NewzIntel.com

Category: Politics

  • MIL-OSI China: CPEC symbolizes Pakistan-China friendship, shared vision

    Source: China State Council Information Office

    An aerial drone photo taken on Sept. 17, 2024 shows a view of fishermen dockyard near the Gwadar port in Gwadar, southwest Pakistan. [Photo/Xinhua]

    Pakistan’s Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that the China-Pakistan Economic Corridor (CPEC) is a testament to the enduring friendship and shared vision nurtured by Pakistan and China over decades.

    Speaking at a ceremony here on Wednesday to celebrate the forthcoming Chinese New Year and to recognize the contributions of 30 outstanding Chinese staff working on CPEC projects in Pakistan, Iqbal said that CPEC represents a roadmap for sustainable development, mutual growth, and prosperity, not only for the two nations but for the entire region.

    Highlighting the contributions of the Chinese staff, Iqbal praised their dedication, technical expertise, and relentless hard work, which have been instrumental in transforming ambitious projects into tangible realities.

    “From energy generation and infrastructure development to logistics and technology, your efforts have been crucial in overcoming challenges and ensuring the successful completion of numerous landmark initiatives,” he said.

    Launched in 2013, CPEC, a flagship project of the Belt and Road Initiative, connects Gwadar Port in Pakistan with Kashgar in northwest China’s Xinjiang Uygur Autonomous Region. While the first phase focused on energy, transport, and industrial cooperation, the second phase expands into areas such as agriculture and livelihoods.

    Discussing the second phase, Iqbal noted that it will unlock immense opportunities, modernize agriculture, digitize industries, drive economic diversification, create millions of jobs, and enhance Pakistan’s global competitiveness.

    Chinese Ambassador to Pakistan Jiang Zaidong also addressed the gathering, expressing confidence in Pakistan’s economic growth under the government’s leadership and with the collective efforts of its people.

    “The cooperation and partnership between China and Pakistan will continue to progress steadily, fostering lasting development,” he added.

    The event featured vibrant traditional dances by both Chinese and Pakistani performers, showcasing the rich cultural heritage of the two nations. The audience showed keen interest in the performances and expressed gratitude to China for its pivotal role in strengthening Pakistan-China relations.

    A special recognition segment was held during the ceremony to honor the best-performing Chinese companies involved in CPEC projects. Certificates of excellence and souvenirs were presented to acknowledge their outstanding contributions.

    MIL OSI China News –

  • MIL-OSI China: China has nearly 70,000 HR service agencies

    Source: China State Council Information Office 3

    China currently has 69,900 human resources service agencies and about 1.06 million agency personnel nationwide, according to the Ministry of Human Resources and Social Security on Thursday.

    The figure for the agencies was 2.5 times that in 2012, while the figure for personnel was 3.1 times that for 2012, the ministry said at a high-quality development promotion conference of the human resource service industry held in Ningbo, east China’s Zhejiang Province.

    Human resources service agencies nationwide provide 300 million job-hunting, job-selection and job-switch services for workers each year, and 50 million employment and management services for employers, 40 percent of which are manufacturing firms.

    The ministry said it will make specialized plans, optimize the policy system, strengthen digital empowerment and improve market governance to establish a unified and standardized human resources market system.

    MIL OSI China News –

  • MIL-OSI China: China offers over 150B yuan in employment support

    Source: China State Council Information Office 3

    This photo taken on March 18, 2023 shows a view of a job fair in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]

    The Chinese government provided over 150 billion yuan (about 21.1 billion U.S. dollars) in employment support for businesses and employees in the first nine months of 2024, official data showed Friday.

    MIL OSI China News –

  • MIL-OSI Australia: Interview with Sonali Basak, Bloomberg Television

    Source: Australian Treasurer

    SONALI BASAK:

    This is Bloomberg Markets, and I’m Sonali Basak. The IMF recently warned that Australia may need to cut spending even though it just had a second budget surplus in a row. We’re going to discuss this with the man in the middle of this issue, Treasurer of Australia, Jim Chalmers. What do you make of the IMF’s report? Let’s start right there, because of course, really, the IMF’s growth forecasts and recommendations, it’s a shot heard around the world.

    How do you feel about your budget in relation to what they had said?

    JIM CHALMERS:

    First of all, Sonali, thanks for having me back on Bloomberg TV, it’s a real pleasure. There’s obviously a lot of insights in the IMF’s reports that we find valuable, but the reality is in Australia we’ve made really quite extraordinary progress in the fight against inflation.

    When we came to office a little over 2 years ago inflation had a 6 in front of it, now it has a 3 in front of it. Next week we’ll learn more about the situation as it relates to inflation in Australia.

    But we’ve made a lot of progress, that progress has been welcome, it has been encouraging, and a big part of our success has been the responsible way that we’ve gone about managing our budget.

    The 2 surpluses that we’ve just delivered are the first back‑to‑back surpluses for almost 2 decades in Australia, and they are a consequence, a welcome, deliberate consequence of the spending restraint that we have shown, the savings that we have found in the budget so that we can rebuild our fiscal buffers, as the IMF has been recommending all of us to do in the face of these uncertain global conditions.

    BASAK:

    Jim, I’m glad you also brought up the inflation story here, because, of course, all eyes will be on that third quarter CPI report next week, and you were saying, yes, inflation has come down, but it hasn’t come down as much as other countries, and do you accept that perhaps rates need to stay higher for longer in Australia in order to bring down that last mile of inflation?

    CHALMERS:

    First of all, there’s an important convention in Australia that politicians don’t make predictions or don’t give free advice to our independent Reserve Bank. That’s an important convention that I adhere to.

    But when it comes to the inflation story in Australia, again we’ve made really quite outstanding progress in the fight against inflation, and any differences between our inflation rate and what we’re seeing in some other countries are a consequence really of 2 things. First of all, inflation in Australia peaked lower and later than most countries that we compare ourselves with, that’s a really important point.

    And secondly, some countries that have lower headline inflation than Australia have got much higher unemployment, or they’ve got weaker growth, or some other combination of undesirable aspects of the economy.

    What we’ve done in Australia is we’ve focused primarily on the fight against inflation, but we’ve done that without ignoring the risks to growth. We’ve struck a really effective balance between those primary economic objectives, and that’s because we’ve taken the view that it is much better to avoid a hard landing in our economy than to clean up after one.

    We are on track for a soft landing in our economy, we’re confident but not complacent about that. The policy decisions that we’ve taken, whether it’s the 2 budget surpluses, the way we’ve delivered our cost‑of‑living relief, the way that we’re investing in productivity and dynamism in our economy, all of these things are really important ways that we’re getting that inflation rate down without ignoring the risks to growth, which are coming at us from an uncertain global environment and from some domestic sources as well.

    BASAK:

    Treasurer, to that end, do you think that the RBA needs to be moving faster or do you think that they’re being too cautious?

    CHALMERS:

    Again, I don’t give free advice to our independent central bank; there’s good reasons not to do that. I take responsibility for our part of the fight against inflation. Fiscal policy is playing a helpful role, the Governor of the Reserve Bank has said herself that our 2 surpluses are helping in the fight against inflation, and the way that we’re managing our budget and our economy in the most responsible way that we can, those are my responsibilities. I’ll leave decisions about the trajectory of interest rates in Australia to the Board of the Reserve Bank, which takes its decisions independently and appropriately.

    BASAK:

    We only have about a minute left here. But I do want to get your view here on your relationship with China. The removal of restrictions on lobster exports is imminent. And do you think that there’s a new stage around the corner, around the relationship between Australia and China?

    CHALMERS:

    We recognise that the relationship with China is full of complexity and full of opportunity. We have our differences with China, we don’t pretend that they aren’t there. But our efforts to stabilise that key economic relationship have borne fruit and including when it comes to the removal of some of those trade restrictions.

    We welcome the progress we’ve made in the lifting of those trade restrictions in some of our key exports, but we know that it’s a complex relationship, we know that it needs ongoing management. We believe that you get more out of engaging with our major trading partners than the alternative, and so far, that has proven to be the case.

    BASAK:

    Jim, we have to leave it there. That is Jim Chalmers, the Treasurer of Australia, of course, joining us on the sidelines of those IMF World Bank meetings.

    MIL OSI News –

  • MIL-OSI Australia: Appointment – full-time Second Commissioner of Taxation – Australian Taxation Office

    Source: Australian Treasurer

    The Albanese Government will appoint Mr David Allen as a full-time Second Commissioner of Taxation to the Australian Taxation Office (ATO) for a seven-year period beginning on 1 November 2024.

    Mr Allen has extensive experience in the public sector. Mr Allen is currently acting as the Second Commissioner and has been in this role since May 2024. He was previously acting as the ATO’s Chief Service Delivery Officer since May 2023.

    Mr Allen joined the ATO in 2010 as the Assistant Commissioner of Large Business Risk and was the ATO’s delegate to the Organisation for Economic Co‑operation and Development (OECD), based in Paris.

    Prior to joining the ATO, Mr Allen held senior roles in different tiers of the public service including the Commonwealth, United Kingdom, NSW and local governments.

    This appointment will continue to ensure a high level of skills and experience are available to the ATO.

    MIL OSI News –

  • MIL-OSI Australia: ​​Open government, closer ties, and digital uplift: Insights from South Korea and Singapore​

    Source: Australia Digital Transformation Agency

    Last month, I had the privilege of joining colleagues from across the globe in Seoul and Singapore. My engagements provided valuable insights into strengthening our relationships with global neighbours, trends around open government, and opportunities for digital uplift across the public sector. 

    MIL OSI News –

  • MIL-OSI Security: Defense Official Statement on AUKUS Pillar 2 and Exercise Maritime Big Play

    Source: United States INDO PACIFIC COMMAND

    The following statement can be attributed to Ms. Madeline Mortelmans who is currently performing the duties of the Assistant Secretary of Defense for Strategy, Plans and Capabilities. Her office is lead for both pillars of AUKUS within the department and is in close partnership with all of the DOD stakeholders.

    “Secretary Austin has said several times in the past that our alliances and partnerships are our greatest global strategic advantage. Specifically, AUKUS presents a unique opportunity for Australia, the United Kingdom and the United States to foster a more capable, more combined force of the future. And in so doing, we will strengthen deterrence in the Indo-Pacific.

    Through AUKUS, we are working across the full spectrum of capability development, generating requirements, co-developing new systems, deepening industrial based collaboration and ultimately delivering advanced capabilities to our forces. AUKUS Pillar 1 focuses these co-development efforts on delivering an advanced nuclear power submarine capability through the optimal pathway.

    Pillar 2 focuses on the development and delivery of emerging technology. AUKUS Pillar 2 is designed to harness the combined industrial and innovation bases of the tri-lateral partners to ensure that our forces are equipped with cutting edge interoperable military capabilities and prepared to face down aggression in whatever form it may take.

    In Pillar 2, we’re building a more capable combined joint force for the future, working across the full spectrum of capability development and we’re already delivering. This year, we’re advancing our undersea warfare capabilities by expanding our ability to launch and recover uncrewed underwater systems from torpedo tubes on current classes of British and US submarines, that will increase the range and capability of our undersea forces.

    We’re integrating the Stingray lightweight torpedo into the P-8A maritime patrol aircraft, which will support our forces in being more interchangeable while providing resilience to munitions stockpiles across AUKUS nations. At the same time, we’re also implementing a fundamental shift to more closely integrate our systems and break down barriers to collaboration at every stage and in every part of our systems.

    We’ve welcomed collaboration with the International Joint Requirements Oversight Council or I-JROC, a critical collaborative forum to identify and validate joint and combined requirements. The I-JROC will ensure that we have prioritized combined and joint solutions from the very start and that the capabilities we develop under Pillar 2 address some of the most pressing challenges our forces face.

    A cornerstone of AUKUS Pillar 2 remains the opportunity to leverage the best of our defense industrial bases in combined innovation communities. This year we executed the first office innovation challenge focused on electronic warfare. We announced the winners last month and our teams are working to develop a robust two-year plan to increase the collaboration between and among our innovation centers of excellence.

    By the end of the year, we’ll have convened meetings with the Advanced Capabilities Industry Forum in each country. Engagements provide an opportunity for representatives across government and industry to exchange ideas and deepen industrial based collaboration.

    This week we’re here in Jervis Bay to observe the Maritime Big Play, which is an important demonstration of AUKUS in action. The Maritime Big Play is a series of integrated trilateral experiments and exercises aimed at enhancing capability development, improving interoperability and increasing the sophistication and scale of autonomous systems in the maritime domain. These experiments address the need to expand the reach, capability and capacity of our forces in the maritime environment through the use of artificial intelligence and autonomous systems.

    Over the past several weeks, we’ve been testing and refining the ability to jointly operate uncrewed maritime systems, to share and process maritime data from all three nations, and to provide real time maritime domain awareness to support decision making. The Maritime Big Play allows AUKUS partners to practice fielding and maintaining thousands of uncrewed systems, gaining valuable experience operating in coalitions to solve realistic operational problems such as improving undersea situational awareness.

    Our work will inform AUKUS partners’ understanding of how crewed and uncrewed capabilities can be integrated to get an operational advantage, and where we can achieve cost savings and improved efficiencies in acquisition, maintenance and sustainment activities.

