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Category: Finance

  • MIL-OSI New Zealand: Speech to the Institute of Finance Professionals NZ, 2024 Conference

    Source: New Zealand Government

    Kia ora koutou

    Greetings from Wellington. I am sorry I can’t be with you in person today, but I’m delighted that I can talk to you virtually. 

    I’d like to begin by acknowledging your chair Bill Goodwin and members of your board.

    I’d also like to acknowledge the fitness of your conference theme: “Adaptability – highlighting the imperative for both corporate and government investment to be more considered and impactful in light of the financial constraints on governments and the increased costs of capital.”

    That’s quite a mouthful. But, as a finance minister who inherited a structural deficit and a challenging set of circumstances, both domestically and internationally, those are themes dear to my heart. 

    New Zealand, like other countries, has faced significant economic challenges in recent years.  Many businesses and households are doing it tough. High inflation has increased household costs and squeezed business margins.

    However, the two most recent ANZ Business Outlook surveys and the New Zealand Herald’s Mood of the Board room survey suggest you and your colleagues in the business world are increasingly positive about the outlook for the future. 

    The green shoots of business confidence are re-emerging.

    I share your optimism. 

    We’ll get the latest update on inflation tomorrow when Stats NZ releases the September quarter inflation data, but all the indications are that inflation is tracking back down to the Reserve Bank’s target range of 1 to 3 per cent. 

    Certainly, that’s the Reserve Bank’s view. It’s decision last week to drop the Official Cash rate by 50 basis points was a welcome fillip for businesses and households. 

    It followed the 25-basis point drop in August.

    Lower interest rates mean families get to keep more of their money and they increase the opportunities for businesses to invest, innovate and expand.

    How people are impacted by interest rate reductions will depend on the terms of their mortgages – whether they are floating or fixed and, if fixed, for what length of time and at what rates.  

    The good news is that right now roughly half of New Zealand’s mortgage lending is either fixed or floating for a period of six months or fewer. 

    That means the impact of a lower official cash rate will flow through to households much faster than might typically be the case. And the impact will be significant.

    To give one example, a family with a 25-year, $500,000 mortgage could expect to be just over $100 a fortnight better off if its rate dropped from 7 to 6.25 per cent.

    Add that to the tax relief that took effect on 31 July and the FamilyBoost childcare payments that many households are now receiving, and we can confidently say that large numbers of families are now significantly better off than they were a year ago.

    Budget 2024 was another important step in the right direction. It put the Government’s books on a credible path back to fiscal sustainability. 

    The Crown accounts are forecast to return to surplus in 2028 and net core Crown debt is forecast to start trending down as a percentage of gross domestic product the same year. 

    This does not mean that our financial and economic challenges have magically evaporated. It also does not mean that we can pat ourselves on the back and relax the focus that we have re-introduced on fiscal discipline.  

    Fiscal discipline is not a one-off, one-Budget affair. It is an ongoing state of mind. 

    It’s not easily achieved, but it is fundamental to our prospects.

    There is no time in recorded history in which a country has enjoyed a continuous period of economic prosperity without a stable macroeconomic environment. 

    What does that mean in practice? It means low inflation, a balance between government expenditure and revenue and a balance between domestic demand and exports. 

    In other words, governments cannot live beyond their means for sustained periods of time without damaging the future prospects of their citizens.

    Our Government doesn’t just think about constraining future government expenditure. We are equally intent on driving more value from the significant investment the Government already makes across the economy. 

    That means delivering more effective management of the considerable assets we own and making better choices about where and how we use taxpayers’ money.

    For me, the ultimate purpose of strengthening the economy and improving the state of the books is not to change the colour of the ink in those books. It is to improve outcomes for people. 

    As we look ahead, the Government is squarely focused on improving the growth prospects of the New Zealand economy.  

    Growing our economy faster requires us to improve the attractiveness of New Zealand as a launch place for business and exporting, it means attracting and retaining people who choose this as the country where they want to develop and deploy their talents, to start new businesses, to expand existing ones, to invest and drive innovation.   

    It’s a competitive world, and so New Zealand needs to constantly improve our proposition to the world. 

    As we look to the future and consider a globe grappling with challenges to climate, peace and stability, our country’s fundamentals are excellent.  

    In an unstable, hungry world, we are a peaceful, food-producing country blessed with secure borders, strong institutions, a strong sense of community, well-established trade relationships, a reputation for producing innovative and enterprising people, and abundant natural resources.

    Even so, our country has not been making the most of these advantages. 

    We still have much to do to develop our human capital, to make this a more attractive place to invest, to boost our trade with the world, to encourage innovation and harness new technologies, to ensure we have a foundation of world-class infrastructure, and to reduce the regulatory and bureaucratic static that can hamper the deployment of good ideas.

    The Government’s reform agenda is about realising the untapped potential we see in so many dimensions of New Zealand life.    

    We know that to be successful in driving growth we need you and your colleagues in the business community on board.  

    The previous government distrusted private capital and discounted the value of private sector innovation. 

    This Government’s attitude is different. 

    We recognise that you have a critical role to play in innovating, investing and developing markets. Our role as government is to create the framework that encourages the business sector to invest, innovate, employ and take risks.  

    Accordingly, our growth agenda focuses on five key areas. 

    They are not just about the next few years, but about the next few decades. 

    First, we have to start with our people – human capital. 

    We as New Zealanders have a deserved reputation for innovating, rolling up our sleeves and getting on with things. And we still score relatively well in international education tests, but not as well as we used to. 

    That is why Education Minister Erica Stanford is refocusing the education system on the core skills that make the most difference to kids’ prospects – reading, writing and mathematics. 

    She is doing so not just to improve the economic outlook but because lifting educational achievement is the best thing we can do to address social inequality. Education has the power to transform lives.

    Making better use of our human capital also requires us to deliver more effective interventions for those citizens who may be left behind – individuals, families and communities whose lives are disrupted by difficult childhoods, educational under-achievement, unemployment, violence, crime; people whose innate human potential goes unfulfilled.  

    This is where our work in social investment comes in. Our Government wants to better harness the considerable resources New Zealand already invests in well-intended interventions for New Zealanders in need. 

    We want to devolve more power to the non-government organisations and iwi who often know better how to deliver for the needs of their community, and who are eager to act on data and evidence about what works for who.

    Our social investment agency is now up and running, is developing prototype social investment contracts, designing a social investment fund and working across Government to take a more rigorous approach to the social investments we make. 

    Second of the themes in our reform agenda is trade and investment. 

    Congratulations to Trade Minister Todd McClay for last month concluding the negotiations for New Zealand’s fastest-ever free trade agreement with the United Arab Emirates. 

    The negotiations, which will save New Zealand exporters millions of dollars, took just four months. 

    There will be more agreements to come. 

    And we are looking not just at growing our exports, but, equally importantly, at improving capital flows into New Zealand. 

    The Organisation for Economic Cooperation and Development (the OECD) has identified our foreign investment regime as one of the most restrictive in the developed world. 

    As a result, our stock of foreign direct investment is equivalent to about 40 per cent of GDP which compares to the OECD average of about 50 per cent. 

    This low level of investment not only reduces our opportunities to grow, it also slows our access to frontier technologies like artificial intelligence which are changing the way our competitors and trading partners operate. 

    Foreign direct investment is recognised as a key vector for the transfer of cutting-edge technology.  

    We’ve taken initial steps to address this imbalance. Earlier this year Associate Finance Minister David Seymour directed the Overseas Investment Office to administer the overseas investment regime in a way that:

    • minimised compliance costs; 
    • imposed a burden no broader than necessary; and
    • expedited application processes. 

    As a result, every consent application received and processed after his directive came into effect on 6 June has been decided in under half of the statutory timeframe.

    You can expect to hear more from us on this. 

    The Government will make a new round of significant reforms to the Overseas Investment Act next year. We want to put out the welcome mat to investors who want to help grow this country.  

    Third, science and innovation. 

    New Zealand has a proud history of scientific innovation and putting those innovations to good use. 

    In the 1880s the foundations of the New Zealand meat and dairy products industries were laid by the entrepreneurs who took advantage of developments in refrigeration technology to successfully ship frozen meat and dairy products to Britain for the first time. 

    More recently, Sir Peter Jackson, Dame Fran Walsh and Sir Richard Taylor have made Wellington the global centre of film special effects, Sir Peter Beck’s Rocket Lab is leading the world in the development of small, low-cost rockets and the development of a disease resistant strain of golden kiwifruit by scientists at Plant and Food Research has turbo-charged the kiwifruit industry. 

    I could go on – Ernest Rutherford, the Hamilton jetboat, bungy jumping… you get the picture. We need more of this sort of innovation. 

    The Government is doing its part.

    Judith Collins as Science, Innovation and Technology Minister, has announced the outdated, effective ban on gene technology will be scrapped by the end of next year. 

    Doing so will enable researchers and companies to further develop and commercialise their innovative products, improve health outcomes and help New Zealand to adapt to climate change. Ending the ban has the potential to deliver massive economic benefits to New Zealand.

    Judith is overseeing a shake-up of the state science system to better focus it on our economic needs and commercial opportunities.  

    And she is championing efforts to increase the uptake of artificial intelligence by New Zealand businesses as well as efforts to make it easier for businesses and people wanting to interact with government agencies to access government information and support by using AI. 

    Wearing another of his hats, Todd McClay announced earlier this year as agriculture minister that the Government was partnering with the a2 Milk Company, ANZ and ASB to put another $18 million into AgriZero, the joint venture established to boost New Zealand’s efforts to reduce agricultural emissions. 

    The injection took total funding for AgriZero to $183 million over its first four years, half of which is coming from the Crown. This public-private partnership approach is one we want to build on. 

    Fourth, regulation and competition. 

    It sounds dry but removing red tape and making this an easier place in which to get things done really matters, from fixing up the Credit Contracts and Consumer Finance Act (CCCFA), to improving building consent processes to having more pro-competitive prudential regulation.

    One of the most significant regulatory reforms our Government is making is removing the burden that the Resource Management Act has imposed on New Zealand. 

    That law has held back housing development, pushed the dream of home ownership out of reach of many young Kiwis, inhibited development and held back productivity and growth. 

    We are fixing the Act, and we have started with the fast-track regime announced by Infrastructure Minister Chris Bishop which will speed up consenting for 149 housing, infrastructure, renewable energy, mining, aquaculture, farming, and quarrying projects. 

    In the process, the new regime will deliver measurable benefits to regional New Zealand and help to stimulate growth nationally. 

    Fixing the Act does not mean we are throwing away environmental protections. But it does mean we are getting rid of the unnecessary red tape and delays that have held New Zealand back. 

    Improving New Zealand’s competition settings is equally important. In its most recent survey of the New Zealand economy, the OECD highlighted the importance of this work, given the small size of our population and the tendency for sectors to become dominated by a small clutch of players.

    International experience shows that competition is one of the most important drivers of long-term growth and productivity.   

    You’ll have seen that our Government is taking up the recommendations of the recent Commerce Commission inquiry into banking competition.  

    We are concerned that the two-tier oligopoly has meant Kiwis are missing out on the competitive pricing and services they deserve from their banks.

    I have asked the Treasury to engage with Kiwibank’s parent company on options for raising new capital to enable it to be a more disruptive competitor for the big four banks. 

    Potential sources of investment include KiwiSaver funds, New Zealand investments funds and everyday New Zealanders. I will take proposals to Cabinet later this year. 

    We are also alive to challenges in the grocery and electricity sectors. 

    Finally, infrastructure. 

    New Zealand has an infrastructure deficit that is holding back productivity and that has been worsened by a poor track record of planning, consenting and delivering major projects. 

    We’re working to fix that, by implementing tried and true approaches from more successful economies.

    We hear what business is saying. You want an enduring framework and an enduring pipeline. So do we, and we are applying lessons learned in Australia to our infrastructure reforms. 

    One of these is the importance of bipartisanship. Given the long-term nature of investment in infrastructure it is desirable to have as much buy-in as possible from different political parties. 

    To that end, Infrastructure Minister Chris Bishop has written to the infrastructure spokespeople of each party represented in Parliament inviting them to be briefed by the Infrastructure Commission on the development of a 30-year National Infrastructure Plan.

    Chris is also proposing that Parliament hold an annual special debate on the plan. The debate won’t change the content of the plan because it will be developed independently, but the debate will show where parties agree, where we don’t, and where there is room for compromise in the best interests of New Zealanders. 

