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Category: Scandinavia

  • MIL-OSI Economics: Per Jacobsson Lecture 2024 — Ngozi Okonjo-Iweala: “Delivering on new global challenges: How can we keep multilateral coherence whilst re-imagining the multilateral trading system?”

    Source: WTO

    Headline: Per Jacobsson Lecture 2024 — Ngozi Okonjo-Iweala: “Delivering on new global challenges: How can we keep multilateral coherence whilst re-imagining the multilateral trading system?”

    Excellencies, Dear Raghu, Minouche, Maury, ladies and gentlemen, friends,
    Thank you. What an honor to follow in the footsteps of previous Per Jacobsson lecturers – all the more so in this 80th anniversary year of the Bretton Woods Conference.
    We are living in troubled times – something Per Jacobsson knew well. So far as trade is concerned, the times are not only troubled, they are tense. Trade is sometimes blamed and scapegoated for poor outcomes that really derive from macroeconomic, technology, or social policy, for which trade is not responsible.
    Trade policies and tools are being deployed not just to solve trade-related problems, but also to try to address security and geopolitical concerns.
    As unilateral measures or threats thereof become increasingly widespread, trade policy has been getting more restrictive. In recent months, the US, the EU, Turkey, and Canada have introduced new tariffs and countervailing duties on Chinese electric vehicles and other products, including steel. China has countered with WTO disputes and measures against EU products such as dairy, pork, and brandy. 
    These are among the over 130 new trade-restricting measures recorded by the WTO Secretariat since the start of this year. This number represents an 8% increase to the stockpile of over 1600 restrictive measures introduced between 2009 and 2023, which as of last year were already affecting over 10% of world goods trade. In addition, WTO members initiated 210 trade remedy investigations in the first half of 2024 – nearly as many as in all of 2023. While not all will culminate in the imposition of duties, investigations have a well-documented chilling effect on trade. And I haven’t even mentioned subsidies yet. 
    Frictions are manifesting as trade disputes. Six of the eight WTO disputes initiated this year deal with green technologies, particularly electric vehicles.
    I hope we are not on a path that leads back to the sort of economic disorder that came before Bretton Woods – disorder that was followed by political extremism and war.
    It was precisely to avoid a repeat of such circumstances that the multilateral economic institutions were created. My concern today is that we have forgotten this lesson – that we have forgotten the good these institutions have done.
    Walking away from the legacy of Bretton Woods, including the trading system, would diminish the world’s ability – collectively and at the national level – to respond to problems affecting people’s lives and opportunities.
    I will argue that there is a better path forward: re-imagining the global trading system and the rest of the multilateral economic architecture to help us meet the technological, environmental, social and geopolitical challenges of our time. To succeed, its various components must work in concert – an idea we have come to call ‘coherence’.
    In the 1940s, the overall thrust of coherence was that trade, reconstruction financing, and monetary policymaking need to be in harmony with each other, and anchored in institutions and rules across countries, to promote growth, prosperity, and peace.
    Today, delivering lasting improvements to people’s lives and livelihoods requires us to solve problems of the global commons.
    The notion of coherence across different policy areas would have made sense to Per Jacobsson. His convictions about sound money, and its importance for durable growth and recovery, were shaped by his own experiences. As a young man he saw the collapse of global economic integration amid the First World War. From his position at the League of Nations in the 1920s, he witnessed the failed attempts by leading economies to establish effective international coordination on global finance and trade – a memory that echoes uncomfortably today.
    We know what happened when the downturn came at the end of the decade. Vicious circles emerged: of falling output, deflation, banking and financial crises, trade protectionism and retaliation, and exchange rate chaos. Countries retreated into increasingly isolated economic blocs.
    The experience of those years was seared into the consciousness of the officials who gathered in Bretton Woods in July 1944. US Treasury Secretary Henry Morgenthau opened the conference by looking back at what he called “the great economic tragedy of our time.” I quote “We saw currency disorders develop and spread from land to land, destroying the basis for international trade and international investment and even international faith. In their wake, we saw unemployment and wretchedness — idle tools, wasted wealth. We saw their victims fall prey, in places, to demagogues and dictators. We saw bewilderment and bitterness become the breeders of fascism and, finally, of war.”
    What Bretton Woods delivered
    The genius of Bretton Woods was that it turned the vicious circles of the 1930s into virtuous ones, by recognizing that macro-financial stability, reconstruction and development, and trade went hand-in-hand.
    Instead of beggar-thy-neighbor policies, countries would treat trade, monetary issues, and even domestic macro-economic policies as matters of common interest.
    Instead of excessively rigid or chaotically fluctuating currencies, there would be orderly, rules-based management of exchange rates and balance of payments problems.
    Instead of underinvestment, there would be long-term financing for reconstruction and expanding productive capacity.
    Instead of quantitative restrictions, prohibitive tariffs, and bilateral clearing, there would be a coordinated lowering of trade barriers, and freedom to undertake international payments and current account transactions.
    The idea of coherence across policy fields, with trade as a unifying theme, was baked into the system from day one. Promoting the “balanced growth of international trade” is written into the founding mandates of both the IMF and the World Bank – not as an end in itself, but as a means to higher employment, productivity, and incomes.
    The trade leg of the stool, alongside the Bank and the IMF, was supposed to be the International Trade Organization, but it ran aground in the US Congress. A parallel negotiating process in 1947 produced the General Agreement on Tariffs and Trade, which was nominally temporary and did not require Congressional ratification. Successive rounds of GATT negotiations substantially reduced barriers to trade. The growing number of “contracting parties” used the GATT to resolve and avoid trade disputes. By the 1960s, global trade was growing faster than output.
    The decades that followed Bretton Woods and the Marshall Plan delivered a breathtaking recovery from the devastation of the Second World War.
    Strong growth in the 1950s and 1960s saw per capita incomes in Western Europe and Japan begin to converge with those in the United States.
    Major European currencies achieved full convertibility in 1958, when Per Jacobsson was leading the IMF.
    These gains, however, were largely confined to industrialized countries.
    Most newly independent developing countries continued to lose ground in relative terms, as they struggled with declining terms of trade for their commodities.
    But a handful of poor economies in East Asia started trying to use increasingly open external markets to pursue export-led development.
    Discordance and reinvention: the 1970s and 1980s
    Coherence gave way to discordance in the 1970s, with the oil shocks, stagflation, the advent of floating exchange rates, and a wave of emerging market debt crises.
    By the mid-1980s, the success of the so-called Asian tigers had become a compelling example, inspiring many developing country governments to pivot from inward-oriented to export-oriented development strategies.
    At the international level, growing frustration with ad hoc protectionism and “à la carte” approaches to GATT strictures created demand for more rules-based trade cooperation.
    The Uruguay Round negotiations from 1986 to 1994 broadened the reach of multilateral trade rules to cover services and intellectual property, filled longstanding gaps with respect to agriculture and textiles, and unwound much of the protectionism that had emerged in the preceding years.
    The nominally provisional GATT was transformed into the World Trade Organization, with a binding dispute resolution mechanism that enhanced the predictability offered by its expanded rulebook.
    The preamble to the Marrakesh Agreement establishing the WTO opened up new vistas for the organization, defining its purpose as using trade not just to raise living standards and create jobs but to advance sustainable development – thus introducing environmental concerns that were absent in the 1940s.
    1990 to 2020: A “golden period of economic development”, but clouds on the horizon
    The Uruguay Round and the end of the Cold War would mark a second era of coherence and virtuous circles across the trading system, the World Bank, and the IMF. And this time, the benefits were spread much more widely across countries and people.
    The WTO became an anchor for outward-oriented economic reforms in many emerging markets and developing economies.
    Increasingly open and predictable trade became a stronger driver of development, productivity, specialization and scale.
    Better macro-financial policies bolstered growth – and trade performance – in many emerging markets and developing countries. So did improved human capital and physical infrastructure.
    Trade and modern supply chains became powerful sources of disinflationary pressures.
    Market-oriented reforms in China, Eastern Europe, India and other developing economies brought them into the increasingly global division of labor. Trade boomed, incomes rose, and poverty plummeted.
    Between 1995 and 2022, as low- and middle-income economies nearly doubled their share in global exports from 16 to 32%, the share of their populations subsisting on less than US$2.15 per day fell from 40% to under 11%. Over 1.5 billion people were lifted out of extreme poverty.
    Since 1995, per capita incomes in low- and middle-income countries have nearly tripled, and global per capita income increased by approximately 65 percent.
    For the first time since the industrial revolution two centuries earlier, per capita incomes in rich and poor countries began to converge.
    Gains for poor countries did not come at the expense of rich ones. Examining the United States since 1950, researchers at the Peterson Institute for International Economics (PIIE) have shown that international trade boosted the economy by the equivalent of $2.6 trillion in 2022, or about 10% of GDP. The gains from trade would be even larger for small, open advanced economies.
    In a Foreign Affairs piece this year, Dev Patel, Justin Sandefur, and Arvind Subramanian called the years between 1990 and the start of COVID-19 pandemic in 2020, I quote, “history’s most golden period of economic development”.   They argue that the rapid increase in trading opportunities was “perhaps the most important enabler” of convergence.
    Research from our new World Trade Report backs them up: the pace of income convergence of low- and middle-income economies is strikingly correlated with their participation in global trade, as measured by a size-adjusted ratio of trade to GDP. Our simulations suggest falling trade costs account for as much as one-third of the convergence.
    To be clear, the period was not golden for everyone. Developing countries with lower trade participation or greater commodity-dependence – mostly in Africa, Latin America and the Caribbean, and the Middle East – lagged on convergence. And in some rich countries, many people felt left behind, and their frustration started to fuel a political backlash against trade.
    Multilateral rule-making on trade began to falter, with the failure of the Doha Round of WTO negotiations.
    Nevertheless, in 2008 and 2009, when the world economy faced its worst financial crisis since the 1930s, the system worked.
    International markets stayed broadly open. The rules and norms of the multilateral trading system helped governments contain protectionist pressures.
    Alongside fiscal and monetary support, trade was a powerful shock absorber. Crisis-hit countries could rely on predictable market access elsewhere to absorb their excess supply, preventing growth and development from getting derailed.
    The WTO, the World Bank, and the IMF also worked together productively on the macro-micro policy nexus.
    For instance, when trade finance dried up during the credit crunch, despite being extremely low-risk, the three institutions joined hands to encourage G20 members and international financial institutions to step in with a $250 billion support package.
    Since the financial crisis, the multilateral trading system, with the WTO at its core, has continued to deliver economic benefits, despite rising geopolitical tensions and tariffs between the US and China, the disabling of the Appellate Body, and the failure to reach agreements in long-running negotiations such as those on agriculture. Global trade kept reaching new highs through the 2010s, and over 75% of global goods trade continued – and continues today – to operate on core WTO tariff terms.
    When COVID-19 hit in 2020, the norms and rules of the multilateral trading system mostly did their job again. Trust in trade was damaged by initial missteps, as governments enacted export restrictions on medical supplies and vaccines. But governments generally refrained from widespread protectionism, allowing food and other essentials to flow across borders to where they were needed. Goods trade rebounded strongly from the lockdowns and was soon setting new records. Cross-border supply chains churned out products needed to fight the pandemic, from face masks to vaccines. Trade in digitally-delivered services boomed, propelled by the same technologies that allowed so many of us to work from home.
    Goods and especially services trade are now well above pre-COVID levels.  Last year, global trade was worth a near-record $30.5 trillion, in a $105-trillion world economy.
    Re-imagining the Multilateral Trading System with coherence
    As we saw at the outset, however, these successes did not forestall the challenges we now face in global trade. While trade has been largely resilient, signs of fragmentation are now visible.
    So it’s not difficult to imagine a return of vicious circles – trade restrictions, efficiency losses, slower growth, higher prices, costs imposed by extreme weather and food insecurity, and public frustration and anger.
    Allowing the vicious circles to take hold and the world to fragment into isolated trading blocs would be costly. The WTO has estimated longer term global GDP losses in the order of 5% were the world to fragment into two like-minded trading blocs. IMF estimates are in the order 7%. We cannot afford this!
    And that is why we need to re-imagine the multilateral trading system to solve modern challenges and address modern vulnerabilities.
    This means re-imagining coherence as well. Trade alone was insufficient in 1944, and trade alone is insufficient to build the more secure, sustainable, and inclusive world we want today.  The way forward for trade will increasingly be about “WTO and” – trade in tandem with other issues, and policies that support the original vision of coherence and do not misuse trade tools, for coercion, as a weapon, or to undermine competition.
    Our unfinished business from 1944 was elegantly illustrated by a recent blog post from IMF chief economist Pierre-Olivier Gourinchas and his team.
    They showed that China’s growing and contentious trade surplus, and the US’s widening trade deficit, are the result of domestic macro-economic forces, rather than the product of trade and industrial policies.
    “Homegrown surpluses and deficits call for homegrown solutions,” they argued, suggesting demand-boosting measures in China and fiscal consolidation in the US.
    As for concerns over industrial policy, they said the right response was to strengthen WTO rules, not to restrict trade.
    They cited the WTO’s recent China Trade Policy Review which showed new data of billions of dollars in subsidies going to manufacturing. Urging China to be more transparent about its subsidies.
    The blog shows the coherence mandate in action but it also illustrates how even today, the global trading system is paying a price for shortcomings of macro-economic policy.
    As Sylvia Ostry, one of my predecessors at this podium, said in 1987, “Trade policy is no substitute for macro policy.”
    Let’s now turn to the new trade agenda, and look at three areas where future prospects for people and the planet require trade to be re-imagined, and complemented by other policy levers pulling in the same direction.
    First, the environmental agenda, above all climate change and getting to net zero by mid-century.
    Trade is indispensable to deploy low-carbon technologies globally. Trade lets countries share the burden of developing new green tech. Scale economies and competitive pressures associated with trade help drive down unit costs, making it possible for renewables to undercut fossil fuel energy.
    Trade also allows us to leverage ‘green comparative advantage’, a concept that our chief economist, Ralph Ossa, has done much to advance. The idea is straightforward: just as individuals and countries can reap economic gains by specializing in what they are relatively good at, the world can reap environmental gains if countries specialize in what they are relatively green at.
    If countries with abundant clean energy can produce more energy-intensive goods and services, while importing energy-light products from places where clean energy is scarce, and vice versa, global emissions fall much more than they would have absent that trade. And in fact research from the University of Zurich  suggests that as much as one-third of global emissions reductions could come from this kind of specialization linked to green comparative advantage.
    As Ricardo Hausmann at Harvard has observed, fossil fuels are cheap to transport, but wind and solar energy are not. This makes parts of Africa, Central Asia, and Latin America with high green energy potential attractive destinations for investment in energy-intensive industries, including the production of green hydrogen.
    Global cooperation on internalizing carbon costs would incentivize greener sourcing everywhere. Nevertheless, we are already seeing moves in the right direction as in Kenya, which has attracted a billion-dollar investment to build a geothermal-powered low-carbon data center.
    Parenthetically, a similar dynamic exists for water, provided it is valued correctly. A recent report of the Global Commission on the Economics of Water, which I co-chair, shows that with trade one can also promote the notion of a hydrological comparative advantage. Trade can help mitigate water scarcity by allowing countries with abundant hydrological resources to specialize in producing water-intensive products for export to water-scarce nations.  Such virtual water trade offers agricultural export opportunities, for example, to those regions including countries in Africa with under-utilized ground water resources and land.
    But just as environmental policy coordination could accelerate climate action, policy fragmentation could weaken it.  There is a genuine risk that trade frictions associated with carbon pricing, green subsidies, and other climate policies will escalate into trade restrictions and retaliation, harming emissions reduction as well as trade.
    We should seek to pre-empt such frictions and disputes by establishing shared frameworks for trade and climate policy. The goal would be to maximize emissions reduction and green innovation, while minimizing negative spillovers, trade tensions, and wasted public resources on subsidy races that most countries may not even afford to participate in.
    To this end, the WTO Secretariat is coordinating a carbon pricing task force comprised of the IMF, World Bank, OECD, UNCTAD, and UNFCCC, where we are working to develop shared carbon metrics and ultimately a global carbon pricing framework against which we can benchmark national policies to aid interoperability of approaches. We have also joined hands with the IMF, the OECD, and the World Bank to explore approaches to enhance greater transparency with respect to subsidies. And we are working with the steel industry to help them promote interoperability in decarbonization standards, reducing transaction costs and facilitating trade and investment in green steel.
    Reforming the over $1.2 trillion in direct global annual fossil fuel subsidies, the $630 billion in trade-distorting agricultural support, and the $22 billion in harmful fisheries subsidies (which the WTO Fisheries Subsidies Agreement is delivering) should be a no-brainer. Some of the resources freed up could be repurposed to support green innovation and a just transition for poor countries.
    The second set of opportunities for the Multilateral Trading System deals with diversifying and decentralizing supply chains – and doing so in a manner that brings in countries and communities that remain on the margins of the global division of labor.
    More diversified global production networks would enhance supply security in an increasingly shock-prone world, while extending the benefits of trade to places and people that have not shared adequately in them. Greater diversification would also help lower the geopolitical temperature around supply chain relationships, by making them harder for any single country to weaponize.
    As the pandemic and the war in Ukraine made abundantly clear, overconcentration makes supply chains vulnerable in a crisis.
    The advent of COVID-19, concentrated minds on the fact that 80% of world vaccine exports came from only ten countries. This meant export restrictions in a few of them severely disrupted global access to vaccines – especially to Africa, which relied on imports for 99% of its jabs.
    Decentralizing value chains and building up pharmaceutical production capacity in Africa and other developing country regions for instance would make the global supply base more resilient in the event of future pandemics, whilst more closely integrating these regions in to world trade, and making them part of a more prosperous and healthy world.
    Critical minerals is another sector where there are major opportunities to mitigate concerns about overconcentration in mining and especially processing, while stimulating growth in developing countries. 
    Exports of minerals critical for the low-carbon transition, like lithium, cobalt, nickel, and rare earths, have grown rapidly to reach USD 320 billion in value in 2022, and are set to increase much more in the years ahead. Africa, for example, represents 40% of estimated global reserves of cobalt, manganese, and platinum; and 12% of world exports of critical minerals, but only 3.8% of exports of processed minerals.
    By investing in processing these minerals within the regions including in Central Asia and Latin America where they are found, we can promote value addition and job creation while removing supply bottlenecks that currently threaten to hold back the low-carbon transition.
    Furthermore, to the extent that this process is powered by green hydrogen and other kinds of clean energy, it would harness the green comparative advantage I mentioned earlier and thereby help the developing regions increase their share in world trade.
    It would be green growth and green trade – the ‘re-globalization’ we want.
    Finally, there are areas where cross-border commerce is flourishing, but where new rules are necessary to foster predictability and lower barriers to entry for smaller businesses and developing economies.
    The fastest growing segment of international trade is in services delivered across borders via computer networks. Trade in digitally-delivered services – everything from streaming video to remote consulting – has quadrupled since 2005, reaching $4.25 trillion in value last year. These services have become an increasingly important driver of growth and job creation.
    The commercialization of artificial intelligence promises to further accelerate digital trade. A forthcoming WTO report describes how AI could reduce trade and transaction costs, improve supply chain logistics, and shift countries’ comparative advantages.
    I always say the future of trade is digital, but the future of protectionism could be as well. Imports of digital services could become as contentious as manufactured imports have, or more so – inviting digital barriers that are even simpler to put in place than their counterparts for trade in physical goods.
    Putting in place some basic rules for digital trade would reduce the risks of such reversals. The 90-odd members participating in plurilateral e-commerce negotiations at the WTO are now looking to conclude a first phase agreement on a series of practical measures to facilitate digital trade, from common rules for e-signatures and payments, to paperless trading, and consumer protection. Tougher issues like cross-border data flows – a critical element in AI – will be dealt with in a second phase of negotiations.
    Delivering on this agenda for the future will involve strengthening all of the WTO’s functions: monitoring and transparency, negotiations, and dispute settlement.
    With respect to our dispute settlement system, we are working to reform it. The reform process has wide buy-in, and talks are advancing, including on issues like appeal review and accessibility to ensure that developing countries can use the system. There are delicate issues here around how national security exceptions will be handled – it is going to take work!
    We will need to negotiate and implement new rules in important areas like the environment. Some members are showing the way: New Zealand, Costa Rica, Switzerland, and Iceland recently agreed to liberalize trade in a list of hundreds of environmental goods, and they are trying to get others to join.
    We are working on getting an Agreement on Investment Facilitation for Development, negotiated by three-quarters of our membership, into the WTO rulebook. This agreement will help developing economies attract FDI by simplifying investment-related procedures and sweeping away red tape.
    We will also need to review existing rules to make them fit for purpose. Instead of members doing an end run around our Agreement on Subsidies and Countervailing Measures to introduce industrial policies, it would be better to update that agreement. It actually dates back to 1994 – seven years before China joined the WTO,  [a time when climate concerns were barely on the radar screen, and the conventional wisdom was that state-owned enterprises were a fading relic of a bygone era]. Members could decide to create space for subsidizing the green transition. Shared ground rules would help minimize negative spillovers and related trade tensions, while maximizing efficiency in the use of public resources. 
    Excellencies, ladies, and gentlemen. Let me now conclude.
    As I said at the start, these are tense times for trade. There are political dynamics outside our control. But we can treat the challenges we face as opportunities to re-imagine the global trading system.
    We can build global resilience whilst making the system more supportive of inclusive growth and environmental sustainability.
    We can make existing trade rules more fit for purpose rather than go around or against them and we can make new rules fit for the time.
    We can help developing countries left behind by the recent wave of global economic integration.
    We can have interdependence without overdependence.
    While nothing is ever easy at the WTO, we are moving in the right direction. We will manage what we can manage. Control what we can control. But we will need your help.
    Over the past eight decades, the multilateral economic architecture, including the trading system, has delivered a great deal for the world. We have reinvented it before. We can do so again, for people and planet.
    Nelson Mandela once wrote that “after climbing a great hill, one only finds that there are many more hills to climb.” I ask you, let’s climb these hills together.
    Thank you.

