Category: Scandinavia

  • MIL-OSI United Nations: Ninth Joint OECD-UNECE Seminar on SEEA Implementation

    Source: United Nations Economic Commission for Europe

    Report PDF
    Programme  PDF
    Get to know the speakers PDF
    Concept note PDF
    Link to the Guidelines for Measuring Circular Economy  
    Session 1: Opening & Setting the Scene 
     
    Updates on related work from OECD PDF
    London Group on Environmental Accounting Update PDF
    SEEA-related activities in Asia and the Pacific, ESCAP PDF
    Relevant outcomes from UN Statistical Commission, and work of UNCEEA PDF
    Online inventory of thematic and extended accounts, UNECE PDF
    Session 2: Utilising SEEA for Measuring Circular Economy
     
    2a: Introduction, information needs, existing measurement frameworks and their links with SEEA
     
    The concept of a Circular Economy and the most important measurement points, University of Exeter PDF
    Circular Economy in EU policy, European Commission, DG Environment PDF
    CES Guidelines for Measuring Circular Economy, Finland PDF
    Circular material use rate indicator: how it is calculated, results and interpretation, Eurostat PDF
    2e: Waste Accounts for measuring circularity
    The difficulty of finding circularity in solid waste accounts, Luxembourg PDF
    Limitations of SEEA waste accounts: conceptual, data collection and experiences from policy use, Australia PDF
    Experimental study: Using waste accounts for measuring plastic flows in the EU economy, Eurostat PDF
    2c: New developments and utilising EGSS for measuring jobs, goods and services related to circular-economy
     
    Conceptual framework pillar “socio-economic opportunities of a circular economy”: main indicators, UNECE PDF
    Updating of related classifications-Classification of environmental purposes (CEP), Eurostat PDF
    Using EGSS data for measuring circular economy, France     PDF
    Comparison of EGSS and structural business statistics data on measuring circular economy, Finland PDF
    2d: Measuring flows of biomass and bio-based material in a circular economy
     
    The concept of a Circular Economy and some key agenda for biological materials, University of Exeter PDF
    The sustainable and circular bioeconomy in the EU, European Commission PDF
    Costa Rica: Use of environmental accounts for policy making on circular economy and bioeconomy PDF
    Measuring stocks in the urban mine to monitor circular economy with SEEA, The Netherlands PDF
    2b: Utilising SEEA for measuring physical flows of plastics
     
    Policy development and the development of a statistical guideline on measuring flows of plastic along the lifecycle, UNEP PDF
    Measuring plastic flows with Plastic-KEYs, UNITAR PDF
    What statistics tell us about international trade of plastics? UNCTAD PDF
    Statistics Canada’s Physical Flow Account for Plastic Material PDF
    The use of SEEA – material flow accounts for deriving circular economy indicators, North Macedonia PDF
    Session 3: Informing climate-change-adaptation and response policies with SEEA
     
    3a: Introduction, information needs, existing measurement frameworks and their links with SEEA
    Climate change adaptation policies and SEEA-related information demands, OECD PDF
    Disaster-related statistics and the linkages to SEEA, ESCAP PDF
    Role of NSOs in Achieving National Climate Objectives, UNECE PDF
    3b: Climate change expenditures 
     
    Update on the revision of the Classification of Functions of Government (COFOG), UNSD PDF
    An integrated Approach to the classification of public environmental expenditure, OECD PDF
    G20 Data Gaps Initiative, IMF PDF
    Climate mitigation investments, The Netherlands PDF
    Climate Change Mitigation and Adaptation Expenditures in the Economy: Towards an Operational Definition, United States PDF
    Environmental expenditures account and its application in the Republic of Kazakhstan

    ENG

    RUS

    3c: Measuring ecosystem condition, degradation and loss of ecosystem services
     
    Ecosystem services accounts: from the operational platform (INCA) to their economic bridging (LISBETH), Joint Research Centre  PDF
    The role of the SEEA in the Kunming-Montreal Global Biodiversity Framework (GBF), UNSD PDF
    Ecosystem condition accounting in Statistics Lithuania PDF
    Working with blue carbon ecosystem accounts: value of coastal ecosystems in alleviating impacts of climate change, Australia PDF
    Implementation of Environmental Accounts in Ukraine – results and challenges. Estimation of damages caused by war PDF
    Session 4: Conclusions & Recommendations
     
    Draft conclusions and recommendations  PDF

    MIL OSI United Nations News

  • MIL-OSI Europe: Minister for Foreign Affairs visits Peru

    Source: Government of Sweden

    Minister for Foreign Affairs visits Peru – Government.se

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    Press release from Ministry for Foreign Affairs

    Published

    Minister for Foreign Affairs Maria Malmer Stenergard is visiting Peru on 30–31 January. Her visit will include a meeting with Peru’s Minister of Foreign Affairs Elmer Schialer.
    Ms Malmer Stenergard will also host the Sweden Peru Mining Summit at which Government representatives, companies and agencies from Sweden and Peru will discuss sustainable mining and the green transition.

    “I look forward to visiting Peru together with Swedish companies to discuss how we can better cooperate on key issues to promote sustainable mining, and to deepen our countries’ cooperation on business issues, the green transition and innovation,” says Ms Malmer Stenergard. 

    The aim of the visit is to solidify and develop the already good relations between Sweden and Peru and to further strengthen political and economic ties. Sweden and Peru have a long history of bilateral relations stretching back some 90 years. Peru is a vital partner for Sweden in the region. The visit presents opportunities to broaden and deepen cooperation on investment, trade and the green transition and sustainability, as well as developing our security dialogue. 

    Press contact

    MIL OSI Europe News

  • MIL-OSI Europe: Sweden to donate anti-tank weapons to Moldova

    Source: Government of Sweden

    Sweden to donate anti-tank weapons to Moldova – Government.se

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    Press release from Ministry of Defence

    Published

    The Government is proposing to donate m/86 (AT4) anti-tank weapons to Moldova within the framework of the additional amending budget that contains the 18th military support package to Ukraine.

    In light of Russia’s full-scale invasion of Ukraine, Moldova finds itself in a very vulnerable position, due to its geographical proximity to Ukraine and Russia’s repeated influence campaigns against the country. Moldova is in great need of assistance, including military support. It is in Sweden’s foreign and security policy interests to assist Moldova as a matter of urgency. 

    Supporting Ukraine further and increasing engagement with other countries in the EU’s Eastern partnership, such as Moldova, are important parts of Sweden’s policy to constrain Russia’s influence, freedom of action and ability to do harm.

    The Government is therefore proposing to donate anti-tank weapons worth a maximum of SEK 13 000 000 to Moldova, within the framework of the additional amending budget that contains the 18th military support package to Ukraine. 

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    MIL OSI Europe News

  • MIL-OSI Europe: Largest support package to Ukraine announced

    Source: Government of Sweden

    Largest support package to Ukraine announced – Government.se

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    Press release from Ministry of Defence

    Published

    The Swedish Government is presenting its largest military support package to Ukraine to date, valued at SEK 13.5 billion. This package will also strengthen Ukraine’s long-range capability. Sweden aims to donate about 1 billion SEK towards making Ukraine able to produce long-distance missiles and drones. It also includes a doubling of the previous 16 donated Combat Boat 90s (CB 90) and anti-tank weapons, as well as investments to support Ukraine’s defence industry.

    With this eighteenth support package, Sweden has provided a total of SEK 61.9 billion in military support to Ukraine since Russia’s full-scale invasion began nearly three years ago. 

    The package is divided into eight components, the largest of which consists of various procurements of new materiel – primarily from the Swedish and other European defence industries – for the purpose of donation to Ukraine. 

    The package, worth SEK 13.5 billion in total, contains the following components:

    • Procurement for donations worth approximately SEK 5.9 billion.
      – This means that the Defence Materiel Administration, tasked by the Government, procures equipment from the Swedish and foreign defence industries to the Ukrainian Armed Forces.
    • Financial donations worth approximately SEK 2.8 billion.
      – This means that Sweden is supporting Ukraine through donations to various funds for procurement of military equipment and ammunition, e.g. through capability coalitions. Another example is procurement cooperation between Sweden and Denmark. Sweden aims to donate 1 billion SEK towards Ukrainian production of long-range missiles and long-distance drones.
    • Donations of materiel from the Swedish Armed Forces, with corresponding replacement purchases, valued at approximately SEK 3.3 billion. This includes:
      – 146 trucks;
      – 16 Combat Boat 90s; (A doubling from the previous 16 donated CB 90s)
      – 23 weapon stations for marine use;
      – 1 million units of 12.7 mm ammunition;
      – 1 500 TOW anti-tank missiles;
      – 200 anti-tank weapons, including training materiel;
      – infantry equipment for individual soldiers and unit equipment; and
      – chemical, biological, radiological and nuclear (CBRN) personal protective equipment.
    • Services via the Swedish Defence Research Agency and Swedish Defence University, valued at approximately SEK 180 million.
      – The Defence Research Agency will continue its efforts to develop a corresponding agency in Ukraine.
      – The Defence University is tasked with implementing an education programme for Ukrainian pupils in Ukraine.
    • Training valued at SEK 650 million.
      – Funding to the Swedish Armed Forces’ support to a number of training initiatives throughout 2025, such as Interflex, which conducts basic training for Ukrainian soldiers.
    • Supply solutions valued at SEK 400 million.
      – This includes various types of maintenance measures for the Swedish materiel that has been donated.

    More about the eighteenth support package

    Sweden’s military support to Ukraine is always based on Ukraine’s needs and priorities. Ongoing bilateral communication and multilateral collaboration in the capability coalitions provide this knowledge. 

    The ability to support Ukraine with newly produced materiel that can be delivered quickly is a significant tool to supplement donations of materiel from the Swedish Armed Forces war organisation. At the same time as Ukrainian units receive the materiel that they need, Ukrainian, Swedish and European supply security is also strengthened. 

    Press contact

    MIL OSI Europe News

  • MIL-OSI Europe: Trump 2.0: the rise of an “anti-elite” elite in US politics

    Source: Universities – Science Po in English

    US president Donald Trump is surrounded by a new cohort of politicians and officials. While one of his campaign promises was to overthrow the “corrupt elites” he accuses of flooding the American political arena, his second term in office has elevated elites chosen, above all, for their political loyalty to him. Does his second term open the door to elites who can operate without concern for justice and truth?

    An article by William Genieys, CNRS Research Director at the Centre for European Studies and Comparative Politics (CEE) at Sciences Po, and Mohammad-Saïd Darviche, Senior Lecturer at the University of Montpellier, originally published by our partner The Conversation.


    The media’s focus on Trump’s comments on making Canada the 51st US state and annexing Greenland and billionaire Elon Musk’s support for some far-right parties in Europe has obscured the ambitious programme to transform the federal government that the new political elite intends to implement.

    In the wake of Trump’s inauguration on January 20, the Republican elites most loyal to the MAGA (“Make America Great Again”) leader, who staunchly oppose Democratic elites and their policies, are operating amid their party’s control over the executive and legislative branches (at least until the midterm elections in 2026), a conservative-dominated Supreme Court that includes three Trump-appointed justices, and a federal judiciary that shifted right during his first term.

    However, the political project of the Trumpist camp consists less of challenging elitism in general than attacking a specific elite: one particular to liberal democracies.

    Castigating democratic elitism

    Typical anti-elite political propaganda, along the lines of “I speak for you, the people, against the elites who betray and deceive you,” claims that a populist leader would be able to exercise power for and on behalf of the people without the mediation of an elite disconnected from their needs.

    Political theorist John Higley sees behind this form of anti-elite discourse an association between so-called “forceful leaders” and “leonine elites” (who take advantage of the former and their political success): a phenomenon that threatens the future of Western democracies.

    Since the Second World War, there has been a consensus in US politics on the idea of democratic elitism. According to this principle, elitist mediation is inevitable in mass democracies and must be based on two criteria: respect for the results of elections (which must be free and competitive); and the relative autonomy of political institutions.

    The challenge to this consensus has been growing since the 1990s with the increased polarization of American politics. It gained new momentum during and after the 2016 presidential campaign, which was marked by anti-elite rhetoric from both Republicans and Democrats (such as senators Bernie Sanders and Elizabeth Warren). At the heart of some of their diatribes was an aversion to “the Establishment” on the east and west coasts of the United States, where many prestigious financial, political and academic institutions are based, and the conspiracy notion of the “deep state”.

    The re-election of Trump, who has never admitted defeat in the 2020 presidential vote, growing political hostility and the direct involvement of tech tycoons in political communication –especially on the Republican side– further reinforce the denial of democratic elitism.

    Trump’s populism from above: a revolt of the elites

    The idea that democracy could be betrayed by “the revolt of the elites”, put forward by the US historian Christopher Lasch (1932-1994), is not new. For the anthropologist Arjun Appadurai, it is a particular feature of contemporary populism, which comes “from above.” Indeed, if the 20th century was the era of the “revolt of the masses”, the 21st century, according to Appadurai, “is characterized by the ‘revolt of the elites’.” This would explain the rise of populist autocracies (such as those currently led by Viktor Orban in Hungary, Recep Tayyip Erdogan in Turkey and Narendra Modi in India, and formerly led by Jair Bolsonaro in Brazil), but also the election successes of populist leaders in consolidated democracies (including those of Trump in the US, Giorgia Meloni in Italy, and Geert Wilders in the Netherlands, for example).

    As Appadurai explains, the success of Trumpian populism, which represents a revolt by ordinary Americans against the elites, casts a veil over the fact that, following Trump’s victory in November, “it is a new elite that has ousted from power the despised Democratic elite that had occupied the White House for nearly four years.”

    The aim of this “alter elite” is to replace the “regular” Democrat elites, but also the moderate Republicans, by deeply discrediting their values (such as liberalism and so-called “wokeism”) and their supposedly corrupt political practices. As a result, this populism “from above” carried out by the President’s supporters constitutes an alternative elite configuration, the effects of which on American democratic life could be more significant than those observed during Trump’s first term.

    Beyond the idea of a ‘Muskoligarchy’

    The idea that we are witnessing the formation of a “Muskoligarchy” –in other words, an economic elite (including tech barons such as Jeff Bezos, Mark Zuckerberg and Marc Andreessen) rallying around the figurehead of Elon Musk, whom Trump asked to lead what the president has called a “Department of Government Efficiency” (DOGE) –is seductive. It perfectly combines the vision of an alliance between a “conspiratorial, coherent, conscious” ruling class and an oligarchy made up of the “ultra-rich”. For the Financial Times columnist Martin Wolf, it is even a sign of the development of “pluto-populism”. (It is also worth noting that former president Joe Biden, in his farewell speech, referred to “an oligarchy… of extreme wealth” and “the potential rise of a tech-industrial complex.”)

    However, some observers are cautious about the advent of a “Muskoligarchy.” They point to the sociological eclecticism of the new Trumpian elite, whose facade of unity is held together above all by a political loyalty, for the time being unfailing, to the MAGA leader. The fact remains, however, that the various factions of this new “anti-elite” elite are converging around a common agenda: to rid the federal government of the supposed stranglehold of Democratic “insiders.”

    An ‘anti-elite’ elite against the ‘deep state’

    In his presidential inauguration speech in 1981, Ronald Reagan said: “Government is not the solution to our problem; government is the problem.” The anti-elitism of the Trump elite is inspired by this diagnosis, and defends a simple political programme: rid democracy of the “deep state.”

    Although the idea that the US is “beleaguered” by an “unelected and unaccountable elite” and “insiders” who subvert the general interest has been shown to be unfounded, it is nonetheless predominant in the new Trump Administration.

    This conspiracy theory has been taken to the extreme by Kash Patel, the candidate being considered to head the FBI. In his book, Government Gangsters, a veritable manifesto against the federal administration, the former lawyer writes about the need to resort to “purges” in order to bring elite Democrats to justice. He lists around 60 people, including Biden, ex-secretary of state Hillary Clinton and ex-vice president Kamala Harris.