    It will come as no surprise to you to hear, that a National-led government sees private capital as key to funding our ambitious work programme and closing New Zealand’s infrastructure gap faster. 

    We are currently in the process of refreshing the policy frameworks that enable private capital to invest in Crown infrastructure. 

    This includes the public private partnership (PPP) framework and unsolicited proposals guidance. We look forward to working further with you on the development of the pipeline.  

    I’ll stop now to leave some time for questions. 

    You can see from the steps we’ve taken and the priorities I’ve outlined that this is a government that is hungry and ambitious for New Zealand. 

    We feel your sense of urgency, we value your expertise, connections and energy, and we want you on board as we seek to tap New Zealand’s untapped potential. 

    You want bold and I want it too. 

    Together, let’s make this the best country in the world in which to do business and raise our families. 

    MIL OSI New Zealand News –

  • MIL-OSI Banking: Development Asia: Accelerating Climate Change Financing in the People’s Republic of China

    Source: Asia Development Bank

    Future Proof Climate Change Financing Guideline

    An effective framework is crucial for managing climate finance projects. The project developed the Future Proof Climate Change Financing Guideline to advance climate action by setting clear project criteria, promoting technology adoption, and evaluating environmental benefits. Aligned with national climate goals, it offers a standardized approach to creating and assessing a robust project library.

    By refining green finance frameworks, the guideline prioritizes projects in eight sectors: electricity, industry, transportation, buildings, methane, nitrous oxide, fluorinated gases, and carbon sinks. It also expands mitigation to include low-carbon services and adaptation to cover sponge city infrastructure, ecological restoration, and more.

    The guideline’s assessment process includes project taxonomy, threshold evaluation, and technology analysis. By measuring technological advancements and environmental impacts, it ensures that funded projects deliver meaningful climate benefits. This approach supports the growth of climate finance nationwide, especially in pilot cities.

    China Certified Emission Reduction Plus Guideline

    Meanwhile, the China Certified Emission Reduction Plus Guideline, another output from the project, directs investment toward high-impact voluntary emission reduction projects. By applying strict evaluation criteria, it ensures that social capital backs projects with significant environmental and social benefits, accelerating the PRC’s journey to carbon neutrality.

    Drawing from international practices like the Clean Development Mechanism (CDM), Verified Carbon Standard (VCS), and others, this guideline adheres to additionality, permanence, and no-double-counting principles, while considering PRC-specific contexts. It introduces innovative approaches for crediting period management, implementation, and digital Measurement, Reporting, and Verification (MRV).

    By dividing the evaluation into initial and subsequent stages, the guideline allows for thorough project assessment. It mandates environmental monitoring throughout the project lifecycle. Clear evaluation criteria help investors identify high-quality projects. The digital MRV standard enhances efficiency and ensures data integrity through automated monitoring and reporting.

    MIL OSI Global Banks –

  • MIL-OSI Security: Informational: Federal Court arraignments

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    The U.S. Attorney’s Office announced that the following persons were arraigned or appeared this week before U.S. Magistrate judges on indictments handed down by the Grand Jury or on criminal complaints. The charging documents are merely accusations and defendants are presumed innocent until proven guilty beyond a reasonable doubt:

    Appearing in Missoula before U.S. Magistrate Judge Kathleen L. DeSoto and pleading not guilty on Oct. 11 was:

    Johntay Jujuan Taylor, 27, of Texas, on charges of conspiracy to commit bank fraud and wire fraud. If convicted of the most serious crime, Taylor faces a maximum of 30 years in prison, a $1 million fine and five years of supervised release. Taylor was detained pending further proceedings. The FBI; U.S. Secret Service; Chubbock, Pocatello and Kemmerer, Idaho, Police departments; Bannock County, Idaho, Sheriff’s Office; Idaho State Police; Missoula, Bozeman, Helena, Livingston and Laurel, Montana, Police departments; Yellowstone County, Montana, Sheriff’s Office; Teton County, Wyoming, Sheriff’s Office; and Evanston and Mountain View, Wyoming, Police departments conducted the investigation. PACER case reference. 23-13.

    Appearing Oct. 10 was:

    Keegan Allan Strelnik, 42, of Florence, on charges of prohibited person in possession of a firearm. If convicted of the most serious crime, Strelnik faces a maximum of 15 years in prison, a $250,000 fine and three years of supervised release. Strelnik was released pending further proceedings. The Bureau of Alcohol, Tobacco, Firearms and Explosives, U.S. Probation Office and Montana Department of Fish, Wildlife and Parks conducted the investigation. PACER case reference. 24-54.

    Nicole Lynn Shain, 39, of Bonners Ferry, Idaho, on charges of possession with intent to distribute methamphetamine and fentanyl. If convicted of the most serious crime, Shain faces a mandatory minimum of five years to 40 years in prison, a $5 million fine and at least four years of supervised release. Shain was detained pending further proceedings. Homeland Security Investigations and the Flathead Tribal Police Department conducted the investigation. PACER case reference. 24-50.

    The progress of cases may be monitored through the U.S. District Court Calendar and the PACER system. To establish a PACER account, which provides electronic access to review documents filed in a case, please visit http://www.pacer.gov/register.html. To access the District Court’s calendar, please visit https://ecf.mtd.uscourts.gov/cgi-bin/PublicCalendar.pl.

    XXX

    MIL Security OSI –

  • MIL-OSI Security: Fresno Man Sentenced to 3 Years in Prison for Series of Vehicle Pipe-Bombings

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    FRESNO, Calif. — Scott Eric Anderson, 46, of Fresno, was sentenced Wednesday to three years in prison for conspiracy to destroy property, malicious destruction by means of an explosive device and being a felon in possession of a firearm, U.S. Attorney Phillip A. Talbert announced.

    According to court documents, between November 2022 and February 2023, Anderson committed a series of pipe-bombings on unoccupied vehicles and property in Fresno. The bombings damaged vehicles belonging to two auto-related businesses on Clinton Avenue in Fresno. On Feb. 19, 2023, a bomb heavily damaged a vehicle used by a home health care business on Fallbrook Avenue in Fresno. Anderson sometimes recorded his crimes by video. Law enforcement also recovered a pistol in Anderson’s bedroom. Anderson was previously convicted of carrying a loaded and concealed weapon and is prohibited from possessing a firearm.

    This case was the product of an investigation by the Fresno Police Department, the Federal Bureau of Investigation, and the Bureau of Alcohol, Tobacco, Firearms and Explosives. Assistant U.S. Attorney Michael G. Tierney prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Economics: Money Market Operations as on October 14, 2024

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 532,740.60 6.26 4.50-6.50
         I. Call Money 10,988.08 6.42 5.10-6.50
         II. Triparty Repo 369,234.60 6.24 6.20-6.45
         III. Market Repo 151,494.92 6.29 4.50-6.50
         IV. Repo in Corporate Bond 1,023.00 6.40 6.39-6.45
    B. Term Segment      
         I. Notice Money** 284.80 6.30 5.50-6.50
         II. Term Money@@ 704.00 – 6.65-7.25
         III. Triparty Repo 1,065.00 6.35 6.35-6.35
         IV. Market Repo 352.39 6.45 6.36-6.55
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo Mon, 14/10/2024 4 Fri, 18/10/2024 24,070.00 6.49
    3. MSF# Mon, 14/10/2024 1 Tue, 15/10/2024 1,982.00 6.75
    4. SDFΔ# Mon, 14/10/2024 1 Tue, 15/10/2024 94,487.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -116,575.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo Fri, 04/10/2024 14 Fri, 18/10/2024 44,275.00 6.49
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    5. On Tap Targeted Long Term Repo Operations€ Mon, 15/11/2021 1095 Thu, 14/11/2024 250.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 2,275.00 4.00
    6. Special Long-Term Repo Operations (SLTRO) for Small Finance Banks (SFBs)£ Mon, 15/11/2021 1095 Thu, 14/11/2024 105.00 4.00
    Mon, 22/11/2021 1095 Thu, 21/11/2024 100.00 4.00
    Mon, 29/11/2021 1095 Thu, 28/11/2024 305.00 4.00
    Mon, 13/12/2021 1095 Thu, 12/12/2024 150.00 4.00
    Mon, 20/12/2021 1095 Thu, 19/12/2024 100.00 4.00
    Mon, 27/12/2021 1095 Thu, 26/12/2024 255.00 4.00
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,217.52  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     -33,517.48  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -150,092.48  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on October 14, 2024 999,295.71  
         (ii) Average daily cash reserve requirement for the fortnight ending October 18, 2024 1,001,756.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ October 14, 2024 0.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on September 20, 2024 418,318.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    € As per the Press Release No. 2020-2021/520 dated October 21, 2020, Press Release No. 2020-2021/763 dated December 11, 2020, Press Release No. 2020-2021/1057 dated February 05, 2021 and Press Release No. 2021-2022/695 dated August 13, 2021.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    £ As per the Press Release No. 2021-2022/181 dated May 07, 2021 and Press Release No. 2021-2022/1023 dated October 11, 2021.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad            
     Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/1291

    MIL OSI Economics –

  • MIL-OSI Economics: Media release: Opposition’s pledge to include gas in Capacity Investment Scheme welcomed – Australian Energy Producers

    Source: Australian Petroleum Production & Exploration Association

    Headline: Media release: Opposition’s pledge to include gas in Capacity Investment Scheme welcomed – Australian Energy Producers

    Opposition’s pledge to include gas in Capacity Investment Scheme welcomed 

    Australian Energy Producers welcomes the Federal Opposition’s plan to include gas in the Capacity Investment Scheme (CIS) to help secure urgently needed investment in gas power generation capacity. 

    Australian Energy Producers Chief Executive Samantha McCulloch said the announcement sent a strong signal about the critical, long-term role of gas in Australia’s energy mix and would redress a policy failure of omitting gas from the scheme.  

    “The energy market operator recently highlighted that the National Electricity Market will need an additional 13 GW of new gas power generation to be built by 2050 as part of the least-cost transition, underscoring the increasingly important role of gas for Australia’s energy security,” she said. 

    “Australia urgently needs investment in new gas supply and infrastructure, and the CIS is an important lever to support this necessary investment.” 

    “Amid an increasingly difficult regulatory and investment environment in Australia, the Coalition has recognised the critical role of gas and the need for more supply to ensure reliable and affordable energy for households and businesses.” 

    Today’s announcement complements Coalition commitments to address the regulatory barriers to new gas supply, unlock key gas basins, and to reinstate annual acreage releases.  

    “Australia needs energy policies that provide certainty around project approvals and regulatory stability to restore investor confidence,” she said. 

    “The deliberate exclusion of gas from the current CIS was a mistake that needs correcting to incentivise the significant investment needed to ensure Australians have reliable and affordable energy. 

    “This is not a measure that needs to wait until the next federal election – it is a conversation that state and federal energy ministers should be having today.” 

