NewzIntel.com

Category: Trade

  • MIL-OSI Asia-Pac: Import of poultry meat and products from areas in Poland and Sweden suspended

    Source: Hong Kong Government special administrative region

    Import of poultry meat and products from areas in Poland and Sweden suspended
    Import of poultry meat and products from areas in Poland and Sweden suspended
    *****************************************************************************

         ​The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department announced today (February 28) that in view of notifications from the World Organisation for Animal Health (WOAH) about outbreaks of highly pathogenic H5N1 avian influenza in Kościan District of Wielkopolskie Region in Poland, and in Municipality of Kristianstad of Skåne County in Sweden, the CFS has instructed the trade to suspend the import of poultry meat and products (including poultry eggs) from the above-mentioned areas with immediate effect to protect public health in Hong Kong.     A CFS spokesman said that according to the Census and Statistics Department, Hong Kong imported about 6 600 tonnes of frozen poultry meat from Poland, and about 110 tonnes of frozen poultry meat from Sweden last year.     “The CFS has contacted the Polish and Swedish authorities over the issues and will closely monitor information issued by the WOAH and the relevant authorities on the avian influenza outbreaks. Appropriate action will be taken in response to the development of the situation,” the spokesman said.

     
    Ends/Friday, February 28, 2025Issued at HKT 17:45

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: English translation of Press Statement by Prime Minister Shri Narendra Modi during the Joint Press Conference with President of European Commission (February 28, 2025)

    Source: Government of India (2)

    Posted On: 28 FEB 2025 3:04PM by PIB Delhi

    Your Excellency, President of the European Commission,

    European College of Commissioners,

    Delegates,

    Friends from the media,

    Namaskar!

    This visit of the President of the European Commission and the College of Commissioners to India is unprecedented.

    This isn’t just the European Commission’s first visit to India, but also the first such comprehensive engagement of the European Commission in any single country. Also, this is one of the first visits of the new Commission in its latest term. On this historic occasion, I warmly welcome the President of the European Commission and the College of Commissioners to India.

    Friends,

    This two-decade long strategic partnership between India and EU is natural and organic. Its core is built on trust, a shared belief in democratic values, and a mutual commitment to prosperity and shared progress.

    In this spirit, we have held almost 20 ministerial level meetings of different sectors between yesterday and today. Sincere and meaningful discussions were held on various regional and global matters. Many important decisions have been taken to elevate and accelerate our partnership.

    We have prepared a blueprint for collaboration in the areas of Trade, Technology, Investment, Innovation, Green Growth, Security, Skilling and Mobility. We have directed our teams to conclude a mutually beneficial Bilateral Free Trade Agreement by the end of this year.

    Friends,

    To strengthen the investment framework, there has also been talk of moving forward on Investment Protection and GI Agreement. In the field of Technology and Innovation, a trusted and secure value chain is our common priority.

    We have also agreed on increasing cooperation in semiconductors, AI, high performance computing and 6G. We have also decided to initiate a Space Dialogue.

    Friends,

    A balance between Ecology and Economy has been our shared commitment, and our cooperation in this direction has been strong. We have decided to conduct a Green Hydrogen Forum and Offshore Wind Energy Business Summit. Joint research shall be undertaken on EV Batteries, Marine plastics and Green hydrogen. We shall also take forward our Joint Plan on Sustainable Urban Development.

    In the field of connectivity, concrete steps will be taken, to take forward the India – Middle East – Europe Economic Corridor or “IMEEC”. I firmly believe that “IMEEC” shall serve as an engine that drives global commerce, sustainable growth and prosperity in the days to come.

    Friends,

    Our growing cooperation on issues related to Defence and Security, is a symbol of our mutual trust. We will take forward our cooperation on Cyber Security, Maritime Security and Counter Terrorism.

    Both sides agree on the importance of peace, security, stability and prosperity in the Indo-Pacific region. We welcome the decision of the EU to join the “Indo Pacific Oceans Initiative”. We will work together on Triangular Development projects for sustainable and inclusive development in the Indo-Pacific region and Africa.

    Friends,

    People-to-people connect is the strongest asset of our relationship. Today, we have reached a new agreement to increase academia, research and industry partnerships between us. I believe that India’s young talent and Europe’s innovation can together create limitless possibilities.

    We welcome the new visa cascade regime of the EU. This will provide better mobility to the abilities of India’s talented youth.

    Today, we have decided to create a bold and ambitious roadmap for the India-EU partnership for the period beyond 2025. It will be launched during the next India-EU Summit.

    Excellency,

    Your visit to India has given new momentum, energy and enthusiasm to our partnership. This journey is the biggest catalyst that will translate our ambition into action.

    I eagerly look forward to the opportunity of welcoming you back to India for the next India-EU Summit.

    Thank you very much.

    ******

    MJPS/ST/SKS

    (Release ID: 2106908) Visitor Counter : 106

    MIL OSI Asia Pacific News –

  • MIL-OSI: No. 5/2025 – Notice to convene annual general meeting

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen                                                                                   
    Nikolaj Plads 6
    DK-1067 Copenhagen K   

    Copenhagen, 28 February 2025
    ANNOUNCEMENT no. 5/2025

    CEMAT A/S
    Company reg. (CVR) no. 24 93 28 18
    Annual general meeting

    The Board of Directors hereby convene the annual general meeting of Cemat A/S (the “Company”) for Wednesday, 26 March 2025, at 1:00 pm at the office of DLA Piper Denmark, Oslo Plads 2, 2100 Copenhagen OE, Denmark.

    Agenda

    The agenda of the annual general meeting is the following:

    1. The management’s report on the Company’s activities during the past financial year.
    1. Presentation of the audited annual report for adoption.
    1. The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.
    1. Presentation of and indicative vote on remuneration report.
    1. Approval of the Board of Directors’ fees for the current financial year.
    1. Election of members to the Board of Directors.
    2. Appointment of auditor.
    1. Proposals from the Board of Directors or shareholders.
    1. Any other business.

    Complete proposals

    Re item 1     The management’s report on the Company’s activities during the past financial year.

    The Board of Directors proposes that the general meeting takes note of the management’s report.

    Re item 2     Presentation of the audited annual report for adoption.

    The Board of Directors proposes that the general meeting adopts the annual report.

    Re item 3     The Board of Directors’ proposal for appropriation of profit or covering of loss according to the adopted annual report.

    The Board of Directors proposes that the profit for the year as recorded in the Annual Report as adopted by the general meeting be carried forward to next year.   

    Re item 4     Presentation of and indicative vote on remuneration report.

    The Board of Directors proposes that the general meeting adopts the presented remuneration report.

    Re item 5     Approval of the Board of Directors’ fees for the current financial year.

    The Board of Directors proposes that members of the Board of Directors will receive the basic fee of DKK 220,000 for the financial year 2025.

    The chairman of the Board of Directors will receive the basic fee multiplied by a factor of 2.5, and the vice-chairman will receive the basic fee multiplied by a factor of 1.75.

    Re item 6     Election of members to the Board of Directors.

    The Board of Directors proposes to re-elect:

    Frede Clausen, chairman, born 1959
    Professional board member
    Various banking qualifications
    Graduate Diploma in Business Administration
    Elected chairman in 2018
    Other duties and offices:
    Frede Clausen Holding ApS (CEO)
    Core Poland Residential V (board member)
    Malik Supply A/S (chairman)
    Developnord A/S (chairman)
    Søndergaard Holding Aalborg ApS (chairman)
    Palma Ejendomme ApS (chairman)
    Ejendomsselskabet Gøteborgvej 18 ApS (vice-chairman)
    PL Holding Aalborg A/S (chairman)
    Radioanalyzer ApS (chairman)
    Independent
    Special qualifications: Strategic management, business development and real estate
    Languages: Danish and English

    Eivind Dam Jensen, vice-chairman, born 1951
    Estate Agent
    Member of the Danish Association of Chartered Estate Agents
    Diploma in Administration
    Elected vice-chairman in 2005
    Other duties and offices:
    Owner of Chartered Estate Agency E. Dam Jensen
    Chairman and sole shareholder of A/S Eivind Dam Jensen
    Owner of Brundtland Golfcenter (via A/S Eivind Dam Jensen)
    Non-independent
    Special competences: Purchase, sale, valuation and letting of commercial and
    investment properties and property management
    Languages: Danish, English and German.

    Joanna L. Iwanowska-Nielsen, born 1968
    Real Estate Expert
    Degree in International Trade, Organisation and Management
    from the Warsaw School of Economics
    Joined the Board of Directors in 2016
    Directorships and other managerial positions:
    Member of the board of directors of Sustainable Malkowo
    Advisor to the Board of Directors, Ecofarm Foundation
    Member of the board of directors of Coille Righ Green Energy, Scotland
    Member of the board of directors of WildaNova
    Member of the board at NielsenNielsen Ltd (UK)
    Managing Partner in NOLTA Consultants and NOLTA Career Experts
    Board Member of EPI (European Property Institute) think tank
    Member of Warsaw Women in Real Estate & Development
    Founding Member of Women in Global Health’s CEE Chapter
    No directorships in other Danish companies
    Independent
    Special qualifications:
    Experience in the real estate trade in Poland, CEE and
    internationally (development, strategy, sales and project
    management in both the commercial and residential property
    sectors, including sustainable housing, farming enterprises and energy solutions)
    EMCC accredited business coach & mentor
    Languages: Polish, English and Russian.

    Brian Winther Almind, born 1966
    Executive Vice President, DSV Group Property
    Joined the Board of Directors in 2023
    Other duties and offices:
    Shipping agent – Ellegard Transport, of which 2 years were in Verona, Italy
    Traffic manager – DFDS Transport
    Traffic manager – DHL A/S
    Executive Vice President – DSV A/S since 1997
    Directorships and other managerial positions:
    Member of the board in several companies owned by DSV A/S
    Network – European Logistics Forum (ELF), VL 111
    No directorships in other Danish companies
    Special competences:
    Generel management, business development, integration of companies. Property in relation with purchase of land, public sector handling, project management, building activities, purchase and sale, leasing, law, strategy, finances, various large projects in more than 90 countries.  
    Languages: Danish and English.

    Re item 7     Appointment of auditor.

    The Board of Directors proposes that BDO Statsautoriseret Revisionsaktieselskab be reappointed.

    Re item 8     Proposals from the Board of Directors.

    No proposals have been received from the board of directors or executive board

    General information

    The Company’s nominal share capital amounts to DKK 4,997,006.06, divided into 249,850,303 shares of DKK 0.02 each. Each share of DKK 0.02 entitles the holder to one vote.

    The Company has concluded a connection agreement with VP Securities A/S. The financial rights of the shareholders may thus be exercised through VP Securities A/S.

    Requirements for adoption

    Items 2-7 considered at the general meeting will be determined by a simple majority of votes, see article 10.1 of the Company’s articles of association as well as section 105 of the Danish Companies Act.

    The Company’s website

    This notice, including the agenda, remuneration report, information about the total number of shares and voting rights on the date of the notice and proxy, postal voting and registration forms for ordering an entry card, will be made available to the shareholders on the Company’s website, www.cemat.dk, under “Investor/General Meetings” from 28 February 2025.

    This notice has also been published via Nasdaq Copenhagen A/S, the IT system of the Danish Business Authority and the Company’s website as well as by e-mail to the shareholders having requested e-mail notification of general meetings when stating their e-mail addresses.

    Date of registration

    The shareholders will be entitled to exercise the right to vote attaching to the shareholders’ shares, by attendance at the Company’s general meetings or by post pro rata to their shareholding at the date of registration, which is one week before the general meeting.

    The date of registration is Wednesday, 19 March 2025.

    The shareholding of each individual shareholder will be determined at the end of the date of registration based on the number of shares held by the shareholder according to the register of shareholders as well as any notice of ownership received by the Company for the purpose of registration in the register of shareholders, but not yet been registered. In order to be registered in the register of shareholders and included in the calculation, notices of shareholdings must be documented by a transcript from VP Securities A/S or other similar documentation. This documentation must be received by the Company before the end of the date of registration.

    Only the persons who are shareholders of the Company on the date of registration will be entitled to participate and vote at the general meeting but see below regarding the shareholders’ timely request for entry cards.

    Accordingly, any person who has purchased shares, whether by transfer or otherwise, will not be entitled to vote on the shares in question at the general meeting, unless he or she has been recorded in the register of shareholders or has notified the Company and provided documentation of his or her acquisition, no later than on the date of registration, which is Wednesday, 19 March 2025.

    Entry cards

    In order to participate in the general meeting, the shareholders must request an entry card for the general meeting no later than Friday, 21 March 2025. Entry cards may be requested electronically via www.cemat.dk until Friday, 21 March 2025, at 23:59 using MitID or custody account number and password on the Company’s shareholder portal. Shareholders registering for the general meeting electronically will immediately receive a confirmation of their registration.

    It is also possible to request an entry card by forwarding a completed registration form to the Company’s keeper of the register of shareholders, Computershare A/S, Lottenborgvej 26D, 2800 Kongens Lyngby, Denmark, which must receive the form by Friday, 21 March 2025 at 23.59. The registration form is available at www.cemat.dk.

    Please notice that ordered admission cards will no longer be sent out by ordinary mail.

    Admission cards ordered via the shareholder portal will be sent out electronically via email to the email address specified in the shareholder portal upon registration. The admission card must be presented at the annual general meeting either electronically on a smartphone/tablet or in a printed version.

    Admission cards can be picked up at the entrance of the general meeting upon presentation of a valid ID.

    Proxy

    Shareholders are entitled to attend by proxy. An electronic proxy instrument may also be submitted via the shareholder portal until Friday, 21 March 2025, at 23:59.

    The complete proxy form must be received by the Company’s keeper of the register of shareholders, Computershare A/S, by Friday, 21 March 2025, at 23:59. The proxy form is available at www.cemat.dk.

    Postal voting

    Shareholders may elect to vote by post, i.e., by casting their votes in writing, before the general meeting, instead of attending the general meeting and voting there.

    Shareholders who elect to vote by post may submit their postal vote electronically via the shareholder portal or send their postal vote to Computershare A/S where it must be received by Tuesday, 25 March 2025, at 16:00.

    Once received, a postal vote cannot be recalled. Please note that letters may sometimes take several days to reach their destination.

    Questions

    Shareholders will have an opportunity to ask questions to the agenda as well as to the other materials for the general meeting before the general meeting.

    Any questions concerning this announcement may be directed to info@cemat.dk.

    Cemat A/S

    Frede Clausen
    Chairman of the Board of Directors

    This announcement has been issued in Danish and English. In case of any inconsistencies, the Danish version will prevail.

    Please write to investor@cemat.dk to deregister from this mailing list.

    Attachment

    The MIL Network –

  • MIL-OSI China: China, UAE hold trade promotion event in Dubai

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

    DUBAI, Feb. 28 — The China-UAE Trade and Investment Forum, which also serves as a promotion event for the third China International Supply Chain Expo, was held in Dubai on Thursday, gathering over 120 business representatives and resulting in multiple trade and investment agreements.

    Ren Hongbin, chairman of the China Council for the Promotion of International Trade, emphasized in his speech that the council is committed to enhancing bilateral economic and trade cooperation with the United Arab Emirates (UAE) business community under the Belt and Road Initiative.

    Ren highlighted key areas for collaboration, including trade, energy, infrastructure, new energy and the digital economy, while emphasizing the need to strengthen industrial and supply chain ties and expand multilateral business partnerships.

    Maria Kassem, assistant undersecretary at the UAE Ministry of Economy, said China remains the UAE’s largest trading partner, with deepening economic ties driving investment and industrial development. She expressed confidence in further expanding bilateral cooperation and strengthening China-UAE relations.

    During the event, the China International Exhibition Group promoted the upcoming third edition of the expo.

    Chinese Consul General to Dubai, Ou Boqian, noted that the expo is increasingly recognized as an important international public good, setting a new benchmark for global supply chain cooperation and trade development.