    The appointment of Russell Vought as head of the Office of Management and Budget at the White House, a person who is known for having sought to obstruct the transition to the Biden Administration in 2021, also highlights the hard turn that the Trump administration is likely to take.

    Reshaping the state around political loyalty

    To “deconstruct the administrative state”, the “anti-elite” elites are relying on Project 2025, a 900-plus page programme report that the conservative think-tank The Heritage Foundation, which published it, says was produced by “more than 400 scholars and policy experts.” According to former Project 2025 director Paul Dans, “never before has the entire movement… banded together to construct a comprehensive plan” for this purpose. On this basis, the “anti-elite” elite want to impose loyalty to Project 2025 on federal civil servants.

    But this idea is not new. At the end of his first term, Trump issued an executive order facilitating the dismissal of statutory federal civil servants occupying “policy-related positions” and considered to be “disloyal”. The decree was rescinded by president Biden, but Trump on his first day back in office signed an executive order that seeks to void Biden’s rescindment. As President, Trump is also able to allocate senior positions within the federal administration to his supporters.

    The “anti-elite” elite not only want to reduce the size of the state, as was the case under Reagan’s “neoliberalism”, but to deconstruct and rebuild it in their own image. Their real aim is a more lasting victory: the transformation of democratic elitism into populist elitism.

    MIL OSI Europe News

  • MIL-OSI Europe: Bilateral Partnership between Sweden and Colombia launched

    Source: Government of Sweden

    Bilateral Partnership between Sweden and Colombia launched – Government.se

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    At the invitation of Colombia’s Minister of Foreign Affairs Luis Gilberto Murillo, Minister for Foreign Affairs Maria Malmer Stenergard took part in the launch of the Colombia-Sweden Bilateral Partnership at a High-Level Dialogue in Bogotá on 28 January.

    The bilateral partnership agreement was signed in June 2024 by Prime Minister Ulf Kristersson and President of Colombia Gustavo Petro, and aims to further strengthen cooperation between the countries in four main areas:

    • political dialogue and cooperation in multilateral forums;
    • trade and development cooperation;
    • climate, environment, green and digital transition; and
    • peace and security.

    Two thematic working groups have been instituted to advance priority areas within the Bilateral Partnership. The first group is focusing on cooperation for peace, human rights, human security and strengthening institutions. The second is focusing on economic opportunities, science, innovation and sustainable development. 

    At the high-level dialogue, Ms Malmer Stenergard and Acting Minister of Foreign Affairs Paola Vásquez received reports from the groups, which presented several results in the areas of peace, gender equality, climate and sustainable development. Sweden and Colombia celebrated 150 years of diplomatic relations in 2024. The launch of the Bilateral Partnership demonstrates the breadth of cooperation between the two countries. 

    Press contact

    More about the visit

    MIL OSI Europe News

  • MIL-OSI: Standard Lithium, Equinor announce Smackover Lithium as new joint venture name

    Source: GlobeNewswire (MIL-OSI)

    LEWISVILLE, Ark., Jan. 30, 2025 (GLOBE NEWSWIRE) — Standard Lithium Ltd. (“Standard Lithium”) (TSXV:SLI) (NYSE:A:SLI), a leading near-commercial lithium developer, and Equinor, a global energy leader, today announced Smackover Lithium as the new name for their joint venture developing direct lithium extraction (“DLE”) projects in Southwest Arkansas and East Texas.

    Smackover Lithium was announced yesterday at a community meeting in Lewisville, Arkansas, home of a planned field office and nearby the joint venture’s South West Arkansas (“SWA”) project. The SWA project, located in Lafayette and Columbia counties, is expected to be one of the world’s first commercial-scale DLE facilities.

    “Smackover Lithium is a natural fit for the joint venture given the Smackover formation’s prolific resource and our joint venture’s commitment to adding to the incredible legacy of American energy production from this region,” said David Park, CEO of Standard Lithium.

    In May 2024, Equinor formed a joint venture with Standard Lithium to advance DLE projects in the Smackover basin, focused on Southwest Arkansas and East Texas. Smackover Lithium is now the external brand for the joint venture and will continue building on Standard Lithium’s work with local communities to enhance economic development and grow educational and workforce opportunities.

    “We are excited to be a part of Smackover Lithium, developing critical mineral projects in the Smackover basin and building the next generation of lithium development,” said Allie Kennedy Thurmond, Vice President of US Lithium at Equinor.

    For more information on Smackover Lithium, please visit: www.smackoverlithium.com.

    About Standard Lithium Ltd.

    Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated DLE and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the SWA project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

    Standard Lithium trades on both the TSX Venture Exchange (the “TSXV”) and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

    About Equinor

    Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects.

    For more information on Equinor in the US, please visit: Equinor in the US – Equinor

    Media Contacts:

    Chris Lang
    Standard Lithium Ltd.
    investors@standardithium.com

    Ola Morten Aanestad
    Equinor
    oaan@equinor.com

    Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued existence and success of the joint venture, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements and information represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information. The Company does not intend, and does not assume any obligation to, update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information other than as required by applicable laws, rules and regulations.

    The MIL Network

  • MIL-OSI United Kingdom: UK response to the President of the OSCE Parliamentary Assembly: UK statement to the OSCE, January 2025

    Source: United Kingdom – Government Statements

    Ambassador Neil Holland thanks the President of the OSCE Parliamentary Assembly for the Assembly’s work which underscores our collective commitment to strengthen democracy across the OSCE region.

    Thank you, Chair.  Madam President, welcome back to the Permanent Council and thank you for your address.  

    January is a time of new beginnings.  Here at the OSCE we have welcomed Finland as our new Chair in Office, and a new Secretary General. But sadly the agenda and the issues we face remain the same.  Russia continues to inflict its war on its neighbour, endangering the lives of ordinary citizens and threatening regional peace and stability. We have consistently supported Ukraine and the international community’s efforts to investigate, document, pursue and prosecute those committing war crimes. National parliaments and the Parliamentary Assembly have played an important role in maintaining political commitment in our capitals and promoting OSCE and national support for Ukraine. We look forward to hearing about the outcome of your upcoming visit to Kyiv.  

    Beyond Ukraine, we cannot neglect other vulnerable regions. Moldova and the South Caucasus remain unstable and we are concerned by the situation in Georgia. The OSCE has a versatile toolbox which could help address the challenges that we are witnessing and support participating States in meeting their OSCE commitments. We must ensure that it is sufficiently resourced and empowered to do that.   

    Madam President, you also mentioned the Assembly’s work on election monitoring.  This observation is an integral part of the democratic process, supporting electoral integrity and documenting whether elections are credible and inclusive. Last year was a bumper year for elections in the OSCE region including in the United Kingdom. We thank the hundreds of parliamentary observers who participated in the OSCE Parliamentary Assembly’s missions and those who will do so in Albania and Moldova in the coming months. This coming together in a collective exercise to strengthen democracy across the OSCE is an important manifestation of our shared commitments. 

    Madam President, we look forward to marking with you and parliamentarians from across our region the 50th anniversary of the Helsinki Final Act this summer and in doing so reinvigorating our commitment to the principles within it. We would like to thank you, Secretary General Montella and the Assembly for the work you are doing. We offer our full support to you and your excellent team and look forward to continued co-operation.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom

  • MIL-OSI Europe: Finland financing from EIB Group more than doubles in 2024 to €2.3 billion

    Source: European Investment Bank

    • EIB Group investments in Finland rose to €2.3 billion in 2024 from €992 million the year before.
    • Financing boost of 132% supported 1,800 Finnish SMEs and Mid-Caps and sustained 40,000 jobs in the country.
    • Most funding went to green projects and business innovation.

    The European Investment Bank (EIB) Group’s financing in Finland more than doubled to €2.3 billion in 2024, with the bulk of funds aimed at accelerating the green transition and business innovation in the country. The EIB Group’s pledges last year represent a 132% increase from €992 million in 2023.

    The financing in Finland last year included €1.7 billion from the EIB and €606 million from the European Investment Fund (EIF) arm, which focuses on supporting Europe’s micro companies and small and medium-sized enterprises (SMEs).

    The EIB Group’s funding in Finland in 2024 supported 1,800 SMEs and Mid-Caps, sustained 40,000 jobs and covered 21 investment initiatives across the country. The amount is expected to trigger €5.1 billion of total investment, equivalent to 1.9% of Finnish gross domestic product (GDP).

    “Our significant investments in 2024 underscore our unwavering commitment to Finland’s economic growth and resilience,” said EIB Vice-President Thomas Östros. “By financing a diverse array of projects from cutting-edge healthcare to pioneering renewable-energy solutions, we are not just supporting Finland’s present needs but also building a brighter, more sustainable future. “

    Driving innovation and sustainability

    In 2024, half of the EIB Group’s funding in Finland was allocated to the green transition and a third to business innovation. This marks a 215% rise in support for Finnish sustainability and innovation compared with the previous year.

    “Finland stands as a leading example of innovation and sustainability in Europe,” said Östros.

    The EIB Group’s financing in Finland last year targeted a range of sectors including industrial investments, energy, education and healthcare.

    Key green transition and innovation projects

    Green transition and innovation projects backed by the EIB last year included a €168 million investment in the Keliber lithium project to enhance the EU’s battery material supply for electric vehicles and high-tech industries. Additionally, Prysmian’s factory in Pikkala received more than €221 million in EIB funding to expand its production of extra-high-voltage submarine power cables, supporting the EU’s clean energy-transmission goals.

    Furthermore, the EIB invested €150 million to replace Helsinki’s fossil-based heating plants with renewable energy, supporting the city’s sustainability and carbon-reduction efforts as part of REPowerEU. In addition, the EIB provided a €435 million loan to Stora Enso for producing sustainable packaging at the Oulu factory, promoting a circular economy with renewable materials.

    Lastly, Swappie received a €14 million venture-debt loan to refurbish and resell iPhones, reducing electronic waste and extending the lifecycle of devices, making high-quality technology more accessible.

    Empowering SMEs and Mid-Caps

    The EIB Group’s support for Finnish SMEs and Mid-Caps last year included a €200 million partnership with Finnvera. This initiative aimed to tackle barriers to accessing finance by sharing risks associated with economic uncertainties such as inflation, high interest rates, limited external growth opportunities, and unpredictable energy supplies.

    For its part, the EIF collaborated with leading Finnish banks to provide over €560 million in loan guarantees last year. This substantial financing empowers SMEs, small Mid-Caps and housing associations to advance Finland’s climate goals, promote environmental sustainability and invest in innovation and digitalisation. In addition, the EIF made two new commitments in Finnish venture capital and private equity funds.

    Investing in public infrastructure

    The EU bank prioritised healthcare and education infrastructure in 2024, making significant investments in Finland’s public sector. A €100 million loan will upgrade Helsinki’s Laakso hospital, providing state-of-the-art medical services. Thousands of children in Tuusula will benefit from modern schools funded by a €105 million EIB loan. Additionally, the EIB is financing water-infrastructure projects in the Helsinki area, promoting sustainable water management, one of the key priorities of the bank.

    Over the past five years, the EIB Group has provided nearly €8.6 billion in financing for Finland, highlighting the organisation’s dedication to the country’s economic growth and development.

    For more information on EIB Group results in 2024, please click here.

    Background information     

    EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality. 

    The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.  

    All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

    Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards. 

    MIL OSI Europe News

  • MIL-OSI Europe: Estonia financing from EIB Group totals €498 million in 2024, fuelling business innovation and green growth

    Source: European Investment Bank

    • EIB Group financing in Estonia totalled €498 million last year.
    • Funding supported 800 Estonian companies and sustained 4,300 jobs.
    • The level of EIB Group funding in Estonia was among the highest in the EU as a share of GDP.
    • Most support directed towards green innovation and urban sustainability.

    The European Investment Bank (EIB) Group’s financing in Estonia last year amounted to €498 million, representing 1.3% of Estonia’s GDP. This was the second highest in the European Union as a share of gross domestic product (GDP). This support helped hundreds of businesses grow and contributed to making the country greener, generating nearly €2.2 billion in additional investments.

    The EIB Group commitments last year in Estonia supported 800 SMEs as well as Mid-Caps and sustained 4,300 jobs across the country. The main operation was a €400 million EIB loan to the Estonian government for EU grants co-financing, including for green and digital initiatives.

    “Estonia’s dedication to innovation and sustainability is an example for all,” said EIB Vice-President Thomas Östros. “Our financing in the country last year highlights our commitment to propelling Estonian economic, green and digital advances.”

    The level of EIB Group funding in Estonia last year exceeded an annual average of €433 million in the country over the past five years. For example, EIB Group financing in Estonia amounted to €540 million in 2023 and €111 million in 2022.   

    To deepen its relationship with Estonia, the EIB Group plans to open an office in Tallinn in 2025.

    “This shows our long-term commitment to Estonia’s economic development and our desire to be closer to the communities we serve,” said Östros.

    Key operations

    The €400 million EIB loan to the Estonian government aims to boost green and digital initiatives and deliver multiple benefits, including energy efficiency improvements and the digitalisation of public and private organisations. This credit marks the second and final tranche of a €700 million EIB loan to bolster the Estonian economy.

    In a venture capital deal last year, the EIB provided UP Catalyst with an €18 million loan to scale up the converting of industrial emissions of carbon dioxide (CO₂) into carbon-neutral graphite and nanotubes – high-performance materials used in batteries, electronics, paints, coatings, polymers and concrete.

    Additionally, as part of multi-country operations in 2024, the EIB offered Finland-based iPhone refurbisher Swappie €1.4 million of financing in Estonia to refurbish and resell handsets and provided €2.4 million in funding to Italian automotive company SAPA to develop sustainable vehicle parts in Estonia.

    Notable European Investment Fund (EIF) operations in Estonia last year included support for businesses through deals with various banks and financial institutions, such as LHV Pank, Swedbank, and Hüpoteeklaen. These operations are expected to leverage almost €600 million in financing to support business growth, create jobs, and accelerate the transition to a carbon-neutral economy.

    For more information on EIB Group results in 2024, please click here.

    Background information     

    EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives by bolstering digitalisation and technological innovation, security and defence, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU, and the Capital Markets Union.   

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 projects in 2024. These commitments are expected to mobilise around €350 billion in investment, supporting 400 000 companies and 5.8 million jobs.   

    All projects financed by the EIB Group are in line with the Paris Climate Accord and the EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.   

    Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.  

    MIL OSI Europe News

  • MIL-OSI Europe: EIB Group achieves record results in 2024, targets €95 billion in investments for 2025

    Source: European Investment Bank

    • The EIB Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024.
    • A record of nearly 60% of all EIB Group financing supported the green transition, climate action and environmental sustainability.
    • There was a sharp increase in higher-risk activities, with a record €8 billion committed for equity and quasi-equity investment.
    • Financing for security and defence projects doubled to €1 billion in 2024, with a further doubling planned in 2025.

    The European Investment Bank (EIB) Group signed €89 billion in new financing last year. The Group made more investments than ever before to strengthen EU energy security, mobilising over €100 billion for projects in new and upgraded infrastructure such as grids and interconnectors, renewables, net-zero industries, efficiency and storage. Nearly 60% of the total financing supported the green transition, climate action and environmental sustainability.

    Our preliminary results once again signal robust profitability. At the same time, higher-risk EIB operations to back Europe’s most innovative companies have sharply increased. A record €8 billion in equity and quasi-equity investment from the EIB and the European Investment Fund (EIF) is expected to mobilise €110 billion in growth capital for startups, scale-ups and European pioneers.

    Eligible security and defence investment doubled in 2024, and the goal is to double this figure again this year. Furthermore, the EIB Group significantly extended its eligible investments in dual-use projects, which now include border protection, military mobility, de-mining and de-contamination, space, cybersecurity, anti-jamming equipment, seabed and critical infrastructure protection, research and development, and drones.  