     

    Media Contact: Brad Thompson on 0401 839 227 

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Speech by SFST at HKEX FIC Summit APAC 2024 (English only) (with photo)

    Source: Hong Kong Government special administrative region

    Speech by SFST at HKEX FIC Summit APAC 2024 (English only) (with photo)
    Speech by SFST at HKEX FIC Summit APAC 2024 (English only) (with photo)
    ***********************************************************************

         Following is the speech by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the HKEX FIC Summit APAC 2024 today (October 15): Bonnie (Chief Executive Officer of Hong Kong Exchanges and Clearing Limited, Ms Bonnie Chan), distinguished guests, ladies and gentlemen,      It is both an honour and a privilege to stand before you today at the HKEX FIC Summit APAC 2024. We gather to explore the rich landscape of fixed income and currency markets, particularly as they pertain to the burgeoning opportunities in Mainland China. This year’s summit comes at a pivotal moment for not only Hong Kong but also for the broader Asia-Pacific region as we navigate the complexities of a rapidly evolving financial world.      As we delve into the exciting topics surrounding Chinese government bonds, Renminbi (RMB) internationalisation, and the innovative Swap Connect initiative, we recognise that Hong Kong is uniquely positioned at the intersection of global finance and the vast opportunities that lie within Mainland China’s fixed income space. Hong Kong as an international financial centre      Hong Kong has long been heralded as a beacon of international finance, a vibrant hub characterised by its openness, robust regulatory framework, and professional expertise. Our market is not just a financial centre; it is a dynamic environment where diverse talents converge, facilitating the free flow of information and capital. This unique position allows us to leverage the advantages of both worlds – global access coupled with deep insights into the Mainland’s economic landscape.      As the world’s second-largest economy, Mainland China is increasingly integrated with the international financial world, and we are thrilled to be part of this journey. The rise of the RMB as a significant player in international trade, investment, and cross-border transactions is not just a trend; it is a transformation that presents us with incredible opportunities. The rise of the Renminbi      The growth trajectory of the RMB is remarkable. According to various reports, the proportion of RMB used in global transactions has been steadily increasing. RMB is the fourth most active currency for global payments by value as of August this year, with its share rising to 4.7 per cent, according to SWIFT data. This is not merely a consequence of Mainland China’s economic growth; it reflects a strategic rise of the RMB as a global currency.      Here in Hong Kong, we have been at the forefront of this initiative since 2004, establishing ourselves as the world’s leading offshore RMB business hub. The developments we have witnessed – such as the largest offshore pool of RMB funds and a vibrant market for foreign exchange and interest rate derivatives – highlight our commitment to creating a diversified ecosystem that enhances the RMB’s global standing.      The opportunities for businesses and investors are vast. As we facilitate the growth of the RMB, we also open doors for international investors looking to capitalise on the Mainland’s economic potential. Our position as a financial conduit for RMB transactions allows us to attract global capital, creating a win-win scenario that benefits all parties involved. Advancing the FIC market development      As we strive to strengthen our position as a leading international financial centre, we are dedicated to enhancing our fixed income and currency (FIC) markets. Our vision is to transform Hong Kong into a premier FIC hub in the Asia-Pacific region, a goal that aligns with our broader market development objectives.      The local bond market is a vital component of this strategy. We are committed to developing it further to complement the financing functions of the stock market and banking system. According market statistics, Hong Kong ranked the first in the region for 16 consecutive years in terms of arranging international bond issuance by Asian institutions, and has ranked first in the world for nine of those years. The amount of issuance arranged through Hong Kong last year was close to US$90 billion, which accounted for nearly a quarter of the market.      Our dedication to strengthening the local bond market is evident on many fronts. Earlier this year, we successfully offered approximately HK$25 billion worth of green bonds denominated in RMB, USD and EURO. Impressive response was received from global investors with the subscription amount exceeding HK$120 billion equivalent, which was about four times of oversubscription. In particular, the 20-year and 30-year RMB Green Bonds were offered for the first time by the Government, among which the 30-year bond is also the longest tenor RMB bond offered by the Government so far, providing new benchmarks for the market. We have seen significant progress, particularly with the issuance of RMB sovereign bonds and municipal government bonds in Hong Kong. These bonds not only enhance our local bond market but also help establish a benchmark yield curve for offshore RMB bonds. So far, the Ministry of Finance has issued a total of RMB352 billion RMB sovereign bonds in Hong Kong. Furthermore, recent tax exemptions for debt instruments issued by Mainland local governments underscore our commitment to fostering a robust bond market. This exemption, effective from March last year, extends the profits tax exemption to debt instruments issued in Hong Kong by all Mainland local governments, thus encouraging more participation and investment. The impact of Bond Connect      We must also acknowledge the transformative impact of the Bond Connect scheme. Launched in 2017, Bond Connect has facilitated mutual access between Hong Kong and Mainland bond markets, enabling overseas investors to participate in the China Interbank Bond Market. This scheme has fundamentally changed the landscape of bond investment in the region. As of August this year, foreign holdings of Mainland onshore bonds through Bond Connect have exceeded RMB4,500 billion, illustrating the strong demand for Chinese assets. The total monthly trading volume has also increased from RMB31.0 billion in July 2017 to about RMB1,000 billion in August this year.      The launch of Southbound trading in September 2021 has further enriched this initiative, providing an effective avenue for qualified onshore investors to diversify their asset allocation while presenting enormous opportunities for Hong Kong’s financial industry. Not only does this enhance the attractiveness of Hong Kong as a bond-issuing platform, but it also promotes the liquidity of our bond market and facilitates the progress of RMB internationalisation.      The interconnectedness fostered by Bond Connect not only enriches our markets but also serves as a catalyst for RMB internationalisation. As we continue to enhance this framework, we create new opportunities for collaboration and investment that will benefit both local and international stakeholders. Innovations with Swap Connect      The introduction of Swap Connect is another significant milestone in our journey toward enhancing Hong Kong’s offshore RMB market. Launched in May 2023, Swap Connect allows for mutual access between interest rate swap markets in Hong Kong and the Mainland. This initiative provides a much-needed avenue for global investors to manage interest rate risks associated with their bond investments.      As we celebrate the first anniversary of Swap Connect, we are excited about the recent enhancements that have been launched. The enhancements expand the range of products available, enhance operational efficiency, and reduce participation costs. It has also been announced that offshore investors will be able to use onshore bonds issued by the Ministry of Finance and policy banks on the Mainland as margin collateral for transactions. This measure will improve capital efficiency and also stimulate greater market participation.      We are committed to ensuring that Swap Connect remains a robust and dynamic platform for investors. We believe that by addressing the diverse risk management needs of domestic and foreign investors, we can further invigorate market participation in the Connect Schemes. Future opportunities      Looking ahead, there are abundant opportunities on the horizon. As we embrace the development of the Guangdong-Hong Kong-Macao Greater Bay Area, we find ourselves in a unique position to facilitate RMB internationalisation and strengthen our role as a testing ground for innovative financial practices. This initiative is not only vital for economic growth but also positions us as a leader in the global financial arena.      Moreover, we will continue to leverage technological advancements to enhance our financial services. The integration of fintech solutions into our FIC markets will not only improve efficiency but also attract a new generation of investors who are looking for innovative ways to engage with the market. Building on the success of the first tokenised green bond issuance, we have issued the world’s first multi-tranche digitally native green bonds this year, denominated in HKD, CNH, USD and EUR. By embracing technology, we can enhance transparency, streamline operations, and create a more inclusive financial environment. Conclusion      As we continue to leverage our distinctive advantages, I am confident that we will solidify Hong Kong’s status as a leading international financial centre and offshore RMB business hub. Together, let us explore the pathways to greater collaboration, innovation, and growth. I look forward to fruitful discussions and collaborations in the days to come. Your participation and insights are invaluable as we chart a course toward a prosperous financial future for Hong Kong, China, and the Asia-Pacific region. Thank you. 

     
    Ends/Tuesday, October 15, 2024Issued at HKT 11:57

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Media Registration for the 2024 APEC Economic Leaders’ Week Opens Singapore, Peru | 15 October 2024 APEC Secretariat APEC Secretariat

    Source: APEC – Asia Pacific Economic Cooperation

    Media registration is now open for the 2024 APEC Economic Leaders’ Week (AELW), which will be held in Lima, Peru, from 9 to 16 November 2024. Peru President Dina Boluarte will chair the APEC Economic Leaders’ Meeting on 16 November.

    Minister for Foreign Affairs of Peru Elmer Schialer and Minister of Foreign Trade and Tourism Úrsula León will host their foreign affairs and trade counterparts for the APEC Ministerial Meeting. The AELW will also include the 2024 APEC CEO Summit and the APEC Business Advisory Council (ABAC) Dialogue with Leaders.

    Media representatives are invited to apply for accreditation to cover these high-level meetings and associated events.

    Background

    APEC Peru 2024 is centered around the theme “Empower. Include. Grow.” This theme reflects Peru’s commitment to fostering inclusive growth and sustainable development across the Asia-Pacific region. The priorities for this year include:

     

    1. Trade and Investment for Inclusive and Interconnected Growth: This focus aims to strengthen open and inclusive trade policies that facilitate economic growth across diverse sectors of society, ensuring long-term sustainability.

       

    2. Innovation and Digitalization to Promote Transition to a Formal and Global Economy: This priority seeks to support vulnerable economic actors in their transition from informal to formal participation in the global economy through innovation and digital tools.

       

    3. Sustainable Growth for Resilient Development: This involves promoting energy transitions, decarbonization of economic activities, and enhancing food security to build resilience in the face of climate change and other challenges.

     The AELW schedule is as follows:

    • 10-12 November: 4th APEC Business Advisory Council (ABAC) Meeting
    • 11-12 November: Senior Officials’ Retreat and Concluding Senior Officials’ Meeting
    • 13 November: Dialogue on Indigenous Peoples: Indigenous Perspectives on Inclusive Growth and Economic Empowerment
    • 14 November: APEC Ministerial Meeting
    • 14-15 November: APEC CEO Summit
    • 15 November: APEC Economic Leaders’ Dialogue with ABAC
    • 16 November: APEC Economic Leaders’ Meeting

    Accreditation procedure

    Access to media facilities, services and specific events will only be available to accredited media representatives. Media badges will be issued for accredited media only. To be accredited for the AELW, media representatives need to submit a cover letter in PDF format to [email protected] that includes information outlined below:

     

    • Name of the media organization
    • Contact person responsible for the accreditation including their email and mobile number
    • Full name of team who will cover the AELW
    • Passport or ID of the team who will cover the AELW

    After the submission, the media accreditation officer will review the documents. The person responsible for the accreditation will then receive a user ID and password to initiate the registration process for the media team through the registration portal.

    Once the pre-registration process is completed, the verification stage will begin, which may take several days. A notification email with either confirmation or request for additional requirements will be sent to the contact person responsible for the accreditation process.

    Details regarding the date, time and place for credential pick-up will be provided via email. The deadline for the media registration is Monday, 4 November, Peru time. We strongly encourage media representative to register as soon as possible to allow sufficient time for visa arrangements, as needed, and the temporary importation of equipment.

    Media credentials will be available for pickup from 1-16 November at Prom Peru at Av. Jorge Basadre 610, San Isidro, Lima, Peru from 08:00 to 17:00. Please address all media-related inquiries to [email protected] and [email protected]. Read the full media accreditation details in this link.

    For further details, please contact:

    APEC Media at [email protected]

    Michael Chapnick +65 9647 4847 at [email protected]

    MIL OSI Economics –

  • MIL-OSI: Forbion raises in excess of €2 billion for two new funds

    Source: GlobeNewswire (MIL-OSI)

    • Forbion’s largest fundraising to date, with Forbion’s Growth Opportunities Fund III raising €1.2 billion and Forbion Ventures Fund VII raising €890 million
    • Assets under management now at €5 billion
    • Fundraising follows strong performance, with six exits of $1 billion+ within a 12-month period

    NAARDEN, The Netherlands, Oct. 15, 2024 (GLOBE NEWSWIRE) — Forbion, a leading global life sciences venture capital firm with deep expertise in Europe, today announces that it has raised over €2 billion ($2.2 billion) across its two newest funds, Forbion Growth Opportunities III and Forbion Ventures VII, bringing assets under management at Forbion to €5 billion ($5.5 billion). Both funds exceeded their original target sizes and reached €1.2 billion ($1.3 billion) and €890 million ($980 million) respectively.

    The fundraising enables an increase of both the number of investments and the average size of Forbion’s participation in future portfolio company financings, reflecting the opportunities it sees for superior returns in development-stage life sciences companies. It is anticipated that the Forbion Growth Opportunities Fund III and Forbion Ventures Fund VII will each invest in approximately 15 portfolio companies.

    Sander Slootweg, Managing Partner and co-founder of Forbion, said: “I thank all our investors for their continued confidence in our ability to source and support innovative biotechs and to deliver impactful returns. With greater levels of capital, we are able to extend more support to our portfolio companies as they grow and seek to maximize their potential. We continue to see great opportunities to deploy capital in Europe and North America, backing talented management teams that develop novel therapeutics with the potential to impact the future of medicine.”

    Robbert van de Griendt, General Partner, Investor Relations and Impact, said: “We are delighted to have achieved this record fundraising against a backdrop of volatile market conditions. The strong demand we have seen from both existing and new investors is directly related to our strong and consistent historical returns as well as an impressive string of recent exits and also reflects investors’ conviction in our specialist investment strategy and in the positive fundamentals of our sector.”