    MIL OSI China News –

  • MIL-OSI: BTCC Exchange Unveils $1 Million “Trade to Win” Campaign Featuring Tesla Cybertruck for TOKEN2049 Dubai

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Feb. 28, 2025 (GLOBE NEWSWIRE) — BTCC, a global leader in crypto trading, is proud to announce its participation as a gold sponsor at TOKEN2049 Dubai, the premier crypto industry event from April 30 to May 1, 2025. To celebrate, BTCC is launching a Trade to Win campaign with a $1 million prize pool, including the flagship prize of a Tesla Cybertruck. Users are invited to participate for exciting rewards and a chance to meet the team at the TOKEN2049 venue.

    TOKEN2049 is set to attract over 15,000 attendees from 4,000 companies worldwide in 2025. This two-day event at Madinat Jumeirah will feature insightful conferences led by industry leaders and influential voices, while also offering a unique experience with activities such as massages, shisha lounges, and live music.

    Participants can visit BTCC at booth no. P51, where its team and influencers will engage with attendees, share insights, and showcase their latest product offerings. Attendees will also have the opportunity to meet their official mascot, Nakamon, inspired by the legendary Satoshi Nakamoto, presented in a vibrant Arabian theme.

    BTCC will host two exclusive events for crypto influencers. The Dubai Safari Day Tour on April 29 will feature dune bashing, sandboarding, and camel rides. Following that, the KOL Yacht Party on May 2 will offer live DJ music and gourmet Japanese cuisine by chef Nishimura Yukou aboard a luxurious yacht with stunning views of the Dubai skyline.

    Regular users are encouraged to participate in the Trade to Win campaign, where they can trade over 300 future pairs to win incredible prizes from the $1 million prize pool, including a Tesla Cybertruck, a Ducati motorcycle, and a luxurious seven-star hotel stay in Dubai. Top performers will also have the opportunity to attend TOKEN2049 and meet the BTCC team in person.

    BTCC has actively participated in global events, including Paris Blockchain Week in 2024, to strengthen connections within the crypto community. “TOKEN2049 is more than just an event; it’s a platform for meaningful dialogue and collaboration,” said Aaryn Ling, Head of Branding at BTCC. “Our goal is to engage with the community and KOLs, fostering insightful discussions that drive our exchange forward,” Aaryn added.

    For more information about the Trade to Win campaign, please visit BTCC’s website.

    About BTCC Exchange

    BTCC is a leading cryptocurrency exchange offering a secure and user-friendly platform for traders globally. Since its launch in 2011, the exchange has maintained a flawless security record with zero incidents. A standout feature of the platform is copy trading which enables users to easily follow the strategies of top traders and replicate their success.

    Official website: https://www.btcc.com/en-US

    X: https://x.com/BTCCexchange

    Contact: press@btcc.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/567092fe-dbec-4e7c-8da5-f6d045e6becb

    The MIL Network –

  • MIL-OSI China: Over 300 firms sign up for China’s supply chain expo

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

    BEIJING, Feb. 28 — More than 300 domestic and foreign companies have signed up for the third China International Supply Chain Expo, China’s trade promotion body announced on Friday.

    The expo kicked off its global roadshows in January and has so far hosted promotional events and roadshows in 12 countries and regions, including Vietnam, Switzerland, South Africa and the United Arab Emirates, Yang Fan, spokesperson with the China Council for the Promotion of International Trade (CCPIT), told a press conference.

    Foreign enterprises and institutions have demonstrated great enthusiasm for participating in and visiting the expo, Yang said, anticipating an increase in attendance this year, particularly from overseas groups and businesses, for on-site visits and exchanges.

    The expo recorded more than 200,000 visits last year, CCPIT data showed.

    This year’s expo, slated to be held in Beijing from July 16 to 20, will cover a total exhibition area of 120,000 square meters.

    As the world’s first national-level exhibition focusing on supply chains, the China International Supply Chain Expo is an internationally shared public product. First held in 2023, the expo has contributed to building more secure, stable, open and inclusive global industrial and supply chains, according to the CCPIT.

    MIL OSI China News –

  • MIL-OSI Video: Young Trade Leaders: Elina, Kyrgyzstan

    Source: World Trade Organization – WTO (video statements)

    The Young Trade Leaders Programme was established to connect young people with the work of the WTO. Elina Sultanbekova, from Kyrgyzstan, studies International Relations at Corvinus University, in Budapest.

    Elina shares her views about the benefits of economic integration in her region.

    Download this video from the WTO website:
    https://www.wto.org/english/res_e/webcas_e/webcas_e.htm

    https://www.youtube.com/watch?v=RwFOHiVxYxw

    MIL OSI Video –

  • MIL-OSI Economics: BSTDB Strengthens Partnership with Hayat Kimya in Türkiye

    Source: Black Sea Trade and Development Bank

    Press Release | 17-Dec-2024

    New Financing to Boost Capacity and Energy Efficiency

    Hayat Kimya Sanayi A.Ş., a leading Turkish manufacturer of detergents, hygiene products, and tissue paper, will advance its investment plans with the support of a €25 million loan from the Black Sea Trade and Development Bank (BSTDB). The agreement marks an important milestone in a partnership that began nine years ago.

    The BSTDB financing will back Hayat Kimya’s investment program, focusing on expanding production capacity, introducing new product lines, and enhancing energy efficiency. This initiative is also expected to bolster regional trade, as a significant portion of the company’s exports targets BSTDB member countries.

    Commenting on the agreement, BSTDB President Dr. Serhat Köksal said: “We are pleased to support Hayat Kimya, a leading manufacturer and major employer in Türkiye, as it pursues its ambitious growth plans. Our new financing underlines BSTDB’s commitment to sustainable industrial development and regional integration. By prioritizing energy efficiency and environmentally conscious practices, Hayat Kimya’s investment programme aligns with our mission to support projects that drive long-term economic and environmental benefits. Our support will help modernize Türkiye’s industrial capacity and strengthen trade ties within the Black Sea region, advancing shared prosperity and sustainable development.”

    “As part of our collaboration with the Black Sea Trade and Development Bank, we will increase the production capacity of our home care category at our facilities in Mersin and Kocaeli, Turkey. Today, at least one Hayat product can be found in 9 out of 10 households in Turkey. Globally, our export penetration ranges between 60% and 80% across more than 100 countries. With this new investment in the home care category, we aim to further strengthen our leadership, particularly in the detergent product segment.” said Ayla Hacıahmetoğlu, the Global Treasury Director of Hayat Kimya.

     

    Founded in 1937, Hayat Kimya is a leading global manufacturer and exporter of detergents, hygiene products, and tissue paper. The company operates 26 state-of-the-art production facilities across 8 countries, employing over 10,000 people. All products are produced in a fully automated, hands-free environment, meticulously designed and managed in compliance with the ISO 9001 Quality Assurance System.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics –

  • MIL-OSI Economics: BSTDB President’s New Year Message

    Source: Black Sea Trade and Development Bank

    News | 24-Dec-2024

    Dear Shareholders, Partners, Friends, and Colleagues,

    As we celebrate the New Year and the 25th anniversary of the Black Sea Trade and Development Bank (BSTDB), we reflect with gratitude on a remarkable journey shaped by resilience, partnership, and shared purpose. Together, we’ve overcome challenges and created opportunities, building a legacy of sustainable growth across the Black Sea region.

    Looking ahead to 2025, we are filled with optimism. The completion of our new premises will strengthen our capabilities, enabling us to drive innovation and foster greater prosperity in the region. With your continued trust and collaboration, we are ready to turn bold ambitions into impactful results.

    Wishing you and your loved ones a joyful holiday season and a prosperous New Year. Together, let’s make 2025 extraordinary. 

    Wishing you and your loved ones a joyful holiday season and a prosperous, Happy New Year!
     

    MIL OSI Economics –

  • MIL-OSI Economics: BSTDB, TBC Bank to Boost Local Currency Financing in Georgia

    Source: Black Sea Trade and Development Bank

    Press Release | 11-Feb-2025

    New Partnership to Strengthen SMEs in the Country

    The Black Sea Trade and Development Bank (BSTDB) has extended a GEL 135 million local-currency loan to TBC Bank Georgia. The financing will be on-lent to small and medium-sized enterprises (SMEs) to support their investment programmes, working capital needs, and expansion into domestic and international markets, thus enhancing SMEs’ competitiveness and export capacity.

    In addition, the funding will boost local-currency financing opportunities for private companies while reducing their dependence on foreign currency borrowings and protecting business owners from direct exposure to exchange rate risk.

    “Our new agreement with TBC Bank reinforces our commitment to fostering long-term partnerships while advancing access to local currency financing for Georgian small businesses,” said Dr. Serhat Köksal, BSTDB President. “By boosting lending in Georgian Lari, we aim to support economic growth, create jobs, and strengthen businesses’ ability to succeed in their domestic markets. This initiative also enhances the resilience and competitiveness of Georgia’s banking sector by mitigating currency risks.”

    Vakhtang Butskhrikidze, CEO, TBC Bank, commented: “We are delighted to continue and further strengthen our cooperation with BSTDB. This transaction reflects both institutions’ strong commitment to support Georgian MSMEs, which are key contributors to economic growth and job creation in the country. On the back of supporting de-dollarisation of the financial sector, this facility will further strengthen TBC’s position as a leading local currency provider on the market. I would like to thank BSTDB for being a long-standing supporter of TBC and look forward to executing many more successful deals in the future”.

    BSTDB has been cooperating with TBC Group since 2003, providing over USD 192 million in revolving trade finance, SME finance, and leasing facilities.

     

    TBC Bank Group PLC (“TBC PLC”) is a public limited company registered in England and Wales and is the parent company of TBC Bank Georgia and TBC Uzbekistan. TBC Bank Georgia, together with its subsidiaries, is the leading financial services group in Georgia, with a total market share of 38.7% of customer loans and 38.4% of customer deposits as of 30 September 2024, according to data published by the National Bank of Georgia. TBC PLC is listed on the London Stock Exchange under the symbol TBCG and is a constituent of the FTSE 250 Index. It is also a member of the FTSE4Good Index Series and the MSCI United Kingdom Small Cap Index.

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics –

  • MIL-OSI Economics: BSTDB Clarifies No Affiliation with the Black Sea Bank for Reconstruction and Development

    Source: Black Sea Trade and Development Bank

    Press Release | 25-Feb-2025

    Reaffirmation of our Distinct Identity as a Multilateral Financial Institution

    Following the announcement of EU sanctions concerning the Black Sea Bank for Reconstruction and Development (ChBRR, in Russian – ЧБРР, based in Simferopol, Crimea), the Black Sea Trade and Development Bank (BSTDB) is issuing this public clarification to unequivocally state that BSTDB has no (no) affiliation, connection, or dealings with the Black Sea Bank for Reconstruction and Development.

    BSTDB is an International Financial Institution established by an intergovernmental treaty, comprising eleven Member States from the Black Sea region. Headquartered in Thessaloniki, Greece, the Bank was established under an intergovernmental treaty registered with the United Nations (Multilateral, No. 36909) and operates in accordance with international standards.

    BSTDB remains committed to its mission of promoting economic development and regional cooperation across the Black Sea region and underscores its distinct and separate identity from any similarly named organizations.

    To avoid any misrepresentation, BSTDB also urges all media outlets and stakeholders to ensure the correct use of its official logo and branding in any related reporting.

     

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Economics –

  • MIL-OSI Economics: BSTDB and TuranBank Partner to Boost Small Businesses in Azerbaijan

    Source: Black Sea Trade and Development Bank

    Press Release | 28-Feb-2025

    Promoting Sustainable Growth and Trade in the Country

    To facilitate development and growth in Azerbaijan, the Black Sea Trade and Development Bank (BSTDB) has extended the Azeri Manat equivalent of a USD 6 million loan to TuranBank. The funds will be channeled to domestic small and medium-sized enterprises (SMEs) to meet their investment programmes and working capital needs, as well as enhance their trade activity.

    In addition, the funding will also expand access to local-currency financing for private companies, further reducing their reliance on foreign currency borrowings and protecting business owners from direct exposure to exchange rate risks.

    “BSTDB is pleased to continue its partnership with TuranBank to empower SMEs in the country, giving them access to resources they need to grow, innovate and drive inclusive economic progress. This will help unlock employment opportunities and foster sustainable development both within the country and across the region. We are confident that our joint efforts will continue to deliver meaningful results in the future.”, said Dr. Serhat Köksal, BSTDB President.

    “The funds raised in local currency will be allocated to financing the real sector, particularly micro, small, and medium-sized enterprises, which are the primary focus of the bank’s strategic objectives. This will also help support entrepreneurs operating in the regions. This agreement further underscores international financial institutions’ confidence in the long-term stability and sustainable development of our bank as a reliable partner,” said Orkhan Garayev, Chairman of the Management of TuranBank OJSC.

    BSTDB has been cooperating with TuranBank since 2011, having provided revolving trade finance and SME finance facilities that have benefited dozens of beneficiaries.

    Established in 1992 and headquartered in Baku, TuranBank OJSC is a mid-sized bank expanding to 22 sales points across the country. The bank is one of the key participants in the country’s financial sector, distinguished by its stability and reliability. For detailed information about the products and services offered by TuranBank, visit https://www.turanbank.az/en/pages/1, or follow its social media pages.

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact:
    Haroula Christodoulou
    E-mail: cchristodoulou@bstdb.org
    Phone: +30 2310 290533
    Twitter: @BSTDB; @Haroulax 

    MIL OSI Economics –

  • MIL-OSI Russia: New Materials and Collaboration: IMMiT at the Future Technologies Forum

    Translartion. Region: Russians Fedetion –

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

    A delegation of scientists from the Institute of Mechanical Engineering, Materials and Transport took part in the Future Technologies Forum 2025, which was held at the World Trade Center in Moscow.

    The Future Technologies Forum is a discussion platform dedicated to the development of high-tech technologies in Russia. It started in 2023 and has become a flagship event, where leading experts, scientists, representatives of business and government bodies talk about advanced scientific developments and product solutions based on them.

    The forum is operated by the Roscongress Foundation, and co-organized by major Russian corporations. The first forum was dedicated to quantum technologies as one of the areas capable of changing approaches to the development of entire industries, the second covered developments in the field of neurobiotechnology aimed at improving the quality and duration of human life. The third provided an opportunity to become more familiar with the technologies of new materials.

    At the plenary session, the participants of the discussion paid special attention to the issues of strategic development of the Arctic and the role of advanced materials in ensuring Russia’s technological leadership in the region. The event was attended by the President of the Russian Federation Vladimir Putin and representatives of the scientific community.

    Polytechnic was represented at the forum by the Director of IMMiT Anatoly Popovich and Associate Professor of the Scientific and Educational Center “Structural and Functional Materials” Evgeny Borisov. They held a session “Intelligent, Adaptive Materials and Coatings”. Following its results, the partners identified areas of scientific research in which cooperation can be developed.

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

    MIL OSI Russia News –

  • MIL-OSI Economics: The 31st AEM Retreat convenes in Johor, Malaysia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the 31st ASEAN Economic Ministers’ Retreat (AEM Retreat) held in Johor, Malaysia. The AEM Retreat was chaired by Minister of Investment, Trade and Industry of Malaysia Tengku Zafrul Tengku Abdul Aziz. The Meeting expressed its support for ASEAN’s economic priorities under Malaysia’s 2025 Chairmanship under the theme of “Inclusivity and Sustainability.” The Meeting also exchanged views on the current regional and global economic outlook, progress of implementation of the AEC Blueprint 2025, as well as key initiatives to further integrate ASEAN’s economy including the ongoing negotiations for the ASEAN Trade in Goods Agreement (ATIGA) upgrade, the ASEAN Digital Economy Framework Agreement (DEFA), as well as Timor-Leste’s accession to ASEAN economic agreements and ASEAN’s external economic relations.

    The Meeting was preceded by an open session with the ASEAN Business Advisory Council (ASEAN-BAC), followed by the Economic Research Institute for ASEAN and East Asia (ERIA), and McKinsey, which engaged in discussions on ASEAN’s economic integration as well as emerging regional and global issues.

