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Category: Germany

  • MIL-OSI Russia: 80 years since the liberation of Budapest

    Translartion. Region: Russians Fedetion –

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

    On February 13, 1945, the Budapest operation of Soviet troops during the Great Patriotic War ended, as a result of which the central regions of Hungary, including its capital, were liberated, and the puppet “Government of National Unity” lost power over the country.

    By the end of 1944, Germany’s position was already unenviable, it had to fight on three fronts: in Italy, France and against the Red Army rapidly advancing from the east. The defense of Budapest was of paramount importance, because its loss meant the loss of the last major source of oil, so Hitler even declared that it was better to surrender Berlin than to lose Hungarian oil. The Germans built three lines of defense around Budapest and significantly fortified the city itself, which was defended by Army Group South and the remnants of the Hungarian armed forces.

    The Soviet offensive on Budapest began on October 29. They failed to take the city on the move. The second attempt also met with fierce resistance. In December, the Germans even attempted to counterattack and pushed the Russians back in some areas of the front. However, on December 26, their forces were completely surrounded, with 188,000 people trapped in the cauldron. And they had no intention of surrendering; moreover, they shot the envoys sent with an ultimatum to capitulate. Their counterattacking tanks numbered 50-60 units per kilometer of front – a density of equipment unseen throughout the war. Having had the bloody experience of the Battle of Stalingrad and the Battle of Kursk, the Red Army responded with a deeply echeloned defense, effective reconnaissance, and preemptive strikes. The Germans were unable to break out of the encirclement, and in early February, their counteroffensive finally petered out in all directions.

    The heaviest urban battles in some areas began on January 18. That same day, our troops liberated about 70,000 Jews from the Budapest ghetto. Now, when the organized counteroffensive of the Germans had failed, they rushed out of Budapest chaotically and with particular despair. From the memoirs of Soviet Major General Andrei Kovtun-Stankevich:

    “Everyone takes part in the battle, including the telephone operators. Telephone operator Zoya Vasilchenko destroyed up to 15 fascists with a machine gun. The battalion captured more prisoners than it had personnel.”

    “The commander of the medical battalion, Krutilov, arrived and proudly handed me a “combat” report. It turns out that the medical battalion had fought a battle today, as a result of which 49 Germans were killed and 56 were taken prisoner. Everyone took part in the battle, including the wounded who were able to fire. Even the pharmacist, an elderly woman, fired a pistol.”

    On February 13, 1945, the German group in Budapest was finally liquidated. The commander, SS-Obergruppenführer Karl Pfeffer-Wildenbruch, dressed in a soldier’s uniform along with all the staff officers, surrendered on his own initiative to the head of the chemical service of the 180th rifle division, Major Skripin.

    In honor of this victory, a salute of 24 salvos from 324 guns was given in Moscow. The result of the successful operation was the complete liquidation of the enemy forces and the withdrawal of Hungary from the war. In addition, the advancement on the remaining sections of the Soviet-German front was noticeably facilitated by the transfer of German troops to Budapest. A threat was created to the Balkan group of the Wehrmacht, which was forced to accelerate its withdrawal from Yugoslavia.

    The State University of Management congratulates on this memorable date and recalls our scientific regiment – employees awarded the medal “For the capture of Budapest”:
    -Hero of the Soviet Union, Alexander Davydov, Guard Lieutenant Colonel, Deputy Head of the Nile MIE-MIU department from 1962 to 1985;
    -Gennady Belykh, Colonel, Head of the educational and methodological department of the MIU;
    -Peter Burov, Major Engineer, Vice-Rector for the Academic Affairs of MIEI from 1952 to 1962;
    -Ivan Steel, Major Engineer, chief of staff of the railway troops of the 3rd Ukrainian Front, associate professor of the Department of structures and structures of MIEI.

    Subscribe to the TG channel “Our GUU” Date of publication: 02/13/2025

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

    MIL OSI Russia News –

  • MIL-OSI: Notice convening the Annual General Meeting of Siili Solutions Plc

    Source: GlobeNewswire (MIL-OSI)

    Notice convening the Annual General Meeting of Siili Solutions Plc

    Siili Solutions Plc Stock Exchange Release 13 February 2025 at 9:10 a.m. (Finnish time)

    The shareholders of Siili Solutions Plc are invited to the Annual General Meeting to be held on Tuesday, 8 April 2025 starting at 2:00 p.m. (Finnish time) at the address Töölönlahdenkatu 2, FI-00100 Helsinki, Finland (event venue Eliel, Sanomatalo). The reception of persons who have registered for the meeting and the distribution of voting tickets will commence at the meeting venue at 1:30 p.m. (Finnish time).

    Shareholders may also exercise their voting rights by voting in advance. Further information on advance voting is presented in section C. 2. of this meeting notice.

    Shareholders can follow the General Meeting via a video stream. Other persons than the Company’s shareholders are also welcome to follow the video stream. Instructions on how to follow the video stream are available on the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025. It is not possible to pose any other questions than those referred to below in this section, make counterproposals, otherwise speak or vote via the video stream. Following the meeting via the video stream or asking questions as referred to below shall not be considered as participation in the General Meeting or as the exercise of shareholder rights. Persons who follow the video stream may ask questions or make comments to the CEO in writing during the CEO’s review in agenda item 6. through the chat functionality. A recording of the video stream will be available on the Company’s website after the General Meeting, no later than on 22 April 2025.

    A. MATTERS ON THE AGENDA OF THE GENERAL MEETING

    The General Meeting shall consider the following matters:

    1. Opening of the meeting
    1. Calling the meeting to order
    1. Election of the persons to scrutinise the minutes and the persons to supervise the counting of votes
    1. Recording the legality of the meeting
    1. Recording the attendance at the meeting and adoption of the list of votes
    1. Presentation of the financial statements, including the consolidated financial statements, the report of the Board of Directors, the auditor’s report and the assurance report on sustainability reporting for the year 2024
    • Presentation of the CEO’s review.

    The annual report, including the report of the Board of Directors, the consolidated financial statements, the financial statements of the parent company, the auditor’s report and the assurance report on sustainability reporting will be available on the Company’s website at https://sijoittajille.siili.com/general-meeting2025 at the latest on 14 March 2025.

    1. Adoption of the financial statements, including the consolidated financial statements
    1. Resolution on the use of the profit shown on the balance sheet and the distribution of dividend

    The Board of Directors proposes to the General Meeting that, based on the adopted balance sheet for the financial period 2024, a dividend of EUR 0,18 per share be paid from the Company’s distributable funds, i.e., approximately EUR 1.46 million in total based on the status of the date of this meeting notice, and that the rest of the distributable funds be retained in equity. 

    The dividend shall be paid to shareholders who on the dividend record date 10 April 2025 are registered in the Company’s shareholders’ register held by Euroclear Finland Oy. The Board of Directors proposes that the dividend be paid on 17 April 2025.

    1. Resolution on the discharge of the members of the Board of Directors and the CEO from liability
    1. Consideration of the Remuneration Report for Governing Bodies

    The remuneration report for governing bodies is available on the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025 at the latest on 14 March 2025.

    1. Resolution on the remuneration of the members of the Board of Directors

    The Shareholders’ Nomination Board proposes that the remuneration of the members of the Board of Directors would remain unchanged and be as follows:

    The Chair of the Board of Directors is paid EUR 3,850 per month, the Deputy Chair EUR 2,500 per month, the Chair of the Audit Committee EUR 2,500 per month and other members EUR 2,000 per month. The Chairs of the Board of Directors’ Committees are paid EUR 200 per month for their work on the Committee, in addition to which all Committee members are paid a meeting fee of EUR 300 per meeting. In addition, the members of the Board of Directors receive compensation for travel expenses in line with the Company’s business travel policy.

    1. Resolution on the number of members of the Board of Directors

    The Shareholders’ Nomination Board proposes that five (5) members be elected to the Board of Directors.

    1. Election of the members of the Board of Directors

    The Shareholders’ Nomination Board proposes the re-election of the current members of the Board of Directors for the next term of office Harry Brade, Jesse Maula, Katarina Cantell and Henna Mäkinen. Tero Ojanperä has informed that he does not stand for re-election to the Board of Directors.

    Consequently, the Nomination Board proposes that Sebastian Nyström shall be elected as new member of the Board of Directors.

    Sebastian Nyström, b. 1974, M.Sc., acts currently as S-Group’s Chief Transformation Officer and EVP, Loyalty, IT and Digital Development. Prior to his current role, Nyström has acted e.g. as S-Group’s EVP Strategy & M&A, as well as in other leading roles in Nokia Corporation over the past 20 years.

    The term of office of the members lasts until the end of the next Annual General Meeting. All persons proposed have given their consent to the election.

    Background information on each person proposed for the Board of Directors is available on the website of Siili Solutions Plc at https://sijoittajille.siili.com/en.

    The proposed members Jesse Maula, Henna Mäkinen, Katarina Cantell and Sebastian Nyström are considered independent of the Company and its significant shareholders. Harry Brade is independent of the Company but non-independent of its significant shareholder Lamy Oy.

    In addition, the Shareholders’ Nomination Board recommends to the Board of Directors that it re-elects Harry Brade as its Chair and Jesse Maula as Deputy Chair.

    In the selection of the Board member candidates, the Nomination Board has emphasized relevant experience and competence of the candidates, especially considering the strategic objectives of the company. Further, in its selection process the Nomination Board has considered the diversity of the Board.

    With regard to the selection procedure of the members of the Board of Directors, the Nomination Board recommends that shareholders take a position on the proposal as a whole at the General Meeting. The Nomination Board, in addition to ensuring that individual nominees for membership of the Board of Directors possess the required competences, is also responsible for making sure that the proposed Board of Directors as a whole also has the best possible expertise and experience for the Company and that the composition of the Board of Directors also meets other requirements of the Finnish Corporate Governance Code for listed companies.

    1. Resolution on the remuneration of the auditor

    The Board of Directors proposes upon proposal of the Audit Committee that the auditor of the Company be paid remuneration in accordance with the auditor’s reasonable invoice approved by the Company.

    1. Election of the auditor

    The Board of Directors proposes upon proposal of the Audit Committee that audit firm KPMG Oy Ab be re-elected as the Company’s auditor for the following term of office. KPMG Oy Ab has stated that if it is elected as the Company’s auditor, Leenakaisa Winberg, APA, will continue as the principal auditor.

    1. Resolution on the remuneration of the sustainability reporting assurer

    The Board of Directors proposes upon proposal of the Audit Committee that the sustainability reporting assurer of the Company be paid remuneration in accordance with the sustainability reporting assurer’s reasonable invoice approved by the Company.

    1. Election of the sustainability reporting assurance provider

    The Board of Directors proposes upon proposal of the Audit Committee that authorised sustainability audit firm KPMG Oy Ab be elected as the Company’s sustainability reporting assurance provider for the following term of office. KPMG Oy Ab has stated that if it is elected as the Company’s sustainability reporting assurance provider, Leenakaisa Winberg, ASA, will continue as the principal sustainability auditor.

    1. Authorisation of the Board of Directors to resolve on the repurchase and/or on the acceptance as pledge of own shares

    The Board of Directors proposes that the General Meeting authorises the Board of Directors to resolve on the repurchase and/or acceptance as pledge of the Company’s own shares under the following terms and conditions:

    Using the Company’s unrestricted equity, a maximum of 814,000 shares may be repurchased and/or accepted as pledge in one or more tranches, which corresponds to approximately 10% of all shares in the Company.

    The shares will be repurchased in trading on Nasdaq Helsinki Oy’s regulated market at a price formed in public trading on the date of repurchase. The Company’s own shares shall be repurchased to be used for carrying out acquisitions or implementing other arrangements related to the Company’s business, for optimising the Company’s capital structure, for implementing the Company’s incentive scheme or otherwise to be transferred further or cancelled.

    Own shares can be repurchased otherwise than in proportion to the shareholdings of the shareholders (directed repurchase). The share purchase will decrease the Company’s distributable unrestricted equity. The Board of Directors resolves on all other terms and conditions for the repurchase and/or acceptance as pledge of the Company’s own shares.

    The authorisation is proposed to remain in force until the end of the next Annual General Meeting, however no later than until 30 June 2026. The authorisation shall revoke earlier unused authorisations to resolve on the repurchase and/or acceptance as pledge of the Company’s own shares.

    1. Authorisation of the Board of Directors to resolve on a share issue and the issuance of special rights entitling to shares

    The Board of Directors proposes that the General Meeting authorise the Board of Directors to resolve on the issuance of shares and the issuance of special rights entitling to shares within the meaning of chapter 10, section 1 of the Finnish Limited Liability Companies Act in one or more tranches either against consideration or free of consideration.

    The number of shares to be issued, including shares received on the basis of the special rights shall not exceed a maximum of 814,000 shares, which corresponds to approximately 10% of all shares in the Company. The Board of Directors may resolve either to issue new shares or to transfer treasury shares held by the Company.

    The authorisation entitles the Board of Directors to resolve on all terms of the share issue and the issuance of special rights entitling to shares, including the right to deviate from the shareholders’ pre-emptive subscription right (directed issue). The authorisation may be used to strengthen the Company’s balance sheet and financial position, to pay purchase prices for acquisitions, in share-based incentive schemes or for other purposes resolved by the Board of Directors.

    The total maximum number of shares to be issued for the purpose of share-based incentive schemes is 162,800 shares, which corresponds to approximately 2.0% of all the shares in the Company. For the avoidance of doubt, the above maximum number of shares intended for the incentive schemes is included in the maximum number of the issuance authorisation referred to above.

    Based on the authorisation, the Board of Directors is also authorised to resolve on a share issue directed to the Company itself, provided that the number of shares held by the Company after the issue would be a maximum of 10% of all the shares in the Company. This number includes all the Company’s own shares held by the Company and its subsidiaries in the manner provided for in chapter 15, section 11(1) of the Limited Liability Companies Act.

    The authorisation is proposed to remain in force until the end of the next Annual General Meeting, however no later than until 30 June 2026. The authorisation shall revoke earlier authorisations concerning share issues and the issuance other special rights entitling to shares.

    1. Closing the meeting

    B. DOCUMENTS OF THE GENERAL MEETING

    This notice of the General Meeting, which includes all the resolution proposals of the Board of Directors and the Shareholders’ Nomination Board on the agenda of the General Meeting, is available on Siili Solutions Plc’s website at the address https://sijoittajille.siili.com/general-meeting2025 as of 13 February 2025. Siili Solutions Plc’s annual report for the year 2024, including the report of the Board of Directors, the consolidated financial statements, the financial statements of the parent company, the auditor’s report and the assurance report on sustainability reporting and the remuneration report for governing bodies will be available on said website at the latest as of 14 March 2025. The resolution proposals and other documents mentioned above will also be made available at the General Meeting.

    The minutes of the General Meeting will be available on the above website at the latest on 22 April 2025.

    C. INSTRUCTIONS FOR MEETING PARTICIPANTS

    1. Shareholders registered in the shareholders’ register

    Shareholders who are registered in the Company’s shareholders’ register held by Euroclear Finland Oy on 27 March 2025 (the record date of the General Meeting) have the right to participate in the General Meeting. A shareholder whose shares are registered on the shareholder’s Finnish book-entry account is registered in the shareholders’ register of the Company.

    The registration period for the General Meeting commences on 14 February 2025 at 10:00 a.m. (Finnish time). A shareholder who is registered in the shareholders’ register of the Company and wishes to participate in the General Meeting shall register no later than on 1 April 2025 at 4:00 p.m. (Finnish time), by which time the registration must be received. A shareholder can register for the General Meeting by one of the following means:

    a) Via the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025. Electronic registration requires strong identification of the shareholder or their legal representative or proxy representative with a Finnish, Swedish or Danish bank ID or a mobile certificate.

    b) By email to the address agm@innovatics.fi. In the email, registering shareholders must submit the registration and advance voting form available on the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025 or equivalent information.

    The requested information, such as the shareholder’s name, date of birth or business ID and contact information (telephone number and/or email address) as well as the name of the shareholder’s assistant and/or the name, date of birth and contact information (telephone number and/or email address) of proxy representative, if any, must be provided in connection with the registration. The personal data disclosed by the shareholders to Siili Solutions Plc, Innovatics Ltd or Inderes Oyj is only used in connection with the General Meeting and the processing of the necessary registrations related thereto.

    Changes in shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the number of votes of the shareholder.

    Upon request, shareholders, their representatives or proxy representatives must be able to prove their identity and/or right of representation at the meeting venue.

    Further information on registration and advance voting is available by telephone during the registration period of the General Meeting by calling Innovatics Ltd at +358 10 2818 909 between 9:00 a.m. and 12:00 p.m. and 1:00 p.m. and 4:00 p.m. (Finnish time) on business days.

    1. Advance voting

    A shareholder whose shares are registered on the shareholder’s personal Finnish book-entry account may vote in advance on certain items on the agenda between 14 February 2025 at 10:00 a.m. (Finnish time) and 1 April 2025 at 4:00 p.m. (Finnish time) in the following ways:

    1. Via the service available on the Company’s website at the address https://sijoittajille.siili.com/general-meeting2025. Shareholders can sign into the advance voting service the same way as to the online registration service referred to above in section C. 1. a) of these instructions.
    1. By email by submitting the advance voting form available on the Company’s website or equivalent information to Innovatics Ltd at agm@innovatics.fi.

    Advance votes must be received by the time the advance voting ends. The submission of votes via the service available on the Company’s website or by email before the end of the registration and advance voting period shall be considered as registration for the General Meeting, provided that it contains the above information required for registration.

    Proposals for resolutions that are subject to advance voting are considered to have been presented unchanged in the General Meeting, and the advance votes are taken into account in a possible vote held at the general meeting venue also in circumstances where an alternative proposal for resolution has been made in the relevant matter. For the advance votes to be considered, the shareholder must be registered in the Company’s shareholder register maintained by Euroclear Finland Oy on the record date of the General Meeting. A shareholder who has voted in advance cannot exercise the right to ask questions or demand a vote under the Limited Liability Companies Act unless they participate in the General Meeting at the meeting venue in person or by proxy representative.  

    Instructions for advance voting will be available on the Company’s website at https://sijoittajille.siili.com/general-meeting2025.

    With respect to holders of nominee-registered shares, the advance voting is carried out by the account operators. The account operators may vote in advance on behalf of the holders of nominee-registered shares they represent in accordance with the relevant shareholders’ voting instructions during the registration period applicable to holders of nominee-registered shares.

    1. Holder of nominee-registered shares

    Holders of nominee-registered shares have the right to participate in the General Meeting by virtue of shares, based on which they would be entitled to be registered in the shareholders’ register of the Company held by Euroclear Finland Oy on the record date of the General Meeting, 27 March 2025. In addition, the right to participate in the General Meeting requires that the holders of nominee-registered shares be temporarily entered into the shareholders’ register held by Euroclear Finland Oy based on these shares by 3 April 2025 at 10:00 a.m. (Finnish time) at the latest. As regards nominee-registered shares, this constitutes due registration for the General Meeting. Changes in shareholding after the record date of the General Meeting do not affect the right to participate in the General Meeting or the number of votes of the shareholder.

    Holders of nominee-registered shares are advised to ask their custodian bank in good time for the necessary instructions regarding temporary registration in the Company’s shareholders’ register, the issuing of proxy documents and voting instructions, registration for and participation in the General Meeting as well as advance voting. The account manager of the custodian bank shall temporarily register a holder of nominee-registered shares who wishes to participate in the Annual General Meeting into the shareholders’ register of the Company at the latest by the time stated above. When necessary, the account manager of the custodian bank shall also arrange advance voting on behalf of the holder of nominee-registered shares before the end of the registration period for holders of nominee-registered shares.

    1. Proxy representative and powers of attorney

    A shareholder may participate in the General Meeting and exercise their rights at the meeting by way of a proxy representation. A shareholder’s proxy representative may also elect to vote in advance as described in section C. 2. of these instructions if they so wish.

    The proxy representative shall produce a dated proxy document, or otherwise in a reliable manner prove that the proxy representative is entitled to represent the shareholder at the General Meeting. If a shareholder participates in the General Meeting through several proxies representing the shareholder with shares held in different book-entry accounts, the shares on the basis of which each proxy representative represents the shareholder shall be identified in connection with the registration.

    A proxy template will be available on the Company’s website at https://sijoittajille.siili.com/general-meeting2025.

    Any proxy documents are requested to be submitted preferably as an attachment with the electronic registration or alternatively by mail to Innovatics Oy, General Meeting / Siili Solutions Plc, Ratamestarinkatu 13 A, FI-00520 Helsinki or by email to agm@innovatics.fi before the end of the registration period, by which the proxy documents must be received. In addition to submitting proxy documents, a shareholder or the shareholder’s proxy representative shall register for the General Meeting in the manner described above in this notice.

    As an alternative to a traditional proxy document, a shareholder may authorise a proxy representative by using the Suomi.fi e-authorisation service. The proxy representative is authorised via the Suomi.fi service at www.suomi.fi/e-authorizations (authorisation for ‘Representation at the General Meeting’). When registering for the General Meeting service, the proxy representative must identify themselves by using strong electronic identification, after which the proxy representative can register and vote in advance on behalf of the shareholder the proxy representative represents. Strong electronic identification requires a Finnish, Swedish or Danish bank ID or a mobile certificate. For more information on e-authorisation, please see www.suomi.fi/e-authorizations. The Suomi.fi service can also be used in another way than by authorising a proxy via the authorisation for ‘Representation at the General Meeting’ alternative. For example, a CEO can register the company he/she represents for the General Meeting by using the Suomi.fi service without a separate proxy.

    1. Other instructions/information

    The meeting language is Finnish.

    Pursuant to chapter 5, section 25 of the Limited Liability Companies Act, shareholders who are present at the General Meeting at the meeting venue have the right to request information with respect to the matters to be considered at the meeting.

    On the date of this notice to the General Meeting, Siili Solution Plc has a total of 8,140,263 shares, which represent the same number of votes. On the date of the notice, the Company holds 27,954 treasury shares that do not entitle to participation in the General Meeting according to the Limited Liability Companies Act. 

    Helsinki, 13 February 2025

    SIILI SOLUTIONS PLC

    Board of Directors

    For more information:

    General Counsel, Taru Kovanen

    Phone: +358 (0)40 4176 221, email: taru.kovanen(at)siili.com

    Distribution

    Nasdaq Helsinki Ltd
    Principal media
    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. www.siili.com/en

    The MIL Network –

  • MIL-OSI: The Board of Directors of Siili Solutions Plc established a matching share plan for key employees and resolved on a new performance period for the performance share plan

    Source: GlobeNewswire (MIL-OSI)

    The Board of Directors of Siili Solutions Plc established a matching share plan for key employees and resolved on a new performance period for the performance share plan  

    Siili Solutions Plc Stock Exchange Release 13 February 2025 at 9:15 EET

    Matching Share Plan 2025–2027
                                                                                                                                                   
    The Board of Directors of Siili Solutions Plc has resolved to establish a Matching Share Plan directed to the key employees of the Group. The purpose of the plan is to commit the key employees to the company and to offer them a competitive incentive plan that is based on acquiring and accumulating Siili Solutions shares as well as to encourage them to personally invest in the company’s shares. The plan also aims to align the interests of the shareholders and the key employees to increase the value of the company in the long term.

    The Matching Share Plan 2025–2027 consists of one (1) matching period, which covers the years 2025–2027. The prerequisite for participation in the plan and receiving a reward is that a participant personally has acquired Siili Solutions shares within the limits set by the Board of Directors. Furthermore, payment of the reward is based on the participant’s valid employment or director contract upon reward payment. The potential rewards from the plan will be paid after the end of the matching period.

    The target group of the matching period 2025–2027 consists of approximately 30 key employees, including the CEO and members of the Management Team. As a reward for their commitment, Siili Solutions grants the participants a gross reward of two (2) matching shares for every three (3) shares committed to the plan. The rewards will be paid by the end of May 2028.

    Performance period 2025–2027 of the Performance Share Plan 2023–2027

    The Board of Directors of Siili Solutions Plc established the Performance Share Plan 2023–2027 for the key employees of the company in 2023. The Performance Share Plan 2023–2027 comprises three performance periods, covering the calendar years 2023–2025, 2024–2026 and 2025–2027. The key terms of the Performance Share Plan 2023–2027 were published in a stock exchange release on 24 January 2023.

    The Board of Directors of Siili Solutions has resolved on the target group, the amount of the possible rewards and the performance criteria for the performance period 2025–2027.

    During the performance period 2025–2027, the earning of rewards is based on the following performance criteria:

    • Revenue (EUR) in 2025 (weight 40%);
    • EBITA (EUR) in 2025 (weight 60%);
    • Development of shareholder value (TSR) in 2025–2027.