    A track record of strong performance
    Forbion’s latest fundraising builds on its successful track-record of generating consistently impactful returns based on an investment strategy focused on companies with strong fundamentals, anchored in unique science and deep due diligence, while its platform approach enables its funds to support biotechs through company building (Ventures funds) and company expansion (Growth Opportunities funds). Following this approach has led to many valuable exits over time, including, most recently, that of Yellow Jersey Therapeutics, a subsidiary of Numab Therapeutics, Mariana Oncology and Aiolos Bio. Forbion’s success has led to it being recognized as the Top Performing European VC Manager as part of Preqin’s1 2024 awards. Forbion has 58 active investments, and has led or co-led 88% of the initial investment rounds of the 26 portfolio companies across Forbion Growth Opportunities Fund II and Forbion Ventures Fund VI.2

    Brian Frieser, Principal Portfolio Manager PE & Infrastructure at MN, a major Dutch pension advisor, said: “Our pension fund clients are dedicated to achieving the best possible risk-return for their participants. Investments in biotech not only promise strong returns but also make a positive societal impact. The capital commitments to Forbion’s new fund on behalf of our clients are expected to contribute significantly to this two-sided goal.”

    Investing in cutting edge science
    Since its launch over two decades ago, Forbion has made 128 investments. During this time, Forbion’s portfolio companies have contributed to advancing medical science and innovation through the development of many breakthrough therapies, including pioneering the development of new technologies such as gene and immune therapies, and via 256 scientific publications. At the end of 2023, active portfolio companies reported a total of 129 drug programs under development and/or in discovery and 80% of drug programs were ‘disease modifying’, in line with Forbion’s focus on enabling the development of novel therapeutics in critical areas of unmet medical need.3

    Expertise and partnerships
    Forbion’s team of over 30 investment professionals and drug development experts makes it one of the largest life sciences venture capital teams in Europe. Its portfolio companies also benefit from the deep industry expertise of Forbion’s 15 operating and venture partners, and its strategic collaborations with industry leading service providers such as Lonza, Thermo Fisher Scientific and Charles River Laboratories. Forbion supports its portfolio companies from its headquarters in Naarden, The Netherlands, its Munich office, as well as from its recently opened office in Boston, Massachusetts.

    For more information, please contact:

    Forbion Investor Relations
    Email: Robbert.van.de.Griendt@forbion.com
    General Partner IR & Impact

    Forbion Communications
    Email: laura.asbjornsen@forbion.com
    Head of Communications

    Brunswick Group
    Ayesha Bharmal, Charis Gresser
    Email: Forbion@Brunswickgroup.com

    About Forbion
    Forbion is a leading global venture capital firm with deep expertise in Europe and offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition, Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

    About Forbion Growth Opportunities Fund III
    Forbion’s Growth Opportunities Fund III is focused on investing primarily in European as well as North American later-stage biopharma companies developing novel therapies in areas of high medical need.

    About Forbion Ventures Fund VII
    Forbion Ventures Fund VII will build a portfolio of innovative therapeutics-focused biotechs, both existing companies as well as NewCos, (co-) founded by Forbion, created around assets sourced from pharma or academic institutions, or around proven management teams.

    For more information, please visit: http://www.forbion.com

    1 Preqin awards are compiled using public domain information and data reported to Preqin by the participants; they are not independently verified or assessed. Preqin cannot therefore guarantee the accuracy of the information provided
    2 As of 30 September 2024
    3 Source: Forbion’s Impact & ESG report 2023

    The MIL Network –

  • MIL-OSI: Atos appoints Philippe Salle Chairman of the Board of Directors with effect from October 14, 2024 and Chairman and Chief Executive Officer from February 01, 2025

    Source: GlobeNewswire (MIL-OSI)

                                                                                                                                                                                                                                      Press release

    Atos appoints Philippe Salle Chairman of the Board of Directors with effect from October 14, 2024

    and Chairman and Chief Executive Officer from February 01, 2025

    Paris, France, 15 October 2024 – Atos today announces the appointment of Philippe Salle as Chairman of the Board of Directors of the Company with immediate effect and as Chairman and Chief Executive Officer with effect from February 01, 2025.

    In the context of the Group’s financial restructuring, the Nominations and Governance Committee chaired by Lead Independent Director Elizabeth Tinkham, conducted a rigorous selection process with the support of an internationally renowned recruitment firm and in consultation with selected Company creditors.

    At its meeting on October 14, 2024, the Board of Directors approved unanimously, on the recommendation of the Nominations and Governance Committee:

    • the co-optation of Philippe Salle as a Director, subject to ratification by shareholders at the next Annual General Meeting;
    • his appointment as Chairman of the Board of Directors with immediate effect; and
    • his appointment as Chairman and Chief Executive Officer with effect from 1st February 2025.

    With extensive experience as CEO, notably in listed companies, Philippe Salle will bring invaluable skills and insights to support the deployment of the business plan and the restructuring of the Group.

    Jean-Pierre Mustier will act as Chief Executive Officer of the Company until January 31, 2025, and remain a member of the Board of Directors, ensuring an orderly, constructive and effective transition. In particular, he will be responsible for monitoring and ensuring the proper implementation of the accelerated safeguard plan, which is essential for the Group.

    The Board meeting of October 14, 2024 also noted Philippe Salle’s intention to participate in the financial restructuring of the Company by investing a total amount of at least €9 million in the Company. This investment would take the form of a subscription to the right issue with preferential subscription rights, decided in the context of the accelerated safeguard plan, if the conditions for completion so permit, or subsequently directly on the market.

    Jean-Pierre Mustier, Chief Executive Officer of Atos, said: ” I am delighted to welcome Philippe Salle to the Board. Philippe Salle is a highly experienced executive whose qualities and expertise in leading blue-chip companies will be a crucial asset as Atos looks to the future. He has also an extensive track record in creating shareholders value. We will work closely together to ensure a smooth transition and the effective deployment of the Group’s business and restructuring plan, in the interests of all stakeholders.”

    Philippe Salle, Chairman of the Board of Directors of Atos, said: “It is with great enthusiasm and conviction that I join the Atos Group. I am aware of the challenges that lie ahead, but also of the Group’s strengths, from the quality of its services to the ongoing commitment of its employees, which will enable us, together, to open a new chapter in the Group’s history.”

    About Philippe Salle

    Philippe Salle began his career with Total in Indonesia in 1988. He then joined Accenture in 1990 where he was promoted to senior consultant. He joined McKinsey in 1995 and became senior manager in 1998. He joined the Vedior group in 1999 (now Randstad, a company listed on Euronext Amsterdam), and became Chairman and CEO of Vedior France in 2002. He became a member of the Executive Board in 2003 and was appointed Head of Southern Europe in 2006. In 2007, he joined the Geoservices group (sold to Schlumberger in 2010), a technology company in the oil sector and under LBO, first as Deputy CEO and then as Chairman and CEO. In June 2011, Philippe Salle was appointed Chairman and CEO of Altran Group (a company listed on Euronext Paris), an engineering consultancy and world leader in innovation. In April 2015, Philippe Salle was appointed Chairman and Chief Executive Officer of the Elior Group (a company listed on Euronext Paris), a world leader in catering and services. In December 2017, Philippe Salle was appointed Chief Executive Officer of Emeria (a company under LBO), the world’s leading provider of real estate services and technologies.

    Philippe Salle has also served as Chairman of the Board of Directors of Viridien (formerly CGG) since 26 April 2018, and as a member of the Board of Directors of Banque Transatlantique since 2010.

    Philippe Salle is a graduate of the Ecole des Mines de Paris and holds an MBA from the Kellogg Graduate School of Management, Northwestern University (Chicago, USA). He is a Chevalier de l’ordre national du Mérite, Chevalier de la Légion d’honneur and Commandeur de l’ordre du Mérite de la République italienne.

    ***

    About Atos

    Atos is an international leader in digital transformation with around 92,000 employees and annual revenues of €10 billion. The European leader in cloud computing, cybersecurity and supercomputing, the Group provides integrated solutions to all sectors, in 69 countries. A pioneer in decarbonisation services and products, Atos is committed to delivering secure, decarbonised digital solutions to its customers. Atos is an SE (Société Européenne) listed on Euronext Paris.

    Atos’ raison d’être is to help shape the information space. With its skills and services, the Group supports the development of knowledge, education and research in a multicultural approach and contributes to the development of scientific and technological excellence. Everywhere in the world, Atos enables its customers and employees, and more generally the greatest number of people, to live, work and progress sustainably and with complete confidence in the information space.

    Contacts

    Investor Relations: David Pierre-Kahn | investors@atos.net | +33 6 28 51 45 96

    Individual shareholders: 0805 65 00 75

    Press contact: globalprteam@atos.net

    Attachment

    The MIL Network –

  • MIL-OSI: Sampo plc’s share buybacks 14 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Sampo plc, stock exchange release, 15 October 2024 at 8:30 am EEST

    Sampo plc’s share buybacks 14 October 2024

    On 14 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      4,387 41.34 AQEU        
      35,540 41.34 CEUX
      883 41.36 TQEX
      49,980 41.34 XHEL
    TOTAL 90,790 41.34  

    *rounded to two decimals                

    On 17 June 2024, Sampo announced a share buyback programme of up to a maximum of EUR 400 million in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR) and the Commission Delegated Regulation (EU) 2016/1052. On 16 September 2024, the Board of Directors of Sampo plc resolved to increase the share buyback programme to EUR 475 million. The programme, which started on 18 June 2024, is based on the authorisation granted by Sampo’s Annual General Meeting on 25 April 2024.

    After the disclosed transactions, the company owns in total 8,591,383 Sampo A shares representing 1.56 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

    Details of each transaction are included as an appendix of this announcement.

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

    Sami Taipalus
    Head of Investor Relations
    tel. +358 10 516 0030

    Distribution:
    Nasdaq Helsinki
    Nasdaq Stockholm
    Nasdaq Copenhagen
    London Stock Exchange
    The principal media
    FIN-FSA
    DEN-FSA
    http://www.sampo.com

    Attachment

    The MIL Network –

  • MIL-OSI Banking: Disasters Trigger More Displacements than Conflicts, Says New ADB-IDMC Report

    Source: Asia Development Bank

    MANILA, PHILIPPINES (15 October 2024) — Global disasters accounted for more displacements in 2023 than conflict and violence, and governments and multilateral development banks must invest more to prevent and manage these crises, according to a new report jointly authored by the Asian Development Bank (ADB) and the Internal Displacement Monitoring Centre (IDMC).

    The report found that last year, 26.4 million internal displacements—or forced movements within one’s country—were caused by disasters, compared to 20.5 million caused by conflict and violence.

    The report, Harnessing Development Financing for Solutions to Displacement in the Context of Disasters and Climate Change in Asia and the Pacific, found most of the disaster displacement recorded globally in the past 10 years occurred in Asia and the Pacific, with 177 million internal displacements reported during 2014−2023. ADB’s developing member countries (DMCs) accounted for 95% of that total—more than 168 million displacements. The report warns that the effects of climate change will likely increase the scale, duration, and severity of displaced persons globally.

    “Addressing displacement in the context of climate change and disasters is a significant challenge for the region,” said ADB Vice-President Fatima Yasmin. “However, we know what needs to be done and how to do it. Development and adaptation finance channeled through multilateral development banks, such as ADB, can support member countries in addressing the root causes of displacement through sector investments, technical assistance, and cofinancing.”

    “Disaster displacement can upend lives, cost countries billions of dollars, and set back development efforts by years, but it doesn’t have to be this way,” said IDMC Director Alexandra Bilak. “Investments in disaster risk reduction and climate adaptation plans can reduce the scale and negative impacts of displacement. The payoff could be huge.”

    The report outlines several ways development finance can be used to prevent and respond to displacement. Multilateral development banks can support and encourage displacement-inclusive policies and investments, better national data systems, and raise awareness for countries to include displacement in their development strategies.

    The report says governments also need to better reflect their priorities to reduce displacement through specific and concrete measures in the national development plans, adaptation and disaster risk reduction plans, and nationally determined contributions, and to better recognize the complexity of displacement occurring in the context of climate change.

    ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

    MIL OSI Global Banks –

  • MIL-OSI: ING completes share buyback programme

    Source: GlobeNewswire (MIL-OSI)

    ING completes share buyback programme

    ING announced today that it has completed the share buyback programme which was announced on 2 May 2024. The total number of ordinary shares repurchased under the programme is 155,990,753 at an average price of €15.94 for a total consideration of €2,486,329,696.95.

    During the last week of the programme, from 7 October 2024 up to and including 11 October 2024, 11,348,429 shares were purchased. These shares were repurchased at an average price of €15.78 for a total amount of €179,022,796.36.

    As previously announced, we will give an update on our capital planning with the presentation of our third quarter 2024 results, which is scheduled for 31 October 2024.