    The post The 31st AEM Retreat convenes in Johor, Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Economics –

  • MIL-OSI: Bybit Restores Assets and Confidence Through Transparent Recovery Process

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Feb. 28, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced significant progress in restoring assets and rebuilding trust following a recent security incident. Demonstrating its commitment to transparency and resilience, Bybit has swiftly implemented recovery measures and enhanced security protocols to protect its global user community.

    Key Recovery Milestones

    • AUM Recovery: Bybit has successfully restored 77% of its Assets Under Management (AUM) to pre-incident levels, underscoring its robust recovery strategy and sustained client confidence.
    • Enhanced Spot Liquidity: The platform now offers superior spot liquidity across the top 180 trading pairs, surpassing industry benchmarks and reflecting substantial improvements from pre-incident conditions.
    • Contract Market Resilience: The recovery of contract trading has outpaced expectations, with the top two indices reaching approximately 86% of normal levels and the top 70 exceeding 87%, outperforming competitors.
    • Sustained Trading Volume: Bybit’s trading activity remains strong, with volumes exceeding $40 billion in the past two days, a testament to the resilience and trust of its global user base.

    Strengthened Proof of Reserves

    In alignment with its commitment to transparency, Bybit has conducted an additional proof of reserves audit, supplementing its regular monthly verifications. The results confirm full collateralization of all client assets:

    • BTC: 102% 
    • ETH: 102% 
    • SOL: 103% 
    • USDT: 104%
    • USDE: 116% 
    • USDC: 229% 

    These figures underscore Bybit’s financial stability and its commitment to ensuring client assets remain fully backed at all times.

    “We have taken swift and decisive actions to reinforce our security measures and protect our users. Our top priority is to maintain the highest standards of transparency, resilience, and trust,” said Ben Zhou, Co-founder and CEO of Bybit. “We deeply appreciate the unwavering support from our clients and partners, which has been instrumental in our rapid recovery.”

    #Bybit / #TheCryptoArk

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com

    For updates, please follow: Bybit’s Communities and Social Media

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c4bf808-e6f1-40fb-a366-833f09db1d33

    The MIL Network –

  • MIL-OSI: Production report for January 2025

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 28 February 2025

             January 2025 December 2024
    Operated Boepd (1) Bopd (1) Boepd (1) Bopd (2)
    Colombia 623 446 594 418
    Argentina 1,342 218 1,908 244
    Total operated 1,965 664 2,502 662
    Total equity 991 384 1,217 377

    (1)   Barrels of oil equivalents per day (includes liquid and gas)
    (2)   Barrels of oil per day (represents only liquids)
    [boepd]: barrels of oil equivalents per day (includes liquid and gas)
    [Operated]: 100% field production operated by Interoil
    [Equity]        : Interoil’s share production net of royalties.

    Production Summary

    Interoil’s daily average total operated production for January was 1,965 boepd, reflecting a decrease of 537 boepd when compared with December.

    Decline is primarily attributed to our operations in Argentina (-566 boepd) while operations in Colombia had a modest increase (+ 29 boepd).

    Country-Specific Highlights

    Argentina

    Gas production was primarily affected by the breakdown of two compressor engines, which required the custom fabrication of replacement parts. These parts arrived to the field in February. Consequently, gas production experienced a sustained decrease from January until the repair of the damaged compressors in February.

    Colombia

    In January, the Vikingo-1 well achieved an average daily production of 196 boepd, effectively offsetting the natural depletion at Puli C and contributing an additional 30 boepd. Currently, the workover rig has completed the intervention of the MN-11 well, the first planned for this campaign in Puli C Fields. This intervention involved the replacement of downhole equipment, including tubing, pump, and rods.

    This campaign, which includes at least four additional planned interventions in the Puli C Fields, aims to recover as much as 50 bopd and 600 kscfpd of gas.

    Additional information

    Further details about production performance are shown in the attached document. The graphs and tables illustrate both operated and equity production of oil and gas by country. “Operated production” refers to the total output from fields operated by Interoil, while “Equity production” refers to Interoil’s share of production, net of royalties.

    Note: This report complies with disclosure requirements outlined in sections 5-12 of the Norwegian Securities Trading Act.

    ***************************
    Please direct any further questions to ir@interoil.no
    Interoil Exploration and Production ASA is a Norwegian based exploration and production company – listed on the Oslo Stock Exchange with focus on Latin America. The Company is operator and license holder of several production and exploration assets in Colombia and Argentina with headquarter in Oslo.

    Attachment

    The MIL Network –

  • MIL-OSI: DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024

    Source: GlobeNewswire (MIL-OSI)

    DIGITALIST GROUP’S FINANCIAL STATEMENT RELEASE, 1 JANUARY–31 DECEMBER 2024 
    (Not audited)

    DIGITALIST 2024 

    SUMMARY

    October–December 2024 (comparable figures for 2023 in parentheses):

    • Turnover: EUR 4.7 million (EUR 4.2 million), change 12.9%. 
    • EBITDA: EUR -0.2 million (EUR -0.4 million*), -4.3% of turnover (-9.1%).
    • EBIT: EUR -0.3 million (EUR -0.6 million*), -7.1% of turnover (-14.4%). 
    • Net income: EUR -1.0 million (EUR -1.6 million*), -21.3% of turnover (-38.9%).
    • Earnings per share EUR -0.00 (EUR -0.00).

    January–December 2024 (comparable figures for 2023 in parentheses): 

    • Turnover: EUR 16.2 million (EUR 16.7 million), change -3.1%. 
    • EBITDA: EUR -1.5 million (EUR -0.9 million**), -9.4% of turnover (-5.2%). 
    • EBIT: EUR -2.0 million (EUR -1.7 million**), -12.3% of turnover (-10.2%). 
    • Net income: EUR -5.0 million (EUR -4.1 million**), -31.0% of turnover (-24.5%). 
    • Earnings per share: EUR -0.01 (EUR -0.01). 
    • Earnings per share (diluted): EUR -0.01 (EUR -0.01). 
    • Cash flow from operations EUR -1.4 million (EUR -2.9 million). 
    • Number of employees at the end of the review period: 122 (126), decrease of 3.2%.

    *) EBIT, EBITDA, and net income for the comparison period were affected by a recorded gain of EUR 0.3 million, resulting from the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    **) EBIT, EBITDA, and net income for the period were affected by a one-time gain of EUR 1.0 million, which includes a recorded gain of EUR 0.6 million from the FutureLab Share transaction, EUR 0.3 million from the write-down of Turret accounts payable and an additional purchase price adjustment related to the Ticknovate divestment.

    CEO’s review 

    As we close the year 2024, Digitalist Group stands at the intersection of ongoing market challenges and promising opportunities. While the Finnish economy remained weak, causing clients to hesitate in initiating new projects, we observed steady growth in Sweden. We are committed to coping with the challenges in the Finnish market, but we have increased focus on exploiting opportunities in the Swedish market and have expanded our offering with new applied AI services.

    Despite the turnover growth in the last quarter, the Group’s turnover in 2024 slightly declined to EUR 16.2 million (from EUR 16.7 million in 2023) and EBITDA ended at EUR -1.5 million (EUR -0.9 million in 2023 including a one-time gain of EUR 1.0 million). This outcome mirrors both the current market conditions and the positive but not sufficient impact of the strategic measures we implemented throughout the year.

    A key driver of our performance has been the Swedish market, where demand remained robust enough to offset weaker activity in Finland. In 2024 Sweden contributed around 70% of our total turnover, up from 61% in the same period last year. We also intensified our cost-saving efforts, reducing personnel costs and streamlining our organizational structure to create a stronger foundation for future improvements.

    This year, we enhanced our service portfolio through the full launch of Digitalist Open Cloud AB and the introduction of Digitalist Private AI Hub, offering secure and GDPR-compliant AI capabilities. These new solutions cater to the rising demand for data privacy and advanced digital services, attracting clients who recognize the value of our approach.

    Looking ahead, we remain focused on driving operational efficiency, sharpening our service offerings, and capitalizing on growth opportunities. Although the market may remain challenging in the near term, our product innovation and constant focus on cost management, positions Digitalist Group for long-term success.

    I extend my sincere gratitude to our employees for their commitment and to our clients for their trust. Together, we have navigated a demanding year, and together we will seize the opportunities that lie ahead.

    Magnus Leijonborg
    CEO, Digitalist Group

    Future prospects

    In 2025, it is expected that turnover and EBITDA will improve in comparison with 2024.

    SEGMENT REPORTING

    Digitalist Group reports its business in a single segment.

    TURNOVER

    In the fourth quarter, the Group’s turnover was EUR 4.7 million (EUR 4.2 million), reflecting a 12.9% increase compared to the previous year. The increase was due to the strengthening of the Swedish business.

    The Group’s turnover for the period totalled EUR 16.2 million (EUR 16.7 million), which is 3.1% lower than the previous year, as a result of the weak market situation in Finland. The turnover for the whole year fell short of the targets, as the economic slowdown and uncertainty have made customers more cautious when starting new projects.

    Market conditions in Finland have been challenging. The share of turnover outside Finland rose to 70 percent (61 %), and the increase was mainly due to the strengthening of the Swedish business. The net impact on turnover from the divestment of FutureLab and the acquisition of Open Communications for the review period is EUR 0.1 million compared to the comparison period.

    RESULT

    In the fourth quarter, EBITDA was EUR -0.2 million (EUR -0.4 million), EBIT was EUR -0.3 million (EUR -0.6 million) and profit before taxes was EUR -0.9 million (EUR -1.6 million). EBITDA was positively affected by improved sales and a EUR 0.3 million reduction in personnel and operating expenses. Net income for the final quarter amounted to EUR -1.0 million (EUR -1.6 million), earnings per share were EUR -0.00 (EUR -0.00).

    EBITDA for the financial period amounted to EUR -1.5 million (EUR -0.9 million), EBIT was EUR -2.0 million (EUR -1.7 million) and profit before taxes was EUR -4.9 million (EUR -4.0 million). Expenses were EUR 0.7 million lower compared to the previous year, of which operating expenses were EUR 0.3 million lower and personnel expenses EUR 0.4 million lower. Cost savings improved EBITDA, but the decline in sales weakened the overall impact.

    The EBIT was influenced by the decrease of depreciations of balance sheet items by EUR 0.4 million. EBIT, EBITDA and net income of the comparison period were impacted by a booked gain of EUR 0.6 million from the FutureLab Share transaction and EUR 0.3 million is attributed to the write-down of Turret accounts payable and an additional purchase price related to the Ticknovate divestment.

    Net financial items amounted to EUR -3.0 million (EUR -2.3 million), mainly comprising external interest expenses related to loans from financial institutions and related parties. External interest expenses were EUR -2.2 million (EUR -2.1 million). Financial items in the comparison period were positively impacted by Business Finland’s non-collection decision on a EUR 0.3 million part of the product development loan and unrealized exchange gains. Net income for the financial period amounted to EUR -5.0 million (EUR -4.1 million), earnings per share totalled EUR -0.01 (EUR -0.01).

    RETURN ON EQUITY

    The Group’s shareholders’ equity amounted to EUR -37.7 million (EUR -32.7 million). The Group’s equity considering the capital loans was EUR -13.8 million (EUR -15.8 million). Return on equity (ROE) was negative. Return on investment (ROI) was -161.9% (-27.8%).

    BALANCE SHEET AND FINANCING

    The balance sheet total was EUR 10.1 million (EUR 11.4 million). The solvency ratio was -379.1% (-285.9%). 

    At the end of the period, the Group’s liquid assets totalled EUR 0.9 million (EUR 0.9 million).

    At the end of the financial period the Group’s interest-bearing liabilities amounted to EUR 38.2 million (EUR 35.7 million). The Group’s balance sheet recognised EUR 11.0 million (EUR 11.4 million) in loans from financial institutions, including the overdrafts in use. IFRS 16 leasing debts were EUR 0.6 million (EUR 1.0 million). 

    In addition, the company has loans from its main owners. The loans from related parties amount to EUR 26.6 million (EUR 23.4 million). EUR 23.9 million (EUR 16.9 million) related party loans were capital loans, EUR 0 million (EUR 5.8 million) were convertible bonds, EUR 2.8 million (EUR 0.8 million) were other related party loans, of which EUR 2.0 million were short term. The changes result from the conversion of convertible bonds into capital loans in accordance with Chapter 12 of the Limited Liability Companies Act and from the new loan installments from Turret. More information about the arrangements can be found in the section of the review: Related party transactions.

    CASH FLOW

    The Group’s cash flow from operating activities during the review period was EUR -1.4 million (EUR -2.9 million), a change of EUR 1.5 million. The development of the company’s liquid assets was influenced by improved working capital. In order to reduce the rate of turnover of trade receivables, the Group sells part of its trade receivables from Finnish customers. In addition, some Swedish trade receivables are financed through factoring arrangements.

    GOODWILL

    On 31 December 2024, the Group’s balance sheet included goodwill of EUR 5.2 million (EUR 5.4 million). The company tested goodwill in accordance with IAS 36 on 31 December 2024 and no need for an impairment charge was detected. 

    PERSONNEL

    During the financial period, the Group had an average of 123 employees (139). At the end of the financial period, the total number of employees was 122 (126), with 52 (52) working for the Group’s Finnish companies and 70 (74) employed by its foreign subsidiaries.

    SHARES AND SHARE CAPITAL

    Share turnover and price

    During the financial period, the company’s share price hit a high of EUR 0.02 (EUR 0.03) and a low of EUR 0.01 (EUR 0.01), and the closing price on 31 December 2024 was EUR 0.01 (EUR 0.02). The average price in the financial period was EUR 0.01 (EUR 0.02). During the financial period 78,321,067 (40,711,793) shares were traded, corresponding to 11.3% (6.0%) of the number of shares in circulation at the end of the period. The Group’s market capitalisation at the closing share price on 31 December 2024 was EUR 9,985,399 (EUR 10,236,341).
         
    Share capital

    At the beginning of the period under review, the company’s registered share capital was EUR 585,394.16, and there were 693,430,455 shares. At the end of the period, the share capital was EUR 585,394.16, and there were 693,430,455 shares. The company has one class of shares. At the end of the reporting period, the company held a total of 7,664,943 treasury shares corresponding to 1.1% of the total shares. 

    Option plan 2019 and 2021

    The option plan 2019 has expired.

    The option rights belonging to the company’s option program 2021 are marked as series 2021A1, 2021A2, 2021B1, 2021B2 and 2021C1. A maximum of 60,000,000 stock options can be issued and they entitle to subscribe for a maximum of 60,000,000 new shares of the Company. A total of 38,450,000 options belonging to the 2021A1 and 2021A2 series have been distributed among the options included in the option program. The last exercise date for the series 2021A1 was 31.12.2024. 28,650,000 of the distributed options have expired, so based on the terms of the option program, it is possible to subscribe for a maximum of 9,800,000 new shares of the Company.

    The theoretical market value of the options allocated by the end of the financial period is approximately EUR 0.8 million, which is recognised as an expense in accordance with IFRS 2 for the years 2021-2025. The expense recognition for 2024 is EUR 0.1 million. The expense recognition does not have cash flow impact.

    Terms and conditions of option programs can be found at the Company’s web site https://investor.digitalistgroup.com//investor

    Shareholders

    The number of shareholders on 31 December 2023 was 5,705 (5,578). Private individuals owned 11.8% (10.4%) of the shares, and institutions held 78.4% (79.5%). Foreign nationals or entities held 9.8% (10.0%) of the shares. Nominee-registered shares accounted for 12.6% (6.3%) of the total.

    AUTHORIZATIONS OF THE BOARD OF DIRECTORS

    Annual General Meeting 25 April 2024

    The company held its Annual General Meeting on 25 April 2024. The minutes of the Annual General Meeting and the decisions made are on the company’s website at https://investor.digitalistgroup.com/investor/governance/annual-general-meeting

    The financial statements and consolidated financial statements for the financial year ended December 31, 2023, were approved as presented.

    The Annual General Meeting resolved that the loss EUR 4,575,895.22 indicated by the financial statements for 2023 be recorded in the Company’s profit and loss account, and that no dividend be paid to shareholders for the financial period 2023.

