NewzIntel.com

Category: European Union

  • MIL-OSI Asia-Pac: English Translation of Opening Remarks by the Prime Minister at the 7th India-Germany Inter-Governmental Consultations

    Source: Government of India (2)

    Posted On: 25 OCT 2024 4:03PM by PIB Delhi

    Excellency,

    A warm welcome to you and your delegation on the occasion for the 7th India-Germany Inter-Governmental Consultations.

    Excellency,

    This is your third trip to India. Fortunately, this is also the first IGC meeting of my third term. In a way, this is a triple celebration of our friendship.

    Excellency,

    In 2022, during the last Inter-Governmental Consultation held in Berlin, we made important decisions for bilateral cooperation.

    In the last two years, there has been encouraging progress in various areas of our strategic partnership. Increasing cooperation in areas such as defence, technology, energy, and green and sustainable development has become a symbol of mutual trust.

    Excellency,

    The world is going through a period of tension, conflict, and uncertainty. There are also serious concerns about the rule of law and freedom of navigation in the Indo-Pacific region. In such times, the strategic partnership between India and Germany has emerged as a strong anchor.

    This is not a transactional relationship; this is a transformational partnership between two capable and strong democracies—a partnership that is contributing to building a stable, secure, and sustainable future for the global community and humanity.

    In this regard, the “Focus on India” strategy you released last week is most welcome.

    Excellency,

    I am pleased that we are taking many new and important initiatives to expand and elevate our partnership. We are moving from a whole-of-government approach to a whole-of-nation approach.

    Industries from both countries are connecting innovators and young talent. Democratizing technology is our shared commitment. Today, the Roadmap on Innovation and Technology is being released, which will further strengthen our cooperation in important areas such as Artificial Intelligence, Semiconductors, and Clean Energy.

    We have just participated in the Asia-Pacific Conference of German Business, and shortly, we will also participate in the CEOs Forum. This will strengthen our cooperation even further. Our efforts to diversify and de-risk our economies will gain momentum, helping to create secure, reliable, and trusted supply value chains.

    In line with our commitment to climate action, we have created a platform for global investment in renewable energy. Today, the Green Hydrogen Roadmap has also been released.

    We are pleased that education, skill development, and mobility are advancing between India and Germany. We welcome the Skilled Labour Mobility Strategy released by Germany. I believe today’s meeting will elevate our partnership to new heights.

    I’d now like to hear your thoughts.

    After that, my colleagues will brief us on the steps being taken to foster mutual cooperation in various areas.

    Once again, a very warm welcome to you and your delegation in India.

    DISCLAIMER -This is the approximate translation of Prime Minister’s remarks. Original remarks were delivered

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: EIB commits €650 Million to support Green Energy transition with Elia Transmission Belgium for Princess Elisabeth Island Project

    Source: European Investment Bank

    • BRUSSELS (BE) – VLISSINGEN (NL) | The European Investment Bank (EIB) and Elia Transmission Belgium (ETB) have signed a €650 million green credit facility agreement, further broadening ETB’s financing portfolio and advancing Europe’s transition from fossil fuels to green energy. The proceeds are earmarked for the realisation of the first phase of the Princess Elisabeth Island project. The Belgian energy island is crucial for the Belgian and European energy transition, helping to bring large amounts of wind energy from the North Sea to the consumption centres on the mainland.

    Significant contribution to energy security and European competitiveness

     The contract was signed by EIB Vice-President Robert de Groot, ETB CEO Frédéric Dunon, and ELIA Group Interim CEO Catherine Vandenborre on 25 October 2024 at a ceremony held at the island’s caisson yard in Vlissingen (NL), in the presence of the Belgian Minister of Energy, Tinne Van der Straeten; the Head of European Commission Representation in Belgium, Thomas de Béthune; and various diplomatic dignitaries from countries around the North Sea, including the Belgian and German ambassadors to the Netherlands and the German ambassador to Belgium. 

    The Princess Elisabeth Island will be constructed between 2024 and 2027, at about 45 km off the Belgian coast within the Princess Elisabeth wind zone. The island is one of ETB’s key projects and is the world’s first artificial energy island. By integrating 3.5 GW of additional offshore wind capacity into Belgium’s electricity grid (to power more than 3 million households), the Princess Elisabeth Island will reduce the country’s dependence on fossil fuels and provide more affordable green electricity, contributing to social welfare and industrial competitiveness. It will also significantly contribute to the European Union meeting its renewable energy targets and climate-neutrality goal.

    Strong support from European institutions

     Promoting renewable energy, enhancing energy security, and fostering European interconnectedness are key for the European Union to reach its climate and energy goals. The EIB’s support highlights ETB’s leading role in connecting offshore wind capacity to Europe’s onshore grid and strengthening the integration of the European energy market.

    In addition to unlocking Belgium’s second offshore wind zone, the Princess Elisabeth Zone, the island will also serve as a landing point for additional interconnectors that will link Belgium to its neighbours. Another important element for the EU bank is the project’s innovative nature, featuring hybrid interconnectors and a nature-inclusive design to foster biodiversity and support marine life, making it a benchmark for sustainable energy solutions.

    The energy island will play an important role in the green energy transition for both Belgium and the broader European Union, which is why it receives substantial EU support. The project is backed by the REPowerEU initiative, which aims to reduce Europe’s reliance on fossil fuel imports and accelerate the shift to sustainable energy. Additionally, the energy island is a flagship project within Belgium’s recovery and resilience plan, securing a €100 million loan from the overarching European Recovery and Resilience Facility under NextGenerationEU.

    “The Princess Elisabeth Island project is a cornerstone for enhancing Belgium’s and Europe’s energy security and independence. This initiative not only strengthens Belgium’s energy infrastructure but also fosters vital interconnections with neighbouring countries, thereby promoting increased regional cooperation. By investing in this project, the EIB and Elia are deepening the European power market and paving the way for a sustainable, more secure and resilient energy future for all European citizens.”

