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  • MIL-OSI Australia: Minister Shorten doorstop interview at Salvation Army Project 614, Melbourne

    Source: Ministers for Social Services

    E&OE transcript 

    JOURNALIST: Mr. Shorten, how important is this initiative between the Salvos and Diabetes Australia, and what impact do you think it will have?

    BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICESHORTEN: Diabetes is a giant problem for Aussies. 1.9 million of our fellow Australians have been diagnosed with diabetes. Someone’s going to get a diagnosis every five minutes in Australia. For diabetes, the burden of it falls particularly on First Nations people, and also people who live in insecure housing or are in fact homeless. So today, for the first time, we’ve partnered up Diabetes Australia with the Salvation Army, Project 614 in Bourke Street in Melbourne. And what we’re going to see is that at long last, people living at the margins of Australian society won’t be forgotten citizens when it comes to getting a diagnosis of diabetes and the treatment that’s required, because this is a preventable illness.

    JOURNALIST: Were you quite shocked with some of the statistics you heard today about just how prevalent, even over the past ten weeks, how much they’ve found of it on the streets of Melbourne?

    SHORTEN: Diabetes is one of the invisible killers of Australians but is preventable. Sometimes in life stuff happens you can’t stop. Diabetes can be treated. Now, at long last, courtesy of the Salvos, Diabetes Australia and a bit of help from a friendly federal government, we are going to see homeless people are get this sort of assistance which some Australians take for granted.

    JOURNALIST: And would you like to see this expanded? Obviously, it’s for the Salvos at the moment, but would you like to see it expanded into other areas as well?

    SHORTEN: There’s a big challenge in Australia and the way we deliver government and health services. Not everyone is a digital warrior who can go online. Not everyone is able to just pop down to the local health office or Services Australia office. Governments and health systems have got to go to where the people are. A lot of our people in Australia are not doing so well and so we have to go to the people. And today, I hope this is an example all over Australia, that where the government and health system goes to the people, we don’t wait for the people to come to us.

    JOURNALIST: Okay. On the Anti-Corruption Commission now looking, reviewing its decision about not investigating Robodebt. Do you welcome that?

    SHORTEN: Labor set up the National Anti-Corruption Commission. It was long overdue to be set up. The organisation is completely independent of government. The Inspector General has made a recommendation that the decision by the National Anti-Corruption Commission not to take proceedings further, be reviewed. So now the decision will be reconsidered, whether or not people referred to the National Anti-Corruption Commission should in fact be investigated again.

    JOURNALIST: Do you welcome that decision? I mean, you campaigned long and hard, didn’t you?

    SHORTEN: The decision of the Anti-Corruption Commission today by the Inspector General to review an earlier decision not to proceed with matters against people involved in the Robodebt scandal that is up to the independent body. For me, it’s all about justice for the victims of Robodebt. We can’t invent a time – we haven’t invented a time machine to take us back before Robodebt happened. That would be the best outcome. The class action, the Royal Commission, internal public sector, that’s all been putting pressure on the authors of Robodebt. I still am very keen to see the sealed section, listing some of the people that the Royal Commission identify released that’s still under consideration.

    JOURNALIST: Okay. Now on the Prime Minister, do you concede, given its cost of living, do you concede it is a bad look what he did?

    SHORTEN: Prime Minister has done everything within the rules that exist. He has diligently for two decades declared any particular benefits which he’s received. He’s adhered to the rules. That’s where I think the matter is at.

    JOURNALIST: But do you concede, though, it’s a bad look given there is a cost-of-living crisis. So many Australians, so many Australians are struggling, and yet you have a transport minister ringing up the CEO of Qantas saying give me the upgrades?

    SHORTEN: Well, first of all, the Prime Minister has explained exactly what’s happened, and these matters go back in some cases up to 20 years ago. Labor is focused on cost of living. If we want to fix cost of living, it’s not whether or not a politician catches a plane. It’s how do we help them with tax cuts? Tick, we’ve done that. How do we help them with their energy bills? Tick, we’re doing that. Cost of living is a major pressure on Australians. We’ve got more to do, and this government and the Prime Minister and everyone else has been focused on tax cuts, energy relief, more Medicare support, more bulk billing. I mean, times are really tough. And that’s where our focus is not on a particular news story.

    JOURNALIST: So, this is a, this is a big distraction though isn’t it, when this is happening?

    SHORTEN: Oh, I’m not distracted. I’m focused on making sure the crooks in the NDIS are caught, making sure that people are getting value for money who are disabled. I certainly am focused on making sure that people at the margins of our society are accessing healthcare. No, I think we’re focused.

    JOURNALIST: Claire O’Neill says it’s all a beat up. Do you agree with her?

    SHORTEN: Well, I’m just focused on my day job and that’s what I know the Government is. Our day job is to make sure, in the example of health services, that people, regardless of how much money they’ve got in the bank, can get to see their doctor or get the medical support they require. I’m focused on making sure that people have, the hard-working people who earn, you know, as cleaners or workers, aged care workers, disability, that they’re getting pay rises along with our nurses. So, my eye is on the ball, the government’s eye is on the ball. It’s about helping people get through this very difficult time of cost, living pressure and high interest rates.

    JOURNALIST: Mr. Dutton says he wants to refer this matter to the Anti-Corruption Commission. What’s your reaction?

    SHORTEN: I wish Mr. Dutton was focused on the cost-of-living issues of everyday Australians. I mean, he’s not shy about catching a plane with billionaire mining magnate Gina Rinehart. I don’t think he’s proposing to refer himself. So, I think that what Australians want is for the politicians to stop bickering amongst themselves and get on with looking after the everyday people. That’s what we’re doing today.

    JOURNALIST: We’ve just got a couple of questions from SBS just back on the NACC. Has the NACC failed at the very first hurdle?

    SHORTEN: Oh, the NACC is independent of Government. The National Anti-Corruption Commission is independent of Government. I think the smartest thing that a parliamentarian can do is not comment adversely about the operations of the National Anti-Corruption Commission. They’ve got to do their job. The very fact that we’ve established one is something which was long overdue. The Liberals never did that. The very fact that in the system that we set up, that there’s an inspector general who can review decisions and then send them back if he didn’t agree, shows the system is actually working.

    JOURNALIST: Should Commissioner Brereton keep his job?

    SHORTEN: Oh, absolutely not the province of a politician to start picking and choosing, you know, saying he should go, he should stay. The NACC is doing its job. The system is actually worked in that the Inspector General has said, hey, you need to go back and redo this decision for various reasons. Have relook at it. That’s actually the system working. For Robodebt victims, it should never have happened. I mean, illegal and immoral scheme. I’ve helped run the class action we helped do the parliamentary or the Royal Commission. We’re making sure that never again can our poor people be welfare shamed and treated as second class citizens by a government. That’s where my focus is. I wish it had never happened. I’m sorry that they were let down by the government, and we’re making sure that just because you’re disadvantaged or down on your luck doesn’t mean you get treated like a second class Australian.

    JOURNALIST: Should the independent statutory review of the NACC be brought forward?

    SHORTEN: That’s a matter for other Ministers. I’m interested in how someone can get an analysis for diabetes and get treated. The review of whatever to do with the NACC. I’ll leave to other people. My eye is on the ball. Thank you.

    MIL OSI News –

  • MIL-OSI: Capgemini Q3 2024 revenues

    Source: GlobeNewswire (MIL-OSI)

    Media relations:
    Victoire Grux
    Tel.: +33 6 04 52 16 55
    victoire.grux@capgemini.com

    Investor relations:
    Vincent Biraud
    Tel.: +33 1 47 54 50 87
    vincent.biraud@capgemini.com

    Capgemini Q3 2024 revenues

    • Q3 2024 revenues of €5,377 million, down -1.6% at constant exchange rates*
    • 9M 2024 revenues of €16,515 million, down -2.3% at constant exchange rates
    • FY 2024 constant currency revenue growth target revised to -2.0% to -2.4% and operating margin target narrowed to 13.3% to 13.4%
    • FY 2024 organic free cash-flow target confirmed at around €1.9 billion

    Paris, October 30, 2024 – The Capgemini Group reported consolidated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis, and down -1.6% at constant exchange rates*.

    Aiman Ezzat, Chief Executive Officer of the Capgemini Group, said: “Our growth improved marginally in Q3 compared to Q2, despite stronger headwinds than anticipated in some sectors, primarily in Manufacturing. However, we continue to see recovery in Financial Services and gradually lesser headwinds from Telco and Tech.

    In a market that remains soft overall, we expect to deliver a similar growth in Q4 while demonstrating the resilience of our operating margin and organic free cash-flow. Client demand continues to be driven by operational efficiencies and cost reduction and we seize their growing appetite for AI and Gen AI services.

    Our positioning as a business and technology transformation partner, the relevance of our offerings and the quality of our talent are driving our solid book-to-bill ratio and growing pipeline of strategic deals. We are also launching a set of targeted actions to simplify our operations to make the Group more agile with a stronger emphasis on growth.

    Based on Q4 perspectives, we now expect a full-year constant currency growth rate of -2.0% to -2.4% and narrow the operating margin target to 13.3% to 13.4%, while the organic free cash-flow target of around €1.9 billion is confirmed.”

      (in millions of euros)   Change
    Revenues 2023 2024   At current
    exchange rates    		 At constant
    exchange rates*
    Q3 5,480 5,377   -1.9% -1.6%
    9 months 16,906 16,515   -2.3% -2.3%

    After bottoming out in Q1 2024, Capgemini activity trends improved again in Q3, but only marginally. The Group generated revenues of €5,377 million in Q3 2024, down -1.9% year-on-year on a reported basis and -1.6% at constant exchange rates*. On an organic basis (i.e., restated for changes in Group scope and exchange rates), revenues contracted by -2.1%. For the first nine months of the year, growth stands at -2.3%, both on a reported basis and at constant exchange rates.

    Clients remained focused on driving efficiencies through large digital transformation programs, at the expense of discretionary deals. This is fueling strong demand for Capgemini’s Cloud and Data & AI/Gen AI services, as well as for digital core modernization and intelligent supply chain services that are key focus themes in the current environment.

    Bookings totaled €5,222 million in Q3 2024, down -0.8% at constant exchange rates, leading to a book-to-bill ratio of 0.97 for the period. Generative AI bookings amounted to around €600 million over the last 9 months which represent around 3.5% of Group bookings.

    OPERATIONS BY REGION

    In the Group’s largest regions, Q3 growth rates remained similar to Q2. Overall, this reflects the continued recovery in Financial Services across all regions combined with, as anticipated, a slowdown in the Manufacturing sector.

    At constant exchange rates, revenues in the North America region (28% of Group revenues in Q3 2024) decreased by -3.9% year-on-year. Financial Services further improved, yet still posting a year-on-year decline in Q3. Overall, the revenue contraction was driven by the Consumer Goods & Retail, Energy & Utilities, and Public sectors.

    Revenues in the United Kingdom and Ireland region (13% of Group revenues) returned to positive growth at +0.4%. The continued dynamism of the Energy & Utilities sector and a resilient Manufacturing sector outweighed the contraction in the Consumer Goods & Retail sector.

    Revenues in France (19% of Group revenues) decreased by -2.5%. Growth in the Public sector, along with positive momentum in TMT (Telecoms, Media & Technology), were more than offset by the slowdown of the Manufacturing sector.

    Revenues in the Rest of Europe region (31% of Group revenues) increased by +0.6%. Solid growth in Financial Services, as well as continued dynamism in Energy & Utilities and Public sector, made up for the contraction in the Manufacturing and TMT sectors.

    Lastly, revenues in the Asia-Pacific and Latin America region (9% of Group revenues) were down -2.2%. In the Asia-Pacific region, strong momentum in the Public sector and improving Financial Services were more than offset by visible weakness in the Consumer Goods & Retail and Manufacturing sectors. Growth acceleration in Latin America was mostly driven by the Consumer Goods & Retail sector.

    OPERATIONS BY BUSINESS        

    In Q3 2024, at constant exchange rates, the growth in Strategy & Transformation services (9% of the Group’s total revenues* in Q3 2024) further strengthened to +6.5% year-on-year. This reflects continued client demand for strategic consulting on their transition towards a more digital and sustainable model as well as their unwavering interest in the broad AI and Gen AI opportunities.

    In Applications & Technology services (63% of the Group’s total revenues and Capgemini’s core business), growth rates improved by 170 basis points compared to Q2, to -1.2% year-on-year in Q3.

    Lastly, Operations & Engineering total revenues (28% of the Group’s total revenues) decreased by -3.4% primarily driven by the contraction in Infrastructure Services and, to a lesser extent, Engineering services.

    HEADCOUNT

    The Group’s total headcount stands at 338,900 as at September 30, 2024, down -1.1% year-on-year and up +0.6% since the end of June. The offshore workforce stands at 194,400 employees or 57% of the total headcount.

    OUTLOOK

    The Group’s financial targets for 2024 are updated as follows:

    • Revenue growth of -2.0% to -2.4% at constant currency (was -0.5% to -1.5%);
    • Operating margin of 13.3% to 13.4% (was 13.3% to 13.6%);
    • Organic free cash-flow of around €1.9 billion (unchanged).

    The inorganic contribution to growth should be 40 basis points.

    CONFERENCE CALL

    Aiman Ezzat, Chief Executive Officer, accompanied by Nive Bhagat, Chief Financial Officer, and Olivier Sevillia, Chief Operating Officer, will present this press release during a conference call in English to be held today at 8.00 a.m. Paris time (CET). You can follow this conference call live via webcast at the following link. A replay will also be available for a period of one year.

    All documents relating to this publication will be posted on the Capgemini investor website at https://investors.capgemini.com/en/.

    PROVISIONAL CALENDAR

    February 18, 2025        FY 2024 results
    April 29, 2025        Q1 2025 revenues
    May 7, 2025        Shareholders’ Meeting
    July 30, 2025        H1 2025 results

    DISCLAIMER

    This press release may contain forward-looking statements. Such statements may include projections, estimates, assumptions, statements regarding plans, objectives, intentions and/or expectations with respect to future financial results, events, operations and services and product development, as well as statements, regarding future performance or events. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans”, “projects”, “may”, “would”, “should” or the negatives of these terms and similar expressions. Although Capgemini’s management currently believes that the expectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to various risks and uncertainties (including, without limitation, risks identified in Capgemini’s Universal Registration Document available on Capgemini’s website), because they relate to future events and depend on future circumstances that may or may not occur and may be different from those anticipated, many of which are difficult to predict and generally beyond the control of Capgemini. Actual results and developments may differ materially from those expressed in, implied by or projected by forward-looking statements. Forward-looking statements are not intended to and do not give any assurances or comfort as to future events or results. Other than as required by applicable law, Capgemini does not undertake any obligation to update or revise any forward-looking statement.

    This press release does not contain or constitute an offer of securities for sale or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

    ABOUT CAPGEMINI

    Capgemini is a global business and technology transformation partner, helping organizations to accelerate their dual transition to a digital and sustainable world, while creating tangible impact for enterprises and society. It is a responsible and diverse group of 340,000 team members in more than 50 countries. With its strong over 55-year heritage, Capgemini is trusted by its clients to unlock the value of technology to address the entire breadth of their business needs. It delivers end-to-end services and solutions leveraging strengths from strategy and design to engineering, all fueled by its market leading capabilities in AI, cloud and data, combined with its deep industry expertise and partner ecosystem. The Group reported 2023 global revenues of €22.5 billion.

