Category: Trade

MIL-OSI Australia: Address to the Australian Bureau of Agricultural and Resource Economics and Sciences
Source: Australian Treasurer

I acknowledge the Ngunnawal people, on whose traditional lands we meet, and pay respect to all First Nations people here today.

Economist John Crawford started his public service career in the 1940s working under Nugget Coombs in the Department of Post‑War Reconstruction (Miller 2007, Uhr 2006).

After taking a strong interest in agriculture, tariffs and trade in his academic studies, Crawford became the director of the Department’s rural and regional planning divisions (Powell & Macintyre 2015).

Those planning divisions evolved into the Bureau of Agricultural Economics which would serve as the Commonwealth agency responsible for examining proposals for settling returned soldiers on productive farms.

With Crawford as the inaugural director, the Bureau would assess ‘the suitability of climate and soil, the adequacy of the farm areas and likely economic viability of the farms’ (Powell & Macintyre 2015).

It was a significant task because no one wanted to repeat the costly mistakes of the 1920s where nearly 12,000 soldier settlers abandoned their farms within a few years.

But Crawford saw greater potential for the Bureau.

He proposed broader functions such as studies on the outlook for primary industries, land use investigations and research to promote certain commodities (Powell & Macintyre 2015).

The Bureau of Agricultural Economics, Crawford and its broader functions transferred to the Department of Commerce and Agriculture in 1946.

Through various departmental leadership roles, Crawford went on to be one of the great public administrators of his generation.

John Crawford is the only economist ever to be recognised as the Australian of the Year, winning the award in 1981 for his work as ‘one of the foremost architects of Australia’s post‑war growth’ (Australian of the Year n.d) (I can’t help noting in passing that we’re probably due for another economist to take the top gong).

Meanwhile, the Bureau has broadened its economic knowledge base and has added names to its title over the years as it merged with other research agencies (ABARES n.d).

Some 80 years and dozens of outlook conferences later, the Australian Bureau of Agricultural and Resource Economics and Sciences continues to uphold John Crawford’s best traditions.

In his words, providing a ‘fact‑finding service’ and providing ‘the material and critical analyses of problems with which policy can be better made’ (Crawford 1952).

Recognising the ongoing importance of your work, our government announced additional funding in last year’s Budget to help:
- improve regional data sources
- collect information on low‑emissions technology, and
- examine the effect of emissions policies on agriculture and regions (DAFF 2023).
Concentrating on competition in agriculture

As a kid who attended an agricultural high school, I’ve always been fascinated by farming. But competition is my primary reason for being here today.

Since at least the days of Adam Smith, economists have spruiked the virtues of competition (Leigh 2022).

Industries with plenty of competitors tend to deliver better prices, more choices and stronger productivity growth.

Uncompetitive markets tend to deliver higher prices, lower wages, less choice, and less innovation. A lack of competition leads to problems that can be difficult to undo.

Today, I will talk about one problem that has only become worse in the recent decades: market concentration.

When I took on the competition portfolio, a friend issued me a challenge: ‘How many Australian industries can you name that are not dominated by a few big firms?’ (Leigh 2024a).

It’s a tough ask.

Applying the rule of thumb that a market is concentrated if the largest 4 firms control one‑third or more, research by Adam Triggs and I found over half of the industries in the Australian economy are concentrated markets (Leigh & Triggs 2016).

Indeed, many people asked to take on my friend’s challenge might well answer ‘farming’. And it turns out that for many commodities – though not all – farming is quite competitive.

A straightforward source of market concentration data are the annual industry estimates produced by IBIS World. They estimate the market share of the top 4 firms for several hundred industries.

A round‑up of IBIS World data on the market share of the largest 4 companies in parts of the agricultural supply chain shows farmers are often caught in the middle.

Upstream, farmers deal with concentrated markets for their inputs.

The largest 4 companies in fertiliser manufacturing in Australia have a combined market share of 62 per cent (IBIS World 2024a).

The largest 4 in hardware and building supplies retailing control about 49 per cent of the market (IBIS World 2024b).

And the market share for garden supplies retailing is about 33 per cent for the largest 4 firms (IBIS World 2024c).

Downstream, farmers deal with concentrated markets for processing, freight and retailing.

According to IBIS World industry reports, there is concentration in fruit and vegetable processing, with the largest 4 companies holding about 34 per cent of the market (IBIS World 2023).

For meat processing, market share of the largest 4 companies is 44 per cent with JBS Australia, Thomas Food International and Teys Australia being the dominant players (IBIS World 2024d).

For rail freight transport, the 4 largest including Aurizon and Pacific National have a combined 64 per cent market share (IBIS World 2024e).

For shipping freight transport in Australia, the market share of 2 companies – ANL and Maersk – amounts to about 85 per cent (IBIS World 2024f).

When it comes to supermarkets and grocery stores in Australia, it is well documented that Coles and Woolworths account for two‑thirds of the market (IBIS World 2024g).

These figures show that the agricultural supply chain is highly concentrated at the national level.

However, for many farmers, their options are even more limited than these figures suggest, as transport costs and risk of spoilage further limit the commercially viable options available to them.

To further illustrate the point about farmers being caught in the middle, today I will draw on case studies from a series of reports where concerns have been raised about market concentration harming farmers.

And I will finish by outlining our actions to improve competition laws, to revitalise competition policy in Australia and to make the economy more productive.

Digging in

First, we should never underestimate the importance and efficiency gains of farm equipment and machinery.

Historian James Burke argues the entire modern world is the result of the plough (Harford 2017).

Increasing farm productivity meant communities could build up a surplus of food, people could settle in one place and everyone’s job no longer had to be finding food (Leigh 2024b).

Knowing where your next meal was coming from allowed craftspeople to specialise, it allowed trade to flourish, and it allowed people to think about improving the world around them.

Any list of top Australian inventions typically includes Richard Bowyer Smith and his brother Clarence’s invention in 1876 of the stump‑jump plough (Dictionary of Biography n.d).

These days, we are no longer talking about the humble plough.

We are talking about a billion‑dollar farm machinery industry consisting of hi‑tech harvesters, tractors and seeding machinery (DAFF 2022).

John Deere has more software development engineers than mechanical design engineers (Patel 2021).

For farmers, machinery represents a significant capital investment involving upfront and ongoing costs (ACCC 2021).

But many Australian farmers feel they have no genuine choice or ability to shop around.

The Australian Competition and Consumer Commission’s 2021 market study found farm machinery markets are concentrated at the manufacturer and dealership levels (ACCC 2021).

Compared to car manufacturers, agricultural machinery makers have greater ability to leverage their market share in new sales to reduce competition in the market for servicing, repairs and parts.

Warranties restrict the purchaser to a single authorised dealer for servicing and repairs.

And tech restrictions mean independent repairers or farmers can’t access the parts, manuals and diagnostic software they need to carry out repairs.

In short, farmers have few choices when buying machinery but even less choice when servicing or repairing that equipment.

The Productivity Commission further examined difficulties accessing repair data as part of the right to repair inquiry (PC 2021).

It agreed restrictions harm farmers through higher repair prices, reduced access and choice, and greater financial risks from repair delays.

The Productivity Commission recommended the government intervene by introducing a repair supplies obligation on agricultural machinery.

This would require manufacturers to provide access to repair information and diagnostic software tools to machinery owners and independent repairers on fair and reasonable commercial terms.

As you may know, I have advocated for the need for access to service and repair information over many years.

In July 2022, I launched Australia’s first right to repair law, the Motor Vehicle Service and Repair Information Sharing Scheme.

The government is currently monitoring how this scheme is operating for the benefit of independent repairers and consumers.

Extending right to repair to other sectors, such as agriculture, is a good thing for the economy, businesses and consumers.

I am pleased there have been negotiations between Australian farmers and the farm machinery industry to consider putting in place a voluntary right to repair arrangements for the sector.

I encourage parties to continue those negotiations as voluntary arrangements are a great opportunity to foster collaboration and flexibility and can often lead to innovative and effective outcomes.

Seeds of doubt

Seeds are the next input I want to cover.

The US Department of Agriculture’s Economic Research Service examined the seed sector as part of its paper on concentration and competition in agribusiness (MacDonald J et al. 2023).

The 2023 paper found the seed sector ‘has become highly integrated with agricultural chemicals and more concentrated, with fewer and larger firms dominating supply’.

Using 2021 annual report data, it said Bayer, ChemChina’s Syngenta Group, Corteva and BASF were the biggest players in global sales for seeds and agricultural chemicals.

The Economic Research Service found seed prices rose significantly as markets became more concentrated but said the evidence was mixed on the influence of other factors.

Between 1990 and 2020, the average seed price went up by 270 per cent and the average price for genetically modified varieties rose 463 per cent (MacDonald J et al. 2023).

Despite the higher seed costs, the paper said it could be argued that genetically modified varieties resulted in ‘significant productivity gains to farmers’.

It also said higher seed prices may have supported research and development with the number of patents for new crop varieties doubling compared to earlier decades.

Still, there are not many other industries where the price of a key input has grown fivefold in thirty years.

Mergers have changed the global seed and farm chemical industry in recent years, and questions remain about what it means for prices and innovation in the long term.

Sour competition grapes

Wine grapes arrived with the first fleet in 1788 as cuttings collected en route by Captain Arthur Phillip.

They were planted at Sydney Cove but withered and died without producing any fruit.

Which is why it’s called the Rum Rebellion, not the Chardonnay Coup.

Nevertheless, a fledging wine industry struggled to its feet through booms and busts of the 1800s and by the turn of the century had taken root.

In the most recent year for which statistics are available, Australia exported 621 million litres of wine (Wine Australia 2024). That figure exceeds domestic wine sales, estimated at 444 million litres.

There are more than 2,000 wineries and approximately 6,000 grape growers across our 65 wine growing regions.

They have over 160,000 full and part‑time employees.

But while the terroir may be good, the vineyard not a level playing field.

A wine grape market study completed by the Australian Competition and Consumer Commission in 2019 found a highly concentrated industry (ACCC 2019).

Issues in the supply chain included a lack of competition, potential unfair contract terms, a lack of price transparency, and imbalanced risk allocation in favour of winemakers over grape growers.

The largest 1 per cent of winemakers accounted for over 80 per cent of wine production.

Four retailers account for over 80 per cent of sales by value in the domestic retail liquor market.

The 5 largest winemakers account for an estimated 87 per cent of volume in the Australian wine export market.

And the trend has been towards even greater consolidation of large winemakers in recent years.

Change is never easy in agricultural industries subject to boom‑and slump cycles of over production in the good times and consolidation in the bad.

In 2021 the ACCC found that commercial practices in the wine grape industry had improved since their 2019 report but warned that regulatory action may be necessary without further reforms in payment times and transparency.

Industry is taking steps to improve transparency but there is still work to be done to ensure a fair and functioning wine, grape and retail market.

In August, we appointed former competition minister Craig Emerson to lead an independent impact analysis of the wine and grape sector’s regulatory options (Collins 2024).

Dr Emerson’s report will examine fair trading, competitive relationships, contracting practices and risk allocation.

Competition beef

Those problems are not unique to the grape and wine industry.

In 2023, the National Farmers Federation released an issues paper criticising the lack of transparency and competition across Australia’s agricultural supply chains (NFF 2023).

The National Farmers Federation said reduced competition meant farmers weren’t receiving the incomes they deserved with long‑term consequences for competitiveness, economic and environmental sustainability and profitability.

Those concerns echoed the Australian Competition and Consumer Commission’s cattle and beef market study of 2017. That study found evidence that conflicts of interest regularly arise in saleyard transactions when buyers bid for livestock on behalf of multiple clients, and when agents represent both a cattle seller and a cattle buyer in the same transaction (ACCC 2017).

The report pointed out that cattle auctions have characteristics that make it easier for cartels to develop, including repeated interactions with the same auctioneers, who are often linked by social networks that make it easier to ‘punish’ auctioneers who break away from agreed anti‑competitive bidding practices. Other problematic behaviours included the exclusion of rival agents, and a lack of transparency around saleyard weighing protocols.

There is a cyclical element to many concerns about competitiveness in the market structure of the Australian cattle and beef industry.

An ongoing concern is the impact on producers of market concentration and buyer power during tough times, such as droughts.

Seasonal and cyclical fluctuations in supply can also affect the profitability of meat processors, dampening incentives for new entrants and reducing competition through mergers or acquisitions of incumbents.

The 2017 report found that the top 5 Australian processors account for around 57 per cent of total cattle slaughter (ACCC 2017).

A follow‑up report by the Australian Competition and Consumer Commission 2 years later found that the industry had taken some steps towards improving transparency in dealings between processors and farmers, but, again, there was still work to do (ACCC 2019).

Super concentrated

Another highly concentrated part of the agricultural supply chain in Australia are supermarkets.

Coles and Woolworths account for about 67 per cent of national retail sales (Mulino 2024, ACCC 2024 p147).

Only 2 OECD countries – New Zealand and Norway – have a greater market share of sales controlled by 2 supermarkets (ACCC 2024 p148).

Earlier this year, the House of Representatives Standing Committee on Economics handed down an excellent report on the inquiry into promoting economic dynamism, competition and business formation.

The Committee received evidence on the high market share in the supermarket sector, profit margins, and the power imbalance in the relationship between the major supermarkets and farm‑gate producers.

The report said: ‘Many agricultural suppliers are at risk of that power imbalance being used to negotiate outcomes that affect profitability and, therefore, the capacity and willingness to invest.’

At the same time as the Parliamentary inquiry, our government is taking action on several fronts.

Food and Grocery Code of Conduct

First, we are making sure the Food and Grocery Code of Conduct is working effectively and fairly.

The voluntary Code was introduced in 2015 to improve behaviour in the way supermarkets deal with suppliers – including growers where they supply directly to supermarkets.

Dr Craig Emerson’s independent review found the Code is ‘needed to address persistent bargaining power imbalances between supermarkets and their smaller suppliers’ (Emerson 2024).

Dr Emerson made 11 recommendations for improving the Code and the government announced in June that it will adopt them all (Treasury 2024a).

The Code will be made mandatory with Coles, Woolworths, Aldi and Metcash subject to million‑dollar penalties for serious breaches.

There will be improvements to the dispute resolution mechanisms. There will be a pathway for anonymous complaints from suppliers and whistle‑blowers, and guards against retribution by supermarkets.

We released exposure drafts for consultation in September and we aim to introduce legislation into the Parliament later this year.

Supermarket inquiry

Second, we understand more needs to be done to achieve a competitive and sustainable food and grocery sector.

So, we directed the Australian Competition and Consumer Commission to undertake a 12‑month inquiry into supermarket pricing.

It allows the watchdog to conduct a deep dive into competition and pricing practices in the supermarket sector for the first time in more than 15 years.

The Australian Competition and Consumer Commission’s interim report released in September said, ‘Australia’s supermarket industry is changing’ but remains ‘highly concentrated’ (ACCC 2024).

In the era of online shopping, loyalty programs and data technology, Coles and Woolworths have expanded their share of take‑home food and grocery sales by a combined 3.7 percentage points since 2006–07.

Supermarkets have also expanded into broader ‘ecosystems’ beyond grocery retailing but in highly complementary areas such as advertising and data analytics, pet products, telco and insurance services (ACCC 2024 p161).

As well as conducting consumer surveys as part of the inquiry, the Australian Competition and Consumer Commission held 7 roundtables to listen to farmers and fresh produce wholesalers.

Although no conclusions have been made, the interim report highlighted concerns from fresh produce suppliers about information asymmetries, power imbalances and specific practices that have enabled supermarkets to transfer disproportionate risk and cost onto suppliers.

In the next phase of the inquiry, the Australian Competition and Consumer Commission will undertake 14 case studies to examine supermarket profit margins and how profits are distributed in the supply chain.

And it will hand a final report to the government in February 2025.

CHOICE retail reports

Third, we announced funding for consumer group CHOICE to produce quarterly reports on retail grocery prices.

The CHOICE reports will compare grocery prices at different retailers, highlighting those charging the most and the least.

We have already seen the first 2 ‘basket of goods’ quarterly reports using data from March and June to help consumers make informed decisions about what they’re buying and where they shop (Leigh 2024c).

Other measures

Earlier this month, the Australian Government announced around $30 million in additional funding to the ACCC to crack down on misleading and deceptive pricing practices and unconscionable conduct in the supermarket and retail sectors.

This will strengthen the ACCC’s ability to proactively monitor behaviour and investigate concerns about supermarkets and retailers falsely justifying higher prices.

In addition to this crackdown, the Treasurer will work closely with states and territories through the Council on Federal Financial Relations to reform planning and zoning regulations, which will help boost competition in the supermarket sector by opening up more sites for new stores (Albanese 2024).

Strengthening protections against unfair contract terms

Unfair contract term protections are another area where we have already made improvements.

Unfair contract terms are terms that are clearly lopsided – for example by allowing the more powerful party to unilaterally change prices, or cancel the contract.

Under the former government, such terms were unenforceable, but it was not an offence to include them in a contract.

Fertiliser

For example, last year the Australian Competition and Consumer Commission investigated complaints about fertiliser companies using contracts in a way that could disadvantage farmers (ACCC 2023).

Contract terms allegedly gave larger suppliers the right to unilaterally vary the quantity delivered or to terminate the agreement and restricted buyers from raising issues about defects.

Fertiliser suppliers co‑operated and changed the contract terms to address the Australian Competition and Consumer Commission’s concerns.

Potatoes

In another example, the Federal Court in 2019 declared Mitolo Group, Australia’s largest potato wholesaler, used unfair terms in contracts with growers (ACCC 2019).

The court declared contract terms that allowed Mitolo to unilaterally determine or vary the price paid to growers as void.

Terms preventing growers from selling potatoes to other purchasers and terms stopping farmers from selling their property unless the buyer entered into a contract with Mitolo were also declared void.

Stronger laws

More broadly, the problem is the laws weren’t stopping the use of unfair terms, which remain prevalent in standard form contracts.

A court could declare a contract term to be unfair and therefore void and unenforceable, but until our government took office, the law didn’t allow penalties to be imposed.

We have fixed that. In 2022, we delivered on our promise to strengthen unfair contract term laws (Leigh & Collins 2022).

We introduced civil penalty provisions outlawing the use of, and reliance on, unfair terms in standard form contracts.

And we extended the coverage of the protections.

We lifted the eligibility cap from businesses with less than 20 employees to businesses with less than 100 employees, or annual turnover of less than $10 million.

The most significant merger reforms in decades

Merger regulation is one of the key pillars of competition law (Leigh 2024a).

It acts as the ‘preventive medicine’ against the few mergers that substantially lessen competition.

But feedback suggests our system isn’t as healthy as it could be.

The Competition Taskforce found Australia’s ‘ad hoc’ merger process is unfit for a modern economy and said we lag best practice in other countries.

In response, we have announced the most significant reforms to merger settings in almost 50 years.

The proposed reforms will make Australia’s merger approval system faster, stronger, simpler, targeted and more transparent.

Revitalising National Competition Policy

The Albanese government is working with state and territories to revitalise National Competition Policy.

There is consensus that pro‑competitive reforms are worth doing and we are aiming for agreement by the end of the year.

The original National Competition Policy underpinned a generation of growth from the 1990s (Leigh 2024d).

While it left us in a good position, the economy has changed, and the nation now faces new challenges that the original policy could not have anticipated.

These include digitalisation, the growth in human services, the net zero transformation and supporting Australia’s most vulnerable (Treasury 2024b).

Trade opportunities

We are also looking to improve competitiveness overseas as well as at home.

Our farmers are internationally competitive with Australia exporting around 72 per cent of the total value of agricultural, fisheries and forestry production (ABARES 2024).

Historically, Australia’s farmers have been among the strongest advocates of trade liberalisation. The old ‘protection all round’ strategy meant that Australian farmers paid more for imported farm machinery, and faced tariffs from other countries to which they exported their produce.

Reductions in Australia’s domestic tariffs under the Whitlam, Hawke and Keating governments made farm equipment more affordable. It also bought Australia international credibility – enabling us to spearhead reform through the creation in 1986 of the Cairns Group of Fair Trading Nations, to advocate for liberalisation of global trade in agricultural goods (cairnsgroup.org).

Today, our government is building on that legacy. Invested: Australia’s Southeast Asia Economic Strategy said, ‘Australia is already a key partner in helping Southeast Asia meet its food security needs’, and notes that ‘there is strong potential to develop this trade relationship further towards 2040’ (DFAT 2023).

So, trade forms a significant part of our broader economic agenda.

And as Trade Minister Don Farrell observes, we are ‘delivering on our commitment to secure new trade and investment opportunities for Australian exporters, producers, farmers and businesses’ (Farrell 2024).

Closing remarks

Let me finish by saying, competitive markets matter in all parts of the Australian economy, but especially in the farm sector.

As the Australian Competition and Consumer Commission’s Mick Keogh crisply puts it: ‘there are many farmers, but few processors or wholesalers, and even fewer major retailers’ (Keogh 2021).

As my analysis of IBIS World data shows, small‑scale farmers are often the meat in a market concentration sandwich.

Upstream, there is often no choice about dealing with large‑scale providers on inputs.

Downstream, there is often no choice about negotiating with larger processors and retailers.

And through various examples from many reports over several years, we can see that market concentration hurts farmers.

Higher prices for inputs.

Less choice for repairs.

Power imbalances in negotiating contracts.

A lack of transparency around prices.

And potentially unfair contract terms.

I’m pleased to say, as outlined today, the government is focused on practical solutions to improve our competition settings.

And we appreciate the expertise and insights of the Australian Bureau of Agricultural and Resource Economics and Sciences.

Thank you.

Note: My thanks to officials in the Australian Treasury for invaluable drafting assistance.

References

Albanese, A; Chalmers, J. (2024) ‘Helping Australians get fairer supermarket prices through stronger protections and greater competition’, [media release] The Treasury, accessed 1 October 2024.

Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) n.d About ABARES – Our History, online content.

Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) (2024) Snapshot of Australian Agriculture 2024, ABARES Insights.

Australian Competition and Consumer Commission (ACCC) (2024) Supermarkets inquiry interim report.

Australian Competition and Consumer Commission (ACCC) (2017) Cattle and Beef Market Study – Final Report.

Australian Competition and Consumer Commission (ACCC) (2019a), Transparency improving in cattle and beef industry, media release issued 20 August 2019.

Australian Competition and Consumer Commission (ACCC) (2020) Perishable agricultural goods inquiry Final Report.

Australian Competition and Consumer Commission (ACCC) (2021) Agricultural Machinery Market Study.

Australian Competition and Consumer Commission (ACCC) (2023) Fertiliser suppliers amend unfair contract terms after ACCC investigation Accessed 21 August 2023.

Australian Competition and Consumer Commission (ACCC) (2019b) Court penalises potato wholesaler for breaching the Horticulture Code and declares unfair contract terms void, Accessed 2 August 2019.

Australian of the Year Awards (n.d) Sir John Crawford AC CBE – In Memoriam.

Cairns Group, The. (n.d) About The Cairns Gro…~https://www.cairnsgroup.org/Pages/Introduction.aspx

Collins (2024) Supporting Australia’s wine industry [media release] The Treasury, accessed 23 August 2024.

Department of Agriculture, Fisheries and Forestry (2022) Snapshot – Australian agricultural machinery imports Accessed 4 November 2022.

Department of Agriculture, Fisheries and Forestry (2023) Boosting capabilities to support a sustainable agriculture sector Budget 2023–2024 fact sheet, Australian Government.

Department of Foreign Affairs and Trade (2023) Invested: Australia’s Southeast Asia Economic Strategy to 2040, a report for the Australian Government accessed September 2023.

Dictionary of Biography, Australian. Richard Bowyer Smith entry, Biography – Richard …~https://adb.anu.edu.au/biography/smith‑richard‑bowyer‑13201

Emerson C (2024) Independent Review of the Food and Grocery Code of Conduct Final Report, [final report] Treasury.

Farrell D (2024) Press conference, Parliament House Accessed 17 September 2024.

Harford T 27 November (2017) How the plough made the modern economy possible BBC World Service.

IBIS World (2024a) ‘Agricultural machinery manufacturing in Australia’, Industry Report, February 2024.

IBIS World (2024b) ‘Hardware and building supplies retailing in Australia’, Industry Report, February 2024.

IBIS World (2024c) ‘Garden supplies retailing in Australia’, Industry Report, March 2024.

IBIS World (2024d) ‘Meat processing in Australia’, Industry Report, June 2024.

IBIS World (2024e) ‘Rail freight transport in Australia’, Industry Report, September 2024.

IBIS World (2024f) ‘Water freight transport in Australia’, Industry Report, May 2024.

IBIS World (2024g) ‘Supermarkets and grocery stores in Australia, Industry Report, August 2024.IBIS World 2023, ‘Fruit and vegetable processing in Australia’, Industry Report, August 2023.

Keogh M (2021) Competition in Australian agriculture Speech to the National Farmers’ Federation accessed 11 June 2021.

Leigh A 28 November (2022) Look overseas to see the virtues of more competition [opinion piece] The Australian.

Leigh A 27 August (2024a) Why new rules in competition are sure to be game‑changing [opinion piece] The Canberra Times.

Leigh A (2024b) The Shortest History of Economics, Black Inc.

Leigh A (2024b) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

Leigh A (2024c) Supermarket price monitoring to help Australians make informed choices at the checkout [media release] Accessed 20 June 2024.

Leigh A (2024d) Competition reform will ensure flourishing future [opinion piece] The Australian.

Leigh A and Collins J (2023) Labor delivering on promise to ban unfair contract terms [media release] Accessed 26 July 2022.

Leigh A and Triggs A (2016), Markets, Monopolies and Moguls: The Relationship between Inequality and Competition. Australian Economic Review, 49: 389–412.

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Mulino D (2024) Better Competition, Better Prices Report on the inquiry into promoting economic dynamism, competition and business formation, House of Representatives, Standing Committee on Economics.

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MIL OSI News –
January 25, 2025
MIL-OSI Australia: $4 million extra funding for improved access to advice and advocacy for tenants as part of plan to make renting fairer
Source: New South Wales Premiere

Published: 29 October 2024

Released by: Minister for Better Regulation and Fair Trading

The Minns Labor Government is further supporting tenants across NSW when they need it most, with a funding boost to the Tenants Advice & Advocacy Services.
The network of 21 local not-for-profit organisations, help tenants to understand their rights, support them during negotiations and in resolving disputes, and assist and advocate for them at the NSW Civil and Administrative Tribunal.

Funded by NSW Fair Trading, these services will be boosted by $1 million extra a year until 2028. In 2024-25, funding has increased to $16.2m.

The funding boost follows the Minns Labor Government’s recent passage of the most significant rental reform package to assist renters in over a decade. The new reforms will:
- Ban no grounds evictions;
- Limit rent increases to only one per year;
- Make it easier to have pets in rentals;
- Ensure fee-free ways to pay rent; and
- Ban renters paying for background checks.
In addition to these historic new reforms to help tenants across the state, last financial year, NSW Fair Trading responded to 393,000 rental enquiries. Where tenants required greater help, they could access the free assistance of a local Tenants Advice & Advocacy Service.

The network responds to around 30,000 requests a year for tenancy advice from renters in private and social housing, boarders, lodgers, and land lease community residents.

The service also provides ongoing assistance to approximately 10,000 tenants annually.

Find out more information about the Tenants Advice & Advocacy Services.

Minister for Fair Trading and Better Regulation Anoulack Chanthivong said:

“NSW has millions of renters who come from diverse backgrounds and communities spread right across the state.

“The Tenants Advice & Advocacy Service provides local support through a network of highly-skilled advocates who work to ensure quality advice and advocacy is available to all renters in NSW.

“The funding boost will mean the services can reach even more renters and keep this critical information service free.

“This is another step forward to get renters a fairer deal.

“This is part of the Minns Labor Government’s plan to build a fairer system for renters.”

NSW Rental Commissioner Trina Jones said:

“This funding will provide critical support to the millions of people renting in NSW.

“The tenant advice program supports people in their own communities helping Fair Trading to increase our reach and support for renters.

“This funding is another example of how the NSW Government is taking action to support renters across the state.”

Chief Executive Officer of Tenants Union of NSW Leo Patterson Ross said:

“We welcome this additional funding which will make it easier for renters to seek the expert, free advice, and practical advocacy that the Tenants’ Advice and Advocacy Program provides.

“This funding increase will ensure services can continue to provide the same high quality advice we have for the past 30 years.

“Tenants’ Advice and Advocacy Services are an important part of resolving disputes fairly. We help ensure renters know where they stand and help avoid prolonged disputes and unnecessary tribunal applications.

“We look forward to continuing to work with the NSW Government to cover funding needs that have emerged with the growing renting population and as important tenancy reforms come into effect.”
MIL OSI News –
January 25, 2025

MIL-OSI: Notice on Public Offering of Subordinated Bonds of LHV Group

Source: GlobeNewswire (MIL-OSI)

AS LHV Group (hereinafter LHV) hereby announces a public offering of LHV’s subordinated bonds. The offering is conducted on the basis of the prospectus affirmed by the Estonian Financial Supervision and Resolution Authority (FSA) on 28 October 2024, that has been disclosed on the date of this announcement on the web pages of LHV and the FSA. The public offering of the subordinated bonds will be carried out in Estonia, Latvia and Lithuania.

This is the second issue of subordinated bonds, in the amount of up to EUR 20 million, under the bond programme confirmed in 2023. Under the bond programme EUR 35 million worth of subordinated bonds have previously been issued and altogether it is possible to raise up to EUR 200 million.

Main Terms of Offering

LHV offers publicly up to 20,000 subordinated bonds of LHV „EUR 6.00 LHV Group subordinated bond 24-2034” with the nominal value of EUR 1,000, the maturity date of 15 November 2034 and a quarterly paid fixed interest rate offered to the investor at the rate 6% per annum. Subordinated bonds will be offered at a price of EUR 1,000 per one bond. Subordinated bonds will be issued in a dematerialised book-entry form and registered in Nasdaq CSD SE under ISIN code EE3300004993.

The subscription period for the bonds will start on 29 October 2024 at 10:00 and will end on 12 November 2024 at 16:00. The subordinated bond offering is intended for retail and institutional investors operating in Estonia, Latvia, and Lithuania and made possible for the clients of account-managing financial institutions that are members of the Estonian securities settlement system.

A subordinated bond represents an unsecured debt obligation of LHV before the investor. The subordination of the bonds means that upon the liquidation or bankruptcy of LHV, all the claims arising from the subordinated bonds shall fall due and shall be satisfied only after the full satisfaction of all unsubordinated recognised claims in accordance with the applicable law. Among other things, with subordinated bonds, the risk of conversion of liabilities and claim rights (bail-in risk) must be considered.

Timetable of Offering

29.10.2024 at 10:00	Start of the subscription period for the subordinated bonds
12.11.2024 at 16:00	End of the subscription period for the subordinated bonds
On or about 13.11.2024	Disclosing the allocation results of the subordinated bonds
On or about 15.11.2024	Transfer of the subordinated bonds to investors’ securities accounts
On or about 18.11.2024	Expected listing of the subordinated bonds and admission to trading on the regulated market operated by Nasdaq Tallinn AS (on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange)

Submitting Subscription Undertakings

In order to subscribe for the subordinated bonds an investor has to submit, during the subscription period, a subscription undertaking to the custodian who holds the investor’s securities account opened at Nasdaq CSD SE, with the format accepted by the custodian and in accordance with the prospectus and offer conditions. The subscription undertaking must be submitted before the end of the subscription period. The investor may use any method that such investor’s custodian offers to submit the subscription undertaking (e.g., physically at the client service venue of the custodian, over the internet or by other means). The subscription undertaking will be forwarded to Nasdaq CSD SE.

Listing and Admission to Trading

LHV intends to submit an application to Nasdaq Tallinn AS for the listing and admission to trading of the LHV’s subordinated bonds on the Baltic Bond List of the Nasdaq Tallinn Stock Exchange. The expected date of listing and admission to trading is on or about 18 November 2024.

While every effort will be made and due care will be taken in order to ensure the listing and the admission to trading of the subordinated bonds, LHV cannot ensure that the subordinated bonds will be listed and admitted to trading.

Availability of Prospectus and Terms of Offering

The Prospectus has been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en/ and from the website of the FSA https://www.fi.ee/en. Additionally, the Estonian translation of the Prospectus has been disclosed and made available together with the Prospectus on the LHV website https://investor.lhv.ee/en and is also available through the information system of Nasdaq Tallinn Stock Exchange. The terms and conditions of the subordinated bonds and the final terms of the offering together with the summary of the prospectus and their translations to Estonian, Latvian and Lithuanian have been published and can be obtained in electronic format from LHV’s website https://investor.lhv.ee/en.

Before investing into LHV’s subordinated bonds we ask you to acquaint yourself with the prospectus, the terms and conditions of the bonds, the final terms and if necessary consult an expert.

LHV Group is the largest domestic financial group and capital provider in Estonia. The LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs nearly 1,200 people. As at the end of September, LHV’s banking services are being used by 445,000 clients, the pension funds managed by LHV have 116,000 active clients, and LHV Kindlustus protects a total of 169,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

Priit Rum
Communications Manager
Phone: +372 502 0786
Email: priit.rum@lhv.ee

Important information:
This information is an advertisement of securities within the meaning of Regulation (EU) 2017/1129 and does not constitute an offer of bonds of AS LHV Group or an invitation to subscribe for or acquire bonds. The offer of the bonds will be made on the basis of the Terms and Conditions of the Prospectus published on the day of the public offer of the bonds and approved by the Finantsinspektsioon (Estonian Financial Supervision and Resolution Authority), and the Final Terms of the First Issue. The Prospectus is available on the websites of the Finantsinspektsioon and AS LHV Group at fi.ee and investor.lhv.ee, respectively, where the Terms and Conditions referred to and the Summary of the Prospectus are also available. Investors should read the information published in the Prospectus, its Terms and Conditions, and the Final Terms of the First Issue before making an investment decision in order to understand all the facts relating to the investment. The approval of the prospectus by the Finantsinspektsioon does not constitute an approval of AS LHV Group or the securities offered. The bonds are publicly offered in the Republic of Estonia, the Republic of Latvia, and the Republic of Lithuania.

Attachments

The MIL Network –

January 25, 2025

MIL-OSI Europe: Luis de Guindos: Interview with ANSA

Source: European Central Bank

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

29 October 2024

At the latest press conference, President Lagarde spoke of a series of economic indicators pointing lower and of downside risks to growth. The Survey of Professional Forecasters published by the ECB foresees inflation of 1.9% in 2025, compared with 2.2% in the projections by ECB experts. In this context, will the Governing Council have the option to make back-to-back interest rate cuts, as occurred in September and October?

In short, on the current economic situation, we don’t have good news with respect to growth but we do have good news with respect to inflation.

On growth, we have revised down our projections twice – before the summer and in September. We see that the downside risks that we identified are crystallising, mainly because consumption is not recovering as expected. Even though real disposable income has increased because wages are catching up with past inflation, households are not increasing their spending. This could be due to structural factors, including a lack of confidence owing to past inflation, the pandemic or geopolitical risks. But it is clear that the recovery in consumption is not happening at the pace we had previously projected.

On inflation, we have the opposite happening. The latest figures are good, in terms of both headline inflation and underlying inflation. Most measures of underlying inflation are declining, and we are confident that we will be able to reach our 2% target over the medium term in the course of 2025.

Regarding possible future cuts, we have been very clear that we will keep all options open at forthcoming meetings, both in terms of the number of cuts and the size of these cuts. But what is most relevant for the transmission of monetary policy and the impact of financial conditions on aggregate demand is the medium-term trajectory, which is evidently that of an easing cycle. Fine-tuning monetary policy is very complex and the important signal is the medium-term trajectory.

Geopolitical risks will play a role in the forthcoming monetary policy decisions. To what extent are the risks associated with the conflicts in the Middle East and the risks of a further escalation in trade tariffs pushing the ECB to take a prudent approach in reducing interest rates?

Geopolitical factors play a very important role in our analysis. For example, the conflict in the Middle East has an impact on energy prices and upcoming elections could have an impact on international trade, global growth and inflation. This is one reason why we have to be very prudent with our decisions. When you are in a dark room full of uncertainty, for example because of geopolitical risks that you cannot control, you have to take very careful steps.

Another important element is fiscal policy. Governments are now submitting their medium-term budgetary plans to the European Commission. This will give us more clarity on the fiscal outlook, which is an element that we take into consideration in our analysis and decision-making. So geopolitical risks, the possibility of distortions in international trade plus what will happen with fiscal policy will all feed into our decisions in the near future.

In its new operational framework that came into force in September 2024, the ECB anticipates that a substantial contribution to providing liquidity to the banking sector will come from a structural portfolio of securities and from new longer-term refinancing operations, under conditions to be defined at a later date. What point has the discussion reached and what guidance is there?

The operational framework has to be used to implement our monetary policy, it cannot condition it. And we have said very clearly that all monetary policy instruments in our toolkit remain available to us. This will include, for example, non-conventional measures, such as targeted longer-term refinancing operations and quantitative easing.

Right now, we are in a situation of ample liquidity, which we are gradually reducing by discontinuing reinvestments, which will come to a complete halt at the beginning of next year. Once that liquidity has been significantly reduced, a combination of the monetary policy instruments at our disposal will help us deliver enough liquidity to the banking system.

In my view, when we discuss the structural portfolio, we will need to take into account the actual liquidity situation of the banks and look not only at the average, but also at the dispersion in the banking sector. We have not decided on the size of the structural portfolio, but it will need to be large enough to deliver sufficient liquidity to the banking system.

The latest monetary policy strategy review in 2021 took place at a time of strong deflationary pressures linked to various factors, including digitalisation and globalisation. Since then the landscape has changed. We find ourselves in a fragmented geopolitical context with the return of inflationary shocks. How will all this be reflected in the coming monetary policy strategy review? When will the discussion begin and what topics will it cover?

We have established a couple of workstreams at the technical level to examine these factors, namely how the landscape has changed, how the new environment could have an impact on inflation, and our evolving policy toolkit. But this will not be discussed by the Governing Council until next year, with conclusions expected in the second half of 2025.

What is crystal clear is that the definition of price stability as 2% inflation over the medium term will not be up for debate. And several other elements, such as the importance of financial stability considerations or accounting for climate change in our work, are already established. Instead, this review will mostly be an assessment of the previous strategy review while considering new elements, such as the changed economic and inflation environment, the possibility of deglobalisation and other structural elements that could affect the inflation outlook.

Importantly, we will look at the consequences of measures we have used in the past. For every monetary policy decision, we need to look not only at short-term effects but also further ahead at possible unwanted effects. Quantitative easing, for example, is an instrument that proved to be very useful to fight deflation and the impact of the pandemic, but it also caused some side effects. In that respect, now that we have started the opposite process of quantitative tightening, we have much more information on the potential consequences of quantitative easing.

Are you referring to fiscal side effects?

No. I’m referring, for instance, to the impact on financial stability or on national central banks’ profit and loss accounts. These are side effects that can be better taken into consideration and that were not obvious at the time.

Italy has seen inflation fall to below 2% from a high of close to 12% two years ago, and its growth rate is in line with the European average. While real disposable income is improving, investment is feeling the effects of a still restrictive monetary policy and politicians have criticised the ECB’s cautious stance in the last few months. How would you explain to Italian politicians and households the need for a cautious approach in reducing interest rates, and how do you plan to reassure them about the current transition from still restrictive interest rates to a more neutral stance?

Above all else, we listen to all opinions carefully and with an open mind. The ECB and central banks are independent institutions, meaning that they need to display an additional level of responsibility and accountability.

What I would say to Italian and European citizens is that it’s important to be cautious and prudent. We have reduced interest rates and the trajectory of our monetary policy is very clear, but there is a huge amount of uncertainty and we cannot make mistakes. That’s why a gradual approach to implementing monetary policy is essential.

That being said, I’d like to reassure them that things are moving in the right direction. Inflation has fallen significantly. Most people look more closely at price levels than at inflation, but at the end of the day, current price levels are a consequence of past inflation. We can’t claim victory yet, but we have made good progress so far. And despite an economic slowdown, we have so far managed to reduce inflation without causing a recession in the euro area. When you look at the labour market, the situation remains positive. So I hope that in the medium term it will become more evident that we are on the right track.

In its draft budget, the Italian government is seeking a contribution of around €3.5 billion from the banking sector by targeting deferred tax assets (DTAs). Has the ECB been consulted on the merits of this approach and what guidance is being formulated on this measure?

In general, our assessment of banking sector taxes is quite clear from the legal opinions we have issued on proposals by several countries. Our view is that such taxes should not impair banks’ solvency or the transmission of monetary policy in terms of hampering the flow of credit to the real economy.

In this specific case, we don’t have the definitive version of the tax yet, so it’s difficult to form an opinion about it. But I hope that solvency will be one of the items taken into consideration, which would be positive from our perspective.

In my view, the design of the previous version of the tax was balanced, for example, because it made tax revenues and bank solvency compatible. Of the many approaches taken by other European countries that imposed taxes on the banking sector, I believe this was the most balanced one.

Completing the banking union is one of the most urgent objectives that will make Europe more resilient and more competitive. Despite this, a cross-border merger like the potential merger between Unicredit and Commerzbank currently under discussion is treated as a national matter in both countries. What lessons can we learn from this and why is a cross-border merger between European banks still hitting the headlines in Europe in 2024?

Given the importance of banks’ funding for the real economy, completing the banking union should be the number one priority on the European Union’s economic agenda. I acknowledge that there are political hurdles to achieving that, but it will be very difficult to have a real economic and monetary union without a banking union. Greater coordination of fiscal policy, for example through a common fiscal instrument or progress towards the capital markets union, would also be important.

If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important. I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.

In any case, our assessment of any merger and acquisition transaction is always based exclusively on prudential and solvency criteria. This is the guiding principle for us, based on European regulation.

The Italian government has voiced its support for the merger between Unicredit and Commerzbank, which would strengthen European banking consolidation. At the same time, Italy is the only Member State that hasn’t ratified the treaty to reform the European Stability Mechanism (ESM), which is an important element in completing the banking union. How important will it be to remove this obstacle?

In my previous answer, I referred to how important it is for a European approach to prevail over a national one. But this principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.

MIL OSI Europe News –

January 25, 2025

MIL-OSI: Equinor ASA: Share buy-back

Source: GlobeNewswire (MIL-OSI)

Please see below information about transactions made under the fourth tranche of the 2024 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

Date on which the fourth tranche of the 2024 programme was announced: 24 October 2024.

The duration of the fourth tranche of the 2024 programme: 25 October to no later than 31 January 2025.

Further information on the tranche can be found in the stock market announcement on its commencement dated 24 October 2024, available here: https://newsweb.oslobors.no/message/630240

On 25 October 2024 Equinor ASA has purchased a total of 400,000 own shares at an average price of NOK 278.5692 per share.

Overview of transactions:

Date	Trading venue	Aggregated daily volume (number of shares)	Weighted average share price (NOK)	Total transaction value (NOK)
25 October	OSE	400,000	278.5692	111,427,680.00
	CEUX
	TQEX

Total for the period	OSE	400,000	278.5692	111,427,680.00
	CEUX
	TQEX

Previously disclosed buy-backs under the fourth tranche of the 2024 programme	OSE
	CEUX
	TQEX
	Total

Total buy-backs under fourth tranche of the 2024 programme (accumulated)	OSE	400,000	278.5692	111,427,680.00
	CEUX
	TQEX
	Total	400,000	278.5692	111,427,680.00

Following the completion of the above transactions, Equinor ASA owns a total of 48,006,940 own shares, corresponding to 1.72% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 39,531,815 own shares, corresponding to 1.42% of the share capital).

This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Appendix:
A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

Contact details:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

Attachment

Detailed overview of transactions

The MIL Network –

January 25, 2025

MIL-OSI: IDEX Biometrics appoints new Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

Oslo, Norway – October 29, 2024 – IDEX Biometrics has appointed Kristian Flaten as Chief Financial Officer, effective November 1, 2024.

Kristian Flaten brings over 25 years of financial leadership and experience with international business and financing, including from Asian growth markets, a strong focus for IDEX Biometrics. He has a proven track record in corporate finance, debt financing and business development in growth companies.

Kristian has a background as CFO with Quantafuel ASA, recycling plastic waste, and as VP Corporate Finance with BW Offshore, oilfield services. Additionally, he has experience from the financial sector with Export Finance Norway and Handelsbanken.

Kristian holds a Master of Science from NHH (Norwegian School of Economics), with majors in Finance and Strategy. He will be based at IDEX Biometrics headquarters in Oslo.

“We are most pleased to welcome Kristian to our executive team,” says Catharina Eklof, Chief Executive Officer of IDEX Biometrics. “Bringing on Kristian is an important step in the business transformation of IDEX. Kristian comes with critical experience from growth companies and his proven track record will be key as we continue to evolve IDEX, and drive innovation in biometric platform and software solution expansion to key markets.”

“I am excited to join IDEX Biometrics at this pivotal time of the company’s growth journey,” comments Kristian Flaten. “I look forward to working with the talented team to support the company’s strategic initiatives.”

Kristian Flaten is succeeding John Kurtzweil, who will continue to support the company in an advisory role. The company extends its warm gratitude to John for his excellent contributions during his tenure and for ensuring a smooth transition to Kristian.

For further information contact:

Marianne Bøe, Head of Investor Relations
Email: ir@idexbiometrics.com
Tel: + 47 67 83 91 19

About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market.
For more information, visit www.idexbiometrics.com

Trademark Statement
IDEX, IDEX Biometrics and the IDEX logo are trademarks owned by IDEX Biometrics ASA. All other brands or product names are the property of their respective holders.

About this notice:
This notice was issued by Marianne Bøe, Head of Investor Relations, on 29 October 2024 at 08:10 on behalf of IDEX Biometrics ASA.

The MIL Network –

January 25, 2025
MIL-OSI Asia-Pac: “SME ReachOut: FUND Fair plus Tech Sourcing 2024” to be held today and tomorrow (with photos)

Source: Hong Kong Government special administrative region

     With support from the Trade and Industry Department, the Hong Kong Productivity Council (HKPC) is holding “SME ReachOut: FUND Fair plus Tech Sourcing 2024” (the Fair) for two consecutive days starting today (October 29). The Fair seeks to provide information on government funding schemes and assist small and medium-sized enterprises (SMEs) in undertaking digital transformation, with a view to bringing new impetus to SMEs’ sustainable development.

     Speaking at the opening ceremony, the Secretary for Commerce and Economic Development, Mr Algernon Yau, said that supporting SMEs in developing new markets and pursuing new growth areas, and assisting SMEs in digitalisation and green transformation have long been the priority tasks of the Commerce and Economic Development Bureau and the Trade and Industry Department. This year’s Policy Address announced a number of initiatives, such as injecting $1 billion into the BUD Fund (Dedicated Fund on Branding, Upgrading and Domestic Sales), expanding the geographical coverage of E-commerce Easy to the 10 ASEAN countries, and providing more targeted funding support for enterprises to implement green transformation projects. He encouraged the trade to make good use of the various support measures to expand their business and embrace changes.

     The Fair, a leading annual event organised by “SME ReachOut”, contains five thematic zones, covering topics including government funding schemes, digital transformation, e-commerce, business expansion and ESG (environmental, social and governance). The Fair also features 10 thematic seminars, where experts will share information related to government funding schemes, digital transformation and e-commerce, enabling SMEs to understand the latest market trends and seek opportunities for co-operation and suitable solutions.

     Operated by the HKPC under the support of the Government, “SME ReachOut” has been in service since January 2020 to assist SMEs in identifying suitable government funding schemes and answer questions related to applications. The enhanced services of “SME ReachOut” rolled out in October 2023 have strengthened the support to SMEs on government funding applications and provided capacity building services for SMEs, including one-on-one technology/business know-how consultation meetings with SMEs and networking events for SMEs, as well as annual large-scale events, such as the Fair.

     Details of “SME ReachOut: FUND Fair plus Tech Sourcing 2024” are available at u.hkpc.org/fund_tech2024_en. For details of “SME ReachOut”, please visit smereachout.hkpc.org/en.

     For enquiries, please contact “SME ReachOut” (Tel: 2788 6868).

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI: The notes redeemed by Municipality Finance have been removed from trading at Nasdaq Helsinki

Source: GlobeNewswire (MIL-OSI)

Municipality Finance Plc
Stock exchange release
29 October 2024 at 10:00 am (EET)

The notes redeemed by Municipality Finance have been removed from trading at Nasdaq Helsinki

On 14 October 2024 Municipality Finance Plc announced that it is exercising its right to redeem in whole its USD 150 million notes (XS2548900146). Nasdaq Helsinki has approved MuniFin’s application to remove the notes from trading. The last day of trading was 28 October 2024.

MUNICIPALITY FINANCE PLC

Further information:

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

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

MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, corporate entities under their control, and non-profit organisations nominated by the Housing Finance and Development Centre of Finland (ARA). Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

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

Read more: www.kuntarahoitus.fi/en

Important Information

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

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

The MIL Network –

January 25, 2025
MIL-OSI Asia-Pac: CE leads delegation to visit Shanghai and attend seventh China International Import Expo

Source: Hong Kong Government special administrative region

CE leads delegation to visit Shanghai and attend seventh China International Import Expo
CE leads delegation to visit Shanghai and attend seventh China International Import Expo
****************************************************************************************

The Chief Executive, Mr John Lee, will lead a Hong Kong Special Administrative Region (HKSAR) Government delegation to visit Shanghai on November 4 and will attend the seventh China International Import Expo (CIIE). Members of the HKSAR Government delegation include the Financial Secretary, Mr Paul Chan; the Secretary for Commerce and Economic Development, Mr Algernon Yau; the Director of the Chief Executive’s Office, Ms Carol Yip; the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan; and the Permanent Secretary for Commerce and Economic Development, Ms Maggie Wong. On November 5, Mr Lee will attend the opening ceremony of the CIIE and the Hongqiao International Economic Forum and visit the booths of Hong Kong enterprises at the Hong Kong exhibition area to show support. In addition, the HKSAR Government and the Hong Kong Trade Development Council will hold a high-level event, namely the 2024 Hong Kong Investment Promotion Conference – Shanghai Forum, during the CIIE, where Mr Lee and Mr Chan will deliver speeches to promote Hong Kong’s advantages and its role as a connecting platform under the national dual circulation strategy to Mainland and overseas enterprises. “The CIIE is an important economic diplomatic event held after the victorious conclusion of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, providing vast business opportunities for Hong Kong enterprises to tap into the domestic market. Hong Kong has always actively participated in and supported the CIIE. In addition to senior government officials attending, over 300 Hong Kong enterprises are taking part in the exposition this year, jointly promoting Hong Kong’s advantages and development opportunities in different areas and telling Hong Kong’s good stories,” Mr Lee said. During his visit to Shanghai, Mr Lee will meet with leaders of Shanghai to deepen Hong Kong-Shanghai cooperation. He will also exchange views with Hong Kong people and representatives of Hong Kong enterprises in Shanghai. Mr Lee will return to Hong Kong on November 6. During his absence, the Chief Secretary for Administration, Mr Chan Kwok-ki, will be the Acting Chief Executive. During the absence of Mr Paul Chan, the Deputy Financial Secretary, Mr Michael Wong, will be the Acting Financial Secretary. During the absence of Mr Yau, the Under Secretary for Commerce and Economic Development, Dr Bernard Chan, will be the Acting Secretary for Commerce and Economic Development.

Ends/Tuesday, October 29, 2024Issued at HKT 17:48

NNNN

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Australia: Second reading speech – Privacy and Other Legislation Amendment Bill 2024
Source: Australian Executive Government Ministers

Check Against Delivery

Introduction

The digital economy has unleashed enormous benefits for Australians. But it has also increased the privacy risks we face through the collection and storage of enormous amounts of our personal data.

The Privacy Act 1988 represented the first time that a comprehensive, integrated set of legal rules protecting interests in privacy existed in Australia. On introducing it, Attorney-General Lionel Bowen told the Parliament that “enormous developments in technology for the processing of information are providing new and, in some respects, undesirable opportunities for the greater use of personal information.”

In that respect, little has changed. Evolutions in technology and the way people use it continue to vex those who share information online, and those charged with regulating it. It is essential that Australians are protected by a legal framework that is flexible and agile enough to adapt to changes in the world around them.

The Privacy Act has not kept pace with the adoption of digital technologies. The vast data flows that underpin digital ecosystems have also created the conditions for significant harms – like major data breaches that have revealed the sensitive information of millions of Australians, exposing us to the risk of identity fraud and scams.

Strong privacy laws and protections are critical to building public trust and confidence in the digital economy, and driving the investments needed to keep people’s data safe.

The right to privacy is a fundamental human right. As Sir Zelman Cowen said in his 1969 Boyer Lectures, a person without privacy is a person without dignity. We must be vigilant in ensuring that evolving technology does not erode our ability to protect information about who we are, what we do and what we believe from being misused.

The Privacy and Other Legislation Amendment Bill 2024 is a significant step forward for Australian privacy law. It begins the much-needed work of updating our privacy laws to be fit-for-purpose in the digital age.

With this Bill, the Australian Government is taking the next step to ensure Australians’ privacy is respected and protected. It implements a first tranche of agreed recommendations of the Privacy Act Review, ahead of consultation on a second tranche of reforms.

It also delivers on a commitment made by the Albanese Government following the National Cabinet held in May to address gender-based violence, by outlawing the practice of “doxxing”, or the malicious release of personal data online.

Schedule 1 of the Bill will amend the Privacy Act to enhance its effectiveness, strengthen the enforcement tools available to the privacy regulator and better facilitate safe overseas data flows. It will require the development of a Children’s Online Privacy Code, streamline information-sharing in emergencies and following eligible data breaches, and increase transparency when entities are automating significant decisions which use personal information.

Schedule 2 of the Bill will introduce a new statutory tort to provide redress for serious invasions of privacy.

Schedule 3 of the Bill will amend the Criminal Code Act 1995 to introduce new criminal offences to target the harmful practice of doxxing.

Schedule 1 – Privacy Act amendments

Schedule 1 begins the work of bringing Australia’s privacy protection framework into the digital age. The amendments re-affirm the Government’s view that entities have a responsibility to protect Australians’ personal information and not treat it merely as a commercial asset.

Children’s privacy

While all Australians face privacy risks in the online environment, children are particularly vulnerable. For many Australian children, social media has been part of their lives from the time they were born. They have never lived in a world without it.

It has been estimated that by the time a child turns 13, around 72 million pieces of data will be collected about them.

This Bill will require the development of a Children’s Online Privacy Code which will apply to social media and other internet services which are likely to be accessed by children. The Children’s Online Privacy Code will specify how these entities must comply with privacy obligations in relation to children. The Code will align to the extent possible with similar codes in like-minded countries, such as the United Kingdom.

The Code will be developed by the Office of the Australian Information Commissioner, which will be provided with $3 million in funding over three years to do this important work.

Information-sharing declarations after data breaches and emergencies

Cyber incidents are growing in number, speed and sophistication. Data breaches are exposing millions of Australians to risk of fraud, identity theft and scams. This Bill will promote the importance of implementing technical and organisational controls – such as encrypting data and training staff on data protection – to address information security risks.

It will also support more effective responses to data breaches by introducing eligible data breach declarations. A declaration will permit the sharing of personal information following a notifiable data breach for the purpose of preventing or reducing the risk of harm to individuals.

Sharing information under these circumstances will enable entities such as banks to act quickly to prevent the misuse of compromised credentials. Safeguards are included to ensure that a declaration can only be made for a purpose that is related to preventing or reducing a risk of harm to individuals arising from a misuse of personal information from the eligible data breach.

An eligible data breach declaration can be issued quickly and will make clear the kinds of personal information that may be shared, and with whom they may be shared, which may include state and territory agencies.

Similarly, emergency declarations made under the Act permit personal information sharing following disasters or emergencies to support response efforts, including to assist affected individuals. The Bill will require emergency declarations to specify the kinds of personal information, types of entities permitted to share information and the purposes for which it may be shared. These changes will ensure that individuals’ privacy is protected while also addressing their broader interests, and will support enhanced coordination with states and territories in emergencies and disasters.

Overseas data flows

The flow of information across national borders is critical for international trade and services in a globalised world. To support the free flow of information with appropriate protections, the Bill provides for countries with substantially similar data privacy laws to Australia to be prescribed. Businesses and individuals will be able to have greater confidence that personal information will be kept safe. This will also reduce costs for business when entering into contracts and agreements with overseas entities.

Enforcement

Effective enforcement of the Privacy Act is essential to protect Australians’ interests. This Bill expands the suite of regulatory powers available to the Information Commissioner to effectively enforce the Act and provides a broader range of enforcement options available to do so. This will include new civil penalties and infringement notices for less serious privacy breaches.

To investigate potential privacy breaches in an increasingly complex digital landscape, the Information Commissioner requires modern investigative powers. This Bill provides the Information Commissioner with additional powers, including for search and seizure, which may be exercised under warrant when investigating breaches of the Act, and scalable enforcement options.

The Bill will empower a court to make appropriate orders where it has determined that an entity has breached a civil penalty provision, which may include compensation for loss or damage suffered.

Effective privacy protection requires proactive regulatory action. This Bill also strengthens the Information Commissioner’s capacity by expanding monitoring and assessment functions. The Bill also introduces new public inquiry powers which will enable the Information Commissioner to inquire into specified matters as directed or approved. This will enable the Information Commissioner to keep closer oversight of threats to privacy, including issues of a systemic nature, as they emerge.

Automated decision making

The safe and responsible development and deployment of automated decision making presents significant opportunities. These systems have the potential to increase the efficiency, accuracy and consistency of decisions, and they present opportunities for improved outcomes in health, environment, defence and national security.

The Bill will provide individuals with transparency about the use of their personal information in automated decisions which significantly affect their interests. Entities will need to specify the kinds of personal information used in these sorts of decisions in their privacy policies.

Importantly these requirements will apply to decisions that are wholly or substantially automated, ensuring that the new requirements cannot be avoided by ‘tokenistic’ human involvement in a decision-making process.

Schedule 2 – statutory tort for serious invasions of privacy

A statutory tort applying to breaches of privacy has been talked about in Australia for a long, long time – as early as 1969, when Sir Zelman Cowen, then Vice-Chancellor of the University of New England, endorsed legislation to create an actionable right to seek redress for breaches of privacy.

There is currently no tortious right of action for invasion of privacy under the Act or any other Commonwealth, state or territory statute. The creation of a statutory tort was recommended by the Australian Law Reform Commission in its 2014 Report “Serious Invasions of Privacy in the Digital Era”, which I commissioned in 2013. It has been recommended by many other inquiries before and since.

In its 2014 report, the Commission stated the creation of a statutory tort would “fill an increasingly conspicuous gap in Australian law, helping to protect the privacy of Australians, while respecting and reinforcing other fundamental rights and values, including freedom of expression”.

Schedule 2 to the Bill will provide a new statutory cause of action, or tort, for individuals who have suffered a serious invasion of their privacy. This will include an intrusion on a person’s physical privacy, so the tort will complement the Privacy Act, which focusses on the narrower concept of information privacy.

There are parts of our lives that we reasonably expect to be able to keep to ourselves. The freedom to enjoy a private and family life, and express ourselves and our beliefs in safety, is critical to our wellbeing and dignity.

Ensuring that individuals have a clear right to seek a legal remedy against people or entities who seriously invade their privacy is a key part of ensuring that our privacy laws keep pace with community expectations and advances in technology.

Schedule 2 to the Bill provides that an individual has a cause of action for serious privacy invasions, either by an intrusion upon the individual’s seclusion – for example by physically intruding into their private space – or by misuse of their information, in circumstances where the individual had a reasonable expectation of privacy.

A plaintiff will have a cause of action without having to prove that any damage arose from the invasion of privacy. The damage or harm a plaintiff suffers will be a relevant factor in assessing the seriousness of the invasion, and the remedies that may be awarded.

For a claim to succeed, the plaintiff will need to demonstrate the public interest in protecting their privacy outweighs any competing public interest raised by the defendant.

In addition to the public interest balancing test, a range of defences will apply, including where the conduct of the defendant was required or authorised by law or was necessary because of a serious threat to life, health or safety.

The Bill will provide specific exemptions from liability under the tort, including for journalism, enforcement bodies and intelligence agencies. These exemptions are important to protect press freedom and ensure that legitimate activities of government can be delivered effectively.

The journalism exemption provides that invasions of privacy which occur in the course of the collection, preparation or publication of journalistic material, by a journalist, their employer, or someone assisting them, would not be liable under the tort. The Bill requires that to be considered a ‘journalist’, the person must work in that professional capacity and be subject to applicable standards of professional conduct or a code of practice.

The journalism exemption also operates in addition to the requirement that a court balance the public interest in the plaintiff’s privacy with other public interests. This may involve consideration of the public interest in freedom of the media, or freedom of expression.

A court will have the flexibility to choose the remedy or remedies that are most appropriate in the circumstances. This may include compensation for non-economic loss or an order requiring the defendant to apologise to the plaintiff.

Schedule 3 – doxxing criminal offences

Schedule 3 of the Bill will amend the Criminal Code 1995 to create new criminal offences targeting the release of personal data in a manner that is menacing or harassing—a practice known as ‘doxxing’.

The prevalence of social media and online platforms has rapidly increased the capacity of malicious individuals to obtain personal data, and to release that online—either to the public at large on social media platforms, or to their associates on forum and messaging platforms.

Doxxing exposes victims to significant and enduring harm, including public embarrassment, humiliation, shaming, discrimination, stalking and identify theft and financial fraud. It can lead to threats to a victim’s life and safety, and the lives and safety of their families and friends. It can inflict significant and lasting psychological harm.

Doxxing is a damaging form of abuse that can affect all Australians but is often used against women in the context of domestic and family violence.

The creation of this offence also responds to a recent, shocking incident of a group who were targeted with doxxing on the basis of their religion.

The Bill creates a new offence that applies where a person:
- uses a carriage service to make available, publish or otherwise distribute the personal data of one or more individuals; and
- the person does so in a way that reasonable persons would regard as being menacing or harassing towards those individuals.
The new offence will carry a maximum penalty of 6 years’ imprisonment.

The Bill also introduces a further offence, with a more serious maximum penalty of 7 years’ imprisonment, where a person or group is targeted because of their race, religion, sex, sexual orientation, gender identity, intersex status, disability, nationality or national or ethnic origin.

The Government recognises that there are circumstances in which people legitimately publish and distribute personal data, including individuals’ names, contact details and movements.

The new offences will apply only where a reasonable person would consider the conduct to be, in all the circumstances, menacing or harassing, to ensure that legitimate conduct is not inappropriately criminalised.

‘Personal data’, in the context of these new offences, means information about an individual that enables them to be identified, contacted or located. This includes their name, photograph, telephone number, email address, online account, residential or work address, and place of education or worship. This definition recognises that doxxing can occur in a number of different ways.

The Albanese Government is committed to the protection of Australians from online harm, and these new offences will ensure that perpetrators of doxxing are held to account.

These new offences will complement work that is underway across government, to strengthen online safety for all Australians. This includes the takedown powers of the eSafety Commissioner, the Cyberbullying Scheme and the Adult Cyber Abuse Scheme under the Online Safety Act 2021.

Conclusion

This Bill is an important first step in the Government’s privacy reform agenda, but it will not be the last. Over the coming months, the Attorney-General’s Department will develop the next tranche of privacy reform for targeted consultation, including draft provisions. The Government is approaching this important reform work carefully, to ensure increased privacy protections are balanced alongside other impacts, and that we deliver the fairest outcome for all Australians.

After many years of inaction, this Labor Government is committed to genuine privacy reform. The Australian people expect no less – for themselves and their children.

MIL OSI News –
January 25, 2025

MIL-OSI Europe: Euro area economic and financial developments by institutional sector: second quarter of 2024

Source: European Central Bank

29 October 2024

As of October 2024, ECB quarterly financial accounts provide more details on loans by counterpart sector granted by other financial institutions (OFIs) and information on debt securities issuance of non-financial corporations (NFCs) via financing conduits. OFIs are creditors of 23% of loans granted to NFCs by financial sector
Euro area net saving increased to €795 billion in four quarters to second quarter of 2024, compared with €787 billion one quarter earlier
Household debt-to-income ratio decreased to 83.4% in second quarter of 2024 from 87.8% one year earlier
NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 69.3% in second quarter of 2024 from 71.8% one year earlier

New details on other financial institutions and the financing of other sectors

As of October 2024, the quarterly sector accounts published by the ECB provide more detailed financial accounts data on OFIs, which constitute the second largest financial sector in the euro area after monetary financial institutions (MFIs).^[1] OFIs mainly provide financing to NFCs and to a lesser extent to households and other sectors. They also channel funds to and from the rest of the world.

This new release provides counterpart sector data, such as loans granted by the OFI subsectors to NFCs (Chart 1). The release also includes new data on euro area NFC financing conduits which are captive financial institutions that raise funds by issuing debt securities to be used by their parent corporation.^[2]

Chart 1

Loans to NFCs by financial subsector

(outstanding amounts at the of end of the second quarter of 2024, as percentages of financial sector loans to NFCs)

Source: ECB.

* Loans from NFC financing conduits to NFCs are estimated based on the financing conduits’ issuance of debt securities.

Total euro area economy

Euro area net saving increased to €795 billion (6.7% of euro area net disposable income) in the four quarters to the second quarter of 2024, compared with €787 billion in the four quarters to the previous quarter. Euro area net non-financial investment decreased to €440 billion (3.7% of net disposable income), mainly due to decreased investment by NFCs (Chart 2 and Table 1 in the Annex).

Euro area net lending to the rest of the world increased to €388 billion (from €336 billion previously) reflecting the increased net saving and decreased net non-financial investment. Household net lending increased to €549 billion (4.6% of net disposable income) from €501 billion. Net lending of NFCs (€233 billion, 2.0% of net disposable income) and that of financial corporations (€124 billion, 1.0% of net disposable income) were broadly unchanged. Government net borrowing stood broadly unchanged at €517 billion, contributing negatively (-4.3% of net disposable income) to euro area net lending.

Chart 2

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.

* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 2)

Households

Household financial investment increased at a higher annual rate of 2.3% in the second quarter of 2024 (after 2.0% in the previous quarter). Among its components, investment in currency and deposits (2.3%, after 1.6%) and investment in shares and other equity (0.8%, after 0.4%) grew at higher rates due to investment fund shares, while investment in debt securities increased at a lower rate (27.9%, after 38.5%).

Households continued to directly buy, in net terms, mainly debt securities issued by general government and MFIs. Households were overall net sellers of listed shares, selling predominantly listed shares of non-financial corporations, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents) and MFIs (Table 1 below and Table 2.2 in the Annex).

The household debt-to-income ratio^[3] decreased to 83.4% in the second quarter of 2024 from 87.8% in the second quarter of 2023. The household debt-to-GDP ratio declined, to 52.2% in the second quarter of 2024 from 54.4% in the second quarter of 2023 (Chart 3).

Table 1

Financial investment and financing of households, main items

(annual growth rates)

	Financial transactions
	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Financial investment*	2.0	1.8	1.9	2.0	2.3
Currency and deposits	1.3	0.3	0.8	1.6	2.3
Debt securities	48.6	56.9	54.3	38.5	27.9
Shares and other equity**	1.3	1.1	0.4	0.4	0.8
Life insurance	-0.2	-0.7	-0.6	-0.2	0.0
Pension schemes	2.4	2.4	2.2	2.3	2.3
Financing***	2.4	1.6	0.9	1.1	1.4
Loans	1.8	1.0	0.5	0.6	0.6

Source: ECB.

* Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

** Includes investment fund shares.

*** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

Data for financial investment and financing of households (Table 1)

Chart 3

Debt ratios of households and NFCs

(percentages of GDP)

Sources: ECB and Eurostat.

* Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
*** Outstanding amount of loan liabilities.

Data for debt ratios of households and NFCs (Chart 3)

Non-financial corporations

Financing of NFCs increased at a higher annual rate of 1.0% in the second quarter of 2024 (after 0.8% in the previous quarter), as financing via debt securities (2.9% after 1.9%), shares and other equity (0.8% after 0.4%) and trade credits (1.8% after 0.6%) all grew at higher rates, while loan financing increased at a broadly unchanged rate (1.3%). Loans granted by other NFCs increased at a broadly unchanged rate (3.7%), while loans granted by MFIs grew at a higher rate (1.3% after 1.1%). Loans granted by the OFI subsector captive financial institutions (-2.9% after 0.5%) and the rest of the world (-2.2% after -2.7) decreased (Table 2 below and Table 3.2 in the Annex).

NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 69.3% in the second quarter of 2024, from 71.8% in the second quarter of 2023; the non-consolidated, wider debt measure decreased to 134.4% from 137.6% (Chart 3).

Table 2

Financing and financial investment of NFCs, main items

(annual growth rates)

	Financial transactions
	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Financing*	1.7	1.2	0.8	0.8	1.0
Debt securities	0.7	1.5	1.3	1.9	2.9
Loans	3.8	1.9	1.7	1.4	1.3
Shares and other equity	-0.0	0.4	0.3	0.4	0.8
Trade credits and advances	5.2	2.2	1.2	0.6	1.8
Financial investment**	2.9	2.4	1.8	1.9	2.1
Currency and deposits	-0.6	-1.2	-1.2	0.5	2.9
Debt securities	23.3	27.9	23.0	10.6	7.8
Loans	5.9	5.2	5.1	4.4	4.5
Shares and other equity	1.2	1.2	1.0	1.4	1.3

Source: ECB.

* Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.

** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

Data for financing and financial investment of NFCs (Table 2)

For queries, please use the statistical information request form.

Notes

These data come from a second release of quarterly euro area sector accounts for the second quarter of 2024 from the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 4 October 2024. The non-financial accounts are revised from the first quarter of 1999, and the financial accounts from the first quarter of 2013, reflecting in both cases also the impact of the benchmark revision 2024 implemented in the EU. For further information see the related Eurostat webpage.
The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters to the reference quarter for both numerator and denominator.
The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
The ECB publishes experimental Distributional Wealth Accounts (DWA) for the household sector. The release of results for the second quarter of 2024 is planned for 29 November 2024 (tentative date).

MIL OSI Europe News –

January 25, 2025

MIL-OSI Russia: The Power of the Platform. Polytech at the Largest Engineering Forum

Translation. Region: Russian Federation –

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

The All-Russian forum “Power of the Platform” was held in Moscow — the main engineering event of the year from Nanosoft, the Russian developer of the nanoCAD CAD platform and a partner of SPbPU. Polytechnic was represented at the conference by the Civil Engineering Institute and the Institute of Mechanical Engineering, Materials and Transport.

The event was attended by the ISI Director Marina Petrochenko and Senior Lecturer of the Higher School of Psychology and Social Sciences Liliya Talipova. Marina Vyacheslavovna gave a report on the “Role of the University in the Transition to Import-Substituting Software, Training and Independent Assessment of the Qualifications of Specialists”.

It is worth noting that among the forum participants representing design institutes, construction, development and engineering companies, there were a large number of graduates and students of the St. Petersburg Polytechnic University Institute of Civil Engineering.

Nanosoft is the largest Russian developer of engineering software: computer-aided design (CAD), information modeling (BIM) and support for industrial and civil construction projects (ICC) at all stages of the life cycle, as well as end-to-end digitalization of all production processes.

Therefore, representatives of the Institute of Mechanical Engineering, Materials and Transport of SPbPU also took an active part in the conference. At the session “Education and retraining of personnel. Cases of import substitution of CAD/TIM in the educational sphere” Pavel Andrienko, Deputy Director of IMMiT for educational and methodological work, and Pavel Kovalev, Deputy Director of IMMiT for educational activities, spoke about the experience of the Polytechnic University.

Pavel Andrienko gave a presentation on “NanoCAD Mechanics PRO: experience of implementation in educational processes at SPbPU”, in which he presented the achieved results in import substitution of CAD in the educational process and retraining of IMMiT faculty.

Also at the conference, Oleg Egorychev, Director of Programs for Development of Interaction with Educational and Scientific Organizations at Nanosoft, announced the launch of the development of a multimedia book. Work on it was carried out under the supervision of Anatoly Popovich, Director of IMMiT. The book is dedicated to solving applied problems in the field of mechanical engineering using NanoCAD Mechanics PRO.

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 –

January 25, 2025
MIL-OSI Australia: Law reform in the age of AI
Source: Australian Executive Government Ministers

*Check against delivery*

Acknowledgments omitted

Welcome to my hometown.

I grew up right here in Fremantle. My primary school is around the corner on Henry Street. My childhood home on the same road as Fremantle Prison, a building now on the World Heritage List. Back then, home to 337 of Western Australia’s prisoners.

I enjoyed the freedom of a social media free childhood. The only technology that terrified me was the Swan Blimp, roaring in the skies above Esplanade Park, while Fremantle boomed with the America’s Cup. So technology can scare us, but also enable us to achieve greatness.

I now live in North Perth. The Australia II still lives in Fremantle at the Maritime Museum. It was first launched in 1982, a year away from its history-making America’s Cup win. With a winged keel and the 1980s best 3D design.

As the TELEX message that was sent amongst the designers said:

“ABOUT TO TAKE YACHT DESIGN INTO THE SPACE AGE.
DARTH VADER LOOKS GOOD IN COMPUTER IN 3 DIMENSION WILL TEST ON WEDNESDAY 10th JUNE, BEN SKYWALKER”

That was designer Ben Lexcen’s cryptic Telex message of May 1981. The Australia II team did enter the yacht race space age. And far away down in Hobart, an eccentric politician made a bold prediction.

Barry Jones had just published a book, called ‘Sleepers, Wake!’ exploring the potential impacts of the ICT Revolution on society. The book suggested that technological innovation would be a major component of economic growth, that the increased accessibility of information would transform our lives in almost every conceivable way. The book was ridiculed by some and its claims were regarded by many as wildly exaggerated.

Barry Jones delivered his famous prediction in a speech to a public meeting in Hobart. He predicted that by the year 2000 there would be more computers in Tasmania than cars. This prediction was considered laughable. The Mercury newspaper suggested he had lost his grip on reality. But he was right.

Many of us start our days by turning off the alarm blaring out of our small handheld smartphone computers. We get up and dressed and put on our smart watches. We get into our car and use our GPS systems to get to work, where we log on to our work computers for a long day ahead before we can watch some TV on our smart TVs at home.

Few in 1982 would have had the foresight to make this prediction, and few had the foresight to take it seriously.

So, what technological advancements are we in danger of overlooking in 2024? The obvious answer is of course Artificial Intelligence.

The age of AI

The age of AI is now here. AI is no longer the stuff of science fiction, it is here and it is already embedding itself into our daily lives. The names are cute. Inoffensive. Co-pilot. Chat GPT. Gemini. Cyber Dynamics Model 101.

Well, that last one is the official name of The Terminator, but I am sure the others are harmless. Australians are already using AI in the workplace. Teachers are now providing students with personalised AI chatbots to help provide additional tutoring to students needing support. AI is assisting medical doctors to scan vast data sets and gather medical insights that were previously not possible. In the public sector, the Australian Government recently conducted a six-month trial of Co-pilot for Microsoft 365. And of course, AI is also impacting the legal sector.

Recent surveys suggest that a majority of lawyers are already using AI in their work. They are also optimistic for the potential for AI to bring significant innovation to the sector. AI tools are being developed to assist lawyers with document review, legal research and more. Most of us wish we had time to be an incredible professional, as well as an accomplished artist, writer and musician.

Generative AI is that best version of our imagined selves. Producing music, art and video that has already won artistic competitions when submitted anonymously alongside the work of human artists.

AI Regulation

This is where wonder and risk collide. There are serious risks associated with the development and deployment of AI. AI has implications in copyright law, where vast amounts of data and creative work have been scraped for the training of AI models from web sources. AI generative content can also be created to mimic the works of existing Australian artists and creatives. This raises serious concerns for Australian artists and creatives, about the future of their work and livelihoods.

As Australian Artist Ben Lee said on AI:

“I don’t think art has ever succeeded in trying to fight technology…
[but] we have to consider what we will lose if we put all our eggs in that basket.”

And even if we aren’t recording artists – every Australian has eggs in this basket. We know the risks of having our sensitive data harvested and used. Your information could be training AI without your knowledge or consent.

AI creates potential challenges in the areas of law enforcement and criminal behaviour, notably in relation to cybercrime. So we must consider the role of regulation and legislative frameworks for the development of AI.

I am aware I am in a room of legal experts. I expect many of you may have an interest in AI. Equally, the current opportunities for law reform in the age of AI.

It is worth noting that Barry Jones, when he made his famous prediction, was no great scientist. He studied arts and law. He had been a schoolteacher. It was deep thinking about Australian society and the road ahead of us. He couldn’t avoid the impacts of emerging technologies.

Similarly, you all witness the iterative way in which law and society steadily adapt to each other, every day in the course of your work. Like Barry, you are in a position to see and understand the transformative impacts of new technology on how a society and its legal framework function. I hope you engage with and contribute to the current conversation about the safe and effective development and implementation of AI in Australia.

Law reform in the age of AI

Things are changing. Fast.

Our regulatory approach is engaged with those changes. It is the role of law makers to balance risk with opportunity. To shield the Australian public from the dangers of AI, while not restricting the potential for AI to deliver positive and profound improvements in living standards.

Later this month the Susan McKinnon Foundation will release new research on AI. Its report, ‘Partisanship, polarisation and social cohesion in Australia’ surveyed 3,000 Australians. It found familiar divides across many issues amongst progressives and conservatives.

Surprisingly in one area they found agreement from left and progressive, centre and moderate, right and conservative. They all had similar results on the increased use of AI in daily life, and they all opposed the AI intrusion. Negative 15 per cent support from the left and progressives. Negative 20 per cent support from the right and conservatives.

So Australians are looking for leadership on how best to protect themselves from potential harms. When conducting law reform we must keep front of mind the rights and needs of those who are most subject to vulnerability. To make sure those who are most disadvantaged are not put to further disadvantage.

Some legislation is developed for specific technologies, like gene technologies or nuclear technologies. Other legislation is crafted to be technology neutral.

The Australian Government is continually working to ensure that our robust system of existing legislative frameworks is fit-for-purpose. Capable of responding to harms, including harms enabled by AI.

Australians know that the regulation of AI is a challenging issue. They recognise the potential dangers and benefits and the importance of getting it right. Where the community has expectations, law reform must respond to and uphold those community expectations. The laws of Australia, are ultimately, a mirror held up to our society. Our laws must reflect those expectations and beliefs of the collection of diverse individuals that make up this country.

International developments

The questions Australia faces are not ours alone. The United Nations has alerted the world to the growing energy demands of AI.

Noting:

“A request made through ChatGPT, an AI-based virtual assistant, consumes 10 times the electricity of a Google Search, reported the International Energy Agency.

While global data is sparse, the agency estimates that in the tech hub of Ireland, the rise of AI could see data centres account for nearly 35 per cent of the country’s energy use by 2026.”

Then there is the European Union Artificial Intelligence Act – designed to specifically address unique high-risk considerations associated with AI.

By assigning AI systems and applications to three risk categories:
1. unacceptable risk
2. high-risk, and
3. minimal risk.
In this framework, unacceptable risk systems and applications are prohibited.

Last year in the UK, an AI white paper was released which argues for a risk-based approach to AI regulation. The paper classifies AI systems based on the level of risk they pose. It emphasises the development of AI systems that are human-centric and trustworthy, whilst also promoting innovation through the development of AI innovation hubs to support research and development.

In the United States, the first state-based AI legislation has been passed. Known as the Colorado AI Act, it will come into effect from February 2026. The Act requires developers of high-risk artificial intelligence systems to use reasonable care to protect consumers from foreseeable risks of algorithmic discrimination.

Canada has proposed legislation, the Artificial Intelligence and Data Act, which is broadly aligned with the EU AI Act. The Bill established initial classes of high-impact AI systems and parameters for government to deem further classes of systems as high-impact systems. It would also require developers and deployers of general-purpose high-risk AI systems to establish accountability frameworks. It also provides new enforcement powers for the AI and Data Commissioner.

These are all developments that the Australian Public Service is monitoring closely.

AI regulation in Australia

I began this speech talking about the 1980s here in Fremantle. The 1980s in Canberra saw computers occupy the desk real estate of the public service. Forty years ago, the Attorney-General’s Department assisted with the Copyright Amendment Act 1984, clarifying copyright protection for computer programs.

The same year the Standing Committee of Attorneys-General “agreed on the desirability of uniform legislation to penalise the appropriation or use of computer data without lawful authority or excuse”.

Forty years on the technology changed, but the work continues. The Minister for Industry and Science recently held consultations on proposals for introducing mandatory guardrails for AI in high-risk settings. This process is informing the Government’s consideration of how we can most effectively regulate the development and deployment of AI.

The Senate Select Committee on Adopting AI is currently investigating opportunities and impacts for Australia arising out of the uptake of AI technologies. The Committee is scheduled to present its final report on the 26th of November.

The Australian Public Service is also working to ensure that government serves as an exemplar for the responsible use of AI. On the 1st of September 2024, the Digital Transformation Agency introduced a policy for responsible use of AI in government, providing a framework for the safe and responsible use of AI by public servants.

Attorney-General’s Department – AI law reform

I would like to also talk specifically about some of the law reform being led by the Commonwealth Attorney-General relevant to AI regulation. This reform crosses a number of policy areas, including privacy, copyright, automated decision making, cybercrime, and technology facilitated abuse.

Privacy reforms

In the privacy space, Australians are becoming increasingly aware that the advent of AI technologies has introduced the potential for new privacy risks. While AI has the potential to provide major economic benefits, we know Australians are also cautious about the use of AI to make decisions which may affect them.

In a survey by the Office of the Australian Information Commissioner, respondents made clear they want conditions in place before AI is used in this way.
In particular – they want to be told when this is the case. Our Government believes that entities have a responsibility to protect Australians’ personal information and ensure individuals have control and transparency over how it is used.

On 12 September 2024, the Attorney-General introduced legislation to Parliament to reform the Privacy Act. The Bill implements a first tranche of reforms, agreed by Government in its response to the Privacy Act Review, ahead of consultation on a second tranche of reforms. The Bill will amend the Privacy Act to enhance its effectiveness, strengthening the enforcement tools available to the privacy regulator, while better facilitating safe overseas data flows.

The Bill will also introduce a statutory tort for serious invasions of privacy, and criminal offences for the malicious release of an individual’s personal data online, otherwise known as ‘doxxing.’ Importantly, the Bill will provide individuals with transparency about the use of their personal information in automated decisions which significantly affect their interests. Entities will need to specify the kinds of personal information used in these sorts of decisions in their privacy policies.

The Government is approaching this important reform work carefully. Ensuring increased privacy protections are balanced alongside other impacts, so that we deliver the fairest outcome for all Australians.

Copyright and AI

AI and copyright issues are another complex global challenge needing to be worked through in an Australian context. The Attorney-General’s Department is considering complex and contested AI and copyright issues in a careful and consultative way. This approach is consistent with advice from industry stakeholders that participated in a series of Copyright Roundtables in 2023.

The Government is conscious of the need for balance. Between – on the one hand – the urgency with which the rapid development and adoption of AI demands a policy response.And on the other – the importance of taking the time necessary to get that response right, avoiding harmful repercussions.

In December 2023, the Attorney-General established the Copyright and AI Reference Group as a standing mechanism for engagement with stakeholders. These stakeholders represent a wide range of sectors, including the creative, media and technology sectors. The Reference Group’s role is to consider copyright and AI issues. The Attorney-General’s Department’s ongoing consultation with the Reference Group is informing the development of policy for Government’s consideration.

This work on copyright is part of the Government’s broader engagement on AI-related matters. It complements the work being led by the Minister for Industry and Science on the safe and responsible use of AI.

Automated decision-making

Automated decision making (or ‘ADM’) has long been part of administrative processes, inside and outside of government. When implemented thoughtfully and responsibly – which is the majority of cases – we can all benefit from faster, more efficient, and more accurate service delivery. From e-Gates at airports through to faster processing of claims, these benefits can meaningfully improve the services individuals receive from Government.

However, where ADM is used to make decisions that adversely affect people’s rights or wellbeing, the community is understandably concerned. In particular, concerns centre on how these automation and artificial intelligence technologies are governed. When assurance processes fail, there can be life-altering impacts on individuals. As many of you would recall, this was this was vividly and painfully illustrated in the ‘Robodebt’ scandal and resulting Royal Commission.

The Royal Commission made several recommendations to improve governance and safeguards around the use of ADM in administrative decision-making. The Government has fully accepted those recommendations and work is well underway in the Attorney-General’s Department to develop stronger safeguards.

Australia learnt many lessons from the Robodebt scandal. We heard that individuals were able to successfully challenge particular decisions. However, most individuals did not feel they were in a position to challenge the assessments they received.

Considerable harm across a large number of individuals was done before the system was brought to an end. The legal system was able to compensate individuals for what had happened.

A key focus for better governing ADM, including systems that use AI, is therefore to ensure that systems and processes are sufficiently robust. To ensure that flaws in ADM design and implementation are identified and addressed before decisions are made that affect individuals. This could include ensuring that any use of ADM systems in administrative processes is consistent with the principles of administrative law.

Cybercrime and technology-facilitated abuse

Generative AI is being rapidly adopted by criminal actors in a range of contexts. For example, artificial intelligence is already being used to generate hyper realistic deepfakes. These can be used as a tool for sexual exploitation, abuse and harassment online.

It is essential that the Australian Government keeps our laws under constant review. To ensure they remain fit-for-purpose in responses to rapid changes in technology – such as the emergence of AI.

Earlier this year, the Attorney-General led legislative reform through the Criminal Code Amendment (Deepfake Sexual Material) Act 2024. The Act introduces new offences and strengthens the current criminal law framework. Ensuring the non-consensual transmission of sexual material developed or altered by such technologies is criminalised and subject to significant penalties. This came into force in September 2024.

Partnership with the states and territories is also important, to ensure a cohesive national approach. In September, the Police Ministers Council agreed to a review of Commonwealth, state and territory frameworks. The review seeks to ensure they adequately address the issue of technology-facilitated abuse, including deepfakes.

In March 2024, the Joint Standing Committee on Electoral Matters commenced an inquiry into civics education, engagement and participation in Australia. This came from a referral from Government. The inquiry is considering how governments and the community can prevent or limit inaccurate or false information influencing electoral outcomes. Particularly with regard to AI, foreign interference, social media, and mis- and disinformation.

As AI technologies continue to evolve and transform, it is critical that Australia harnesses the opportunities arising from the uptake of AI technologies. To bolster Australia’s economic and social prosperity, as well as ensuring our legal frameworks remain fit for purpose. Making sure we combat the misuse and abuse of AI for criminal purposes.

Conclusion

I started this speech talking about the excitement of the America’s Cup. What it did to my hometown of Fremantle. The joy that win gave the nation.

I see that excitement again in the possibility of Artificial Intelligence. To unlock the potential of our people, wherever they live. Powered by a publicly owned National Broadband Network.

In 2024 we stand on the doorstep of the AI age and that door is opening.

The age of AI is now here. This is a time of great excitement, where the bounds of human creativity and imagination are currently being pushed. But it is also, a time to stop, and to carefully consider the potential hazards and pitfalls, as we move forward.

The Australian Government is working hard to ensure our legislative framework shields Australians from the potential harms of AI technologies.

MIL OSI News –
January 25, 2025
MIL-OSI: CECO Environmental to Acquire Profire Energy for $125 Million
Source: GlobeNewswire (MIL-OSI)
- Expands CECO’s leadership position in niche energy and industrial markets with expanded environmental solutions for mission critical applications
- Provides cost synergies and enhances Profire’s strategic growth by utilizing CECO’s established international operations and customer relationships
- CECO to host its Quarterly Earnings call today at 8:30 a.m. ET including further commentary regarding the transaction
DALLAS and LINDON, Utah, Oct. 29, 2024 (GLOBE NEWSWIRE) — CECO Environmental Corp. (Nasdaq: CECO) (“CECO”), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment and industrial equipment, and Profire Energy, Inc. (NASDAQ: PFIE) (“Profire”), a technology company providing solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances, today announced a definitive agreement where CECO will acquire Profire, in an all-cash transaction.

Profire is a leader in burner management technology and combustion control systems that provide mission-critical combustion automation and control solutions and services to improve environmental efficiency, safety and reliability for industrial thermal applications globally. Profire estimates its 2024 sales to be greater than $60 million with adjusted EBITDA margins of approximately 20 percent.

“I am excited to announce the acquisition of Profire and we look forward to welcoming their tremendous organization to our portfolio of leading solution companies,” said Todd Gleason, CECO’s Chief Executive Officer. “With an installed base approaching 100,000 burner management systems and a growing industrial market product offering, we look forward to accelerating their global market expansion and introducing their high-efficiency solutions to more customers in industrial air and water. We are also confident that the increased scale and combined corporate organizations will generate meaningful efficiencies and synergies. The addition of Profire is another important step in our ongoing execution of programmatic M&A and we expect it will further advance our position as the leading environmental solutions provider in industrial markets.”

“We are extremely pleased to announce this transaction with CECO which is a testament to the value that has been created for Profire employees, customers and shareholders,” said Cameron Tidball and Ryan Oviatt, co-CEOs of Profire. “The combination of our well-established leadership in niche energy and industrial mission critical applications with CECO’s proven track record of acquiring and investing in companies to enhance their growth and create scale will unlock even more value for all constituents.”

Transaction Details and Timing

Under the terms of the agreement, a subsidiary of CECO (“Merger Sub”) will commence a tender offer to acquire all issued and outstanding shares of Profire common stock at a price of $2.55 per share, in cash, without interest and subject to applicable withholding tax. The tender offer will initially remain open for 20 business days from the date of commencement of the tender offer, subject to extension under certain circumstances. The transaction, which has been unanimously approved by Profire’s Board of Directors, implies an equity value of approximately $125 million and a total enterprise value for Profire of approximately $108 million.

The tender offer is subject to customary closing conditions, including that at least a majority of the outstanding shares of Profire’s common stock are tendered and not withdrawn in the tender offer and the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

The price represents a 46.5% premium over Profire’s closing share price of $1.74 on October 25, 2024 and a premium of 60.3% to Profire’s 30-day volume weighted average share price on October 25, 2024.
Following a successful completion of the tender offer, including the satisfaction of certain customary conditions, CECO will acquire all remaining untendered shares of Profire common stock at the same price of $2.55 per share in cash through a merger of Merger Sub with Profire, with Profire continuing as the surviving corporation.

Upon completion of the transaction, Profire will become a wholly-owned subsidiary of CECO and shares of Profire’s common stock will no longer be listed on any public market. The parties anticipate that the combination will be completed in the first quarter of 2025.

Advisors

Stephens Inc. is serving as financial advisor and Mayer Brown LLP is serving as legal counsel to Profire.
CECO Environmental Corp. is being advised by Foley & Lardner LLP (Legal), and KPMG (tax).

ABOUT CECO ENVIRONMENTAL
CECO Environmental is a leading environmentally focused, diversified industrial company, serving a broad landscape of industrial air, industrial water, and energy transition markets across the globe through its key business segments: Engineered Systems and Industrial Process Solutions. Providing innovative technology and application expertise, CECO helps companies grow their business with safe, clean, and more efficient solutions that help protect people, the environment and industrial equipment. In regions around the world, CECO works to improve air quality, optimize the energy value chain, and provide custom solutions for applications including power generation, petrochemical processing, general industrial, refining, midstream oil and gas, electric vehicle production, polysilicon fabrication, battery recycling, beverage can, and water/wastewater treatment along with a wide range of other applications. CECO is listed on Nasdaq under the ticker symbol “CECO.” Incorporated in 1966, CECO’s global headquarters is in Dallas, Texas. For more information, please visit www.cecoenviro.com.

ABOUT PROFIRE ENERGY, INC.
Profire Energy is a technology company providing solutions that enhance the efficiency, safety, and reliability of industrial combustion appliances while mitigating potential environmental impacts related to the operation of these devices. It is primarily focused in the upstream, midstream, and downstream transmission segments of the oil and gas industry. However, in recent years, Profire has completed many installations of burner-management solutions in other industries that will be applicable to expand the addressable market over time. Profire specializes in the engineering and design of burner and combustion management systems and solutions used on a variety of natural and forced draft applications. Its products and services are sold primarily throughout North America. It has an experienced team of sales and service professionals that are strategically positioned across the United States and Canada. Profire has offices in Lindon, Utah; Victoria, Texas; Midland-Odessa, Texas; Homer, Pennsylvania; Greeley, Colorado; Millersburg, Ohio; and Acheson, Alberta, Canada. For additional information, visit www.profireenergy.com.

SAFE HARBOR STATEMENT
Any statements contained in this Press Release, other than statements of historical fact, including statements about management’s beliefs and expectations, are forward-looking statements and should be evaluated as such. These statements are made on the basis of management’s views and assumptions regarding future events and business performance and include, but are not limited to, statements regarding CECO’s full year 2024 outlook, statements about CECO’s expectations regarding the integration of Profire Energy, Inc., into CECO; the benefits of the acquisition of Profire Energy, Inc., and the expectations regarding the transaction’s impact on CECO’s strategic growth plan. We use words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “will,” “plan,” “should” and similar expressions to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Potential risks and uncertainties that could cause actual results to differ materially include risks regarding the parties’ ability to complete the proposed transactions in the anticipated timeframe or at all, the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction agreement between the parties, the effect of the announcement or pendency of the proposed transaction on business relationships, operating results, and business generally, disruption of current plans and operations and potential difficulties in employee retention as a result of the proposed transaction, diversion of management’s attention from ongoing business operations, the outcome of any legal proceedings that may be instituted related to the proposed transaction, the amount of the costs, fees, expenses and other charges related to the proposed transaction, the risk that competing offers or acquisition proposals will be made, the achievement of the anticipated benefits of the acquisition, the ability of Profire to achieve its 2024 earnings guidance, our ability to successfully integrate acquired businesses and realize the synergies from acquisitions, as well as a number of factors related to our business, including the sensitivity of our business to economic and financial market conditions generally and economic conditions in our service areas; dependence on fixed price contracts and the risks associated therewith, including actual costs exceeding estimates and method of accounting for revenue; the effect of growth on our infrastructure, resources, and existing sales; the ability to expand operations in both new and existing markets; the potential for contract delay or cancellation as a result of on-going or worsening supply chain challenges; liabilities arising from faulty services or products that could result in significant professional or product liability, warranty, or other claims; changes in or developments with respect to any litigation or investigation; failure to meet timely completion or performance standards that could result in higher cost and reduced profits or, in some cases, losses on projects; the potential for fluctuations in prices for manufactured components and raw materials, including as a result of tariffs and surcharges, and rising energy costs; inflationary pressures relating to rising raw material costs and the cost of labor; the substantial amount of debt incurred in connection with our strategic transactions and our ability to repay or refinance it or incur additional debt in the future; the impact of federal, state or local government regulations; our ability to repurchase shares of our common stock and the amounts and timing of repurchases, if any; our ability to successfully realize the expected benefits of our restructuring program; our ability to successfully integrate acquired businesses and realize the synergies from strategic transactions; the unpredictability and severity of catastrophic events, including cyber security threats, acts of terrorism or outbreak of war or hostilities or public health crises, as well as management’s response to any of the aforementioned factors; and our ability to remediate our material weakness, or any other material weakness that we may identify in the future that could result in material misstatements in our financial statements. Additional risks and uncertainties are discussed under “Part I – Item 1A. Risk Factors” of CECO’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and may be included in subsequently filed Quarterly Reports on Form 10-Q. Many of these risks are beyond management’s ability to control or predict. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. Investors are cautioned not to place undue reliance on such forward-looking statements as they speak only to our views as of the date the statement is made. Except as required under the federal securities laws or the rules and regulations of the Securities and Exchange Commission, we undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future events or otherwise.

Additional Information about the Transaction and Where to Find It

The tender offer has not yet commenced. This communication is neither an offer to buy nor a solicitation of an offer to sell any securities of Profire Energy, Inc., nor is it a recommendation by Profire Energy, Inc., its management or board of directors that any investors sell or otherwise tender any securities of Profire Energy, Inc. in connection with the transactions described elsewhere in this communication. The solicitation and the offer to buy shares of Profire Energy, Inc.’s common stock will only be made pursuant to a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials that a subsidiary of CECO Environmental Corp. intends to file with the SEC. In addition, Profire Energy, Inc. will file with the SEC a Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, investors will be able to obtain the tender statement on Schedule TO, the offer to purchase, the Recommendation Statement of Profire Energy, Inc. on Schedule 14D-9 and related materials filed with the SEC with respect to the tender offer and the merger, free of charge at the website of the SEC at www.sec.gov or from the information agent named in the tender offer materials. Investors are advised to read these documents when they become available, including the Recommendation Statement of Profire Energy, Inc. and any amendments thereto, as well as any other documents relating to the tender offer and the merger that are filed with the SEC, carefully and in their entirety prior to making any decisions with respect to whether to tender their shares in the tender offer because such documents contain important information, including the terms and conditions of the tender offer.

CECO Company Contact:
Peter Johansson
Chief Financial and Strategy Officer
888-990-6670

PFIE Company Contact:
Ryan Oviatt
Co-CEO & CFO
(801) 796-5127

Investor Relations Contact:
Steven Hooser
Three Part Advisors
214-872-2710
Investor.Relations@OneCECO.com

The MIL Network –
January 25, 2025

MIL-OSI: Check Point Software Reports 2024 Third Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

REDWOOD CITY, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), today announced its financial results for the third quarter ended September 30, 2024.

Third Quarter 2024:

Total Revenues: $635 million, a 7 percent increase year over year
Security Subscriptions Revenues: $277 million, a 12 percent increase year over year
GAAP Operating Income: $218 million, representing 34 percent of revenues
Non-GAAP Operating Income: $274 million, representing 43 percent of revenues
GAAP EPS: $1.83, a 4 percent increase year over year
Non-GAAP EPS: $2.25, a 9 percent increase year over year

“Check Point delivered great third quarter financial results that were bolstered by double-digit Infinity Platform growth. This success is underscored by double-digit revenue growth in Harmony Email and Infinity Global Services,” said Gil Shwed, Check Point founder and CEO. “We expanded our offerings into the Security Operation Center (SOC) market with the Cyberint acquisition that delivers proactive, AI powered threat intelligence and exposure management. We’re looking forward to continued success with our Infinity Platform and the broader adoption of our technologies as we close out the year.”

Financial Highlights for the Third Quarter of 2024:

Total Revenues: $635 million compared to $596 million in the third quarter of 2023, a 7 percent increase year over year.
GAAP Operating Income: $218 million compared to $226 million in the third quarter of 2023, representing 34 percent and 38 percent of total revenues in the third quarter of 2024 and 2023, respectively.
Non-GAAP Operating Income: $274 million compared to $269 million in the third quarter of 2023, representing 43 percent and 45 percent of total revenues in the third quarter of 2024 and 2023, respectively
GAAP Taxes on Income: $37 million compared to $39 million in the third quarter of 2023.
GAAP Net Income: $207 million compared to $205 million in the third quarter of 2023.
Non-GAAP Net Income: $255 million compared to $242 million in the third quarter of 2023.
GAAP Earnings per Diluted share: $1.83 compared to $1.75 in the third quarter of 2023, a 4 percent increase year over year.
Non-GAAP Earnings per Diluted share: $2.25 compared to $2.07 in the third quarter of 2023, a 9 percent increase year over year.
Deferred Revenues: As of September 30, 2024, deferred revenues were $1,745 million compared to $1,709 million as of September 30, 2023, a 2 percent increase year over year.
Cash Balances, Marketable Securities and Short-Term Deposits: $2,873 million as of September 30, 2024, compared to $2,989 million as of September 30, 2023.
Cash Flow: During the quarter we acquired Cyberint Ltd, a pioneering provider of External Risk Management solutions, for $186 million net cash consideration. Cash flow from operations was $249 million, and acquisition-related costs for the current quarter were insignificant. This compares to $222 million in the third quarter of 2023, which included $22 million in costs related to acquisitions.
Share Repurchase Program: During the third quarter of 2024, we repurchased approximately 1.79 million shares at a total cost of approximately $325 million.

For information regarding the non-GAAP financial measures discussed in this release, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures, please see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information.”

Video Conference Information
Check Point will host a video conference with the investment community on October 29, 2024, at 8:30 AM ET/5:30 AM PT. To listen to the live video cast or replay, please visit the website: www.checkpoint.com/ir.

Fourth Quarter Investor Conference Participation Schedule:

Morgan Stanley 23^rdAnnual Asia Pacific Summit
November 20-21, 2024, Singapore

2024 UBS Global Technology Conference
December 2-3, 2024, Scottsdale, AZ – 1×1’s
Wells Fargo TMT Summit
December 4, 2024, Rancho Palos Verdes, CA – 1×1’s
FBN Virtual Silicon Valley Tech Tour
December 6, 2024, Virtual
Nasdaq 50^thInvestor Conference
December 10, 2024, London, UK

Members of Check Point’s management team anticipate attending these conferences and events to discuss the latest company strategies and initiatives. Check Point’s conference presentations, if applicable, will be available via webcast on the company’s web site. To hear these presentations and access the most updated information please visit the company’s web site at www.checkpoint.com/ir. The schedule is subject to change.

To follow this and other Check Point news visit:

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading AI-powered, cloud-delivered cyber security platform provider protecting over 100,000 organizations worldwide. Check Point leverages the power of AI everywhere to enhance cyber security efficiency and accuracy through its Infinity Platform, with industry-leading catch rates enabling proactive threat anticipation and smarter, faster response times. The comprehensive platform includes cloud-delivered technologies consisting of Check Point Harmony to secure the workspace, Check Point CloudGuard to secure the cloud, Check Point Quantum to secure the network, and Check Point Infinity Core Services for collaborative security operations and services.

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding our products and solutions, and our participation in investor conferences and events during the fourth quarter of 2024. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the market for IT security continuing to develop; competition from other products and services; the appointment of our new CEO, the transition of our CEO into the role of Executive Chairman; and general market, political, economic, and business conditions, including acts of terrorism or war. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Check Point uses non-GAAP measures of operating income, net income, and earnings per diluted share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets and acquisition related expenses and the related tax affects. Check Point’s management believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of Check Point’s ongoing core operations and prospects for the future. Historically, Check Point has also publicly presented these supplemental non-GAAP financial measures to assist the investment community in visualizing the Company “through the eyes of management,” and thereby enhance understanding of its operating performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating the business internally and has determined that it is important to provide this information to investors.

CHECK POINT SOFTWARE TECHNOLOGIES LTD. CONSOLIDATED STATEMENT OF INCOME (Unaudited, in millions, except per share amounts)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2024		2023		2024		2023
Revenues:
Products and licenses	$	118.9	$	114.2	$	337.3	$	339.1
Security subscriptions		276.9		248.3		812.0		715.4
Total revenues from products and security subscriptions		395.8		362.5		1,149.3		1,054.5
Software updates and maintenance		239.3		233.8		712.0		696.7
Total revenues		635.1		596.3		1,861.3		1,751.2

Operating expenses:
Cost of products and licenses		24.3		22.5		68.2		71.3
Cost of security subscriptions		19.6		13.9		52.9		39.8
Total cost of products and security subscriptions		43.9		36.4		121.1		111.1
Cost of Software updates and Maintenance		30.2		27.7		90.5		81.8
Amortization of technology		5.8		3.0		17.4		8.2
Total cost of revenues		79.9		67.1		229.0		201.1

Research and development		97.5		90.0		293.8		268.9
Selling and marketing		208.9		183.3		630.8		546.6
General and administrative		30.3		29.8		86.0		87.3
Total operating expenses		416.6		370.2		1,239.6		1,103.9

Operating income		218.5		226.1		621.7		647.3
Financial income, net		25.3		17.7		71.6		58.1
Income before taxes on income		243.8		243.8		693.3		705.4
Taxes on income		36.9		38.8		105.1		114.3
Net income	$	206.9	$	205.0	$	588.2	$	591.1
Basic earnings per share	$	1.87	$	1.77	$	5.28	$	5.01
Number of shares used in computing basic earnings per share		110.5		116.0		111.4		117.9
Diluted earnings per share	$	1.83	$	1.75	$	5.16	$	4.96
Number of shares used in computing diluted earnings per share		113.4		117.3		114.1		119.2

CHECK POINT SOFTWARE TECHNOLOGIES LTD. SELECTED FINANCIAL METRICS (Unaudited, in millions, except per share amounts)
	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2024		2023		2024		2023

Revenues	$	635.1	$	596.3	$	1,861.3	$	1,751.2
Non-GAAP operating income		274.0		269.0		791.1		770.5
Non-GAAP net income		255.4		242.4		735.9		698.6
Diluted Non-GAAP Earnings per share	$	2.25	$	2.07	$	6.45	$	5.86
Number of shares used in computing diluted Non-GAAP earnings per share		113.4		117.3		114.1		119.2

CHECK POINT SOFTWARE TECHNOLOGIES LTD. RECONCILIATION OF GAAP TO NON GAAP FINANCIAL INFORMATION (Unaudited, in millions, except per share amounts)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2024			2023			2024			2023

GAAP operating income	$	218.5		$	226.1		$	621.7		$	647.3
Stock-based compensation (1)		39.0			36.5			119.9			105.4
Amortization of intangible assets and acquisition related expenses (2)		16.5			6.4			49.5			17.8
Non-GAAP operating income	$	274.0		$	269.0		$	791.1		$	770.5

GAAP net income	$	206.9		$	205.0		$	588.2		$	591.1
Stock-based compensation (1)		39.0			36.5			119.9			105.4
Amortization of intangible assets and acquisition related expenses (2)		16.5			6.4			49.5			17.8
Taxes on the above items (3)		(7.0	)		(5.5	)		(21.7	)		(15.7	)
Non-GAAP net income	$	255.4		$	242.4		$	735.9		$	698.6

Diluted GAAP Earnings per share	$	1.83		$	1.75		$	5.16		$	4.96
Stock-based compensation (1)		0.34			0.31			1.04			0.88
Amortization of intangible assets and acquisition related expenses (2)		0.14			0.06			0.44			0.15
Taxes on the above items (3)		(0.06	)		(0.05	)		(0.19	)		(0.13	)
Diluted Non-GAAP Earnings per share	$	2.25		$	2.07		$	6.45		$	5.86

Number of shares used in computing diluted Non-GAAP earnings per share		113.4			117.3			114.1			119.2

(1) Stock-based compensation:
Cost of products and licenses	$	0.1		$	0.1		$	0.3		$	0.3
Cost of software updates and maintenance		1.8			1.9			6.2			4.9
Research and development		14.0			12.1			42.3			34.5
Selling and marketing		15.4			15.0			46.2			41.1
General and administrative		7.7			7.4			24.9			24.6
		39.0			36.5			119.9			105.4

(2) Amortization of intangible assets and acquisition related expenses:
Amortization of technology-cost of revenues		5.8			3.0			17.4			8.2
Research and development		1.6			1.1			4.8			5.0
Selling and marketing		9.1			2.3			27.3			4.6
		16.5			6.4			49.5			17.8
(3) Taxes on the above items		(7.0	)		(5.5	)		(21.7	)		(15.7	)
Total, net	$	48.5		$	37.4		$	147.7		$	107.5

CHECK POINT SOFTWARE TECHNOLOGIES LTD. CONDENSED CONSOLIDATED BALANCE SHEET DATA (In millions) ASSETS
	September 30,		December 31,
	2024 (Unaudited)		2023 (Audited)
Current assets:
Cash and cash equivalents	$	543.8	$	537.7
Marketable securities and short-term deposits		925.6		992.3
Trade receivables, net		391.9		657.7
Prepaid expenses and other current assets		90.9		70.0
Total current assets		1,952.2		2,257.7

Long-term assets:
Marketable securities		1,403.4		1,429.7
Property and equipment, net		80.6		80.4
Deferred tax asset, net		76.5		81.8
Goodwill and other intangible assets, net		1,900.4		1,748.5
Other assets		99.5		97.4
Total long-term assets		3,560.4		3,437.8

Total assets	$	5,512.6	$	5,695.5

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Deferred revenues	$	1,270.2		$	1,413.8
Trade payables and other accrued liabilities		446.0			502.3
Total current liabilities		1,716.2			1,916.1

Long-term liabilities:
Long-term deferred revenues		474.8			493.9
Income tax accrual		457.8			436.1
Other long-term liabilities		35.2			28.4
		967.8			958.4

Total liabilities		2,684.0			2,874.5

Shareholders’ equity:
Share capital		0.8			0.8
Additional paid-in capital		3,019.4			2,732.5
Treasury shares at cost		(13,946.7	)		(13,041.2	)
Accumulated other comprehensive loss		(1.2	)		(39.2	)
Retained earnings		13,756.3			13,168.1
Total shareholders’ equity		2,828.6			2,821.0
Total liabilities and shareholders’ equity	$	5,512.6		$	5,695.5
Total cash and cash equivalents, marketable securities and short-term deposits	$	2,872.8		$	2,959.7

CHECK POINT SOFTWARE TECHNOLOGIES LTD. SELECTED CONSOLIDATED CASH FLOW DATA (Unaudited, in millions)
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2024			2023			2024			2023
Cash flow from operating activities:
Net income	$	206.9		$	205.0		$	588.2		$	591.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property and equipment		5.2			5.2			17.7			17.4
Amortization of intangible assets		13.4			4.6			40.4			10.8
Stock-based compensation		39.0			36.5			119.9			105.4
Realized loss on marketable securities		*)			6.0			*)			6.7
Decrease in trade and other receivables, net		67.8			38.1			258.2			263.3
Decrease in deferred revenues, trade payables and other accrued liabilities		(91.6	)		(75.8	)		(213.3	)		(205.1	)
Deferred income taxes, net		8.2			2.7			(1.3	)		9.3
Net cash provided by operating activities		248.9			222.3			809.8			798.9

Cash flow from investing activities:
Payment in conjunction with acquisitions, net of acquired cash		(185.8	)		(455.0	)		(185.8	)		(455.0	)
Investment in property and equipment		(4.8	)		(6.1	)		(17.7	)		(13.9	)
Net cash used in investing activities		(190.6	)		(461.1	)		(203.5	)		(468.9	)

Cash flow from financing activities:
Proceeds from issuance of shares upon exercise of options		45.4			32.6			249.6			117.7
Purchase of treasury shares		(325.0	)		(324.6	)		(975.0	)		(974.4	)
Payments related to shares withheld for taxes		(3.9	)		(2.1	)		(17.1	)		(9.8	)
Net cash used in financing activities		(283.5	)		(294.1	)		(742.5	)		(866.5	)

Unrealized gain on marketable securities, net		40.1			6.1			49.3			22.0

Decrease in cash and cash equivalents, marketable securities and short term deposits		(185.1	)		(526.8	)		(86.9	)		(514.5	)

Cash and cash equivalents, marketable securities and short term deposits at the beginning of the period		3,057.9			3,515.5			2,959.7			3,503.2

Cash and cash equivalents, marketable securities and short term deposits at the end of the period	$	2,872.8		$	2,988.7		$	2,872.8		$	2,988.7

*) represents an amount lower than 0.1

The MIL Network –

January 25, 2025

MIL-OSI Asia-Pac: Ministry of Parliamentary Affairs makes significant progress in ongoing Special Campaign 4.0 for institutionalizing Swachhata and reducing pending matters
Source: Government of India (2)

Posted On: 29 OCT 2024 1:01PM by PIB Delhi

The Ministry of Parliamentary Affairs has made significant progress in the ongoing Special Campaign 4.0, which began on 2nd October 2024 and will continue until 31st October 2024. This initiative is part of the Government of India’s broader mission to institutionalize Swachhata (cleanliness) practices and streamline the resolution of pending matters across various Ministries and Departments.

Key Achievements So Far:
- Record Management: Since the campaign’s launch, the Ministry of Parliamentary Affairs has made notable strides in reviewing the old physical and digital files. Over 90% of files of the target set have been reviewed. Social Media updates are also being posted showcasing the progress of Ministry in this aspect.
- Pending Important Matters: Pendency of PMO Reference, Parliamentary Assurance, State Govt. Reference, Reference from MPs and IMC Reference is NIL.
The Ministry of Parliamentary Affairs has urged all its employees to remain committed to the goals of Special Campaign 4.0 and continue to contribute actively.It has been emphasised that with the combined efforts of all, lasting improvements in cleanliness and governance can be achieved.

***

SS/PRK

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MIL OSI Asia Pacific News –
January 25, 2025
MIL-OSI Asia-Pac: Marching Towards Atmanirbharta: India’s Defence Revolution
Source: Government of India (2)

Marching Towards Atmanirbharta: India’s Defence Revolution

Domestic production hit ₹1.27 lakh crore in FY 2023-24, with exports growing 30x in a decade

Posted On: 29 OCT 2024 11:21AM by PIB Delhi

Introduction

The recent inauguration of the TATA Aircraft Complex at the TATA Advanced Systems Limited (TASL) Campus in Vadodara, Gujarat, on October 28, 2024, marks a key milestone in India’s journey toward Atmanirbharta in defence. This facility, dedicated to manufacturing C-295 military transport aircraft, becomes the first private sector Final Assembly Line (FAL) for military aircraft in India, underscoring the government’s commitment to enhancing indigenous production capabilities. Under the program, 56 C-295 aircraft will be delivered, with the initial 16 arriving from Airbus in Spain and the remaining 40 produced domestically. This initiative exemplifies India’s shift toward self-reliance in defence manufacturing, aimed at strengthening operational readiness and reducing dependency on foreign imports.

India’s commitment to Atmanirbharta in defence is further evidenced by its transformation from a major arms importer to an emerging centre for indigenous production. Driven by strategic government policies, this shift reached a landmark in FY 2023-24, with the Ministry of Defence reporting an unprecedented ₹1.27 lakh crore in domestic defence production. Once reliant on foreign suppliers, India now places a high priority on self-reliant manufacturing to meet its security needs, reinforcing its vision to strengthen national resilience and reduce dependency on external sources.

Rise in India’s Defence Production

India has achieved the highest-ever growth in indigenous defence production in value terms during Financial Year (FY) 2023-24, driven by the successful implementation of government policies and initiatives led by Prime Minister Shri Narendra Modi, focusing on attaining
Atmanirbharta. According to data from all Defence Public Sector Undertakings (DPSUs), other public sector units manufacturing defence items, and private companies, the value of defence production has surged to a record high of ₹1,27,265 crore, representing an impressive increase of approximately 174% from ₹46,429 crore in 2014-15.

Historically, India relied heavily on foreign countries for its defence needs, with about 65-70% of defence equipment being imported. However, this landscape has dramatically shifted, with around 65% of defence equipment now manufactured within India. This transformation reflects the country’s commitment to self-reliance in this critical sector and underscores the strength of its defence industrial base, which comprises 16 Defence Public Sector Units (DPSUs), over 430 licensed companies, and approximately 16,000 Micro, Small, and Medium Enterprises (MSMEs). Notably, 21% of this production comes from the private sector, bolstering India’s journey toward self-reliance.

As part of the Make in India initiative, major defence platforms such as the Dhanush Artillery Gun System, Advanced Towed Artillery Gun System (ATAGS), Main Battle Tank (MBT) Arjun, Light Combat Aircraft (LCA) Tejas, submarines, frigates, corvettes, and the recently commissioned INS Vikrant have been developed, reflecting the growing capabilities of India’s defence sector.

Consequently, the annual defence production has not only crossed ₹1.27 lakh crore but is also on track to reach a target of ₹1.75 lakh crore in the current fiscal year. With aspirations to achieve ₹3 lakh crore in defence production by 2029, India is solidifying its position as a global manufacturing hub for defence.

India’s Defence Exports Surge

India’s defence exports have reached an all-time high, surging from ₹686 crore in FY 2013-14 to ₹21,083 crore in FY 2023-24, reflecting a remarkable increase of over 30 times in export value over the past decade.

This achievement is driven by effective policy reforms, initiatives, and improvements in the ease of doing business implemented by the government, all aimed at attaining self-reliance in defence. Notably, defence exports also experienced a substantial growth of 32.5% over the previous fiscal year, rising from ₹15,920 crore.

India’s export portfolio boasts a diverse range of advanced defence equipment, including bulletproof jackets and helmets, Dornier (Do-228) aircraft, Chetak helicopters, fast interceptor boats, and lightweight torpedoes. A noteworthy highlight is the inclusion of ‘Made in Bihar’ boots in the Russian Army’s equipment, marking a significant milestone for Indian products in the global defence market and showcasing the country’s high manufacturing standards.

Currently, India exports to over 100 nations, with the top three destinations for defence exports in 2023-24 being the USA, France, and Armenia. According to Raksha Mantri Shri Rajnath Singh, the target is to further increase defence exports to ₹50,000 crore by 2029. This expanding international footprint underscores India’s commitment to becoming a reliable defence partner globally while bolstering its economic growth through enhanced defence production and exports.

Key Government Initiatives

In recent years, the Indian government has implemented a series of transformative initiatives aimed at bolstering the country’s defence production capabilities and achieving self-reliance. These measures are designed to attract investment, enhance domestic manufacturing, and streamline procurement processes. From liberalizing foreign direct investment (FDI) limits to prioritizing indigenous production, these initiatives reflect a robust commitment to strengthening India’s defence industrial base. The following points outline the key government initiatives that have been pivotal in driving growth and innovation in the defence sector.
- Liberalized FDI Policy: The Foreign Direct Investment (FDI) limit in the defence sector was raised in 2020 to 74% through the Automatic Route for companies seeking new defence industrial licenses and up to 100% through the Government Route for those likely to result in access to modern technology. As of February 9, 2024, ₹5,077 crore worth of FDI has been reported by companies operating in the defence sector.
- Budget Allocation: The allocation for the Ministry of Defence for the financial year 2024-25 is ₹6,21,940.85 crore, as part of the “Demand for Grant” presented in Parliament during the ongoing Budget Session.
- Priority for Domestic Procurement: Emphasis is placed on procuring capital items from domestic sources under the Defence Acquisition Procedure (DAP)-2020.
- Positive Indigenization Lists: Notification of five ‘Positive Indigenization Lists’ totalling 509 items of services and five lists of 5,012 items from Defence Public Sector Undertakings (DPSUs), with an embargo on imports beyond specified timelines.
- Simplified Licensing Process: Streamlining the industrial licensing process with a longer validity period.
- iDEX Scheme Launch: The Innovations for Defence Excellence (iDEX) scheme was launched to involve startups and Micro, Small, and Medium Enterprises (MSMEs) in defence innovation.
- Public Procurement Preference: Implementation of the Public Procurement (Preference to Make in India) Order 2017 to support domestic manufacturers.
- Indigenization Portal: Launch of the Self-Reliant Initiatives through Joint Action (SRIJAN) portal to facilitate indigenization by Indian industry, including MSMEs.
- Defence Industrial Corridors: Establishment of two Defence Industrial Corridors, one each in Uttar Pradesh and Tamil Nadu, to promote defence manufacturing.
- Opening Defence R&D: Defence Research & Development (R&D) has been opened up for industry and startups to foster innovation and collaboration.
- Domestic Procurement Allocation: Out of the total allocation of ₹1,40,691.24 crore under the Capital Acquisition (Modernization) Segment, ₹1,05,518.43 crore (75%) has been earmarked for domestic procurement in the Budget Estimates for 2024-25.
Conclusion

India’s journey toward Atmanirbharta in defence reflects a transformative shift from reliance on imports to becoming a self-sufficient manufacturing hub. The record achievements in domestic production and exports underscore the government’s commitment to enhancing national security and bolstering economic growth through robust defence initiatives. With strategic policies in place, a growing emphasis on indigenization, and a vibrant defence industrial base, India is poised to not only meet its own security needs but also emerge as a key player in the global arms market. The ambitious targets set for future production and exports signify a strong resolve to reinforce the country’s position as a reliable defence partner worldwide. As India continues to innovate and collaborate across sectors, it is well on its way to solidifying its status as a formidable force in global defence manufacturing.

References:

Click here to see in PDF:

Santosh Kumar/ Ritu Kataria/ Saurabh Kalia

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MIL OSI Asia Pacific News –
January 25, 2025
MIL-OSI Asia-Pac: 82nd Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projects

Source: Government of India

82nd Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projects

NPG assesses Rail and Road projects

Posted On: 29 OCT 2024 10:23AM by PIB Delhi

The 82^nd meeting of the Network Planning Group (NPG) under the PM GatiShakti initiative, chaired by Additional Secretary of the Department for Promotion of Industry and Internal Trade (DPIIT), Shri Rajeev Singh Thakur was held on 24 October 2024, to evaluate key infrastructure projects across India. Representatives from project proponents, Bhaskaracharya National Institute for Space Applications and Geoinformatics(BISAG-N), and nodal officers from respective States participated, focusing on enhancing multimodal connectivity and logistics efficiency in alignment with the PM GatiShakti National Master Plan (PMGS NMP).

The NPG evaluated all seven projects based on the core principles of PM GatiShakti, including integrated development of multimodal infrastructure, last-mile connectivity to economic and social nodes, intermodal connectivity, and synchronized project implementation. These projects are anticipated to play pivotal roles in national development by boosting logistical efficiency, reducing travel times, and delivering substantial socio-economic benefits to the regions they serve.The evaluation and anticipated impacts of these projects are detailed below:

A. Projects of the Ministry of Railways (MoR)

1. Jharsuguda to Sason 3rd & 4th lines Rail Line, Odisha

Spanning a total alignment of 64 km, this rail line enhancement lies within the Jharsuguda-Sambalpur section, a strategic part of Odisha’s industrial corridor that includes the Talcher coalfields and IB Valley (Sundargarh). The project supports the “Mission 3000 MT” target by aiming to double coal transport capacity by 2027, contributing to increased logistics efficiency and freight throughput. This Energy Corridor connects with key economic nodes, including industries in Jharsuguda, Rengali, and Lapanga, and provides links to Paradip and Dhamra Ports for coastal shipping. The line integrates with PM GatiShakti for multimodal infrastructure, incorporating goods sheds at Rengali, Lapanga, and Brundamal, and enhancing connections to NH-49 & SH10.

2. Sambalpur to Jarapada Rail Line (3rd & 4th lines), Odisha

Spanning a total alignment of 127.2 km, this rail line expansion between Sambalpur and Jarapada is integral to the coal supply chain in Odisha’s industrial region, including the IB Valley and Talcher coalfields. The project aligns with PM GatiShakti’s objectives to double coal transport capacity by 2027 in support of the “Mission 3000 MT” initiative. Key industrial clusters benefiting from this rail line include major Aluminum production facilities in Jharsuguda, Lapanga, Rengali, and Paradip. The rail route also connects efficiently to Paradip and Dhamra ports, providing seamless multimodal logistics and supporting the regional energy sector. Integrated with PM GatiShakti’s framework, the project enhances logistical capacity by connecting to NH-55 and NH-53 for broader industrial access.

3. Tirupati-Katpadi Double Line, Andhra Pradesh & Tamil Nadu

With a total alignment of 104.39 km, this project addresses the high traffic density between Tirupati and Katpadi by enhancing rail connectivity and alleviating bottlenecks in this single-line section. The corridor, which passes through key industrial clusters, includes two industrial parks near Renigunta (approx. 15 km from Tirupati) and a Special Economic Zone (SEZ) (85 km from Tirupati). The SEZ is a significant industrial hub, hosting numerous export-oriented units, while Renigunta’s proximity to a granite industry near Chittoor provides opportunities for improved freight logistics. Additionally, this project aligns with PM GatiShakti by optimizing access to ports such as Krishnapatnam (104 km from Tirupati) and Chennai Port (140 km from Tirupati) and facilitating faster movement of goods and passengers to support tourism and local industries

4. Two (02) Projects of doubling the Rail lines in the State of Jharkhand

(i) Koderma – Arigada Rail line

(ii) Shivpur – Kathautia Rail line

These two projects i.e., Doubling of Koderma-Arigada and Shivpur-Kathautia Rail Lines, spanning about 133.38 km and 49.08 km respectively, both in the state of Jharkhand focuses on increasing freight capacity in key coal-transporting regions. The NPG discussed solutions to address bottlenecks and improve overall logistics performance, projecting notable improvements in freight movement and economic benefits for the region.

B. Projects of the Ministry of Road Transport and Highways (MoRTH)

1. Prayagraj-Jaunpur-Azamgarh-Dohrighat-Gorakhpur Road, Uttar Pradesh

Covering an alignment of 144 km, this project spans cities such as Prayagraj, Jaunpur, Azamgarh, Dohrighat, and Gorakhpur, integrating Greenfield and Brownfield sections. Planned bypasses for key towns aim to reduce traffic congestion and enhance both freight and passenger movement. PM GatiShakti principles are applied to support multimodal logistics and ensure swift land acquisition and infrastructure alignment with regional needs.

2. Ghazipur-Syed Raja Road Section, Uttar Pradesh

Designed as a 41.53 km Greenfield alignment, this corridor connects Ghazipur with strategic logistics hubs to enhance freight movement and access to economic zones. Key multimodal connections include the Eastern Dedicated Freight Corridor (DFCCIL), local railway stations like Pt. Deen Dayal Upadhyaya and Ghazipur City, and air links through Lal Bahadur Shastri Airport in Varanasi. Additionally, the Varanasi Inland Waterway Terminal via NH-19 provides an alternative cargo route, optimizing logistics under the PM GatiShakti framework to streamline trade and reduce logistics costs in the region.

Upon completion, these projects will significantly contribute to India’s infrastructure landscape, ensuring that the advantages of seamless connectivity extend to every region. By strengthening multimodal transport systems and addressing critical infrastructure gaps, these initiatives align with the Government’s vision for integrated and sustainable development.

****

AD/CNAN

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Economics: Euro area economic and financial developments by institutional sector: second quarter of 2024

Source: European Central Bank

29 October 2024

As of October 2024, ECB quarterly financial accounts provide more details on loans by counterpart sector granted by other financial institutions (OFIs) and information on debt securities issuance of non-financial corporations (NFCs) via financing conduits. OFIs are creditors of 23% of loans granted to NFCs by financial sector
Euro area net saving increased to €795 billion in four quarters to second quarter of 2024, compared with €787 billion one quarter earlier
Household debt-to-income ratio decreased to 83.4% in second quarter of 2024 from 87.8% one year earlier
NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 69.3% in second quarter of 2024 from 71.8% one year earlier

New details on other financial institutions and the financing of other sectors

Chart 1

Loans to NFCs by financial subsector

(outstanding amounts at the of end of the second quarter of 2024, as percentages of financial sector loans to NFCs)

Source: ECB.

* Loans from NFC financing conduits to NFCs are estimated based on the financing conduits’ issuance of debt securities.

Total euro area economy

Chart 2

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.

* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 2)

Households

Table 1

Financial investment and financing of households, main items

(annual growth rates)

	Financial transactions
	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2
Financial investment*	2.0	1.8	1.9	2.0	2.3
Currency and deposits	1.3	0.3	0.8	1.6	2.3
Debt securities	48.6	56.9	54.3	38.5	27.9
Shares and other equity**	1.3	1.1	0.4	0.4	0.8
Life insurance	-0.2	-0.7	-0.6	-0.2	0.0
Pension schemes	2.4	2.4	2.2	2.3	2.3
Financing***	2.4	1.6	0.9	1.1	1.4
Loans	1.8	1.0	0.5	0.6	0.6

Source: ECB.

* Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.

** Includes investment fund shares.

*** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

Data for financial investment and financing of households (Table 1)

Chart 3

Debt ratios of households and NFCs

(percentages of GDP)

Sources: ECB and Eurostat.

Data for debt ratios of households and NFCs (Chart 3)

Non-financial corporations

Financial transactions

2023 Q2

2023 Q3

2023 Q4

2024 Q1

2024 Q2

Financing*

1.7

1.2

0.8

1.0

Debt securities

0.7

1.5

1.3

1.9

2.9

Loans

3.8

1.9

1.7

1.4

1.3

Shares and other equity

-0.0

0.4

0.3

0.4

0.8

Trade credits and advances

5.2

2.2

1.2

0.6

1.8

Financial investment**

2.9

2.4

1.8

1.9

2.1

Currency and deposits

-0.6

-1.2

0.5

2.9

Debt securities

23.3

27.9

23.0

10.6

7.8

Loans

5.9

5.2

5.1

4.4

4.5

Shares and other equity

1.2

1.0

1.4

1.3

MIL OSI Economics –

January 25, 2025

MIL-OSI Economics: Luis de Guindos: Interview with ANSA

Source: European Central Bank

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

29 October 2024

At the latest press conference, President Lagarde spoke of a series of economic indicators pointing lower and of downside risks to growth. The Survey of Professional Forecasters published by the ECB foresees inflation of 1.9% in 2025, compared with 2.2% in the projections by ECB experts. In this context, will the Governing Council have the option to make back-to-back interest rate cuts, as occurred in September and October?

In short, on the current economic situation, we don’t have good news with respect to growth but we do have good news with respect to inflation.

On growth, we have revised down our projections twice – before the summer and in September. We see that the downside risks that we identified are crystallising, mainly because consumption is not recovering as expected. Even though real disposable income has increased because wages are catching up with past inflation, households are not increasing their spending. This could be due to structural factors, including a lack of confidence owing to past inflation, the pandemic or geopolitical risks. But it is clear that the recovery in consumption is not happening at the pace we had previously projected.

On inflation, we have the opposite happening. The latest figures are good, in terms of both headline inflation and underlying inflation. Most measures of underlying inflation are declining, and we are confident that we will be able to reach our 2% target over the medium term in the course of 2025.

Regarding possible future cuts, we have been very clear that we will keep all options open at forthcoming meetings, both in terms of the number of cuts and the size of these cuts. But what is most relevant for the transmission of monetary policy and the impact of financial conditions on aggregate demand is the medium-term trajectory, which is evidently that of an easing cycle. Fine-tuning monetary policy is very complex and the important signal is the medium-term trajectory.

Geopolitical risks will play a role in the forthcoming monetary policy decisions. To what extent are the risks associated with the conflicts in the Middle East and the risks of a further escalation in trade tariffs pushing the ECB to take a prudent approach in reducing interest rates?

Geopolitical factors play a very important role in our analysis. For example, the conflict in the Middle East has an impact on energy prices and upcoming elections could have an impact on international trade, global growth and inflation. This is one reason why we have to be very prudent with our decisions. When you are in a dark room full of uncertainty, for example because of geopolitical risks that you cannot control, you have to take very careful steps.

Another important element is fiscal policy. Governments are now submitting their medium-term budgetary plans to the European Commission. This will give us more clarity on the fiscal outlook, which is an element that we take into consideration in our analysis and decision-making. So geopolitical risks, the possibility of distortions in international trade plus what will happen with fiscal policy will all feed into our decisions in the near future.

In its new operational framework that came into force in September 2024, the ECB anticipates that a substantial contribution to providing liquidity to the banking sector will come from a structural portfolio of securities and from new longer-term refinancing operations, under conditions to be defined at a later date. What point has the discussion reached and what guidance is there?

The operational framework has to be used to implement our monetary policy, it cannot condition it. And we have said very clearly that all monetary policy instruments in our toolkit remain available to us. This will include, for example, non-conventional measures, such as targeted longer-term refinancing operations and quantitative easing.

Right now, we are in a situation of ample liquidity, which we are gradually reducing by discontinuing reinvestments, which will come to a complete halt at the beginning of next year. Once that liquidity has been significantly reduced, a combination of the monetary policy instruments at our disposal will help us deliver enough liquidity to the banking system.

In my view, when we discuss the structural portfolio, we will need to take into account the actual liquidity situation of the banks and look not only at the average, but also at the dispersion in the banking sector. We have not decided on the size of the structural portfolio, but it will need to be large enough to deliver sufficient liquidity to the banking system.

The latest monetary policy strategy review in 2021 took place at a time of strong deflationary pressures linked to various factors, including digitalisation and globalisation. Since then the landscape has changed. We find ourselves in a fragmented geopolitical context with the return of inflationary shocks. How will all this be reflected in the coming monetary policy strategy review? When will the discussion begin and what topics will it cover?

We have established a couple of workstreams at the technical level to examine these factors, namely how the landscape has changed, how the new environment could have an impact on inflation, and our evolving policy toolkit. But this will not be discussed by the Governing Council until next year, with conclusions expected in the second half of 2025.

What is crystal clear is that the definition of price stability as 2% inflation over the medium term will not be up for debate. And several other elements, such as the importance of financial stability considerations or accounting for climate change in our work, are already established. Instead, this review will mostly be an assessment of the previous strategy review while considering new elements, such as the changed economic and inflation environment, the possibility of deglobalisation and other structural elements that could affect the inflation outlook.

Importantly, we will look at the consequences of measures we have used in the past. For every monetary policy decision, we need to look not only at short-term effects but also further ahead at possible unwanted effects. Quantitative easing, for example, is an instrument that proved to be very useful to fight deflation and the impact of the pandemic, but it also caused some side effects. In that respect, now that we have started the opposite process of quantitative tightening, we have much more information on the potential consequences of quantitative easing.

Are you referring to fiscal side effects?

No. I’m referring, for instance, to the impact on financial stability or on national central banks’ profit and loss accounts. These are side effects that can be better taken into consideration and that were not obvious at the time.

Italy has seen inflation fall to below 2% from a high of close to 12% two years ago, and its growth rate is in line with the European average. While real disposable income is improving, investment is feeling the effects of a still restrictive monetary policy and politicians have criticised the ECB’s cautious stance in the last few months. How would you explain to Italian politicians and households the need for a cautious approach in reducing interest rates, and how do you plan to reassure them about the current transition from still restrictive interest rates to a more neutral stance?

Above all else, we listen to all opinions carefully and with an open mind. The ECB and central banks are independent institutions, meaning that they need to display an additional level of responsibility and accountability.

What I would say to Italian and European citizens is that it’s important to be cautious and prudent. We have reduced interest rates and the trajectory of our monetary policy is very clear, but there is a huge amount of uncertainty and we cannot make mistakes. That’s why a gradual approach to implementing monetary policy is essential.

That being said, I’d like to reassure them that things are moving in the right direction. Inflation has fallen significantly. Most people look more closely at price levels than at inflation, but at the end of the day, current price levels are a consequence of past inflation. We can’t claim victory yet, but we have made good progress so far. And despite an economic slowdown, we have so far managed to reduce inflation without causing a recession in the euro area. When you look at the labour market, the situation remains positive. So I hope that in the medium term it will become more evident that we are on the right track.

In its draft budget, the Italian government is seeking a contribution of around €3.5 billion from the banking sector by targeting deferred tax assets (DTAs). Has the ECB been consulted on the merits of this approach and what guidance is being formulated on this measure?

In general, our assessment of banking sector taxes is quite clear from the legal opinions we have issued on proposals by several countries. Our view is that such taxes should not impair banks’ solvency or the transmission of monetary policy in terms of hampering the flow of credit to the real economy.

In this specific case, we don’t have the definitive version of the tax yet, so it’s difficult to form an opinion about it. But I hope that solvency will be one of the items taken into consideration, which would be positive from our perspective.

In my view, the design of the previous version of the tax was balanced, for example, because it made tax revenues and bank solvency compatible. Of the many approaches taken by other European countries that imposed taxes on the banking sector, I believe this was the most balanced one.

Completing the banking union is one of the most urgent objectives that will make Europe more resilient and more competitive. Despite this, a cross-border merger like the potential merger between Unicredit and Commerzbank currently under discussion is treated as a national matter in both countries. What lessons can we learn from this and why is a cross-border merger between European banks still hitting the headlines in Europe in 2024?

Given the importance of banks’ funding for the real economy, completing the banking union should be the number one priority on the European Union’s economic agenda. I acknowledge that there are political hurdles to achieving that, but it will be very difficult to have a real economic and monetary union without a banking union. Greater coordination of fiscal policy, for example through a common fiscal instrument or progress towards the capital markets union, would also be important.

If you want a single banking market, you need to have genuine pan-European banks. This is why cross-border consolidation of the banking sector is important. I don’t discuss the merits of individual cases, but in my view, a European approach should prevail over a national one. That’s the way forward for European integration.

In any case, our assessment of any merger and acquisition transaction is always based exclusively on prudential and solvency criteria. This is the guiding principle for us, based on European regulation.

The Italian government has voiced its support for the merger between Unicredit and Commerzbank, which would strengthen European banking consolidation. At the same time, Italy is the only Member State that hasn’t ratified the treaty to reform the European Stability Mechanism (ESM), which is an important element in completing the banking union. How important will it be to remove this obstacle?

In my previous answer, I referred to how important it is for a European approach to prevail over a national one. But this principle has to be consistent from all angles and in all kinds of situations. In my opinion, a pro-European approach to the integration of the economy, the banking system and the capital markets should be the one that prevails for all the items under discussion, including ESM reform. Ratifying the reformed ESM Treaty would be a clear pro-European decision.

MIL OSI Economics –

January 25, 2025
MIL-OSI Europe: SEK 110 million in humanitarian assistance to Ukraine

Source: Government of Sweden

SEK 110 million in humanitarian assistance to Ukraine – Government.se

Press release from Ministry for Foreign Affairs

Published 29 October 2024

Russia’s full-scale invasion of Ukraine continues to have devastating consequences – both military and humanitarian. The Swedish Government is therefore supporting Ukraine in a number of ways and has now decided on a new humanitarian support package of SEK 110 million. This support will primarily be used to meet the increased needs ahead of the winter.

“Russia is targeting civilian infrastructure and has disrupted major parts of the heating and electricity supply in Ukraine. Naturally, the consequences of this are more serious the colder the weather gets. For this reason, a large part of the population are struggling to heat their homes and prepare food. The Swedish Government has therefore decided to provide SEK 110 million to a number of humanitarian actors in Ukraine,” says Minister for International Development Cooperation and Foreign Trade Benjamin Dousa.

The fact that Russia has mined large areas of Ukraine is a major problem and threat to people’s safety and lives. Russia’s full-scale invasion has forced millions of people to flee their homes and live as internally displaced people. Sexual violence against women has increased in these already vulnerable groups.

“Sweden’s assistance will also go to mine clearance, which unfortunately will be an impending problem for a long time to come. The assistance will also go to addressing sexual and reproductive health needs and efforts to combat gender-based violence,” says Mr Dousa.

“Sweden’s assistance to Ukraine is making a difference. We’re now helping to heat homes and clear the black soil from mines so that it can be used, feed people who are hungry and secure access to food,” says Aron Emilsson, foreign policy spokesperson for the Sweden Democrats.

“A harsh winter is around the corner, in a situation in which Russia’s bombings have destroyed a large portion of critical infrastructure. We’re now assisting the Ukrainian civilian population with things that we take for granted here in Sweden – heating, water, sanitation and medicines – so that they can survive the winter,” says Gudrun Brunegård, development assistance policy spokesperson for the Christian Democrats.

“In order for Russia to lose the war and Ukraine to win, increased assistance is needed both for Ukraine’s infrastructure and to support the Ukrainian people. I’m proud that we’re now doing even more to help women in particular, as they have been especially severely affected by the war,” says Joar Forssell, foreign policy spokesperson for the Liberal Party.

Press contact

About the humanitarian support package

The humanitarian support package is divided between four organisations:

• SEK 50 million is being allocated to the Ukrainian Red Cross Society (URCS). The Swedish Government will support URCS’s initiatives to meet humanitarian needs ahead of the winter, focusing on secure access to heating and electricity, and distribution of food, hygiene products, medicines and water.

• SEK 20 million is being allocated to the UN Refugee Agency (UNHCR). Sweden is supporting Ukrainian refugees in a number of ways and will now also contribute to UNHCR’s efforts to assist internally displaced persons with preparedness and protection initiatives before and during the coming winter.

• SEK 30 million is being allocated to the UN Development Programme (UNDP). The situation regarding landmines and unexploded ammunition remains difficult in major areas of Ukraine. UNDP is leading UN support to mine clearance in Ukraine. The organisation’s work, which focuses on surveying, prioritising and securing agricultural land, will need to be carried out for many years to come.

• SEK 10 million is being allocated to the UN Population Fund (UNFPA). UNFPA’s humanitarian activities in Ukraine are helping address women’s sexual and reproductive health needs, prevent sexual and gender-based violence and provide support to people who have been subjected to violence. UNFPA is also helping rebuild and strengthen the health care system.

MIL OSI Europe News –

January 25, 2025
MIL-OSI United Kingdom: New UK-EU Competition Cooperation Agreement
Source: United Kingdom – Executive Government & Departments

UK Government and the European Union have formally concluded technical negotiations on the UK-EU Competition Cooperation Agreement.
Negotiations conclude to support international cooperation on competition

Will allow for closer cooperation between CMA and EU’s competition authorities

New agreement will supplement UK-EU Trade and Cooperation Agreement (TCA)

The UK Government and the European Union have formally concluded technical negotiations on the UK-EU Competition Cooperation Agreement.

This agreement is aimed at improving cooperation between the UK’s and EU’s competition authorities, allowing for greater dialogue between the Competition and Markets Authority in the UK and

European Commission and the National Competition Authorities of the EU Member States. The agreement will ensure more effective enforcement of global competition laws, helping to support businesses both in the UK and EU as well as protecting consumers.

This is expected to help when it comes to work on similar or parallel cases going forwards – for example cooperating and sharing information on investigations into companies for unfair competition practices which cross borders between the UK and EU Members States. This agreement is one example of where we can strengthen UK- EU cooperation for mutual benefit.

Announcement complements the Prime Minister’s call at the International Investment Summit for UK regulators to support the Government’s growth mission.

The UK and EU have negotiated the agreement with a view to signature in the coming year. Parliament will have the opportunity to consider the agreement in detail once the text is published for scrutiny.

Business & Trade Secretary Jonathan Reynolds said:

This forthcoming agreement recognises the importance of our continued cooperation between UK and EU competition authorities. This milestone underscores our shared recognition of the importance of international cooperation in an increasingly globalised economy.

When competition law is enforced well across global markets, it helps to ensure businesses and consumers are protected while supporting economic growth, which is why this agreement is so important.

Sarah Cardell, CEO of the Competition and Markets Authority, said:

We welcome this cooperation agreement, which will allow us to work even more closely with EU competition authorities on shared cases and common competition issues – without unnecessary barriers.

Effective competition has a key role to play in driving economic growth so, with many companies now operating globally, it’s important that competition authorities can cooperate more freely with each other to get the best outcomes for fair-playing businesses and consumers.

The UK Government is committed to promoting open and fair competition globally to ensure the best opportunities for UK businesses and consumers, which is why the agreement will help support those global aims via close international cooperation.

These types of agreements help to establish how competition authorities work with their overseas counterparts by providing a framework on how to work together.

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Updates to this page

Published 29 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI United Kingdom: Ed Whiting OBE set to be appointed new permanent Leeds City Council chief executive

Source: City of Leeds

Full council to formally approve appointment in November

Leeds City Council has today announced Ed Whiting OBE is set to be appointed as its new permanent chief executive.

Following an extensive recruitment process which ended last week, full council will be asked to formally approve the recommendation of its employment committee to appoint Ed into the role when it meets at Civic Hall on Wednesday 13 November.

Ed is currently Director of Cities and Local Growth in the Department for Business and Trade and Ministry for Housing, Communities and Local Government, based in Leeds, and is leading place-based economic growth partnerships with UK Mayors and other leaders.

He has also held senior civil service roles in HM Treasury and 10 Downing Street. Previously he was Director of Strategy for Wellcome, where he led the development of their new organisational strategy and global partnerships, and was the executive sponsor for equality, diversity and inclusion.

Ed is very familiar with Leeds having grown up in the city. He now lives in West Yorkshire with his partner, David, and they are foster carers to a young baby.

Leader of Leeds City Council Councillor James Lewis said:

“Throughout the extensive recruitment and selection process, Ed’s understanding of Leeds, our collective city ambitions, our values, our challenges and ideas for the future made him the best candidate for the role. I am looking forward to working with Ed as we move forward with our positive vision for the future, one which recognises the amazing strengths and opportunities we have and focuses on tackling poverty and inequality, whilst delivering high-quality public services for everyone who lives and works in our city.”

On his recommendation for the post Ed Whiting OBE said:

“I’m over the moon to be recommended to full council as our next chief executive. I love Leeds and am excited to be part of the next chapter of our city’s story. Through the recruitment process I’ve enjoyed getting to know Team Leeds better, and have been impressed with the dedication across our council team and partners, and the strong shared commitment to do their best for all Leeds residents.

“I’m looking forward to joining the team as we work together on both the challenges and opportunities that lie ahead for our brilliant city.”

Ed is expected to join the council early next year, with Mariana Pexton remaining in post as interim chief executive until then. The new permanent chief executive succeeds Tom Riordan CBE, who left the council last month after 14 years in the role.

ENDS

For media enquiries please contact:

Leeds City Council communications and marketing,

Email: communicationsteam@leeds.gov.uk

Tel: 0113 378 6007

MIL OSI United Kingdom –

January 25, 2025
MIL-OSI Asia-Pac: CE to attend Shanghai expo

Source: Hong Kong Information Services

Chief Executive John Lee will lead a Hong Kong Special Administrative Region Government delegation to visit Shanghai on November 4 and attend the seventh China International Import Expo (CIIE).

Apart from attending the opening ceremony of the CIIE and the Hongqiao International Economic Forum, Mr Lee plans to tour the booths of Hong Kong enterprises at the Hong Kong exhibition area on November 5.

The Hong Kong SAR Government and the Hong Kong Trade Development Council will hold the 2024 Hong Kong Investment Promotion Conference – Shanghai Forum during the CIIE.

Mr Lee and Financial Secretary Paul Chan, who is scheduled to join the delegation for the trip, will deliver speeches at the conference to promote Hong Kong’s advantages and its role as a connecting platform under the national dual circulation strategy to Mainland and overseas enterprises.

“The CIIE is an important economic diplomatic event held after the victorious conclusion of the Third Plenary Session of the 20th Central Committee of the Communist Party of China, providing vast business opportunities for Hong Kong enterprises to tap into the domestic market,” Mr Lee said.

“Hong Kong has always actively participated in and supported the CIIE. In addition to senior government officials attending, over 300 Hong Kong enterprises are taking part in the exposition this year, jointly promoting Hong Kong’s advantages and development opportunities in different areas and telling Hong Kong’s good stories,” he added.

The Chief Executive will also meet leaders of Shanghai during the visit and exchange views with Hong Kong people and representatives of Hong Kong enterprises there.

Mr Lee plans to return to Hong Kong on November 6. During his absence, Chief Secretary Chan Kwok-ki will be Acting Chief Executive.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: Expo seeks to boost SMEs’ growth

Source: Hong Kong Information Services

A fair aimed at helping small and medium-sized enterprises (SMEs) to undertake digital transformation is being held today and tomorrow.

Held annually, “SME ReachOut: FUND Fair plus Tech Sourcing 2024” is organised by the Productivity Council’s SME ReachOut and supported by the Trade & Industry Department. It provides information on government funding schemes and assists SMEs in their digital transformation efforts with a view to bolstering their sustainable development.

The event includes five thematic zones, covering government funding schemes, digital transformation, e-commerce, business expansion and ESG (environmental, social and governance). It also involves 10 thematic seminars, at which experts will discuss government funding schemes, digital transformation and e-commerce, helping SMEs to understand market trends and find opportunities for co-operation and technology adoption.

Speaking at the opening ceremony, Secretary for Commerce & Economic Development Algernon Yau urged the trade to make good use of the Government’s support measures to expand their operations and embrace change.

The 2024 Policy Address unveiled a number of initiatives, such as an injection of $1 billion into the BUD Fund (Dedicated Fund on Branding, Upgrading & Domestic Sales), the expansion of E-commerce Easy to cover Association of Southeast Asian Nations markets, and the provision of more targeted funding support for enterprises to implement green transformation projects.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Europe: Voters lacked a genuine choice in Uzbekistan’s technically well-prepared parliamentary elections

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

Headline: Voters lacked a genuine choice in Uzbekistan’s technically well-prepared parliamentary elections

TASHKENT, 28 October 2024 – Uzbekistan’s 27 October parliamentary elections took place amid ongoing reforms, including amendments to the Constitution, but the political environment remained constrained, not providing voters with a genuine choice, international observers said in a preliminary statement released today. Despite the ongoing reforms, fundamental freedoms remain disproportionally limited both by legislation and in practice, the statement says.
“These elections were held under a new mixed electoral system, reflecting significant constitutional amendments and a revised electoral code as part of Uzbekistan’s ongoing reform efforts,” said Mr. Azay Guliyev, Special Co-ordinator and leader of the OSCE short-term observers. “While these reforms represent progress in enhancing human rights provisions, significant challenges remain in the realization of fundamental freedoms, particularly the rights to association, peaceful assembly and freedom of expression.”
While the election-related laws have gradually evolved and the elections were technically well-prepared, significant challenges in meeting international standards persist in such areas as political party registration, the right to stand, campaign finance transparency, citizen observation, and the publication of polling station results.
All five registered political parties were able to campaign freely and with legally enforced equal conditions, but their campaigns were low-key and devoid of real challenges to the policies of the ruling party or to each other. Media coverage was limited by restrictions on free expression, resulting in minimal access for voters to diverse viewpoints. Positively, women were well represented among candidates and in election administration.
“In a landscape where the five registered parties share a common support for government policies, voters were not presented with genuine alternatives. This further highlights a need to foster a more dynamic and competitive political environment to truly represent citizens’ voices,” said Sargis Khandanyan, Head of the OSCE PA delegation. “At the same time, the increased gender quota for parliamentary candidates marks a positive development. We are hopeful that this will further boost women’s participation in public and political life in line with OSCE commitments.”
The changes to election-related laws include a revised electoral system, new party list registration rules, modified rules on election management bodies, and an increased gender quota, but the relatively short timeframe for implementing these changes raised questions about compliance with international good practices.
The country’s media-related laws contain broad and insufficiently defined provisions, including on religious extremism, disturbances of public order and false information and, as such, do not provide legal clarity and unduly restrict the right to freedom of expression. Defamation and insult remain criminalized, while imprisonment is still foreseen for public slander and insulting the president. In addition, undue external interference on media editorial freedom and a limited advertising market stifle open discussion and independent journalism, and result in reported widespread self-censorship. State-owned broadcast and print media provided free airtime and space for contestants in line with the law. Private television channels organized election debates, but provided only limited news coverage and virtually no analysis of the campaign.
Election preparations at all levels were administered efficiently, and the Central Election Commission held regular live-streamed sessions and swiftly published its decisions, contributing to transparency. Despite previous ODIHR recommendations, the independence of lower-level election commissions remained negatively affected by the prominent role of Mahallas, which are local self-governing bodies closely aligned with state and local administration in various aspects of the electoral process.
Election day was calm and orderly, but marred by numerous cases of identified violations and malfeasance, as well as procedural and technical problems. Important safeguards were repeatedly disregarded during voting, counting and tabulation, challenging the integrity of the process and undermining transparency.
“Uzbekistan’s authorities have partially addressed some prior ODIHR recommendations through recent legislative changes,” said Douglas Wake, Head of the Election Observation Mission from the OSCE Office for Democratic Institutions and Human Rights. “Nevertheless, given the problems that our observers identified in yesterday’s voting, counting and tabulation, much more must be done to enhance transparency and confidence in the officially announced turnout and results. ODIHR looks forward to further co-operation with Uzbekistan’s authorities, including on the recommendations that will come in our final report.”
A total of 875 candidates were registered from the five registered political parties. The laws retain burdensome requirements for party registration, as well as broad legal grounds for denying registration and the suspension of party activities. The legal framework also does not allow for independent candidates, thus limiting pluralism and political competition.
For these elections, the gender quota for women was increased from 30 to 40 per cent. Women hold 47 of the 150 seats in the outgoing Legislative Chamber and comprised 45 per cent of candidates. Furthermore, the Speaker of the Senate, one of seven Deputy Speakers of the Legislative Chamber, and one of four Deputy Prime Ministers are women. Despite ongoing efforts to increase women’s participation in public and political life, however, women remain underrepresented in decision-making positions. Only two out of 27 ministers and three out of 12 members of the Supreme Judicial Council are women. All regional governors (Hokims) are men.
The regulations for campaign finance lack clarity and do not facilitate transparency, not providing for effective oversight and public scrutiny. Funding for campaign purposes is allocated exclusively from the state budget, and only to registered political parties with an approved list of candidates.
International organizations, political parties, Mahallas and accredited media are entitled to observe elections. The CEC registered 851 international observers. Despite previous ODIHR recommendations, the legislation does not contain provisions for citizen election observers.
For further information, contact:
Thomas Rymer, press adviser, ODIHR election observation mission, thomas.rymer@odihr-uzbekistan.org
Anzhelika Ivanishcheva, media officer, OSCE PA, anzhelika.ivanishcheva@oscepa.dk

MIL OSI Europe News –

January 25, 2025
MIL-OSI: Bitfarms Appoints Rachel Silverstein as U.S. General Counsel

Source: GlobeNewswire (MIL-OSI)

This news release constitutes a “designated news release” for the purposes of the Company’s prospectus supplement dated March 8, 2024, to its short form base shelf prospectus dated November 10, 2023.

TORONTO, Ontario and BROSSARD, Québec, Oct. 28, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF), a global leader in vertically integrated Bitcoin data center operations, today announced that it has appointed Rachel Silverstein as U.S. General Counsel, a newly created role, effective November 1, 2024.

Ms. Silverstein has been a practicing attorney for over 16 years and is one of the most experienced Bitcoin mining-focused attorneys in the U.S., having served as lead counsel on well over a gigawatt worth of Bitcoin mining transactions across multiple states and countries. She is the co-founder of Firm 21m, a law firm dedicated to representing primarily Bitcoin miners, energy companies, investors and data center builders in all manner of commercial transactions, mergers and acquisitions, strategic financings, energy supply agreements and hosting agreements. Prior to founding the firm, Ms. Silverstein held the positions of General Counsel at CleanSpark, Inc. from 2020 to 2023, and Corporate Counsel at Zappos, among others. She earned a bachelor’s degree from The George Washington University and a juris doctorate degree from William S. Boyd School of Law, University of Nevada-Las Vegas.

“We continue to strengthen the Bitfarms team and are thrilled to have a thought leader like Rachel join our team,” stated Ben Gagnon, Chief Executive Officer. “Internalizing this function will drive improved operating efficiencies, further enhance our corporate governance and reduce legal expenses. Rachel’s extensive expertise and proven track record with Bitcoin miners and data center builders will be invaluable as we continue to scale in the U.S. We look forward to her contributions as we continue to execute on our strategic initiatives and create further shareholder value.”

Ms. Silverstein stated, “Ben and the management team at Bitfarms are passionate, thoughtful and innovative leaders, and I am honored and excited to join the Company during such a pivotal time of growth. The Company has a compelling strategic vision, and I intend to leverage my industry acumen, deal-closing experience and operations-centric focus to execute on that vision with clarity, diligence and efficiency.”

About Bitfarms Ltd.

Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

Bitfarms currently has 12 operating Bitcoin data centers and two under development situated in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

To learn more about Bitfarms’ events, developments, and online communities:

www.bitfarms.com
https://www.facebook.com/bitfarms/
https://twitter.com/Bitfarms_io
https://www.instagram.com/bitfarms/
https://www.linkedin.com/company/bitfarms/

Forward-Looking Statements

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding projected growth and expansion, and other statements regarding future plans and objectives of Bitfarms, improved operating efficiencies, financial performance and cost savings in general, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to: the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine Bitcoin is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024. Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms undertakes no obligation to revise or update any forward-looking information other than as required by law. Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Investor Relations Contact:

Bitfarms
Tracy Krumme
SVP, Head of IR & Corp. Comms.
+1 786-671-5638
tkrumme@bitfarms.com

Media Contact:

Québec: Tact
Louis-Martin Leclerc
+1 418-693-2425
lmleclerc@tactconseil.ca

The MIL Network –

January 25, 2025

MIL-OSI: International Petroleum Corporation Announces Results of Normal Course Issuer Bid

Source: GlobeNewswire (MIL-OSI)

International Petroleum Corporation (IPC or the Corporation) (TSX, Nasdaq Stockholm: IPCO) is pleased to announce that IPC repurchased a total of 111,400 IPC common shares (ISIN: CA46016U1084) during the period of October 21 to 25, 2024 under IPC’s normal course issuer bid / share repurchase program (NCIB).

IPC’s NCIB, announced on December 1, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (TSX) and Nasdaq Stockholm and applicable Canadian and Swedish securities laws.

During the period of October 21 to 25, 2024, IPC repurchased a total of 87,500 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC.

For more information regarding transactions under the NCIB in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of October 21 to 25, 2024, see the following link to Nasdaq Stockholm’s website:

www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

A detailed breakdown of the transactions conducted on Nasdaq Stockholm during the period of October 21 to 25, 2024 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation is available with this press release on IPC’s website: www.international-petroleum.com/news-and-media/press-releases.

During the same period, IPC purchased a total of 23,900 IPC common shares on the TSX. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC.

All common shares repurchased by IPC under the NCIB will be cancelled. As at October 25, 2024, the total number of issued and outstanding IPC common shares is 120,751,038 with voting rights and IPC holds 484,000 common shares in treasury.

Since December 5, 2023 up to and including October 25, 2024, a total of 7,957,782 IPC common shares have been repurchased under the NCIB through the facilities of the TSX and Nasdaq Stockholm. A maximum of 8,342,119 IPC common shares may be repurchased over the period of twelve months commencing December 5, 2023 and ending December 4, 2024, or until such earlier date as the NCIB is completed or terminated by IPC.

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

For further information, please contact:

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

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

This information is information that International Petroleum Corporation is required to make public pursuant to the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the contact persons set out above, at 12:15 CET on October 28, 2024.

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

All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements with respect to: the ability and willingness of IPC to continue the NCIB, including the number of common shares to be acquired and cancelled and the timing of such purchases and cancellations; and the return of value to IPC’s shareholders as a result of any common share repurchases.

The forward-looking statements are based on certain key expectations and assumptions made by IPC, including expectations and assumptions concerning: prevailing commodity prices and currency exchange rates; applicable royalty rates and tax laws; interest rates; future well production rates and reserve and contingent resource volumes; operating costs; our ability to maintain our existing credit ratings; our ability to achieve our performance targets; the timing of receipt of regulatory approvals; the performance of existing wells; the success obtained in drilling new wells; anticipated timing and results of capital expenditures; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the successful completion of acquisitions and dispositions and that we will be able to implement our standards, controls, procedures and policies in respect of any acquisitions and realize the expected synergies on the anticipated timeline or at all; the benefits of acquisitions; the state of the economy and the exploration and production business in the jurisdictions in which IPC operates and globally; the availability and cost of financing, labour and services; our intention to complete share repurchases under our normal course issuer bid program, including the funding of such share repurchases, existing and future market conditions, including with respect to the price of our common shares, and compliance with respect to applicable limitations under securities laws and regulations and stock exchange policies; and the ability to market crude oil, natural gas and natural gas liquids successfully.

Although IPC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because IPC can give no assurances that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to: general global economic, market and business conditions; the risks associated with the oil and gas industry in general such as operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to reserves, resources, production, revenues, costs and expenses; health, safety and environmental risks; commodity price fluctuations; interest rate and exchange rate fluctuations; marketing and transportation; loss of markets; environmental and climate-related risks; competition; innovation and cybersecurity risks related to our systems, including our costs of addressing or mitigating such risks; the ability to attract, engage and retain skilled employees; incorrect assessment of the value of acquisitions; failure to complete or realize the anticipated benefits of acquisitions or dispositions; the ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; geopolitical conflicts, including the war between Ukraine and Russia and the conflict in the Middle East, and their potential impact on, among other things, global market conditions; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive.

Additional information on these and other factors that could affect IPC, or its operations or financial results, are included in IPC’s annual information form for the year ended December 31, 2023 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein), in the management’s discussion and analysis (MD&A) for the three and six months ended June 30, 2024 (See “Cautionary Statement Regarding Forward-Looking Information”, “Risks Factors” and “Reserves and Resources Advisory” therein) and other reports on file with applicable securities regulatory authorities, including previous financial reports, management’s discussion and analysis and material change reports, which may be accessed through the SEDAR+ website (www.sedarplus.ca) or IPC’s website (www.international-petroleum.com).

Attachment

IPC PR Buyback results period of October 21 to 25 2024 28-10-24

The MIL Network –

January 25, 2025

MIL-OSI Africa: Afreximbank Announces Investment Conference in Kisumu, Kenya to Strengthen Sub-Sovereign Participation in Intra-African Trade

Source: Africa Press Organisation – English (2) – Report:

CAIRO, Egypt, October 28, 2024/APO Group/ —

In a bid to strengthen the role of Africa’s sub-sovereign governments in driving intra-African trade and investment, and the successful implementation of the African Continental Free Trade Area (AfCFTA), African Export-Import Bank (Afreximbank) (www.Afreximbank.com), in collaboration with the County Government of Kisumu and the United Cities and Local Governments of Africa (UCLG Africa) is organising the fourth edition of the African Sub-Sovereign Governments Network (AfSNET) Conference.

The Conference will take place in Kisumu City, Kenya, from 25 to 27 November, under the theme ‘Leveraging the AfCFTA for Sustainable Trade and Investment: A Development Pathway for African Sub-Sovereigns.’ A key feature of the event will be an exhibition aimed at promoting trade at a local level, to be preceded by an investment promotion training on the first day.

One of the key objectives of the conference is to foster greater collaboration in promoting trade, development and investment initiatives among African sub-sovereigns, aligned with AfCFTA’s goals.

Mrs. Kanayo Awani, Executive Vice President Intra African Trade and Export Development, Afreximbank who will be speaking at the Investment Conference noted:

“Afreximbank partnered with the Forum of Regions of Africa (FORAF), an organ of the UCLG Africa under the AfSNET initiative to ensure its products and interventions for trade and investment promotion are accessible both at the local and sub-sovereign level. This resulted in the announcement of US$ 2 billion in financing to tackle the pressing financing challenges faced by sub-sovereigns and businesses.”

Mrs. Awani explained that Afreximbank will be leveraging the successes of the third AfSNET Investment Conference held during the Intra Africa Trade Fair (IATF2023) in

Cairo, Egypt offering sub-sovereign governments the opportunity to showcase investment projects to potential investors and financiers, further strengthening the Bank’s commitment to facilitating impactful investments across the continent.

While inviting delegates to participate in the forum, Kisumu County Governor H.E. Prof. Peter Anyang’ Nyong’o said:

“Africa’s economic renaissance is hinged on unbridling the developmental capacity of local governments and increasing decentralization. Despite the gains made in decentralization in recent decades, African local governments still have low administrative and fiscal capacity to realize the much-needed local economic development. AfSNET, an innovative tool of the Afreximbank, therefore comes in handy to bridge that gap and allow sub sovereigns to accelerate and improve the quality of economic growth in Africa. Its vision aligns with the aspirations of the African Sub Sovereigns umbrella organisation UCLG Africa to support decentralised governments access and participation in continental and international financial markets while also supporting the development of their fiscal capacities. As the Governor of Kisumu, it gives me great pleasure to warmly invite all the delegates to come and interact and share in the social and cultural passion of Kisumu and to experience our boundless economic opportunities.”

Mr. Jean Pierre Elong Mbassi, Secretary General, United Cities and Local Governments of Africa while outlining UCLG’s mandate remarked:

“Among the mandates of UCLG Africa is to assist its members to attract investments in sub-national and local governments so as to improve the living conditions of the populations, economic activities and businesses established within their territories. UCLG Africa supports its members in adopting local economic development policies and strategies that investment plans derive from, and that gives impetus to public and private business development.”

The fourth AfSNET conference will provide Kisumu County Government and the Lake Victoria region economic block an opportunity to present their development strategies and projects for consideration to investors attending the Conference.

The inaugural AfSNET conference, held in Durban, South Africa, on the margins of the second Intra-African Trade Fair (IATF2021) in 2021, attracted more than 80 delegates while the second, organised in collaboration with the Nigeria Governors’ Forum in Abuja in September 2022, drew more than 150 delegates.

The third conference, co-hosted with UCLG Africa in November 2023 on the sidelines IATF2023 in Cairo, had more than 250 participants and resulted in deals valued at more than USD$1.5 billion being signed.

AfSNET was established by Afreximbank as a platform for promoting intra-African trade and investment, educational and cultural exchanges and the fostering of effective engagement among sub-sovereigns in Africa’s development and prosperity in the context of the AfCFTA.

MIL OSI Africa –

January 25, 2025
MIL-OSI Russia: SUM will act as a partner of the International Forum “World Quality Day – 2024”

Translation. Region: Russian Federation –

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

From November 11 to 15, the International Forum “World Quality Day 2024” will be held, with the State University of Management as a partner.

The International Forum “World Quality Day” will be held for the fifth time. The event is held as part of the Quality Week, dedicated to World Quality Day, which this year falls on November 14.

The forum will be held in two formats – in-person and hybrid. Offline events are planned in Moscow, St. Petersburg, Ufa, Sochi. Everyone who registers on the forum website will be able to watch the online broadcast of the sessions, and later the recording.

In 2023, 60 sessions were held as part of the business program. They were attended by 437 speakers from 16 countries. The broadcast of the business program was watched by over 3 million people from 65 countries.

As in previous years, the business program will feature leading experts from various sectors of the economy, representatives of federal and regional authorities, businesses and public organizations. Participants will exchange experiences in improving quality standards, implementing innovative management methods and sustainable development practices, and discuss quality infrastructure and industry development vectors.

Traditionally, the main event of the forum will be the plenary session “Development Horizons” with the participation of representatives of government bodies. The participation of the First Deputy Chairman of the Government of the Russian Federation Denis Manturov, the Minister of Industry and Trade of the Russian Federation Anton Alikhanov, the Minister of Health of the Russian Federation Mikhail Murashko, the State Secretary – Deputy Minister of Economic Development of the Russian Federation Alexey Khersontsev and others is expected. The experts will discuss key tasks and update the priorities that the state faces until the end of the decade and beyond.

The business program will include sessions on business excellence, food safety, tourism, retail, HR, finance, business and much more. You can view the full program and register for events on the official forum website.

Two sessions of the business program will be held at the State University of Management: – November 14, 12:00-13:30 – Session “New Horizons for the Development of the Labor Market in the Russian Federation”; – November 14, 14:00-15:30 – Session “Assessment of Management Quality: Approaches, Methods, Tools, Personnel”.

The forum is held by the Ministry of Industry and Trade of Russia, the Ministry of Economic Development of Russia, Roskachestvo, Rosstandart and Rosaccreditation with the support of the Chamber of Commerce and Industry of the Russian Federation and other organizations.

The Forum partners are the Russian Society “Knowledge”, PAO Promsvyazbank (PSB), the State University of Management, Plekhanov Russian University of Economics, ROSBIOTECH, the Financial University under the Government of the Russian Federation, RUDN University and other universities and organizations.

Subscribe to the tg channel “Our State University” Announcement date: 10/28/2024

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

MIL OSI Russia News –

January 25, 2025

Category: Trade

Concentrating on competition in agriculture

Digging in

Seeds of doubt

Sour competition grapes

Competition beef

Super concentrated

Food and Grocery Code of Conduct

Supermarket inquiry

CHOICE retail reports

Other measures

Strengthening protections against unfair contract terms

Fertiliser

Potatoes

Stronger laws

The most significant merger reforms in decades

Revitalising National Competition Policy

Trade opportunities

Closing remarks

References

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

Introduction

Schedule 1 – Privacy Act amendments

Children’s privacy

Information-sharing declarations after data breaches and emergencies

Overseas data flows

Enforcement

Automated decision making

Schedule 2 – statutory tort for serious invasions of privacy

Schedule 3 – doxxing criminal offences

Conclusion

New details on other financial institutions and the financing of other sectors

Chart 1

Total euro area economy

Chart 2

Households

Table 1

Chart 3

Non-financial corporations

Table 2

Notes

Acknowledgments omitted

The age of AI

AI Regulation

Law reform in the age of AI

International developments

AI regulation in Australia

Attorney-General’s Department – AI law reform

Privacy reforms

Copyright and AI

Automated decision-making

Cybercrime and technology-facilitated abuse

Conclusion

Marching Towards Atmanirbharta: India’s Defence RevolutionDomestic production hit ₹1.27 lakh crore in FY 2023-24, with exports growing 30x in a decade

82nd Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projectsNPG assesses Rail and Road projects

New details on other financial institutions and the financing of other sectors

Chart 1

Total euro area economy

Chart 2

Households

Table 1

Chart 3

Non-financial corporations

Interview with Luis de Guindos, Vice-President of the ECB, conducted by Domenico Conti

Press contact

About the humanitarian support package

Business & Trade Secretary Jonathan Reynolds said:

Sarah Cardell, CEO of the Competition and Markets Authority, said:

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Updates to this page

Marching Towards Atmanirbharta: India’s Defence Revolution

Domestic production hit ₹1.27 lakh crore in FY 2023-24, with exports growing 30x in a decade

82nd Meeting of Network Planning Group under PM GatiShakti evaluates key Infrastructure projects

NPG assesses Rail and Road projects