    Looking ahead, the EIB Group plans to increase its overall investments to €95 billion in 2025, with flagship initiatives to support European tech champions and a dedicated TechEU programme, critical raw materials, water management, the energy efficiency of small and medium-sized companies, and a dedicated platform to promote sustainable and affordable housing.

    In parallel with increasing its investment capacity and impact, the EIB Group is making significant progress in cutting red tape for clients and has shortened the time to market required to approve and deploy new investments. During 2024, it introduced simplified appraisal procedures covering more than 40% of its operations.

    “We have broken records with our financing in 2024. We have made ourselves ready to support EU priorities in this new political mandate. And we will play an even more relevant role in 2025 – building on the excellent performance of the EIB Group to increase our impact, bolstering Europe’s security and competitiveness with strategic and ambitious investments,” said EIB Group President Nadia Calviño as she presented the annual operational results of the EIB Group in Brussels.

    Making records

    The EIB Group financing committed in 2024 is expected to power almost 15 million households with clean energy, create up to 1.5 million new jobs in Europe over the next few years, advance therapies against cancer, and help secure affordable housing from Croatia to Latvia.

    In more detail, highlights from last year include:

    • Stepped up higher-risk activities, expected to mobilise about €110 billion in new investments. This includes a record €7.2 billion of investments by the EIF in the equity funds ecosystem, and €1 billion in venture debt by the EIB.
    • More than €14 billion in total investment deployed by the EIF to support Europe’s small businesses and innovators, including in 102 venture capital funds, such as a dedicated fund to back women-owned and gender-balanced startups in space and deep tech.
    • A record €51 billion – around 60% of last year’s investments – to support the green transition, climate action and environmental sustainability, from the world’s first zero-emissions tyre factory in Romania to support for sustainable mobility in Valencia, keeping the EIB Group well on track to meet its target of supporting €1 trillion in climate and environmental sustainability investment in the critical decade to 2030.
    • A record €31 billion to back EU energy security, including for efficiency, renewables, storage and electricity grids, which is expected to support over €100 billion in investment. Flagship initiatives include counter-guarantees to bolster European wind manufacturers, electric vehicle battery manufacturing in France and the Princess Elisabeth Island in Belgium. For grids and storage, financing rose to a record €8.5 billion, mobilising 40% of Europe’s total investment in that sector in 2024, including transmission network upgrades and interconnectors in Spain, Czechia and Germany.
    • Support for eligible security and defence projects doubled to €1 billion, including the deployment of dual-use satellites in Poland, port upgrades to meet the needs of NATO vessels in Denmark and investment by the EIF in dedicated private investment funds. A further doubling of annual investments to €2 billion is expected this year.
    • A record €38 billion to accelerate social and territorial cohesion, including credit lines for farmers in Romania, innovative startups in Greece and just transition projects in Estonia.
    • The EIB Group has also provided financial support to boost climate resilience and adaptation from post-landslide reconstruction in Italy to recovery investments in European regions affected by devastating floods.
    • With more than €2.2 billion disbursed since 2022, EIB Group investments in Ukraine are helping to repair schools, kindergartens and hospitals, upgrade transport and protect energy infrastructure, as well as support the private sector.

    Beyond Ukraine, the EIB Group’s operations outside the European Union are supporting stability in the EU neighbourhood and partner countries on their path to EU membership, including with rail upgrades in countries such as Albania and Montenegro.

    Supporting EU global priorities and helping strengthen Europe’s voice in the world, EIB Group financing also helps drought-stricken countries like Jordan to manage water supplies. Thanks to reinforced partnerships inside and outside the European Union, EIB investments are helping eliminate diseases like polio and support sustainable infrastructure around the world from Vietnam to India.

    Ready for the challenges ahead

    Under President Calviño, who took office in January 2024, the EIB Group has updated its internal policies and investment strategy to maximise impact and scale up support for shared European priorities.

    Changes include:

    • A Strategic Roadmap, aligned with EU policies and agreed by the EU 27 Member States (the EIB’s shareholders) to focus resources on impactful investment on eight core priorities.
    • A revamped framework expanding the EIB Group’s activity in the areas of security and defence, with streamlined internal procedures and new partnerships with external stakeholders, such as the NATO Innovation Fund and the European Defence Agency.
    • EIB governors approved the increase of the gearing ratio, an outdated limit on EIB Group’s investments.[1] This will enable the EIB Group to make the necessary strategic investments to deliver on EU policy goals while preserving its leverage and capital ratios.
    • An action plan with building blocks for a deeper capital markets union.
    • Actions and proposals to cut red tape, improve the usability of EU sustainability reporting rules and optimise the use of EU budget instruments.
    • A stepped up time to market initiative to simplify internal processes and boost efficiency, enabling much faster approvals for new financing.
    • An action plan to improve transparency, accountability and well-being in the workplace, including the appointment of an ombudsperson to swiftly address common workplace issues and improve the working environment.

    More relevant than ever in 2025

    Looking ahead, the EIB Group Operational Plan covers up to €95 billion in new investment in 2025, supported by the Group’s stellar credit rating and strong capital position.

    New initiatives aligned with the priorities of the new European Commission expected to be rolled out in 2025 include:

    • Maintaining a 60% green finance target.
    • Scaling up support for leading technologies, including clean-tech, artificial intelligence, chips, high-performance and quantum computing, health sciences and medical technologies, and Europe’s cutting-edge industrial capacity.
    • An exit platform to facilitate the listing of European scale-ups in EU markets or the acquisition of these promising innovators by European companies.
    • An extension of the highly successful European Tech Champions Initiative (ETCI) as part of the broader goal to boost equity and venture debt investments to scale up Europe’s innovative startups.
    • Further doubling of support for Europe’s security and defence industry
    • A pan-European investment platform for affordable and sustainable housing, together with the European Commission and increased financing for the housing sector.
    • Increasing investment for critical raw materials projects, such as the Keliber lithium production facility in Finland agreed last year.
    • A dedicated water programme of about €4.5 billion to focus investment on flood resilience, and to address water scarcity amid intensifying droughts.
    • New support for Europe’s farmers through agricultural insurance and other de-risking schemes, building on a €3 billion facility to improve access to financing for young farmers and women.
    • A €2.5 billion programme to scale up energy efficiency investments by small and medium-sized companies so they can lower their CO2 emissions and electricity bills.

    EIB Group press conference on annual results

    Background information

    The EIB Group is the financing institution of the European Union owned by its Member States. It supports investment contributing toward EU policy goals, including sustainable growth, social and territorial cohesion, innovation and security. It finances its operations in global capital markets and has been consistently profitable in its operations since its inception. The EIB Group is the pioneer and one of the largest issuers of green bonds, while all of its operations are aligned with the Paris Climate Agreement.


    [1] Subject to final approval by the Council of the European Union.

    MIL OSI Europe News

  • MIL-OSI Europe: Sweden and Colombia sign law enforcement agreement

    Source: Government of Sweden

    Sweden and Colombia sign law enforcement agreement – Government.se

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    Published

    On 28 January, Sweden signed a bilateral law enforcement agreement with Colombia during Maria Malmer Stenergard’s visit to Colombia.

    On behalf of the Government, Minister for Foreign Affairs Maria Malmer Stenergard signed a bilateral law enforcement agreement at a ceremony in Bogotá on 28 January together with Colombia’s Minister of Justice Ángela María Buitrago and Minister of National Defence Iván Velásquez. 

    The agreement aims to increase cooperation between Sweden and Colombia in the fight against cross-border organised crime, terrorism, drug trafficking and cybercrime. It also paves the way for increased information exchange, cooperation on capacity building and the exchange of experiences. 

    “Organised crime is a cross-border problem that requires international cooperation with our partners around the world. The Government looks forward to working together with Colombia in this area of vital importance to both our countries,” says Ms Malmer Stenergard. 

    This cooperation agreement that we have now concluded with Colombia is essential to further strengthening our agencies’ efforts to combat serious crime. It’s widely acknowledged that drug smuggling, especially of cocaine, helps finance serious organised crime that severely undermines individuals’ sense of security and integrity, and which is also a systemic threat to our free and open society as a whole. Cross-border problems demand cross-border solutions, and this cooperation is a key part of that,” says Minister for Justice Gunnar Strömmer.

    The law enforcement agreement is part of the bilateral partnership agreement between Sweden and Colombia signed in June 2024 by Prime Minister Ulf Kristersson and President of Colombia Gustavo Petro, during his visit to Sweden.

    Press contact

    MIL OSI Europe News

  • MIL-OSI Europe: Resistance and decisive action – Sweden’s national strategy against organised crime

    Source: Government of Sweden

    Resistance and decisive action – Sweden’s national strategy against organised crime – Government.se

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    Press release from Ministry of Justice

    Published

    The Swedish Government has adopted Sweden’s first comprehensive national strategy against organised crime. The strategy serves as a direction for the work against organised crime, with the purpose to reduce vulnerabilities exploited by criminals. The national strategy presents priorities and identifies central actors.

    Organised crime poses a serious threat to the Swedish society. The deadly violence and the criminal financial structures used by organised crime actors, and parallel social structures at local level, affect the safety and security of Swedish citizens. Also, the impact of organised crime damages citizens’ trust in public institutions. The national strategy against organised crime that the Swedish Government adopted on 1 February 2024 calls for resistance and action, and it highlights what is necessary in the fight against organised crime. 

    Sweden’s national strategy against organised crime targets five key areas: 

    • Criminal careers must be stopped. 
    • Criminals’ access to illegal firearms and explosives must decrease.
    • The criminal economy must be reduced. 
    • Society must be robust enough to resist the threat of criminal influence. 
    • The system related to identities and identification must be reliable, and government agencies’ possibilities to exchange information must be improved. 

    “With this strategy, we are bringing together a broad range of actors at national, regional and local levels, as well as the private sector and civil society, to combat crime. We need to be proactive, and it is essential that all parts of society contribute – this is not a task for law enforcement only. The national strategy will further amplify the impact of the Government’s decisions and legislative reforms,” says Minister for Justice Gunnar Strömmer.  

    Press contact

    MIL OSI Europe News

  • MIL-OSI Europe: SHIELD V: Over 3.4 million pills seized in Operation Targeting Counterfeit Medicines

    Source: European Anti-Fraud Offfice

    Press release no 3/2025
    PDF version 

    Over 3.4 million pills have been seized as part of Operation SHIELD V, in which the European Anti-Fraud Office (OLAF) has played an essential coordinating role.  This annual operation targets the misuse and distribution of counterfeit medicines, doping substances, illegal food or sports supplements, and counterfeit COVID-19 medical supplies. 

    In its fifth consecutive year, OLAF facilitated the efforts of the Member States customs authorities in ensuring the integrity of the European market. The coordinated actions of the customs authorities resulted in the seizure of significant quantities of illicit goods, including: 3,4 million pills, over 59.000 packages (sachets, sprays, packs, pens), 1,510 vials (ampoules, flasks) and 272 pieces of medical devices. 

    Joint Effort across 14 Member States

    Operation SHIELD V included the active involvement of customs authorities from 12 EU Member States, namely Austria, Bulgaria, Denmark, Spain, Greece, Croatia, Ireland, Italy, Lithuania, Portugal, Slovenia, Slovakia, and Italy’s Guardia di Finanza. This collaborative effort was further supported by relevant rights holders, ensuring that counterfeit goods were accurately identified and swiftly intercepted. 

    “Traffickers recklessly jeopardise people’s health to turn a quick profit, a reality we cannot ignore. To protect European citizens, cooperation is essential. By combining efforts, OLAF, Europol, and national customs authorities have safeguarded European consumers from dangerous health products,” said Ville Itälä, Director General of OLAF. 

    Operation SHIELD continues to exemplify the importance of coordinated action in tackling illegal activities that endanger public health and undermine legitimate businesses. OLAF’s role ensures that these threats are met with a unified and effective response, safeguarding the health and wellbeing of citizens across the European Union.

    OLAF mission, mandate and competences:
    OLAF’s mission is to detect, investigate and stop fraud with EU funds.    

    OLAF fulfils its mission by:
    •    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
    •    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
    •    developing a sound EU anti-fraud policy.

    In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
    •    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
    •    some areas of EU revenue, mainly customs duties;
    •    suspicions of serious misconduct by EU staff and members of the EU institutions.

    Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

    For further details:

    Pierluigi CATERINO
    Spokesperson
    European Anti-Fraud Office (OLAF)
    Phone: +32(0)2 29-52335  
    Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
    https://anti-fraud.ec.europa.eu
    LinkedIn: European Anti-Fraud Office (OLAF)
    If you’re a journalist and you wish to receive our press releases in your inbox, pleaseleave us your contact data.

    MIL OSI Europe News

  • MIL-OSI: TGS Webcast Details for Q4 2024 Presentation

    Source: GlobeNewswire (MIL-OSI)

    Oslo, Norway (30 January 2025) – TGS, a leading global provider of energy data and intelligence will release its Q4 2024 results at approximately 07:00 a.m. CET on 20 February 2025. CEO Kristian Johansen and CFO Sven Børre Larsen will present the results at 09:00 a.m. CET at House of Oslo, Ruseløkkveien 34 in Oslo, Norway.

    The presentation is open to the public and will be webcasted live. Access and registration for webcast attendees are available by copying and pasting the link below into your browser, or use the link on the front page of www.tgs.com:
    https://channel.royalcast.com/landingpage/hegnarmedia/20250220_3/

    The Q4 2024 earnings release and presentation will be published on www.newsweb.no and www.tgs.com.

    For more information, visit TGS.com (http://www.tgs.com) or contact: 

    Bård Stenberg, VP IR & Communication
    Mobile: +47 992 45 235
    E-mail: investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    The MIL Network

  • MIL-OSI: Proposals by the Board of Directors to Nokia Corporation’s Annual General Meeting 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    30 January 2025 at 8:10 EET

    Proposals by the Board of Directors to Nokia Corporation’s Annual General Meeting 2025

    Nokia Corporation’s Annual General Meeting will be held on Tuesday 29 April 2025 at 13:00 (EEST) at Finlandia Hall, Helsinki, Finland. The Board submits the following proposals to the Annual General Meeting. Complete proposals are available as of today at www.nokia.com/agm2025. The notice of the Annual General Meeting with more detailed information on the participation and voting will be published separately during week 7, 2025 on the Company’s website and by a stock exchange release.

    Authorization of the Board of Directors to decide on the distribution of dividend and assets from the reserve for invested unrestricted equity

    The Board of Directors proposes to the Annual General Meeting to be authorized to resolve in its discretion on the distribution of an aggregate maximum of EUR 0.14 per share as dividend from the retained earnings and/or as assets from the reserve for invested unrestricted equity.

    The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the period of validity of the authorization unless the Board of Directors decides otherwise for a justified reason. The proposed total authorization for asset distribution is in line with the Company’s dividend policy. The authorization would be valid until the opening of the next Annual General Meeting.

    The Board would make separate resolutions on the amount and timing of each distribution of the dividend and/or assets from the reserve for invested unrestricted equity so that the preliminary record and payment dates will be as set out below. The Company shall make a separate announcement of each such Board resolution.

    Preliminary record date Preliminary payment date
    5 May 2025 12 May 2025
    29 July 2025 7 August 2025
    28 October 2025 6 November 2025
    3 February 2026 12 February 2026

    Each installment based on the resolution of the Board of Directors will be paid to a shareholder registered in the Company’s shareholders’ register maintained by Euroclear Finland Oy on the record date of the payment.

    Board composition and remuneration

    Søren Skou and Carla Smits-Nusteling have informed the Board’s Corporate Governance and Nomination Committee that they will no longer be available to serve on the Nokia Board of Directors after the Annual General Meeting. On the recommendation of the Corporate Governance and Nomination Committee, the Board proposes to the Annual General Meeting that the number of Board members be ten (10). However, should any number of the candidates proposed by the Board not be available for election, the number of Board members shall be decreased accordingly.

    On the recommendation of the Corporate Governance and Nomination Committee, the Board further proposes to the Annual General Meeting that the following current Board members be re-elected as members of the Board of Directors for a term until the close of the next Annual General Meeting: Timo Ahopelto, Sari Baldauf, Elizabeth Crain, Thomas Dannenfeldt, Lisa Hook, Mike McNamara, Thomas Saueressig and Kai Öistämö. In addition, it is proposed that Pernille Erenbjerg, Danish citizen, former Group CEO and President of TDC Group; and Timo Ihamuotila, Finnish citizen, Chief Financial Officer of ABB Ltd, be elected as new members of the Board of Directors for a term until the close of the next Annual General Meeting.

    Resumes of the Board candidates are presented in the Board’s proposal available as of today at www.nokia.com/agm2025.

    The Corporate Governance and Nomination Committee will propose in the assembly meeting of the new Board of Directors after the Annual General Meeting that Sari Baldauf be re-elected as the Chair of the Board and Timo Ihamuotila be elected as the Vice Chair, subject to their election to the Board.

    On the recommendation of the Corporate Governance and Nomination Committee, the Board proposes to the Annual General Meeting that the annual fees payable to Board members for a term ending at the close of the next Annual General Meeting are kept at the current levels:

    • EUR 440 000 for the Chair of the Board;
    • EUR 210 000 for the Vice Chair of the Board;
    • EUR 185 000 for each member of the Board;
    • EUR 30 000 each for the Chairs of the Audit Committee and the Personnel Committee and EUR 20 000 for the Chairs of the Technology Committee and the Strategy Committee as an additional annual fee; and
    • EUR 15 000 for each member of the Audit Committee and the Personnel Committee and EUR 10 000 for each member of the Technology Committee and the Strategy Committee as an additional annual fee.

    In line with Nokia’s Corporate Governance Guidelines, the Board proposes that approximately 40% of the annual fee be paid in Nokia shares. The rest of the annual fee would be paid in cash to cover taxes arising from the remuneration. The Directors shall retain until the end of their directorship such number of shares that they have received as Board remuneration during their first three years of service on the Board.

    In addition, the Board proposes that the meeting fees for Board and Committee meetings remain at their current level. The meeting fees are based on travel required between the Board member’s home location and the location of a meeting and paid for a maximum of seven meetings per term as follows:

    • EUR 5 000 per meeting requiring intercontinental travel; and
    • EUR 2 000 per meeting requiring intracontinental travel.

    Only one meeting fee is paid if the travel entitling to the fee includes several meetings of the Board and the Committees. Moreover, it is proposed that members of the Board shall be compensated for travel and accommodation expenses as well as other costs directly related to Board and Committee work.

    Auditor election and remuneration

    On the recommendation of the Audit Committee, the Board of Directors proposes to the Annual General Meeting that Deloitte Oy be re-elected as the auditor of the Company for the financial year 2026.

    It is also proposed that the auditor elected for the financial year 2026 be reimbursed based on the purchase policy approved by the Audit Committee and the invoice approved by the Company.

    Sustainability reporting assurer election and remuneration

    On the recommendation of the Audit Committee, the Board of Directors proposes to the Annual General Meeting that Authorized Sustainability Audit Firm Deloitte Oy be re-elected as the sustainability reporting assurer for the financial year 2026.

    It is also proposed that the assurer of the sustainability reporting elected for the financial year 2026 be reimbursed based on the purchase policy approved by the Audit Committee and the invoice approved by the Company.

    Authorization to the Board to issue shares and repurchase Company’s shares

    The Board proposes that the Annual General Meeting authorize the Board to resolve to issue in total a maximum of 530 million shares through issuance of shares or special rights entitling to shares under Chapter 10, Section 1 of the Finnish Limited Liability Companies Act in one or more issues during the effective period of the authorization. The Board may issue either new shares or treasury shares held by the Company. Shares and special rights entitling to shares may be issued in deviation from the shareholders’ pre-emptive rights within the limits set by law. The authorization may be used to develop the Company’s capital structure, diversify the shareholder base, finance or carry out acquisitions or other arrangements, to settle the Company’s equity-based incentive plans or for other purposes resolved by the Board. It is proposed that the authorization be effective until 28 October 2026 and terminate the authorization for issuance of shares and special rights entitling to shares resolved at the Annual General Meeting on 3 April 2024.

    The Board also proposes that the Board be authorized to resolve to repurchase a maximum of 530 million shares. The repurchases would reduce distributable funds of the Company. The shares may be repurchased otherwise than in proportion to the shares held by the shareholders (directed repurchase). Shares may be repurchased to be cancelled, held to be reissued, transferred further or for other purposes resolved by the Board. It is proposed that the authorization be effective until 28 October 2026 and terminate the authorization for repurchasing the Company’s shares granted by the Annual General Meeting on 3 April 2024 to the extent that the Board has not previously resolved to repurchase shares based on such authorization.

    530 million shares corresponds to less than 10 percent of the Company’s total number of shares. The Board shall resolve on all other matters related to the issuance or repurchase of Nokia shares in accordance with the resolution by the Annual General Meeting.

    Other matters to be addressed by the Annual General Meeting

    Furthermore, the Annual General Meeting would address adopting the Company’s financial statements for the financial year 2024, discharging the members of the Board of Directors and the President and Chief Executive Officer from liability for the financial year 2024, adopting the updated Remuneration Policy for the Company’s governing bodies and adopting the Remuneration Report 2024.

    The Remuneration Report for 2024 and the “Nokia in 2024” annual report, which includes the Company’s Annual Accounts, the review by the Board of Directors and the auditor’s report, are expected to be published and available at www.nokia.com/agm2025 in week 11 of 2025. The updated Remuneration Policy is expected to be published as an attachment to the Notice of the Annual General Meeting and available at www.nokia.com/agm2025 in week 7 of 2025.

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    The MIL Network

  • MIL-OSI: Nokia Corporation Financial Report for Q4 and full year 2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Financial Statement Release
    30 January 2025 at 08:00 EET

    Nokia Corporation Financial Report for Q4 and full year 2024

    Strong Q4 growth and profitability as market trends improve

    • Q4 net sales increased 9% y-o-y in constant currency (10% reported). Network Infrastructure net sales grew strongly with all units contributing, Nokia Technologies grew significantly and Cloud and Network Services also grew in Q4.
    • Comparable gross margin in Q4 increased by 250bps y-o-y to 47.2% (reported increased 280bps to 46.1%), with a strong contribution from Nokia Technologies along with smaller contributions from other businesses.
    • Q4 comparable operating margin increased 380bps y-o-y to 19.1% (reported up 540bps to 15.3%), mainly due to higher gross margin, continued cost control and higher contribution from Nokia Technologies.
    • Q4 comparable diluted EPS for the period of EUR 0.18; reported diluted EPS for the period of EUR 0.15.
    • Q4 free cash flow of EUR 0.05 billion, net cash balance of EUR 4.9 billion.
    • Full year 2024 net sales declined 9% in both reported and constant currency, of which 7 percentage points was related to India. Comparable operating profit was EUR 2.6 billion (reported EUR 2.0 billion).
    • Full year comparable diluted EPS of EUR 0.39; reported diluted EPS of 0.23.
    • Board proposes dividend authorization of EUR 0.14 per share.
    • Nokia issues full year 2025 outlook on an organic basis. Nokia expects comparable operating profit of between EUR 1.9 billion and 2.4 billion and free cash flow conversion from comparable operating profit of between 50% and 80%.

    This is a summary of the Nokia Corporation Financial report for Q4 and full year 2024 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. A video interview summarizing the key points of our Q4 results will also be published on the website. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    PEKKA LUNDMARK, PRESIDENT AND CEO, ON Q4 AND FULL YEAR 2024 RESULTS

    In the following quote, net sales growth rates are on a constant currency basis
    We saw a strong finish to 2024 with 9% net sales growth year-on-year in Q4. I am optimistic that the improving market trends we are now seeing will persist into 2025. Alongside the net sales growth, we saw excellent profitability in Q4 with a comparable operating margin of 19.1%. This meant our full year comparable operating profit was EUR 2.6 billion, at the mid-point of our guidance of EUR 2.3 to 2.9 billion.

    All business groups delivered a strong operational performance in the quarter. Net sales growth in Network Infrastructure accelerated to 17%, with IP Networks growing 24%, Fixed Networks 16% and Optical Networks 7%. This reflected a strong recovery in demand from communication service providers, notably in North America.

    Mobile Networks net sales stabilized with continued resilience in gross margin. We also secured many important deals, winning 18 000 additional base station sites, since the start of 2024 on a net basis. This was achieved while maintaining our commercial and pricing discipline to protect our gross margins.

    Cloud and Network Services returned to 7% net sales growth in the quarter, despite a headwind of 4 percentage points from a prior business disposal, and its operating margin improved over the full year. Both Core Networks and Enterprise Campus Edge grew strongly. The fourth quarter saw the acquisition of Rapid’s technology assets. This will bolster our R&D capacity in Network as Code and increase our developer access. Taken together with our autonomous networks application suite, we are accelerating our efforts to help operators fully automate and monetize their networks.

    Nokia Technologies had an extremely active quarter. We signed a deal with Transsion, a previously unlicensed mobile devices vendor, along with multimedia deals with HP and Samsung, as well as many other smaller deals. Our annual net sales run-rate increased to approximately between EUR 1.3 and 1.4 billion in Q4, progressing towards our mid-term EUR 1.4 to 1.5 billion target.

    We delivered a strong cash performance throughout 2024, ending with full year free cash flow of EUR 2.0 billion. This means we continue to have a strong balance sheet supporting our business with net cash of EUR 4.9 billion at the end of the year, even after returning EUR 1.4 billion to shareholders through dividend and share buybacks. The Board is proposing an increase in the dividend to EUR 0.14 per share in respect of the financial year 2024. We also continue to execute against our outstanding share buyback program to offset any dilution from the equity component of our pending Infinera acquisition. Going forward, our target remains to maintain a net cash position of between 10-15% of annual net sales.

    Q4 also saw further progress in efforts to expand our presence in the data center market. We signed important deals with Microsoft and Nscale for our data center switching products, along with announcing partnerships with both Kyndryl and Lenovo. We are now stepping up our investments to broaden our addressable market in data center IP networking. We will invest up to an additional EUR 100 million in annual operating expenses with a view to driving incremental net sales of EUR 1 billion by 2028. In the short-term this will moderate the pace of operating margin expansion in Network Infrastructure, but we anticipate a strong return on investment considering the momentum we already have today in the market.

    Looking further ahead into 2025, we expect the improved trends we have seen in Network Infrastructure in the second half of this year, to sustain and drive strong growth. Cloud and Network Services is also expected to grow with strong 5G Core momentum and growth in our Enterprise Campus Edge business. End markets in Mobile Networks are improving and we currently assume largely stable net sales. Nokia Technologies is expected to deliver approximately EUR 1.1 billion of operating profit.

    At the Nokia level, we currently estimate we will deliver comparable operating profit of between EUR 1.9 and 2.4 billion in 2025. We also target free cash flow conversion from comparable operating profit of between 50% and 80%. Excluding the one-time items that benefited 2024 by over EUR 700 million which were mostly in the first half of the year, this guidance would imply a strong improvement in our comparable operating profit in 2025 despite select increased investments.

    Given the market volatility in 2024, our results demonstrate the responsiveness and capacity of the Nokia team to execute in all market conditions. I thank the whole Nokia team for their commitment, hard work and drive which made these results possible.

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q4’24 Q4’23 YoY change Constant currency YoY change Q1-Q4’24 Q1-Q4’23 YoY change Constant currency YoY change
    Reported results                
    Net sales 5 983 5 416 10% 9% 19 220 21 138 (9)% (9)%
    Gross margin % 46.1% 43.3% 280bps   46.1% 40.4% 570bps  
    Research and development expenses (1 136) (1 080) 5%   (4 512) (4 277) 5%  
    Selling, general and administrative expenses (789) (774) 2%   (2 890) (2 878) 0%  
    Operating profit 917 534 72%   1 999 1 661 20%  
    Operating margin % 15.3% 9.9% 540bps   10.4% 7.9% 250bps  
    Profit/(loss) from continuing operations 746 (51)     1 711 649 164%  
    Profit/(loss) from discontinued operations 67 18 272%   (427) 30    
    Profit/(loss) for the period 813 (33)     1 284 679 89%  
    EPS for the period, diluted 0.15 (0.01)     0.23 0.12 92%  
    Net cash and interest-bearing financial investments 4 854 4 323 12%   4 854 4 323 12%  
    Comparable results                
    Net sales 5 983 5 416 10% 9% 19 220 21 138 (9)% (9)%
    Gross margin % 47.2% 44.7% 250bps   47.1% 41.1% 600bps  
    Research and development expenses (1 129) (1 023) 10%   (4 298) (4 143) 4%  
    Selling, general and administrative expenses (638) (615) 4%   (2 423) (2 448) (1)%  
    Operating profit 1 142 830 38%   2 619 2 337 12%  
    Operating margin % 19.1% 15.3% 380bps   13.6% 11.1% 250bps  
    Profit for the period 977 555 76%   2 175 1 590 37%  
    EPS for the period, diluted 0.18 0.10 80%   0.39 0.28 39%  
    ROIC(1) 13.0% 9.9% 310bps   13.0% 9.9% 310bps  

    1 Comparable ROIC = Comparable operating profit after tax, last four quarters / invested capital, average of last five quarters’ ending balances. Refer to the Alternative performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for details.

    Business group results Network
    Infrastructure
    Mobile
    Networks
    Cloud and Network Services Nokia
    Technologies
    Group Common and Other
    EUR million Q4’24 Q4’23 Q4’24 Q4’23 Q4’24 Q4’23 Q4’24 Q4’23 Q4’24 Q4’23
    Net sales 2 031 1 712 2 431 2 450 1 054 977 463 251 6 25
    YoY change 19%   (1)%   8%   84%   (76)%  
    Constant currency YoY change 17%   (2)%   7%   85%   (76)%  
    Gross margin % 45.4% 44.7% 38.1% 38.3% 48.1% 47.6% 99.8% 100.0%    
    Operating profit/(loss) 398 264 187 281 236 223 356 169 (35) (106)
    Operating margin % 19.6% 15.4% 7.7% 11.5% 22.4% 22.8% 76.9% 67.3%    

    SHAREHOLDER DISTRIBUTION

    Dividend

    The Board of Directors proposes that the Annual General Meeting 2025 authorizes the Board to resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of the financial year 2024. The authorization would be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

    Under the current authorization by the Annual General Meeting held on 3 April 2024, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.13 per share to be paid in respect of financial year 2023. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period, in connection with the quarterly results, unless the Board decides otherwise for a justified reason.

    On 30 January 2025, the Board resolved to distribute a dividend of EUR 0.03 per share. The dividend record date is 4 February 2025 and the dividend will be paid on 13 February 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    Following this announced distribution of the fourth installment and executed payments of the previous installments, the Board has no remaining distribution authorization.

    Share buyback programs

    In January 2024, Nokia’s Board of Directors initiated a share buyback program to repurchase shares to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The share buyback execution started on 20 March 2024. On 19 July 2024, Nokia’s Board of Directors decided to accelerate the timeframe for the share buyback program with the aim of completing the full EUR 600 million program by the end of the year instead of the initial two year timeframe. The program was completed on 21 November 2024 and the repurchased 157 646 220 shares were canceled on 4 December 2024.

    On 27 June 2024, Nokia announced its intention to acquire Infinera in a transaction that valued Infinera at US$1.7 billion equity value with up to 30% of the consideration to be paid in Nokia American depositary shares (“ADSs”), depending on the elections of Infinera shareholders. To offset the dilution from the transaction to Nokia shareholders, on 22 November 2024 Nokia announced a new share buyback program targeting to repurchase 150 million shares for an aggregate purchase price not exceeding EUR 900 million. Under this share buyback program, by 31 December 2024, Nokia had repurchased 19 186 046 of its own shares at an average price per share of approximately EUR 4.14.

    OUTLOOK

      Full Year 2025
    Comparable operating profit(1) EUR 1.9 billion to EUR 2.4 billion (excluding any impact from pending Infinera acquisition)
    Free cash flow(1) 50% to 80% conversion from comparable operating profit (excluding any impact from pending Infinera acquisition)

    1Please refer to Alternative performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for a full explanation of how these terms are defined.

    The outlook, long-term targets and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report. release.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook. Considering the pending Infinera acquisition along with the transfer of Managed Services from Cloud and Network Services to Mobile Networks (further details of this transfer are included in the Additional Topics section), Nokia is not currently providing assumptions by business group as it did previously.

      Full year 2025
    Group Common and Other operating expenses approximately
    EUR 400 million
    Comparable financial income and expenses Positive EUR 50 to 150 million
    Comparable income tax rate ~25%
    Cash outflows related to income taxes EUR 450 million
    Capital Expenditures EUR 550 million

    2026 TARGETS

    Nokia’s current targets for its existing perimeter of the business for 2026 are outlined below. This does not consider pending acquisitions. Nokia sees further opportunities to increase margins beyond 2026 and believes an operating margin of 14% remains achievable over the longer term.

    Net sales Grow faster than the market
    Comparable operating margin(1) ≥ 13%
    Free cash flow(1) 55% to 85% conversion from comparable operating profit

    1 Please refer to Alternative Performance measures section in Nokia Corporation Financial Report for Q4 and full year 2024 for a full explanation of how these terms are defined.

    The comparable operating margin target for Nokia group is built on the following assumptions by business group for 2026:

    Network Infrastructure 13 – 16% operating margin
    Mobile Networks 6 – 9% operating margin
    Cloud and Network Services 7 – 10% operating margin
    Nokia Technologies Operating profit more than EUR 1.1 billion
    Group common and other Approximately EUR 300 million of operating expenses

    ADDITIONAL TOPICS

    Progress on Infinera acquisition
    On 27 June 2024, Nokia announced a definitive agreement under which Nokia will acquire Infinera, a global supplier of innovative open optical networking solutions and advanced optical semiconductors. The acquisition process continues to proceed as expected. On 13 September 2024, the applicable waiting period under the US pre-merger review expired and the Department of Justice decided not to investigate the planned transaction. On 1 October 2024, Infinera shareholders approved the planned acquisition. On 7 October 2024, Nokia and Infinera received approval from the Committee on Foreign Investment in the United States (CFIUS). During the fourth quarter Nokia received many of the outstanding required approvals for the deal. At this point approval from the European Union and Taiwan, along with contractual closing conditions, are the major items outstanding to proceed to closing. Assuming the current target timelines, Nokia and Infinera now expect the deal to close during the first quarter of 2025.

    Nokia exercised NSB call option to simplify ownership structure in China

    Nokia and its joint venture partner China Huaxin have been together reviewing the future ownership structure of Nokia Shanghai Bell (NSB). Following those discussions, Nokia exercised its call option, outlined in NSB’s shareholders’ agreement, to initiate the process to become the sole shareholder by purchasing China Huaxin’s approximately 50% share in NSB. This will allow Nokia to simplify its ownership structure in China while Nokia remains committed to continue serving the local market.
    Since the creation of the joint venture Nokia has recorded a liability on its balance sheet based on the estimated future cash settlement to acquire China Huaxin’s ownership interest. The execution of the call option is subject to completing required steps under the shareholders’ agreement.

    Managed Services business transferred from Cloud and Network Services into Mobile Networks in 2025
    Nokia has moved its Managed Services business into Mobile Networks (MN), effective 1 January 2025. The Managed Services business provides outsourced network management of multi-vendor RAN networks for operators and since 2021 has been part of our Cloud and Network Services (CNS) business group. Considering CNS is increasingly transitioning towards cloud-native software sales, ‘as-a-service’ product offerings and helping customers to monetize networks through API’s, Nokia believes that this business is more aligned and fits better with its MN business. Based on 2024 results, this change is expected to lead to a transfer of approximately EUR 430 million of net sales and approximately EUR 40 million of comparable operating profit from CNS to MN. Nokia will provide recast financial information for 2024 for MN and CNS reflecting this change prior to Nokia’s Q1 financial results.

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to:

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from our ongoing transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2023 annual report on Form 20-F published on 29 February 2024 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to our ongoing transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “see”, “plan” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 30 January 2025 at 11.30 a.m. Finnish time (EET). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia plans to publish its “Nokia in 2024” annual report, which includes the review by the Board of Directors and the audited annual accounts, during the week starting on 10 March 2025.
    • Nokia plans to publish its first quarter 2025 results on 24 April 2025.
    • Nokia’s Annual General Meeting 2025 is planned to be held on 29 April 2025.
    • Nokia plans to publish its second quarter and half year 2025 results on 24 July 2025.
    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia
    Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI: TGS Awarded Offshore Wind Site Characterization Contract in UK

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (30 January 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce the award of another offshore wind site characterization contract on the UK continental shelf. The contract has a total duration of approximately 30 days and the Ramform Vanguard will mobilize for the project in Q2 2025.

    Kristian Johansen, CEO of TGS, commented, “We are very pleased to secure more offshore wind site characterization contracts. Our geophysical approach for mapping the shallow subsurface layers with an ultra-high resolution 3D streamer is significantly more efficient than conventional site survey solutions. Energy companies value the shorter lead time we can offer to access high-quality data.”

    For more information, visit TGS.com or contact:

    Bård Stenberg
    VP IR & Communication
    Mobile: +47 992 45 235
    investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network

  • MIL-OSI Economics: Mission 300: Significant new donor pledges in support of the Sustainable Energy Fund for Africa announced on margins of the Africa Energy Summit

    Source: African Development Bank Group

    Denmark, the United Kingdom, Spain and France have unveiled new or additional contributions to the Sustainable Energy Fund for Africa, demonstrating strong support for the African Development Bank-managed fund as it expands energy access across Africa, including through the Mission 300 partnership. Another new donor – Japan –joined in December 2024 with a $5 million contribution under AGIA.

    SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. It aims to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa in line with the New Deal on Energy for Africa and Mission 300.

    Mission 300, an ambitious new partnership of the African Development Bank Group, the World Bank Group and other development partners, aims to provide access to electricity to an additional 300 million Africans by 2030.

    France, a new donor to SEFA, will provide €10 million. Denmark, the UK and Spain will increase existing contributions by DKK 100 million (€13.4 million), £8.5 million (€10.13) and €3 million, respectively.

    France’s contribution will bolster the Africa Green Infrastructure Alliance (AGIA), a platform of the African Development Bank, Africa 50 and other partners that will develop transformative sustainable infrastructure projects for investment.

    These contributions come as SEFA enjoyed its best year on record in 2024, with $108 million approved for 14 projects. SEFA now boasts a portfolio of over $300 million in highly impactful investments and technical assistance programmes, which is expected to unlock up to $15 billion in investments and deliver approximately 12 million new electricity connections.

    Denmark’s Acting State Secretary for Development Policy, Ole Thonke, said: “Africa is endowed with enormous untapped potential for renewable energy, which can fuel green industrialisation. The latest Danish financial contribution to SEFA will focus on the newly established Africa-led Accelerated Partnership for Renewables in Africa (APRA), further supporting the continent’s ambitious development and climate goals.”

    “We are halfway through this decisive decade to achieve the sustainable development goals and get on track to tackle climate change,” said Rachel Kyte, UK Special Representative for Climate, Foreign, Commonwealth and Development Office. “Achieving our collective goals of reliable, affordable and clean power is a golden thread that links economic growth, greater investment, strengthened resilience and climate ambition. By accelerating the roll-out of clean power, the UK and Mission 300 are putting green and inclusive growth at the heart of our partnerships with Africa. Our announcement of an additional £8.5 million in UK funding for the AfDB’s SEFA will mobilise the much-needed private sector investment so that more Africans can access clean power right across the continent.”

    Inés Carpio San Román, Alternate Governor of Spain for the African Development Bank, said, “We are pleased that Spain has decided to renew its support for the SEFA fund with a contribution of €3 million. This reaffirms our commitment to the crucial sector of renewable energy, which plays a key role in fostering sustainable development across Africa.”

    “As a strong supporter of Africa’s green infrastructure investments with financial tools that mobilise private finance, France is proud to contribute €10 million to the AGIA through SEFA,” stated Bertrand Dumont, Director General of the French Treasury and Governor for France at the African Development Bank. “This very first contribution is our first step towards reinforcing Africa’s sustainable development and accelerating the continent’s path to a low-carbon economy. By investing in green infrastructure in Africa, we are investing for the future.”

    Dr Daniel Schroth, Director of Renewable Energy and Energy Efficiency at the African Development Bank, said, “We welcome the new commitments from donors whose support underscores the impactful work of SEFA. These contributions are essential in enabling SEFA to fulfil its role as a key delivery vehicle for Mission 300 at this pivotal moment.”

    ABOUT SEFA

    SEFA is a multi-donor Special Fund that provides catalytic finance to unlock private sector investments in renewable energy and energy efficiency. SEFA offers technical assistance and concessional finance instruments to remove market barriers, build a more robust pipeline of projects and improve the risk-return profile of individual investments. The Fund’s overarching goal is to contribute to universal access to affordable, reliable, sustainable, and modern energy services for all in Africa, in line with the New Deal on Energy for Africa and the M300.

    MIL OSI Economics

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 29.01.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    29 January 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 29.01.2025

    Espoo, Finland – On 29 January 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 872,093 4.33
    CEUX
    BATE
    AQEU
    TQEX
    Total 872,093 4.33

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 29 January 2025 was EUR 3,777,558. After the disclosed transactions, Nokia Corporation holds 234,286,805 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-Evening Report: Gene pools are getting dangerously shallow for many species. We found 5 ways to help

    Source: The Conversation (Au and NZ) – By Robyn Shaw, Research Fellow in Conservation Genomics, University of Canberra

    A golden bandicoot (_Isoodon auratus_) Colleen Sims/Department of Biodiversity, Conservation and Attractions, CC BY-SA

    Before species go extinct, their populations often shrink and become isolated. Healthy populations tend to have a large gene pool with many genetic variants circulating. But the path to extinction erodes genetic diversity, because a species’ gene pool shrinks as the population declines. Losing genetic diversity limits the ability of populations to adapt to threats such as disease and climate change.

    So, what is the state of genetic diversity in animals, plants, fungi and algae worldwide? And how could focusing on this crucial level of biodiversity help build resilience in the face of global change? We explore these questions in our new study, published today in Nature.

    Our team of 57 scientists from 20 countries trawled through more than 80,000 scientific articles across three decades to summarise evidence of genetic change in populations in 141 countries.

    Alarmingly, we found genetic diversity is being lost globally across many species, especially birds and mammals. This loss was most severe in studies reporting changes in habitat, new diseases, natural disasters, and human activities such as hunting or logging.

    But there’s hope. Our study suggests conservation strategies can help maintain or even increase genetic diversity.

    Isolated populations of the endangered Scandinavian arctic fox (Vulpes lagopus) have become inbred.
    Jonatan Pie, Unsplash

    What is genetic diversity and why does it matter?

    At the core of every cell lies a copy of the instruction manual for living things. This is the genetic code, made up of DNA molecules. But its sequence varies enormously, separating a moth from a tree from a bacterium. Even within a species, we see distinct genetic differences between individuals. These genetic differences contribute to differences in their traits, which is why we get individuals who are taller or shorter, faster or slower, bolder or more cautious.

    This genetic diversity stems from mutations. Often, these mutations are not helpful. But at times, they can enable populations to adapt to change.

    For example, golden kelp (Ecklonia radiata) likes colder water. But in a population, some individuals will have mutations suited for warm water. When a devastating marine heatwave hit the West Australian coast in 2011, individuals with warm-water mutations were more likely to survive and reproduce. This genetic diversity enabled the kelp population to adapt to the warmer conditions.

    This is why genetic diversity is so important – it gives species more resilience in a rapidly changing world. This priority has been recognised in Australia’s Strategy for Nature, and in goals and targets discussed at the United Nations biodiversity summit COP16.

    How can we safeguard or restore genetic diversity for threatened species?

    To answer this question, we used a technique called meta-analysis to look for patterns. From more than 80,000 published articles, we identified 882 studies which measured changes in genetic diversity over time. These studies came from right around the globe and across the entire “tree of life”.

    They show there are many ways to conserve genetic diversity. Here are five promising strategies to help keep species resilient.

    Scientists from 20 countries came together to read thousands of papers and collect data on genetic diversity during in-person and online workshops.
    Robyn Shaw

    Action 1: Adding individuals

    Adding individuals to an existing population is known as supplementation. Our research found supplementation was the only action linked to a significant increase in genetic diversity, especially in birds.

    Supplementation can help reduce the harmful effects of inbreeding, which is common in small, isolated populations. For example, conservationists working to safeguard New Zealand’s South Island robins (Petroica australis) moved female birds between isolated islands. The offspring of parents from different islands had stronger immune systems, higher survival rates, and improved reproductive health compared to their inbred counterparts.

    Supplementation is key for boosting genetic diversity, improving population health and building resilience.

    Action 2: Population control

    Doing the opposite – removing individuals – can actually improve outcomes for the population as a whole in some circumstances, by, for instance, reducing competition.

    But genetic diversity results varied a lot in studies using population control. So how can this strategy be used effectively?

    In one case, conservationists in the United States used population control of coaster brook trout (Salvelinus fontinalis) in a hatchery to prevent any single family from breeding too much. This meant multiple genetic lineages were maintained, increasing genetic diversity.

    Action 3: Restoration

    Ecosystem restoration can include planting trees, rehabilitating wetlands or restoring natural patterns of fire and water. We found genetic diversity was often maintained over time when ecological restoration was used.

    Restoration efforts, alongside supplementation, are important to the survival of the greater prairie-chicken (Tympanuchus cupido), which had lost much habitat. Researchers report restoring and expanding suitable habitat is proving crucial to sustain genetic diversity and achieving long-term recovery.

    Found in the US and Canada, greater prairie-chickens are known for their courtship dance.
    Danita Delimont/Shutterstock

    Action 4: Control of other species

    Feral, pest or overabundant species can outcompete, eat, or graze on species under threat. Controlling these species was linked to maintenance of genetic diversity in the studies we analysed overall.

    For example, control of red fox numbers helped the Arctic fox(Vulpes lagopu) recover in Sweden. The technique reduced competition over resources such as food while new foxes from Norway were added to the wild population. Inbreeding was reduced, and survival improved.

    Action 5: Conservation introductions and reintroductions

    Establishing new populations at new sites is known as a conservation introduction, while a reintroduction means restoring populations where they previously existed.

    We found mixed results for genetic diversity when these actions were reported. So, what factors contribute to success?

    In Western Australia, a large number of golden bandicoots (Isoodon auratus) from a robust island population were reintroduced to three sites. After six generations, genetic diversity at these sites remained similar to the original source population. Success came from careful planning to ensure the new populations had a large gene pool to start from.

    Overall, our study revealed many cases of genetic diversity loss. But we also found evidence that conservation action – especially supplementation – can improve the genetic health of a species.

    Researchers, conservation managers and volunteers helped grow seedlings and establish new populations of the critically endangered feather-leaved banksia near Albany in Western Australia.
    David Coates

    What can you do?

    Supporting genetic diversity can be done at home.

    If you have a garden, you can plant native species to support habitat connectivity.

    Growing heirloom vegetables and rare fruit trees, or breeding heritage chooks can maintain genetic diversity in our food system.

    Join community or botanic garden groups, or work with conservation groups to improve habitat or bolster numbers of threatened species.

    While enjoying nature, avoid accidentally moving plants, seeds, or soil to new areas to reduce the spread of pests and diseases.

    These small actions add up, helping to safeguard biodiversity at all levels – including genetic diversity.

    Robyn Shaw was supported during the study by funding from the Australian Research Council. The project workshop was sponsored by the European Cooperation in Science and Technology Action ‘Genomic Biodiversity Knowledge for Resilient Ecosystems’. She is a member of the Coalition for Conservation Genetics and the IUCN Conservation Genetics Specialist Group.

    Catherine Grueber’s research into the conservation genetics of threatened species receives funding from the Australian Research Council and the University of Sydney (Robinson Fellowship). She is a member of the Coalition for Conservation Genetics, and the IUCN Conservation Genetics Specialist Group.

    Katherine Farquharson was supported during the study by funding from the Australian Research Council Centre of Excellence for Innovations in Peptide and Protein Science. She is affiliated with Koala Conservation Australia.

    ref. Gene pools are getting dangerously shallow for many species. We found 5 ways to help – https://theconversation.com/gene-pools-are-getting-dangerously-shallow-for-many-species-we-found-5-ways-to-help-242708

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Europe: Pål Jonson attends Nordic defence ministers meeting

    Source: Government of Sweden

    Pål Jonson attends Nordic defence ministers meeting – Government.se

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    Press release from Ministry of Defence

    Published

    On Thursday 30 January, the Nordic defence ministers will meet in Helsinki within the framework of the Nordic Defence Cooperation (NORDEFCO), with Minister for Defence Pål Jonson attending from Sweden.

    Finnish Minister of Defence Antti Häkkänen will host the meeting, and Thursday’s agenda includes defence cooperation between the Nordic countries, current NATO matters such as defence appropriations, and continued support to Ukraine.

    Finland is chair of NORDEFCO in 2025. 

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    MIL OSI Europe News

  • MIL-OSI Global: Fake papers are contaminating the world’s scientific literature, fueling a corrupt industry and slowing legitimate lifesaving medical research

    Source: The Conversation – USA – By Frederik Joelving, Contributing editor, Retraction Watch

    Assistant professor Frank Cackowski, left, and researcher Steven Zielske at Wayne State University in Detroit became suspicious of a paper on cancer research that was eventually retracted. Amy Sacka, CC BY-ND

    Over the past decade, furtive commercial entities around the world have industrialized the production, sale and dissemination of bogus scholarly research, undermining the literature that everyone from doctors to engineers rely on to make decisions about human lives.

    It is exceedingly difficult to get a handle on exactly how big the problem is. Around 55,000 scholarly papers have been retracted to date, for a variety of reasons, but scientists and companies who screen the scientific literature for telltale signs of fraud estimate that there are many more fake papers circulating – possibly as many as several hundred thousand. This fake research can confound legitimate researchers who must wade through dense equations, evidence, images and methodologies only to find that they were made up.

    Even when the bogus papers are spotted – usually by amateur sleuths on their own time – academic journals are often slow to retract the papers, allowing the articles to taint what many consider sacrosanct: the vast global library of scholarly work that introduces new ideas, reviews other research and discusses findings.

    These fake papers are slowing down research that has helped millions of people with lifesaving medicine and therapies from cancer to COVID-19. Analysts’ data shows that fields related to cancer and medicine are particularly hard hit, while areas like philosophy and art are less affected. Some scientists have abandoned their life’s work because they cannot keep pace given the number of fake papers they must bat down.

    The problem reflects a worldwide commodification of science. Universities, and their research funders, have long used regular publication in academic journals as requirements for promotions and job security, spawning the mantra “publish or perish.”

    But now, fraudsters have infiltrated the academic publishing industry to prioritize profits over scholarship. Equipped with technological prowess, agility and vast networks of corrupt researchers, they are churning out papers on everything from obscure genes to artificial intelligence in medicine.

    These papers are absorbed into the worldwide library of research faster than they can be weeded out. About 119,000 scholarly journal articles and conference papers are published globally every week, or more than 6 million a year. Publishers estimate that, at most journals, about 2% of the papers submitted – but not necessarily published – are likely fake, although this number can be much higher at some publications.

    While no country is immune to this practice, it is particularly pronounced in emerging economies where resources to do bona fide science are limited – and where governments, eager to compete on a global scale, push particularly strong “publish or perish” incentives.

    As a result, there is a bustling online underground economy for all things scholarly publishing. Authorship, citations, even academic journal editors, are up for sale. This fraud is so prevalent that it has its own name: paper mills, a phrase that harks back to “term-paper mills”, where students cheat by getting someone else to write a class paper for them.

    The impact on publishers is profound. In high-profile cases, fake articles can hurt a journal’s bottom line. Important scientific indexes – databases of academic publications that many researchers rely on to do their work – may delist journals that publish too many compromised papers. There is growing criticism that legitimate publishers could do more to track and blacklist journals and authors who regularly publish fake papers that are sometimes little more than artificial intelligence-generated phrases strung together.

    To better understand the scope, ramifications and potential solutions of this metastasizing assault on science, we – a contributing editor at Retraction Watch, a website that reports on retractions of scientific papers and related topics, and two computer scientists at France’s Université Toulouse III–Paul Sabatier and Université Grenoble Alpes who specialize in detecting bogus publications – spent six months investigating paper mills.

    This included, by some of us at different times, trawling websites and social media posts, interviewing publishers, editors, research-integrity experts, scientists, doctors, sociologists and scientific sleuths engaged in the Sisyphean task of cleaning up the literature. It also involved, by some of us, screening scientific articles looking for signs of fakery.

    Problematic Paper Screener: Trawling for fraud in the scientific literature

    What emerged is a deep-rooted crisis that has many researchers and policymakers calling for a new way for universities and many governments to evaluate and reward academics and health professionals across the globe.

    Just as highly biased websites dressed up to look like objective reporting are gnawing away at evidence-based journalism and threatening elections, fake science is grinding down the knowledge base on which modern society rests.

    As part of our work detecting these bogus publications, co-author Guillaume Cabanac developed the Problematic Paper Screener, which filters 130 million new and old scholarly papers every week looking for nine types of clues that a paper might be fake or contain errors. A key clue is a tortured phrase – an awkward wording generated by software that replaces common scientific terms with synonyms to avoid direct plagiarism from a legitimate paper.

    Problematic Paper Screener: Trawling for fraud in the scientific literature

    An obscure molecule

    Frank Cackowski at Detroit’s Wayne State University was confused.

    The oncologist was studying a sequence of chemical reactions in cells to see if they could be a target for drugs against prostate cancer. A paper from 2018 from 2018 in the American Journal of Cancer Research piqued his interest when he read that a little-known molecule called SNHG1 might interact with the chemical reactions he was exploring. He and fellow Wayne State researcher Steven Zielske began a series of experiments to learn more about the link. Surprisingly, they found there wasn’t a link.

    Meanwhile, Zielske had grown suspicious of the paper. Two graphs showing results for different cell lines were identical, he noticed, which “would be like pouring water into two glasses with your eyes closed and the levels coming out exactly the same.” Another graph and a table in the article also inexplicably contained identical data.

    Zielske described his misgivings in an anonymous post in 2020 at PubPeer, an online forum where many scientists report potential research misconduct, and also contacted the journal’s editor. Shortly thereafter, the journal pulled the paper, citing “falsified materials and/or data.”

    “Science is hard enough as it is if people are actually being genuine and trying to do real work,” says Cackowski, who also works at the Karmanos Cancer Institute in Michigan. “And it’s just really frustrating to waste your time based on somebody’s fraudulent publications.”

    Wayne State scientists Frank Cackowski and Steven Zielske carried out experiments based on a paper they later found to contain false data.
    Amy Sacka, CC BY-ND

    He worries that the bogus publications are slowing down “legitimate research that down the road is going to impact patient care and drug development.”

    The two researchers eventually found that SNHG1 did appear to play a part in prostate cancer, though not in the way the suspect paper suggested. But it was a tough topic to study. Zielske combed through all the studies on SNHG1 and cancer – some 150 papers, nearly all from Chinese hospitals – and concluded that “a majority” of them looked fake. Some reported using experimental reagents known as primers that were “just gibberish,” for instance, or targeted a different gene than what the study said, according to Zielske. He contacted several of the journals, he said, but received little response. “I just stopped following up.”

    The many questionable articles also made it harder to get funding, Zielske said. The first time he submitted a grant application to study SNHG1, it was rejected, with one reviewer saying “the field was crowded,” Zielske recalled. The following year, he explained in his application how most of the literature likely came from paper mills. He got the grant.

    Today, Zielske said, he approaches new research differently than he used to: “You can’t just read an abstract and have any faith in it. I kind of assume everything’s wrong.”

    Legitimate academic journals evaluate papers before they are published by having other researchers in the field carefully read them over. This peer review process is designed to stop flawed research from being disseminated, but is far from perfect.

    Reviewers volunteer their time, typically assume research is real and so don’t look for signs of fraud. And some publishers may try to pick reviewers they deem more likely to accept papers, because rejecting a manuscript can mean losing out on thousands of dollars in publication fees.

    “Even good, honest reviewers have become apathetic” because of “the volume of poor research coming through the system,” said Adam Day, who directs Clear Skies, a company in London that develops data-based methods to help spot falsified papers and academic journals. “Any editor can recount seeing reports where it’s obvious the reviewer hasn’t read the paper.”

    With AI, they don’t have to: New research shows that many reviews are now written by ChatGPT and similar tools.

    To expedite the publication of one another’s work, some corrupt scientists form peer review rings. Paper mills may even create fake peer reviewers impersonating real scientists to ensure their manuscripts make it through to publication. Others bribe editors or plant agents on journal editorial boards.

    María de los Ángeles Oviedo-García, a professor of marketing at the University of Seville in Spain, spends her spare time hunting for suspect peer reviews from all areas of science, hundreds of which she has flagged on PubPeer. Some of these reviews are the length of a tweet, others ask authors to cite the reviewer’s work even if it has nothing to do with the science at hand, and many closely resemble other peer reviews for very different studies – evidence, in her eyes, of what she calls “review mills.”

    PubPeer comment from María de los Ángeles Oviedo-García pointing out that a peer review report is very similar to two other reports. She also points out that authors and citations for all three are either anonymous or the same person – both hallmarks of fake papers.
    Screen capture by The Conversation, CC BY-ND

    “One of the demanding fights for me is to keep faith in science,” says Oviedo-García, who tells her students to look up papers on PubPeer before relying on them too heavily. Her research has been slowed down, she adds, because she now feels compelled to look for peer review reports for studies she uses in her work. Often there aren’t any, because “very few journals publish those review reports,” Oviedo-García says.

    An ‘absolutely huge’ problem

    It is unclear when paper mills began to operate at scale. The earliest article retracted due to suspected involvement of such agencies was published in 2004, according to the Retraction Watch Database, which contains details about tens of thousands of retractions. (The database is operated by The Center for Scientific Integrity, the parent nonprofit of Retraction Watch.) Nor is it clear exactly how many low-quality, plagiarized or made-up articles paper mills have spawned.

    But the number is likely to be significant and growing, experts say. One Russia-linked paper mill in Latvia, for instance, claims on its website to have published “more than 12,650 articles” since 2012.

    An analysis of 53,000 papers submitted to six publishers – but not necessarily published – found the proportion of suspect papers ranged from 2% to 46% across journals. And the American publisher Wiley, which has retracted more than 11,300 compromised articles and closed 19 heavily affected journals in its erstwhile Hindawi division, recently said its new paper-mill detection tool flags up to 1 in 7 submissions.

    Day, of Clear Skies, estimates that as many as 2% of the several million scientific works published in 2022 were milled. Some fields are more problematic than others. The number is closer to 3% in biology and medicine, and in some subfields, like cancer, it may be much larger, according to Day. Despite increased awareness today, “I do not see any significant change in the trend,” he said. With improved methods of detection, “any estimate I put out now will be higher.”

    The paper-mill problem is “absolutely huge,” said Sabina Alam, director of Publishing Ethics and Integrity at Taylor & Francis, a major academic publisher. In 2019, none of the 175 ethics cases that editors escalated to her team was about paper mills, Alam said. Ethics cases include submissions and already published papers. In 2023, “we had almost 4,000 cases,” she said. “And half of those were paper mills.”

    Jennifer Byrne, an Australian scientist who now heads up a research group to improve the reliability of medical research, submitted testimony for a hearing of the U.S. House of Representatives’ Committee on Science, Space, and Technology in July 2022. She noted that 700, or nearly 6%, of 12,000 cancer research papers screened had errors that could signal paper mill involvement. Byrne shuttered her cancer research lab in 2017 because the genes she had spent two decades researching and writing about became the target of an enormous number of fake papers. A rogue scientist fudging data is one thing, she said, but a paper mill could churn out dozens of fake studies in the time it took her team to publish a single legitimate one.

    “The threat of paper mills to scientific publishing and integrity has no parallel over my 30-year scientific career …. In the field of human gene science alone, the number of potentially fraudulent articles could exceed 100,000 original papers,” she wrote to lawmakers, adding, “This estimate may seem shocking but is likely to be conservative.”

    In one area of genetics research – the study of noncoding RNA in different types of cancer – “We’re talking about more than 50% of papers published are from mills,” Byrne said. “It’s like swimming in garbage.”

    In 2022, Byrne and colleagues, including two of us, found that suspect genetics research, despite not having an immediate impact on patient care, still informs the work of other scientists, including those running clinical trials. Publishers, however, are often slow to retract tainted papers, even when alerted to obvious signs of fraud. We found that 97% of the 712 problematic genetics research articles we identified remained uncorrected within the literature.

    When retractions do happen, it is often thanks to the efforts of a small international community of amateur sleuths like Oviedo-García and those who post on PubPeer.

    Jillian Goldfarb, an associate professor of chemical and biomolecular engineering at Cornell University and a former editor of the Elsevier journal Fuel, laments the publisher’s handling of the threat from paper mills.

    “I was assessing upwards of 50 papers every day,” she said in an email interview. While she had technology to detect plagiarism, duplicate submissions and suspicious author changes, it was not enough. “It’s unreasonable to think that an editor – for whom this is not usually their full-time job – can catch these things reading 50 papers at a time. The time crunch, plus pressure from publishers to increase submission rates and citations and decrease review time, puts editors in an impossible situation.”

    In October 2023, Goldfarb resigned from her position as editor of Fuel. In a LinkedIn post about her decision, she cited the company’s failure to move on dozens of potential paper-mill articles she had flagged; its hiring of a principal editor who reportedly “engaged in paper and citation milling”; and its proposal of candidates for editorial positions “with longer PubPeer profiles and more retractions than most people have articles on their CVs, and whose names appear as authors on papers-for-sale websites.”

    “This tells me, our community, and the public, that they value article quantity and profit over science,” Goldfarb wrote.

    In response to questions about Goldfarb’s resignation, an Elsevier spokesperson told The Conversation that it “takes all claims about research misconduct in our journals very seriously” and is investigating Goldfarb’s claims. The spokesperson added that Fuel’s editorial team has “been working to make other changes to the journal to benefit authors and readers.”

    That’s not how it works, buddy

    Business proposals had been piling up for years in the inbox of João de Deus Barreto Segundo, managing editor of six journals published by the Bahia School of Medicine and Public Health in Salvador, Brazil. Several came from suspect publishers on the prowl for new journals to add to their portfolios. Others came from academics suggesting fishy deals or offering bribes to publish their paper.

