Source: United Kingdom – Executive Government & Departments
Press release
DVLA announces Tim Moss CBE as new Chief Executive
Tim Moss CBE will lead the DVLA’s mission to make the UK’s roads the safest in the world and deliver excellent public services.
Tim Moss CBE will start his new role on 31 March 2025
he arrives from the Welsh Government, where he is currently the Chief Operating Officer and Director General for Corporate Services and Inspectorates
Transport Secretary thanks previous CEO, Julie Lennard, and interim CEO, Lynette Rose, for their hard work
The Secretary of State for Transport is pleased to announce the appointment of Tim Moss CBE as the new Chief Executive of the Driver and Vehicle Licensing Agency (DVLA), effective from 31 March 2025.
Tim is currently the Chief Operating Officer and Director General for Corporate Services and Inspectorates at the Welsh Government and previously worked as Chief Executive at the Intellectual Property Office. Through these roles, Tim has extensive experience managing functions including HR, Finance and Digital Data, and has taken responsibility for several independent inspectorates focused on planning decisions and health outcomes.
Heidi Alexander, Secretary of State for Transport, said:
I’m delighted to confirm Tim Moss CBE as the new CEO of DVLA today.
He arrives with a wealth of experience from his time at the Welsh Government and I’m looking forward to working with him as he builds on the hard work of DVLA’s previous CEO, Julie Lennard.
I’d also like to extend my thanks to Lynette Rose, who filled the role on an interim basis, and wish her the very best as she returns to her role as Director of Strategy, Policy and Communications at the end of March.
Tim Moss CBE, incoming DVLA CEO, said:
I am absolutely delighted to be appointed to the role as CEO for DVLA.
I have enjoyed a number of links with DVLA over the years and seen the great work it has done on digital transformation and customer delivery which touches on the lives of nearly everyone in the UK. I am honoured to be able to join the DVLA team and help the next phase of making the UK’s roads the safest in the world and delivering excellent public services.
Prime Minister Shri Narendra Modi inaugurates the Global Investors Summit 2025 in Bhopal, Madhya Pradesh The Global Investors Summit in Madhya Pradesh is a commendable initiative; it serves as a vital platform to showcase the state’s immense potential in industry, innovation and infrastructure: PM
By attracting global investors, it is paving the way for economic growth and job creation, Happy to see Madhya Pradesh emerge as a key hub for business and entrepreneurship: PM
The future of the world is in India! Come, explore the growth opportunities in our nation: PM
Madhya Pradesh will benefit significantly from the infrastructure efforts of the NDA Government: PM
Our Governments, at the Centre and in MP, are focusing on water security, which is essential for growth: PM
The first 50 days of 2025 have witnessed fast-paced growth: PM
The past decade has been a period of unprecedented growth for India’s energy sector: PM
In this year’s budget, we have energised every catalyst of India’s growth: PM
After national level, reforms are now being encouraged at the state and local levels: PM
Textile, Tourism and Technology will be key drivers of India’s developed future: PM
Posted On: 24 FEB 2025 3:24PM by PIB Delhi
The Prime Minister, Shri Narendra Modi today inaugurated the Global Investors Summit (GIS) 2025 in Bhopal, Madhya Pradesh. Addressing the gathering, he apologised for the delay of his entry to the event as there were board exams for the 10th and 12th standard students and his security measures enroute to the event could have caused inconvenience to the students. Shri Modi said it was his immense pride to welcome the investors and business leaders in the land of Raja Bhoj. He added that today’s event was important as a Viksit MadhyaPradesh or developed Madhya Pradesh is necessary in the journey towards Viksit Bharat. He congratulated the Government of Madhya Pradesh for a wonderful organization of the summit.
“The whole world is optimistic about India”, exclaimed Shri Modi and said that it was for the first time such an opportunity had risen in the history of India. He added that be it common citizens or policy experts or institutions or countries of the world, everyone had a lot of expectations from India. He highlighted that the comments received in the last few weeks about India will raise the enthusiasm of investors. Recalling the recent statement by the World Bank that India will continue to remain the fastest growing economy, the Prime Minister highlighted that a representative from the OECD remarked, “The future of the world is in India.” He added that recently, a UN organization on climate change declared India as a solar power superpower. This organization also mentioned that while many countries only talk, India delivers results. Shri Modi noted that a new report revealed how India is emerging as an excellent supply chain for global aerospace firms. These firms view India as a solution to global supply chain challenges. The Prime Minister quoted various examples showcasing the world’s confidence in India, which is also boosting the confidence of every Indian state. This confidence is evident at the Global Summit in Madhya Pradesh, he said.
Noting that Madhya Pradesh is the fifth largest state in India by population, Shri Modi said, “MP is one of the top states in India for agriculture and minerals”. He emphasized that Madhya Pradesh is blessed with the life-giving Narmada River and stated that MP has the potential to become one of the top five states in India by GDP.
Pointing out the transformative journey of Madhya Pradesh over the past two decades, the Prime Minister remarked that there was a time when the state faced significant challenges with electricity and water, and the law and order situation was even worse. These conditions made industrial development difficult. Shri Modi noted that with the support of the people, their government in Madhya Pradesh has focused on governance over the past two decades. Two decades ago, people were hesitant to invest in MP, while today, MP has become one of the top states in the country for investments, he added. He highlighted that the state, which once struggled with poor roads, is now one of the leading states in India’s EV revolution. He further said that by January 2025, around 2 lakh electric vehicles were registered in MP, reflecting a growth of approximately 90 percent, which demonstrates that MP is becoming an excellent destination for new manufacturing sectors.
“India has witnessed a boom in infrastructure over the past decade”, highlighted the Prime Minister and remarked that Madhya Pradesh has greatly benefited from this development. He emphasized that the Delhi-Mumbai Expressway, which connects two major cities, passes significantly through MP, providing fast connectivity to Mumbai’s ports and North India’s markets. He also highlighted that Madhya Pradesh now has a road network of over five lakh kilometers. He noted that MP’s industrial corridors are connected to modern expressways, ensuring rapid growth in the logistics sector.
Touching upon the air connectivity, Shri Modi highlighted that the terminals at Gwalior and Jabalpur airports have been expanded to improve air connectivity. He remarked that the modernization of Madhya Pradesh’s extensive rail network is also underway. He noted that the rail network in MP has achieved 100 percent electrification. He mentioned that the images of Bhopal’s Rani Kamalapati Railway Station continue to captivate everyone. Following this model, 80 railway stations in MP are being modernized under the Amrit Bharat Station Scheme.
“The past decade has seen unprecedented growth in India’s energy sector”, hailed Shri Modi and remarked that India has achieved remarkable progress in green energy, which was once unimaginable. Over the past 10 years, more than $70 billion (over ₹5 trillion) has been invested in the renewable energy sector, and this investment has created over 10 lakh jobs in the clean energy space last year alone, he added. The Prime Minister noted that Madhya Pradesh has greatly benefited from this boom in the energy sector. He said that today, MP is power surplus with a power generation capacity of around 31,000 MW, of which 30 percent is clean energy. He highlighted that Rewa Solar Park is one of the largest in the country, and recently, a floating solar plant was inaugurated in Omkareshwar. Shri Modi mentioned that the Government has invested around ₹50,000 crore in the Bina Refinery Petrochemical Complex, which will help make Madhya Pradesh a hub for petrochemicals. He emphasized that the MP government supports this infrastructure with modern policies and special industrial infrastructure. Noting that MP has over 300 industrial zones, and investment zones spanning thousands of acres are being developed in Pithampur, Ratlam, and Dewas, he highlighted the immense potential for better returns for investors in Madhya Pradesh.
Emphasising the critical importance of water security for industrial development, the Prime Minister remarked that, on one hand, efforts are being made towards water conservation, and on the other, a mega mission for river interlinking is being advanced. He highlighted that the agriculture and industry sectors in Madhya Pradesh will greatly benefit from these initiatives. Shri Modi mentioned that the ₹45,000 crore Ken-Betwa River Interlinking Project has recently commenced, which will enhance the productivity of approximately 10 lakh hectares of agricultural land and strengthen water management in MP. He stated that these facilities will unlock significant potential in the food processing, agro-industry, and textile sectors.
Remarking that after the formation of their Government in Madhya Pradesh, the pace of development has doubled, Shri Modi highlighted that the Central government was working shoulder to shoulder with the MP government for the development of the state and the country. He recalled his promise during the elections to work three times faster in his third term and said, “this speed is evident in the first 50 days of 2025”. Shri Modi highlighted the recent budget, which has energized every catalyst for India’s growth. He emphasized that the middle class, being the largest taxpayer, creates demand for services and manufacturing. Various steps have been taken to empower the middle class in this budget, including making income up to ₹12 lakh tax-free and restructuring tax slabs. He also mentioned that the RBI has reduced interest rates following the budget.
Pointing out that the budget emphasizes building local supply chains to achieve complete self-reliance in manufacturing, Shri Modi said that there was a time when the potential of MSMEs was limited by previous governments, preventing the development of local supply chains at the desired level. He highlighted that the current priority is to build MSME-led local supply chains. The definition of MSMEs has been improved, and credit-linked incentives are being provided, while access to credit is being made easier, and support for value addition and exports has been increased, he added.
“Over the past decade, significant reforms have been accelerated at the national level, now reforms are being encouraged at the state and local levels as well”, said the Prime Minister discussing the State De-regulation Commission mentioned in the budget. He noted that continuous dialogue is being maintained with the states and over 40,000 compliances have been reduced in recent years in collaboration with the states. Additionally, 1,500 obsolete laws have been eliminated, he added. The Prime Minister emphasized that the objective is to identify regulations that hinder the ease of doing business and the De-regulation Commission will help create an investment-friendly regulatory ecosystem in the states.
Stressing that the budget has simplified the basic customs duty structure and reduced rates on several essential inputs for the industry, Shri Modi said that a time limit is being set for the assessment of customs cases. He highlighted the ongoing efforts to open new sectors for private entrepreneurship and investment. This year, avenues such as nuclear energy, bio-manufacturing, critical minerals processing, and lithium battery manufacturing have been opened for investment, he added and said, “these steps demonstrate the Government’s intent and commitment”.
“Textile, Tourism, and Technology sectors will play a significant role in India’s developed future and create crores of new jobs”, exclaimed the Prime Minister. He highlighted that India is the second-largest producer of cotton, silk, polyester, and viscose. He noted that the textile sector provides employment to crores and that India has a rich tradition, skills, and entrepreneurship in textiles. Madhya Pradesh, being the cotton capital of India, contributes to around 25 percent of the country’s organic cotton supply and is the largest producer of mulberry silk while the state’s Chanderi and Maheshwari sarees are highly appreciated and have received the GI Tag, he added. He emphasized that investments in this sector will significantly help Madhya Pradesh’s textiles make a global impact.
Talking about India exploring new avenues in addition to traditional textiles, the Prime Minister highlighted that technical textiles such as agro textiles, medical textiles, and geotextiles are being promoted, and a national mission has been initiated for this purpose, which has been encouraged in the budget. Shri Modi noted that the Government’s PM MITRA scheme is well-known, and seven large textile parks were being developed across the country, including one in Madhya Pradesh. This initiative will elevate the growth of the textile sector to new heights. The Prime Minister urged investors to take advantage of the PLI scheme announced for the textile sector.
Remarking that just as India is adding new dimensions to its textile sector, it is also enhancing the tourism sector, Shri Modi recalled the MP Tourism campaign, “MP Ajab Hai, Sabse Gajab Hai,” highlighting the significant development of tourism infrastructure around the Narmada River and in tribal areas of Madhya Pradesh. The Prime Minister spoke about the numerous national parks in the state and the immense potential for health and wellness tourism. He mentioned that the “Heal in India” mantra is gaining global popularity, and investment opportunities in the health and wellness sector are continuously increasing. The Government is encouraging public-private partnerships in this area. Shri Modi highlighted that India’s traditional treatments and AYUSH are being promoted on a large scale, and special AYUSH visas are being issued. He emphasized that these initiatives will greatly benefit Madhya Pradesh. He encouraged visitors to see the Mahakal Mahalok in Ujjain, where they will receive blessings from Mahakal and experience how the country is expanding its tourism and hospitality sector.
Reiterating his statement from the Red Fort, the Prime Minister concluded that now is the right time for investment and increasing investment in Madhya Pradesh.
The Governor of Madhya Pradesh, Shri Mangubhai Chhaganbhai Patel, Chief Minister of Madhya Pradesh, Shri Mohan Yadav were present among other dignitaries at the event.
Background
The two-day Global Investors Summit (GIS) 2025 in Bhopal, serves as an important platform to establish Madhya Pradesh as a global investment hub. The GIS includes departmental summits; specialized sessions on Pharma and Medical Devices, Transport and Logistics, Industry, Skill Development, Tourism and MSMEs among others. It also includes international sessions like the Global South countries conference, Latin America and Caribbean session and special sessions for key partner countries.
