Money market funds   19,972 20,140
    Applications cash   100 370
    Closing cash and cash equivalents   20,184 20,662
    1. Loss before tax includes cashflows from dividends of £1.4 million (2023: £0.4 million).

    The accompanying notes form an integral part of the financial statements.

    Notes to the financial statements

    1. Principal accounting policies

    Octopus Future Generations VCT plc (‘Future Generations VCT’) is a Public Limited Company (plc) incorporated in England and Wales and its registered office is at 6th Floor, 33 Holborn, London EC1N 2HT.

    Future Generations VCT has been approved as a Venture Capital Trust by HMRC under Section 259 of the Income Taxes Act 2007. The shares of Future Generations VCT were first admitted to the Official List of the UK Listing Authority and trading on the London Stock Exchange on 5 April 2022 and can be found under the TIDM code OFG. Future Generations VCT is premium listed.

    The principal activity of Future Generations VCT is to invest in a diversified portfolio of UK smaller companies in order to generate capital growth over the long term as well as an attractive tax-free dividend stream.

    The financial statements are presented in GBP (£) to the nearest £’000. The functional currency is also GBP (£). Some accounting policies have been disclosed in the respective notes to the financial statements.

    Basis of preparation
    The financial statements have been prepared on a going concern basis under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (July 2022)’.

    2. Investment income
    Accounting policy

    Investment income comprises interest earned on money market funds. Dividend income is shown net of any related tax credit. Dividends receivable are brought into account when Future Generation’s right to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on debt and money market funds are recognised so as to reflect the effective interest rate, provided there is no reasonable doubt that payment will be received in due course.

    Disclosure

      18 months to  
      31 December 2024

        30 June 2023
      £’000 £’000
    Money market funds 1,427 424
    Total investment income 1,427 424

    3. Investment management fees
    Accounting policy

    For the purposes of the revenue and capital columns in the Income Statement, the management fee has been allocated 25% to revenue and 75% to capital, in line with the Board’s expected long-term return in the form of income and capital gains respectively from Future Generations VCT’s investment portfolio.

    Disclosure

      18 months to 31 December 2024 Year to 30 June 2023
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Investment            
    management fee 345 1,035 1,380 174 522 696
    Total 345 1,035 1,380 174 522 696

    The Portfolio Manager provides investment management services through agreements with Octopus AIF Management Limited and Future Generations VCT. It also provides accounting and administration services to Future Generations VCT under a Non-Investment Services Agreement (NISA). No compensation is payable if the agreement is terminated by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided, or the required notice period was given.

    4. Other expenses
    Accounting policy

    Other expenses are accounted for on an accruals basis and are charged wholly to revenue.

    The transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

      18 months to Year to
      31 December 30 June
      2024 2023
      £’000 £’000
    NISA fees 213 122
    Directors’ remuneration1 157 77
    Audit fees2 78 63
    Directors and Officers (D&O) insurance 74 15
    Depositary fees 62 57
    Listing fees 46 58
    Registrars fees 28 21
    Director recruitment & expenses 27 —
    Report and account fees 26 38
    Other fees 48 49
    Total 759 500

    1. Includes employers’ NI.
    2. Includes VAT.

    Total ongoing charges are capped at 3.0% of net assets. For the period to 31 December 2024, the ongoing charges exceeded this cap and a rebate was paid from the Portfolio Manager for the amount of £39,000. For the 18 months to 31 December 2024 the ongoing charges were 3.0% (2023: 3.0%) of net assets. This is calculated by summing the annualised expenses incurred in the period (excluding non-recurring expenses) divided by the average NAV throughout the period.

    5. Tax on ordinary activities
    Accounting policy

    Corporation tax payable is applied to profits chargeable to corporation tax, if any, at the current rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue return on the ‘marginal’ basis as recommended in the SORP.

    Deferred tax is recognised in respect of all timing differences at the reporting date. Timing differences are differences between taxable profits and total income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

    Disclosure
    The corporation tax charge for the period was £nil.

      18 months to Year to
      31 December 30 June
      2024 2023
      £’000 £’000
    Loss on ordinary activities before tax (2,894) (778)
    Current tax at 25% (2023: 20.5%) (724) (159)
    Effects of:    
    Non-taxable income (357) —
    Non-taxable capital gains 546 1
    Non-deductible expenses 1 —
    Excess management expenses on which deferred tax not recognised 534 193
    Tax rate differences1 — (35)
    Total current tax charge — —

    1. Tax rate difference due to tax charge for the period being calculated at 20.5% and excess management expenses on which deferred tax is not recognised being calculated at 25%.

    Unrelieved tax losses of £3,231,000 (2023: £1,094,000) are estimated to be carried forward at 31 December 2024 (subject to completion of Future Generations VCT’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Future Generations VCT has not recognised the deferred tax asset of £808,000 (2023: £273,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward.

    Approved VCTs are exempt from tax on capital gains. As the Directors intend for Future Generations VCT to continue to maintain its approval as a VCT through its affairs, no current deferred tax has been recognised in respect of any capital gains or losses arising on the revaluation or disposal of investment.