    Maritime Big Play isn’t just a demonstration for demonstration’s sake. It’s our goal to transition cutting edge technologies into capabilities that give our forces decisive advantage as quickly as we can. This year, Japan joined the Maritime Big Play as an observer. We look forward to deepening their participation in the coming years. All of this together underpins a more strategic approach to ensure that AUKUS and like-minded partners can operate new autonomous uncrewed systems more effectively as a coalition force from the start.

    This is only the first in our series of experiments and demonstrations. Over time, Maritime Big Play will grow and evolve to reflect the emerging technologies, new systems and new operational requirements. I want to emphasize that AUKUS is dynamic. It will grow, it will evolve as the world changes around us, and as we break down the old barriers to cooperation and inevitably discover new ones.

    AUKUS is building a foundation for deep defense industrial cooperation and delivering advanced capabilities that can and will ensure our defense forces succeed in enhancing peace and stability in the Indo-Pacific alongside UK and Australia partners both now and in the years ahead. Thank you.”

    MIL Security OSI –

  • MIL-OSI Asia-Pac: Proposed extension of Ho Chau Road and road improvement works at junction of Castle Peak Road – Tam Mi and Nam Sang Wai Road in Yuen Long gazetted

    Source: Hong Kong Government special administrative region

         The Government gazetted today (October 25) the proposed extension of Ho Chau Road and road improvement works at the junction of Castle Peak Road – Tam Mi and Nam Sang Wai Road in Yuen Long to cater for the future development at Tung Shing Lei.
          
         Details of the proposal are set out in the Annex. The plans and scheme of the works are available for public inspection at the following government offices during office hours:
     
    Central and Western Home Affairs Enquiry Centre,
    G/F, Harbour Building,
    38 Pier Road, Central, Hong Kong
         
    Yuen Long Home Affairs Enquiry Centre,
    G/F, Yuen Long District Office Building,
    269 Castle Peak Road, Yuen Long, New Territories
     
    District Lands Office, Yuen Long,
    9/F, Yuen Long Government Offices,
    2 Kiu Lok Square, Yuen Long, New Territories
          
         The gazette notice, scheme, plans and location plan are available at www.tlb.gov.hk/eng/publications/transport/gazette/gazette.html.
     
         Any person who wishes to object to the works or the use, or both, is required to address to the Secretary for Transport and Logistics an objection in writing, which can be submitted via the following means:
     

    By post or by hand to the Transport and Logistics Bureau’s Drop-in Box No. 6 located at the entrance on 2/F, East Wing, Central Government Offices, 2 Tim Mei Avenue, Tamar, Hong Kong. The box is available for use between 8am and 7pm from Monday to Friday (except public holidays);
    By fax to 2868 4643; or
    By email to gazettetlb@tlb.gov.hk.

         A notice of objection should describe the objector’s interest and the manner in which he or she alleges that he or she will be affected by the works or the use. Objectors are requested to provide contact details to facilitate communication. A notice of objection should be delivered to the Secretary for Transport and Logistics not later than December 24, 2024.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Business giants moving to Xiong’an New Area

    Source: China State Council Information Office

    An aerial drone photo taken on Feb. 7, 2024 shows the Xiong’an Science and Technology Innovation Center in Xiong’an New Area, north China’s Hebei Province. [Photo/Xinhua]

    More and more business giants are settling in Xiong’an New Area, North China’s Hebei province, as part of a plan to relieve the national capital Beijing from non-capital functions.

    China Satellite Network Group Co, an enterprise engaged in the design, construction and operation of satellite internet services, has opened its new headquarters in the area’s internet industrial park.

    Making up of a group of low-rise buildings and shaping like a flower when viewed from above, the office complex was completed last month and involved the moving of its headquarters and four subordinate companies on Oct 14.

    The company was the first centrally administered State-owned enterprise to settle down in the area. The SOE will facilitate the gathering of resources in fields such as industry-related companies, technology and talent in Xiong’an and thus promote the development of satellite internet applications and the aerospace information industry.

    As Xiong’an has charted ambitious development plans for the satellite internet sector, many upstream and downstream enterprises and innovation platforms have rushed to the area.

    A national laboratory of aerospace flight technology has been established in the area, according to local media Hebei Daily. Other companies in the sector, including a spatiotemporal information group, have also registered and settled there.

    Sinochem Holdings, a chemical conglomerate, and China Huaneng Group Co, a major power company, have completed their main headquarters buildings in Xiong’an.

    Projects of other companies and institutes, including Sinomine Resource Group Co and Beijing Jiaotong University, also report progress on the construction of their buildings.

    SOEs have set up nearly 300 various types of institutions in Xiong’an, according to the local government.

    Located about 100 kilometers southwest of downtown Beijing, Xiong’an was set up in 2017 as part of a strategy to promote the coordinated development of the Beijing-Tianjin-Hebei region.

    One of its main roles is to serve as the receiver of non-capital functions previously shouldered by Beijing but not essential to Beijing’s role as the capital city, such as universities, company headquarters and research institutions.

    MIL OSI China News –

  • MIL-OSI China: Probe into US company PVH Corp underway

    Source: China State Council Information Office

    An investigation into the U.S. firm PVH Corp., led by China’s unreliable entity list mechanism, is advancing in accordance with the law and in an orderly manner, the Ministry of Commerce (MOC) said Thursday.

    “We will fully safeguard PVH’s rights to make statements and defenses during the investigation,” MOC spokesperson He Yadong told a press conference.

    After the investigation, the mechanism office will make decisions based on the results in accordance with the regulations on unreliable entity list, the spokesperson added.

    The U.S. company, which owns fashion brands like Tommy Hilfiger and Calvin Klein, is suspected of boycotting cotton products from China’s Xinjiang Uygur Autonomous Region without any factual basis and terminating normal transactions with Chinese companies as well as other organizations or individuals, according to the ministry.

    China introduced the unreliable entity list mechanism in September 2020 to protect its national interests and business environment. The spokesperson said China has been prudent when handling issues related to the unreliable entity list, which targets only a few foreign entities that disrupt market rules and violate Chinese laws. He added that foreign entities that operate with integrity and abide by the law have no reason to be concerned.

    The Chinese government, as always, welcomes enterprises from around the world to invest and do business in China, and is committed to providing a stable, fair and predictable business environment for foreign companies that abide by the law and regulations, said the spokesperson.

    MIL OSI China News –

  • MIL-OSI China: Platform focuses on inclusivity

    Source: China State Council Information Office 3

    Project mBridge — a platform for experimenting with central bank digital currencies (CBDCs) including the e-CNY for cross-border payments — is open to cooperation with traditional payment infrastructure and any US dollar usage, said officials and experts close to the matter.

    They said mBridge primarily focuses on small-value transactions under the current account that have been underserved by banks, aiming at improving the efficiency and inclusiveness of global monetary and payment systems while facilitating cross-border trade and investment, especially among Asia’s emerging economies.

    Lu Lei, deputy governor of the People’s Bank of China, the country’s central bank, said that a CBDC system should not only be interoperable with other CBDC systems, but also with traditional payment systems and other financial market infrastructure modalities, and both are achievable by mBridge.

    “We must avoid new cross-border payment frictions while removing existing ones,” Lu said while addressing a Financial Street Forum event on Wednesday, titled Project mBridge: Bridging Global Economies with CBDCs.

    Lu said that mBridge should step up addressing urgent pain points regarding cross-border payments that are undersupplied by banks — in particular payments in cross-border e-commerce and remittances — due to their small values and high costs.

    Project mBridge resulted from collaboration beginning in 2021 between the Bank for International Settlements’ innovation arm, the Bank of Thailand, the Central Bank of the United Arab Emirates, the Digital Currency Institute of the PBOC and the Hong Kong Monetary Authority. The project aims to tackle inefficiencies in cross-border payments with new technologies.

    Echoing Lu’s remarks, an expert who requested anonymity told China Daily that mBridge is “compatible and inclusive” and is open to be connected with traditional payment systems, including large-value, small-value and rapid payment systems, as well as existing international payment infrastructures.

    “Project mBridge represents a new technological approach. It is inclusive and does not rule out cooperation with anyone,” the expert said.

    The project reached the minimum viable product (MVP) stage in June, inviting private sector firms to propose new solutions and use cases that help develop the platform. The Saudi Central Bank joined mBridge as a participant of the MVP platform in June.

    Among the mBridge participating economies, China, the United Arab Emirates and Saudi Arabia are also BRICS members.

    Lu said the transaction value of mBridge has been growing steadily over the past few months, a telling sign of market confidence in the platform, without giving specific figures.

    In terms of geographical coverage, Lu said mBridge may deepen collaboration with the Association of Southeast Asian Nations and Belt and Road economies, as these economies have close trade ties and stable geopolitical conditions, while cross-border payments and currency services may be underserved.

    “Project mBridge, as a public good, may have a role to play in strengthening collaboration among them and thus facilitate the sound development of the international monetary and payment system,” Lu said.

    Citing the views that mBridge may impede the reputation and usage of the US dollars, Zhou Xiaochuan, vice-chairman of Boao Forum for Asia and a former governor of the PBOC, said that mBridge is primarily aimed at filling in gaps in the international payment system.

    Project mBridge does not exclude US dollar usage, Zhou said at the same event as Lu, adding that relevant developments would depend on efficiency, cost, security and user choice.

    The greenback and other “hard currencies” have been traditionally used in cross-border payments, which cannot fully satisfy demand in Asia in recent years amid the region’s fast development of interconnections, giving rise to the growth of mBridge and other platforms to facilitate cross-border payments within the region, according to Zhou.

    Zhou said that mBridge should first facilitate the payments and settlements of current account transactions, especially small-amount ones, aligning with the demand of Asian economies in terms of economic, trade and travel development.

    As for some opinions that mBridge might have a substitutional relationship with financial telecommunication infrastructure Swift, Zhou said he deems mBridge more as a cross-border payment system.

    MIL OSI China News –

  • MIL-OSI China: Global economy in danger of getting stuck on low-growth high-debt path: IMF

    Source: China State Council Information Office 3

    The International Monetary Fund (IMF) warned on Thursday that the global economy is in danger of getting stuck on a low-growth high-debt path, urging policymakers to act on debt and carry out pro-growth reforms.

    “The global economy is in danger of getting stuck on a low-growth high -debt path, that means lower incomes and fewer jobs. It also means lower government revenues, so less investment to support families and fight long-term challenges like climate change,” IMF Managing Director Kristalina Georgieva said at a press conference during the ongoing 2024 IMF and World Bank Group Annual Meetings.

    Firstly, Georgieva called on policymakers to ensure that inflation gets back to target everywhere, noting that the trick now for central banks is to “finish the job of inflation without unnecessarily damaging the job market.”

    Secondly, “now is the time to act on debt and deficits after years of much-needed fiscal support in response shots. Now is the time to rebuild fiscal buffers in most countries. That can be done gradually, but it needs to start now,” she continued.

    Third and most important, she said, it is crucial that countries carry out pro-growth reforms from cutting red tape to improving governance, noting that IMF analysis shows that these reforms can boost output by 8 percent over four years in developing countries.

    In the latest World Economic Outlook (WEO) released Tuesday, the IMF maintained its global growth forecast in 2024 at 3.2 percent, consistent with its projection in July. Growth prospects for five years from now remain lackluster, at 3.1 percent, the lowest in decades.

    Advanced economies are projected to grow by 1.8 percent this year, while emerging market and developing economies will grow 4.2 percent. The Chinese economy is on track to grow 4.8 percent, according to the projection.

    In response to a question from Xinhua, Georgieva said at the press conference that the IMF will have to carefully assess the measures recently announced by Chinese authorities to be able to determine what exactly is the likely impact, while noting that “there are measures that go in the right direction.”

    The IMF chief noted that for quite some time, China has been faced with a fork in the road: continue with the export-led growth policies or boost domestic consumption, and shift the growth engine to the Chinese consumer. “We are on the view that as the Chinese economy has grown so big, it is the latter, domestic consumption that is the reliable source of growth,” she said.

    In the short term, one big obstacle to consumer confidence is in the property sector, and a decisive action to resolve that would help lift up consumer confidence, she said.

    Looking ahead, “by having social security and pension reform that gives people confidence that they don’t need to save excessively, they can rely on the system, that would mean that they spend more,” she continued.

    “Taking the sectors of the economy that are somewhat less developed from a consumer standpoint, like healthcare, education, elderly care, making services more of a driver for growth, that would help,” she said, adding that “I’m sure the leadership in China is looking into these choices.”

    MIL OSI China News –

  • MIL-OSI China: Cambodia, China-ASEAN Information Harbor sign MoU to boost digital infrastructure, economy

    Source: China State Council Information Office

    Cambodia and the China-ASEAN Information Harbor Co., Ltd. (CAIH) have signed a memorandum of understanding (MoU) to boost technological innovation, digital infrastructure, and digital economy, said a news release on Thursday.

    The deal was inked in Phnom Penh on Wednesday between Cambodia’s Ministry of Industry, Science, Technology & Innovation (MISTI) and the CAIH under the presence of MISTI’s Undersecretary of State Hul Seingheng.