    The Annual General Meeting elected Johan Almquist, Paul Ehrnrooth, Peter Eriksson, Esa Matikainen, and Andreas Rosenlew as ordinary members of the Board of Directors, and Magnus Wetter as a new member of the Board of Directors. At the Board meeting held on 25 April 2024 after the Annual General Meeting, the Board of Directors elected Esa Matikainen as the Chair of the Board and Andreas Rosenlew as the Deputy Chair of the Board. The Board resolved to continue with the Audit Committee. Esa Matikainen was elected as a chairman and Peter Eriksson and Magnus Wetter as members of the Audit Committee.

    The Board of Directors evaluated on the date of the financial statement release the independence of the Committee members in compliance with the recommendations of the Finnish Corporate Governance Code 2020 as follows. Esa Matikainen and Magnus Wetter are independent of the company and independent of a significant shareholder. Peter Eriksson is independent of the company and dependent on a significant shareholder.

    Audit firm KPMG Oy Ab was appointed as the company’s auditor.

    Authorisation of the Board of Directors to decide on share issues and on granting special rights entitling to shares

    The Annual General Meeting authorised the Board to decide on a paid share issue and on granting option rights and other special rights entitling to shares that are set out in Chapter 10 Section 1 of the Finnish Limited Liability Companies Act, or on the combination of all or some of the aforementioned instruments in one or more tranches on the following terms and conditions:

    The total number of the Company’s treasury shares and new shares to be issued under the authorisation may not exceed 346,715,227, which corresponds to approximately 50 per cent of all the Company’s shares at the time of convening the Annual General Meeting.

    Within the limits of the aforementioned authorisation, the Board of Directors may decide on all terms and conditions applied to the share issue and to the special rights entitling to shares, such as that the payment of the subscription price may take place not only by cash but also by setting off receivables that the subscriber has from the Company.

    The Board of Directors shall be entitled to decide on crediting the subscription price either to the Company’s share capital or, entirely or in part, to the invested unrestricted equity fund.

    The share issue and the issuance of special rights entitling to shares may also take place in a directed manner in deviation from the pre-emptive rights of shareholders if there is a weighty financial reason for the Company to do so, as set out in the Limited Liability Companies Act. In such a case, the authorisation may be used to finance corporate acquisitions or other investments related to the operations of the Company as well as to maintain and improve the solvency of the Group and to carry out an incentive scheme.

    The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    Authorising the Board of Directors to decide on the acquisition and/or on the acceptance as pledge of the Company’s treasury shares

    The Annual General Meeting authorised the Board to decide on acquiring or accepting as pledge, using the Company’s distributable funds, a maximum of 69,343,000 treasury shares, which corresponds to approximately 10 per cent of the Company’s total shares at the time of convening the Annual General Meeting. The acquisition may take place in one or more tranches. The acquisition price shall not exceed the highest market price of the share in public trading at the time of the acquisition.

    In executing the acquisition of treasury shares, the Company may enter into derivative, share lending or other contracts customary in the capital market, within the limits set out in laws and regulations. The authorisation entitles the Board to decide on an acquisition in a manner other than in a proportion to the shares held by the shareholders (directed acquisition).

    The Company may acquire the shares to execute corporate acquisitions or other business arrangements related to the Company’s operations, to improve its capital structure, or to otherwise further transfer the shares or cancel them.

    The authorisation is proposed to include the right for the Board of Directors to decide on all other matters related to the acquisition of shares. The authorisation is proposed to be effective until the Annual General Meeting held in 2025, yet no further than until 30 June 2025.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret Oy Ab without modifications.

    The Annual General Meeting approved the Board’s proposals to change the terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix Oy Ab without modifications.

    It was noted that the following measures have been taken in the Company after the end of the fiscal year on December 31, 2023:

    ●     Convertible bonds 2021/3 and 2021/4 were partially converted into capital loans as per Chapter 12 of the Companies Act, as announced on March 22, 2024; and
    ●     the General Meeting has decided, following the board’s proposals, to change the terms of the Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4, and 2022/1, including their maturity extensions until September 30, 2026.

    It was noted that these actions have supported and will support the Company’s balance sheet and solvency.

    It was resolved to accept the proposition of the Board of Directors of the Company not to implement immediate additional measures to rectify the Company’s financial position, but the Company will actively evaluate other possibilities and means to support the Company’s financial standing.

    The stock exchange releases are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    CHANGES IN THE GROUP STRUCTURE

    Digitalist Open Tech AB sold part of its IT and SaaS business to the newly established Digitalist Open Cloud AB through an internal business transfer agreement 1 April 2024. Digitalist Open Cloud AB is now a subsidiary of Digitalist Open Tech AB, with a 15% minority stake held by the subsidiary management.

    Digitalist Group divested its fully-owned subsidiary Open Communications International AB 31 May 2024 to its subsidiary Grow AB, in which it holds a 90% ownership. Sales price was EUR 0.9 million.

    In addition, Digitalist Group has closed non-operative companies. Digitalist USA Ltd was formally dissolved in 2024. Grow Finland Oy and Ixonos Estonia have been removed from the trade register in 2024.

    EVENTS SINCE THE FINANCIAL PERIOD

    There have been no significant events since the end of the financial period.

    RELATED-PARTY TRANSACTIONS 

    Financing arrangements with related parties:

    Strengthening Digital Group Plc’s equity, conversion of convertible bonds partly into capital loans

    In order to strengthen the Company’s equity, Digital Group decided on 22 March 2024 to utilize the right provided by Turret Oy Ab and Holdix Oy Ab to convert a total of 1,907,175.40+interest 334,513.29 euros of the principal and interest of the convertible bonds 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    Amendment of the terms concerning Convertible Bonds 2021/1, 2021/2, 2021/3, 2021/4 and 2022/1 issued by Digitalist Group Plc

    Convertible Bonds 2021/1, 2021/3 and 2022/1 directed to Turret Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 issued to Turret.

    Digitalist Group Plc and Turret Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/1, 2021/3, and 2022/1 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Turret.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Convertible Bonds 2021/2 and 2021/4 directed to Holdix Oy Ab

    The Annual General Meeting of Digitalist Group 25 April 2024 resolved on the amendments to the Terms of the Convertible Bonds 2021/2 and 2021/4 issued to Holdix.

    Digitalist Group and Holdix Oy Ab signed agreements April 26 2024 to amend the terms of the Convertible Bonds 2021/2 and 2021/4 and the option rights and other special rights pursuant to Chapter 10 section 1(2) of the Limited Liability Companies Act attached to them issued to Holdix.

    The maturity of the Convertible Bonds was extended to 30 September 2026.

    Digitalist Group structures its financing

    Digitalist Group Plc’s agreed 28.10.2024 with Turret Oy Ab on a loan amounting to EUR 1,000,000 in order to strengthen the Company’s working capital. The Company has the right to withdraw the Loan in instalments by 31 December 2025 at the latest. The Loan was granted on market terms and it will fall due on 31 December 2026.

    Strengthening Digitalist Group Plc’s balance sheet position and conversion of convertible bonds 2021/1, 2021/2, 2021/3 and 2021/4 into capital loans

    Digitalist Group Plc decided 30.12.2024, in order to strengthen the Company’s balance sheet position, to utilize the right offered by Turret Oy Ab and Holdix Oy Ab to convert a total of 3,860,763.40 + interest 861,271.93 euros of the principal and interest of the convertible bonds 2012/1, 2021/2, 2021/3 and 2021/4 subscribed by Turret and Holdix into a capital loan in accordance with Chapter 12 of the Limited Liability Companies Act.

    OTHER EVENTS DURING THE FINANCIAL PERIOD

    Digitalist Group decreased its earlier guidance regarding future prospects 17.10.2024. The new guidance was: In 2024, turnover and EBITDA are expected to decrease in comparison with 2023.

    Operationally, not including the impact of other operating income (EUR 1.0 million), the current financial year was expected to be stronger than the previous year.

    The stock exchange releases for the review period are on the company’s website at https://investor.digitalistgroup.com/investor/releases

    RISK MANAGEMENT AND SHORT-TERM UNCERTAINTIES

    The objectives of Digitalist Group Plc’s risk management are to ensure the undisrupted continuity and development of the company’s operations, support the achievement of the company’s business objectives and increase the company’s value. For more details about the organisation of risk management, processes and identified risks, see the company’s website at https://investor.digitalistgroup.com/investor

    The company has been making a loss despite the efficiency measures it has taken. The company’s loss-making performance directly affects its working capital and the sufficiency of its financing. This risk is managed by maintaining the capacity to use different financing solutions. The company aims to continuously assess and monitor the amount of necessary business financing to ensure that it has sufficient liquid assets to finance its operations and repay maturing loans. Any disruptions in the financial arrangements would weaken Digitalist Group’s financial position.

    The company is currently dependent on external financing, most of which has been obtained from related-party companies and financial institutions. Digitalist Group’s ability to finance its operations and reduce the amount of its debt depends on several factors, such as the cash flow from operations and the availability of debt and equity financing, and there is no certainty that such financing will be available in the future. Similarly, there can be no certainty in the long term that Digitalist Group will be able to obtain additional debt or refinance its current debt on acceptable terms, if at all.

    During 2024, negotiations regarding the restructuring of maturing convertible bonds held by related parties were concluded, and the maturity date was extended until autumn 2026. The convertible bonds were converted into capital loans in two tranches in accordance with Chapter 12 of the Limited Liability Companies Act in 2024, strengthening the company’s balance sheet.

    Any changes to key client accounts could have a substantial impact on Digitalist Group’s operations, earning potential and financial position. If one of Digitalist Group’s largest clients decided to switch to a competing company or drastically altered its operating model, the chances of finding client volumes to replace the shortfall in the near term would be limited.

    The Group’s business consists mainly of individual client agreements, which are often relatively short-term. Forecasting the start dates and scopes of new products is occasionally challenging, while the cost structure is largely fixed. The aforementioned aspects can lead to unpredictable fluctuations in turnover and, thereby, in profitability. The Group’s business consists of some fixed-price deliveries (65%). Fixed-price client deliveries carry risks related to timing and content. The company endeavours to manage these risks through contractual and project management measures.

    Irrespective of the market situation, there is a shortage of certain experts in the Group’s business sector. Although the aggressive recruitment policies that occasionally arise in the Group’s business sector have decreased significantly, there is still a risk of personnel moving to competitors. There are no guarantees that the company will be able to retain its current personnel and recruit new employees to enable growth. If Digitalist Group loses a significant number of its current personnel, it would be more difficult to complete existing projects and acquire new ones. This could have an adverse impact on Digitalist Group’s business, earnings and financial position.

    The cost inflation has decreased significantly but can still exert pressure to raise salaries, so the importance of cost monitoring is emphasised further. Variation in interest rates do not have a significant direct impact on financing costs because most of the company’s debts have fixed interest rates. If the interest rates on the company’s loans from financial institutions rose by 1 per cent, the company’s annual interest costs would rise by approximately EUR 0.1 million.

    Part of the Group’s turnover is invoiced in currencies other than the euro – mainly in the Swedish krona. The risk associated with changes in exchange rates can be managed in various ways, including net positioning and currency hedging contracts. In 2024 and 2023, the Group had no hedging contracts.

    The Group’s balance sheet contains goodwill that is subject to impairment risk in the event that the Group’s future yield expectations decrease due to internal or external factors. The goodwill is tested for impairment every six months and whenever the need arises.

    General economic uncertainty and low growth forecasts in the company’s key markets affected the Group’s business during the financial period, but the future impact is difficult to estimate. Geopolitical uncertainty may affect the business activities of some of the Group’s clients, thereby indirectly affecting the Group’s business. The Group has no business activities in Russia or Ukraine.

    LONG-TERM GOALS AND STRATEGY

    Digitalist Group aims to achieve a profit margin of at least 10% over the long term. In order to achieve its long-term goals, Digitalist Group strives for profitable, international growth by shaping new forms of thinking, services and technological solutions for a variety of sectors. These sectors include, among others, the technology industry, energy industry, transport and logistics, as well as consumer services in both the public and private sectors. Digitalist Group’s strategy focuses on enhancing its service and solution business and seamlessly integrating user and operational research, branding, design and technology.

    PROPOSAL BY THE BOARD OF DIRECTORS TO THE ANNUAL GENERAL MEETING

    The Board of Directors of Digitalist Group Plc proposes to the Annual General Meeting that the distributable funds be retained in shareholders’ equity and that no dividend be distributed to shareholders for the 2024 financial period. On 31 December 2024, the parent company’s distributable assets were negative.

    Digitalist Group Plc’s Annual General Meeting will be held on 29 April 2025. 
    Digitalist Group’s Financial Statements 2024 will be published and posted on the company’s website on 28 March 2025. Digitalist Group Plc’s Financial Statements will be published in Finnish and English and they are available on the Group’s website https://investor.digitalistgroup.com/investor immediately after publication.

    NEXT REVIEW

    The Business review for January–March 2025 will be published on Friday 25 April 2025.

    DIGITALIST GROUP PLC
    Board of Directors

    Further information:
    Digitalist Group Plc
    CEO Magnus Leijonborg, tel. +46 76 315 8422, magnus.leijonborg@digitalistgroup.com
    Chairman of the Board Esa Matikainen, tel. +358 40 506 0080, esa.matikainen@digitalistgroup.com

    Distribution:
    NASDAQ Helsinki

    Key media
    https://investor.digitalistgroup.com/investor

    DIGITALIST GROUP 

    SUMMARY OF THE FINANCIAL STATEMENTS AND NOTES, 1 JANUARY–31 DECEMBER 2024

    CONSOLIDATED INCOME STATEMENT, EUR THOUSAND 

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Turnover 4,698.85 4,160.22 12,9 % 16,164.54 16,680.74 -3,1 %
    Other operating income -41.02 280.21 -114,6 % 50.00 1,006.67 -95,0 %
                 
    Materials and services -932.52 -639.82 -45,7 % -3,102.99 -3,202.01 3,1 %
    Expenses from employee benefits -3,251.70 -3,331.27 2,4 % -11,874.22 -12,269.02 3,2 %
    Depreciation and impairment -132.28 -218.14 39,4 % -469.53 -834.41 43,7 %
    Other operating expenses -673.33 -848.57 20,7 % -2,750.27 -3,077.67 10,6 %
    Total expenses -4,989.83 -5,037.80 1,0 % -18,197.01 -19,383.11 6,1 %
                 
    EBIT -331.99 -597.37 44,4 % -1,982.47 -1,695.70 -16,9 %
                 
    Financial income 78.27 4.17 1779,2 % 155.41 752.50 -79,3 %
    Financial expenses -695.08 -1,021.72 32,0 % -3,103.37 -3,026.21 -2,5 %
    Total financial income and expenses -616.81 -1,017.55 39,4 % -2,947.96 -2,273.71 -29,7 %
                 
    Profit before taxes -948.80 -1,614.92 41,2 % -4,930.43 -3,969.41 -24,2 %
    Income taxes -50.82 -3.87 -1214,3 % -87.04 -115.46 24,6 %
    PROFIT/LOSS FOR FINANCIAL PERIOD -999.62 -1,618.78 38,2 % -5,017.47 -4,084.87 -22,8 %
                 
    Distribution:            
    Parent company shareholders -875.12 -1,557.64 43,8 % -4,707.38 -4,042.14 -16,5 %
    Non-controlling interests -124.50 -61.15 -103,6 % -310.09 -42.73 -625,8 %
    Earnings per share:            
    Undiluted (EUR) 0.00 0.00   -0.01 -0.01  
    Diluted (EUR) 0.00 0.00   -0.01 -0.01  

    COMPREHENSIVE INCOME STATEMENT, EUR THOUSAND

      1 Oct – 31 Dec 24 1 Oct – 31 Dec 23 Change (%) 1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 Change (%)
    Profit/loss for the financial period -999.62 -1,618.78 38,2% -5,017.47 -4,084.87 -22,8%
    Other items of comprehensive income            
    Translation difference -140.67 663.20 -121,2% -67.99 229.71 -129,6%
    TOTAL COMPREHENSIVE INCOME FOR THE YEAR -1,140.29 -955.58 -19,3% -5,085.47 -3,855.45 -31,9%
    Parent company shareholders -1,006.68 -869.23 -15,8% -4,759.00 -3,807.09 -25,0%
    Non-controlling interests -133.61 -86.35 -54,7% -327.00 -48.06 -580,4%