Three major industrial exhibitions are being held during the Summit. The Auto Show showcases Madhya Pradesh’s automotive capabilities and future mobility solutions. The Textile and Fashion Expo highlights the state’s expertise in both traditional and modern textile manufacturing. The “One District-One Product” (ODOP) Village showcases the state’s unique craftsmanship and cultural heritage.
Representatives from over 60 countries, officials from various international organizations, over 300 prominent Industry leaders from India and policymakers among others are participating in the Summit.
Addressing the Global Investors Summit 2025 in Bhopal. With a strong talent pool and thriving industries, Madhya Pradesh is becoming a preferred business destination. https://t.co/EOUVj9ePW7
Water security is crucial for industrial development.
On one hand, we are emphasising water conservation and on the other, we are advancing with the mega mission of river interlinking. pic.twitter.com/hv2QOzmaLw
The first public drop-in sessions held last week in Wick and Thurso saw many residents coming forward to provide their views on what should be in the new Caithness Area Place Plan. At the same time, they were able to find out more and make comment about the Council’s Highland Investment Plan, Highland Local Delivery Plan and feed into the consultation on the Visitor Tourism Levy.
These successful sessions saw residents from across Caithness being asked for their views and priorities across a number of themes including health and well-being; housing and population; transport and getting around; nature and environment; work and economy; community facilities and services. An evening on-line session was also held for those not able to attend in person.
The final drop-in session which will focus on the Area Place Plan, is being held in Lybster Community Hall from 2pm – 5pm on Wednesday 26 February.
There is also an opportunity to respond to the survey and pop your ideas on the virtual noticeboard. Young people will also find a specific “ideas board” so encourage the whole family to submit their comments. The survey and ideas boards will be available on-line until Friday 7 March after which the draft Area Place Plan will be considered by Caithness Committee.
Caithness Committee Chair Councillor Ron Gunn said, “We were delighted to see so many people come along to the engagement sessions which covered a number of plans and projects which are currently in development. However, we would also welcome further engagement and hope as many people as possible will come along to the final drop-in session in Lybster or visit the website and leave their ideas there.”
In 2026, the Royal Burgh of Dingwall will recognise and celebrate the 800th anniversary of becoming a Royal Burgh. This landmark anniversary will see a year of celebration with a wide range of activities being planned to mark this historic event.
Recognising the importance of this key year, The Highland Council is now accepting funding applications which will support events which contribute to the Dingwall 800 celebrations. The funding has been made available from the Place Based Investment Fund established initially to offset the four harms of Covid identified as direct health harms; health impacts not directly related to Covid; societal impacts and economic impacts.
Chair of the Dingwall and Seaforth Area Committee, Cllr Graham MacKenzie said: “We are delighted to be able to financially support the community as we come together to celebrate the 800th anniversary of Dingwall becoming a Royal Burgh.”
The total fund available is £10,000 and applications for up to £2,000 are open to eligible groups from today, information on fund criteria, eligible applicants and how to apply can be found using the following link: https://www.highland.gov.uk/dingwall800fund
Source: Hong Kong Government special administrative region
Following is the keynote speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the MPF Symposium on “Green Finance and Sustainable Investing” today (February 24):
Ayesha (Chairman of the Mandatory Provident Fund Authority (MPFA), Mrs Ayesha Macpherson Lau), YC (Managing Director of the MPFA, Mr Cheng Yan-chee), distinguished guests, ladies and gentlemen,
Good afternoon. It is both an honour and a privilege to address you today at the MPF Symposium on “Green Finance and Sustainable Investing”. I extend my gratitude to the Mandatory Provident Fund Authority for convening this important gathering, bringing together industry leaders, esteemed professionals, and dedicated stakeholders. We stand at a pivotal moment, united by a shared purpose: to explore how finance can serve not only as a cornerstone for retirement protection, but also as a transformative force for the future of our planet.
In recent years, the global community has awakened to the profound urgency of climate change – a challenge that transcends borders and generations. The rising tide of extreme weather events and their far-reaching socio-economic consequences compel us to act with resolve and foresight. As an international financial centre of dynamism, Hong Kong is poised to lead this charge, harnessing the power of capital to propel the world towards a low-carbon future.
The Government has made an unwavering commitment to achieve carbon neutrality before 2050 and to halve Hong Kong’s carbon emissions by 2035. These are not mere aspirations but a call to action. Through a sustained series of initiatives, we have fortified our resolve to advance green and sustainable finance – efforts that have not only accelerated Hong Kong’s emergence as a preeminent hub for sustainable investment, but also underscored our pivotal role in the global transition to a greener economy.
Hong Kong: Asia’s vanguard in green finance
The financial sector has emerged as a formidable conduit to direct global capital toward sustainable ends. Hong Kong, with its stature as Asia’s premier international financial centre and a beacon of sustainable finance, stands uniquely equipped to spearhead this transformation. Our capital markets have set a gold standard in green and sustainable finance, offering a rich tapestry of investment opportunities that resonate with two “Ps”, both “purpose” and “profit”.
As of December last year, the Securities and Futures Commission has authorised over 220 ESG (environmental, social, and governance) funds, managing assets valued at approximately HK$1.2 trillion – a testament to the vibrancy of our market. Between 2021 and 2023, Hong Kong consistently led the region in arranging green and sustainable bonds. In 2023 alone, the total issuance of green and sustainable debt surpassed US$50 billion, with green and sustainable bonds accounting for US$30 billion, or 37 per cent of the regional total. These figures are not just statistics; they reflect the magnetic appeal and robust capacity of our markets to finance projects that safeguard our planet.
The Government has been a steadfast champion of this cause. Since launching the Government Green Bond Programme in 2019, we have issued green bonds equivalent to HK$220 billion, channeling vital resources into sustainable infrastructure and innovation.
Pioneering progress through innovation and partnership
Our commitment to green and sustainable finance is not static; it is a dynamic pursuit propelled by innovation and collaboration. In 2021, we introduced the Green and Sustainable Finance Grant Scheme, a forward-thinking initiative that subsidises bond issuers and loan borrowers for expenses related to issuance and external reviews. By lowering financial barriers, this scheme empowers businesses to embrace sustainable financing, amplifying their contributions to a greener tomorrow.
With sustainable development gaining heightened worldwide awareness, it has become vital to ensure that investors and other market participants have accurate, consistent and relevant information about sustainability-related matters for managing risks and supporting investments. We therefore published in March last year a vision statement to set out the vision and approach of the Government and financial regulators in developing a comprehensive ecosystem for sustainability disclosure in Hong Kong. We then launched in December last year a roadmap on sustainability disclosure in Hong Kong, setting out Hong Kong’s approach to require publicly accountable entities (PAEs) to adopt the ISSB Standards (International Financial Reporting Standards–Sustainability Disclosure Standards). It provides a well-defined pathway for large PAEs to fully adopt the ISSB Standards no later than 2028.
Also, we are cultivating a thriving green fintech ecosystem to position Hong Kong as a global leader in this frontier. To better integrate fintech with green finance, and accelerate the green transformation of the economy, we will actively expand the green fintech ecosystem and develop Hong Kong as a green fintech hub. We launched in March last year the Prototype Hong Kong Green Fintech Map, which is developed together with relevant stakeholders, to provide one-stop information on the current status of green fintech companies operating in Hong Kong and related services, with a view to raising the companies’ profile. We are now developing the official Hong Kong Green Fintech Map with the industry, which will be published in the first half of this year.
The resilience of the MPF System
Now let’s turn our attention to reflect on the performance of our MPF System. Under the leadership of Ayesha, the system delivered last year an average annual net return of 8.6 per cent, culminating in a total net asset value approaching HK$1.3 trillion at the year end. This achievement underscores the resilience and adaptability of our system – qualities that have defined the MPF System over its two-decade legacy.
Since its inception in 2000, the Equity Fund and Mixed Assets Fund, comprising nearly 80 per cent of total MPF assets, have posted average annualised net returns of 4.3 per cent and 4.0 per cent respectively, outpacing inflation over the same period. These results affirm the system’s capacity to weather economic cycles and also deliver enduring value to scheme members. Looking ahead, the MPF System remains a bedrock of retirement security, empowering members of the public to pursue their financial aspirations with more confidence and stability post-retirement.
MPF’s leadership in sustainable investing
Climate change and socio-economic shifts present unprecedented challenges – and opportunities – that demand we wield finance as a force for good. This convergence of prosperity and purpose is not optional; it is imperative.
The MPFA has been a champion in this domain, embedding sustainable investing in its mission and guidance for the industry. While we celebrate last year’s strong performance, we recognise that the work of enhancing the MPF System is perpetual. A critical focus has been mitigating environmental, social, and governance risks – risks to which pension funds, with their decades-long horizons, are acutely exposed.
In 2021, the MPFA issued the Principles for Adopting Sustainable Investing in the Investment and Risk Management Processes of MPF Funds. This framework has guided trustees in integrating ESG considerations into their investment and risk management strategies and disclosing these efforts to scheme members. Trustees now report their sustainable investing progress in annual governance reports, fostering transparency that empowers members to align their investments with their values.
Beyond disclosure, we are diversifying MPF portfolios by integrating sustainable instruments – vehicles that not only finance ESG initiatives but also enhance risk-adjusted returns. We have established a pioneering mechanism to prioritise the allocation of institutional green bonds to Mandatory Provident Fund schemes. As of September last year, MPF funds invested HK$600 million in Government green bonds, representing a 50 per cent increase before the arrangement was put in place. This dual-purpose initiative advances our environmental agenda while bolstering the long-term sustainability of our pension system, a synergy of social responsibility and ecological stewardship.
A call to collective action
Our dialogue today must transcend this symposium, igniting enduring change in our communities and the MPF ecosystem. Hong Kong will continue to innovate, expand, and diversify, forging a vibrant ecosystem that serves both local, regional and global investors. Your wisdom and contributions are indispensable as we elevate this market and cement Hong Kong’s legacy as a global leader in green finance and retirement protection.
Source: Hong Kong Government special administrative region
Police will implement special traffic arrangements in Central and Wan Chai from February 26 (Wednesday) to March 2 (Sunday) to facilitate the 15th National Games triathlon test event.
A. Road closure
The following roads will be intermittently closed from 5am to 8am on February 28:
– Yiu Sing Street; – Eastbound Lung Wo Road between southbound Man Yiu Street and northbound Fleming Road; – Westbound Lung Wo Road between southbound Lung Tat Path and southbound Tim Wa Avenue; – Eastbound Lung Tat Path; – Lung Hop Street; – Legislative Council Road between Legislative Council Complex Car Park exit and westbound Lung Wo Road; – The slip road of eastbound Central – Wan Chai Bypass Tunnel heading to its Expo Drive exit; – The slip road of eastbound Man Kat Street heading to Central – Wan Chai Bypass Tunnel portal; – Expo Drive; – Expo Drive Central; and – Expo Drive East.
The following roads will be closed, except for vehicles with permit:
(1) From 10am on February 26 to 6pm on March 2:
Expo Drive between Legislative Council Road and Expo Drive Central.
(2) From 2am to 2pm on March 1 and from 8am to 6pm on March 2:
– Yiu Sing Street; – Eastbound Lung Wo Road between southbound Man Yiu Street and northbound Fleming Road; – Westbound Lung Wo Road between southbound Lung Tat Path and southbound Man Yiu Street; – Eastbound Lung Tat Path; – Lung Hop Street; – Legislative Council Road between Legislative Council Complex Car Park exit and westbound Lung Wo Road; – Part of the traffic lanes of the slip road of westbound Central – Wan Chai Bypass Tunnel heading to Central District; – Part of the traffic lanes of eastbound Man Po Street near Finance Street; – Part of the traffic lanes of southbound Man Yiu Street between westbound Man Kwong Street and westbound Yiu Sing Street; – Part of the traffic lanes of southbound Man Yiu Street near westbound Lung Wo Road; – Part of the traffic lanes of westbound Convention Avenue near northbound Fleming Road; – The slip road of eastbound Central – Wan Chai Bypass Tunnel heading to its Expo Drive exit; – The slip road of eastbound Man Kat Street heading to Central – Wan Chai Bypass Tunnel portal; – Expo Drive; – Expo Drive Central; – Expo Drive East; and – Part of the traffic lanes of northbound Fleming Road between eastbound Harbour Road and westbound Lung Wo Road.
B. Traffic diversions
In connection with the road closure as mentioned above, the following traffic diversions will be implemented:
(1) From 10am on February 26 to 6pm on March 2:
– Traffic along eastbound Expo Drive heading to Hong Kong Convention and Exhibition Centre will be diverted via eastbound Lung Wo Road and northbound Expo Drive East; and – Traffic along eastbound Expo Drive heading to Central – Wan Chai Bypass Tunnel will be diverted via eastbound Lung Wo Road.