    The target group of the Performance Share Plan during the performance period 2025–2027 consists of approximately 45 key employees, including the Group’s CEO and Management Team. The rewards will be paid by the end of May 2028.

    General

    The rewards to be paid based on the Matching Share Plan 2025-2027 and Performance Share Plan’s performance period 2025-2027 correspond to the value of approximately 160,000 Siili Solutions Plc shares in maximum total, also including the portion to be paid in cash.

    The rewards of the Matching Share Plan and the Performance Share Plan will be paid partly in Siili Solutions Plc shares and partly in cash. The cash proportions of the rewards are intended to cover taxes and social security contributions arising from the rewards to the participants. In general, no reward is paid if the participant’s employment or director contract terminates during the performance period or the matching period.

    A member of the Management Team is obliged to hold all the net shares paid to them under the new plans until the value of their total shareholding in the company corresponds to half of their annual salary. Such number of shares must be held as long as the membership in the Management Team continues.

    Further information

    CEO Tomi Pienimäki
    Phone: +358 (0)40 834 1399, email: tomi.pienimaki(at)siili.com

    CFO Aleksi Kankainen
    Phone: +358 (0)40 534 2709, email: aleksi.kankainen(at)siili.com

    Distribution

    Nasdaq Helsinki Ltd

    Main media

    www.siili.com/en


    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. www.siili.com/en

    The MIL Network –

  • MIL-OSI: Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    YEAR 2024 FOR SIILI: Profitability affected by declined revenue, successful launch of the new data and AI focused strategy 

    Siili Solutions Plc Financial statements bulletin 13 February 2025 at 9:00 am (EET)

    In 2024 we clarified our new strategy and successfully launched its implementation. We focused on strengthening our competitiveness and securing profitability in a continuously challenging market situation. However, the challenging market situation affected negatively on Siili’s revenue and growth both domestically and internationally.

    July-December 2024

    • Siili published its new strategy in August
    • Siili signed an agreement to purchase majority stake of the Finnish Integrations Group Oy
    • Siili appointed Maria Niiniharju as Siili’s VP, Private Business and member of Siili’s management team
    • Revenue for the second half of the year was EUR 52,713 (57,414) thousand, representing decline of 8.2% year on year
    • Adjusted EBITA for the second half of the year was EUR 2,100 (3,732) thousand, which corresponds to 4.0% (6.5%) of revenue

    January-December 2024

    • We focused on streamlining our organization and creation of our new strategy
    • We strengthened data and AI expertise through training and recruitment
    • We achieved 10th place in the Young Professional A raction Index survey by Academic Work
    • Full-year revenue amounted EUR 111,899 (122,702) thousand, representing decline of 8.8% year on year
    • Adjusted EBITA was EUR 5,409 (8,742) thousand, which corresponds to 4.8% (7.1%) of revenue
      H2/2024 H2/2023 2024 2023 Q4/2024 Q4/2023
    Revenue, EUR 1,000 52,713 57,414 111,899 122,702 28,589 30,365
    Revenue growth, % -8.2% -3.4% -8.8% 3.7% -5.9% -6.7%
    Organic revenue growth, % -8.2% -5.5% -8.8% 0.1% -5.9% -6.7%
    Share of international revenue, % 30.2% 27.7% 29.0% 26.7% 28.8% 25.8%
    Adjusted EBITA, EUR 1,000 2,100 3,732 5,409 8,742 1,403 2,471
    Adjusted EBITA, % of revenue 4.0% 6.5% 4.8% 7.1% 4.9% 8.1%
    EBITA, EUR 1,000 2,058 3,399 4,752 8,409 1,361 2,138
    EBIT, EUR 1,000 1,482 2,763 3,592 6,909 1,075 1,844
    Earnings per share, EUR 0.20 0.18 0.43 0.61 0.18 0.14
    Number of employees at the end of the period 942 1,007 942 1,007 942 1,007
    Average number of employees during the period 954 1,034 975 1,026 944 1,030
    Total full-time employees and subcontractors (FTE)
    at the end of the period    		 1,033 1,091 1,033 1,091 1,033 1,091

    Outlook for 2025 and financial goals for 2025-2028

    Revenue for 2025 is expected to be EUR 108-130 million and adjusted EBITA EUR 4.7-7.7 million.

    On 26 November 2024, the company announced the financial goals for the years 2025–2028 as follows:

    • Annual revenue growth of 20 percent, of which organic growth accounts for about half.
    • Adjusted EBITA 12 percent of revenue.
    • The aim is to keep the ratio of net debt-to-EBITDA below two.
    • The aim is to pay a dividend corresponding to 30–70 percent of net profit annually.

    CEO TOMI PIENIMÄKI:

    2024 was another challenging year from a market perspective, both for Siili and the entire IT service sector. During the year, we focused on crystallising our strategy and creating a foundation for stronger competitiveness and profitability.

    The market situation affected both Siili’s revenue and the rate of growth both domestically and internationally. Full-year revenue amounted to approximately EUR 112 million, representing a decline of 9% year on year. The share of international operations in the Group’s revenue continued to increase and rose from the previous year’s level of 27% to 29% in 2024.

    The slowdown in growth also weighed on profitability. Adjusted EBITA for the year was EUR 5.4 million, which corresponds to about 5% of revenue. This year, we aim to improve Siili’s profitability by focusing on operational efficiency and growth with focus on the Data and AI business.

    Despite the challenges of the operating environment, last year was, however, successful for Siili in many ways. During the first half of the year, we focused on designing our new strategy and streamlining the organisation. We also launched a three-level training programme in artificial intelligence for our consultants and continued to strengthen the data and AI expertise of the Siili team through both training and recruitment throughout the year.

    Our new strategy has been well received

    In the new strategy published in August, we placed data and artificial intelligence at the core of the strategy. Our objective is to be a pioneer in the AI transition as a developer of generative AI solutions and as an AI partner that reinforces its customers’ competitiveness.

    We have now three strategic priorities that strengthen our position as a leader in leveraging AI:

    • Significant growth in Data and AI business
    • Pioneer in AI-powered digital development
    • Community of top talent

    Our updated strategy and our promise “Impact driven, AI powered” have been well received in the markets. During the year, we were selected as a partner for several AI and data projects in line with our strategy. Towards the end of the year, we had many successful openings consistent with the strategy in projects dealing with, for example, AI strategies, training, and implementation. We will continue to focus on expanding our business with strategic customers and building long-standing partnerships.

    We focus on improving our profitability

    We continue to improve our operational efficiency. We will focus in particular on capacity and utilization management, cost efficiency, offer development and pricing optimization. Improving profitability is progressing according to plan in stages. We have made a concrete action plan to improve our efficiency and profitability and we will implement it with determination and monitor its progress.

    Last year, we also started to develop our operating models towards more data-driven decision-making and better forecasting. In addition, we are strongly investing in the implementation of a new management model that increases efficiency, recruitments that support the strategy and optimization of subcontracting. We strive to seek profitable growth in growth areas in line with the strategy, while firmly protecting profitability in more challenging market segments.

    We are strengthening our community of top talent

    At the beginning of November, we strengthened the data and AI expertise of the management team when Maria Niiniharju took up the position as the leader of Siili’s Private Business and became a new member of Siili’s management team. In accordance with our strategy, we also expanded our competence through recruitment of data and AI experts, who we have now 43% more compared to previous year. Towards the end of the year, we strengthened our integration expertise by signing an agreement to purchase a majority stake in Integrations Group Oy. With Integrations Group, we will be a stronger partner for our customers in various demanding AI and data integration projects.

    We aim to be the best community for digital development professionals, and we continued to develop our culture and leadership further last year. Our efforts to develop Siili’s community were recognized in autumn when Siili achieved 10th place in the Young Professional Attraction Index survey by Academic Work.

    In 2025, we will celebrate Siili’s 20th anniversary. With two decades of innovation and growth under our belt, this is a good time to continue Siili’s journey by focusing on the implementation of the strategy and the improvement of profitability during the year. Although we cannot see immediate signs of an improvement in market conditions, our successes in 2024 have proven the performance of our strategy. I want to extend my thanks to the entire Siili team and our customers for the past year. I am looking forward to the opportunity to build new and innovative solutions at the cutting edge of the AI transition.

    RISKS AND UNCERTAINTY FACTORS

    Siili is exposed to various risk factors related to its operational activities and business environment. The realisation of risks may have an unfavourable effect on Siili’s business, financial position or company value. The most significant risks related to Siili’s operations are described below, along with other known risks that may become significant in the future. In addition, there are risks that Siili is not necessarily aware of and which may become significant.

    • The loss of one or more key clients, a considerable decrease in purchases, financial difficulties experienced by clients or a change in a client’s strategy with regard to the procurement of IT services could have a negative effect on the company.
    • Failure to achieve recruitment goals in terms of both quality and quantity, and failure to match supply to customer demand in a timely manner.
    • Probability and adverse effects of the realisation of the aforementioned risks are more likely in an uncertain economic environment.
    • Failure in pricing, planning, implementation and improving cost efficiency of customer projects.
    • Loss of the contribution of key personnel or deterioration of the employer’s reputation.
    • Realisation of information security risks, for example, as a result of data breach and/or human error by an employee.

    General negative or weakened economic development and the resulting uncertainty in the clients’ operating environment. The general economic cycle and changes in the clients’ operating environment can have negative effects through slowing down, postponing or cancelling decision-making on IT investments.

    Russia’s war of aggression against Ukraine has not had and is not expected have a direct impact on Siili’s business. However, the general uncertainty and inflation in 2024 continued to affect in particular our clients’ investment decisions, thereby also weighing on Siili’s business. Slow recovery of the economy is expected to continue to affect Siili’s business and growth opportunities also in the current financial year. According to management observations and estimates, the impacts of the market environment in the financial year 2024 were moderate, and they are expected to reduce in 2025. We prepare for these effects by taking care of customer satisfaction and cost efficiency.

    EVENTS AFTER THE END OF THE FINANCIAL YEAR

    Acquisition of Integrations Group Oy

    On 18 November 2024, Siili Solutions Plc announced it had signed an agreement to purchase a stake of 51% of the shares in the Finnish company Integrations Group Oy. The transaction in Integrations Group Oy shares was completed on 2 January 2025. Siili is committed to purchasing the remaining 49% of shares in Integrations Group Oy over the coming years in parts as detailed in the shareholders’ agreement; hence, Integrations Group Oy is consolidated 100% in the Siili Group as of 2 January 2025.

    Integrations Group Oy is a company specialising in integration implementations and services, based in Espoo and Tampere. The company’s unaudited revenue for the financial year 2024 was EUR 2.2 million, and its operating profit amounted to EUR 0.3 million. The company has 13 employees. Integrations Group Oy will continue to operate as a stand-alone company under its own brand.

    The acquisition of the majority stake in Integrations Group executes on Siili’s strategic objective to expand its business in the growing data and generative AI market.

    The acquisition does not have a material effect on the Siili Group’s revenue, adjusted EBITA or balance sheet values. The company will prepare an acquisition cost calculation under IFRS 3 during the first year-half.

    DIVIDEND PROPOSAL

    In line with the dividend policy approved by its Board of Directors, Siili seeks to distribute 30–70% of its profit for the period to shareholders. In addition, an additional profit distribution can be made.

    On 31 December 2024, the distributable assets of the parent company of Siili Solutions Plc amounted to EUR 35,291,522.61, including the profit for the period EUR 1,629,162.50. The Board of Directors proposes to the Annual General Meeting 2025 that a dividend of EUR 0.18 per share be paid for the financial year 2024. According to the proposal, a total dividend of EUR 1,460,215.62 would be paid. The proposed dividend represents approximately 42% of the Group’s profit for the financial year.

    No significant changes have taken place in Siili’s financial position since the end of the financial year. The company has a good level of liquidity, and the Board believes that the proposed dividend will not pose a risk to liquidity.

    FINANCIAL CALENDAR FOR 2025

    Siili will hold a results announcement event for analysts, portfolio managers and the media on 13 February 2025 at 1:00 p.m. The presentation materials will be published on the company website after the event.

    • The Annual Report 2024 will be published in electronic format on the company website on 14 March 2025.
    • The Annual General Meeting will be held on 8 April 2025.
    • The business review for 1 January–31 March 2025 will be published on 22 April 2025.
    • The half-year report for 1 January–30 June 2025 will be published on 12 August 2025.
    • The business review for 1 January–30 September 2025 will be published on 21 October 2025.

    Helsinki, 13 February 2025

    Board of Directors, Siili Solutions Plc

    FURTHER INFORMATION:

    CEO Tomi Pienimäki

    tel. +358 40 834 1399

    CFO Aleksi Kankainen

    tel. +358 40 534 2709

    SIILI SOLUTIONS IN BRIEF:

    Siili Solutions Plc is a unique combination of a digital agency and a technology powerhouse. We believe in human-centricity in everything we deliver. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Siili has offices in Finland, Germany, Poland, Hungary, Netherlands, United Kingdom, Austria and USA. Siili Solutions Plc shares are listed on Nasdaq Helsinki Ltd. Siili has grown profitably since it was founded in 2005. / www.siili.com

    Attachment

    The MIL Network –

  • MIL-OSI China: CATL aiming to raise over $5B from HK listing

    Source: China State Council Information Office

    Contemporary Amperex Technology Co Ltd, the world’s largest electric vehicle battery maker, has filed for a Hong Kong listing that is expected to be the city’s biggest initial public offering in four years.

    The long-awaited CATL listing aims to raise more than $5 billion, which the company said will fund overseas production capacity and international business expansion, supporting its long-term global strategy.

    Already an A-share listed company, CATL’s Hong Kong listing will attract more international capital, further diversifying its financing channels, said analysts.

    According to public disclosures, as of June 2024, CATL had foreign currency balances of $6.74 billion and 3.86 billion euros ($4 billion), which were challenging to cover the hefty investments in Europe and other regions, as well as the ongoing need for overseas strategic expansion that often amount to billions of euros.

    Zhou Mi, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said CATL’s Hong Kong listing is poised to assist the company in garnering funds on a global scale to support its endeavors in overseas research and development, production capacity expansion and market outreach. Additionally, the Hong Kong listing is expected to enhance CATL’s brand influence in international markets, strengthening its global competitiveness.

    “This listing opens avenues for financing. Given CATL’s expansive global reach, substantial financial support is imperative, a need that can be met through a successful IPO. In addition, CATL’s global expansion necessitates collaboration from diverse stakeholders. By opting for a Hong Kong listing, CATL can also engage with a broad spectrum of international investors. This move is pivotal in enhancing CATL’s global standing,” Zhou said.

    In recent years, CATL has accelerated its overseas expansion efforts, establishing battery factories in European countries including Germany and Hungary. In December, CATL signed a joint venture agreement with Dutch automotive group Stellantis that will build a large-scale lithium iron phosphate battery plant in Zaragoza, Spain.

    According to SNE Research — a South Korean company providing global market research and consulting services for rechargeable battery industries — CATL maintained its top position globally in terms of battery usage for electric vehicles from January to November 2024, witnessing a 28.6 percent year-on-year growth. Following CATL are BYD and LG Energy Solution.

    Many major Chinese original equipment manufacturers such as Zeekr, Aito and Li Auto, operating in the world’s largest EV market of China, have integrated CATL’s batteries into their products.

    Furthermore, prominent global OEMs including Tesla, BMW, Mercedes-Benz and Volkswagen have also chosen CATL’s batteries for their EV models.

    MIL OSI China News –

  • MIL-OSI China: Nation’s rail network continued to break records in 2024

    Source: People’s Republic of China – State Council News

    Remarkable progress was made in China’s railway sector in 2024, with the improvement of the nation’s transportation infrastructure contributing to economic growth and improving lives.

    As of the end of last year, China’s railway network had stretched to 162,000 kilometers, with 48,000 km dedicated to high-speed rail, further pressing its advantage as the global leader in high-speed rail. The network also expanded into more remote and mountainous areas, where constructing railways was once considered impossible.

    Freight train services linking China and Europe saw steady growth in 2024. Launched in 2011, the total number of China-Europe freight train services surpassed 100,000 last year.

    One of the highlights of the year was the debut of the CR450 prototypes, the next generation of high-speed trains that are faster, greener and more comfortable than those in current operation. Once they enter commercial operation, speeds will be increased to 400 km/h from the current 350 km/h. This development underscores China’s commitment to advancing transportation technology and improving efficiency.

    China’s railway freight and passenger volumes both reached record highs last year, playing a key role in supporting socioeconomic development. According to China State Railway Group, the national railway operator, in 2024, China’s national railway handled a record 4.08 billion passenger trips, with daily traffic reaching a high of nearly 21.45 million. The network also moved 3.99 billion metric tons of cargo, marking the eighth consecutive year of growth.

    Expansion milestones

    On a crisp September morning during China’s Mid-Autumn Festival, Luo Wei and her family stood at Chengdu East Railway Station, excited but unsure. They were embarking on a last-minute trip to Jiuzhaigou, a picturesque UNESCO World Heritage Site nestled in the mountains of western Sichuan province. In the past, such a journey would have been an exhausting multi-day ordeal. The eight-hour road trip from Chengdu to Jiuzhaigou is notorious for its winding roads through the mountains and steep drop-offs below. But this time, they were about to board a new train service that would transform the experience.

    In 1 hour and 39 minutes, they reached their destination, smoothly gliding through the mountains aboard a cutting-edge bullet train. Although a two-hour bus ride linking the railway station and the scenic area still awaits, it was much better than the previous eight-hour journey from Chengdu. No more hours spent cramped in a car on winding roads. It was a glimpse into the future of transportation in China, where high-speed rail has turned what once felt like an impossible journey into a comfortable, efficient reality.

    “We thought it might be different to see Jiuzhaigou by train, especially with our 10-year-old son,” Luo said, reminiscing about the challenging, fun-filled backpacking and self-driving trips she and her husband had taken several times during their school years.

    “It (the train journey) was certainly easier, and the trip was far more comfortable — much more suitable for a family outing, especially with a child,” she said.

    “Before, a round trip to Jiuzhaigou would take at least three days. Now we can do it in just a day.”

    The 69-km newly opened railway from Zhengjiangguan to Huangshengguan links this remote yet breathtaking region to China’s extensive railway network for the first time.

    Over a century ago, Sun Yat-sen, a pioneering Chinese revolutionary leader, envisioned a modernized China in his book The International Development of China. His plan included the construction of 1.6 million km of roads and approximately 160,000 km of railways. Last year, while Sun’s vision for railways became a reality, the development of China’s high-speed rail has in all likelihood exceeded his expectations.

    Last year, more than 3,100 km of new rail was built, including 2,457 km of high-speed rail, linking key cities and regions.

    Since 2012, the total length of China’s rail network has grown by more than 65 percent, while high-speed rail has expanded over fourfold.

    Compared to 2012, when China’s total railway length was 98,000 km with 9,356 km of high-speed rail, the country’s rail infrastructure has undergone an impressive transformation.

    Li Jingwei, deputy head of the development and reform department of China State Railway Group, highlighted the accelerated pace of construction.

    “Since 2012, the expansion of China’s high-speed rail has intensified, with an average of over 3,000 km of new high-speed rail lines put into operation annually,” Li said.

    Notably, China is the only country to achieve commercial operation of high-speed rail at 350 km/h, showcasing technological prowess, he said.

    “From snowy forests in the northern part of China to the water towns in the eastern region, and from the desert to the sea, China’s high-speed rail traverses major rivers and rugged mountains, and connects all regions,” Li said.

    He added that the high-speed railway network covers more than 96 percent of cities with populations over 500,000, including the Hong Kong Special Administrative Region.

    By 2030, China aims to have built a world-class modern railway network covering about 180,000 km, including around 60,000 km of high-speed rail. This expansion will create a more efficient and interconnected transportation system, allowing passengers to travel between major cities in just one to three hours and ensuring the swift movement of cargo across the country.

    The expansion of the network has not only reduced travel times but also increased connectivity between major cities and more isolated areas, including regions with challenging terrain, where building roads is already difficult, let alone railways. This is particularly true in the rugged mountains of Sichuan and the Xizang autonomous region, where new rail lines have brought services to remote locations, boosting regional development and tourism.

    Greater access

    The improvement of China’s railway network has had a transformative effect on the tourism industry.

    Yin Wei, head of a travel agency in Jiuzhaigou, with 12 years of experience in the industry, has witnessed dramatic changes in travel patterns over the years. He said the new rail line has had an enormous impact on tourism.

    “The travel time from Chengdu to Jiuzhaigou has been greatly shortened,” he said.

    “Tourists have eagerly awaited this rail line, and we received a lot of inquiries,” he said. “In the past, our tours typically lasted five days, but now, visitors can experience it in just one or two days.”

    The agency has already started developing tailored weekend getaway packages for tourists.

    “Visitors can arrive on Friday and spend two days exploring Jiuzhaigou and Huanglong, or even come for a one-day trip to enjoy the snowy scenery in the morning and return by evening. It’s incredibly appealing to tourists,” he said.

    Yin believes the easy access will benefit not only Jiuzhaigou but also the surrounding attractions, leading to an overall increase in tourism revenue for the region.

    Ferrying freight

    While passenger services have seen dramatic improvements, China’s railway network is also revolutionizing global trade. A notable milestone was achieved on Dec 3 when freight train X8083 — carrying goods such as electronics, home appliances, auto parts and daily necessities — arrived in Duisburg, Germany, marking the 100,000th journey between China and Europe. The train, which departed from Chongqing on Nov 15, took 18 days to reach the German city.

    As a cornerstone of the Belt and Road Initiative, the China-Europe freight train has evolved into a critical link for trade and connectivity, fostering open cooperation, mutual benefit and economic integration among the countries along the route.

    In 2024, the service hit a significant benchmark with 19,000 China-Europe freight trains operated, transporting 2.07 million containers — an increase of 10 percent and 9 percent, respectively, compared to the previous year.

    Since launching in 2011, the service has transformed global trade by enhancing connectivity between China and Europe. It has maintained a strong track record for safety, stability and efficiency, making it an indispensable component of the international logistics network.

    Li Chao, deputy director of the Policy Research Office of China’s National Development and Reform Commission, said: “The China-Europe freight train service is a vital carrier of open cooperation, fostering mutual benefit and supporting the Belt and Road Initiative. It provides a new, all-weather, high-capacity, green and low-carbon transport route that has become a valuable international public good.”

    The service is notably less affected by natural environmental factors, offering higher reliability compared to other forms of transportation. With costs just one-fifth of air freight and transit times a quarter of sea transport, the freight train has become a preferred choice for many businesses. In 2023, it accounted for over 7 percent of the total trade between China and Europe.

    Over the past 13 years, the network has expanded rapidly, growing from a handful of routes into a comprehensive service covering most of the Eurasian region. Today, it connects 227 cities in 25 European countries, 100 cities in 11 Asian countries, and is continually expanding. This broadening network has significantly transformed the logistics landscape between China and Europe, offering businesses more efficient options across diverse regions.

    The range of goods transported via the China-Europe freight train is also diversifying. It now handles over 50,000 types of goods across 53 categories, including automobiles, machinery, electronics and epidemic prevention materials, according to China State Railway Group, the service’s operator.

    The rail service has benefited both Chinese and international consumers and businesses. For example, Zhejiang Mundiver Import & Export, a company engaged in trade with Spain, has seen significant improvements in its logistics operations. Since 2014, when the China-Europe freight train began operating from Yiwu, Zhejiang province, the company has been using the service to import goods from Europe.

    Kong Zhijian, the company’s marketing manager, said: “Before the rail service, we relied on sea transport, which took about 45 days and required a secondary transfer at Ningbo Port. Now, goods can be delivered directly to Yiwu from Europe in less than 20 days.”

    The faster transit time has helped streamline their business operations, particularly with products like wine. “This shorter shipping cycle helps us manage cash flow more effectively, which is crucial for our business,” Kong added.

    The impact of the rail service extends beyond China. It has also brought significant economic benefits to cities along the route. For instance, Duisburg Port has become a major logistics hub, attracting over 100 logistics companies and creating more than 20,000 jobs.

    The progress of railways has always been driven by technology and innovation. In this regard, China also made remarkable strides in 2024, with faster trains now on track.

    Next generation

    On Dec 29, China unveiled two CR450 high-speed train prototypes, which are capable of reaching a test speed of 450 km/h and an operational speed of 400 km/h. They will be the fastest high-speed trains in the world once they enter commercial service, surpassing China’s current CR400, which operates at 350 km/h.

    It was one of the most exciting developments in the railway sector in 2024. This leap in speed and comfort reflects China’s ongoing leadership in high-speed rail technology.

    The two prototypes, with their futuristic design, have reduced weight by 10 percent to improve fuel efficiency. To decrease rolling resistance, the development team wrapped the trains’ running gear — such as the wheels, axles and suspension system — partly, marking a breakthrough in railway engineering.

    The interiors of the prototypes are also cutting-edge. In business class, the seats can be adjusted to a meeting mode, allowing them to be arranged face-to-face, transforming the compartment into a conference room at any time.

    In economy class, the seats are ergonomically designed for greater comfort, with curves that better suit the body. In response to passenger smartphone use, small tables in economy class now feature a rack that enables passengers to prop up their phones to watch videos.

    Inside the train, lighting adjusts automatically in response to the brightness outside, enhancing passenger comfort. The luggage storage areas have also been made more spacious, reducing congestion. The interior has been redesigned for greater comfort and convenience, increasing cabin space by 4 percent. Adjustable luggage racks and versatile storage areas can accommodate passengers’ needs, including bicycles, wheelchairs and other large items. These upgrades anticipate potential regulatory changes in passenger transport.

    Sui Fusheng, a researcher at the Institute of Acoustics at the Chinese Academy of Sciences, highlighted the challenge of balancing weight reduction with noise control. He led a team dedicated to optimizing the noise management for the prototypes.

    “To reduce weight is detrimental to noise control, and increasing speed also exacerbates noise, so we have to overcome these two critical factors to ensure a comfortable passenger experience,” he said.

    “The results have been good; the ride experience is similar to that of the current CR400 running at 350 km/h,” he added.

    To balance noise control and weight reduction, the team developed integrated composite materials that offer both thermal insulation and soundproofing. These innovations not only reduce material costs and complexity but also enhance passenger comfort by effectively managing temperature and noise levels.

    The team’s solutions have laid the groundwork for quieter, more efficient high-speed rail travel, Sui added.

    “China’s high-speed rail system has made a historic leap, evolving from a follower to a global leader. Its high-speed rail technology has now set an international benchmark,” said Li Yongheng, an official from China State Railway Group, referring to the development of the CR450.

    “To further strengthen and expand China’s leadership in high-speed rail technology, and to better support Chinese modernization, our company, together with relevant ministries, organizations, research institutes, universities and enterprises, has formed an innovative team to tackle critical technological challenges,” he added.

    The CR450 represents the culmination of years of innovation in high-speed rail, making it a fitting symbol of China’s railway sector in 2024 — a year marked by groundbreaking achievements, record-breaking passenger and freight volumes, and a continually expanding network that links China to the rest of the world.

    Looking ahead

    These breakthroughs in railway technology are not just abstract concepts — they’re transforming the way people experience travel. On that September morning, Luo Wei and her family were not just passengers on a train — they were part of a story of transformation that is reshaping the future of travel, trade and global connectivity. The ease and efficiency of their journey to Jiuzhaigou were a microcosm of the larger changes sweeping across China.

    As China looks ahead, its railway sector remains a symbol of the country’s ambition to lead the world in technological innovation and sustainable development. With the CR450 on the horizon and a growing railway network connecting regions far and wide, China is poised to continue pushing the boundaries of what’s possible in transportation. And with it, the world will continue to move faster, more efficiently and more sustainably.

    For Luo Wei and countless others, the high-speed rail of 2024 is a journey into tomorrow — one that is already well underway.

    MIL OSI China News –

  • MIL-OSI Economics: r* in the monetary policy universe: navigational star or dark matter? | Lecture at the London School of Economics and Political Science

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Ladies and gentlemen, It’s a pleasure and an honour for me to speak here before such a distinguished audience.

    Remember to look up at the stars and not down at your feet. This was advice from Stephen Hawking, the famous English physicist and author of numerous books on the cosmos. And who would want to contradict the genius?

    So today I invite you to join me on a stargazing tour. If you don’t have a telescope with you, no worries. However, I should add a disclaimer here: When a couple look up at the stars, things could get romantic. When astronomers observe the stars, impressive images can come into view. When economists talk about stars, it usually gets complicated. Now you know what you’re getting into! 

    I’m sure you’ve already guessed what topic I have in mind: the natural rate of interest – also known as r-star. It is a concept that economists have been grappling with for more than 125 years.[1] And it has perhaps never received more attention than in the current era of monetary policy.

    From a central banker’s perspective, I would like to discuss what role r-star can and should play in the monetary policy universe. I will structure my lecture around four key questions: What is r-star and why is it of interest for monetary policy? How have estimates for r-star evolved over the past decades? What drives uncertainty about current estimates and the future evolution of r-star? What conclusions should monetary policy draw from this?

    2 Definition of r-star and use for monetary policy

    Let’s start with the definition. The natural rate is the real interest rate that would prevail if the economy were operating at its potential and prices were stable. R-star is commonly thought to be driven by real forces that structurally affect the balance between saving and investment. Think of technological progress and demographics, for example. This also means that r-star should, by definition, be independent of monetary policy. The latter follows from the widely held belief that monetary policy can affect real variables only temporarily, but is neutral in the long term.

    At first glance, the natural rate could be a guiding star for the conduct of monetary policy. If a central bank sets its policy rates so that the real interest rate is above r-star, monetary policy is restrictive or “tight”. Consequently, economic activity slows and the inflation rate should decrease. If the real rate is below r-star, monetary policy is expansionary or “loose”. It provides incentives for consumers to purchase more and for enterprises to step up investment and output. Hence, this should result in more economic activity and a higher inflation rate.

    However, the idea of the natural rate serving as a guiding star for monetary policy comes with profound challenges. Perhaps the name r-star evokes associations with astronomy and navigation. But these would be misleading. If r-star were like a star in the sky, it would be relatively easy to locate. Stars emit light and are therefore observable.

    The natural rate is a theoretical concept. It is based on a hypothetical state of the world. That means the natural rate is, by nature, unobservable. It can only be estimated. For example, models use assumptions about the relationship between measurable variables and r-star. In this respect, the natural rate is not so much like a star shining brightly in the sky. It is more a case of dark matter. As it is invisible, astronomers infer dark matter indirectly by observing its gravitational effects.

    If something is hard to find, it only spurs researchers to look even harder – whether they are astronomers or economists. Therefore, we can draw on a variety of estimation methods for the evolution of the natural rate.

    3 Estimates for r-star over time

    Since around the 1980s various estimates of different types have been pointing to a downward trend for r-star over several decades and across many advanced economies.[2] In the wake of the global financial crisis, the estimates slumped to exceptionally low levels.[3] This development was roughly in line with the observed trajectory of actual real interest rates of short- and long-term government bonds during this period. And no wonder: In the long run, both should be driven by the same fundamental forces affecting the balance between saving and investment.

    So the question is this: what has lifted saving and depressed investment? A simple answer would be: in the long term, the most important driver is potential growth. But this finding is not very enlightening. Potential growth is also not observable. It is determined by underlying forces such as demographics and technological progress. This is where we need to look for the causes.

    Indeed, according to a number of recent studies, waning productivity growth and population ageing were the key factors in pushing saving up and investment down.[4] Lower productivity reduces the return on investment, so people are less willing to invest. As they expect to live longer, they are more willing to save.

    In addition, inequality, risk aversion and fiscal policy could be other factors. For example, growing inequality raises saving, as richer households save a larger share of their income. Similarly, higher risk aversion leads to higher saving, especially in safe assets, while lowering investment.[5] 

    Many of the estimates for r-star reached their lowest point in the pandemic years 2020 and 2021. After that, there were signs of a partial reversal. A recent analysis by Eurosystem economists across a suite of models and data up to the end of 2024 suggests that estimates of r-star range from − ½ % to ½ % in real terms. In nominal terms, they find that it ranges between 1¾ % and 2¼ %.[6]

    It is clear that these ranges depend on the estimating approaches considered. Taking into account an even wider array of measures, Bundesbank staff calculations using data up to the end of 2024 reveal a range of 1.8 % to 2.5 %.[7] And the ECB found for the third quarter of 2024: When three estimates derived from versions of the Holston-Laubach-Williams model are factored in, the range of real r-star is − ½ % to 1 % and the nominal range is 1¾ % to 3 %.

    All in all, the results suggest that the range of r-star estimates most likely increased by about one percentage point from their lows. The latest estimates by economists from the Bank for International Settlements come to similar findings.[8]

    The reasons for the increase after the pandemic are not yet fully clear. For example, high fiscal spending with rising public debt levels could play a role. Or higher needs for capital, as companies make their value chains more resilient by duplicating structures and increasing stock levels.

    4 Uncertainties around r-star estimates

    Stargazing tours in economics are a journey into the uncertain. This is also and especially true for r-star. Estimates of the natural rate of interest are subject to major uncertainties, shaped by three M’s: megatrends, methodology and monetary policy.

    First, we are facing a number of megatrends. Think of climate change, ageing societies, digitalisation, and the risks of de-globalisation and increasing geopolitical divisions. The effects of these megatrends on natural rates are difficult to gauge and may change over time.

    On the one hand, they could contribute to a higher natural rate. Here are some examples: The widespread uptake of artificial intelligence could boost productivity growth. The green transition could lead to higher investment. Fiscal deficits could persist at an elevated level due to higher defence spending given geopolitical tensions. The entry of the baby boomer generation into retirement could reduce savings.

    On the other hand, life expectancy is predicted to keep rising; the high hopes for the productivity-enhancing effect of AI could turn out to be too optimistic; and given high public debt levels, fiscal space for additional spending is limited in many countries. Overall, it is virtually impossible to predict which developments will prevail in affecting r-star.

    The second factor of uncertainty is methodology. The methods used to define and estimate r-star differ in important ways, especially in terms of time and risk. 

    Ricardo Reis demonstrates this impressively in a recent paper.[9] He presents four different “r-stars”. They are based on four different conceptual approaches. And they developed quite differently between 1995 and 2019. 

    One major difference is the risk dimension. Knut Wicksell’s original definition of the natural rate was the rate of return on physical capital in equilibrium.[10] The rate of return on physical capital is the return on investment in the real economy. And this rate is very much associated with risks. 

    However, this perspective has been lost in virtually all of the model approaches. Generally, they use rather secure government bond yields as a starting point. Again, with regard to the real economy, a risky return on capital would be a more appropriate yardstick. When we look at measures for the return on private capital, we see a strong contrast with risk-free rates. Returns on private capital have remained broadly stable over the last decades in the US,[11] Germany[12] and the euro area as a whole.[13] 

    From these observations, Ricardo Reis draws the following conclusion: focusing exclusively on the return on government bonds as the measure of r-star, while neglecting the return on private capital, leads to the wrong policy advice.[14]

    Another case in point is the time horizon that is considered. Commonly cited estimates seek to assess the real rate that prevails in the longer run, when all shocks have dissipated. Most of these estimates are highly imprecise. Many methods simply project the current or the historical level of real rates into the future. This may confound permanent trends with cyclical factors, which may not be representative for the future. As a result, such methods could miss important turning points in real rate trends. 

    Other approaches characterise a short-run real rate in a hypothetical world without frictions. While interesting, this concept is of limited value for actual policymaking in the real world. Methods based on a short-term equilibrium tend to produce more volatile estimates of r-star.

    There is a third reason for caution: monetary policy itself may play a role in shaping the natural rate or its estimates. A number of studies challenge the view that money is neutral in the long run.[15] 

    There are different channels through which monetary policy could have lasting effects on real interest rates. Prolonged tight monetary policy, for example, may lower investment, innovation and productivity growth.[16] By contrast, persistent monetary easing could fuel financial imbalances and contribute to zombification.[17] 

    Moreover, recent research suggests that central bank announcements provide guidance about the trend in real rates. For instance, a narrow window around Fed meetings captures most of the trend decline in US real long-term yields since 1980.[18] This could mean: when central banks look for r-star in financial market prices, they might actually be looking in a mirror.[19] Feedback loops between monetary policy and markets could unduly reinforce their perceptions about r-star. And shifts in perceived r-star could affect actual r-star as it influences saving and investment decisions.

    5 Conclusions for monetary policy

    Against the backdrop of these major uncertainties, the final key question of my speech is this: what role can and should r-star play for monetary policy in practice?

    Let’s approach the answer with a thought experiment: Put yourself in the shoes of a monetary policymaker who only looks at r-star. The relevant interest rate with which you steer the monetary policy stance is currently 2.75 %. After a previous series of interest rate cuts, you consider whether a further cut would be appropriate.

    Your staff inform you that various point estimates of r-star range from around 1.8 % to 2.5 % in nominal terms. If r-star were at the upper end of the estimates, the policy rate would become neutral with the next rate cut. Things would be different if r-star were at the lower end of the estimates: Monetary policy would continue to be restrictive, even after several further rate cuts.

    So how would you proceed, given a certain stance you want to achieve? Beware: If you rely on a wrong estimate, your decision may have a different effect on inflation than you intended. Simply choosing the middle of the range might not be a happy medium. Around the point estimates, there are often uncertainty bands of different sizes and with asymmetries.

    As you have probably guessed: It is no coincidence that I have described this particular decision-making situation. It looks similar in the euro area ahead of the next monetary policy meeting of the ECB Governing Council at the beginning of March. After several rate cuts, the neutral rate could already be near – or there may still be some way to go.

    The President of the New York Fed, John Williams, put the problem in a nutshell when he said: as we have gotten closer to the range of estimates of neutral, what appeared to be a bright point of light is really a fuzzy blur.[20]

    The bottom line here is this: The closer we get to the neutral rate, the more appropriate it becomes to take a gradual approach. For this purpose, r-star is a helpful concept: it indicates when we need to be more cautious with policy rate moves so that we don’t take a wrong step. 

    At the same time, the limits of the concept are also clear: it would be risky to base decisions mainly on r-star estimates. Much more is needed to assess the current monetary policy stance and the optimal policy path for the near future.

    That is why the Eurosystem uses a variety of financial, real economic and other indicators along the monetary policy transmission mechanism. We want the fullest picture possible. And, of course, r-star also has a place in this picture. For instance, r-star is included in model-based optimal policy projections that we use in the decision-making process.

    In my opinion, proceeding in a data-driven and gradual manner has served the ECB Governing Council well. There is no reason to act hastily in the present uncertain environment. The data will tell us where we need to go.

    Away from day-to-day monetary policymaking, the concept of the natural rate of interest provides a useful framework. This is also exemplified in the policy scenarios that Ricardo Reis presented last week in Brussels.[21]

    He works with the assumption that government bond rates remain around current levels. I would add the assumption that inflation stays on target – actually, that is what I am in office for and committed to. Assuming output is at capacity, policy rates would be persistently higher than in the past. But the recommendations on actual monetary policy depend on the driving forces: is the new setting caused by less demand for safe and liquid assets or by an increase in productivity? And he has two more scenarios in his paper!

    That provides a good example of why we should take a close look at the factors behind r-star estimates. Here it is important to even better understand the forces that are shifting real interest rate trends. We need to find out how these forces and trends affect our work to ensure price stability.

    Reviewing our monetary policy strategy from time to time is therefore vital. That is precisely what we are doing right now in the Eurosystem. And, of course, in this process, we look at all the questions I mentioned about r-star.

    Our stargazing tour is drawing to a close. It turns out we were dealing more with dark matter than with a shining star. Just as dark matter is an exciting field for astronomers, r-star is a rewarding topic for economists.

    Using r-star alone to navigate the monetary policy universe could be like flying almost blind. But having it as one of many instruments in your cockpit is highly useful.

    I would like to end by quoting Stephen Hawking again: Mankind’s greatest achievements have come about by talking, and its greatest failures by not talking.

    Footnotes: 

    1. Wicksell, K. (1898), Geldzins und Güterpreise: eine Studie über die den Tauschwert des Geldes bestimmenden Ursachen, Jena, G. Fischer (English version as ibid. (1936), Interest and prices: a study of the causes regulating the value of money, London, Macmillan).
    2. Obstfeld, M., Natural and Neutral Real Interest Rates: Past and Future, NBER Working Paper, No 31949, December 2023.
    3. Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    4. Cesa-Bianchi, A., R. Harrison and R. Sajedi (2023), Global R*, CEPR Discussion Paper No 18518; Davis, J., C. Fuenzalida, L. Huetsch, B. Mills and A. M. Taylor (2024), Global natural rates in the long run: Postwar macro trends and the market-implied r* in 10 advanced economies, Journal of International Economics, Vol. 149; International Monetary Fund (2023), The natural rate of interest: drivers and implications for policy, World Economic Outlook, April, Chapter 2.
    5. On the development of risk appetite in financial markets, see Deutsche Bundesbank, Risk appetite in financial markets and monetary policy, Monthly Report, January 2025.
    6. Brand, C., N. Lisack and F. Mazelis (2025), Natural rate estimates for the euro area: insights, uncertainties and shortcomings, ECB Economic Bulletin, 1/2025.
    7. Additional models would also provide values outside this range, but are currently not deemed sufficiently robust.
    8. Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    9. Reis, R. (2025), The Four R-stars: From Interest Rates to Inflation and Back, draft working paper. 
    10. Wicksell, K. (1898), op. cit.
    11. Caballero, R., E. Farhi and P.-O. Gourinchas (2017), Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares, American Economic Review: Papers & Proceedings 107(5), pp. 614‑620.
    12. Deutsche Bundesbank, The natural rate of interest, Monthly Report, October 2017.
    13. Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    14. Reis, R., Which r-star, public bonds or private investment? Measurement and policy implications, Unpublished manuscript, September 2022.
    15. Jordà, Ò., S. Singh and A. Taylor, The long-run effects of monetary policy, NBER Working Papers, No 26666, January 2020, revised September 2024; Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    16. Baqaee, D., E. Farhi and K. Sangani, The supply-side effects of monetary policy, NBER Working Paper, No 28345, January 2021, revised March 2023; Ma, Y. and K. Zimmermann, Monetary Policy and Innovation, NBER Working Paper, No 31698, September 2023.
    17. Borio, C., P. Disyatat, M. Juselius and P. Rungcharoenkitkul (2022), Why so low for so long? A long-term view of real interest rates, International Journal of Central Banking, Vol. 18, No 3.
    18. Hillenbrand, S. (2025), The Fed and the Secular Decline in Interest Rates, The Review of Financial Studies, forthcoming. 
    19. Williams, J. C. (2017), Comment on “Safety, Liquidity, and the Natural Rate of Interest”, by M. Del Negro, M. P. Giannoni, D. Giannone, and A. Tambalotti, Brookings Papers on Economic Activity, Vol. 1, pp. 235‑316; Rungcharoenkitkul, P. and F. Winkler, The natural rate of interest through a hall of mirrors, BIS Working Paper No 974, November 2021.
    20. Williams, J. C., Remarks at the 42nd Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City, 1 October 2018.
    21. Reis, R. (2025), op. cit.

    MIL OSI Economics –

  • MIL-OSI Economics: The European Financial Industry of the Future | 6. Frankfurt Digital Finance Conference & European Fintech Day

    Source: Bundesbank

    Check against delivery.

    Ladies and gentlemen,

    I’m glad to join you today at the “Gesellschaftshaus Palmengarten”. Its history goes back to the 19th century. It was the “Gründerzeit” or “founders’ period” – an era of strong economic expansion in Germany – when this building was constructed. And when Germany was developed as an industrial location. Developed by people, men and women, lead by curiosity, innovation, and a desire to achieve.

    We have to cast our minds back a few years to see times of growth, real innovation and increasing productivity in Europe.

    1 The role of the financial industry

    In the 2010s Germany had a period of solid growth that some called “the golden decade”. 

    Today, however, we see a need for growth and increasing productivity. Hence, our competitiveness is at stake. Not only in Germany, but also in other parts of Europe. And this comes at a time, when we are facing numerous major challenges:

    Consider the significant geopolitical uncertainties of our time – which make a rethink necessary in many respects. Also consider the digitalisation of large parts of our economy, incl. disruptive AI. And think about the climate-related need for an ecological transformation.

    Financing all of this requires a substantial amount of capital.

    This is where the financial industry comes in: The financial industry can act as an enabler of growth in the real economy. Growth that is so much needed right now.

    Looking forward, the financial industry could translate growth potential into real growth in many fields – digitalisation, AI, clean tech, pharma, biotech any many more.

    In sum, there are huge business opportunities for Germany and the EU. And we need the Financial industry to take advantage of the business opportunities. 

    But let us not forget that innovation happens in many places – at start-ups but also at well established companies. We need to make sure that a variety of funding sources are available to support our real economies.

    We need a specific financial ecosystem that enables young, innovative companies to flourish. Be it VC, PE, etc. We need established capital markets. Above all, we need a strong and healthy banking sector that supplies our economy with sufficient credit.

    That means: We need both traditional loans and venture capital. In any case, all the pockets of the financial industry provide the basis for a growing economy. It’s also the basis for the ecological transformation. 

    The German Council of Experts on Climate Change published [a week ago] new figures on the investment needs estimated for the transition towards net-zero economic activity. Those investment needs range between 135 and 255 billion euro – each year for Germany alone.[1] That’s a lot.

    Let’s now have a closer look at the digitalization including AI.

    2 Artificial intelligence: innovation and competitiveness

    The term artificial intelligence (AI) was coined in the middle of the 20th century. But it was the release of ChatGPT in November 2022 that marked a breakthrough. For the first time it became possible to use an AI system without detailed technical knowledge.

    Nowadays almost anyone can use AI. The importance of responsible AI practices on the increase – as highlighted in the latest Declaration by the G20.[2]

    There are important questions – to which, to be honest, there are no simple answers:

    Are the opportunities and risks of AI balanced? 

    Does AI lead to a global fragmentation, to a new barrier between those who use AI and those who don’t? 

    Does AI, as a general-purpose technology, help us better manage economic challenges?[3]

    One example of the latter point: Many societies are lacking skilled labour due to demographic change. Here, the use of AI could provide a solution by increasing efficiency or substituting human services. AI can also help drive innovation. 

    AI enables both incremental and disruptive innovation across all parts of society: 

    • by facilitating faster decision-making
      • optimizing existing processes, 
      • or by collecting, processing and using huge amounts of data.

    It fosters creativity, supports scientific breakthroughs, and unlocks opportunities for entirely new industries and business models – a potential, albeit disruptive, growth engine.

    Nevertheless, human creativity is still a key driver of innovation. In 2023, individuals or SMEs filed almost one in four patent applications in Europe.[4]

    Today, we are at a crucial stage: With international competition on the one side and technical and intellectual skills on the other. AI models from the United States are well-known and often considered state of the art. China in particular has recently come up with new and apparently very efficient language models. However, the discussion about the background is not yet complete.

    In Europe, we have to do our utmost to keep up with the pace. An important initiative recently came from France: In Paris the “EU AI Champions Initiative”, a high-level summit, was held at the beginning of this week.

    President Macron mentioned a funding volume of roundabout € 109 billion for AI in France. This approach is very encouraging for other EU member states. By comparison: US–President Trump has mentioned USD 500 billion for his “Stargate” plan in the US. 

    Despite these substantial investments, there is no guarantee of success. On the other hand, we must not allow ourselves to be deterred by possible failures. One example is the French AI chatbot LUCIE, which has been taken offline after giving some weird answers. I am sure France will take this as a chance to try even harder.

    The narrative with all kind of innovation is: Accept failure to grow. The pioneers of the “Gründerzeit” – which I mentioned earlier – knew this only too well.

    We need this kind of courage to embrace a “culture of trial and error”. It provides an important impetus to do things better. On the other hand, we have to ensure that new technology does not cause severe damage. Especially because AI is a relatively new technology with unknown potential and consequences for the entire society.

    Risks can arise for the financial system, but much further afield as well. Imagine, risk management or investment advice would be provided mainly by AI. Would this mean that investment recommendations are becoming more and more similar? Would we have concentration of risks? And what consequences would this have for financial stability?[5]

    Even more far-reaching questions concern our society.

    The core question is: What does AI mean for our democracies, for our constitutions, for our fundamental rights? Specifically, we need to ask ourselves: Where is AI beneficial and where do we need clear rules.

    In other words: What are the basic rules for using this technology?

    It is therefore necessary to find a compromise between having the courage to innovate – and clear rules.

    3 Strengthening the financial industry

    Regardless of how we deal with AI, we have to return to the issue of financing its development. As indicated earlier, the financial industry, as an enabler, has an important role to play.

    Given the challenges of our time I mentioned earlier, it is vital to strengthen the European financial industry. 

    Let me highlight only two measures:

    First, we need to get started on improving start-up funding. In 2024, more than 2,700 innovative start-ups were founded in Germany, the second-highest count after the record year of 2021. There is no shortage of innovative concepts and entrepreneurship per se, but implementation is lacking. 

    Further completing the European capital markets union (CMU) is essential in this respect – promoting the development of the VC and private equity market as well as exit options for start-ups. The European Commission’s “Competitiveness Compass”, published recently, 29 January 2025, is a good start. 

    Second, we need to leverage digital technologies to create efficient, integrated and resilient European financial markets. The digital CMU could be a game changer in this respect. 

    Let me make it perfectly clear: Europe is a leader in this field. 

    We at the Bundesbank are engaged in several initiatives. And we have a prominent role to play in the development of a central bank digital currency (wholesale CBDC).

    4 Conclusion

    Ladies and gentlemen, let me sum up: And I can be very brief, but still to the point.

    The European Financial industry has to become an enabler of growth. Our Financial industry is key to ensure that the European economy stays competitive. 

    Thank you very much. 

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: WAVES offers a golden opportunity for Reel Makers and Professional Ad Filmmakers to shine as celebrites

    Source: Government of India

    WAVES offers a golden opportunity for Reel Makers and Professional Ad Filmmakers to shine as celebrites

    Hurry up! Only two days left, don’t miss this chance to have your work recognized on a global stage, Submit your entry by February 15th

    WAVES Awards of Excellence as part of the Create in India Challenge, attracts global submissions, uniting creators from over dozen countries & more than 52 Indian institutes like NIDs, IITs & SRFTI

    Posted On: 12 FEB 2025 6:46PM by PIB Delhi

    Do you have a vision that speaks through the lens and a story that unfolds in every frame? If creativity runs through your veins the WAVES Awards of Excellence presents a golden opportunity

    The much-anticipated Student Showreels & Professional Ad Film Competition is officially open for submissions! Submit your entry by February 15th.

    Ministry of Information & Broadcasting in collaboration with ASIFA India, a UNESCO-recognized global NGO promoting animation, is hosting WAVES Awards of Excellence as part of the Create in India Challenge. These awards celebrate exceptional achievements in Animation, Visual Effects, and Extended Reality (XR), reinforcing India’s creative leadership on the global stage.

    About the awards

    There are two competition categories:  Student Showreels (No time restriction) and Professional Ad Films (limit 60 seconds). The submissions reflect themes of India’s socio-cultural landscape, and modern technology like:

    • Wellness & Yoga

    • Gaming for Social Impact

    ASIFA India has witnessed an exceptional response with enthusiastic participation

     

    ASIFA India has received an overwhelming response with 1238 submissions of finished works from various demographics: Students (75%), Professionals (25%), Women (35%) and Emerging Creators (50%). The participation of women and young creators underscores the challenge’s role in promoting diversity, inclusivity, and fresh perspectives in India’s AVGC sector.

                                       

    Submissions have been promoted across various continents, resulting in over 60 global entries from 13 countries, such as Spain, the United Kingdom, the United States, Greece, Cyprus, Iran, Finland, the Philippines, Germany, Sri Lanka, Puerto Rico, China, and Mexico. Global Animated Film association Asifa (Association Internationale du Film d’Animation) is promoting the competition globally via its 40 Chapters in various counties.

    ASIFA also received submissions from more than 52 institutions in India and abroad. Leading global educational institutions like BAU Centro Universitario de Artes y Diseño de Barcelona, Bass School of Arts, Humanities, and Technology at UTD, Tehran University of Art, Filmakademie Baden-Württemberg, Academy Of Art University, Academy of Design, Colombo, Kennesaw State University student have submitted their top entries to this prestigious festival.
    Students from Prestigious Indian Institutions including all NID, IITs (IDC School of Design and DOD at various IIT’s), SRFTI, Symbiosis, Sir JJ Institute of Applied Art, Banasthali Vidyapith, Ajeenkya D Y Patil University, BIT Mesra, UID, Srishti Manipal have also submitted their best work.

    Glimpses of Submissions of Waves Awards of Excellence

    WAVES Winners Gain Global Opportunities

     

    Winners will receive in-person support for portfolio review by experts, opportunity to interact with global jury from US, Greece & India. They will also receive networking opportunities by direct engagement with key stakeholders, including international studios, producers, and government officials for potential career opportunities. Animation studios and independent developers will receive guidance on funding, IP development, and business scalability.

    ASIFA India organized series Meet ups across 15 Indian sub-chapters to inspire creators from various cities for their participation in the upcoming WAVES Awards of Excellence. In the session ‘Deep Dive into Excellence from Mentors’ eminent global Jury like Briana Yarhouse from USA & Dr. Anastasia Dimitra from Athens, Greece gave tips to participants.

    Global Jury Members Briana Yarhouse, Dr.Anastasia Dimitra sharing their expertise during a Virtual Meet recently, joined by Deanna Morse(Member of Oscars), Celebrity Artist Dhimant Vyas, BN Vichar& Others..Session Moderated by Sanjay Khimesara, President, Asifa India & Vinita Bachani, Core Committee Member

     

    For more information and to submit your work, visit the submission portal here:

    https://www.asifaindia.com/waoe/

     

    About ASIFA INDIA

    ASIFA India is a non-profit organization established in 2000 with the goal of promoting the art, craft, and profession of VFX, Animation & Gaming in India. ASIFA India has been working tirelessly to create a platform for creators including- Animators, Vfx & Gaming artists, students, and professionals to network, learn, and showcase their work.

    ******

    Dharmendra Tewari/Kshitij Singha/Shatrunjay kumar

    (Release ID: 2102429) Visitor Counter : 28

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Written question – Paragon spyware scandal and the surveillance of European journalists and civil society organisations – P-000589/2025

    Source: European Parliament

    Priority question for written answer  P-000589/2025
    to the Commission
    Rule 144
    Sandro Gozi (Renew)

    Last week, Euractiv published an article entitled ‘EXCLUSIVE: Spyware firm behind new surveillance of journalists, civil society operates from the EU’[1] on the Paragon scandal involving the systematic surveillance of over a hundred European citizens’ mobile phones and WhatsApp accounts. The article reveals that individuals in various EU Member States, such as Austria, Belgium, Cyprus, Czechia, Denmark, Germany, Greece, Italy, Latvia, Lithuania, the Netherlands, Portugal, Spain and Sweden, including journalists and civil society organisations critical of national governments, are being spied on by unidentified actors.

    • 1.Is the Commission aware of this breach of fundamental rights and digital privacy of European citizens and has it started to conduct an analysis of who was targeted, why and by whom?
    • 2.What measures will the Commission take in order to respond to and address this breach of European citizens’ rights?
    • 3.Will the Commission follow up on the recommendations of the former European Parliament PEGA Committee[2], take immediate action to ensure full transparency and accountability, and address these spyware threats?

    Submitted: 10.2.2025

    • [1] https://www.euractiv.com/section/tech/news/exclusive-spyware-firm-behind-new-surveillance-of-journalists-civil-society-operates-from-the-eu/.
    • [2] https://www.europarl.europa.eu/doceo/document/A-9-2023-0189_EN.html.
    Last updated: 12 February 2025

    MIL OSI Europe News –

  • MIL-OSI Global: German party leaders are united against immigration – but there is little evidence for a key part of their argument

    Source: The Conversation – UK – By Dominic Afscharian, Research Officer of Comparative Public Policy, University of Tübingen

    As Germany elects its next Bundestag, migration remains one of the most important issues to voters. But politicians are not debating how to attract the 288,000 migrants the country needs every year to maintain its workforce. Rather, parties struggle over who can promise the most deportations and the tightest border controls.

    Anti-immigrant sentiment has profoundly reshaped Germany’s political landscape. It is connected to the surge of the far-right Alternative for Germany (AfD), as well as the rightward shift of the Christian Democrats and Liberals, and the social democrat SPD under current chancellor Olaf Scholz.

    Even the Greens and the Left party were internally conflicted on the matter, ultimately leading the anti-immigration BSW to split off from the Left.

    One of the most prominent areas of anti-migrant sentiment is social policy. Migrants are depicted as the culprit behind problems with minimum income protection, child benefits, the education system and even dentist appointments.

    At the centre of the debate is the notion of “welfare magnetism”. This is the idea that migrants are drawn to Germany by its generous welfare system. Actors like the AfD and Christian Democratic chancellorship-hopeful Friedrich Merz refer to it more pointedly as “Sozialtourismus” – welfare tourism.

    Welfare magnetism: what does the evidence say?

    For decades, politicians in Germany have suspected welfare as a “pull factor” for migrants, especially those living in poverty. Parties have proposed and implemented the same solution again and again: welfare exclusions. In 2006 and 2016, EU migrant citizens were excluded from two major social assistance schemes for their first five years in Germany.

    Aside from normalising anti-immigrant sentiment, this achieved very little. In a major research project on the interplay between migration and social policy that ran from 2019 to 2024, we could find no evidence that introducing these exclusions led to declining migrant numbers.

    Generally, most research finds that welfare magnetism is an overstated idea. Analyses of various countries, including Germany, find no evidence of welfare take-up being a significant driver of (large-scale) migration.

    Even researchers promoting the idea struggle to produce convincing evidence. Their findings are often limited to hyper-specific scenarios, such as migration between border towns of two US states.

    While immigration economist George Borjas claims that “differences in welfare benefits generate strong magnetic effects” he himself calls the empirical evidence “relatively weak”, and notes that “there may well be alternative stories that explain the evidence”.

    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

    Sign up for our weekly politics newsletter, delivered every Friday.

    In one study, researchers claimed to find “some of the first causal evidence on the welfare magnet hypothesis” in Denmark. Yet they analysed a case in which many of the immigrants in question were also excluded from the labour market and where their belongings were (partially) confiscated upon entering the country.

    Under these circumstances, the researchers found that radically cutting welfare benefits by up to 50% could lead asylum seekers – who were migrating either way – to choose a different country of destination. As the researchers point out, “most newly arrived refugees have very limited job opportunities and therefore no alternative to welfare benefits”.

    A major driving force of international migration is conflict. If refugees fleeing war are given no alternative option of sustaining a living than receiving benefits – and if these benefits are then cut – the refugees in question may seek asylum elsewhere. This, however, has little to do with a “pull effect” and is a far cry from anything that could be considered welfare tourism.

    When confronted with the research, centrist politicians argue that regardless of how big a threat welfare magnetism actually is, people are afraid of it. To beat the far right, politicians feel obliged to copy their arguments.

    But research shows this approach does not work. By copying the far right, mainstream parties normalise instead of weakening the fringes. Far-right parties will always be able to make more extreme demands than the mainstream – there is no point in trying to beat them on their own turf.

    Policies that link migration and welfare can also make situations in already struggling areas worse. In our forthcoming research, we identified such problems in Germany.

    In Nordstadt, a deprived neighbourhood in Dortmund, many migrants face poor living conditions as economic disadvantages overlap with welfare exclusions. Many cannot afford proper housing and healthcare, and have to accept exploitative working conditions.

    Social assistance could provide help, yet excluding migrants from federally funded welfare schemes means that municipalities are largely left to deal with these challenges.

    Working with the far right

    Despite the lack of evidence for welfare tourism, the current political trajectory suggests that anti-immigrant sentiment will thrive further in Germany. Recent acts of violence by asylum seekers, including a fatal stabbing in Aschaffenburg, led the far-right AfD – accompanied by mainstream parties – to immediately push for restrictive immigration policy reforms.

    In a watershed moment for German politics, the Christian Democrats subsequently broke with a postwar taboo, voting with the AfD in favour of border closures and similar measures. Merz was harshly criticised for cooperating with the AfD, and his immigration bill ultimately failed.

    But, notably, hardly any party openly opposed his anti-immigration positions as such. The dispute was primarily about his cooperation with the AfD and less about disagreement over policy substance.

    This was evident in the first televised debate between Scholz and Merz, where competition over who was tougher on migrants took up a significant portion of the run time.

    Rarely have German elections seen a list of lead candidates so unequivocally united in characterising migrants as a threat. However, political tides may shift. Some of these candidates will unavoidably lose – and, perhaps, parties will shift gear once in opposition or government responsibility.

    Dominic Afscharian has previously received funding from the German Federal Ministry of Labour and Social Affairs under the FIS research grant. This article has followed from the associated project “Freedom of Movement and Social Policy in Historical and International Comparison (FuS)”. He currently works for the Zentrum für neue Sozialpolitik in Berlin, Germany, which was not involved in the genesis of this article.

    Martin Seeleib-Kaiser has previously received funding from the German Federal Ministry of Labour and Social Affairs under the FIS research grant. This article has followed from the associated project “Freedom of Movement and Social Policy in Historical and International Comparison (FuS)”.

    – ref. German party leaders are united against immigration – but there is little evidence for a key part of their argument – https://theconversation.com/german-party-leaders-are-united-against-immigration-but-there-is-little-evidence-for-a-key-part-of-their-argument-249074

    MIL OSI – Global Reports –

  • MIL-OSI USA: Defense Secretary Pete Hegseth Holds Media Availability in Stuttgart, Germany

    Source: United States Department of Defense

    DEFENSE SECRETARY HEGSETH: How’s it going everybody? Sir. Good to see you. It’s been a great day, really. Any day we can spend with the troops from the very early morning of PT with some high speed guys and gals to two COCOMs that are right in the front lines of advancing American interests. Proud to be here today.

    Just an impressive display of what Americans are doing in far flung places for the American people, so proud to be here for sure. I think we have a local — where’s our local reporter? I’d like to go first to our local.

    Q: Thank you so much. So —

    DEFENSE SECRETARY HEGSETH: Where are you from?

    Q: I’m from Suddeutsche Zeitung. That’s the second biggest newspaper in Germany.

    DEFENSE SECRETARY HEGSETH: Well, it’s my favorite now.

    Q: And you are visiting Africom as one of your first points in your duty. Does that mean that the American strategic aims in Africa are going to change?

    DEFENSE SECRETARY HEGSETH: Well, I think it’s a reflection of the importance of that command as well as EUCOM. We spent this morning at EUCOM, as well; made sense to come to both if we’re here in Germany.

    But it’s also a reflection that, you know, the PRC’s intentions are pernicious, not just in their part of the world, but also in South America and on the African continent. And America’s posture there along with allies and partners is going to matter about contesting that space. So, it certainly remains a priority.

    You saw the strike in Somalia on February 1st. That — as we talked to the command, that’s a reflection also of pushing decision authority down, untying the hands of war fighters who in the previous administration made multiple requests and were often denied for that kind of kinetic action, or the decision had to be made at the White House when it should be made at the four star level or at the Secretary of Defense level more quickly based on the ability to degrade the enemy.

    So, this is a very important part of the world for us. The President feels that way, as well, and we’re honored to be here. Thank you.

    Q: Mr. Secretary, are you planning to cut the number of American forces in Europe, shift to the Pacific and focus on China?

    DEFENSE SECRETARY HEGSETH: There are no plans right now in the making to cut anything.

    There is an understanding that we’re going to review force posture across the world, right. President Trump’s planning assumptions are different in many ways, or at least strategic assumptions than Joe Biden’s were. We certainly don’t want to plan on the back of the withdrawal from Afghanistan and what happened on October 7th and the war that was unleashed in Ukraine.

    You have to manage and mitigate those things by coming alongside your friends in Israel, ensuring their defense and peacefully resolving the conflict in Ukraine. But those shouldn’t define how we orient and with hopefully a rapid peace deal in Ukraine, which the President is committed to delivering, we can then review force posture and encourage as we’re going to — you’re going to see tomorrow in Ukraine and — or at the Ukraine Contact Group and the NATO ministerial, we’re going to have straight talk with our friends.

    This kind of urgency of this moment requires friends talking to friends about capabilities, about leadership, about stepping up, about burden sharing and the incentives to say the European continent deserves to be free from any aggression.

    But it ought be those in the neighborhood, investing the most in that collective — individual and collective defense. That’s common sense. As the President talks a lot about, common sense is you defend your neighborhood and the Americans will come alongside you in helping in that defense. If and when that happens, and I believe it will because of President Trump, most NATO countries are already close to 2 percent.

    We believe that needs to be higher. The president has said 5 percent. I think he’s right. That’s a reflection of a need to invest on the continent. If and when that happens through investments in the defense industrial base, as well, then yes, America as the leader of the free world defending American interests is going to need to make sure we’re focused properly on the Communist Chinese and their ambitions in the Indo-Pacific, and as I mentioned before, around the world.

    So, we would be remiss in not reviewing force posture everywhere, but it would be the wrong planning assumption to say, oh, America is abandoning something or America is leaving. No, America is smart to observe, plan, prioritize and project power where we need to deter conflict. We don’t want conflict with China.

    We don’t want — the President has ran on being a peace president, and he’s delivered that. But being strong, peace through strength is how you deter that, and we want to posture for that just like we believe the Europeans alongside our support need to on the continent, as well.

    Q: Is China the biggest threat to the United States?

    DEFENSE SECRETARY HEGSETH: Well, right now, the biggest threat was securing our own border, which we are addressing rapidly. And I’m proud of what NORTHCOM has done and the Defense Department has done is shifting there. You don’t have a country if you don’t have borders, as the President has pointed out. And we’ve been defending other people’s borders for a long time; time to defend ours. So we’re sealing that border. We continue to do that. But as far as external threats, there’s just no doubt the communist Chinese ambitions are robust. Their view of the world is quite different than ours. And whoever carries that mantle is going to set the tone for the 21st century.

    UNKNOWN: Christine —

    Q: You made the point to do PT with tenth group this morning on very little sleep. Why was it so important for you to do this? And tell us about the workout?

    DEFENSE SECRETARY HEGSETH: I did do PT with the troops this morning. Listen, it’s not that long ago that I was right there with them. I probably — no offense, General — I probably connect more with those guys than I do with four-star Generals. But now I get the chance of working with four stars and others who are committed to the troops.

    But when I can get down, do push ups and deadlifts with the troops, and just hear from them, what’s working, what isn’t, how do you see your mission set, I love that. So there was never a doubt. even though we got in at 2:00 in the morning, that we were getting up a couple hours later to go do PT. It’s a reminder that — you guys — the press in Washington might think I’m young, but in military terms, I’m old.

    And that showed this morning with these young guys who ran circles around me in that parking lot.

    UNKNOWN: We’ll [Inaudible] then Zach.

    DEFENSE SECRETARY HEGSETH: Go ahead.

    Q: Thanks for doing this. Uh, you mentioned earlier that President Trump wants, uh, NATO countries to spend 5 percent of their GDP on defense. Do you think the US should also spend 5 percent of its GDP on defense?

    DEFENSE SECRETARY HEGSETH: Well, I think the US needs to spend more than the Biden administration was willing to, who historically underinvested in the capabilities of our military. So the president is committed, as he was in the first term, to rebuilding America’s military by investing. And you’re going to see that in the conversations on Capitol Hill.

    We’ve already been intimately involved with the folks on HASC and SASC and appropriations, talking about the capabilities we’re going to need, not just next year and the year after that or for the next four years, but for power projection going forward and then the reforms needed to make sure that every dollar goes further.

    Now at a minimum, we should not go below 3 percent. That’s a view I know the President shares. But as far as going forward in that, those are decisions he will make based on my consultations with him. Listen, any defense secretary would be lying if they said they didn’t want more. You always want more.

    But we live in fiscally constrained times where we need to be responsible with taxpayer dollars. We’re $37 trillion in debt. That’s a national security liability, as well. So, we’re going to work with Capitol Hill. The President is going to lead the way on making sure the troops have the resources they need and that we truly rebuild our military just like President Trump did in the first term.

    Q: And President Biden — President Biden vowed against sending US troops into Ukraine. Would you be open to sending US troops into Ukraine to track weapons shipments?

    DEFENSE SECRETARY HEGSETH: We are not sending US troops to Ukraine.

    Q: You talked about wanting to welcome Elon Musk and DOGE into the Pentagon potentially in the next few weeks. Do you expect him to start unilaterally cutting programs and contracts the way he’s done at USAID and other agencies? And are there any limits or supervision you’d want to place on his team, given his conflicts of interest [Inaudible]?

    DEFENSE SECRETARY HEGSETH: Well, we’ve been in touch with — I’ve been in touch with Elon Musk, who’s a great patriot, interested in advancing the America First agenda, knows that President Trump got 77 million votes and a mandate from the American people. And part of that is bringing actual businesslike efficiency to government; hence, what DOGE is doing.

    Uh, we’ve been talking to them, in partnership with them. And as I said on social media, we welcome DOGE to the Pentagon, and I hope to welcome Elon to the Pentagon very soon and his team, working in collaboration with us. There are waste, redundancies and headcounts in headquarters that need to be addressed.

    There’s just no doubt. Look at a lot of the climate programs that have been pursued at the Defense Department. The Defense Department is not in the business of climate change, solving the global thermostat. We’re in the business of deterring and winning wars. So, things like that we want to look for to find efficiencies and many others – the way we acquire weapons, system procurement.

    There’s plenty of places where we want the keen eye of DOGE, but we’ll do it in coordination. We’re not going to do things that are to the detriment of American operational or tactical capabilities. There’s just — President Trump is committed to delivering the best possible military. The Defense Department is not USAID. USAID has got a lot of problems that I talked about with the troops, pursuing globalist agendas that don’t have a connection to America First.

    That’s not the Defense Department, but we’re also not perfect, either. So where we can find billions of dollars — and he’s right to say billions — inside the Defense Department, every dollar we save there is a dollar that goes to warfighters, and that’s good for the American people.

    Q: [Inaudible] Mr. Secretary, Since we’re here at AFRICOM, I have a question about Africa. Now when you served, you fought jihadists in the Middle East, and there’s a lot of jihadists in Africa, whether it’s ISIS, al-Qaida, al-Shabab, go on and on. How do you plan to handle that threat?

    I’m not saying put troops on the ground in Africa to fight them, but are you concerned that there could be some sort of cell that might be plotting attacks against other parts of the world, trying to recruit soldiers because it’s Africa with a growing population? How concerned are you about the jihadist threat in Africa today?

    DEFENSE SECRETARY HEGSETH: Definitely concerned. I mean, anybody of our — anybody of my generation that served in Iraq and Afghanistan or have been a part of post-9-11 understands the threat of global jihad, especially the desire to export that against our allies in Europe or Israel or certainly the United States of America. So the counterterrorism threat focused on those who would seek to do us harm is of the highest priority, which is why you saw what AFRICOM did so well in that strike in Somalia.

    Where we see those growing, plotting or planning with increased capabilities we will strike. And that pertains to Islamist organizations all across the continent. But it also — we have to work with partners and allies. I mean, foreign internal defense and security force assistance — I was with Green Berets this morning.

    You know, we think of Green Berets in the context of post-9-11, right – kicking down doors, and they’re really good at that. But what they’re best at is doing security force assistance and foreign internal defense where they work with local security forces to build up their capabilities so that it’s indigenous forces fighting Islamists because they want to secure their country, as well.

    And AFRICOM is very directly committed to doing that. That’s a mission very much worth resourcing. I mean Africa is very much the front lines of a fight from Islamists. You’ve got Christian populations that are under siege in Africa and have been ignored for far too long and American interests there. It matters a great deal. And Islamists — we’re not going to allow them to maintain a foothold, especially to try to strike at America.

    UNKNOWN: We’re going to finish up with two questions from these two [Inaudible].

    DEFENSE SECRETARY HEGSETH: Ok. One more here and then here.

    Q: John Barrowman, Stars and Stripes. Also related to AFRICOM and Somalia, during the end of President Trump’s first term, he elected to pull forces out of Somalia and switched to more of a rotational concept.

    President Biden sent troops back in there on a full time basis. What’s your vision going forward for Somalia? Do you want to maintain troops there continuously, or are you looking more towards pulling them back?

    DEFENSE SECRETARY HEGSETH: Well, I mean, I’m going to listen to the commanders on the ground, first and foremost, as is the President.

    And he’s charged me with, hey, give me your best advice, but also keep your ear to the ground of what’s most effective. But he’s also been very clear that we’re not trying to have American boots all over the globe. Where we can do counterterrorism effectively over the horizon, that’s the preference. But we’ll review the force posture there and with the generals doing the heavy lifting and take it into consideration, no doubt.

    But thankfully, we have the intelligence capabilities to do the kind of strike that we saw, and we believe we can do more of that.

    UNKNOWN: Last question.

    Q: So — so you renamed the name of Fort Liberty into Fort Bragg, and you honored the private first class who lost his life while liberating Germany. What does that mean for the US forces?

    DEFENSE SECRETARY HEGSETH: Well, first, it means Bragg is back. It means the legacy of an institution that generations of Americans have mobilized through and served at is back.

    I mean, it’s a shame what was done to vets, service members, their families who were born there, deployed out of there, lived there, gave there — I was with airborne troops here, some of which spent 25 years at Fort Bragg and never called it Fort Liberty because it wasn’t Fort Liberty, it’s Fort Bragg.

    And so I was honored to be able to put my signature on that. By the way, with the support of the President of the United States who set the tone on this and said, I want Fort Bragg back.

    And we’re honored to support a private first class who received a Purple Heart and the Silver Star at the battle of the bulge. We’re honoring a private first class and I’m proud that we have a Marine corporal as the vice president of the United States too. Junior enlisted have never seen better days. But it’s about that legacy.

    It’s about the connection to the community, to those who served. And we’re not, as the President has said and I’ve said as well, we’re not done there. There are other bases that have been renamed that erodes that very same legacy. There’s a reason I said Bragg and Benning when I walked into the Pentagon on day one.

    But it’s not just Bragg and Benning. There are a lot of other service members that have connections and we’re going to do our best to restore it. It’s an honor to do so. Thank you all for your time. Appreciate it. Thank you. Thank you. Thank you. Thank you.

    MIL OSI USA News –

  • MIL-OSI Europe: r* in the monetary policy universe: navigational star or dark matter? | Lecture at the London School of Economics and Political Science

    Source: Deutsche Bundesbank in English

    Check against delivery.
    1 Introduction
    Ladies and gentlemen, It’s a pleasure and an honour for me to speak here before such a distinguished audience.
    Remember to look up at the stars and not down at your feet. This was advice from Stephen Hawking, the famous English physicist and author of numerous books on the cosmos. And who would want to contradict the genius?
    So today I invite you to join me on a stargazing tour. If you don’t have a telescope with you, no worries. However, I should add a disclaimer here: When a couple look up at the stars, things could get romantic. When astronomers observe the stars, impressive images can come into view. When economists talk about stars, it usually gets complicated. Now you know what you’re getting into! 
    I’m sure you’ve already guessed what topic I have in mind: the natural rate of interest – also known as r-star. It is a concept that economists have been grappling with for more than 125 years.[1] And it has perhaps never received more attention than in the current era of monetary policy.
    From a central banker’s perspective, I would like to discuss what role r-star can and should play in the monetary policy universe. I will structure my lecture around four key questions: What is r-star and why is it of interest for monetary policy? How have estimates for r-star evolved over the past decades? What drives uncertainty about current estimates and the future evolution of r-star? What conclusions should monetary policy draw from this?
    2 Definition of r-star and use for monetary policy
    Let’s start with the definition. The natural rate is the real interest rate that would prevail if the economy were operating at its potential and prices were stable. R-star is commonly thought to be driven by real forces that structurally affect the balance between saving and investment. Think of technological progress and demographics, for example. This also means that r-star should, by definition, be independent of monetary policy. The latter follows from the widely held belief that monetary policy can affect real variables only temporarily, but is neutral in the long term.
    At first glance, the natural rate could be a guiding star for the conduct of monetary policy. If a central bank sets its policy rates so that the real interest rate is above r-star, monetary policy is restrictive or “tight”. Consequently, economic activity slows and the inflation rate should decrease. If the real rate is below r-star, monetary policy is expansionary or “loose”. It provides incentives for consumers to purchase more and for enterprises to step up investment and output. Hence, this should result in more economic activity and a higher inflation rate.
    However, the idea of the natural rate serving as a guiding star for monetary policy comes with profound challenges. Perhaps the name r-star evokes associations with astronomy and navigation. But these would be misleading. If r-star were like a star in the sky, it would be relatively easy to locate. Stars emit light and are therefore observable.
    The natural rate is a theoretical concept. It is based on a hypothetical state of the world. That means the natural rate is, by nature, unobservable. It can only be estimated. For example, models use assumptions about the relationship between measurable variables and r-star. In this respect, the natural rate is not so much like a star shining brightly in the sky. It is more a case of dark matter. As it is invisible, astronomers infer dark matter indirectly by observing its gravitational effects.
    If something is hard to find, it only spurs researchers to look even harder – whether they are astronomers or economists. Therefore, we can draw on a variety of estimation methods for the evolution of the natural rate.
    3 Estimates for r-star over time
    Since around the 1980s various estimates of different types have been pointing to a downward trend for r-star over several decades and across many advanced economies.[2] In the wake of the global financial crisis, the estimates slumped to exceptionally low levels.[3] This development was roughly in line with the observed trajectory of actual real interest rates of short- and long-term government bonds during this period. And no wonder: In the long run, both should be driven by the same fundamental forces affecting the balance between saving and investment.
    So the question is this: what has lifted saving and depressed investment? A simple answer would be: in the long term, the most important driver is potential growth. But this finding is not very enlightening. Potential growth is also not observable. It is determined by underlying forces such as demographics and technological progress. This is where we need to look for the causes.
    Indeed, according to a number of recent studies, waning productivity growth and population ageing were the key factors in pushing saving up and investment down.[4] Lower productivity reduces the return on investment, so people are less willing to invest. As they expect to live longer, they are more willing to save.
    In addition, inequality, risk aversion and fiscal policy could be other factors. For example, growing inequality raises saving, as richer households save a larger share of their income. Similarly, higher risk aversion leads to higher saving, especially in safe assets, while lowering investment.[5] 
    Many of the estimates for r-star reached their lowest point in the pandemic years 2020 and 2021. After that, there were signs of a partial reversal. A recent analysis by Eurosystem economists across a suite of models and data up to the end of 2024 suggests that estimates of r-star range from − ½ % to ½ % in real terms. In nominal terms, they find that it ranges between 1¾ % and 2¼ %.[6]
    It is clear that these ranges depend on the estimating approaches considered. Taking into account an even wider array of measures, Bundesbank staff calculations using data up to the end of 2024 reveal a range of 1.8 % to 2.5 %.[7] And the ECB found for the third quarter of 2024: When three estimates derived from versions of the Holston-Laubach-Williams model are factored in, the range of real r-star is − ½ % to 1 % and the nominal range is 1¾ % to 3 %.
    All in all, the results suggest that the range of r-star estimates most likely increased by about one percentage point from their lows. The latest estimates by economists from the Bank for International Settlements come to similar findings.[8]
    The reasons for the increase after the pandemic are not yet fully clear. For example, high fiscal spending with rising public debt levels could play a role. Or higher needs for capital, as companies make their value chains more resilient by duplicating structures and increasing stock levels.
    4 Uncertainties around r-star estimates
    Stargazing tours in economics are a journey into the uncertain. This is also and especially true for r-star. Estimates of the natural rate of interest are subject to major uncertainties, shaped by three M’s: megatrends, methodology and monetary policy.
    First, we are facing a number of megatrends. Think of climate change, ageing societies, digitalisation, and the risks of de-globalisation and increasing geopolitical divisions. The effects of these megatrends on natural rates are difficult to gauge and may change over time.
    On the one hand, they could contribute to a higher natural rate. Here are some examples: The widespread uptake of artificial intelligence could boost productivity growth. The green transition could lead to higher investment. Fiscal deficits could persist at an elevated level due to higher defence spending given geopolitical tensions. The entry of the baby boomer generation into retirement could reduce savings.
    On the other hand, life expectancy is predicted to keep rising; the high hopes for the productivity-enhancing effect of AI could turn out to be too optimistic; and given high public debt levels, fiscal space for additional spending is limited in many countries. Overall, it is virtually impossible to predict which developments will prevail in affecting r-star.
    The second factor of uncertainty is methodology. The methods used to define and estimate r-star differ in important ways, especially in terms of time and risk. 
    Ricardo Reis demonstrates this impressively in a recent paper.[9] He presents four different “r-stars”. They are based on four different conceptual approaches. And they developed quite differently between 1995 and 2019. 
    One major difference is the risk dimension. Knut Wicksell’s original definition of the natural rate was the rate of return on physical capital in equilibrium.[10] The rate of return on physical capital is the return on investment in the real economy. And this rate is very much associated with risks. 
    However, this perspective has been lost in virtually all of the model approaches. Generally, they use rather secure government bond yields as a starting point. Again, with regard to the real economy, a risky return on capital would be a more appropriate yardstick. When we look at measures for the return on private capital, we see a strong contrast with risk-free rates. Returns on private capital have remained broadly stable over the last decades in the US,[11] Germany[12] and the euro area as a whole.[13] 
    From these observations, Ricardo Reis draws the following conclusion: focusing exclusively on the return on government bonds as the measure of r-star, while neglecting the return on private capital, leads to the wrong policy advice.[14]
    Another case in point is the time horizon that is considered. Commonly cited estimates seek to assess the real rate that prevails in the longer run, when all shocks have dissipated. Most of these estimates are highly imprecise. Many methods simply project the current or the historical level of real rates into the future. This may confound permanent trends with cyclical factors, which may not be representative for the future. As a result, such methods could miss important turning points in real rate trends. 
    Other approaches characterise a short-run real rate in a hypothetical world without frictions. While interesting, this concept is of limited value for actual policymaking in the real world. Methods based on a short-term equilibrium tend to produce more volatile estimates of r-star.
    There is a third reason for caution: monetary policy itself may play a role in shaping the natural rate or its estimates. A number of studies challenge the view that money is neutral in the long run.[15] 
    There are different channels through which monetary policy could have lasting effects on real interest rates. Prolonged tight monetary policy, for example, may lower investment, innovation and productivity growth.[16] By contrast, persistent monetary easing could fuel financial imbalances and contribute to zombification.[17] 
    Moreover, recent research suggests that central bank announcements provide guidance about the trend in real rates. For instance, a narrow window around Fed meetings captures most of the trend decline in US real long-term yields since 1980.[18] This could mean: when central banks look for r-star in financial market prices, they might actually be looking in a mirror.[19] Feedback loops between monetary policy and markets could unduly reinforce their perceptions about r-star. And shifts in perceived r-star could affect actual r-star as it influences saving and investment decisions.
    5 Conclusions for monetary policy
    Against the backdrop of these major uncertainties, the final key question of my speech is this: what role can and should r-star play for monetary policy in practice?
    Let’s approach the answer with a thought experiment: Put yourself in the shoes of a monetary policymaker who only looks at r-star. The relevant interest rate with which you steer the monetary policy stance is currently 2.75 %. After a previous series of interest rate cuts, you consider whether a further cut would be appropriate.
    Your staff inform you that various point estimates of r-star range from around 1.8 % to 2.5 % in nominal terms. If r-star were at the upper end of the estimates, the policy rate would become neutral with the next rate cut. Things would be different if r-star were at the lower end of the estimates: Monetary policy would continue to be restrictive, even after several further rate cuts.
    So how would you proceed, given a certain stance you want to achieve? Beware: If you rely on a wrong estimate, your decision may have a different effect on inflation than you intended. Simply choosing the middle of the range might not be a happy medium. Around the point estimates, there are often uncertainty bands of different sizes and with asymmetries.
    As you have probably guessed: It is no coincidence that I have described this particular decision-making situation. It looks similar in the euro area ahead of the next monetary policy meeting of the ECB Governing Council at the beginning of March. After several rate cuts, the neutral rate could already be near – or there may still be some way to go.
    The President of the New York Fed, John Williams, put the problem in a nutshell when he said: as we have gotten closer to the range of estimates of neutral, what appeared to be a bright point of light is really a fuzzy blur.[20]
    The bottom line here is this: The closer we get to the neutral rate, the more appropriate it becomes to take a gradual approach. For this purpose, r-star is a helpful concept: it indicates when we need to be more cautious with policy rate moves so that we don’t take a wrong step. 
    At the same time, the limits of the concept are also clear: it would be risky to base decisions mainly on r-star estimates. Much more is needed to assess the current monetary policy stance and the optimal policy path for the near future.
    That is why the Eurosystem uses a variety of financial, real economic and other indicators along the monetary policy transmission mechanism. We want the fullest picture possible. And, of course, r-star also has a place in this picture. For instance, r-star is included in model-based optimal policy projections that we use in the decision-making process.
    In my opinion, proceeding in a data-driven and gradual manner has served the ECB Governing Council well. There is no reason to act hastily in the present uncertain environment. The data will tell us where we need to go.
    Away from day-to-day monetary policymaking, the concept of the natural rate of interest provides a useful framework. This is also exemplified in the policy scenarios that Ricardo Reis presented last week in Brussels.[21]
    He works with the assumption that government bond rates remain around current levels. I would add the assumption that inflation stays on target – actually, that is what I am in office for and committed to. Assuming output is at capacity, policy rates would be persistently higher than in the past. But the recommendations on actual monetary policy depend on the driving forces: is the new setting caused by less demand for safe and liquid assets or by an increase in productivity? And he has two more scenarios in his paper!
    That provides a good example of why we should take a close look at the factors behind r-star estimates. Here it is important to even better understand the forces that are shifting real interest rate trends. We need to find out how these forces and trends affect our work to ensure price stability.
    Reviewing our monetary policy strategy from time to time is therefore vital. That is precisely what we are doing right now in the Eurosystem. And, of course, in this process, we look at all the questions I mentioned about r-star.
    Our stargazing tour is drawing to a close. It turns out we were dealing more with dark matter than with a shining star. Just as dark matter is an exciting field for astronomers, r-star is a rewarding topic for economists.
    Using r-star alone to navigate the monetary policy universe could be like flying almost blind. But having it as one of many instruments in your cockpit is highly useful.
    I would like to end by quoting Stephen Hawking again: Mankind’s greatest achievements have come about by talking, and its greatest failures by not talking.
    Footnotes: 
    Wicksell, K. (1898), Geldzins und Güterpreise: eine Studie über die den Tauschwert des Geldes bestimmenden Ursachen, Jena, G. Fischer (English version as ibid. (1936), Interest and prices: a study of the causes regulating the value of money, London, Macmillan).
    Obstfeld, M., Natural and Neutral Real Interest Rates: Past and Future, NBER Working Paper, No 31949, December 2023.
    Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    Cesa-Bianchi, A., R. Harrison and R. Sajedi (2023), Global R*, CEPR Discussion Paper No 18518; Davis, J., C. Fuenzalida, L. Huetsch, B. Mills and A. M. Taylor (2024), Global natural rates in the long run: Postwar macro trends and the market-implied r* in 10 advanced economies, Journal of International Economics, Vol. 149; International Monetary Fund (2023), The natural rate of interest: drivers and implications for policy, World Economic Outlook, April, Chapter 2.
    On the development of risk appetite in financial markets, see Deutsche Bundesbank, Risk appetite in financial markets and monetary policy, Monthly Report, January 2025.
    Brand, C., N. Lisack and F. Mazelis (2025), Natural rate estimates for the euro area: insights, uncertainties and shortcomings, ECB Economic Bulletin, 1/2025.
    Additional models would also provide values outside this range, but are currently not deemed sufficiently robust.
    Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    Reis, R. (2025), The Four R-stars: From Interest Rates to Inflation and Back, draft working paper. 
    Wicksell, K. (1898), op. cit.
    Caballero, R., E. Farhi and P.-O. Gourinchas (2017), Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares, American Economic Review: Papers & Proceedings 107(5), pp. 614‑620.
    Deutsche Bundesbank, The natural rate of interest, Monthly Report, October 2017.
    Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    Reis, R., Which r-star, public bonds or private investment? Measurement and policy implications, Unpublished manuscript, September 2022.
    Jordà, Ò., S. Singh and A. Taylor, The long-run effects of monetary policy, NBER Working Papers, No 26666, January 2020, revised September 2024; Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    Baqaee, D., E. Farhi and K. Sangani, The supply-side effects of monetary policy, NBER Working Paper, No 28345, January 2021, revised March 2023; Ma, Y. and K. Zimmermann, Monetary Policy and Innovation, NBER Working Paper, No 31698, September 2023.
    Borio, C., P. Disyatat, M. Juselius and P. Rungcharoenkitkul (2022), Why so low for so long? A long-term view of real interest rates, International Journal of Central Banking, Vol. 18, No 3.
    Hillenbrand, S. (2025), The Fed and the Secular Decline in Interest Rates, The Review of Financial Studies, forthcoming. 
    Williams, J. C. (2017), Comment on “Safety, Liquidity, and the Natural Rate of Interest”, by M. Del Negro, M. P. Giannoni, D. Giannone, and A. Tambalotti, Brookings Papers on Economic Activity, Vol. 1, pp. 235‑316; Rungcharoenkitkul, P. and F. Winkler, The natural rate of interest through a hall of mirrors, BIS Working Paper No 974, November 2021.
    Williams, J. C., Remarks at the 42nd Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City, 1 October 2018.
    Reis, R. (2025), op. cit.

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI Global: Education for peace: the effort to teach children how to rebuild societies after WWII

    Source: The Conversation – France – By Camille Mahé, Maîtresse de conférences en histoire, Université de Strasbourg

    While the first world war and the Spanish civil war had already drawn children in Europe and beyond into the orbit of conflict, the second world war marked a pivotal period in how young people have experienced the horrors of war.

    During the 1940s, children faced unprecedented mobilisation and violence. From bombings and massacres to forced displacement and genocide, the impact was staggering. Millions of children were directly affected by these atrocities, while countless others endured the indirect consequences: shortages, family separations and grief.

    In the aftermath of the war, childhood experts such as pediatricians, psychologists and nutritionists, as well as political leaders and humanitarian workers, feared for this potentially “lost generation”. With recognition of the vulnerability of children as a social group, there was a transnational push to implement protective measures. This shared awareness led to milestones such as the establishment of the United Nations International Children’s Emergency Fund (UNICEF) in December 1946 and, later, the adoption of the Declaration of the Rights of the Child.

    The period from 1939 to 1949 not only highlighted the need to protect children worldwide, but also underscored their importance in building a peaceful future. As detailed in La Seconde Guerre mondiale des enfants (The second world war of children), published in September 2024 by Presses Universitaires de France, children embodied hope for postwar nations. They were seen not only as victims of war but also as active participants in shaping a peaceful world.

    Schools as foundations of reconstruction

    After 1945, schools became central to Europe’s social reconstruction. Seen as spaces of socialisation that included nearly all children, schools were viewed as critical for rebuilding society. Some measures mirrored those introduced after the first world war. Children, particularly those aged 6 to 14 (the typical age for compulsory education in Europe), were tasked with preserving the memory of fallen soldiers, resistance fighters and civilian victims. They cleaned and adorned graves, attended public ceremonies and paid homage to the dead.

    However, postwar education went further. In some countries, particularly those that formerly had authoritarian or totalitarian regimes such as Italy and Germany, school curricula underwent significant transformation. Lessons on democratic governance and peaceful figures were either reinforced or reintroduced, and history classes began emphasising cultural, political and economic exchanges between nations. These reforms aimed to counteract the nationalist ideologies that had fuelled war and division.

    Unlike the post-WWI era, the years after 1945 saw efforts to strengthen ties between nations by fostering connections among their youngest citizens. Programs promoting international school exchanges flourished. French students corresponded with Canadian peers, British children sent books to Germans and Swedish students traveled to Belgium.

    Germany hosted one of the most ambitious programs: the US-led “World Friendship Among Children Program”. This initiative included pen-pal projects, student travel and even the symbolic adoption of war orphans by classrooms. The program also established the “World Friendship Council of the Future”, where young people proposed initiatives for international dialogue, mimicking the operations of newly formed organisations such as the United Nations, UNESCO (United Nations Educational, Scientific and Cultural Organization) and the World Health Organization.

    It was also in Germany that Houses of America, or Youth Centres, were established. While the goal was to offer children sports and cultural activities, they were primarily seen by Americans as tools of soft power and political instruments to (re)educate youth about the principles of democracy.

    Active pedagogy for European education

    Indeed, after 1945, educating children for peace also meant educating them about democracy. Across Western Europe, teaching methods inspired by progressive education movements – championed by figures such as Maria Montessori, Ovide Decroly and John Dewey – became widespread.

    For educational leaders, merely teaching democratic principles wasn’t enough: children needed to practice them. Classrooms became miniature societies where students elected class representatives, voted on school matters and debated everyday and political issues. This active engagement aimed to cultivate civic responsibility and critical thinking.

    Some postwar experiments went further. Communities of children or “children’s republics” emerged across Europe to provide homes for children who had lost their homes and parents. While their primary mission was humanitarian, these communities were also intended to form the foundations of new, peaceful societies. Self-governance was central to their goal of preparation for active citizenship. In the Repubblica dei Ragazzi (boys’ republic) in Santa Marinella, near Rome, children ran their own court, deliberative assembly and union.

    Ideological differences

    While schools are indeed the cornerstone of global peacebuilding, debates about fostering peace go beyond the classroom to encompass all aspects of children’s lives. This includes the private sphere, as evidenced by numerous transnational legislative efforts to ban violent comic books and war-themed toys, which are accused of inciting aggression in children and thus threatening a peaceful future.

    This surge of post-WWII initiatives underscores the fact that educating for peace and democracy was a European – if not global – project. However, its interpretation varied depending on country and region. In France, West Germany and Italy, the project was rooted in liberal ideals; in Eastern Europe, it reflected a different understanding of democracy.


    In the West, the focus was on the individual, with boys and girls assigned traditional, gendered roles: girls were encouraged to become future mothers, while boys were groomed to be workers contributing to economic growth. In contrast, the Eastern model emphasised collective values within a socialist framework, promoting more egalitarian relationships between boys and girls, albeit in service of political objectives.

    Regardless of ideological differences, these post-1945 initiatives left a lasting legacy. Their influence can still be seen today in school activities such as student elections and class trips, which continue to echo the democratic ideals of that era.

    Camille Mahé ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

    – ref. Education for peace: the effort to teach children how to rebuild societies after WWII – https://theconversation.com/education-for-peace-the-effort-to-teach-children-how-to-rebuild-societies-after-wwii-246087

    MIL OSI – Global Reports –

  • MIL-OSI Security: 90th INTERPOL General Assembly

    Source: Interpol (news and events)

    18-21 October 2022, New Delhi, India

    The General Assembly is INTERPOL’s supreme governing body and comprises delegates appointed by the governments of our member countries.

    It meets once a year and takes all the major decisions affecting general policy, the resources needed for international cooperation, working methods, finances and programmes of activities. These decisions are in the form of resolutions.

    INTERPOL unveils first ever Metaverse designed for law enforcement at General Assembly.

    INTERPOL President Ahmed Naser Al-Raisi, INTERPOL Secretary General Jürgen Stock and India’s Prime Minister Narendra Modi at the opening of the 90th General Assembly.

    90th General Assembly.

    Police officers at 90th General Assembly.

    INTERPOL Secretary General Jürgen Stock with members of the Executive Committee (2021/2022).

    Opening of the 90th General Assembly.

    Secretary General Jürgen Stock reading INTERPOL’s 2022 Global Crime Trend Report.

    90th General Assembly.

    This year, the General Assembly will meet for its 90th session in New Delhi, India. The agenda is expected to include presentations, workshops and discussions on the following subjects:

    The future of policing

    With our member countries, we are exploring diverse perspectives on the future of policing in an increasingly digitalized world. What are the challenges, how can we respond to threats posed by technology and how should we shape our vision for 2030?

    Policing today’s crimes

    Different panels will look at topical policing initiatives. This will include:

    INTERPOL’s Global Crime Trends Report

    This document provides member countries with an overview of the main crime threats in the world.

    Executive Committee Elections

    The General Assembly elects new members to the Executive Committee as the incumbents end their mandate. This year, two posts are up for election: the vice-president for Europe, and the delegate for Africa.

    INTERPOL’s Centenary

    In 2023, INTERPOL will celebrate 100 years since the founding of the International Criminal Police Commission, which then became INTERPOL in 1956. A series of activities are planned to raise awareness of the role of international policing; past, present and future.

    Police have been gathering to discuss international policing for 100 years – pictured here are delegates at the 2nd session of the General Assembly held in Berlin, Germany in 1924.

    Partnerships

    This panel will discuss how multi-stakeholder strategic partnerships can support law enforcement across the world to face the challenges in global security.

    Diversity

    INTERPOL is committed to increasing the geographical and gender diversity of its workforce so it can better reflect and serve its global membership.

    Workshops

    Different workshops will look at technology, innovation and global financial crime, giving participants the chance to share ideas in smaller groups.

    Host country: India

    We thank India and the officials from New Delhi for hosting this year’s General Assembly and welcoming our delegates from member countries. We recognize the time and effort it takes to put on an event of this scale.

    MIL Security OSI –

  • MIL-OSI: Municipality Finance Plc Financial Statements Bulletin 1 January–31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Financial Statements Bulletin
    12 February 2025 at 5:00 pm (EET)

    Municipality Finance Plc Financial Statements Bulletin 1 January–31 December 2024

    In brief: MuniFin Group in 2024

    • The Group’s net operating profit excluding unrealised fair value changes* increased by 2.9% (3.2%) in January–December and amounted to EUR 181 million (EUR 176 million). Net interest income* was at the same level as in year before and totalled EUR 260 million (EUR 259 million). Net operating profit excluding unrealised fair value changes was boosted by lower expenses and increased other income compared to the previous period.
    • Net operating profit* amounted to EUR 166 million (EUR 139 million). Unrealised fair value changes amounted to EUR -16 million (EUR -37 million) in the financial year. Unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.
    • Costs* in the financial year amounted to EUR 81 million (EUR 82 million).
    • The Group’s leverage ratio remained at a strong level, standing at 12.3% (12.0%) at the end of December.
    • At the end of December, the Group’s CET1 capital ratio was very strong at 107.7% (103.4%). CET1 capital ratio was over seven times the required minimum of 15.0% (13.9%), taking capital buffers into account.
    • Long-term customer financing (long-term loans and leased assets) excluding unrealised fair value changes* totalled EUR 35,787 million (EUR 32,948 million) at the end of December and saw an increase of 8.6% (7.5%). New long-term customer financing* increased by 17.1% (0.0%) in January–December 2024 and amounted to EUR 5,056 million (EUR 4,319 million). Short-term customer financing* totalled EUR 1,825 million (EUR 1,575 million).
    • Of all long-term customer financing, the amount of green finance* aimed at environmentally sustainable investments totalled EUR 6,817 million (EUR 4,795 million), and the amount of social finance* aimed at investments promoting equality and communality totalled EUR 2,536 million (EUR 2,234 million) at the end of December. The total amount of this financing increased by 33.1% (41.0%) from the previous year. The ratio of green and social finance to long-term customer financing excluding unrealised fair value changes* grew by 4.8% percentage points to 26.1% (21.3%).
    • In 2024, new long-term funding* reached EUR 8,922 million (EUR 10,087 million). At the end of December, the total funding* was EUR 46,737 million (EUR 43,320 million), of which long-term funding* made up EUR 43,328 million (EUR 39,332 million).
    • The Group’s total liquidity* is very strong, standing at EUR 11,912 million (EUR 11,633 million) at the end of the financial year. The Liquidity Coverage Ratio (LCR) stood at 341% (409%) and the Net Stable Funding Ratio (NSFR) at 124% (124%) at the end of the year.
    • In early 2024, MuniFin reviewed the future and development potential of the consulting services offered by its subsidiary company Financial Advisory Services Inspira Plc (Inspira) and decided to discontinue Inspira’s consulting services in summer 2024.
    • The Board of Directors proposes to the Annual General Meeting to be held in spring 2025 a dividend of EUR 1.86 per share, totalling EUR 72.7 million. The total dividend payment in 2024 was EUR 1.69 per share, totalling EUR 66.0 million.
    • Outlook for 2025: The Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.

    Comparison figures deriving from the income statement and figures describing the change during the financial year are based on figures reported for the corresponding period in 2023. Comparison figures deriving from the balance sheet and other cross-sectional items are based on the figures of 31 December 2023 unless otherwise stated.

    * Alternative performance measure.

    Key figures (Group)

      Jan–Dec 2024 Jan–Dec 2023 Change, %
    Net operating profit excluding unrealised fair value changes (EUR million)* 181 176 2.9
    Net operating profit (EUR million)* 166 139 19.5
    Net interest income (EUR million)* 260 259 0.3
    New long-term customer financing (EUR million)* 5,056 4,319 17.1
    New long-term funding (EUR million)* 8,922 10,087 -11.6
    Cost-to-income ratio, %* 27.7 32.2 -14.0**
    Return on equity (ROE), %* 7.2 6.6 9.3**
      31 Dec 2024 31 Dec 2023 Change, %
    Long-term customer financing (EUR million)* 35,173 32,022 9.8
    Green and social finance (EUR million)* 9,353 7,029 33.1
    Balance sheet total (EUR million) 53,092 49,736 6.7
    CET1 capital (EUR million) 1,646 1,550 6.2
    Tier 1 capital (EUR million) 1,646 1,550 6.2
    Total own funds (EUR million) 1,646 1,550 6.2
    CET1 capital ratio, % 107.7 103.4 4.2**
    Tier 1 capital ratio, % 107.7 103.4 4.2**
    Total capital ratio, % 107.7 103.4 4.2**
    Leverage ratio, % 12.3 12.0 2.5**
    Personnel 178 185 -3.8

    * Alternative performance measure.
    ** Change in ratio.

    Comment on the 2024 financial year by President and CEO Esa Kallio

    The operating environment in global economy and international politics went through a whirlwind of changes in 2024. Even in the turmoil, Finland stood steady and secure: our society is built on long-standing practices and institutions that have been developed together and tried and tested over time. This stability also helps safeguard MuniFin’s strong performance through shifts in the operating environment. Finnish society must continue to operate in broad collaboration and develop the structures of society in the long term. Sometimes this requires difficult decisions in society in the short term.

    In 2024, the demand for MuniFin’s financing was especially high in the affordable social housing sector. In the future, however, the sector will be facing reductions on interest subsidy loan authorisations.

    The Finnish system for affordable social housing is a success story that has served as a model across Europe – and will hopefully continue to do so, especially now that the rising cost of living has led to a surge in homelessness in many countries. Our state-subsidised housing production system has proven effective in reducing homelessness and regional segregation, increasing the supply of affordable social housing in growth centres, advancing municipalities’ housing policy goals of ensuring a diverse housing structure, and providing high-quality housing also to students, senior citizens and people with disabilities.

    Especially in the past couple of years, affordable housing production has also significantly supported the vitality of the Finnish construction sector, helping offset the slump in housing construction. Finland’s well-functioning system should not be changed; rather, the current model and level of housing production subsidies should be kept as they are. Timely investments into affordable social housing production can also help level out construction cycles and support employment.

    In 2024, MuniFin reached new milestones in sustainable investments. In October, we issued our tenth green bond, the high demand of which was once again testament to our strong position as an international forerunner in the financial sector. Moreover, sustainable finance made up the majority of the new long-term customer financing we granted in 2024.

    Information on the Group results

    Consolidated income statement Jan–Dec 2024 Jan–Dec 2023 Change, % Jul–Dec 2024 Jul–Dec 2023 Change, %
    (EUR million)            
    Net interest income 260 259 0.3 132 135 -2.4
    Other income 2 0 >100 1 -1 >100
    Income excluding unrealised fair value changes 262 259 1.1 132 134 -1.4
    Commission expenses -17 -16 8.2 -9 -8 11.2
    HR expenses -21 -20 2.0 -10 -10 -4.3
    Other items in administrative expenses -23 -20 12.4 -12 -11 12.0
    Depreciation and impairment on tangible and intangible assets -6 -7 -7.8 -3 -3 -14.3
    Other operating expenses -14 -19 -27.0 -7 -7 -0.6
    Costs -81 -82 -1.9 -40 -39 3.0
    Credit loss and impairments on financial assets 0 -1 -72.9 -1 -1 -38.7
    Net operating profit excluding unrealised fair value changes 181 176 2.9 92 95 -2.8
    Unrealised fair value changes -16 -37 -58.4 -31 -33 -3.6
    Net operating profit 166 139 19.5 61 62 -2.4
    Income tax expense -33 -28 17.3 -12 -12 -2.3
    Profit for the period 133 111 20.1 48 50 -2.4

    The Group’s net operating profit excluding unrealised fair value changes

    MuniFin Group’s core business operations remained strong in 2024. The Group’s net operating profit excluding unrealised fair value changes increased by 2.9% (3.2%) and amounted to EUR 181 million (EUR 176 million). The growth was influenced both by an increase in other income and a decrease in costs as net interest income remained at the level of previous year.

    The Group’s income excluding unrealised fair value changes was EUR 262 million (EUR 259 million) and grew by 1.1% (6.5%). Net interest income grew by 0.3% (7.5%), totalling EUR 260 million (EUR 259 million). Net interest income was positively affected by growing business volumes. The increase in funding costs due to the market conditions and the shape of the yield curve slowed the growth of net interest income.

    Other income totalled EUR 2.0 million (EUR 0.1 million). It consisted mainly of the billing of MuniFin’s digital services and the turnover of the subsidiary company Inspira from the early part of the year. In the previous year, negative realised FX rate changes reduced other income. At 0.8% (0.1%), other income relative to income excluding unrealised fair value changes forms only a minor part of the Group’s income.

    The Group’s costs were EUR 81 million (EUR 82 million), down by 1.9% from the year before (+12.4%). The reduction in expenses was due to the fact that no contribution fee was collected for the Single Resolution Fund in 2024.

    Commission expenses totalled EUR 17 million (EUR 16 million), of which EUR 14 million (EUR 13 million) consisted of the guarantee commission collected by the Municipal Guarantee Board for guaranteeing MuniFin’s funding.

    HR and administrative expenses grew by 7.2% (9.0%) and reached EUR 44 million (EUR 41 million). HR expenses comprised EUR 21 million (EUR 20 million) and other administrative expenses EUR 23 million (EUR 20 million). The average number of employees in the Group was 187 (183) during the financial year. Other items in administrative expenses grew by 12.4% (8.8%), mainly due to the increased costs of maintaining and developing information systems.

    During the financial year, depreciation and impairment of tangible and intangible assets totalled EUR 6 million (EUR 7 million).

    Other operating expenses were EUR 14 million (EUR 19 million). The main reason for this decrease is that there was no contribution fee to the Single Resolution Fund in 2024. Other operating expenses excluding fees collected by authorities grew by 22.1% (9.9%) to EUR 11 million (EUR 9 million).

    Credit loss and impairments on financial assets were EUR 0.3 million (EUR 1.2 million). This item consists of expected credit losses (ECL). The Group updated the model used to estimate the probability of default and the forward-looking macro scenarios during the financial year. The Group’s management has assessed the impact of general cost inflation and increased interest rates on customer financing receivables and credit risk and decided to release the additional discretionary provision in full at the end of 2024 (the amount of the additional discretionary provision was EUR 0.6 million at the end of 2023, and in June 2024, EUR 0.4 million of the additional provision was released). The update of the probability of default model increased expected credit losses by EUR 0.9 million euros, as the amount of exposures that moved from stage 1 to stage 2 increased. Most of the transferred exposures were subject to the previous additional discretionary provision. Therefore, the Group’s management considered that there is no longer a basis for recording a group-specific additional provision.

    The Group’s overall credit risk position has remained low. The amount of forborne loans was EUR 561 million (EUR 497 million), while non-performing exposures amounted to EUR 292 million (EUR 142 million) at the end of the year. These non-performing exposures represented 0.8% (0.4%) of total customer exposures. At the end of December, the Group had EUR 13 million in receivables due to the insolvency of customers, for which the collateral realisation process is ongoing, or the credit receivable is due for payment by the guarantor (there were no such receivables at the end of 2023). All the Group’s customer financing receivables are from Finnish municipalities, joint municipal authorities, wellbeing services counties or joint county authorities, or accompanied by a securing municipal, joint municipal authority, wellbeing services county or joint county authority guarantee or a state deficiency guarantee supplementing real estate collateral, and therefore no final credit losses will arise. According to the management’s assessment, all receivables from customers will be fully recovered. During the Group’s history of 35 years, it has never recognised any final credit losses in its customer financing.

    The credit risk of the Group’s liquidity portfolio has likewise remained at a low level, and the average credit rating of the debt securities in the portfolio is AA+ (AA+).

    The Group’s profit and unrealised fair value changes

    The Group’s net operating profit was EUR 166 million (EUR 139 million). Unrealised fair value changes decreased the Group’s net operating profit by EUR 16 million (in 2023: decreased by EUR 37 million). In January–December, unrealised fair value changes in hedge accounting amounted to EUR -12 million (EUR -27 million) and unrealised net result on financial assets and liabilities through profit or loss to EUR -4 million (EUR -10 million).

    The Group’s effective tax rate in the financial year was 19.9% (20.2%). Taxes in the Consolidated income statement amounted to EUR 33 million (EUR 28 million). After taxes, the Group’s profit for the financial year was EUR 133 million (EUR 111 million).

    The Group’s full-year return on equity (ROE) was 7.2% (6.6%). Excluding unrealised fair value changes, the ROE was 7.9% (8.4%).

    The Group’s other comprehensive income includes unrealised fair value changes of EUR 169 million (EUR 109 million). During the financial year, the most significant item affecting the other comprehensive income was net change in fair value due to changes in own credit risk of financial liabilities designated at fair value through profit or loss totalling EUR 137 million (EUR 75 million). The cost-of-hedging amounted to EUR 30 million (EUR 25 million). Net change in fair value of financial assets at fair value through other comprehensive income was EUR 2 million (EUR 8 million).

    On the whole, unrealised fair value changes net of deferred tax affected the Group’s equity by EUR 122 million (EUR 57 million) and CET1 capital net of deferred tax in capital adequacy by EUR 13 million (EUR -3 million). The cumulative effect of unrealised fair value changes on the Group’s own funds in capital adequacy calculations was EUR 58 million (EUR 45 million).

    Unrealised fair value changes reflect the temporary impact of market conditions on the valuation levels of financial instruments at the time of reporting. The value changes may vary significantly from one reporting period to another, causing volatility in profit, equity and own funds in capital adequacy calculations. The effect on individual contracts will be removed by the end of the contract period. In the financial year, unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.

    In accordance with its risk management principles, the Group uses derivatives to financially hedge against interest rate, exchange rate and other market and price risks. Cash flows under agreements are hedged, but due to the generally used valuation methods, changes in fair value differ between the financial instrument and the respective hedging derivative. Changes in the shape of the interest rate curve and credit risk spreads in different currencies affect the valuations, which cause the fair values of hedged assets and liabilities and hedging instruments to behave in different ways. In practice, the changes in valuations are not realised on a cash basis because the Group holds financial instruments and their hedging derivatives almost always until the maturity date. The counterparty credit risk related to derivatives is comprehensively covered by collateral management. Changes in credit risk spreads are not expected to be materialised as credit losses for the Group, because the Group’s liquidity reserve has been invested in instruments with low credit risk.

    The Parent Company and subsidiary company Inspira’s results

    In 2024, MuniFin’s net interest income amounted to EUR 260 million (EUR 259 million) and net operating profit to EUR 166 million (EUR 139 million).

    The turnover of MuniFin’s subsidiary company, Financial Advisory Services Inspira Ltd, was EUR 0.4 million (EUR 1.4 million), and its net operating result amounted to EUR -0.5 million (EUR 0.0 million). The Group discontinued Inspira’s advisory services in the spring. In the future, the subsidiary company will provide some of the digital added value services MuniFin offers to its customers.

    The Group’s financial performance in July–December

    In the second half of 2024, the Group’s net operating profit excluding unrealised fair value changes amounted to EUR 92 million (Jul–Dec 2023: EUR 95 million), remaining almost at the same level as in the year before. Net interest income totalled EUR 132 million (Jul–Dec 2023: EUR 135 million) and costs EUR 40 million (Jul–Dec 2023: EUR 39 million) in July–December. Unrealised fair value changes weakened the net operating profit by EUR 31 million (in the comparison period Jul–Dec 2023: weakened by EUR 33 million). The Group’s net operating profit amounted to EUR 61 million (Jul–Dec 2023: EUR 62 million) in July–December.

    In the second half of the year, the Group’s net operating profit excluding unrealised fair value changes increased by 3.1% from the first half. Net interest income went up by 2.4% from the first half of the year. Costs amounted to EUR 40 million in July–December and to EUR 41 million in January–June. The Group’s net operating profit totalled EUR 61 million in July– December, decreasing by 42.4% from January–June. In the second half of the year, unrealised fair value changes affected the net operating profit by EUR -31 million, while in the first half of the year, their effect was EUR 16 million.

    Outlook for 2025

    Europe’s economy is starting 2025 off from a weaker position than anticipated. Business cycle expectations are subdued, and the global operating environment is fraught with uncertainty. Donald Trump’s presidential administration is expected to pursue protectionist trade policies, which could, at worst, severely slow down the euro area’s economic recovery.

    However, if Europe is exempted from the planned universal tariff on all US imports and the euro continues to weaken, businesses in the euro area could even find new opportunities to expand their market share in the US. Europe could also suffer negative economic effects if capital needed to improve productivity is increasingly allocated to strengthening military defence and supply security. The political turmoil in France and Germany adds another layer of uncertainty into the euro area economy.

    To counterbalance the growing economic uncertainty, the European Central Bank is expected to continue brisk interest rate cuts in 2025. Short-term market rates are projected to come down to about two per cent or even slightly below that by mid-year.

    The sharp interest rate cuts will be the most crucial booster for the Finnish economy in 2025. Although the overall tone of the economic turnround is still relatively subdued, the simultaneous recovery of demand drivers could boost annual GDP growth to surprisingly strong figures. Even so, macroeconomic forecasts continue to be very uncertain. Finland’s two most important export markets, the US and Germany, both entail considerable risks, and a sharperthan-expected decline in employment casts a shadow over the recovery of the domestic market. From the Group’s perspective, the 2024 rise in credit risk spreads is expected to push up the cost of funding, weakening the Group’s net interest income in 2025.

    Municipalities are undergoing sizeable adjustment programmes, but their financing deficit is nevertheless expected to grow again in 2025. Municipal finances are strained by several factors: central government transfer cuts resulting from the balancing of health and social services reform transfers, increased net investments, health and social services facilities that are left unused by wellbeing services counties but continue to incur maintenance, conversion and demolition costs, as well as uncertainty surrounding the actual costs of the employment services reform. In addition, the weakened employment outlook poses a serious risk to tax revenues.

    Privately funded housing production is expected to take an upward turn in 2025, but its volume will nevertheless remain well below normal levels. The housing market is starting to gradually pick up, and housing prices are expected to start rising moderately from 2025 onwards. In contrast, state-subsidised housing production will see fewer building starts due to reductions on interest subsidy loan authorisations. In March 2025, the Housing Finance and Development Centre of Finland (Ara) will cease to operate as an independent government agency and its operations will instead be integrated under the Ministry of the Environment. This change does not mean the end of state-subsidised housing production; rather, it aims to improve the administration of affordable social housing production. According to MuniFin’s analysis, the integration will not have a direct effect on MuniFin’s business. Interest subsidy loans will continue to be granted to state-subsidised housing production, but the related processes will be administered at the Ministry of the Environment. MuniFin will monitor the practical implications closely. With the managing authority changing, the Company may need to make changes to some of its processes in response.

    Considering the above-mentioned circumstances, the Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.

    These estimates are based on a current assessment of the development of MuniFin Group’s operations and the operating environment.

    Municipality Finance Plc

    Further information:

    Esa Kallio, President and CEO, tel. +358 50 337 7953

    Harri Luhtala, Executive Vice President, Finance, CFO, tel. +358 50 592 9454

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. 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: www.munifin.fi

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Unveiled: 2024 ICC Arbitration and ADR preliminary statistics

    Source: International Chamber of Commerce

    Headline: Unveiled: 2024 ICC Arbitration and ADR preliminary statistics

    Alexander G. Fessas, Secretary General of the ICC International Court of Arbitration and Director of ICC Dispute Resolution Services, said:

    “The preliminary figures highlight once more the confidence companies and states place in ICC as their preferred institution for resolving disputes. Staying close to the needs of ICC Arbitration and ADR users worldwide, we remain committed to delivering fair, efficient and transparent services that meet the evolving needs of domestic and international commerce”.

    Caseload

    In 2024, the number of new cases remained strong, with 831 cases filed under the ICC Arbitration Rules (of which 17 began with Emergency Arbitrator applications) and 10 cases under the ICC Appointing Authority Rules. This is similar to the average caseload of the last five years. In October, ICC reached a milestone when it registered its 29,000th case under the ICC Arbitration Rules. In total 1,789 cases were pending at the end of 2024.

    Expedited procedure

    In 2024, 152 new cases were administered under the Expedited Procedure Provisions (‘EPP’). The ICC Court has administered a total of 865 cases under the EPP since the procedure was established in 2017.

    Parties

    A total of 2,392 parties participated in ICC arbitrations in 2024, of which 1,100 were claimants and 1,292 were respondents. Parties originated from 136 jurisdictions, with an increased presence compared to 2023 in North and West Europe, Sub-Saharan Africa, Latin America and the Caribbean, South and East Asia, and the Pacific.

    For new cases, the top 10 countries from which parties originated were the United States (167 parties) followed by Brazil (156), Spain (137), Mexico (106), Italy (101), the People’s Republic of China and Hong Kong SAR (98), Germany (85), Türkiye (80), and France and the United Arab Emirates (73 parties each).

    A total of 45 states and 143 state-owned entities were involved in 159 cases filed during the year, accounting for 19% of new cases.

    Place of arbitration

    ICC arbitral tribunals were seated in 107 cities across 62 countries or independent territories on all continents. The top 10 jurisdictions were the United Kingdom (96 cases), France (91), Switzerland (83), the United States (72), the United Arab Emirates (38), Spain (33), Brazil and Mexico (30 each), Singapore (28), and Germany (20).

    Amounts in dispute

    Amounts in dispute in new cases varied significantly, ranging from just below US$10,000 to US$53 billion. The aggregate amount in dispute for new cases reached US$103 billion, with an average of US$130 million and a median of approximately US$5 million.

    With a total of US$354 billion, the aggregate amount in dispute for pending cases sets an all-time record. The corresponding average and median amounts were US$211 million and US$14 million, respectively.

    Claudia Salomon, President of the ICC International Court of Arbitration, said:

    “The 2024 statistics underscore the ICC Court’s role as the leading arbitral institution. With so many parties from jurisdictions around the world and a record value of pending cases, it is clear that arbitration remains a vital tool for resolving domestic and cross-border disputes. As we move forward, we continue to prioritise accessibility, efficiency and innovation, ensuring that ICC remains a trusted and effective solution for businesses and States worldwide”.

    ICC International Centre for ADR

    A total of 61 requests were filed with the ICC ADR Centre in 2024: 37 under ICC Mediation Rules, 20 under the Expert Rules, three under DOCDEX Rules and one under the Dispute Board Rules.

    The full 2024 ICC Dispute Resolution Statistics report will be released later this year. ICC DRS statistical reports since 1997 are available on the ICC Dispute Resolution Library (jusmundi.com).

    Information presented herewith is subject to verification prior to publication in the complete 2024 annual statistical report.

    Related news

    MIL OSI Economics –

  • MIL-OSI Europe: The European Financial Industry of the Future | 6. Frankfurt Digital Finance Conference & European Fintech Day

    Source: Deutsche Bundesbank in English

    Check against delivery.
    Ladies and gentlemen,
    I’m glad to join you today at the “Gesellschaftshaus Palmengarten”. Its history goes back to the 19th century. It was the “Gründerzeit” or “founders’ period” – an era of strong economic expansion in Germany – when this building was constructed. And when Germany was developed as an industrial location. Developed by people, men and women, lead by curiosity, innovation, and a desire to achieve.
    We have to cast our minds back a few years to see times of growth, real innovation and increasing productivity in Europe.
    1 The role of the financial industry
    In the 2010s Germany had a period of solid growth that some called “the golden decade”. 
    Today, however, we see a need for growth and increasing productivity. Hence, our competitiveness is at stake. Not only in Germany, but also in other parts of Europe. And this comes at a time, when we are facing numerous major challenges:
    Consider the significant geopolitical uncertainties of our time – which make a rethink necessary in many respects. Also consider the digitalisation of large parts of our economy, incl. disruptive AI. And think about the climate-related need for an ecological transformation.
    Financing all of this requires a substantial amount of capital.
    This is where the financial industry comes in: The financial industry can act as an enabler of growth in the real economy. Growth that is so much needed right now.
    Looking forward, the financial industry could translate growth potential into real growth in many fields – digitalisation, AI, clean tech, pharma, biotech any many more.
    In sum, there are huge business opportunities for Germany and the EU. And we need the Financial industry to take advantage of the business opportunities. 
    But let us not forget that innovation happens in many places – at start-ups but also at well established companies. We need to make sure that a variety of funding sources are available to support our real economies.
    We need a specific financial ecosystem that enables young, innovative companies to flourish. Be it VC, PE, etc. We need established capital markets. Above all, we need a strong and healthy banking sector that supplies our economy with sufficient credit.
    That means: We need both traditional loans and venture capital. In any case, all the pockets of the financial industry provide the basis for a growing economy. It’s also the basis for the ecological transformation. 
    The German Council of Experts on Climate Change published [a week ago] new figures on the investment needs estimated for the transition towards net-zero economic activity. Those investment needs range between 135 and 255 billion euro – each year for Germany alone.[1] That’s a lot.
    Let’s now have a closer look at the digitalization including AI.
    2 Artificial intelligence: innovation and competitiveness
    The term artificial intelligence (AI) was coined in the middle of the 20th century. But it was the release of ChatGPT in November 2022 that marked a breakthrough. For the first time it became possible to use an AI system without detailed technical knowledge.
    Nowadays almost anyone can use AI. The importance of responsible AI practices on the increase – as highlighted in the latest Declaration by the G20.[2]
    There are important questions – to which, to be honest, there are no simple answers:
    Are the opportunities and risks of AI balanced? 
    Does AI lead to a global fragmentation, to a new barrier between those who use AI and those who don’t? 
    Does AI, as a general-purpose technology, help us better manage economic challenges?[3]
    One example of the latter point: Many societies are lacking skilled labour due to demographic change. Here, the use of AI could provide a solution by increasing efficiency or substituting human services. AI can also help drive innovation. 
    AI enables both incremental and disruptive innovation across all parts of society: 
    by facilitating faster decision-making
    optimizing existing processes, 
    or by collecting, processing and using huge amounts of data.

    It fosters creativity, supports scientific breakthroughs, and unlocks opportunities for entirely new industries and business models – a potential, albeit disruptive, growth engine.
    Nevertheless, human creativity is still a key driver of innovation. In 2023, individuals or SMEs filed almost one in four patent applications in Europe.[4]
    Today, we are at a crucial stage: With international competition on the one side and technical and intellectual skills on the other. AI models from the United States are well-known and often considered state of the art. China in particular has recently come up with new and apparently very efficient language models. However, the discussion about the background is not yet complete.
    In Europe, we have to do our utmost to keep up with the pace. An important initiative recently came from France: In Paris the “EU AI Champions Initiative”, a high-level summit, was held at the beginning of this week.
    President Macron mentioned a funding volume of roundabout € 109 billion for AI in France. This approach is very encouraging for other EU member states. By comparison: US-President Trump has mentioned USD 500 billion for his “Stargate” plan in the US. 
    Despite these substantial investments, there is no guarantee of success. On the other hand, we must not allow ourselves to be deterred by possible failures. One example is the French AI chatbot LUCIE, which has been taken offline after giving some weird answers. I am sure France will take this as a chance to try even harder.
    The narrative with all kind of innovation is: Accept failure to grow. The pioneers of the “Gründerzeit” – which I mentioned earlier – knew this only too well.
    We need this kind of courage to embrace a “culture of trial and error”. It provides an important impetus to do things better. On the other hand, we have to ensure that new technology does not cause severe damage. Especially because AI is a relatively new technology with unknown potential and consequences for the entire society.
    Risks can arise for the financial system, but much further afield as well. Imagine, risk management or investment advice would be provided mainly by AI. Would this mean that investment recommendations are becoming more and more similar? Would we have concentration of risks? And what consequences would this have for financial stability?[5]
    Even more far-reaching questions concern our society.
    The core question is: What does AI mean for our democracies, for our constitutions, for our fundamental rights? Specifically, we need to ask ourselves: Where is AI beneficial and where do we need clear rules.
    In other words: What are the basic rules for using this technology?
    It is therefore necessary to find a compromise between having the courage to innovate – and clear rules.
    3 Strengthening the financial industry
    Regardless of how we deal with AI, we have to return to the issue of financing its development. As indicated earlier, the financial industry, as an enabler, has an important role to play.
    Given the challenges of our time I mentioned earlier, it is vital to strengthen the European financial industry. 
    Let me highlight only two measures:
    First, we need to get started on improving start-up funding. In 2024, more than 2,700 innovative start-ups were founded in Germany, the second-highest count after the record year of 2021. There is no shortage of innovative concepts and entrepreneurship per se, but implementation is lacking. 
    Further completing the European capital markets union (CMU) is essential in this respect – promoting the development of the VC and private equity market as well as exit options for start-ups. The European Commission’s “Competitiveness Compass”, published recently, 29 January 2025, is a good start. 
    Second, we need to leverage digital technologies to create efficient, integrated and resilient European financial markets. The digital CMU could be a game changer in this respect. 
    Let me make it perfectly clear: Europe is a leader in this field. 
    We at the Bundesbank are engaged in several initiatives. And we have a prominent role to play in the development of a central bank digital currency (wholesale CBDC).
    4 Conclusion
    Ladies and gentlemen, let me sum up: And I can be very brief, but still to the point.
    The European Financial industry has to become an enabler of growth. Our Financial industry is key to ensure that the European economy stays competitive. 
    Thank you very much. 

    MIL OSI

    MIL OSI Europe News –

  • MIL-OSI USA: Humanities Fellow Studying Literature from Black Power Era and its Reception in France

    Source: US State of Connecticut

    When Grégory Pierrot talks about growing up in northeastern France near Luxembourg and Germany, he uses the word “American” at least a half dozen times.

    “I’ve had a long personal relationship with American culture,” he says, describing how as a boy he’d listen to American music and write down as many words as he could catch to translate into French, so he could figure out what was being said.

    Now an associate professor of English at UConn Stamford who teaches African American literature, Pierrot says he’s been a student of American culture – its literature, music, and history – since he was a teenager, even as his methods have turned more intellectual.

    His latest project for Rot Bo Krik, “It was Nation Time: Fictions of African American Revolution,” which looks at African American literature during the Black Power era and how readers of French translations received the works, might be the best way to encapsulate all that has intrigued him since his youth.

    “I’m very interested in the way literature, music, and film – all those things that may seem less serious than politics or unrelated to it – actually convey most of what people think they know about a given moment or given political period,” Pierrot says. “Ideas are conveyed in those texts, in those songs, and in those films, and they have much more of an impact on us than scholarly studies or political speeches even.”

    Pierrot says the French, even though an ocean away, are fascinated by what happened in America in the mid-1960s to 1970s, those volatile years after Jackie Robinson and Rosa Parks when the Civil Rights and Voting Rights acts took effect, the Black Panthers took rise, and Martin Luther King Jr. took his last breath.

    Writers including John A. Williams, best known for “The Man Who Cried I Am”; Chester Himes, who wrote a series of “Harlem Detective” novels; and Sam Greenlee, author of “The Spook Who Sat by the Door” told fictionalized but compelling accounts of what being Black in the United States was like.

    “This is such a fraught moment in American history, with fraught ideas in American politics,” Pierrot says. “This idea of a ‘Black Revolution,’ while it wasn’t greatly popular, it was in the air. So, when novels like these came out everybody would be talking about them.”

    Through the years, for instance, Williams’ novel “Sons of Darkness, Sons of Light,” which imagined the outset of such a revolution, and his “Captain Blackman,” which traces Black soldiers’ contributions to the Army, have been forgotten – along with so many other works, even as those stories echo in the events of today.

    “It’s shocking just how much the plots in these novels often sound like they could have been written yesterday,” Pierrot says. “In quite a few of these, either the premise or one of the important events in the plot has to do with young African American boys being shot by police for no reason. Others have to do with the rise of extreme right-wing politics. To that extent, they are very much of this moment.”

    Of course, France and the U.S. have been connected since long before the American Revolution gave this country its independence from Britain, and France gifted the Statue of Liberty to celebrate a century of liberty.

    France has been the place where African Americans, particularly artists, have fled when wanting or needing to escape racism in North America, Pierrot explains, as France, perhaps infamously, prides itself as being a place where racism doesn’t exist.

    “Racism in France was different enough than what was happening in the U.S. that it felt like relief for African Americans who still get treated very differently than other members of the African diaspora in France,” Pierrot says. “Historically, to put it simply, it’s often been easier to be African American than to be Black and French in France.”

    In research for the project, funded as part of a year-long fellowship from the UConn Humanities Institute, Pierrot says that even though he’s built a career absorbed in the literature of this period, he found himself fascinated recently by Malcolm X’s connection to France, which remains largely unknown among citizens there despite pop culture references to him.

    In the 10 years before the Black activist was assassinated in 1965, despite his growth in the U.S. as a name known around the dinner table, he was mentioned only a handful of times in the French newspaper of record.

    Malcolm X traveled to Paris in November 1964 to deliver a speech and attempted to visit a second time in February 1965 but was stopped by French customs at the border and blocked from entry, Pierrot says. Three weeks later he was killed and only then did the French public start hearing about him.

    “The novels from this time, even though they’re works of fiction, are historical artifacts. They give us a view of that moment that we may have forgotten,” he explains.

    “We all have a sense of the 1960s based on the media – films, books, and music – that we consume,” he continues. “There was flower power and Woodstock, but that’s not all the 1960s were. It was a violent time. There were assassinations left and right and wars around the world. The texts I study offer elements of American history that many people do not know or do not quite remember.”

    MIL OSI USA News –

  • MIL-OSI: Intermex to Release Fourth Quarter and Full Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, Feb. 12, 2025 (GLOBE NEWSWIRE) — International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), a leading omnichannel money remittance services company, will release Fourth Quarter and Full Year 2024 earnings before the start of trading on Wednesday, February 26, 2025. The Intermex management team will be hosting a conference call on the same day at 9:00 AM ET.

    Interested parties are invited to join the conference and gain firsthand knowledge about Intermex’s financial performance and operational achievements through the following channels:

    • A live broadcast of the conference call may be accessed via the Investor Relations section of Intermex’s website at https://investors.intermexonline.com/.
    • To participate in the live conference call via telephone, please register HERE. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
    • Following the conference call, an archived webcast of the call will be available for one year on Intermex’s website at https://investors.intermexonline.com/.

    Investor Day Event

    On the same day, Intermex will host an Investor Day at The Westin New York at Times Square, beginning at 1:00 PM ET. Management will provide strategic updates, insights into key business areas, and future growth opportunities.

    The in-person event is open to institutional investors and research analysts. A live stream and supporting materials will be available for those unable to attend the live event at https://edge.media-server.com/mmc/p/5ymy6w9u. Please note that remote attendees will have listen-only access, as the Q&A session will be reserved for in-person attendees.

    To register for in-person attendance, contact Laurie Berman of PondelWilkinson at lberman@pondel.com or 310-279-5980.

    As part of its ongoing commitment to maximizing shareholder value, Intermex continues to evaluate strategic alternatives. This review may include, among other options, a potential sale, spin-off, or other strategic transaction. The process is ongoing, with no set deadline or definitive timeline for completion. There is no assurance that this review will result in any specific transaction or outcome.

    About International Money Express, Inc.
    Founded in 1994, Intermex applies proprietary technology enabling consumers to send money from the United States, Canada, Spain, Italy, the United Kingdom and Germany to more than 60 countries. The Company provides the digital movement of money through the Company’s website and mobile app, as well as through its network of agent retailers in the United States, Canada, Spain, Italy, the United Kingdom and Germany, and its Company-operated stores. Transactions are fulfilled and paid through thousands of retail locations and banks around the world. Intermex is headquartered in Miami, Florida, with international offices in Puebla, Mexico, Guatemala City, Guatemala, London, England, and Madrid, Spain. For more information about Intermex, please visit www.intermexonline.com.

    Investor Relations:
    Alex Sadowski
    Investor Relations Coordinator
    ir@intermexusa.com
    tel. 305-671-8000

    The MIL Network –

  • MIL-OSI Economics: Involmo: BaFin warns about website involmo.com

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the services offered on the website involmo.com. According to information available to BaFin, the operator Involmo is providing financial and investment services on this website without the required authorisation. The operator claims to be licensed in the United Kingdom. This is not the case.

    Anyone providing financial and investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI Canada: Statement on Inclusive and Sustainable Artificial Intelligence for People and the Planet

    Source: Government of Canada – Prime Minister

    1. Participants from over 100 countries, including government leaders, international organisations, representatives of civil society, the private sector, and the academic and research communities gathered in Paris on February 10 and 11, 2025, to hold the AI Action Summit. Rapid development of AI technologies represents a major paradigm shift, impacting our citizens, and societies in many ways. In line with the Paris Pact for People and the Planet, and the principles that countries must have ownership of their transition strategies, we have identified priorities and launched concrete actions to advance the public interest and to bridge digital divides through accelerating progress towards the Sustainable Development Goals (SDGs). Our actions are grounded in three main principles of science, solutions – focusing on open AI models in compliance with countries frameworks – and policy standards, in line with international frameworks.
    2. This Summit has highlighted the importance of reinforcing the diversity of the AI ecosystem. It has laid an open, multi-stakeholder and inclusive approach that will enable AI to be human rights based, human-centric, ethical, safe, secure and trustworthy while also stressing the need and urgency to narrow the inequalities and assist developing countries in artificial intelligence capacity-building so they can build AI capacities.
    3. Acknowledging existing multilateral initiatives on AI, including the United Nations General Assembly Resolutions, the Global Digital Compact, the UNESCO Recommendation on Ethics of AI, the African Union Continental AI Strategy, and the works of the Organization for Economic Cooperation and Development (OECD), the Council of Europe and European Union, the G7 including the Hiroshima AI Process and G20, we have affirmed the following main priorities: 

    • Promoting AI accessibility to reduce digital divides

    • Ensuring AI is open, inclusive, transparent, ethical, safe, secure and trustworthy, taking into account international frameworks for all 

    • Making innovation in AI thrive by enabling conditions for its development and avoiding market concentration driving industrial recovery and development

    • Encouraging AI deployment that positively shapes the future of work and labour markets and delivers opportunity for sustainable growth

    • Making AI sustainable for people and the planet

    • Reinforcing international cooperation to promote coordination in international governance

    To deliver on these priorities: 

    • Founding members have launched a major Public Interest AI Platform and Incubator, to support, amplify, decrease fragmentation between existing public and private initiatives on Public Interest AI and address digital divides. The Public interest AI Initiative will sustain and support digital public goods and technical assistance and capacity building projects in data, model development, openness and transparency, audit, compute, talent, financing and collaboration to support and co-create a trustworthy AI ecosystem advancing the public interest of all, for all and by all. 

    • We have discussed, at a Summit for the first time and in a multi-stakeholder format, issues related to AI and energy. This discussion has led to sharing knowledge to foster investments for sustainable AI systems (hardware, infrastructure, models), to promoting an international discussion on AI and environment, to welcoming an observatory on the energy impact of AI with the International Energy Agency, to showcasing energy-friendly AI innovation.
    • We recognize the need to enhance our shared knowledge on the impacts of AI in the job market, though the creation of network of Observatories, to better anticipate AI implications for workplaces, training and education and to use AI to foster productivity, skill development, quality and working conditions and social dialogue.
    1. We recognize the need for inclusive multistakeholder dialogues and cooperation on AI governance. We underline the need for a global reflection integrating inter alia questions of safety, sustainable development, innovation, respect of international laws including humanitarian law and human rights law and the protection of human rights, gender equality, linguistic diversity, protection of consumers and of intellectual property rights. We take notes of efforts and discussions related to international fora where AI governance is examined. As outlined in the Global Digital Compact adopted by the UN General Assembly, participants also reaffirmed their commitment to initiate a Global Dialogue on AI governance and the Independent International Scientific Panel on AI and to align on-going governance efforts, ensuring complementarity and avoiding duplication. 
    2. Harnessing the benefits of AI technologies to support our economies and societies depends on advancing Trust and Safety. We commend the role of the Bletchley Park AI Safety Summit and Seoul Summits that have been essential in progressing international cooperation on AI safety and we note the voluntary commitments launched there. We will keep addressing the risks of AI to information integrity and continue the work on AI transparency. 
    3. We look forward to next AI milestones such as the Kigali Summit, the 3rd Global Forum on the Ethics of AI hosted by Thailand and UNESCO, the 2025 World AI Conference and the AI for Good Global Summit 2025 to follow up on our commitments and continue to take concrete actions aligned with a sustainable and inclusive AI.

    Signatory countries: 

    1. Armenia
    2. Australia
    3. Austria
    4. Belgium
    5. Brazil
    6. Bulgaria
    7. Cambodia
    8. Canada
    9. Chile
    10. China
    11. Croatia
    12. Cyprus
    13. Czechia
    14. Denmark
    15. Djibouti
    16. Estonia
    17. Finland
    18. France
    19. Germany
    20. Greece
    21. Hungary
    22. India
    23. Indonesia
    24. Ireland
    25. Italy
    26. Japan
    27. Kazakhstan
    28. Kenya
    29. Latvia
    30. Lithuania
    31. Luxembourg
    32. Malta
    33. Mexico
    34. Monaco
    35. Morocco
    36. New Zealand
    37. Nigeria
    38. Norway
    39. Poland
    40. Portugal
    41. Romania
    42. Rwanda
    43. Senegal
    44. Serbia
    45. Singapore
    46. Slovakia
    47. Slovenia
    48. South Africa
    49. Republic of Korea
    50. Spain
    51. Sweden
    52. Switzerland
    53. Thailand
    54. Netherlands
    55. United Arab Emirates
    56. Ukraine
    57. Uruguay
    58. Vatican
    59. European Union
    60. African Union Commission

    MIL OSI Canada News –

  • MIL-OSI Europe: Sudan faces an unprecedented humanitarian crisis amid ongoing ‘forgotten war’

    Source: European Asylum Support Office

    The EUAA has just published two new COI reports, a Country Focus and a Security Situation report on Sudan. Conflict-related violence has had a particular impact on women and girls, as well as perceived political opponents, while famine has been declared in at least five parts of the country. The Agency’s new reports come as over 10 000 Sudanese nationals sought asylum in EU+ countries in 2024.

    The European Union Agency for Asylum (EUAA) has just published two Country-of-Origin Information (COI) reports on Sudan, including on the security situation as well as an updated Country Focus report that builds on an earlier report from April 2024. Since the beginning of the conflict in 2023, Sudan has been plunged into severe instability leading to the world’s largest internal displacement crisis – with over 11 million people displaced.

    Over the past 20 months, indiscriminate violence has affected large portions of the country. The situation is severely worsened by acute food insecurity affecting over 25 million people, and famine has been declared in at least five areas of the country. Food deprivation and sexual violence have also been systematically used as weapons against civilians.

    Conflict-related violence has targeted large sections of the civilian population, in particular women and girls, non-Arab Africans in Darfur and Nuba in South Kordofan, journalists and media personnel, humanitarian and health personnel and perceived political opponents. The use of child soldiers has also been documented. Despite international appeals – including from the EU – urging the warring parties to uphold their obligations under international humanitarian law, the civil war continues.

    Meanwhile, the conflict remains largely underreported. A crackdown on local media outlets, and repeated communication blackouts, have severely hindered reporting capabilities across the country, making the conflict in Sudan a ‘forgotten war’.

    EU Asylum situation for Sudanese nationals

    In 2024, Sudanese nationals lodged over 10 000 applications for international protection in the EU+. Throughout the year, Sudanese applications followed an upward trend and with the highest number of monthly applications received in November 2024 (1 100). Almost all (95 %) were first-time applicants. France was the main receiving country for Sudanese nationals, followed at a distance by Greece and Germany.

    In 2024, EU+ countries issued approximately 6 300 decisions at first instance on Sudanese applications, with 74 % of the decisions granting refugee status and subsidiary protection (which was up from 66 % in 2023). At the end of the year, there were nearly 7 700 cases pending at first instance, which was up by around 1 900 cases compared to December 2023.

    Background

    The EUAA regularly updates its Country of Origin Information reports, which aim to provide accurate and reliable up-to-date information on third countries to support EU+ national asylum and migration authorities involved in migration and international protection procedures.

     

    MIL OSI Europe News –

  • MIL-OSI Submissions: Germany – Secure supply chains for the Nuremberg Metropolitan Region

    Source: Gebrüder Weiss

    Gebrüder Weiss completes integration of air and sea freight forwarder B+A, acquired in 2023

    Nuremberg / Lauterach, February 12, 2025. Gebrüder Weiss is simplifying global supply chains for industrial and commercial companies in the Nuremberg metropolitan region. At the beginning of the year, the international transport and logistics company completed the integration of the air and sea freight forwarder B+A, which it acquired in 2023. The new Air & Sea department is now integrated into the Nuremberg branch of Gebrüder Weiss, which previously focused primarily on land transport and logistics. Importing and exporting companies in the region will now benefit from a single point of contact for their international transport needs, thereby achieving greater stability for their supply chains.

    “With this step, we have developed Nuremberg into an all-round logistics location in one of the country’s economically strongest metropolitan regions. An export quota of almost 50 percent shows that the goods produced here are in demand worldwide. It was therefore a logical step to combine all national and international transport services – including land transport, logistics solutions, air and sea freight – under one roof,” explains Glenn Gabler, Air & Sea Branch Manager Nuremberg at Gebrüder Weiss. The Nuremberg Metropolitan Region is an urban agglomeration in Bavaria that includes not only Nuremberg, but also cities such as Fürth, Erlangen, Bamberg, Bayreuth and Hof, as well as numerous rural districts in the region.

    In the Air & Sea sector, Gebrüder Weiss in Nuremberg specializes in weekly container crossings by ship from Asia. Groupage freight containers (LCL) loaded with goods for several consignors or consignees are shipped from Asia to Hamburg and then transported by rail to Nuremberg, where they are picked and delivered to regional companies. The same process applies in reverse.

    Gebrüder Weiss has been operating in Nuremberg since 2017, employing a total of around 200 people at the location. The company offers its air and sea freight services at central transhipment points throughout Germany: Hamburg, Bremen, Bremerhaven, Düsseldorf, Frankfurt, Stuttgart, and Munich.

    Team Nuremberg

    GW Transport

    About Gebrüder Weiss

    Gebrüder Weiss Holding AG, based in Lauterach, Austria, is a globally operative full-service logistics provider with about 8,600 employees at 180 company-owned locations. The company generated revenues of 2.46 billion euros in 2023. Its portfolio encompasses transport and logistics solutions, digital services, and supply chain management. The twin strengths of digital and physical competence enable Gebrüder Weiss to respond swiftly and flexibly to customers’ needs. The family-run organization – with a history going back more than half a millennium – has implemented a wide variety of environmental, economic, and social initiatives. Today, it is also considered a pioneer in sustainable business practices. www.gw-world.com

    MIL OSI – Submitted News –

  • MIL-OSI Video: UK Lord McDonald of Salford: Lord Speaker’s Corner | House of Lords | Episode 26

    Source: United Kingdom UK House of Lords (video statements)

    Former top diplomat Simon McDonald, Lord McDonald of Salford, is the latest guest on Lord Speaker’s Corner.

    Lord McDonald shares his views on a range of current international issues from President Trump and Greenland to the Chagos Islands and British soft power, plus changes to the global approach of the USA, China and Russia:

    ‘For most of my career, the reasons why the institutions of the late 1940s were fraying were because Russia and then China were not particularly happy with that post Second World War settlement. The surprise in recent years is the United States being a revisionist power, not liking the bill paid by the United States to underpin that settlement.’

    Lord McDonald was previously Head of the Diplomatic Service, the most senior civil servant in the Foreign and Commonwealth Office and has served as Ambassador to Israel and to Germany. In this episode, he speaks to Lord McFall about what drew him to public service both in the Foreign Office and the House of Lords:

    ‘I think British public service is part of what defines our country and helps us through crisis. And I think it is a fact that in this House there are a group of people who are here to help, to help other people, not to help themselves. They are here to bring their expertise to bear. They’re here to listen to other people. They are here to gather evidence before they make up their minds. And I think those are solid attributes of public service.’

    Lord McDonald also talks about the role of the Civil Service and ministers, plus the challenges of planning for successive governments:

    ‘One reason why our projects across the board are worse than, say, similar projects in Japan or China or even France, is our planning regime, that every single road, bridge, railway has to go through a very protracted planning legal procedure. Every government I’ve worked for identified our planning laws as an obstacle, and every government so far has failed really to grip it. I note that the new Labour government is gearing up to attempt. I hope they succeed. But I note that every previous effort has failed.’

    See more from the series https://www.parliament.uk/business/lords/house-of-lords-podcast/

    #HouseOfLords #UKParliament #LordSpeakersCorner #LordsMembers

    https://www.youtube.com/watch?v=QsRiM-UeKM0

    MIL OSI Video –

  • MIL-OSI: Year End Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Highlights

    • The Company added a total of 50 GWh of annual long-term proportionate power generation through acquisitions in 2024, reflecting a five percent increase in long-term power generation, of which 20 GWh was added in the fourth quarter.
    • Power generation amounted to 907 GWh for the year, in line with the updated outlook, and power generation of 287 GWh during the fourth quarter marks the Company’s highest ever quarterly production.
    • Reached the ready-to-permit milestone for the Company’s first large-scale project in the UK, a 1.4 GW solar and 500 MW battery project, and initiated a sales process to assess divestment options.
    • Achieved carbon neutrality for Scope 1 and 2 carbon emissions.

    Consolidated financials – 12 months

    • Cash flows from investing activities amounted to MEUR 32.6 and was positively impacted by the sale of the Leikanger hydropower plant in the second quarter.
    • Cash flows from operating activities amounted to MEUR -6.3.

    Proportionate financials – 12 months

    • Achieved electricity price amounted to EUR 34 per MWh, which resulted in a proportionate EBITDA of MEUR 7.0.
    • Proportionate net debt of MEUR 65.0, with significant liquidity headroom available through the MEUR 170 revolving credit facility.

    Financial Summary

    Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

    Expressed in MEUR

    		 1 Jan 2024-
    31 Dec 2024
    12 months    		 1 Oct 2024-
    31 Dec 2024
    3 months    		 1 Jan 2023-
    31 Dec 2023
    12 months    		 1 Oct 2023-
    31 Dec 2023
    3 months
    Consolidated financials        
    Revenue 25.7 7.1 28.0 8.4
    EBITDA -1.6 -2.5 -5.1 -0.9
    Operating profit (EBIT) -17.5 -6.3 -17.0 -4.4
    Net result -13.3 -6.6 -7.6 8.0
    Earnings per share – EUR -0.05 -0.02 -0.03 0.03
    Earnings per share diluted – EUR -0.05 -0.02 -0.03 0.03
    Proportionate financials1        
    Power generation (GWh) 907 287 765 226
    Average price achieved per MWh – EUR 34 30 47 43
    Operating expenses per MWh – EUR 17 14 18 16
    Revenue 30.7 8.7 36.2 9.6
    EBITDA 7.0 0.1 5.3 1.3
    Operating profit (EBIT) -12.9 -4.8 -11.0 -3.2

    1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures. For more details see section Key Financial Data in the Year End Report 2024.

    Comment from Daniel Fitzgerald, CEO of Orrön Energy AB
    “2024 marks another year of good progress despite challenging market conditions. We added around 50 GWh of long-term annual power generation through value-accretive acquisitions in Sweden, strengthened our balance sheet with the sale of the Leikanger hydropower asset, and launched our first sales process in the UK having reached the ready-to-permit stage on a project with 1.4 GW solar generation capacity and a 500 MW battery. In response to the volatile market conditions experienced in 2024, we initiated voluntary production curtailments across a portion of our portfolio, and started providing ancillary services to the market via some of our windfarms. These initiatives have helped us to reduce the impact of negatively priced hours and take advantage of alternative revenue streams. We remain focused on delivering profitable growth and are consistently looking for ways to improve performance during challenging market environments.

    Proportionate power generation amounted to 907 GWh for the year, which was in line with our updated outlook. We delivered a record quarterly power generation of 287 GWh in the fourth quarter, despite the impact of voluntary production curtailments during periods of low electricity prices. While the overall power generation in 2024 was impacted by lower-than-average wind speeds, we hope to see more normalised weather conditions in 2025, following four consecutive years of wind speeds below the historical long-term average. Taking into account this variability, the acquisitions made in 2024, and the potential for future curtailment, we expect our power generation in 2025 to be between 900 and 1,050 GWh, which gives some margin both for weather and market conditions.

    Capitalising on market opportunities
    The renewable energy industry continued to face headwinds in 2024, as elevated interest rates, inflation, and periods of low electricity prices led to downward pressures on valuations and stock prices across the sector. Uncertainty in the US and political shifts across Europe further impacted investor confidence regarding the pace and support for the energy transition. However, the long-term fundamentals for renewable energy remain strong, where onshore wind and solar continue to have the lowest breakeven cost by a significant margin compared to other sources. Despite political or economic headwinds, these investments are poised to stand the test of time. We maintained our strategic focus, adding over 50 GWh of long-term proportionate power generation in 2024 at a cost of less than 0.5 MEUR per MW. We have now replaced 50 percent of the production sold of the Leikanger asset, at a significantly lower unit cost, demonstrating a highly accretive and efficient recycling of capital.

    In the Nordics, electricity prices remained highly volatile, which impacted our financial results. This was largely driven by periods of oversupply due to lower seasonal demand, high hydrological balances, elevated gas storage and surplus electricity from interconnected European markets. Looking ahead, energy demand is forecast to grow, fuelled by GDP growth, continued electrification and increased power needs for data centres and artificial intelligence.

    First UK project reached ready-to-permit stage, sales process commenced
    We continued advancing our project development platform in the fourth quarter, and I am excited to announce that we achieved a significant milestone by having our first large-scale project in the UK reach the ready-to-permit stage. The project is a 1.4 GW solar and 500 MW co-located battery development, and we have initiated a sales process to evaluate divestment options. This is the first project from our pipeline to reach this milestone, and we expect to have a number of follow-on projects reaching the same stage in 2025 both in the UK and Germany. In the UK, two key regulatory reforms are currently ongoing; the Clean Power 2030 Action Plan and the grid connections reform. Both aim to simplify and enhance the ability for renewable energy projects to obtain a grid connection more efficiently based on zonal capacity expectations. These reforms have had an impact on our prioritisation of projects and created some uncertainty for investors in the UK, and we will continue to monitor developments aiming to ensure our projects remain well-positioned in this evolving regulatory landscape.

    Financially resilient
    We remain in a financially robust position, with liquidity headroom exceeding MEUR 100. Proportionate revenues and other income amounted to MEUR 8.9 for the fourth quarter and MEUR 42.1 for the year, which was impacted by low electricity prices, resulting in a proportionate EBITDA of MEUR 0.1 for the fourth quarter and MEUR 7.0 for the year. Our full-year expenditure guidance for 2025 remains largely in line with 2024 and the business strategy remains unchanged as we enter the new year.

    Entering the next chapter of growth
    Looking ahead to 2025 and beyond, I believe this will be a transformational period for Orrön Energy on many fronts. The Nordic business continues its organic growth with a good pipeline of projects, 1,000 GWh of long-term proportionate power generation and plenty of acquisition opportunities. The UK and German teams are rapidly reaching key milestones and we expect to see results from our project sales throughout 2025, with a material pipeline of opportunities to follow. We have now passed the halfway point of the Sudan legal case, and expect the District Court trial to finish during the second quarter of 2026, which will significantly reduce our future legal costs and positively impact our financial results thereafter. With the end of the Sudan trial in sight and our two organic growth platforms running, we can now start shaping the next strategic growth chapter for our business, and over the next year we will explore new opportunities to expand our portfolio and unlock additional value for our shareholders. I would like to thank our shareholders for their continued support and look forward to sharing updates on the exciting growth opportunities that lie ahead of us.”

    Webcast
    Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy together with members of Orrön Energy’s management team at a webcast during the Company’s Capital Markets Day today at 14.00 CET. The presentation will be followed by a question-and-answer session.

    Follow the presentation live on the below webcast link:
    https://orron-energy.events.inderes.com/cmd-2025

    For further information, please contact:

    Robert Eriksson
    Corporate Affairs and Investor Relations
    Tel: +46 701 11 26 15
    robert.eriksson@orron.com

    Jenny Sandström
    Communications Lead
    Tel: +41 79 431 63 68
    jenny.sandstrom@orron.com

    Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany and France. With financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

    This information is information that Orrön Energy AB is required to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07.30 CET on 12 February 2025.

    Forward-looking statements
    Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.

    Attachment

    The MIL Network –

  • MIL-OSI: ABN AMRO Bank posts net profit of EUR 397 million in Q4 2024

    Source: GlobeNewswire (MIL-OSI)

    ABN AMRO Bank posts net profit of EUR 397 million in Q4 2024

    12 February 2025

    Q4 Key messages

    • Good finish to the year: Q4 net profit of EUR 397 million, supported by continued high net interest income and fee income
    • Strong result in 2024: Net profit of EUR 2.4 billion and a return on equity of 10.1%
    • Continued mortgage portfolio growth: Increase of EUR 1.1 billion in Q4 and full-year growth of over EUR 5 billion, supported by an increase in clients
    • Net interest income (NII) further improved: Q4 benefited from higher Treasury result, resulting in NII of EUR 6.5 billion for the full year. Expected NII for 2025 between EUR 6.2 and 6.4 billion
    • Continued fee growth: Fee income increased compared to the previous quarter, resulting in fee growth for the year of over 7%, driven by better performance in all client units
    • Costs remain under control: Costs for the full year, excluding large incidentals, in line with guidance at EUR 5.3 billion. For 2025, costs are expected to be broadly flat
    • Solid credit quality: Impairments of EUR 9 million in Q4, reflecting increases in individually provisioned client files. Net impairment releases of EUR 21 million for the year
    • Strong capital position: Basel III CET1 ratio of 14.5% and Basel IV CET1 ratio estimated at a similar level
    • Final dividend of EUR 0.75 per share proposed

    Robert Swaak, CEO:

    “ABN AMRO delivered another strong full-year result, with a net profit of EUR 2.4 billion for 2024 and a return on equity of over 10%. The year saw further growth in our net interest income and fee income. With the Dutch mortgage market rebounding during 2024, we managed to increase our market share for new production from 16% to 19%. In 2024, we also managed to grow the corporate loan book in our transition themes; digital, new energies and mobility. Our underlying cost base was in line with our guidance of EUR 5.3 billion and our solid credit quality led to net impairment releases. We continued to execute on our strategy of being a personal bank in the digital age. Furthermore, our sustainability efforts were rewarded with our return to the S&P Global Dow Jones Sustainability Index Europe.

    With almost half the global population holding elections, 2024 was an exceptional year. We expect that the geopolitical ramifications and economic impact of these elections will be felt in the coming years. The ECB lowered interest rates a number of times as inflation subsided and Eurozone GDP growth was slow. The growth of the Dutch economy was muted during 2024 due to lower exports and business investments, while inflation remained elevated compared to the European average. Domestic demand grew driven by an increase in wages and house prices increased by almost 9% during the year.

    We were again able to grow our mortgage book in the fourth quarter with EUR 1.1 billion. Our corporate loan book decreased in Q4 largely reflecting more active capital allocation and steering. We transferred credit risk on a portfolio of corporate loans and decided to materially reduce our international Asset Based Finance activities in Germany and the United Kingdom.

    Our fourth quarter financial results were solid, with a net profit of EUR 397 million. Net interest income increased to EUR 1,668 million, reflecting a strong Treasury result. Fee income increased again this quarter, up 11% on the same quarter last year, with all client units contributing to the growth. Underlying costs rose during the fourth quarter, as was expected given the additional vacancies that were filled.

    Our solid credit quality and benign economic circumstances led to another quarter of very limited impairments of EUR 9 million. Risk-weighted assets decreased by EUR 3.0 billion, largely reflecting business developments including capital steering and data quality improvements. These factors, combined with the increase of CET1 capital during the quarter, resulted in the Basel III capital ratio rising to 14.5%. We made progress with the implementation of Basel IV and now estimate the Basel IV capital ratio to be at a similar level as our Basel III capital ratio. We will provide an update on the outcome of our capital assessment when publishing our Q2 results.

    In 2020, we launched our current strategy: A personal bank in the digital age. Since then, we have made significant progress on the three strategic pillars that define the crucial focus areas for creating value for our key stakeholder groups; clients, shareholders, colleagues and society as a whole.

    We have continued investing in our customer experience, focusing on attractive segments where we can grow by bringing convenience into the daily lives of our clients and expertise where it matters. We are making a significant investment in Germany with the intended acquisition of Hauck Aufhäuser Lampe, a private bank with a long standing history, positioning ABN AMRO as a leading private bank in the German market. Our Dutch retail bank provides all services and products through online channels, supported by a network of 25 retail branches. For those clients that need active support with daily banking tasks, we doubled our ‘Help with Banking’ advisers to 200 during the year. We are continuing our efforts to improve our client services and product offering which is reflected in our improved Net Promoter Score (NPS) compared to last year within all client units. We also launched our new brand promise ‘For every new beginning’ to appeal to the entrepreneurial spirit of our clients and highlight the expertise that we can offer. We have welcomed the 10 millionth active user of Tikkie, our payment request application. Its success has even led to the word ‘tikkie’ being included in the Dutch dictionary. More and more businesses are now turning to Tikkie for invoicing, solidifying our leading position in peer-to-peer payments.

    We have continued embedding sustainability in our operations and the asset volume of client loans with a sustainability component (including mortgages and corporate loans) and ESG & impact investments rose from 34% to 37% in 2024. We remain focused on the decarbonisation of our loan portfolio. Additional targets for passenger cars, mortgages, as well as the upstream and midstream part of our oil and gas portfolio will be disclosed in our integrated annual report. Related to our aim to halt and reverse biodiversity loss, we have added insurance products for farmers who reduce their use of chemical pesticides. Other developments in the fourth quarter included the Sustainable Impact Fund’s acquisition of a stake in Urban Mine, a leader in sustainable construction and concrete recycling, and the pilot launch of the Human Rights Remedy Mechanism, which allows individuals to raise concerns about human rights violations linked to our corporate clients.

    During 2024, we continued to allocate significant resources to making our bank future proof. We maintained our leading position in cyber resilience, as evidenced by external parties like BitSight. We added further use cases of Gen-AI in the fourth quarter with the introduction of an AI chatbot for Tikkie and a voicebot for incoming calls from our credit card clients. This will further build on our digital product experience and client contact, for which we are already externally recognised as the digital leader in the Dutch banking sector.

    There are multiple complex and demanding projects running in parallel in relation to changes in the regulatory environment, and we made significant progress across the board during the year. We are in the final phase of simplifying our model landscape while at the same time finalising the implementation of Basel IV. Furthermore, we are continuously refining our AML processes, and are implementing CSRD and other sustainability-related regulations in our reporting. These programmes will continue to impact parts of our organisation, despite the investments in additional change capacity that we made during the year.

    In January 2025, we announced that Marguerite Bérard is the intended new CEO of ABN AMRO. Following regulatory approval, she will be appointed by the Supervisory Board after being introduced to the AGM in April. I am very pleased with the nomination of Marguerite. In the short time that I have had the pleasure of getting to know her, I have become impressed by her inspiring personality and deep knowledge of the banking sector. I am confident that she will successfully lead the bank forward, building on the strong foundations that we have in place.

    As I look back, I am proud of what ABN AMRO has achieved and I value the dedication and commitment that clients, shareholders and colleagues have shown to this iconic Dutch institution. I am confident that ABN AMRO will continue banking for better, for generations to come.

     

    Key figures and indicators
     (in EUR millions)

    		 Q4 2024 Q4 2023 Change Q3 2024 Change
    Operating income 2,240 2,041 10% 2,253 1%
    Operating expenses 1,614 1,462 10% 1,334 21%
    Operating result 626 580 8% 920 -32%
    Impairment charges on financial instruments 9 -83   -29  
    Income tax expenses 220 117 88% 259 -15%
    Profit/(loss) for the period 397 545 -27% 690 -42%
               
    Cost/income ratio 72.0% 71.6%   59.2%  
    Return on average Equity 6.2% 9.5%   11.6%  
    CET1 ratio1 14.5% 14.3%   14.1%  

    This press release is published by ABN AMRO Bank N.V. and contains inside information within the meaning of article 7 (1) to (4) of Regulation (EU) No 596/2014 (Market Abuse Regulation).

    Note to editors, not for publication:
    For more information, please contact

    ABN AMRO Press Office: Jarco de Swart, E-mail: pressrelations@nl.abnamro.com, phone number: +31 (0)20 6288900.

    ABN AMRO Investor Relations: John Heijning, E-mail: investorrelations@nl.abnamro.com, phone number +31 (0)20 6282282.

    1 Capital ratio for Q3 2024 are pro-forma, including 50% of the net profit. For more information about the ratio, please refer to the Capital management section in our quarterly report.

    Attachments

    The MIL Network –

  • MIL-OSI China: 1 dead, 25 injured in train accident in Germany

    Source: China State Council Information Office 3

    The number of injuries has risen to 25 as a high-speed train collided with a semi-trailer at a railway crossing in Hamburg, Germany, on Tuesday.

    The accident occurred on the outskirts of Hamburg when an InterCity Express (ICE) train en route from Hamburg to Munich crashed into the semi-trailer at high speed. One passenger, a 55-year-old man, sustained critical injuries and died shortly after the collision.

    Among the injured, six are reported to have sustained moderate injuries, according to German public broadcaster ARD’s Tagesschau program. Eyewitnesses stated that the force of the collision shattered windows, particularly in the front carriages.

    Reports suggest that the truck was attempting to cross the tracks when the crash occurred, and the driver managed to jump out just before the impact. The collision caused a large debris field, with heavy iron and track parts scattered around, as the semi-trailer was reportedly carrying railway tracks.

    Despite the severity of the crash, fire department officials confirmed that the approximately 300 remaining passengers aboard the long-distance train were unharmed and have safely disembarked. Authorities are still investigating the cause of the accident.

    MIL OSI China News –

  • MIL-OSI China: US tariffs on steel, aluminum spark strong backlash across Europe

    Source: China State Council Information Office

    This photo taken on Oct. 4, 2024 shows the European Commission building in Brussels, Belgium. [Photo/Xinhua]

    U.S. President Donald Trump’s decision to impose a 25-percent tariff on steel and aluminum imports upon entering the United States, regardless of their country of origin, has sparked strong opposition across Europe.

    European Commission President Ursula von der Leyen warned on Tuesday that U.S. tariffs on steel and aluminum imports from the European Union (EU) “will trigger firm and proportionate countermeasures.”

    “Unjustified tariffs on the EU will not go unanswered,” von der Leyen said in a statement. “The EU will act to safeguard its economic interests. We will protect our workers, businesses and consumers.”

    Addressing members of the European Parliament (MEPs) in Strasbourg on Tuesday, European Commissioner for Trade and Economic Security Maros Sefcovic said that the EU will respond “firmly and proportionately” to the tariffs imposed by the U.S.

    “In our opinion the tariffs are unjustified, because they will lead to an increase in prices and inflation,” Sefcovic said. Describing the move as a “lose-lose scenario,” he warned that the tariffs were “economically counterproductive.”

    German Chancellor Olaf Scholz reaffirmed EU’s stance on countermeasures. “If the U.S. leaves us no other choice, the EU will respond with a united position,” he said in a speech to the Bundestag on Tuesday.

    However, he cautioned against escalating tensions. “I hope we can avoid the misguided path of tariffs and counter-tariffs, as trade wars ultimately come at the expense of prosperity on both sides,” he added. He also warned that U.S. tariffs could soon extend beyond steel and aluminum, posing a particular threat to Germany as Europe’s largest exporting economy.

    Dirk Jandura, president of the Federation of German Wholesale, Foreign Trade and Services (BGA), said in a statement that should Trump’s tariffs take effect, the EU must respond with a unified position. He cautioned that a trade war could have “fatal” consequences.

    Polish Prime Minister Donald Tusk said Tuesday that Poland is preparing for the potential impact of the U.S. tariffs. “It is worth doing everything to avoid unnecessary trade and customs wars, because this brings negative consequences for producers and consumers,” Tusk said before a government meeting.

    Czech Industry and Trade Minister Lukas Vlcek told local media Tuesday that Europe needs to act in unison against the U.S. tariffs. Given the size of the EU’s trade with the U.S., a tariff war would not help anyone, he said.

    Slovak Prime Minister Robert Fico said in a post on social media Monday evening that the imposition of high customs tariffs on steel and aluminum from Europe is a manifestation of Trump’s distrust in the power of the EU, which he disrespects.

    A new round of U.S. protectionist policies could harm global trade, disrupt supply chains, and ultimately burden consumers in the U.S., Fabrizio Hochschild, former under-secretary-general of the United Nations (UN), told Xinhua.

    “History shows that unilateral tariffs often provoke retaliatory measures, disrupting supply chains and undermining economic stability,” Hochschild noted, emphasizing that trade disputes should be resolved through multilateral mechanisms like the World Trade Organization (WTO).

    “In any case, the announced tariffs will harm American producers and consumers in the end,” said Drago Patrlj, Croatian political analyst. “The world seems heading for a trade war, and it is extremely uncertain who will win and who will lose,” he said, adding, “In fact, everyone will lose, it’s just a question of who will lose more.”

    MIL OSI China News –

  • MIL-OSI United Nations: Ten actions to combat extreme heat

    Source: UNISDR Disaster Risk Reduction

    We need bold solutions to extreme heat – now. We are not going to be able to air-condition our way out of this.

    In July, UN Secretary-General Guterres issued a global call to action on extreme heat which was widely welcomed, and during the recent G20 Ministerial Meeting on Disaster Risk Reduction in Belém, Brazil, the Government of Brazil and UNDRR hosted a ministerial event to unpack it further.

    The extreme heat problem is enormous and requires transformational actions. We need an integrated short, medium and long-term approach to tackling mounting extreme heat disaster risks. At the Belém meeting, I laid out a ten-point DRR action plan for the consideration of G20 in response to the Secretary-General’s call:

    1. Establish heat thresholds: We need to establish location and sector-specific heat thresholds that take temperature, humidity, wind, diurnal variation and persistence into account. These must use the evidence generated by research bringing together meteorology, human and animal health, engineering, and economic sectors. When the Indian city of Ahmedabad applied this approach in 2010-11 it paid rich dividends, showing significant reductions of heat-related deaths.
    2. Develop and practice Heat Action Plans: Many countries have recently developed Heat Action Plans or Strategies. Such approaches are being explored by a number of countries, such as the US National Integrated Heat Health Information System, which brings together all government agencies to guide collective planning, education and action. Heat Action Plans must be localized and above all they must be practiced. Just as we do simulations for cyclones and earthquakes (such as mock drills and table-top exercise), we must run exercises for conditions of extreme heat. Germany, for example, is already planning a table-top simulation for extreme heat for 2025.
    3. Strengthen social protection systems: Extreme heat has immediate and debilitating impacts on those who have the least capacity to absorb any disruption. For example, activating a Heat Action Plan may reduce working hours or completely stop work on construction sites, and so disrupt the subsistence livelihood of the poorest daily-wage workers. We need innovative mechanisms in place to protect such groups. The Mahila Housing Trust in India, for example, launched parametric climate risk insurance for women working in the informal sector. We need to learn from and expand such initiatives.
    4. Heat-responsive building regulations: Building regulations – in the Global North as well as in the Global South – seldom account for extreme heat. We should revise building regulations to take more intense, more frequent extreme heat into account. This could incorporate both passive cooling solutions (appropriate design, orientation, roof and wall materials, and openings) as well as smarter active technology-based cooling solutions.
    5. Enhance the use of nature-based solutions: Natural facilities – green cover, water bodies – provide protection against extreme heat. Where possible, we must proactively incorporate nature-based solutions in development and urban design. Increasing tree cover in urban neighborhoods can improve the microclimate significantly and provide protection against extreme heat. A growing body of research shows that these measures can offer significant benefits beyond extreme heat and urban spaces – reducing risks from other hazards, increasing biodiversity and environmental resources, and improving quality of life
    6. Encourage market-based interventions to stimulate investment in heat resilient building and infrastructure technologies: We need to transform our built environment at scale. For example, to combat extreme heat in low-income settlements, we need cool-roof technologies over millions of square metres. However, the market hasn’t yet responded to such a need. We must find ways to stimulate a market for cool roofing: Governments could provide advance market commitments to encourage innovators and investors (for example, by advance purchases of roofing for low-income settlements).
    7. Go back to vernacular architecture for inspiration: Traditional building designs in historically hot regions can teach us a lot. But many of these practices are being lost to modernization. We must document these traditional building systems, revive, adapt and adopt these for present conditions. This could prompt a transformation of our built environment, particularly in rural settlements. In West Africa, the ‘Association la Voûte Nubienne‘ is doing precisely this with the ancient ‘Nubian vault’ building design, offering financial and practical assistance to locals to replace hot tin roofs with traditional cool designs.
    8. Recognize the connection between urban morphology and extreme heat: We need to adequately recognize the connection between extreme heat and how cities are laid out. Urban planners and climatologists need to join forces in planning heat-resilient towns and cities. We need to support the emerging discipline of urban meteorology.
    9. Exploit emerging technologies to combat extreme heat: Space based systems, sensor technologies, and AI offer exciting opportunities to understand patterns of extreme heat in real time. We can use these tools to identify distress signals, trigger early actions, and mobilize immediate public health response to protect people. SEEDS and Microsoft, for example, have been applying AI for targeted humanitarian action in India. These emerging technologies can also offer insights for heat-responsive architectural and urban design.
    10. Develop an ecosystem of vulnerability studies: While the impact of extreme heat on human health and other bio-physical systems – agriculture, animal husbandry – has been studied at length, we need to go further to examine how extreme heat affects other economic, social, ecological and infrastructure systems. This requires a vibrant research ecosystem that both broadens and deepens our understanding of risks associated with extreme heat.

    The Secretary-General’s Call to Action on extreme heat is timely and urgent. This plan to reduce the disaster risks associated with extreme heat is just part of a wider, global and ambitious response, requiring coordinated action across sectors and nations. But it is undeniable that we can’t waste a moment in making sure that everyone, everywhere, is protected from the impacts of intensifying extreme heat.

    MIL OSI United Nations News –