    The MoU marks a significant step for Cambodia towards enhancing technological innovation and connectivity in the Association of Southeast Asian Nations (ASEAN), the news release said.

    “This agreement aims to leverage advanced digital infrastructure and cutting-edge technologies to promote economic development and improve quality of life across the region,” the news release said.

    Seingheng said the partnership builds on years of collaboration, which gained momentum after a MISTI delegation visited the CAIH in June 2024 and that the visit laid the groundwork for this formalized agreement.

    “This agreement is another milestone in our efforts to enhance digital cooperation and strengthen Cambodia’s science, technology, and innovation ecosystem,” he said.

    “It aims to increase digital connectivity and the exchange of expertise that will benefit both Cambodia and the ASEAN region,” he added.

    Leveraging CAIH’s skills in the digital economy, intelligent interconnection, and data interoperability, the MoU highlights key areas of collaboration, including advanced digital infrastructure, digital economy, and knowledge sharing.

    “Both parties will focus on sectors such as healthcare and tourism, utilizing digital technologies to spur economic growth and elevate living standards,” the news release said.

    Kong Mengke, deputy general manager of CAIH International, expressed enthusiasm for the MoU’s potential.

    “To implement these areas of cooperation, we propose to prioritize the development of a digital government. The next step will be to create a smart governance platform,” he said.

    “We strive to be a ‘super-connector’ of industries, resources, and customers, positioning ourselves as enablers of digital transformation and leaders of the Digital Silk Road,” he said.

    According to the news release, the CAIH is a digital tech company approved by China’s State Council in 2016 in line with the Belt and Road Initiative.

    Its mission is to build and operate the Digital Silk Road and Digital Guangxi, promoting closer ties between China and ASEAN and supporting the 21st Century Maritime Silk Road, it said.

    MIL OSI China News –

  • MIL-OSI New Zealand: Save the Children welcomes announcement of remodelled Ka Ora, Ka Ako Healthy School Lunches Programme

    Source: Save the Children

    Child rights organisation Save the Children has welcomed the announcement of the remodelled Ka Ora, Ka Ako Healthy School Lunches Programme, along with the extended investment to deliver to eligible Early Childhood Centres.
    The new model will continue to provide free healthy school lunches to 242,000 primary and secondary students and an additional 10,000 preschoolers.
    Save the Children Advocacy Director Jacqui Southey, who was part of the Expert Advisory Group for the remodelled programme in her independent capacity, says the extension into ECEs is a welcome addition to the vital programme that improves outcomes for children, as is including children’s views.
    “It is heartening to see in the new programme that hot meals continue to feature and include a favourite, Butter Chicken. It is incredibly positive that though the budget for the programme is much tighter, the new suppliers under the School Lunch Collective have committed to quality, nutritious meals that children will enjoy.”
    In a Save the Children survey conducted earlier this year with more than 3000 children across the country, Kiwi kids unanimously supported providing children with healthy and delicious lunches at school. In the survey, children said the programme was important to them and their friends, with some children stating that they didn’t have a lot of food at home and their lunches at school were really important to them.
    Says Ms Southey: “Children are most impacted by changes to the programme so ensuring their voices were heard as part of the redesign was crucial. Continuing to consult with children on a regular basis is essential to ensure the programme works best for them.”
    Save the Children has long been a supporter of food in school provision, and has seen the success of similar programmes in overseas projects.
    Says Ms Southey: “These insights directly align with the findings of evaluations of the Ka Ora Ka Ako programme here in Aotearoa New Zealand that show that the programme directly improves the wellbeing of children receiving the lunches, and teachers report improved concentration and positive behaviours of their students. A number of principals have credited the programme with improved attendance levels in their schools.
    “Ensuring the best for children has remained at the heart of the redesign of the new model. The Government has committed to funding this programme for the next two years, providing crucial investment toward the wellbeing of children and that supports them and their whānau in this very tough economic climate.
    “We call on New Zealand governments now, and in the future, to get behind this important programme and ensure that it has long term sustainable investment that will see it become permanently embedded as part of a progressive education offering delivered by New Zealand schools.”
    About Save the Children NZ:
    Save the Children works in 120 countries across the world. The organisation responds to emergencies and works with children and their communities to ensure they survive, learn and are protected.
    Save the Children NZ currently supports international programmes in Fiji, Cambodia, Bangladesh, Laos, Nepal, Vanuatu, Solomon Islands and Papua New Guinea. Areas of work include child protection, education and literacy, disaster risk reduction and climate adaptation, and alleviating child poverty.

    MIL OSI New Zealand News –

  • MIL-OSI: QPR Software Plc: Interim Report January-September 2024

    Source: GlobeNewswire (MIL-OSI)

    QPR SOFTWARE PLC           STOCK EXCHANGE RELEASE          25 October 2024, AT 9.00 AM EET

    QPR Software Plc Interim Report for January-September 2024: The growth in SaaS net sales supports positive development, with profitability improving already for the eighth consecutive quarter compared to the same period last year. The most significant achievement of the third quarter was the signing of a contract with a global luxury brand.

    FINANCIAL DEVELOPMENT BRIEFLY

    JULY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales decreased by -3% 
    • Net sales was 1,409 thousand euros, down -22% (July-September 2023: 1,806) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 269 thousand euros (242), an increase of +11%
    • The operating profit was -6 thousand euros (-12), +6 thousand euros change compared to the previous period
    • Profit before taxes was -33 thousand euros (-37), +4 thousand euros change compared to the previous period
    • The result was -33 euros (-37), +4 thousand euros change compared to the previous period
    • Earnings per share was -0.002 euros (-0.002) 
    • Cash flow from operations 34 thousand euros (-640), +674 thousand euros change compared to the comparison period

    JANUARY-SEPTEMBER 2024

    • SaaS net sales increased by +15% 
    • Software net sales increased by +4% 
    • Net sales was 4,651 thousand euros, down -22% (January-September 2023: 5,951) due to company’s discontinuation of consulting outside the core business. 
    • EBITDA was 745 thousand euros (213), a difference of +532 thousand euros from the comparison period 
    • The operating profit was -39 thousand euros (-529), a difference +490 thousand euros from the comparison period  
    • Profit before taxes was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • The result was -107 thousand euros (-617), a difference +510 thousand euros from the comparison period 
    • Earnings/share was -0.006 euros (-0.038)  
    • Cash flow from operations -226 thousand euros (20), a difference of -246 thousand euros from the comparison period 

    OUTLOOK FOR 2024

    The company monitors the development of the world’s economic situation and geopolitical tensions. The slowly budding recovery of economic growth, falling interest rates and normalizing inflation will improve the financial position of customers, and investment decisions can be expected to accelerate towards the end of 2024.

    Supported by the current contract base and the projected growth of SaaS (Software as a Service) net sales, QPR expects the growth of SaaS net sales to be double-digit and estimates that the entire software net sales will grow in 2024 (2023: 5,122 thousand euros).

    The company expects the operating result to improve significantly in the financial year 2024. The operating result in 2023 was -813 thousand euros.

    CEO REVIEW

    In the third quarter, we continued to execute our strategy as planned, and the company’s turnaround is progressing steadily. We have achieved our eighth consecutive quarter of improved results compared to the same period last year, indicating positive development. However, growth this time was modest, as market recovery has been slower than anticipated. Strengthening customer relationships, expanding our partner network, and acquiring new clients continue to support long-term growth. The most significant achievement of the quarter was securing a contract with a global luxury brand, which selected QPR ProcessAnalyzer to optimize its business processes, solidifying our position as a leader in process mining.

    SaaS revenue grew by 15% in July-September, while software revenue decreased by 3%, mainly due to the timing of deals. Overall revenue declined because of our decision to discontinue external consulting services in Finland at the end of 2023. Our positive EBITDA, totaling EUR 269,000, increased by 11% compared to the previous year. The company’s result was slightly negative, and the timing of individual deals continues to significantly impact quarterly outcomes. This quarter also saw one-off write-offs related to the relocation of our headquarters, which affected the results.

    One of our most significant product development milestones was advancing our flagship product, QPR ProcessAnalyzer, into a native app on the Snowflake Marketplace. This development significantly changes how process mining software is bought and sold, offering our customers using Snowflake cloud services a fast and straightforward way to acquire software cost-effectively. Our goal is to have our product listed on the Snowflake Marketplace by the end of October.

    At the core of our strategy is the development of our international partner network. In the first half of the year, we established several key partnerships in the United States, which have led to active sales efforts to attract new customers. We continue to seek new potential partners, and the EDGE 2024 Supply Chain Conference held in Nashville in September was an important part of this strategy.

    The market situation in the Middle East also showed positive development in the third quarter. Our strong partner network and growing interest in our process mining solutions provide excellent opportunities for expanding our market share. Snowflake has acquired several customers in the region, which also presents us with new opportunities to expand in this market.

    Our focus now turns to the final quarter of the year, where we plan to leverage our strengths and focus on securing deals effectively. Despite challenges in the business environment, we believe in our innovations and strategic partnerships that support the company’s long-term growth goals.

    QPR appointed Taru Mäkinen as CFO in July, and under her leadership, our financial processes are being developed to support our growth strategy. Additionally, Antti Kivalo started as the company’s new Sales Director at the beginning of September.

    I would like to extend my warmest thanks to our customers, partners, and investors for their trust. A special thank you also to all our employees for their hard work towards the success of our company.

    Heikki Veijola

    CEO

    KEY FIGURES

    EUR in thousands,
     unless otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    EBITDA 269 242 11 745 213 249 182
    % of net sales 19.1 13.4   16.0 3.6   2.4
    Operating result -6 -12 55 -39 -529 93 -813
    % of net sales -0.4 -0.7   -0.8 -8.9   -10.8
    Result before tax -33 -37 11 -107 -617 83 -924
    Result for the period -33 -37 11 -107 -617 83 -924
    % of net sales -2.4 -2.1   -2.3 -10.4   -12.2
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
    Equity per share, EUR 0.018 0.036 -48 0.019 0.036 -48 0.020
                   
    Cash flow from operating
     activities    		 34 -640 105 -226 20 -1,202 850
    Cash and cash equivalents 99 181 -46 99 181 -45 885
    Net borrowings 1,513 1,639 -8 1,513 1,639 -8 934
    Gearing, % 451.3 257.2 75 451.3 257.2 75 268.3
    Equity ratio, % 11.0 13.7 -20 11.0 13.7 -20 8.1
    Return on equity, % -38.6 -49.7 22 -41.8 -146.4 71 -221.5
    Return on investment, % -6.3 -11.6 23 -9.0 -35.9 75 -42.0

    REPORTING AND BUSINESS OPERATIONS

    QPR Software Plc is a pioneer in business process optimization solutions and has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology and one of the most advanced process mining software companies in the world.

    QPR innovates, develops, and delivers software for analyzing, monitoring and modeling the operations of organizations. The company also offers consulting services to ensure that customers get full value from the software and associated methods.

    QPR Software reports one business segment, which is Organizational Development of organizations. In addition to this, the Company reports revenue from products and services as follows: Software licenses, Renewable software licenses, Software maintenance services, Cloud services, and Consulting.

    The company’s reported recurring revenues consist of SaaS net sales, maintenance services, as well as revenue from renewable licenses. Licenses are sold to customers for perpetual use or for an agreed, limited period. The revenue from SaaS and maintenance services is recorded monthly as recurring revenue over the contract period.

    Renewable software licenses are sold to customers as a user right with an indefinite-term contract. These contracts are automatically renewed at the end of the agreed period, usually one year, unless the agreement is terminated within the notice. Renewable license revenue is recognized at one point in time, in the beginning of the invoicing period, yet at the earliest on the delivery.

    The geographical areas reported are Finland, the rest of Europe (including Turkey), and the rest of the world. Net sales are reported according to the location of the customer’s headquarters. Until 2023, the company provided consulting services, predominantly to public administration, which were unrelated to its core business. In the end of 2023, the company discontinued these activities. In the future, the company will prioritize offering consulting services tailored to the software it develops, aiming to deliver maximum added value to its customers.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    NET SALES DEVELOPMENT

    NET SALES BY PRODUCT GROUP  

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Software licenses 85 174 -51   406 383 6 485
    Renewable software licenses 43 78 -45   334 453 -26 504
    Software maintenance services 430 428 0   1,268 1,272 0 1,720
    SaaS 673 585 15   2,020 1,754 15 2,371
    Consulting 179 541 -67   623 2,089 -70 2,469
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    NET SALES BY GEOGRAPHIC AREA

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
    %    		   Jan-Sept, 2024 Jan-Sept, 2023 Change,
    %    		 Jan-Dec, 2023
                     
    Finland 555 793 -30   1,881 2,799 -33 3,499
    Europe incl. Turkey 623 702 -11   2,026 2,398 -16 3,128
    Rest of the world 232 310 -25   745 754 -1 923
    Total 1,409 1,806 -22   4,651 5,951 -22 7,550

    JULY-SEPTEMBER 2024

    The net sales for July to September was 1,409 thousand euros (1,806), and it decreased by 22% compared to the same period last year. The group discontinued consulting services outside our core business in Finland at the end of 2023. The proportion of recurring revenue in the total revenue increased from 56 percent to 79 percent.

    SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales decreased by 3% during July-September.