(2) From 2am to 2pm on March 1 and from 8am to 6pm on March 2:
– Traffic along westbound Hung Hing Road via northbound Expo Drive East heading to Hong Kong Convention and Exhibition Centre will be diverted via southbound Fleming Road and make a u-turn to northbound Fleming Road and westbound Harbour Road; – Traffic along eastbound Connaught Road Central Flyover heading to Hung Hing Road via Central – Wan Chai Bypass Tunnel will be diverted via eastbound Man Po Street, southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road; – Traffic along eastbound Man Kat Street heading to Hung Hing Road via Central – Wan Chai Bypass Tunnel will be diverted via eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road; – Traffic along westbound Man Kwong Street heading to eastbound Lung Wo Road via southbound Man Yiu Street will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road; – Traffic along eastbound Man Po Street heading to eastbound Lung Wo Road via eastbound Yiu Sing Street will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road; – Traffic along eastbound Man Po Street heading to Admiralty or Mid-levels via eastbound Lung Wo Road will be diverted via the slip road of eastbound Man Po Street heading to westbound Finance Street, westbound Finance Street, temporary exit connecting Finance Street and Central – Wan Chai Bypass Tunnel, the slip road of westbound Central – Wan Chai Bypass Tunnel heading to eastbound Man Kat Street, eastbound Man Kat Street, eastbound Connaught Road Central and eastbound Harcourt Road; – Traffic along southbound Man Yiu Street cannot turn left to eastbound Lung Wo Road and eastbound Yiu Sing Street, vehicles will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road; – Traffic along eastbound Man Cheung Street heading to eastbound Lung Wo Road will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road; – Traffic along eastbound Yiu Sing Street and southbound Yiu Sing Street heading to eastbound Lung Wo Road will be diverted via southbound Man Yiu Street, eastbound Connaught Place, southbound Connaught Place, eastbound Connaught Road Central, eastbound Harcourt Road, eastbound Gloucester Road and northbound Fleming Road; – Traffic along northbound Legislative Council Road cannot turn left to westbound Lung Wo Road. Vehicles will be diverted via southbound Legislative Council Road, eastbound Lung Wui Road, eastbound Fenwick Pier Street, Fenwick Pier Street roundabout, westbound Fenwick Pier Street, Flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place; – Traffic along northbound Tim Wa Avenue cannot turn left to westbound Lung Wo Road. Vehicles will be diverted via southbound Tim Wa Avenue, northbound Tim Mei Avenue, eastbound Lung Wui Road, eastbound Fenwick Pier Street, Fenwick Pier Street roundabout, westbound Fenwick Pier Street, Flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place; – Traffic along westbound Lung Wo Road heading to the Chief Executive’s Office via southbound Tim Wa Avenue will be diverted via southbound Lung Tat Path, Convention Avenue, westbound Fenwick Pier Street, Flyover, westbound Harcourt Road, westbound Connaught Road Central and make a u-turn to eastbound Connaught Road Central and northbound Tim Wa Avenue; – Traffic along eastbound Lung Wui Road cannot turn left to northbound Lung Hop Street; – Traffic along westbound Fenwick Pier Street cannot turn right to northbound Lung Hop Street. Vehicles will be diverted via Fenwick Pier Street, Flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place; – Traffic along westbound Convention Avenue heading to westbound Lung Wo Road via northbound Lung Tat Path will be diverted via Convention Avenue, Fenwick Pier Street roundabout, westbound Fenwick Pier Street, Flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place; – Traffic along westbound Hung Hing Road heading to westbound Lung Wo Road will be diverted to southbound Lung Tat Path, Convention Avenue, Fenwick Pier Street roundabout, westbound Fenwick Pier Street, Flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place; and – Traffic along southbound Expo Drive East heading to westbound Lung Wo Road will be diverted via southbound Lung Tat Path, Convention Avenue, Fenwick Pier Street roundabout, westbound Fenwick Pier Street, Flyover, westbound Harcourt Road, westbound Connaught Road Central and northbound Connaught Place.
C. Suspension of parking spaces and pick-up/drop-off areas
All parking spaces and pick-up/drop-off areas on the following roads will be suspended:
(1) From 10am on February 26 to 6pm on March 2:
All metered parking spaces and pick-up/drop-off areas on Expo Drive.
(2) From 10pm on February 28 to 6pm on March 2:
– All metered parking spaces on Yiu Sing Street and Lung Hop Street; – All metered parking spaces on the unnamed road near General Post Office; – Pick-up/drop-off areas on westbound Lung Wo Road near City Hall and near Edinburgh Place; and – All metered parking spaces and pick-up/drop-off areas on Expo Drive East.
All vehicles parked illegally during the implementation of the above special traffic arrangements will be towed away without prior warning, and may be subject to multiple ticketing.
The Police will make special arrangements depending on the traffic and crowd conditions. Members of the public are advised to use public transport to access the above areas as far as possible. Motorists are advised to exercise patience, and to take heed of instructions of the Police on site.
A man from Bolton who targeted victims across the North West has been sentenced to 4 years in prison at Bradford Crown Court today, after defrauding vulnerable customers out of a total of £250,000.
Suhaib Sirajudin, 39, of Fifth Avenue, Bolton, operated as an ‘emergency plumber’ and pleaded guilty to 2 counts of fraudulent trading on Wednesday 9 October 2024. The court heard how he took advantage of homeowners’ urgent need for a plumber by charging grossly inflated emergency callout and repair fees, frequently targeting victims who were older, vulnerable or lived alone. As well as seriously overcharging for initial works he often deliberately damaged victims’ properties in order to charge more for repairs.
Between June 2021 and December 2022, trading as Plumbing Emergency 24/7 Limited and Expert Plumbing Limited 24/7, Mr Sirajudin advertised his services online and responded to emergency callouts from householders seeking urgent help with leaks. Mr Sirajudin would then exploit his victims, pressurising them into paying ‘extortionate’ sums for works that he completed to such a poor standard that the problem was either unresolved, or got worse.
One older victim watched her kitchen ceiling fall in after Mr Sirajudin said a hole needed to be made in it to repair a bathroom leak. In total she and her husband, who was bedbound, paid almost £10,000 which was almost all their savings. Another victim paid over £3,000 for the repair of a toilet leak that should have cost around £300. An expert said even that minor repair was not done properly.
Another elderly couple were quoted £39,000 to repair their gas fire and boiler, which Mr Sirajudin was not qualified to do. They said Sirajudin made them feel belittled and as though they could not question the bill. They eventually paid £21,000.
Many victims describe how Mr Sirajudin became aggressive when challenged, shouting and refusing to leave or threatening to take away new parts if payment was not made immediately. When victims or their relatives later contacted the companies to complain, their refund requests were often refused and they were cut off on the phone.
As well as the financial losses, the emotional, mental and physical toll taken on victims has been significant, with a loss of confidence, depression and problems sleeping being among the lasting impacts of Mr Sirajudin’s crimes.
As well as the custodial sentence, Mr Sirajudin is also subject to a £250,000 confiscation order for victim compensation and £30,000 in prosecution costs. He will be disqualified from being a company director for 8 years.
Cllr Jenny Kent, Executive Member with portfolio for Trading Standards at City of York Council, said:
Mr Sirajudin intimidated and exploited people at a time when they needed emergency plumbing help, often late at night, in their own homes.
“Many victims were elderly or vulnerable and were charged extortionate amounts for often minor repairs which were badly done; in some cases made considerably worse. I hope they gain some small comfort from the sentencing today, and I’m very grateful for the persistence and dedication of our investigating teams here in York and North Yorkshire who worked hard to bring this case to trial.”
Lord Michael Bichard, Chair, National Trading Standards, said:
With householders in desperate need of a plumber, often in the middle of the night, Mr Sirajudin was already in a position of power by the time he arrived at a caller’s home.
“If he saw that a customer was older, vulnerable or lived alone he took the opportunity to exploit them, leaving many feeling frightened in their own homes as well as thousands of pounds out of pocket.
“I hope today’s sentencing provides some comfort for those involved and serves as a stark reminder that this type of callous intimidation and deceit will be investigated, and perpetrators brought to justice.
“If you or someone you know has fallen victim to a fraud like this you should report it to the Citizens Advice consumer service helpline by calling 0808 223 1133.”
Company announcement no. 4 / 2025 Schindellegi, Switzerland – 24 February 2025
Change to the Board of Directors
Casey Rosenthal, Member of the Board of Directors of Trifork Group AG since 2019, is joining Trifork’s US organization in an operational role and has therefore left the Board of Directors with immediate effect.
Casey Rosenthal will be a member of the management team of Trifork US, leading growth in the Platform and Data Engineering space. Pairing his extensive experience in managing large-scale platforms with Trifork’s expertise in building scalable, resilient solutions, Casey Rosenthal will be key in executing Trifork’s ambition to continue the strong growth witnessed in North America in the past years.
Before joining Trifork US, Casey Rosenthal was a software entrepreneur and an engineering manager in the Traffic Engineering and Chaos Engineering teams at Netflix. He has managed teams to tackle big data and architect solutions to difficult problems. He finds opportunities to leverage his experience with distributed systems and artificial intelligence, translating novel algorithms and academia into working models. Casey Rosenthal also models human behavior using personality profiles in Ruby, Erlang, Elixir, Prolog, Scala, and other languages. He speaks frequently at conferences on the topics of chaos engineering and complexity.
Investor and press contact: Frederik Svanholm, Group Investment Director & Head of IR frsv@trifork.com, +41 79 357 73 17
About Trifork Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,278 professionals across 76 business units in 15 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.
JIT members have been busy working on a common prosecutorial strategy, which prioritises investigations into the crime of aggression, crimes of torture, ill-treatment and filtration in relation to illegal detention sites, as well as the crime of genocide.
Since March 2022, the Agency has organised 26 coordination meetings between the JIT and other national authorities investigating alleged core international crimes committed in Ukraine. This has allowed involved countries to exchange data on their respective domestic investigations, discuss strategies and priorities, and coordinate investigative measures.
Eurojust is fully committed to continuing to support the important work of the JIT, and has allocated roughly half a million euros to finance its activities.
ICPA: progress made on a solid case-building package for the crime of aggression
In the last six months, the ICPA has made significant progress in compiling a solid case-building package. This package relies on a common investigative and prosecutorial strategy on the crime of aggression, agreed on by ICPA participants.
The case-building package is intended for transmission to the future office of the prosecutor of a possible special tribunal or other jurisdictions.
The ICPA has and continues to ensure the collection and preliminary analysis of potential evidence that may relate to individuals at the highest levels of military and political leadership. Investigative efforts are not limited by the official positions that individuals may hold.
As the aggression in Ukraine continues, there is a growing body of evidence that the ICPA is actively investigating.
The ICPA has received additional funding, and in January 2025, its operations were extended for six months. To this end, an amendment to the Contribution Agreement was signed between Eurojust and the European Commission’s Service for Foreign Policy Instruments.
CICED: over 3 700 evidence files
CICED is a unique, tailor-made judicial database set up by Eurojust to preserve, analyse and store evidence of core international crimes. CICED enables the Agency to support national judicial authorities in identifying evidence located in another country that may be relevant to their own investigations. To date, over 3 700 evidence files have been submitted to CICED by 16 countries.
In January 2025, a new translation tool enabled evidence files submitted by national authorities to be translated from 19 languages into English. This game-changer has greatly accelerated the Agency’s analytical work. As a result, the database’s search function is more precise, and requests for information from national authorities can be answered more swiftly.
Eurojust has been working hard to respond to national authorities’ requests to support their investigations into core international crimes. In addition, the Agency has proactively identified files deemed useful for ongoing national investigations.
Background:
Since the outbreak of the war, Eurojust has been at the forefront of supporting accountability for Russian crimes. Just three weeks following the full-scale invasion by Russia in 2022, Eurojust supported the setting up of a JIT that now consists of Ukraine, six EU Member States, the participation of the ICC and Europol, as well as a Memorandum of Understanding with the United States.
In a fragmented and complex operational landscape, with the ongoing war and evidence spread across countries with different legal systems, the JIT allows partners to exchange information directly and in real time. It also helps JIT members to streamline their investigations, as the national authorities involved can now focus on actively building their cases.
Eurojust provides legal and analytical expertise as well as logistical and financial support to the JIT.
In February 2023, Eurojust launched the Core International Crimes Evidence Database (CICED), based on an urgent amendment of Eurojust’s mandate, following the invasion of Ukraine.
Since March 2022, Eurojust has actively participated in the EU Freeze and Seize Task Force set up by the European Commission to ensure the efficient implementation of EU sanctions against listed Russian and Belarusian oligarchs across the European Union. Eurojust provides operational support to the Task Force by coordinating Member States’ enforcement of Union sanctions through criminal law.
Together with the Ukrainian Prosecutor General’s Office, Eurojust co-chairs the workstream on national investigations of the Dialogue Group on Accountability for Ukraine. This workstream aims to identify key challenges in core international crime cases and jointly propose solutions at the policy level, for example on the use of open-source evidence in the investigation and prosecution of international crimes in the context of Ukraine.
More information:
For more information on the various actions taken by Eurojust since the outbreak of the war in Ukraine, please consult our dedicated webpage.
Danske Bank share buy-back programme: transactions in week 8
On 7 February 2025, Danske Bank A/S announced a share buy-back programme for a total of DKK 5 billion, with a maximum of 45,000,000 shares, in the period from 10 February 2025 to 30 January 2026, at the latest, as described in company announcement no. 6 2025.