    CONSOLIDATED BALANCE SHEET, EUR THOUSAND

    ASSETS 31 December 2024 31 December 2023
    NON-CURRENT ASSETS    
    Intangible assets 313.78 422.06
    Goodwill 5,244.98 5,444.44
    Tangible assets 569.43 916.99
    Buildings and structures, rights-of-use 528.59 867.73
    Machinery and equipment 27.55 34.52
    Other tangible assets 13.29 14.74
    Investments 6.23 6.28
    Other non-current financial assets 88.02 24.35
    NON-CURRENT ASSETS 6,222.44 6,814.12
         
    CURRENT ASSETS    
    Trade and other receivables 2,612.34 3,508.10
    Income tax asset 320.88 228.46
    Cash and cash equivalents 943.53 893.65
    CURRENT ASSETS 3,876.75 4,630.21
    ASSETS 10,099.19 11,444.12
         
    SHAREHOLDERS’ EQUITY AND LIABILITIES    
    SHAREHOLDERS’ EQUITY    
    Parent company shareholders    
    Share capital 585.39 585.39
    Share premium account 218.73 218.73
    Invested non-restricted equity fund 73,916.78 73,916.78
    Retained earnings -107,368.76 -103,343.29
    Profit/loss for the financial period -4,707.38 -4,042.14
    Non-controlling interests -311.28 -53.08
    Parent company shareholders -37,355.24 -32,664.53
    SHAREHOLDERS’ EQUITY -37,666.53 -32,717.43
    NON-CURRENT LIABILITIES 25,438.08 3,748.88
    CURRENT LIABILITIES 22,327.73 40,412.84
    SHAREHOLDERS’ EQUITY AND LIABILITIES 10,099.29 11,444.28

    CALCULATION OF CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY, EUR THOUSAND
    A:   Share capital
    B:   Share premium account
    C:  Invested unrestricted equity fund
    D:  Translation difference
    E:   Retained earnings
    F:   Total shareholders’ equity attributable to the parent company’s
    G: Non-controlling interests
    H:  Total shareholders’ equity

      A B C D E F G H
    Shareholders’ equity 1 Jan 2023 585.39 218.73 73,662.55 -1,197.92 -104,545.23 -31,276.47 503.13 -30,773.34
    Other changes                
    Profit/loss for the financial period         -4,042.14 -4,042.14 -42.73 -4,084.87
    Purchase of own shares       235.05   235.05 -5.33 229.72
    Other items of comprehensive income           -3,807.09    
    Paid in capital     253.98     253.98   253.98
    Translation difference         176.44 176.44   176.44
    Share-based remuneration         0.00 0.00   0.00
    Transactions with non-controlling interests             -508.15 1,480.52
    Shareholders’ equity 31 December 2023 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
                     
      A B C D E F G H
    Shareholders’ equity 1 Jan 2024 585.00 219.00 73,916.78 -1,192.36 -106,192.89 -32,664.35 -53.08 -32,717.43
    Other changes       0.00 0.00      
    Profit/loss for the financial period         -4,707.38 -4,707.38 -310.09 -5,017.47
    Purchase of own shares       -51.33   -51.33 -16.66 -67.99
    Other items of comprehensive income           -4,758.71    
    Translation difference         54.23 54.23   54.23
    Share-based remuneration         -14.40 -14.40   -14.40
    Sale of subsidiary         13.81 13.81   13.81
    Transactions with non-controlling interests         14.18 14.18 68.55 82.73
    Shareholders’ equity 31 December 2024 585.00 219.00 73,916.78 -1,243.69 -110,832.45 -37,355.23 -311.29 -37,666.52

    CONSOLIDATED CASH FLOW STATEMENT, EUR THOUSAND 

      1 Jan – 31 Dec 24 1 Jan – 31 Dec 23 1 Jul – 31 Dec 24 1 Jul – 31 Dec 23
    Cash flow from operations        
    Earnings before taxes in the period -5,017.47 -4,084.87 -2,461.65 -2,094.96
    Adjustments to cash flow from operations:        
    Other income and expenses with no payment -235.55 -76.63 -261.44 -174.25
    Depreciation, impairment 469.53 834.41 265.81 417.90
    Income taxes 87.04 115.46 42.16 31.37
    Unrealised foreign exchange gains and losses -85.26 -255.59 124.47 -296.11
    Financial income and expenses 3,057.58 2,273.71 1,655.67 1,704.54
    Other adjustments 4.81 -561.90 3.25 -576.30
    Cash flow financing before changes in working capital -1,719.32 -1,755.41 -631.73 -987.82
             
    Change in working capital 1,290.45 -262.04 936.75 -313.93
    Interest received 47.37 0.72 10.04 3.07
    Interest paid -883.89 -710.82 -395.39 -333.90
    Taxes paid -133.04 -149.35 -40.34 -46.81
    Net cash flow from operations -1,398.42 -2,876.89 -120.68 -1,679.39
             
    Cash flow from investments        
    Acquisition of shares in group companies 0.00   0.00  
    Proceeds from disposal of shares in group companies 0.00   0.00  
    Investments in tangible and intangible assets -15.42 -22.33 -6.49 -9.95
    Proceeds from repayment of loans 0.00      
    Interest received on investments 0.00      
    Taxes paid on investments 0.00      
    Cash flow from investments -15.42 2,447.66 -6.49 1,049.09
             
    Net cash flow before financial items -1,413.84 -429.23 -127.18 -630.30
             
    Cash flow from financing activities        
    Transactions with non-controlling interests 19.53 136.18 -6.25 -12.17
    Drawdown of long-term loans 2,025.00 750.00 1,275.00 750.00
    Drawdown of short-term loans 0.00 736.90 -212.58  
    Repayment of short-term loans -129.07   -105.31 -1.81
    Repayment of lease liabilities -429.40 -697.51 -184.02 -354.56
    Net cash flow from financing 1,486.06 423.76 766.83 441.83
             
    Change in cash and cash equivalents 72.22 -5.46 639.66 -188.47
    Liquid assets, beginning of period 893.44 898.55 308.06 1,041.04
    Impact of changes in exchange rates -22.14 0.36 -4.20 40.88
    Liquid assets, end of period 943.53 893.44 943.53 893.44

    Accounting principles

    This release has been prepared in accordance with IAS 34 – Interim Financial Reporting. The interim report release complies with the same accounting principles and calculation methods as the annual financial statements. The updates to the IFRS standards that entered into force on 1 January 2024 do not have a significant impact on the figures presented.

    The preparation of a financial statement release in accordance with IFRS requires the management to use certain estimates and assumptions that affect the amounts recognised in assets and liabilities when the balance sheet was prepared, as well as the amounts of income and expenses in the period. In addition, discretion must be used in applying the accounting policies. As the estimates and assumptions are based on outlooks on the balance sheet date, they contain risks and uncertainties. The realised values may deviate from the original assessments and assumptions.

    The original release is in Finnish. The English release is a translation of the original.

    Going concern

    The Group’s result has remained negative, and the financial situation has been challenging at times but the financial statement release has been prepared in accordance with the principle of the business as a going concern. The assumption of continuity is based management assumptions on several factors, including the following:

    • The cost-saving programs have improved the Group’s profitability in 2023 and 2024. Operating expenses and personnel expenses have decreased by EUR 0.7 million in comparison with the review period and the cost structure is now lighter.
    • Additional cost-saving programs started in 2024 will have nearly full effect in 2025.
    • The Group is finding new growth areas and reinforcing its market position in Sweden, which is expected to have a positive impact on sales trends.
    • Negotiations regarding the arrangements for related party convertible bonds maturing in 2024 were successfully completed in 2024, resulting in the extension of their maturity to the autumn 2026.

    EUR 2.0 million of the Group’s financial institution loans are set to begin repayment on April 30, 2025. As of the publication date of the financial statement release, negotiations to extend the loan’s maturity date are still ongoing. However, management is confident that the outcome will be favorable for the company.

    At the time of the financial statement release, the company expects its working capital to be sufficient to cover its requirements over the next 12 months based on the financing support provided by the main owner if needed. Negotiations with the main owner to secure financing for the next 12 months are ongoing and are expected to be completed before the publication of the financial statements and based on this the financial statement release has been prepared in accordance with the going concern principle.

    Goodwill impairment testing and recognised impairment

    Digitalist Group tested its goodwill for impairment on 30 June 2024 and 31 December 2024. The goodwill is allocated to one cash-generating unit. No need to write down goodwill was identified.

    The value in use of the tested property exceeded the tested amount by EUR 9.0 million. The tested amount of goodwill in the balance sheet at the end of the review period is EUR 4.9 million.

    The company tests its goodwill based on the utility value of the assets. In the testing conducted on 31 December 2024 in conjunction with the financial statements, the cash flow forecasting period was from 2025 to 2029. During the forecast period, average growth in revenue of 15% is expected to be achieved which is supported by the market growth of the group’s industries and the increasingly extensive impact of digitalization in business life. In addition, the rapid development of artificial intelligence (AI) and its integration into service offerings will accelerate growth by offering more efficient and innovative solutions to customers. The efficiency measures and strategic recruitment carried out provide a solid basis for growth. EBITDA is projected to rise to 7% in 2026 and to 12% by the end of the forecasting period, being 9% on average.

    The method involves comparing the tested assets with their cash flow over the selected period, taking into account the discount rate and the growth factor of the cash flows after the forecast period. The discount rate is 11.4% (11.4%). The growth factor used to calculate the cash flows after the forecast period is 2.35%.

    The average EBITDA margin for the forecast period was used to calculate the value of the terminal period. A significant negative change in individual assumptions used in the calculations can necessitate a goodwill impairment charge. The sensitivity analysis indicates that an impairment charge may be necessary if the average growth in turnover is below 14% in the forecasting period and the fixed cost structure does not change. If the EBITDA falls below 6% in the forecasting period or the WACC surpasses 28%, all else equal, impairment charges may become necessary.

    CONSOLIDATED INCOME STATEMENT BY QUARTER, EUR THOUSAND

      Q4/2024 Q3/2024 Q2/2024 Q1/2024 Q4/2023
      1.10.-31.12.24 1.7.-30.9.24 1.4.-30.6.24 1.1.-31.3.24 1.10.-31.12.21
    Turnover 4,698.85 3,585.61 4,021.60 3,858.48 4,160.22
    Other operating income and expenses -5,031.05 -3,898.35 -4,749.35 -4,468.49 -4,757.59
    EBIT -331.99 -312.54 -727.84 -610.10 -597.37
    Financial income and expenses -616.81 -1,158.14 -783.20 -389.80 -1,017.55
    Profit before taxes -948.80 -1,470.68 -1,511.03 -999.91 -1,614.92
    Income taxes -50.64 8.66 -1.20 -43.68 -3.87
    PROFIT/LOSS FOR COMPARISON PERIOD -999.62 -1,462.03 -1,512.24 -1,043.59 -1,618.78

    CHANGES IN INTANGIBLE AND TANGIBLE ASSETS, EUR THOUSAND
      

      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2023 4,677.98 109.82 65.08 1,135.06 101.76 6,090.22
    Increases   462.69 26.56 416.91 4.70 2,059.07
    Decreases            
    Changes in exchange rates 43.80 6.30 -0.40 -5.85   43.85
    Depreciation for the review period   -156.59 -37.63 -640.18   -834.47
    Carrying value 31 Dec 2023 5,444.44 422.53 48.47 867.05 6.27 6,789.76
                 
                 
      Goodwill Intangible assets Tangible fixed assets Right-of-use assets Other investments Total
    Carrying value 1 Jan 2024 5,444.44 422.53 48.47 867.05 6.27 6,789.76
    Increases 0.00 0.42 15.97 482.60 0.00 498.99
    Decreases 0.00   0.00 -462.23 0.00 -462.23
    Changes in exchange rates -199.68 -22.70 -1.35 -12.90   -236.64
    Depreciation for the review period   -85.57 -22.18 -344.61   -452.36
    Carrying value 31 Dec 2024 5,244.75 314.67 40.91 529.90 6.27 6,137.51

    KEY INDICATORS

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    Earnings per share (EUR) diluted -0.01 0.00
    Earnings per share (EUR) -0.01 -0.01
    Shareholders’ equity per share (EUR) -0.05 -0.05
    Cash flow from operations per share (EUR) diluted 0.00 0.00
    Cash flow from operations per share (EUR) 0.00 0.00
    Return on capital employed (%) -161.86 -27.8
    Return on equity (%) neg. neg.
    Operating profit/turnover (%) -12.27 -10.2
    Gearing as a proportion of shareholders’ equity (%) -99.00 -106.5
    Equity ratio as a proportion of shareholders’ equity (%) -379.11 -285.9
    EBITDA (EUR thousand) -1,512.94 -861.30

    MATURITY OF FINANCIAL LIABILITIES AND INTEREST ON LOANS

    31 December 2023 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,865.85 3,067.25 340.83 2,726.43  
    Credit limits 8,525.07 8,525.07 8,525.07    
    Convertible bonds 5,767.94 6,849.62   0.00  
    Capital loans 16,865.42 19,265.00   0.00  
    Other related-party loans 750.00 876.00 0.00    
    Lease liabilities IFRS 16 973.00 961.00 701.00 260.00  
    Accounts payable 864.66 864.66 864.66    
               
    31 December 2024 Balance sheet value Cash flow Under 1 year 1-5 years Over 5 years
    Loans from financial institutions 2,783.19 2,828.47 2,362.78 465.69  
    Credit limits 8,258.19 8,258.19 8,258.19    
    Capital loans 23,867.82 29,233.30   29,233.30  
    Other related-party loans 2,775.00 3,191.33   907.67  
    Lease liabilities IFRS 16 555.71 562.27 298.30 264.32  
    Accounts payable 1,124.07 1,124.07 1,124.07 0.00  

    Credit limits are valid until further notice.

    OTHER INFORMATION

      1 Jan – 31 Dec 2024 1 Jan – 31 Dec 2023
    NUMBER OF EMPLOYEES, average 123 139
    Personnel at the end of the period 122 126
         
    LIABILITIES, EUR THOUSAND    
    Pledges made for own obligations    
    Corporate mortgages 13,300.00 13,300.00
         
    Total interest-bearing liabilities    
    Long-term loans from financial institutions 458.98 2,659.11
    Other long-term liabilities 24,902.02 1,007.67
    Short-term loans from financial institutions 2,221.92 414.39
    Other short-term interest-bearing liabilities 10,657.00 31,665.62
    Total 38,239.92 35,746.80
         

    CALCULATION OF KEY FINANCIAL FIGURES

    EBITDA = earnings before interest, tax, depreciation and amortisation

    Diluted earnings per share = Profit for the financial period / Average number of shares, adjusted for share issues and for the effect of dilution

    Earnings per share = Profit for the financial period / Average number of shares adjusted for share issues

    Shareholders’ equity per share = Shareholders’ equity / Number of undiluted shares on the balance sheet date

    Cash flow from operations per share (EUR) diluted = Net cash flow from operations / Average number of shares, adjusted for share issues and for the effect of dilution

    Return on investment (ROI) =
    (Profit before taxes + Interest expenses + Other financial expenses) /
    (Balance sheet total – non-interest-bearing liabilities (average)) x 100

    Return on equity (ROE) = Net income / Total shareholders’ equity (average) x 100

    Gearing = interest-bearing liabilities – liquid assets / total shareholders’ equity x 100

    Attachment

    The MIL Network –

  • MIL-OSI: FRO – Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    FRONTLINE PLC REPORTS RESULTS FOR THE FOURTH QUARTER ENDED DECEMBER 31, 2024

    Frontline plc (the “Company”, “Frontline,” “we,” “us,” or “our”), today reported unaudited results for the three and twelve months ended December 31, 2024:

    Highlights

    • Profit of $66.7 million, or $0.30 per share for the fourth quarter of 2024.
    • Adjusted profit of $45.1 million, or $0.20 per share for the fourth quarter of 2024.
    • Declared a cash dividend of $0.20 per share for the fourth quarter of 2024.
    • Reported revenues of $425.6 million for the fourth quarter of 2024.
    • Achieved average daily spot time charter equivalent earnings (“TCEs”)1 for VLCCs, Suezmax tankers and LR2/Aframax tankers in the fourth quarter of $35,900, $33,300 and $26,100 per day, respectively.
    • Fully drew down a sale-and-leaseback agreement in an amount of $512.1 million to refinance 10 Suezmax tankers, which generated net cash proceeds of $101.0 million in the fourth quarter of 2024.
    • Sold its oldest Suezmax tanker, built in 2010, for a net sales price of $48.5 million and delivered the vessel to its new owner in October 2024. The transaction generated net cash proceeds of $36.5 million after repayment of existing debt and a gain of $17.9 million in the fourth quarter of 2024.
    • Repaid the remaining $75.0 million outstanding under the $275.0 million senior unsecured revolving credit facility with an affiliate of Hemen Holding Limited, the Company’s largest shareholder (“Hemen”) in the fourth quarter of 2024.
    • Entered into three senior secured credit facilities for a total amount of up to $239.0 million to refinance outstanding debt on three VLCCs and one Suezmax tanker and, in addition, to provide revolving credit capacity in a total amount of up to $91.9 million.