    For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the ING website at https://www.ing.com/Investor-relations/Share-information/Share-buyback-programme.htm .

    Note for editors

    For more on ING, please visit http://www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. ING’s sustainability efforts have been recognised externally by environmental, social and governance (ESG) rating agencies and other benchmarks. In 2023, Sustainalytics assessed our management of ESG material risk as ‘strong’. In August 2024, ING’s ESG rating by MSCI was reconfirmed as ‘AA’. ING’s shares are included in the sustainability indices of Euronext, STOXX, FTSE Russell and Morningstar. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    Important legal information

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on http://www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-Evening Report: Banning debit card surcharges could save $500 million a year – if traders don’t claw back the money in other ways

    Source: The Conversation (Au and NZ) – By Angel Zhong, Associate Professor of Finance, RMIT University

    Galdric PS/Shutterstock

    In a move that could reshape how Australians pay for everyday purchases, the federal government is preparing to ban businesses from slapping surcharges on debit card transactions.

    This plan, pending a review by the Reserve Bank of Australia (RBA), promises to put money back into consumers’ pockets.

    The RBA, which is accepting submissions until December, released its first consultation paper on Tuesday to coincide with Prime Minister Anthony Albanese and Treasurer Jim Chalmers’ joint announcement.

    But as with any significant policy shift, it’s worth taking a closer look to see what it really means for all of us.

    How much are we really saving?

    Based on RBA data, the potential savings are huge – up to $500 million a year if surcharges on debit cards are banned.

    And if the government goes one step further and includes credit card transaction fees in the ban, those savings could hit a massive $1 billion annually.

    While these figures sound impressive, when you break it down, the savings per cardholder would amount to around $140 annually.

    It’s not a life-changing amount, but for frequent shoppers or anyone making larger purchases, it could add up.

    Of course, not everyone will benefit equally. Those who shop less might not notice the difference.

    How does Australia stack up globally?

    RBA data shows Australians are paying more in merchant service fees than people in Europe, but less than consumers in the United States.

    These fees are what businesses pay to accept card payments, and they get passed on to us in the form of surcharges.

    The proposed ban on debit card surcharges occupies a middle ground in the global regulatory landscape. The European Union, United Kingdom and Malaysia have implemented comprehensive bans on surcharges for most debit and credit card transactions.

    But in the US and Canada, businesses can still charge you for using a credit card, though debit card surcharges aren’t allowed.

    The merchant’s perspective

    While the surcharge ban seems like a clear win for consumers, it’s essential to consider the impact on merchants, especially small businesses. The reality is not all merchants are created equal when it comes to card payment fees.

    In Australia, there’s a significant disparity between the fees paid by large and small merchants. In fact, RBA data shows small businesses pay fees about three times higher than what larger businesses pay.

    It all comes down to bargaining power. Bigger businesses can negotiate better deals on fees. This difference is primarily driven by the ability of larger merchants to thrash out favourable wholesale fees for processing card transactions.

    For small businesses, the cost of accepting cards can range from under 1% to more than 2% of the transaction value, which can eat into profits, especially for those working with tight margins.

    While the ban may sound like good news for consumers, there’s still a need to fix the bigger issues in the payment system. Innovations like “least-cost routing”, which allows businesses to process transactions at the lowest possible cost, could potentially help level the playing field.

    How businesses might exploit the loopholes?

    If payment costs are entirely passed on to merchants, they might find ways to recover those expenses through other means. We’ve seen this happen in other countries that abolished surcharges. Some potential strategies include

    • slightly raising overall prices to cover lost surcharge revenue
    • implementing or increasing minimum purchase requirements for card payments
    • introducing new “service” or “convenience” fees for all transactions, or increasing weekend and holiday surcharges.

    Most of these tactics have been around for a while. The challenge for regulators will be to monitor and address any new practices that emerge in response to the new rules.

    Credit cards: the elephant in the room

    While the ban on debit card surcharges is a step in the right direction, it raises an obvious question: why not extend it to credit cards?

    The option to ban credit card surcharges along with debit cards is proposed in the RBA’s review consultation paper. The answer lies in the complex web of interchange fees and merchant costs associated with credit card transactions.

    Credit card transactions cost merchants more to process because of additional services and rewards programs offered by credit card issuers.

    Banning surcharges on these could potentially lead to merchants increasing their base prices to cover these costs. This could effectively result in users of lower-cost payment methods subsidising those opting for premium cards.

    The absence of surcharges could also reduce the competitive pressure on card networks to keep their fees in check, potentially leading to higher costs in the long run.

    Some countries have managed to ban surcharges on credit cards, but they usually have stricter regulations around interchange fees than we do in Australia.

    As policymakers grapple with this complex issue, they must weigh the benefits of consumer simplicity against the risk of distorting market signals and potentially increasing costs for both merchants and consumers alike.

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

    – ref. Banning debit card surcharges could save $500 million a year – if traders don’t claw back the money in other ways – https://theconversation.com/banning-debit-card-surcharges-could-save-500-million-a-year-if-traders-dont-claw-back-the-money-in-other-ways-241354

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Siili Solutions Plc: Maria Niiniharju appointed as VP Private Business and member of management team

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc: Maria Niiniharju appointed as VP Private Business and member of management team

    Siili Solutions Plc Stock exchange release 15 October 2024 at 8:45 EEST

    Siili Solutions Plc (“Siili” or “company”) makes changes in its management team and has appointed Maria Niiniharju as Siili’s VP, Private Business and member of Siili’s management team as of 1 November 2024.

    Prior to her new role at Siili, Niinharju has worked at Futurice, where she has been responsible for new business development and client management for private sector clients. At Siili Niiniharju will be leading the company’s Private Business, that will include Siili’s Finance, Industry and Services business units. Her expertise will strengthen Siili’s position as an expert in leveraging AI among private sector clients.

    “I am happy to welcome Maria to Siili. She brings us strong experience in business development as well as valuable data and AI expertise, which is perfect fit to accelerate Siili’s strategy execution,” says Siili’s CEO Tomi Pienimäki.

    “I am excited about my new role at Siili. I look forward to starting the work to implement the renewed strategy together with the business unit teams. Siili’s strong industry focus and deep customer relationships create an excellent basis for building genuine impact with data and AI,” says Maria Niiniharju.

    Further information:
    CEO Tomi Pienimäki
    Phone: +358 40 834 1399, email: tomi.pienimaki(at)siili.com 

    Distribution:
    Nasdaq Helsinki Oy
    Major media
    http://www.siili.com

    Siili Solutions in brief:
    Siili Solutions Plc is a forerunner in AI-powered digital development. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Our main markets are Finland, the Netherlands, the United Kingdom, and Germany. Siili Solutions Plc’s shares are listed on the Nasdaq Helsinki Stock Exchange. Siili has grown profitably since its founding in 2005. http://www.siili.com/en

    The MIL Network –

  • MIL-OSI: Šiaulių Bankas has successfully placed EUR 50 million note issue on the international market

    Source: GlobeNewswire (MIL-OSI)

    THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER, INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF AKCINĖ BENDROVĖ ŠIAULIŲ BANKAS.

    Šiaulių Bankas has successfully placed EUR 50 million issue of Fixed Rate Reset Perpetual Additional Tier 1 Temporary Write Down Notes.

    The annual fixed rate coupon on the notes up to the reset date will be 8.75 %. The nearest reset date is set after 5 years. Settlement will take place on 17 October 2024. It is intended to list the notes on the Global Exchange Market multilateral trading facility operated by Euronext Dublin.

    The notes have been allocated to almost 20 institutional and professional investors, mostly from UK.

    “We have made another significant step for both the bank and the Lithuanian capital market being the first issuer in the country to issue AT1 notes. We are grateful to our international investors, who consistently show confidence in the bank’s prospects.

    This issue strengthens and optimises capital structure of the bank, allowing us to continue to grow rapidly and sustainably and to implement our new dividend policy. We strive to ensure high returns for shareholders and to increase the bank’s attractiveness to investors,” says Tomas Varenbergas, Board Member, Head of Investment Management Division of Šiaulių Bankas.

    The proceeds of the notes will be used for general corporate purposes, including to strengthen funding structure of Šiaulių Bankas, meet existing and future minimum own funds and eligible liabilities (MREL) targets, and improve its capital position.

    The notes are rated Ba3 by the international rating agency Moody’s.

    Relevant stabilisation regulations including FCA/ICMA will apply.

    Šiaulių Bankas mandated Goldman Sachs Bank Europe SE as Lead Manager.

    Šiaulių Bankas as the issuer was advised on legal matters by Dentons UK and Middle East LLP and TGS Baltic as lead issuer’s legal counsel. The Lead Manager was advised by Linklaters LLP and Sorainen on legal issues.

    This communication is not an offer of securities or investments for sale nor a solicitation of an offer to buy securities or investments in any jurisdiction where such offer or solicitation would be unlawful. No action has been taken that would permit an offering of securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

    Additional information:

    Tomas Varenbergas
    Head of Investment Management Division
    tomas.varenbergas@sb.lt

    The MIL Network –

  • MIL-OSI: Share buybacks in Spar Nord Bank – transactions in week 41

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no. 62
     

    In company announcement no. 10 2024, Spar Nord announced a share buyback programme of up to DKK 500 million. The share buyback was initiated on 12 February 2024.

    The purpose of the share buyback is to reduce the bank’s share capital by the shares acquired under the programme, and the programme is executed pursuant to Regulation (EU) No 596/2014 of 16 April 2014 (“Market Abuse Regulation”).

    In last week the following transactions were made under the share buyback programme.

      Number of shares Average purchase price (DKK) Transaction value (DKK)
    Accumulated from last announcement 2,560,397   321,242,073
    7 October 2024  17,800  128.02  2,278,756
    8 October 2024  18,000  129.24  2,326,320
    9 October 2024  18,000  129.14  2,324,520
    10 October 2024  18,000  130.00  2,340,000
    11 October 2024  18,000  132.54  2,385,720
    Total week 41  89,800    11,655,316
    Total accumulated 2,650,197   332,897,389

    Following the above transactions. Spar Nord holds a total of 2,760,197  treasury shares equal to 2.35 % of the Bank’s share capital.

    Please direct any questions regarding this release to Rune Brandt
    Børglum, Head of Investor Relations on tel. + 45 96 34 42 36.

    Rune Brandt Børglum

    Head of Investor Relation

    Attachment

    The MIL Network –

  • MIL-OSI Banking: AIIB, Alliance to End Plastic Waste to Invest in Solid Waste Management Solutions Across Indonesia

    Source: Asia Infrastructure Investment Bank

    The Asian Infrastructure Investment Bank (AIIB) and the Alliance to End Plastic Waste (AEPW) have launched a cofinancing initiative focused on integrated solid waste management services and solutions in more than 10 cities and districts in Indonesia.

    Held earlier in Uzbekistan alongside the 2024 AIIB Annual Meeting, the event was attended by Dian Lestari, Director of Grants and Loans, Ministry of Finance, and Ariadi Kurniawan, Senior Representative of Indonesia’s Ministry for National Development Planning. Jacob Duer, President and CEO of AEPW, and Rajat Misra, AIIB Acting Vice President for Investment Clients Region 1 and Financial Institutions and Funds, Global, signed the Letter of Intent.

    The collaboration will enable AEPW to contribute concessional resources into the Solid Waste Management for Sustainable Urban Development Project in Indonesia via AIIB’s Project-Specific Window. AEPW is AIIB’s inaugural private partner through this specific window.

    “This is a vital step in our shared ambition to forge an impactful partnership during a critical juncture for sustainable development,” Misra said. “This partnership will strengthen institutional capacity for solid waste management at both the national and subnational levels.”

    In this project, AIIB aims to provide solid waste management services that are climate-aligned and circular economy principles, benefitting over 9 million people in major cities and provinces. In a circular economy, products and materials are kept in use for as long as possible through “reuse, reduce and recycle” strategies. This project will focus on waste management infrastructure, building the capacity of sub-sovereign entities and catalyzing community change behavior while addressing livelihood concerns faced by informal-sector workers.

    AEPW’s investment of USD21.5 million complements the blended finance project financing package in Indonesia, accelerating the shift toward a circular economy that tackles the challenges of mismanaged waste, particularly plastic waste. The funding package includes AIIB’s planned financing of USD150 million over the next five years.

    This cofinancing, which may be complemented with further concessional resources, is in addition to the USD2 million project-preparation grant from AEPW, and facilitated by AIIB, for best practices on climate, environmental and social standards for developing circular and end-to-end waste management solutions.

