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  • MIL-OSI Translation: ASIA/LAOS – ASEAN Proposal: An International Conference to Restart Dialogue in Myanmar

    MIL OSI Translation. Region: Italy –

    Source: The Holy See in Italian

    Vientiane (Agenzia Fides) – Reactivating dialogue to aim for a solution to the political crisis in Myanmar and a realistic peace: this is the objective of the international conference that Laos, current president of the “Association of Southeast Asian Nations” (ASEAN) – of which Myanmar is a member – has proposed to organize and host. This is a step to address the crisis and civil conflict that is upsetting Myanmar after the military coup of 2021, which is also having effects on neighboring nations, on a social and economic level but also for the flow of refugees. The conference would be organized by the ASEAN “troika”, composed of Indonesia, Laos and Malaysia, established in September 2023 to continue diplomatic efforts. The announcement was made by Lao Foreign Minister Saleumxay Kommasith at the ASEAN Foreign Ministers’ Meeting in Vientiane on October 3, without specifying the date when the conference would be held. In the aftermath of the coup in 2021, ASEAN leaders issued a “five-point plan” on the situation in Myanmar, calling for: an immediate end to violence; the initiation of constructive dialogue to seek a peaceful solution; the appointment and hosting of an ASEAN special envoy to facilitate the mediation of the dialogue process; the possibility for ASEAN to provide humanitarian assistance; and frequent visits by the ASEAN special invitee to Myanmar to meet with all relevant parties. Some ASEAN member states have not recognised the military government in Myanmar, and Myanmar’s prime minister and foreign minister have been barred from ASEAN summits and ASEAN foreign ministers’ meetings since 2022. “There is no progress in implementing the ASEAN five-point plan. Therefore, Myanmar’s participation in ASEAN foreign ministers’ meetings and summits remains at a non-political level,” said Indonesian Foreign Minister Retno Marsudi. Marsudi said both the military and the resistance forces have refused to participate in the dialogue, a key plank of ASEAN’s proposal: The exiled “National Unity Government” (NUG), formed by a group of lawmakers ousted in the coup, has said it will engage in dialogue with the military only if it stops all violence, releases all political prisoners and agrees to form a federal democratic union. The ruling military junta said on August 22 that it will only consider dialogue if the People’s Defense Force (PDF) – the resistance militias formed after the coup – renounce violence and attacks against the military. After the stalemate lasted for about two years, without any significant progress, in early 2024 – when Laos took over the rotating presidency of ASEAN – the Burmese junta began sending a non-political representative to attend the organization’s summits. Now, with the proposal of the international conference, something is moving again on the level of regional diplomacy. Particular commitment is recorded by the Indonesian Foreign Ministry, which is organizing informal sessions of talks on the civil war in Myanmar in Jakarta, involving representatives of Indonesia, ASEAN, the European Union and the United Nations. Furthermore, after the resistant forces of the “Brotherhood Alliance” took control of the Burmese region bordering China, Beijing – interested in trade and stability in the area – has also become more involved, mediating a ceasefire between the Alliance and the Burmese military government, hoping for “maximum moderation”. (PA) (Agenzia Fides 4/10/2024) Share:

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and/or sentence structure not be perfect.

    MIL Translation OSI

  • MIL-OSI Security: IAEA to Conduct Second Extensive Sampling of Marine Environment Near Fukushima Daiichi Since Start of Treated Water Release

    Source: International Atomic Energy Agency – IAEA

    A team of scientists from the International Atomic Energy Agency (IAEA) will return to Japan next week to conduct marine sampling near the Fukushima Daiichi Nuclear Power Station (FDNPS). This mission is part of the Agency’s extensive monitoring and assessment activities that support its ongoing safety review of the ALPS treated water discharges.

    The IAEA conducts interlaboratory comparisons (ILCs) based on marine environment samples to verify the radiological data used by Japan in planning and implementing the water discharges. The ILCs also facilitate assessments of the application of relevant international safety standards in establishing and implementing monitoring programmes to accurately evaluate public exposure by Tokyo Electric Power Company (TEPCO) – operator of the plant – and the Government of Japan.

    From 7 to 18 October, the IAEA team will observe the collection of seawater, marine sediment, fish and seaweed samples from coastal waters in the vicinity of the FDNPS. The mission will also include sampling at a local fish market and monitoring the preparation of samples for delivery to participating laboratories.

    International experts from the Third Institute of Oceanography, China, the Korea Institute of Nuclear Safety, and the Spiez Laboratory, Switzerland—all members of the IAEA’s Analytical Laboratories for the Measurement of Environmental Radioactivity (ALMERA) network – will participate in the mission to provide independent corroboration of Japan’s environmental monitoring capabilities.

    After collection, the samples will be sent to all participating laboratories for analysis for a range of radionuclides. The results of analyses from the IAEA Laboratories in Monaco and Vienna, the ALMERA member laboratories as well as the participating Japanese laboratories, will be submitted to the IAEA for evaluation, with a focus on identifying any statistically significant differences.

    The results of the analyses of the samples can also be compared with those from previous ILCs to assess any changes in radionuclide levels in the marine environment since the discharge of ALPS-treated water began in August last year.

    The findings will be publicly released to ensure transparency by September 2025.

    This mission is part of the IAEA’s extensive monitoring and assessment activities for the safety review of ALPS-treated water. In the series of ILCs, the Agency has already published several reports evaluating TEPCO’s capabilities for accurately measuring the radionuclides in the treated water stored on site, and another analyzing radionuclides in seawater, sediment, fish, and seaweed samples collected in November 2022.

    Additionally, IAEA experts stationed at the Agency’s office at FDNPS conduct regular independent on-site analyses of the batches of treated water. In September this year, the Agency confirmed that the tritium level in the ninth batch of ALPS treated water was far below Japan’s operational limit. The IAEA has earlier confirmed that the tritium concentrations in the previous eight batches, totalling approximately 64 500 cubic meters of water, were also far below operational limits.

    Next week’s mission will also provide samples for the Agency’s ILC project initiated in 2014 to support the quality assurance of broader marine environmental monitoring by Japanese laboratories. The results for this segment of the work will be released in June 2025.

    MIL Security OSI –

  • MIL-OSI Asia-Pac: InnoCarnival 2024 to run from October 26 to November 3 (with photos)

    Source: Hong Kong Government special administrative region

    InnoCarnival 2024 to run from October 26 to November 3 (with photos)
    InnoCarnival 2024 to run from October 26 to November 3 (with photos)
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         Organised by the Innovation and Technology Commission (ITC), the InnoCarnival 2024 (IC 2024) will be held from October 26 to November 3 at the Hong Kong Science Park with the theme of “Let’s Sail with Innovation and Technology”. The event is receiving support from over 75 programme partners, including local universities, research and development centres, government departments and other organisations. Through an array of interesting activities, it aims to promote innovation and technology (I&T) culture. IC 2024 is also one of the Special 75 events and Highlight Events of the 75th anniversary of the founding of the People’s Republic of China.           Speaking at the media preview for IC 2024 today (October 4), the Commissioner for Innovation and Technology, Mr Ivan Lee, said that the Commission has been committed to driving the I&T development of Hong Kong and raising the awareness of I&T culture in the community. He believed that the Carnival was an annual flagship event which could foster popularity of science culture, nurture the young generation’s interest in I&T, and attract more I&T talent in the long run.            The media preview exhibited the research and development (R&D) projects of several participating teams. Project team representatives presented their inspirational ideas, R&D processes, features and functions, and project applications. These projects include the “Flexible Exoskeleton for Load Transportation”, developed by the Chinese University of Hong Kong which provides personalised assistance to the wearer when moving heavy objects to reduce back strain and muscle activity, minimising the risk of lower back pain while maximising comfort and safety; as well as the “Dye Removal from Denim Textile Wastewater by a Combinative Adsorption and Regeneration System” developed by the Hong Kong Research Institute of Textiles and Apparel (HKRITA), which is an environmental-friendly and cost-effective indigo dye treatment method using alumina-based adsorbents as efficient dye-adsorbent materials to remove indigo dye from textile wastewater.           In addition, representatives of Carmel Divine Grace Foundation Secondary School, introduced their anti-phone scam invention for seniors, “ElderDefender”. Equipped with speech recognition technology, the device would make use of artificial intelligence and big data technology to scan phone message to reduce phone scams by issuing a visual alert. This invention earned awards in the Hong Kong Student Science Competition organised by the Hong Kong Federation of Youth Groups, as well as the Second City I&T Grand Challenge organised by the ITC together with the Hong Kong Science and Technology Parks Corporation.           Exhibition booths will be set up at the Hong Kong Science Park to showcase local I&T achievements, some of them with interactive games. Moreover, a diverse line-up of about 150 workshops and webinars across various subjects including artificial intelligence and energy conservation will be available during the carnival.            Prototypes of some of the winning I&T solutions of the Second City I&T Grand Challenge will also be displayed for trial in the IC 2024. To promote an I&T culture and enhance the application of I&T in the community, the second City I&T Grand Challenge was launched in March this year under the theme of “Hong Kong’s Got I&T”. It invited submissions from different sectors of the community to develop I&T solutions focusing on two subjects, namely “I&T for Nature (Yama)” (improving the operation and management of country parks and campsites, and enhancing hikers’ experiences in nature) and “I&T for Community (Community Wellness)” (enhancing support for carers). After rounds of assessment and pitching, over 50 awards under the four categories, which were the Primary School Group, the Secondary School Group, the University/Tertiary Institute Group and the Open Group, were presented at the Grand Pitch in August this year.           All IC 2024 activities are free of charge. Some of the activities require preregistration. Details are available at the thematic webpage (innocarnival.hk). Members of the public are most welcome to join.

     
    Ends/Friday, October 4, 2024Issued at HKT 17:35

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    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: OSCE donates IT equipment to Gender Sensitive Police Units under Tajikistan’s Ministry of Internal Affairs

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE donates IT equipment to Gender Sensitive Police Units under Tajikistan’s Ministry of Internal Affairs

    Amy Sevimli, Head of the Human Dimension Department at the OSCE Programme Office in Dushanbe (centre-left) and Barotali Homidzoda, Head of the Public Order Protection Department (centre-right) at the donation ceremony of IT and office equipment, Dushanbe, 4 October 2024. (OSCE/Inomullo Mirboboev) Photo details

    On 4 October 2024, the OSCE Programme Office in Dushanbe donated a set of IT and office equipment to the Public Order Department and the Gender Sensitive Police Units under the Ministry of Internal Affairs of Tajikistan.
    The donated technical equipment will support the Government of Tajikistan in its efforts to prevent and combat domestic violence in the country. In particular, it will support the work of the Gender Sensitive Police Units, 14 of which have been established with the support of the Office, to timely identify domestic violence cases, provide effective protection to and refer the survivors to appropriate support services, while considering and prioritizing their needs.
    The event is part of the Office’s support for Tajik law enforcement authorities to respond to domestic violence through a victim-centered approach, and aligns with Tajikistan’s OSCE commitments to prevent and combat violence against women, including domestic violence.

    MIL OSI Europe News –

  • MIL-OSI Russia: San Marino: Staff Concluding Statement of the 2024 Article IV Mission

    Source: IMF – News in Russian

    October 4, 2024

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC – October 4, 2024:

    San Marino’s economy remains resilient, supported by a more diversified growth model with manufacturing and the nonfinancial service exporting sectors as key drivers. Prudent fiscal policy and access to international capital markets helped weather the pandemic and energy crises. However, additional fiscal consolidation is warranted given the still high debt level and contingent liabilities from the financial sector. Notwithstanding important progress in resolving legacy issues, further efforts are needed to improve asset quality and strengthen banks’ capitalization and profitability. With the recently negotiated European Union (EU) association agreement, San Marino has a unique opportunity to accelerate much-needed public and financial sector reforms and to further the integration with the EU’s single market to boost confidence in the economy and lift potential growth.

    San Marino’s economic growth remained positive despite adverse external shocks, including a regional slowdown and higher interest rates. After an exceptionally strong post-pandemic recovery in 2021-22, growth slowed in 2023 to 0.4 percent following a decline in external demand. Manufacturing, which has been operating at high levels, has decelerated as export orders declined, in part due to the phase-out of fiscal incentives in Italy and a related slowdown in the construction sector. The strong service sector performance, benefiting from the tourism boom and healthy domestic demand, kept employment growing at a robust pace.

    Growth is projected to edge up in 2024, strengthening further in 2025, as external demand improves. Stronger consumption on the back of rising real wages and higher investment, facilitated by easing financial conditions, will support domestic and external demand next year. However, there are risks ahead. Downside risks are related to the weakening of external demand while remaining vulnerabilities in the financial sector constitute one of the key domestic risks. The underlying strength of the manufacturing sector, the healthy private sector balance sheets, and prompt implementation of the EU association agreement constitute upside risks to the baseline.

    The fiscal position was stronger than expectedlast year but further efforts are needed to ensure sustainability.The government has saved the cyclical tax revenues, kept expenditures in check and primary balance stable in 2023. However, moderate government spending pressures arose in 2024 ―as real spending compression reached its limits and the cost of interest subsidies for the private sector expanded. The public debt-to-GDP ratio continued declining, but its level remains high.

    Additionalfiscal consolidation is needed to mitigate financing risks, build fiscal buffers, and reduce the debt-to-GDP ratio below 60 percent.San Marino is an euroized small open economy with a vulnerable financial sector and limited fiscal buffers. The government’s goal of reducing public debt below 60 percent of GDP over the medium term is an important anchor to guide fiscal policy. To achieve this target a moderate additional fiscal effort totaling 1 percent of GDP over the next three years is recommended through:

    • Designing and implementing a tax reform package introducing a value-added tax (VAT) and broadening the income tax base. With a low tax-to-GDP ratio, introducing a VAT in San Marino can simultaneously enhance fiscal revenues and tax efficiency while minimizing related distortions, increasing fairness and progressivity, and aligning indirect tax procedures with international standards, benefitting the ease of exports. Redesigning tax rebates to avoid overlaps with other exemptions—such as San Marino Card (SMaC) discounts and income tax deductions—can further rationalize the system. The authorities should leverage the technology used for the SMaC in combination with electronic invoicing to mitigate tax avoidance in the new VAT system. Equallyimportant, income tax revenues can be significantly enhanced by rationalizing income tax deductions.
    • Improving the efficiency of public spending.San Marino should shift from real expenditure compression across all spending areas to prioritizing consolidation of spending with low social return. In this context, it will be important to review transfers to the private sector―including interest subsidy programs―to ensure that transfers are more targeted. Reviewing extra-budgetary funds is also needed to rationalize spending. Large investment plans require sound prioritization based on rigorous cost-benefit analyses.
    • Keeping public wages and pensions growth in check. Moderate public wage and pension growth was key to improving the primary balance. Looking forward, given the limited fiscal space, it is critical to avoid public wage and pension growth above domestic inflation.

    Long-term demographic challenges will require additional parametric pension recalibration. The 2022 pension reform has increased contributions, delaying the depletion of the pension fund for a decade. However, ensuring the long-term sustainability of the pension system will require further parametric calibrations to address generous benefits. In addition, there is a need to continue the gradual diversification of the investments of the pension fund towards international markets to mitigate concentration of risks and increase returns.

    The debt management strategy needs strengthening to minimize refinancing risks. The recently published fiscal strategy marks an important advancement in the predictability of fiscal policy and communication with investors, but further efforts are needed to upgrade San Marino’s debt management capacity, including more autonomy to implement the financing plan approved in the budget. To smooth the debt amortization of the Eurobond in 2027, the authorities should consider liability management operations, including smaller international issuances with longer maturities.

    Banks’ liquidity and reported profits improved in 2023, but declining interest margins, high personnel costs, and remaining legacy non-performing loans (NPLs) pose risks going forward. Higher interest rates last year have improved banks’ cyclical profits without deteriorating the quality of loan portfolios, but structural profitability remains low. The safeguarding of profits to increase capital, as requested by the Central Bank, is welcome. However, with limited income-generating assets, high operating costs, and tight reported capitalization in some banks, the financial sector remains vulnerable.

    A speedy adjustment of banks’ costs is a priority to improve long-term viability and capital positions. Most banks’ profitability remains significantly lower than regional peers. The continuing reduction of income-generating assets in recent years has not been followed by a scale-down of banking sector employment. San Marino’s banking system also has the largest number of branches per capita in Europe. With the EU association agreement, the opening of the banking sector will bring new opportunities, but San Marino banks need to improve efficiency to be competitive.

    Important progress has been made in implementing the authorities’ strategy to reduce nonperforming loans (NPLs) through an Asset Management Company (AMC) and calendar provisioning. The write-off of a large NPL position and AMC securitization have reduced the NPL ratio from 53 to 21 percent. The asset recovery of the AMC has progressed better than expected, with the principal of state-guaranteed senior securities declining from 70 to 44½ million euros in the first half of 2024. Meanwhile, calendar provisioning has prompted banks to expedite the recovery and write-offs of NPLs. However, it will be important to improve dissemination of the information about the AMC asset recovery to anticipate and address any bottlenecks. The risk weights for junior securities should be increased faster to reflect the difference between the net book value and the real economic value of NPLs on banks’ balance sheets. Any undercapitalization that could arise from the securitization process and the implementation of calendar provisioning should be promptly addressed with credible capitalization plans. To strengthen CBSM supervisory powers and to help attract external capital, legal limits on banks’ shareholding structure should be lifted.

    The bank resolution framework needs to be updated to widen burden-sharing. The bank resolution law should be updated to gradually complete the alignment with EU standards. The process needs to be coordinated with addressing existing issues in the banking system.

    San Marino should continue to make progress to strengthen its AML/CFT framework. The domestic legal framework was amended in 2023 to incorporate the 5th EU AML Directive and improve technical compliance with the FATF standards. This resulted in an upgrade by MONEYVAL on technical compliance for AML/CFT sanctions regime. The National ML/TF Risk Assessment will be updated next year. San Marino should continue working to enhance the adequacy, accuracy, and up-to-dateness of its central beneficial ownership registry.

    The EU association agreement sets an ambitious financial sector reform agenda. The agreement requires the central bank of San Marino (CBSM) to complete the alignment of the regulatory framework with the EU. To that end, the CBSM will need additional staff and financial resources. The CBSM financial position should be strengthened to safeguard its independence and support financial sector stability through an effective lender of last resort capacity. To comply with EU standards, legacy issues should be addressed, including through a gradual conversion of the perpetual bond owned by the state-owned bank into liquid instruments. Overall, while the banking sector has 15 years to meet the requirements, earlier implementation, as envisaged by the authorities, will boost confidence.

    The conclusion of the EU association negotiations signals strong commitment to deeper integration with the EU and could lift potential growth by accelerating structural reforms. The successful implementation of the agreement is a priority and will support the competitiveness of the manufacturing sector and help consolidate gains in tourism. The authorities should ensure sufficient resources and staff are available to support implementation without undermining the fiscal consolidation path. In addition, further labor market flexibility is needed to improve labor reallocation, including in the banking sector. Real estate market reforms to facilitate price and market information dissemination and foreign ownership, will be key to support NPL resolution. Finaly, the authorities should foster energy safety and green transition, including by allowing households to sell back excess solar generated electricity.