    The software license net sales was 85 thousand euros (174), representing a 51% decrease. The decline was due to larger individual new license deals in the comparison period, which exceeded the new license deals reported in the current period. Expansions with existing customers partially offset the lower new customer license sales. The net sales mainly consisted of additional sales through partner transactions and to existing and new customers, additional sales to existing direct customers, as well as the expansion of the partner network, which brought new commercial opportunities and customer relationships.

    The net sales from renewable software licenses was 43 thousand euros (78), a decrease of 45%. This decline was primarily due to the expiration of individual customer contracts and the earlier renewal timing, partially offset by new customer acquisitions and price increases made in response to inflationary pressures.

    The net sales from software maintenance services amounted to 430 thousand euros (428). The net sales was positively impacted by Middle Eastern customers transitioning to a software maintenance model, increased maintenance revenue from new license acquisitions, and winning back lost customers. Additionally, price increases to counter inflationary pressures and favorable exchange rate effects contributed to the net sales growth. However, the growth was offset by customer churn and a decline in revenue from certain individual customers.

    SaaS net sales grew by 15% and amounted to 673 thousand (585). The growth was primarily driven by new customer acquisitions, the expansion of existing customer relationships, and price increases to counter inflationary pressures. On the other hand, customer churn and a decrease in revenue from individual clients had a negative impact on the overall SaaS revenue development.

    Net sales from consulting was 179 thousand euros (541), a 67% decrease due to the company’s discontinuation of consulting services outside its core business in Finland. During the comparison period, the company had a large customer project in Europe, but no similar project occurred in this reporting period.

    The Group’s net sales was 39 % (44) from Finland, 44% (39) from the rest of Europe (including Turkey) and 17 % (11) from the rest of the world.

    JANUARY-SEPTEMBER 2024

    The net sales January-September was 4,651 thousand euros (5,951), and it decreased by 22 % compared to the same period last year. This decline is due to the company’s decision to discontinue non-core consulting services in Finland at the end of 2023. The proportion of recurring revenue of the total revenue increased from 51 percent to 71 percent.

    Our SaaS net sales, which is at the core of our strategy, grew by 15%, and software net sales grew by 4% in the January-September period. The proportion of software net sales in the total net sales grew from 65 percent to 87 percent.

    The net sales from software licenses was 406 thousand euros (383) and it grew by 6%. The growth was primarily driven by an increase in partner sales volume, particularly among customers in the Middle East, as well as the expansion with a global pharmaceutical company in accordance with a previous agreement. Additionally, the company achieved broader success in partner sales across multiple geographical regions.

    The net sales from renewable software licenses amounted to 334 thousand euros (453), a decrease of 26%. The decline was driven by several factors, including customer churn, individual customers transitioning to a SaaS service model, and negative currency exchange effects. These factors were partially offset by new customer acquisitions and price increases implemented to counter inflationary pressure.

    The net sales from software maintenance services amounted to 1,268 thousand euros (1,272). The decline in net sales was negatively impacted by customer churn, a decrease in revenue from individual customers, and, to a lesser extent, the transition of existing customers to the SaaS service model. The decline was partially offset by the expansion of cooperation with existing customers, the inclusion of Middle Eastern customers’ projects under maintenance services, new customer contracts, and the previously agreed expansion with a global pharmaceutical company. Additionally, price increases to counter inflationary pressures and favorable currency exchange rate effects contributed to net sales growth.

    SaaS net sales grew by 15% to 2,020 thousand euros (1,754). The growth was primarily driven by the expansion of existing customer relationships and successes in acquiring new customers. The shift of customers from licenses to the SaaS service model and, to some extent, price increases due to inflationary pressures also contributed to the growth. On the other hand, fluctuations in exchange rates and customer churn had a negative impact on the development of SaaS net sales.

    Consulting revenue was 623 thousand euros (2,089), a decrease of 70%, following the company’s discontinuation of consulting services outside its core business in Finland. Additionally, the company recognized revenue from fixed-price projects in the Middle East according to their to their completion status during the first half of 2023. These projects were completed in the second quarter of the same year. In the comparison period, the company had a large customer project in Europe, but there was no similar project during this reporting period.

    The Group’s net sales was 40% (49) from Finland, 44% (40) from the rest of Europe (including Turkey) and 16 % (11) from the rest of the world.

    FINANCIAL DEVELOPMENT

    JULY-SEPTEMBER 2024

    The group’s EBITDA for July-September was 269 thousand euros (242), an improvement of 27 thousand euros compared to the previous year. The operating profit was -6 thousand euros (-12), an increase of 6 thousand euros compared to the reference period. The season’s result was -33 thousand euros (-37).

    The active measures implemented by the company in 2023 to improve cost structure and enhance business profitability are already partially visible in the first half of 2024 and to be fully realized by the third quarter.

    The Group’s variable costs amounted to 210 thousand euros (240). The decrease in costs was mainly due to lower partner commissions, resulting from lower software license sales through partners compared to the reference period.

    The company’s fixed expenses amounted to 931 thousand euros (1,324), a decrease of 30% compared to the same period last year. This decrease was due to savings programs implemented in the second and final quarters of 2023, as well as reduced personnel expenses resulting from change negotiations. The full impact of the cost-saving measures materialized starting from the third quarter of 2024. The effect of these savings was partially offset by lower product development capitalizations, investments in reorganizing the company’s operational activities, and a one-time write-off of 24 thousand euros related to the company’s headquarters relocation.

    Earnings per share were -0.002 euros (-0.002) per share.

    JANUARY-SEPTEMBER 2024

    The Group’s EBITDA for January–September was 745 thousand euros (213), an increase of 532 thousand euros compared to the previous year. The operating result was -39 thousand euros (-529), showing an improvement of 490 thousand euros compared to the same period last year. The result for the period was -107 thousand euros, which is a significant improvement from the previous year (-612).

    The active measures implemented by the company in 2023 to improve cost structure and develop business profitability are already partially visible in the first quarter of 2024 and fully realized by the third quarter.

    The Group’s variable costs amounted to 693 thousand euros (1,013). The decrease in expenses was primarily due to the completion of challenging fixed-price software delivery projects in the Middle East during the second quarter of 2023. This completion significantly reduced the need for external services, further lowering costs.

    The company’s fixed expenses amounted to 3,214 thousand euros (4,726 thousand), a decrease of 32% compared to the same period last year. This decrease was driven by cost-saving programs implemented in the second and final quarters of 2023, as well as lower personnel expenses resulting from the outcomes of change negotiations. The full impact of the cost-saving measures realized starting from the third quarter of 2024. The effect of these savings was partially offset by lower R&D capitalizations and investments required for the reorganization of the company’s operational activities.

    Earnings per share were EUR -0.006 (-0.038) per share.

    FINANCE AND INVESTMENTS

    The cash flow from operations during the review period amounted to -226 thousand euros (20). The main reason for this change compared to the comparable period was successful collection in the last quarter of 2023, particularly regarding the advanced license payments for 2024. A larger portion of the prepayments was collected in the final quarter of 2023, leading in lower cash flow from annual licenses in the first quarter of 2024. Annual billing is mostly concentrated around the end of the year, making it seasonal.

    The change in working capital was affected by higher sales commissions paid to the company’s personnel for 2023, as well as holiday compensation for employees who left due to the change negotiations. The negative cash flow was also due to the fact that the largest new deals occurred in a market where payment behavior is slow.

    The positive cash flow from operations in the third quarter was driven by successful receivables collection and lower costs. Compared to the same period last year, a significant reduction in expenses is a key reason for the clear improvement in operational cash flow. During the comparison period, the company conducted a directed share issue, resulting in significantly higher cash flow from financing activities.

    Net financial expenses amounted to 19 thousand euros (30), including exchange losses of 1 thousand euros (4).

    Investments totaled 357 thousand euros (511), and those were mainly research and development investments.

    The company’s financing net cash flow for the period January to September was -318 thousand euros (656). The negative net cash flow was primarily due to the company reducing its loan by 500 thousand euros and having a credit limit in use. Additionally, during the comparison period, the company raised 760 thousand euros through a directed share issue.

    The group’s financial situation is fair. At the end of the review period, the group’s cash and cash equivalents were 99 thousand euros (181). Short-term receivables were 1,290 thousand (1,468). 

    Euro-denominated receivables accounted for 68%, and 68% of invoices had not yet matured. Of the total amount of short-term receivables, the share of 1-30 days overdue receivables was 16%, 30-60 days 11% and more than 60 days 5%. 

    The group has a credit limit of 500,000 euros available.                                                                 

    At the end of the review period, the group had a bank loan of EUR 1,000 thousand, of which 500 thousand euros was long-term. In accordance with the original financing agreement, the first installment of EUR 0.5 million was due on January 31, 2024. After this, installments of EUR 0.5 million will mature annually in January 2025 and 2026. The covenants related to the loan are based on the company’s EBITDA and equity ratio. The EBITDA of the covenants is tested every six months, and the equity ratio is tested annually according to the situation on the last day of the year. The EBITDA exceeded the agreed covenant limit for the first half of the year.

    The company’s free cash flow, including operating and investment cash flows, and office lease costs totaled -37 thousand euros (-735) in the third quarter. The significant improvement in free cash flow is due to both lower operating expenses and enhanced receivables collection. From January to September, free cash flow was -486 thousand euros (-595). The change was influenced by shifts in the timing of operating cash flows, which were mitigated by a significant decrease in investment cash flows and lower paid office lease costs.

    The equity ratio was 11%, lower than the comparison period (14%) due to a loss of -307 thousand euros in the final quarter of 2023 and a -107 thousand euros loss for the reporting period, January to September. Additionally, the new lease agreement signed in June 2024 negatively impacts the company’s equity ratio, as the IFRS 16 interest effect increases the lease liability by approximately 100 thousand euros.

    PRODUCT DEVELOPMENT

    QPR has positioned itself as a leading player in Digital Twin of an Organization (DTO) technology. The company innovates and develops software products that analyze, measure, and model the operations of organizations. The Company develops the following software products: QPR ProcessAnalyzer, QPR EnterpriseArchitect, QPR ProcessDesigner, and QPR Metrics.

    In the third quarter of the year, product development expenses amounted to 183 thousand euros (248), and 69 thousand euros (80) of development costs were capitalized on the balance sheet. Product development depreciation was recorded at 228 thousand euros (220). The amortization period for capitalized development costs is four years.

    PERSONNEL

    At the end of the review period, the group employed 29 people (52). The average number of personnel in April-June was 28 (60).

    The average age of the personnel is 45 (47) years. Women account for 23% (23) of employees, and men for 77% (76). Of all personnel, 21% (16) work in sales and marketing, 32% (31) in consulting and customer care, 40% (42) in product development, and 7% (11) in administration.

    Personnel expenses were 2,499 thousand euros (4,085), of which the share of salaries and bonuses was 2,127 thousand euros (3,406).

    For incentive purposes, the company has a bonus program covering the entire personnel. The top management’s short-term remuneration consists of monetary salary, fringe benefits and a possible annual bonus, mainly determined by the net sales development of the group and profit units. In addition, the company has a stock option program for key personnel.

    SHARES AND SHAREHOLDER

    Trading of shares Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec,
     2023
             
    Shares traded, pcs 3,407,075 1,729,586 97 3,538,455
    Volume, EUR 1,685,250 898,702 88 1,585,931
    % of shares 19.0 9.7 96 19.8
    Average trading price, EUR 0.49 0.52 -5 0.45
    Average trading value per day, EUR 8,917 4,755 88 6,318
    Treasury shares acquired during the year, pcs 0 0 0 0
    Shares and market capitalization Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Total number of shares, pcs 18,175,192 18,175,192 0 18,175,192
    Treasury shares, pcs 256,849 339,471 -24 339,471
    Book counter value, EUR 0.11 0.11 – 0.11
    Outstanding shares, pcs 17,918,343 17,835,721 0 17,835,721
    Number of shareholders 2,117 1,863 14 1,943
    Closing price, EUR 0.60 0.39 54 0.33
    Market capitalization, EUR 10,751,006 6,938,095 55 5,957,131
    Book counter value of all treasury
    shares, EUR    		 28,253 37,342 -24 37,342
    Total purchase value of all treasury
    shares, EUR    		 244,349 347,552 -30 347,552
    Treasury shares, % of all shares 1.4 1.9 -26 1.9
             

    GOVERNANCE

    The Annual General Meeting of QPR Software Plc was held on May 15, 2024, in Helsinki. The General Meeting adopted the Company’s financial statements for the financial year 2023 and discharged the members of the Board of Directors and the CEO from liability. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023, and adopted the Company’s Remuneration Report and Remuneration Policy. Further, the General Meeting resolved to authorize the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares as well as on the acquisition of own shares.

    Annual accounts and the use of the profit shown on the balance sheet

    The General Meeting adopted the Company’s financial statements and discharged the members of the Board of Directors and the CEO from liability for the financial period January 1 – December 31, 2023. The General Meeting resolved that no dividend be paid based on the balance sheet adopted for the financial year ended on December 31, 2023.