The Programme is carried out in accordance with Article 5 of Regulation (EU) No 596/2014 of the European Parliament and Council of 16 April 2014 (the “Market Abuse Regulation”) and the Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (together with the Market Abuse Regulation, the “Safe Harbour Rules”).
The following transactions on Nasdaq Copenhagen A/S were made under the share buy-back programme in week 8:
Number of shares
VWAP DKK
Gross value DKK
Accumulated, last announcement
25,000
231.7760
5,794,400
17/02/2025
5,000
232.9045
1,164,523
18/02/2025
5,000
234.5840
1,172,920
19/02/2025
5,000
237.2633
1,186,317
20/02/2025
5,000
237.3594
1,186,797
21/02/2025
5,000
236.3068
1,181,534
Total accumulated over week 8
25,000
235.6836
5,892,090
Total accumulated during the share buyback programme
50,000
233.7298
11,686,490
With the transactions stated above, the total accumulated number of own shares under the share buy-back programme corresponds to 0.006% of Danske Bank A/S’ share capital.
Danske Bank
Contact: Claus Ingar Jensen, Head of Group Investor Relations, tel. +45 25 42 43 70
China’s business community strongly opposes the United States overstretching the concept of national security and hindering bilateral economic and trade exchanges, the China Council for the Promotion of International Trade (CCPIT) said Monday.
A spokesperson for the CCPIT made the remarks in response to a query about the “America First Investment Policy” memorandum.
The United States is not only restricting investment from China in sectors from technology, critical infrastructure, healthcare, agriculture, energy to raw materials through security reviews, but also using economic sanctions and financial audits to strengthen controls over investment in China in terms of industry scope, investment types and funding sources, the spokesperson said.
The spokesperson warned that if implemented, these measures would severely affect normal business operations, undermine international economic and trade order, and disrupt the security and stability of global industrial and supply chains.
The spokesperson urged the U.S. side to respect the laws of market economy and the principle of fair competition, clarify the boundaries of national security in economic and trade fields, and lift restrictions on two-way investments between China and the United States, so as to create a sound environment for mutually beneficial and win-win cooperation between the two countries’ business communities.
READING, United Kingdom, Feb. 24, 2025 (GLOBE NEWSWIRE) — Mavenir, the cloud-native network infrastructure provider building the future of networks, has been selected by Kyivstar, the leading Ukrainian digital operator, part of VEON Group (Dubai, UAE) to deliver enhanced Enterprise fixed and mobile connectivity for the operator’s B2B customers. Kyivstar has partnered with Mavenir to deploy its leading-edge, future-proof architecture and full-stack solution, including hardware, software and containerized platform.
The FMC solution includes Converged Telephony Application Server (CTAS), Media Resource Function (MRF), Element Management System and Analytics Platform providing enterprise services. Mavenir also brings in-depth knowledge of the Ukrainian market, and an ability to deliver the solution with short timelines. Defne, a specialist in providing innovative voice solutions for the enterprise market, will be working alongside Mavenir to deliver some of the niche business services, whilst Mavenir will be responsible for the overall solution. Investment in world-class connectivity infrastructure remains a high priority for Kyivstar despite the conditions in the region.
Kyivstar CIO, Andriy Zhukovskyi, said: “Connectivity is incredibly important in Ukraine at this time, and our role is to keep deploying the best services to all our customers. Mavenir has demonstrated to us that they have a world-class solution that meets the needs of our Enterprise customers, showcasing the ability to deliver on time – despite the extremely challenging environment in which we are working.”
Dr. Virtyt Koshi, Senior Vice President and General Manager, EMEA at Mavenir, added: “The team at Kyivstar is committed to deliver cutting edge services, and we’re proud to be the preferred partner for this new Enterprise and Business Services capability.”
-x-
About Kyivstar:
Kyivstar is Ukraine’s largest communications operator, serving more than 23.3 million mobile subscribers and over 1.1 million Home Internet fixed line customers (as of September 2024). The company provides services across a wide range of mobile and fixed line technologies, including 4G, Big Data, Cloud solutions, cybersecurity, digital TV, and more. Kyivstar plans to invest USD 1 billion into the development of new telecom technologies in Ukraine over 2023-2027. Kyivstar has allocated over UAH 2 billion over the past two years to help Ukraine overcome wartime challenges, including providing support for the Armed Forces, clients and social projects. Kyivstar is a part of VEON, global digital operator. The Group’s shares are listed on the Nasdaq (New York) stock exchange. Kyivstar has been operating in Ukraine for 27 years and is recognized as the largest taxpayer in the communications sector, the best employer and a socially responsible company. For more information: www.kyivstar.ua
About Mavenir:
Mavenir is building the future of networks today with cloud-native, AI-enabled solutions which are green by design, empowering operators to realize the benefits of 5G and achieve intelligent, automated, programmable networks. As the pioneer of Open RAN and a proven industry disruptor, Mavenir’s award-winning solutions are delivering automation and monetization across mobile networks globally, accelerating software network transformation for 300+ Communications Service Providers in over 120 countries, which serve more than 50% of the world’s subscribers. For more information, please visit www.mavenir.com
To explore Mavenir’s latest innovations and learn more about how Mavenir is delivering the Future of Networks – Today, visit us in Hall 2 (Stand 2H60) at #MWC25.
Societe Generale announces the appointment of Lubomira Rochet as Executive Vice President in charge of Retail Banking activities in France, Private Banking and Insurance, as well as the Group’s Chief Operating Office (technology, procurement and real estate). She will join the Bank in April 2025. Lubomira will also become a member of the Group Executive Committee.
Lubomira Rochet’s mission will be to assist Slawomir Krupa, Chief Executive Officer of Societe Generale, in overseeing Retail Banking activities in France (both SG retail network and BoursoBank), Private Banking and Insurance, as well as the activities of the Group’s Chief Operating Office (including technology, procurement and real estate).
Lubomira Rochet is an accomplished leader with proven expertise in business transformation, digital businesses and in all aspects of customer relations, particularly for retail activities. She has held high-level responsibilities in these areas on a global scale with a compelling track record. Her technical skills, extensive experience, strategic vision and leadership will be key assets in advancing the development and transformation of the Group and our retail activities in France. She will contribute to enhancing our performance in terms of customer experience and satisfaction, business growth and operational efficiency to support our teams on the ground.
Slawomir Krupa, Chief Executive Officer, comments: “I am pleased to announce the appointment of Lubomira Rochet to the Group Executive Committee. She will assist me in overseeing Retail Banking activities in France and will also bring her extensive expertise to our projects for the further growth of our retail banking activities and the technological transformation of the Group. Her talent and creativity will further enhance the blend of different skills and wide-ranging experiences within the Group’s leadership team. I wish her every success in her new role.”
Biography Lubomira Rochet has held strategic positions throughout her career in the technology, digital, and retail sectors. From 2003 to 2007, she was responsible for strategy at Sogeti (Capgemini), before leading innovation and startups in France for Microsoft from 2008 to 2010. In 2010, she joined the digital marketing agency Valtech and became the Managing Director of this agency in 2012. From 2014 to 2021, she drove the digital transformation of L’Oréal as Chief Digital Officer and was a member of the Executive Committee. Since 2021, she has been a Partner at JAB Holding Company LLC. Lubomira also served as an independent Director on the Board of Directors of Societe Generale from 2017 to 2024. An economist by training, Lubomira Rochet is a graduate of the École Normale Supérieure de Paris-Saclay, Sciences Po Paris, and the College of Europe in Bruges.
Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.
The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
Allens has advised Pacific Green on the development and sale of the Limestone Coast North Energy Park battery energy storage system (BESS) to Intera Renewables, a wholly owned subsidiary of Palisade Partners.
The 250MW/500MWh BESS is located in the Limestone Coast region of South Australia and is expected to commence commercial operations in early 2027.
‘The development of the Limestone Coast North BESS represents a trend we are seeing across Australia in terms of the important role standalone BESS will play in Australia’s energy transition. It is also great to see Pacific Green, as a new entrant in the Australian market, achieve this milestone,’ said Partner and energy sector leader Kate Axup.
‘Large-scale energy storage assets are an attractive acquisition target for fund managers like Palisade Partners and we hope to be involved in many more transactions like this one this year,’ said M&A Partner Chelsey Drake.
The firm advised on all aspects of the transaction including the project documents, connection arrangements, offtake, the sale process and financing.
Kate Axup (Partner), David Donnelly (Partner), Michael Graves (Partner), Naomi Bergman (Partner), Ben van Weel (Managing Associate), Skye Kirby (Managing Associate), Luisa Colosimo (Senior Associate), Amy Ryan (Senior Associate), Dennis Smith (Senior Associate), Tina Tran (Senior Associate), Madeleine George (Associate), Grace Vipen (Associate), Alisha Arora (Associate), Penny Hollingdale (Lawyer), Alice Warner (Lawyer), Harrison Philp (Lawyer)
Frontline plc.’s preliminary fourth quarter 2024 results will be released on Friday February 28, 2025, and a webcast and conference call will be held at 3:00 p.m. CET (9:00 a.m. U.S. Eastern Time). The results presentation will be available for download from the Investor Relations section at www.frontlineplc.cy ahead of the conference call.
In order to attend the conference call you may do one of the following:
a. Webcast Go to the Investor Relations section at www.frontlineplc.cy and follow the “Webcast” link, or access directly from the link below.
b. Conference Call Participants will need to register online prior to the conference call via the link below. Dial-in details will be available when registered.
This week, I will be representing the Treasurer in Cape Town at the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under South Africa’s 2025 G20 Presidency.
At the G20, Australia engages with the world’s largest economies and adds our voice to the global conversation.
Against a backdrop of global uncertainty, there is a greater impetus for international macroeconomic cooperation through the G20.
This meeting will be an opportunity to discuss with fellow Finance Ministers the global economic outlook, sustainable development, combating inequality, and strengthening our international institutions.
The Albanese Government is working productively with international colleagues to tackle shared challenges.
Consultation onan Inland Revenue Issues Paperon the taxation of charity and not-for-profits opens today.
Finance Minister Nicola Willis says the Government is committed to a strong charity and not-for-profit sector, as well as high levels of fairness and integrity in New Zealand’s tax rules.
“New Zealand not-for-profits make a significant contribution to the community, and the Government provides tax relief for not-for-profit organisations that meet certain requirements.
“It’s important the public has confidence they are getting value for money from these tax concessions.”
Revenue Minister Simon Watts saysthe Issues Paper canvassesoptions to “simplify rules, reduce compliance costs and address tax integrity risks”.
“It’s important we make sure the settings are right and fit-for-purpose.”
“No decisions have been made and all feedback will be considered.”
The discussion document discusses and seeks public submissions on charity business income tax exemption, donor controlled charities, and integrity and simplification.
The consultation document can be foundhere. Consultation closes on March 31 2025.
MANILA, PHILIPPINES (24 February 2025) —Masato Kanda officially assumed office as the 11th President of the Asian Development Bank (ADB) today.
“I am deeply honored to take on the role of ADB President at this important moment for our region,” Mr. Kanda said. “With the trust of our 69 members and strong support of our dedicated staff, I am committed to advancing ADB’s mission to promote sustainable, inclusive, and resilient growth. Together, we will respond to pressing development challenges, ensuring that ADB remains the partner of choice for the region.”
Mr. Kanda succeeds Masatsugu Asakawa, continuing a legacy of excellence and innovation. With nearly four decades of experience in international finance and development policy, Mr. Kanda is widely recognized for his forward-thinking leadership and his decisive interventions during periods of market volatility.
During his tenure as Japan’s Vice-Minister of Finance for International Affairs, he was instrumental in pioneering innovative financial solutions and orchestrating policy actions that helped stabilize markets.
“Masato Kanda brings a wealth of experience and a refreshing perspective to ADB. His proven track record in navigating complex financial challenges and fostering international cooperation makes him the ideal leader to guide us as we build upon our strengths and seize emerging opportunities,” said Chair of the ADB Board of Governors Fabio Panetta. “I am confident that under his leadership, ADB will deliver targeted and impactful solutions for our developing member countries.”
“I am ready to harness the collective expertise within our organization and work closely with our partners to drive transformative change, especially for those most in need,” Mr. Kanda added, reflecting on his appointment. “Our focus will be on pragmatic actions that deliver real results, ensuring that our support creates lasting improvements in the lives of people throughout Asia and the Pacific.”
Mr. Kanda’s appointment underscores ADB’s ongoing evolution and its commitment to meeting the dynamic needs of its developing member countries. As the bank embarks on a new phase of strategic growth, his leadership will build on ADB’s strong legacy while also positioning the institution to address future challenges and opportunities.
The ADB Board of Governors’ decision to elect Mr. Kanda was unanimous, reflecting broad confidence in his ability to steer ADB during a time of significant change. His extensive background in managing complex economic policies and his hands-on experience in multilateral settings will be invaluable as ADB continues to adapt to a rapidly changing global landscape.
ADB is a leading multilateral development bank supporting sustainable, inclusive, and resilient growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—49 from the region.
NEW YORK, Feb. 23, 2025 (GLOBE NEWSWIRE) — BioAstra, a pioneering force in space medicine and biotechnology, is set to revolutionize human health with the launch of Twin Astra—a first-of-its-kind deep-space research initiative poised to transform space exploration and medical advancements on Earth.
The program was officially unveiled on Thursday, February 20, 2025, at The Explorers Club in New York City, and brought together top minds in space, science, and biotechnology.
About Twin Astra
Twin Astra is designed to unlock critical insights into human health through space-based research, driving breakthroughs that will impact both astronauts and Earth-based medicine. The program focuses on:
Twin Studies in Space: By studying genetically identical twins—one on Earth, the other in space—scientists will map the molecular, genetic, and physiological shifts caused by space travel.
Medical Breakthroughs: This research will accelerate advancements in precision medicine, aging, cancer treatment, and regenerative therapies.
Space Exploration & Human Resilience: The findings will pave the way for safer, long-duration space missions to the Moon, Mars, and beyond.
“By harnessing space as a biomedical testing ground, Twin Astra will redefine our understanding of human resilience in extreme environments,” said Professor Chris Mason, BioAstra Board Chair. “This research is crucial for protecting astronauts and unlocking medical discoveries that will benefit life on Earth and beyond.”
Launch Event: February 20, 2025
This exclusive gathering brought together astronauts, biotech leaders, philanthropists, investors, and innovators to explore the program’s groundbreaking potential.
“Twin Astra represents the next frontier of biomedical discovery,” said Savi Glowe, BioAstra CEO. “By pushing the limits of human biology in space, we are opening doors to new treatments, technologies, and insights that will redefine healthcare for generations to come.”
Event Highlights:
Speakers:
Richard Garriott, Explorers Club President, Astronaut, and Explorer
Dr. Sian Proctor, Inspiration4 Astronaut
Dr Kate Rubins, Astronaut and Microbiologist
Savi Glowe, BioAstra CEO
Professor Chris Mason, BioAstra Board Chair & Renowned Genomics Expert
Event Details:
Date: Thursday, February 20 Time: 6:00 PM – 8:00 PM Location: The Explorers Club, 46 East 70th Street, New York
The Albanese Labor Government is delivering on its trade diversification agenda by making it easier for Australian businesses to take up new opportunities in the fast-growing markets of Southeast Asia.
Australia has ratified the upgraded ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) agreement which will:
help micro, small and medium businesses benefit from trade in Southeast Asia;
streamline trade and transportation procedures for importers and exporters, saving them time and money;
level the playing field for Australian service providers and investors across education, mining and engineering, and finance sectors to compete more fairly;
better protect e-commerce confidentiality of information and intellectual property; and
improve labour standards, environmental protections and promote women’s economic empowerment.
The Albanese Government has been firmly focused on helping Australian businesses tap into the huge potential in Southeast Asia.
Nearly half a million Australian jobs are linked to trade with Southeast Asia, and we expect this number to grow as we continue to implement Invested: Australia’s Southeast Asia Economic Strategy to 2040.
The upgrade builds on the tariff free or preferential access we have on 98 per cent of all tariff lines for Australian exports under AANZFTA.
With the deposit of Australia’s ratification, the upgrade will enter into force in 60 days.
The Government’s reckless overhaul of the Overseas Investment Act is a fast track for foreign investment at the expense of Kiwi interests.
“The Government’s reforms to the Overseas Investment Act are a significant shift away from the current overseas investment rules, and not in the best interests of New Zealanders,” Labour finance spokesperson Barbara Edmonds said.
“It seems the Government’s new slogan ‘Everyone Must Go’ has been interpreted by David Seymour as ‘Everything Must Go,’ including New Zealand’s essential assets.
“Under their plan, foreign investors will find it even easier to snap up key assets without clear protections for Kiwi jobs or incomes. Investing in New Zealand is a privilege, not an open invitation for profit-chasing investors to exploit our resources and siphon off the returns overseas. Yet, this Government is throwing the doors wide open, without ensuring our assets serve the interests of Kiwi workers, businesses, and communities.
“The Government claims they have a ‘balanced’ approach, but that raises the question: balanced for whom? I don’t see any clear protections for New Zealand’s environment, public utilities, or any effort to consider Māori or the broader community.
“There has been no consultation on these changes and the Government wants to rush the legislation through before the end of the year. The Treasury themselves, in David’s Seymour’s Cabinet Paper, say that because they were restricted by the Coalition Agreement, they have had no opportunity to test whether their policies can actually be delivered and whether the benefits will materialise.
“Rushed reforms like these put our economic future at risk. This Government is making it easier for foreign companies to buy up key assets while shifting profits offshore. That doesn’t strengthen our economy, it weakens it. This is just another example of this Government taking New Zealand backwards,” Barbara Edmonds said.
Source: United Kingdom – Executive Government & Departments
Press release
Talks relaunch on India trade deal to boost UK’s growth agenda
UK-India free trade talks are being relaunched, with a visit to India by the Business and Trade Secretary.
UK-India trade talks kick off in New Delhi today with Business and Trade Secretary Jonathan Reynolds meeting with Commerce Minister Piyush Goyal
Deal aims to deliver economic growth and bring Indian economy – world’s third largest by 2028 – within reach for more UK businesses
Push to attract investment will take place in financial capital Mumbai and tech hub Bengaluru by Investment Minister Poppy Gustafsson
The relaunch of talks on a UK-India trade deal will take place today [Monday 24 February], as UK ministers arrive in India to negotiate a huge economic prize helping to deliver on the growth agenda.
India is forecast to have the highest growth rate in the G20 for the next five years and set to become the world’s third biggest economy by 2028. With an expected 95 million strong middle class by 2035, there are more and more opportunities every day for UK businesses to sell to consumers in India ready to buy British.
Securing trade deals with massive global economies like India demonstrates the UK’s commitment to free and fair trade and how this Government will support jobs, prosperity, and real change for the British people as part of the Plan for Change.
Business and Trade Secretary Jonathan Reynolds said:
Securing a trade deal with what is soon-to-be the third biggest economy in the world is a no-brainer, and a top priority for me and this Government. That is why I’m flying to New Delhi with our top negotiating team to show our commitment to getting these talks back on track.
Only a pragmatic government can deliver the economic growth and stability that the British public and British businesses deserve, delivering on the Plan for Change.
Growth will be the guiding principle in our trade negotiations with India and I’m excited about the opportunities on offer in this vibrant market.
Trade ministers from both countries will kickstart negotiations on a modern economic deal with two-days of focused discussions – the first time both negotiating teams have formally got around the table under this government.
Standard Chartered UK CEO and Head, Client Coverage UK, Saif Malik said:
We warmly welcome efforts to strengthen trade ties with one of the world’s most dynamic and fastest growing markets. As a leading global bank operating in India for over 160 years, the opportunities for British businesses are significant.
Whether it’s improved access to India’s growing consumer market, opportunities in manufacturing, infrastructure and innovation, or collaboration in financial and professional services, the relaunch of trade talks can unlock even greater trade, investment and prosperity across the UK-India corridor.”
Chair of UK India Business Council Richard Heald said:
The UK Government’s visit reaffirms its commitment for a new ambitious and future-focused trade & investment relationship with India.
We are delighted to note the progress on the UK-India Free Trade Agreement negotiations. Success in the FTA will support further economic growth for the world’s 5th and 6th largest economies. It will catalyse collaboration beyond into other areas too. Importantly, it will signal the UK and India are strategic partners. This is truly an exciting chapter of the UK-India partnership.
The talks will open against a backdrop of Indian commerce and artisans on a joint visit to Delhi’s National Crafts Museum. The pair will also spend time visiting BT India’s office in Gurugram – one of the largest UK employers in India – to see first-hand how UK tech and Indian talent are helping solve global challenges.
As part of the visit, Investment Minister Poppy Gustafsson will address investors in two of the country’s foremost business centres Mumbai and Bengaluru, to sell the UK as the best and most connected place for Indian businesses to invest.
India has been the second biggest source of FDI into the UK for five consecutive years in terms of number of projects. In terms of value, the most recent stats show a 28% year-on-year increase in investment stock at the end of 2023.
The UK offer for Indian investors has never been stronger, she will tell businesses, thanks to the government’s drive to restore economic stability and boost investor confidence as part of the Plan for Change.
The UK and India are currently the sixth and fifth largest global economies respectively, with a trade relationship worth £41 billion and investment supporting over 600,000 jobs across both countries.
A trade deal could unlock new opportunities for businesses and consumers in all regions and nations of the UK, support jobs, boost wages, and back the high-growth sectors identified in the government’s upcoming Industrial Strategy, such as advanced manufacturing, clean energy, financial services, and professional and business services.
Source: Hong Kong Government special administrative region
Invest Hong Kong (InvestHK) announced today (February 23) that an information security incident was identified yesterday (February 22). The incident involved a malicious ransomware attack to part of InvestHK’s computer systems.
A spokesman for InvestHK said that upon identification of the incident, the department has taken immediate measures to further tighten its IT security systems to prevent further ransomware attacks. It has also followed established guidelines and procedures and reported the case to the Police, the Digital Policy Office (DPO), the Office of the Privacy Commissioner for Personal Data and the Security Bureau respectively on the same day. InvestHK condemns such malicious attacks and has already updated relevant access rights, isolated the affected systems, and activated back-up procedures.
InvestHK is working closely with the Police on the investigation. Preliminary findings indicated that the affected areas included an internal Customer Relationship Management (CRM) system, intranet and part of InvestHK’s website operations, such as the function to contact InvestHK via the website form and events updates. InvestHK’s public services remain normal. Members of the public can continue to contact staff of InvestHK through telephone, email or face-to-face meetings.
Investigation is still underway to ascertain whether any personal data leakage is involved. Although this is an ongoing investigation, based on preliminary assessment, this could potentially include basic information on InvestHK’s clients, such as the companies’ contact information, and records of InvestHK staff. InvestHK will inform relevant parties if and when further updates are available.
The spokesman stressed that the department has been following Government procedures on information and cybersecurity. To further strengthen its system security measures, it is currently seeking advice from the DPO and has appointed experts to assist with the investigation and recovery. The department hoped the culprits can be brought to justice as soon as possible so as to safeguard information and cybersecurity.
The spokesman reiterated that InvestHK would not send embedded hyperlinks via emails, SMS messages or social media pages for collecting personal information or requesting for payment. It urges members of the public to stay alert and to refrain from clicking on any embedded links or providing any personal or financial information such as credit card information, or making any payment to suspicious emails or SMS messages. For enquiries, members of the public may call InvestHK General Enquiry Hotline at 3107 1000 or email enq@investhk.gov.hk.
Illegal Migrants Intervening in Electoral Process, Becoming Decisive Players, says Vice-President Conversion Through Allurement and Temptation Aimed at Changing Nation’s Demography, warns VP
Fundamental Rights Must Be Earned Through Diligent Performance of Fundamental Duties, Says VP
VP Calls for Deep, Thorough, Micro-Level Investigation into Electoral Manipulation
We are not materialistic, but spiritualistic, religious and ethical by nature, says VP
VP addresses the 65th Convocation of Dr. Babasaheb Ambedkar Marathwada University in Chhatrapati Sambhajinagar, Maharashtra
Posted On: 22 FEB 2025 8:04PM by PIB Delhi
The Vice-President Shri Jagdeep Dhankhar today expressed serious concern over illegal migration saying, “In our Bharat, millions of people are living here who have no right to stay. And they are not just living; they are also engaging in livelihood activities. They are making their livelihood here, placing demands on our resources—education, health, and housing sectors—and now, the issue has escalated further.They are intervening in our electoral process. Within our democratic system, they are becoming significant and even decisive players”, he noted.
हमारे भारत में करोड़ों की संख्या में ऐसे लोग रह रहे हैं, जिनको यहां रहने का अधिकार नहीं है। They are making their livelihood here, making demands on our resources—education, health sector, housing sector—और अब तो बात आगे बढ़ गई है।
While addressing the 65th Convocation ceremony of Dr. Babasaheb Ambedkar Marathwada University in Chhatrapati Sambhajinagar, Maharashtra today, Shri Dhankhar cautioned against conversions through allurement and temptation saying, “Every individual has the right to follow any religion, every person has the right to adopt a religion of their choice. However, when conversion happens through enticement, greed, by allurement, by temptation, and its objective is ‘we will get supremacy by changing demography of the Nation’. History bears witness, there are examples from some countries in the world. You are more knowledgeable than me, more informed, you can find out. The very character of those nations was erased, the majority community that existed there disappeared. We cannot allow this demography invasion, organic demographic growth is acceptable, but if this is disruptive with the sinister design to control, we must be on high alert. This is a matter for our deep contemplation and reflection. This poses a challenge to our philosophy that is centuries old.” he emphasized, while affirming every individual’s right to follow their chosen religion.
There is another systemic challenge. The President is ridiculed. The Prime Minister is ridiculed. My position is ridiculed. Our institutions, Election Commission, Judiciary are tainted. These acts come from those without national interest at heart.
VP Dhankhar also raised concerns about systematic attempts to undermine national institutions, and called for thorough investigations into recent revelations about attempts to manipulate electoral processes. “In a systemic manner, the President is ridiculed. The Prime Minister is ridiculed. My position is ridiculed. Our Institutions are tainted. Be it Election Commission or Judiciary. These are activities which are being undertaken by those at their heart, national interest is not there. Recently, it has been revealed authoritatively that our elections were sought to be doctored, manipulated.In such a situation, I would urge you to stay alert, think and expose, and I appeal to organisations concerned, time has come to engage into deep investigation, thorough investigation, investigation at micro level, expose everyone connected with these sinister designs aimed at destabilizing our nation, trying to manipulate our democracy.”
हर व्यक्ति का अधिकार है कि वह जिस धर्म का चाहे पालन करे, अपनी इच्छा से कोई भी धर्म अपनाए। लेकिन जब लालच देकर, लोभ देकर—by allurement, by temptation—धर्मांतरण होता है, और उसका उद्देश्य यह होता है कि we will get supremacy by changing the demography of the Nation, तो यह गंभीर चिंता… pic.twitter.com/mIEpRSzuZc
VP, in his address directed the concerned authorities to initiate a thorough investigation in this regard. “I appeal to organisations concerned, time has come to engage into deep investigation, thorough investigation, investigation at micro level, expose everyone connected with these sinister designs aimed at destabilizing our nation, trying to manipulate our democracy”, he added.
Speaking on fundamental rights guaranteed by the Constitution, VP remarked that these rights must be earned through the diligent performance of fundamental and civic duties, “Our constitution has given us fundamental rights but passage to fundamental rights has to be earned and that passage is when you perform fundamental duties, when you perform civic duties.”
Social transformation comes with social harmony, which defines unity in diversity. It converts caste, creed, and religion—the divisive situations—into a force of unity. Let us generate social harmony at all costs.
He further expressed his concern over challenges to public order, and called for a change in mindset among citizens, and remarked, “Just imagine, in a country like ours, public order is challenged, public property is burned, people take to agitations where redress lies not on the street, but either in court of law or in theatres of legislature. Time has come for every Indian to assess and audit performance of institutions. Mindset has to be changed, you have to be a very powerful pressure group. You have to ask, your public representatives, the bureaucracy, the executive, are you doing your job? Public representatives are elected through a massive exercise. For what? To engage in debate, dialogue, discussion, work policies for your welfare. Not to disrupt, not to disturb function. Are they really doing it? If they are not performing their job, well you have a job cut out for them because now you have the power of social media.”
Stressing upon the importance of social transformation, Shri Dhankhar expressed that “Social transformation will come when we will have social harmony. Social harmony will define unity in diversity. This will convert our caste, creed, religion, the divisive situations to appear into a force of unity. Let us generate social harmony at all costs. Let us believe in family values, respect our elders, our parents, our neighbours, our neighbourhood. We are a different civilisation.”
Our Constitution grants us Fundamental Rights, but passage to them has to be earned—through fundamental and civic duties.
Imagine a country where public order is challenged, property is burned, and agitations replace lawful redress in courts or legislatures.
Reflecting on the age-old civilisational ethos of Bharat, Shri Dhankhar remarked, “By nature we are not materialistic, we are spiritualistic, we are religious, we are ethical. We are role model to rest of the world, and that model has been in operation for thousands of years. So please imbibe family values, nurture family values, respect your elders, respect your parents, and that cultural strength will give you stamina to contribute for the nation. A seed of patriotism will automatically blossom.”
राष्ट्र-विरोधी ताकतें, जो हमारे प्रजातांत्रिक मूल्यों पर कुठाराघात करती हैं, संविधान की आत्मा को धूमिल करना चाहती हैं और हमारी संस्थाओं को बदनाम करती हैं—जब वे हमारे मूल आधार पर प्रहार करती हैं, तो उनका प्रतिघात आवश्यक है। यह हर व्यक्ति का कर्तव्य है।… pic.twitter.com/UmYuYs7p8H
The Vice-President also expressed his deep concern over the menace of Climate change and urged the citizens to participate in the clarion call of ‘Ek Ped Maa Ke Naam’ given by the Prime Minister and strengthen the nation by contributing to the idea of Atmanirbhar Bharat, “Environmental protection, Now we know it, Climate Change menace, the plant is cliffhanging its existential challenge. We don’t have any other place other than mother Earth. We are trustees, we have recklessly exploited it with the result, the danger is blooming, the time bomb is ticking. We have to do our bit. Prime Minister has given a call Ek Ped Maa Ke Naam, If we do it sincerely, and many are doing, in millions they are doing it. It will be a game changer but let us believe in environmental protection. Every nation can be powerful only if it is Aatmanirbhar and for that we must believe in Swadeshi. Let us be vocal about local.”
Shri C. P. Radhakrishnan, Governor of Maharashtra & Chancellor of Dr. Babasaheb Ambedkar Marathwada University, Dr. Bhagwat Karad, MP Rajya Sabha, Prof. Vijay Fulari, Vice-Chancellor of Dr. Babasaheb Ambedkar Marathwada University and other dignitaries were also present on the occasion.
Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses the valedictory function of Diamond Jubilee Celebrations of Janata Sahakari Bank Limited in Pune, Maharashtra Revered Shri Moropant Pingale, by establishing Janata Sahakari Bank, sowed a seed that has now grown into a banyan tree, connecting 10 lakh people
Janata Sahakari Bank has realised the concept of ‘big bank for small people’
Today, the bank’s deposits exceed ₹9,600 crore, which reflects the trust people have in the bank
The only way to develop one’s family and contribute to the country’s progress without capital is through cooperation
In the past 3 years, the Modi government has worked on making the cooperative model marketable and has provided direction for cooperative development
The concept of setting up a cooperative clearing house for the first time in the country is set to be completed within the next 2 years
After the formation of the umbrella organization, the clearing of cooperative banks located in any part of the country will be done through cooperative banks themselves
Posted On: 22 FEB 2025 7:09PM by PIB Delhi
Union Home Minister and Minister of Cooperation Shri Amit Shah addressed the valedictory function of Diamond Jubilee celebrations of Janata Sahakari Bank Limited in Pune Maharashtra today. Union Minister of State for Cooperation, Shri Murlidhar Mohol and several other dignitaries including the Chief Minister of Maharashtra, Shri Devendra Fadnavis, Deputy Chief Ministers of the state, Shri Eknath Shinde and Shri Ajit Pawar were present, on the occasion.
In his address, Union Home Minister and Minister of Cooperation Shri Amit Shah said that the trust earned by Janata Sahakari Bank is a matter of pride for all of us. He said that Janata Sahakari Bank was established by revered Shri Moropant Pingale, a prominent thinker and renowned RSS worker, who lived a selfless life and never backed out of any challenge. Shri Shah said that the seed sown by Shri Moropant in the form of establishment of this bank has now grown into a huge banyan tree, connecting 10 lakh people. He said that it is a testament of the strength and good conduct of the organization. He further stated that Janata Sahakari Bank has sent a positive message across the country, showing that there is no limit for any institution’s progress when it works with transparency, dedication, and integrity.
Union Home Minister and Minister of Cooperation said that Prime Minister Shri Narendra Modi has made two resolutions before the nation – to make India a fully developed nation by 2047 and to make the country a 5 trillion-dollar economy by 2027. He mentioned that without the development of the cooperative sector, these resolutions will remain incomplete. He emphasized that if the development of every individual and prosperity in every home do not take place, then these two resolutions could remain unfulfilled. Shri Shah said that providing work to every person according to their abilities and connecting them with the country’s development to make every family prosperous is only possible through a cooperative movement.
Shri Amit Shah said that the mantra of the Ministry of Cooperation given by Prime Minister Shri Narendra Modi is ‘Sahakar se Samriddhi’. He said that Prime Minister Shri Narendra Modi has provided many basic facilities tocrores of people of the country during the last 10 years. He further stated that now these people want to contribute for the development of the country. He emphasized that the only way to develop one’s family and contribute to the country’s progress without capital is through cooperation. Shri Shah remarked that the essence of cooperation is pooling together small amounts of capital to achieve something large. He highlighted that Janata Sahakari Bank is a prime example of this, as it has made the concept of ‘big bank for small people’.
The Union Minister of Cooperation said that the Modi government has given specialimpetus to the cooperative movement in the last 3 years. He said that India’s model of cooperatives has been made marketable, and the Modi Government is bringing the Cooperative University Bill to empower our youth with cooperative education. He also stated that the government wants to integrate cooperative innovation and make it a driving force for the country’s development. He added Prime Minister Modihas played a key role in providing the right direction to cooperative development.
Shri Amit Shah said that embracing the newer technologies by the cooperatives is imperative for continued growth. He said that there are a total of 1465 Urban Cooperative Banks in the country out of which 460 are in Maharashtra alone. He said that an umbrella organization for Urban Cooperative Banks, National Urban Co-operative Finance and Development Corporation (NUCFDC), was under consideration for a long time and now the work has been completed to mobilize an amount of Rs. 300 crore for this organization. Shri Shah said that this umbrella organization will be able to provide all kinds of support to the cooperative banks. He said that for the first time, a clearing house for Cooperative Banks has been envisaged in the country which is set to be completed in the next 2 years.
Union Home Minister and Minister of Cooperation said that under the leadership of Prime Minister Modi, the Ministry of Cooperation has taken several steps to enhance the business of urban cooperative banks. He mentioned that Aadhaar-enabled payment system has been opened for cooperative banks, the limits for gold loans and housing loans have been enhanced, and a provisionfor one-time loan settlement has been introducedfor cooperative banks. He further added that after the formation of an umbrella organization, clearing for any cooperative bank located anywhere in the country will be done through cooperative banks themselves. Shri Shah also stated that to address the growing competition from nationalized banks, small financing banks, and NBFCs, the Government is setting up a monitoring committee to strengthen governance and incorporate technological innovations in Cooperative Banks.
Shri Amit Shah said that after its establishment in 1949, Janata Sahakari Bank became a scheduled cooperative bank in 1988, adopted core banking in 2005, became a multi-state scheduled cooperative bank in 2012, and also got the honor of starting the country’s first cooperative demat institution. He mentioned that with 71 branches, 2 extension counters, 1,75,000 members, and over 10 lakh satisfied customers, this is not just a bank, but a large family. He stated that today, the bank’s deposit exceeds ₹9,600 crore, which reflects the trust people have in the bank. Shri Shah also highlighted that Janata Sahakari Bank has never backed out, be it in terms of social service, during Latur earthquake, or the Kolhapur-Sangli floods, or the COVID-19 pandemic.
PM to visit Madhya Pradesh, Bihar and Assam from 23rd to 25th February PM to lay the foundation stone of Bageshwar Dham Medical and Science Research Institute in Chattarpur, MP
PM to inaugurate the Global Investors Summit 2025 in Bhopal, MP
PM to inaugurate and dedicate to the nation various development projects and release the 19th instalment of PM KISAN in Bhagalpur, Bihar
PM to inaugurate Advantage Assam 2.0 Investment and Infrastructure Summit 2025 in Guwahati, Assam
PM to attend the Jhumoir Binandini (Mega Jhumoir) 2025 programme in Guwahati, Assam
Posted On: 22 FEB 2025 2:05PM by PIB Delhi
Prime Minister Shri Narendra Modi will visit Madhya Pradesh, Bihar and Assam from 23rd to 25th February. On 23rd February, he will travel to Chhatarpur District in Madhya Pradesh and at around 2 PM, he will lay the foundation stone of Bageshwar Dham Medical and Science Research Institute. On 24th February, at around 10 AM, Prime Minister will inaugurate the Global Investors Summit 2025 in Bhopal. Thereafter, he will travel to Bhagalpur in Bihar and at around 2:15 PM, he will release the 19th instalment of PM KISAN scheme and also inaugurate and dedicate to the nation various development projects in Bihar. Further he will travel to Guwahati and at around 6 PM, he will attend the Jhumoir Binandini (Mega Jhumoir) 2025 programme. On 25th February, at around 10:45 AM, Prime Minister will inaugurate the Advantage Assam 2.0 Investment and Infrastructure Summit 2025 in Guwahati.
PM in Madhya Pradesh
Prime Minister will lay the foundation stone of Bageshwar Dham Medical and Science Research Institute in Garha village, Chhatarpur district. Ensuring better healthcare services for people from all walks of life, the Cancer hospital, worth over Rs 200 crore will offer free treatment to underprivileged cancer patients and will be equipped with state-of-the-art machines and have specialist doctors.
Prime Minister will also inaugurate the two-day Global Investors Summit (GIS) 2025 in Bhopal. Serving as an important platform to establish Madhya Pradesh as a global investment hub, the GIS will include departmental summits; specialized sessions on Pharma and Medical Devices, Transport and Logistics, Industry, Skill Development, Tourism and MSMEs among others. It will also include international sessions like the Global South countries conference, Latin America and Caribbean session and special sessions for key partner countries.
Three major industrial exhibitions will be held during the Summit. The Auto Show will showcase Madhya Pradesh’s automotive capabilities and future mobility solutions. The Textile and Fashion Expo will highlight the state’s expertise in both traditional and modern textile manufacturing. The “One District-One Product” (ODOP) Village will showcase the state’s unique craftsmanship and cultural heritage.
Representatives from over 60 countries, officials from various international organizations, over 300 prominent Industry leaders from India and policymakers among others will participate in the Summit.
PM in Bihar
Prime Minister has been committed towards ensuring farmer welfare. In line with this, several key initiatives will be undertaken by him at Bhagalpur. He will release the 19th instalment of PM KISAN at Bhagalpur. Over 9.7 crore farmers across the country will receive direct financial benefits amounting to more than Rs 21,500 crore.
A significant focus of the Prime Minister has been on ensuring that farmers are able to get better remuneration for their produce. With this in mind, on 29th February, 2020, he launched the Central Sector Scheme for Formation and Promotion of 10,000 Farmer Producer Organizations (FPO), which help farmers collectively market and produce their agricultural products. Within five years, this commitment of Prime Minister to the farmers has been fulfilled, with him marking the milestone of the formation of the 10,000th FPO in the country during the programme.
Prime Minister will inaugurate the Centre of Excellence for Indigenous Breeds in Motihari, built under the Rashtriya Gokul Mission. Its major objectives include introduction of cutting edge IVF technology, production of elite animals of indigenous breeds for further propagation, and training of farmers and professionals in modern reproductive technology. He will also inaugurate the Milk Product Plant in Barauni that aims to create an organized market for 3 lakh milk producers.
In line with his commitment to boost connectivity and infrastructure, Prime Minister will also dedicate to the nation the doubling of Warisaliganj – Nawada – Tilaiya rail section worth over Rs 526 crore and Ismailpur – Rafiganj Road Over Bridge.
PM in Assam
Prime Minister will attend the Jhumoir Binandini (Mega Jhumoir) 2025, a spectacular cultural extravaganza with 8,000 performers participating in the Jhumoir dance, a folk dance of Assam Tea Tribe and Adivasi Communities of Assam that embodies the spirit of inclusivity, unity and cultural pride, and symbolises Assam’s syncretic cultural mélange. The Mega Jhumoir event symbolises 200 years of the tea industry, and also 200 years of industrialisation in Assam.
PM will also inaugurate the Advantage Assam 2.0 Investment and Infrastructure Summit 2025 in Guwahati, to be held from 25th to 26th February. It will include an inaugural Session, seven ministerial sessions and 14 thematic sessions. It will also include a comprehensive exhibition illustrating the state’s economic landscape, with a focus on its industrial evolution, global trade partnerships, booming industries, and the vibrant MSME sector, featuring over 240 exhibitors.
Various international organisations, global leaders and investors, policymakers, industry experts, startups, and students among others will participate in the Summit.
Source: Hong Kong Government special administrative region
Japanese second-hand luxury retailer opens first overseas outlet in Hong Kong (with photo) Japanese second-hand luxury retailer opens first overseas outlet in Hong Kong (with photo) ******************************************************************************************
Invest Hong Kong (InvestHK) today (February 22) announced that Japanese second-hand luxury retailer, Otakaraya, opened its first overseas outlet in Hong Kong as part of its expansion plan in Asia and to prepare for entering the European and American markets. Associate Director-General of Investment Promotion at InvestHK Mr Arnold Lau said, “We warmly welcome Otakaraya’s decision to establish its first overseas base in Hong Kong, reaffirming the city’s status as a premier international retail hub. The city offers an excellent business environment and a diverse consumer market, providing a good development platform for international brands. We look forward to Otakaraya’s success in Hong Kong and encourage more international brands to expand their business here.” Located in Jordan of Hong Kong, Otakaraya’s first store specialises in buying and selling carefully selected luxury brand items, promoting the concepts of environmental sustainability and sustainable fashion. As consumer interest in second-hand luxury goods continues to grow, the new store not only brings fresh vitality to the Hong Kong market but also reflects local consumers’ demand for high-end products. The Director of E-FRAN HK Limited, Mr Takeshi Asai, said, “Otakaraya has more than 1 300 shops in Japan as of January 2025, making it one of the country’s largest second-hand luxury retailers. Our target is to become a trillion yen company, and expanding into overseas markets is important for achieving this.” He added, “As an international city located in the heart of Asia, Hong Kong has a high concentration of premium brand boutiques, making luxury brand ownership widespread. The city also has a thriving culture of second-hand luxury goods. We believe that Hong Kong is the ideal location for our first overseas store.” Established in 2024, E-FRAN HK Limited will be responsible for the operations of “LUXURY BRAND BUY & SELL OTAKARAYA JAPAN” in Hong Kong, which specialises in buying and selling second-hand branded goods and luxury jewellery. For more information about E-FRAN, please visit e-fran.jp. To get a copy of the photo, please visit www.flickr.com/photos/investhk/albums/72177720323807933.
Ends/Saturday, February 22, 2025Issued at HKT 11:00
UniSA researchers are encouraging airlines to explore sustainable fuel options.
Unplanned oil supply outages caused by geopolitical instability, military conflicts, natural disasters and technical issues are throwing airline stock markets into chaos and making it more expensive to fly.
That’s the conclusion from Australian aviation experts in a new paper published in Energy Economics examining the links between unforeseen oil supply disruptions and airline stock prices.
University of South Australia researchers argue that because fuel accounts for 30% of an airline’s total expenses, the industry is especially sensitive to any sudden fluctuations in the crude oil market, particularly from non-OPEC countries that are more volatile.
Major airlines such as United Airlines, Delta Airlines and American Airlines are the most affected.
UniSA aviation lecturer Dr Yifei Cai, who led the study, says the unpredictability of oil supply shocks provides compelling evidence why alternative energy sources are needed, including biofuels and hydrogen.
“Global airline operations rely heavily on stable fuel supplies, and unexpected oil supply outages make it very difficult for them to predict their costs,” Dr Cai says.
Co-author, UniSA Aviation Professor Shane Zhang, says that unplanned oil supply outages have a significant impact on oil prices as they can disrupt the balance between oil supply and demand, creating shortages and driving up prices.
“Our findings suggest that airlines may need to rethink their risk management strategies and fuel hedging practices to mitigate potential financial turbulence caused by such outages,” Prof Zhang says.
The oil price war between Saudi Arabia and Russia in March 2020, for example, triggered a significant shift in oil prices and was recognised as a pivotal factor in the stock market crash of 2020.
The study highlights the potential impact on investment strategies, stock market stability and long-term financial planning in the aviation sector.
The researchers claim that diversifying fuel supply sources would reduce reliance on a single region or supplier.
Investing in fuel-efficient aircraft and sustainable initiatives such as biofuels and hydrogen would also lessen dependence on traditional jet fuels and their price fluctuations.
Prof Zhang says that more than 90% of Australian oil is imported from overseas markets, for example, and it would “make sense” to grow the domestic sustainable aviation fuel industry to reduce the reliance on the overseas supply for traditional jet fuels in the long term.
Future research will investigate the impacts of unplanned oil supply outages at country levels.
Notes for editors
“Accessing the influence of unplanned oil supply outages on airline stock connectedness” is authored by researchers from Wuchang University of Technology and the University of South Australia. DOI: 10.1016/j.eneco.2024.108145
Milan, Luxembourg, 23 February 2025– Saipem and Subsea7 announce that today they have reached an agreement in principle on the key terms of a possible merger of the two companies1 (the “Proposed Combination”) through the execution of a memorandum of understanding (the “MoU”). The Proposed Combination is expected to create a global leader in energy services.
Highlights
The combination of Saipem and Subsea7 (the “Combined Company”) will be renamed Saipem7, and will have a combined backlog of €43 billion2, Revenue of approx. €20 billion3 and EBITDA in excess of €2 billion4
A global organisation of over 45,000 people, including more than 9,000 engineers and project managers
Highly complementary geographical footprints, competencies and capabilities, vessel fleets and technologies that will benefit the Combined Company’s global client base
Saipem and Subsea7 shareholders will own 50% each of the share capital of the Combined Company
Subsea7 shareholders will receive 6.688 Saipem shares for each Subsea7 share held. Subsea7 will distribute an extraordinary dividend for an amount equal to €450 million immediately prior to completion
Transaction expected to deliver material value creation for the shareholders of both Saipem and Subsea7. Annual synergies of approximately €300 million are expected to be achieved in the third year after completion, with one-off costs to achieve such synergies of approximately €270 million
The Combined Company will be listed on both the Milan and Oslo stock exchange
Siem Industries, reference shareholder of Subsea7, as well as Eni and CDP Equity, reference shareholders of Saipem, have expressed their strong support and intend to vote in favour of the transaction
Completion anticipated to occur in the second half of 2026
The management of both Saipem and Subsea7 share the conviction that there is compelling logic in creating a global leader in energy services, particularly considering the growing size of clients’ projects. Saipem and Subsea7 are highly complementary in terms of market offerings and geographies. The combination would enhance value for shareholders, and all stakeholders, both in the current market and in the long term.
CDP Equity, Eni and Siem Industries have entered into a separate Memorandum of Understanding, undertaking to support the Proposed Combination and agreeing on the terms of a Shareholders Agreement, to be effective from completion of the Proposed Combination. As part of this, it is intended that the Combined Company’s Chairman will be designated by Siem Industries and that the Combined Company’s CEO will be designated by CDP Equity and Eni. In addition, it is currently envisaged that Mr Alessandro Puliti will be appointed as CEO of the Combined Company5 while it is currently envisaged that Mr John Evans will be the CEO of the entity that will manage the Offshore business of the Combined Company. Such Offshore business will comprise all of Subsea7 and Saipem’s Offshore Engineering & Construction activities.
The by-laws of the Combined Company are expected to provide for loyalty shares (double votes).
Strategic Rationale of the Proposed Combination
The Proposed Combination would be beneficial to the clients of both Saipem and Subsea7, bringing together the respective strengths of both companies:
Comprehensive Solutions for Clients: a full spectrum of offshore and onshore services, from drilling, engineering and construction to life-of-field services and decommissioning, with an increased ability to optimise project schedules for clients in oil, gas, carbon capture and renewable energy
World-class Expertise and Experience: a talented, global workforce of over 45,000 people, including more than 9,000 engineers and project managers, in more than 60 countries, contributing to deliver solutions unlocking value for clients
Global Reach and Diversified Fleet: an expanded and diversified fleet of more than 60 construction vessels enhancing the Combined Company’s ability to undertake a wide range of projects, from shallow water to ultra-deepwater operations, utilising a full portfolio of heavy lift, high-end J-lay, S-lay and reel-lay rigid pipeline solutions, flexible pipe and umbilical lay services and market-leading wind turbine, foundation and cable lay installation capabilities
Innovation and Technology: combined expertise to foster innovation in offshore technologies, ensuring cutting-edge solutions for complex projects
The transaction would create significant shareholder value through:
Synergies: expected annual synergies of approximately €300 million in the third year after completion, driven by fleet optimisation, procurement, sales and marketing, and process efficiencies
A More Efficient Capital Investment Programme: optimised allocation of capital across a broader, complementary vessel fleet
An Attractive Shareholder Remuneration Policy: post-completion, Saipem7 is expected to pay a dividend of at least 40% of Free Cash Flow6 after repayment of lease liabilities
Enhanced Capital Structure: a solid balance sheet that is expected to support an investment grade credit rating
Greater Scale in Both Equity and Debt Capital Markets: access to a wider investor base and to more diversified sources of capital
Transaction Structure and Ownership
The Combined Company would be created by way of an EU cross-border statutory merger carried out by way of incorporation of Subsea 7 into Saipem, with the latter to be renamed “Saipem7”. The Combined Company would be headquartered in Milan and have its shares listed on both the Milan and the Oslo stock exchanges
Siem Industries (being the largest shareholder of Subsea7) would then own approximately 11.9% of the Combined Company’s capital, while Eni and CDP Equity (being the largest shareholders of Saipem) would own approximately 10.6% and approximately 6.4%, respectively
Transaction Terms
Subsea7 shareholders would receive 6.688 new Saipem7 shares for each Subsea7 share held
Assuming all Subsea7 shareholders participate in the merger, the share capital of the Combined Company will be held 50-50% by the current shareholders of Saipem and Subsea7
Immediately prior to completion of the Proposed Combination, Subsea7 shareholders would receive an extraordinary cash dividend of €450 million7
Organisational Structure of the Combined Company
The Combined Company will be structured in four businesses: Offshore Engineering & Construction, Onshore Engineering & Construction, Sustainable Infrastructures and Offshore Drilling
The Offshore Engineering & Construction business will be incorporated in an operationally autonomous company, named Subsea7 and branded as “Subsea7 – a Saipem7 Company”, and it is currently envisaged that it will be led by Mr John Evans. It will comprise all of Subsea7’s business and the Asset Based Services business of Saipem, representing approximately 83% of the combined group’s EBITDA of the last 12 months as of 30 September 2024. The company will be headquartered in London
In line with Saipem’s previous strategy, the Onshore Engineering & Construction will be run with a focus on reducing overall risk and maximising profitability. The Sustainable Infrastructures business will aim to consolidate its presence in the Italian market with potential expansion overseas. The Offshore Drilling division will seek to continue to maximise its EBITDA and cash flow
Shareholder Remuneration
The MoU allows Saipem and Subsea7 to make shareholder distributions of up to $350 million each in 2025, in the form of dividends8,9
In 2026, if the Proposed Combination is not completed before the approval of the full year 2025 results of Saipem and Subsea7, the two companies could each distribute by way of dividends10,11 at least $300 million
Following completion of the Proposed Combination, the Combined Company is expected to distribute to shareholders at least 40% of Free Cash Flow12 after repayment of lease liabilities
Shareholders Agreement
The Memorandum of Understanding amongst Siem Industries, CDP Equity and Eni provides for, inter alia, a three-year shareholder lock-up and standstill obligation and the submission of a common slate for the appointment of the majority of the members of the board of directors of the Combined Company.
Timing, Conditions Precedent and Approvals
The entering into and signing of binding definitive documents in respect of the Proposed Combination is conditional, inter alia, on the successful completion of confirmatory due diligence by the parties, the execution of a mutually satisfactory merger agreement (the “Merger Agreement”) and the approval of the final terms of the Proposed Combination by the Board of Directors of Saipem and Subsea7. The parties will also engage with the relevant works council consultations required by the applicable laws.
Saipem and Subsea7 have undertaken mutual exclusivity obligations in connection with the negotiations of the Proposed Combination.
Moreover, completion of the Proposed Combination will be subject to customary conditions precedent for a transaction of this nature, including, inter alia, approval by the shareholders’ meetings of both Saipem and Subsea7, the former to be also passed with the so-called whitewash majorities for the purposes of the mandatory takeover bid exemption13, and obtaining the required Italian government approval and customary regulatory clearances.
Until such conditions precedent are satisfied, there can be no certainty that the Proposed Combination will occur.
The MoU also provides for termination rights for each of Saipem and Subsea7 in connection with material findings in the context of the confirmatory due diligence, or upon payment of a break-up fee, should any of the companies wish to terminate the negotiations at its discretion before entering into the Merger Agreement.
The parties currently envisage to submit the final terms of the Proposed Combination to their respective Board of Directors for approval and to enter into the Merger Agreement around mid-2025. Completion is currently anticipated to occur in the second half of 2026.
Conference Call
On Monday 24 February 2025, at 10:00 CET, the top management of Saipem and Subsea7 will present the transaction in a dedicated conference call, which can be followed by connecting to the below URL:
The document that will be presented by Saipem and Subsea7 top management will be available on the two respective websites (www.saipem.com and www.Subsea7.com). A replay of the call will be available on the two companies’ websites.
Advisers
Goldman Sachs International is acting as lead financial advisor to Saipem, and Deutsche Bank AG, Milan Branch as financial advisor to Saipem. Clifford Chance LLP is serving as global legal counsel to Saipem in particular as to matters of Italian, English, US and Luxembourg law, while Advokatfirmaet Thommessen AS is serving as legal counsel to Saipem as to matters of Norwegian law.
Kirk Lovegrove & Company Limited is acting as lead financial advisor and Deloitte LLP is acting as financial advisor to Subsea7. Freshfields LLP is serving as global legal counsel to Subsea7 (including as to matters of Italian, US and English Law), while Elvinger Hoss Prussen S.A. and Advokatfirmaet Wiersholm AS are serving as legal counsels as to matters of Luxembourg and Norwegian law, respectively.
Enquiries
Saipem is a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, both offshore and onshore. Saipem is “One Company” organized into business lines: Asset Based Services, Drilling, Energy Carriers, Offshore Wind, Sustainable Infrastructures, Robotics & Industrialised Solutions. The company has 6 fabrication yards and an offshore fleet of 21 construction vessels (of which 17 owned and 4 owned by third parties and managed by Saipem) and 15 drilling rigs, of which 9 owned. Always oriented towards technological innovation, the company’s purpose is “Engineering for a sustainable future”. As such Saipem is committed to supporting its clients on the energy transition pathway towards Net Zero, with increasingly digital means, technologies and processes geared for environmental sustainability. Listed on the Milan Stock Exchange, it is present in more than 50 countries around the world and employs about 30,000 people of over 120 nationalities.
Subsea7 is a global leader in the delivery of offshore projects and services for the energy industry. Subsea7 makes offshore energy transition possible through the continuous evolution of lower-carbon oil and gas and by enabling the growth of renewables and emerging energies.
+++
No Offer or Solicitation
This communication and the information contained in it are provided for information purposes only and are not intended to be and shall not constitute a solicitation of any vote or approval, or an offer to sell or solicitation of an offer to buy, or an invitation or recommendation to subscribe for, acquire or buy securities of Saipem, Subsea 7 or the combined company following the proposed merger of Saipem and Subsea 7 (the “Proposed Business Combination Transaction“) or any other financial products or securities, in any place or jurisdiction, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933 (the “U.S. Securities Act”) or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.
Forward-looking Statements
This communication contains forward-looking information and statements about Saipem and Subsea7 and their combined business after completion of the Proposed Business Combination Transaction. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements are generally identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” and similar expressions. Although the managements of Saipem and Subsea7 believe that the respective expectations reflected in such forward-looking statements are reasonable, investors and holders of Saipem and Subsea7 shares are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of Saipem and Subsea7, respectively, that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Except as required by applicable law, neither Saipem nor Subsea7 undertake any obligation to update any forward-looking information or statements.
Important Additional Information about the Proposed Business Combination Transaction
This communication is not a substitute for a registration statement or for any other document that Saipem or Subsea7 may file with the U.S. Securities and Exchange Commission (“SEC”) in connection with the Proposed Business Combination Transaction. In connection with the Proposed Business Combination Transaction, Saipem and Subsea7 are filing relevant materials with the SEC, which, to the extent Saipem’s shares will be required to be registered under the U.S. Securities Act, may include a registration statement on Form F-4 that contains a prospectus. If an exemption from the registration requirements of the U.S. Securities Act is available, the shares issued in connection with the Proposed Business Combination Transaction will be made available within the United States pursuant to such exemption and not pursuant to an effective registration statement on Form F-4.
SAIPEM AND SUBSEA7 URGE INVESTORS AND SHAREHOLDERS TO READ ANY SUCH REGISTRATION STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT SAIPEM AND SUBSEA7, THE PROPOSED BUSINESS COMBINATION TRANSACTION AND RELATED MATTERS.
Investors and shareholders can obtain free copies of the prospectus and other documents filed by Saipem and Subsea7 with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Shareholders of Subsea7 are urged to read the prospectus, if and when available, and the other relevant materials when they become available, as well as any supplements and amendments thereto, before making any voting or investment decision with respect to the Proposed Business Combination Transaction and will receive information at an appropriate time on how to obtain these transaction-related documents for free from the parties involved or a duly appointed agent.
Use of Non-IFRS Financial Measures
This announcement includes certain non-IFRS financial measures with respect to Saipem and Subsea7, including EBITDA and Net debt. These unaudited non-IFRS financial measures should be considered in addition to, and not as a substitute for, measures of Saipem’s and Subsea7’s financial performance prepared in accordance with IFRS. In addition, these measures may be defined differently than similar terms used by other companies.
Presentation of Financial Information
This communication includes financial data regarding Saipem and Subsea7 and the combination of Saipem and Subsea7. The presentation of information in any registration statement that Saipem may file with the SEC may be different than the financial data included herein as the financial data included in any registration statement will be required to comply with the rules and regulations of the SEC. Further, any financial data contained herein representing the combination of Saipem and Subsea7 has not been prepared in accordance with the rules and regulations of the SEC, including the pro forma requirements of Regulation S-X. Accordingly, pro forma financial data contained in any registration statement filed with respect to the Proposed Business Combination Transaction may differ from the pro forma financial data contained herein, and such differences may be material. Any combined company financial data presented herein is presented for informational purposes only and is not intended to represent or be indicative of the actual consolidated results of operations or financial position that would have been reported had the Proposed Business Combination Transaction been completed as of October 1st, 2024, and should not be taken as representative of the companies’ future consolidated results of operations or financial position had the Proposed Business Combination Transaction occurred as of such date. These estimates are based on financial information available at the time of the preparation of this communication.
1 Merger by way of incorporation of Subsea7 into Saipem 2 Combined backlog for Saipem and Subsea7 as of 30 September 2024 3 Combined Revenue for Saipem and Subsea7 as per last 12 months as of 30 September 2024 4 Combined EBITDA for Saipem and Subsea7 as per last 12 months as of 30 September 2024 5 Subject to approval by the Shareholders’ Meeting and the Board of Directors of the Combined Company 6 Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments 7 Subject to approval by the Shareholders’ Meeting 8 Subject to approval by the Shareholders’ Meeting and the Board of Directors 9 The dividend paid by Saipem will be qualified as ordinary in nature 10 Subject to approval by the Shareholders’ Meeting and the Board of Directors 11 The dividend paid by Saipem will be qualified as ordinary in nature 12 Free Cash Flow is defined as Cash Flow from Operations less Capital Expenditure plus Divestments 13 Pursuant to Art. 49, paragraph 1, letter g) of Consob Regulation 11971/99
Source: US Department of Health and Human Services – 3
Summary
Company Announcement Date:
FDA Publish Date:
Product Type:
Food & Beverages Foodborne Illness
Reason for Announcement:
Recall Reason Description
Possible Listeria monocytogenes contamination
Company Name:
Lyons Magnus LLC
Brand Name:
Brand Name(s)
ReadyCare, Imperial
Product Description:
Product Description
Frozen supplemental shakes
Company Announcement
FRESNO, Calif. – February 22, 2025 – Lyons Magnus LLC (“Lyons Magnus”) today announced that it is voluntarily recalling 4 oz. Lyons ReadyCare and Sysco Imperial Frozen Supplemental Shakes due to the potential for the products to be contaminated with Listeria monocytogenes. Lyons Magnus is taking this action in response to a recall of the products by their manufacturer, Prairie Farms Dairy, Inc. (“Prairie Farms”) from the Prairie Farms facility in Fort Wayne, Indiana.
Listeria monocytogenes is an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, Listeria infection can cause miscarriages and stillbirths among pregnant women.
Lyons Magnus handled distribution of the recalled products, which were manufactured and supplied to Lyons Magnus by Prairie Farms. The recalled products were distributed primarily to long-term care facilities and were not available for retail sale. As soon as Lyons Magnus learned of the issue, it took immediate action to halt the purchase of all products from the affected Prairie Farms facility, notify customers, and ensure that impacted products were removed from distribution nationally. Lyons Magnus’ utmost concern is protecting consumers.
The recalled products were distributed throughout the United States and packed in 4 oz. cartons under the Lyons ReadyCare and Sysco Imperial brand names. The top of the carton has printing that identifies the Lot Code and Best By Date for these products. A chart listing all recalled products is provided below.
The recall is being conducted in cooperation with Prairie Farms, Sysco, and the U.S. Food and Drug Administration. According to a statement from the U.S. Food and Drug Administration, there have been 38 illnesses associated with the strain of Listeria monocytogenes that may have contaminated these products, including 11 deaths.
Anyone who has a recalled product in his or her possession should quarantine the recalled products. Consumers with questions may visit the Lyons Magnus website at ***.lyonsmagnus.com for more information or contact us at frozenshakerecall@lyonsmagnus.com.
The recalled products are:
Key
Item Number
Product Name
BB (Best By)
1
1733
ReadyCare Frozen Vanilla Shake
022125 to 022126
2
1734
ReadyCare Frozen Chocolate Shake
022125 to 022126
3
1735
ReadyCare Frozen Strawberry Shake
022125 to 022126
4
1736
ReadyCare Frozen Vanilla Shake NSA
022125 to 022126
5
1737
ReadyCare Frozen Strawberry Shake NSA
022125 to 022126
6
1747
ReadyCare Frozen Chocolate Shake Plus
022125 to 022126
7
1749
ReadyCare Frozen Strawberry Shake Plus
022125 to 022126
8
1754
ReadyCare Frozen Vanilla Shake Plus
022125 to 022126
9
1844
ReadyCare Frozen Strawberry Banana Shake NSA
022125 to 022126
10
3633
ReadyCare Frozen Chocolate Shake NSA
022125 to 022126
11
3338
Imperial Frozen Vanilla Shake
022125 to 022126
12
3339
Imperial Frozen Chocolate Shake
022125 to 022126
13
3340
Imperial Frozen Strawberry Shake
022125 to 022126
14
3341
Imperial Frozen Vanilla Shake NSA
15
3342
Imperial Frozen Strawberry Shake NSA
16
3364
Imperial Frozen Strawberry Banana Shake NSA
17
3699
Imperial Frozen Chocolate Shake NSA
About Lyons Magnus A leader in the food industry, Lyons Magnus produces and markets a wide array of products for the global foodservice and food ingredient channels. Lyons Magnus’ expertise includes a robust product development platform and the ability to commercialize both custom formulations and premium Lyons brand products.