    The mission would like to thank the authorities and other counterparts for their warm hospitality as well as candid and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Boris Balabanov

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/04/cs-san-marino-2024

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: Measuring Jersey’s economy: GDP and GVA 202304 October 2024 ​​The latest report presenting estimates of the size and performance of Jersey’s economy in 2023 has been published today by Statistics Jersey. The report presents estimates of the size and performance… Read more

    Source: Channel Islands – Jersey

    04 October 2024

    ​​The latest report presenting estimates of the size and performance of Jersey’s economy in 2023 has been published today by Statistics Jersey.

    The report presents estimates of the size and performance of Jersey’s economy, measured according to an internationally agreed framework. Estimates are provided for calendar year 2023 as well as historical data.

    ​Summary – in 2023

    Gross Domestic Product (GDP)

    • GDP increased by 7.3% in real terms compared with 2022.
    • GDP was £6,575 million.
    • GDP per head of population increased in real terms by 7.0% compared with 2022.
    • GDP per head of population was £63,500.
    • The increases in both GDP and GDP per head of population were above the previous 10-year average.

    Sectoral breakdown – Gross Value Added (GVA) 

    • The annual increase in overall GDP was driven by the financial and insurance activities sector, particularly as a result of increased net interest income in the monetary intermediation (banking) sub-sector.
    • The largest percentage increase in GVA was observed in the financial and insurance activities sector which increased in real terms by 19.4% in 2023. 
    • Excluding the financial and insurance activities sector, the GVA for the rest of the economy increased in real terms by 0.4%.

    Labour productivity

    • Productivity, measured as GVA per full-time equivalent (FTE) worker increased by 8.8% in real terms in 2023.
    • This annual increase was again driven by increased profits in the financial and insurance activities sector which recorded a real-term increase in productivity of 19.8%.

    MIL OSI United Kingdom –

  • MIL-OSI Europe: OSCE donates specialized vehicles and equipment to strengthen Moldovan Border Police

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE donates specialized vehicles and equipment to strengthen Moldovan Border Police

    Donation ceremony of specialized vehicles, analytical software and doculus lumus magnifiers, Chisinau, Moldova, 3 October 2024. (OSCE) Photo details

    The OSCE provided specialized vehicles and equipment to the General Inspectorate of Border Police during a ceremony held on 3 October 2024 in Chisinau, Moldova. This was done in support of Moldova’s efforts in preventing and addressing transnational organized crime.
    The donation includes three K9 specialized vehicles, software, and Doculus Lumus magnifiers, used to check identification documents. These items will improve the Moldovan Border Police’s rapid response capabilities, identify advanced threat and risk analysis, and aid in the detection of forged documents at border crossing points.
    “I am positive that the OSCE donation of specialized vehicles for the K9 Unit, software tools for the Risk Analysis Department, and magnifiers for first-line border officers will further support the Moldovan Border Police in effectively identifying and mitigating threats at the border,” said Izabela Sylwia Hartmann, Deputy Head of the OSCE Mission to Moldova.
    “The specialized vehicles and equipment will enable the Border Police to transport police service dogs efficiently and enhance their capacity to detect and prevent cross-border crimes,” said Siv-Katrine Leirtroe, Head of the Border Security and Management Unit of the OSCE Transnational Threats Department. “Despite increasing challenges, the Moldovan Border Police has demonstrated commendable resilience and unwavering commitment, and we are here to support them in enhancing their operational capabilities.”
    “This donation represents a significant contribution to enhancing our operational capabilities to safeguard the borders of the Republic of Moldova,” said Diana Salcuțan, Deputy Head of the General Inspectorate of Border Police. “We highly appreciate the OSCE’s support in strengthening our ability to combat cross-border crimes and ensure the security and stability of our country and the wider region.”
    As part of its ongoing efforts, the OSCE will facilitate a study visit for the K9 Unit of the Moldovan Border Police to France in November 2024. Training cycles on detecting forged documents with a five-day train-the-trainers courses will also continue in January 2025.
    These assets were donated as part of the “Support to the Law Enforcement Agencies in Moldova in Response to the Security Challenges in the Region” and the “Increasing Operational Awareness of Border Security and Management Officers to Detected Forged Documents and Impostors at border crossing points of the OSCE participating States and Partners for Co-operation” projects. These assets were funded through extra-budgetary assistance from the United States of America.

    MIL OSI Europe News –

  • MIL-OSI Africa: Deputy President confident his working visit will attract international investors

    Source: South Africa News Agency

    Deputy President Paul Mashatile says he is confident that his working visit to the United Kingdom and Ireland will improve trade and investment relations, which have been stagnant for years. 

    The Deputy President spoke during an engagement with the South African Chamber of Commerce (SACC) in London on Thursday. The SACC is an umbrella organisation and conduit for trade, community and investment into and out of South Africa.

    The country’s second-in-command is in the United Kingdom for the second leg of his working visit to improve trade and investment relations between the nations and to woo investors following his travels to Ireland. 

    READ | SA, Ireland eye improved trade

    His interactions were centred on various issues, including the Government of National Unity (GNU), energy, infrastructure, and the measures to foster a favourable environment for trade and investment.

    The country’s second-in-command reiterated that the political environment in South Africa is stable for investment because of the newly established GNU, which has been operational for less than 100 days and is already yielding results.

    “Our numerous meetings with potential investors have revealed a shift in their attitudes and perceptions towards South Africa, indicating an optimistic outlook. 

    “Our alliance, based not on personal sentiments but on the aspiration to enhance South Africa and, consequently, the lives of our citizens, will undoubtedly sustain the GNU administration for five years.” 

    However, he said they will measure the GNU’s success based on the number of employment and entrepreneurs they assist in establishing sustainable enterprises.

    “Businesses hope to continue working with the government in the public-private partnership that has reduced load shedding, improved transport and logistics infrastructure, and strengthened national capacity to combat crime and corruption,” the Deputy President said. 

    Shifting his focus to energy, he stated that investors have demonstrated that ending the load shedding that began in 2007 is the most positive news. 

    “They confirmed that it allows them to conduct business without uncertainty. The elimination of power outages was largely due to a series of measures implemented by the State-owned power utility, Eskom and government over the past two years.”

    He also told the SACC that government was addressing the obstacles in the freight logistics system that continue to impede competitiveness and undermine economic growth. 

    “We are on a mission to create and sustain a bankable investment pipeline of priority, credible, quality and high-impact projects that span the country through Infrastructure South Africa, the primary driver of the National Infrastructure Plan 2050,” he explained. 

    Mashatile believes that the SACC plays an essential role in engaging with businesses to promote bilateral trade and investment links between the United Kingdom and South Africa. 

    “It is our responsibility as leaders in our respective regions to foster an atmosphere that encourages entrepreneurship, fosters innovation, and drives inclusive growth.”

    In addition, he expressed his desire to increase South Africa’s exports of valuable goods and services to the United Kingdom. 

    “It is excellent that the two countries already exchange food and beverages. It is critical that we collaborate to create strategies to accelerate international trade and investment.”

    Mashatile announced that the State was simplifying regulatory procedures through the Red Tape Task Team, making it easier for businesses to operate and invest locally.

    READ | Govt determined to deal with SA’s mounting challenges – Mashatile

    He concluded his address with South Africa’s stance on peace and stability in Africa and globally, stressing that the nation is anti-war and pro-peace. 

    “We reaffirm our commitment to the inviolability of sovereignty and the importance of national security.

    “More immediately, we support [silencing the guns]. We want to see peaceful and mutual coexistence between Russia, Ukraine, Israel, Sudan, and the rest of the globe, because war is terrible for business.” – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Banking: ASEAN convenes 45th ASEAN Senior Officials Meeting on Drug Matters and Related Meetings

    Source: ASEAN – Association of SouthEast Asian Nations

    The 45th ASEAN Senior Officials Meeting on Drug Matters (ASOD) and Its Related Meetings, which included six ASOD + Dialogue Partner(s) Consultations, namely with Australia, India, Japan, the Republic of Korea (ROK), Russia and Plus Three, were held via videoconference on 3-4 October 2024. The Meetings were attended by the ASOD Leaders of all ASEAN Member States, Dialogue Partners and the Deputy Secretary-General of ASEAN for ASEAN Political-Security Community. Timor-Leste attended as Observer. The Meetings were preceded by meetings of the five ASOD Working Groups (WG), namely on Preventive Education, Treatment and Rehabilitation, Law Enforcement, Research and Alternative Development, that were held on 2 October 2024. The series of meetings discussed, among others, the latest drug situation, emerging trends, best practices and potential cooperation against illicit drugs in the region.

    The post ASEAN convenes 45th ASEAN Senior Officials Meeting on Drug Matters and Related Meetings appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Africa: Ex-Steinhoff CFO convicted and sentenced

    Source: South Africa News Agency

    Ex-Steinhoff CFO convicted and sentenced

    Former Chief Financial Officer of Steinhoff, Andries Benjamin La Grange, has been sentenced to 10 years imprisonment, of which five years are suspended, for his role in the scandal that brought the multinational company to its eventual liquidation.

    The sentence – meted out in the Pretoria Specialised Commercial Crimes Court – comes after La Grange entered a plea and sentence agreement in which he will give evidence for the state against other alleged actors in further related criminal proceedings.

    “La Grange entered into a plea and sentence agreement…for one count of fraud of over R367 million, emanating from the manipulation of financial statements and failure to report fraudulent activities. He was convicted as such,” a joint statement by the National Prosecuting Authority (NPA) and the Directorate for Priority Crime Investigation (DPCI) read.

    The joint statement explained La Grange’s role in the matter.

    “From November to December 2016, the then Chief Executive Officer, Markus Johannes Jooste, who is now deceased, and La Grange defrauded a Steinhoff subsidiary, Steinhoff At Work, the board of directors of Steinhoff Manufacturing and Steinhoff South Africa of an amount of over R367 million.

    “On the instruction of Jooste, La Grange created documentation of transactions that supported the fraudulent transactions used to inflate and falsify the annual financial statements of the Steinhoff Group for the financial year 2016. 

    “After investigations by the Johannesburg Stock Exchange (JSE) La Grange was fined R2 million for the role he played in the Steinhoff At Work transactions and barred from holding office in a public company for 10 years,” the joint statement said.

    La Grange’s conviction and sentencing also comes after the NPA secured its first conviction, sentence and confiscation order related to the case.

    “Securing a second conviction and sentence in the Steinhoff matter in just a week is a reflection that even though the wheels of justice turn slowly, impunity no longer prevails, and those accused of complex commercial crime now know that it is a matter of when the dreaded knock on their door comes. 

    “This shows the commitment by both DPCI and NPA in dealing with one of the biggest cases of corporate fraud in the history of South Africa. This case has been one of the most complex commercial crime cases that the DPCI and the NPA have had to deal with. 

    “At a point when a significant breakthrough was made to enrol the case earlier this year, the main accused, ex-CEO of Steinhoff Markus Jooste took his life on the eve of his arrest, thus escaping the hands of justice when it mattered the most,” the statement concluded.

    READ | NPA scores Steinhoff victory

    Last week, the NPA secured its first conviction, sentence and confiscation order related to the Steinhoff case.

    This after the Specialised Commercial Crimes Court in Pretoria sentenced former Steinhoff physician, Dr Gerhardus Burger, to some five years imprisonment – wholly suspended for five years, if he is not found guilty of contravention of section 78(2) of the Financial Markets Act within that period.  – SAnews.gov.za

     

    NeoB

    MIL OSI Africa –

  • MIL-OSI Africa: SA a trusted partner in delivering global business services

    Source: South Africa News Agency

    SA a trusted partner in delivering global business services

    South Africa is a trusted partner in delivering key global business services such as financial risk, regulatory support and digital services to United Kingdom investors, says Deputy Minister of Trade, Industry and Competition Andrew Whitfield.

    The Deputy Minister delivered the keynote address during the South Africa-UK roundtable on Global Business Services (GBS) in London. The session was hosted by Business Process Enabling South Africa in London. 

    “With a highly skilled, English-speaking workforce, South Africa has positioned itself as a go-to hub for outsourcing services ranging from legal support to digital transformation. 

    “South Africa’s competitive advantage in offering cutting-edge solutions at a fraction of the cost, saving companies up to 50% compared to other outsourcing destinations puts our country in good stead,” Whitfield explained.

    According to the Department of Trade, Industry and Competition, the roundtable formed part of a high-level mission to the United Kingdom (UK) which is being led by Deputy President Paul Mashatile. The visit is focused on promoting South Africa as a premier investment destination.

    READ | UK investors encouraged to establish their business operations in SA

    Whitfield highlighted that the South African global business services (GBS) sector has evolved from traditional call centre services into providing high-value, complex services that meet the needs of global investors.

    He added that the UK remained South Africa’s largest source market for GBS, accounting for over 56 000 jobs and generating £650 million in revenue through partnerships with leading UK firms such as British Gas, Scottish Power, and Virgin Atlantic.

    Whitfield emphasised that since the introduction of the GBS incentive, more than 50 global companies have established operations in South Africa, generating R40 billion in export revenue. 

    The primary objective of the incentive which became effective from 1 January 2019, is to create employment in South Africa through servicing offshore activities. The secondary objectives of the programme are to:
    – Create employment opportunities for the youth (age 18-34 years); and
    – Contribute to the country’s export revenue from offshoring services.

    Growth 

    He added that the workforce has grown significantly, from 26 700 jobs in 2015 to over 104 000 today. 

    In addition, the GBS Masterplan is playing an important role in this growth shifting the focus from low-cost call centres to more sophisticated, high-value services, such as data analytics, financial services, and digital risk management.

    “Our GBS sector offers far more than cost savings; it delivers quality outcomes with proven resilience. South Africa has shown an exceptional ability to adapt, including the successful implementation of flexible work-from-home models. 

    “Additionally, we have not experienced any electricity outages for over 190 days, which is a critical factor for global businesses seeking reliable operations,” said the Deputy Minister.

    Looking ahead, Whitfield said the GBS Masterplan envisions creating up to 500 000 cumulative jobs by 2030, through continued expansion and new investments. 

    The Global Business Services Masterplan was signed by the department and stakeholders on 18 November 2021.

    The Masterplan process brings together government, industry, social partners and labour to set a common vision and action agenda for developing and growing the sector.

    “We will work tirelessly with all stakeholders to realise this high-growth scenario, particularly as global businesses increasingly look to South Africa as a destination for innovative digital services and niche sector solutions.”

    Furthermore, he urged UK businesses to explore the lucrative opportunities in South Africa’s GBS sector.

    “Our value proposition is clear, quality services, major cost savings, and a stable environment. We invite British investors to take advantage of the opportunities our dynamic sector offers and contribute to its continued growth.

    “Ultimately, this is a key sector to realising the Government of National Unity’s apex priority to rapid economic growth and job creation,” he said.

    The Deputy Minister was pleased with the positive engagements and sentiment from GBS companies present, who have a healthy pipeline to expand their operations in South Africa in the next 12 months. –SAnews.gov.za

     

    Edwin

    MIL OSI Africa –

  • MIL-OSI United Nations: New UN regulation paves way for deployment of driving assistance systems worldwide

    Source: United Nations Economic Commission for Europe

    A new United Nations Regulation on Driver Control Assistance Systems (DCAS), adopted by the UNECE World Forum for the Harmonization of Vehicle Regulations (WP.29) at its session in March 2024, has entered into force. 

    Regulation No. 171 defines DCAS as systems which assist the driver in controlling the longitudinal and lateral motion of the vehicle on a sustained basis, while not taking over the entire driving task.  DCAS are categorized as Automated Driving Systems corresponding to SAE Level 2. This means that while using such systems, the driver retains responsibility for the control of the vehicle and must therefore permanently monitor the surroundings as well as vehicle/system’s performance to be able to intervene if needed.   

    Regulation No. 171, which entered into force on 30 September, specifies DCAS’ safety and performance requirements. In order to ensure that drivers remain available and engaged, it mandates effective warning strategies if a lack of driver engagement is detected. 

    To address drivers’ potential overreliance on some assistance systems, it also requires vehicle manufacturers to proactively communicate to users via all available means, including online, in advertising and at dealerships when purchasing a vehicle, about the limitations of DCAS and drivers’ responsibility when using the systems. 

    François Roudier, Secretary General of the International Organization of Motor Vehicle Manufacturers (OICA), commented: “This new regulation on DCAS gives Automobile Manufacturers the necessary flexibility to propose enhanced Level 2 assisting systems to motorists worldwide. Increased assistance will go hand-in-hand with improved safety on the road, to the benefit of users, manufacturers and certification authorities alike.”  

    Richard Damm, Chair of the WP.29 Working Party on Automated/Autonomous and Connected Vehicles (GRVA), said: “This new UN Regulation on DCAS is an important step for road traffic safety and the deployment of safe technologies assisting drivers. It ensures significantly improved driver monitoring in the use of assistance systems compared to current regulatory provisions, enhancing the involvement of the driver in the driving task. It will thus pave the way towards higher automation levels in the future.” 
     

    Note to editors 

    About autonomous driving at the World Forum for Harmonization of Vehicle Regulations   

    The World Forum for Harmonization of Vehicle Regulations, hosted by UNECE, is the intergovernmental platform responsible for the regulatory frameworks regarding the safety and environmental performance of vehicles, their subsystems and parts.    

    Its dedicated Working Party on Automated/Autonomous and Connected Vehicles (GRVA) brings together countries including the EU, USA, China, Japan and Canada to develop internationally harmonized regulations, resolutions and guidelines governing automated driving functionalities, such as provisions related to the dynamics of vehicles (braking, steering), Advanced Driver Assistance Systems, Automated Driving Systems well as Connected Vehicles and Cyber Security provisions. The group currently supervises 8 informal work groups (IWGs) and tasks forces.   

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: CE, principal officials get flu jab

    Source: Hong Kong Information Services

    Chief Executive John Lee today led Principal Officials to receive the seasonal influenza vaccination (SIV) and called on the public to get vaccinated early for better protection before the winter flu season.

    Mr Lee and some of the officials also received the COVID-19 booster jab at the same time.

    The Chief Executive said it is the best time to receive the SIV for effective protection in the coming year against the influenza strains predicted by the World Health Organization in preparation for the impending winter and summer influenza seasons.

    He noted that through the concerted efforts of various stakeholders in the community under the Government’s leadership, 1.87 million doses were administered under various government vaccination programmes in the 2023-24 season – a record high 20% increase from the 2022-23 season.

    “I hope the vaccination rate in this season can reach even greater heights so as to build a more robust protection barrier in society to safeguard citizens’ health.”

    Mr Lee added that high-risk priority groups should also receive an additional COVID-19 booster six months after the last dose or COVID-19 infection, whichever is later, to enhance protection and reduce the risks of serious complications and death.

    Secretary for Health Prof Lo Chung-mau, who had earlier received the SIV and COVID-19 vaccination, was also present to show his support.

    Prof Lo said: “Various SIV programmes commenced on September 26 to provide free or subsidised SIV for eligible people. I urge members of the public to act now and receive the SIV in October.”

    Special arrangements were made under the Seasonal Influenza Vaccination School Outreach Programme this year, wherein kindergartens and childcare centres can choose both injectable inactivated influenza vaccines and live attenuated influenza vaccines (LAIV) (ie nasal vaccines) for the same or different outreach vaccination activities.

    Additionally, a pilot scheme was rolled out in which LAIV will be provided for the first time to primary and secondary schools that had indicated earlier this year their preference for arranging LAIV for their students.

    To offer greater convenience for receiving the SIV this year, the Government specifically designated additional vaccination venues for citizens’ selection.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: Nikita Blagoy: “Exchange education is a colossal development and skills”

    MILES AXLE Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Nikita Blagoy, a postgraduate student at the Institute of Industrial Management, Economics and Trade, and an assistant at the Higher School of Engineering and Economics, received a scholarship from the President of the Russian Federation for students and postgraduates studying abroad. In early September, Nikita went to China. Before leaving, he told us about his academic path at the Polytechnic University, and how his ideas about life and science changed. And after a while, he contacted us to share his first impressions of his internship at the Dalian University of Technology.

    Interview with a graduate student Read in our traditional section “Person”.

    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://www.spbstu.ru/media/nevs/polytech-media/nikita-blagoy-exchange-training-is-colossal-development-and-skills/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/04/2024, 10:38 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JXXD3 (Rosnft1P6) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    04.10.2024 10:38

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of PJSC Moscow Exchange by NCO NCC (JSC), on 10/04/2024, 10:38 (Moscow time), the values of the upper limit of the price corridor (up to 106.96) and the range of market risk assessment (up to 1152.78 rubles, equivalent to a rate of 11.25%) of the security RU000A0JXXD3 (Rosnft1P6) were changed

    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://www.moex.com/n73749

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/04/2024, 10:38 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JXXE1 (Rosnft1P7) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    04.10.2024 10:38

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 10/04/2024, 10:38 (Moscow time), the values of the upper limit of the price corridor (up to 106.21) and the range of market risk assessment (up to 1139.83 rubles, equivalent to a rate of 10.0%) of the security RU000A0JXXE1 (Rosnft1P7) were changed

    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://www.moex.com/n73748

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Russia: 13 Polytechnicians Among the World’s Most Cited Scientists

    MILES AXLE Translation. Region: Russian Federation –

    Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

    Elsevier has published updated lists of the most cited scientists in the world over the past year and throughout my entire scientific career.

    Stanford University (USA) annually collects and analyzes information from the international scientometric database Scopus about the most authoritative scientists. When compiling the ratings, both qualitative and quantitative citation metrics are taken into account. The obtained information is posted on the Elsevier website. According to the company, the scientists presented in the lists make up 2% of the most influential scientific specialists. Among them are 13 SPbPU scientists.

    Nine of the university’s researchers were included in both rankings at once: the most cited authors at the end of 2023 and for their entire research career. The greatest successes were achieved by:

    Nikolay Vatin is the director of the Scientific and Technological Complex “Digital Engineering in Civil Engineering”, chief researcher at the Laboratory of Protected and Modular Structures, Professor at the Higher School of Advanced Digital Technologies NIS “Digital Engineering”, Doctor of Technical Sciences;
    Vladimir Mostepanenko is the chief researcher at the Scientific Laboratory “Micro- and Nanoelectronic Systems on a Chip” at the NIS “Digital Engineering”, Doctor of Physical and Mathematical Sciences;
    Vadim Davydov is a leading engineer at the Center for New Materials of the Research and Modeling of Materials Research Center of the Institute of Mechanical Engineering, Materials and Transport, Doctor of Physical and Mathematical Sciences;
    Galina Klimchitskaya is the chief researcher at the Scientific Laboratory “Micro- and Nanoelectronic Systems on a Crystal” at the NIS “Digital Engineering”, Doctor of Physical and Mathematical Sciences;
    Anatoly Popovich – Director of the Institute of Mechanical Engineering, Materials and Transport, Professor of the Research Center “Structural and Functional Materials” of the Institute of Mechanical Engineering and Technology, Chief Researcher of the Laboratory “Synthesis of New Materials and Structures” of the Advanced Engineering School “Digital Engineering”, Doctor of Technical Sciences;
    Lev Utkin is a professor at the Higher School of Artificial Intelligence Technologies at the Institute of Computer Science and Cybersecurity; Leading Researcher at the Research Laboratory “Supercomputer Technologies and Machine Learning” NIS “Digital Engineering”, Doctor of Technical Sciences;
    Anton-Jiri Krivtsov – Director of the Higher School of Theoretical Mechanics and Mathematical Physics of the Institute of Physics and Mechanics, Corresponding Member of the Russian Academy of Sciences, Doctor of Physical and Mathematical Sciences;
    Mikhail Shur is a leading researcher at the Laboratory of Computational Hydro-Aeroacoustics and Turbulence at the Scientific and Technical Complex “Mathematical Modeling and Intelligent Control Systems” of the NIS “Digital Engineering”, Candidate of Physical and Mathematical Sciences.
    Andrey Travin is a senior researcher at the laboratory “Computational hydroaeroacoustics and turbulence” of the Scientific and Technical Complex “Mathematical modeling and intelligent control systems” of the NIS “Digital Engineering”, Candidate of Physical and Mathematical Sciences.

    In addition, two Polytechnic University researchers are included in the list of the most cited researchers for the past year. The 2023 ranking includes Mikhail Strelets, head of the Computational Hydroaeroacoustics and Turbulence Laboratory at the Mathematical Modeling and Intelligent Control Systems Scientific and Technical Complex at the Digital Engineering Institute, Doctor of Physical and Mathematical Sciences, and Sergey Barykin, professor at the Higher School of Service and Trade at the Institute of Industrial Management, Economics and Trade, Doctor of Economic Sciences.

    Also, two SPbPU scientists are included in the annual list of the most cited authors by indicators for the entire career path. These are Sergey Shevkunov, a leading researcher at the Center for Technological Projects, Doctor of Technical Sciences, and Sergey Roshchupkin, a professor at the Higher School of Fundamental Physical Research of the Physics and Mechanics Institute, Doctor of Technical Sciences.

    We are proud that Polytechnics have entered the ranking of the most cited scientists in the world. This is a clear confirmation of the high level of scientific research conducted at our university and the significance of contributions to global science. Being included in such rankings is not only a sign of recognition of individual merits, but also the result of the hard work of the entire scientific team, which strives for innovation and high research standards. I am sure that many discoveries and achievements await us ahead, which will inspire students and young scientists to new achievements, – commented Vice-Rector for Research Yuri Fomin.

    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.spbstu.ru/media/nevs/achivments/13-polytechnicians-among-the-most-cited-scientists-in-the-world/

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/04/2024, the deposit auction of the Moscow Small Business Lending Assistance Fund will take place

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    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://www.moex.com/n73754

    Category24-7, MIL-AXIS, Moscow, Moskov Stotsk Exchange, Russians Savings, Russian Federation, Russians Language, Russian economy

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    Parameters
    Date of the deposit auction 10/04/2024
    Placement currency RUB
    Maximum amount of funds placed (in placement currency) 235,000,000.00
    Placement period, days 11
    Date of deposit 10/04/2024
    Refund date 10/15/2024
    Minimum placement interest rate, % per annum 19.00
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 235,000,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Agreement General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 12:00 to 12:10
    Applications in competition mode from 12:10 to 12:15
    Setting a cut-off percentage or declaring the auction invalid until 12:25
       
    Additional terms Placement of funds with the possibility of early withdrawal of the entire deposit amount and payment of interest accrued on the deposit amount at the rate established by the deposit transaction, in the event of non-compliance of the Bank with the requirements established by paragraph 2.1. of the Regulation “On the procedure for selecting banks for placing funds of the Moscow Small Business Lending Assistance Fund in deposits (deposits) under the GDS” (as amended on the date of the deposit transaction), early withdrawal at the “on demand” rate, payment of interest at the end of the term, without replenishment

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/04/2024, 11:04 (Moscow time) the values of the lower limit of the price corridor and the range of market risk assessment for the security RU000A0JT6B2 (VEB.RF 19) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    04.10.2024 11:04

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 10/04/2024, 11-04 (Moscow time), the values of the lower limit of the price corridor (up to 97.83) and the range of market risk assessment (up to 948.91 rubles, equivalent to a rate of 7.5%) of the security RU000A0JT6B2 (VEB.RF 19) were changed

    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://www.moex.com/n73752

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/04/2024, 11:45 (Moscow time) the values of the lower boundary of the price corridor and the range of market risk assessment for the security RU000A0JT6B2 (VEB.RF 19) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    04.10.2024 11:45

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 10/04/2024, 11:45 (Moscow time), the values of the lower limit of the price corridor (up to 94.76) and the range of market risk assessment (up to 918.13 rubles, equivalent to a rate of 10.5%) of the security RU000A0JT6B2 (VEB.RF 19) were changed

    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://www.moex.com/n73757

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 10/04/2024, 11:38 (Moscow time) the values of the lower limit of the price corridor and the range of market risk assessment for the security RU000A0JT6B2 (VEB.RF 19) were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    04.10.2024 11:38

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 10/04/2024, 11:38 (Moscow time), the values of the lower limit of the price corridor (up to 96.3) and the range of market risk assessment (up to 933.52 rubles, equivalent to a rate of 9.0%) of the security RU000A0JT6B2 (VEB.RF 19) were changed

    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://www.moex.com/n73755

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Economics: AML Focus newsletter published

    Source: Isle of Man

    The Isle of Man Financial Services Authority has published the second edition of its AML Focus newsletter.

    The publication, which is available to view on the Authority’s website, showcases the many workstreams taking place in relation to Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) supervision.

    An insight is provided into recent developments, including the findings of thematic reviews and questionnaires, details of forthcoming events, proposed legislative changes, and collaborations with UCM and compliance professionals.

    There is also an update on compliance matters in relation to beneficial ownership, and an article exploring the pros and cons of Artificial Intelligence (AI) in the workplace, particularly in relation to customer onboarding.

    We hope you find the contents of interest and please contact the team at aml@iomfsa.im with any ideas for future topics.

    Newsletter contents

    1 Welcome from the Head of AML/CFT Supervision

    2 Acting on your feedback

    3 Compliance forum / Countering Financial Crime Conference

    4&5 Summary of thematic reviews

    6 Introduced Business webinar / Human Trafficking factsheet

    7 Spotlight on beneficial ownership compliance

    8 Legislative updates / UCM collaboration

    9 National Risk Assessment

    10&11 Pros and cons of AI in the workplace

    12 Questions and Answers

    MIL OSI Economics –

  • MIL-OSI Europe: Holy See Press Office Communiqué: Audience with the President of the Republic of Kyrgyzstan

    Source: The Holy See

    Holy See Press Office Communiqué: Audience with the President of the Republic of Kyrgyzstan, 04.10.2024

    Today, 4 October 2024, the Holy Father Francis received in audience, in the study of the Paul VI Hall, the President of the Republic of Kyrgyzstan, His Excellency Mr. Sadyr Zhaparov, who subsequently met with His Eminence Cardinal Pietro Parolin, Secretary of State of His Holiness, accompanied by His Excellency Archbishop Paul Richard Gallagher, Secretary for Relations with States and International Organizations.
    During the cordial discussions, which took place at the Secretariat of State, the good relations between the Holy See and Kyrgyzstan were evoked, and the parties focused on mutual collaboration in the fields of healthcare, educational and culture, and some aspects of the life of the local Church.
    The conversation continued with an exchange of opinions on current international affairs, with special attention to the ongoing conflicts and humanitarian issues, revealing the importance of urgent commitment to the promotion of peace.
    From the Vatican, 4 October 2024

    MIL OSI Europe News –

  • MIL-OSI Russia: Financial news: 10/04/2024, 11:50 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the RU000A0ZYBM4 (AlphaBO-21) security were changed.

    MILES AXLE Translation. Region: Russian Federation –

    Source: Moscow Exchange – Moscow Exchange –

    04.10.2024 11:50

    In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of PJSC Moscow Exchange by NCO NCC (JSC), on 10/04/2024, 11:50 (Moscow time), the values of the upper limit of the price corridor (up to 105.1) and the range of market risk assessment (up to 1185.24 rubles, equivalent to a rate of 16.25%) of the security RU000A0ZYBM4 (AlphaBO-21) were changed

    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://www.moex.com/n73759

    EDITOR’S NOTE: This article is a translation. Apologies should the grammar and or sentence structure not be perfect.

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Opening remarks by SDEV on quarterly land sale programme for October to December 2024

    Source: Hong Kong Government special administrative region

    Opening remarks by SDEV on quarterly land sale programme for October to December 2024
    Opening remarks by SDEV on quarterly land sale programme for October to December 2024
    *************************************************************************************

         Following are the opening remarks by the Secretary for Development, Ms Bernadette Linn, at a media session today (October 4) on the quarterly land sale programme for October to December 2024:           Today I will introduce the Government’s Land Sale Programme in the third quarter of this financial year, that is October to December 2024.           In the third quarter, we will put up for tender two sites, namely, one residential site in Tai Wai and a site in Hung Shui Kiu, for development of Multi-storey Buildings for modern industries. Residential site           I will first briefly introduce the residential site. The site is located on Mei Tin Road, Tai Wai, expected to provide a supply of about 360 flats. This site is not among the list of sites on the Land Sale Programme we announced in February this year. This is because the technical study for this site was not yet completed back then. Upon completion of the relevant studies, we find it appropriate to include this site in the Land Sale Programme and put it up for tender in this quarter, having considered market response to the sale of residential sites in Sha Tin in the first two quarters as well as developers’ greater interest these days in smaller-scale sites well served by transportation network and amenities.            In addition, the MTR Corporation Limited (MTRCL) plans to tender in this quarter its development project in Tung Chung East Station (Package 1), bringing about 600 flats. In view of market response, the MTRCL reduced the development scale of this package to half of its previous scale when it first tendered in October 2023. The MTRCL will announce details at the time of tender invitation.           As for private development and redevelopment projects, three projects are expected to complete their lease modifications in this quarter, providing a supply of 1 235 flats. The majority of these come from a relatively large-scale in-situ land exchange application in the Fanling North New Development Area. The applicant has recently accepted the Lands Department’s Binding Basic Terms Offer for that project. This is the second land exchange case concluded after the Government revised in end-2023 the land exchange arrangements for the Enhanced Conventional New Town Approach. These in-situ land exchange applications will enhance the speed of implementing the Northern Metropolis and reduce the Government’s upfront spending on land resumption and public works while at the same time allowing the Government to receive premium revenue earlier.           To summarise, taking all the above sources of housing land supply into account, the total private housing land supply in the third quarter will support the development of around 2 200 flats.           Together with the supply from the first two quarters, the total supply for the first three quarters of this financial year is expected to support some 6 470 flats, which is close to 50 per cent of our annual supply target of 13 200 flats. This figure has not yet reflected private development projects not requiring lease modification in the third quarter, as such figures are only available at a later stage.  Industrial site           Regarding the industrial site, we will roll out shortly a site in Hung Shui Kiu for development of Multi-storey Buildings. We will continue adopting the two-envelope approach for the disposal of this site in order to demonstrate the importance we attach to the quality of such Multi-storey Buildings, with a view to achieving the Government’s policy objectives to promote development of modern industries and at the same time consolidating some of our brownfield operations.     In order to keep up with market demand, we have undertaken further engagement with the market in the past few months regarding the tender conditions of this site. Based on the market feedbacks so gathered, we will adjust the conditions of this site including downward adjustment of its plot ratio, downward adjustment of the floor area to be returned to the Government and giving a longer tender period.           Details of the tender will be announced when we commence the tender invitation for the two sites I named above, one housing site and one industrial site.           The Government will continue to sustain our effort in rolling out land in a prudent manner to meet our housing and economic development needs. 

     
    Ends/Friday, October 4, 2024Issued at HKT 18:10

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI: Shell plc Announces Final Results of Exchange Offers

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    October 4, 2024

    Shell plc Announces Final Results of Exchange Offers

    Shell plc (“Shell”) (LSE: SHEL) (NYSE: SHEL) (EAX: SHELL) today announced the final results of its previously announced offers to exchange (the “Exchange Offers” and each, an “Exchange Offer”) up to a maximum aggregate principal amount of $12 billion (the “Maximum Amount”) of any and all validly tendered (and not validly withdrawn) and accepted notes of twelve series issued by Shell International Finance B.V. (“Shell International Finance” and such notes, the “Old Notes”) for a combination of cash and a corresponding series of new notes to be issued by Shell Finance US Inc. (“Shell Finance US”) and fully and unconditionally guaranteed by Shell plc (the “New Notes”). A Registration Statement on Form F-4 (File Nos. 333-281941 and 333-281941-01) (the “Registration Statement”), including a prospectus, dated September 19, 2024 (the “Prospectus”), relating to the issuance of the New Notes was filed with the Securities and Exchange Commission (the “SEC”) and was declared effective by the SEC on September 30, 2024.

    As announced on September 5, 2024, Shell is conducting the Exchange Offers to migrate the existing Old Notes from Shell International Finance B.V. to Shell Finance US Inc. in order to optimize the Shell Group’s capital structure and align indebtedness with its U.S. business.

    The total aggregate principal amount of Old Notes that were validly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offers was $11,462,980,000.   The aggregate principal amount of each series of Old Notes that was accepted for exchange was based on the order of acceptance priority for such series as set forth in the table below (the “Acceptance Priority Levels”), with Acceptance Priority Level 1 being the highest and Acceptance Priority Level 12 being the lowest, subject to the applicable Minimum Size Condition and the Maximum Amount Condition (each as described in the Prospectus). Because the total aggregate principal amount of Old Notes that were validly tendered (and not validly withdrawn) as of 5:00 p.m., New York City time, on October 3, 2024 (the “Expiration Time”) exceeded the Maximum Amount, we did not accept for exchange all such Old Notes and only accepted for exchange those Old Notes as set forth in the table below under the heading “Aggregate Principal Amount Accepted.” All Old Notes validly tendered (and not validly withdrawn) as of the Expiration Time in Acceptance Priority Levels 1 through 8 satisfied the applicable Minimum Size Condition and the Maximum Amount Condition and were accepted for exchange. No Old Notes tendered in Acceptance Priority Levels 9 through 12 were accepted for exchange.

    The following table, based on information provided by D.F. King & Co. Inc., the exchange agent and information agent for the Exchange Offers, indicates, among other things, the total aggregate principal amount of Old Notes and the aggregate principal amount of each series of Old Notes validly tendered (and not validly withdrawn) and accepted for exchange in the Exchange Offers.

    Series of Old Notes Offered for Exchange Old CUSIP/ISIN
    No.    		 Acceptance Priority Level  

    Aggregate Principal Amount Outstanding ($MM)

    		 Aggregate Principal Amount Tendered Aggregate Principal Amount Accepted  

    New CUSIP/ISIN No.
    4.375% Guaranteed Notes due 2045 822582BF8/

    US822582BF88

    		 1 $3,000 $2,446,755,000   $2,446,755,000 822905AA3 / US822905AA35  
    2.750% Guaranteed Notes due 2030 822582CG5/

    US822582CG52

    		 2 $1,750 $1,355,391,000   $1,355,391,000 822905AB1 / US822905AB18  
    4.125% Guaranteed Notes due 2035 822582BE1/

    US822582BE14

    		 3 $1,500 $1,192,346,000   $1,192,346,000 822905AC9 / US822905AC90  
    4.550% Guaranteed Notes due 2043 822582AY8/

    US822582AY86

    		 4 $1,250 $960,281,000   $960,281,000 822905AD7 / US822905AD73  
    4.000% Guaranteed Notes due 2046 822582BQ4/

    US822582BQ44

    		 5 $2,250 $1,764,084,000   $1,764,084,000 822905AE5 / US822905AE56  
    2.375% Guaranteed Notes due 2029 822582CD2/

    US822582CD22

    		 6 $1,500 $1,075,279,000   $1,075,279,000 822905AF2 / US822905AF22  
    3.250% Guaranteed Notes due 2050 822582CH3/

    US822582CH36

    		 7 $2,000 $1,664,464,000   $1,664,464,000 822905AG0 / US822905AG05  
    3.750% Guaranteed Notes due 2046 822582BY7/

    US822582BY77

    		 8 $1,250 $1,004,380,000   $1,004,380,000 822905AH8 / US822905AH87  
    3.125% Guaranteed Notes due 2049 822582CE0/

    US822582CE05

    		 9 $1,250 $1,037,100,000   $0 —  
    3.000% Guaranteed Notes due 2051 822582CL4/

    US822582CL48

    		 10 $1,000 $888,919,000   $0 —  
    2.875% Guaranteed Notes due 2026 822582BT8/

    US822582BT82

    		 11 $1,750 $987,472,000   $0 —  
    2.500% Guaranteed Notes due 2026 822582BX9/

    US822582BX94

    		 12 $1,000 $622,831,000   $0 —  
                     
    Total amount tendered and accepted in the Exchange Offers       $11,462,980,000    

    Settlement and issuance of the New Notes to be issued in exchange for Old Notes validly tendered (and not validly withdrawn) and accepted for exchange is expected to occur on October 8, 2024.

    The dealer managers for the Exchange Offers were:

    Deutsche Bank Securities Inc.

    1 Columbus Circle

    New York, New York 10019

    Attention: Liability Management Group

    Telephone: (U.S. Toll-Free): +1 (866) 627-0391

    Telephone (U.S. Collect): +1 (212) 250-2955

    Telephone (London): +44 207 545 8011

    		 Goldman Sachs & Co. LLC

    200 West Street

    New York, New York 10282

    Attention: Liability Management Group

    Telephone (U.S. Toll-Free): +1 (800) 828-3182

    Telephone (U.S. Collect): +1 (212) 902-6351

    Telephone (London): +44 207 774 4836

    Email: gs-lm-nyc@ny.email.gs.com

    		 Wells Fargo Securities, LLC

    550 South Tryon Street, 5th Floor

    Charlotte, North Carolina 28202

    Attention: Liability Management Group

    Telephone (U.S. Toll-Free): +1 (866) 309-6316

    Telephone (U.S. Collect): +1 (704) 410-4235

    Telephone (Europe): +33 1 85 14 06 62

    Email: liabilitymanagement@wellsfargo.com

    The exchange agent and information agent for the Exchange Offers was:

    D.F. King & Co., Inc.

    48 Wall Street, 22nd Floor
    New York, NY 10005
    Banks and Brokers call: +1 (212) 269-5550
    Toll-free (U.S. only): +1 (877) 783-5524
    Email: Shell@dfking.com
    By Facsimile (for eligible institutions only): +1 (212) 709-3328
    Confirmation: +1 (212) 269-5552
    Attention: Michael Horthman
    Website: http://www.dfking.com/shell

    This press release is not an offer to sell or a solicitation of an offer to buy any of the securities described herein. The Exchange Offers were made solely pursuant to the terms and conditions of the Prospectus, which forms a part of the Registration Statement.

    This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

    Non-U.S. Distribution Restrictions

    European Economic Area

    The New Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the European Economic Area (“EEA”). For these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the “Insurance Mediation Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in Directive 2003/71/EC (as amended, the “Prospectus Directive”). Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the New Notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the New Notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. The Prospectus has been prepared on the basis that any offer of New Notes in any Member State of the EEA will be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of New Notes. The Prospectus is not a prospectus for the purposes of the Prospectus Directive.

    MiFID II product governance / Professional investors and ECPs only target market—In the EEA and solely for the purposes of the product approval process conducted by any Dealer Manager who is a manufacturer with respect to the New Notes for the purposes of the MiFID II product governance rule under EU Delegated Directive 2017/593 (each, a “manufacturer”), the manufacturers’ target market assessment in respect of the New Notes has led to the conclusion that: (i) the target market for the New Notes is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels for distribution of the New Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the New Notes (a “distributor”) should take into consideration the manufacturers’ target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the New Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels.

    Belgium

    Neither the Prospectus nor any other documents or materials relating to the Exchange Offers have been submitted to or will be submitted for approval or recognition to the Belgian Financial Services and Markets Authority (“Autorité des services et marchés financiers”/”Autoriteit voor Financiële Diensten en Markten”). The Exchange Offers are not being, and may not be, made in Belgium by way of a public offering, as defined in Articles 3, §1, 1° and 6, §1 of the Belgian Law of April 1, 2007 on public takeover bids (“loi relative aux offres publiques d’acquisition”/”wet op de openbare overnamebiedingen”) (the “Belgian Takeover Law”) or as defined in Article 3, §1 of the Belgian Law of June 16, 2006 on the public offer of investment instruments and the admission to trading of investment instruments on a regulated market (“loi relative aux offres publiques d’instruments de placement et aux admissions d’instruments de placement à la négociation sur des marchés réglementés”/”wet op de openbare aanbieding van beleggingsinstrumenten en de toelating van beleggingsinstrumenten tot de verhandeling op een gereglementeerde markt”) (the “Belgian Prospectus Law”), both as amended or replaced from time to time. Accordingly, the Exchange Offers may not be, and are not being, advertised and the Exchange Offers will not be extended, and neither the Prospectus nor any other documents or materials relating to the Exchange Offers (including any memorandum, information circular, brochure or any similar documents) has been or shall be distributed or made available, directly or indirectly, to any person in Belgium other than (i) to persons which are “qualified investors” (“investisseurs qualifiés”/”gekwalificeerde beleggers”) as defined in Article 10, §1 of the Belgian Prospectus Law, acting on their own account, as referred to in Article 6, §3 of the Belgian Takeover Law or (ii) in any other circumstances set out in Article 6, §4 of the Belgian Takeover Law and Article 3, §4 of the Belgian Prospectus Law. The Prospectus has been issued only for the personal use of the above qualified investors and exclusively for the purpose of the Exchange Offers. Accordingly, the information contained in the Prospectus or in any other documents or materials relating to the Exchange Offers may not be used for any other purpose or disclosed or distributed to any other person in Belgium.

    France

    The Exchange Offers are not being made, directly or indirectly, to the public in the Republic of France. Neither the Prospectus nor any other documents or materials relating to the Exchange Offers have been or shall be distributed to the public in France and only (i) providers of investment services relating to portfolio management for the account of third parties (“personnes fournissant le service d’investissement de gestion de portefeuille pour compte de tiers”) and/or (ii) qualified investors (“investisseurs qualifiés”) other than individuals, in each case acting on their own account and all as defined in, and in accordance with, Articles L.411-1, L.411-2, D.321-1 and D.411-1 of the French Code Monétaire et Financier, are eligible to participate in the Exchange Offers. The Prospectus and any other document or material relating to the Exchange Offers have not been and will not be submitted for clearance to nor approved by the Autorité des marchés financiers.

    Italy

    None of the Exchange Offers, the Prospectus or any other documents or materials relating to the Exchange Offers or the New Notes have been or will be submitted to the clearance procedure of the Commissione Nazionale per le Società e la Borsa (“CONSOB”). The Exchange Offers are being carried out in the Republic of Italy as exempted offers pursuant to article 101-bis, paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the “Financial Services Act”) and article 35-bis, paragraph 3, of CONSOB Regulation No. 11971 of 14 May 1999, as amended (the “Issuers’ Regulation”) and, therefore, are intended for, and directed only at, qualified investors (investitori qualificati) (the “Italian Qualified Investors”), as defined pursuant to Article 100, paragraph 1, letter (a) of the Financial Services Act and Article 34-ter, paragraph 1, letter (b) of the Issuers’ Regulation. Accordingly, the Exchange Offers cannot be promoted, nor may copies of any document related thereto or to the New Notes be distributed, mailed or otherwise forwarded, or sent, to the public in Italy, whether by mail or by any means or other instrument (including, without limitation, telephonically or electronically) or any facility of a national securities exchange available in Italy, other than to Italian Qualified Investors. Persons receiving the Prospectus must not forward, distribute or send it in or into or from Italy. Noteholders or beneficial owners of the Old Notes that are resident or located in Italy can offer to exchange the notes pursuant to the Exchange Offers through authorized persons (such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial Services Act, CONSOB Regulation No. 16190 of 29 October 2007, as amended from time to time, and Legislative Decree No. 385 of 1 September 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or any other Italian authority. Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-vis its clients in connection with the Old Notes, the New Notes, the Exchange Offers or the Prospectus.

    United Kingdom

    Each dealer manager has further represented and agreed that:

    • it has complied and will comply with all the applicable provisions of the Financial Services and Markets Act 2000 (the “FSMA”) with respect to anything done by it in relation to the New Notes in, from or otherwise involving the United Kingdom (the “U.K.”); and it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of any New Notes in circumstances in which Section 21(1) of the FSMA does not apply to Shell Finance US or Shell.

    The Prospectus is only being distributed to and is only directed at (i) persons who are outside the U.K. or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The New Notes are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire the New Notes will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

    Hong Kong

    The New Notes may not be offered or sold by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), or (ii) to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap.571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a “prospectus” within the meaning of the Companies Ordinance (Cap.32, Laws of Hong Kong), and no advertisement, invitation or document relating to the New Notes may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to New Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

    Japan

    The New Notes have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (the “Financial Instruments and Exchange Law”) and each underwriter has agreed that it will not offer or sell any New Notes, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Law and any other applicable laws, regulations and ministerial guidelines of Japan.

    Singapore

    The Prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, and if the Issuer has not notified the dealer(s) on the classification of the New Notes under and pursuant to Section 309(B)(1) of the Securities and Futures Act, Chapter 289 Singapore (the “SFA”), the Prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the New Notes may not be circulated or distributed, nor may the New Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of Chapter 289 of the SFA, (ii) to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

    Where the New Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries’ rights and interest in that trust shall not be transferable for six months after that corporation or that trust has acquired the New Notes under Section 275 except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is given for the transfer; or (3) by operation of law.

    Singapore Securities and Futures Act Product Classification—Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(c) of the SFA, the Issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the New Notes are “prescribed capital markets products” (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

    Contacts:

    Media: International +44 (0) 207 934 5550; USA +1 832 337 4355

    Cautionary Statement

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this press release, “Shell” refers to Shell plc; “Shell Group” refers to Shell and its subsidiaries; “Shell Finance US” or “Issuer” refers to Shell Finance US Inc.; “Shell International Finance” refers to Shell International Finance B.V.; the terms “we,” “us,” and “our” refer to Shell or the Shell Group, as the context may require.

    This press release contains certain forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of the Shell Group to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of the Shell Group and could cause those results to differ materially from those expressed in the forward-looking statements included in this press release (without limitation):

    • price fluctuations in crude oil and natural gas;
    • changes in demand for the Shell Group’s products;
    • currency fluctuations;
    • drilling and production results;
    • reserves estimates;
    • loss of market share and industry competition;
    • environmental and physical risks;
    • risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions;
    • the risk of doing business in developing countries and countries subject to international sanctions;
    • legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change;
    • economic and financial market conditions in various countries and regions;
    • political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs;
    • risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and
    • changes in trading conditions.

    All forward-looking statements contained in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell’s Form 20-F for the year ended December 31, 2023 (available at http://www.shell.com/investors/news-and-filings/sec-filings.html and 

    http://www.sec.gov).

    These risk factors also expressly qualify all forward-looking statements contained in this press release and should be considered by the reader. Each forward-looking statement speaks only as of the date of this press release, October 4, 2024. Neither Shell nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this press release.

    The contents of websites referred to in this press release do not form part of this content.

    Readers are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

    The MIL Network –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi pays tributes to freedom fighter Shyamji Krishna Varma on his birth anniversary

    Source: Government of India

    Posted On: 04 OCT 2024 9:28AM by PIB Delhi

    The Prime Minister Shri Narendra Modi remembered freedom fighter Shyamji Krishna Varma on his 95th birth anniversary today. 

    Shri Modi hailed his dedication and service towards the nation as inspiring. 

    ***

    MJPS/RT

    (Release ID: 2061820) Visitor Counter : 66

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister condoles the loss of lives in road accident in Mirzapur, Uttar Pradesh; announces ex-gratia from PMNRF

    Source: Government of India (2)

    Posted On: 04 OCT 2024 10:52AM by PIB Delhi

    Prime Minister Shri Narendra Modi today condoled the loss of lives in the road accident in Mirzapur, Uttar Pradesh. He assured that under the state government’s supervision, the local administration is engaged in helping the victims in every possible way.

    Shri Modi also announced an ex-gratia of Rs. 2 lakh from PMNRF for the next of kin of each deceased in the mishap in Mirzapur, UP. He added that the injured would be given Rs. 50,000.

    The Prime Minister’s Office (PMO) posted on X:

    “The Prime Minister has announced an ex-gratia of Rs. 2 lakh from PMNRF for the next of kin of each deceased in the road accident in Mirzapur, UP. The injured would be given Rs. 50,000.”

    ***

    MJPS/SR

    (Release ID: 2061848) Visitor Counter : 83

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: PM to visit Maharashtra on 5th October

    Source: Government of India

    PM to visit Maharashtra on 5th October

    PM to launch various initiatives related to the agricultural and animal husbandry sector worth around Rs 23,300 crore in Washim

    Celebrating the rich heritage of the Banjara community, PM to inaugurate Banjara Virasat Museum

    PM to inaugurate and lay foundation stone of various projects worth over Rs 32,800 crore in Thane

    Key focus of the projects: Boosting urban mobility in the region

    PM to inaugurate Aarey JVLR to BKC section of Mumbai Metro Line 3 Phase – 1

    PM to lay foundation stones of Thane Integral Ring Metro Rail Project and Elevated Eastern Freeway Extension

    PM to lay foundation stone of Navi Mumbai Airport Influence Notified Area (NAINA) project

    Posted On: 04 OCT 2024 5:39AM by PIB Delhi

    Prime Minister Shri Narendra Modi will visit Maharashtra on 5th October. He will travel to Washim and at around 11:15 AM, he will perform Darshan at Jagdamba Mata Temple, Poharadevi. He will also pay tribute at Samadhis of Sant Sevalal Maharaj and Sant Ramrao Maharaj in Washim. Thereafter, at around 11:30 AM, Prime Minister will inaugurate the Banjara Virasat Museum, celebrating the rich heritage of the Banjara community. At around 12 noon, he will launch several initiatives related to the agricultural and animal husbandry sector worth around Rs 23,300 crore. At around 4 PM, Prime Minister will inaugurate and lay the foundation stone for various development projects worth over Rs 32,800 crore at Thane. Thereafter at around 6 PM, from BKC Metro Station, he will flag off the Metro train scheduled to run from BKC to Aarey JVLR, Mumbai. He will also undertake a ride in the metro between BKC and Santacruz stations.

    PM in Washim

    In line with his commitment to empower farmers, Prime Minister will disburse the 18th instalment of the PM-KISAN Samman Nidhi worth about Rs 20,000 crore to around 9.4 crore farmers. With the 18th instalment release, the total funds released to farmers under PM-KISAN will be around Rs 3.45 lakh crore. Further, Prime Minister will also launch the 5th instalment of NaMo Shetkari Mahasanman Nidhi Yojana disbursing about Rs 2,000 crore.

    Prime Minister will dedicate to the nation more than 7,500 projects under the Agriculture Infrastructure Fund (AIF), worth over Rs 1,920 crore. The major projects include custom hiring centres, primary processing units, warehouses, sorting and grading units, cold storage projects, post-harvest management projects among others.

    Prime Minister will also dedicate to the nation 9,200 Farmer Producer Organizations (FPOs) with a combined turnover of around Rs 1,300 crore.

    Further, Prime Minister will launch the Unified Genomic Chip for cattle and indigenous sex-sorted semen technology. This initiative aims to increase availability of sex sorted semen at affordable price to farmers and reduce the cost by around Rs 200 per dose. Unified Genomic Chip, GAUCHIP for indigenous cattle and MAHISHCHIP for buffaloes, have been developed along with genotyping services. With the implementation of genomic selection, young high-quality bulls can be identified at an early age.

    Further, Prime Minister will dedicate five solar parks with a total capacity of 19 MW across Maharashtra under Mukhyamantri Saur Krushi Vahini Yojana – 2.0. During the programme, he will also honour beneficiaries of the Mukhyamantri Majhi Ladki Bahin Yojana.

    PM in Thane

    In a major push to boost urban mobility in the region, Prime Minister will inaugurate and lay the foundation stone of key metro and road projects. Prime Minister will inaugurate the BKC to Aarey JVLR section of Mumbai Metro Line – 3 worth around Rs 14,120 crore. This section will have 10 stations, of which 9 will be underground. Mumbai Metro Line – 3 is a key public transport project that will improve commuting between Mumbai city and Suburbs. Fully operational line-3 is expected to cater to about 12 lakh passengers daily.

    Prime Minister will lay the foundation stone of Thane Integral Ring Metro Rail Project to be constructed at the cost of around Rs 12,200 crore. The total length of the project is 29 km with 20 elevated and 2 underground stations. This ambitious infrastructure project is a key initiative to address the growing transportation needs of Thane, a major industrial and commercial hub in Maharashtra.

    Prime Minister will also lay the foundation stone of Elevated Eastern Freeway Extension from Chheda Nagar to Anand Nagar, Thane worth around Rs 3,310 crore. The project will provide seamless connectivity from South Mumbai to Thane.

    Further, Prime Minister will lay the foundation stone of Phase-1 of Navi Mumbai Airport Influence Notified Area (NAINA) project worth around Rs 2,550 crore. The project comprises construction of major arterial roads, bridges, flyovers, underpasses and integrated utility infrastructure.

    Prime Minister will also lay the foundation stone of Thane Municipal Corporation to be constructed at a cost of around Rs 700 crore. The high rise administrative building of Thane Municipal Corporation will provide benefits to citizens of Thane by accommodating most Municipal offices at a centrally located building.

     

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    MJPS

    (Release ID: 2061814) Visitor Counter : 12

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi prays to Maa Brahmacharini on second day of Navratri

    Source: Government of India (2)

    Posted On: 04 OCT 2024 9:03AM by PIB Delhi

    The Prime Minister Shri Narendra Modi prayed to Maa Brahmacharini on the second day of Navratri today, extending his special greetings to the nation. 

    Shri Modi prayed to the mother goddess to grant her devotees the strength to face every challenge. 

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    MJPS/RT

    (Release ID: 2061819) Visitor Counter : 65

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