    Remuneration of the members of the Board of Directors and the Auditor

    The General Meeting resolved that the Chairman of the Board of Directors be paid EUR 45,000 per year and the other members of the Board of Directors EUR 25,000 per year. Approximately 40 percent of the remuneration will be paid in shares and 60 percent in cash. The shares will be granted as soon as possible after the Annual General Meeting and if the insider regulations allow it. The members of the Board of Directors will also be reimbursed for travel and other expenses incurred while they are managing the Company’s affairs. 

    The remuneration of the Auditor shall be paid according to the reasonable invoice.

    Board of Directors and Auditor

    The General Meeting confirmed that the number of Board members is four (4). Pertti Ervi was re-elected as the Chairman of the Board of Directors and Antti Koskela and Jukka Tapaninen were re-elected as members of the Board of Directors. Linda von Schantz was elected as a new member of the Board of Directors.

    Authorised Public Accountants KPMG Oy Ab was re-elected as the Company’s auditor. KPMG Oy Ab has announced that Petri Kettunen, Authorized Public Accountant, will act as the principal auditor.

    Authorization of the Board of Directors to decide on share issues and on the issue of other special rights entitling to shares

    The General Meeting resolved to authorize the Board of Directors to decide on issuances of new shares and conveyances of the own shares held by the Company (share issue) either in one or more instalments. The share issues can be carried out against payment or without consideration on terms to be determined by the Board of Directors. The authorization also includes the right to issue special rights referred to in Chapter 10, Section 1 of the Finnish Companies Act, which entitle to the Company’s new shares or own shares held by the Company against consideration. Based on the authorization, the maximum number of new shares that may be issued and own shares held by the Company that may be conveyed in share issues or on the basis of special rights is 6,361,317 shares. The authorization includes the right to deviate from the shareholders’ pre-emptive subscription right. The authorization is in force until the next Annual General Meeting.

    Authorization of the Board of Directors to decide the acquisition of own shares

    The General Meeting resolved to authorize the Board of Directors to decide on the acquisition of the Company’s own shares. Based on the authorization, an aggregate maximum amount of 500,000 own shares may be acquired, either in one or more instalments. The authorization includes the right to acquire own shares otherwise than in proportion to the existing shareholdings of the Company’s shareholders, using the Company’s non-restricted shareholders’ equity. The authorization is in force until the next Annual General Meeting.

    SHORT-TERM RISKS AND UNCERTAINTIES

    Internal control and risk management at QPR Software aim to ensure that the Company operates efficiently and effectively, distributes reliable information, complies with regulations and operational principles, reaches its strategic goals, reacts to changes in the market and operational environment, and that business continuity is secured considering the financial position.

    The Company has identified the following three groups of risks related to its operations: risks related to business operations (country, customer, personnel, legal), risks related to information and products (QPR products, IPR, data privacy, and security), and risks related to financing and liquidity (foreign currency, short-term cash flow).

    The Company has an insurance policy covering property, operational, and liability risks. Financial risks include reasonable credit risk concerning individual business partners, which is characteristic of any international business. QPR seeks to limit this credit risk by continuously monitoring standard payment terms, receivables, and credit limits.

    Approximately 68% of the Group’s trade receivables were in euros at the end of the quarter (79%). At the end of the quarter, the Company had not hedged its non-euro trade receivables.

    EVENTS AFTER THE REVIEW PERIOD

    No events after the review period.

    QPR SOFTWARE PLC

    BOARD OF DIRECTORS

    For further information:

    Heikki Veijola

    Chief Executive Officer

    QPR Software Plc

    Tel. +358 40 922 6029

    QPR Software in Brief

    QPR Software (Nasdaq Helsinki) is a leading player in the Digital Twin of an Organization (DTO) use case and one of the most advanced process mining software companies in the world. The company innovates, develops, and delivers software for analyzing, monitoring, and modeling organizational operations. Additionally, QPR provides consulting services to ensure its customers derive full benefits from the software and associated methodologies.

    www.qpr.com

    DISTRIBUTION

    Nasdaq Helsinki

    Key medias

    www.qpr.com

    INTERIM REPORT JANUARY-SEPTEMBER

    QPR Software’s Board of Directors has approved this interim report for January 1–September 30, 2024, to be published. 

    The financial figures for the full fiscal year 2023 presented in the interim report have been audited. The interim report financial figures are unaudited.

    CONSOLIDATED COMPREHENSIVE INCOME STATEMENT          

    EUR in thousands, unless
     otherwise indicated    		 July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Net sales 1,409 1,806 -22 4,651 5,951 -22 7,550
    Other operating income – – – – 1 – 1
                   
    Materials and services 210 240 -13 693 1,013 -32 896
    Employee benefit expenses 658 1,056 -38 2,499 4,085 -39 5,287
    Other operating expenses 273 268 2 714 640 12 1,186
    EBITDA 269 242 11 745 213 249 182
                   
    Depreciation and amortization 274 254 8 784 743 6 995
    Operating result -6 -12 55 -39 -530 93 -813
                   
    Financial income and expenses -28 -25 -12 -68 -87 22 -111
    Result before tax -33 -37 11 -107 -617 83 -924
                   
    Income taxes – – – 0 – 0 –
    Result for the period -33 -37 11 -107 -617 83 -924
                   
                   
    Earnings per share, EUR
     (basic and diluted)    		 -0.002 -0.002 11 -0.006 -0.038 84 -0.055
                   
    Consolidated statement of
    comprehensive income:    		              
    Result for the period -33 -37 11 -107 -617 83 -924
    Exchange differences on
     translating foreign operations    		 3 – – 2 1 100 1
    Total comprehensive income -30 -37 19 -105 -616 83 -925

    CONDENSED CONSOLIDATED BALANCE SHEET 

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Assets        
             
    Non-current assets:        
    Intangible assets 1,788 2,357 -24 2,245
    Goodwill 358 358 0 358
    Tangible assets 30 95 -69 81
    Right-of-use assets 393 320 23 318
    Other non-current assets 277 277 0 277
    Total non-current assets 2,847 3,407 -16 3,279
             
    Current assets:        
    Trade and other receivables 1,782 1,896 -6 1,706
    Cash and cash equivalents 100 181 -45 884
    Total current assets 1,881 2,077 -9 2,590
             
    Total assets 4,728 5,484 -14 5,869
             
    Equity and liabilities        
             
    Equity:        
    Share capital 80 80 0 80
    Other funds 21 21 1 21
    Treasury shares -244 -348 -30 -348
    Translation differences -68 -67 -1 -67
    Invested non-restricted equity fund 4,925 4,925 0 4,925
    Retained earnings -4,379 -3,974 -10 -4,263
    Equity attributable to shareholders of
    the parent company    		 335 637 -47 348
    Total equity 335 637 -47 348
             
    Non-current liabilities:        
    Interest-bearing liabilities 500 1,000 -50 1,000
    Interest-bearing lease liabilities 386 209 85 192
    Total non-current liabilities 886 1,209 -27 1,192
             
    Current liabilities:        
    Provisions – – – –
    Interest-bearing liabilities 697 500 39 500
    Interest-bearing lease liabilities 29 110 -73 126
    Advances received 1,169 841 39 1,558
    Accrued expenses and prepaid income 1,102 1,496 -26 1,539
    Trade and other payables 511 690 -26 607
    Total current liabilities 3,507 3,638 -4 4,329
             
    Total liabilities 4,393 4,847 -9 5,521
             
    Total equity and liabilities 4,728 5,484 -14 5,869

    CONSOLIDATED CONDENCED CASH FLOW STATEMENT

    EUR in thousands July-Sept, 2024 July-Sept, 2023 Change,
     %    		 Jan-Sept, 2024 Jan-Sept, 2023 Change,
     %    		 Jan-Dec, 2023
                   
    Cash flow from operating activities:              
    Result for the period -33 -37 10 -107 -555 81 -924
    Adjustments to the result 381 264 44 962 745 29 1,078
    Working capital changes -282 -791 64 -1,001 -54 -1,755 821
    Interest and other financial
     expenses paid    		 -32 -74 -57 -79 -104 -24 -107
    Income taxes paid – -2 – – -11 – -19
    Net cash from operating activities 34 -640 105 -226 20 -1,228 849
                   
    Cash flow from investing activities:              
    Purchases of tangible and
     intangible assets    		 -68 -80 -15 -246 -512 -52 -620
    Proceeds from sales of tangible and intangible assets 6 – – 6 – – –
    Net cash used in investing activities -62 -80 22 -240 -512 53 -620
                   
    Cash flow from financing activities:              
    Proceeds from short term
     borrowings    		 102 – – 1,197 1,500 -20 1,500
    Repayments of short term
     borrowings    		 – – – -1,500 -1,500 0 -1,500
    Payment of lease liabilities -3 -15 -81 -15 -103 -86 -121
      Share issue net – 760 – – 760 – 760
    Net cash used in financing activities 99 745 -87 -318 656 -149 639
                   
    Net change in cash and cash
    equivalents    		 70 26 -169 -784 164 578 868
    Cash and cash equivalents
     at the beginning of the period    		 31 156 -80 884 17 5,100 17
    Effects of exchange rate changes
     on cash and cash equivalents    		 -2 – – -1 – – –
    Cash and cash equivalents
     at the end of the period    		 99 181 -46 99 181 -45 884

    *Including non-interest bearing short term liabilities related to cash flow for investment

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

    EUR in thousands Share
     capital    		 Other
     funds    		 Translation
     differences    		 Treasury
     shares    		 Invested non-
     restricted
     equity fund    		 Retained
     earnings    		 Total
    Equity Jan 1, 2023 1,359 21 -66 -406 2,943 -3,364 487
    Stock option scheme           36 36
    Reduction of share capital -1,279       1,279   0
    Disposal of own shares       58   -10 48
    Share issue, net         703   703
    Comprehensive income     -1     -924 -925
    Equity Dec 31, 2023 80 21 -67 -348 4,925 -4,263 348
    Stock option scheme           46 46
    Reduction of share capital             0
    Disposal of own shares       103   -55 48
    Share issue, net             0
    Comprehensive income     -2     -107 -109
    Equity Sept 30, 2024 80 21 -68 -244 4,925 -4,379 335

    NOTES TO INTERIM FINANCIAL STATEMENTS

    ACCOUNTING PRINCIPLES

    This report complies with the requirements of IAS 34” Interim Financial Reporting”.

    The interim report does not contain full notes and other information presented in the financial statements, and therefore the interim report should be read in conjunction with the Financial Statements Bulletin published for 2023.

    In preparing the interim report, the same accounting principles have been followed as in the 2023 annual financial statements, except for new standards and standard amendments that came into effect starting January 1, 2024. The new standards and standard amendments had no significant impact on QPR Software’s consolidated financial statements.

    The company began reporting the production costs of the cloud platform within the materials and services expense category starting from 2024. The figures for the comparative period will be presented at the end of this interim report’s table section, according to both reported and 2024 cost groupings.

    Considering the company’s financial position, this financial statement has been prepared on a going concern basis. The company entered into a refinancing agreement in January 2023.

    In preparation of the consolidated financial report, company’s management is required to make estimates and assumptions regarding the future and to consider the appropriate application of accounting principles, which means that actual results may differ from those estimated.

    All amounts presented in this report are consolidated figures, unless otherwise noted. The amounts presented in the report are rounded, so the sum of individual figures may differ from the sum reported.

    INTANGIBLE AND TANGIBLE ASSETS              

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
    Increase in intangible assets:      
    Acquisition cost Jan 1 14,836 14,217 14,217
    Increase 246 512 619
    Acquisition cost at the end of the period 15,082 14,729 14,836
    Increase in tangible assets:      
    Acquisition cost Jan 1 2,816 2,816 2,816
    Increase 111 – –
    Acquisition cost at the end of the period 2,927 2,816 2,816

    CHANGES IN INTEREST-BEARING LIABILITIES

    EUR in thousands Jan-Sept, 2024 Jan-Sept, 2023 Jan-Dec, 2023
           
    Interest-bearing liabilities Jan 1 1,818 2,279 2,279
    Proceeds from borrowings 1,197 1,500 1,500
    IFRS 16 – change in lease liability 97 -335 -319
    Repayments 1,500 1,623 1,641
    Acquisition cost at Sept 30 1,612 1,820 1,818

    PLEDGES AND COMMITMENTS

    EUR in thousands Sept 30, 2024 Sept 30, 2023 Change,
     %    		 Dec 31,
     2023
             
    Business mortgages (held by the Company) 2,382 2,381 0 2,382
             
    Minimum lease payments based on lease agreements:        
    Maturing in less than one year 30 30 -1 30
    Maturing in 1-5 years 3 34 -90 27
    Total 34 65 -48 57
             
    Total pledges and commitments 2,416 2,445 -1 2,439

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 RESTATED) 

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – – – – –
               
    Materials and services 210 223 260 229 240
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 199 268
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 AS PUBLISHED)

    EUR in thousands July-Sept, 2024 April-June,
     2024    		 Jan-Mar,
     2024    		 Oct-Dec,
     2023    		 July-Sept,
     2023
               
    Net sales 1,409 1,473 1,769 1,599 1,806
    Other operating income – –   – –
               
    Materials and services 210 223 260 134 147
    Employee benefit expenses 658 820 1,021 1,202 1,056
    Other operating expenses 273 249 193 294 361
    EBITDA 269 181 295 -31 242
               