    Lars H. Barstad, Chief Executive Officer of Frontline Management AS, commented:

    “The fourth quarter of 2024 came in unusually soft compared to previous years. Global oil demand was up marginally as the year came to an end, but global seaborne exports slowed in the fourth quarter. During the quarter we saw positive developments in the enforcement of sanctions against Iran and Russia in particular, but we could not escape the fact that these two countries represent a material part of the supply to Asia, at cost to demand for the vessels Frontline operates. For 2025 we have already seen broader sanctions with a wider scope, at the same time as key importers of exposed crude are diversifying away from the mentioned suppliers. Compliant fleet growth for the asset classes we deploy peaked a few years back, making the outlook very constructive as Frontline sail into the new year with our cost-efficient operations and modern fleet.”

    Inger M. Klemp, Chief Financial Officer of Frontline Management AS, added:

    ”In February 2025 we entered into three senior secured credit facilities for a total amount of up to $239.0 million to refinance three existing term loan facilities, with total balloon payments of $142.0 million maturing during 2025, leaving the Company with no debt maturities until the end of 2026 and, in addition, to provide revolving credit capacity in a total amount of up to $91.9 million. Through these new financings we further strengthen our strong liquidity and reduce our borrowing costs and cash break even rates. We continue to focus on maintaining our competitive cost structure, breakeven levels and solid balance sheet to ensure that we are well positioned to generate significant cash flow and create value for our shareholders.”

    Average daily TCEs and estimated cash breakeven rates

    ($ per day) Spot TCE Spot TCE currently contracted % Covered Estimated average daily cash breakeven rates for 2025
      2024 Q4 2024 Q3 2024 Q2 2024 Q1 2024 2023 Q1 2025 2025
    VLCC 43,400 35,900 39,600 49,600 48,100 50,300 43,700 80% 29,200
    Suezmax 41,400 33,300 39,900 45,600 45,800 52,600 35,400 77% 24,000
    LR2 / Aframax 42,300 26,100 36,000 53,100 54,300 46,800 29,700 64% 22,200

    We expect the spot TCEs for the full first quarter of 2025 to be lower than the spot TCEs currently contracted, due to the impact of ballast days during the first quarter of 2025. See Appendix 1 for further details.

    The Board of Directors
    Frontline plc
    Limassol, Cyprus
    February 27, 2025

    Ola Lorentzon – Chairman and Director
    John Fredriksen – Director
    James O’Shaughnessy – Director
    Steen Jakobsen – Director
    Cato Stonex – Director
    Ørjan Svanevik – Director
    Dr. Maria Papakokkinou – Director

    Questions should be directed to:

    Lars H. Barstad: Chief Executive Officer, Frontline Management AS
    +47 23 11 40 00

    Inger M. Klemp: Chief Financial Officer, Frontline Management AS
    +47 23 11 40 00 

    Forward-Looking Statements

    Matters discussed in this report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements, which include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

    Frontline plc and its subsidiaries, or the Company, desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. This report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance and are not intended to give any assurance as to future results. When used in this document, the words “believe,” “anticipate,” “intend,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect” and similar expressions, terms or phrases may identify forward-looking statements.

    The forward-looking statements in this report are based upon various assumptions, including without limitation, management’s examination of historical operating trends, data contained in our records and data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

    In addition to these important factors and matters discussed elsewhere herein, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:

    • the strength of world economies;
    • fluctuations in currencies and interest rates, including inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates;
    • the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company’s floating interest rate debt instruments;
    • general market conditions, including fluctuations in charter hire rates and vessel values;
    • changes in the supply and demand for vessels comparable to ours and the number of newbuildings under construction;
    • the highly cyclical nature of the industry that we operate in;
    • the loss of a large customer or significant business relationship;
    • changes in worldwide oil production and consumption and storage;
    • changes in the Company’s operating expenses, including bunker prices, dry docking, crew costs and insurance costs;
    • planned, pending or recent acquisitions, business strategy and expected capital spending or operating expenses, including dry docking, surveys and upgrades;
    • risks associated with any future vessel construction;
    • our expectations regarding the availability of vessel acquisitions and our ability to complete vessel acquisition transactions as planned;
    • our ability to successfully compete for and enter into new time charters or other employment arrangements for our existing vessels after our current time charters expire and our ability to earn income in the spot market;
    • availability of financing and refinancing, our ability to obtain financing and comply with the restrictions and other covenants in our financing arrangements;
    • availability of skilled crew members and other employees and the related labor costs;
    • work stoppages or other labor disruptions by our employees or the employees of other companies in related industries;
    • compliance with governmental, tax, environmental and safety regulation, any non-compliance with U.S. or European Union regulations;
    • the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies;
    • Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery;
    • general economic conditions and conditions in the oil industry;
    • effects of new products and new technology in our industry, including the potential for technological innovation to reduce the value of our vessels and charter income derived therefrom;
    • new environmental regulations and restrictions, whether at a global level stipulated by the International Maritime Organization, and/or imposed by regional or national authorities such as the European Union or individual countries;
    • vessel breakdowns and instances of off-hire;
    • the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks upon our ability to operate;
    • potential conflicts of interest involving members of our Board of Directors and senior management;
    • the failure of counter parties to fully perform their contracts with us;
    • changes in credit risk with respect to our counterparties on contracts;
    • our dependence on key personnel and our ability to attract, retain and motivate key employees;
    • adequacy of insurance coverage;
    • our ability to obtain indemnities from customers;
    • changes in laws, treaties or regulations;
    • the volatility of the price of our ordinary shares;
    • our incorporation under the laws of Cyprus and the different rights to relief that may be available compared to other countries, including the United States;
    • changes in governmental rules and regulations or actions taken by regulatory authorities;
    • government requisition of our vessels during a period of war or emergency;
    • potential liability from pending or future litigation and potential costs due to environmental damage and vessel collisions;
    • the arrest of our vessels by maritime claimants;
    • general domestic and international political conditions or events, including “trade wars”;
    • any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries;
    • potential disruption of shipping routes due to accidents, environmental factors, political events, public health threats, international hostilities including the ongoing conflict between Russia and Ukraine, the conflict between Israel and Hamas and related conflicts in the Middle East, the Houthi attacks in the Red Sea and the Gulf of Aden, acts by terrorists or acts of piracy on ocean-going vessels;
    • the impact of the U.S. presidential and congressional election results affecting the economy, future government laws and regulations, trade policy matters, such as the imposition of tariffs, the amendment, termination or any other material change to a relationship governed by a treaty and other import restrictions;
    • the length and severity of epidemics and pandemics and their impacts on the demand for seaborne transportation of crude oil and refined products;
    • the impact of port or canal congestion;
    • business disruptions due to adverse weather, natural disasters or other disasters outside our control; and
    • other important factors described from time to time in the reports filed by the Company with the Securities and Exchange Commission.

    We caution readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are no guarantee of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    1 This press release describes Time Charter Equivalent earnings and related per day amounts and spot TCE currently contracted, which are not measures prepared in accordance with IFRS (“non-GAAP”). See Appendix 1 for a full description of the measures and reconciliation to the nearest IFRS measure.

    Attachment

    The MIL Network –

  • MIL-OSI Australia: Regulatory scrutiny of private capital increases

    Source: Allens Insights

    Private capital funds, managers and superannuation trustees should be on notice 11 min read

    Private capital is becoming a growing focus of regulators, both in Australia and internationally, given the ever-increasing flow of capital to the sector in recent years.

    ASIC’s recently released discussion paper, Australia’s evolving capital markets: A discussion paper on the dynamics between public and private markets (Discussion Paper), provides a timely reminder that Australia’s corporate regulator is upping its scrutiny of private markets and is carefully considering its current investigatory and enforcement powers.

    In this Insight, we explore the Discussion Paper and outline the regulatory tools ASIC may use to investigate and enforce its concerns, and the steps that private capital funds, managers and superannuation funds might consider to mitigate the risk of enforcement action.

    Key takeaways

    • ‘Private capital’ in this context covers a very broad range of investors and asset classes, including private equity, private credit, infrastructure and property funds and managers, as well as (in the current context at least) the increasing portion of superannuation assets that are invested in those funds (and their underlying asset classes).
    • ASIC is undertaking an active consultation into private markets. The Discussion Paper raises a number of concerns and seeks responses to a broad range of questions. While currently a voluntary process, ASIC expressly says it may need to take further regulatory action this year.
    • Private capital funds and managers should be on notice that they are now under increased regulatory scrutiny and that this could lead to investigations and/or enforcement action, as ASIC seeks to test some of its assumptions. There are active investigations already under way.
    • Private capital funds and managers should also monitor ASIC’s statements closely and consider whether, in light of the concerns identified (regarding governance, confidential information, disclosure of information to investors and valuations, amongst other things) their policies, systems and controls require uplift.
    • Superannuation trustees should monitor developments closely in light of the regulatory focus and their perceived role as ‘gatekeepers’.

    Background

    The value of assets under management (AUM) in Australia’s private capital market has been steadily growing in Australia:1 in 2024, the overall value of private capital funds AUM was $148.6 billion, a 161% increase since 2014. Part of this growth is a product of private capital funds raising money from Australia’s unique superannuation system, which has also increased by 118% since 2014 to reach a value of $4.083 trillion in 2024. At the same time, the number of initial public offerings (IPOs) in Australia is at its lowest in a decade.2

    Against that background, both the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have made a number of public statements indicating that they intend to apply increased scrutiny to the private capital sector.

    • ASIC’s 2024-25 Corporate Plan states that one of its ‘key activities’ will be examining changes in public and private markets, including the ‘significant growth of private markets and the implications for the integrity and efficiency of public markets’.3
    • ASIC has also recently established a dedicated private markets unit focused on reinforcement of expectations around governance and accountability (including due to the reduced transparency associated with the less-onerous financial reporting), and management of conflicts of interest.4
    • APRA has concerns about the robustness of valuations for some classes of unlisted assets, including those relied on by superannuation trustees, as well as the inflation of valuations to support borrowing and broader fund performance measures and goals (ie fundraising).5 This is consistent with the position taken by regulators overseas: in July 2024, Britain’s Financial Conduct Authority initiated a review into the quality, robustness and integrity of private market valuation practices.
    • Most recently, ASIC’s Discussion Paper articulates a range of ASIC’s concerns in this space with more precision (which it has been discussing in various public forums during 2024).
    • We can expect more from ASIC in 2025, where it has said it will use the feedback it receives on the Discussion Paper to inform its priorities and work program over the next 12 months, including whether it needs to consider any regulatory interventions.

    ASIC’s concerns

    ASIC considers that the key risks of investments in private capital funds include:

    • opacity and unfair treatment of investors (eg preferential redemption rights for some investors and misclassification of retail investors as wholesale investors);
    • management of conflicts of interest (eg misaligned incentives, related-party transactions and treatment of confidential information);
    • valuation of illiquid assets (which impacts investment entry and exit prices, performance measurement and fees);
    • vulnerabilities from leverage; and
    • investment illiquidity (generally, private market investments cannot be realised quickly to meet an investor’s liquidity needs).

    As to how each of those issues might play out among specific asset classes and advisers, governance and conflicts issues are clearly of key concern to ASIC. It has said its concerns are:

    • for corporate advisers—governance arrangements; the management of conflicts of interest, staff and insider trading; and the protection of confidential information;
    • for wholesale private equity and private credit funds—governance; valuation practices; information rights provided to investors; management and/or performance fees; the management of conflicts of interest, staff and insider trading; the protection of confidential information; and fair treatment of investors;
    • for retail private credit funds—governance; valuation practices; the management of conflicts of interest; disclosure; distribution of products; credit risk and liquidity management; and
    • for superannuation funds—financial reporting and audits, encompassing valuation issues.

    How might ASIC investigate the concerns?

    While participation in ASIC’s consultation process on the Discussion Paper is voluntary, it may be that it engages in a more formal industry supervisory review, and through that process seeks more specific information from funds and other market participants, including through compulsory information gathering processes (ie requests for documents and information).

    Consistent with its approach in other sectors, ASIC may use its surveillance powers to obtain information about the state of the market and then consolidate those learnings into a report. By way of analogy, in scrutinising the retail banking, superannuation and financial advice sectors in recent years, ASIC has adopted an approach of:

    Alternatively, it may seek to fast-track that process by running an early test case. There are active investigations in analogous issues that may provide a suitable vehicle.

    Regulatory toolbox

    Importantly, ASIC notes it intends later this year to publicly communicate its findings from any consultation and surveillance work it conducts, and that there may be a ‘need to take further regulatory action’.

    If ASIC does choose to take further regulatory action, it may rely on the following existing regulatory levers:

    Item Description
    Surveillance powers

    ASIC has expressed a concern that it has a lack of data to analyse the sector and that this is impacting its ability to understand the risks. It points to the more detailed data its international counterparts have (including in the US). While ASIC has said publicly that it is not seeking proprietary data at this stage of its consultation, depending on the response from the industry it may ultimately decide it needs to either:

    • undertake a more formal industry supervisory review; or
    • use its compulsory information gathering processes to seek documents and information under either the ASIC Act or the Corporations Act.
    Publication of regulatory guidance or supervisory report

    ASIC publishes regulatory guides to assist entities to understand the law. Following receipt of responses to the Discussion Paper and further stakeholder engagement, ASIC may publish regulatory guides on the regulation of private capital. ASIC may also release supervisory reports outlining the results of any further research and analysis on the private capital market.

    Expectations and recommendations in regulatory guidance are (at least in most cases) not themselves enforceable. However, recent experience has indicated that regulators may treat a failure to meet expectations and recommendations set out in published guidance as indicative of a failure to comply with these conduct provisions.
    General conduct provisions

    Once it has gathered this data, ASIC may consider whether any provisions of the ASIC Act or Corporations Act have been breached. The Discussion Paper sets out some provisions which it identifies may be of concern, including:

    • AFSL obligations: ASIC notes that private capital funds are often required to hold an Australian Financial Services Licence (AFSL) (if they are managed investment schemes) and that requires them to comply with (amongst other things) the s912A(1)(a) obligation to act efficiently, honestly and fairly, and comply with conflicts, competence and risk management obligations.
    • RE obligations: responsible entities of managed investment funds are also subject to duties to act honestly, with care and diligence and in members’ best interests.9
    • Financial product and service conduct obligations: other investment activities (even if not subject to an AFSL) may nevertheless be covered by other existing financial product conduct obligations, including those set out in Part 7.10 of the Corporations Act (eg misleading or deceptive conduct and insider trading, amongst other things).

    Recent enforcement action also demonstrates that ASIC may attempt to translate broader, conduct obligations into more refined obligations on businesses to have in place systems and processes to identify and mitigate risks.10 It is possible that a similar approach will be taken when scrutinising private market participants’ conduct (ie disclosure obligations to investors, rules around valuations).
    Confidential information

    Given ASIC’s focus on the protection of confidential information, it may also consider how it could utilise s183 of the Corporations Act, being the obligation not to improperly use confidential information that a person has gained as an employee, officer or director of a corporation, to gain an advantage for themselves or someone else or cause detriment to the corporation.

    ASIC has recently emphasised the responsibility that companies have in maintaining effective information barriers and policies that govern the handling of inside information (in particular, in relation to proposed transactions that companies are involved in or advising on) in REP 786, released in July 2024.11 There are also more specific Regulatory Guides covering adjacent areas, including RG-264 (Sell-side research), RG-393 (Handling of confidential information: Briefings and unannounced corporate transactions) and RG-73 (Continuous disclosure obligations: Infringement notices).
    Other regulators

    Regulators other than ASIC likewise have a considerable range of powers at their disposal, relevant for registrable superannuation entities (RSEs) like the industry and retail super funds. APRA, for example, has a comprehensive suite of legally binding Prudential Standards setting out its minimum requirements in relation to a range of areas, including capital, governance and risk management. It also publishes non-binding Prudential Guidelines setting out practices and steps entities can follow to comply with the Prudential Standards.

    Of particular note in the present context is Prudential Standard SPS 530, which sets out APRA’s requirements for investment governance by RSEs. Among other things, the Standard requires RSEs to develop, maintain and implement an effective valuation governance framework.12 The framework must include a board-approved valuation policy.13 APRA also expects that trustees undertake valuations on at least a quarterly basis.14

    Risk of enforcement action

    Recent examples suggest that the risk of enforcement action being taken where regulators’ expectations have not been met is likely to be higher in respect of:

    • larger entities, noting that penalties are generally increasing and are assessed for bodies corporate based on ‘whole of group’ revenue, meaning that targeting larger entities maximises the impact of enforcement action;
    • entities which are perceived to be outliers in terms of industry standards, or where ASIC can use an entity as an ‘industry example’ to have a deterrent effect on other entities; and
    • high-profile corporate collapses, or where there are public allegations of major compliance breaches.

    In relation to the last of these points, we note ASIC recently demonstrated a focus on ‘gatekeeper’ entities like superannuation trustees. Enforcement action indicates ASIC considers that upstream gatekeeper entities are in a position to enforce higher standards of conduct, and may suggest they could and should have driven better standards where there is a high-profile corporate collapse or major compliance issue.15 As part of its investigation into these gatekeeper entities, ASIC would likely seek to assess whether the onboarding and ongoing monitoring procedures that were applied to the downstream entity were compliant with any internal policies and procedures and/or statutory duties.16

    Actionable steps for organisations

    In our view, in circumstances where regulatory practice in this area continues to develop, private capital funds, managers and superannuation funds might consider the following steps to mitigate the risk of enforcement action:

    • Monitoring guidance: actively monitor for regulatory updates and guidance as and when they are released by regulators, and update internal policies, systems and processes in at timely way once regulatory guidance is available.
    • Future-proofing compliance: consider reviewing their existing internal compliance processes against existing standards (ie in advance of specific regulatory guidance being released) in light of statements made by regulators (including in ASIC’s Discussion Paper) that certain issues or practices may be the subject of regulatory scrutiny. For example, given the recent indications that regulators intend to focus on the use of confidential information and valuations, private capital funds, managers and super funds might consider conducting a preliminary review of their confidentiality and valuation practices (by, for example, ensuring they’re compliant with Prudential Standard SPS 530 – Investment Governance, where appropriate).
    • Enhancing review of public statements and disclosures: as noted earlier, disclosure documents and market-facing statements can contain implied representations that an organisation has adequate systems and processes in place about valuations, management and/or performance fees and expected performance of assets. Private capital funds, managers and super funds should carefully consider whether the information used in any market-facing statements and disclosures is accurate, complete and appropriately qualified to reflect potential uncertainties.

    MIL OSI News –

  • MIL-OSI Russia: NSU Master’s students took part in the “Forum of Future Technologies”

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    The forum has been held at the initiative of the President of Russia since 2023. This year, it was attended by about 1,800 people from the fields of science, technology, politics and business from all over Russia. Among them are master’s degree students Physics Department of NSU, employees of the Institute of Hydrodynamics named after. M.A. Lavrentyeva Alexander Paraskun and Artur Asylkaev.

    The forum’s business program included 37 sessions. The key event of the forum was the plenary session with the participation of Russian President Vladimir Putin.

    — The level of development of materials science is a kind of marker of the level of technology of the country as a whole. Thus, for the synthesis of superheavy elements with numbers 119 and 120, accelerator targets based on intermetallic compounds of berkelium-249 and californium and curium, respectively, are needed. The discovery of new elements expands our knowledge of matter, and it is important to note that it was in our country that the element with atomic number 118, related to inert gases, was synthesized, but its properties are very different from other representatives of the group, — said Alexander Paraskun, a master’s student at the Physics Department of NSU.

    NSU representatives took part in several panel discussions in their fields.

    — Several panel discussions were taking place in parallel, so we visited the most interesting and closest to our specialty. Important topics were discussed at the session “Nature-like technologies: restoring the balance between the biosphere and the technosphere”. Biologization of the technosphere is one of the tasks of the century. However, without understanding how nature works at the molecular level, we will not be able to create nature-like technologies, which is exactly what megascience research facilities are needed for, — noted Alexander Paraskun.

    For two days, the forum featured an exhibition where high-tech companies from all over the country presented their innovative developments. These included titanium products, including those used in the medical field, plant growth stimulants, and 3D-printed intervertebral disc prostheses. Projects created using artificial intelligence were also presented.

    — Visiting the Future Technologies Forum is like looking into tomorrow. Here, ideas turn into projects, and an ordinary conversation can become the beginning of something grand. One of the key topics of discussion was innovative materials. For example, materials with extreme characteristics open up wide opportunities for increasing the efficiency of devices in such areas as energy, transport, aircraft engine building and space technologies. Their unique ability to withstand extreme conditions — high temperatures, pressure, mechanical loads and aggressive chemical environments — makes them indispensable for creating more reliable and efficient solutions, — shared his impressions Artur Asylaev, a master’s student at the NSU Physics Department.

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

    MIL OSI Russia News –

  • MIL-OSI China: China’s commerce minister writes to US counterpart, calls for addressing concerns through dialogue, consultation

    Source: China State Council Information Office

    Commerce Minister Wang Wentao has written a letter to Jamieson Greer, the newly appointed United States Trade Representative, congratulating him on his appointment and expressing China’s concern on the U.S. tariff policy.

    Since the establishment of diplomatic ties between China and the United States, economic and trade relations have seen significant progress, Wang said, adding that the two countries’ economic and trade cooperation has played a key role in driving economic growth, boosting employment, and enhancing the well-being of people in both countries.

    A healthy and sound China-U.S. economic and trade relationship aligns with the common interests of both countries and meets the expectations of the international community, he said.

    He said that China is willing to work with the United States to create a better business environment for enterprises in both countries, and to deliver more tangible benefits to the two peoples.

    China has expressed firm opposition to the United States’ decision to impose an additional 10 percent tariff on Chinese goods on the grounds of fentanyl-related issues, and has taken corresponding countermeasures. This is a necessary move to protect China’s legitimate rights and interests, he said.

    China has also noticed that it is targeted by multiple investigations under a memorandum titled “America First Trade Policy,” Wang said, adding that China hopes the United States will conduct these investigations with an objective, rational and professional attitude, while enhancing transparency throughout the process.

    “It is natural for China and the United States to have differences in the economic and trade field. We should address our respective concerns through equal dialogue and consultation,” the minister said.

    MIL OSI China News –

  • MIL-OSI United Nations: Cross-Border Trade and Economic Immigration In Central Africa

    Source: International Organization for Migration (IOM)

    Yaoundé — On February 25,2025, The International Relations Institute of Cameroon (IRIC) hosted a workshop on Migration and Trade, organized by the WTO Chair of IRIC and the International Organization for Migration (IOM). This event, which had as theme “Cross-Border Trade and Economic Immigration in Central Africa,” aimed to strengthen participants’ capacities on the links between trade and migration. 

    With the overall objective of building a collaborative reflection between academics and practitioners on the correlation between cross-border trade and population immigration within the Central African sub-region, this workshop served as a genuine peer-learning platform. Participants could discover innovative initiatives and projects in different national contexts, thus promoting better integration of these concepts into their strategies and policies.

    In addition to the participation of representatives from public administrations responsible for trade issues in Central African countries, the workshop comprised four distinct sessions, was enriched by the contributions of Mr. Abdel Rahmane DIOP, Chief of Mission of IOM in Cameroon, and Professor Alain Didier OLINGA, holder of the WTO Chair.

    IOM Cameroon presented two critical tools for the monitoring of cross-border movements: the Migration Information and Data Analysis System (MIDAS) and the Flow Monitoring component of the Displacement Tracking Matrix (DTM). MIDAS is an innovative border management system that allows for the real-time collection and analysis of migration data. Furthermore, the Flow Monitoring component enables the tracking and analysis of mobility trends at strategic points, thereby enhancing the understanding of migration dynamics within the sub-region.

    During the first session of the workshop, participants established a shared understanding of the significant connections between trade and migration, along with the relevant consultation frameworks. The second session concentrated on identifying strategies that multilateral organizations can adopt to optimize the interrelationships between cross-border trade and immigration in Central Africa. The third session provided a comprehensive overview of the migration challenges impacting the economies of the sub-region. Lastly, the final session was dedicated to formulating policies addressing cross-border trade and migration.

    In addition to migration and economic issues, the gender dimension was emphasized through detailed presentations. These discussions highlighted the essential role of women in the economic sector, articulated the importance of their empowerment, and underscored the necessity of mitigating the vulnerabilities they encounter.

    Partners, including IOM and WTO, have reiterated their commitment to assisting the countries of Central Africa in the implementation of effective cross-border trade and migration strategies and policies. They aim to leverage innovative tools to foster more effective border management and to enhance the understanding of migration dynamics.

    Joëlle TSANGA, IOM Cameroon 2025
     

    ***

    For further information, please contact: 

    MIL OSI United Nations News –

  • MIL-OSI China: China warns that US proposal to levy port fees on Chinese ships could backfire

    Source: China State Council Information Office

    China’s commerce ministry on Thursday said that charging fees on Chinese ships entering U.S. ports would disrupt global supply chains and backfire on the U.S. economy and employment.

    He Yadong, a spokesperson for the ministry, made the remarks at a press conference when commenting on the Office of the United States Trade Representative’s (USTR’s) proposal to levy such fees.

    If the United States insists on imposing port fees, He said, it will drive up global shipping costs and disrupt the stability of global supply chains.

    Such measures would also increase domestic inflationary pressures in the United States, weaken the global competitiveness of U.S. goods, and harm U.S. consumers and businesses, the spokesperson warned.

    The USTR office on Feb. 21 announced that it is seeking public comment on proposed actions in the Section 301 investigation into China’s maritime, logistics and shipbuilding sectors, including the imposition of port fees.

    The U.S. Section 301 investigation is a typical act of unilateralism and protectionism which seriously violates World Trade Organization rules, He noted.

    China urges the United States to respect the facts and multilateral rules, and refrain from going farther down the wrong path, the spokesperson said, noting that China will monitor U.S. actions closely and take necessary measures to safeguard its legitimate rights and interests. 

    MIL OSI China News –

  • MIL-OSI Australia: Regional airports in Western Australia set to soar

    Source: Australian Executive Government Ministers

    The Australian Government is building Australia’s future, investing almost $800,000 to upgrade four regional airports across Western Australia. 

    Airports are vital for regional communities, providing critical access to emergency healthcare, as well as commerce, industry, tourism and education. 

    Funded under Round 4 of the Regional Airports Program, these essential upgrades will include runway resurfacing and sealing, line marking and drainage – which will improve safety and enhance accessibility at these regional airports. 

    In Northam, $357,553 will support construction of a fit-for-purpose sealed apron and associated line marking at Northam Airfield.

    This will improve access and safety for emergency services, including fire-fighting aircraft and general aviation.

    Other works to be funded under Round 4 in Western Australia are: 

    • $236,817 for the Shire of Katanning to restore and reseal the runway at Katanning Aerodrome, which will support its use for healthcare, including the RFDS and fire and emergency services.

    • $153,000 for the Shire of Cunderdin to upgrade drainage, repair the runway seal, and deliver new line marking and navigational aids at Cunderdin Airport. This will improve the airfield’s safety for users, which include the RFDS, fire-fighting, general aviation and recreational flights. 

    • $26,662 for the Shire of Boyup Brook to resurface the runway at Boyup Brook’s Airstrip, to provide a safe and accessible runway for the RFDS to use during medical emergencies, as well as fire-fighting aircraft and general aviation use.

    Today’s announcement builds on the nearly $100 million that has already been delivered to support 194 projects under the first three rounds of the program. 

    For more information on the Regional Airports Program, including a full list of Round 4 projects in Western Australia, visit www.infrastructure.gov.au/infrastructure-transport-vehicles/aviation/regional-remote-aviation/regional-airports-program.

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government Catherine King:

    “We’re backing regional communities in Western Australia by backing regional airports, which provide critical connectivity to other towns, to economic opportunities, and to services like emergency healthcare. 

    “Importantly, this funding will support safer, better runways that RFDS and fire-fighting aviation services rely on to help communities when they need it most.”

    Quotes attributable to Minister for Resources, Minister for Northern Australia and Federal Member for Brand Madeleine King:

    “These sorts of works can make a real and lasting difference in our state’s regional communities, allowing them to access health and other services from their own towns. 

    “I look forward to seeing the profound benefits these projects will unlock as they get underway.”

    MIL OSI News –

  • MIL-OSI Security: Alabama Man Sentenced to Five Years in Prison for Violating Iran Sanctions

    Source: Federal Bureau of Investigation (FBI) State Crime News

    BIRMINGHAM, Ala. – Ray Hunt, also known as Abdolrahman Hantoosh, Rahman Hantoosh, and Rahman Natooshas, 71, of Owens Cross Roads, Alabama, has been sentenced for violating the International Emergency Economic Powers Act.  In July 2024, Hunt pleaded guilty to conspiring to export U.S.-origin goods to the Islamic Republic of Iran in violation of the U.S. trade sanctions.

    According to court documents, in May 2014, Hunt registered Vega Tools, LLC with the Alabama Secretary of State, listing the nature of the business as “the purchase/resale of equipment for the energy sector.” He operated Vega Tools, including purchasing, receiving, and shipping U.S.-origin goods, from locations in Madison County, Alabama. Beginning at least as early as 2015 and continuing to the time of his arrest in November 2022,  Hunt conspired with two Iranian companies located in Tehran, Iran, to illegally export U.S.-manufactured industrial equipment for use in Iran’s oil, gas, and petrochemical industries.

    Hunt engaged in a series of deceptive practices to avoid detection by U.S. authorities, including using third-party transshipment companies in Turkey and the United Arab Emirates (UAE), routing payments through UAE banks, and lying to shipping companies about the value of his exports to prevent the filing of Electronic Export Information to U.S. authorities. Hunt lied to suppliers and shippers by claiming the items he purchased on behalf of the Iranian co-conspirators were destined for end-users in Turkey and UAE, while knowing the exports were ultimately destined for Iran. Hunt lied also to U.S. Customs and Border Protection officers regarding the nature and existence of his business when questioned upon his return from a March 2020 trip to Iran.   

    Sue Bai, head of the Justice Department’s National Security Division, U.S. Attorney Prim F. Escalona for the Northern District of Alabama, Acting Assistant Secretary for Export Enforcement John Sonderman of the Department of Commerce Bureau of Industry and Security, and Assistant Director Kevin Vorndran of the FBI’s Counterintelligence Division announced the sentence.

    BIS investigated the case with valuable assistance provided by the FBI.

    Assistant U.S. Attorneys Jonathan Cross and Henry Cornelius for the Northern District of Alabama and Trial Attorneys Emma Ellenrieder and Adam Barry of the National Security Division’s Counterintelligence and Export Control Section prosecuted the case.