    6. (Loss)/earnings per share

      18 months to 31 December 2024 Year to 30 June 2023
      Revenue Capital Total Revenue Capital Total
      £’000 £’000 £’000 £’000 £’000 £’000
    Earnings/(loss) attributable to Ordinary shareholders (£’000)

    323

    (3,217)

    (2,894)

    (250)

    (528)

    (778)
    Earnings/(loss) per Ordinary share (p) 0.6 (6.3) (5.7) (0.6) (1.3) (1.9)

    The Earnings/(loss) per share is based on 51,727,417 (2023: 40,987,788) Ordinary shares, being the weighted average number of Ordinary shares in issue during the period.

    There are no potentially dilutive capital instruments in issue and so no diluted return per share figures are relevant. The basic and diluted earnings per share are therefore identical.

    7. Net asset value per share

      31 December 30 June
      2024 2023
    Net assets (£’000) 47,923 45,418
    Shares in issue 53,941,104 48,138,337
    NAV per share (p) 88.8 94.3

    8. Transactions with the Manager and Portfolio Manager

    Future Generations VCT is classified as a full-scope Alternative Investment Fund under the Alternative Investment Fund Management Directive (the ‘AIFM Directive’). Future Generations VCT has appointed Octopus AIF Management Limited to provide the services of an AIFM of a full-scope AIF. In accordance with its power to do so under AIFMD, Octopus AIF Management Limited has delegated investment management to Octopus Investments Limited, whilst retaining the obligations of a risk manager.

    Future Generations VCT paid Octopus AIF Management Limited £1,380,000 (2023: £696,000) in the period as a management fee, after applying a rebate to maintain the total ongoing charges below the 3% cap. The annual management charge (AMC) is based on 2% of Future Generations VCT’s NAV. The AMC is payable quarterly in advance and calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. Once the quarter has ended, an adjustment will be made if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. The Manager will donate 10% of the management fee to the Octopus Giving Charitable Foundation, which was set up in 2014 to help charities make the world a better place and which, since inception, has donated more than £1 million to such worthy causes.

    Octopus also provides Non-Investment Services to Future Generations VCT, payable quarterly in advance. The fee is 0.3% of Future Generations VCT’s NAV, calculated at quarterly intervals. The NISA fee is calculated using the latest published NAV of Future Generations VCT and the number of shares in issue at each quarter end. As with the AMC, an adjustment will be made once the quarter has ended if the NAV at the end of the current quarter is calculated and which differs from the NAV as at the end of the previous quarter. During the period £213,000 (2023: £122,000) was paid to Octopus for Non‑Investment Services. In addition, Octopus is entitled to performance-related incentive fees, subject to Future Generations VCT’s total return at year end exceeding the total return at the previous year end when an incentive fee was paid, or 97p if the first incentive fee has not yet been paid (the ‘Excess’), equal to 20% of the Excess. No performance fee will be paid prior to the financial year ending on 31 December 2025, dividends (paid or declared) being equal to or greater than 10p per Ordinary share and the total return exceeding 120p.

    The cap relating to Future Generations VCT’s total expense ratio, that is the regular, recurring costs of Future Generations VCT expressed as a percentage of its NAV, above which Octopus has agreed to pay, is 3.0%, and is calculated in accordance with the AIC Guidelines.

    Octopus AIF Management Limited remuneration disclosures (unaudited)
    Quantitative remuneration disclosures required to be made in this annual report in accordance with the FCA Handbook FUND 3.3.5 are available on the website: https://www.octopusinvestments.com/remuneration-disclosures/.

    9. Related party transactions

    Several members of the Octopus investment team hold non-executive directorships as part of their monitoring roles in Future Generations VCT’s portfolio companies, but they have no controlling interests in those companies.

    Emma Davies, a Non-Executive Director of Future Generations VCT, previously held the role of co-CEO of Octopus Ventures and she also holds shares in Octopus Capital Ltd. On 24 March 2023, Emma Davies ceased to be employed by Octopus Capital Limited and therefore she is no longer considered a related party. Emma retired as a Non-Executive Director of Future Generations VCT on 31 March 2024. No dividends have been paid to the Directors of Future Generations VCT in the period (2023: £nil).

    10. 2024 financial information

    The figures and financial information for the period ended 31 December 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the period to 31 December 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    11. 2023 financial information

    The figures and financial information for the year ended 30 June 2023 are compiled from an extract of the published financial statements for the period and do not constitute statutory accounts. Those financial statements have been delivered to the Registrar of Companies and included the Auditors’ report which was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

    12. Annual Report and financial statements
    The Annual Report and financial statements will be posted to shareholders in early May and will be available on the Company’s website, https://octopusinvestments.com/our-products/venture-capital-trusts/octopus-future-generations-vct/.
    The Notice of Annual General Meeting is contained within the Annual Report.

    13. General information

    Registered in England & Wales. Company No. 13750143
    LEI: 213800AL71Z7N2O58N66

    14. Directors

    Helen Sinclair (Chair), Joanna Santinon and Ajay Chowdhury

    15. Secretary and registered office   

    Octopus Company Secretarial Services Limited
    6th Floor, 33 Holborn, London EC1N 2HT

    The MIL Network –