    In one email from February 2024, an assistant professor of economics in Poland explained that he ran a company that worked with European universities. “Would you be interested in collaboration on the publication of scientific articles by scientists who collaborate with me?” Artur Borcuch inquired. “We will then discuss possible details and financial conditions.”

    A university administrator in Iraq was more candid: “As an incentive, I am prepared to offer a grant of $500 for each accepted paper submitted to your esteemed journal,” wrote Ahmed Alkhayyat, head of the Islamic University Centre for Scientific Research, in Najaf, and manager of the school’s “world ranking.”

    “That’s not how it works, buddy,” Barreto Segundo shot back.

    In email to The Conversation, Borcuch denied any improper intent. “My role is to mediate in the technical and procedural aspects of publishing an article,” Borcuch said, adding that, when working with multiple scientists, he would “request a discount from the editorial office on their behalf.” Informed that the Brazilian publisher had no publication fees, Borcuch said a “mistake” had occurred because an “employee” sent the email for him “to different journals.”

    Academic journals have different payment models. Many are subscription-based and don’t charge authors for publishing, but have hefty fees for reading articles. Libraries and universities also pay large sums for access.

    A fast-growing open-access model – where anyone can read the paper – includes expensive publication fees levied on authors to make up for the loss of revenue in selling the articles. These payments are not meant to influence whether or not a manuscript is accepted.

    The Bahia School of Medicine and Public Health, among others, doesn’t charge authors or readers, but Barreto Segundo’s employer is a small player in the scholarly publishing business, which brings in close to $30 billion a year on profit margins as high as 40%. Academic publishers make money largely from subscription fees from institutions like libraries and universities, individual payments to access paywalled articles, and open-access fees paid by authors to ensure their articles are free for anyone to read.

    The industry is lucrative enough that it has attracted unscrupulous actors eager to find a way to siphon off some of that revenue.

    Ahmed Torad, a lecturer at Kafr El Sheikh University in Egypt and editor-in-chief of the Egyptian Journal of Physiotherapy, asked for a 30% kickback for every article he passed along to the Brazilian publisher. “This commission will be calculated based on the publication fees generated by the manuscripts I submit,” Torad wrote, noting that he specialized “in connecting researchers and authors with suitable journals for publication.”

    Excerpt from Ahmed Torad’s email suggesting a kickback.
    Screenshot by The Conversation, CC BY-ND

    Apparently, he failed to notice that Bahia School of Medicine and Public Health doesn’t charge author fees.

    Like Borcuch, Alkhayyat denied any improper intent. He said there had been a “misunderstanding” on the editor’s part, explaining that the payment he offered was meant to cover presumed article-processing charges. “Some journals ask for money. So this is normal,” Alkhayyat said.

    Torad explained that he had sent his offer to source papers in exchange for a commission to some 280 journals, but had not forced anyone to accept the manuscripts. Some had balked at his proposition, he said, despite regularly charging authors thousands of dollars to publish. He suggested that the scientific community wasn’t comfortable admitting that scholarly publishing has become a business like any other, even if it’s “obvious to many scientists.”

    The unwelcome advances all targeted one of the journals Barreto Segundo managed, The Journal of Physiotherapy Research, soon after it was indexed in Scopus, a database of abstracts and citations owned by the publisher Elsevier.

    Along with Clarivate’s Web of Science, Scopus has become an important quality stamp for scholarly publications globally. Articles in indexed journals are money in the bank for their authors: They help secure jobs, promotions, funding and, in some countries, even trigger cash rewards. For academics or physicians in poorer countries, they can be a ticket to the global north.

    Consider Egypt, a country plagued by dubious clinical trials. Universities there commonly pay employees large sums for international publications, with the amount depending on the journal’s impact factor. A similar incentive structure is hardwired into national regulations: To earn the rank of full professor, for example, candidates must have at least five publications in two years, according to Egypt’s Supreme Council of Universities. Studies in journals indexed in Scopus or Web of Science not only receive extra points, but they also are exempt from further scrutiny when applicants are evaluated. The higher a publication’s impact factor, the more points the studies get.

    With such a focus on metrics, it has become common for Egyptian researchers to cut corners, according to a physician in Cairo who requested anonymity for fear of retaliation. Authorship is frequently gifted to colleagues who then return the favor later, or studies may be created out of whole cloth. Sometimes an existing legitimate paper is chosen from the literature, and key details such as the type of disease or surgery are then changed and the numbers slightly modified, the source explained.

    It affects clinical guidelines and medical care, “so it’s a shame,” the physician said.

    Ivermectin, a drug used to treat parasites in animals and humans, is a case in point. When some studies showed that it was effective against COVID-19, ivermectin was hailed as a “miracle drug” early in the pandemic. Prescriptions surged, and along with them calls to U.S. poison centers; one man spent nine days in the hospital after downing an injectable formulation of the drug that was meant for cattle, according to the Centers for Disease Control and Prevention. As it turned out, nearly all of the research that showed a positive effect on COVID-19 had indications of fakery, the BBC and others reported – including a now-withdrawn Egyptian study. With no apparent benefit, patients were left with just side effects.

    Research misconduct isn’t limited to emerging economies, having recently felled university presidents and top scientists at government agencies in the United States. Neither is the emphasis on publications. In Norway, for example, the government allocates funding to research institutes, hospitals and universities based on how many scholarly works employees publish, and in which journals. The country has decided to partly halt this practice starting in 2025.

    “There’s a huge academic incentive and profit motive,” says Lisa Bero, a professor of medicine and public health at the University of Colorado Anschutz Medical Campus and the senior research-integrity editor at the Cochrane Collaboration, an international nonprofit organization that produces evidence reviews about medical treatments. “I see it at every institution I’ve worked at.”

    But in the global south, the publish-or-perish edict runs up against underdeveloped research infrastructures and education systems, leaving scientists in a bind. For a Ph.D., the Cairo physician who requested anonymity conducted an entire clinical trial single-handedly – from purchasing study medication to randomizing patients, collecting and analyzing data and paying article-processing fees. In wealthier nations, entire teams work on such studies, with the tab easily running into the hundreds of thousands of dollars.

    “Research is quite challenging here,” the physician said. That’s why scientists “try to manipulate and find easier ways so they get the job done.”

    Institutions, too, have gamed the system with an eye to international rankings. In 2011, the journal Science described how prolific researchers in the United States and Europe were offered hefty payments for listing Saudi universities as secondary affiliations on papers. And in 2023, the magazine, in collaboration with Retraction Watch, uncovered a massive self-citation ploy by a top-ranked dental school in India that forced undergraduate students to publish papers referencing faculty work.

    The root – and solutions

    Such unsavory schemes can be traced back to the introduction of performance-based metrics in academia, a development driven by the New Public Management movement that swept across the Western world in the 1980s, according to Canadian sociologist of science Yves Gingras of the Université du Québec à Montréal. When universities and public institutions adopted corporate management, scientific papers became “accounting units” used to evaluate and reward scientific productivity rather than “knowledge units” advancing our insight into the world around us, Gingras wrote.

    This transformation led many researchers to compete on numbers instead of content, which made publication metrics poor measures of academic prowess. As Gingras has shown, the controversial French microbiologist Didier Raoult, who now has more than a dozen retractions to his name, has an h-index – a measure combining publication and citation numbers – that is twice as high as that of Albert Einstein – “proof that the index is absurd,” Gingras said.

    Worse, a sort of scientific inflation, or “scientometric bubble,” has ensued, with each new publication representing an increasingly small increment in knowledge. “We publish more and more superficial papers, we publish papers that have to be corrected, and we push people to do fraud,” said Gingras.

    In terms of career prospects of individual academics, too, the average value of a publication has plummeted, triggering a rise in the number of hyperprolific authors. One of the most notorious cases is Spanish chemist Rafael Luque, who in 2023 reportedly published a study every 37 hours.

    In 2024, Landon Halloran, a geoscientist at the University of Neuchâtel, in Switzerland, received an unusual job application for an opening in his lab. A researcher with a Ph.D. from China had sent him his CV. At 31, the applicant had amassed 160 publications in Scopus-indexed journals, 62 of them in 2022 alone, the same year he obtained his doctorate. Although the applicant was not the only one “with a suspiciously high output,” according to Halloran, he stuck out. “My colleagues and I have never come across anything quite like it in the geosciences,” he said.

    According to industry insiders and publishers, there is more awareness now of threats from paper mills and other bad actors. Some journals routinely check for image fraud. A bad AI-generated image showing up in a paper can either be a sign of a scientist taking an ill-advised shortcut, or a paper mill.

    The Cochrane Collaboration has a policy excluding suspect studies from its analyses of medical evidence. The organization also has been developing a tool to help its reviewers spot problematic medical trials, just as publishers have begun to screen submissions and share data and technologies among themselves to combat fraud.

    This image, generated by AI, is a visual gobbledygook of concepts around transporting and delivering drugs in the body. For instance, the upper left figure is a nonsensical mix of a syringe, an inhaler and pills. And the pH-sensitive carrier molecule on the lower left is huge, rivaling the size of the lungs. After scientist sleuths pointed out that the published image made no sense, the journal issued a correction.
    Screen capture by The Conversation, CC BY-ND
    This graphic is the corrected image that replaced the AI image above. In this case, according to the correction, the journal determined that the paper was legitimate but the scientists had used AI to generate the image describing it.
    Screen capture by The Conversation, CC BY-ND

    “People are realizing like, wow, this is happening in my field, it’s happening in your field,” said the Cochrane Collaboration’s Bero”. “So we really need to get coordinated and, you know, develop a method and a plan overall for stamping these things out.”

    What jolted Taylor & Francis into paying attention, according to Alam, the director of Publishing Ethics and Integrity, was a 2020 investigation of a Chinese paper mill by sleuth Elisabeth Bik and three of her peers who go by the pseudonyms Smut Clyde, Morty and Tiger BB8. With 76 compromised papers, the U.K.-based company’s Artificial Cells, Nanomedicine, and Biotechnology was the most affected journal identified in the probe.

    “It opened up a minefield,” says Alam, who also co-chairs United2Act, a project launched in 2023 that brings together publishers, researchers and sleuths in the fight against paper mills. “It was the first time we realized that stock images essentially were being used to represent experiments.”

    Taylor & Francis decided to audit the hundreds of articles in its portfolio that contained similar types of images. It doubled Alam’s team, which now has 14.5 positions dedicated to doing investigations, and also began monitoring submission rates. Paper mills, it seemed, weren’t picky customers.

    “What they’re trying to do is find a gate, and if they get in, then they just start kind of slamming in the submissions,” Alam said. Seventy-six fake papers suddenly seemed like a drop in the ocean. At one Taylor & Francis journal, for instance, Alam’s team identified nearly 1,000 manuscripts that bore all the marks of coming from a mill, she said.

    And in 2023, it rejected about 300 dodgy proposals for special issues. “We’ve blocked a hell of a lot from coming through,” Alam said.

    Fraud checkers

    A small industry of technology startups has sprung up to help publishers, researchers and institutions spot potential fraud. The website Argos, launched in September 2024 by Scitility, an alert service based in Sparks, Nevada, allows authors to check if new collaborators are trailed by retractions or misconduct concerns. It has flagged tens of thousands of “high-risk” papers, according to the journal Nature.

    Fraud-checker tools sift through papers to point to those that should be manually checked and possibly rejected.
    solidcolours/iStock via Getty Images

    Morressier, a scientific conference and communications company based in Berlin, “aims to restore trust in science by improving the way scientific research is published”, according to its website. It offers integrity tools that target the entire research life cycle. Other new paper-checking tools include Signals, by London-based Research Signals, and Clear Skies’ Papermill Alarm.

    The fraudsters have not been idle, either. In 2022, when Clear Skies released the Papermill Alarm, the first academic to inquire about the new tool was a paper miller, according to Day. The person wanted access so he could check his papers before firing them off to publishers, Day said. “Paper mills have proven to be adaptive and also quite quick off the mark.”

    Given the ongoing arms race, Alam acknowledges that the fight against paper mills won’t be won as long as the booming demand for their products remains.

    According to a Nature analysis, the retraction rate tripled from 2012 to 2022 to close to .02%, or around 1 in 5,000 papers. It then nearly doubled in 2023, in large part because of Wiley’s Hindawi debacle. Today’s commercial publishing is part of the problem, Byrne said. For one, cleaning up the literature is a vast and expensive undertaking with no direct financial upside. “Journals and publishers will never, at the moment, be able to correct the literature at the scale and in the timeliness that’s required to solve the paper-mill problem,” Byrne said. “Either we have to monetize corrections such that publishers are paid for their work, or forget the publishers and do it ourselves.”

    But that still wouldn’t fix the fundamental bias built into for-profit publishing: Journals don’t get paid for rejecting papers. “We pay them for accepting papers,” said Bodo Stern, a former editor of the journal Cell and chief of Strategic Initiatives at Howard Hughes Medical Institute, a nonprofit research organization and major funder in Chevy Chase, Maryland. “I mean, what do you think journals are going to do? They’re going to accept papers.”

    With more than 50,000 journals on the market, even if some are trying hard to get it right, bad papers that are shopped around long enough eventually find a home, Stern added. “That system cannot function as a quality-control mechanism,” he said. “We have so many journals that everything can get published.”

    In Stern’s view, the way to go is to stop paying journals for accepting papers and begin looking at them as public utilities that serve a greater good. “We should pay for transparent and rigorous quality-control mechanisms,” he said.

    Peer review, meanwhile, “should be recognized as a true scholarly product, just like the original article, because the authors of the article and the peer reviewers are using the same skills,” Stern said. By the same token, journals should make all peer-review reports publicly available, even for manuscripts they turn down. “When they do quality control, they can’t just reject the paper and then let it be published somewhere else,” Stern said. “That’s not a good service.”

    Better measures

    Stern isn’t the first scientist to bemoan the excessive focus on bibliometrics. “We need less research, better research, and research done for the right reasons,” wrote the late statistician Douglas G. Altman in a much-cited editorial from 1994. “Abandoning using the number of publications as a measure of ability would be a start.”

    Nearly two decades later, a group of some 150 scientists and 75 science organizations released the San Francisco Declaration on Research Assessment, or DORA, discouraging the use of the journal impact factor and other measures as proxies for quality. The 2013 declaration has since been signed by more than 25,000 individuals and organizations in 165 countries.

    Despite the declaration, metrics remain in wide use today, and scientists say there is a new sense of urgency.

    “We’re getting to the point where people really do feel they have to do something” because of the vast number of fake papers, said Richard Sever, assistant director of Cold Spring Harbor Laboratory Press, in New York, and co-founder of the preprint servers bioRxiv and medRxiv.

    Stern and his colleagues have tried to make improvements at their institution. Researchers who wish to renew their seven-year contract have long been required to write a short paragraph describing the importance of their major results. Since the end of 2023, they also have been asked to remove journal names from their applications.

    That way, “you can never do what all reviewers do – I’ve done it – look at the bibliography and in just one second decide, ‘Oh, this person has been productive because they have published many papers and they’re published in the right journals,’” says Stern. “What matters is, did it really make a difference?”

    Shifting the focus away from convenient performance metrics seems possible not just for wealthy private institutions like Howard Hughes Medical Institute, but also for large government funders. In Australia, for example, the National Health and Medical Research Council in 2022 launched the “top 10 in 10” policy, aiming, in part, to “value research quality rather than quantity of publications.”

    Rather than providing their entire bibliography, the agency, which assesses thousands of grant applications every year, asked researchers to list no more than 10 publications from the past decade and explain the contribution each had made to science. According to an evaluation report from April, 2024 close to three-quarters of grant reviewers said the new policy allowed them to concentrate more on research quality than quantity. And more than half said it reduced the time they spent on each application.

    Gingras, the Canadian sociologist, advocates giving scientists the time they need to produce work that matters, rather than a gushing stream of publications. He is a signatory to the Slow Science Manifesto: “Once you get slow science, I can predict that the number of corrigenda, the number of retractions, will go down,” he says.

    At one point, Gingras was involved in evaluating a research organization whose mission was to improve workplace security. An employee presented his work. “He had a sentence I will never forget,” Gingras recalls. The employee began by saying, “‘You know, I’m proud of one thing: My h-index is zero.’ And it was brilliant.” The scientist had developed a technology that prevented fatal falls among construction workers. “He said, ‘That’s useful, and that’s my job.’ I said, ‘Bravo!’”

    Learn more about how the Problematic Paper Screener uncovers compromised papers.

    Labbé receives funding from the European Research Council.
    He has also received funding from the French National Research Agency (ANR), and the U.S. Office of Research Integrity.
    Labbé has been in touch with most of the major publishers and their integrity officers, offering pro-bono consulting regarding detection tools to various actors in the field including STM-Hub and Morressier.

    Cabanac receives funding from the European Research Council (ERC) and the Institut Universitaire de France (IUF). He is the administrator of the Problematic Paper Screener, a public platform that uses metadata from Digital Science and PubPeer via no-cost agreements. Cabanac has been in touch with most of the major publishers and their integrity officers, offering pro bono consulting regarding detection tools to various actors in the field including ClearSkies, Morressier, River Valley, Signals, and STM.

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

    ref. Fake papers are contaminating the world’s scientific literature, fueling a corrupt industry and slowing legitimate lifesaving medical research – https://theconversation.com/fake-papers-are-contaminating-the-worlds-scientific-literature-fueling-a-corrupt-industry-and-slowing-legitimate-lifesaving-medical-research-246224

    MIL OSI – Global Reports

  • MIL-OSI: Aktia’s Financial Statement Release 2024 will be published on Wednesday 12 February 2025 at 8.00 a.m.

    Source: GlobeNewswire (MIL-OSI)

    Aktia Bank Plc
    Press release
    29 January 2025 at 1.30 p.m.

    Aktia’s Financial Statement Release 2024 will be published on Wednesday 12 February 2025 at 8.00 a.m.

    Aktia’s Financial Statement Release 2024 will be published on Wednesday 12 February 2025 at 8.00 a.m. (EET). The Financial Statement Release is available at Aktia’s website www.aktia.com after the publication.

    Briefing for analysts, investors and media

    Aktia’s briefing for analysts, investors and media will be held in English at Little Finlandia’s Oksa-hall (Karamzininranta 4, Helsinki) on Wednesday 12 February 2025 at 10.30 a.m. Aktia’s CEO Aleksi Lehtonen and CFO Sakari Järvelä will be presenting the results. Attendees are kindly asked to register before 5 February 2025 by email at the address ir@aktia.fi.

    The briefing can be seen live as a webcast or as a recording after the briefing at https://aktia.events.inderes.com/q4-report-2024. Questions can be asked in writing during the live webcast.

    The presentation material in English is available at Aktia’s website www.aktia.com before the briefing.

    Aktia Bank Plc

    Further information:
    Oscar Taimitarha, Director, Investor Relations, tel. +358 40 562 2315

    Distribution:
    Nasdaq Helsinki Ltd
    Mass media
    www.aktia.com

    Aktia är en finländsk kapitalförvaltare, bank och livförsäkrare som har skapat välstånd och välfärd generation efter generation redan under 200 års tid. Vi tillhandahåller våra kunder digitala tjänster i ett flertal kanaler och ger personlig service på våra verksamhetsställen i huvudstadsregionen samt i Åbo-, Tammerfors-, Vasa- och Uleåborgsregionerna. Vår belönade kapitalförvaltnings fonder säljs även internationellt. Vi sysselsätter ca 850 personer på olika håll i Finland. Aktias förvaltade kundtillgångar (AuM) uppgick 30.9.2024 till 14,3 miljarder euro och balansomslutningen till 12,0 miljarder euro. Aktias aktie noteras på Nasdaq Helsinki Oy (AKTIA). aktia.com.

    The MIL Network

  • MIL-OSI United Kingdom: Russia must end its war and return to dialogue: UK Statement to the OSCE

    Source: United Kingdom – Executive Government & Departments

    Ambassador Holland reiterates the UK’s support to Ukraine, and calls on Russia to end its war and return to dialogue and risk reduction – including in the Forum for Security Cooperation.

    Thank you Mr Chair, dear Cristobal, and to your Foreign Minister, for setting out Spain’s priorities for the Forum for Security Co-operation this Trimester.  You can count on the UK’s steadfast support, as you Chair our Forum at this crucial time for Euro-Atlantic Security. 

    Over the winter period, many of us marked Christmas and the New Year.  But the people of Ukraine have had no rest.  Today marks 1069 days of their ongoing defence of their homeland, from a full-scale invasion which continues to violate the UN Charter and to contravene the Helsinki Final Act’s core principles, including those on sovereignty, territorial integrity and the non-use of force.   

    That is why each week, we have met in this Forum to support Ukraine and to hold Russia accountable for breaching its commitments.  And that is why we particularly welcome Spain’s proposed FSC topic on Women, Peace & Security. 

    Mr Chair, our Ministers mandated the Forum to hold a weekly politico-military dialogue, with tasks that include risk-reduction.  They mandated the Chair to ‘ensure the good order and smooth running of meetings’.  To set the agenda.  And to select and invite guest speakers.  We fully support the Chair’s prerogative to execute its mandate. 

    Unfortunately, at the closing session last Trimester, we had to condemn the Russian delegation – for a fourth Trimester in a row – for its attempts to disrupt the FSC from functioning at all.  Once again, I express my thanks to Denmark, and to other previous Chairs, for keeping the Forum functional, despite Russia’s attempts to prevent it. 

    As we said repeatedly, there remains another path.  If the Russian state’s professed wish for peace is genuine, it must end this war by withdrawing all of its forces to outside of Ukraine’s internationally recognised borders.  And from Georgia and Moldova.  If the Russian state is serious about dialogue and risk reduction, it must stop trying to undermine our Ministerial mandate of this Forum meeting each week.   

    I wish to conclude by welcoming Estonia to the FSC Troika, and to thank Croatia for their work as they leave the Troika.  And most importantly, I wish you, Mr Chair, and your able teams here in Vienna and in Madrid the best of luck this Trimester.  You can count on the support of the UK delegation.

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom

  • MIL-OSI Europe: Joint Statement: Colombia-Sweden Bilateral Partnership

    Source: Government of Sweden

    At the invitation of Colombian Minister of Foreign Affairs Luis Gilberto Murillo, Swedish Minister for Foreign Affairs Maria Malmer Stenergard is making an official visit to Colombia on 28–29 February 2025.

    “In a conversation I had with Ms Malmer Stenergard last November, we agreed to hold the first High-Level Dialogue between Colombia and Sweden during her visit to Colombia, thereby putting the Bilateral Partnership established by President of Colombia Gustavo Petro and the Prime Minister of Sweden in June 2024 into practice. During this meeting, we will identify this Partnership’s concrete benefits for our populations, and we will task our teams with implementing the lines of action to continue moving forward as partners,” said Mr Murillo. 

    In view of the above and in the framework of Ms Malmer Stenergard’s official visit, the first High-Level Dialogue between Colombia and Sweden is taking place at the San Carlos Palace, chaired by Colombia’s Acting Minister of Foreign Affairs Paola Vásquez and with more than 30 institutions from both countries present. 

    Sweden and Colombia are partners for peace. Colombia is grateful for Sweden’s invaluable support for its efforts for peace with a territorial emphasis. Both countries share the values of democracy and respect for human rights, and we reaffirm the importance of multilateralism, international cooperation, respect for international law and support for the UN Charter.

    For the implementation of the Colombia-Sweden Bilateral Partnership, a High-Level Dialogue was agreed between the two Governments, in accordance with the declaration signed during Colombian President Gustavo Petro’s visit to Sweden on 12–14 June 2024 and as part of the commemoration of the 150th anniversary of the establishment of diplomatic relations between the two countries. 

    This first High-Level Dialogue will result in a report on progress of the thematic working groups that form a part of the Agreement, namely: (i) cooperation for peace (with a territorial emphasis), human rights, human security and strengthening institutions; and (ii) economic opportunities, science, innovation and sustainable development. 

    The progress includes:   

    1. Sweden’s addition of USD 1 million to the agreement with UN Women to strengthen collaboration with the private sector for women’s economic empowerment and the implementation of the Action Plan on women, peace and security.
    2. The addition of SEK 2 million to the ongoing agreement with the UN Office of the High Commissioner for Human Rights to promote its work in Colombia. With this addition, Sweden’s contribution totals SEK 49 million. These efforts emphasise the protection of leaders in conflict-affected areas, the Ethnic Chapter’s accompaniment of the peace agreement with the FARC, reconnaissance activities and responsibilities in the framework of the conflict, etc.
    3. The addition of SEK 6 million to the regional agreement with the Nonprofit Enterprise and Self-Sustainability Team to identify, accompany and help accelerate the work of small businesses that can create green and sustainable jobs in the most vulnerable and conflict-affected areas in Colombia.
    4. The launch of the ‘legacy’ project that was initiated at COP16 in Cali with a contribution of USD 5 million with the Colombian NGO Fondo Acción, to support the implementation of the Ministry of the Environment and Sustainable Development’s restoration plan in the Colombian Pacific region. This agreement also supports local Colombian organisations to ensure sustainability of protected areas through conservation and sustainable management of natural resources.
    5. The funding of a study to produce and create a biogas value chain for the transport sector in Bogotá. Sweden has completed the first phase of the study with an investment of USD 700 000, and the second phase will begin during the first half of 2025, with a value of USD 800 000, making a total of USD 1.5 million. This project is financed by Swedfund.
    6. An investment of more than USD 80 million by EQT, a Swedish investment organisation, and Zelestra, which will lead the development of the ‘Wimke’ solar photovoltaic project in San Juan del Cesar in the La Guajira department. ‘Wimke’ joins the ‘La Unión’ and ‘La Mata’ projects, with capacities of 100 MW and 80 MW respectively, strengthening Zelestra’s presence as a leader in the Colombian solar photovoltaic generation sector and its commitment to sustainability and energy transition.
    7. The realisation of the Memorandum of Understanding on law enforcement cooperation between the Colombian Ministries of Defence and Justice and the Swedish Government.
    8. In the area of sustainable mining, Colombia is part of the ‘MARS’ programme for responsible and sustainable mining, a form of cooperation between Sweden and the Latin America and Caribbean region to promote sustainable and responsible mining.  USD 1.3 million is being allocated for a Colombian component of this programme. 
    9. The implementation of a sustainable transport model for the small-scale fishing supply chain in Guapi, in the Cauca department, by the National University of Colombia, the Royal Institute of Technology and Lund University.

    Ms Malmer Stenergard was accompanied by a large business delegation, with the opportunity to discuss and develop the socio-ecological transition portfolio in Colombia and identify the many opportunities for Swedish investors.

    Ms Malmer Stenergard is also visiting Chocó, joined by Vice-Minister for Women at the Colombian Ministry of Equality and Equity Tamara Ospina and others, which will be an opportunity to hold meetings with civil society organisations and the general public, as well as to reaffirm support to initiatives and projects to promote peace and gender equality with territorial impact.  

    Bogotá, 28 January 2025 

    MIL OSI Europe News

  • MIL-OSI: Municipality Finance issues a NOK 1 billion tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 January 2025 at 10:00 am (EET)

    Municipality Finance issues a NOK 1 billion tap under its MTN programme

    On 30 January 2025 Municipality Finance Plc issues a new tranche in an amount of NOK 1 billion to an existing series of notes issued on 15 January 2025. With the new tranche, the aggregate nominal amount of the notes is NOK 4 billion. The maturity date of the notes is 15 January 2030. The notes bear interest at a floating rate equal to 3-month Nibor plus 25 bps per annum.

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

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 30 January 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    Nordea Bank Abp acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

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

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

    MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

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

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

    Important Information

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

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

    The MIL Network

  • MIL-OSI: Municipality Finance issues a GBP 75 million tap under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    29 January 2025 at 10:00 am (EET)

    Municipality Finance issues a GBP 75 million tap under its MTN programme

    On 30 January 2025 Municipality Finance Plc issues a new tranche in an amount of GBP 75 million to an existing benchmark issued on 7 March 2024. With the new tranche, the aggregate nominal amount of the benchmark is GBP 500 million. The maturity date of the benchmark is 2 October 2028. The benchmark bears interest at a fixed rate of 4.375 % per annum.

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

    MuniFin has applied for the new tranche to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 30 January 2025. The existing notes in the series are admitted to trading on the Helsinki Stock Exchange.

    Citigroup Global Market Limited acts as the Dealer for the issue of the new tranche.

    MUNICIPALITY FINANCE PLC

    Further information:

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

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

    MuniFin builds a better and more sustainable future with its customers. Our customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

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

    Read more: www.munifin.fi

    Important Information

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

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

    The MIL Network

  • MIL-OSI Economics: Record investments in foreign securities

    Source: Danmarks Nationalbank

    Denmark and abroad

    Statistics period: December 2024

    Danish investors made record purchases of foreign securities totaling kr. 321 billion in 2024. The interest was particularly directed towards foreign shares, but also towards bonds and investment funds. About half of the purchased shares were American, while the rest were mainly European and Japanese. For the bonds, approximately two-thirds of the purchases were German and Swedish government bonds. There were also significant price gains, which, along with the purchases, meant that Danish investors’ foreign securities increased by a total of 847 billion DKK to 5,355 billion DKK by the end of 2024. This was especially due to price increases in American listed shares. These shares now account for 1,456 billion DKK or more than a quarter of all Danish investors’ foreign securities.



    Danish investors purchased foreign securities for kr. 321 billion in 2024

    Note:

    Note: Total purchases of foreign securities for Danish investors (financial and non-financial companies, households, as well as general government). Data for portfolio investments, where the investor, unlike direct investments, does not have a significant influence on the decisions of the corporation in which they have invested.

    MIL OSI Economics

  • MIL-OSI: TGS Awarded Offshore Wind Site Characterization Contract

    Source: GlobeNewswire (MIL-OSI)

    OSLO, Norway (29 January 2025) – TGS, a leading provider of energy data and intelligence, is pleased to announce the award of an offshore wind site characterization contract on the UK continental shelf for a repeat customer. The contract has a total duration of approximately 60 days and is scheduled to commence in Q1 2025. 

    The Ramform Vanguard will be used for this project and is equipped with Ultra-high-resolution 3D (UHR-3D) streamers. The streamer technology samples the seismic wavefield at a high spatial and temporal rate providing high-resolution data of the shallow subsurface targets for wind farm development.

    Kristian Johansen, CEO of TGS, commented, “We are very pleased to secure more offshore wind site characterization contracts, extending our success in this market during 2024. This project further highlights the integral role UHR-3D acquisition has in providing our clients with better seismic data and helping them make data-driven decisions for their wind farm developments.”

    For more information, visit TGS.com or contact:

    Bård Stenberg
    VP IR & Communication
    Mobile: +47 992 45 235
    investor@tgs.com

    About TGS
    TGS provides advanced data and intelligence to companies active in the energy sector. With leading-edge technology and solutions spanning the entire energy value chain, TGS offers a comprehensive range of insights to help clients make better decisions. Our broad range of products and advanced data technologies, coupled with a global, extensive and diverse energy data library, make TGS a trusted partner in supporting the exploration and production of energy resources worldwide. For further information, please visit www.tgs.com (https://www.tgs.com/).

    Forward Looking Statement
    All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. These factors include volatile market conditions, investment opportunities in new and existing markets, demand for licensing of data within the energy industry, operational challenges, and reliance on a cyclical industry and principal customers. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.

    The MIL Network