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Category: European Union

  • MIL-OSI Europe: France: EIB and European Commission provide €276 million in support for Métropole Européenne de Lille’s investments in sustainable mobility

    Source: European Investment Bank

    • Métropole Européenne de Lille is receiving a €245 million green loan from the EIB to back its modernisation and urban transport projects.
    • This financing comes together with a €31.5 million grant from the European Commission via the public sector loan facility (PSLF) set up under the European Green Deal’s Just Transition Mechanism (JTM).
    • This joint blended financing support from the EIB and European Commission will unlock additional investment for public entities in the European regions most affected by the energy transition.

    Métropole Européenne de Lille (Lille metropolitan authority) has taken out a €245 million green loan with the European Investment Bank (EIB) to fund its public transport network and cycle routes. It aims to provide 1.2 million local residents with more efficient, affordable and environmentally friendly transport services.

    This project is also benefiting from a €31.5 million European Commission grant under a blended financing structure made possible by the public sector loan facility (PSLF), which is one of the key pillars of the Just Transition Mechanism (JTM) set up under the European Green Deal. The European Climate, Infrastructure and Environment Executive Agency (CINEA) will manage this grant and monitor the implementation of the project.

    The Mel in Green Mobility project will provide funding for various segments of Métropole Européenne de Lille’s public transport infrastructure. The first part of the project covers the modernisation of the public transport fleet, including the renewal of 30 trams and 42 buses with new clean vehicles. It also features investments in platforms, depots and other related facilities. Lastly, the project supports the Métropole’s ambitious cycling plan including 220 km of additional infrastructure between 2023 and 2027 to improve safety for cyclists, the financing of a new bus rapid transit line, and the construction of a multimodal interchange hub.

    It thereby aims to accelerate changes in user behaviour by developing a more efficient and sustainable mobility service, improving public transport accessibility and broadening soft mobility options. Once complete, the project will have improved tram and bus network performance, promoted intermodality (reduction in the share of private vehicles from 56% in 2023 to 40% in 2035) and diversified public transport in the area. This increased network efficiency will ultimately result in substantial time savings on the 410 000 daily journeys made by users, fewer traffic jams and better access to the Métropole Européenne de Lille.

    The regions most affected by the energy transition (like Hauts-de-France) are identified in the territorial just transition plans. These plans are drawn up by each EU Member State and outline the challenges to be addressed in each just transition region, together with the development needs and targets to be reached by 2030.

    Background information

    About the EIB

    The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its 27 Member States. It provides loans to the public and private sectors for sound investment contributing to EU policy goals. In 2023, France received more EIB financing for the energy and green transition than any other country, with an overall investment of €6.9 billion for renewable energy, clean mobility and energy efficiency. A partner of regional authorities, last year the EIB directed €2.3 billion in funding to rail and urban public transport and soft mobility, making it the number one sector in terms of EIB investment in France over the year.

    About the European Commission’s Just Transition Mechanism

    The public sector loan facility (PSLF) is the third pillar of the Just Transition Mechanism (JTM) – a key tool of the European Green Deal investment plan to make sure that no one and no region is left behind in the transition to a climate-neutral economy.

    The public sector loan facility combines loans from the EIB (up to around €6 billion to €8 billion overall) and grants from the European Commission (up to €1.3 billion overall). The combined support is designed to mobilise additional investment for public sector entities in the European regions most affected by the climate and energy transition (like Hauts-de-France), as identified in the national territorial just transition plans, to meet their development needs as part of the transition to a climate-neutral economy. These plans are developed by each EU Member State and set out the challenges in each just transition region, along with the development needs and objectives to be met by 2030.

    The blend of the EIB loan and the European Commission grant will facilitate the financing of projects that do not generate sufficient revenue streams to cover their investment costs. The implementation of the public sector loan facility is managed by the European Climate, Infrastructure and Environment Executive Agency (CINEA).

    About Métropole Européenne de Lille

    Métropole Européenne de Lille works every day to serve its 95 member municipalities and 1.2 million residents. It covers the key areas of transport, housing, economy, public space and roadways, urban planning, urban policy, water, wastewater, household waste, disability access, nature and living environment, sport, tourism and crematoria. Chaired by Damien Castelain since 18 April 2014, the Metropolitan Council is composed of 184 members elected by direct universal suffrage for a six-year mandate.

    MIL OSI Europe News –

  • MIL-OSI Banking: Derville Rowland: Change and challenges – responding to uncertainty, transforming for the future and driving innovation

    Source: Bank for International Settlements

    Good afternoon. Many thanks to AFME for the invitation to speak at this conference again this year. Today I will focus on the regulatory outlook for financial services in Europe and Ireland in the context of a rapidly changing, more uncertain and ever challenging world.

    The old adage, attributed to Harold Wilson, that “a week is a long time in politics” is equally applicable in many walks of life – but it has often been the case in financial markets. The last period has been no different and week to week we have seen things change rapidly. At the start of August we saw a turbulent trading period following fears of an imminent US recession. More recently, we have seen markets respond to the Fed’s half-point interest rate reduction and the Bank of England and Bank of Japan hold rates steady.  While conditions have improved since, significant downside risks remain.

    In particular, geo-political events remain potential sources of fragility over the coming months, including uncertainty around electoral outcomes, continuing conflict in the middle-east and Ukraine, turbulent economic conditions. Closely linked to the issue of geopolitical tensions, there is now heightened focus on the centrality of cyber risk and operational resilience. The Crowdstrike cyber incident in July, while contained early and brought under control, caused significant disruption and highlighted the fragilities in the system. Cyber risk, and the link to geopolitical tensions, has been flagged by ESMA, EBA and EIOPA and are increasingly recognised as a significant and likely risk by regulated firms. Positively, we have also seen the European Supervisory Authorities (ESAs) and the EU Agency for Cybersecurity announce the signing of a multilateral MoU to strengthen their cooperation and information exchange on cybersecurity risk in the financial sector.  In light of heightened cyber risks, the importance of operational resilience remains paramount. The implementation of the Digital Operational Resilience Act (DORA) remains a key focus for regulators and firms. Digital operational resilience is a fundamental underpinning of a resilient and well-functioning financial system supporting the economy and serving the needs of citizens.  That said, ensuring proportionality has been a central focus of the work to develop the DORA framework. This is an important requirement of all regulation, but is certainly the case with DORA given it is cross-sectoral and applies to almost all financial firms. As implementation work progresses, it will be important for authorities to be mindful of ensuring that smaller firms, in particular, are not disproportionately burdened by the same requirements as larger institutions.

    In Europe, we have seen significant institutional change as European Commission President Ursula von der Leyen takes up her second term in office and the process is underway to appoint new Commissioners. The broad parameters of the forthcoming European legislative and regulatory agenda have been signalled.  International competitiveness remains at the centre of the Commission’s programme, as we have seen from the recent Draghi and Letta reports. It seems likely that there will be a continued focus on reducing and simplifying existing EU law. That is an approach which all policy makers, including national authorities and the European Supervisory Authorities, should be mindful of. However, effective regulation which safeguards consumers, fosters market integrity and supports resilience is key to supporting financial stability. Financial stability and the resilience of the financial sector are prerequisites for sustainable economic growth and promoting competitiveness. In a drive to streamline regulation we must not lose sight of this. It is important to retain the outcomes achieved via legislative and regulatory initiatives enacted since the great financial crisis.

    At the centre of policy makers thinking is the need to finance the EU’s ambitious policy agenda. A significant challenge facing Europe is to secure the public and private finance for the economic and other programmes, including the digital transformation and green deal. At the centre of this is the concept of a Savings and Investment Union, building on the progress made under the Capital Markets Union agenda. In April, Commission President Ursula von der Leyen summed this up by saying that “European start-ups should not need to look at the US or Asia to finance their expansion. They must find what they need to grow right here in Europe. We need a deep and liquid capital market. And we need a competition policy that supports companies to scale up. Europe must be the home of opportunity and innovation.”

    There is much still to determine – including the level of ambition for this Savings Union and whether it should be a top-down exercise or if the lead should be taken at a Member State level.  But I suspect, like most things, the answer is likely somewhere in the middle.  While details remain to be worked out, the Letta and Draghi reports likely set out the broad roadmap for how this may be pursued. That said, there will be a need to radically prioritise. Implementing the Letta report alone would require a number of new legislative proposals, in addition to legislative reviews already committed to and implementation work that is required following the last Commission term.

    As the Draghi report outlines, Europe must refocus its collective efforts on closing the innovation gap with the US and China, especially in advanced technologies. This is important for many reasons, including that faster innovation will, in turn, help raise the EU’s productivity growth, leading to stronger growth in household incomes and stronger domestic demand. At the Central Bank of Ireland, we recognise the many potential benefits and opportunities that new technologies bring to financial services and consumers in Ireland and in Europe. It is important that these benefits can be realised, whilst also ensuring that the risks are well understood and managed. Regulation plays a crucial role in the safe, and therefore enduring, adoption of innovation into the system.

    Innovation has brought in new entrants, new products and new ways of serving customers and the economy. As a result, technological innovation continues to be a focus for the Central Bank. This is one of the reasons why we have enhanced our innovation facilities – with the establishment of an innovation sandbox programme which is due to commence for the first time later this year  – so that we can continue to engage, learn and develop a deeper understanding of the ecosystem, the opportunities, the benefits and the risks. Our goal is not to remain stagnant but to evolve and iterate so that we continue to regulate and supervise effectively.

    Recent years have seen tremendous innovations in financial services. Amongst the most notable have been the development of blockchain-based technologies. We can see the many areas where the blockchain has significant potential to bring about positive change, even transformation, in how we do things. Whether this be tokenisation of investment products or improvements in post-trade infrastructure and interoperability, there are important positive stories to tell.

    The European Commission’s 2020 digital finance package has set Europe up well to take advantage of these developments. The package reflected the EU’s ambition to embrace a digital transition, to help modernise the European economy across sectors, and to turn Europe into a global digital player. Almost 4 years later, we are about to implement the Markets in Crypto-Asset Regulation, or MiCAR.

    This is an important step forward in the regulation of crypto activities in Europe while also leading the way on the regulation of the crypto sector globally.  The potential for crypto and blockchain to build financial inclusivity or democratise finance has long been a theme of discussion in the sector. Crypto enthusiasts speak readily to how crypto and blockchain technologies, paired with global internet access, can provide easy and immediate access to people across the world to financial services and achieve a level of financial inclusivity that the traditional financial services cannot. While this is an exciting prospect, it cannot be achieved without guardrails. For the first time, MiCAR will introduce a harmonised regulatory framework for the sector that introduces prudential and conduct obligations for issuers of e-money tokens, asset-referenced tokens, and for crypto-asset service providers. There are also obligations for offers to the public of crypto-assets other than asset-referenced tokens or e-money tokens.

    There are two priorities I would signal with respect to MiCAR implementation. Firstly, we are working closely with our EU Peers and the ESAs to ensure the necessary coordination and consistency across Europe. The ESAs are, correctly, focused on driving a convergent approach to the implementation of MiCAR in national authorities authorisation and supervision processes. We see this as highly important work. MiCAR, being a first attempt at regulation in this area, is an important opportunity to avoid divergent approaches emerging in different jurisdictions.

    Secondly, over recent years, we have been working to continually improve our authorisation process. Through engagement with industry, other public bodies and applicants, we have sought to better explain our expectations, resulting in increased clarity and predictability. Better risk assessment, better communication and better supervisory outcomes have been the output of that work. We have produced new publications, enhanced our internal processes and responded to the changes in the authorisation landscape, including the increase in the number of complex applications. Under MiCAR, you can expect our approach of continuous improvement to continue.

    Innovation and new technologies can play an increasingly important role in facilitating retail investors participating in capital markets. As we shortly approach IOSCO’s World Investor Week, which is a global campaign to raise awareness of the importance of investor education and protection, it is timely for regulatory authorities and policy makers to take stock and redouble our efforts to support investor education, investor protection and financial literacy.

    Protecting consumers is at the heart of what we do at the Central Bank. We know that consumers who are well-informed and understand financial products and services are better placed to make good financial decisions and to look after their interests. These consumers are less likely to be vulnerable to harm from firms that are not securing their interests, and they are less vulnerable to frauds and scams. This is why high levels of financial literacy empower consumers to make effective and informed choices to safeguard their financial well-being. Irish authorities are currently in the process of developing a national Financial Literacy Strategy for Ireland, something which we at the Central Bank strongly support.

    Ireland’s financial sector has an important role to play in supporting the Savings and Investment Union and providing opportunities for retail investors to participate in capital markets. The sector has demonstrated high levels of resilience while continuing provide critical services to households and business in Ireland and abroad. As with the European economy as a whole, over the last decade, the Irish financial services sector has also continued evolve, in terms of its size, complexity and international connectedness. These developments are, of course, a positive for Ireland, and positive for their contribution to European financial markets. We of course must be mindful that an expanding and more complex financial sector may poses risks that need to be managed. This reinforces the importance of effective regulation and supervision – to maintain financial stability and to protect consumers and investors, both within Ireland, Europe and globally.

    As I mentioned earlier, we recognise that we too must change to keep pace with the changing world. I would like to finish by outlining some of the work we are doing in this regard.

    As you will be aware, we have introduced the Individual Accountability Framework (IAF). The IAF is all about helping underpin sound governance across the financial sector by setting out clearly what is expected of well-run firms. For both firms and the regulator it should be seen as a complement to the wider focus on governance, culture and behaviour. For the Central Bank our hope is that along with wider efforts, the IAF will help make firms take more ownership and responsibility for running their business and addressing any risks or deficiencies they may have. In an increasingly technological and rapidly changing world, the need for effective governance underpinned by a strong ethical culture and robust systems of delivery is becoming more and more essential.

    We are also transforming our supervisory approach – to ensure consumers of financial services are protected in all respects in this changing and increasingly complex environment. Building on the strong foundations of our current approach to supervision, we are moving to an integrated supervisory framework where directorates with oversight of banks, insurance companies and capital markets will be responsible for the supervision of all the functions in their respective sectors. Our approach will continue to be risk-based; but the new framework will ensure we are more efficient and effective in our supervisory work. It will make it easier to direct our supervisory resources to the areas of most risk to consumers or the system. Importantly, it will also place consumer and investor protection at the heart of day to day supervision. This change will maximise the benefit of our integrated mandate – enabling us to continue to deliver on our mission and ensure the financial system operates in the best interests of consumers and the wider economy.  These changes are not just important; they are necessary – so that in a changing world we continue to deliver in the public interest.

    Conclusion

    The EU will also need to take a number of very important decisions in the coming years, especially in terms of what elements of the legislative and regulatory agenda to prioritise, the level of ambition to apply in harnessing the EU’s investment potential, and how to navigate geo-political tensions. All of these – to different degrees – will have an impact on financial markets and firms. The speed of these developments – and their potential to cause ripple effects – will not decrease. And so the onus is on us – firms and regulatory authorities alike – to increasingly evolve our approach, innovate and prepare for what the future may hold.

    Thank you.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Passing of the Crown Coin revealed ahead of November release

    Source: Danmarks Nationalbank

    The final design of the Passing of the Crown coin, marking King Frederik X succeeding Queen Margrethe II, was revealed after Danmarks Nationalbank presented the coin to the monarch.

    The Passing of the Crown Coin is a 20-kroner coin, which will be introduced into general circulation via stores and banks in early November 2024.

    Denmark has a long tradition of issuing commemorative coins to celebrate special events in the royal family, such as anniversaries.The previous time a Passing of the Crown Coin was issued was in 1972, when Queen Margrethe II became monarch following the death of her father King Frederik IX.

    The design of the new Passing of the Crown Coin follows the tradition of previous issuances, as one side features a portrait of King Frederik X in a right-facing profile, while the reverse features Queen Margrethe II, also in a right-facing profile. Both portraits were created by sculptor Eva Hjorth. The coin was designed by Danmarks Nationalbank’s Head of Design, Jeanette Skov Jensen.

    A total of one million Passing of the Crown Coins have been produced. Most of them will enter circulation as regular coins, but some will be made available to the public as collectors’ versions. These will be available to purchase via coin and stamp dealer nordfrim.dk on 1 November 2024. However, It will be possible to pre-order the coin as of

    today.

    The Passing of the Crown Coin will circulate alongside existing coins, which remain legal tender.

    Regular circulation coins featuring King Frederik X are expected to be released during the second half of 2025. More information about this will be available on Danmarks Nationalbank’s website in 2025. These coins will also be circulated alongside coins that are currently in circulation.

    You can see the Passing of the Crown Coin and read more about it at nationalbanken.dk.

    Press enquiries can be directed to Press and Communications Officer Peter Levring on +45 2620 1809.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Joachim Nagel: Why do we need Europe?

    Source: Bank for International Settlements

    Check against delivery 

    1 Global challenges need global answers

    We are living in a period of significant change. Many distinct forces are contributing to this change. Examples here include global warming and the switch towards carbon-free energy, progress in digitalisation and AI, as well as geo-economic factors and demographic developments.

    What do all the changes I’ve mentioned have in common? They affect humanity at the global level. It therefore does not seem useful to limit one’s attention to national solutions. That said, the European elections have shown us that many voters backed parties calling for greater national sovereignty or even nationalism – as well as less Europe. The Brexit referendum, eight years ago, can be seen as an example of this trend. As, too, can the recent German regional elections.

    Why is this? Global changes often lead to global challenges, and sometimes to global crises. This means a lot of complexity. Those who are in charge are responsible for properly explaining this complexity. If we don’t assume this responsibility, simple political messages may trump complex ones. And there is no doubt that politics at the European level are complex. Just think of the legislative process behind the new Corporate Sustainability Due Diligence Directive – a directive that sets rules for firms to mitigate their negative impact on human rights and the environment. Or the slow progress that has been made regarding the capital markets union – a topic I will return to later.

    However, as the current major challenges are global in nature, national responses alone will not resolve them. Action is needed on a global scale. Take the pandemic, for example. Overcoming this required unprecedented vaccine research, large-scale production and global distribution. Or consider the climate crisis. While Germany can lead by example in terms of decarbonising its economy, it cannot solve the climate crisis alone. As for European countries, this means that we have to work on European responses to the current challenges. This holds true for Germany, too – despite it being one of the largest economies in the world. Germany should see itself as part of a wider European team – a team that can provide greater stability given the current geopolitical risks. Take the increasing global trade restrictions, for example. Between the two main global players, the United States and China, only a unified European approach stands a chance of defending European interests. This view is shared by almost three-quarters of Europeans surveyed at the beginning of this year.1

    2 Europe is not a weak spot – it is a source of strength

    It is true that open democratic societies tend to have complex and cumbersome decision-making processes. The more fragmented the political landscape, the more difficult it becomes. This already holds for the national level – as can currently be seen in the case of France and Germany. At the European level, complexity is even greater. There, agreeing on a compromise is like an art in itself. However, democratic decision-making processes have one great benefit. They integrate the diverse interests and preferences of the people.

    In fact, a significant majority of EU citizens are satisfied with the way democracy works in the EU.2 And the share of people who have a positive image of Europe is nearly twice as big as the share of people who have a negative one.3 This might well reflect an observation made by the Spanish philosopher José Ortega y Gasset at the beginning of the last century. He noted that four-fifths of our intellectual property stem from our common European heritage.4 People seem to have a good understanding of what “European” means: the common ground of our liberal, democratic societies and the intellectual achievements we have made.

    Once we realise these strengths of Europe, we can use them to move forward, to manage the changes I mentioned at the outset of my speech. Europe does not have an analytical deficit, but a deficit in taking action. For example: A deeper single market could help seize the opportunities of digitalisation more fully. And a unified European approach to decarbonisation could serve as an example and help the formation of larger climate clubs. These clubs derive mutual benefits from sharing the costs of producing less CO2-emissions. The members of such a voluntary club have incentives to adhere to its rules as long as the gains from the club are sufficiently large.5

    3 What it will take to move forward

    And what will it take to move forward? As President of the Bundesbank and as a member of the Governing Council of the European Central Bank, I am doing all I can within my remit. First and foremost, I am striving to restore price stability. This is because price stability is a crucial requirement for economic development and for the welfare of our societies. And I am also supporting measures that help Europe to act. It is in this context that I return to the topic of the capital markets union. The capital markets union can be an important means of providing companies with the necessary funding to manage change. This includes funding for new scientific knowledge and for innovations to help us thrive in our future environment. Europe is relatively good at research.6 And research is a crucial basis for innovation. However, a lack of available capital often prevents young innovative companies from growing. A key reason is that capital markets in Europe are still highly fragmented and rather underdeveloped compared to those in the United States, for example. Although market structures are not fully comparable, venture capital investment may serve as an example here. Relative to GDP, its size in European countries is less than one-tenth the size in the US.7 A European capital markets union would give firms better access to risk capital in Europe – notably young firms in their start-up and scale-up phase, and it would provide better exit options. By mobilising more private capital, the capital markets union could improve opportunities for economic growth. And it could foster much needed investments in Europe’s digital and sustainability transformation.

    It is a real challenge to make progress at the European level and in the 27 Member States on the legal initiatives necessary to realise the capital markets union. But if we agree that the changes we see are global in nature, then we should not try to deal with them at the national level. We should strive for multilateral solutions. Here in Europe, the European Union provides a wonderful opportunity to find common approaches that many around the world can subsequently gather behind.

    I am optimistic that the new European Commission will build momentum to move forward – not least with respect to the capital markets union, which was recently given fresh impetus by Member States’ political leaders. We have the potential to rejuvenate the European idea. A thriving research and innovation ecosystem will support that goal – with stable prices, sufficient financing opportunities and steady growth. Let us all do what we can to strengthen Europe at the current juncture. 

    MIL OSI Global Banks –

  • MIL-OSI Submissions: Investment Sector – Leo Capital Sets Up Nordic HQ in Helsinki and Launches a €25M Fund Reinforcing Helsinki’s Emerging Role in Attracting Venture Capital Firms

    Source: Helsinki Partners

    Helsinki’s tech ecosystem continues to attract international venture capital firms, as Leo Capital, a successful Singapore-based venture capital firm, launches its Nordic headquarters to support regional B2B startups. Alongside this strategic move, Leo Capital is launching a €25 million fund specifically targeting the Nordic region, marking its first fund focused on Europe. The 90 Day Finn program, which one of Leo Capital’s founders, Shwetank Verma, was part of in 2022, played a crucial role in choosing Helsinki as the location.

    Founded in 2018, Leo Capital has previously managed three funds primarily focused on the APAC region and has actively invested in Europe since 2021. Their successful portfolio includes companies like Apica, Atoa, and Eir. The newly announced fund, Europe Fund I, represents a significant milestone for Leo Capital, as it extends their investment reach into the Nordic startup ecosystem. Business Finland Venture Capital has made an anchor investment in the fund, showing confidence in Leo Capital’s approach amidst challenging market conditions.

    “Europe Fund I continues Leo Capital’s successful strategy of investing in the world’s most capable, ambitious, and resilient founding teams. It is these founders that we are looking to partner with, combining their vision and dynamism with our own networks, resources, and years of cross-border experience to help supercharge their trajectory and realize their global ambitions”, said Shwetank Verma, Co-founder of Leo Capital.

    Helsinki: A New Hub for Venture Capital

    Leo Capital’s decision to expand its operations to Finland came after participating the 90 Day Finn program, an initiative by Helsinki Partners designed to attract international entrepreneurs and investors to Helsinki. Shwetank Verma’s participation in the program provided deep insights into the Finnish business environment, which shares key qualities with Singapore, such as strong government support, a high level of expertise, and a vibrant entrepreneurial spirit.

    “For us, Finland is exciting because we see parallels with what we know best in Singapore, for example. We can see that combination of government support, talent, and entrepreneurial zeal. They’re small markets but very dynamic”, Verma noted.

    Despite the abundant opportunities, Helsinki’s potential remains relatively underexplored on the global stage. Programs like 90 Day Finn have been crucial in bridging this gap, as they have successfully brought international investors like Leo Capital to recognize Finland’s unique offerings.

    “To attract investments, talent, or companies to expand to Helsinki, we need to generate interest and ensure they experience what Helsinki and Finland has to offer. Programs like 90 Day Finn have proven to be incredibly effective. For instance, Leo Capital originally considered another European location for their headquarters but shifted to Helsinki after participating in the program,” commented Johanna Huurre, Business Director at Helsinki Partners.

    The Nordic region, known for its openness and global perspective, provides an inviting ecosystem for international funds. However, while early-stage funding is relatively accessible, there is a notable gap in later-stage funding, an area where Leo Capital aims to make a significant impact.

    “One of the challenges in Finland is the relatively small and local nature of funds. To elevate Finland’s success stories, we need to attract larger international funds and investors. The entry of Leo Capital, with its extensive network, into Helsinki’s ecosystem is a significant step towards this goal,” Huurre added.

    About Leo Capital

    Leo Capital is a Singapore-based early-stage venture fund founded by serial entrepreneurs with global experience. The firm’s portfolio spans 60 early-stage companies supported by a cross-border team across three continents. Leo Capital backs founding teams powering a software-enabled world, supporting them in their journey from great start-up to great company. Leo’s “India Advantage” offers founders support in talent acquisition, go-to-market strategies, and access to a robust network of global co-investors.

    About Helsinki Partners

    Helsinki Partners is the investment promotion agency owned by the City of Helsinki. We have over a decade of experience in helping international companies set up or expand their business, find quality investment opportunities, and expand their network in the Nordics.

    About 90 Day Finn Program

    90 Day Finn program is an unique initiative run by Helsinki Partners and designed to immerse international business leaders, entrepreneurs, and innovators in Helsinki’s business ecosystem and Finnish culture. The program offers participants the chance to explore new market opportunities, network with industry leaders, and experience Finland’s renowned work-life balance. This year, the program welcomed its fourth cohort of participants and took place throughout the entire month of August.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Tech Security – Study: Global online privacy and cybersecurity awareness continues to decline

    Source: NordVPN

    The most cybersecurity-aware country this year is Singapore.
    People ages 30-54 have the best cybersecurity skills.
    Only 6% of people globally know what privacy issues to consider when using AI for work.

    The world’s online privacy and cybersecurity awareness continues to decline, according to new research by the cybersecurity company NordVPN. Based on 31 analyzed markets with the highest numbers of responses, people globally knew best how to create strong passwords (96%), and they were worst with questions related to privacy issues that go hand in hand with AI usage for work (52%).  

    The annual National Privacy Test (NPT) is a global survey aimed to evaluate people’s cybersecurity, online privacy awareness, and educate the general public about cyber threats and the importance of data and information security in the digital age. It gathered 25,567 responses from 181 countries this year.

    “As the digital threat landscape evolves faster than ever, it is important that internet users understand the significance of safeguarding their personal information. The National Privacy Test takes the responsibility to educate people globally about cyber threats and equip them with essential tips to protect against fraud, data harvesting, surveillance, and other online dangers,” says Marijus Briedis, chief technology officer (CTO) at NordVPN.

    These countries rank in the top three for internet privacy and cybersecurity awareness:

    Singapore (62/100)
    Finland and Lithuania (61/100)
    Germany and the United States (60/100)

    Compared to 2023, less people understand the security benefits of updating apps

    The results of the test showed that people globally are also good at dealing with suspicious streaming service offers (95%), and they know which permissions to grant to different apps (91%).

    On the other hand, people globally also did not know what data ISPs collect as part of the metadata (13%), or how to secure their home Wi-Fi network (16%), most likely considering it safe by default.

    Among all respondents, 1% are Cyber Wanderers (barely know anything about internet privacy and cybersecurity), while the biggest proportion (66%) scored 50-74 points and were identified as Cyber Adventurers.

    Compared to 2023, less people understand the security benefits of updating apps as soon as the update is available. While in 2023, 69% said they update an app as soon as an update is available, this year, it’s 56%.

    Steps to increase online security and privacy

    Marijus Briedis from NordVPN shares a series of steps people can take to enhance their online privacy and security:

    Create unique and strong passwords. Use unique and robust passwords for each of your online accounts.
    Enable multi-factor authentication (MFA). Strengthen your account security by enabling multi-factor authentication.
    Keep your software up to date. Regularly update your software, operating systems, and applications.
    Use a virtual private network (VPN). Always use a VPN to encrypt your internet connection, safeguarding your personal information from potential eavesdroppers.
    Review privacy settings. Regularly review and adjust privacy settings on social media platforms, mobile apps, and other online services.

    Methodology can be found here: https://nordvpn.com/blog/national-privacy-test-us-2024/

    ABOUT NORDVPN

    NordVPN is the world’s most advanced VPN service provider, chosen by millions of internet users worldwide. The service offers features such as dedicated IP, Double VPN, and Onion Over VPN servers, which help to boost your online privacy with zero tracking. One of NordVPN’s key features is Threat Protection Pro, a tool that blocks malicious websites, trackers, and ads and scans downloads for malware. The latest creation of Nord Security, NordVPN’s parent company, is Saily — a global eSIM service. NordVPN is known for being user friendly and can offer some of the best prices on the market. This VPN provider has over 6,400 servers covering 111 countries worldwide. For more information, visit  https://nordvpn.com.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Energy Sector – Reducing emissions from the Troll field – Equinor

    Source: Equinor

    On Saturday, 7 September, Troll B and C became partly powered from shore. This reduces annual emissions from the Norwegian continental shelf (NCS) by 250,000 tonnes of CO2.

    This is in line with the plan for development and operation (PDO) for Troll West electrification (TWEL), which was approved by Norwegian authorities in 2021.

    “Troll B and C electrification marks an important milestone in the efforts to halve the emissions from our operations by 2030. The project reduces CO2 emissions by the equivalent of those from 125,000 fossil-fuelled cars,” says Geir Tungesvik, executive vice president for Projects, Drilling & Procurement.

    The power to Troll B and C comes from Kollsnes, northwest of Bergen. From here it runs through a new electro building shared by the Troll and Oseberg fields out to Troll B in a 132 kV power cable, and from there to Troll C.

    The project has installed new modules on Troll B and C that adjust the voltage to the systems on board. The processing systems and other energy-intensive systems on both platforms are now driven by electricity, except for the large export compressors, which are still gas-powered.

    “Troll West electrification has generated substantial business activity for Norwegian suppliers. Over 70 percent of the investments in the project have gone to companies in Norway. I am very pleased that we, along with our partners and suppliers, have succeeded in executing the project in a safe and effective manner,” Tungesvik says.

    The CO2 reduction is equivalent to about half a percent of Norway’s total annual emissions. NOx emissions from the field are also reduced by around 850 tonnes per year. Gas burned in turbines to provide energy on the platforms can now be exported and more efficiently used in Europe.

    “We have made several new discoveries in the Troll and Fram area in recent years. Thanks to Troll B and C electrification we can develop and produce these resources with very low emissions. The Troll area will continue to deliver large volumes of low-carbon, high-value energy for many years to come,” says Kjetil Hove, Equinor’s executive vice president for Exploration & Production Norway.

    The TWEL project is continuing to fully electrify the Troll C platform so that all power needs are met with electricity from land. The measure will cut annual emissions by another 200,000 tonnes of CO2. Overall, this will help cut almost four percent of the total emissions from oil and gas production, around one percent of total emissions in Norway.

    Infrastructure at Kollsnes and the cable to the platform are designed for a possible future full electrification also of Troll B.

    The Troll A platform (Troll East) was the first platform to be powered from shore on the NCS, and has been electrified since start-up in 1996.

    Facts

    The licensees in Troll Unit are Equinor 30.6% (operator), Petoro 56%, A/S Norske Shell 8.1%, TotalEnergies 3.7% and ConocoPhillips Skandinavia AS 1.6%.

    Aker Solutions AS has built three electro modules at its Stord yard and been responsible for the procurement and installation of all electrical equipment in the modules and in the new electro building at Kollsnes.

    In addition, Aker Solutions has been responsible for all modification work on Troll B and C and all hook-up to existing operating systems both offshore and at Kollsnes.

    Heavy lifts of modules were performed by Heerema.
    For the Kollsnes sub-project, the main supplier is Skanska Norge AS, responsible for constructing the transformer substation and landfall area.
    Total investments in the project are NOK 8.1 billion.
    Aker Solutions’ contract is worth about NOK 2.9 billion, generating about 1000 person-years (FTE) of employment.
    The module fabrication took place at the Stord yard. Aker Solutions estimates that 4000 people were involved in the work.
    NKT has been responsible for the production and installation of the power cable. NKT’s contract is worth NOK 1 billion. The cable production was carried out at NKT’s facility in Karlskrona, Sweden.
    Skanska Norge AS’s contract is worth around NOK 370 million and generated about 100 person-years of work (FTE) for Skanska and sub-contractors in the project period.
    The power demand for Troll B and C will be up to 116 MW after full electrification of Troll C.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Universities – New fossil fish species scales up evidence of Earth’s evolutionary march – Flinders

    Source: Flinders University

    Climate change and asteroids are linked with animal origin and extinction – and plate tectonics also seems to play a key evolutionary role, ‘groundbreaking’ new fossil research reveals.
     
    The discovery of an exceptionally well preserved ancient primitive Devonian coelacanth fish in remote Western Australia has been linked to a period of heightened tectonic activity, or movement in the Earth’s crust, according to the new study in Nature Communications. (Open access when published)  
     
    Led by Flinders University and experts from Canada, Australia and Europe, the new fossil from the Gogo Formation in WA, named Ngamugawi wirngarri, also helps to fill in an important transition period in coelacanth history, between the most primitive forms and other more ‘anatomically-modern’ forms.
     
    “We are thrilled to work with people of the Mimbi community to grace this beautiful new fish with the first name taken from the Gooniyandi language,” says first author Dr Alice Clement, an evolutionary biologist and palaeontologist from Flinders University.
     
    “Our analyses found that tectonic plate activity had a profound influence on rates of coelacanth evolution. Namely that new species of coelacanth were more likely to evolve during periods of heightened tectonic activity as new habitats were divided and created,” she says.  
     
    The study confirms the Late Devonian Gogo Formation as one of the richest and best-preserved assemblages of fossil fishes and invertebrates on Earth.
     
    Flinders University Strategic Professor of Palaeontology John Long says the fossil, dating from the Devonian Period (359-419 million years ago), “provides us with some great insight into the early anatomy of this lineage that eventually led to humans”.
     
    “For more than 35 years, we have found several perfectly preserved 3D fish fossils from Gogo sites which have yielded many significant discoveries, including mineralised soft tissues and the origins of complex sexual reproduction in vertebrates,” says Professor Long.
     
    “Our study of this new species led us to analyse the evolutionary history of all known coelacanths.”
     
    Many parts of human anatomy originated in the Early Palaeozoic (540-350 million years ago). This was when jaws, teeth, paired appendages, ossified brain-cases, intromittent genital organs, chambered hearts and paired lungs all appeared in early fishes.
     
    “While now covered in dry rocky outcrops, the Gogo Formation on Gooniyandi Country in the Kimberley region of northern Western Australia was part of an ancient tropical reef teeming with more than 50 species of fish about 380 million years ago.
     
    “We calculated the rates of evolution across their 410 million-year history. This revealed that coelacanth evolution has slowed down drastically since the time of the dinosaurs, but with a few intriguing exceptions.”
     
    Today, the coelacanth is a fascinating deep-sea fish that lives off the coasts of eastern Africa and Indonesia and can reach up to 2m in length. They are “lobe-finned” fish, which means they have robust bones in their fins not too dissimilar to the bones in our own arms, and are thus considered to be more closely related to lungfish and tetrapods (the back-boned animals with arms and legs such as frogs, emus and mice) than most other fishes.
     
    Over the past 410 million years, more than more than 175 species of coelacanths have been discovered across the globe. During the Mesozoic Era, the age of dinosaurs, coelacanths diversified significantly, with some species developing unusual body shapes. However, at the end of the Cretaceous Period, around 66 million years ago, they mysteriously disappeared from the fossil record.
     
    The end Cretaceous extinction, sparked by the impact from a massive asteroid, wiped out approximately 75% of all life on Earth, including all of the non-avian (bird-like) dinosaurs. Thus, it was presumed that the coelacanth fishes had been swept up as a casualty of the same mass extinction event.
     
    But in 1938, people fishing off South Africa pulled up a large mysterious looking fish from the ocean depths, with the ‘lazarus’ fish going on to gain cult status in the world of biological evolution.
     
    Another senior co-author, vertebrate palaeontologist Professor Richard Cloutier, from the University of Quebec in Rimouski (UQAR), says the new Nature Communications study challenges the idea that surviving coelacanths are the oldest ‘living fossils’.
     
    “They first appear in the geological record more than 410 million years ago, with fragmentary fossils known from places like China and Australia. However, most of the early forms remain poorly known, making Ngamugawi wirngarri the best known Devonian coealacanth.
     
    “As we slowly fill in the gaps, we can start to understand how living coelacanth species ofLatimeria, which commonly are considered to be ‘living fossils,’ actually are continuing to evolve and might not deserve such an enigmatic title,” says Professor Cloutier, a previous honorary visiting scholar at Flinders University.
     
    The study’s coauthors have affiliations with Mahasarakham University in Thailand, the South Australian Museum, Max Planck Institute for Evolutionary Anthropology in Germany, University of Bristol, Curtin University in Western Australia and the WA Museum.
     
    The article, ‘A Late Devonian coelacanth reconfigures actinistian phylogeny, disparity, and evolutionary dynamics’ (2024) by Alice M Clement, Richard Cloutier, Michael SY Lee, Benedict King, Olivia Vanhaesebroucke, Corey JA Bradshaw, Hugo Dutel, Kate Trinajstic and John A Long has been published in Nature Communications. DOI: 10.1038/s41467-024-51238-4.
     
    https://doi.org/10.1038/s41467-024-51238-4

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Russia – MSF-Netherlands is instructed to deregister in the Russian Federation and consequently has to close its programmes in the country

    Source: Médecins Sans Frontières/ Doctors Without Borders (MSF)

    Moscow/ Amsterdam, 17 September 2024: Thirty-two years after starting work in the Russian Federation, Médecins Sans Frontières/ Doctors Without Borders (MSF) had to close its operations in the country.  

    “It is with a heavy heart that we have to close our activities in the Russian Federation,” says Yashovardhan, head of MSF programmes in the country. “Our organisation’s work is guided by the principles of independence, impartiality and neutrality and medical ethics, we provide assistance based on the needs.”

    In August this year, we received a letter from the Ministry of Justice of Russia, with the decision to withdraw the affiliate office of the non-profit association ‘Médecins Sans Frontières’ (Netherlands) in the Russian Federation from the Register of affiliate and representative offices of foreign NGOs.

    The international humanitarian medical organisation had been present in Russia since 1992. For more than 30 years, we successfully implemented dozens of programmes, ranging from assistance to the homeless to emergency response to the collaborative work with the Ministry of Health in the innovative tuberculosis treatment. We worked in various regions of the country: in Moscow, St. Petersburg, the Kemerovo region, Chechnya, Ingushetia, Dagestan and – more recently – in the Arkhangelsk and Ivanovo regions as well as in the south of Russia in Belgorod and Rostov-on-Don.

    A significant part of the history of MSF in Russia and the region was linked to the implementation of advanced approaches to the treatment of tuberculosis. MSF has collaborated with medical academic community of Russia and other countries in the Eastern Europe and Central Asia to extend effective, innovative treatment for drug-resistant tuberculosis (DR TB) to patients in penitentiary and civil sectors across the region.

    In 2004-2017, we worked in close partnership with the Chechen Ministry of Health (MoH), providing technical and advisory support to the local health authorities in the treatment of drug-sensitive and drug-resistant tuberculosis in the Chechen Republic. The programme covered different aspects of TB diagnostics, treatment, laboratory services and health education, as well as adherence counselling and psychosocial support for patients and their families. In 2014, MSF supported MoH in introducing new treatment regimens for patients with extensively drug-resistant TB which yielded impressive results giving hope to patients who previously had no treatment options left.

    In 2021, MSF and local health authorities of the Arkhangelsk region in the north of Russia started successful implementation of a nine-month all-oral course of treatment for DR TB. 173 patients were enrolled on this treatment regimen. And later, in 2023, we started enrolling patients on an even shorter – just six months-long – all-oral treatment course that was recommended by the World Health Organization in the updated treatment guidelines in late 2022.

    In Arkhangelsk and starting from 2024 in Ivanovo, MSF was providing expertise and technical assistance to health authorities with a special emphasis on implementing new treatment regimens and enhancing patients’ adherence and integrating person-centred care. To date, 41 patients in the Arkhangelsk and Ivanovo regions started treatment for DR TB within this joint programme. The aim of the collaboration was to contribute to the evidence base for more effective – less toxic, person-centred – treatment with a view to scale up these scientifically proven treatment protocols in Russia.

    In Moscow and St Petersburg since 2020, MSF partnered with two community-based NGOs to support access to general healthcare, as well as testing and treatment for infectious diseases, for people living with HIV and other vulnerable groups, such as migrants, who otherwise struggle to obtain medical assistance.  Over 14,000 medical consultations were supported for patients from these vulnerable groups.

    Since the escalation of the armed conflict in Ukraine in 2022, many people have sought safety in Russia, and MSF in partnership with local NGOs in the Belgorod and Rostov regions in the south of Russia started providing assistance to those who crossed into Russia from Ukraine and later – with the development of the situation – internally displaced people. Since the start of our response in 2022, more than 52,000 refugees and displaced people were provided with humanitarian aid and more than 15,400 received free medical, mental health and psychosocial support.

    As part of this partnership, we were also planning to respond to the humanitarian and medical needs of the internally displaced people in the Kursk region. MSF continues to stand in solidarity with people impacted by this conflict and remain steadfast in our commitment to provide humanitarian assistance to those in need, irrespective of what side of the front line they are on, should the necessary conditions for our work be provided by relevant authorities.

    “We would like to take the opportunity to thank all our colleagues in Russia for their hard work and commitment to humanitarian values we hold high as an organisation,” says Norman Sitali, MSF Operations Manager responsible for programmes in Russia. “We are very sad to conclude our programmes in the country as many people in Russia in need of medical and humanitarian assistance will now be left without the support we could have provided to them. MSF would like to still work in Russia again if and when possible”.

    MSF Australia was established in 1995 and is one of 24 international MSF sections committed to delivering medical humanitarian assistance to people in crisis. In 2022, more than 120 project staff from Australia and New Zealand worked with MSF on assignment overseas. MSF delivers medical care based on need alone and operates independently of government, religion or economic influence and irrespective of race, religion or gender. For more information visit msf.org.au  

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Universities – Charging ahead towards future low-cost polymer zinc-ion batteries – Flinders

    Source: Flinders University

    With global demand for lithium-ion batteries fast depleting reserves of raw materials, experts are seeking safe, affordable and reliable alternatives for rechargeable batteries.
    Aqueous zinc-ion batteries (AZIBs) could be the answer to producing low-cost alternatives from abundant feedstocks, and Flinders University scientists are paving the way for the production of simple and practical polymer AZIBs using organic cathodes for more sustainable energy storage technology.
    “Aqueous zinc-ion batteries could have real-world applications,” says Associate Professor in Chemistry Zhongfan Jia, a nanotech researcher at the College of Science and Engineering at Flinders University.
    From electric vehicles to portable electronic devices, the demand and consumption of lithium-ion batteries (LIBs) have led to resource shortages and supply-chain issues of strategic metals including lithium and cobalt.
    Meanwhile, millions of spent batteries, most of which are not properly recycled, have caused enormous waste and environmental risks – which future alternatives such as AIZBs promise to reduce.
    “Among these alternatives, AZIBs stand out because of the much higher abundance of zinc in the earth’s crust (ten times more than lithium), and their low toxicity and high safety.”
    AZIBs usually use zinc metal as an anode and inorganic or organic compounds as a cathode. While substantial work has been devoted to improving the stability of zinc anodes, high-performing cathodes are needed and remain a major challenge.
    “Our research is building conductivity using nitroxide radical polymer cathodes made from cheap commercial polymer and optimised the battery performance using low-cost additives,” says Associate Professor Jia, who leads a research group working on Sustainable Polymers for Energy and Environment.
    “Our work reevaluated the use of high redox potential nitroxide radical polymers cathodes in AZIBs, and produced the highest mass loading so far,” he says, about a new online journal article in the Journal of Power Resources.
    The study, led by Flinders master student Nanduni Gamage and postdoc fellow Dr Yanlin Shi, developed a lab-made pouch battery using scaled-up polymer (at approx. cost $20 / kg), a non-fluoro Zn(ClO4)2 electrolyte, and BP 2000 carbon black ($1 / kg) without binder to provide a capacity of nearly 70 mAh g-1 and a middle discharge voltage of 1.4 V.
    With a mass loading of 50 mg cm-2, the pouch battery had a capacity of 60 mAh, which can easily power a small electric fan and a model car (see videos in the article).  
    Collaborators in the study, including Dr Jesús Santos-Peña, from the Université Paris Est Creteil CNRS in France, and other experts from the Flinders University Institute for Nanoscale Science and Technology.
    The article Converting a low-cost industrial polymer into organic cathodes for high mass-loading aqueous zinc-ion batteries (2024) by Nanduni SW Gamage, Yanlin Shi, Chanaka J Mudugamuwa, Jesús Santos-Peña, David A Lewis, Justin M Chalker and Zhongfan Jia has been published in Energy Storage Materials. 
    DOI: 10.1016/j.ensm.2024.103731.
    In collaboration with Griffith University, the team has also recently developed the organic radical/K dual-ion batteries, a technique that can also relieve dependence on lithium-ion batteries.
    This article Morphological engineering of PTAm@CNTs cathode for high-rate potassium dual-ion battery (2024) by Zhenzhen Wu, Yanlin Shi, Chanaka J. Mudugamuwa, Pan Yang, Hao Chen, Yuhui Tian, Milton Kiefel, Shanqing Zhang, Zhongfan Jia has been published in Journal of Power Resources. DOI: 10.1016/j.jpowsour.2024.235134.
    Acknowledgements: This project is supported by funding from the Australian Research Council (DP230100587, DP230100642, LE230100168) and the French-Australian International Research Network on Conversion and Energy Storage (IRN-FACES). The authors also acknowledge the Australian National Fabrication Facility (ANFF) SA node for supporting the electroanalytical and electrochemical synthesis labs at Flinders University.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Business and Tech – 25 Disruptive Technology Startups Join Morgan Stanley Inclusive Ventures Lab’s 10th Cohort

    Source: Morgan Stanley

    • Tenth Lab cohort includes 25 disruptive technology and technology-enabled startups from the Americas and EMEA
    • Five-month accelerator program to provide founders with $250,000 (£250,000) investment, as well as mentorship and business-growth resources
    • 117 companies have participated in the Lab to date.

    Morgan Stanley (NYSE: MS) today announced the 2024 global cohort of the Inclusive Ventures Lab, with 25 companies selected from the Americas and Europe, the Middle East and Africa (EMEA). Over the next five months, the companies will participate in an in-house accelerator program designed to further develop and scale technology and technology-enabled startups in the seed to Series A funding round stage.

    Chosen from thousands of applications, the 25 startups represent a range of disruptive technologies across industries such as Climate Tech, Retail, Healthcare, FinTech, SaaS, Enterprise Software, Consumer and Travel – with many incorporating AI and sustainability into their products and services. Cohort companies will receive a $250,000 investment (£250,000 in EMEA) from Morgan Stanley, as well as a variety of mentorship opportunities, a tailored entrepreneurship curriculum and business-growth resources from the firm’s ecosystem of internal and external partners.

    “In today’s challenging venture capital environment, we are proud to welcome our largest cohort of groundbreaking startups to the Inclusive Ventures Lab and are eager to support them as they scale their innovations and work to build a better world,” said Selma Bueno, Global Head of the Morgan Stanley Inclusive Ventures Group. “Each year since the Inclusive Ventures Lab’s launch in 2017, we have expanded our efforts to ensure that more entrepreneurs around the world can succeed – and this year is no different.”

    The companies selected to participate in the 2024 cohort include the following:

    • Agri-Trak digitizes small farm operations with a smart platform for real-time labor, crop yield and cost tracking to optimize productivity, sustainability and profitability (US)
    • Beta Financial provides a transparent and comprehensive small business credit scoring solution, fostering financial inclusion and access to capital through innovative AI-driven technology (US)
    • Blip Energy is building a drop-in distributed energy resource to mitigate surging peak demand, optimize energy costs for users and reduce operating costs for utilities (US)
    • Compare Ethics is an AI-powered sustainability compliance platform that reduces costs by helping retail brands simplify, streamline and scale the way they make accurate green claims (UK)
    • Darent is a vacation rental marketplace platform in Saudi Arabia for travelers to search for properties with a focus on local experiences, a secure payment system and property insurance for hosts (Saudi Arabia)
    • For The Creators is an omni-channel circular fashion marketplace where women can rent and buy high-quality clothing for each stage of motherhood (UK)
    • GroceryList is a marketplace connecting immigrants worldwide with local merchants across Latin America and the Caribbean, enabling them to purchase groceries and essentials for their loved ones back home (US)
    • HANX is a consumer platform bringing together medically designed women’s reproductive health products, prescription treatments and community-focused content (UK)
    • Hire Ground is a B2B software platform that enables enterprise buyers to source and manage third party vendors while optimizing their procurement process (US)
    • Infinite Giving is a fintech platform that enables nonprofits to raise money, manage their cash reserves, and conservatively invest and grow (US)
    • Juniver is a health company leveraging AI technology to provide personalized digital interventions for lasting eating disorder recovery (UK)
    • KSI Vision uses existing AI on store and shopping center security cameras to generate real-time customer data and increase sales conversion (Uruguay)
    • Mavity is an AI-powered operating system for design and marketing teams that connects companies with on-demand creatives to streamline asset creation (US)
    • MyARC is a platform that enables fitness content creators to train their fans at scale (UK)
    • NÜWIEL provides electric mobility solutions for the cities of today and tomorrow (Germany)
    • OVUM is a one-stop shop for fertility wellness, providing educational resources, products and services for improving fertility outcomes (UK)
    • Research Grid is an automation engine for admin-free clinical trials (UK)
    • Revere is reinventing how allocators manage their alternative asset portfolios through AI, workflow automation tools and custom reporting (US)
    • Route is a platform of business management tools for commercial cleaning companies to automate sales, streamline operations, build contractor relationships and connect the entire cleaning industry (US)
    • Sanarai connects the Latino community to mental health professionals in Latin America and the US to offer culturally sensitive, Spanish-language emotional support at accessible prices (US)
    • Soralink leverages AI and smart sensors to assist manufacturers in preventing critical machine failures (Canada)
    • Sortile provides the textile industry with a system that enables the identification, traceability and recycling of textiles (US)
    • SWYE360 Learning is a data analytics company that uses machine learning and AI in education to measure software efficacy and detect students at risk of dropping out (US)
    • Tendo Technologies addresses the challenges faced by aspiring online retail entrepreneurs in Africa by connecting independent resellers to suppliers (Ghana)
    • Zest Equity is digitizing private market transactions, building tools to streamline and ensure greater transparency in how entrepreneurs, funds and investors transact (UAE).

    Programming will culminate in February 2025 with a global Demo Day, when participating companies will present to potential investors, business partners and customers. The investment firms in attendance at the last showcase represented over $40 billion of dry powder and indicated a high level of interest following the event.

    About the Morgan Stanley Inclusive Ventures Lab
    The Morgan Stanley Inclusive Ventures Lab (MSIVL) is an intensive five-month in-house accelerator program designed to help further develop and scale startups, culminating in a showcase presentation and Demo Day to the investor community. Morgan Stanley launched MSIVL, formerly called the Multicultural Innovation Lab, in 2017 in order to address inequities in funding of startup founders, which our research shows equals over four trillion dollars in unrealized returns.

    About Morgan Stanley
    Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Universities – Unravelling an ancient European extinction mystery: disappearance of dwarf megafauna on palaeolithic Cyprus – Flinders

    Source: Flinders University

    Scientists have unravelled a mystery about the disappearance of dwarf hippos and elephants that once roamed the picturesque landscape on the Mediterranean island of Cyprus before palaeolithic humans arrived.

    Cyprus only had two species of megafauna present during the Late Pleistocene — the 500-kg dwarf elephant (Palaeoloxodon cypriotes), and the 130-kg dwarf hippo (Phanourios minor), but both species disappeared soon after humans arrived around 14,000 years ago.

    In examining the reasons behind the extinction of these prehistoric animals, research funded by the European Regional Development Fund and the Republic of Cyprus through the Research and Innovation Foundation for project MIGRATE found that palaeolithic hunter-gatherers on Cyprus could have first driven dwarf hippos, and then dwarf elephants to extinction in less than 1000 years.

    The research was led by Flinders University’s Professor Corey Bradshaw. These findings refute previous arguments that suggested the introduction of a small human population on the island could not have caused these extinctions so quickly.

    The researchers built mathematical models combining data from various disciplines, including palaeontology and archaeology, to show that palaeolithic hunter-gatherers on Cyprus are most likely the main cause of the extinction of these species due to their hunting practices.

    Professor Bradshaw, with Drs Theodora Moutsiou, Christian Reepmeyer, Frédérik Saltré, and Stefani Crabtree, used data-driven approaches to reveal the impact of rapid human settlement on driving the extinction of species soon after their arrival.

    Using detailed reconstructions of human energy demand, diet composition, prey selection, and hunting efficiency, the model demonstrates that 3,000–7,000 hunter-gatherers predicted to have occurred on the island were likely responsible for driving both dwarf species to extinction.

    “Our results therefore provide strong evidence that palaeolithic peoples in Cyprus were at least partially responsible for megafauna extinctions during the Late Pleistocene and early Holocene. The main determinant of extinction risk for both species was the proportion of edible meat they provided to the first people on the island,” says lead author, Professor Corey Bradshaw of Flinders University.

    “Our research lays the foundation for an improved understanding on the impact small human populations can have in terms of disrupting native ecosystems and causing major extinctions even during a period of low technological capacity.”

    Predictions in the model matched the chronological sequence of megafauna extinctions in palaeontological records.

    Dr Moutsiou says that “Cyprus is the perfect location to test our models because the island offers an ideal set of conditions to examine whether the arrival of populations of humans ultimately led to the extinction of its megafauna species. This is because Cyprus is an insular environment and can provide a window back in time through our data.”

    Previous findings by Professor Bradshaw, Dr Moutsiou, and collaborators have shown that large groups of hundreds to thousands of people could have arrived on Cyprus in two to three main migration events in less than 1000 years.

    The research – “Small populations of palaeolithic humans in Cyprus hunted endemic megafauna to extinction” by Corey Bradshaw, Frédérik Saltré, Stefani Crabtree, Christian Reepmeyer and Theodora Moutsiou – has been published in the Proceedings of the Royal Society B 291: 20240967. doi:10.1098/rspb.2024.0967

    The project Modelling Demography and Adaptation in the Initial Peopling of the Eastern Mediterranean Islandscape (MIGRATE, EXCELLENCE/0421/0050) is hosted at the Archaeological Research Unit, University of Cyprus and coordinated by Dr Theodora Moutsiou.

    MIL OSI – Submitted News –

  • MIL-OSI Global: Gangs’stories: Marwan, or how to find redemption in Cape Town

    Source: The Conversation – France – By Steffen Bo Jensen, Professor, Department of Politics and Society, Aalborg University

    For the past five years, the GANGS project, a European Research Council-funded project led by Dennis Rodgers, has been studying global gang dynamics in a comparative perspective. When understood in a nuanced manner that goes beyond the usual stereotypes and Manichean representations, gangs and gangsters arguably constitute fundamental lenses through which to think about and understand the world we live in.

    Steffen Jensen recounts the story of Marwan, whose life is in many ways a reflection of the last 75 years of South African history, having had to navigate the violence of apartheid, prison, the Cape Flat drug wars. Central to his narrative are the notions of damnation and redemption.

    I picked up Marwan one cloudy morning in May 2019, from his house in the backstreets of Heideveld, the township Cape Town, South Africa, where I have been conducting fieldwork on gangs on and off for 25 years. While much has changed over the years, the gang scene in Cape Town remains depressingly violent. In one of the other townships where I have been doing fieldwork since 2018, more than 160 have died in the past year. Gangs exist in almost all townships and partly for this reason, Cape Town remains one of the most violent and deadly cities in the world.

    Sixty-year-old Marwan exudes strength as he walks over to my car, and greets me in his light blue Islamic attire. Although not particularly tall, he is well built in a wiry way, and there is an embodied intensity to him that contrasts with his soft-spokenness.

    We are in the middle of Ramadan, and he tells me that he is happy to see me, although he is also very busy, preparing for a wedding with his new, much younger partner, as well as 10 days of prayer in the local mosque.

    We decide to talk in a nearby park, where we begin what will end up being an eight-hour interview. During this time, Marwan leads me through his life in a way that is entirely his own choosing: “It was a Tuesday… I remember it well. I was wearing an orange jacket…”

    A microcosm of South Africa’s recent history

    Marwan’s life is in many ways a microcosm of South Africa’s recent history. It was fundamentally shaped by apartheid, particularly through the introduction of racist laws and policies, which included the displacement of non-white populations from central Cape Town to council housing estates on the outskirts, known as the Cape Flats. It was then also influenced by the instability of the post-apartheid era, characterised by high levels of crime and violence.

    His family was one of the tens of thousands displaced from the Cape Town city centre in the 1960s, leading Marwan to grow up in the difficult environment of the Cape Flats. At the age of 16, in the mid-1970s, he began dealing drugs, quickly acquiring a notorious reputation, allowing him to operate semi-independently of the local gangs.

    Marwan’s story exemplifies how drug dealing has critically impacted local gang structures. Before the mid-1970s, drugs did not play an important role in gang formation. They were mostly self-defence gangs protecting neighbourhoods against the hostile environment of the new housing estates. However, when the Mandrax drug was introduced around 1975, it radically transformed the nature of the gangs and their use of violence.

    Life with the Terrible Joosters

    Marwan joined one of the local gangs in Heideveld, the Terrible Joosters, and began dealing drugs. While the local gang in Heideveld gained in importance, he started making a name for himself as a robie, someone that focuses on robberies and break-ins. He excelled and joined city-wide criminal networks outside Heideveld, located in neighbouring Bridge Town, where the American gang became increasingly dominant. It was the conflict with the Americans that was partly instrumental in sending him to jail. In the interview, he describes a year of madness that began with his shooting a police officer. It then descended into increased drug abuse and gang violence, including shooting a member of the same criminal network, because, he said, the man had sold them out to the Americans. As a result, in 1982, Marwan received a long prison sentence.

    Marwan is no stranger to prisons. He had been in and out of them since his late teens, but this was his longest sentence. Like his involvement with drugs before, his prison trajectory reflected the changing nature of Cape Town’s gang dynamics.

    The relationship between prison gangs and street gangs has been complicated since the emergence of both in the 1940s. Prisons in South Africa are partly controlled by an intricate gang system with its own belief structure, which includes a perceived resistance to apartheid and racist regimes. The system also enforces control through the so-called numbers, referring to the three main gangs, 26, 27 and 28.

    The numbers represent distinct gangs, each with a specific role within the prison hierarchy. This hierarchy is enforced through strict codes and significant violence against each other, guards, and non-gang members. Through his connections with gang-affiliated individuals and drug dealers both inside and outside the prison, Marwan quickly joined the 26 gang and rose through the ranks to become one of its leaders.

    Gangsters often have a sell-by date

    After Marwan left prison in 1998, his life became intertwined with the Cape Flats “gang wars” of the late 1990s and early 2000s. This city-wide war, involving his old enemies in the Americans, was much more brutal than the ones he had fought earlier on. He was horrified.

    He complained about the stupidity of the youngsters: “If they get a name, they are a gang and they will die”, he told me back in 1999. There is a generational dimension to this. Most gangs last about 10 years. The gangs Marwan saw in the late 1990s were descendants – often sons – of the gangsters of Marwan’s generation.

    Many gangsters face an inevitable expiration date, often ending up dead, imprisoned, or suffering from serious health issues due to a life of violence, hardship, and drug abuse. However, some do manage to successfully leave behind the world of gangs and crime.

    In his mid-40s, increasingly burned out, Marwan underwent a religious conversion that allowed him to “leave” his criminal life behind.

    Marwan’s life story is both a violent and strangely moral tale of comradery, solidarity, justice and of outwitting the racist apartheid state under the most arduous circumstances. Though not necessarily representative, it provides a privileged view into the Capetonian underworld and how it animated and was animated by political structures.

    How I became a gang war chronicler

    Our meeting in 2019 reminded me of my first encounter with Marwan, 20 years before, in December 1998.

    He had just been released from prison after serving a 19-year sentence for multiple charges, including robbery, violence, drug dealing, and shooting a police officer. He was the brother-in-law of my best friend and confidante in Cape Town, Shahiedah.

    I was conducting my doctoral fieldwork on gang dynamics, and over the following months, as the ongoing gang wars in the Cape Flats escalated, Marwan assumed a somewhat distant yet pivotal role as a guardian, helping me navigate the violent and unpredictable ganglands of post-apartheid Cape Town.

    I once told Marwan that I planned to interview members of their rival gang, the Americans. Marwan – and nearly all of my other contacts – lived in New Yorker territory. The war between the New Yorkers and the Americans was a local manifestation of a larger conflict over control of the drug market in a city going through a huge turmoil: transitioning from a closed environment due to strict apartheid to opening up post-1994.

    The transition produced a volatile environment in which the transforming state struggled to find its feet, not least because of the wave of crime and violence. Murder rates soared and bombings became the order of the day. Seared in my memory was a Cape Argus newspaper article published on January 2, 1999, which quantified both the violence and the police’s impotence in the previous year: 668 attacks, 118 arrests, 0 convictions.

    This created an atmosphere of fear and unpredictability.

    Marwan had heard about my upcoming interview through the local rumour machine. He looked at me, and said gravely, without any context or explanation: ‘In a conflict like this, you cannot stay neutral. Everybody must choose sides’. ‘You too?’, I asked. ‘Also me. Everyone!’.

    What I understood was that I wouldn’t be able to offer a “neutral” narrative, I had to tell the story from the perspective of one gang. That day, I became a chronicler of the war from the (ultimately losing) side of the New Yorker gang…

    A story of redemption

    Although we chatted regularly in his house, I never managed to formally interview Marwan when I was in Cape Town in 1998-99. He was always on his way somewhere – to the shops, the doctor, his mother or he simply stood me up. I saw him from time to time during subsequent visits in the 2000s and 2010s, but only to greet him and see how he was doing.

    Hence, when I returned to South Africa in 2019 in the context of the GANGS project, I was determined to not let him escape me this time, and get him to open up about his life.

    And what a storyteller he was. But beyond the rich content of his tale and the wider insights it offered about gang dynamics in Cape Town, I was most struck by Marwan’s ability to maintain complete control over his narrative.

    He would often chide me whenever I tried to hurry his story along, especially when he got caught up in small details or when I wanted him to move on to a new event. “I want to tell it right,” he would say. “Wait, I’ll get to that when the time is right.”

    At one point, he described a court case he was involved in, after being accused of shooting a policeman:

    “You can have the best lawyer or the best advocate, but it’s what you say and the answers you give that makes you guilty or not guilty. That’s the main thing. How you tell your story. What I thought, what I was going through in my mind – everything you describe, so the judge can see your picture. A story without a picture is not the truth.”

    What insight, I thought. And in many ways, his constant production of images applied to the entire story that he told me. The way that Marwan told his story was as a narrative of redemption and salvation. The critical turning point in his story was how, a few years after having been released from prison, he had planned a heist with some friends, but suddenly refused to carry it out.

    “They [came by] and wanted to confirm the time we were going. I said, ‘You know what, I’ve changed my mind.’ ‘What do you mean you changed your mind?’ ‘No, I changed my mind. You two can go. But I am not going.’ ‘Why?’ I said, ‘There is no reason, but I just feel I am not going anymore.’ And they left. And I’ve never saw them again.”

    Marwan was convinced that his last-minute change of heart saved his life, as both friends ended up dead over the next couple of months. One was found hanged and the other was found in the trunk of a burnt-out car. For Marwan, even if he did not realise it at the time, felt that he had been “warned by Allah” not to go. This marked Marwan’s turn toward religion. He finally accepted Allah into his heart, and turned his life around, leaving his gang years behind.

    While I learned from interviews with his family that Marwan’s decision to leave behind a life of crime was only partially true – he continued dealing drugs and was involved in some gruesome acts of violence – he presented his moment of religious conversion as the pivotal point in his life, a moment of redemption. From that point on, his narrative focused on his piety and the long hours he spent at the mosque, portraying himself as a growingly accepted, though still somewhat suspicious, member of the Muslim community.

    Strong bones

    Do Marwan’s relapses into crime suggest that his narrative of redemption was false, and that he was merely manipulating me? It’s possible. This is always a consideration in interviews like these, particularly given the ambiguous and controversial nature of many of Marwan’s activities over the years. However, instead of viewing his story as a web of lies and misrepresentations, we might interpret these conflicting incidents as evidence of the co-existence of different moral narratives.

    A key moral concept on the Cape Flats is the notion of “sterk bene” or “strong bones”. According to Elaine Salo, this is the ability to endure humiliations, violence, and the injustices of a racialized society. The term originated in prisons to describe the kind of “hard man” toughness that Marwan projected, even after his religious conversion. This strength is often associated with being a criminal.

    In this context, Marwan’s redemption narrative and his display of “strong bones” can be seen as two culturally intelligible moral frameworks that exist in parallel – and at times in conflict – with one another. Perhaps Marwan would argue that, to survive on the Cape Flats, you need both: redemption and strong bones

    Steffen Bo Jensen is a senior researcher at DIGNITY-Danish Institute Against Torture and a professor at the Department of Politics and Society, Aalborg University in Denmark

    – ref. Gangs’stories: Marwan, or how to find redemption in Cape Town – https://theconversation.com/gangsstories-marwan-or-how-to-find-redemption-in-cape-town-223902

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Flooding impacts from heavy rainfall on Monday 23 September

    Source: United Kingdom – Government Statements

    Heavy rain and thunderstorms on Monday 23 September have led to flooding in parts of England.

    Heavy rain and thunderstorms on Monday 23 September have led to flooding in parts of England. These impacts include a combination of surface water flooding and some flooding from small, largely urban watercourses. At least 45 properties have flooded across Hertfordshire, Bedfordshire, Kent and the Home Counties.

    Environment Agency staff are out on the ground, clearing blockages and supporting local authorities in their response work.

    Flooding on roads is likely to lead to travel disruption. We advise people to follow the advice of local emergency services on the roads and not to drive through flood water – just 30cm of flowing water is enough to float a car.

    The flood risk reduces tomorrow with a drier day forecast, but for the moment we continue to urge people to keep an eye on the weather, check their flood risk, and take care planning their journeys.

    Sarah Cook, Flood Duty Manager at the Environment Agency, said:

    Due to heavy persistent rain and thunderstorms, there have been localised surface water flooding impacts in parts of England today.

    Environment Agency teams are out on the ground, and ready to support local authorities in responding to surface water flooding. We urge people to plan their journeys carefully, follow the advice of local emergency services on the roads and not to drive through flood water – it is often deeper than it looks and just 30cm of flowing water is enough to float your car.

    People should check their flood risk, sign up for free flood warnings and keep up to date with the latest situation as well as following @EnvAgency on X, formerly Twitter, for the latest flood updates.

    The Environment Agency recognises the threat from surface water flooding, and is taking action to improve the country’s resilience – for instance supporting local flood authorities to enhance local surface water flood risk mapping. See our blog on surface water flooding for more information.

    Updates to this page

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: DVSA issues warning about parking fine scam text messages

    Source: United Kingdom – Executive Government & Departments

    The Driver and Vehicle Standards Agency (DVSA) is warning that scammers are sending text messages about fake DVSA parking penalty charges.

    The text message warns people that they have a ‘parking penalty charge’, and that if they do not pay on time, that they might:

    • be banned from driving
    • have to pay more
    • be taken to court

    This is an image of the scam text that people have been receiving.

    The text message reads “Dvsa notice for you: You have a parking penalty charge due on 2024/9/30. If you do not pay your fine on time, Your car may be banned from driving, you might haeve to pay more, or you could be taken to court. Please enter your license plate in the link after reading the information, Check and pay parcking penatly charge. Thank you again for your copperation. Dvsa.”

    DVSA does not issue or deal with parking fines.

    What to do if you received a message

    You can report scam text messages to the National Cyber Security Centre.

    Report a scam text message.

    You do not need to contact DVSA if you have received the text message.

    If you’ve responded to a scam text message

    If you’ve been tricked into sharing personal information with a scammer, you can take immediate steps to protect yourself.

    Find out what to do if you think you’ve shared personal information.

    If you’ve lost money or have been hacked as a result of responding to a suspicious text message, report it:

    • at www.actionfraud.police.uk or call 0300 123 2040 (in England, Wales or Northern Ireland)
    • to Police Scotland by calling 101 (in Scotland)

    Updates to this page

    Published 23 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: UN Secretary-General’s Special Envoy for Road Safety Jean Todt to launch UN Global Road Safety Campaign in Italy

    Source: United Nations Economic Commission for Europe

    The UN Secretary-General’s Special Envoy for Road Safety, Jean Todt, will be in Milan on 2 September to launch the UN global campaign #MakeASafetyStatement, in partnership with JCDecaux. The launch event will gather Mr. Giuseppe Sala, Mayor of Milan and Mr. Matteo Salvini, Vice-President of the Council of Ministers and Minister of Infrastructure and Transport of Italy.  

    The silent pandemic 

    Every year, the staggering toll of road-related fatalities claims the lives of 1.19 million people, leaving countless others with severe injuries. This silent pandemic overwhelmingly affects developing nations, where over 90% of the road traffic fatalities occur. Furthermore, road crashes are a leading cause of death for children and young adults aged 5–29 years. The campaign aligns with the Global Plan for the Decade of Action for Road Safety 2021-2030, aiming to halve road fatalities by 2030. This launch in Italy takes place a few weeks after the of the adoption of the new UN resolution for improving road safety ahead the 4th Global Ministerial Conference on Road Safety to be held in Marrakech, Morocco on 18 and 19 February 2025. 

    Road safety in Italy  
    Since 2001, the mortality rate in Italy has decreased by 42%, in line with the overall trend in the European Union. According to the European Road safety Observatory, Italy’s road traffic fatality rate stands at 5.2 per 100,000 people in 2023 (4.6 per 100,000 people in the EU). 19% of road fatalities in Italy are women, compared to the EU average of 22%.  

    In 2020, vulnerable road users (pedestrians, cyclists, and riders of powered two-wheelers) accounted for half of the fatalities, slightly higher than the EU average (ERSO 2023). Notably, riders of powered two-wheelers represented more than a quarter of Italy’s road fatalities compared to 18% in the EU (ERSO 2023). Italy has the lowest self-reported frequency in Europe for speeding and the highest for not wearing a seatbelt in the back seat (ERSO 2023).               

    #MakeASafetyStatement 

    The campaign seeks to reduce risk factors, especially in urban areas, enabling people to walk, live, and enjoy their environment safely.  Fourteen global, and dozens of national, celebrities have joined forces to advocate for simple and effective road safety rules in the six official UN languages.  The messages the celebrities focus on mitigate risk factors on the road. Key aspects include wearing a seat belt, driving slowly, wearing a helmet, not texting and driving, not driving under the influence or while tired, and respecting pedestrians.   

    Participating celebrities in the campaign include Football legend Mr. Didier Drogba, F1 Driver Mr. Charles Leclerc, Oscar-winning actress and UNDP Goodwill Ambassador Ms. Michelle Yeoh, Tennis legend Mr. Novak Djokovic, Musician Ms. Kylie Minogue, Motorcycle racer Mr. Marc Marquez, Supermodel Ms. Naomi Campbell, Actor Mr. Patrick Dempsey, Musician and Inspirational leader Mr. Youssou N’Dour, Actress Ms. Julie Gayet, Actor Mr. Michael Fassbender, Football icon Mr. Ousmane Dembélé, Double Olympic Champion Ms. Faith Kipyegon, F1 Driver Mr. Mick Schumacher.  

    Launch events 

    The launch in Milan, following the 2024 F1 Grand Prix in Monza, will comprise three events: 

    • 11:00-12.00 – press conference, moderated by the journalist Ms. Stefania Pinna, with the participation of Mr. Giuseppe Sala, Mayor of Milan; Mr. Matteo Salvini, Vice-President of the Council of Ministers and Minister of Infrastructure and Transport of Italy; Mr. Jean Todt, UN Secretary-General’s Special Envoy for Road Safety and Mr. Fabrizio du Chène de Vère, Amministratore Delegato IGPDecaux. 

    Venue: Palazzo Marino, City Hall 

    Venue: Historical Atm tram Carrelli 1928, Milan 

    • 17:00-18:30 – panel discussion on road safety, hosted by Pirelli (donor to the UN Road Safety Fund), with the participation of Ms. Vicky Piria, Racing Car Driver, TV Host and Motivational Speaker; Mr. Marco Tronchetti Provera, Executive Vice Chairman of Pirelli; Mr. Matteo Salvini, Vice-President of the Council of Ministers and Minister of Infrastructure and Transport of Italy; Mr. Stefano Domenicali, Manager and CEO of Formula One Group; Mr. Jean Todt, United Nations Secretary General’s Special Envoy for Road Safety ); Mr. Andrea Rustioni, Managing Director of IGPDecaux  

    Venue : Pirelli HQ 

    ————– 

    Note to editors 

    Road safety in Milan  

    Milan’s Municipality considers road safety a priority and promotes policies that encourage the use of public transportation, inter-modality of transport means, shared use of public space, the regulation of transit in selected areas, as well as active mobility on less congested and safer streets. The high number of cars in Milan – 49 per 100 inhabitants – makes the implementation of road safety policies particularly challenging. 

    In order to draw from international experiences and to avail of the knowledge of multidisciplinary professionals, in October 2023 Mayor Giuseppe Sala created a Task Force on Road Safety and Active Mobility. Its recommendations, presented in May 2024, included: putting schools and roads around schools at the centre of road safety policies; supporting the growth of safe, active mobility; installing speed bumps and redesigning intersections; widening, protecting and freeing up of space on sidewalks, as well as developing a plan for pedestrians and cyclists. Furthermore, Milan is the first city in Italy to introduce measures to counteract the so-called ‘blind spot on trucks’, effectively anticipating measures that are becoming a standard in the European Union. 

    #MakeASafetyStatement 

    MIL OSI United Nations News –

  • MIL-OSI Video: Battling Wildfires in Portugal – EU Solidarity

    Source: European Commission (video statements)

    The EU stands in full solidarity with Portugal.
    We’ve mobilised 8 firefighting planes from 4 countries to support Portugal amidst severe forest fires.

    We will also help rebuild. The EU Solidarity Fund may cover parts of the damage. And we will activate further flexibility to mobilise up to €500 million under Portugal’s Cohesion Policy programmes.

    #europeanunion

    https://www.youtube.com/watch?v=B05N8FzV5EQ

    MIL OSI Video –

  • MIL-OSI United Nations: Financial Accounts Workshop | UNECE

    Source: United Nations Economic Commission for Europe

    Provisional Timetable PDF PDF
    Session 1. New Recommendations in the 2025 SNA pertaining to financial accounts    
    Recommendations in the 2025 SNA pertaining to the financial accounts (IMF) PDF PDF
    Session 2. Use of financial accounts for analytical purposes    
    Use of Financial Account Balance Sheet in the EU (Eurostat) PDF PDF
    Use  of Financial Accounts for Analytical Purposes (Central Bank of The Republic of Türkiye) PDF  
    Use of financial accounts for analytical purposes. Private Sector Debt with a focus on NFCs (National Bank of Belgium) PDF PDF
    Session 3. Issues related to non-financial corporations    
    Analyzing Non-Financial Corporation Using Institutional Sector Accounts (IMF) PDF PDF
    Compilation of Financial Accounts for Non-Financial Corporations (Central Bank of The Republic of Türkiye) PDF PDF
    Financial Accounts in Armenia (Statistical Committee of the Republic of Armenia) PDF PDF
    Non-financial corporations: compilation process in the Belgian financial accounts matrix (National Bank of Belgium) PDF PDF
    Non-financial Corporations (Statistics Iceland) PDF  
    Compilation and Utilisation of the Financial Account of the Non-financial Corporations (NFC) Sector: Experience, Challenges, and Opportunities (Bank Indonesia) PDF  
    Session 4. Issues related to household sector    
    Household Sectors Issues Using Institutional Sector Accounts (IMF) PDF PDF
    The household sector (Statistics Iceland) PDF  
    Recording Crypto Assets in Macroeconomic Statistics (IMF) PDF PDF
    Challenges with Cryptocurrencies in Georgia (National Statistics Office of Georgia) PDF  
    Foreign currency held by Households (National Bank of Moldova) PDF PDF
    Session 5. Issues related to financial instruments and specific transactions    
    Financial instruments (ECB) PDF PDF
    Statistical measurement of illicit financial flows (UNCTAD) PDF  
    Non-financial Corporations equity liabilities (National Bank of Moldova) PDF PDF
    Session 6. Who-to-whom, consistency and balancing    
    Recommendations to improve the Vertical Consistency of EU Sector Accounts (ECB) PDF PDF
    Combining sources and balancing the accounts (ECB) PDF PDF
    Financial Accounts in Kyrgyzstan (National Statistical Committee of the Kyrgyz Republic) PDF PDF
    From-whom-to-whom – practical solution for compiling FA statistics, NBRNM case (National Bank of the Republic of North Macedonia) PDF  
    Who-to-whom, consistency and balancing (Statistics Iceland) PDF PDF
         

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Home upgrade revolution as renters set for warmer homes and cheaper bills

    Source: United Kingdom – Executive Government & Departments

    New plans to boost minimum energy efficiency standards for all rented homes.

    • Over one million households to be lifted out of fuel poverty.
    • Government confirms move to boost minimum energy efficiency standards for rental properties, bringing all homes up to a decent standard by 2030.

    Over one million households are set to be lifted out of fuel poverty, as the government announces plans for the biggest potential boost to home energy standards in history.

    Families across the country are continuing to grapple with the consequences of high energy bills amid a cost-of-living crisis – with too many tenants exposed to a harsh daily reality of cold, draughty homes and expensive bills.

    Government intervention is now well overdue to transform living standards and deliver the safety and security of warmer, cheaper homes that are free from damp and mould.

    The Energy Secretary pledged to take action to reverse these failures of the past and stand with tenants, with a commitment to consult by the end of the year on boosting minimum energy efficiency standards for private and social rented homes by 2030.

    Currently, private rented homes can be rented out if they meet Energy Performance Certificate E, while social rented homes have no minimum energy efficiency standard at all.  

    The government will now shortly consult on proposals for private and social rented homes to achieve Energy Performance Certificate C or equivalent by 2030. 

    The government has also announced a new Warm Homes: Local Grant to help low-income homeowners and private tenants with energy performance upgrades and cleaner heating, and confirmed the continuation of the Public Sector Decarbonisation Scheme, as well as the Warm Homes: Social Housing Fund, which replaces the Social Housing Decarbonisation Fund, to support social housing providers and tenants. 

    Today’s announcements kickstart delivery of the government’s Warm Homes Plan, which will transform homes across the country by making them cleaner and cheaper to run, from installing new insulation to rolling out solar and heat pumps.

    Notes to editors

    • The number of tenant households in fuel poverty which are set to benefit from higher minimum energy efficiency standards is a preliminary estimate using the DESNZ National Buildings Model based on the assumptions from the Government’s preferred position in the 2020 consultation on Improving the Energy Performance of Privately Rented Homes in England and Wales. The same assumptions were also applied to social housing to estimate the impact of new standards in the social rented sector. This includes assuming an energy efficiency target rating of C based on SAP2012 and the estimate refers to fuel poor households in England only. No account is taken of other future policies that might interact, such as the Warm Homes: Social Housing Fund. Fuller analysis will be set out in an Impact Assessment for the Regulations.
    • Guidance for Local Authorities on the new Warm Homes: Local Grant, which replaces the Local Authority Delivery scheme, and which will start delivery in 2025, can be found here. The expression of interest window for Local Authorities wishing to participate will open in October this year. Low-income, private tenants will be eligible for support, with the agreement of their landlord. Private tenants are also eligible for support under the Energy Company Obligation. Further details of the Warm Homes Plan will be set out through the Spending Review. 
    • Guidance for Wave 3 of the Warm Homes: Social Housing Fund, which opens for applications in week commencing 30 September, can be found here.
    • Guidance for Phase 4 of the Public Sector Decarbonisation Scheme, which is delivered by Salix Finance, can be found here.
    • We will shortly set out a consultation with proposals for improvements to Energy Performance Certificates to make them more accurate and reliable.

    Updates to this page

    Published 23 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Salford City Mayor’s Charter for good employment standards celebrates its tenth year of partnership with local employers

    Source: City of Salford

    Salford City Council proudly celebrated its tenth year of progress in raising employment standards at the Salford City Mayor’s Charter Member Awards, held on Monday 16 September 2024.

    The event recognised the tremendous impact that local employers have made in supporting fair, inclusive, and responsible employment practices.

    Hosted at the Civic Centre, the event brought together local employers who have committed to driving positive change in the workplace. Since its launch, over 200 businesses have pledged their support to the Charter, and more than 70 employers are currently active Charter supporters. These employers have embraced core principles such as providing the Real Living Wage, improving diversity and inclusion and prioritising employee wellbeing.

    City Mayor Paul Dennett, who led the awards ceremony, praised the dedication of Salford’s businesses: “It’s incredible to see how much has been achieved over the past 10 years. The commitment of employers to the Charter has significantly improved working conditions for thousands of residents across Salford.”

    Councillor Pepper, Lead Member for Skills, Work and Business Support, said, “The tenth year of the Charter is a proud milestone for Salford. Over the past decade, we’ve seen a genuine shift towards fairer, more inclusive workplaces, and that’s down to the dedication of employers who have embraced these values. By supporting the Real Living Wage, diversity, and employee wellbeing, they are not only improving lives but also strengthening our local economy. As we look ahead, I’m confident that our continued collaboration will ensure even greater success for Salford and its residents.”

    During the event, founder members recommitted to the Charter, while new members were welcomed, including those who joined through a joint application process with the Greater Manchester Good Employment Charter. The Charter’s joint focus on social inclusion, economic growth, and employee wellbeing was highlighted as key to Salford’s future success.

    The event also featured discussions on the forward strategy for advancing employment standards in the city and Greater Manchester, with speakers emphasising the role of strong partnerships between businesses, training providers, and local authorities. Employers were also introduced to available business support services designed to help them achieve their Charter commitments and meet future goals.

    Get more information about the Salford City Mayor’s Employment Standards Charter and how to become a supporter, or contact salfordcitymayorcharter@salford.gov.uk. 

    Share this

    Date published
    Monday 23 September 2024

    Press and media enquiries

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Final chance to have your say in the Walking, Wheeling and Cycling Plan consultation

    Source: City of Wolverhampton

    The Black Country Walking, Wheeling and Cycling Plan consultation is open until 5pm on Monday 30 September.

    Anyone can take part here at Black Country Walking, Wheeling and Cycling Plan

    Feedback will help shape active travel schemes across Wolverhampton, Dudley, Sandwell and Walsall.

    Active travel schemes aim to make walking, cycling and wheeling – such as using a wheelchair, or electric mobility scooter – a more attractive option, particularly for short journeys. 

    This will help people get active and healthy, save people money, cut traffic congestion and reduce carbon emissions as part of efforts to create a Net-Zero Transport Network in the Black Country by 2041.

    Projects include creating safe segregated cycle lanes, better footpaths, more cycle parking, conveniently located pedestrian crossings and more accessible routes for users of wheelchairs and specially adapted cycles.

    The consultation is being run by Black Country Transport, which works in conjunction with the 4 Black Country local authorities adopting an innovative approach to developing roads projects, ensuring they cater for all.

    Councillor Qaiser Azeem, cabinet member for transport and green city at City of Wolverhampton Council, said: “Creating sustainable travel choices through a safe, interconnected network of walking, cycling and wheeling routes can help improve health, and cut traffic congestion and air pollution whilst boosting the local economy.

    “I thank those people who have already taken part in the consultation. Getting the views of the community is crucial to developing the right active travel routes to benefit everyone.

    “That is why I would urge others to take part before next week’s deadline.”

    If you have any questions about completing the consultation or require further help contact BCTteam@blackcountrytransport.org.uk

    To find out more about Black Country Transport and its projects visit Black Country Transport.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Be on guard against scam parking fine texts

    Source: City of Plymouth

    We have been alerted to text messages claiming to be from ‘a local council’, in relation to parking penalty charge notices (PCNs).

    Our parking PCNs are issued as a paper copy, either affixed to your windscreen or sent by post.

    We would never issue a PCN via text.

    Please report any suspicious texts you receive at www.actionfraud.police.uk. Do not click on any suggested payment links.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Art exhibition to raise awareness of domestic abuse

    Source: Anglia Ruskin University

    Published: 23 September 2024 at 15:58

    ARU to display work produced by survivors to mark Domestic Abuse Awareness Month

    A powerful exhibition featuring artwork produced by the victims of domestic abuse will be held at Anglia Ruskin University (ARU) in Cambridge on Wednesday, 2 October.

    Sharon Livermore MBE, of Cambridge-based Domestic Abuse Education, has been working with ARU to provide information and training to raise awareness amongst students, and is helping ARU host the event to mark the start of Domestic Abuse Awareness Month in October.

    The most recent Crime Survey for England and Wales estimates that 1.4 million women and 751,000 men, aged 16 years and over, had experienced domestic abuse in the 12 months to March 2023. At 8%, a higher proportion of people aged 16-19 had been victims of domestic abuse than any other age group.

    ARU has trained five student domestic abuse ambassadors whose role is to both raise awareness of the issue and signpost the internal and external support that is available to any student who needs help.

    The art exhibition – called Breaking the Silence: Art Against Abuse – will feature two pieces of work by Holly Ringrose, who paints portraits of women who have lost their lives due to gender-based violence.

    Holly’s pictures are all unfinished, to highlight lives cut short, with Holly painting each portrait for one minute for each year the women lived for. The other work on show, which includes poetry as well as art, has all been produced by survivors of domestic abuse.

    Domestic Abuse Education have been working on projects with ARU’s student domestic abuse ambassadors, and Sharon has spoken at events on campus aimed at students and staff. Sharon, who herself is a survivor of domestic abuse, said:

    “It shouldn’t be necessary to have to hold this exhibition, but sadly this issue isn’t going away.

    “For ARU, talking about domestic abuse isn’t a ‘tick box’ exercise – they really are leading the way compared to many other universities. As well as having an excellent Counselling and Wellbeing Service and five student domestic abuse ambassadors, ARU has a specific policy on domestic abuse and has held conferences dedicated to gender-based violence. ARU should be commended for their work in this area.”

    The exhibition on 2 October (11am-4pm) is open to the public and will take place in room LAB 027 on ARU’s main East Road campus in Cambridge. Also attending on 2 October will be over a dozen frontline support services, who will be there to provide expert advice and information.

    These include Cambridgeshire Police, Cambridge Women’s Aid, Peterborough Women’s Aid and their B-United project offering help to male victims, the Cambridge Rape Crisis Centre, the Kite Trust supporting LGBTQ+ young people, Cambridgeshire County Council’s Domestic Abuse and Sexual Violence partnership, and the Suzy Lamplugh Trust.

    Suzanne Drieu, Head of Counselling and Wellbeing at ARU, said:

    “Unfortunately, domestic abuse is a societal problem and it can affect people regardless of their age, sex or background.

    “The aim of holding this exhibition and inviting the different services onto campus at this point in the academic year is to ensure everyone is aware of the support available. This is particularly important for those who have relocated to the area and left behind their existing support networks.

    “ARU’s Counselling and Wellbeing Service is available to all students and offers confidential counselling, mental health advice and wellbeing support. We can also liaise with internal and external specialist services to help students at any point in their academic journey.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UN Human Rights Council 57: UK Statement for Commission of Inquiry on Ukraine

    Source: United Kingdom – Executive Government & Departments

    UK Statement for the Interactive Dialogue with the Commission of Inquiry on Ukraine. Delivered by the UK’s Permanent Representative to the WTO and the UN, Simon Manley.

    Location:
    Geneva
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    Thank you, Commissioners, for your update which as ever is all the more shocking and compelling for its sobriety and precision  

    As you make clear, Russia continues to commit appalling atrocities against the Ukrainian people.

    It’s indiscriminate attacks on civilian targets have intensified dramatically. August and July saw the highest number of civilian casualties in 2024. 

    Thousands of deported Ukrainian children remain in Russia.  We will not know the exact number or whereabouts of these children until Russia shares this information.

    Your update only reinforces the already overwhelming evidence of the systematic and widespread use of torture against Ukrainian detainees, including sexual violence. We have also seen reports of POWs being executed in the most barbaric manner.

    Three volunteers from the International Committee of the Red Cross were tragically killed in Donetsk this month.

    Soon we will mark two years since Russia’s attempted annexation of four oblasts in eastern Ukraine. Those living under

    Updates to this page

    Published 23 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Poppy Appeal gets underway in Sunderland

    Source: City of Sunderland

    The Mayor of Sunderland has joined the Royal British Legion to officially launch this year’s Poppy Appeal in the city.

    Every autumn members of the Royal British Legion visit the Mayor’s Parlour at City Hall in a civic tradition to launch the annual campaign and celebrate Sunderland’s ongoing support for the appeal.

    This year Mayor of Sunderland Councillor Allison Chisnall was joined by Vince Harris, Branch Chair of the Royal British Legion in Sunderland, as well as standard bearers and representatives from the Light Infantry and Welsh Guards.

    During the visit Cllr Chisnall purchased the first poppy ahead of them going on sale to the public next month.

    Money raised from poppies sold in Sunderland goes towards helping veterans, servicemen and women and their families living in the city.            

    Cllr Allison Chisnall said: “Sunderland City Council and residents are always keen to support our armed forces as the city has strong connections to the military and the annual Poppy Appeal is a cause close to many people’s hearts.

    “The campaign gives us the opportunity to pay tribute to those who have put their lives on the line for our country while raising money to support our military families.

    “I would encourage everyone to buy a poppy this year and wear it with pride to support this great cause.”

    Branch Chair (Sunderland) Royal British Legion, Vince Harris, added: “Our charity is very grateful for people in Sunderland’s continuing generosity and support.

    “Thanks to this support we annually raise large amounts of money from poppy sales in the city, and Sunderland’s sales are consistently among the highest in the country. 

    “Every penny donated helps those who have served or are serving in our armed forces and their families, as a reminder that we will never forget the sacrifices made on all our behalf.”

    Mr Harris added: “The Sunderland branch of the Royal British Legion is always looking for volunteers to help us during the Poppy Appeal, so if anyone with a bit of free time would like to help us please call 0191 567 0112 or 0785 552 2218 if you’d like more details on how to become involved.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Community Champions crowned at prestigious awards!

    Source: Northern Ireland City of Armagh

    Pictured at the Community Awards are: Ruth Allen, Head of Community Development Department, Roger Wilson, Chief Executive, Lord Mayor, Councillor Sarah Duffy, Deputy Lord Mayor, Councillor Kyle Savage, Sarah Travers, Compere, Paul Douglas, The Executive Office, Julir McCormack, The Executive Office and Paul Tamati, Director of Community and Wellbeing.

    The red carpet was rolled out at the weekend to celebrate the Community Awards 2024, with a glittering ceremony recognising and rewarding some of our incredible community champions.

    A total of 34 groups and individuals from across the borough were shortlisted for 11 awards. Each received high praise for being a leading example of good citizenship and selfless dedication to better community causes and deliver positive outcomes for people from all backgrounds.

    Speaking at the awards, Lord Mayor of Armagh City, Banbridge and Craigavon Councillor Sarah Duffy praised the exceptional endeavours of all those receiving a nomination.

    “Our Community Awards, which celebrate the spirit of volunteering in the borough, allows us the opportunity to show our gratitude for all the hard work these extraordinary people have undertaken – and highlights the commitment each and every one of them has offered, bringing positive change and instilling civic pride.

    “It was very apt that our awards coincided with Good Relations Week and this really added to the celebrations on the night as we recognised so many remarkable people who endeavour to work together to benefit others.

    “I would like to take this opportunity thank you all for everything you have done and continue to do for others across the Armagh City, Banbridge and Craigavon borough, and for all our sponsors for generously giving their support on the night.”

    The awards were thoroughly enjoyed by all thanks to a wonderful evening hosted at the Seagoe Hotel, a delicious banquet, musical entertainment courtesy of the amazing Niamh Node, The Girl with the Harp, and the extremely talented Dukes.

    TV Personality Sarah Travers was MC for the night and made it one to remember!

    The Community Awards were supported by The Executive Office District Councils Good Relation Programme along with local businesses sponsoring the various award categories.

    And the winners were:

    COMMUNITY ECO AWARD: Sponsored by Traynors

    Winner: Taghnevan Community Development Association

    INNOVATION AWARD: Sponsored by Avondale Foods

    Winner: VIBE

    EQUALITY AND GOOD RELATIONS AWARD: Sponsored by Thompson Aero Seating

    Winner: Armagh Roma and Traveller Support Group

     

    AGE FREINDLY AWARD: Sponsored by Tarasis Enterprises

    Winner: Loughshore Care Partnership

    VOLUNTEER OF THE YEAR: Sponsored by Armagh Credit Union

    Winner: Conor Hegarty

     

    COMMUNITY SAFETY AWARD: Sponsored by Turkington Holdings

    Winner: Lurgan Bowling Club

    HEALTH AND WELL BEING AWARD: Sponsored by Linwoods

    Winner: Fitzone Foundation

    Under 18 Youth Volunteer: Sponsored by Manfreight

    Winner: Alex Cooper

    OpportUNITY AWARD: Sponsored by The Executive Office

    Winner: First Bulgarian School

    YOUTH CHAMPION AWARD: Sponsored by Armagh City, Banbridge and Craigavon Borough Council

    Winner: VIBE

     

    LIFETIME ACHIEVER AWARD: Sponsored by Seagoe Hotel

    Winner: Pearl Snowden

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: MHRA opens applications from AI developers to join the AI Airlock regulatory sandbox

    Source: United Kingdom – Executive Government & Departments

    The MHRA, is calling for applications for manufacturers and developers of Artificial Intelligence (AI) medical devices, to join the AI Airlock regulatory sandbox.

    Today, Monday 23 September, the MHRA, the UK’s independent regulator of medical devices, is calling for applications for manufacturers and developers of Artificial Intelligence (AI) medical devices, to join the AI Airlock regulatory sandbox.

    The AI Airlock is a world leading regulatory sandbox for AI as a Medical Device (AIaMD). This pilot project will help the MHRA identify and address the challenges for regulating AI medical devices so that in the future, innovative and safe AI medical devices can be brought safely into use in the shortest time possible, for the benefit of patients and the NHS.

    During the AI Airlock programme, candidates will benefit from a bespoke testing plan and a unique collaboration with industry and regulatory experts, which will help them gain an improved understanding of the current regulatory framework and the data standards expected.

    The call for applications is open for two weeks until Monday 7 October and will provisionally recruit candidates into the pilot covering a wide range of regulatory challenges, from different healthcare or clinical disciplines and at various stages of product and regulatory development.

    Eligible candidates must be able to demonstrate that their AI-powered medical device has the potential to deliver benefits to patients and therefore the NHS, is a novel or innovative application, and can present a regulatory challenge that is ready to be tested in the Airlock pilot programme.

    The findings will inform future AI Airlock projects and influence future UK and international AI Medical Device guidance.

    The project is part of the MHRA’s continuing work to develop a robust MedTech regulatory framework that prioritises patient safety, gives patients access to the medical devices they need, supports the NHS transformation and ensures the UK becomes an even more attractive market for medical technology innovators.

    AI Airlock programme manager Hannah Bowden said:

    “Participation in the regulatory sandbox presents an opportunity for a proactive approach to product regulation, allowing developers and regulators to de-risk innovative products before entering the market.

    “Full details and an application form is online, and my team is available to answer questions from potential applicants by email at: aiairlock@mhra.gov.uk.”

    Updates to this page

    Published 23 September 2024

    MIL OSI United Kingdom –

  • MIL-OSI: QUADIENT: H1 2024 results: Solid 3.2% reported revenue growth and sharp improvement in profitability from Digital

    Source: GlobeNewswire (MIL-OSI)

    H1 2024 results: Solid 3.2% reported revenue growth
    and sharp improvement in profitability from Digital

    Key highlights

    • H1 2024 consolidated sales of €534 million, up +3.2% on a reported basis including the contribution of the latest acquisitions (Daylight and Frama) and up +0.8% organically(1)
    • H1 2024 subscription-related revenue up +0.7% on an organic basis, representing 72% of total revenue
    • Strong performance from North America at +2.8% organic growth in H1 2024, representing 58% of Group Sales
    • H1 2024 EBITDA of €111 million, up 2.6% organically, primarily driven by a strong increase in profitability in Digital
    • H1 2024 Group current EBIT of €61 million, up 0.3% organically
    • Net attributable income of €24 million
    • Leverage ratio excluding leasing reduced to 1.6x2
    • FY 2024 outlook confirmed
    • Launch of share buyback program for up to €30 million

    Paris, 23 September 2024

    Quadient S.A. (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, , today announces its 2024 second-quarter consolidated sales and first half results (period ended on 31 July 2024). The first-half 2024 results were approved by the Board of Directors during a meeting held on 20 September 2024.

    Geoffrey Godet, Chief Executive Officer of Quadient S.A., stated:

    “Quadient achieved a solid performance in the first half of 2024, setting a good start to the execution of our new strategic plan, ‘Elevate to 2030’, which aims at delivery €1 billion of subscription-related revenue by 2030. The various modules of our SaaS communication and financial automation platform are further recognized for their technical specificities as well as for their ease of use, reflecting our strong customer centric approach. Our highly recurring business model continues to be fueled by good results in both cross-selling and up-selling our solutions, by the strong outperformance of our Mail business as well as by a solid volume increase within our European parcel lockers open networks.

    In parallel, the profitability of our Digital business has sharply increased. Indeed, our Digital EBITDA margin gained 6 points compared to the first half of 2023, demonstrating our commitment to strengthen our investment proposition. Confident in our value-creation potential and in our capacity to achieve our short- and long-term guidance, including our 2026 leverage target, we are announcing today a share buy-back program aimed at improving the return to our shareholders. More than ever, our objective is to accelerate our existing growth trajectory and propel Quadient as the leader in intelligent automation.”

    Comments on H1 2024 performance

    Group sales came in at €534 million in H1 2024, a 3.2% increase on a reported basis, and 0.8% organic growth compared to H1 2023 in line with Quadient’s expectations. The reported growth includes a positive currency impact of €1 million and a positive scope effect of €12 million, which is related to the acquisition of Daylight in September 2023 and to the acquisition of Frama in February 2024. In Q2 2024, organic revenue growth reached 0.6% compared to Q2 2023.

    Consolidated sales and EBITDA by solution

    H1 2024 consolidated sales

    In € million H1 2024 H1 2023
    restated(a)    		 Change Organic change
    Digital 130 120 +8.3% +5.9%
    Mail 362 353 +2.5% (0.5)%
    Lockers 43 45 (4.7)% (2.5)%
    Group total 534 517 +3.2% +0.8%
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, H1 2023 revenue from the aforementioned subsidiary is not represented in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in H1 2024.

    EBITDA and EBITDA margin

      H1 2024 H1 2023 restated (a)
    In € million EBITDA EBITDA margin EBITDA EBITDA margin
    Digital 20 15.7% 11 9.3%
    Mail 94 25.8% 102 29.0%
    Lockers (3) (6.7)% (1) (3.0)%
    Group total 111 20.8% 112 21.7%
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, H1 2023 EBITDA from the aforementioned subsidiary is not represented in the consolidated EBITDA of the Group as it is recorded as discontinued operations. This is still the case in H1 2024.

    Digital

    In H1 2024, revenue from Digital reached €130 million, up 5.9% organically (+5.8% in Q2 2024 vs. Q2 2023) and up 8.3% on a reported basis (including the contribution from Daylight) compared to H1 2023. Importantly, growth for the Solution was still impacted by the delay in the implementation of two large contracts, announced in Q3 2023.

    At the end of H1 2024, annual recurring revenue (ARR), which is a forward-looking indicator of future subscription-related revenue, reached €221 million, up from €206 million at the end of FY 2023, representing a 15.3% organic(3)growth on an annualized basis.

    In H1 2024, subscription-related revenue recorded a strong 8.7% organic growth, now representing 82% of Digital total sales, a further increase compared to 80% in H1 2023. The share of SaaS customers stands at 83% at the end of H1 2024.

    EBITDA for Digital was €20 million for the period, representing a 15.7% EBITDA margin, up 6.4 points compared to H1 2023. Strong improvement in profitability continues, supported by the combination of subscription-related revenue growth, and platform size benefits, despite further commercial and innovation investments. The profitability is expected to continue improving in FY 2024.

    As part of the customer acquisition focus, Digital continues to experience strong commercial dynamics, supported by solid cross-selling with Mail including some large deals (notably one deal above USD1 million) in North America. Digital is benefiting from a positive start to Q3 2024 thanks to a new large deal with a US insurance company worth more than USD7 million over 5 years. Regarding the upcoming e-invoicing regulation in Europe, Quadient is now officially registered as a Partner Dematerialization Platform in France.

    As part of the customer expansion process, the onboarding of all eligible customers on the Quadient Hub is now completed. Focus continues on further increasing up-selling. New partnerships, notably with Microsoft business central, Sage200 (ERP solutions) and Stripe (payment solution), have also been signed. Lastly, the churn rate in Digital continues to decline, now standing well below 5%.

    Mail

    Mail revenue reached €362 million in H1 2024, down only 0.5% on an organic basis (-0.8% in Q2 2024 vs. Q2 2023). The reported growth stood at +2.5%, including the contribution of Frama.

    Hardware sales recorded a 4.8% organic growth in H1 2024, with strong contributions from North America, including a positive impact from decertification. The focus on investing into renewing the products offering continues to support product placements, as seen in the further increase in the share of the upgraded installed base, reaching 36.6% at the end of H1 2024 vs. 31.5% at the end of FY 2023.

    Subscription-related revenue (68% of Mail sales) recorded a limited 2.8% organic decline in H1 2024.

    EBITDA for Mail was €94 million for H1 2024. EBITDA margin reached 25.8%, down 3.2 points compared to H1 2023. The level of EBITDA margin of Mail was impacted by the higher proportion of revenue from equipment sales as well as by the dilution due to Frama acquisition, which performance is expected to improve significantly from 2025.

    Thanks to its strong customer acquisition focus, Quadient’s Mail business continues to outperform the market. The commercial performance is expected to be resilient in Q3 2024. On the acquisition side, the aim is to upgrade the installed base.

    As part of the customer expansion focus, the cross-selling remains solid, especially in the US, with several large contracts signed. Lastly, Mail benefited from the positive impact of the ongoing US mailing systems decertification.

    Lockers

    Lockers revenue reached €43 million in H1 2024, a 2.5% decrease on an organic basis (-1.8% in Q2 2024 vs Q2 2023) and a 4.7% decrease on a reported basis compared to H1 2023.

    Subscription-related revenue was up 5.3% organically in H1 2024, benefiting from the solid volumes ramp up within the UK and the French open networks, as well as the contribution of the existing installed base, supported by the higher number of carriers committed to use Quadient’s open networks. However, change in commercial agreements with Yamato in Japan in Q3 2023 leading to a greater focus on usage as opposed to a rental-based model, continues for now to weigh on the subscription-related revenue. Overall, subscription-related revenue stood at 65% of total revenue in H1 2024, up from 61% in H1 2023.

    Non-recurring revenue (license & hardware sales and professional services) were down 15.1% organically in H1 2024. Hardware sales were still impacted by slower new installations in North America.

    Quadient’s global locker installed base reached c.21,400 units at the end of H1 2024 vs. c.20,200 units at the end of FY 2023. This is reflecting an acceleration in the pace of installation of new lockers, notably in the UK, fueled by the partnerships signed by Quadient to host parcel lockers in new suitable locations.

    EBITDA for Lockers was negative at €(3) million in H1 2024. EBITDA margin stood at (6.7)%, down by 3.7 points. The decrease in EBITDA margin was mainly due to the negative impact from the change in commercial agreement with Yamato for the Japanese installed base at the start of H2 2023.

    As part of the customer acquisition focus, Quadient is accelerating the installation pace for lockers in the open networks in Europe, mostly in France and in the UK. This is supported by the additional deals signed for premium locations and conversion of existing lockers. Conversely, the trend remains slow in North America.

    As part of the customer expansion focus, volume increased strongly from both pick-up and drop-off in the open networks. The lockers business is also fueled by innovation in usage offerings, notably with new partnership with KeyNest in the United Kingdom, bringing additional volumes into the open network.

    REVIEW OF 2024 FIRST HALF-YEAR RESULTS

    Simplified P&L

    In € million H1 2024 H1 2023 restated (a) Change
    Sales 534 517 +3.2%
    Gross profit 399 387 +3.2%
    Gross margin 74.4% 74.8%  
    EBITDA 111 112 (1.1)%
    EBITDA margin 20.8% 21.7%  
    Current EBIT 61 65 (6.0)%
    Current EBIT margin 11.5% 12.6%  
    Optimization expenses and other operating income & expenses (16) (6) n/a
    EBIT 45 59 (24.4)%
    Financial income/(expense) (21) (16) +32.3%
    Income before tax 24 43 (45.4)%
    Income taxes 2 (6) n/a
    Net income of continued operations 26 37 (31.0)%
    Net income from discontinued operations (1) (0) n/a
    Net attributable income 24 36 (32.8)%
    Earnings per share 0.71 1.05 n/a
    Diluted earnings per share 0.71 1.05 n/a
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, H1 2023 contribution from the aforementioned subsidiary is not represented in the consolidated P&L of the Group as it is recorded as discontinued operations. This is still the case in H1 2024.

    Gross margin stood at 74.4% in H1 2024 from 74.8% in H1 2023, due to slightly higher cost of sales and the impact of Frama integration.

    EBITDA(4) for the Group reached €111 million in H1 2024, almost flat compared to H1 2023. Organically, the EBITDA grew by 2.6%, thanks to a solid increase at Digital offsetting a weaker EBITDA performance in Mail. EBITDA margin stood at 20.8% in H1 2024, vs 21.7% in H1 2023.

    Depreciation and amortization stood at €50 million in H1 2024, compared to €47 million in H1 2023. This is mainly due to slightly higher amortization of Lockers’ capex for rent.

    Current operating income (current EBIT) reached €61 million in H1 2024 compared to €65 million in H1 2023, down 6.0% on a reported basis and up 0.3% on an organic basis. Current operating margin stood at 11.5% of sales in H1 2024 compared to 12.6% in H1 2023.

    Optimization costs and other operating expenses stood at €16 million in H1 2024, versus €6 million in H1 2023 which was impacted by the write-off of an IT project and additional office optimization in the United States and the United Kingdom.

    Consequently, EBIT reached €45 million in H1 2024, versus €59 million recorded in H1 2023.

    Net attributable income

    Net cost of debt was up year-on-year at €20 million, against €15 million in H1 2023, impacted by higher interest rates on the variable portion of the debt (one third of Quadient’s debt). The currency gains & losses and other financial items was a loss of €(1) million in H1 2024, stable vs. H1 2023. Overall, net financial result was a loss of €21 million in H1 2024 compared to a loss of €16 million in H1 2023.

    Income tax reached a €2 million profit in H1 2024, benefitting from the positive impact of internal IP transfers. It compares to an expense of €6 million in H1 2023.

    Net income from discontinued operations of the Mail Italian subsidiary amounts to €(1) million, including additional fees related to the ongoing sale process for this subsidiary.

    Net attributable income after minority interest amounted to €24 million in H1 2024 compared to €36 million in H1 2023.

    Earnings per share from continued operations came in at €0.74 in H1 2024 compared to €1.06 in H1 2023. The fully diluted earnings per share(5) was €1.05 in H1 2023.

    Earnings per share stood at €0.71 in H1 2024 compared to €1.05 in H1 2023. The fully diluted earnings per share(5) was €0.71 in H1 2024 compared to €1.05 in H1 2023. The impact of dilutive instruments is accretive, dilutive earnings per share is therefore brought into line with net earnings per share.

    Cash flow generation

    The change in working capital was a net cash outflow by €19 million in H1 2024 compared to a net cash outflow of €55 million in H1 2023, mostly reflecting a better level of cash collection and the one-off positive impact from timing differences in VAT payments.

    The leasing portfolio and other financing services stood at €591 million as of 31 July 2024, compared to €598 million as of 31 January 2024 (only down by (1.0)% on an organic basis), thanks to the solid performance of the Mail activity. While generating future subscription-related revenue, the expected increase in lease receivables resulting from the good performance in the placement of new equipment will translate into a cash outflow in H2 2024. At the end of H1 2024, the default rate of the leasing portfolio stood at around 1.2% compared to c.1.3% at the end of FY 2023.

    Interest and taxes paid increased slightly to €38 million in H1 2024 versus the amount of €35 million paid in H1 2023. The difference was mostly explained by higher interest rates in H1 2024.

    Capital expenditure reached €46 million in H1 2024, stable compared to H1 2023 reflecting an increase in capex for rent offset by the non-renewal of office leases (lower IFRS 16 capex). Capex for Digital reached €12 million in H12024, slightly up compared to €11 million in H1 2023 and was mainly focused on R&D. Capex for Mail decreased from €25 million to €22 million, due to lower IFRS 16 capex linked to less office leases renewal. Capex for Lockers increased from €10 million to €13 million to support the open network deployment in the UK and France.

    All in all, cash flow after capital expenditure was up from a negative amount of €15 million in H1 2023 to a positive amount of €3 million in H1 2024.

    Leverage and liquidity position

    Net debt stood at €726 million as of 31 July 2024, a slight increase against the €709 million of net financial debt recorded as of 31 January 2024. In June 2024, the Group extended by an additional year the maturity of its Revolving Credit Facility to 2029. In July 2024, Quadient proceeded to a partial bond buy-back for a total amount of €7 million, leaving the outstanding amount of the 2.25% bond at €260 million.

    The Group is well positioned to refinance its 2.25% bond, maturing early 2025.

    The leverage ratio (net debt/EBITDA) remained broadly stable from 3.0x(2) as of 31 July 2024 compared to 2.9x(2) as of 31 January 2024. Excluding leasing, Quadient leverage ratio improved from 1.65x(2) as of 31 January 2024 to 1.6x(2) as of 31 July 2024.

    As of 31 July 2024, the Group had a robust liquidity position of €494 million, split between €194 million in cash and a €300 million undrawn credit line, maturing in 2029.

    Shareholders’ equity stood at €1,064 million as of 31 January 2024 compared to €1,069 million as of 31 January 2024. The gearing ratio(6) stood at 68,2% as of 31 July 2024.

    MAIL ITALIAN SUBSIDIARY

    Following the reclassification of the Mail Italian Subsidiary as discontinued operations under IFRS 5 in full-year 2023, an agreement for its sale has been signed with a local mail distribution company in July 2024.

    CAPITAL ALLOCATION

    In line with Quadient’s capital allocation policy, the Company announces the launch of a share buyback program for a total consideration of up to €30 million to be executed on the market over an18-month(7) period.

    This operation aims at improving shareholders’ return. It also demonstrates Quadient’s confidence in the value creation potential of its new Elevate to 2030 strategic plan, its ability to reach its FY 2026 leverage ratio target(8) and is in line with the capital allocation policy of the Company. A press release detailing this share buyback program has been published alongside today’s H1 2024 results.

    OUTLOOK

    With H1 2024 organic growth in line with expectations, Quadient confirms its FY 2024 financial guidance of organic growth both at the revenue and current EBIT levels. H2 2024 will benefit from an easier comparison basis for both Digital and Lockers as there will no longer be any negative impact neither from the delay in implementation of the two large SaaS contracts, nor from the change in commercial agreement with Yamato, which took place at the beginning of H2 2023.

    Q2 2024 BUSINESS HIGHLIGHTS

    Approval of all resolutions by the combined Shareholders’ meeting of 14 June 2024
    On 17 June 2024, Quadient announced that its combined Annual General Meeting was held on 14 June 2024, under the chairmanship of Mr. Didier Lamouche. All submitted resolutions were ratified, with an attendance rate of 74.19% (quorum for ordinary and extraordinary resolutions).

    The Annual General Meeting approved the renewal of the three-year terms of directorship of Hélène Boulet-Supau, Geoffrey Godet, Richard Troksa. Vincent Mercier’s directorship was renewed for an 18-month term, until 31 December 2025. The Annual General Meeting also approved the co-option and approved the renewal for a three-year term of Bpifrance Investissement, represented by Emmanuel Blot.

    Quadient expands its Open Locker Network in new high traffic locations in Japan, leveraging existing JR East Smart Logistics Lockers
    On 21 June 2024, Quadient announced a significant expansion of its open locker network in Japan through a strategic partnership with JR East Smart Logistics Co., Ltd., the logistics arm of the major Japanese rail company. This collaboration integrates Quadient’s advanced parcel delivery and pickup functionalities into JR East’s existing multifunctional locker system, Multi E-Cube, across Japan’s extensive railway network. This marks the first time Quadient is expanding its intelligent locker capacities to third-party networks, highlighting its agility in deploying an open and interoperable logistics ecosystem with new approaches.

    Quadient reports cross-selling success in North America, reinforcing strategic vision
    On 2 July 2024, Quadient announced that nearly 50% of the large deals signed in North America with mail automation customers in May included digital automation platform applications, confirming the critical role its software solutions play in influencing customer decisions. Additionally, two-thirds of these cross-sell deals, secured by Quadient’s mail teams, featured both mail and digital automation solutions, reaching an over 60% integration rate.

    Quadient launches new cloud-based application to empower small businesses in their Mail management processes
    On 4 July 2024, Quadient announced the launch of Secure Barcode, a cloud-based application designed to enhance the security of customer physical communications through seamless barcode generation and insertion into documents. This innovative solution is tailored for small businesses that are beginning their journey into digital mail solutions, providing immediate benefits in document management and operational efficiency.

    Quadient and Punch Pubs Partner to enhance parcel locker access for UK communities
    On 11 July 2024, Quadient announced a new contract with Punch Pubs, a leading pub company in the UK. This partnership will see the deployment of Quadient’s Parcel Pending open locker network across 1,261 pub locations managed by Punch Pubs, enhancing the accessibility and convenience of parcel deliveries and returns for communities nationwide. This collaboration supports sustainable growth strategies, leveraging Punch Pubs’ nationwide commercial properties to deliver value to local populations. 

    More than 1.5 million higher education Students in the U.S. now rely on Quadient smart lockers for package delivery
    On 25 July 2024, Quadient announced it has reached a new milestone of installed smart lockers totaling more than 250 colleges and universities across the United States. Across the campuses, more than 1.5 million students per year are served by the automated lockers.

    POST-CLOSING EVENTS

    Quadient recognized as a major player for first time in IDC MarketScape for worldwide accounts payable automation software for midmarket and small businesses
    On 14 August 2024, Quadient announced it has been named a Major Player for the first time in two IDC MarketScape reports – IDC MarketScape: Worldwide Accounts Payable Automation Software for Midmarket 2024 Vendor Assessment (doc # US52378624, July 2024) and IDC MarketScape: Worldwide Accounts Payable Automation Software for Small Businesses 2024 Vendor Assessment (doc # US52378824, July 2024).

    Quadient secures major contract in North America, demonstrating strength in integrating Digital communications and Mail automation solutions
    On 28 August 2024, Quadient announced a new contract with a North American global leader in financial services, worth approximately €1.4 million per year over an initial period of three years. This successful deal underscores Quadient’s capability to meet the complex communication needs of large organizations through its extensive portfolio of digital and mail automation platforms, combined with high-level consulting and professional services.

    Quadient unveils new mobile app, enabling any local business to offer parcel locker delivery services to customers
    On 4 September 2024, Quadient announced the launch of a mobile app that enables local businesses to deliver customer orders directly to Quadient open network lockers without the need for specific software integrations. The app is already available in the Japanese market under the name PUDO ACCESS and will soon be made available in other countries, continuing to create value for merchants and their local communities.

    E-invoicing mandate for businesses in France: Quadient officially registered as a Dematerialization Platform Partner
    On 12 September 2024, Quadient announced its official registration as a Partner Dematerialization Platform (PDP) under number 0060. This registration, issued on 12 September 2024 by the PDP Registration Service of the Public Finance Department, acknowledges that Quadient meets all the requirements of the new Finance Law and is authorized to participate in the next phase of interoperability tests with the tax authorities’ platform when it becomes available.

    Quadient Named a Leader in 2024 SPARK Matrix for Accounts Payable Automation
    On 19 September 2024, Quadient announced it has been recognized as a Technology Leader in the “SPARK Matrix: Accounts Payable Automation” report, a detailed analysis of the accounts payable (AP) automation market by independent analyst firm QKS Group. The recognition comes on the heels of Quadient also being named a Technology Leader in the “2024 SPARK Matrix: Accounts Receivable (AR) Applications” report, which was published in May. This marks the second year in a row that Quadient has been named a leader in both AP and AR in the SPARK Matrix reports.

    To know more about Quadient’s news flow, previous press releases are available on our website at the following address: https://invest.quadient.com/en/newsroom.

    CONFERENCE CALL & WEBCAST

    Quadient will host a conference call and webcast today at 6:00 pm Paris time (5:00 pm London time).

    To join the webcast, click on the following link: Webcast.

    To join the conference call, please use one of the following phone numbers:

    ▪ France: +33 (0) 1 70 37 71 66.

    ▪ United States: +1 786 697 3501.

    ▪ United Kingdom (standard international): +44 (0) 33 0551 0200.

    Password: Quadient

    A replay of the webcast will also be available on Quadient’s Investor Relations website for 12 months.

    Calendar

    • 27 November 2024: Third quarter 2024 sales release (after close of trading on the Euronext Paris regulated market).

    About Quadient®

    Quadient is a global automation platform provider powering secure and sustainable business connections through digital and physical channels. Quadient supports businesses of all sizes in their digital transformation and growth journey, unlocking operational efficiency and creating meaningful customer experiences. Listed in compartment B of Euronext Paris (QDT) and part of the CAC® Mid & Small and EnterNext® Tech 40 indices, Quadient shares are eligible for PEA-PME investing.

    For more information about Quadient, visit https://invest.quadient.com/en/.

    Contacts

    APPENDIX

    Digital: New name for Intelligent Communication Automation

    Mail: New name for Mail-Related Solutions

    Lockers: New name for Parcel Locker Solutions

    H1 2024 and Q2 2024 consolidated sales

    H1 2024 consolidated sales by geography

    In € million H1 2024 H1 2023
    restated (a)    		 Change Organic
    change
    North America 308 295 +4.1% +2.8%
    Main European countries(b) 182 173 +4.9% (1.6)%
    International(c) 45 49 (8.0)% (2.5)%
    Group total 534 517 +3.2% +0.8%
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, H1 2023 revenue from the afore-mentioned subsidiary is not represented in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in H1 2024.
    (b)  Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom
    (c)  International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

    Q2 2024 consolidated sales by Solution

    In € million Q2 2024 Q2 2023
    restated (a)    		 Change Organic change
    Digital 66 61 +8.1% +5.8%
    Mail 183 179 +2.4% (0.8)%
    Lockers 23 24 (3.2)% (1.8)%
    Group total 273 264 +3.3% +0.6%
    (a)   The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, Q2 2023 revenue from the afore-mentioned subsidiary is not represented in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in Q2 2024.

    Q2 2024 consolidated sales by geography

    In € million Q2 2024 Q2 2023
    restated (a)    		 Change Organic
    change
    North America 157 150 +4.9% +3.2%
    Main European countries(b) 93 89 +4.2% (1.8)%
    International(c) 22 25 (10.1)% (5.8)%
    Group total 273 264 +3.3% +0.6%
    (a)  The full-year 2023 financial statements published in March 2024 reflected Quadient’s decision to review the future of its Mail activity in Italy with a view to divest this subsidiary within the next 12 months.
    As this was the case in the full-year 2023 statements, Q2 2023 revenue from the afore-mentioned subsidiary is not represented in the consolidated revenue of the Group as it is recorded as discontinued operations. This is still the case in Q2 2024.
    (b)  Including Austria, Benelux, France, Germany, Ireland, Italy (excluding Mail), Switzerland, and the United Kingdom
    (c)  International includes the activities of Digital, Mail and Lockers outside of North America and the Main European countries

    First half-year 2024

    Consolidated income statement

    In € million H1 2024
    (period ended
    on 31 July 2024)    		 H1 2023 restated
    (period ended
    on 31 July 2023)
    Sales 534 517
    Cost of sales (135) (131)
    Gross margin 399 387
    R&D expenses (31) (31)
    Sales and marketing expenses (143) (139)
    Administrative and general expenses (97) (90)
    Service and support expenses (58) (55)
    Employee profit-sharing, share-based payments and other expenses (5) (3)
    Acquisition-related expenses (4) (3)
    Current operating income 61 65
    Optimization expenses and other operating income & expenses (16) (6)
    Operating income 45 59
    Financial income/(expense) (21) (16)
    Income before taxes 24 43
    Income taxes 2 (6)
    Share of results of associated companies 0 (0)
    Net income from continued operations 26 37
    Net income of discontinued operations (1) (0)
    Net income 25 37
    Of which:

    • Minority interests
    		 1 1
    • Net attributable income
    		 24 36

    Simplified consolidated balance sheet

    Assets
    In € million    		 H1 2024
    (period ended
    on 31 July 2024)    		 FY 2023
    (period ended
    on 31 January 2024)
    Goodwill 1,089 1,082
    Intangible fixed assets 118 121
    Tangible fixed assets 158 156
    Other non-current financial assets 66 65
    Other non-current receivables 2 2
    Leasing receivables 591 598
    Deferred tax assets 47 17
    Inventories 71 67
    Receivables 193 228
    Other current assets 74 84
    Cash and cash equivalents 194 118
    Current financial instruments 2 2
    Assets held for sale 11 9
    TOTAL ASSETS 2,617 2,550
    Liabilities
    In € million    		 H1 2024
    (period ended
    on 31 July 2024)    		 FY 2023
    (period ended
    on 31 January 2024)
    Shareholders’ equity 1,064 1,069
    Non-current provisions 15 12
    Non-current financial debt 552 715
    Current financial debt 329 66
    Lease obligations 39 46
    Other non-current liabilities 4 2
    Deferred tax liabilities 119 104
    Financial instruments 4 5
    Trade payables 69 79
    Deferred income 190 212
    Other current liabilities 219 225
    Liabilities held for sale 13 15
    TOTAL LIABILITIES 2,617 2,550

    Simplified cash flow statement

     

    In €millions

    		 H1 2024
    (period ended
    on 31 July 2024)    		 H1 2023 restated
    (period ended
    on 31 July 2023)
    EBITDA 111 112
    Other elements (11) (7)
    Cash flow before net cost of debt and income tax 100 105
    Change in the working capital requirement (19) (55)
    Net change in leasing receivables 6 16
    Cash flow from operating activities 87 66
    Interest and tax paid (38) (35)
    Net cash flow from operating activities 49 31
    Capital expenditure (46) (46)
    Net cash flow after investing activities 3 (15)
    Impact of changes in scope (8) 0
    Others 0 (0)
    Net cash flow after acquisitions and divestments (5) (15)
    Dividends paid 0 (0)
    Change in debt and others 64 25
    Net cash flow from financing activities 64 25
    Cumulative translation adjustments on cash (0) (1)
    Net cash from discontinued operations 2 (1)
    Change in net cash position 60 10

    Figures exclude Mail Italian subsidiary which has been reclassified as discontinued operations in 2023.
    (1) H1 2024 sales are compared to H1 2023 sales, to which is added pro rata temporis the revenue of Daylight and Frama for a consolidated amount of €12 million. The currency impact is positive for €1 million.
    (2) Including IFRS 16
    (3) H1 2024 ARR impacted by a €0.2 million negative currency effect vs 31 January 2024
    (4) EBITDA = current operating income + provisions for depreciation of tangible and intangible fixed assets.
    (5) For the H1 2024, the average compounded number of shares is 33,950,930. Diluted number of shares is 34,487,900.
    (6) Net debt / shareholders’ equity
    (7) Subject to the renewal of the share buyback authorizations at the 2025 AGM
    (8) FY 2026 leverage ratio excluding leasing target of 1.5x

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: Devolved Ministers attend New York Climate Week

    Source: Scottish Government

    Ministers met ahead of opening of Climate Week New York City. 

    Climate Week NYC’s overall message this year is “It’s Time”: celebrating those driving climate action, challenging everyone to do more and exploring ways to increase ambition.

    Climate Week NYC inspires, amplifies and scrutinises the commitments, policies and actions of those with the power to make change happen, while pushing the transition into the mainstream of business and government, showing what can be achieved. 

    Ministers discussed the need to deliver urgent action on climate change in the three nations, the importance of ensuring a just transition to net zero, and the criticality importance of working together towards our shared UK wide goals. 

    While each nation faces different challenges and will have its their own priorities, the twin imperatives to act now and to act fairly means embracing the benefits of collective action.  

    Ministers reaffirmed their commitment to share knowledge and experience to help each other make progress on reducing emissions reductions, creating climate resilience and working together to create the conditions for real, lasting and fair change across the three nations. 

    Ministers are looking forward to working with the new UK Government Ministerial team to further drive climate action across the UK. 

    Acting Cabinet Secretary for Net Zero and Energy, Gillian Martin said:

    “It is time to move from ambition to action and I am honoured to be here to further build influence of devolved states and regional governments within the international climate debate all whilst having a strong focus on capacity building. I believe Devolved Administrations can learn from each other as we accelerate a just transition to net zero. There was a real impetus amongst us all today to continue these conversations ahead of COP29. Scotland has a unique opportunity as Under 2 European co-chair and Regions4 president to continue championing other subnational governments.” 

    Deputy First Minister of the Welsh Government, Huw Irranca-Davies said: 

    “This needs to be the decade of action. We are showing leadership and commitment by setting our ambitious targets, but it’s time to focus on action and the wider benefits of taking action such as clean air, better homes and places to live and work. I am pleased to have the opportunity to showcase Wales’s success stories, and to connect with colleagues in Governments across the world to share solutions and work together towards this most important goal.” 

    Andrew Muir, Minister of Agriculture, Environment and Rural Affairs for the Northern Ireland Executive, said: 

    “I am delighted to be able to join my Scottish and Welsh Ministerial colleagues this year to attend New York Climate Week as a member of the Under 2 Coalition. Climate change is one of my top priorities. Attending this key event enables us to put Northern Ireland on the global stage and engage with others about ways to both tackle and grasp the opportunities arising from climate change.”

    During their visit to New York, Cabinet Secretaries and Ministers will be attending a range of events and engagements which will include meeting with Ministers, Heads of States, Governors and business leaders.

    MIL OSI United Kingdom –

  • MIL-OSI USA: During Climate Week, Markey, Badum, Merkley, Barragán Lead Over 100 International Lawmakers in Urging Biden Administration to Reject New LNG Exports

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Letter Text (PDF)

    Washington (September 23, 2024) – Senator Edward J. Markey (D-Mass.), chair of the Environment and Public Works Subcommittee on Clean Air, Climate, and Nuclear Safety, today partnered with Representative Lisa Badum, group coordinator in the German Bundestag’s Climate and Energy Committee and chairwoman of the Subcommittee on International Climate and Energy Policy, Senator Jeff Merkley (D-Ore.), Representative Nanette Barragán (CA-44), Senate and House colleagues, and leaders from around the world in sending a letter to President Joe Biden and Secretary of Energy Jennifer Granholm, urging the administration to reject new liquefied natural gas (LNG) exports amidst the global climate crisis.

    The United States is already the world’s largest exporter of LNG and is on track to exponentially increase export capacity – a full build-out that could yield hundreds of million metric tons of additional greenhouse gases at home and abroad. Pushing back on arguments that United States’ international allies need the country’s LNG, members of the U.S. Congress and Parliaments around the world are requesting that the administration reject these applications. 

    In their letter to the administration, the lawmakers wrote, “Far from being a clean ‘bridge’ fuel, LNG causes significant environmental harm. In addition to the greenhouse gas released when LNG is burned, the potent greenhouse gas effects of pervasive methane leaks throughout the LNG supply chain — which extends from initial exploration all the way through gas production, pipeline transportation, liquefaction, vessel transportation, regasification, distribution, and end-use consumption — likely eliminate any climate advantage of reduced greenhouse gas emissions.”

    The lawmakers continued, “In addition to the environmental and health benefits, limiting U.S. LNG exports will actually support global energy security, not jeopardize it. In both emerging and developed markets, overinvestment in LNG diverts resources away from cheaper, more stable, and less trade-dependent clean energy investments.”

    In Europe:

    “While Europe’s energy system was strained in the immediate aftermath of Russia’s invasion of Ukraine in early 2022, it has since recovered. Europeans united to slash overall gas demand by 20 percent over the past two years. Gas prices are lower than before the start of the war, despite drastically lower supply from Russia.”

    In Asia:

    “China, the world’s largest LNG importer, has emerged as a major re-exporter within the region and globally, cashing in on lucrative price differentials that are facilitated by long-term agreements with the United States. Similarly, Japan, facing declining domestic demand and oversupply, is redirecting LNG trade volumes to emerging markets in South and Southeast Asia, bolstering profitable re-trading ventures.” Additionally, “South Korea, despite existing low terminal utilization and climate commitments, has invested significantly in expanding LNG infrastructure, highlighting a mismatch between capacity expansions and actual demand.”

    In Africa:

    “The expansion of LNG export infrastructure has sparked displacement, conflict, and environmental degradation, with many projects facing the risk of becoming stranded assets amid declining global demand. The African LNG export market parallels the United States in prioritizing foreign market interests over local needs amidst declining demand. U.S. participation in the LNG export market fuels this exploitative industry, undermining claims of leadership in a just global energy transition.”

    In the Americas:

    “Investments in new re-exporting infrastructure in Mexico will soon become stranded assets with poor financial viability, threatening the economic stability of the country for the benefit of short-term U.S. interests. Moreover, the export of U.S. LNG through Mexico also transfers environmental and climate justice burdens associated with LNG infrastructure, expanding the footprint of the industry’s harm to the country’s unique biodiversity and frontline communities in Mexico.”

    Cosigners in the U.S. include Senator Bernie Sanders (I-Vt.), and Representatives Jared Huffman (CA-02), Rashida Tlaib (MI-12), Jan Schakowsky (IL-09), Pramila Jayapal (WA-07), and Eleanor Holmes Norton (DC). Cosigners internationally include 30 Members of the Thailand Parliament, 15 Members of the European Parliament, 10 Members of the German Parliament, 3 Members of the United Kingdom Parliament, 2 Members of the Flemish Parliament, 2 Members of the National Assembly of the Gambia, 2 Members of the South Sudan Parliament, 2 Members of the Tanzanian Parliament the Australian Senator for Victoria, Brazilian State Deputy for Para, Canadian Senator for Quebec, the Deputy Prime Minister of Belgium, 1 former Member of the Sierra Leone Parliament, 1 former Member of the Catalan Parliament, 1 former Member of the Flemish Parliament, 1 Member of the Timor-Leste Parliament, Member of Parliament and Special Envoy on Climate Change and Environment from the Republic of Vanuatu, 1 Member of the Sierra Leone Parliament, 1 Member of Tasmania’s Legislative Council, 1 Member of the Australian Parliament, 1 Member of the Austrian Parliament, 1 Member of the Cambodian Parliament, 1 Member of the Cameroon National Assembly, 1 Member of the Colombian Congress, 1 Member of the Gambian Parliament, 1 Member of the Ghanaian Parliament, 1 Member of the Liberian House of Representatives, 1 Member of the Northern Ireland Assembly, 1 Member of the Scottish Parliament, 1 Member of the Swedish Parliament, 1 Member of the Swiss Parliament (National Council), 1 Member of the Tasmanian House of Assembly, 1 Member of the Ugandan Parliament, 1 Member of the UK House of Lords, and 1 Member of the Victorian Parliament in Australia on behalf of the Victorian Greens Members of Parliament.

    In July 2023, Senator Markey and several New England Senators sent a letter to the Department of Energy urging it to consider the disproportionate negative impacts of LNG on New England as the department considers updates to its underlying environmental and economic analyses to improve export authorization decisions for LNG. 

    In May 2024, Senator Markey and Representative Yvette Clarke (NY-09) announced the reintroduction of the Block All New (BAN) Fossil Fuel Exports Act, legislation that would amend the Energy Policy and Conservation Act and ban the export of American crude oil and natural gas abroad to protect frontline communities from dangerous export infrastructure, prioritize U.S. consumers against fossil fuel profiteering, and help ensure the United States meets its climate and clean energy commitments on the world stage.

    In March 2023, Senator Markey and Representatives Ayanna Pressley (MA-07) and Rashida Tlaib (MI-12) reintroduced the Fossil Free Finance Act, legislation that would direct the Federal Reserve to require major banks and other Systemically Important Financial Institutions (SIFIs) to stop financing projects and activities linked to increased greenhouse gas emissions and submit a plan on how they would meet these requirements. In October 2022, Senator Markey reintroduced the OPEC Accountability Act, legislation to require the U.S. President to initiate consultations with the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC countries to reduce crude oil production.

    MIL OSI USA News –