    Robert de Groot, Vice President of the European Investment Bank

    “We highly value the support provided by the European Investment Bank, which is a testament to our European ambitions and marks another milestone in our funding diversification strategy. Our proven expertise and pioneering work on creating an artificial energy island amplify Europe’s innovative edge and competitiveness amidst a global energy shift. This loan will provide us with stable, long-term financing with favourable conditions – for the benefit of Belgian consumers.”

    Catherine Vandenborre, Elia Group’s interim CEO

     Innovation to accelerate the energy transition

     The Princess Elisabeth Island will be the first artificial energy island in the world hosting both high-voltage direct current (HVDC) and alternating current (HVAC) infrastructure. The first of the island’s caissons, or foundations, are currently being built in Vlissingen (the Netherlands) and will soon be sunk at sea and filled with sand to form the foundations of the island.

    The high-voltage infrastructure installed on the island will bundle together the export cables of the Princess Elisabeth Zone wind farms while also serving as a hub for future interconnectors that will link Belgium to the United Kingdom and other countries. These hybrid interconnectors will perform two functions at once, meaning that their design is more efficient than that of most current interconnectors. These hybrid interconnectors will enable power exchanges between Belgium and its neighbours whilst also being connected to large offshore wind farms in the North Sea. The latter will eventually supply Belgium with large quantities of renewable energy.

    Background information

     About the European Investment Bank

     The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that further EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    All new projects financed by the EIB Group – the EIB and the European Investment Fund (EIF) – are in line with the Paris Agreement. Investments in fossil fuels that do not reduce CO2 emissions are not eligible for financial support. The EIB Group is on track to deliver on its commitment to support €1 trillion in climate action and environmental sustainability investment in the decade to 2030, as pledged in its Climate Bank Roadmap.

    In 2023, the EIB Group signed a total of €88 billion in new financing, of which more than €21 billion supported projects in energy efficiency, renewable energy, electricity networks and storage in the European Union and beyond. The total financing for climate action and environmental sustainability stood at €49 billion.

    Read more on the EIB’s support for the energy sector here and on REPowerEU to accelerate Europe’s green transition here.

     About Elia Group

     One of Europe’s top five TSOs

    Elia Group is a key player in electricity transmission. We ensure that production and consumption are balanced around the clock, supplying 30 million end users with electricity. Through our subsidiaries in Belgium (Elia) and the north and east of Germany (50Hertz), we operate 19,460.5 km of high-voltage connections, meaning that we are one of Europe’s top 5 transmission system operators. With a reliability level of 99.99%, we provide society with a robust power grid, which is important for socioeconomic prosperity. We also aspire to be a catalyst for a successful energy transition, helping to establish a reliable, sustainable and affordable energy system.

    We are making the energy transition happen

    By expanding international high-voltage connections and incorporating ever-increasing amounts of renewable energy into our grid, we are promoting both the integration of the European energy market and the decarbonisation of society. We also continuously optimise our operational systems and develop new market products so that new technologies and market parties can access our grid, thus further facilitating the energy transition.

    In the interest of society

    As a key player in the energy system, Elia Group is committed to working in the interest of society. We are responding to the rapid increase in renewable energy by constantly adapting our transmission grid. We also ensure that investments are made on time and within budget, with a maximum focus on safety. In carrying out our projects, we manage stakeholders proactively by establishing two-way communication channels between all relevant parties very early on in the development process. We also offer our expertise to different players across the sector in order to build the energy system of the future.

    International focus

    In addition to its activities as a transmission system operator, Elia Group provides consulting services to international customers through its subsidiary Elia Grid International. In recent years, the Group has launched new non-regulated activities such as re.alto – the first European marketplace for the exchange of energy data via standardised energy APIs – and WindGrid, a subsidiary which will continue to expand the Group’s overseas activities, contributing to the development of offshore electricity grids in Europe and beyond.

    The legal entity Elia Group is a listed company whose core shareholder is the municipal holding company Publi-T.

    eliagroup.eu

    MIL OSI Europe News –

  • MIL-OSI Europe: Missions – 28-30 October: INTA Delegation to London (UK) – 28-10-2024 – Committee on International Trade

    Source: European Parliament

    A delegation of six Members of the Committee on International Trade (INTA), accompanied by the Chair of the Delegation to the EU-UK Parliamentary Partnership Assembly, will travel to London (UK) from 28 to 30 October 2024. The delegation, led by the INTA Chair, Bernd Lange (S&D, DE), will exchange with the UK government, parliamentarians and stakeholders on the trade aspects of the EU-UK Withdrawal Agreement, including the Windsor Framework, and the Trade and Cooperation Agreement.

    The context of this visit is the ‘reset’ of the EU-UK relations announced recently by the UK Prime Minister, the first review of the TCA due in 2026 and the upcoming democratic consent vote of the Northern Ireland Legislative Assembly on the continuation of the application of major provisions of the Windsor Framework in December 2024.

    The UK and the EU are also faced with the same challenges at global level regarding international trade. In the past decade, geopolitical and geoeconomic tensions have heightened, in part due to the strategic competition between the United States and China. In the last few years the situation has deteriorated further, notably due to the supply chain disruptions from the Covid-19 pandemic and to the impact of Russia’s war of aggression against Ukraine, as well as recently the major crisis in the Middle East, bringing both competitiveness and economic security to the forefront.

    MIL OSI Europe News –

  • MIL-OSI Europe: At a Glance – Plenary round-up – October II 2024 – 25-10-2024

    Source: European Parliament

    A key moment during the October II session was the debate on managing migration in an effective and holistic way through fostering returns, based on a Commission statement following up the previous week’s European Council conclusions. International topics also took up much of the agenda, with Members debating Commission statements on war crimes committed by Russia, EU action against Russian shadow fleets and ensuring full enforcement of sanctions, and protection of European journalists reporting on Russia’s war against Ukraine. Moreover, they debated the situation in Azerbaijan, and in Tunisia, the need for a ceasefire in Lebanon, China’s military provocation around Taiwan, and state-sponsored terrorism by Iran in light of recent attacks in Europe. Members also debated a number of Commission statements, inter alia on a stronger Europe for safer products to better protect consumers and tackle unfair competition, tackling the steel crisis, foreign interference and hybrid attacks, closing the EU skills gap, the abuse of new technologies to manipulate and radicalise young people through hate speech and antidemocratic discourse, the need to strengthen rail travel and the railway sector in Europe, and persistent threats to marine protected areas in the EU and benefits for coastal communities. Members also discussed the findings of the UN Committee on the Elimination of Discrimination against Women on Poland’s abortion law, and the lack of progress in restoring the rule of law in Malta, seven years on from the assassination of Daphne Caruana Galizia. The Court of Auditors’ 2023 annual report was presented, in the presence of Tony Murphy, President of the Court. Finally, Members heard an address by Enrico Letta, presenting his report ‘Much More Than a Market’, which was followed by a debate on a Parliament statement on empowering the Single Market to deliver a sustainable future and prosperity for all EU citizens.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – War crimes committed by the Turkish army in Cyprus – E-002070/2024

    Source: European Parliament

    15.10.2024

    Question for written answer  E-002070/2024
    to the Commission
    Rule 144
    Geadis Geadi (ECR)

    The European Court of Human Rights (ECHR) has issued judgments recognising a number of violations of the European Convention on Human Rights committed by Türkiye in Cyprus, such as the illegal deprivation of life, the violation of the right to property, torture and inhuman treatment. The Turkish forces are therefore understood to have committed numerous crimes against Greek Cypriot civilians and prisoners of war during the country’s invasion of Cyprus.

    The discovery of mass graves confirms that many of the missing Greek Cypriots met a tragic end at the hands of the Turkish invaders. Photographic evidence has recently come to light depicting prisoners alive and unarmed in the captivity of Turkish soldiers. These prisoners’ remains were later identified in mass graves, proving that they were executed in cold blood after being captured.

    In light of the above:

    • 1.What is the Commission’s position on the crimes committed by the Turkish forces in Cyprus, an EU Member State?
    • 2.Given that Türkiye has still not complied with the compensation obligations imposed on it ten years ago, how does the Commission intend to hold the country to account for its actions?

    Submitted: 15.10.2024

    Last updated: 25 October 2024

    MIL OSI Europe News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 25.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    25 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 25.10.2024

    Espoo, Finland – On 25 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,349,626 4.42
    CEUX 445,115 4.41
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,794,741 4.42

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 25 October 2024 was EUR 7,926,474. After the disclosed transactions, Nokia Corporation holds 185,625,881 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI USA: Klobuchar Awarded the National Guard Association’s Montgomery Medal

    US Senate News:

    Source: United States Senator for Minnesota Amy Klobuchar
    MINNEAPOLIS – U.S. Senator Amy Klobuchar (D-MN) was awarded the Montgomery Medal from the National Guard Association of the United States (NAGUS). The Montgomery Medal recognizes individuals or organizations who provide outstanding support to the NGAUS. Senator Klobuchar is receiving the award for championing issues important to National Guardsmen and veterans, such as bolstering the “Beyond the Yellow Ribbon” program, helping pass the historic PACT Act to ensure veterans exposed to toxic substances get the healthcare they need, and investments into the National Guard’s readiness and operational capabilities. At the presentation ceremony, NGAUS Minnesota Chapter President Chief Warrant Officer (CWO) 5 Brett Setterlund presented Klobuchar with the medal. Klobuchar, Minnesota National Guard Major General Shawn Manke, and CWO 5 Setterlund delivered remarks.  
    “It’s a privilege to receive the Montgomery Medal from the National Guard Association,” said Klobuchar. “The men and women of the National Guard put everything on the line when they put on the uniform, and we owe them a debt we can never fully repay. That’s why I’ve fought to provide them with the resources and support they need to keep our state and our nation safe.”
    Colonel Jamie Lindman read the following citation at the award ceremony:
    For her exceptional leadership, dedication, and unwavering support for the Minnesota National Guard, Senator Amy Klobuchar is awarded the Montgomery Medal. Her commitment to the welfare of Soldiers, Airmen, and their families is exemplified through her tireless advocacy and legislative achievements. Senator Klobuchar’s profound impact on the lives of National Guard members is evident in her comprehensive approach to support and promote our service. 
    She spearheaded the development of the “Beyond the Yellow Ribbon” program, transforming it into a national model that provides crucial support to service members reintegrating into civilian life. Her advocacy for improving childcare access and championing PACT Act legislation to address toxic exposure demonstrates her commitment to enhancing the quality of life for military families. Senator Klobuchar’s leadership in modernizing the National Guard has been instrumental in securing advancements that enhance readiness and operational capabilities. From securing new aircraft for both the 148th Fighter Wing and 133rd Airlift Wings to advocating for infrastructure improvements at Camp Ripley Training Center, her efforts ensure the Guard remains a critical asset to our nation’s defense. Her dedication to fostering partnerships locally and globally strengthens the Guard’s capabilities and interoperability with international allies. Her support for initiatives like the State Partnership Program with Norway underscores her commitment to enhancing strategic military ties and improving readiness for joint operations. Senator Klobuchar exemplifies the values of service, leadership, and dedication and leaves an indelible mark on the Department of Defense, the National Guard Association of the United States, and the Minnesota National Guard.
    Read the full citation HERE.
    As a member of the National Guard Caucus, Senator Klobuchar is a leading advocate in the Senate for the National Guard.
    Since her election to the Senate, Klobuchar has fought to secure regular funding to extend and expand to the national level Minnesota’s pioneering Beyond the Yellow Ribbon Program. Beyond the Yellow Ribbon helps soldiers transition from military to civilian life through counseling and other services.
    In 2023, the United States Air Force announced that Minnesota’s 133rd Airlift Wing was selected to receive eight new C-130J aircraft. Klobuchar worked across the aisle to help secure these aircraft for Minnesota’s 133rd Airlift Wing. The 133rd also leads the nation’s longest continuous troop exchange with Norway, and our Croatia and Norway State Partnership Programs. All these partners benefit and embrace the 133rd’s tactical airlift mission.
    In 2022, provisions from Klobuchar’s Toxic Exposure Training Act to improve education and training for VA health care personnel passed as part of the bipartisan PACT Act.
    In 2019, Klobuchar introduced legislation that became law to ensure that children of Guard members and Reservists are identified as students of military families in school records. This requirement, which already applied to children of active-duty servicemembers, ensures that schools and teachers know which students have parents in the Guard and Reserves and help accommodate those needs.
    In 2017, Klobuchar introduced legislation to help reduce the cost of service for National Guard members and make a big difference for thousands of soldiers in the Minnesota National Guard by reducing the mileage that can be claimed on taxes from 100 to 50. In Minnesota, 30 percent of all National Guard members travel more than 50 miles for training and can be burdened with costly travel expenses simply for completing their required duty training each month. 

    MIL OSI USA News –

  • MIL-OSI United Nations: Committee on the Elimination of Discrimination against Women Launches General Recommendation 40 on the Equal and Inclusive Representation of Women in Decision-Making Systems

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women this morning launched its general recommendation no. 40 on the equal and inclusive representation of women in decision-making systems. 

    In opening remarks, Volker Türk, United Nations High Commissioner for Human Rights, congratulated everyone involved in the general recommendation.  The outdated patriarchal system was at the root of many problems faced today.  The power to suppress and silence, to wage war and wreak havoc, was too often wielded by angry egotistical short-sighted men.  Women remained starkly underrepresented in decision-making systems.  General recommendation 40 put forward immediate, concrete recommendations across the board to make gender parity a reality by 2030.  Gender parity could not be partial; it needed to be 50/50. 

    Presenting the general recommendation, Nicole Ameline, Committee Expert, said general recommendation 40 offered an operational, concrete roadmap accessible to all States and would be accompanied by tools, mechanisms and new solutions.  The Committee was counting on States, especially parliaments, civil society and the United Nations system, to build together this necessary transition, without delay. 

    Tania María Abdo Rocholl, Chair of the Human Rights Committee; Nyaradzayi Gumbonzvanda, Deputy Executive Director for Normative Support, United Nations Women; and Martin Chungong, Secretary-General, Inter-Parliamentary Union, also gave statements.  Countries and civil society then took to the floor to reiterate their support for general recommendation 40.

    Speaking in the discussion were France, China, Saudi Arabia, Togo, Ireland, Luxembourg, Burkina Faso, Spain, Chile, Italy, Slovenia, Bolivia, Russian Federation, Egypt, Mexico, Norway, Belgium, Benin, Azerbaijan, Cabo Verde, Nepal, Bulgaria, Dominican Republic, Guatemala, Honduras, South Africa, Algeria, Mauritius, Venezuela, Gambia and Colombia.

    Also speaking were: GQUAL Campaign, Women@the table, International Disability Alliance and FUNDACIÓN LEGĀTUM.

    The Committee on the Elimination of Discrimination against Women’s eighty-ninth session is being held from 7 October to 25 October.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 5.pm. on Friday, 25 October to close its eighty-ninth session. 

    Introductory Statements

    ANA PELÁEZ NARVÁEZ, Committee Chairperson, said today would go down in history.  Today there would be roadmap to begin securing the principle of parity as a universal principle to manage and lead the world. 

    VOLKER TÜRK, United Nations High Commissioner for Human Rights, congratulated everyone involved in the general recommendation.  The conflict, deepening inequality, and the destruction of the planet begged the question of how to build a more peaceful tomorrow when today was violent and full of turmoil.  The outdated patriarchal system was at the root of many problems faced today.  The power to suppress and silence, to wage war and wreak havoc, was too often wielded by angry egotistical short-sighted men.  Women remained starkly underrepresented in decision-making systems.  This was a grave paradox and so this important general comment needed to be a milestone. 

    While there had been some progress in gender parity, it came at a very slow pace.  Gender parity was a human right.  The rights of women in all their diversity were non-negotiable.  Gender parity was transformative and unlocked capacities to innovate and be creative.  Women were agents of peace.  Their full participation in society helped to prevent conflict.  It was beyond time for women to take their rightful place at all the important tables.  Gender equality needed to be built into the algorithms which ruled today’s digital lives.  General recommendation 40 put forward immediate, concrete recommendations across the board to make gender parity a reality by 2030.  Gender parity could not be partial; it needed to be 50/50.  Achieving true gender parity meant the deeply entrenched patriarchal structures needed to be dismantled.  This could involve Constitutional amendments, legal reforms, national action plans, and temporary special measures.  Regimes which amounted to gender apartheid needed to be denounced. 

    NICOLE AMELINE, Committee Expert, said general recommendation 40 was designed by the Committee within the framework of its mandate, and was part of the urgency of our time, characterised by disruptive developments that were changing systems, and which needed to lead to a radical revision of decision-making systems.  Only a systemic, comprehensive and inclusive approach based on 50/50 parity as a principle of governance could ensure the respect of this fundamental right and the progress of societies.  At a time when the escalation of conflicts, crises and tensions were severely impacting women’s rights, when the digital transition was reinventing organizational systems, when the climate transition was affecting living conditions, the only response to these challenges was in collective intelligence and parity that associated women at all levels and in an inclusive way in the decision-making system. 

    Only a global movement could ensure the necessary paradigm shift.  General recommendation 40 offered an operational, concrete roadmap accessible to all States and would be accompanied by tools, mechanisms and new solutions. The Committee was counting on States, especially parliaments, civil society and the United Nations system to build together this necessary transition, without delay.  Ms. Ameline thanked all those who had been involved in the launch. 

    TANIA MARÍA ABDO ROCHOLL, Chairperson of the Human Rights Committee, underscored the importance of a cross-cutting approach when it came to the general recommendation.  General recommendation 40 was a specific call to action to ensure equal access and power in decision-making.  The recommendation was a gift that the Committee had given to all women in the world. 

    NYARADZAYI GUMBONZVANDA, Deputy Executive Director for Normative Support, United Nations Women, congratulated the Committee for the recommendation.  United Nations Women had supported the drafting process during the five regional consultation meetings.  General recommendation 40 was a visionary parity roadmap envisaging steps that States needed to take to reach parity at all levels.  This should inspire everyone to push forward and commit to making gender equality a reality. 

    MARTIN CHUNGONG, Secretary-General, Inter-Parliamentary Union, said the launch of general recommendation 40 was a milestone which marked the beginning of a new chapter for women’s leadership.  The adoption of the new recommendation came at a time of political polarisation and multiple crises.  Women’s representation in parliaments had steadily improved, reaching 27 per cent, but there was still much work to do.  Violence against women in politics was an abhorrent phenomenon.  As emerging technologies like artificial intelligence reshaped decision-making, it was important that women had a place at the table. 

    Discussion

    In the discussion, speakers among other things said today was a truly historic day and congratulated the Committee for the adoption of the general recommendation.  The recommendation came at a time when the world was facing challenges which called for equal representation of women and men.  Speakers reiterated their support to the recommendation.  Parity and a participatory approach were vital in decision-making.  Many speakers reaffirmed their commitment to equality in all its forms and to parity in parliaments, including increasing funding to women-led organizations. 

    In the face of the many global challenges that the world was confronting today, it was clear that current governance systems needed to be revised to ensure that women’s voices were at the forefront of decision-making processes at every level.  Many speakers emphasised that they fully shared the Committee’s recommendation on the importance of ensuring the equal participation of women and girls in decision-making on emerging issues, such as new digital technologies and artificial intelligence, as well as on climate action.  Ensuring all women and girls’ full, equal and meaningful participation in decision-making processes was necessary to develop climate policies that were inclusive, fair and sustainable.  Women needed to be equal users of technology and equal architects of the networks which shaped the future.  To achieve and sustain a well-functioning democracy, women’s political participation was a prerequisite.

    While the world had come a long way in the last century, progress remained slow.  At the outset, decision-making spheres were unfortunately influenced by traditional rules built around the patriarchal system, as well as by the almost instinctive precedence of men over women.  The major challenges in terms of equality and inclusion in decision-making faced by many countries remained that of the fight against harmful traditional practices and the neutrality of the legal framework. 

    Despite being powerful agents of change, women were underrepresented in decision-making at all levels, especially those facing multiple and intersecting forms of discrimination.

    States were urged to take bold, concrete steps to close gender gaps, both nationally and within the United Nations system.  This included advocating for initiatives like appointing the first-ever female Secretary-General of the United Nations, and ensuring gender parity in leadership positions, such as the Presidency of the General Assembly.  These were vital steps to create an inclusive global governance framework that delivered for all.

    One speaker noted that 50/50 parity was counterproductive.  What was done in such countries where women were more than 50 per cent in parliament? If countries were just working with figures, they would not achieve the necessary results.  The general recommendation was the view of experts and did not impose additional obligations on States.

    Another speaker said the adoption of the general recommendation was on the eve of the thirtieth anniversary of the Beijing Declaration.  This provided an important opportunity to reflect on the progress made and the significant challenges which remained when addressing gender equality.  Special temporary measures were still needed to achieve equality in economic sectors and in decision making.

    Speakers underscored that ensuring equal and inclusive representation of women was not only essential for progress but also a moral imperative and an international obligation.  The systemic exclusion of women from decision-making processes robbed the world of the potential of half its population.  General recommendation 40 provided critical guidance for States to address this imbalance and ensured equal representation in both the public and private sectors.

    Concluding Remarks 

    ANA PELÁEZ NARVÁEZ, Committee Chairperson, thanked everyone who had contributed to the launch of general recommendation 40.  She encouraged everyone to spread the word and assist the Committee and States in its implementation.  Ms. Peláez Narváez thanked Committee Expert Nicole Ameline for her contributions and important legacy. 

    ________

    CEDAW.24.033E

    Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

    English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Committee on the Elimination of Discrimination against Women Holds Informal Meeting with States Parties

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women this morning held an informal meeting with States parties.

    Committee Experts briefed States parties on the Committee’s work on individual communications; gender-based violence against women; the women, peace and security agenda; and the strengthening and harmonisation of working methods. 

    The Russian Federation, Finland, Chile, China and Spain took the floor to make comments and ask questions. 

    The Committee on the Elimination of Discrimination against Women’s eighty-ninth session is being held from 7 October to 25 October.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 11:30 a.m. on Friday, 25 October to launch its general recommendation 40 on the equal and inclusive representation of women in decision-making systems. 

    Statements by Committee Experts

    ANA PELÁEZ NARVÁEZ, Committee Chairperson, said the meeting today aimed to provide Member States with information about the work that the Committee had carried out over the past two years, and work for the future.  Over the past two years, the Committee had held constructive dialogues with around 25 States every year.  There were currently 37 States pending review.  Regrettably, due to the liquidity crisis, one of the pre-sessional meetings of the Committee was cancelled, which meant some delays.  Thirteen States had chosen not to abide by the simplified reporting procedure. 

    The Committee had pursued its work in considering all the communications submitted to the working group on communications.  In 2023, the Committee registered 19 cases, adopting 12 decisions and determining rights violations in six of those cases.  The Committee had approved a confidential inquiry on the right to abortion, which was published this year.  Last year, the Committee paid a confidential visit to a State party regarding the kidnapping of girls by armed groups. 

    It was regretful that the meetings of the working groups had been reduced due to the liquidity crisis.  Today, the Committee would launch a general recommendation which guaranteed parity in participation. During the next session, the Committee would hold a half day debate with States parties to address the upcoming general recommendation.  Ms. Peláez Narváez appealed to Member States for additional funding to carry out the Committee’s work, particularly in the case of general recommendation 41. 

    The Committee co-chaired the Platform of Independent Expert Mechanisms on Discrimination and Violence against Women which coordinated mechanisms relating to violence against women.  A document would be developed and made available to Member States.  Despite setbacks, the Committee continued to carry out its work.  Member States were urged to support the use of a predictable review calendar, with a view to strengthening the treaty body system.  The Committee was requesting resources to implement these proposals. 

    MARION BETHEL, Committee Vice Chair, said the working group on gender-based violence was formed in 2021.  The work of the working group focused on using the Convention framework jurisprudence, based on the Committee’s concluding observations, communications, views and inquiry findings, as a tool to address norms that influenced legislation, policies and programmes around gender-based violence.  The working group held States parties responsible for preventing, investigating and prosecuting cases of gender-based violence.  During dialogues, States were urged to implement the necessary political will to address gender-based violence. 

    The Working Group had also produced a paper which underscored the adequacy of the Convention framework as the mechanism for addressing gender-based violence against women, which highlighted the pressing need for better implementation of the existing framework of the Convention.  Through the general recommendation 40, the Committee stressed that gender-based violence against women was the result of an unequal and discriminatory system, based on the structural domination and exclusion of women.  The Committee urged States parties to adopt a comprehensive approach and implement all rights under the Convention, including institutionalising parity, as the key safeguard against gender-based violence. 

    ESTHER EGHOBAMIEN, Committee Expert, said emerging technologies made cyberspace a place for committing different forms of violence.  Instruments to deal with cyber violence were currently limited, including the Budapest Convention 2004, among others.  Currently, around 80 per cent of United Nations Member States had an international law discussing cybercrime.  However, there was no universally accepted definition for online violence which specifically targeted women and recognised their vulnerability.  Therefore, the Committee’s work focused on legal governance, including the new global convention which failed to address certain components of the Convention.  The Committee was engaging in activities which would address cybercrime and violence.   

    BANDANA RANA, Committee Expert, said the Committee continued to be deeply concerned at the deteriorating situation in Afghanistan, where the denial to women and girls of education, employment, restrictions on movement, and presence in public spaces constituted grave violations of the Convention.  In January 2022 the Committee requested information from the de facto authorities on measures for the prevention of gender-based violence and the curtailment of rights in all sectors.  In their response, the de facto authorities claimed substantial improvements in the status and rights of women, which starkly contradicted with the increase in the abuses reported on the ground. 

    In discussions with Afghan civil society, organizations urged the Committee to continue engagement using the full potential of the Convention mechanism for advancing accountability.  In this regard, the Committee had initiated discussion and preparation for considering the fourth periodic report of Afghanistan.  The Committee called on all stakeholders to engage in the process for safeguarding the human rights and fundamental freedoms of women and girls in Afghanistan as enshrined in the Convention.

    RANGITA DE SILVA DE ALWIS, Committee Expert, said the Committee was concerned that women’s voices were still missing from key security forums. The women, peace and security agenda had transformed, as had the Committee’s ways of implementing it. Women’s minds were battlegrounds for power and control, especially in the context of an institutionalised ban of women’s education under the Taliban.  The Committee had also raised the alarm on food insecurity in Gaza. The next 25 years would range new challenges, where women were required to lead urgent responses to crisis prevention. 

    HIROKO AKIZUKI, Committee Expert, said in 2022, the Committee made a significant decision to endorse the proposal of the annual meeting of the Chairpersons of the human rights treaty bodies to implement a predictable 8-year reporting calendar once operationalised, which would include follow-up reviews in between.  In October 2023, the Committee amended its rules of procedure to introduce a new rule, allowing for the examination of State party reports in the absence of their representatives.  To promote more effective and constructive dialogues, the Committee decided to identify five to 10 priority themes for discussion, which were communicated to the State party two days in advance of the dialogue.  In May 2024, the Committee accepted an invitation from the South Pacific Community to organise a technical cooperation event in Fiji in 2025, during which the Committee planned to engage with three States parties from the region. The concluding observations would be adopted at the subsequent formal session of the Committee in Geneva.  

    Questions and Comments by States Parties

    Russian Federation took note of the work of the Committee to consider individual reports to parties of the Convention.  The problem of violence against women was a topical issue.  The Committee was called on to use clearer wording in this regard.  The item on the agenda of the Security Council on women, peace and security had nothing to do with the Convention.  There was a disproportionate use of time within the Committee’s sessions.  The consideration of individual communications led to delays in considering States parties reports.  Considering reports in the absence of a delegation was counterproductive.

    Finland said the treaty bodies contributed to the scope of human rights law. The Committee’s work on gender-based violence was important, as was the women, peace and security agenda.  Had any measures been taken to establish a more structured follow-up procedure to individual communications? 

    Chile said it was aware of the Convention’s importance and reiterated strong support to the Convention and its principles, including the Optional Protocol.  The Committee had made significant progress in combatting gender-based violence.  Violence against women and girls was one of the most flagrant violations of human rights, rooted in gender stereotypes.  Chile had developed a policy to combat gender-based violence, which took the Committee’s recommendations into account.  Chile was seriously concerned by the situation of women and girls in Afghanistan.  The State would work tirelessly to implement the principles of the Convention. 

    China said it would continue to support the Committee’s critical role in strengthening human rights globally.  Nearly 30 years ago, the fourth World Conference on Women was held in Beijing.  Over the past three decades, the spirit of the Beijing Declaration had been upheld and the social status of women had been significantly enhanced.  At the recent conclusion of the Human Rights Council’s fifty-seventh session, China and other countries sponsored a resolution to mark the Declaration’s thirtieth anniversary, which was unanimously adopted.  Treaty bodies should hold extensive consultation with States parties regarding their working methods.   

    Spain said it supported streamlining and coordinating procedures and was concerned at the impact of the liquidity crisis on the Committee’s work. 

    Responses by the Committee Experts

    NAHLA HAIDAR, Committee Expert, said there was no structured follow-up procedure as such for communications.  There was an inter-committee focused on this issue.  It was hoped this issue would be resolved shortly.  The issue of the financial crisis had greatly impacted the Committee’s work. 

    HIROKO AKIZUKI, Committee Expert, said the participation of State party representatives in person was very important and effective for the dialogue.  Once the eight-year cycle was operational, the country list would be published.  Countries should be ready to come to Geneva to speak with the Committee. 