    About AIIB

    The Asian Infrastructure Investment Bank (AIIB) is a multilateral development bank whose mission is Financing Infrastructure for Tomorrow in Asia and beyond—infrastructure with sustainability at its core. We began operations in Beijing in 2016 and have since grown to 110 approved members worldwide. We are capitalized at USD100 billion and AAA-rated by the major international credit rating agencies. Collaborating with partners, AIIB meets clients’ needs by unlocking new capital and investing in infrastructure that is green, technology-enabled and promotes regional connectivity.

    About AEPW

    The Alliance to End Plastic Waste is a global non-profit organisation with the mission to end plastic waste in the environment and to advance a circular economy for plastics. The Alliance convenes more than 70 companies across the plastic value chain with local communities, civil society groups, intergovernmental organizations, and governments. The collective know-how, experience and resources of this global network enables the current portfolio of more than 50 projects. For more information, visit: www.endplasticwaste.org.

    MIL OSI Global Banks –

  • MIL-OSI: SCOR Investment Partners launches SCOR Real Estate Loans V, dedicated to value-add projects

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE | October 15th, 2024 N° 03- 2024

    SCOR Investment Partners, the asset management subsidiary of leading reinsurer, SCOR Group, announces the launch of SCOR Real Estate Loans V, the fifth vintage in its successful series of senior value-add debt funds. Since 2013, SCOR Investment Partners has held a unique position in the value-add market by financing real estate projects focused on renovations, restructurings, repositioning, or development of assets.

    SCOR Real Estate Loans V is strategically positioned to capitalize on structural market changes and to respond to energy transition stakes in the real estate sector. The latter is driven by European regulatory changes, the growing demand for new or restructured and certified assets, and the need for investments to ensure ongoing functionality of assets.

    This new fund aims to offer investors an attractive risk/return profile by leveraging the currently favorable conditions for lenders in the real estate debt market. It will finance projects located in the heart of major European cities, using a multi-sectoral approach that includes top-tier, senior, and whole loans.

    In line with SCOR Investment Partners’ sustainable investment philosophy, the fund’s investments will focus on improving the energy efficiency of existing buildings. SCOR Real Estate Loans V is classified Article 9 under the European Sustainable Finance Disclosure Regulation (SFDR) and has obtained the LuxFLAG ESG -Applicant Fund Status.

    This new vintage reinforces SCOR Investment Partners’ commitment to the value-add real estate debt market. Our historical presence positions us as a preferred partner for such operations, whether collaborating directly with sponsors or initiating them in partnership with banks.

    Targeted towards institutional investors, the fund has already secured a EUR 100 million investment commitment from SCOR Group, thus ensuring a strong alignment of interests, and aiming for a total size of EUR 500 to EUR 700 million.

    Pierre Saeli, Head of Real Estate Loans at SCOR Investment Partners, commented: “We are thrilled to launch SCOR Real Estate Loans V, a new vintage specifically designed to adapt to the structural changes in the real estate market, prioritizing assets in city centers, logistics, and housing sectors, as well as renovation projects. This fund highlights our unique expertise in the value-add real estate debt market, which offers historically attractive returns.”

    Louis Bourrousse, CEO of SCOR Investment Partners, added: “Our real estate debt strategy has consistently adapted to market trends. Our team has an in-depth knowledge of the sector which allows for a diversified portfolio construction. We are convinced that real estate debt is an ideal vehicle for investors looking to gain or regain exposure to the underlying real estate via levels of leverage that allow to absorb eventual fluctuations of the value of the assets.”

    Over the past decade, SCOR Investment Partners’ real estate debt strategy has successfully deployed EUR 2.2 billion across 87 transactions, spanning over various debt types including senior, whole loan, junior, and mezzanine. This extensive experience has enabled SCOR Investment Partners to be more agile in evolving its strategy in response to rapid market trends and aligning with broader sustainable and responsible investment objectives.

    – End –
     CONTACTS

    About SCOR Investment Partners

    Financing the sustainable development of societies, together.

    SCOR Investment Partners is the asset management company of the SCOR Group. Created in 2008 and accredited by the Autorité des Marches financiers, the French financial market regulatory body, in May 2009 (no. GP09000006). SCOR Investment Partners has more than 80 employees and is structured around seven management desks: Fixed Income, Corporate Loans, Infrastructure Loans, Direct Real Estate, Real Estate Loans, Insurance-Linked Securities and Fund Selection. Since 2012, SCOR Investment Partners has given institutional investors access to some of the investment strategies developed for the SCOR Group. Assets managed for outside investors totaled EUR 7.6 billion as of June 30, 2024. As of that same date, SCOR Investment Partners had total assets under management of EUR 20.5 billion (including undrawn commitments).

    Visit the SCOR Investment Partners website at: http://www.scor-ip.com

    This advertising communication, intended exclusively for journalists and professionals of the press and media, is produced for informational purposes only and should not be construed as an offer, solicitation, invitation, or recommendation to purchase any service or investment product.

    Before making any final investment decision, you must read all regulatory documents of the Fund, available free of charge upon request, from the Sales & Marketing team of SCOR Investment Partners SE.

    All content published by the SCOR group since January 1, 2024, is certified with Wiztrust. You can check the authenticity of this content at wiztrust.com.

    Attachment

    The MIL Network –

  • MIL-OSI: Municipality Finance issues EUR 25 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

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

    Municipality Finance issues EUR 25 million notes under its MTN programme

    Municipality Finance Plc issues EUR 25 million notes on 16 October 2024. The maturity date of the notes is 16 October 2029. MuniFin has a right, but no obligation, to redeem the notes early on 16 October 2025 and every year thereafter. The notes bear interest at a fixed rate of 2.75% per annum until 16 October 2025, after which the interest is paid at 2.40% per annum, unless MuniFin redeems the notes early.

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

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 16 October 2024.

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

    MUNICIPALITY FINANCE PLC

    Further information:

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

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

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

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

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

    Important Information

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

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

    The MIL Network –

  • MIL-OSI Russia: The National Economic Forum named after D.S. Lvov will be held at the State University of Management

    MILES AXLE Translation. Region: Russian Federation –

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

    In the year of the 105th anniversary of the State University of Management, we are renewing the tradition of holding a large-scale economic forum dedicated to the great economist, graduate of the State University of Management, academician of the Russian Academy of Sciences Dmitry Semenovich Lvov. The forum will be held on October 30, 2024.

    The works of Academician Lvov are becoming especially relevant in our days, as they reflect the importance of state regulation of the economy and the social responsibility of large businesses, including resource-extracting companies, in the development of the country.

    The following sections and round tables will be held within the framework of the Lviv Forum: — Round table: Control and analytical, accounting technologies and economic security in business; — Round table: Trends in the development of the world economy and current problems of the foreign economic policy of the Russian Federation; — Round table: Diversification of defense industry enterprises as the basis for Russia’s technological sovereignty;

    Sections: – Prospects for the development of institutional theory and practice in light of the works of Academician Lvov; – Financing the development of the Russian economy in modern realities; – Trends in the interaction of the financial and real sectors of the economy in the context of the digital transformation of society; – Social justice as a factor in sustainable economic development.

    Leading economists from the Russian Academy of Sciences, representatives of business and university science will speak at the plenary session.

    Participation in the forum is free. To participate in the forum, you must register by 16:00 Moscow time on October 29, 2024 inclusive at https://forms.yandex.ru/u/66d7289673cee757500b3b6e/ and fill in all required fields.

    Subscribe to the tg channel “Our State University” Announcement date: 10/15/2024

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    The National Economic Forum named after D.S. Lvov will be held at the State University of Management

    MIL OSI Russia News –

  • MIL-OSI Economics: Gabriel Makhlouf: Opening statement – joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

    Source: Bank for International Settlements

    Good afternoon Chair, Committee members.

    Thank you for the invitation to appear before you today. I am joined by Deputy Governors Vasileios Madouros and Derville Rowland.

    I will begin by giving a brief overview of the economic outlook in the EU and in Ireland, before I touch on some consumer protection issues.

    The economic outlook in the EU

    Turning to the outlook, growth in the euro area as a whole slowed in the second quarter of 2024, driven by weaker investment and consumption. Having said this, the latest projections are for a consumption-led growth recovery, albeit marginally weaker than what was previously expected. Employment growth is projected to be somewhat weaker than its pre-pandemic average.  

    We remain on track to reach our 2 per cent inflation target in the fourth quarter of 2025, although some uncertainty remains around this baseline forecast. In particular more persistent services inflation and stronger than expected wage growth could impact the forecast.

    At the most recent ECB Governing Council meeting, my colleagues and I decided to lower the deposit facility rate by 25 basis points, to 3.5 per cent. This was informed by the euro area inflation outlook, the dynamics of underlying inflation and the strength of monetary policy transmission.

    Last month we also implemented changes we had announced in March to the operational framework for implementing monetary policy, which sees the spread between the main refinancing operations rate (MRO) and our main policy rate – the deposit facility rate – set at 15 basis points.

    The economic outlook in Ireland

    Turning to the Irish economy, it continues to grow at a strong pace supported by the buoyancy of domestic economic activity.  Our latest Quarterly Bulletin – published last month – paints a picture of a resilient domestic economy poised to grow in the region of 2.5 per cent annually through to 2026.  Headline inflation has eased considerably to below 2 per cent, and is expected to remain between 1.5 and 2 per cent out to 2026.

    However, challenges to maintaining such performance are becoming more evident. Stronger than expected growth, over and above the economy’s potential rate, has brought into sharp focus domestic supply and infrastructure constraints. These, in turn, present a situation where globally-determined inflation in Ireland is declining substantially, while more domestically-driven inflation, as reflected in services price inflation, remains significant at around 4 per cent.

    Given current conditions, the continued expansionary fiscal stance adds unnecessary stimulus to an economy at full employment. Against the current macroeconomic backdrop, increasing net spending in excess of 5 per cent over an extended period implies that the fiscal stance will aggravate price inflation and wage pressures, undermining competitiveness and creating risks that could damage sustainable economic growth.

    As my pre-Budget letter of 4 July to the Minister for Finance – and the paper on the housing market we published last month – observed, higher levels of public investment are likely to be required over the coming years given known deficits in housing and to meet longer term structural challenges linked to the climate transition.

    So while the projected increases in public investment are necessary, careful management of the overall fiscal stance is needed to avoid overheating. With the economy already at full employment, there is a risk that increasing public investment on the scale envisaged fuels overheating pressures and results in poor value for money. To avoid this outcome, it would have been preferable if the upward revisions to public investment had been accommodated while keeping overall net spending below 5 per cent. Undoubtedly, this would have presented difficult choices and trade-offs to be made in other areas of expenditure and on taxation.

    Furthermore, to ensure additional government expenditure yields real improvements in services and that infrastructure investment is delivered efficiently, essential change outside of fiscal measures is needed in broader public policy areas. This includes in particular addressing delays and bottlenecks in the planning system, in the building regulation process and in construction. Progress in these areas would also help to further incentivise and crowd-in private investment.

    Consumer protection

    Let me turn to consumer protection.  The Central Bank’s mission is to serve the public interest by maintaining monetary and financial stability while ensuring that the financial system operates in the best interests of consumers and the wider economy. All of our work is aimed at serving the public interest and protecting consumers of financial services, whether it is through the Consumer Protection Code, the mortgage measures, monetary policy, our oversight of payments systems, or supervising to ensure firms are resilient and are acting in the best interests of their consumers.

    The environment in which we operate is changing rapidly, driven by technological change and by consumer preferences. The ways in which we as consumers buy, use and engage with financial services has changed hugely, leading to new risks in the financial sector we supervise and for the consumers we protect.

    As outlined in my two recent letters to yourselves, the Central Bank is making changes to the way we are organised to deliver our financial regulation responsibilities. Consumer protection remains a core part of those responsibilities. But in order to continue to deliver on our mandate both today and into the future, we are changing our approach to ensure that consumers of financial services are protected in an increasingly complex environment. This enhanced approach is based on accumulated experience, on insight, on best practice and is built for a faster moving and more complex financial services sector. We are making the most fundamental strengthening of our consumer protection approach for more than a decade.

    In terms of frameworks, as you know, we will shortly be introducing an updated Consumer Protection Code. This follows the largest, most in-depth review of the Code since it was introduced to ensure that it is fit for purpose into the future, is reflective of the changed nature of financial services and strengthens protections for consumers. This is a tangible demonstration of our ongoing commitment to the protection of consumers of financial services right across the country, and we have consulted widely on it to ensure we hear consumers’ and other stakeholders’ views directly.

    To implement the rules we need the right operational approach internally. This includes moving to an integrated framework where, at an operational level, directorates with oversight of banks, insurance companies and capital markets will be responsible for the supervision of all the functions of their respective sectors (as opposed to separate directorates undertaking supervisory activities for consumer protection, prudential regulation and market supervision).  

    The new approach will make it easier to direct our supervisory resources to the areas of most risk to consumers or the system more widely. Importantly, we are taking the existing team that stood in a single consumer protection directorate and placing them where their expertise is most required, directly in supervisory directorates across banks, insurance and funds. ‘Mainstreaming’ consumer protection activity in this way will enable us to dedicate greater attention and resources to where the particular risk is at a point in time. The new approach will allow us to do more, not less, to protect consumers.

    Let me give an example of how we see the interconnections in our work in relation to consumer protection. Next week we will publish our analysis of the shortfall between the cost of flooding in Ireland and that portion of the cost which is not insured. We know that Ireland will face more frequent and severe floods as the effects of climate change continue to crystallise and as we approach critical tipping points in a range of significant areas that increasingly require urgent action. Climate change has implications for the economy and for the financial system and floods in particular will impact directly on communities and consumers as well as the balance sheets of insurance companies. We cannot require insurance companies to provide flood insurance cover but our analysis can help everyone to understand the risks and support the cooperation and coordination required from the many stakeholders involved in building flood resilience in Ireland.

    Finally, and as set out in my letter, the internal operational changes that we are making will not change the focus on consumer protection at the most senior levels of the Central Bank. Derville Rowland, as Deputy Governor (Consumer and Investor Protection), will continue to have consumer protection at the core of her responsibilities. The Central Bank Commission’s Consumer Advisory Group will also continue to operate as it does now. And the entire senior leadership team led by me will continue to have a focus on consumer protection.

    These changes will come into effect in January and we are convinced that they are the best way for the Central Bank to continue to deliver on its mission, ensuring the financial system continues to operate in the best interests of consumers and the wider economy.

    Conclusion

    We are happy to take your questions.

    MIL OSI Economics –

  • MIL-OSI: Subsea 7 S.A. Q3 2024 Conference Call Notification

    Source: GlobeNewswire (MIL-OSI)

      
    Luxembourg –15 October 2024 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) will publish its third quarter 2024 results for the period ended 30 September 2024 on Thursday 21 November 2024 at 08:00 CET.

    A conference call and simultaneous webcast for the investment community will be held on Thursday 21 November 2024 at 11:00 UK / 12:00 CET.

    From 08:00 CET the results announcement and the presentation to be reviewed during the conference call and webcast will be available on the Subsea7 website: http://www.Subsea7.com

    Conference call registration:
    Call:                 https://register.vevent.com/register/BI6983efafda664e1f94fb1a5d355e684b
    Webcast:           https://edge.media-server.com/mmc/p/5nrn5bvo/        

    *******************************************************************************
    Subsea7 creates sustainable value by delivering the offshore energy transition solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investor enquiries:
    Katherine Tonks
    Head of Investor Relations
    Subsea 7 S.A.
    Tel +44 20 8210 5568
    ir@subsea7.com

    http://www.subsea7.com

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

    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 15 October 2024 at 10:45 CET.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: Vladimir Stroev took part in the Sukharev Readings

    MILES AXLE Translation. Region: Russian Federation –

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

    On October 11, 2024, the 10th All-Russian scientific and practical conference “Constitutional Foundations of Prosecutor’s Activity (Sukharev Readings)” was held at the University of the Prosecutor’s Office of the Russian Federation, in which the rector of the State University of Management Vladimir Stroev took part.

    The conference is dedicated to the birthday of the outstanding statesman, legal scholar, specialist in the field of criminal law, criminal procedure and criminology Alexander Yakovlevich Sukharev.

    The plenary session and the work of the sections were devoted to the following issues: – constitutional and legal status of the prosecutor’s office of the Russian Federation: history and modernity; – constitutional foundations of prosecutorial activity outside the criminal law sphere; – constitutional foundations of prosecutorial activity in the criminal law sphere.

    Representatives of the Prosecutor General’s Office of the Russian Federation, government bodies and public organizations, prosecutor’s offices, scientific and educational organizations took part in the forum.

    Opening the conference, the rector of the University of the Prosecutor’s Office of the Russian Federation Igor Matskevich addressed the participants with a welcoming speech on behalf of the Deputy Prosecutor General of the Russian Federation Yuri Ponomarev, in which he noted the relevance of the topic of the event, its fundamental nature from the point of view of the place and role of the prosecutor’s office in the system of the state legal mechanism.

    Representatives of the Federation Council Committee on Constitutional Legislation and State Building, the State Duma Committee on Security and Anti-Corruption, the School for Training and Advanced Studies of Prosecutors in Ho Chi Minh City (Vietnam), the Scientific and Educational Center of the Prosecutor General’s Office of the Republic of Azerbaijan, the Institute of Legislation and Comparative Law under the Government of the Russian Federation, Lomonosov Moscow State University, Kutafin Moscow State Law University (MSAL), A. Ya. Sukharev Moscow Academy of the Investigative Committee, V. Ya. Kikot Moscow University of the Ministry of Internal Affairs of Russia and other specialized educational institutions spoke at the plenary and sectional sessions.

    Based on the results of the conference, recommendations were prepared, and it is planned to publish a collection of articles indexed in the RSCI system.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/15/2024

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    Vladimir Stroev took part in the Sukharev Readings

    MIL OSI Russia News –

  • MIL-OSI: Himax Achieves Mass Production of In-Cell Touch TDDI Technology for Leading AI Laptop Brands

    Source: GlobeNewswire (MIL-OSI)

    TAINAN, Taiwan, Oct. 15, 2024 (GLOBE NEWSWIRE) — Himax Technologies, Inc. (Nasdaq: HIMX), an industry leader in fabless display driver ICs and other semiconductors, today announced the successful mass production of its cutting-edge In-Cell Touch TDDI (Touch and Display Driver Integration) solution, the HX83132, for high-end LCD AI laptops. The HX83132 has already been adopted by several leading panel makers across the board. By entering mass production during the third quarter of 2024, this marks a significant milestone for the first-of-its-kind, innovative product. As notebook brand customers increasingly prioritize product differentiation and value enhancement, the integration of touch functionality into displays of high-end laptops and AI PCs has emerged as a key trend. Himax HX83132 is featured in one marquee brand’s first AI laptops, which boasts a 15.3-inch, 2.8K high-resolution touch display with a 120Hz refresh rate, significantly enhancing both interactivity and visual experience for seamless, intuitive user operations.

    In-cell TDDI has become a mainstream technology for LCD displays, characterized by the seamless integration of touch functionality with display driver ICs. This integration not only simplifies the supply chain but also provides substantial cost benefits to panel manufacturers. Having pioneered the mass production of In-cell TDDI technology for mid-sized tablets and automotive displays in 2019, Himax has established itself as the industry leader by introducing an industry-first touch display solution supporting screen sizes of up to 45 inches for ultra-large automotive applications. The newly launched HX83132 series further expands the application of In-cell TDDI technology to laptops, boasting a unique design architecture that pairs seamlessly with timing controller (Tcon) chips supporting various eDP specifications which make it suitable for both mainstream and high-end LCD laptops. This TDDI and Tcon configuration effectively minimizes the need for supporting components, resulting in a more compact PCB size and narrower bezel design. The HX83132 series offers precise touch sensitivity, ensuring smooth human-machine interaction, significantly enhancing user experience and improving productivity.

    The industry-leading HX83132 In-cell TDDI solution offers the following key features:

    • Flexible support for diverse panel sizes and resolutions: The advanced chip architecture can interconnect up to 6 chips, accommodating a wide range of laptop display needs with support for screen sizes up to 16 inches and resolutions up to 4K
    • Optimized and streamlined module architecture design: The HX83132 solution outperforms competition by providing more display and touch channels at the same resolution while utilizing fewer ICs. Additionally, the integrated microprocessor and level shifter minimize the need for external components, resulting in a smaller PCB size and enhanced design efficiency
    • Leveraging existing architecture for rapid In-cell Touch upgrades: The HX83132 features a state-of-the-art, integrated proprietary display driver and touch controller architecture. From a display perspective, it utilizes a standard Tcon architecture, which enables pure display panels, without the need for a dedicated Tcon for the In-cell touch functionality. Meanwhile, the TDDI integrates an in-house proprietary distributed touch microprocessor architecture, specifically designed to handle the high computational demands of touch data processing, effectively reducing development time
    • Comprehensive support for various power-saving operation scenarios: The HX83132 is compatible with eDP 1.4 and eDP 1.5 Tcons, and supports multiple power-saving features, including Panel Self Refresh (PSR) and User-Based Refresh Rate (UBRR), optimizing energy efficiency across different usage scenarios

    About Himax Technologies, Inc.

    Himax Technologies, Inc. (NASDAQ: HIMX) is a leading global fabless semiconductor solution provider dedicated to display imaging processing technologies. The Company’s display driver ICs and timing controllers have been adopted at scale across multiple industries worldwide including TVs, PC monitors, laptops, mobile phones, tablets, automotive, ePaper devices, industrial displays, among others. As the global market share leader in automotive display technology, the Company offers innovative and comprehensive automotive IC solutions, including traditional driver ICs, advanced in-cell Touch and Display Driver Integration (TDDI), local dimming timing controllers (Local Dimming Tcon), Large Touch and Display Driver Integration (LTDI) and OLED display technologies. Himax is also a pioneer in tinyML visual-AI and optical technology related fields. The Company’s industry-leading WiseEyeTM Ultralow Power AI Sensing technology which incorporates Himax proprietary ultralow power AI processor, always-on CMOS image sensor, and CNN-based AI algorithm has been widely deployed in consumer electronics and AIoT related applications. Himax optics technologies, such as diffractive wafer level optics, LCoS microdisplays and 3D sensing solutions, are critical for facilitating emerging AR/VR/metaverse technologies. Additionally, Himax designs and provides touch controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and CMOS image sensors for diverse display application coverage. Founded in 2001 and headquartered in Tainan, Taiwan, Himax currently employs around 2,200 people from three Taiwan-based offices in Tainan, Hsinchu and Taipei and country offices in China, Korea, Japan, Germany, and the US. Himax has 2,683 patents granted and 390 patents pending approval worldwide as of September 30, 2024.

    http://www.himax.com.tw

    Forward Looking Statements

    Factors that could cause actual events or results to differ materially from those described in this conference call include, but are not limited to, the effect of the Covid-19 pandemic on the Company’s business; general business and economic conditions and the state of the semiconductor industry; market acceptance and competitiveness of the driver and non-driver products developed by the Company; demand for end-use applications products; reliance on a small group of principal customers; the uncertainty of continued success in technological innovations; our ability to develop and protect our intellectual property; pricing pressures including declines in average selling prices; changes in customer order patterns; changes in estimated full-year effective tax rate; shortage in supply of key components; changes in environmental laws and regulations; changes in export license regulated by Export Administration Regulations (EAR); exchange rate fluctuations; regulatory approvals for further investments in our subsidiaries; our ability to collect accounts receivable and manage inventory and other risks described from time to time in the Company’s SEC filings, including those risks identified in the section entitled “Risk Factors” in its Form 20-F for the year ended December 31, 2023 filed with the SEC, as may be amended.

    Company Contacts:

    Eric Li, Chief IR/PR Officer
    Himax Technologies, Inc.
    Tel: +886-6-505-0880
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    http://www.himax.com.tw
      
    Karen Tiao, Investor Relations
    Himax Technologies, Inc.
    Tel: +886-2-2370-3999
    Fax: +886-2-2314-0877
    Email: hx_ir@himax.com.tw
    http://www.himax.com.tw

    Mark Schwalenberg, Director
    Investor Relations – US Representative
    MZ North America
    Tel: +1-312-261-6430
    Email: HIMX@mzgroup.us
    http://www.mzgroup.us

    The MIL Network –

  • MIL-OSI Russia: Electronics manufacturer becomes resident of Technopolis Moscow SEZ

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The manufacturer of electronics, single-board computers and peripheral equipment has become a resident of the special economic zone (SEZ) “Technopolis Moscow”. The company “Digital Lab” will produce 21 thousand products annually, and private investments in the project have already amounted to about 200 million rubles. This was reported by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

    “One of the effective measures to support the city is to localize the enterprise in the special economic zone of the capital. Today, this is the center for the development of advanced, the most high-tech industry in Moscow, which includes six sites. More than 220 enterprises operate here, of which over 110 have resident status and enjoy a number of tax preferences. Increasing the number of SEZ residents is under the special control of Sergei Sobyanin,” said Maxim Liksutov.

    The uniqueness of the products lies in the universal selection of components, which allows for the prompt reconfiguration of production from the release of components for unmanned aerial vehicles (UAVs) to the manufacture of individual parts. Using single-board computers installed on UAVs, it is possible to solve many problems, for example, use an intelligent decision-making system, analyze video from several video cameras, and classify objects.

    “High-tech products of the companies of the SEZ Technopolis Moscow are in significant demand due to their innovativeness, high level of localization and ability to effectively replace imported analogues. Today, residents receive a number of tax benefits, which allows them to significantly increase their investments in development. In particular, residents are exempt from paying taxes on property, land and transport for 10 years. In the industrial park Rudnevo, the new resident of the special economic zone will create more than 120 jobs. The total production area will exceed 1.2 thousand square meters,” added the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy

    Anatoly Garbuzov.

    Autonomy of production is achieved thanks to unique software and hardware complexes and production of final products. According to the company’s CEO Evgeny Konstantinov, all circuitry and device architecture was created by the company’s specialists, so it is possible to personalize connectors, memory cards and equipment dimensions in accordance with the customer’s preferences. The manufacturer produces not only hardware complexes, but also software ones that can be quickly integrated for specific needs. Another development is communication systems (modems) that allow UAVs to operate in the absence of a global navigation satellite system signal and to switch between frequencies if one of them is suppressed.

    In addition, there is a technical support line for users and a customer feedback form for product improvement.

    Today, the Rudnevo industrial park has created favorable conditions for the development of high-tech companies whose products contribute to the technological sovereignty of the country and ensure independence from imports, noted Gennady Degtyarev, General Director of the Technopolis Moscow SEZ. Residents receive tax and customs preferences. The total investment of enterprises in production at the Rudnevo site has already amounted to 20 billion rubles.

    SEZ Technopolis Moscow is a territory with a special legal status, where a preferential regime of entrepreneurial activity for investors operates. The area of six sites (Pechatniki, Alabushevo, Mikron, MIET, Angstrem, Rudnevo), where high-tech enterprises are located, exceeds 280 hectares. SEZ Technopolis Moscow has been a leader in international and national industry ratings for several years.

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

    Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

    http://vvv.mos.ru/nevs/item/145213073/

    MIL OSI Russia News –

  • MIL-OSI Europe: New publications by GEMs Consortium offer further insights into emerging market credit risk

    Source: European Investment Bank

    Two new publications by Global Emerging Markets Risk Database (GEMs) Consortium provide granular default and recovery patterns for over three decades of development finance, and highlight the key drivers of investment risk in emerging markets and developing economies (EMDEs).

    Luxembourg, October 15, 2024 — Two new publications released today by the GEMs Consortium  – a group of 26 multilateral development banks (MDBs) and development finance institutions (DFIs) – provide further insights on the level of credit risk in EMDEs according to the investment experience of Consortium members.

    The first publication covers the credit performance of lending to private and public counterparts. The average annual default rate of lending to private entities at 3.56% is broadly aligned with many non-investment grade firms in advanced economies, and the average recovery rate of 72.2% is higher than many global benchmarks. Although the GEMs statistics reflect the unique experience of MDBs and DFIs, these results provide valuable information on the investment risk in EMDEs, an area characterized by a lack of available credit risk data.

    The second publication provides default rates and – for the first time – recovery rates for sovereign and sovereign-guaranteed lending based on an expanded range of 40 years of data. Results shows an average annual default rate of 1.06% and an average recovery rate of 94.9% and complement the GEMs statistics on private and public counterparts to provide a comprehensive view on EMDEs credit risks.

    These increasingly granular statistical publications by the GEMs Consortium address the call by the G20 and other stakeholders to provide investors greater insights into credit risks in emerging markets, thereby allowing them to better guide their asset allocations. The new publications provide statistics at the country and sector level, as well as a range of newly introduced metrics.

    “The availability of credit statistics is critical to mobilizing more private investment into emerging markets and developing economies by helping investors better understand the risk profile of such investments,” said Román Escolano, Group Chief Risk Officer, European Investment Bank. “The updated publications, with greater disaggregation and analysis, address feedback from our key stakeholders, and GEMs plans to continue publishing such statistics in a timely manner.”

    EMDEs generally receive less investment than advanced economies. At the same time, developing countries need $4 trillion of annual investment to achieve the Sustainable Development Goals by 2030, and $2.8 trillion of annual clean energy investment by next decade to meet both rising energy demands and climate targets.

    “The GEMs statistics challenge the conventional view that emerging markets are high-risk destinations for investment,” said Federico Galizia, Vice President, Risk and Finance, International Finance Corporation. “With 30 years of default frequencies and recovery rates, and now even further levels of disaggregation, GEMs shows that emerging market investments should be within the risk appetite of a broad range of investors.”

    The GEMs publications include default and recovery rates for over three decades of lending by Consortium members to private, public, and sovereign borrowers. The disclosed historic default and recovery rates can be used by investors and credit rating agencies to refine their risk assessment and asset allocation, and provide a useful benchmark for risk and pricing models. Both new publications are available on the GEMs website (http://www.gemsriskdatabase.org).

    About GEMs

     Global Emerging Markets Risk Database (GEMs) Consortium is one of the largest credit risk databases for the emerging markets operations of its member institutions – multilateral development banks and development finance institutions. It pools anonymized data on credit defaults on the loans extended by Consortium members the migrations of their clients’ credit rating and the recoveries on defaulted projects in emerging markets and developing economies, thus providing an insight into geographies that are otherwise relatively poorly served in terms of empirical credit information.

    GEMs was established in 2009 as a bilateral initiative between the European Investment Bank and the International Finance Corporation (World Bank Group). Since then, the GEMs Consortium has grown to include 26 members: African Development Bank (AfDB), Agence Française de Développement (AFD), Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), Black Sea Trade and Development Bank (BSTDB), Banque Ouest Africaine de Développement (BOAD), British International Investment (BII), Council of Europe Development Bank (CEB), Central American Bank for Economic Integration (CABEI), European Bank for Reconstruction and Development (EBRD), European Investment Bank Group (EIB), GuarantCo, Inter-American Development Bank (IDB), Inter-American Investment Corporation (IDB Invest), International Finance Corporation (IFC), International Bank for Reconstruction and Development (IBRD), International Fund for Agricultural Development (IFAD), Islamic Development Bank (IsDB), Kreditanstalt für Wiederaufbau (KfW), Multilateral Investment Guarantee Agency (MIGA), Netherlands Development Finance Company (FMO), U.S. International Development Finance Corporation (DFC), New Development Bank (NDB), Proparco, Cassa Depositi e Prestiti (CDP), and Development Bank of Southern Africa (DBSA).

    MIL OSI Europe News –

  • MIL-OSI: Global Net Lease Announces Release Date for Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 15, 2024 (GLOBE NEWSWIRE) — Global Net Lease, Inc. (NYSE: GNL) (“GNL” or the “Company”) announced today that it will release its financial results for the third quarter ended September 30, 2024 on Wednesday, November 6, 2024 after the close of trading on the New York Stock Exchange.

    The Company will host a conference call and audio webcast on Thursday, November 7, 2024, beginning at 11:00 a.m. ET, to discuss the third quarter results and provide commentary on business performance. The results will be released before the call which will be conducted by GNL’s management team. A question-and-answer session will follow the prepared remarks.

    Dial-in instructions for the conference call and the replay are outlined below. This conference call will also be broadcast live over the Internet and can be accessed by all interested parties through the GNL website, http://www.globalnetlease.com, in the “Investor Relations” section. To listen to the live call, please go to the “Investor Relations” section of the Company’s website at least 15 minutes prior to the start of the call to register and download any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the GNL website.

    Conference Call Details

    Live Call
    Dial-In (Toll Free): 1-877-407-0792
    International Dial-In: 1-201-689-8263

    Conference Replay*
    Domestic Dial-In (Toll Free): 1-844-512-2921
    International Dial-In: 1-412-317-6671
    Conference Replay Number: 13746750

    *Available from 2:00 p.m. ET on November 7, 2024 through February 7, 2025.

    About Global Net Lease, Inc.

    Global Net Lease, Inc. is a publicly traded real estate investment trust listed on the NYSE, which focuses on acquiring and managing a global portfolio of income producing net lease assets across the United States, and Western and Northern Europe. Additional information about GNL can be found on its website at http://www.globalnetlease.com.

    Important Notice

    The statements in this press release that are not historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. The words such as “may,” “will,” “seeks,” “anticipates,” “believes,” “expects,” “estimates,” “projects,” “potential,” “predicts,” “plans,” “intends,” “would,” “could,” “should” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are subject to a number of risks, uncertainties and other factors, many of which are outside of the Company’s control, which could cause actual results to differ materially from the results contemplated by the forward-looking statements. These risks and uncertainties include the risks associated with realization of the anticipated benefits of the merger with The Necessity Retail REIT, Inc. and the internalization of the Company’s property management and advisory functions; that any potential future acquisition or disposition by the Company is subject to market conditions and capital availability and may not be identified or completed on favorable terms, or at all. Some of the risks and uncertainties, although not all risks and uncertainties, that could cause the Company’s actual results to differ materially from those presented in its forward-looking statements are set forth in the Risk Factors and “Quantitative and Qualitative Disclosures about Market Risk” sections in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and all of its other filings with the U.S. Securities and Exchange Commission, as such risks, uncertainties and other important factors may be updated from time to time in the Company’s subsequent reports. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise any forward-looking statement to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.

    Contacts:
    Investor Relations
    Email: investorrelations@globalnetlease.com
    Phone: (332) 265-2020

    The MIL Network –

  • MIL-OSI: HighPeak Energy, Inc. Announces 2024 Third Quarter Earnings Release and Conference Call Dates

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Oct. 15, 2024 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (NASDAQ: HPK) (“HighPeak Energy”), today announced that it plans to release its 2024 third quarter financial and operating results after the close of trading on Monday, November 4, 2024.

    HighPeak Energy will host a conference call and webcast on Tuesday, November 5, 2024 at 10:00 a.m. Central Time for investors and analysts to discuss its 2024 third quarter financial results and operational highlights. Participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on HighPeak Energy’s website at http://www.highpeakenergy.com under the “Investors” section of the website.

    About HighPeak Energy, Inc.

    HighPeak Energy is a publicly traded independent oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at http://www.highpeakenergy.com.

    Investor Contact:
    Ryan Hightower
    Vice President, Business Development
    817.850.9204
    rhightower@highpeakenergy.com

    Source: HighPeak Energy, Inc.

    The MIL Network –

  • MIL-OSI: DT Midstream to Announce Third Quarter 2024 Financial Results, Schedules Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    DETROIT, Oct. 15, 2024 (GLOBE NEWSWIRE) — DT Midstream, Inc. (NYSE: DTM) plans to announce third quarter 2024 financial results before the market opens on Tuesday, October 29, 2024.

    DT Midstream has scheduled a conference call to discuss results for 9:00 a.m. ET (8:00 a.m. CT) the same day. Investors, the news media and the public may listen to a live internet broadcast of the call at this link. The participant toll-free telephone dial-in number in the U.S. and Canada is 888.596.4144, and the toll number is 646.968.2525; the passcode is 4749988. International access numbers are available here.

    The webcast will be archived on the DT Midstream website at investor.dtmidstream.com.

    About DT Midstream

    DT Midstream (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, compression, treatment and surface facilities. The company transports clean natural gas for utilities, power plants, marketers, large industrial customers and energy producers across the Southern, Northeastern and Midwestern United States and Canada. The Detroit-based company offers a comprehensive, wellhead-to-market array of services, including natural gas transportation, storage and gathering. DT Midstream is transitioning towards net zero greenhouse gas emissions by 2050, including a plan of achieving 30% of its carbon emissions reduction by 2030. For more information, please visit the DT Midstream website at http://www.dtmidstream.com.

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