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    MIL OSI Economics –

  • MIL-OSI China: Chinese foreign minister holds talks with Finnish counterpart

    Source: China State Council Information Office

    Chinese Foreign Minister Wang Yi, also a member of the Political Bureau of the Communist Party of China Central Committee, holds talks with Finnish Foreign Minister Elina Valtonen in Beijing, capital of China, Oct. 30, 2024. [Photo/Xinhua]

    Chinese Foreign Minister Wang Yi on Wednesday said that China hopes Finland can play a constructive role in urging the European Union (EU) to avoid politicizing economic and trade issues, properly resolve differences through dialogue and consultation, and jointly safeguard the overall situation of China-EU relations.

    Wang, also a member of the Political Bureau of the Communist Party of China (CPC) Central Committee, made the remarks during his talks with Finnish Foreign Minister Elina Valtonen.

    Wang noted that in 2017, the two heads of state jointly decided to elevate China-Finland relations to a future-oriented new-type cooperative partnership, which is unique in China’s foreign relations and fully reflects the distinctiveness and adaptability of the China-Finland relationship.

    Finnish President Alexander Stubb’s state visit to China, accompanied by a high-profile delegation, is not only a continuation of friendship but also an opportunity to expand cooperation, Wang added.

    The foreign ministries of the two countries should maintain close communication and coordination, implement the important consensus reached by the two heads of state, strengthen mutually beneficial cooperation in various fields, jointly tackle global challenges, and push China-Finland relations to a higher level, Wang said.

    The EU imposing tariffs on Chinese electric vehicles obviously violates WTO rules and the principle of free trade, Wang stressed, noting that China has always believed that a universally beneficial and inclusive economic globalization is in the interests of all parties involved.

    Valtonen said Finland looks forward to working closely with China to implement the important consensus reached by the two heads of state, strengthen cooperation in areas such as low-carbon, green energy and circular economy, and jointly address global challenges such as climate change.

    As a member of the EU, Finland hopes that EU-China relations will maintain constructive development and supports both sides to strengthen cooperation and properly handle differences, Valtonen said.

    It is expected that China will play a greater role in resolving international hotspot issues such as the Ukraine crisis, Valtonen added. 

    MIL OSI China News –

  • MIL-OSI China: Eurozone GDP up 0.4% in Q3

    Source: China State Council Information Office

    The eurozone’s seasonally adjusted gross domestic product (GDP) grew by 0.4 percent in the third quarter of 2024, marking an improvement from the 0.2 percent growth seen in the previous quarter, according to preliminary data released Wednesday by Eurostat.

    The GDP in the European Union (EU) grew by 0.3 percent in the third quarter, maintaining the same pace as in the second quarter, according to data from the EU’s statistical office.

    Year-on-year, seasonally adjusted GDP grew by 0.9 percent in both the euro area and the EU from July to September, up from a 0.6 percent increase in the euro area and 0.8 percent in the EU in the second quarter.

    Germany, the eurozone’s largest economy, reversed its second-quarter contraction to achieve 0.2 percent growth in the third quarter, according to Eurostat data. Meanwhile, France and Spain saw growth rates of 0.4 percent and 0.8 percent, respectively.

    Ireland posted the highest growth rate in the third quarter, with a 2 percent increase, while Hungary saw a significant decline of 0.7 percent. Latvia and Sweden also reported negative growth during the same period.

    Bert Colijn, senior economist at ING, noted that third-quarter GDP growth in the eurozone was partly fueled by one-off factors, including Ireland’s volatile GDP growth influenced by multinational accounting activities and a boost in French GDP driven by the Olympics.

    Colijn expressed caution regarding the eurozone’s economic outlook, forecasting weaker GDP growth in the fourth quarter. In a research report, he noted that “the eurozone economy remains sluggish for the moment.”

    MIL OSI China News –

  • MIL-OSI Europe: Sweden’s National statement at the Sixteenth meeting of the Conference of the Parties to the Convention on Biological Diversity (COP 16)

    Source: Government of Sweden

    Excellencies, distinguished delegates,

    I warmly thank President Petro and Colombia´s Government for their generous hosting of COP16. Our countries are long-term partners in many areas, including building sustainable and durable peace, green transition and the protection of biodiversity.

    First, we need ambition and delivery.

    At COP16 we all need to ensure that we are on the right track to deliver on the historic Kunming-Montreal Global Biodiversity Framework and recommit to halt and reverse biodiversity loss by 2030.

    To measure progress we need a comprehensive monitoring framework and a transparent and clear process for the global review of collective progress.

    Sweden has reported more than 60 national targets and objectives, that contribute to achieving the targets of the Kunming-Montreal Global Biodiversity Framework. In 2025 we will forward our National Biodiversity Strategy and Action Plan (NBSAP).

    Second, we need mobilization of resources – and engagement.

    Half of worldwide GDP depends directly on nature.

    Without nature, we are nothing. The business case to invest and engage in nature and biodiversity is becoming clearer every day.

    World leading Swedish businesses are present at COP16. We see how business take action to become not only climate smart and circular – but also nature positive.

    Resources from all sources must be mobilized.

    Sweden is proud to be the largest contributor per capita to the Global Environment Facility (GEF).

    Sweden recently launched a generous guarantee instrument to invest in sustainable land management in the Amazon. Action taken on biodiversity and climate must go hand in hand. We need strengthening of synergies, not at least among the three Rio Conventions.

    Colombia has rightly made COP16 into a Peoples´ COP. We must deliver on full and effective participation of Indigenous Peoples and local communities in the work under the Convention. We lead by example, the Sami Parliament of Sweden take part in the Swedish delegation as the focal point for 8 (j) and related provisions.

    Finally, we need a healthy “blue marble” to secure our well-being.

    Earth is a blue marble.

    The triple planetary crisis of climate, pollution and biodiversity is clearly seen in our oceans. A legally binding international treaty on plastic pollution, 

    Our survival and well-being depend on the marine biodiversity and ecosystems. We must strengthen the protection of the marine biodiversity. We also need a global action plan on biodiversity and health.

    The Swedish Government has presented a Bill to Parliament to protect 30% of our sea by 2030. We stay committed to the Kunming-Montreal Global Biodiversity Framework.

    Thank you!

    MIL OSI Europe News –

  • MIL-OSI: Netcompany – Interim report for the nine months ended 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Company announcement
    No. 48/2024

                                                     31 October 2024

    Continued growth and improved margin

    Summary

    • In Q3 2024, Netcompany grew revenue by 10.4% (constant 10.4%) to DKK 1,613.9m.
    • Adjusted EBITDA increased by 39.3% (constant 40.1%) to DKK 306.3m in Q3 2024. Adjusted EBITDA margin was 19% in Q3 2024 (constant 19.1%) compared to 15% in Q3 2023.
    • Average number of full-time employees increased by 328 FTEs from 7,760 in Q3 2023 to 8,088 in Q3 2024.
    • Free cash flow was DKK 145.3m in Q3 2024 compared to DKK 100.4m in Q3 2023.
    • Cash conversion ratio was 89.5% in Q3 2024.
    • Debt leverage was 1.5x in Q3 2024.
    • Netcompany maintains expectations for full year.

    “In Q3, we grew revenue by 10.4%, once again supported by ongoing recovery in the Danish part of the Group combined with strong growth in Netcompany-Intrasoft, Norway and in the Netherlands.

    Margins continued to improve during Q3 – both compared to the same quarter last year and from the levels realised in Q2 this year – as anticipated.

    The average number of FTEs increased by 4.2% compared to the same time last year, and at the end of Q3 we employed more than 8,200 highly talented professionals throughout the Group.

    It truly pleases me to see that so many talented IT professionals choose to work with Netcompany, and together with our customers, to develop, implement and operate critical IT infrastructure throughout Europe.

    We maintain our financial guidance for the year and initiate a new share buyback programme of DKK 250m running to the end of January 2025 bringing the total share buyback programme initiated for the year to DKK 800m. We also remain committed to our midterm targets for 2026.”

    André Rogaczewski, Netcompany CEO and Co-founder

    Financial overview
    For full details on financial performance, see enclosed Company announcement Q3 2024.

    Conference details
    In connection with the publication of the results for Q3 2024, Netcompany will host a conference call on 31 October 2024 at 11.00 CET.
    The conference call will be held in English and can be followed live via the company’s website; www.netcompany.com
    Dial-in details for investors and analysts
    DK: +45 7876 8490
    UK: +44 203 769 6819
    US: +1 646 787 0157
    PIN: 598046
    Webcast Player URL: https://netcompany-as.eventcdn.net/events/interim-report-for-the-first-9-months-of-2024

    Additional information
    For additional information, please contact:

    Netcompany Group A/S
    Thomas Johansen, CFO, + 45 51 19 32 24
    Frederikke Linde, Head of IR, +45 60 62 60 87

    Attachment

    The MIL Network –

  • MIL-OSI: Danske Bank A/S revises 2024 net profit upwards. Now expects a net profit in the range of DKK 22.5-23.5 billion

    Source: GlobeNewswire (MIL-OSI)

    Company announcement no 48 2024   Group Communications
    Bernstorffsgade 40
    DK-1577 København V
    Tel. +45 45 14 00 00

    31 October 2024

    Danske Bank A/S revises 2024 net profit upwards. Now expects a net profit in the range of DKK 22.5-23.5 billion

    The outlook for 2024 is revised upwards to a net profit in the range of DKK 22.5-23.5 billion. At the release of our upward adjustment on 26 June 2024, we guided for a full-year 2024 net profit in the range of DKK 21-23 billion.

    The profit upgrade follows two changes. Firstly, we now expect operating expenses for the full year to be around 25.8 billion, reflecting lower than expected non-recurring items, effect from an insurance reimbursement and continued focus on cost management. The outlook now includes non-recurring items of approximately DKK 0.3 billion related to the relocation to the new domicile and minor costs for the divestment of our personal customer business in Norway. Previously we expected operating expenses between DKK 26 and DKK 26.5 billion including non-recurring items of approximately DKK 0.6 billion.

    Secondly, we now expect full-year loan impairment charges to be around zero from previously up to 0.6 billion, reflecting our continually strong credit quality and reversals of impairment charges for the third quarter of 2024.

    Today’s change will not have any impact on our financial targets for 2026.

    Danske Bank

    Contact: Stefan Singh Kailay, Head of Media Relations, tel. +45 45 14 14 00

    Attachment

    The MIL Network –

  • MIL-OSI: Improving macroeconomic environment and good customer activity drive progress, supported by cost focus and strong credit quality. Net profit of DKK 17.6bn for Q1-Q3 of 2024. 2024 net profit outlook revised upwards to DKK 22.5-23.5 billion

    Source: GlobeNewswire (MIL-OSI)

    Press release  

    Bernstorffsgade 40
    DK – 1577 København V
    Tel. +45 45 14 14 00

    31 October 2024

    Improving macroeconomic environment and good customer activity drive progress, supported by cost focus and strong credit quality
    Net profit of DKK 17.6 billion for the first nine months of 2024
    2024 net profit outlook revised upwards. Now expects a net profit of DKK 22.5-23.5 billion, against previously 21-23 billion

    Carsten Egeriis, Chief Executive Officer, comments on the financial results:

    “During the first nine months of 2024, we consistently delivered satisfactory financial results, while progressing with our strategic priorities. Stable core income, consistent cost management, improved customer activity and continually strong credit quality led to an increase in net profit of 14% for the first nine months of the year relative to the same period last year.

    On the back of lower inflation, central banks have started to lower policy rates. In response to this, we lowered selected customer rates on lending and deposits during the first nine months of the year, while ensuring our offerings remain attractive across customer segments. This has resulted in an increase of 4% in deposit volumes for personal customers in Denmark during the period coupled with a substantial shift towards placing excess liquidity in our wide range of investment solutions, which contributed to a 10% increase in net fee income year-on-year. With continued growth in customer business volumes at our Business Customers unit and good traction during the year so far in our capital markets business at our Large Corporates & Institutions unit, there was progress across our business.

    We continue to execute on our Forward ’28 strategy, and with a return on equity of 13.4% and a cost/income ratio of 45.5%, we remain on track to meet our financial targets.”

    First nine months of 2024 vs first nine months of 2023
    Total income of DKK 41.8 billion (up 8.4% against the first nine months of 2023)
    Operating expenses of DKK 19.0 billion (up 1.0% against the first nine months of 2023)
    Loan impairments of DKK -436 million (against DKK 294 million in the first nine months of 2023)
    Net profit of DKK 17.6 billion (up 13.8% against the first nine months of 2023)
    Return on shareholders’ equity of 13.4% (against 12.5% in the first nine months of 2023)
    Strong capital position, with a total capital ratio of 23% and a CET1 capital ratio of 19.1%

    Macroeconomic environment more positive
    In the third quarter, the macroeconomic outlook improved, as inflation got under control and interest rates were lowered, which all in all is paving the way for an outlook for stable growth. Among the Nordic countries, the macroeconomic outlook is especially positive in Denmark where the labour market remains strong, inflation is low and economic growth is expected to be solid, even without the significant contribution from the pharmaceutical sector. Despite the more positive macroeconomic outlook, we remain prudently aware of the downside risks stemming from the geopolitical situation and concerns about a potential slowdown in economic activity.

    Although geopolitical tension has unfortunately become permanent and continues to be the global backdrop, the macroeconomic picture in the Nordic countries has improved, and we maintain our strong focus on our customers and are delivering according to the plan set out in our Forward ’28 strategy. Our focus on execution and our efforts to improve Danske Bank to the benefit of all stakeholders are moving us forward as expected.

    Improved commercial momentum in core banking
    We continue to see improved commercial momentum and good interest in our leading advisory solutions for customers with complex needs, and we continue to enhance our products to make everyday banking both simpler and safer.

    At our Personal Customers unit, we saw an increase in net fee income, particularly from everyday banking and investment fees, higher net interest income from deposits and a net loan impairment reversal. Good growth in customer business volumes across our Business Customers unit supported an increase in bank lending volumes in local currency across our Nordic markets, except for Denmark. And at our Large Corporates & Institutions unit, the positive momentum continued, among other things with good activity in Loan Capital Markets, where we in the third quarter supported the financing of some of the largest transactions in Europe.

    The improved momentum shows that Danske Bank’s underlying business is strong, our treasury asset and liability management is prudent, and our capital and liquidity positions continue to be strong, with significant buffers well above regulatory requirements.

    “Supported by the improving macroeconomic environment, our diversified business model and core activities continued to ensure commercial progress. Net interest income increased 6% in the first nine months of the year and net fee income was up 10% for the period as a result of both solid customer activity and our ongoing development of customer offerings across the business. We continued our consistent focus on costs and on creating further efficiency improvements in our processes, allowing us to keep operating expenses on par while still developing according to plan. Our sustained commercial momentum and focus on operational efficiency thus resulted in a cost/income ratio of 45.5% and a return on equity of 13.4%, with credit quality remaining strong, as reflected in a net loan impairment reversal across all countries. The continued cost focus and strong credit quality is furthermore the basis for our second upward revision this year, which is a testament to the robustness of the bank and our customers,” says Stephan Engels, CFO.

    Personal Customers
    During the first nine months of 2024, we continued to support our customers in managing their finances in a market environment characterised by falling interest rate levels. Our Danske Bolig Fri home finance products were in high demand and were named ‘Best in Test’ by the Danish Consumer Council. The same was the case for our loans targeting first-time home buyers. We also saw an increased flow of customers into our Private Banking unit. Profit before tax amounted to DKK 7.48 billion in the first nine months of 2024, representing an increase of 21% from the year-earlier period. The result was fuelled primarily by an increase in net fee income, particularly from everyday banking and investment fees, and a net loan impairment reversal.

    Business Customers
    In the first nine months of 2024, the economic landscape in which we operate continued to improve, due primarily to a stabilisation of interest rates in the first part of the period, followed by interest rate cuts by the central banks towards the latter part of the period. We continued to expand the customer base in our focus segments. In addition, we took strategic repricing actions and continued to enhance support for our customers by providing the best possible advice tailored to their needs. Profit before tax for the first nine months of 2024 amounted to DKK 6.69 billion, a decrease of 6% from the same period last year. Net fee income rose as a result of our subscription-based fee service model as well as repricing actions. However, we saw an increase in operating expenses attributable to investments made under our Forward ’28 strategy.

    Large Corporates & Institutions
    In the first nine months of 2024, we continued to see a positive underlying momentum, particularly in our fee business as higher fees from assets under management, everyday banking products and capital markets activities mitigated the decline in net trading income, thus demonstrating the value of our diversified business model. Furthermore, we continued to leverage our strategic commercial strengths as reflected in growth in our corporate customer portfolio outside Denmark, an increased market share of cash management services and the maintaining of our leading position in sustainable finance. Profit before tax increased to DKK 7.03 billion, an increase of 6% from the same period last year. The increase was driven by higher net fee income and loan impairment reversals, although the increase was partly offset by lower net trading income.

    Danica Pension
    Through high levels of volatility, the global markets continued their positive trend in the third quarter of 2024. The investment return on our pension customers’ savings in the first nine months of the year profited from the favourable trend in the global financial markets. We have thus had a prolonged period throughout 2023 and 2024 during which we have been able to deliver significant returns for our customers. However, we continued to see challenges in the health and accident business due to a rise in new health and accident claims. This reflects the general trend in society. Net income at Danica Pension increased to DKK 1.41 billion in the first nine months of 2024, up 53% from the level in the first nine months of 2023, due to an increase in the net financial result.

    Northern Ireland
    The strong underlying financial performance reflects business growth in a higher interest rate environment. Profit before loan impairments was 7% higher than in the first nine months of 2023, while profit before tax of DKK 1.51 billion represented an increase of 3% year-on-year.

    Outlook for 2024
    The outlook for 2023 is revised upwards to a net profit in the range of DKK 22.5-23.5 billion. At the release of our upward adjustment on 26 June 2024, we guided for a full-year 2024 net profit in the range of DKK 21-23 billion. The change in outlook is based on better cost trajectory as well as lower than expected loan impairments.

    The outlook is subject to uncertainty and depends on economic conditions.

    Danske Bank

    Contact: Stefan Singh Kailay, Head of Media Relations, tel. +45 45 14 14 00

    More information about Danske Bank’s financial results is available at danskebank.com/reports.

    Attachments

    The MIL Network –

  • MIL-OSI: Netcompany – Launch of share buyback programme

    Source: GlobeNewswire (MIL-OSI)

    Company announcement
    No. 49/2024

                                                     31 October 2024

    Today, Netcompany Group A/S (“Netcompany”) announces that the Board of Directors has decided to initiate a share buyback programme of up to DKK 250m for the purpose of adjusting Netcompany’s capital structure and meeting its obligations relating to share-based incentive programmes. The share buyback programme is launched with reference to the authorisation to acquire treasury shares granted by the general meeting on 2 March 2023. The authorisation is valid until 2 March 2028 and allows Netcompany to acquire shares with a total nominal value of up to 10% of its share capital.

    The share buyback programme will end no later than 24 January 2025.

    The share buyback programme will be executed in accordance with EU Market Abuse Regulation, EU Regulation no. 596/2014 of 16 April 2014 and the provisions of Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 (the “Safe Harbour Regulation”).

    Netcompany has appointed Nordea Danmark, Filial af Nordea Bank Abp, Finland as lead manager of the share buyback programme. Under a separate agreement, Nordea Danmark, Filial af Nordea Bank Abp, Finland will buy back shares on behalf of Netcompany and make related trading decisions independently of and without influence by Netcompany.

    The share buyback programme will be implemented under the following terms:

    • The maximum total consideration for shares bought back will be DKK 250m;
    • The maximum number of shares to be bought back will be 1,300,000;
    • The maximum number of shares that may be purchased per daily market session may not exceed 25% of the average daily volume of Netcompany’s shares traded on Nasdaq Copenhagen during the preceding 20 trading days; and
    • Shares cannot be bought back at a price exceeding the higher of (i) the share price of the last independent transaction on Nasdaq Copenhagen A/S, and (ii) the highest independent bid on the shares on Nasdaq Copenhagen A/S.

    On a weekly basis, Netcompany will announce transactions made under the share buyback programme in accordance with the reporting obligations imposed by the Safe Harbour Regulation.

    Netcompany may terminate the programme at any time, which will be announced through Nasdaq Copenhagen A/S, if relevant.

    As of today, Netcompany holds 2,228,909 treasury shares corresponding to 4.5% of the total share capital.

    Additional information
    For additional information, please contact:

    Netcompany Group A/S
    Thomas Johansen, CFO, + 45 51 19 32 24
    Frederikke Linde, Head of IR, +45 60 62 60 87

    Attachment

    The MIL Network –

  • MIL-OSI: OP Financial Group’s, OP Corporate Bank plc’s and OP Mortgage Bank’s financial calendar for 2025

    Source: GlobeNewswire (MIL-OSI)

    OP Cooperative
    OP Corporate Bank plc
    OP Mortgage Bank
    Stock exchange release
    31 October 2024 at 08.45 EET

    OP Financial Group’s, OP Corporate Bank plc’s and OP Mortgage Bank’s financial calendar for 2025

    OP Financial Group, OP Corporate Bank plc and OP Mortgage Bank will publish their financial reports in 2025 as follows:

    Financial Statements Bulletin 1 January‒31 December 2024 6 February 2025
    Report by the Board of Directors and Financial Statements 2024 Week 11, 2025
    OP Amalgamation Pillar 3 Disclosures 2024 Week 11, 2025
    Interim Report 1 January–31 March 2025 7 May 2025
    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025

    OP Financial Group’s and OP Corporate Bank plc’s financial statements bulletins, half-year financial reports and interim reports will be published in 2025 at approximately 9.00. They will be available on our website in Finnish, Swedish and English.

    OP Mortgage Bank’s financial statements bulletin, half-year financial report and interim reports will be published at approximately 10.00. They will be available on our website in Finnish and English.

    OP Financial Group publishes a Corporate Governance Statement, a Remuneration Report and Policy for Governing Bodies, and an annual review that supplements its Report by the Board of Directors and Financial Statements. The Report by the Board of Directors includes a sustainability report in accordance with the Corporate Sustainability Reporting Directive (CSRD) and European Sustainability Reporting Standards.

    OP Corporate Bank plc and OP Mortgage Bank publish their Corporate Governance Statements in connection with the Reports by the Board of Directors and Financial Statements.

    OP Cooperative
    OP Corporate Bank plc
    OP Mortgage Bank

    For more information:

    Sanna Eriksson, tel. +358 10 252 2517

    OP Financial Group’s Investor Relations, ir@op.fi

    Media enquiries:

    OP Financial Group’s Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

    DISTRIBUTION

    Euronext Dublin (Irish Stock Exchange)
    LSE London Stock Exchange
    Nasdaq Helsinki Ltd
    Major media
    op.fi

    OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi

    The MIL Network –

  • MIL-OSI: OP Financial Group’s Interim Report for 1 January–30 September 2024: Strong business performance continued – operating profit EUR 1,948 million

    Source: GlobeNewswire (MIL-OSI)

    OP Financial Group
    Interim Report 1 January–30 September 2024
    Stock Exchange Release 31 October 2024 at 9.00 EET

    OP Financial Group’s Interim Report for 1 January–30 September 2024: Strong business performance continued – operating profit EUR 1,948 million

    • Operating profit was EUR 1,948 million (1,570).
    • Income from customer business, or net interest income, insurance service result and net commissions and fees, increased by 7% to EUR 2,813 million (2,634). Net interest income grew by 10% to EUR 2,118 million (1,919). The insurance service result grew by 63% to EUR 95 million (58). Net commissions and fees decreased by 9% to EUR 599 million (656). The decrease was affected by the fact that owner-customers are being provided with daily banking services free of monthly charges in 2024. The value of this benefit was EUR 67 million during the reporting period.
    • Impairment loss on receivables in the income statement was EUR 72 million (170), accounting for 0.10% (0.22) of the loan and guarantee portfolio.
    • Investment income increased by 43% to EUR 419 million (294).
    • Total expenses grew by 4% to EUR 1,629 million (1,564). The cost/income ratio improved to 45% (47).
    • In the year to September, the loan portfolio decreased by 1% to EUR 98.0 billion (98.9). Deposits increased by 5% to EUR 76.2 billion (72.6).
    • CET1 ratio strengthened to 21.4% (19.2), which exceeds the minimum regulatory requirement by 7.9 percentage points.
    • Retail Banking segment’s operating profit rose to EUR 1,037 million (919). Net interest income grew by 11% to EUR 1,615 million (1,459). Impairment loss on receivables decreased by EUR 50 million to EUR 57 million (107). Net commissions and fees decreased by 13% to EUR 458 million (524). The cost/income ratio improved to 48% (49). The loan portfolio decreased by 1% year on year, to EUR 70.6 billion. Deposits increased by 1% to EUR 62.4 billion.
    • Corporate Banking segment’s operating profit rose to EUR 418 million (321). Net interest income grew by 12% to EUR 493 million (441). Impairment loss on receivables decreased by EUR 48 million to EUR 15 million (63). Net commissions and fees increased by 2% to EUR 146 million (143). The cost/income ratio improved to 37% (40). In the year to September, the loan portfolio decreased by 2% to EUR 27.5 billion. Deposits increased by 26% to EUR 14.4 billion.
    • Insurance segment’s operating profit rose to EUR 458 million (298). Insurance service result grew by 63% to EUR 95 million (58). Investment income increased by 52% to EUR 365 million (241). Combined ratio reported by non-life insurance was 95% (95).
    • Group Functions operating profit was EUR 4 million (–2).
    • OP Financial Group will increase the OP bonuses to be earned by owner-customers for 2025 by 40% compared to the normal level of 2022. In addition, owner-customers will get daily banking services free of monthly charges until the end of 2025. Together, these benefits are estimated to add up to more than EUR 400 million in value for owner-customers next year.
    • On 14 October 2024, OP Financial Group raised its earnings outlook for 2024. Operating profit for 2024 is expected to be higher than that for 2023. For more detailed information on the outlook, see “Outlook towards the year end”.

    OP Financial Group’s key indicators

      Q1–3/2024 Q1–3/2023 Change, % Q1–4/2023
    Operating profit, € million 1,948 1,570 24.1 2,050
    Retail Banking 1,037 919 12.8 1,223
    Corporate Banking 418 321 30.3 408
    Insurance 458 298 53.6 414
    Group Functions 4 -2 – -26
    New OP bonuses accrued to owner-customers,
    € million    		 -233 -204 14.1 -275
    Total income** 3,650 3,304 10.5 4,520
    Total expenses -1,629 -1,564 4.2 -2,201
    Cost/income ratio, %** 44.6 47.3 -2.7* 48.7
    Return on equity (ROE), % 12.3 11.1 1.2* 10.6
    Return on equity, excluding OP bonuses, % 13.7 12.5 1.2* 12.0
    Return on assets (ROA), % 1.30 1.02 0.29* 0.98
    Return on assets, excluding OP bonuses, % 1.46 1.15 0.31* 1.11
      30 Sep 2024 30 Sep 2023 Change, % 31 Dec 2023
    CET1 ratio, % 21.4 19.1 2.3* 19.2
    Loan portfolio, € billion 98.0 98.9 -1.0 98.9
    Deposits, € billion 76.2 72.6 5.0 74.5
    Ratio of non-performing exposures to exposures, % 2.91 2.73 0.18* 2.94
    Ratio of impairment loss on receivables to loan and guarantee portfolio, % 0.10 0.22 -0.13* 0.26
    Owner-customers (1,000) 2,107 2,083 1.2 2,094

     Comparatives for the income statement are based on the corresponding figures in 2023. Unless otherwise specified, figures from 31 December 2023 are used as comparatives for balance-sheet and other cross-sectional items.
    * Change in ratio, percentage point(s).
    ** OP bonuses to owner-customers, which were previously shown on a separate line in the income statement, have been divided under the following items based on their accrual: interest income, interest expenses, and commission income from mutual funds. The line ‘OP bonuses to owner-customers’ is no longer shown in the income statement. Comparative information has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January–30 June 2024, Accounting policies and changes in accounting policies and presentation.

    Comments by the President and Group Chief Executive Officer

    The Finnish economy is recovering as forecast – inflation continued to slow and market rates fell markedly

    Finland’s recovery, which began in the first half of the year, seems to be continuing into late 2024, mainly because the domestic market has been stronger than forecast. Consumer demand has been the mainstay of the economy this year. In contrast, investments have sharply reduced and exports are slightly down.

    Finland’s economy seems to have bottomed out in the summer. Annual GDP growth is expected to reach 2% next year, when exports should clearly outpace the current year’s performance as industry perks up and service exports recover.

    Inflation in Finland fell to 0.8%, which was clearly below the average for the euro area (1.7%). Short-term market rates fell sharply in the third quarter and the 12-month Euribor (the most commonly used reference rate for home loans) was at 2.75% at the end of September. Consumers, in particular, have benefited from lower inflation and interest rates.

    Third-quarter home purchase volumes and home loan demand were clearly higher than in the same period last year: there are signs of a gradual recovery in the housing market.

    Stock markets continued to perform well in July–September due to enduringly moderate global growth, better private-sector results and falling market rates.

    OP Financial Group’s business operations continued to grow strongly – the excellent results will benefit OP’s owner-customers

    OP Financial Group’s operating profit continued its excellent trend into the third quarter, growing by 24% year on year to EUR 1,948 million in January–September. This strong profit performance guarantees the continuance of highly competitive benefits for our owner-customers.

    We will increase the OP bonuses earned by owner-customers for 2025 by 40% compared to the normal level of 2022. Moreover, in 2025, we will not collect monthly charges from our owner-customers for use of daily banking services. Next year, these benefits will add up to more than EUR 400 million in value for our owner-customers. Being customer-owned, OP Financial Group will continue to share its financial success through a range of financial and other benefits for its owner-customers.

    OP Financial Group’s CET1 ratio strengthened again in the third quarter, to 21.4%, which exceeds the minimum regulatory requirement by 7.9 percentage points. OP Financial Group is one of Europe’s most financially solid large banks. Excellent profitability and strong capital adequacy and liquidity are critical factors for banks and insurance companies, building trust among customers, partners and other stakeholders. Trust is vital in the banking and insurance businesses.

    OP Financial Group’s income from customer business grew considerably in January–September 2024, mainly owing to the strong increase in net interest income. Net commissions and fees decreased by 9%, due to the benefit (provided for owner-customers) of zero monthly charges for daily banking services.

    The insurance service result for January–September clearly improved year on year, rising to EUR 95 million. It also improved considerably compared to the first half of 2024. Since the first quarter, there have been fewer large claims than usual and vehicle and health insurance claims fell in the summer months as favourable weather began and the flu season ended.

    Income from investment activities has fared extremely well this year, the result of EUR 419 million being 43% higher than for the same period in 2023. Total income was EUR 3,650 million, or 10% more year on year.

    At EUR 1,629 million, total expenses in January–September were 4% higher than in the same period in 2023, mainly due to rising personnel costs and higher investments in ICT development. OP Financial Group’s cost/income ratio markedly improved year on year, to an excellent 45%.

    All three business segments performed well in January–September. The Retail Banking segment’s operating profit rose by 13% from the same period in 2023, to EUR 1,037 million. Corporate Banking’s operating profit was EUR 418 million, up by 30% year on year. Operating profit in the Insurance segment totalled EUR 458 million, a rise of 54% on January–September 2023, largely because of the excellent result in investment income.

    Deposits grew strongly – but the loan portfolio decreased slightly

    OP Financial Group’s deposit portfolio grew by 5% year on year. There was moderate growth both in household and corporate deposits. OP Financial Group strengthened its position as Finland’s leading deposit bank in the first half of 2024; OP’s market share is now almost 40%.

    OP Financial Group’s loan portfolio shrank by around 1% year on year. Demand for new home loans and corporate loans remained fairly low. In the first half of 2024, OP Financial Group further strengthened its position as a provider of home loans in Finland; with a market share of 39%, it is the clear market leader. OP’s home loan customers have continued to manage their repayments well despite the general economic downturn. The number of loan modification applications was lower than the year before. Non-performing exposures totalled 2.9% (2.9). Impairment loss on receivables markedly decreased year on year.

    Strong growth in wealth management continued

    OP Financial Group aims to coach its customers to help them make better financial choices. We are therefore investing heavily in the range, quality and availability of the wealth management services we provide for our various customer categories. We want to promote our customers’ long-term financial wellbeing.

    Our customers remain interested in systematically investing in funds, with 33% more new systematic investment agreements being made in January–September than in the same period last year. The number of OP mutual fund unitholders rose to almost 1.38 million. There was also considerable growth in the number of active equity investors. At EUR 111 billion in value, investment assets managed by OP Financial Group grew by 13% year on year.

    Corporate Banking succeeded well as a provider of financing for big companies

    Corporate Banking had a highly successful nine months as a versatile intermediary of financing for large corporations. It was the lead arranger or arranger of 11 bond issues, which raised EUR 2.6 billion for companies from the capital markets. Sustainable financing provided by Corporate Banking also grew in the first half of 2024. By the end of September, the commitment portfolio totalled EUR 8.0 billion.

    The insurance business’s profitability improved in the third quarter

    Insurance revenue for January–September grew by 7% year on year. The rapid growth in claims expenditure of early 2024 slowed in the third quarter, but claims expenditure in January–September was still 8% higher than in the same period in 2023. Non-life insurance reported a combined ratio of 95%. Compensation was paid for 94% of all claims reported to Pohjola Insurance. There was a clear improvement in non-life insurance’s profitability in the third quarter.

    Life insurance’s performance has been excellent this year, with 10% growth in unit-linked insurance assets. Growing this business is one of OP Financial Group’s strategic focus areas.

    Strong growth in the number of customer interactions through the AI-based OP Aina

    In June, we launched OP Aina, a new personal assistant on OP-mobile. OP Aina helps our customers with a range of banking and insurance matters on a 24/7 basis. It is the first financial service in Finland to use artificial intelligence and alerts. We use the service to provide even more personalised and readily available services than before. Customers have been actively using the service. There have already been 4.8 million customer interactions with OP Aina and feedback has been positive.

    Cybersecurity is at the core of our operations

    OP Financial Group’s service availability has been excellent despite the rapidly growing number of denial of service attacks. We are investing strongly in cybersecurity to ensure that our customers’ money and data are secure and our service level is maintained under all circumstances. As phishing and scam attempts directed at our customers have proliferated, we have created several new ways of providing even better protection.

    Owner-customers have been benefiting from OP bonuses for more than 25 years and will continue to do so

    A total of more than EUR 3.7 billion in OP bonuses have accumulated for OP Financial Group’s owner-customers in more than 25 years. OP Financial Group has prepared for the possible change in the tax treatment of financial-sector customer bonuses in early 2026. A bill has been presented to the Finnish Parliament, which would bring OP bonuses accumulated from banking services under capital gains tax if they were used for non-banking services – to pay insurance premiums, for example. However, there is no need for concern among OP Financial Group’s 2.1 million owner-customers, who will continue to receive at least the same level of financial benefits as before, regardless of possible changes in the law. It therefore pays to be an owner-customer of OP Financial Group. In line with our mission, we will continue to promote the sustainable prosperity, security and wellbeing of our owner-customers.

    OP Financial Group is an attractive employer

    This year, OP Financial Group was ranked for the first time as Finland’s most attractive employer by business sector professionals, and as the fourth most attractive by IT professionals, in an annual employer branding survey by Universum. Year after year in the survey, professionals and students have ranked us as top performers.

    Over the years, one of our strategic priorities has been to ensure that our personnel are highly skilled, motivated and satisfied. The survey results are strong evidence of our success in fulfilling this priority. Our employer image, as a genuinely inclusive workplace based on high-level competencies, is critical to retaining our current talent and continuing to recruit the best for OP Financial Group.

    Together through time

    OP Financial Group is in great shape to be there for its customers through economic ups and downs. We want to be a pioneer in Finnish society, pointing the way towards futures filled with hope. The success of Finland and all those who live here is our number one priority now and in the future.

    My warm thanks to all our customers for the trust they have shown in OP Financial Group. We want to continue being worthy of your trust going forward. I would also like to give my heartfelt thanks to our employees and governing bodies for their fine work and commitment during the year. We have a superb basis for continuing to be successful in the times ahead.

    Timo Ritakallio
    President and Group CEO

    January–September

    OP Financial Group’s operating profit was EUR 1,948 million (1,570), up by 24.1% or EUR 378 million year on year. Income from customer business, or net interest income, net commissions and fees and insurance service result, increased by a total of 6.8% to EUR 2,813 million (2,634). The cost/income ratio improved to 44.6% (47.3). New OP bonuses accrued to owner-customers, which are included in earnings, increased by 14.1% to EUR 233 million.

    Net interest income grew by 10.4% to EUR 2,118 million. The development of market rates continued to increase net interest income. Net interest income reported by the Retail Banking segment increased by 10.7% to EUR 1,615 million and that by the Corporate Banking segment increased by 11.9% to EUR 493 million. OP Financial Group’s loan portfolio decreased by 1.0% to EUR 98.0 billion while deposits grew by 5.0% to EUR 76.2 billion, year on year. Household deposits increased by 1.7% year on year, to EUR 47.8 billion. New loans drawn down by customers during the reporting period totalled EUR 15.0 billion (16.0).

    Impairment loss on loans and receivables, which reduces earnings, totalled EUR 72 million (170). A year ago, expected credit losses concerning the real estate and construction sector increased the impairment loss on receivables. Final credit losses totalled EUR 38 million (42). At the end of the reporting period, loss allowance was EUR 964 million (929), of which management overlay accounted for EUR 85 million (109). Non-performing exposures accounted for 2.9% (2.9) of total exposures. Impairment loss on loans and receivables accounted for 0.10% (0.22) of the loan and guarantee portfolio.

    Owner-customers have received daily banking services without monthly charges since October 2023. This contributed to the decrease in payment transfer net commissions and fees. Net commissions and fees decreased by a total of 8.7% to EUR 599 million. Net commissions and fees for payment transfer services decreased by EUR 58 million to EUR 175 million, and those for residential brokerage by EUR 4 million to EUR 43 million. Meanwhile, commission income from life insurance investment contracts increased by EUR 3 million to EUR 21 million.

    Insurance service result increased by EUR 37 million to EUR 95 million. Insurance service result includes EUR 387 million (348) in operating expenses. Non-life insurance net insurance revenue including reinsurer’s share grew by 7.3% to EUR 1,299 million. Net claims incurred after reinsurer’s share grew by 7.9% to EUR 859 million. Combined ratio reported by non-life insurance was 95.0% (94.8).

    Investment income, or net investment income, net insurance finance expenses and income from financial assets held for trading, increased by a total of 42.7% to EUR 419 million. Investment income grew as a result of the increase in the value of equity and fixed income investments. Net investment income together with net finance income describe investment profitability in the insurance business. The combined return on investments at fair value of OP Financial Group’s insurance companies was 6.4% (2.7).

    Net income from financial assets recognised at fair value through profit or loss, or notes and bonds, shares and derivatives, totalled EUR 1,605 million (591). Net income from investment contract liabilities totalled EUR –689 million (–241). Net insurance finance expenses totalled EUR –565 million (–102). In banking, net income from financial assets held for trading grew by 77.2% to EUR 43 million due to the increase in interest income from derivatives.

    Other operating income increased to EUR 31 million (28).

    Total expenses grew by 4.2% to EUR 1,629 million. Personnel costs rose by 11.3% to EUR 781 million. The increase was affected by headcount growth and pay increases. OP Financial Group’s personnel increased by approximately 1,061 year on year. Depreciation/amortisation and impairment loss on PPE and intangible assets decreased by 22.1% to EUR 107 million. Other operating expenses grew by 2.3% to EUR 741 million. ICT costs increased to EUR 372 million (318). Development costs were EUR 249 million (194) and capitalised development expenditure EUR 43 million (66). Charges of financial authorities fell by EUR 62 million to EUR 1 million. The EU’s Single Resolution Board (SRB) will not collect stability contributions from banks for 2024. In 2023, OP Financial Group paid a total of EUR 62 million in stability contributions.

    The new OP bonuses to owner-customers have been divided under the following items based on their accrual: EUR 125 million (116) under interest income, EUR 61 million (49) under interest expenses, EUR 36 million (29) under commission income from mutual funds, and EUR 12 million (11) under insurance service result.

    Income tax amounted to EUR 388 million (312). The effective tax rate for the reporting period was 19.9% (19.9). Comprehensive income after tax totalled EUR 1,644 million (1,279).

    OP Financial Group’s equity amounted to EUR 17.7 billion (16.3). Equity included EUR 3.2 billion (3.3) in Profit Shares, terminated Profit Shares accounting for EUR 0.3 billion (0.4).

    OP Financial Group’s funding position and liquidity is strong. At the end of the reporting period, the Group’s LCR was 214% (199) and NSFR was 130% (130).

    Outlook towards the year end

    The Finnish economy was sluggish in the first half. GDP contracted over the previous year and unemployment increased. Forecast data suggests that the Finnish economy began to grow in the third quarter of 2024. Falling inflation and interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises may abruptly affect capital markets and the economic environment.

    OP Financial Group’s operating profit for 2024 is expected to be higher than that for 2023.

    The key uncertainties affecting OP Financial Group’s earnings performance in late 2024 relate to developments in the business environment, changes in the interest rate and investment environment, and developments in impairment loss on receivables. Forward-looking statements in this Interim Report expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view on developments in the economy, and actual results may differ materially from those expressed in the forward-looking statements.

    Press conference

    OP Financial Group’s financial performance will be presented to the media by President and Group Chief Executive Officer Timo Ritakallio in a press conference on 31 October 2024 at 11am at Gebhardinaukio 1, Vallila, Helsinki.

    Media enquiries: OP Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

    OP Corporate Bank plc and OP Mortgage Bank will publish their own interim reports.

    Schedule for financial reports for 2024:

    OP Amalgamation Pillar 3 Tables 30 September 2024 Week 45, 2024
    Report by the Board of Directors (incl. Sustainability Report) and Financial Statements 2024 Week 11, 2025 
    OP Financial Group’s Corporate Governance Statement 2024 Week 11, 2025 
    OP Financial Group’s Annual Report 2024 Week 11, 2025 
    OP Amalgamation Pillar 3 Disclosures 2024 Week 11, 2025 
    OP Financial Group’s Remuneration Report for Governing Bodies 2024 Week 11, 2025 
    Remuneration Policy for Governing Bodies at OP Financial Group Week 11, 2025 

    Schedule for Financial Statements Bulletin 2024 and Interim Reports and Half-year Financial Report in 2025:

    Financial Statements Bulletin 1 January‒31 December 2024 6 February 2025
    Interim Report 1 January–31 March 2025 7 May 2025
    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025
    OP Amalgamation Pillar 3 Disclosures 31 March 2025 Week 19, 2025 
    OP Amalgamation Pillar 3 Disclosures 30 June 2025 Week 32, 2025 
    OP Amalgamation Pillar 3 Disclosures 30 September 2025 Week 45, 2025 

    Helsinki, 31 October 2024

    OP Cooperative
    Board of Directors

    Additional information:

    Timo Ritakallio, President and Group Chief Executive Officer, tel. +358 (0)10 252 4500
    Mikko Timonen, Chief Financial Officer, tel. +358 (0)10 252 1325
    Piia Kumpulainen, Chief Communications Officer, tel. +358 (0)10 252 7317

    DISTRIBUTION

    Nasdaq Helsinki Ltd
    Euronext Dublin (Irish Stock Exchange)
    London Stock Exchange
    Major media
    op.fi

    OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi

    The MIL Network –

  • MIL-OSI: LanzaTech and Eramet announce plans for first-of-a-kind integrated Carbon Capture, Utilization and Storage (CCUS) project in Norway

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Oct. 31, 2024 (GLOBE NEWSWIRE) — LanzaTech Global, Inc. (NASDAQ: LNZA) (“LanzaTech”), the carbon recycling company transforming above-ground carbon into sustainable fuels, chemicals, materials, and proteins, today announced plans to develop a commercial-scale Carbon Capture and Utilization (“CCU”) facility (the “facility”, “plant”, or “project”) at Herøya Industrial Park in Porsgrunn, Norway. The plant will produce ethanol and is expected to begin operations in 2028. Eramet will supply furnace gas as feedstock to the facility from the Porsgrunn Manganese Alloys smelter but will not participate in its financing.

    To unlock further emissions reductions, the two companies also intend to build upon the CCU infrastructure and, if demonstrated to be feasible, integrate Carbon Capture and Storage (“CCS”) technology as part of a second phase of the project. The integration of LanzaTech’s CCU technology with CCS, two commercially proven carbon management solutions, is expected to establish a first-of-a-kind, integrated facility that drives leading-edge carbon abatement metrics.

    The new plant at Herøya will complement the six other commercial scale plants already using LanzaTech’s carbon recycling technology to produce ethanol and the first for which LanzaTech will manage the full scope of project design, construction, and operations. The project’s Front-end Engineering Design (FEED) phase was completed with global engineering firm Fluor Corporation, which brings deep experience and expertise across the project scope and has partnered with LanzaTech in creating a baseline plant design that can be replicated for projects around the world. The project is also being supported by Sweco Group, which brings best-in-class sustainability expertise and design acumen. From a project financing standpoint, LanzaTech’s infrastructure investment partner Brookfield Asset Management will have right of first refusal for financing and owning the project, with a Final Investment Decision (FID) expected within the next six months.

    LanzaTech’s proprietary technology is a fermentation process that biologically converts carbon-rich gases into sustainable raw materials, such as ethanol, for use in clothing, personal care products, packaging, fuel, and more. The facility’s maximum production capacity is expected to be 24 kilotons per annum of fuel-grade ethanol. Demand markets for this ethanol are wide ranging and include chemicals and sustainable aviation fuel. Given LanzaTech’s growing ethanol product sales business, the company intends to market the produced ethanol through its existing and emerging sales channels.

    Eramet Norway’s Porsgrunn smelter has two closed furnaces producing manganese alloys. Manganese smelting falls into the category of hard-to-abate, as carbon is necessary for the chemical reduction of manganese ore. Eramet Group, headquartered in France, is engaged in an ambitious decarbonization pathway, with a target of a 40% reduction of its scope 1 & 2 emissions by 2035 set by the company’s “Act for positive mining” CSR roadmap. CCUS has been identified by Eramet as a major lever of decarbonization for its metallurgical assets. Since metallurgy represents ~90% of Eramet’s scope 1 & 2 emissions, this project makes an important contribution to the validation of a path to Near Zero CO2-emission Manganese Alloys.

    The planned integration of LanzaTech’s CCU process with CCS technology demonstrates the ability of LanzaTech’s carbon recycling platform to partner with and enable other carbon management technologies to further reduce carbon footprints. Residual output from LanzaTech’s gas fermentation process at this facility will take the form of highly concentrated CO2, suitable for CCS, which reduces further operating and capital costs compared to a standalone CCS project.

    “We are thrilled to announce plans for Norway’s first commercial carbon recycling facility using LanzaTech’s technology,” said Dr. Jennifer Holmgren, CEO of LanzaTech. “Carbon is an incredibly important resource that requires a wide range of solutions to manage responsibly. By recycling above-ground carbon with our CCU process, this groundbreaking project gets us another step closer to realizing an enduring global circular carbon economy.”

    The facility in Porsgrunn would allow the Eramet Norway Porsgrunn smelter to achieve a significant reduction in its CO2 emissions. The potential inclusion of CCS in the project is pending results of a feasibility study and financing, though the companies remain optimistic about its implementation as further support of Norway’s position as a frontrunner in the deployment of CCUS.

    In addition to CO2 emissions reductions, the LanzaTech-Eramet collaboration will positively impact the local community by creating new jobs in the thriving industrial region of Grenland, and furthers the municipality’s reputation for technological innovation.

    Geoff Streeton, Chief Development Officer, in charge of strategy, innovation and business development at Eramet, stated (to be quoted for the global version), ‘Eramet is pleased to be collaborating with LanzaTech on this first-of-its-kind decarbonization project of our manganese smelters. Firstly, to ensure optimal circular value creation in the use our energy-rich furnace gas. Secondly, this creates an attractive option to further liquefy and ultimately sequester the remaining CO2streams. On a combined basis these CCU & CCS projects at Porsgrunn could bring a reduction of the company’s CO2emissions by ~200 kt of Eramet’s Scope 1 & 2 emissions. This project brings Eramet closer towards its target of producing and offering a Zero CO2manganese alloy product for the benefit of decarbonizing the value chain of steel.’

    About LanzaTech
    LanzaTech Global, Inc. (NASDAQ: LNZA) is the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein for everyday products. Using its biorecycling technology, LanzaTech captures carbon generated by energy-intensive industries at the source, preventing it from being emitted into the air. LanzaTech then gives that captured carbon a new life as a clean replacement for virgin fossil carbon in everything from household cleaners and clothing fibers to packaging and fuels. By partnering with companies across the global supply chain like ArcelorMittal, Zara, H&M Move, Coty, On, and LanzaJet, LanzaTech is paving the way for a circular carbon economy. For more information about LanzaTech, visit https://lanzatech.com.

    About Eramet
    Eramet transforms the Earth’s mineral resources to provide sustainable and responsible solutions to the growth of the industry and to the challenges of the energy transition. Its employees are committed to this through their civic and contributory approach in all the countries where the mining and metallurgical group is present. Manganese, nickel, mineral sands, and lithium: Eramet recovers and develops metals that are essential to the construction of a more sustainable world. As a privileged partner of its industrial clients, the Group contributes to making robust and resistant infrastructures and constructions, more efficient means of mobility, safer health tools and more efficient telecommunications devices. Fully committed to the era of metals, Eramet’s ambition is to become a reference for the responsible transformation of the Earth’s mineral resources for living well together.
    www.eramet.com

    Eramet Norway
    Operating manganese smelters in Porsgrunn, Sauda and Kvinesdal, Eramet Norway AS is fully owned by the French mining and metallurgical group Eramet SA and part of the Group’s manganese alloy business unit.
    Eramet Norway AS has a world leading market position on refined manganese alloys with one of the industry’s lowest carbon footprints, and is ambitiously pursuing the ultimate target of producing Zero CO2 manganese alloys for the benefit of decarbonizing the value chain of steel.
    www.eramet.no

    Forward Looking Statements
    This press release includes forward-looking statements regarding, among other things, the plans, strategies, and prospects, both business and financial, of LanzaTech. These statements are based on the beliefs, assumptions, projections and conclusions of LanzaTech’s management. Forward-looking statements are inherently subject to risks, uncertainties and assumptions, many of which are outside LanzaTech’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. LanzaTech cannot assure you that it will achieve or realize these plans, intentions or expectations. Forward-looking statements are not guarantees of future performance, conditions or results, and you should not rely on forward-looking statements.

    Generally, statements that are not historical facts, including those concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends” or similar expressions. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) timing delays in the advancement of projects to the final investment decision stage or into construction; (b) failure by customers to adopt new technologies and platforms; (c) fluctuations in the availability and cost of feedstocks and other process inputs; (d) the availability and continuation of government funding and support; (e) broader economic conditions, including inflation, interest rates, supply chain disruptions, employment conditions, and competitive pressures; (f) unforeseen technical, regulatory, or commercial challenges in scaling proprietary technologies, business functions or operational disruptions; and (g) other economic, business, or competitive factors, and other risks and uncertainties, including the risk factors and other information contained in LanzaTech’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, as well as other existing and future filings with the U.S. Securities and Exchange Commission.

    Any forward-looking statement herein is based only on information currently available to LanzaTech and speaks only as of the date on which it is made. LanzaTech undertakes no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Media contact LanzaTech:
    LanzaTech Global, Inc.
    Investor Relations
    Kate Walsh
    VP, Investor Relations & Tax
    Investor.Relations@lanzatech.com

    Media Relations
    Kit McDonnell
    Director of Communications
    press@lanzatech.com

    Media contact Eramet:
    Fanny Mounier
    Media Manager
    fanny.mounier@eramet.com
    +33 145383732

    Media contact Eramet Norway:
    Kåre Bjarte Bjelland
    Director Public Affairs
    kare.bjarte.bjelland@eramet.com
    +47 91636493

    The MIL Network –

  • MIL-OSI New Zealand: Surveys – New Zealand outranks Australia as the country that Americans want to relocate to the most, according to new research

    Source: Journo Research

    New Zealand ranks in eighth place with 11,866 average monthly searches, beating Australia with 10,919 searches.
    Canada is the country that Americans want to relocate to the most, with 28,722 average monthly relocation-related searches.
    The study analysed Google search data for keywords related to relocation inquiries to rank the countries Americans are most interested in moving to.

    New research reveals that Canada is the country Americans want to relocate to the most.
     
    Experts at QR Code Generator ranked countries by the average number of monthly Google searches for relocation-related terms, such as “move to Canada” and “Brazil visa.” The findings identified which countries Americans would like to relocate to the most.
     
    Canada ranks in first place with 28,722 average monthly searches. The country is the most searched in every state except California and Hawaii, where Japan holds the top spot.
     
    Vermont has the highest average monthly searches for Canada-related relocation terms per 100,000 of its population, at 20.34 searches.
     
    With 21,584 average monthly searches, Japan places second. Hawaii searches for Japan the most, with 26.36 average monthly searches per 100,000 locals. This search volume is also the highest out of any state’s interest in any country.
     
    Third place goes to Costa Rica with 15,511 average monthly searches. Montana has the highest average monthly searches for Costa Rica, with 8.90 searches per 100,000 residents.
     
    Brazil ranks in fourth place with 14,613 average monthly searches. With 7.64 average monthly searches per 100,000 locals, Massachusetts is the most interested in moving to Brazil.
     
    Earning fifth place, Mexico has 13,221 average monthly searches. South Dakota is the most interested in moving to Mexico, with 8.52 average monthly searches per 100,000 residents.

    Countries that Americans want to relocate to the most

     

    Ranking 

    Country 

    Average Monthly Google Searches  

    1 

    Canada 

    28,722 

    2 

    Japan 

    21,584 

    3 

    Costa Rica 

    15,511 

    4 

    Brazil 

    14,613 

    5 

    Mexico 

    13,221 

    6 

    Switzerland 

    12,963 

    7 

    Spain 

    12,592 

    8 

    New Zealand 

    11,866 

    9 

    Ireland 

    11,732 

    10 

    Italy 

    11,711 

     
    Switzerland ranks sixth, with 12,963 average monthly searches. With 5.08 average monthly searches per 100,000 locals, Massachusetts is the state that is the most interested in moving to the Central European country.
     
    With 12,592 average monthly searches, Spain takes seventh place. Even though Spain reaches its highest rank of fourth-most searched in New York, the state that has the highest volume of Spain-related searches is Rhode Island, with 7.98 searches per 100,000 residents.
     
    In eighth place, New Zealand has 11,866 average monthly searches. The country in Oceania was the second-most popular in Wyoming, Montana, and Hawaii, with 13.27, 9.42, and 11.85 average monthly searches per 100,000 locals, respectively.
     
    Ireland ranks in ninth place with 11,732 average monthly searches. Ireland was the second-most popular country with Vermont, Maine and West Virginia, receiving 13.77, 8.42, and 5.08 average monthly searches per 100,000 residents, respectively.
     
    Italy just makes the list in tenth place, with 11,711 searches. Alaska, Delaware, and Rhode Island had Italy as their second-most searched destination, with 12.84, 8.80, and 9.88 average monthly searches per 100,000 locals, respectively.  
     
    Marc Porcar, CEO of QR Code Generator PRO S.L, commented on the findings:
     
    “With its proximity and cultural similarities, Canada has emerged as the clear favorite for Americans considering a move abroad.

    “Yet some of the other top choices, like Japan, Costa Rica, and Brazil, are surprising, given the language barriers, unique cuisines, and distinct cultural landscapes they offer.

    “These findings reveal that many Americans aren’t just looking for an easy transition, but are drawn to the adventure of a richer, more diverse experience overseas.”

    If you publish these insights, please credit and link to QR Code Generator, as they conducted this research.
     
    Methodology
     
    To determine which countries have the highest interest for Americans looking to relocate, data from Google Keyword Planner was examined.  
     
    Terms like “move to [country]” and “visa [country]” were searched, and the average monthly search volume over the past 12 months was analysed to rank countries by the frequency of relocation searches.
     
    State data was compared to its respective populations.

    The 193 countries were taken from this United Nations source:

    https://www.un.org/en/about-us/member-states

    The combined search volume for each country’s 22 terms was calculated and used to rank the countries from highest to lowest average monthly searches.

    Full ranking: The countries Americans want to relocate to the most

     

    Ranking 

    Country 

    Average Monthly Google Searches  

    1 

    Canada 

    28,722 

    2 

    Japan 

    21,584 

    3 

    Costa Rica 

    15,511 

    4 

    Brazil 

    14,613 

    5 

    Mexico 

    13,221 

    6 

    Switzerland 

    12,963 

    7 

    Spain 

    12,592 

    8 

    New Zealand 

    11,866 

    9 

    Ireland 

    11,732 

    10 

    Italy 

    11,711 

    11 

    Portugal 

    11,057 

    12 

    Australia 

    10,919 

    13 

    Thailand 

    9,228 

    14 

    Germany 

    9,193 

    15 

    Turkey 

    9,089 

    16 

    Iceland 

    8,557 

    17 

    Norway 

    8,274 

    18 

    Sweden 

    7,696 

    19 

    France 

    7,685 

    20 

    United Kingdom 

    7,523 

    21 

    Greece 

    6,957 

    22 

    Netherlands 

    6,705 

    23 

    Kenya 

    6,632 

    24 

    Philippines 

    6,309 

    25 

    Finland 

    6,079 

    26 

    Denmark 

    6,013 

    27 

    Vietnam 

    6,005 

    28 

    Belize 

    5,838 

    29 

    Ghana 

    5,756 

    30 

    Panama 

    5,647 

    31 

    North Korea 

    5,441 

    32 

    South Korea 

    5,133 

    33 

    Dominican Republic 

    5,098 

    34 

    Russia 

    4,947 

    35 

    The Bahamas 

    4,851 

    36 

    South Africa 

    4,813 

    37 

    Argentina 

    4,769 

    38 

    Singapore 

    4,753 

    39 

    China 

    4,482 

    40 

    Taiwan 

    4,283 

    41 

    Poland 

    4,168 

    42 

    Israel 

    3,913 

    43 

    Colombia 

    3,910 

    44 

    India 

    3,906 

    45 

    Ecuador 

    3,885 

    46 

    Austria 

    3,648 

    47 

    Malaysia 

    3,633 

    48 

    Uruguay 

    3,510 

    49 

    Jamaica 

    3,386 

    50 

    Chile 

    3,356 

    MIL OSI New Zealand News –

  • MIL-OSI: OP Mortgage Bank: Interim Report 1 January–30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    OP Mortgage Bank
    Interim Report 1 January–30 September 2024
    Stock Exchange Release 31 October 2024 at 10.00 EET

    OP Mortgage Bank: Interim Report 1 January–30 September 2024

    OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Financial Group. Together with OP Corporate Bank plc, its role is to raise funding for OP Financial Group from money and capital markets.

    Financial standing

    The intermediary loans and loan portfolio of OP MB totalled EUR 16,628 million (16,988)* on 30 September 2024. Bonds issued by OP MB totalled EUR 14,915 million (14,915) at the end of September.

    OP MB’s covered bonds after 8 July 2022 are issued under the Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The collateral is added to the EMTCB cover pool from the member cooperative banks’ balance sheets via the intermediary loan process on the issue date of a new covered bond.

    In January, OP MB issued a covered bond in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of seven years and six months. All proceeds of the bond were intermediated to 63 OP cooperative banks in the form of intermediary loans.

    The terms of issue are available on the op.fi website, under Debt investors: www.op.fi/op-ryhma/velkasijoittajat/issuers/op-mortgage-bank/emtcb-debt-programme-documentation.

    On 30 September 2024, 98 OP cooperative banks had a total of EUR 14,800 million (14,800) in intermediary loans from OP MB.

    Impairment loss on receivables related to loans in OP MB’s balance sheet totalled EUR 0.1 million (-0.2). Loss allowance was EUR 2.4 million (2.6).

    Operating profit was EUR 6.4 million (8.3). The company’s financial standing remained stable throughout the reporting period.

    * The comparatives for 2023 are given in brackets. For income statement and other aggregated figures, the January–September 2023 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2023) serve as comparatives.

    Collateralisation of bonds issued to the public

    The covered bonds issued under the EMTCB programme worth EUR 25 billion established on 11 October 2022, in accordance with the Act on Mortgage Credit Banks and Covered Bonds (151/2022), totalled EUR 5,250 million. The cover pool included a total of EUR 5,781 million in loans serving as collateral on 30 September 2024. Overcollateralisation exceeded the minimum requirement under the Act (151/2022).

    The covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 20 billion established on 12 November 2010, in accordance with the Act on Mortgage Credit Banks (Laki kiinnitysluottopankkitoiminnasta, 688/2010), totalled EUR 9,665 million. The cover pool included a total of EUR 11,900 million in loans serving as collateral on 30 September 2024. Overcollateralisation exceeded the minimum requirement under the Act (688/2010).

    Capital adequacy

    OP MB’s Common Equity Tier 1 (CET1) ratio stood at 49.3% (41.8) on 30 September 2024. The ratio was improved by the decrease in mortgages on OP MB’s balance sheet and the resulting reduction in capital requirement for credit risk. The minimum CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer is 2.5%. The minimum total capital requirement is 8% (or 10.5% with the increased capital conservation buffer). Because OP MB covers capital requirements in their entirety with CET1 capital, the CET1 capital requirement is 10.5%. Estimated profit distribution has been subtracted from earnings for the reporting period.

    OP MB uses the Standardised Approach (SA) to measure its capital adequacy requirement for credit risk. The Standardised Approach is also used to measure the capital requirement for operational risks.

    OP MB belongs to OP Financial Group. As part of the Group, OP MB is supervised by the European Central Bank. OP Financial Group presents capital adequacy information in its financial statements bulletins and interim and half-year financial reports in accordance with the Act on the Amalgamation of Deposit Banks. OP Financial Group also publishes Pillar III disclosures.

    Own funds and capital adequacy, TEUR 30 Sep 2024 31 Dec 2023
    Equity capital 369,686 372,160
    Excess funding of pension liability -13 -13
    Share of unaudited profits   -7,490
    Proposed profit distribution -5,016  
    Insufficient coverage for non-performing exposures -4,632 -2,856
    CET1 capital 360,024 361,800
    Tier 1 capital (T1) 360,024 361,800
    Total own funds 360,024 361,800
    Total risk exposure amount    
    Credit and counterparty risk 679,352 812,205
    Operational risk 26,636 25,140
    Other risks* 24,774 27,336
    Total 730,762 864,682
    Ratios, %    
    CET1 ratio 49.3 41.8
    Tier 1 capital ratio 49.3 41.8
    Capital adequacy ratio 49.3 41.8
    Capital requirement    
    Own funds 360,024 361,800
    Capital requirement 76,765 90,829
    Buffer for capital requirements 283,259 270,971

    * Risks not otherwise covered.

    Liabilities under the Resolution Act

    Under regulation applied to crisis resolution of credit institutions and investment firms, the resolution authority is authorised to intervene in the terms and conditions of investment products issued by a bank in a way that affects an investor’s position. The EU’s Single Resolution Board (SRB) based in Brussels is OP Financial Group’s resolution authority. The SRB has confirmed a resolution strategy for OP Financial Group whereby the resolution measures would focus on the OP amalgamation and on the new OP Corporate Bank that would be formed in case of resolution. According to the resolution strategy, OP MB will continue its operations as the new OP Corporate Bank’s subsidiary.

    The SRB has set a Minimum Requirement for Own Funds and Eligible Liabilities (MREL) for OP MB. From May 2024, the MREL is 16% of the total risk exposure amount and 18.5% of the total risk exposure amount including a combined buffer requirement, and 6% of leverage ratio exposures. The requirement entered into force on 15 May 2024. The requirement includes a Combined Buffer Requirement (CBR) of 2.5%.

    OP MB’s buffer for the MREL requirement was EUR 215 million. The buffer consists of own funds only. OP MB clearly exceeds the MREL requirement. OP MB’s MREL ratio was 46% of the total risk exposure amount.

    Joint and several liability of amalgamation

    Under the Act on the Amalgamation of Deposit Banks (599/2010), the amalgamation of cooperative banks comprises the organisation’s central cooperative (OP Cooperative), the central cooperative’s member credit institutions and the companies belonging to their consolidation groups, as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 30 September 2024, OP Cooperative’s member credit institutions comprised 99 OP cooperative banks, OP Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc.

    The central cooperative is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy, and for compliance with harmonised accounting policies in the preparation of the amalgamation’s consolidated financial statements.

    As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions the amount necessary to preventing the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution’s assets.

    Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as a support measure or to a creditor of such a member bank in payment of an overdue amount which the creditor has not received from the member bank. Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing liability for the central cooperative’s debts as referred to in the Co-operatives Act.

    Each member bank’s liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member banks in proportion to their last adopted balance sheets. OP Financial Group’s insurance companies do not fall within the scope of joint and several liability.

    According to section 25 of the Act on Mortgage Credit Banks (688/2010), which was valid at that time, the creditors of covered bonds issued prior to 8 July 2022 have the right to receive payment, before other claims, for the entire term of the bond, in accordance with the terms and conditions of the bond, out of the funds entered as collateral for the bond, without this being prevented by OP MB’s liquidation or bankruptcy. A similar and equal priority also applies to derivative contracts entered in the register of bonds, and to marginal lending facilities referred to in section 26, subsection 4 of said Act. For mortgage-backed loans issued prior to 8 July 2022 and included in the total amount of collateral of covered bonds, the priority of the covered bond holders’ payment right is limited to the amount of loan that, with respect to home loans, corresponds to 70% of the value of shares or property serving as security for the loan and entered in the bond register at the time of the issuer’s liquidation or bankruptcy declaration.

    Under section 20 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022), which entered into force on 8 July 2022, the creditors of bonds issued after 8 July 2022, including the related management and clearing costs, have the right to receive payment from the collateral included in the cover pool, before other creditors of OP MB or the OP cooperative bank which is the debtor of an intermediary loan. A similar priority also applies to creditors of derivative contracts related to covered bonds, including the related management and clearing costs. Interest and yield accruing on the collateral, and any substitute assets, fall within the scope of said priority. Section 44, subsection 3 of the Act on Mortgage Credit Banks and Covered Bonds includes provisions on the creditor’s priority claim regarding cover pool liquidity support. According to said subsection, the creditor has the right to receive payment against the funds contained in the cover pool after claims based on the principal and interest of covered bonds secured by the cover assets included in the cover pool, obligations based on derivatives contracts associated with covered bonds, as well as administration and liquidation costs.

    Sustainability and corporate responsibility

    Responsible business is one of OP Financial Group’s strategic priorities. OP Financial Group’s sustainability programme guides the Group’s actions and is built around three themes: Climate and the environment, People and communities, and Corporate governance. Read more about the sustainability programme at www.op.fi/en/op-financial-group/corporate-social-responsibility.

    At OP Financial Group, sustainability and corporate responsibility are guided by a number of principles and policies. OP Financial Group is committed to complying not only with all applicable laws and regulations, but also with a number of international initiatives. The Group is committed to complying with the ten principles of the UN Global Compact initiative in the areas of human rights, labour rights, the environment and anti-corruption. OP Financial Group is a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Furthermore, OP Financial Group is committed to complying with the UN Principles for Responsible Investment and the UN Principles for Sustainable Insurance.

    As of the reporting year 2024, OP Financial Group reports on its sustainability and corporate responsibility in accordance with the European Sustainability Reporting Standards (ESRS) under the EU’s Corporate Sustainability Reporting Directive (CSRD).

    OP Financial Group has drawn up a biodiversity road map that includes measures to promote biodiversity at OP Financial Group. The aim is to create a nature positive handprint by 2030. ‘Nature positive’ means that OP Financial Group’s operations will have a net positive impact (NPI) on nature.

    OP Financial Group has also drawn up a Human Rights Statement and Human Rights Policy. OP Financial Group respects all recognised human rights, and the Human Rights Statement includes the requirements and expectations that OP Financial Group has set for itself and actors in its value chains. OP Financial Group is committed to remediation actions if it causes adverse human rights impacts.

    In March 2024, OP MB published a Green Covered Bond Report on the allocation and impacts of Finland’s first green covered bonds issued in March 2021 and April 2022. Under OP MB’s Green Covered Bond Framework, the proceeds from the bonds have been allocated to mortgages with energy-efficient residential buildings as collateral.

    The environmental impacts allocated to the green covered bonds in 2023 were 59,000 MWh of energy use avoided per year and 8,800 tonnes of CO2-equivalent emissions avoided per year. 

    Personnel

    On 30 September 2024, OP MB had six employees. OP MB has been digitising its operations and purchases all key support services from OP Cooperative and its Group members, reducing the need for its own personnel.

    Management

    The Board composition is as follows:

    Chair Mikko Timonen Chief Financial Officer, OP Cooperative
    Members Satu Nurmi Head of Personal Finance and Real Estate Services,
    OP Retail Customers plc
      Mari Heikkilä Head of Group Treasury & ALM, OP Corporate Bank plc

    OP MB’s Managing Director is Sanna Eriksson. The deputy Managing Director is Tuomas Ruotsalainen, Senior Covered Bonds Manager at OP MB.

    Risk profile

    OP MB has a strong capital base, capital buffers and risk-bearing capacity, and they are expected to remain strong throughout the rest of the year.

    OP MB’s most significant risks are related to the quality of collateral and to the structural liquidity and interest rate risks on the balance sheet for which limits have been set in the Banking Risk Policy. The key credit risk indicators in use show that OP MB’s credit risk exposure is stable. OP MB has used interest rate swaps to hedge against its interest rate risk. Interest rate swaps have been used to swap home loan interest, intermediary loan interest and interest on issued bonds onto the same basis rate. OP MB has concluded all derivative contracts for hedging purposes, applying fair value hedges which have OP Corporate Bank plc as their counterparty. OP MB’s interest risk exposure is under control and has been within the set limit.

    The liquidity buffer for OP Financial Group is centrally managed by OP Corporate Bank and therefore exploitable by OP MB. At the end of the reporting period, OP Financial Group’s Liquidity Coverage Ratio (LCR) was 214% and the Net Stable Funding Ratio (NSFR) was 130%. OP MB monitors its cash flows on a daily basis to secure funding liquidity and its structural funding risk on a regular basis as part of the company’s internal capital adequacy assessment process (ICAAP).

    An analysis of OP MB’s risk exposure should always take account of OP Financial Group’s risk exposure, which is based on the joint and several liability of all its member credit institutions. The member credit institutions are jointly liable for each other’s debts. All member banks must participate in support measures, as referred to in the Act on the Amalgamation of Deposit Banks, to support each other’s capital adequacy.

    OP Financial Group analyses the business environment as part of the ongoing risk assessment activities and strategy process. Megatrends and worldviews behind OP Financial Group’s strategy reflect driving forces that affect the daily activities, conditions and future of the Group and its customers. Factors currently shaping the business environment include climate, biodiversity loss, scientific and technological innovations, polarisation, demography and geopolitics. External business environment factors are considered thoroughly, so that their effects on customers’ future success are understood. OP Financial Group provides advice and makes business decisions that promote the sustainable financial success, security and wellbeing of its owner-customers and operating region while managing the Group’s risk profile on a longer-term basis. Advice for customers, risk-based service sizing, contract lifecycle management, decision-making, management and reporting are based on correct and comprehensive information.

    Events after the reporting period

    In October, OP MB issued a covered bond in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of five years. All proceeds of the bond were intermediated to 48 OP cooperative banks in the form of intermediary loans.

    The terms of issue are available at the op.fi website, under Debt investors: www.op.fi/op-ryhma/velkasijoittajat/issuers/op-mortgage-bank/emtcb-debt-programme-documentation.

    In October, OP MB’s Board of Directors decided to sell OP MB’s on-balance sheet loan portfolio of EUR 1,825 million to 85 OP cooperative banks later this year.

    Outlook for 2024

    The Finnish economy was sluggish in the first half. GDP contracted over the previous year and unemployment increased. Forecast data suggests that the Finnish economy began to grow in the third quarter of 2024. Falling inflation and interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises may abruptly affect capital markets and the economic environment.

    OP MB’s capital adequacy is expected to remain strong and risk exposure favourable. This will enable the issuance of new covered bonds also in the future.

    Time of publication of 2024 reports

    Report by the Board of Directors and Financial Statements 2024 Week 11, 2025
    Corporate Governance Statement 2024 Week 11, 2025

    Schedule for Financial Statements Bulletin 2024 and Interim Reports in 2025

    Financial Statements Bulletin 1 January‒31 December 2024 6 February 2025
    Interim Report 1 January–31 March 2025 7 May 2025
    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025

    Helsinki, 31 October 2024

    OP Mortgage Bank
    Board of Directors

    Additional information:

    Managing Director Sanna Eriksson, phone +358 10 252 2517

    DISTRIBUTION

    LSE London Stock Exchange
    Euronext Dublin (Irish Stock Exchange)
    Officially Appointed Mechanism (OAM)
    Major media
    op.fi

    The MIL Network –

  • MIL-OSI: CoinShares Appoints Lisa Avellini as Group General Counsel

    Source: GlobeNewswire (MIL-OSI)

    31stOctober 2024 | SAINT HELIER, Jersey | CoinShares International Limited (“CoinShares” or “the Group”) (Nasdaq Stockholm: CS; US OTCQX: CNSRF), the leading European investment company specialising in digital assets, is pleased to announce the appointment of Lisa Avellini as Group General Counsel, effective November 4, 2024.

    Lisa brings a wealth of valuable experience to CoinShares, with an extensive background in legal and compliance roles within leading global financial institutions. She joins CoinShares after three years at Balyasny Asset Management, where she oversaw global legal and compliance requirements for the credit division.

    Prior to her tenure at Balyasny, Lisa spent three years at Citadel, where she provided strategic legal guidance across a range of complex financial transactions and regulatory matters.

    Jean-Marie Mognetti, CEO of CoinShares, commented:

    “As the digital asset ecosystem increasingly aligns with traditional finance and its regulatory frameworks, Lisa’s extensive legal and regulatory experience with established investment firms strengthens our expertise to navigate this evolving landscape.

    Lisa’s appointment reinforces our leadership team and underscores our unwavering commitment to exemplary legal and regulatory compliance. Her arrival not only enhances our capabilities but also signifies CoinShares’ entry into a new growth phase, demonstrating our ability to attract premier talent from the world’s foremost investment companies.”

    Lisa Avellini added:

    “I am excited to join CoinShares at such a pivotal time in the company’s development. My career has always been driven by curiosity and innovation, and the digital asset industry presents unique challenges and opportunities. This is why I have decided to join a leader in this emerging industry. I look forward to contributing my experience to support CoinShares’ strategic objectives and to further enhance its strong compliance culture.”

    In her role as Group General Counsel, Lisa will oversee all legal and regulatory matters for CoinShares globally, providing strategic advice to the executive team and supporting the company’s growth initiatives.

    ABOUT COINSHARES

    CoinShares is the leading European investment company specialising in digital assets, that delivers a broad range of financial services across investment management, trading and securities to a wide array of clients that includes corporations, financial institutions and individuals. Focusing on crypto since 2013, the firm is headquartered in Jersey, with offices in France, Sweden, Switzerland, the UK and the US. CoinShares is regulated in Jersey by the Jersey Financial Services Commission, in France by the Autorité des marchés financiers, and in the US by the Securities and Exchange Commission, National Futures Association and Financial Industry Regulatory Authority. CoinShares is publicly listed on the Nasdaq Stockholm under the ticker CS and the OTCQX under the ticker CNSRF.

    For more information on CoinShares, please visit: https://coinshares.com
    Company | +44 (0)1534 513 100 | enquiries@coinshares.com
    Investor Relations | +44 (0)1534 513 100 | enquiries@coinshares.com

    PRESS CONTACT

    CoinShares
    Benoît Pellevoizin
    bpellevoizin@coinshares.com

    M Group Strategic Communications
    Peter Padovano
    press@coinshares.com

    The MIL Network –

  • MIL-OSI: International Petroleum Corporation to release Third Quarter 2024 Financial and Operational Results on November 5, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 31, 2024 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) will publish its financial and operating results and related management’s discussion and analysis for the three and nine months ended September 30, 2024, on Tuesday, November 5, 2024 at 07:30 CET, followed by an audiocast at 09:00 CET.

    Listen to William Lundin, President and CEO, and Christophe Nerguararian, CFO, commenting on the third quarter 2024 financial and operating results and the latest developments from IPC.

    Follow the presentation live starting at 09:00 CET on Tuesday, November 5, 2024 on www.international-petroleum.com or using the link/dial-in details below:

    Presentation Link: ipc.videosync.fi/2024-11-05-q3

    Dial-in numbers  Canada/USA: +1 786 697 3501
      UK: +44 33 0551 0200
      Sweden: +46 8 50520424
         
    Password Quote “IPC Q3” when prompted by the operator
       

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50

    Or

    		 Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    The MIL Network –

  • MIL-OSI Security: From Lone Stars to Allies – NATO fighter pilots train in Texas

    Source: NATO

    Wichita Falls, Texas is home to the Euro-NATO Joint Jet Pilot Training Program, where aspiring aviators from 14 NATO member countries see if they have what it takes to fly with the Alliance’s best.

    The home of a transatlantic training mission

    Wichita Falls doesn’t seem like a place that should mean anything to a European fighter pilot. But if you were to ask Jade, a lieutenant in the Belgian Air Force, if she’s ever heard of the place, she might give you a knowing smirk.

    It’s where she learned to fly.

    The sky over Sheppard Air Force Base thundered as sleek jets knifed through the air, breaking left over the runway in preparation for landing. Home of the US Air Force’s 80th Flying Training Wing, Sheppard owns the busiest airspace in the United States. Planes are constantly landing, taking off or queueing on the long taxiways. A bumper sticker on the back of one car reads: “I Heart Jet Noise.”

    The Euro-NATO Joint Jet Pilot Training Program (ENJJPT) has been turning out NATO fighter pilots since 1981, when seven Allies founded the school at Sheppard Air Force Base in Wichita Falls. Most joint NATO initiatives are based in Europe (where 30 of the 32 NATO member countries are located), but Sheppard was chosen as the ideal location for ENJJPT because of its existing training facilities, year-round good flying weather and the wide-open Texan skies. Today, more than 40 years later, 14 national flags fly outside the squat, brick building that houses ENJJPT’s headquarters, representing the 14 participating NATO Allies: Belgium, Canada, Denmark, Germany, Greece, Italy, the Netherlands, Norway, Portugal, Romania, Spain, Türkiye, the United Kingdom and the United States.

    Inside, Italian pilots saunter through the maze-like corridors, passing groups of Romanians, Norwegians, Spaniards and Danes. In the gear room, Greek instructors put on their flight vests and G-Suits (trousers lined with inflatable air pockets that keep pilots conscious during high-speed turns) and wait for their students. On their way out, they pass groups of Canadian and Turkish students coming back from training sorties, their hair matted with sweat, their faces flushed with victory: it’s another flight down, another step closer to their wings.

    Ask one of the European student aviators how they like living in the Lone Star State, and they’ll twist their mouth into a curious smile and say something like: “I like it.” Which might be a polite way of saying: I’m from a small village in Germany and I’ve never heard someone say “yeehaw” before.

    Fixin’ to fly – A rigorous training schedule

    Not that the students get many chances to sample the local culture. From the moment they arrive at Sheppard and drop their suitcases, their schedules are packed. First stop is “ground school”, where students learn the fundamental science of flight. Then students get fitted for helmets, harnesses and G-suits and climb into their first aircraft, the T-6 Texan II.

    With the instructors watching from the backseat, this is where the student aviators take the stick for the first time. They learn how to take off, fly in formation and land, keeping the aircraft on speed and on course. It’s a time of firsts, each with its own tradition: a student’s first flight is called a “Dollar Ride” because students are expected to give their instructors a Silver Dollar coin. After a student’s first solo flight, their classmates haul them off to a nearby pool of water for a well-deserved bath.

    From here, some students leave Wichita Falls to learn how to fly multi-engine transport aircraft like the C-130 Hercules. Those destined for fighter jets, however, must conquer the T-38 Talon.

    Save a horse, ride a jet plane – training with the Talon

    The Talon is skinny as a scalpel, with wings so thin they seem to disappear when viewed head-on. Its long snout slopes up to a bubble canopy, which encloses two ejection seats. It looks fast, and it is; with afterburners lit, it can punch through the sound barrier and send a sonic boom smashing across the north Texas Plains. One Dutch Major, callsign “Homer”, compares it to a ’66 Mustang sports car – fitting, he notes, because the Talon first entered service in the 1960s.

    The jet will be replaced in the coming years, but in the meantime it’s still a worthy teacher. Its hydraulic flight controls demand that students pay attention, feeling the jet through the stick and continuously “trimming out” to ensure balanced flight. Its stubby wings are built for maximum speed, not maximum stability, and if the inattentive student bleeds too much speed in a turn, it will fall out of the sky – or, as the instructors prosaically put it, “depart controlled flight.”

    When Lieutenant Jade first took off in a Talon, she was used to the T-6 Texan II, and she wasn’t ready for the raw power pumped out by the jet’s two turbojet engines. She had to stand on the brakes to keep the aircraft static as she pushed the throttle to “mil” – full military power. She felt the aircraft tremor as the afterburners lit. When she released the brakes, the jet leapt forward.

    “For me, that day was like… I knew I was on the right track,” she said.

    Getting back in the saddle

    The Talon curriculum is the hardest part of ENJJPT. When students aren’t flying, they’re studying. When they aren’t studying, they’re in the simulator, practising skills like flying in close formation, or the thrill of high-speed, low-level flight. And when they’re not in the simulator, they’re sleeping.

    “Sometimes it’s a bit too fast, and I have to catch up,” Jade said. “That’s the biggest struggle I’ve had so far. That gets me feeling down about it, sometimes. But then it’s even more rewarding when you’re able to step up and strive again.”

    The students know that success is not guaranteed. Plenty of their peers buckle under the stress and leave the Program to serve out their military commitments elsewhere in their country’s armed forces. But for most, failure is not an option. Washing out would mean turning their back on something that’s called to them all their life.

    “Everyone wishes to have an impact on the world,” Jade said. “That’s how I think I can make the biggest impact.”

    Earning their wings

    If a student proves that they can master the demands of high-speed flight in the Talon, they head towards “Drop Night” – the ceremony where they find out which jet they’re going to fly. For the US Air Force, which operates a variety of fighter, bomber and transport aircraft, the suspense is real. When a student is assigned to their first-pick aircraft, some literally leap with joy and relief.

    For Jade, there was little suspense – the Belgian Air Force primarily flies one tactical jet, the F-16 Fighting Falcon multirole fighter, although Belgium is now replacing its F-16 fleet with F-35 Lightning II fifth-generation stealth fighters – but the glee in having passed a demanding curriculum was undiluted. When she “dropped” the F-16, she leapt into the air, pumping her fists before being carried away by her cheering classmates.

    Jade has since left Sheppard to learn how to fly the F-16. Eventually, perhaps, she’ll be deployed to eastern Europe, where NATO Allies have significantly increased the number of fighters on standby to respond to airborne threats, part of the NATO Air Policing mission on the Alliance’s eastern flank. Until then, the next generation of aspiring military aviators has already begun training at Sheppard, joining a decades-long tradition of taking to the skies together.

    MIL Security OSI –

  • MIL-OSI: Change to the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    To Nasdaq OMX Copenhagen
    30 October 2024
    Company Announcement No 14/2024

    Change to the Board of Directors

    Today, Ellen Dalsgaard Zdravkovic, member of the Board of Directors in the Bank of Greenland has informed us, that she steps down from the Board of Directors as of today. The change happens because she takes on a new position in another financial institution.

    Ellen Dalsgaard Zdravkovic has been a member of the Board of Directors in the Bank of Greenland since March 2021. Following the resignation, Chairman Gunnar í Liða states that: ”Ellen Dalsgaard Zdravkovic has been a well-liked member of the Board of Directors and has made a great effort for the Bank of Greenland. I thank Ellen for her contribution and wish her the best of luck going forward”.

    26 March 2025, on the Annual General Meeting, a new candidate to the Board of Directors will be recommended instead of Ellen Dalsgaard Zdravkovic. Until then, the Board of Directors in the Bank of Greenland will consist of 8 board members.

    Please direct any questions to:

    The Bank of Greenland
    Martin Kviesgaard
    Managing Director

    Attachment

    The MIL Network –

  • MIL-OSI Global: ‘Noah’s arks’ for fruit trees: How conservation orchards preserve and boost biodiversity

    Source: The Conversation – France – By Amandine Cornille, Research associate professor, Centre national de la recherche scientifique (CNRS)

    There are wild apple orchards across France, including on the Saclay plateau south of Paris. Fourni par l’auteur

    The COP16 biodiversity conference opened on October 21, 2024. The UN conference is an opportunity to highlight that biodiversity is crucial for ensuring a sustainable food system. However, it is directly threatened by climate change and its side effects, such as the emergence of parasites. These disruptions, which reduce crop productivity and increase harvest uncertainty, threaten global food security.

    Finding solutions to save the viability of our crops is a priority. In this area, the wild relatives and varieties of currently cultivated plants offer a source of genetic diversity for coping with global changes. Indeed, for thousands of years, they have faced major environmental changes. Some wild species have thus contributed to the adaptation of cultivated plants to high altitudes and various climatic conditions.

    If we intend to rely on wild relatives to ensure crop diversification, we must characterize their diversity and ability to respond to climate change. Conservation and development programmes for diversity in agrosystems have already been initiated for annual species, such as cereals. Perennial species, like fruit trees, however, remain too neglected, even as human activities threaten their wild relatives. It is high time to come to their rescue!

    The limitations of large seed banks for protecting fruit trees

    Vavilov Institute, Saint Petersburg.
    Dag Terje Filip Endresen, CC BY-NC-ND

    Faced with the collapse of biodiversity, nearly 2,000 seed banks have been created worldwide. The oldest, a pioneer in conserving the genetic diversity of plants, was established over 100 years ago in Saint Petersburg, Russia, at the Vavilov Institute, named after the scientist who initiated these collections. Another well-known example is the Svalbard Global Seed Vault, set up in Norway in 2008. These “bunkers” are essential for preserving the genetic diversity of as many cultivated plant species and their wild relatives as possible. However, they are somewhat challenging to utilise in emergencies for certain plant species.

    While new seeds can be obtained within a year for annual cereals, fruit trees can take years to reach sexual maturity and produce flowers and pollen, which presents a major challenge. Crossbreeding wild relatives with cultivated species, necessary to introduce favourable traits such as parasite resistance or climate adaptation, is lengthy. Leveraging the genetic heritage of fruit trees to address immediate challenges requires access to genetic material from mature trees, whose traits are already known and proven under specific environmental conditions. Therefore, genetic resource “bunkers,” while crucial for preserving diversity, are insufficient for fruit trees.

    Our access to the genetic diversity of cultivated fruit trees and their wild relatives is currently limited, making it difficult to address the rapid changes occurring globally.

    Conservation orchards: the “Noah’s arks” for fruit trees

    Fruit trees have played a central role in human history through their economic and cultural value. The genetic exchanges between wild and cultivated fruit trees form the basis for the diversity of shape and taste in our fruits. The wild relatives of these cultivated fruit trees also have a significant role to play, as they have demonstrated resilience to parasites and climate change.

    Conservation orchards, or living collections, for fruit trees serve as a means to preserve genetic diversity while making it available in case of emergencies to preempt threats associated with global changes. Unlike seed banks, these collections provide immediate access to the necessary materials (pollen and flowers) for crossbreeding in varietal improvement programmes, as well as for reforestation and the conservation of wild relatives in forests.

    These conservation orchards also serve as open-air laboratories to study the response of fruit trees to climate conditions and parasite attacks, as well as the evolutionary and ecological processes that give rise to biodiversity. These spaces of genetic diversity, where different genotypes are planted over several years across a large area, also help limit the emergence of parasites by controlling their populations, thereby maintaining the delicate balance of biodiversity and ensuring dynamic agroecosystems. Finally, they act as venues for outreach and scientific mediation to raise awareness about fruit biodiversity in agroecosystems and ecosystems.

    The “poor cousins” in conservation efforts

    In France, living collections of cultivated fruit trees, housed by both research institutes and associations such as the “Croqueurs de Pommes” (munchers of apples) represent a valuable genetic heritage. In 2020, 168,400 hectares of orchards were recorded; however, wild fruit tree orchards are less documented and much rarer. This is regrettable, considering that these wild relatives are directly threatened by habitat fragmentation and gene flow from cultivated fruit trees in orchards, even though they are invaluable allies in addressing climate change.

    However, there are some notable examples, such as the conservation orchards of wild olive trees at the French National Research Institute for Agriculture, Food and Environment (INRAE) centre in Montpellier, the wild plum orchard in Lorraine, the wild apricot orchards at the INRAE centre in Bordeaux-Aquitaine, and various wild apple orchards across France including on the Saclay plateau [https://x.com/PommierVerger]. These orchards, established with the help of research institutes and local public initiatives, provide a unique opportunity to study the impact of parasite attacks and climate change on cultivated fruit trees and their wild relatives. Many more are being established across Europe, so it’s definitely something to keep an eye on!

    Screening local fruit trees to help them adapt to global changes

    Public involvement via citizen science is another way to gather information for the conservation of genetic diversity of fruit trees. Individuals can directly collect data from fruit trees near them – whether in their gardens, public parks or nearby fields – to advance research. These valuable contributions help ensure the monitoring of changes in flowering times related to climate change.

    This aligns with initiatives launched through Pl@ntNet, an application that allows users to identify plant species using a simple photo, and Tela Botanica, which connects beginners with expert botanists to assist in launching collaborative projects.

    By investing in the creation and maintenance of new orchards, strengthening collaboration among research institutes, associations and conservation organisations, and mobilising the public, one can play a role in preserving fruit biodiversity while enhancing fruit trees’ resilience to increasing environmental pressures.

    Acknowledgments: Evelyne Leterme, Henri Fourey, Mathieu Brisson, Amandine Hansart, Alexandra Detrille, Mouhammad Noormohamed, the association Les Croqueurs de Pommes, and all project collaborators and participants as well as the general public.

    Amandine Cornille (associate professor at New York University Abu Dhabi) has received funding from NYUAD, CNRS (ATIP-Avenir CNRS-Inserm), the European LEADER/FEDER program, the BNP Paribas “Climate and Biodiversity Initiative” Foundation, Institut Diversité Ecologie et Evolution du Vivant (IDEEV), Université Paris Saclay, CNRS, AgroParistech, INRAE, Center for interdisciplinary studies on biodiversity, agroecology, society and climate (C-BASC), CLand Convergence Institute and ANR.

    Karine Alix has received funding from AgroParisTech, CNRS, INRAE, ANR and IDEEV.

    – ref. ‘Noah’s arks’ for fruit trees: How conservation orchards preserve and boost biodiversity – https://theconversation.com/noahs-arks-for-fruit-trees-how-conservation-orchards-preserve-and-boost-biodiversity-242421

    MIL OSI – Global Reports –

  • MIL-OSI: CEO Emre Gürsoy leaves Agillic and Christian Samsø is appointed new CEO

    Source: GlobeNewswire (MIL-OSI)

    Announcement no. 08 2024
    Inside information

    Copenhagen – 30 October 2024 – Agillic A/S

    The Board of Directors of Agillic A/S (“Agillic”) informs that CEO Emre Gürsoy leaves the company, and that
    Christian Samsø is appointed new CEO of Agillic.

    Mr. Samsø has served as Chief Sales Officer and in the Management Team of Agillic since late September 2024. His previous experience includes positions as CEO of Goodiebox, CEO of CBIT and he holds a board position in MapsPeople.

    Christian Samsø will take up the position as CEO, and Emre Gürsoy will leave the company with immediate effect.

    For further information, please contact:
    Joar Welde, Chair of the Board of Directors
    Joar.Welde@vikingventure.com

    Certified Adviser
    John Norden, Norden CEF A/S

    About Agillic A/S
    Agillic is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create. automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with teams in Germany, Norway, and Romania.
    For further information, please visit www.agillic.com  

    Attachment

    The MIL Network –

  • MIL-OSI United Kingdom: expert reaction to the news that UKHSA has detected the first case of Clade Ib mpox in the UK, in an individual who’d been on holiday in Africa

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on news that the first case of Clade Ib Mpox has been detected in the UK. 

    Dr Brian Ferguson, Associate Professor of Immunology, University of Cambridge, said:

    “The UK Health Security Agency (UKHSA) announced today that it has detected a single confirmed human case of Clade Ib mpox in the UK.  This case is from an individual who has recently returned from travelling in countries in Africa where there are currently cases of Clade 1b mpox being found in the community.  This is an unsurprising event and likely will not be the only time this happens in the UK.  It follows discovery of similar imported cases in Germany and Sweden and other countries globally.  The close contacts of this individual are being sought and should be offered testing and vaccines in line with current policy to help reduce the chances of onward transmission.  The UK government recently purchased 150,000 doses of mpox vaccine from Bavarian Nordic to help with such efforts, although the longevity of the protection afforded by this vaccine has recently been called into question.  The clade 1b mpox is more virulent than clade 2 virus that caused the outbreak in 2022 and is causing more cases of disease in younger people than the clade 2 virus in Africa.  As such continued surveillance and early diagnosis and treatment is very important to minimise the chances of onward transmission of imported cases.”

    Prof Jonathan Ball, Deputy Vice-Chancellor, and Professor of Molecular Virology, Liverpool School of Tropical Medicine, said:

    “This is not unexpected.  There are active human to human transmission chains of Clade 1b monkeypox infections in several countries in sub-Saharan Africa, and therefore people coming into close contact with anyone infected is at risk.

    “WHO previously announced the Mpox outbreak a public health emergency of international concern in recognition of its potential for continued and potentially accelerated spread if the global community did not come together in a concerted effort to stamp out the current outbreak.  This was more recently backed up by the announcement yesterday of activation of the Global Health Emergency Corps to strengthen the response.

    “The number of cases reported outside of Africa remains low, but the ability of Clade 1b virus to spread by human to human transmission means that this issue can not be ignored.  It is unlikely that we will see extensive outbreaks in countries with well developed public health and surveillance systems, but it is a reminder that we need to do more to remove health inequalities around the world.”

    https://www.gov.uk/government/news/ukhsa-detects-first-case-of-clade-ib-mpox

    Declared interests

    Dr Brian Ferguson: “I don’t have any conflicts of interest.”

    For all other experts, no reply to our request for DOIs was received.

    MIL OSI United Kingdom –

  • MIL-OSI Global: The UK plans to rebuild its crumbling classrooms – but it should take this chance to transform the school environment

    Source: The Conversation – UK – By Edward Edgerton, Reader in Psychology, University of the West of Scotland

    Inside Creative House/Shutterstock

    Chancellor Rachel Reeves has pledged £1.4 billion to meet a target of rebuilding 50 schools in England a year. The funding boost follows the news of slow progress on the government’s school rebuilding programme. This effort began in 2020 but has been under particular scrutiny since the closure of school buildings made with reinforced autoclaved aerated concrete (Raac) in 2023.

    A 2023 report from the National Audit Office estimated that 700,000 students in England are learning in schools that the Department for Education believes require major rebuilding or refurbishment.

    These rebuilding programmes have promised to produce state-of-the-art schools. But I believe that the focus in the UK is still too much on the condition of the building, rather than the approach in countries like Finland where the focus is on the relationship between school design and teaching and learning practice.

    In Scotland, recent figures highlight that 91.7% of school buildings are in a “good/satisfactory” condition, and 92.0% of pupils are now educated in school environments rated as “good/satisfactory” condition. Here, condition refers to the state of the school fabric – such as state of, the appropriateness of the design, and the health-and-safety requirements.

    In the past, researchers have questioned whether there is any need to go beyond this minimum standard and suggested that schools might not need to be any more than adequate.

    I believe there should be higher aspirations for the UK’s school estate. To understand why, we need to think about the role of the school environment. It is much more than simply providing a safe, weatherproof building for teaching children and young people.

    Many studies have shown that teaching and learning activities can be impaired by environmental characteristics such as noise, ventilation, colour and furniture arrangement.

    However, there is disappointingly little research that explores the whole school environment, how it is experienced by students and how it relates to important outcomes, such as exam results.

    There are some notable exceptions. A report on primary schools in England, conducted by researchers from the University of Salford in 2015, showed that well-designed classrooms can boost children’s academic performance in reading, writing and maths.

    A few aspects were of particular importance. They included naturalness (the light, temperature and air quality), individualisation (classrooms with varied floor plan shapes and breakout spaces, along with elements that pupils can personalise such as coat pegs) and stimulation (appropriate levels of complexity in use of colour and wall displays).

    Student experience

    My own research with colleagues on secondary schools in Scotland showed that there were substantial improvements in students’ feelings of security and small improvements in behaviour and motivation for learning in newly built schools.

    We found that these improvements were long lasting and were not due simply to the effect of their novelty. The improvements in feelings of safety and security seem to be linked to features such as more spacious corridors and staircases with natural daylight and good locker facilities.



    Read more:
    School concrete crisis: how Raac has been used well beyond its expiry date

    We also found that how students experience and evaluate their school environment is related to their academic performance. Students with more positive perceptions of their school environment have better academic performance. This is especially true where pupils feel positive about the physical comfort of the social and teaching spaces in the school.

    School rebuilding programmes provide a unique opportunity for educational experts, environmental psychologists and design professionals to collaborate to find out what works and why.

    The need to recognise and learn about the role of school buildings in the education process is only likely to increase as we accommodate more students with additional support needs in mainstream schools and strive to create inclusive schools that respond to needs of neurodiverse students.

    The government’s ambition for school rebuilding should go beyond simply fixing crumbling schools. As well as supporting learning and teaching, schools should provide an environment that encourages young people in their social development and aims to give them the best start in life possible.

    Edward Edgerton received funding from East Dunbartonshire Council for a research project evaluating
    its secondary school rebuilding programme (2006-2010).

    – ref. The UK plans to rebuild its crumbling classrooms – but it should take this chance to transform the school environment – https://theconversation.com/the-uk-plans-to-rebuild-its-crumbling-classrooms-but-it-should-take-this-chance-to-transform-the-school-environment-241838

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Written question – Budgetary impact of new economic governance rules and the need for methodological transparency – E-002213/2024

    Source: European Parliament

    22.10.2024

    Question for written answer  E-002213/2024
    to the Commission
    Rule 144
    João Oliveira (The Left)

    The consequences of budgetary constraints caused by years of following EU rules are plain to see in Portugal, in the erosion of public investment, public services and the social functions of the state.

    A recent study shows that the application in Portugal and Finland of the new EU economic governance rules would lead to even deeper budget cuts than those introduced under the rules of the already burdensome Stability Pact. Hungary would also suffer more, if it were to adopt a seven-year plan.

    Even the IMF has acknowledged that ‘on average, fiscal consolidations do not reduce debt-to-GDP ratios’.

    What is more, the methodology used in the debt sustainability analysis is opaque.

    Given all that, it is essential that we find out how the effects of the new rules are being assessed and how the rules will be reflected in the state budget, particularly with regard to stipulations concerning public investment and the financing of the social functions of the state.

    In view of the above:

    • 1.What is the Commission’s assessment of the negative effects of the new fiscal rules on these countries, especially Portugal, and what has it said to the Portuguese Government about this matter?
    • 2.What steps will it take to make the debt sustainability analysis methodology transparent?

    Submitted: 22.10.2024

    Last updated: 30 October 2024

    MIL OSI Europe News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 30.10.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    30 October 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 30.10.2024

    Espoo, Finland – On 30 October 2024 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 1,347,700 4.45
    CEUX 200,000 4.45
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,547,700 4.45

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase 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 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 30 October 2024 was EUR 6,883,705. After the disclosed transactions, Nokia Corporation holds 190,407,909 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.

    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 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Q&A: Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP)

    Source: Asia Development Bank

    • Workers walking by a solar power plant in Kazakhstan

    Article | 30 October 2024
    Read time: 6 mins

    SHARE THIS PAGE

    •  IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank.
    •  Various simulations have shown that for every $1 that is guaranteed, up to $4.5 of new climate finance will be generated under IF-CAP’s mechanism.
    •  IF-CAP will strengthen ADB’s developing member countries’ capacity to develop their low-carbon and climate-resilient strategies and build a larger pipeline of potential investments.

    What is IF-CAP?

      The Innovative Finance Facility for Climate in Asia and the Pacific, or IF-CAP, is a multi-donor financing partnership facility with the goal of scaling-up finance for accelerated action against climate change in Asia and the Pacific. IF-CAP partners will provide guarantees for parts of ADB’s sovereign loan portfolios to enable ADB to free up capital to increase lending for climate investments. Supplementary grants will facilitate project preparation, capacity building, and knowledge solutions.

    Why is IF-CAP being formed?

    The battle against climate change will be won or lost in Asia and the Pacific. And our region is uniquely vulnerable to the impacts. More than 40% of climate-related disasters occurred in Asia and the Pacific since the start of the century, affecting nearly 3.6 billion people. ADB estimates that $1.7 trillion per year will need to be invested in infrastructure in developing Asia between 2016-2030 to meet both climate and development goals. The Intergovernmental Panel for Climate Change (IPCC) says the year 2030 is a significant crossroad after which it will become considerably harder to meet climate targets.

    As Asia and the Pacific’s climate bank, the Asian Development Bank is spearheading significant climate change financing and expertise across the region.   IF-CAP is the first leveraged guarantee mechanism for climate finance to ever be adopted by a multilateral development bank. It is inspired by the International Finance Facility for Education (IFFEd), which aims to use innovative financing to unlock new education funding in low-and middle-income countries.

    What will IF-CAP do?

    IF-CAP will allow ADB to significantly increase climate finance for investments that are aligned with the Paris Agreement and other key ADB policies, including the forthcoming Climate Change Action Plan.

      With a model of “$1 in, $4.5 out”, IF-CAP’s current guarantee size of $2.5 billion will create over $11 billion in climate finance for much-needed climate projects across Asia and the Pacific. Alongside lending facilitated by IF-CAP, ADB will provide up to $1 billion in concessional ordinary capital resources lending (COL) from its own resources, in support of projects enabled by IF-CAP’s guarantee structure. In total, resources aligned with IF-CAP amount to over $12 billion.

    IF-CAP enabled projects will address both climate change mitigation, which focuses on reducing greenhouse gas emissions, and climate change adaptation, which focuses on building resilience to the worsening effects of climate change. These investments could cover a wide range of sectors, such as transportation, energy, urban, and agriculture and natural resources, as well as social sectors such as health and education, for projects with high climate impacts.

    What will IF-CAP not do?

    IF-CAP will not support new or existing fossil fuel-based electricity generation facilities or dedicated transmission, or any new or existing natural gas-related projects. Climate finance enabled by IF-CAP will not be used towards early retirement or repurposing of fossil fuel fired power plants.

    • Developing Asia’s share of global greenhouse gas emissions nearly doubled, from 22% in 1990 to 44% in 2019 and is expected to remain at this level until mid-century under current policies.

    • Asia and the Pacific can only realize its climate goals if it pursues a transition away from coal-based energy in the near term.

    How does the leverage mechanism work?

    The program is based on the use of financial guarantees from our partners. By guaranteeing a portfolio of ADB sovereign loans on a first-loss basis, they will help shoulder some of the loss in case of a default by one of our borrowers included in our portfolio.

    This is a groundbreaking arrangement because IF-CAP’s portfolio guarantee enables ADB to optimize the usage of our balance sheet, supported by the strength of our triple-A credit ratings and preferred creditor status. This allows ADB to reduce the capital held for credit risk and release more capital for climate loans. Every dollar of guarantee into IF-CAP will result in the capacity to provide more climate finance for eligible projects. Simulations show that for every $1 that is guaranteed, $4.5 of climate finance could be generated. That is a fundamental shift from the traditional “one dollar in, one dollar out” facilities at MDBs, because of IF-CAP’s leverage effect.

    Who are the partners supporting IF-CAP?

    IF-CAP’s founding partners are Denmark, Japan, Norway, Republic of Korea, Sweden, the United Kingdom, and the United States. In 2023, the Global Energy Alliance for People and Planet established a trust fund under the IF-CAP Financing Partnership Facility.

    What sovereign portfolios will their guarantees cover?

    IF-CAP will cover a dynamic and diversified reference portfolio consisting of ADB’s exposures to a board spectrum of developing member countries, which have been identified to achieve the desired leverage based on the risk appetite of the partners.

    Which countries are eligible for IF-CAP financing?

    All ADB’s developing member countries (DMCs) are eligible. Individual financing partners may exercise discretion for certain projects based on their policies and priorities.

    Will IF-CAP differ from ADB’s regular climate financing?

    Functionally, there will be no difference. IF-CAP’s role will be to enable ADB to approve climate financing more quickly and at a higher volume.

    What are the benefits of IF-CAP?

    For DMCs, IF-CAP can help them advance operations with high climate ambition that are currently not in their pipeline, increase climate finance components of existing pipeline projects, and enable greater visibility and demonstration effects for projects including those with innovative components or high climate impact.

    For IF-CAP partners, it can enable them to make a greater impact through a leveraged guarantee mechanism not offered by other financing partnership facilities, providing them with an effective and efficient way to fight climate change in support of their national commitments.

    For ADB, IF-CAP is an innovative method to optimize our balance sheet, unlock capital resources, and increase our lending capacity by over $11 billion so we can make more resources available for critical climate projects in Asia and the Pacific.

    Will IF-CAP contribute to ADB’s ambition of $100 billion climate financing for 2019-2030?

    IF-CAP will be one of the flagship instruments to enable ADB to reach its climate finance target beyond $100 billion and support our target for climate finance to reach 50% of the total committed financing volume by 2030.

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    Subjects
    • ADB funds and products
    • Climate change
    • Climate finance

    MIL OSI Economics –

  • MIL-OSI: Sydbank’s Interim Report – Q1-Q3 2024

    Source: GlobeNewswire (MIL-OSI)

    Company Announcement No 51/2024
    30 October 2024

    Sydbank’s Interim Report – Q1-Q3 2024

    Bigger Sydbank – new 3-year strategy plan
    On the back of the highly satisfactory results achieved during the present strategy period, which will expire at the end of 2024, Sydbank is announcing today a new 3-year strategy plan to ensure that the Bank will continue the positive momentum demonstrated since 2014. The strategy is called: “Bigger Sydbank – value for all through advice and relationships”.

    Q1-Q3 2024 – highlights

    • Profit for the period of DKK 2,396m equals a return on equity of 21.7% p.a. after tax
    • Core income of DKK 5,447m is 4% higher compared to the same period in 2023
    • Trading income of DKK 223m compared to DKK 240m in the same period in 2023
    • Costs (core earnings) of DKK 2,453m compared to DKK 2,335m in the same period in 2023
    • Core earnings before impairment of DKK 3,217m are 3% higher compared to the same period in 2023
    • Impairment charges for loans and advances etc represent an expense of DKK 87m
    • Bank loans and advances have risen by DKK 8.0bn, equal to an increase of 11% compared to year-end 2023
    • The CET1 ratio stands at 18.0%, equal to a decrease of 0.9pp compared to year-end 2023

    CEO Mark Luscombe comments on the result:

    • It is positive that we were able to lift core income and total income in the first 9 months of the year from their all-time high levels last year. Costs have risen by 3% – excl Coop Bank – compared with a year ago. Thanks to the Bank’s constant focus on becoming increasingly efficient, the increase in costs is smaller than the effects of the agreed overall pay rises and the abolition of Great Prayer Day. Profit for the first 9 months of the year is on the same level as that of the record year 2023 and equals a return on equity of 21.7%, which is highly satisfactory.

    Mark Luscombe comments on developments in business volume:

    • We are pleased that the continued effect of our strong focus on providing value-creating advice to our customers has boosted our business volume in terms of bank loans and advances, deposits and the investment area. Bank loans and advances constitute DKK 82.5bn – an increase of DKK 8.0bn during the period. Deposits make up DKK 114.8bn – – and are thus at a historically all-time high.

    Board chairman Lars Mikkelgaard-Jensen comments on Sydbank’s new 3-year strategy plan:
    As a natural next step for the current strategy “Growing our business” we will be raising the bar and we will create a Bigger Sydbank in the next strategy period. This means that we will maintain our starting point as Denmark’s Corporate Bank and increase our market share in the corporate segment. Our ambition is to have more satisfied retail clients and significantly more retail clients and Private Banking clients. Assets under management will increase as a result of our customer focus within Wealth Management.

    Mark Luscombe elaborates:
    Our strategy “Bigger Sydbank” centres on 5 themes: “Customer-focused”, “Bigger and efficient”, “Attractive and cooperating”, “Data, digitization, AI and security”, and “ESG integrated in core business”. The themes must go hand in hand with a level of profitability at the very top of the Danish banking industry. We will continue to focus on the customer and be the workplace for some of the industry’s brightest and most dedicated employees.

    Outlook for 2024

    • Moderate growth is projected for the Danish economy.
    • Profit after tax is expected to be in the range of DKK 2,800-3,100m.
    • The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.

    Additional information
    Jørn Adam Møller, Deputy Group Chief Executive, Tel +45 74 37 20 30
    Lars Grubak Lohff, Press Manager Tel +45 20 31 54 65

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    The MIL Network –

  • MIL-OSI: INVL Technology Interim unaudited information for 9 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Equity of the Company and the Company’s net asset value as of 30 September 2024 was EUR 44.44 million or EUR 3.71 per share. At the end of 2023, these figures were EUR 43.53 million and EUR 3.61 respectively.

    Investments of the Company into managed companies amounted to EUR 44.83 million at the end of September 2024 and EUR 34.20 million at the end of September 2023.

    The net profit of the Company for 9 months of 2024 was EUR 1.11 million, the net loss of the Company for 9 months of 2023 amounted EUR 538 thousand.

    Additional information:

    INVL Technology, a company that invests in IT businesses, had an equity and a net asset value of EUR 44.44 million at the end of September this year, which is 2.1% more than at the start of the year. Their per share value of its equity and NAV was EUR 3.7067 and was up 2.8% from the start of the year.

    INVL Technology had an unaudited net profit of EUR 1.11 million in nine months of 2024, compared to a loss of EUR 0.538 million in the same period last year.

    “INVL Technology’s portfolio companies, which work in the areas of cybersecurity, artificial intelligence, and the development and deployment of supercomputers and information systems, are growing their revenues and profit. In selling the business, we hope to attract the interest of international and regional investors,” says Kazimieras Tonkūnas, INVL Technology’s managing partner.

    In mid-March this year, the company announced that it had signed an agreement with the Zurich branch of M&A intermediation service provider Corum Group’s Luxembourg-based unit Corum Group International, to advise and serve as M&A intermediary on the sale of the company’s portfolio of businesses.

    Performance of INVL Technology’s portfolio companies

    INVL Technology’s portfolio companies had aggregated revenues of EUR 47.60 million in the January-September, which is 12.5% more than in the same period last year. Their gross profit increased 14.5% in the same period of comparison to EUR 13.22 million, while their aggregated EBITDA grew 2.2 times larger to EUR 3.45 million.

    INVL Technology owns and manages the cybersecurity company NRD Cyber Security, the GovTech company NRD Companies, and the Baltic IT company Novian.

    NRD Cyber Security, which also owns NRD Bangladesh, in January-September of 2024 increased its consolidated revenue by 26.74% from the same period last year to EUR 5.853 million. The company’s gross profit grew 14.9% in the period of comparison to EUR 3 million, while its EBITDA rose 28.9% to EUR 941,000.

    NRD Companies had consolidated revenue of EUR 6.88 million in the first nine months of this year, which is 17.9% less than in the same period of 2023. The company earned a gross profit of EUR 3.3 million, or 9.3% more than in January-September last year, while the group’s EBITDA decreased by 2.1% to EUR 0.69 million. Norway-based NRD Companies has the subsidiaries Norway Registers Development in Norway, with a branch in Lithuania, and NRD Systems and Etronika in Lithuania.

    Novian had aggregated revenues of EUR 31.54 million in January-September 2024, 18.6% more than in the same period of 2023, while its gross profit of EUR 6.12 million was 24.2% larger than a year earlier. The Novian group’s EBITDA for the first three quarters of this year increased 6.7 times versus the same period of 2023 to EUR 1.799 million. The group consists of Novian in Lithuania with the technology-area businesses Novian Technologies, Zissor in Norway, Novian Eesti in Estonia, Andmevara in Moldova, and Novian Rwanda (earlier Norway Registers Development Rwanda) in Rwanda, and the software services businesses Novian Systems and Novian Pro in Lithuania.

    INVL Technology’s managing partner Kazimieras Tonkūnas notes that the companies are expected to deliver good results for the full year 2024 as well.

    INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company which must exit its investments no later than mid-July 2026 and distribute the money to shareholders.

    The person authorized to provide additional information:
    Kazimieras Tonkūnas
    INVL Technology Managing Partner
    E-mail k.tonkunas@invltechnology.lt

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    The MIL Network –

  • MIL-OSI: Nokia selected to lead European lighthouse project on 6G sustainability

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    Nokia selected to lead European lighthouse project on 6G sustainability

    • SUSTAIN-6G will evaluate and explore sustainable 6G technologies, methods and use cases touching on environmental, economic and societal needs
    • The consortium will work out solutions for three specific areas of sustainable development: energy smart grids, e-health and telemedicine, and agriculture

    30 October 2024
    Espoo, Finland – Nokia today announced that the Smart Networks and Services Joint Undertaking (SNS JU) has selected Nokia to be the coordinator of the SUSTAIN-6G lighthouse project. The SNS-JU is a public-private partnership funded by the European Commission. Nokia will lead a consortium of innovators that will identify how 6G can play a key role in building a sustainable future, addressing not only environmentally sustainable, but also economically and societally sustainable technologies.

    One of the main goals of SUSTAIN-6G is to develop new solutions for meeting sustainability challenges using the toolkit that 6G will offer. The consortium will devote considerable time to working out use cases for three targeted areas, drawn from the United Nations’ Sustainable Development Goals:

    • Energy smart grid: The consortium will explore how 6G could be used to create microgrids that manage electricity demand. SUSTAIN-6G will also investigate the use of AI technologies for real-time control of distribution networks. This could lead to more efficient and resilient grids that minimize disruptions while providing the flexibility to draw energy from diverse sources as the world transitions to renewables like solar and wind.
    • E-Health and telemedicine: The consortium will generate new ideas on how 6G can make digital health more inclusive. 6G infrastructure could not only provide a far-reaching infrastructure for securely transmitting and analyzing medical data, but it also could be the foundation for new home-based online assessment services. These networks could improve the diagnosis and treatment process in underserved communities. Meanwhile AI could help detect disease outbreaks at early stages.
    • Agriculture: The consortium will investigate how 6G connectivity could be allocated on a temporary basis to enable smart agricultural applications that require high bandwidth, sensing, telemetry, data analytics and automation. For instance, 6G’s edge cloud capabilities could be harnessed to handle high-priority farming-equipment automation tasks during harvests or provide advanced processing capabilities that integrate data from field sensors, climate stations, soil analysis and satellite imagery to provide contextualized information during the growing season.

    As a lighthouse project, SUSTAIN-6G will be one of the SNS JU’s most highly visible initiatives, and it is the third major European 6G research consortium that Nokia has been selected to lead. The others are Hexa-X and Hexa-X-II, which laid the groundwork for 6G pre-standardization and use cases respectively.

    SUSTAIN-6G has broad representation from industry and academia. The consortium includes network equipment and services vendors, communications services providers, industrial equipment manufacturers, European research institutions and universities, and many small-and medium-sized enterprises. SUSTAIN-6G will kick off in January of 2025 and is scheduled to complete its work in 2027.

    Peter Merz, Vice President of Nokia Standards, said: “The UN Paris Agreement committed the world to combatting climate change. Every industry must do its part. SUSTAIN-6G will show how the communications industry will apply the next generation of networking to creating that sustainable future, overcoming not just environmental challenges but societal and economic challenges as well.”

    Resources and additional information
    Webpage: Nokia Sustainability
    Webpage: What is 6G?

    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.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

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    The MIL Network –

  • MIL-OSI Europe: Latest news – 9 October 2024 – Constitutive meeting – Delegation for relations with the Pan-African Parliament

    Source: European Parliament

    At its constitutive meeting on 9 October 2024, the Delegation for relations with the Pan-African Parliament (DPAP) elected the following Bureau members:

    Chair: Ms Merja KYLLÖNEN (The Left, Finland)

    1st Vice-Chair: Mr Kristoffer STORM (ECR, Denmark)

    2nd Vice-Chair: Ms Stine BOSSE (Renew, Denmark)

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Concerns regarding satellite data accuracy in the EU forest monitoring proposal – E-002193/2024

    Source: European Parliament

    21.10.2024

    Question for written answer  E-002193/2024
    to the Commission
    Rule 144
    Beatrice Timgren (ECR)

    The Commission’s proposal on forest monitoring has raised concerns about the accuracy, cost-efficiency and feasibility of satellite data in monitoring forest activity. For example, satellite data has incorrectly classified selectively thinned forests as fully deforested, creating a misleading picture of forest management.

    This reliance on global algorithms, which lack regional specificity, like those from Global Forest Watch, risks undermining long-established national monitoring systems such as Sweden’s National Forest Inventory, leading to unnecessary administrative burdens[1].

    • 1.How does the Commission plan to ensure that satellite data methodologies are regionally accurate, particularly in countries such as Sweden, where major discrepancies have already emerged?
    • 2.What steps will it take to avoid additional administrative burdens and costs on Member States, while fully respecting existing, long-standing forest data systems such as those in Sweden and Finland?
    • 3.How will it address concerns over data confidentiality, including the protection of private property and national security, particularly in avoiding the over-collection of sensitive information through geographically explicit identification systems?

    Submitted: 21.10.2024

    • [1] https://www.svt.se/nyheter/inrikes/sverige-pekas-ut-som-skogsbov-eu-far-fel-uppgifter.
    Last updated: 30 October 2024

    MIL OSI Europe News –

  • MIL-OSI Submissions: Universities – New genetic web tool to help restore climate-resilient marine ecosystems – Flinders

    Source: Flinders University  

    Australians love their coastal and marine environments but much of the world’s ecosystems are in various stages of decline and in urgent need of restoration.
    In the face of increased human pressures and climate change, a team of Australian scientists led by Dr Georgina Wood at Flinders University have launched a new online tool to assist marine managers and restoration experts to bolster the resilience of marine habitat-forming species. (ref. https://www.reefadapt.org/ )
    The ‘Reef Adapt’ initiative, developed by experts from the NSW Department of Primary Industries and Regional Development (NSW DPIRD), Flinders University and The University of Western Australia (UWA), aims to expand the tools available to promote diverse, adaptable and resilient ecosystems.
    Described in a new article in Communications Biology, Reef Adapt harnesses genetic data from diverse marine species – including key reef-building corals and habitat-forming kelps, but with scope to expand to other taxa – to map out areas likely to harbour populations adapted to current and future environmental conditions.
    The innovative web platform is designed for the rapid inclusion of genetic, biophysical and environmental data into planning of marine restoration and assisted conservation initiatives.
    The tool provides users with maps that identify areas with populations suited to their specific restoration sites under current and future climate scenarios. The platform will initially house data for 27 species collected from 420 sample locations across the globe. Users will also be able to upload their own data to the site, further supporting the conservation of other species and areas.
    While guidelines for terrestrial ecosystem restoration seed-sourcing exists, for example, the US National Seed Strategy and Australia’s Florabank, Reef Adapt is one of the first tool of its kind for marine environments.
    The project follows similar projects on land, such as Australia’s NSW Restore and Renew program, to remove barriers of access to genetic data and improve restoration and assisted gene flow.
    Dr Georgina Wood, an Australian Research Council Early Career Industry  Fellow with Flinders University and Adjunct Research Fellow at UWA, says global efforts to restore ecosystems are intensifying, including the Convention on Biological Diversity’s recent adoption of the Kunming-Montreal Global Biodiversity Framework which aims to put 30% of degraded ecosystems under effective restoration by 2030.
    “Alongside the increase in scale of marine restoration projects, there is a need ensure that restoration practices keep up with the latest available science, including the use of cutting-edge genomic information to make informed decisions about where to source restoration stock material,” says researcher Dr Wood.
    “Our world is changing now more rapidly than ever before. Ideally, every restoration project would incorporate climate adaptation into their design, but the data needed for this are typically difficult to access. Reef Adapt puts this information directly into the hands of both managers and practitioners,” she says.
    The easy-to-use web platform hosts vital genetic information for government, not-for-profit and community organisations – removing barriers of access to vital information that the team hopes will improve both immediate and long-term restoration outcomes.
    Dr Melinda Coleman, NSW DPIRD Senior Principal Research Scientist, says the Reef Adapt online webtool will help guide marine restoration and assisted adaptation programs now and into the future.
    “The revolutionary new Reef Adapt tool will use cutting-edge genomic data and seascape analyses to help marine managers, restoration practitioners and other stakeholders including aquaculture make informed decisions about where to source stock for restoration or aquaculture as well as help select climate proof stock that will withstand future ocean conditions,” explains says Dr Coleman.
    “We hope that this webtool will be used broadly across marine and conservation managers, community groups or anyone embarking on marine restoration as well as aquaculture proponents.”
    Dr Wood says the new Nature article and user manual give examples, with several case studies of ecologically and evolutionarily diverse taxa, including the staghorn coral (Acropora kentii), cauliflower coral (Pocillopora damicornis), golden kelp (Ecklonia radiata) and crayweed (Phyllospora comosa).
    Development of the tool required collection of almost 10,000 reference data points from published population genetic literature, as well as a suite of environmental data and oceanographic models.
    The article, ‘Reef Adapt: A tool to inform climate-smart marine restoration and management decisions’ (2024) by GV Wood (Flinders), KJ Griffin (UWA), M van der Mheen (UWA), MF Breed (Flinders), JM Edgeloe (UWA), C Grimaldi (UWA / Australian Institute of Marine Science, Perth), A Minne (UWA), I Popovic (University of Queensland), K Filbee-Dexter (UWA / Institute of Marine Research, Norway), MJH van Oppen (Australian Institute of Marine Science, Townsville / University of Melbourne), T Wernberg (UWA / Institute of Marine Research, Norway) and MA Coleman (UWA / NSW DPI, Fisheries) has been published in Communications Biology DOI: 10.1038/s42003-024-06970-4 (link to come).
    Dr Georgina (‘George’) Wood will present on the use of digital tools to progress marine restoration at the 10th Western Society of Naturalists’ annual meeting in Oregon, US next month.  Dr Wood and Dr Coleman also presented on Reef Adapt at the Adapt NSW 2024 conference in Sydney this week.
    Acknowledgements: The researchers received support from an ARC Linkage grant and ARC Industry Fellowship to GV Wood, the NSW Marine Estate Management Strategy and NSW DPIRD, as well as the Norwegian Research Council GecoKelp Project.

    MIL OSI – Submitted News –