    Depreciation and amortization 274 247 263 252 254
    Operating result -6 -66 32 -283 -12
               
    Financial income and expenses -28 -21 -20 -24 -25
    Result before tax -33 -87 13 -307 -37
               
    Income taxes – – – – –
    Result for the period -33 -87 13 -307 -37

    GROUP KEY FIGURES

    EUR in thousands, unless
     otherwise indicated    		 Jan-Sept or Sept 30, 2024 Jan-Sept or Sept 30, 2023 Jan-Dec or
     Dec 31, 2023
           
    Net sales 4,651 5,951 7,550
    Net sales growth, % -21.8 4.8 -3.5
    EBITDA 745 213 182
    % of net sales 16.0 3.6 2.4
    Operating result -39 -530 -813
    % of net sales -0.8 -8.9 -10.8
    Result before tax -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
    Result for the period -107 -617 -924
    % of net sales -2.3 -10.4 -12.2
           
    Return on equity (per annum), % -41.8 -146.4 -221.5
    Return on investment (per annum), % -9.0 -35.9 -42.0
    Cash and cash equivalents 99 181 885
    Net borrowings 1,513 1,639 934
    Equity 335 637 348
    Gearing, % 451 257 268
    Equity ratio, % 11.0 13.7 8.1
    Total balance sheet 4,728 5,484 5,869
           
    Investments in non-current assets 357 511 637
    % of net sales 7.7 8.6 8.4
    Product development expenses 740 1,113 1,427
    % of net sales 15.9 18.7 18.9
           
    Average number of personnel 39 60 57
    Personnel at the beginning of period 49 85 85
    Personnel at the end of period 30 52 49
           
    Earnings per share, EUR
     (basic and diluted)    		 -0.006 -0.038 -0.055
    Equity per share, EUR 0.019 0.036 0.020

    The MIL Network –

  • MIL-OSI: JLT Mobile Computers AB (publ) publishes interim report for January–September 2024

    Source: GlobeNewswire (MIL-OSI)

    Växjö, Sweden, 7 May 2024 * * * JLT Mobile Computers, a leading supplier of rugged computers for demanding environments, publishes its interim report for the period January–September 2024 today.

    Summary of key figures

    • Order intake 75.4 MSEK (78.9)
    • Net sales 93.6 MSEK (117.0)
    • Operating profit -1.3 MSEK (-3.0)
    • Profit after taxes -0.4 MSEK (-2.0)

    In short

    • The challenging macroeconomic and geopolitical conditions in many of our target markets are limiting demand, resulting in an order intake of SEK 75 million for the period, which is 4% lower than the previous year.
    • Service agreements constituted a larger share of sales and gross margin during the period increased to 45% (40). Total expenses were SEK 41 million, a reduction in the cost-base by SEK 6 million compared to the previous year.
    • The operating result improved from SEK -3.0 million the previous year to SEK -1.3 million for the period, despite a lower turnover. The company generated a positive EBITDA of SEK 1.3 million (-0.5).
    • We continue to implement our strategic initiatives by:
      • Hiring a new Vice President of Marketing – North America with extensive industry experience.
      • New leadership and an expanded sales organization in JLT France.
      • Upgrading our JLT1214 series of rugged computers with faster processors, more memory and Windows 11 for better performance and support for the latest wireless connectivity standard.

    The full interim report is attached to this press release and available for download at the company’s website, jltmobile.com. Additional financial information is available online on JLT’s investor pages.

    This information is information that JLT Mobile Computers AB (pub) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 8:00 am CET on Friday, October 25, 2024.

    About JLT Mobile Computers

    Reliable performance, less hassle. JLT Mobile Computers is a leading supplier of rugged mobile computing devices and solutions for demanding environments. Almost 30 years of development and manufacturing experience have enabled us to set the standard in rugged computing, combining outstanding product quality with expert service, support and solutions to ensure trouble-free business operations for customers in warehousing, transportation, manufacturing, mining, ports and agriculture. JLT operates globally from offices in Sweden, France, and the US, complemented by an extensive network of sales partners in local markets. The company was founded in 1994, and the share has been listed on the Nasdaq First North Growth Market stock exchange since 2002 under the symbol JLT. Eminova Fondkommission AB acts as Certified Adviser. Learn more at jltmobile.com.

    Attachment

    The MIL Network –

  • MIL-OSI China: Woman sentenced to death for trafficking 17 children

    Source: China State Council Information Office 2

    A woman was sentenced to death for abducting and trafficking 17 children, according to a retrial conducted by a court in southwest China’s Guizhou Province on Friday.
    In September 2023, the Guiyang Intermediate People’s Court sentenced Yu Huaying to death after finding her guilty of abducting and trafficking 11 children from Guizhou and Chongqing to the city of Handan in Hebei Province between 1993 and 1996. Yu and her accomplice, a man who has since died, sold the children for profit. Yu immediately submitted an appeal against the ruling.
    In November 2023, the Guizhou Provincial Higher People’s Court held a second-instance trial and, in January 2024, ordered a retrial of the case after the police discovered that Yu was implicated in more child trafficking cases.
    The number of children involved in the high-profile trafficking case has since risen from 11 to 17. The children came from 12 families, five of them losing two children at the same time, according to the court. Some children were even abandoned midway.
    Yu was also deprived of her political rights for life and all of her personal property will be confiscated.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: 10 nominations for Labour Advisory Board Election of Employee Representatives

    Source: Hong Kong Government special administrative region

         The election of five employee representatives to the Labour Advisory Board (LAB) for the next two-year term commencing on January 1, 2025, will be held on November 16 (Saturday) at the Mei Foo Community Hall, 1/F, Mei Foo Government Complex, 33 Mei Lai Road, Sham Shui Po. The Labour Department (LD) received 10 valid nominations of candidates from employee unions registered under the Trade Unions Ordinance during the nomination period from September 23 to October 15, 2024.

         The candidates, listed in the order of receipt of nomination forms by the LD, are:

    * Ms Julie Lai
    Chairman,
    Rights Association of Hawker Control Officers

    * Mr Chong Yuk-shing
    Chairman,
    Hong Kong Security Guards Alliance

    * Ms Lai Na
    President,
    Hong Kong Social Welfare Employees Association

    * Mr Kenneth Lee
    Chairman,
    Civil Servants Union of Housing Department

    * Mr Li Siu-bun
    Vice President,
    Hong Kong Clerical and Professional Employees General Union

    * Ms Tam Kam-lin
    Vice Chairman,
    The Federation of Hong Kong & Kowloon Labour Unions

    * Mr Lam Wai-kong
    President,
    Motor Transport Workers General Union

    * Mr Frenky Koon
    Chairman,
    Hong Kong Airport Baggage Handlers Union

    * Mr Yeung Wai-leung
    Chairman,
    Union of Government School Teachers

    * Mr Fung Chuen-chung
    Chairman,
    Hong Kong Civil Servants General Union
     
            A total of 867 employee unions registered as electors have appointed authorised representatives to vote in this election. The electors will soon be informed in writing of the candidate list and detailed proceedings of the election day. Authorised representatives may cast votes at the polling station at Mei Foo Community Hall, 1/F, Mei Foo Government Complex, from 9am to 5pm on the election day of November 16.

            Candidates will be present on the election day to supervise the counting of votes. The Assistant Commissioner for Labour (Development) will act as the Returning Officer.

            The respective lists of candidates and electors with authorised representatives appointed, as well as the election rules and procedures, are available on the homepage of the LD (www.labour.gov.hk/eng/news/LAB_Election2024.htm). Enquiries on matters relating to this election can be made at 2852 4024.

            The LAB is a tripartite consultative body comprising representatives of employees and employers to advise the Commissioner for Labour on labour matters.

    MIL OSI Asia Pacific News –

  • MIL-OSI Russia: The II Forum of the Eurasian Network University was held in Minsk

    Translation. Region: Russian Federation –

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

    On October 22-23, 2024, the II Forum of the scientific and educational consortium “Eurasian Network University” was held in Minsk. The goal of the Forum is to deepen the interaction of science, education and business, develop network forms of implementing higher education programs, as well as programs of additional professional education and retraining of personnel for the labor market of the EAEU member states.

    The Forum was organized by the State University of Management with the support of the Belarusian State University of Economics, the Belarusian State University and the Belarusian-Russian University. The event was attended by heads and representatives of more than 20 leading universities in the Eurasian space, representatives of ministries, authorized government bodies and the business community.

    The Forum’s formal ceremony was opened by moderators: Rector of the State University of Management Vladimir Stroyev and Rector of the Belarusian State University of Economics Alexey Egorov. Deputy Minister of the Ministry of Science and Higher Education Konstantin Mogilevsky addressed the Forum participants with a welcoming speech. The Deputy Minister noted the results of the fruitful and effective work of the Eurasian Network University over a two-year period, including the successfully launched project “Eurasian International Olympiad”, new joint educational programs launched, implemented programs for advanced training for the business community and civil servants in the field of business and management, and teachers of universities in the EAEU countries.

    Next, a welcoming address was presented to the Forum participants by Senator of the Russian Federation Lyudmila Skakovskaya. The Senator emphasized the special importance of the event in the context of modern challenges that require an active exchange of knowledge and technology in the field of education, science and culture, as well as promoting intercultural dialogue and the implementation of innovative projects. Head of the Representative Office of Rossotrudnichestvo of the Russian Federation in the Republic of Belarus Yuri Makushin delivered a welcoming speech, emphasizing that the Forum is a unique platform not only for the exchange of experience, developments and ideas for the future development of science and the education system in the territory of the EAEU member states, but also for establishing partnerships, developing effective mechanisms for the development of interaction, which is especially relevant today, in the context of modern geopolitical turbulence.

    The leading speakers of the plenary session of the Forum were: First Deputy Chairman of the State Duma Committee on Science and Higher Education Vladimir Sipyagin, Chairman of the Committee on Education and Science of the CIS Business Center for Economic Development Dmitry Repnikov, Academician of the Russian Academy of Sciences, Doctor of Economics, Professor Sergei Glazyev, Director of the branch of the National Accreditation Agency in Education Mikhail Petropavlovsky, Rector of the State University of Management Vladimir Stroyev, Rector of the National Research University “MPEI” Nikolay Rogalev, Rector of the Mari State University Mikhail Shvetsov, Rector of the University under the Interparliamentary Assembly of the EurAsEC Irlan Iskakov, Vice-Rector for Academic Affairs of the Belarusian-Russian University Natalia Vologina, Vice-Rector for Academic Affairs of the Almaty Technological University Lyazzat Baibolova.

    In their reports, the speakers presented models of inter-university cooperation, the advantages of network forms of education, areas of coordination of scientific and educational cooperation, the implementation of foreign internships as a driver for the development of trade and economic relations, and ways of integrating universities in the EAEU space.

    The International Scientific and Practical Conference of the Eurasian Network University “Priority Directions for the Development of Eurasian Integration” was held within the framework of the forum. The key topics of the sectional sessions were “Education in the Context of Eurasian Integration” and “Moral and Patriotic Education of Young People in the EAEU: Main Directions and Features of Organization”. The conference participants discussed issues of integration of government agencies, academic and business communities, prospects for the formation of a common educational space of the EAEU, tools for spiritual and moral-patriotic education of young people in EAEU universities.

    The exhibition of the Eurasian Network University, which was held at the Forum venue, also aroused great interest among students of Belarusian universities. Students got acquainted with the materials of the universities participating in the ENU, received information about the opportunities for participation in academic exchange programs at the universities participating in the ENU, Olympiads that provide opportunities to study within the quotas of the Government of the Russian Federation, and about additional professional education programs.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/25/2024

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

    MIL OSI Russia News –

  • MIL-OSI Security: National Armaments Directors meet to enhance Allied defence planning and production and strengthen their engagement with partners

    Source: NATO

    As NATO works to enhance defence production and ensure better defence planning, NATO Secretary General Mark Rutte spoke to the Conference of National Armaments Directors (CNAD) on the urgency of the task ahead. “Defence industrial issues are at the core of my agenda,” Mr Rutte explained. “NATO has made significant progress in kick-starting defence production, supporting Ukraine with munitions, and rebuilding stockpiles, but there is more to do, together.”

    The meeting on 23 and 24 October brought representatives from Allied and Interoperability Partner nations together at NATO Headquarters for their 2024 Autumn Plenary Session. Delegates discussed the most pressing challenges for the armaments community across the Alliance and beyond. They addressed defence planning and production, joint procurement, and standardization. They also spoke about how to strengthen engagement with partners, in particular on supply chain security and defence industrial cooperation.

    The CNAD plays an essential role in delivering the interoperable capabilities needed for the Alliance’s deterrence and defence. The Secretary General commended their work, highlighting the important part that Armaments Directors play in “turning political priorities and decisions into action.” This is vital not only among Allies but also with Partners. The recently appointed Assistance Secretary General for Defence Investment and CNAD’s Permanent Chair, Tarja Jaakkola, underscored the value of the of “ensuring that the CNAD contributes to bringing on board partners in NATO discussions to the fullest extent possible.”