    MIL Security OSI –

  • MIL-OSI New Zealand: Tech – Samsung Launches A New Premium Care Service Offering for Laundry and Fridge Products

    Source: Samsung

    A 0% interest-free payment plan, for up-to five years, including continuous product efficiency and cleanliness routine

    AUCKLAND, NZ – February 28, 2025 – Samsung is excited to announce the launch of Premium Care Service, a new offering available when you purchase any one of 10 Samsung laundry and fridge products. Financing for this offer is available to customers at the convenience of a 0% interest free payment plan for up to 60-months[1], powered by Finance Now.

    Premium Care Service offers customers an annual in-depth cleaning service from a Samsung–certified technician, to keep their appliance running hygienically. Kiwi’s will also get personalised AI setup tips to maximise the use of their new Samsung appliance and its AI features, as well as assistance in setting up the Samsung SmartThings App to enhance their home experience.[2] These benefits are in addition to a flexible up-to five-year payment plan through Finance Now, meaning customers can enjoy Premium Care Service on their Samsung laundry and fridge product(s),[3] while managing their budget effectively.

    “Our mission is to make a high-quality in-depth appliance cleaning service accessible to kiwi households, and Premium Care Service does exactly that,” said Jens Anders, Vice President of Samsung New Zealand. “With a new maximum five year payment plan, we are ensuring that Kiwis can enjoy Samsung’s latest AI home appliance innovation with complete peace of mind.”[4]

    The Premium Care Service is now available for eligible Samsung laundry and fridge products in the Auckland region. This service offers a convenient, annual in-depth cleaning service to allow your appliances to continue to perform at their best.

    To celebrate the launch, customers can enjoy a special 50% discount on the Premium Care Service throughout the month of March[5].

    Looking ahead, Samsung is exploring the expansion of its Premium Care Service to offer additional benefits for Kiwi customers. The Samsung online store is currently assessing plans to introduce a Premium Care Service offering for TV and A Series tablets, with the aim of extending these services nationwide in the future.

    For more information visit: https://www.samsung.com/nz/offer/care-service/

    [1] 0% interest from 12/24/36/48/60 Months with equal monthly repayments. Minimum purchase $200. Late payment fees may apply. No Establishment or Monthly Service fees. Customers must apply and, be approved for a loan subject to Finance Now Limited’s terms and conditions, fees and normal lending criteria apply. Full Disclosure of all of the terms of your loan (including the total amount payable over the term of the loan) will be provided to you prior to finalising the loan. Finance Now Limited reserves the right to amend, suspend, or withdraw the offer and these T&Cs at any time without prior notice. Trade In is not available with Finance Now. Samsung NZ reserves the right to amend, suspend, or withdraw the offer and these T&Cs at any time without prior notice

    [1] Subject to compatible devices. The cleaning service, AI setup tips and SmartThings assistance will be completed on the first scheduled visit

    [1] Premium Care Service is only available for Eligible Samsung Products. See Terms and Conditions for Premium Care Service for more information.

    [1] Subject to responsible lending inquiries and affordability criteria.

    [1] Premium Care Service has an original RRP of $1299.89. With the 50% promotional discount, the price is now $649.99. This promotion is available from 27 February 2025, 5pm to 31 March 2025, 5pm. Prices displayed for Premium Care Service does not include price of the Eligible Product. Premium Care Service is only available if purchased together with an Eligible Product. For a list of Eligible Products and further terms, please visit www.samsung.com/nz/offer/care-service/

    About Samsung Electronics Co., Ltd.

    Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, home appliances, network systems, and memory, system LSI, foundry and LED solutions, and delivering a seamless connected experience through its SmartThings ecosystem and open collaboration with partners.

    [1] 0% interest from 12/24/36/48/60 Months with equal monthly repayments. Minimum purchase $200. Late payment fees may apply. No Establishment or Monthly Service fees. Customers must apply and, be approved for a loan subject to Finance Now Limited’s terms and conditions, fees and normal lending criteria apply. Full Disclosure of all of the terms of your loan (including the total amount payable over the term of the loan) will be provided to you prior to finalising the loan. Finance Now Limited reserves the right to amend, suspend, or withdraw the offer and these T&Cs at any time without prior notice. Trade In is not available with Finance Now. Samsung NZ reserves the right to amend, suspend, or withdraw the offer and these T&Cs at any time without prior notice

    [2] Subject to compatible devices. The cleaning service, AI setup tips and SmartThings assistance will be completed on the first scheduled visit

    [3] Premium Care Service is only available for Eligible Samsung Products. See Terms and Conditions for Premium Care Service for more information.

    [4] Subject to responsible lending inquiries and affordability criteria.

    [5] Premium Care Service has an original RRP of $1299.89. With the 50% promotional discount, the price is now $649.99. This promotion is available from 27 February 2025, 5pm to 31 March 2025, 5pm. Prices displayed for Premium Care Service does not include price of the Eligible Product. Premium Care Service is only available if purchased together with an Eligible Product. For a list of Eligible Products and further terms, please visit www.samsung.com/nz/offer/care-service/

    MIL OSI New Zealand News –

  • MIL-OSI Canada: Premier announces new Minister of Infrastructure

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Australia: Warrawong Plaza rezoned for 1,300 new homes

    Source: New South Wales Government 2

    Headline: Warrawong Plaza rezoned for 1,300 new homes

    Published: 28 February 2025

    Released by: Minister for Planning and Public Spaces

    Warrawong is ready for an additional 1,300 well-located homes following the approval of new planning controls for Warrawong Plaza.

    The planning proposal at 43-65 Cowper Street, Warrawong, increases the maximum building height from eight to approximately 22 storeys which paves the way for the master planned mixed-use development to provide up to 1,300 new homes, with 15 per cent set aside as affordable housing for at least 15 years.

    This project is another example of the NSW Government helping to increase supply as the housing crisis continues to be the biggest issue facing the state.

    The rezoning will add a minimum of 6,500 square metres of publicly accessible open space, along with pedestrian links to Cowper Street and Northcliffe Drive, and Warrawong Plaza will continue to operate on the site.

    A new bus interchange has been added to the proposal following community feedback during the project’s public exhibition in June and July 2024.

    The proposal’s first homes could be built by 2028, which will help meet the Illawarra’s growing housing needs.  Trading will continue at Warrawong Plaza during construction.

    The proposal comes as Illawarra residents’ ideas help shape the Master Plan for the future of the 32-hectare Warrawong Parklands and around 100 construction jobs that will flow from the NSW Government’s approval of BlueScope’s $200 million Plate Mill refurbishment at nearby Port Kembla.

    Future development applications that are more than $60 million will be assessed by the Department and will be subject to design excellence requirements.

    This is part of the Minns Labor Government’s plan to build a better NSW with a greater choice of homes, so young people, families and workers have somewhere to live in the communities they choose.

    For more information, visit the planning proposal webpage. 

    Minister for Planning and Public Spaces and Member for Wollongong Paul Scully said:

    “The Warrawong Plaza and transport hub offers an ideal infill development opportunity to deliver more well-located homes and affordable housing in this changing suburb.

    “This is an ideal location close to Kully Bay Park, Lake Illawarra and a short drive from Port Kembla’s Beach Pavilion.  

    “Adding new homes will benefit young people, families and key local workers while also offering existing shops with increased customers and the potential for new businesses in the Warrawong CBD.”

    MIL OSI News –

  • MIL-OSI Security: Minneapolis Man Pleads Guilty in $250 Million Feeding Our Future Fraud Scheme

    Source: United States Department of Justice (National Center for Disaster Fraud)

    MINNEAPOLIS – A Minneapolis man has pleaded guilty to wire fraud for his role in the $250 million fraud scheme that exploited a federally funded child nutrition program during the COVID-19 pandemic, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, from April 2020 through January 2022, Abdikadir Ainashe Mohamud, a.k.a. “AK,” 33, claimed to be operating a child nutrition site in Willmar, Minnesota, a small town with a total population of approximately 21,000. Mohamud ran his food site, Stigma-Free Willmar, under the sponsorship of Feeding our Future. In October 2020, Mohamud approached the owner of FaaFan restaurant and offered to pay him monthly so that he could claim the small storefront restaurant as a Stigma-Free Willmar food site. By October 20, 2020, less than a month after registering the Stigma-Free Willmar site, Mohamud claimed to be serving meals to 3,000 children per day, seven days a week from FaaFan. Mohamud created a shell company, Tunyar Trading, and claimed it was a meal vendor for the Stigma-Free Willmar food site. Between November 2020 and December 2021, Mohamud and his co-conspirators claimed to have served approximately 1.6 million meals to children through Stigma-Free Willmar.

    To accomplish their scheme, Mohamud and his co-conspirators prepared and submitted fake meal counts, invoices, and attendance rosters. Mohamud ultimately transferred more than $2.5 million from Tunyar Trading to himself and other co-conspirators. He also created another shell company called Five A’s Projects LLC, where he transferred more than $1 million in Federal Child Nutrition Program funds. These proceeds were used to purchase the former location of Kelly’s 19th Hole, a bar and restaurant in Brooklyn Park, Minnesota.

    According to court documents, Mohamud paid more than $225,000 in bribes and kickbacks from Tunyar Trading LLC to Abdikerm Eidleh, a Feeding Our Future employee who served as the site support manager for the Stigma-Free Willmar site, in exchange for sponsoring and facilitating Stigma-Free Willmar’s fraudulent participation in the Federal Child Nutrition Program. In exchange, Feeding Our Future received nearly $500,000 in administrative fees for sponsoring the Stigma-Free Willmar site’s participation in the program.  In December 2021, the defendant paid $5,750 to a GoFundMe account for Feeding Our Future created by Aimee Bock.

    In total, Stigma-Free Willmar received over $5.3 million in payments from Feeding Our Future based on fraudulent claims. As part of his sentence, Mohamud was ordered to forfeit the Kelly’s 19th Hole property, and $378,207.20 in fraudulent funds seized from his Tunyar Trading LLC bank account.

    Mohamud pleaded guilty today in U.S. District Court before Judge Nancy E. Brasel. A sentencing hearing will be scheduled at a later date.

    The case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

    Assistant U.S. Attorneys Joseph H. Thompson, Harry M. Jacobs, Matthew S. Ebert, and Daniel W. Bobier are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.

    MIL Security OSI –

  • MIL-OSI USA: As tariffs loom, Republicans block Senator Coons’ bill on Senate floor that would prevent President Trump from unilaterally imposing tariffs on allies

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senator Chris Coons (D-Del.) went to the Senate floor today to ask for unanimous consent to pass his Stopping Tariffs on Allies and Bolstering Legislative Exercise of (STABLE) Trade Policy Act. The legislation, co-led with Senator Tim Kaine (D-Va.), would prevent any president from imposing tariffs on U.S. allies and free trade partners without congressional approval.
    The STABLE Trade Policy Act would institute a requirement of congressional approval before a president could impose new tariffs on U.S. allies and free trade agreement partners. Currently, the president can impose tariffs on any nation using authorities that Congress created to combat national security risks and address international emergencies. President Trump has used these authorities to impose 25% tariffs on Mexico and Canada, which were set to go into place on February 1 and then delayed by a month. They are now expected to be implemented this coming week.
    In addition to the tariffs on Mexico and Canada, President Trump has also claimed he will impose “reciprocal” tariffs on the European Union and additional tariffs on all imports of steel, aluminum, microchips, pharmaceuticals and automobiles. Further rounds of tariffs against Mexico and Canada are also possible. Immediate passage of the STABLE Trade Policy Act would prevent President Trump from implementing these subsequent tariffs without congressional approval.
    “These tariffs will be disastrous for our economy and our national security,” Senator Coons said on the Senate floor. “These tariffs will cost the average American household about $1,200 a year. They’ll raise costs for avocados and appliances, diesel fuel and dog toys, car parts and Christmas tree lights, tomatoes and tequila––I could go on.”
    Senator Coons said that even if Trump delays the tariffs at the last minute, the uncertainty still raises costs for businesses and consumers. He emphasized that imposing tariffs on our closest allies and free trade partners will only weaken U.S. global standing and make our allies less likely to stand with us in the future.
    “These tariffs, if imposed, will make inflation worse and hit the lowest income Americans the hardest. They will impact American businesses, American families, and American communities,” said Senator Coons. “So, I hope that working together with my friends and colleagues here in the Senate, we can find ways to lower costs on pharmaceuticals and automobiles and microchips––but sparking tariff wars in our region and around the world is not the way to do that.”
    U.S. Senator Mike Crapo (R-Idaho) objected. 
    A video and transcript of Senator Coons’ comments are available below.
    WATCH HERE.
    Senator Coons: Mr. President, I rise today to seek unanimous consent for my STABLE Trade Policy Act with Senator Kaine––an act that would prevent any president from imposing tariffs on a U.S. ally or free trade agreement partner without congressional consent. I’ll make that motion in just a moment, but let me first just explain what this is and why I’m doing it. Next week, President Trump has announced plans to impose 25% tariffs on products coming into the United States from Mexico and Canada––our number one and number two trading partners. These tariffs will be disastrous for our economy and our national security. These tariffs will cost the average American household about $1,200 a year. They’ll raise costs for avocados and appliances, diesel fuel and dog toys, car parts and Christmas tree lights, tomatoes and tequila––I could go on. 
    Our economies are so closely integrated––the United States, Canada and Mexico–– that it will increase the cost of a GM pickup truck about $10,000, and even if these tariffs at the last minute are delayed, businesses are hurt by the uncertainty, which continues to increase costs. President Trump plans to follow those tariffs with reciprocal tariffs on the EU, which includes many of our critical NATO allies and closest partners. Imposing tariffs on our allies and partners diminishes our standing in the world and makes our neighbors less likely to help us in the future.
    It’s no surprise that Americans think this is a terrible idea. Barely a quarter of Americans think imposing tariffs on Canada are a good idea. More than double that disapprove. President Trump has already declared an economic emergency to justify imposing these tariffs on Mexico and Canada, but my bill with Senator Kaine would prevent him from abusing long established national security authorities to follow through on further tariff threats against our allies and FTA partners.
    The U.S. Constitution and the Commerce Clause – Article I, Section Eight – gives Congress jurisdiction over trade policy, and it’s time that we took ownership back, controlling the ability to impose tariffs willy-nilly on our trusted partners and allies by passing this bill and reining in President Trump’s costly and damaging ideas. And so, Mr. President, I ask unanimous consent that the Committee on Finance be discharged from further consideration of Senate Bill 348, and the Senate proceed to its immediate consideration, that the bill be considered [to be] read a third time and passed, and that the motion to reconsider be made and laid upon the table.
    …
    Senator Coons: Mr. President, I understand that Senator Crapo, the Chairman of the Finance Committee, a supporter of President Trump, has blocked this bill today, and I hope to find ways to work with him on improving market access and on elevating the quality and the capabilities of U.S. trade engagement with our partners. But I really don’t understand why President Trump seems so intent on harming one of his signature accomplishments––the USMCA. I’m disappointed because Congress gave the president authority to impose tariffs in the event of a national security crisis, Congress did not grant this power to pursue petty grudges against trusted neighbors. Honestly, how can anyone be angry at Canadians? They are the nicest people in the world, and yet here they are, working with us, pleading with us to not impose ruinous tariffs that would harm their economy and ours. 
    I’ll briefly then just make again a few simple points. I’m disappointed that President Trump isn’t doing more to reduce costs. He was elected in no small part because of high inflation and promised it would come down on day one. These tariffs, if imposed, will make inflation worse and hit the lowest income Americans the hardest. It will impact American business, American families, and American communities. 
    So, I hope that working together with my friends and colleagues here in the Senate, we can find ways to lower costs on pharmaceuticals and automobiles and microchips, but imposing reciprocal tariffs on trusted friends and allies,sparking tariffs wars in our region and around the world, is not the way to do that. Two-thirds of Americans already think that President Trump isn’t doing enough to lower costs. Blocking this bill will only accelerate that, if President Trump continues to act unwisely and bully and threaten our closest and most trusted partners. We must find a better way forward together.

    MIL OSI USA News –