    Get the Future You Want | www.capgemini.com

    * *

    *

    APPENDIX3F1

    BUSINESS CLASSIFICATION

    • Strategy & Transformation includes all strategy, innovation and transformation consulting services.
    • Applications & Technology brings together “Application Services” and related activities and notably local technology services.
    • Operations & Engineering encompasses all other Group businesses. These comprise Business Services (including Business Process Outsourcing and transaction services), all Infrastructure and Cloud services, and R&D and Engineering services.

    DEFINITIONS

    Organic growth or like-for-like growth in revenues is the growth rate calculated at constant Group scope and exchange rates. The Group scope and exchange rates used are those for the reported period. Exchange rates for the reported period are also used to calculate growth at constant exchange rates.

    Reconciliation of growth rates Q1 2024 Q2 2024 Q3 2024 9M 2024
    Organic growth -3.6% -2.3% -2.1% -2.7%
    Changes in Group scope +0.3 pts +0.4 pts +0.5 pts +0.4 pts
    Growth at constant exchange rates -3.3% -1.9% -1.6% -2.3%
    Exchange rate fluctuations -0.2 pts +0.4 pts -0.3 pts -0.0 pts
    Reported growth -3.5% -1.5% -1.9% -2.3%

    When determining activity trends by business and in accordance with internal operating performance measures, growth at constant exchange rates is calculated based on total revenues, i.e., before elimination of inter-business billing. The Group considers this to be more representative of activity levels by business. As its businesses change, an increasing number of contracts require a range of business expertise for delivery, leading to a rise in inter-business flows.

    Operating margin is one of the Group’s key performance indicators. It is defined as the difference between revenues and operating costs. It is calculated before “Other operating income and expense” which include amortization of intangible assets recognized in business combinations, expenses relative to share-based compensation (including social security contributions and employer contributions) and employee share ownership plan, and non-recurring revenues and expenses, notably impairment of goodwill, negative goodwill, capital gains or losses on disposals of consolidated companies or businesses, restructuring costs incurred under a detailed formal plan approved by the Group’s management, the cost of acquiring and integrating companies acquired by the Group, including earn-outs comprising conditions of presence, and the effects of curtailments, settlements and transfers of defined benefit pension plans.

    Normalized net profit is equal to profit for the year (Group share) adjusted for the impact of items recognized in “Other operating income and expense”, net of tax calculated using the effective tax rate. Normalized earnings per share is computed like basic earnings per share, i.e., excluding dilution.

    Organic free cash flow is equal to cash flow from operations less acquisitions of property, plant, equipment and intangible assets (net of disposals) and repayments of lease liabilities, adjusted for cash out relating to the net interest cost.

    Net debt (or net cash) comprises (i) cash and cash equivalents, as presented in the Consolidated Statement of Cash Flows (consisting of short-term investments and cash at bank) less bank overdrafts, and also including (ii) cash management assets (assets presented separately in the Consolidated Statement of Financial Position due to their characteristics), less (iii) short- and long-term borrowings. Account is also taken of (iv) the impact of hedging instruments when these relate to borrowings, intercompany loans, and own shares.

    REVENUES BY REGION

      Revenues
    (in millions of euros)    		   Year-on-year growth
      Q3 2023 Q3 2024   Reported At constant exchange rates
    North America 1,608 1,530   -4.9% -3.9%
    United Kingdom and Ireland 676 690   +2.1% +0.4%
    France 1,045 1,019   -2.5% -2.5%
    Rest of Europe 1,633 1,646   +0.8% +0.6%
    Asia-Pacific and Latin America 518 492   -5.0% -2.2%
    TOTAL 5,480 5,377   -1.9% -1.6%
      Revenues
    (in millions of euros)    		   Year-on-year growth
      9 months
    2023    		 9 months
    2024    		   Reported At constant exchange rates
    North America 4,896 4,638   -5.3% -4.9%
    United Kingdom and Ireland 2,062 2,070   +0.4% -1.8%
    France 3,353 3,264   -2.6% -2.6%
    Rest of Europe 5,105 5,116   +0.2% +0.1%
    Asia-Pacific and Latin America 1,490 1,427   -4.2% -1.9%
    TOTAL 16,906 16,515   -2.3% -2.3%

    REVENUES BY BUSINESS

      Total revenues*
    (% of Group revenues)    		 Year-on-year growth at constant exchange rates in total revenues of the business
      Q3 2024
    Strategy & Transformation 9% +6.5%
    Applications & Technology 63% -1.2%
    Operations & Engineering 28% -3.4%
      Total revenues*
    (% of Group revenues)    		 Year-on-year growth at constant exchange rates in total revenues of the business
      9 months
    2024
    Strategy & Transformation 9% +3.9%
    Applications & Technology 62% -2.7%
    Operations & Engineering 29% -2.3%

    1 Note that in the appendix, certain totals may not equal the sum of amounts due to rounding adjustments.

    Attachments

    The MIL Network –

  • MIL-OSI: SUBC – Ex. Dividend NOK 3.00 on 30 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 30 October 2024

    • Issuer: Subsea 7 S.A.
    • Ex-date: 30 October 2024
    • Dividend amount: NOK 3.00
    • Announced currency: Norwegian Krone

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    This information is published in accordance with the requirements of the Continuing Obligations.

    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 30 October 2024 at 07:00 CET.

    The MIL Network –

  • MIL-OSI: Melexis Q3 2024 results – Third quarter sales of 247.9 million EUR

    Source: GlobeNewswire (MIL-OSI)

    Regulated information

    Intermediate declaration by the Board of Directors

    Ieper, Belgium – October 30th, 2024, 07.00 hrs CET

    Dear,

    Please find herewith the link to our most recent press release:

    www.melexis.com/en/news/2024/financial/melexis-q3-2024-results

    Attachment

    The MIL Network –

  • MIL-OSI: Amundi: Third quarter and nine-month 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Amundi: Third quarter and nine-month 2024 results

    Net income1,2up +16% Q3/Q3 and record assets under management at €2.2 trillion

    Strong growth in earnings and revenues   Q3 – adjusted net income1,2 at €337m, fast-growing: +16.1% Q3/Q3

    • Thanks to revenue growth (+10.5%) and positive jaws effect
    • Q3/Q3 cost/income ratio improvement at 52.9%3

    9 months – adjusted net income1,2 at €1,005m, up +10.4% 9M/9M

    Earnings per share2: €1.65 for Q3, €4.91 for 9M
         
    Record AuM
    & dynamic MLT inflows5    		   Record assets under management3: €2,192bn at 30 September 2024, up +11% year-on-year

    Q3 net inflows3 of +€2.9bn, or +€14.5bn excluding the exit from a large, low-income institutional mandate4

    • +€9.1bn in MLT assets4,5,6
    • Solid commercial momentum of Asian JVs: +€5.3bn
         
    Continued strategic progress   ETFs6: +€8bn in Q3 net inflows, now more than €250bn in assets under management
    Third-party distribution: +€7bn Q3 net inflows, with contribution from all regions and asset classes

    Asia: +€7bn in Q3 net inflows, from JVs and direct distribution in Japan, Singapore, Hong Kong, Taiwan and China

    Technology: revenues +42% Q3/Q3

    Victory Capital: approval7 of the partnership with Amundi secured at EGM, transaction expected to close in Q1 2025

    Paris, 30 October 2024

    Amundi’s Board of Directors met on 29 October 2024 under the chairmanship of Philippe Brassac, and reviewed the financial statements for the third quarter and the first 9 months of 2024.

    Valérie Baudson, Chief Executive Officer, said:
    « Amundi’s results in the third quarter of 2024 demonstrate our ongoing strategic progress and continued growth potential. Our Q3 net profit1,2of €337m, increased by +16% compared to the same period in 2023 and exceeded one billion euros over 9 months. Assets under management reached a record level of €2.2 trillion.

    We have been able to support our clients whatever their profile and needs, which has resulted in a high level of net inflows in our strategic development areas, namely Asia, Third-Party Distributors, and ETFs.

    By putting clients at the heart of our strategy and by continuing to develop the areas of expertise that primarily seek to meet their needs, we are ideally positioned to seize growth opportunities in the savings industry. »

    * * * * *

    Further progress in achieving our 2025 Ambitions plan

    Q3 2024 saw key areas of focus under the “2025 Strategic Ambitions” plan contribute to activity and earnings growth.

    • ETFs exceeded €250bn in assets under management at the end of September, up +31% year-on-year, thanks in particular to very dynamic net inflows reaching +€17bn over 9 months, including +€8bn in Q3. This places Amundi in second place in the European market in terms of net inflows this quarter8. these inflows are well diversified across equity and fixed income products, with a high share of products classified as responsible investment9 in net inflows (+€3bn, or 34% market share in flows in this market segment). Amundi has had many commercial successes this quarter: for example, the Amundi ETF Stoxx Europe 600 is the best-selling (+€0.85bn) European equity ETFs in Q3, the Amundi ETF Euro Government Tilted Green Bond, launched last year, saw its assets under management exceed €3bn after gathering +€1.1bn since the beginning of the year, and the Amundi ETF Prime ACWI exceeded €1bn in assets under management 8 months after its launch.
    • Third-Party Distribution reached €377bn in assets under management at the end of September, up +24% year-on-year, with net inflows +€19bn for 9 months 2024, and +€7bn in Q3, thanks to contributions from all regions and asset classes, from ETFs, treasury products and active management;
    • Asia assets under management increased by +17% year-on-year to €458bn; net inflows for 9 months 2024 stood at +€30bn with a significant contribution from Amundi’s Indian JV SBI MF, which now has €278bn in assets, up +19% year-on-year (+€18bn in net inflows); €103bn of total Asian assets under management come from direct distribution excluding JVs (+20% year-on-year), with net inflows for 9 months 2024 standing at +€3bn in Japan, +€2.4bn Singapore, +€1.4bn Hong Kong and also +€1.7bn in China outside the two JVs, mainly with institutional clients;
    • The Technology & Services offering is also experiencing strong growth, with technology revenues of €54m over 9 months, up +28% compared to the same period in 2023, and even +42% Q3/Q3; the Fund Channel fund distribution platform exceeded €490bn in assets at the end of September 2024; during the quarter it signed a distribution agreement with ING Germany and integrated the fintech AirFund into its ecosystem to digitise access to private markets; Fund Channel was also ranked “Best Distribution Platform” for the third consecutive year by the consulting and research firm Platforum;
    • In fixed income expertise, Amundi now manages €1,160bn in assets10 across a wide range of solutions, from treasury products to target maturity funds, offering attractive returns and capital protection; fixed income net inflows stood at +€46bn10 over 9 months and +€14bn10 in Q3 thanks to sustained activity in active bond strategies (+€11bn excluding JV) and ETFs (+€2.5bn);
    • The partnership project with Victory Capital reached an important milestone with shareholder approval of resolutions7 necessary to finalise the transactions, expected in Q1 2025. As a reminder, this partnership aims at creating a larger US investment platform, via the contribution of Amundi US to Victory Capital in return for Amundi taking a 26%-stake of the combined entity as well as 15-year distribution agreements, to serve the clients of both companies; Amundi would thus have a greater number of US and global management expertise to offer its clients. The transaction, which involves no disbursement of cash, is expected to bring a low single-digit accretion for Amundi shareholders, with an increase in the contribution of our US operations to the adjusted net income and EPS.

    Activity

    Market environment

    In the third quarter of 2024, equity markets11 increased by +1.1% in average compared to the previous quarter and by +15.6% compared to Q3 2023. The European bond markets12 also rose, reflecting the shift in monetary policy and the ECB’s decision to cut rates. Year-on-year, our benchmark index12 increased by +6.3% in Q3 2024 compared to Q3 2023 and by +2.1% compared to Q2 2024. The market effect is therefore positive on the evolution of Amundi’s revenues and net income.

    When compared to the 2021 averages used as a reference for the 2025 Ambitions plan, the market effect is only slightly positive.

    The European asset management market continues its gradual recovery. Open-ended fund volumes13, at +€213bn in the third quarter, continued to be driven by treasury products (+€93bn) and passive management (+€75bn). Nevertheless, the third quarter recorded positive flows in medium- to long-term active management for the second quarter in a row (+€45bn), driven by fixed income strategies (+€69bn).

    High level of activity over the quarter in MLT assets5, assets under management at a record level of €2.2tn

    Activity this quarter continues to be marked, like the rest of the European market, by risk aversion among retail clients. However, Amundi performed well, driven in particular by ETFs, bond solutions, third-party distributors and Asia. Excluding the exceptional exit from a low-income insurance mandate4, net inflows were positive in all major medium- to long-term areas of expertise (passive, active, structured products and real assets), in all client segments (Retail, Institutional and JV), and in all major markets (France, Italy, Germany, Asia and the United States).

    Amundi’s assets under management at 30 September 2024 increased by +11.1% year-on-year (compared to the end of September 2023) and by +1.6% quarter-on-quarter (compared to the end of June 2024), to €2,192bn, an all-time high.

    In the third quarter of 2024, the market and currency effect amounted to +€32.5bn (+€175.9bn over a year) and Amundi generated positive net inflows of +€2.9bn. As announced at the time of the second quarter results publication, this amount includes the exit of a low-income multi-asset mandate4 with a European insurer, of €11.6bn.

    Adjusted for this exit4, net inflows for the quarter were +€14.4bn of which +€9.1bn in MLT Assets5. It was positive in active management (+€4.3bn) and ETFs (+€7.8bn), partially offset by outflows from index strategies. Structured products and real and alternative assets also recorded positive net inflows (+€0.8bn), while treasury products were flat (+€0.1bn).

    Finally, the JVs14continued their solid commercial momentum, with net inflows of +€5.3bn, reflecting a positive contribution from India (SBI MF, +€6.0bn) and South Korea (NH-Amundi, +€0.4bn), partially offset this quarter by slight net outflows in China (ABC-CA) despite continued open-ended net inflows.

    By Client Segment, Retail recorded net inflows of +€6.3bn, of which +€1.3bn in MLT assets5, with contrasting developments according to the sub-segments:

    • Third-Party Distributors had another very good quarter in terms of total net inflows (+€6.8bn); all regions contributed to these inflows, which were highly diversified across asset classes, with positive contributions from ETFs, treasury products but also active management (+€1.5bn);
    • Risk aversion has a larger impact on the activity of partner network clients in France (+€1.1bn) and outside France excluding Amundi BOC WM (-€0.9bn), despite the good performance of structured and treasury products as well as bond strategies; Sabadell’s network in Spain continues its sales momentum (+€0.4bn);
    • In China, Amundi BOC WM posted net outflows this quarter (-€0.7bn), as the maturities of fixed-term funds were not offset by open-ended fund subscriptions.

    Excluding the loss of the low-income insurance mandate already mentioned4, the Institutional segment recorded very positive inflows in MLT Assets5(+€7.8bn), in all sub-segments: Institutional & Sovereigns with +€4.4bn, CA & SG insurance mandates with +€2.4bn thanks to the continued recovery of the traditional life insurance Euro contracts this quarter, Corporates and Employee Savings (+€1.0bn) thanks to net inflows in short-term bond products from corporates. Net outflows in Treasury Products (-€4.9bn) are to a large extent seasonal.

    Results

    Sustained growth in net income, +16% Q3/Q3 to €337m, and more than €1bn in the 9 months of 2024

    Adjusted data2

    In the third quarter of 2024, adjusted net income2reached €337m, up +16.1% compared to the third quarter of 2023. Since the second quarter, it includes Alpha Associates, whose acquisition was finalised in early April.

    The growth in net income was mainly due to organic revenue growth, amplified by operating efficiency, which led to a positive jaws effect, and by the very strong momentum of Asian JVs. These results were achieved against the backdrop of continued client risk aversion, and inflation.

    Adjusted net revenues2 reached €862m, up +10.5% compared to the third quarter of 2023.

    • The sustained growth in net management fees, up +9.2% compared to the third quarter of 2023, to €805m, reflects the good level of activity and the increase in average assets under management excluding JVs (+8.6% over the same period);
    • Performance fees (€20m) doubled compared to the third quarter of 2023 (€10m), a low basis of comparison; however, they were down compared to the second quarter of 2024 (€50m) due to the lower level of crystallisation15 in the third quarter than in the second and fourth quarters, as it does every year; however, the performance of Amundi’s management is at a good level, with more than 71% of assets under management ranked in the first or second quartiles according to Morningstar16 over 1, 3 or 5 years and 257 Amundi funds rated 4 or 5 stars by Morningstar as of 30 September;
    • Amundi Technology’s revenues, at €20m, continued to grow steadily (+41.8% compared to the third quarter of 2023; +13.0% compared to the second quarter of 2024), confirming the development of this business;
    • Finally, the Financial and other income2 amounted to €17m, down slightly compared to the third quarter of 2023 and previous quarters.

    The increase in operating expenses2, by +7.4% compared to the third quarter of 2023, to €456m, remains lower than the increase in revenues (+10.5%) over the same period, thus generating a positive jaws effect which reflects the Group’s operational efficiency.

    The increase is mainly due to:

    • the first consolidation of Alpha Associates;
    • the provision for individual variable remuneration in line with the increase in results;
    • and finally the acceleration of investments in development initiatives according to the axes of the 2025 Ambitions Plan, particularly in technology.

    The Cost income ratio improved to 52.9% in adjusted data2 compared to the same quarter last year, and remains in line with the 2025 target and at the best level in the industry.

    The Adjusted gross operating income2(EBIT) amounted to €406m, up +14.2% compared to the third quarter of 2023, reflecting double-digit revenue growth amplified by operational efficiency.

    Income from equity-accounted companies, which reflects Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), was up +36.5% compared to the third quarter of 2023, to €33m, representing 10% of adjusted net income, reflecting the good level of activity in India and Korea.

    Adjusted earnings per share2in the third quarter of 2024 reached €1.65, up +16.0%.

    Accounting data in the third quarter of 2024

    Accounting Net income Group share amounted to €320m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€24m before tax in the quarter including the corresponding new charges related to Alpha Associates, see details in p. 11), representing a total of -€17m after tax.

    Accounting earnings per share in the third quarter of 2024 reached €1.56.

    In the first 9 months of 2024, adjusted net income2amounted to €1,005m, up +10.4%, reflecting the same trends as in the third quarter:

    • Adjusted net revenues2 grew by +7.3% compared to the first 9 months of 2023, to €2,573m, reflecting as in the quarter the sustained growth in management fees (+6.6%) and the strong increase in Amundi Technology’s revenues (€54m, +28.2%) and financial and other income2 (€67m, +38.2%); performance fees, on the other hand, were down by -2.0% to €88m;
    • Adjusted operating expenses2 are well controlled with an increase of +5.9% compared to the first 9 months of 2023, at €1,356m, resulting in a positive jaws effect;
    • Adjusted cost income ratio2 stands at 52.7%.

    Adjusted gross operating income2 was €1,217m, up +8,9% compared to the first 9 months of 2023, showing a higher growth rate than revenue growth thanks to operating efficiency.

    Income from equity-accounted companies increased by +28.6% compared to the first 9 months of 2023, to €94m.

    Adjusted earnings per share2for the first 9 months of 2024 reached €4.91, up +10.1% compared to the first 9 months of 2023.

    Accounting data for the first 9 months of 2024

    Accounting Net income Group share amounted to €956m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€68m before tax in the 9 months including the corresponding new charges related to Alpha Associates, see details on p. 11), representing a total of -€49m after tax in the first 9 months of 2024.

    Accounting earnings per share for the first 9 months of 2024 reached €4.67.

    To be noted for the fourth quarter and full-year 2024

    Success of the capital increase reserved for employees – The capital increase reserved for employees “We Share Amundi”, announced on 23 September 2024, is expected to be completed tomorrow, 31 October 2024. This operation offered for the seventh consecutive year a subscription of shares at a discount.

    It was once again a great success this year: more than 2,000 employees in 15 countries subscribed to this capital increase, for a total amount of €36.3m. This represents nearly two out of three employees in France and more than two out of five worldwide.        
    This transaction, which is in line with the existing legal authorisations voted by the Shareholders’ Meeting on 12 May 2023, reflects Amundi’s desire to involve its employees not only in the development of the Company but also in the creation of economic value.

    The impact of this transaction on earnings per share will be very limited: the number of shares to be created will be 771,628 (i.e. ~0.4% of the share capital before the transaction).        
    This issue will bring the number of shares making up Amundi’s share capital to 205,419,262 as of 31 October 2024, i.e. a share capital increased to €513,548,155.        
    Employees will now hold around 1.7% of Amundi’s capital, compared to 1.3% before the transaction. In the fourth quarter of 2024, the Amundi Group will record in its consolidated financial statements a charge relating to the subscription discount of €12.3m before tax.

    On the basis of the Finance Bill presented by the French government, an exceptional tax contribution on the profits of large companies would apply to Amundi, whose turnover in France for tax purposes is more than €3bn.

    * * * * *

    APPENDICES

    Adjusted income statement2of the first 9 months of 2024 and 2023

    (€m)   9M 2024 9M 2023 % chg.
    9M/9M
             
    Net revenue – Adjusted   2,573 2,397 +7.3%
    Management fees   2,364 2,217 +6.6%
    Performance fees   88 89 -2.0%
    Technology   54 42 +28.2%
    Net financial & other net income   67 49 +38.2%
    Operating expenses – Adjusted   (1,356) (1,280) +5.9%
    Cost income ratio – Adjusted (%)   52.7% 53.4% -0.7pp
    Gross operating income – Adjusted   1,217, 1,117, +8.9%
    Cost of risk & other   (7) (5) +24.5%
    Equity-accounted companies   94 73 +28.6%
    Income before tax – Adjusted   1,305 1,185 +10.1%
    Corporate tax   (302) (277) +8.8%
    Non-controlling interests   2 3 -25.2%
    Net income, Group share – Adjusted   1,005 910 +10.4%
    Depreciation of intangible assets after tax   (49) (44) +11.6%
    Integration costs net of tax   0 0 NS
    Net income, Group share   956 866 +10.3%
    Earnings per share (€)   4.67 4.25 +10.0%
    Earnings per share – Adjusted (€)   4.91 4.46 +10.1%

    Adjusted income statement2of the third quarter of 2024

    (€m)   Q3 2024 Q3 2023 % chg.
    Q3/Q3    		   Q2 2024 % chg.
    Q3/Q2
                   
    Net revenue – Adjusted   862 780 +10.5%   887 -2.9%
    Management fees   805 737 +9.2%   794 +1.3%
    Performance fees   20 10 +97.3%   50 -58.9%
    Technology   20 14 +41.8%   17 +13.0%
    Net financial & other net income   17 19 -10.6%   26 -34.0%
    Operating expenses – Adjusted   (456) (424) +7.4%   (461) -1.1%
    Cost income ratio – Adjusted (%)   52.9% 54.4% -1.5pp   51.9% +1.0pp
    Gross operating income – Adjusted   406 356 +14.2%   426 -4.8%
    Cost of risk & other   (2) (3) -36.0%   (5) -63.4%
    Equity-accounted companies   33 24 +36.5%   33 -0.1%
    Income before tax – Adjusted   437 377 +15.9%   454 -3.9%
    Corporate tax   (101) (88) +14.9%   (105) -3.8%
    Non-controlling interests   1 1 -23.5%   0 NS
    Net income, Group share – Adjusted   337 290 +16.1%   350 -3.7%
    Depreciation of intangible assets after tax   (17) (15) +17.9%   (17) +1.2%
    Integration costs net of tax   0 0 NS   0 NS
    Net income, Group share   320 276 +16.0%   333 -4.0%
    Earnings per share (€)   1.56 1.35 +15.9%   1.63 -4.0%
    Earnings per share – Adjusted (€)   1.65 1.42 +16.0%   1.71 -3.7%

    Evolution of assets under management from the end of 2020 to the end of September 202417

    (€bn) Assets under management Net

    inflows

    		 Market &

    Forex Effect

    		 Scope effect   Change in AuM
    vs. previous quarter
    As of 31/12/2020 1,729       / +4.0%
    Q1 2021   -12.7 +39.3   /  
    As of 31/03/2021 1,755       / +1.5%
    Q2 2021   +7.2 +31.4   /  
    As of 30/06/2021 1,794       / +2.2%
    Q3 2021   +0.2 +17.0   /  
    As of 30/09/2021 1,811       / +1.0%
    Q4 2021   +65.6 +39.1   +14818  
    As of 31/12/2021 2,064       / +14%
    Q1 2022   +3.2 -46.4   /  
    As of 31/03/2022 2,021       / -2.1%
    Q2 2022   +1.8 -97.75   /  
    As of 30/06/2022 1,925       / -4.8%
    Q3 2022   -12.9 -16.3   /  
    As of 30/09/2022 1,895       / -1.6%
    Q4 2022   +15.0 -6.2   /  
    As of 31/12/2022 1,904       / +0.5%
    Q1 2023   -11.1 +40.9   /  
    As of 31/03/2023 1,934       / +1.6%
    Q2 2023   +3.7 +23.8   /  
    As of 31/06/2023 1,961       / +1.4%
    Q3 2023   +13.7 -1.7   /  
    As of 30/09/2023 1,973       / +0.6%
    Q4 2023   +19.5 +63.8   -20  
    As of 31/12/2023 2,037       / +3.2%
    Q1 2024   +16.6 +63.0   /  
    As of 31/03/2024 2,116       / +3.9%
    Q2 2024   +15.5 +16.6   +8  
    30/06/2024 2,156         +1.9%
    Q3 2024   +2.9 +32.5   /  
    30/09/2024 2,192         +1.6%

    Total over one year between September 30, 2023 and September 30, 2024: +11.1%

    • Net inflows          +€54.5bn
    • Market & exchange rate effects        +€175.9bn
    • Scope effects        -€12.2bn
      (disposal of Lyxor Inc. in Q4 2023, first consolidation of Alpha Associates in Q2 2024)

    Details of assets under management and net inflows by client segments19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    French networks 138 126 +9.1% +1.1 +0.9 +0.3 +4.6
    International networks 167 156 +7.1% -1.6 -1.0 -4.4 -3.2
    o/w Amundi BOC WM 3 4 -26.9% -0.7 -0.5 -0.5 -3.3
    Third-party distributors 377 305 +23.5% +6.8 +2.1 +19.2 +4.1
    Retail 681 587 +16.1% +6.3 +2.0 +15.1 +5.6
    Institutional & Sovereigns (*) 518 489 +6.0% -9.3 +17.9 +1.4 +14.4
    Corporates 113 97 +16.0% +2.3 -3.8 -5.8 -7.4
    Employee savings plans 92 84 +9.8% -0.5 -0.9 +2.5 +2.6
    CA & SG insurers 428 406 +5.3% -1.2 -3.9 +0.5 -9.6
    Institutional 1,151 1,076 +6.9% -8.7 +9.3 -1.4 +0.0
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    Total 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3

    Details of assets under management and net inflows by asset classes19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    Equity 527 443 +18.9% -0.7 +7.0 +0.0 +2.0
    Multi-assets 274 274 -0.0% -15.4 -5.9 -22.3 -17.0
    Bonds 732 624 +17.3% +12.8 +7.7 +36.8 +10.1
    Real, alternative & structured assets 114 124 -8.3% +0.8 -1.1 +1.5 +2.4
    MLT ASSETS excl. JVs 1,647 1,465 +12.4% -2.5 +7.8 +16.1 -2.4
    Treasury products excl. JVs 185 198 -6.5% +0.1 +3.5 -2.4 +8.0
    Assets excl. JVs 1,832 1,663 +10.1% -2.4 +11.3 +13.6 +5.6
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3
    o/w MLT assets 1,973 1,745 +13.1% +3.4 +11.3 +34.9 -0.7
    o/w Treasury products 219 229 -4.2% -0.5 +2.5 +0.1 +7.1

    Details of assets under management and net inflows by management type and asset classes19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    Active management 1,136 1,022 +11.1% -7.1 -1.9 +2.2 -15.6
    Equity 208 187 +11.4% -2.3 -1.6 -5.4 -2.5
    Multi-assets 263 265 -0.9% -15.7 -6.3 -23.4 -18.2
    Bonds 665 570 +16.6% +10.8 +6.1 +31.0 +5.1
    Structured products 43 35 +22.3% +0.8 -0.2 +2.7 +2.9
    Passive management 397 319 +24.5% +3.8 +10.8 +12.4 +10.8
    ETFs & ETC 251 192 +31.1% +7.8 +3.6 +17.3 +8.0
    Index & Smart Beta 146 127 +14.5% -4.0 +7.2 -5.0 +2.8
    Real & alternative assets 71 89 -20.5% +0.0 -0.9 -1.2 -0.5
    Real assets 67 63 +4.8% +0.2 -0.3 -0.1 +0.2
    Alternative assets 4 25 -83.8% -0.2 -0.6 -1.1 -0.7
    MLT ASSETS excl. JVs 1,647 1,465 +12.4% -2.5 +7.8 +16.1 -2.4
    Treasury products excl. JVs 185 198 -6.5% +0.1 +3.5 -2.4 +8.0
    TOTAL ASSETS excl. JVs 1,832 1,663 +10.1% -2.4 +11.3 +13.6 +5.6
    JVs 360 310 +16.0% +5.3 +2.4 +21.3 +0.7
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3

    Details of assets under management and net inflows by geographical areas19

    (€bn) AuM

    30.09.2024

    		 AuM

    30.09.2023

    		 % change /30.09.2023 Net flows

    Q3 2024

    		 Net flows

    Q3 2023

    		 Net flows

    9M 2024

    		 Net flows

    9M 2023
    France 987 903 +9.3% +2.8 +4.1 +12.8 -1.2
    Italy 202 197 +2.7% -10.8 -1.5 -13.8 -2.2
    Europe excl. France & Italy 421 353 +19.2% +1.9 -0.8 +6.0 +6.0
    Asia 458 392 +17.0% +7.4 +3.4 +29.6 -0.3
    Rest of the world 124 129 -4.3% +1.7 +8.4 +0.4 +4.0
    TOTAL 2,192 1,973 +11.1% +2.9 +13.7 +35.0 +6.3
    TOTAL outside France 1,204 1,070 +12.5% +0.1 +9.6 +22.2 +7.5

    Methodology Appendix

    Accounting & adjusted data

    Accounting data – These include the amortization of intangible assets, recorded as other income, and since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recognized as deductions from net income, in finance costs.

    The aggregate amounts of these items are as follows for the different periods under review:

    • Q1 2023: -€20m before tax and -€15m after tax
    • Q2 2023: -€20m before tax and -€15m after tax
    • Q3 2023: -€20m before tax and -€15m after tax
    • 9M 2023: -€61m before tax and -€44m after tax
    • 2023: -€82m before tax and -€59m after tax
    • Q1 2024: -€20m before tax and -€15m after tax
    • Q2 2024: -€24m before tax and -€17m after tax
    • Q3 2024: -€24m pre-tax and -€17m after tax
    • 9M 2024: -€68m before tax and -€49m after tax

    There were no significant integration costs recorded in the third quarter as a result of the acquisition of Alpha Associates

    Adjusted data – in order to present an income statement closer to economic reality, the following adjustments are made: restatement of the amortization of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortization and non-cash expenses are recorded as a deduction from net revenues.

    Acquisition of Alpha Associates

    In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

    • goodwill of €290m;
    • an intangible asset of €50m representing client contracts, depreciable on a straight-line basis until the end of 2030;
    • a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortized over 6 years.

    In the Group’s income statement, the following is recorded:

    • amortization of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax)
    • other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; These expenses are recorded as deductions from net income, as finance costs.

    In Q3 2024, the amortization of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax). Over the first 9 months of 2024, these expenses are respectively -€3.8m and -€2.9m (-€6.6m in total), since they only started in Q2.

    Alternative Performance Measures20

    In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
    Adjusted, normalized data are reconciled with accounting data as follows:

    = accounting data
    = adjusted data
    (m€)   9M 2024 9M 2023   Q3 2024 Q3 2023   Q2 2024
                     
    Net operating income   2,452 2,307   825 747   844
    Technology   54 42   20 14   17
    Net financial income and other income   (1) (13)   (6) (1)   3
    Adjusted net financial income and other income   67 49   17 19   26
                     
    Net revenues (a)   2,505 2,336   838 760,   864,
    – Depreciation of intangible assets before tax   (65) (61)   (22) (20)   (22)
    – other non-cash charges relating to Alpha Associates   (3) 0   (1) 0   (1)
    Net revenues – Adjusted (b)   2,573 2,397   862, 780,   887
                     
    Operating expenses (c)   (1,356) (1,280)   (456) (424)   (461)
    – Integration costs before tax   0 0   0 0   0
    Operating expenses – Adjusted (d)   (1,356) (1,280)   (456) (424)   (461)
                     
    Gross operating income (e) = (a) + (c)   1,149 1,056   382 335   403
    Gross operating income – Adjusted (f) = (b) + (d)   1,217 1,117   406 356   426
    Cost-income ratio (%) -(c)/(a)   54.1% 54.8%   54.4% 55.9%   53.4%
    Cost-income ratio – Adjusted (%) -(d)/(b)   52.7% 53.4%   52.9% 54.4%   51.9%
    Cost of risk & other (g)   (7) (5)   (2) (3)   (5)
    Equity-accounted companies (h)   94 73   33 24   33
    Income before tax (i) = (e) + (g) + (h)   1,237 1,124   413 356   431
    Income before tax – Adjusted (j) = (f) + (g) + (h)   1,305 1,185   437 377   454
    Income tax (k)   (283) (260)   (94) (82)   (98)
    Income tax – Adjusted (l)   (302) (277)   (101) (88)   (105)
    Non-controlling interests (m)   2 3   1 1   0
    Net income, Group share (o) = (i)+(k)+(m)   956 866   320 276   333
    Net income, Group share – Adjusted (p) = (j)+(l)+(m)   1,005 910   337 290   350
                     
    Earnings per share (€)   4.67 4.25   1.56 1.35   1.63
    Adjusted earnings per share (€)   4.91 4.46   1.65 1.42   1.71

    Shareholding

        30 September 2023   31 December 2023   30 September 2024
    (units)   Number

    of shares

    		 % of share capital   Number

    of shares

    		 % of share capital   Number

    of shares

    		 % of share capital
    Crédit Agricole Group   141,057,399 68.93%   141,057,399 68.93%   141,057,399 68.93%
    Employees   3,042,292 1.49%   2,918,391 1.43%   2,751,891 1.34%
    Treasury shares   1,297,231 0.63%   1,247,998 0.61%   958,031 0.47%
    Free float   59,250,712 28.95%   59,423,846 29.04%   59,880,313 29.26%
                       
    Number of shares at end of period   204,647,634 100.0%   204,647,634 100.0%   204,647,634 100.0%
    Average number of shares year-to-date   204,050,516 –   204,201,023 –   204,647,634 –
    Average number of shares quarter-to-date   204,425,079 –   204,647,634 –   204,647,634 –

    Average number of shares on a pro rata basis.

    • The average number of shares is unchanged between Q2 and Q3 2024, it increased by +0.1% between Q3 2023 and Q3 2024 and by +0.3% between the first 9 months of 2023 and the same period of 2024;
    • A capital increase reserved for employees will be carried out on October 31, 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction), bringing the share of employees to about 1.7% of the capital, compared to 1.34% at September 30, 2024, before the transaction.                                        

    Financial communication calendar

    • Q4 and Full Year 2024 Results: February 4, 2025
    • Q1 2025 earnings release: April 29, 2025
    • Annual General Meeting: May 27, 2025
    • Q2 and H1 2025 earnings release: July 29, 2025
    • Q3 and 9-month 2025 results: October 28, 2025

    About Amundi

    Amundi, the leading European asset manager, ranking among the top 10 global players21, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.2 trillion of assets22.

    With its six international investment hubs23, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

    Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

    Amundi, a trusted partner, working every day in the interest of its clients and society.

    www.amundi.com  

    Press contacts:        
    Natacha Andermahr 
    Tel. +33 1 76 37 86 05
    natacha.andermahr@amundi.com 

    Corentin Henry
    Tel. +33 1 76 36 26 96
    corentin.henry@amundi.com

    Investor contacts:
    Cyril Meilland, CFA
    Tel. +33 1 76 32 62 67
    cyril.meilland@amundi.com 

    Thomas Lapeyre
    Tel. +33 1 76 33 70 54
    thomas.lapeyre@amundi.com 

    Annabelle Wiriath

    Tel. + 33 1 76 32 43 92

    annabelle.wiriath@amundi.com

    WARNING

    This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

    This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

    These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. [In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.]

    Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

    The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

    Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

    The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.

    1        Net income Group share
    2        Adjusted data: excluding amortisation of intangible assets relating to distribution and client contracts as well as other non-cash charges relating to the acquisition of Alpha Associates recorded in net financial income (see note p. 11)
    3        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    4        As announced at the time of the publication of the Q2 results, exit in Q3 from a large low-income mandate (€11.6 billion) with a European insurer, in multi-asset; including this exit, net inflows were positive by +€2.9bn in Q3 and +€35bn over 9 months
    5        Medium-Long Term Assets
    6        Excluding JVs
    7        Extraordinary General Meeting of Shareholders of Victory Capital, held on 11 October 2024
    8        Source: TrackInsight Q3 2024
    9        Classified as article 8 or 9 of the SFDR regulation of the European Union
    10        Including JV: €234bn in assets, +€12bn net inflows over 9 months and +€1bn in Q3
    11        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
    12        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
    13        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of the end of June 2024.
    14        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    15        Anniversary dates of the funds triggering the recognition of these fees
    16        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, September 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1063 at the end of September 2024. © 2024 Morningstar, all rights reserved
    17        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
    18        Lyxor, integrated as of 31/12/2021
    19        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30 billion in outstandings) as Bonds previously classified as Treasury until that date; Outstanding amounts up to that date have not been reclassified in these tables
    20        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on April 18, 2024
    21Source: IPE “Top 500 Asset Managers” published in June 2024, based on assets under management as at 31/12/2023
    22Amundi data at 30/09/2024
    23Boston, Dublin, London, Milan, Paris and Tokyo

    Attachment

    The MIL Network –

  • MIL-OSI Russia: The government has expanded the list of railway infrastructure facilities

    Translation. Region: Russian Federation –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Order dated October 29, 2024 No. 3053-r

    Document

    Order dated October 29, 2024 No. 3053-r

    The new railway, which is necessary for transporting coal from deposits in Krasnoyarsk Krai and Yakutia to ports in Khabarovsk Krai, has been included in the list of railway infrastructure facilities, the construction of which is being carried out at an accelerated pace. The order to this effect was signed by Prime Minister Mikhail Mishustin.

    The railway is being built by a private investor. The new line will connect the Tunguska coal basin, as well as the Elga coal complex with the sea terminals in the area of Cape Manorsky in Khabarovsk Krai. Now this construction is included in the list of objects covered by the federal law “On the specifics of regulating certain relations for the purpose of implementing priority projects for the modernization and expansion of infrastructure.” The document introduces a special legal regime in the construction sector and allows for the acceleration of the implementation of projects for a period of 9 to 21 months.

    The construction of a new railway line will make it possible to relieve the BAM and Trans-Siberian Railway. In addition, the constructed engineering infrastructure – electrical networks and communication networks – will improve the quality of life of people in Siberia and the Far East.

    The signed document introduces changes toGovernment Order of September 7, 2020 No. 2278-r.

    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 Russia: Over 600 tons of garbage during navigation: how river waters are cleaned in Moscow

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    The municipal fleet collected more than 600 tons of garbage from the capital’s waters during the navigation period this year. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

    “Communal vessels were engaged in daily garbage collection from the water surface of the Moscow River and the navigable part of the Yauza, eliminated pollution, and removed silt sediment. In total, they collected over 600 tons of floating garbage, eliminated almost 140 different types of pollution, and removed about 6.5 thousand tons of sand and soil from the bottom,” noted Pyotr Biryukov.

    Thanks to the competent arrangement of the fleet and waste collection bases, the entire water area of the Moscow River within the city boundaries and the navigable section of the Yauza are under 24-hour control. The main efforts to collect floating waste were concentrated in the upper reaches of the Moscow River, which ensured the cleanliness of the riverbed downstream. Garbage collection vessels worked mainly, with small vessels operating in shallow areas. Floating cranes and non-self-propelled barges with tugs were used to extract bottom sediments of sand and soil.

    The head of the city economy complex reminded that the capital’s municipal fleet operates all year round. Even after the end of the seasonal navigation, two vessels with an ice class of up to 20 centimeters remain on the water. Garbage collectors and rapid response boats continue to operate on non-freezing rivers.

    During the inter-navigation period, the bulk of the fleet is moored in winter mooring areas, where maintenance and routine repairs are carried out.

    Sergei Sobyanin: Icebreakers of the municipal fleet patrol the Moscow River every dayThe southern part of the Moscow River water area has been cleared of abandoned ships and floating objects

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

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

    https://vvv.mos.ru/nevs/item/145940073/

    MIL OSI Russia News –

  • MIL-OSI Australia: National Transfer Pricing Conference: Intragroup financing — More than just whether the price is right

    Source: Allens Insights

    Toby Knight, Anna Sartori and Gidon Waller have published a paper examining the application of transfer pricing, the debt deduction creation rules (DDCR), the new thin capitalisation rules and the general anti-avoidance rule (GAAR) to intragroup financing arrangements.

    The paper was presented by Toby and Anna at the Tax Institute’s National Transfer Pricing Conference held in Melbourne in October 2024. It summarises the relevant law and guidance of the above regimes, considers how each regime could apply to intragroup financing arrangements in particular, and considers possible interactions between each regime.

    A copy of the paper can be accessed below.

    MIL OSI News –

  • MIL-OSI Security: Westchester Valley — Missing person: Help the RCMP find Matthew Bishop

    Source: Royal Canadian Mounted Police

    Cumberland District RCMP is asking for the public’s assistance in locating 31-year-old Matthew Eugene Bishop. He was last seen at approximately 7:30 p.m. on October 29; he’s believed to have been involved in a collision on Hwy. 104 in Westchester Valley.

    Bishop has brown hair and blue eyes. He’s approximately 5’7″ tall, 135 pounds. No clothing description is available.

    When someone goes missing, it has deep and far-reaching impacts for the person and those who know them. We ask that people spread the word through social media respectfully.

    Anyone with information on the whereabouts of Matthew Bishop is asked to contact Cumberland District RCMP at 902-667-3859. To remain anonymous, call Nova Scotia Crime Stoppers, toll free, at 1-800-222-TIPS (8477), submit a secure web tip at www.crimestoppers.ns.ca, or use the P3 Tips app.

    MIL Security OSI –

  • MIL-OSI: LHV Pank updated equity research on EfTEN Real Estate Fund AS

    Source: GlobeNewswire (MIL-OSI)

    LHV Pank updated the equity research and price target of EfTEN Real Estate Fund AS (EfTEN; EFT1T) shares. According to the analysis, the price target for the share was increased from 19,6 euros to 20 euros and the share has a “neutral” rating. The previous price target for the EfTEN Real Estate Fund AS shares was set in January 2024. 

    LHV research points out three main strengths of the EfTEN Real Estate Fund AS: (i) decreasing financial cost base due to falling interest rates; (ii) low vacancy rate; (iii) dividend yield, which is above the level of competitors. 

    The analysis can be found on the LHV Pank Financial Portal. 

    Kristjan Tamla 

    EfTEN Capital AS 

    Managing Director 

    Tel: +372 655 9515 

    E-post: kristjan.tamla@eften.ee 

    The MIL Network –

  • MIL-OSI Economics: Result of the Overnight Variable Rate Reverse Repo (VRRR) auction held on October 30, 2024

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of offers received (in ₹ crore) 35,525
    Amount accepted (in ₹ crore) 35,525
    Cut off Rate (%) 6.49
    Weighted Average Rate (%) 6.49
    Partial Acceptance Percentage of offers received at cut off rate NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1399

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Auction of traditional vehicle registration marks to be held on November 16

    Source: Hong Kong Government special administrative region

    Auction of traditional vehicle registration marks to be held on November 16
    Auction of traditional vehicle registration marks to be held on November 16
    ***************************************************************************

         The Transport Department (TD) today (October 30) announced that the auction of traditional vehicle registration marks will be held on November 16 (Saturday) in Meeting Room S421, L4, Old Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.     “A total of 350 vehicle registration marks will be put up for public auction. The list of marks has been uploaded to the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/index.html,” a department spokesman said.     Applicants who have paid a deposit of $1,000 to reserve a mark for auction should also participate in the bidding (including the first bid at the reserve price of $1,000). Otherwise, the mark concerned may be sold to another bidder at the reserve price.     People who wish to participate in the bidding at the auction should take note of the following important points:(1) Successful bidders are required to produce the following documents for completion of registration and payment procedures immediately after the successful bidding:(i) the identity document of the successful bidder;(ii) the identity document of the purchaser if it is different from the successful bidder;(iii) a copy of the Certificate of Incorporation if the purchaser is a body corporate; and(iv) a crossed cheque made payable to “The Government of the Hong Kong Special Administrative Region” or “The Government of the HKSAR”. (For an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed.) Successful bidders can also pay through the Easy Pay System (EPS). Payment by post-dated cheques, cash or other methods will not be accepted.(2) Purchasers must make payment of the purchase price through EPS or by crossed cheque and complete the Memorandum of Sale of Registration Mark immediately after the bidding. Subsequent alteration of the particulars in the memorandum will not be permitted.(3) A vehicle registration mark can only be assigned to a motor vehicle which is registered in the name of the purchaser. The Certificate of Incorporation must be produced immediately by the purchaser if a vehicle registration mark purchased is to be registered under the name of a body corporate.(4) Special registration marks are non-transferable. Where the ownership of a motor vehicle with a special registration mark is transferred, the allocation of the special registration mark shall be cancelled.(5) The purchaser shall, within 12 months after the date of auction, apply to the Commissioner for Transport for the registration mark to be assigned to a motor vehicle registered in the name of the purchaser. If the purchaser fails to assign the registration mark within 12 months, allocation of the mark will be cancelled and arranged for re-allocation in accordance with the statutory provision without prior notice to the purchaser.     For other auction details, please refer to the Guidance Notes – Auction of Traditional Vehicle Registration Marks, which can be downloaded from the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/tvrm_auction/index.html.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 14:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ15: Dental care professionals

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Lam Chun-sing and a written reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (October 30):Question:     Regarding dental care professionals (DenCPs), will the Government inform this Council:(1) of the following information on the Department of Health (DH)’s recruitment exercise for dental hygienists, dental therapists, dental technicians and dental surgery assistants in each of the past five years: the (i) target number of recruits, (ii) number of applicants, (iii) number of persons invited to attend interviews/trade tests, (iv) number of persons who passed the interviews/trade tests, (v) number of appointment letters issued and (vi) number of persons who reported for duty;(2) as the Working Group on Oral Health and Dental Care under the Health Bureau has pointed out in the Interim Report submitted to the Panel on Health Services of this Council in March this year that merely relying on the dentist workforce to meet the needs for enhancing dental care services is insufficient, and suggested that DenCPs play a more significant role in dental care services, whether the authorities have plans to expand the staff establishments of dental hygienists and dental therapists so as to enhance public services; if so, of the details and timetable; if not, the reasons for that;(3) as DH currently provides annual tuition fee sponsorship of $70,000 to students pursuing studies as dental hygienists and dental therapists on the condition that they work in dental clinics under DH or specified non-governmental organisations for one year after graduation, how the authorities plan to attract those graduates to stay and serve in the public healthcare system upon the expiry of the one-year period;(4) as there are views pointing out that the introduction of a statutory registration system for DenCPs (including dental hygienists and dental therapists) with their scope of practice defined under the Dentists Registration (Amendment) Bill 2024 (the Bill) has fundamentally altered the work nature, duties and work complexity of the dental hygienist and dental therapist grades in the Government, whether the authorities will commence a grade structure review for the aforesaid grades to comprehensively examine their entry requirements, qualification requirements for various ranks and remuneration packages; if so, of the timetable and roadmap; if not, the reasons for that;(5) as the authorities indicated during the Second Reading debate on the Bill that they expected the Dental Council of Hong Kong (DCHK) to set up a registration system for DenCPs within three years upon the passage of the Bill, of the timetable and roadmap for the relevant work (including compiling a DenCPs register and drawing up a code of practice); whether they have plans to include dental technicians and dental surgery assistants in the registration system in phases, so as to enhance the protection for users of dental services; if so, of the details; if not, the reasons for that;(6) whether the authorities will consider discussing with DCHK to further relax the scope of practice of dental hygienists to allow them to administer anaesthetic injections for periodontal disease and root canal treatments, as well as other non-invasive treatments, and to include relevant contents such as the procedure for administering anaesthetic injections in the training curriculum of dental hygienists; if so, of the details; if not, the reasons for that;(7) whether the authorities have plans to further expand the participation of DenCPs in the primary healthcare system, including allowing them in the provision of oral healthcare at District Health Centre Expresses and District Health Centres, as well as dental health education and disease prevention services; if so, of the details; if not, whether the authorities will formulate the relevant plans expeditiously; and(8) whether it has considered including DenCPs as healthcare service providers under the Elderly Healthcare Voucher Scheme to encourage the elderly to receive dental care services on a regular basis; if so, of the details; if not, the reasons for that?Reply:President,     The Hong Kong Special Administrative Region (HKSAR) Government established the Working Group on Oral Health and Dental Care (Working Group) in December 2022 to review the policy objectives, implementation strategies, service scopes and delivery models, etc, of oral health and dental care, with a view to safeguarding the oral health of members of the public. The Working Group mentioned in its interim report released in December 2023 that the Government should work in line with the strategies set out in the Primary Healthcare Blueprint and aim at preventing oral diseases and enhancing the oral health of the community on the premise of improving oral health of all citizens. The report also mentioned that it is insufficient to merely rely on the dentist workforce to meet the needs for enhancing dental care services, and that ancillary dental workers, including dental hygienists and dental therapists, could play a more significant role in dental care services.     The HKSAR Government has completed the amendment of the Dentists Registration Ordinance (Chapter 156) (DRO) to modernise the regulatory framework for dentists and ancillary dental workers (including dental hygienists and dental therapists), and increase the manpower resources for dental care profession by gradually increasing training places for dental hygienists and dental therapists. The measures above will contribute to the implementation of the recommendations of the Working Group, allowing ancillary dental workers to play a more significant role in providing more preventive primary dental care services to complement the direction of the Primary Healthcare Blueprint which attaches importance to prevention, early identification and timely intervention.     The consolidated reply in response to the questions raised by the Hon Lam Chun-sing is as follows:Registration system and scope of work of dental care professionals     The amended DRO introduced a statutory registration system for two classes of ancillary dental workers (including dental hygienists and dental therapists) and retitled ancillary dental workers as dental care professionals (DenCPs), so as to ensure their service quality through a more formalised regulatory regime and establish their professional status.     At present, dental hygienists can work in public or private sectors, and may perform preventive dental care (e.g. education, consultation, risk assessment, oral examination, fluoride application and scaling) in accordance with the directions of a dentist who is available in the premises at all times when such work is being carried out. Dental therapists work exclusively under the Department of Health (DH) to provide the School Dental Care Service. Dental therapists may perform preventive dental care and basic curative dental care (e.g. filling, extraction) in accordance with the directions of a dentist who is available in the premises at all times when such work is being carried out.     The amended DRO suitably adjusted the scope of practice of dental hygienists and dental therapists based on a risk-based approach, taking into account the consultation outcome with the sectors and relevant stakeholders. It would enable them, upon training, to perform some lower-risk preventive dental care (e.g. oral examination, education, teeth cleaning and polishing, fluoride application) without the presence of a dentist, and perform scaling in accordance with the directions of a dentist who is present in the same premises. Dental therapists may also perform basic curative dental care (e.g. filling, extraction) in accordance with the directions of a dentist who is present in the same premises.     The statutory registration system for DenCPs would be put in place within three years, and by then the revised scope of work of DenCPs will come into effect. All DenCPs (including dental therapists) will be allowed to provide services outside the DH (including institutions in the public or private sector). During the transitional period, the Dental Council of Hong Kong (DCHK) will develop clear guidelines on the collaborative relationship between dentists and DenCPs and establish the Continuing Professional Development arrangements for DenCPs. At the current stage, the DCHK is focusing on the preparatory work for establishing the registration system as soon as possible and will liaise with the sectors to explore the feasibility of implementing DenCP registration earlier in 2026. When the new registration system is in place, the DCHK will monitor both its implementation and the adaptation of DenCPs to the expanded scope of work to ensure the safety of patients. As things currently stand, the Government has no plan to further expand the scope of work of dental hygienists to perform higher-risk procedures such as injection of local anaesthetics. The Government will maintain dialogue with the dental professions and revisit the scope of practice of DenCPs from time to time, with a view to meeting local dental care service needs.     In view of the actual needs in the community, the Government will examine the necessity for including other classes of DenCPs under the registration system on a risk-based approach. The Government will maintain communication with the dental professions to canvass their views.The role of DenCPs in primary healthcare system     Taking reference to the suggestion of the Working Group, the Government would promote primary dental services appropriate for different age groups and make use of the existing primary healthcare service system. For example, when the manpower supply for dental hygienists has increased, they can provide preventive primary dental services suitable for different age groups at District Health Centres or District Health Centre Expresses, including risk assessment, offering advice on oral care and personal lifestyle, and assisting the citizens in managing their own oral health, so as to put prevention, early identification and timely intervention of dental diseases into action.     Furthermore, the Elderly Health Care Voucher Scheme (EHVS) currently allows eligible elderly persons to choose from private primary healthcare services provided by 14 categories of healthcare professions, including dentists. Following the upcoming establishment of registration system for DenCPs, the preventive primary dental service would be strengthened. Eligible elderly persons can use Elderly Health Care Vouchers to pay for the relevant service charges through dental clinics in future. The Government will review the relevant operational details of the EHVS in a timely manner.Manpower of DenCPs      As at September 2024, there are a total of 614 registered dental hygienists, whereas 226 dental therapists are employed by the DH. To increase the manpower resources for dental care profession, the Government has gradually increased training places for dental hygienists and dental therapists to nearly double from 95 in the 2023/24 academic year to 185 in the 2024/25 academic year.     When the statutory registration system is in place, dental therapists will be allowed to work in private institutions which will broaden their employment opportunities. Establishing a career ladder for DenCPs will, in the long run, attract more individuals to join the industry. To attract more young people to join the industry, the DH has been offering full tuition fee sponsorship since 2023/24 academic year to students studying the programmes for dental hygienists and dental therapists. Dental hygienists and dental therapists who have received the sponsorship are required to work in dental clinics of the DH or other specified non-governmental organisations (NGOs) for at least one year after graduation. The above measures could help provide sufficient manpower in support of dental care services provided by the Government, private institutions and NGOs in future.     Regarding the establishment issue of DenCP grades in the DH, according to the prevailing policy guidelines, the Government may consider conducting a Grade Structure Review (GSR) as necessary in case of fundamental changes in the job nature, level of responsibilities and job complexity of a particular grade, or if there are proven and persistent recruitment and retention difficulties in the grade. For Dental Hygienist grade in the DH, when the relevant provisions of the amended DRO come into effect, given the minimum academic qualification requirement for registration as dental hygienist with the DCHK, the job entry requirements of the Dental Hygienist grade including the Qualification Group of the academic qualification will be changed. The DH is gathering relevant data and information of the Dental Hygienist grade (including their job nature, duties and responsibilities, and recruitment situation) for consideration of conducting a GSR for the grade. The Government will also assess the need for GSR for Dental Therapist grade in accordance with the relevant policy guidelines in due course.      In the past five years, the information of recruitment of dental ancillary grades of the DH is at Annex.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: NSW Parliament passed a bipartisan motion supporting Taiwan’s international participation

    Source: Republic Of China Taiwan 2

    The Ministry of Foreign Affairs （Taiwan) expresses gratitude to the NSW Parliament for passing a bipartisan motion supporting Taiwan’s international participation.
    On October 23, the New South Wales Legislative Council unanimously passed PMB No. 1414 motion, stating that UN General Assembly Resolution 2758 does not assert the People’s Republic of China’s sovereignty over Taiwan, nor does it determine Taiwan’s future status or restrict Taiwan’s rights to participate in UN agencies or other international organizations. The Ministry highly appreciates and sincerely thanks the NSW Parliament for its firm support of Taiwan’s international participation
    In June 2024, the NSW Parliament was the first to pass a motion in the Legislative Council condemning China for bullying elected Australian officials, affirming Taiwan’s democracy, and rejecting any foreign government interference in Australian politics. Subsequently, in August, the Australian Senate passed an urgent motion based on the IPAC model resolution regarding UNGA Resolution 2758, making Australia the first country to adopt such a model. NSW then became the first state parliament in Australia to pass this motion.
    The Ministry of Foreign Affairs thanks the NSW Parliament for raising a voice of justice for Taiwan and calls on the international community to jointly counter China’s misinterpretation of UNGA Resolution 2758 and its attempts to falsely link it with the so-called “One China Principle.” Taiwan will continue to collaborate with Australia and other like-minded partners to defend the rules-based international order and promote regional democracy, peace, and prosperity.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Sampo plc’s share buybacks 29 October 2024

    Source: GlobeNewswire (MIL-OSI)

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

    Sampo plc’s share buybacks 29 October 2024

    On 29 October 2024, Sampo plc (business code 0142213-3, LEI 743700UF3RL386WIDA22) has acquired its own A shares (ISIN code FI4000552500) as follows:                

    Sampo plc’s share buybacks Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market (MIC Code)
      4,184 41.39 AQEU        
      35,180 41.39 CEUX
      980 41.39 TQEX
      50,822 41.41 XHEL
    TOTAL 91,166 41.40  

    *rounded to two decimals                

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

    After the disclosed transactions, the company owns in total 9,597,138 Sampo A shares representing 1.74 per cent of the total number of shares in Sampo plc, taking the issuance of shares on 16 September 2024 into account.

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

    On behalf of Sampo plc,
    Morgan Stanley

    For further information, please contact:

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

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

    Attachment

    The MIL Network –

  • MIL-OSI China: Harbin hits ‘home stretch’ for Games

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

    With venues ready, volunteers recruited and testing events underway, Harbin is nearly ready to take up its hosting duties for the 9th Asian Winter Games, with preparatory work almost done entering the 100-day countdown.

    As a traditional hot spot for ice and snow sports activities in Northeast China, Harbin, capital of Heilongjiang province, is pushing ahead with preparations for the 2025 edition of the Games, with full confidence that the continental gala event will be a resounding success in promoting sports and culture exchanges in the region.

    With 100 days to go before the Feb 7 opening ceremony, all 13 existing competition venues for the Games — five for ice sports in downtown Harbin and another eight for snow events in Yabuli, a ski resort cluster 200 kilometers from Harbin — have been renovated and have updated equipment to meet international standards, with workers trained and ready to be deployed to each site, according to the organizing committee.

    The national men’s and under-18 women’s ice hockey championships, which were held during the National Day holiday, were the first of 14 test events to be held in Harbin through January to optimize various venue operations, including capacity, facility function and spectator services.

    Over 6,000 volunteers, mostly local college students, have been recruited from over 10,000 applicants, with a quarter of them having experience serving at international events such as the 2022 Beijing Winter Olympics and last year’s Hangzhou Asian Games, according to organizers.

    The 2025 Harbin Asian Winter Games will mark the biggest representation of Asian countries and regions, with 34 National Olympic Committees — the most in the event’s history — having confirmed their entries, including first-timers Cambodia and Saudi Arabia. Over 1,500 athletes are expected to participate.

    A total of 64 medal events across six sports will be held from Feb 7 to 14. Among them, mixed doubles curling, ski mountaineering and synchronized aerials of freestyle skiing will make their debut at the Games.

    Meanwhile, many Southeast Asian countries and regions, including Thailand, Malaysia and Singapore, have signed up for the alpine skiing competition, which will have more participants than any other event in Harbin’s program, underlining winter sports’ expanding landscape on the continent.

    It will be Harbin’s second time staging the continental gala since it hosted in 1996, and the third edition to be held in China after the 2007 edition in Changchun, Jilin province.

    Boasting ready-made facilities and abundant experience in winter sports promotion, Harbin is confident it can deliver a memorable edition of the Games with strong Chinese characteristics and Asian style, organizers said.

    “With full support from the government, the public and all shareholders, we’ve moved into the home stretch of preparations,” Han Shengjian, vice-governor of Heilongjiang and vice-president of the Harbin organizing committee, said during a news conference on Tuesday. “We are committed to hosting a world-class event representing Asian spirit and Chinese style to promote winter sports across Asia, as well as the unique charm of Harbin as a generous host.”

    Already a popular winter holiday destination in the country, Harbin is keen on taking advantage of the Games to make the city more appealing to winter sports fans and foreign tourists, according to Wang Hesheng, mayor of Harbin and secretary-general of the organizing committee.

    To help boost tourism in the city, a new metro line will be launched at the end of this month in Harbin, and a newly built second runway at the city’s airport will open in January. In addition, more frequent high-speed railway services connecting mountain resorts in Yabuli with downtown Harbin and other major cities are coming in the near future.

    “Hopefully after hosting the Games, Harbin will make its name as a winter wonderland more prominent, not just in our country, but also across Asia,” Wang said.

    MIL OSI China News –

  • MIL-OSI China: Scholarship quota for undergrads doubled

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

    China has recently optimized scholarships and bursary granting systems to senior high school and college students with an aim of providing financial aid to youth pursuing higher education.

    The initiative jointly launched by the Ministry of Finance, the Ministry of Education and the Ministry of Human Resources and Social Security will double the number of undergraduate students receiving the State-level scholarships, while financial aid will also be significantly increased, starting this year.

    As per the policy, 120,000 undergraduate students from universities and junior colleges can receive the scholarship, and each will be awarded 10,000 yuan ($1,400) annually. Previously, the quota of students was 60,000, and they could receive no more than 8,000 yuan a year.

    The State-level scholarship provides major assistance for higher education students, rewarding them for achieving outstanding academic performance, diligence and good moral qualities.

    The new policy will also double the number of such scholarships to postgraduate students from 45,000 to 90,000 from this year, among whom 70,000 will be master’s degree candidates and 20,000 doctoral students.

    Meanwhile, China will also channel more funds to assist students with financial difficulties. They will receive 3,700 yuan of State-level financial aid on average from this semester, with some receiving as much as 5,000 yuan. Previously, the financial aid offered was 3,300 yuan per year.

    Beginning in the spring semester next year, aid will also be extended to students from regular senior high schools facing financial difficulties. On average, they will receive 2,300 yuan, while the neediest can receive up to 3,500 yuan per year in accordance with local practices. Previously, senior high students received 2,000 yuan in such aid annually.

    The nation will expand the coverage of its financial aid to more vocational high school students and raise the amount from 2,000 yuan per year to 2,300 yuan starting next spring. Vocational high school students who are in their third year and having financial difficulties are included in the new policy.

    Guo Tingting, vice-minister of finance, said at a recent news conference that China has established an all-around financial support system for students to give them security and make it easier for them to access higher education.

    According to the finance ministry, the nation channeled 93.2 billion yuan in scholarships and aid to students last year, with over 31 million higher education students benefiting.

    MIL OSI China News –

  • MIL-OSI China: Shenzhou-19 astronauts enter space station

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

    BEIJING, Oct. 30 — The three astronauts of China’s Shenzhou-19 spaceflight mission have entered the Tiangong space station and met with another astronaut trio on Wednesday, starting a new round of in-orbit crew handover.

    The Shenzhou-18 crew opened the hatch at 12:51 p.m. (Beijing Time) and greeted the new arrivals, according to the China Manned Space Agency (CMSA).

    The six crew members then took group pictures for the fifth space get-together in China’s aerospace history.

    They will live and work together for about five days to complete planned tasks and handover work, the CMSA said.

    The Shenzhou-18 crew is scheduled to return to the Dongfeng landing site in north China on Nov. 4.

    MIL OSI China News –

  • MIL-OSI China: ​Foreign secondary school students compete in 17th ‘Chinese Bridge’ contest

    Source: China State Council Information Office 3

    On the evening of Oct. 28, the global finals and awarding ceremony for the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students and the 4th Chinese Bridge—Chinese Show for Foreign Primary School Students took place in Tianjin. The event was attended by officials from the Tianjin Municipal Government, the Center for Language Education and Cooperation of the Ministry of Education (MOE), and the Department of International Cooperation and Exchange of the MOE, along with the Kenyan Ambassador to China and representatives from the UAE’s Chinese Language Teaching “100 Schools Project.”

    The global finals of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

    The finals opened with a visually stunning show titled “Jin·Cai Hua Zhang,” featuring outstanding primary and secondary school students from around the world, who gathered to communicate in Chinese and share their understanding of Chinese culture. After a series of rigorous selections during the overseas preliminary rounds, Chitpasong Souvanhxay from Laos, Irina Mei Li from Madagascar, Kuchinskaia Anastasiia from Russia, Rothschild Shiraz Palestrant from the U.S. and Blaom Oliver Garion from New Zealand emerged as continental champions to advance to the global finals. 

    Chitpasong Souvanhxay from Laos wins the global champion of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

    During the finals, the five contestants competed in five rounds: “History of the Spring and Autumn Period,” “Books of the Qin and Han Dynasties,” “The Lasting Appeal of the Tang and Song Dynasties,” “Window to Modernity,” and “The Final Showdown.” Chitpasong Souvanhxay from Laos showcased exceptional skills and won the global championship. Guests at the event presented awards to the participants who received individual awards in the 4th Chinese Bridge–Chinese Show for Foreign Primary School Students, as well as to those who won individual awards and the first, second, and third prizes in the 17th Chinese Bridge–Chinese Proficiency Competition for Foreign Secondary School Students, along with the continental champions and the global champion.

    In the finals, contestants including Kiri Meier Werner from the U.S., Solo Uniacke from the U.K., Frida Quetzalli Garcia Lins from Mexico, Tessa Mir from Georgia and her mother shared personal stories about their experiences with the Chinese Bridge competition and the growth and benefits they gained from participating in the competition.

    This year, 181 primary and secondary school contestants from 102 countries gathered in Beijing and Tianjin for a grand celebration of Chinese language learning and cultural exchange. Over a period of 15 days filled with competitions and cultural activities, contestants explored iconic landmarks in China, including the Great Wall, the Summer Palace, the Forbidden City, and Tiananmen Square. They also experienced intangible cultural heritage such as Clay Figurine Zhang, Yangliuqing New Year paintings, shadow puppetry and traditional opera, allowing them to appreciate the development and heritage of Chinese culture and history. Additionally, contestants toured Tianjin, visiting attractions like the Tianjin Eye Ferris wheel, Haihe River, the historic Wudadao area (Five Great Avenues), Jingwu Town, the National Maritime Museum, and Tianjin Port, witnessing the city’s inclusiveness and application of intelligent technologies.

    At the award ceremony, primary and secondary school contestants from around the world, together with previous champions, sang the “Chinese Bridge” theme song. Through the medium of Chinese, they connected cultures, fostered lasting friendships, and strengthened global understanding of China.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Auction for Che Kung Festival Fair stalls to be held November 13

    Source: Hong Kong Government special administrative region

    Auction for Che Kung Festival Fair stalls to be held November 13
    Auction for Che Kung Festival Fair stalls to be held November 13
    ****************************************************************

         ​The Food and Environmental Hygiene Department (FEHD) announced today (October 30) that stalls at the 2025 Che Kung Festival (CKF) Fair will be put up for open auction on November 13 (Wednesday).           A spokesman for the FEHD said the annual CKF Fair will be held for 18 consecutive days from January 26 to February 12, 2025, at Chui Tin Street Soccer Pitch in Sha Tin. A total of 48 dry goods stalls will be put up for auction, with an upset price of $2,770.           The auction will be held at the Assembly Hall, 2/F, Lai Chi Kok Government Offices, 19 Lai Wan Road, Lai Chi Kok, Kowloon on November 13 (Wednesday), from 9.30am until completion of the auction.           Bidders for CKF Fair stalls must be at least 18 years old and ordinarily reside in Hong Kong. Anyone can bid for more than one stall. A bidder must pay the bid price and register in person with his or her own name as the licensee of the stall immediately after successfully bidding for a stall. The bidder is also required to sign at once a licence agreement with the FEHD, or he/she will forfeit the right to operate the stall.           The CKF Fair site will be made available to the licensees two days in advance of the fair (January 24 and 25, 2025) for the setting up of stalls. In the event of any unforeseeable incident that will cause a shortening of the whole licence period (including the duration for setting up stalls and the business period of the fair), the Government has the right to postpone the commencement date and shorten the duration of the period. The bidding price (licence fee) paid will be refunded to the successful bidder on a pro-rata basis without interest.           The FEHD reminded licensees that the stalls are solely for the purpose of selling and promoting the sale of the permitted commodities, and no other activities are allowed in the licensed area. If the FEHD considers that any activity conducted by the licensee to publicise, promote, display, show, sell or gift any permitted commodities in the venue is unlawful, contrary to the interest of national security, immoral or incompatible with the object of the CKF Fair, the FEHD is entitled to direct the licensee to stop conducting such activities, and the licensee must immediately comply with the direction.           Stall licensees should not destroy, damage or abandon any unsold commodities at or in the vicinity of the stall. They must completely remove the stall structure and all paraphernalia, together with all refuse, debris and unsold commodities (whether damaged or otherwise) from the licensed area before 10pm on February 12, 2025.           According to the licence agreement, licensees shall not keep, store or use any compressed helium cylinders in the licenced area. Sales of floating LED glowing balloons and aquarium fish by stall licensees are prohibited at the CKF Fair.           In addition, as stated in the licence agreement, the height of dry goods stalls must not exceed 3 metres from ground level.           Successful bidders shall comply with all the stipulations and provisions as set out in the licence agreement. Otherwise, the FEHD is entitled to terminate the agreement and the licensee shall immediately vacate the stall.           Details of the 2025 CKF Fair such as the public notice, the location and layout of the fair venue, commodities allowed for sale at the fair stalls, open auction arrangements and related rules as well as a sample of the licence agreement, are available on the FEHD website (www.fehd.gov.hk). For enquiries, please call the FEHD’s Sha Tin District Environmental Hygiene Office at 2634 0134.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 14:31

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ5: Enhancing Express Rail Link services

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Yiu Pak-leung and a reply by the Secretary for Transport and Logistics, Mr Lam Sai-hung, in the Legislative Council today (October 30):

    Question:

         Some members of the tourism industry are of the view that further increasing the number of destinations in the Mainland served by the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) connecting to the Hong Kong West Kowloon Station (WKS), as well as building up the XRL’s long-haul sleeper service network in an orderly manner, are conducive to promoting the development of the tourism industry and facilitating Hong Kong’s integration into the country’s overall development. In this connection, will the Government inform this Council:

    (1) of the respective monthly patronage of the XRL service plying between WKS and Guangzhoudong Station and Guangzhounan Station, as well as those plying between WKS and each of the intermediate stations along the routes between WKS and these two stations, since the resumption of XRL service last year; as it has been reported that at present, it takes at least about 90 minutes to travel from WKS to Guangzhoudong Station, which fails to demonstrate the advantages of XRL, whether the authorities have studied with the Mainland authorities the feasibility of raising the speed of the relevant route; if so, of the details; if not, the reasons for that;

    (2) as it is learnt that Xintang Station, commissioned last year with its location at the core of the new development area in the eastern part of Guangzhou, is not only a necessary stop but also an important hub for travelling to the eastern part of Guangzhou, yet the relevant XRL routes only pass the station currently without stopping on it, whether the authorities will expedite negotiation with the Mainland authorities to make Xintang Station an intermediate station of XRL, so as to achieve better linkage between the XRL Hong Kong Section and the Mainland’s railway network; and

    (3) as some members of the industry have relayed that XRL sleeper trains plying between Hong Kong and Beijing/Shanghai are well-received by travellers, whether the authorities have studied the provision of long-haul sleeper train service to more destinations, such as Xi’an and Chengdu in western China, so as to open up the long-‍haul rail passenger market in the western part of the country, thereby facilitating “two-way travel” by travellers?

    Reply:

    President,

         The Hong Kong Section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) was commissioned on September 23, 2018, connecting with the over 46 000 kilometres long national high-speed rail network. It is a key component of the highly accessible transport network and economic circle of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), and consolidates Hong Kong’s position as a regional transport hub. The MTR Corporation Limited (MTRCL) is responsible for operating the XRL Hong Kong Section, and has been in active liaison and collaboration with the Hong Kong Special Administrative Region (HKSAR) Government and the Mainland railway authorities to continuously enhance the various operational arrangements of the XRL Hong Kong Section, with a view to fully realising its socio-economic benefits and the advantages of interconnectivity in the national high-speed rail network for the promotion of better integration of Hong Kong into the national development. Serving 80 directly connected destinations at present, the Hong Kong Section of the XRL is a crucial link between Hong Kong and the Mainland, and a testament to the increasingly frequent exchanges between the two places for business, leisure and other purposes.

         In consultation with the MTRCL, my reply to the question raised by the Hon Yiu Pak-leung is as follows:

    (1) and (2) With the resumption of normal travel between Hong Kong and the Mainland after the pandemic, the XRL Hong Kong Section has progressively resumed train services since January 15, 2023. New short-haul and long-haul destinations have been introduced progressively, including the short-haul destinations of Dongguannan, Dongguan, Guangzhoudong and Changping, making it a more comprehensive network. In view of the increasingly frequent flow of people between the two places, upon discussion between the MTRCL and the Mainland railway authorities, the frequency of short-haul train trips of the XRL Hong Kong Section have been increased continuously. The number of trains running to and from Guangzhounan Station has increased from 16 trips per day in early 2023 to the present 38 trips per day. Passengers may also take long-haul trains that call at Guangzhounan Station, which are operating at 20 train trips per day; whilst the number of trains running to and from Guangzhoudong Station has increased from 12 trips per day in early 2023 to the present 26 trips per day. 

         The services of the XRL Hong Kong Section have been popular among passengers. In the first nine months of 2024, the XRL Hong Kong Section recorded an average daily patronage of about 70 000 passenger trips, with the total number of passenger trips approaching the annual total of approximately 20 million passenger trips in 2023. According to the ticket sales provided by the MTRCL, for short-haul destinations, more than 60 per cent of short-haul passengers are destined for stations in Shenzhen (i.e. Futian and Shenzhenbei), and nearly 30 per cent are destined for Guangzhoudong and Guangzhounan. Less than 10 per cent travel to the remaining short-haul destinations (i.e. Guangmingcheng, Humen, Qingsheng, Dongguannan, Changping and Dongguan).

         To meet the travel needs of passengers, the MTRCL and the Mainland railway authorities review the operation schedule of train trips from time to time and enhance services in a timely manner. For instance, train trips running between Hong Kong West Kowloon Station (WKS) and Futian Station or Shenzhenbei Station have been enhanced during weekends since early April this year. The MTRCL will also operate additional short-haul train trips for popular destinations during festive holidays in response to passengers’ travel needs. As for the travelling time of trains between WKS and Guangzhoudong Station, a balance has been struck between the journey time of trains and the number of intermediate stops needed for passenger convenience. The MTRCL will continue to liaise with the Mainland railway authorities with a view to providing better cross-boundary rail service.

         As for new stations, the number of directly connected destinations on the XRL Hong Kong Section has increased from 44 at the beginning of its operation to 80 currently. In addition to the aforementioned short-haul destinations, the XRL Hong Kong Section has been connected to the Chengdudong Line in southwest part of the country, including Chengdudong and Leshan, as well as the Zhanjiangxi Line, including Jiangmen, Kaipingnan, Yangjiang, Maoming and Zhanjiangxi. A long-haul route to Hunan Province was introduced in mid-2024, which directly connects to popular tourist destinations such as Zhangjiajie and Fenghuanggucheng. As for the proposal of introducing Xintang Station as a directly connected destination to the XRL Hong Kong Section, the MTRCL and the Mainland railway authorities are actively looking into the matter with a view to offering passengers a more convenient and comfortable travelling experience, while facilitating the flow of people between the two places.

    (3) Thanks to the Central Government’s care for Hong Kong and the strong support from various Mainland authorities, sleeper train service between WKS and Beijingxi Station/Shanghai Hongqiao Station was introduced on the XRL Hong Kong Section on June 15, 2024, with trains departing in the evenings and arriving the following mornings. This arrangement was an upgrade of the original ordinary-speed train service between the Hong Kong Hung Hom Station and Beijing/Shanghai, and reduced the journey time by almost a half. The trains also call at Shijiazhuang in Hebei and Hangzhou in Zhejiang as intermediate stations. In October 2024, the sleeper train service to Beijing and Shanghai was further upgraded. Fuxing high-speed sleeper trains have been deployed to serve passengers, along with adjustments to routes and departure times. The journey time between WKS and Beijing/Shanghai takes about 11.5 hours and 11 hours respectively. The service upgrade provides passengers with more caring, comfortable and comprehensive service, further leveraging the benefits of “evening departures and morning arrivals”.

         The HKSAR Government and the MTRCL have been actively observing the development of the high-speed rail network in the Mainland, and striving to further introduce destinations directly connected to the XRL Hong Kong Section, so as to provide passengers with more diversified options and services. Regarding the western region of the Mainland, direct train services are currently available at WKS, serving stations such as Chengdudong, Chongqing and Kunming. As for the introduction of direct sleeper trains to those destinations, various considerations and arrangement of different railway authorities are involved. The HKSAR Government and the MTRCL will maintain liaison and co-ordination with the Mainland railway authorities and relevant departments to explore feasible options for further enhancing the service of the XRL Hong Kong Section.

         Thank you, President.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: LCQ16: Recovery for reuse and upcycling of wood waste

    Source: Hong Kong Government special administrative region

    LCQ16: Recovery for reuse and upcycling of wood waste
    LCQ16: Recovery for reuse and upcycling of wood waste
    *****************************************************

         Following is a question by the Hon Shiu Ka-fai and a written reply by the Secretary for Environment and Ecology, Mr Tse Chin-wan, in the Legislative Council today (October 30): Question:      Some members of the local timber industry have relayed that Hong Kong generates a large amount of wood waste from areas such as home decoration (including replacement of furniture and floor boards) and construction works every year. However, due to the lack of effective arrangements for recovery for reuse and upcycling, most of these wood materials are disposed of at landfills. They are of the view that this not only depletes the space resources of the landfills, but also runs contrary to environmental protection principles as the waste is not converted into resources. They aspire that the Government will provide adequate support to enable the recovery for reuse and upcycling of used wood materials. In this connection, will the Government inform this Council: (1) of the amount of wood waste (excluding yard waste) generated in Hong Kong in each of the past five years, and set out in tables a breakdown of the amount and percentage by source (e.g. used furniture, floor boards and construction materials) and way of handling (e.g. disposed of at landfills and recovered for reuse); (2) of the respective ways by which wood waste (excluding yard waste) is recovered for reuse and upcycled in Hong Kong currently, and the use of the products so produced; whether it has assessed the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (3) whether it has studied the practices adopted in other places for the recovery for reuse and upcycling of wood waste and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that; (4) considering the factors required for the recovery for reuse and upcycling of wood waste, such as land and manpower, whether the authorities have plans to study the handling of wood waste jointly with Mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area or other neighbouring cities; if so, of the details; if not, the reasons for that; and (5) whether it will plan to work with chambers of commerce and relevant stakeholders of the local timber industry through negotiation and co-operation to improve the ways in which wood waste is recovered for reuse and upcycled and the effectiveness of the relevant work; if so, of the details; if not, the reasons for that? Reply: President,     The Government’s support to the recycling industry is primarily based on the principles of market economy and fair competition. Meanwhile, consideration is also given to the feasibility of converting different types of waste into energy or resources for various types of recyclables, in order to enhance the cost effectiveness of recycling. One of the most important support measures is the provision of land resources specifically for recycling purposes, such as the EcoPark, at affordable rents for the recycling industry (including the waste wood recycling industry), to nurture and promote the development of local recycling industry, with a view to establishing a circular economy in the long run. At present, a waste wood recycler which mainly handles waste wooden pallets and tree trunks has been operating in the EcoPark since August 2017.      The reply to the question raised by the Hon Shiu Ka-fai is as follows:(1) The disposal quantity of waste wood, its share in the total municipal solid waste (MSW), recovery quantity and recovery rate in the past five years are set out below:

    Year
    Waste Wood (Note)

    Disposal quantity(tonnes per day)
     Share in MSW
    Recovery quantity(tonnes per day)
    Recovery rate

    2018
    427
    3.7%
    16
    3.6%

    2019
    348
    3.1%
    20
    5.3%

    2020
    345
    3.2%
    11
    3.2%

    2021
    262
    2.3%
    29
    10.0%

    2022
    207
    1.9%
    32
    13.5%

    Note: Under the compilation framework of statistics regarding MSW adopted by the Environmental Protection Department (EPD), “waste wood” only includes waste made of wood such as timber, rattan, wooden pallets, wooden articles, wooden chopsticks. The EPD does not collect data and statistics on wooden furniture and waste wood generated from home renovation or construction works. The compilation of relevant statistics for 2023 is underway.(2) At present, waste wood in Hong Kong after being processed by recyclers will be manufactured into products such as cat litter, wood chips, wood granules, furniture and outdoor paving materials. For instance, the foregoing recycler in the EcoPark has commenced operation since August 2017, treating an average of about 1 200 tonnes of waste wood per year in the past five years. The Government will continue to closely monitor the operational needs of the waste wood recycling industry and provide appropriate assistance as far as possible.(3) and (4) In the course of formulating relevant policies with regard to the handling of different recyclables, the Government will make reference and pay heed to the development and relevant work in other places, as well as taking into account the actual circumstances in Hong Kong in the process of implementation. As for regional co-operation, the “Guangdong-Hong Kong-Macao Greater Bay Area Ecological Environmental Protection Plan” promulgated by the Ministry of Ecology and Environment vigorously promotes the development of a “Zero Waste” Bay Area. With this opportunity, Guangdong and Hong Kong have established a close co-operation and exchange mechanism on environmental issues to jointly explore the capacity and modes for developing a circular economy in the region, leveraging the competitive advantages of the two places, complementing each other’s strengths, and mutually developing green industries, green energy and related facilities.(5) The EPD has been maintaining communication with stakeholders of the waste wood recycling industry, and supporting the waste wood recycling industry through the Recycling Fund. Since 2015, the Recycling Fund has approved six projects related to waste wood, involving a total funding of about $7.8 million. These approved projects include support for environmental protection technology and furniture companies to collect and recycle waste wood, upcycling it into furniture and outdoor paving materials.

     
    Ends/Wednesday, October 30, 2024Issued at HKT 14:45

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Opening address by Permanent Secretary for Financial Services and the Treasury (Financial Services) at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia (English only) (with photo)

    Source: Hong Kong Government special administrative region

         Following is the opening address by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, at the ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia today (October 30):
     
    Peter (Chief Executive Officer of the Asia Securities Industry & Financial Markets Association (ASIFMA), Mr Peter Stein), Boris (Managing Director, Head of Institutional Banking Group of DBS Bank (Hong Kong) Limited, Mr Boris Chan), distinguished guests, ladies and gentlemen,
     
         Good morning. It is my great pleasure to join you today at the 5th Annual Sustainable Finance Conference organised by ASIFMA. ASIFMA’s events always draw an inquisitive and enthusiastic crowd with a lot of brain power. Today is no exception, but perhaps with somewhat more seriousness than usual as we are addressing the serious topic of enabling transition finance in the sustainability pathway towards net zero carbon emissions.  
     
         The seriousness is compounded when one reads the Asian Development Bank’s thematic report on “Asia in the Global Transition to Net Zero” published last year. According to the report, developing Asia accounted for 44 per cent of global greenhouse gas (GHG) emissions in 2019, and growth in the region still tends to rely substantially on emission-intensive activities. Obviously, there is a huge need for transition finance to assist heavy-emitting industries and economic activities to go down the path of net zero while managing economic development implications. Market estimates put the funding gap at over US$3 to 4 trillion in annual investment over the next three decades in the region. Policy trade-offs will certainly be involved in finding the right solutions.
     
         For this, I note a keyword in the topic of the Conference today and that is “enabling”. Hong Kong, being an international financial centre as well as a premier sustainable finance hub, is well-positioned to play important enabling roles in expediting Asia’s transition to net zero in an enabling or conducive environment. 
     
         With well-functioning capital markets offering a wide range of investment products and an international pool of financial services professionals, Hong Kong can contribute to mobilising international capital to finance transition initiatives in the region.  We are already doing so and enriching our ecosystem. For example, the number of ESG funds authorised by the Securities and Futures Commission (SFC) has increased significantly in recent years, with assets under management reaching close to US$170 billion as of June this year.
     
         The bond market also helps issuers raise sustainable financing in support of low-carbon transition efforts. The volume of green and sustainable bonds arranged in Hong Kong increased by about five times from around US$6 billion in 2019 to almost US$30 billion last year, topping the Asian market from 2021 to 2023. Among these, the Government Green Bond Programme has issued bonds of various tenors denominated in different currencies including RMB, euro and USD. The programme has recently been expanded to cover sustainable projects. The bonds issuances have been well received by institutional and retail investors alike, and have taken tokenisation form for two recent tranches. 
     
         Two points specifically on transition finance:
     
    (a) First, we published the first edition of the Hong Kong Taxonomy for Sustainable Finance in May this year to provide a clear set of definitions or classification of green activities for application by the industry in their green transition journey. It aligns with the two mainstream taxonomies of the Mainland and the European Union, and currently encompasses 12 economic activities under four sectors of power generation, transportation, construction, and water and waste management. The Taxonomy is now under the next phase development, where the scope of sectors and economic activities will be expanded to cover transition activities as well. The Hong Kong Monetary Authority (HKMA) plans to conduct a public consultation on the updated taxonomy prototype in the first half of 2025.
     
    (b) Second, to cater for the increasingly significant need for transition finance in the region, we have expanded the scope of the Green and Sustainable Finance Grant Scheme to cover transition bonds and loans, helping to incentivise relevant industries in the region to make use of Hong Kong’s transition financing platform towards the decarbonisation mission. Since its inception in 2021 to mid-October this year, we have granted around $280 million to 470 green and sustainable debt instruments under the Scheme.
     
            Moving into another subject which is important to today’s topic, data clarity and transparency is often cited as one of the primary challenges hindering the development of transition finance. Hong Kong operates a highly open and internationalised market aligning with international standards and best practices. We stand ready to promote the adoption of data transparency in the market to facilitate and encourage more transition financing activities. 
     
         Earlier this month, for example, the Hong Kong Code of Conduct for ESG Ratings and Data Products Providers was published by an industry working group sponsored by the SFC. Its aim is to establish and promote a globally consistent, interoperable, and proportionate voluntary code for providers offering ESG ratings and data products and services in Hong Kong. The Code was modelled on international best practices recommended by the International Organization of Securities Commissions (IOSCO). It is intended to enhance transparency of methodologies for ESG ratings and data products and improve standards generally across the market with a view to combating greenwashing and instilling integrity in the growing green and sustainable finance ecosystem.
     
         Another important measure on standards is our commitment to launch a roadmap on the full adoption of the ISSB Standards on sustainability disclosure within this year, leading Hong Kong to be among the first jurisdictions in the world to align its local requirements with ISSB Standards. The Hong Kong Institute of Certified Public Accountants has already issued the exposure drafts for consultation. I am sure they will come up with final Hong Kong standards aligning with the ISSB Standards soon. I know that the afternoon session of this Conference has scheduled a dedicated panel to dive deep into this subject. I will spare the detail here.

         Blended finance is an evolving concept and is quickly developing. An OECD (Organisation for Economic Co-operation and Development) report defines it as a combination of official development finance, private philanthropic funds and commercial finance where the principal purpose is commercial rather than development. I look forward to the Panel’s discussion on this. I would note here that as Asia’s primary asset and wealth management hub for international investors, Hong Kong is well placed to harness the finance power of the public and private sectors. 
     
         On the home front, the HKMA launched last week the Sustainable Finance Action Agenda, setting out its goals and actions to be taken to further support green and sustainable financing needs in Asia and globally. Under the Agenda, one of the action areas is investment in a sustainable future, under which the HKMA aims to achieve net-zero emissions for the investment portfolio of the Exchange Fund by 2050 through continuing to actively expand the scope and variety of its sustainable investments, particularly those supporting the theme of climate transition across the public and private markets. The Exchange Fund will also deepen its focus on transition opportunities and mobilise stakeholders to actively support this effort through stewardship and engagement.
     
         Another emerging source of funds to support sustainable initiatives comes from philanthropy and impact investing of family offices. In Hong Kong, the philanthropic landscape is underscored by the existence of more than 10 000 charities that have been established in Hong Kong, reflecting a diverse and robust ecosystem of giving. Meanwhile, the global impact investing market, valued at about US$1.6 trillion, attaches growing recognition of the need to address critical challenges such as climate change. We have seen growing interest from family offices in impact investing as they do not just allocate funds for charitable purposes but also seek financial returns and measurable social outcomes. To this end, we will soon consult the industry on proposals to enhance the tax arrangements for funds and single family offices, including expanding the definition of “fund” to cover pension fund and endowment fund, and include emission derivatives and emission allowance as eligible exemption items.
     
         Added to this, Hong Kong is exceptionally well placed to serve the sustainable initiatives and transition needs of entities on the Mainland. Various Mainland local governments including Shenzhen, Hainan Province and Guangdong Province have issued offshore RMB local government bonds including green, blue, sustainability and social bonds in Hong Kong over the past few years. And Core Climate, our carbon credit marketplace, is exploring co-operation initiatives with its Mainland counterparts. We will certainly contribute our best to the country’s drive to achieve the goal of peaking carbon emissions by 2030 and reaching net zero by 2060. 
     
         Ladies and gentlemen, all these being said, a lot remains to be done. Hong Kong takes our 2050 net zero commitment very seriously and has set up a high-level steering committee comprising policy bureaux with both environmental protection and financial services policy responsibilities, and all financial regulators to co-ordinate and take forward relevant initiatives. Our Financial Secretary is also chairing the Green Technology and Finance Development Committee. We look forward to having your advice and participation in the journey. On this note, I wish you all a rewarding day at the Conference today. Thank you.   

    MIL OSI Asia Pacific News –

  • MIL-OSI: Quadient secures €25 million Schuldschein facility from EBRD to finance R&D programs in Czech Republic

    Source: GlobeNewswire (MIL-OSI)

    Quadient secures €25 million Schuldschein facility from EBRD
    to finance R&D programs in Czech Republic

    Paris, October 30, 2024

    Quadient S.A. (Euronext Paris: QDT), a global automation platform powering secure and sustainable business connections, today announces that it has secured a new €25 million Schuldschein facility from the European Bank of Reconstruction and Development (EBRD) to finance R&D programs in Czech Republic.  

    The Schuldschein loan from the EBRD is for a total nominal amount of €25 million with maturities spread equally between 5 and 7 years. The new credit facility aims at financing R&D programs at Quadient’s state of the art R&D center in Hradec Králové, Czech Republic.

    Quadient’s R&D center in Czech Republic is the Company’s hub for its Digital automation platform development. It currently hosts around 400 employees, including software developers, testers, IT consultants, trainers and UX designers. The R&D team is responsible for driving continuous improvements to Quadient software offerings and developing innovative Digital solutions, by leveraging advanced technologies such as Artificial Intelligence, complex frameworks, and programming languages. A strong focus is placed on fostering continuous learning and collaboration by partnering with local schools and universities to train future engineers and developers. Notably, Quadient regularly collaborates with the University of Hradec Králové, offering classes, organizing IT events, and hosting BarCamps on new technologies.

    In addition to the headquarters in Hradec Králové, Quadient also has offices established in Olomouc and Ostrava in the Czech Republic. This strong presence in the Královéhradecký region is well recognized locally as Quadient Czech Republic has been named Employer of the Year for several consecutive years and recently achieved 4th place nationally.

    Laurent du Passage, Chief Financial Officer of Quadient, said: “We are pleased to be partnering with the EBRD to strengthen our R&D activities in Czech Republic. Our R&D center in Hradec Králové is central to Quadient’s Digital strategy and plays a key role in the local community. We are excited to be able to further enhance our development capabilities while maintaining our leadership in the field of innovation and Artificial Intelligence, continuing to offer best in class solutions to our customers.”

    In the full-year 2023, Quadient dedicated a total of €63.2 million to R&D spending across its three automation platforms, representing 5.9% of its Group revenue.

    About Quadient®

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

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

    Contacts

    About EBRD

    The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 36 economies across three continents. The Bank is owned by 73 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, well governed, green, inclusive, resilient and integrated.

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    The MIL Network –

  • MIL-OSI USA: Cortez Masto, Rosen Applaud More Than $47 Million to Upgrade Nevada Water Infrastructure

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto

    Las Vegas, Nev. – U.S. Senators Catherine Cortez Masto (D-Nev.) and Jacky Rosen (D-Nev.) applauded that the State of Nevada will receive more than $47 million from the Environmental Protection Agency (EPA) to upgrade Nevada’s water infrastructure. The grants will fund projects in Nevada that manage wastewater, protect freshwater resources, and deliver safe drinking water to homes, schools, and businesses.

    “All Nevadans deserve access to clean, safe drinking water, and I’m proud to see these funds coming to Nevada to make critical improvements to our water infrastructure,” said Senator Cortez Masto. “I’ll continue working in the Senate to deliver essential resources to protect our water supply for generations to come.”

    “All Nevadans deserve access to clean water, which is why I’ve been working across party lines to make historic investments to improve our water infrastructure,” said Senator Rosen. “I’m proud to announce millions of dollars to protect our water supply and deliver safe drinking water for families, communities, and Tribes in Nevada.” 

    The funding comes from two EPA grants. Nearly $26 million will support updates to Nevada’s water infrastructure secured through the Bipartisan Infrastructure Law, which Senators Cortez Masto and Rosen helped pass. More than $21 million comes through the Clean Water and Drinking Water State Revolving Fund to ensure communities across the country have access to clean water and updated water infrastructure.

    Senators Cortez Masto and Rosen worked to pass the Bipartisan Infrastructure Law to create good-paying jobs and upgrade Nevada’s infrastructure, including the state’s water infrastructure. They recently announced $10 million from the Federal Emergency Management Agency to enhance the safety and functionality of the Marlette Lake Dam. They secured $30 million from the Bureau of Reclamation for the Truckee Meadow Water Authority to make Northern Nevada’s water supply more drought resilient. Senators Cortez Masto and Rosen also fought for the passage of the Lake Tahoe Restoration Reauthorization Act, which will improve water infrastructure in the Tahoe Basin.

    MIL OSI USA News –

  • MIL-OSI: Falcon Oil & Gas Ltd. – Results of Special Meeting of Shareholders

    Source: GlobeNewswire (MIL-OSI)

    FALCON OIL & GAS LTD.

    (“Falcon”)

    Results of Special Meeting of Shareholders

    30 October 2024 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) held its special meeting of shareholders in Dublin, Ireland yesterday.

    All resolutions considered and voted upon by the shareholders were approved. The full text of each resolution was included in the Management Information Circular communicated in advance of the meeting to shareholders.

    Ends.

    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd. is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia, South Africa and Hungary. Falcon Oil & Gas Ltd. is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland with a technical team based in Budapest, Hungary.

    For further information on Falcon Oil & Gas Ltd. please visit www.falconoilandgas.com

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Redemption of 2024 Zero Dividend Preference Shares and Notice of Cancellation

    Source: GlobeNewswire (MIL-OSI)

    THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

    Redemption of 2024 Zero Dividend Preference Shares and Notice of Cancellation

    30 October 2024

    NB Private Equity Partners (NBPE), the $1.3bn1, FTSE 250, listed private equity investment company managed by Neuberger Berman, today announces that the Company will request the admission to and trading of the 2024 ZDPs on the Specialist Fund Segment of the Main Market of London Stock Exchange plc be cancelled. The cancellation will follow the redemption of the 2024 Zero Dividend Preference Shares (“2024 ZDPs”), with effect from 12:00 pm on 30 October 2024.  

    As previously announced, the maturity date of the 2024 ZDPs is 30 October 2024 and the final capital entitlement is 130.63 pence per share.

    Cheques are expected to be mailed to holders on 30 October 2024.

    CREST accounts are expected to be credited on 30 October 2024.

    For further information, please contact:

    NBPE Investor Relations         +44 (0) 20 3214 9002
    Luke Mason                              NBPrivateMarketsIR@nb.com 

    Kaso Legg Communications   +44 (0)20 3882 6644

    Charles Gorman                        nbpe@kl-communications.com
    Luke Dampier
    Charlotte Francis

    About NB Private Equity Partners Limited
    NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

    LEI number: 213800UJH93NH8IOFQ77

    About Neuberger Berman
    Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $509 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. The PRI identified the firm as part of the Leader’s Group, a designation awarded to fewer than 1% of investment firms for excellence in environmental, social and governance practices. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last ten years

    This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security. NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

    (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of September 30, 2024.

    1Based on net asset value.

    The MIL Network –

  • MIL-OSI: RIBER: Solid Business Growth at End-September 2024

    Source: GlobeNewswire (MIL-OSI)

    SOLID BUSINESS GROWTH AT END-SEPTEMBER 2024

    • Revenues up +14% to €18.5m
    • Order book strengthened to €38.3m (+14%)

    Bezons, October 30, 2024 – 8:00am – RIBER, the global leader for molecular beam epitaxy (MBE) equipment serving the semiconductor industry, is reporting its revenues for the year to end-September 2024.

    Change in revenues

    €m 2024 2023 Change
    First quarter 4.5 3.7 +20 %
    Second quarter 9.3 8.5 +10 %
    Third quarter 4.7 4.0 +19 %
    Total 9-month revenues 18.5 16.2 +14 %
    At end-September (€m) 2024 2023 Change
    Systems 12.3 9.6 +28 %
    Services and accessories 6.2 6.6 -6 %
    Total 9-month revenues 18.5 16.2 +14 %

    At September 30, 2024, RIBER revenues amounted to €18.5m, up +14% compared with the same period in 2023, reflecting the company’s strengthened position in the MBE market for both research and industrial production.

    Systems revenues came to €12.3 m, up +28% with the delivery of 4 machines, compared with 5 machines in the first nine months of 2023.

    Revenues for services and accessories totaled €6.2 m, down 6% compared with the previous year.

    The geographical breakdown of revenues at end-September 2024 was as follows: Asia 68%, Europe 25% and North America 6%.

    Order book developments

    At end-September (€m) 2024 2023 Change
    Systems 31,9 27,6 +16%
    Services and accessories 6,4 6,1 +6%
    Total order book 38,3 33,6 +14%

    The systems order book came to €31.9m, up +16%, with a total of 13 systems, including 8 production machines. This figure does not include the order for a production system announced on October 21, 2024.

    The services and accessories order book reached €6.4m, up +6% from the previous year.

    As a result, at September 30, 2024, the total order book came to €38.3m, up +14% compared with the same period in 2023.

    Outlook

    Based on the fourth-quarter delivery schedule, RIBER expects to exceed €40m in full-year revenues, along with further improvements in earnings.

    Against a favorable backdrop of growth in the compound semiconductor market, new orders should continue to be booked before the end of the year.

    Next date: 2024 full-year revenues will be released on Wednesday January 29, 2025 (before start of trading).

    About RIBER

    Founded in 1964, RIBER is the global market leader for MBE – molecular beam epitaxy – equipment. It designs and produces equipment for the semiconductor industry, and provides scientific and technical support for its clients (hardware and software), maintaining their equipment and optimizing their performance and output levels.
    Accelerating the performance of electronics, RIBER’s equipment performs an essential role in the development of advanced semiconductor systems that are used in numerous applications, from information technologies to photonics (lasers, sensors, etc.), 5G telecommunications networks and research, including quantum computing.

    RIBER is a BPI France-approved innovative company and is listed on the Euronext Growth Paris market (ISIN: FR0000075954).
    www.riber.com

    Contacts

    RIBER : Annie Geoffroy| tel: +33 (0)1 39 96 65 00 | invest@riber.com

    CALYPTUS : Cyril Combe | tel: +33 (0)1 53 65 68 68 | cyril.combe@calyptus.net

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    The MIL Network –

  • MIL-OSI Russia: Hello, Lucky: “Active Citizens” Chose a Name for a Baby Dolphin from Moskvarium

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    Muscovites chose a name for a Black Sea bottlenose dolphin calf in the Active Citizen project. More than 290,000 people took part in the voting.

    According to its results, the baby will be called Lucky, which means “lucky” in English. This option was chosen by 34 percent of participants. In second place was the name Fedya – 24 percent of votes. 14 percent of “active citizens” voted for Kesha. 13 percent of Muscovites would like to name the baby Leon. 12 percent of participants liked the name Lars. Four percent of users trusted their choice to specialists.

    The baby dolphin was born in the Moskvarium oceanography and marine biology center in July. As Moskvarium reported, during the two months of voting, the baby managed to grow a lot and become more independent.

    “The baby is developing quickly, gaining weight well and growing actively. Since birth, its weight has tripled, and it has grown by about 40 centimeters. It has also started teething. We regularly monitor all of its physiological indicators and can confidently say that the baby’s development is within the biological norms for this age,” shared Irina Suvorova, head of the veterinary service at Moskvarium.

    The baby dolphin is also increasingly showing interest in the world around him. Previously, he spent all his time with his mother, but now he often communicates with other inhabitants, especially with the cubs Loki and Izy.

    “The baby is very playful and inquisitive. He loves his toys, especially the fitballs and the big ring. Recently he learned to blow bubbles with his blowhole, his favorite pastime now is blowing them up and popping them. He actively tries to interact with the trainers, comes up to scratch himself, offers his tummy and tail,” said Ilya Siplivy, a marine mammal trainer at Moskvarium.

    With the help of voting in the Active Citizen project, residents of the capital have already chosen names for animals of the Moscow Zoo and the City Farm at VDNKh. Among them are panda Katyusha, tiger Amur, macaques Manya and Dunya, yak Zvezdochka, alpacas Shokoladka and Chernichka, and others.

    The vote is prepared VDNKh and the Active Citizen project. The results can be found on the website or in the project’s mobile application.

    Project “Active Citizen” has been operating since 2014. During this time, more than seven million people have joined it, and over 6.7 thousand votes have been held. Every month, 30–40 decisions made by Muscovites are implemented in the city. The project is being developed Department of Information Technology of the City of Moscow and the State Institution “New Management Technologies”.

    The use of digital technologies and artificial intelligence to improve the quality of life of city residents corresponds to the objectives of the national program “Digital Economy of the Russian Federation” and the regional project of the capital “Digital Public Administration”. More information about this and other national projects implemented in Moscow can be found Here.

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

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

    https://vvv.mos.ru/nevs/item/145915073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Renovation program: phased resettlement of almost 900 residents of old houses begins in Kryukov

    Translation. Region: Russian Federation –

    Source: Moscow Government – Government of Moscow –

    In the Kryukovo district, a phased resettlement of 860 residents of four old houses to a new building on Zavodskaya Street is beginning. This was announced by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

    “The new building is located at the address: Zavodskaya Street, Building 14, Buildings 1 and 2. It was erected on the site of four old buildings that were resettled and dismantled. 860 residents of the Kryukovo district are starting to move to the new residential complex. In total, 34 houses are to be resettled under the renovation program in Zelenograd, and more than seven thousand residents of the district will receive modern apartments,” said Vladimir Efimov.

    The first stage of the renovation program in the district has come to an end. The resettlement of city residents has been completed ahead of schedule.

    “The completion of the new building on Zavodskaya Street has made it possible to speed up the resettlement of residents of buildings included in the second stage of the renovation program. The building is designed for 477 apartments. For the convenience of Muscovites, entrance groups were made on both sides. You can exit both into the inner courtyard space with a playground, and into the outer part of the courtyard with guest parking for cars,” added the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy Vladislav Ovchinsky.

    The first to be resettled are residents of old buildings located at the following addresses: Zavodskaya Street, Buildings 4 and 6. According to the Minister of the Moscow Government, Head of the Moscow Department of City Property Maxim Gaman, letters offering equivalent apartments to 280 Muscovites were sent on October 30. City residents will be able to inspect the new housing starting the next day. Another 580 residents of two buildings at the addresses: Zavodskaya Street, Building 2 and 1 Maya Street, Building 4 will begin inspecting apartments on November 6 and 12, respectively. Specialists from the City Property Department will send them notifications with offers the day before — November 5 and 11.

    On the first floor of the new building, a public information center will be open from October 31, where you can get free consultations on resettlement issues.

    To all participants renovation programs The city offers spacious apartments with improved finishing, plumbing, electric stoves and lighting fixtures. The entrances are level with the ground. Thanks to this, parents with strollers and residents with limited mobility can get into the entrance without assistance. Children’s and sports grounds are arranged in the courtyards.

    Previously Sergei Sobyanin reported, that since the beginning of the year, 23 new buildings have been commissioned under the renovation program and 44 residential complexes have been handed over for occupancy.

    Renovation program housing was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the resettlement of over 47 thousand people was ensured. The Mayor of Moscow has instructed to double the pace of implementation of the renovation program.

    Moscow is one of the leaders among regions in terms of construction rates and volumes. In recent years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential properties in the capital has doubled – from three to five to seven million square meters per year. More information about national projects being implemented in Moscow can be found Here.

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

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

    http://vvv.mos.ru/nevs/item/145937073/

    MIL OSI Russia News –