    MIL Security OSI –

  • MIL-OSI Global: World update: Ukraine faces prospect of defeat – but the west must ensure a just peace

    Source: The Conversation – UK – By Jonathan Este, Senior International Affairs Editor, Associate Editor

    There’s a degree of irony that countries attending the 2024 Brics summit this week voted to adopt the Kazan declaration (named for the capital city of the autonomous republic of Tatarstan in Russia, where the summit is being held). The declaration’s first clause emphasises that “all states should act consistently with the Purposes and Principles of the UN Charter in their entirety”. There’s also a certain amount of chutzpah on the part of conference chair, Vladmir Putin, whose ongoing invasion of Ukraine is so egregiously in breach of that charter.

    Article one stresses that the primary purpose of the UN is to “maintain international peace and security”. Article two rules that: “All Members shall settle their international disputes by peaceful means”. If that’s not clear enough, it goes on to further insist that: “All Members shall refrain in their international relations from the threat or use of force against the territorial integrity or political independence of any state.”

    Still, its a funny old world in which the UN secretary general, António Guterres, pitches up at a summit whose host is wanted on an arrest warrant issued by the International Criminal Court on charges relating to the alleged illegal deportation of Ukrainian children to Russia. In a country whose troops are currently fighting in Ukraine in direct contravention of the UN’s charter.

    To add a further layer of irony, October 24 is the 79th anniversary of the entry into force of the UN Charter in 1945.

    Guterres called on Putin to agree a peace deal “in line with the UN Charter, international law and UN General Assembly resolutions”. The Russian leader is perhaps more likely to listen to a deal proposed by the Chinese president, Xi Jinping. He said: “We must uphold the three key principles: no expansion of the battlefields, no escalation of hostilities, and no fanning flames and strive for swift de-escalation of the situation.”

    Now, more than ever, it’s vital to be informed about the important issues affecting global stability. Sign up to receive our weekly World Update newsletter. Every Thursday we’ll you expert analysis of the big stories making international headlines.

    The UN chief’s idea of a just peace would call for Russia to give up its illegal occupation of Crimea and eastern Ukraine. Xi’s proposal appears to call for a deal based on the status quo – virtually the opposite, in other words.

    This is pretty much all Ukraine can hope for, as far as the University of Portsmouth’s Frank Ledwidge is concerned. Ledwidge, who has written regularly for The Conversation since Putin launched his invasion in February 2024 and is well plugged into defence and intelligence networks in Nato as well as in Ukraine itself, believes that Ukraine cannot defeat Russia – at least as things stand.

    Ledwidge says Ukraine’s western allies are partly to blame for the maximalist aims of the country’s president Volodymyr Zelensky. Western rhetoric has not properly been matched by sufficient weapons or the permission to use them as effectively as the situation warrants. Now is the time for realism, he writes:

    A starting point could be accepting that Crimea, Donetsk and Luhansk are lost … Then we need to start planning seriously for a post-war Ukraine that will need the west’s suppport more than ever.



    Read more:
    Ukraine cannot defeat Russia – the best the west can do is help Kyiv plan for a secure post-war future

    One of the key factors that Ledwidge stresses is that just one of Russia’s allies, North Korea, has supplied twice as many artillery shells this year as the whole of Europe. Now North Korean troops are apparently also about to join their Russian comrades on the battlefield. This, writes Ra Mason – a Korea specialist at the University of East Anglia – will help ease the pressure on Putin to bring forward his mobilisation plans.

    Losing battle? The state of the conflict in Ukraine, October 23.
    Institute for the Study of War

    It’s a diplomatic coup for Putin, Mason believes – it’s a “clear show of opposition towards the Washington-led global order”, which “deals a further blow to the myth that the Russian Federation is isolated, as an international pariah, in a world led by western powers.”

    But a military coup de grace against Ukraine? Probably not. The jury is out on how effective North Korea’s “poorly equipped, unmotivated and undernourished” troops will be against Ukraine’s highly motivated defenders. It will also be interesting to see where and how they are deployed. If sent to the frontlines in Kursk, they’ll be helping an ally in its struggle against an incursion by Ukrainian forces. If deployed inside Ukraine, they’ll join Russia in breach of international law. Mason concludes:

    If sent into new theatres of war against state-of-the-art Nato-supplied weaponry, it could effectively mean waves of ill-prepared cannon fodder being thrown into the meat grinder of Donbas’ trenches.



    Read more:
    Kim Jong-un sends North Korean troops to fight in Ukraine – here’s what this means for the war

    Incidentally, the term “meat grinder” has been much bandied about of late. It follows reports from US intellegence recently that, while Russian forces have been making rapid advances and gaining a significant amount of ground in recent weeks, they are doing so at considerable cost in terms of dead and wounded. September was a particularly bloody month, with reports of Russian losses of more than 1,000 men a day, killed or wounded.

    But Russian military strategists are well versed in such pyrrhic victories, writes historian Becky Alexis-Martin, who points to equally savage losses in Russia’s defence against Napoleon and in the first and second world wars. Stalin, in particular, was able to defeat the Nazi war machine by, inter alia, throwing millions of troops at their enemies (and incurring terrible casualties). But it’s not a strategy that guarantees success. And terrible psychological effects are beginning to manifest themselves in veterans returning from Ukraine with severe and often violent post-traumatic stress disorder.



    Read more:
    Russia’s ‘meat grinder’ tactics in Ukraine have proved effective in past wars – but at terrible cost

    The diplomatic front

    As if things weren’t bad enough for Zelensky on the battlefield, the Ukrainian president was dealt a serious blow earlier this month when the US president, Joe Biden, was forced by extreme weather events, including a hurricane hitting the state of Florida, to cancel the planned meeting of the heads of government of up to 50 of Ukraine’s western allies in Germany. The “Ramstein Group”, so-called after the German air base at which they meet, was scheduled to meet in the second week of October to consider Zelensky’s “victory plan”. Stefan Wolff, an international security expert at the University of Birmingham writes that the Ukrainian president was hoping to get some degree of commitment for a path to Nato membership for Ukraine as well as permission to use western-supplied long-range missiles against targets deep inside Russia.

    Neither of these seem likely to happen in the short term, says Wolff. Like Ledwidge, Wolff thinks Ukraine is doomed to defeat unless its allies double down on their aid – and fast. And like Ledwidge, Wolff sees little indication of that happening any time soon.



    Read more:
    Ukraine faces worsening odds on the battlefield and a struggle on the diplomatic front after Biden postpones summit

    When it comes to continuing US support for Ukraine’s war effort, all eyes are now firmly fixed on November 5. The outcome of the presidential election will be seriously consequential for Ukraine’s future. Both candidates have made their positions clear and there is considerable difference between the two positions.

    Donald Trump has said any number of times that had he not lost that “rigged and stolen” election to Biden in 2020, Putin would never have invaded Ukraine in the first place. Still, he says, if he wins this one, he’ll bring the war to a very rapid conclusion. But it remains to be seen, given Trump’s oft-stated admiration for Putin, whether the conclusion will be palatable to Kyiv – or to Nato in general.

    Trump’s opponent, Kamala Harris, said the former president’s proposals are not “proposals for peace, they’re proposals for surrender”. As vice-president during the Biden administration, she flew to Europe not long after the invasion in February 2022 to help shore up support for Kyiv. Harris has also regularly restated her intention to continue to back Ukraine against Russia. In the only debate of the campaign she said that Ukraine was not Putin’s final stop and that he has “his eyes on the rest of Europe, starting with Poland”.



    Read more:
    On Ukraine, candidate Trump touts his role as dealmaker while Harris sticks with unwavering support

    Poland, incidentally, is an interesting case in point. While it is Ukraine’s firmest ally and it leadership is four-square behind Kyiv, the people are curiously divided on the country’s support for Ukraine. You can read more about that here.



    Read more:
    Why many Poles are not as supportive of Ukraine’s war effort as their leaders in Warsaw

    One imagines that Zelensky is as transfixed as anyone else on the 2024 US presidential election campaign as it heads into its final ten days. All we can tell you is that the polls are still very, very close. Well within most pollsters’ margin for error, in fact. A poll of polls, which combines polls from different agencies, published on the website FiveThirtyEight on October 22 shows that Harris leads Trump by 48.1% to 46.3% in the national popular vote. But the accepted popular wisdom is that the complex electoral college system used in the US may well favour Trump’s candidacy.

    We’ll be providing daily updates on the US presidential race and full coverage of election day on November 5 and its aftermath.



    Read more:
    Harris nudges ahead of Trump in the polls – but could the economy prove her downfall?

    World Update is available as a weekly email newsletter. Click here to get our updates directly in your inbox.

    – ref. World update: Ukraine faces prospect of defeat – but the west must ensure a just peace – https://theconversation.com/world-update-ukraine-faces-prospect-of-defeat-but-the-west-must-ensure-a-just-peace-242146

    MIL OSI – Global Reports –

  • MIL-OSI Australia: More housing for vulnerable women with New Generation Catherine House

    Source: Ministers for Social Services

    Joint with:

    The Hon Amanda Rishworth MP
    Minister for Social Services
     

    Senator the Hon Penny Wong
    Minister for Foreign Affairs
    Senator for South Australia
     

    The Hon Clare O’Neil MP
    Minister for Housing 
    Minister for Homelessness

    More women in South Australia will be assisted to access crisis accommodation and recovery services, with confirmation that a New Generation Catherine House is to be built in Adelaide’s CBD.

    The $32.6 million project will feature 52 social housing apartments in the eight-storey development.

    It delivers on an Albanese Labor Government election commitment and is becoming a reality in partnership with Catherine House philanthropy and the Malinauskas South Australian Labor Government.

    The new 24/7 crisis and longer-term accommodation service brings the well-known South Australian homelessness service under one roof at a site owned by Community Housing Provider, Housing Choices.

    The project has been allocated $14.3 million from the Social Housing Accelerator. A further $8 million from the Safe Places Inclusion Round was also provided by the Albanese Labor Government.

    A total of $2.5 million was provided from Catherine House philanthropy and the SA state Government supported the purchase of the $2.9 million site.

    The New Generation Catherine House will provide crisis and transitional accommodation alongside longer term social housing for women without homes, many having escaped violent relationships.

    More than 60 per cent of women enter Catherine House as a direct result of Domestic and Family Violence (DFV), and more than 70 per cent report that DFV was the reason behind the loss of their permanent home.

    The site will offer self-contained units where women for the first time will have private bathroom, kitchen, and laundry facilities suitable for an individual or a small family. New Generation combines accommodation with well-designed and secure shared spaces.

    The project will be managed by Housing Choices and Catherine House.

    It will also include:

    • Staff sleep-over accommodation for 24/7 support
    • On-site Women’s Respite and Recovery Centre
    • Dedicated education spaces
    • Craft, cooking and activity areas
    • Meeting rooms
    • Large domestic kitchen for shared meals
    • Computer training space
    • Secure outdoor garden and BBQ area

    Catherine House will continue to provide their holistic approach to support through individual case management, health services, counselling services, education and employment pathways, mental health Support, financial and legal assistance and personal development.

    For concept images of the New Generation Catherine House click here.

    Quotes attributable to Federal Social Services Minister Amanda Rishworth

    We know that if a woman has a safe place to go and take her children, she is more likely to take the steps to leave a violent relationship.

    No one escaping violence should have to choose between their safety and somewhere to live.

    The Albanese Government’s investment in the Safe Places Inclusion Round, through projects like the New Generation Catherine House, will improve access to appropriate emergency accommodation options for victim-survivors who may have otherwise found it difficult to access.

    Quotes attributable to Foreign Minister and Senator for South Australia Penny Wong

    Over decades, Catherine House has helped so many women experiencing homelessness from across our state to get back on their feet.

    As a long-time supporter of Catherine House, I’m proud to be a part of the Labor Governments delivering the next generation of this vital service. This will be transformational for women and children in need, providing a space to live safely and with dignity. It will be a place where they can heal, and where they can grow.

    Quotes attributable to Federal Housing Minister Clare O’Neil

    Women escaping violence relationship deserve a safe place to call home as it can be the difference between being stuck or being empowered to leave.

    I’m proud that this collaboration between the Federal and State Labor Governments and Catherine House will allow so many women and their children to have that safe place to call home and to rebuild their lives.

    The Albanese Labor Government’ Social Housing Accelerator is building hundreds of homes for the most vulnerable members of our community right across South Australia.

    Quotes attributable to Federal Member for Boothby Louise Miller-Frost

    Catherine House is the only homelessness service for unaccompanied women in South Australia and it currently operates from a series of aging and repurposed properties that really make it difficult to provide their vital services.

    These new purpose-built facilities will help women to recover and rebuild their lives in safety, and as the former CEO of Catherine House I know how life-changing this will be for so many women.

    Quotes attributable to Federal Member for Adelaide Steve Georganas

    The Labor Government is committed to ending violence against women and children and ensuring they have a safe place to go when escaping violence.

    I welcome the expansion of the crucial services provided by Catherine House to women and children experiencing family and domestic violence when they need it most.

    Quotes attributable to South Australian Minister for Housing and Urban Development Nick Champion

    This is a critical housing project in the city to support vulnerable women and their children.

    We are investing in the state’s future by building more safe, secure and well-connected housing options for South Australians.