    BANDANA RANA, Committee Expert, said the Committee’s general recommendation 30 on women in conflict situations and peacebuilding provided a mechanism to assess and recommend stronger measures for addressing the rights of women in conflict and post conflict. 

    RANGITA DE SILVA DE ALWIS, Committee Expert, said the women, peace and security agenda was built on four pillars.  Unfortunately, the pillar on prevention of conflict had not been given the same emphasis as the protection of women during the aftermath of conflict.  The women, peace and security agenda’s main goal was to create a geopolitical situation to address the ways that women’s leadership could strengthen the agenda and general recommendation 30. 

    MARION BETHEL, Vice Chair, said a paper had been published on the Committee’s website which illustrated the adequacy of the Convention in addressing gender-based violence as a form of gender discrimination.  It was important to implement legislation, policies and programmes to prevent gender-based violence, as well as carry out investigations into cases and provide reparations for victims.  The document served as a guidance tool for States parties to incorporate into their legislation. 

    In concluding remarks, ANA PELÁEZ NARVÁEZ, Committee Chairperson, thanked everyone for their participation in the dialogue.  The meeting had been important to address concerns raised by Members States. 

    ___________

    CEDAW.24.032E

    Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

    English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News –

  • MIL-OSI Economics: Germany pledges EUR 150,000 to help developing economies meet farm trade standards

    Source: World Trade Organization

    WTO Director-General Ngozi Okonjo-Iweala said: “Germany demonstrates once again its commitment to helping developing countries and LDCs maximize the benefits of trade by improving their ability to comply with SPS requirements. This contribution will allow them to participate more actively in global agricultural markets for the benefit of thousands of farmers.”

    Ambassador Heidecke said: “The STDF makes important contributions to help developing countries and LDCs implement SPS standards and tackle global challenges. The German Ministry for Food and Agriculture is therefore very pleased to be renewing its support to help the STDF carry out its projects.”

    Overall, Germany has donated CHF 10.6 million to the STDF since 2006 and CHF 38.5 million to the various WTO trust funds over almost 25 years.

    The STDF is a global multi-stakeholder partnership to facilitate safe and inclusive trade, established by the Food and Agriculture Organization (FAO) of the United Nations, the World Organisation for Animal Health (OIE), the World Bank Group, the World Health Organization (WHO) and the WTO, which houses and manages the partnership. The STDF responds to evolving needs, drives inclusive trade and contributes to sustainable economic growth, food security and poverty reduction, in support of the United Nations Sustainable Development Goals.

    Share

    MIL OSI Economics –

  • MIL-OSI USA: Administrator Samantha Power Meets with UK Minister of State for Development Anneliese Dodds

    Source: USAID

    The below is attributable to Spokesperson Benjamin Suarato:‎

    Today, Administrator Samantha Power met with Anneliese Dodds, the United Kingdom’s Minister of State for Development and Minister of State for Women and Equalities. They discussed dire humanitarian needs in Gaza, Ukraine, and Sudan, and the important role the long-standing partnership between the United States and the United Kingdom can play in addressing these crises and a range of development challenges. 

    Administrator Power and Minister Dodds underscored the shared commitment of the United States and the United Kingdom to work together and find new areas of partnership, including on multilateral development bank reform and efforts to address lead poisoning.

    MIL OSI USA News –

  • MIL-OSI: Credicorp Ltd.: Credicorp’s Earnings Release and Conference Call 3Q24

    Source: GlobeNewswire (MIL-OSI)

    Lima, Oct. 25, 2024 (GLOBE NEWSWIRE) — Lima, PERU, October 25th, 2024 – Credicorp Ltd. announces to its shareholders and the market that its 3Q24 Earnings Release Report will be released on Thursday, November 7th, 2024, after market close.

    Credicorp’s Webcast / Conference Call to discuss such results; will be held on Friday, November 8th, 2024, at 9:30 a.m. ET (9:30 a.m. Lima, Peru time).

    The call will be hosted by:
    Gianfranco Ferrari – Chief Executive Officer, – Alejandro Perez Reyes – Chief Financial Officer, Francesca Raffo – Chief Innovation Officer, Cesar Rios – Chief Risk Officer, Diego Cavero – Head of Universal Banking, Cesar Rivera – Head of Insurance and Pensions, Carlos Sotelo – Mibanco CFO and Investor Relations Team.

    We encourage participants to pre-register for the listen-only webcast presentation using the following link:
    https://dpregister.com/DiamondPassRegistration/register?confirmationNumber=10193845&linkSecurityString=fdcb54848f

    Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

    Those unable to pre-register may dial in by calling:
    Participant dial-in (toll-free): 1 844 435 0321
    Participant international dial-in: 1 412 317 5615
    Participant Web Phone: Click Here
    Conference ID: Credicorp Conference Call

    The webcast will be archived for one year on our investor relations website at:
    https://credicorp.gcs-web.com/events-and-presentations/upcoming-events

    Credicorp reminds you that we filed our Annual Report on Form 20-F for the fiscal year ended December 31st, 2023 (2023 Form 20-F) with the Securities and Exchange Commission on April 24th, 2024. The 2023 Form 20-F includes audited consolidated financial statements of Credicorp and its subsidiaries as of December 31st, 2021,2022 and 2023 under IFRS. Our 2023 Form 20-F can be downloaded from Credicorp’s website: https://credicorp.gcs-web.com/annual-materials. Holders of Credicorp’s securities and any other interested parties may request a hard copy of our 2023 Form 20-F, free of charge, by filling out the form located on the link “mail request” on Credicorp’s website.

    About Credicorp

    Credicorp Ltd. (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia and Bolivia. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Credito del Peru – BCP and Banco de Credito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and Atlantic Security Bank.

    For further information please contact the IR team:

    investorrelations@credicorpperu.com

    Investor Relations
    Credicorp Ltd.

    Attachment

    The MIL Network –

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

    Source: GlobalData

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

    Posted in Retail

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

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

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

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

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

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

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

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

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

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

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Storm Éowyn information

    Source: Scotland – City of Aberdeen

    24/1/25, 9am

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

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

    24/1/25, 8.26am

    *** ADDITIONAL CLOSURES ***

    Due to Storm Éowyn

    All Aberdeen City Council Museums and Art Galleries

    24/1/25, 8.15am

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

    24/1/25, 7am

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

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Info here

    Source: Scotland – City of Aberdeen

    24/1/25, 9am

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

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

    24/1/25, 8.26am

    *** ADDITIONAL CLOSURES ***

    Due to Storm Éowyn

    All Aberdeen City Council Museums and Art Galleries

    24/1/25, 8.15am

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

    24/1/25, 7am

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

    MIL OSI United Kingdom –

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

    Source: City of Liverpool

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    Claire McColgan CBE, Director of Culture Liverpool said

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

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

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

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

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

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

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

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

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

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

    MIL OSI United Kingdom –

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

    Source: City of Liverpool

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI United Kingdom –

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

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

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

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

    Anyone offering financial or investment services in Germany requires the permission of BaFin. However, some companies offer such services without the required permission. Information on whether a particular company is authorised by BaFin can be found in the company database.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

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

    MIL OSI Global Banks –

  • MIL-OSI Security: Defense Official Statement on AUKUS Pillar 2 and Exercise Maritime Big Play

    Source: United States INDO PACIFIC COMMAND

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL Security OSI –

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

    Source: China State Council Information Office

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

    Attachment

    The MIL Network –

  • MIL-OSI Security: Guilty plea following Enfield murder investigation

    Source: United Kingdom London Metropolitan Police

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

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

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

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

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

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

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

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

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

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

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

    MIL Security OSI –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    FINANCIAL DEVELOPMENT BRIEFLY

    JULY-SEPTEMBER 2024

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

    JANUARY-SEPTEMBER 2024

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

    OUTLOOK FOR 2024

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

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

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

    CEO REVIEW

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

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

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

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

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

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

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

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

    Heikki Veijola

    CEO

    KEY FIGURES

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

    REPORTING AND BUSINESS OPERATIONS

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

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

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

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

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

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

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

    NET SALES DEVELOPMENT

    NET SALES BY PRODUCT GROUP  

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

    NET SALES BY GEOGRAPHIC AREA

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

    JULY-SEPTEMBER 2024

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

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

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

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

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

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

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

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

    JANUARY-SEPTEMBER 2024

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

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

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

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

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

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

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

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

    FINANCIAL DEVELOPMENT

    JULY-SEPTEMBER 2024

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

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

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

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

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

    JANUARY-SEPTEMBER 2024

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

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

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

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

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

    FINANCE AND INVESTMENTS

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

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

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

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

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

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

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

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

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

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

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

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

    PRODUCT DEVELOPMENT

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

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

    PERSONNEL

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

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

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

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

    SHARES AND SHAREHOLDER

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

    GOVERNANCE

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

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

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

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

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

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

    Board of Directors and Auditor

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

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

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

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

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

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

    SHORT-TERM RISKS AND UNCERTAINTIES

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

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

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

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

    EVENTS AFTER THE REVIEW PERIOD

    No events after the review period.

    QPR SOFTWARE PLC

    BOARD OF DIRECTORS

    For further information:

    Heikki Veijola

    Chief Executive Officer

    QPR Software Plc

    Tel. +358 40 922 6029

    QPR Software in Brief

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

    www.qpr.com

    DISTRIBUTION

    Nasdaq Helsinki

    Key medias

    www.qpr.com

    INTERIM REPORT JANUARY-SEPTEMBER

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

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

    CONSOLIDATED COMPREHENSIVE INCOME STATEMENT          

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

    CONDENSED CONSOLIDATED BALANCE SHEET 

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

    CONSOLIDATED CONDENCED CASH FLOW STATEMENT

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

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

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

    NOTES TO INTERIM FINANCIAL STATEMENTS

    ACCOUNTING PRINCIPLES

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

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

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

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

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

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

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

    INTANGIBLE AND TANGIBLE ASSETS              

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

    CHANGES IN INTEREST-BEARING LIABILITIES

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

    PLEDGES AND COMMITMENTS

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

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 RESTATED) 

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

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 AS PUBLISHED)

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

    GROUP KEY FIGURES

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

    Summary of key figures

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

    In short

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

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

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

    About JLT Mobile Computers

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

    Attachment

    The MIL Network –

  • MIL-OSI: FRO – 2024 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

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

    Limassol, Cyprus
    October 25, 2024

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

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Digitalist Group Plc                    Stock Exchange Release 25.10.2024 at 9:00

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

    SUMMARY

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

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

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

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

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

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

    CEO’s review

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

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

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

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

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

    /CEO Magnus Leijonborg

    FUTURE PROSPECTS

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

    EVENTS AFTER THE THIRD QUARTER

    Digitalist Group Plc decreases its earlier guidance regarding future prospects 17.10.2024

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

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

    The previous guidance of the company was:

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

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

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

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

    DIGITALIST GROUP OYJ
    Board of Directors

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

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

    Attachment

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    Press Release

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

    Paris, France – October 25, 2024

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

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

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

    ***

    About Atos

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

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

    Contacts

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

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    Attachment

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    Background and Rationale

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

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

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

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

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

    The Directed Issue

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

    Rights issue

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

    Directed Issue

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

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

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

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

    Rights Issue

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

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

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

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

    Set-off Issue

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

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

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

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

    Subscription undertakings and guarantee commitments

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

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

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

    New Board Member

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

    Extraordinary General Meeting

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

    Prospectus

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

    Advisers

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

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

    For further information, please contact:

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

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

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

    About Anoto Group

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

    IMPORTANT INFORMATION

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

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

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

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

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

    Information to distributors

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

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

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

    Attachment

    The MIL Network –

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

    Source: China State Council Information Office 3

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI China News –

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

    Source: City of Leeds

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    ENDS

    MIL OSI United Kingdom –