    Quotes attributable to South Australian Minister for Women and the Prevention of Domestic, Family and Sexual Violence Katrine Hildyard

    Domestic, family and sexual violence is the leading cause of homelessness for women with this scourge causing lifelong negative impacts for women’s health, economic security and wellbeing.

    The State Government’s commitments to building a New Generation Catherine House will allow this extraordinary organisation to continue supporting women at the most difficult of times in a safe environment that empowers them to traverse a new safer path in which they can thrive.

    Quotes attributable to Catherine House Director Julie Duncan

    For the first time since Catherine House was established in 1988, this project will deliver new purpose built accommodation, a new service hub and women’s recovery centre.

    With the increased accommodation places available, we will be able to do more for South Australian women and their families.

    MIL OSI News –

  • MIL-OSI United Kingdom: Australian funds back British economy with major moves to the UK

    Source: United Kingdom – Executive Government & Departments

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK. 

    • Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific   

    • This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property 

    • Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.   

    The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.    

    Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

    The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

    The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.   

    Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

    Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

    Prime Minister Keir Starmer said:

    “These investments are a major vote of confidence in the UK, and in this government.

    “I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

    “By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.”

    AustralianSuper chief executive Paul Schroder said:

    “We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

    “By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

    “This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.”

    Aware Super chief executive Deanne Stewart:

    “Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.” 

    Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.  

    No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.   

    The deal has allowed the companies to expand their UK operations to more than 250 people.   

    The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.   

    The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.   

    The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.   

    They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.   

    The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island. During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: PM meeting with President of Guyana Irfaan Ali: 25 October 2024

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister met the President of Guyana Mohamed Irfaan Ali at the Commonwealth Heads of Government Meeting.

    The Prime Minister met the President of Guyana Mohamed Irfaan Ali at the Commonwealth Heads of Government Meeting.

    They reflected on the long-shared history between the two countries and their commitment to a growing economic and trade relationship.

    The President updated on Guyana’s new Global Biodiversity Alliance, and they discussed the work the two countries have undertaken on the Forest and Climate Leaders Partnership.

    They agreed to continue to look for opportunities to deepen ties on trade, climate finance and biodiversity.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Australian funds back British economy with major moves to the UK

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK. 

    • Prime Minister Keir Starmer continues drive on growth during historic first visit to the Pacific   

    • This comes as Australian superannuation fund Aware Super forms a strategic partnership with a British property firm to invest up to £1 billion in UK property 

    • Australian boost builds on the major success of International Investment Summit last week, which included a further £2.4 billion of investment from Down Under

    A further billion pounds of investment will be injected into the British economy as the Prime Minister continues his drive to attract foreign business back to the UK.   

    The boost comes as UK firms break into the New Zealand banking sector, growing jobs in the UK, and expanding their global operations.    

    Australia’s biggest pension fund, AustralianSuper is also preparing to bolster its international investment team in London, in a major vote of confidence for the UK as a global asset management centre.

    The Fund expects to manage £250 billion from its London office by 2035, an increase of more than 10 times over the next decade, from its current management of around £15 billion from its UK base.

    The Prime Minister met the CEO of the Australian firm, Paul Schroder, on arrival in Samoa yesterday to discuss the move.   

    Meanwhile, Aware Super, one of Australia’s top performing and largest profit-for-member superannuation funds, has formed a strategic partnership with Delancey Real Estate to invest up to an initial £1 billion in UK property, further bolstering UK – Australia economic ties.

    Its initial focus will be on Central London office sites in prime locations, upgrading and renovating properties to ensure they meet environmental standards and deliver on the partnership’s commitment to reducing carbon emissions in the property market.

    Prime Minister Keir Starmer said:

    “These investments are a major vote of confidence in the UK, and in this government.

    “I am determined to ensure that UK is the best place in the world to invest and do business, so we improve the lives of hardworking people.

    “By attracting strong, sustained investment, we will also build the expertise we need to drive innovation, stay ahead of the global game, and support economies around the world with British backed projects.”

    AustralianSuper chief executive Paul Schroder said:

    “We invest heavily in Australia, but our size requires an increasingly international focus. We are ramping up our investment capabilities in the UK as it is one of the world’s leading gateways to both talent and global markets, which are key for driving future returns for members.

    “By 2035 we expect to manage approximately £250 billion of investments from our London hub, which will represent a significant portion of our global portfolio. We have great confidence in the fundamentals of the UK economy and the country’s commitment to global growth.

    “This underpins our confidence in the investments we have already made in the UK such as the Canada Water urban regeneration project, London’s King’s Cross Estate, Peel Ports Group and Vantage Data Centers. We also see great potential for new investment opportunities in the energy transition, digital infrastructure, mixed-use estates, transport and logistics.”

    Aware Super chief executive Deanne Stewart:

    “Aware Super has strong confidence in the UK economy and markets and is pleased to announce a ground-breaking new commercial partnership that will invest up to an initial £1 billion, an exciting milestone that will coincide with the first anniversary of establishing our London Office.” 

    Meanwhile, UK firms obconnect and Raidiam have been making waves in the New Zealand banking sector, rolling out the British Confirmation of Payee (CoP) system to revolutionise banking in the country, in partnership with the NZ Banking Association.  

    No other companies are currently able to offer the same service, with the partnership combining specialist expertise of the two British companies to serve as a fulcrum for data sharing and facilitating fraud prevention across any territory.   

    The deal has allowed the companies to expand their UK operations to more than 250 people.   

    The win for the British companies come after mobile banking app Revolut broke into the New Zealand market last year. The firm is preparing to expand their operations in the country from 4 FTEs focused on New Zealand investments, to 10 over the next 12 months.   

    The British business wins coincide with the UK securing CPTPP ratification from Australia in the next step towards accession of the trading bloc – the first non-founding country to do so.   

    The boost in Australian investment also comes after a string of Australian announcements as part of the government’s International Investment Summit, which attracted more £63 billion of investment into the UK economy and created 38,000 jobs.   

    They included Australian firms Macquarie supporting investment of £1.3 billion into new green infrastructure and IFM investing more than £1.1 billion through Manchester Airports Group into London Stansted Airport to expand its existing terminal by around a third. The investment will secure new air routes to key business and leisure destinations, boost local supply chains and create 5,000 jobs.   

    The Prime Minister’s visit to Samoa for the Commonwealth Heads of Government Meeting is the first by a sitting Prime Minister to a Pacific Island. During the summit, the Prime Minister will make the case to build resilient economies across the Commonwealth to unlock growth and investment.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: PM meeting with President of Guyana Irfaan Ali: 25 October 2024

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    The Prime Minister met the President of Guyana Mohamed Irfaan Ali at the Commonwealth Heads of Government Meeting.

    The Prime Minister met the President of Guyana Mohamed Irfaan Ali at the Commonwealth Heads of Government Meeting.

    They reflected on the long-shared history between the two countries and their commitment to a growing economic and trade relationship.

    The President updated on Guyana’s new Global Biodiversity Alliance, and they discussed the work the two countries have undertaken on the Forest and Climate Leaders Partnership.

    They agreed to continue to look for opportunities to deepen ties on trade, climate finance and biodiversity.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The government has identified additional incentive measures for state-owned companies to achieve key performance indicators

    Translation. Region: Russian Federation –

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

    The government has created conditions for improving the quality of work of employees of state-owned companies, as well as individual non-profit organizations. An order has been signed establishing an expanded list of indicators for depriving officials and managers of such structures of bonuses if they fail to achieve the established key performance indicators (KPIs).

    New grounds for reducing the size of annual bonuses include failure to comply with recommendations related to reducing the level of operating expenses of the organization. The funds freed up by such reduction allow for more effective resolution of tasks defined by national development goals. For failure to achieve the established results of such work, the CEO of the organization may lose 20% of the bonus.

    Also, officials and managers who fail to meet the established indicators of the organization’s digital transformation will be subject to a 20% bonus reduction.

    In 2021, the Government initiated a reform of development institutions and state-owned companies. The transformations were aimed at making these structures more efficient and reorienting them towards achieving the national development goals approved by the President of Russia.

    With regard to state-owned companies, methodological recommendations for the formation of key performance indicators were approved for a more accurate assessment of their activities.

    KPIs were divided into two groups: financial, characterizing the profitability of the organization, and industry-specific, related to national development goals.

    State-owned companies were required to publish reports on the achievement of key performance indicators, and top managers’ remuneration began to be calculated depending on the achievement of specified parameters.

    The document will be published.

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

    MIL OSI Russia News –

  • MIL-OSI Europe: Monetary developments in the euro area: September 2024

    Source: European Central Bank

    25 October 2024

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in September 2024 from 2.9% in August, averaging 2.8% in the three months up to September. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -1.2% in September, compared with ‑2.1% in August. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 9.7% in September from 10.4% in August. The annual growth rate of marketable instruments (M3-M2) decreased to 21.8% in September from 22.3% in August.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed -0.8 percentage points (up from -1.4 percentage points in August), short-term deposits other than overnight deposits (M2-M1) contributed 2.8 percentage points (down from 2.9 percentage points) and marketable instruments (M3-M2) contributed 1.3 percentage points (as in the previous month).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households increased to 2.8% in September from 2.3% in August, while the annual growth rate of deposits placed by non-financial corporations decreased to 1.6% in September from 1.8% in August. Finally, the annual growth rate of deposits placed by investment funds other than money market funds increased to 11.9% in September from 11.7% in August.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in September 2024, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 3.9 percentage points (down from 4.0 percentage points in August), claims on the private sector contributed 1.1 percentage points (as in the previous month), claims on general government contributed -0.5 percentage points (down from -0.4 percentage points), longer-term liabilities contributed -1.8 percentage points (as in the previous month), and the remaining counterparts of M3 contributed 0.5 percentage points (up from 0.0 percentage points).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents stood at 0.5% in September 2024, unchanged from the previous month. The annual growth rate of claims on general government stood at -1.2% in September, compared with -1.1% in August, while the annual growth rate of claims on the private sector stood at 1.2% in September, unchanged from the previous month.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) stood at 1.6% in September, compared with 1.5% in August. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 0.7% in September, compared with 0.6% in August, while the annual growth rate of adjusted loans to non-financial corporations increased to 1.1% in September from 0.8% in August.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Europe News –

  • MIL-OSI Security: Possession of stolen firearm sends Reed Point man to prison for more than eight years

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

    GREAT FALLS — A Reed Point man who admitted to possessing a stolen firearm found in a stolen vehicle that crashed near Helena following a pursuit was sentenced today to eight years and eight months years in prison, to be followed by three years of supervised release, U.S. Attorney Jesse Laslovich said today.

    The defendant, Jarred Lane Saunders, 26, pleaded guilty in June to prohibited person in possession of a firearm.

    Chief U.S. District Judge Brian M. Morris presided. The court also ordered $18,252.98 restitution.

    “Stolen firearms and drugs are a dangerous combination. Here, Saunders likely stole 23 guns from a vehicle parked at a Billings hotel, then was arrested in Helena after a pursuit and found in possession of fentanyl and one of the stolen guns. Saunders’ criminal conduct posed a serious threat to public safety, and we remain united with our law enforcement partners in getting these offenders off our streets,” U.S. Attorney Laslovich said.

    The government alleged in court documents that on Oct. 12, 2022, Billings police officers responded to a report of 23 firearms that had been stolen from a vehicle parked in a hotel parking lot. Saunders likely stole the 23 firearms because his fingerprints were found at the scene and then brought stolen firearms and fentanyl in a stolen car to Helena. On Oct. 15, 2022, the Montana Highway Patrol pursued a stolen Mercedes, which had been taken in Billings on Oct. 11, 2022. The Mercedes eventually crashed in a private driveway, and Saunders was arrested by Helena police officers. At his arrest, Saunders complained that he ingested 15 to 20 fentanyl pills. A search warrant was executed on the Mercedes, and officers found approximately 300 fentanyl pills, a small amount of methamphetamine and a .22-caliber pistol that had been stolen from the vehicle in Billings. A witness told Billings police of seeing Saunders with three duffle bags full of guns. That person received three of the firearms knowing they were stolen. At the time Saunders possessed the firearms, he was an unlawful user of controlled substances.

    The U.S. Attorney’s Office prosecuted the case. The Bureau of Alcohol, Tobacco, Firearms and Explosives, Billings Police Department, Montana Highway Patrol, Butte-Silver Bow Law Enforcement, Montana Division of Criminal Investigation and Helena Police Department conducted the investigation.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results. For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    XXX

    MIL Security OSI –

  • MIL-OSI United Kingdom: PM meeting with Prime Minister Mataʻafa of Samoa: 25 October 2024

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister met Samoan Prime Minister Afioga Fiamē Naomi Mataʻafa this morning, as part of the Commonwealth Heads of Government Meeting.

    The Prime Minister met Prime Minister Afioga Fiamē Naomi Mataʻafa this morning, as part of the Commonwealth Heads of Government Meeting.

    The Prime Minister thanked Prime Minister Fiamē for hosting such a successful summit and for the generosity and kindness of the Samoan people.

    The summit had offered a chance for leaders to reflect on the importance of the Commonwealth family and how the group could go further to support all members in the face of shared challenges, such as climate change, he added.

    The leaders also discussed the importance of leveraging international finance to support Small Island Developing States, especially in the Pacific.

    The leaders agreed to stay in touch.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –