NewzIntel.com

Category: Trade

  • MIL-OSI Canada: Manitoba Government Expands NFI to Create Low Carbon Jobs

    Source: Government of Canada regional news

    October 25, 2024

    Manitoba Government Expands NFI to Create Low Carbon Jobs

    – – –
    Investment in NFI Group Will Create Good Jobs for Manitobans: Premier

    The Manitoba government is investing in the clean energy economy by supporting the creation of hundreds of new low-carbon, blue-collar jobs through NFI Group Inc.’s All-Canadian Build expansion in Winnipeg, Premier Wab Kinew and Economic Development, Investment, Trade and Natural Resources Minister Jamie Moses announced today. 

    “This project is about putting a ‘Made in Canada’ stamp on the low-carbon economy,” said Kinew. “Here in Manitoba, blue-collar workers are part of the transition to a net zero future and it’s companies like NFI that are leading the charge. We’re pleased to partner with the federal government to get this All-Canadian Build facility done so we can continue to put Manitoba at the cutting edge of zero emission transportation technology.” 

    A leading provider of zero-emission buses and coaches, NFI’s global headquarters in Winnipeg employs nearly 3,000 Manitobans, noted the premier. The $23.4-million investment from the Manitoba government will support NFI’s plans to establish an All-Canadian Build facility while creating 250 direct jobs in Winnipeg and hundreds more indirect jobs. The facility will expand production capacity and have the ability to manufacture, finish and service zero-emissions buses for the Canadian market. 

    “NFI is the leader in North America’s evolution to zero-emission buses and coaches,” said Moses. “Investing in this new facility will create good jobs for Manitobans in electric transit manufacturing while reducing emissions.” 

    NFI will be co-investing in the project alongside the Manitoba government and the federal government through Prairies Economic Development Canada (PrairiesCan) Business Scale-up and Productivity program. 

    “This is a significant step forward by NFI Group,” said federal Northern Affairs Minister Dan Vandal, minister responsible for Prairies Economic Development Canada (PrairiesCan). “Increasing manufacturing capacity in the zero-emission heavy-duty vehicle sector is good news for Canada and solidifies Manitoba’s leadership in this field. This project is an example of collaboration under the Green Prairie Economy Framework to deliver solutions to build a strong and sustainable economy across the Prairies.” 

    Demand for zero-emission transit buses in NFI’s core markets is at record levels, driven by the transition of transit fleets to battery-electric, fuel cell-electric and trolley-electric buses in Canada’s major cities to meet national emission reduction goals, noted the premier. 

    “Today’s announcement is a major milestone for NFI as it allows us to complete full buses in Canada for the first time in over twenty years,” said Paul Soubry, president and CEO, NFI. “I would like to thank our partners at the Province of Manitoba and PrairiesCan for their commitment and financial support that will help enhance Manitoba’s green economy. These funds will be strategically invested alongside our own capital to expand our production capacity and increase our zero-emissions transit bus offerings, which will create new jobs and help create more livable North American communities.” 

    Facility construction is expected to be complete by the end of 2025 with construction activities starting in 2024, added the premier.  

    – 30 –

    MIL OSI Canada News –

  • MIL-OSI Security: Foreign National Convicted of Conspiring to Export US-Made Drill Rigs to Iran in Violation of US Sanctions Laws

    Source: Office of United States Attorneys

    A federal jury convicted Brian Assi, also known as Brahim Assi, yesterday of conspiring to violate the International Emergency Economic Powers Act (IEEPA) and the Iranian Transactions and Sanctions Regulations (ITSR), attempted unlawful export of goods from the United States to Iran without a license, attempted smuggling goods from the United States, submitting false or misleading export information, and conspiracy to commit money laundering.

    “The defendant schemed to unlawfully export U.S.-origin mining drills to Iran, while deceiving his employer into believing that they were being sent to Iraq,” said Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division. “This conviction affirms the Justice Department’s resolve to disrupt and hold accountable those who evade our sanctions against Iran, wherever in the world they may be.”

    “As this verdict makes clear, no matter how hard you try to obfuscate your scheme to send restricted U.S. items to Iran, we will work tirelessly to bring your conduct to light and ensure you face justice,” said Assistant Secretary for Export Enforcement Matthew S. Axelrod of the Department of Commerce, Bureau of Industry and Security (BIS). “We take action whenever we uncover attempts to evade our sanctions, especially when those efforts are designed to support adversaries like Iran.”

    “Efforts to conceal impermissible transactions and circumvent imposed sanctions represent a threat to both the United States economic and national security interests,” said U.S. Attorney Jason R. Coody for the Northern District of Florida. “Today’s verdict demonstrates our collective resolve to hold those who violate regulatory restrictions accountable for their criminal conduct.”

    According to evidence presented at trial, Assi was a Middle East-based salesman of a multinational heavy machinery manufacturer with a U.S.-based subsidiary and production plant located in northern Florida. Assi conspired with individuals affiliated with Sakht Abzar Pars Co. (SAP-Iran), based in Tehran, Iran, to export U.S.-made heavy machinery indirectly to Iran without first obtaining the required licenses from the Office of Foreign Assets Control (OFAC).

    Assi and his Iranian co-conspirators orchestrated the scheme by locating an Iraq-based distributor to serve as the forward-facing purchaser of two U.S.-origin blasthole drills from the U.S. subsidiary of Assi’s employer. The drills are a type of heavy machinery used to create holes in the ground that are then filled with controlled explosives for mining.

    Assi facilitated the sale of the drills and attempted to export them to Iran and used freight forwarding companies to ship the heavy equipment from the U.S. to Turkey. In doing so, Assi concealed any Iranian involvement in the transaction from his employer, claiming the drills were ultimately destined for use in Iraq. But in truth, Assi intended for his Iranian co-conspirators to transship or reexport those items from Turkey to Iran, in circumvention of U.S. export control and sanctions laws.

    In furtherance of the conspiracy, Assi concealed his activities with his Iranian co-conspirators by causing false information to be entered into the Automated Export System (AES), a U.S.-government database containing information about exports from the United States. The U.S.-based plant hired a U.S. freight forwarder to arrange the drill’s export from the United States to Iraq. As part of the shipping process, the freight forwarder submitted information to AES about the shipment, including the ultimate consignee’s name and the ultimate delivery destination. Assi misled his employer by claiming that the Iraqi distributor was the ultimate consignee, and that the ultimate delivery destination was Iraq. In fact, Assi knew that his coconspirators in Iran were the true intended recipients, and Iran was the ultimate intended delivery destination.

    In furtherance of the illicit transaction, Assi and his coconspirators caused the transfer of approximately $2.7 million from Turkey to pass through the United States.

    Sentencing for Brian Assi is scheduled for Jan. 7, 2025.

    The BIS is investigating the case.

    Assistant U.S. Attorneys Andrew J. Grogan and Harley W. Ferguson for the Northern District of Florida and Trial Attorney Ahmed Almudallal of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI USA: Foreign National Convicted of Conspiring to Export US-Made Drill Rigs to Iran in Violation of US Sanctions Laws

    Source: US State of California

    A federal jury convicted Brian Assi, also known as Brahim Assi, yesterday of conspiring to violate the International Emergency Economic Powers Act (IEEPA) and the Iranian Transactions and Sanctions Regulations (ITSR), attempted unlawful export of goods from the United States to Iran without a license, attempted smuggling goods from the United States, submitting false or misleading export information, and conspiracy to commit money laundering.

    “The defendant schemed to unlawfully export U.S.-origin mining drills to Iran, while deceiving his employer into believing that they were being sent to Iraq,” said Assistant Attorney General Matthew G. Olsen of the Justice Department’s National Security Division. “This conviction affirms the Justice Department’s resolve to disrupt and hold accountable those who evade our sanctions against Iran, wherever in the world they may be.”

    “As this verdict makes clear, no matter how hard you try to obfuscate your scheme to send restricted U.S. items to Iran, we will work tirelessly to bring your conduct to light and ensure you face justice,” said Assistant Secretary for Export Enforcement Matthew S. Axelrod of the Department of Commerce, Bureau of Industry and Security (BIS). “We take action whenever we uncover attempts to evade our sanctions, especially when those efforts are designed to support adversaries like Iran.”

    “Efforts to conceal impermissible transactions and circumvent imposed sanctions represent a threat to both the United States economic and national security interests,” said U.S. Attorney Jason R. Coody for the Northern District of Florida. “Today’s verdict demonstrates our collective resolve to hold those who violate regulatory restrictions accountable for their criminal conduct.”

    According to evidence presented at trial, Assi was a Middle East-based salesman of a multinational heavy machinery manufacturer with a U.S.-based subsidiary and production plant located in northern Florida. Assi conspired with individuals affiliated with Sakht Abzar Pars Co. (SAP-Iran), based in Tehran, Iran, to export U.S.-made heavy machinery indirectly to Iran without first obtaining the required licenses from the Office of Foreign Assets Control (OFAC).

    Assi and his Iranian co-conspirators orchestrated the scheme by locating an Iraq-based distributor to serve as the forward-facing purchaser of two U.S.-origin blasthole drills from the U.S. subsidiary of Assi’s employer. The drills are a type of heavy machinery used to create holes in the ground that are then filled with controlled explosives for mining.

    Assi facilitated the sale of the drills and attempted to export them to Iran and used freight forwarding companies to ship the heavy equipment from the U.S. to Turkey. In doing so, Assi concealed any Iranian involvement in the transaction from his employer, claiming the drills were ultimately destined for use in Iraq. But in truth, Assi intended for his Iranian co-conspirators to transship or reexport those items from Turkey to Iran, in circumvention of U.S. export control and sanctions laws.

    In furtherance of the conspiracy, Assi concealed his activities with his Iranian co-conspirators by causing false information to be entered into the Automated Export System (AES), a U.S.-government database containing information about exports from the United States. The U.S.-based plant hired a U.S. freight forwarder to arrange the drill’s export from the United States to Iraq. As part of the shipping process, the freight forwarder submitted information to AES about the shipment, including the ultimate consignee’s name and the ultimate delivery destination. Assi misled his employer by claiming that the Iraqi distributor was the ultimate consignee, and that the ultimate delivery destination was Iraq. In fact, Assi knew that his coconspirators in Iran were the true intended recipients, and Iran was the ultimate intended delivery destination.

    In furtherance of the illicit transaction, Assi and his coconspirators caused the transfer of approximately $2.7 million from Turkey to pass through the United States.

    Sentencing for Brian Assi is scheduled for Jan. 7, 2025.

    The BIS is investigating the case.

    Assistant U.S. Attorneys Andrew J. Grogan and Harley W. Ferguson for the Northern District of Florida and Trial Attorney Ahmed Almudallal of the National Security Division’s Counterintelligence and Export Control Section are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Russia: Chair’s Statement Fiftieth Meeting of the IMFC – Mr. Mohammed Aljadaan, Minister for Finance of Saudi Arabia

    Source: IMF – News in Russian

    October 25, 2024

    In the context of the Fiftieth Meeting of the IMFC that took place in Washington, D.C. on 24th and 25th October, several IMFC members discussed the global macroeconomic and financial impact of current wars and conflicts, including with regard to Russia, Ukraine, Israel, Gaza, Lebanon, and in other places. IMFC members underscored that all states must act in a manner consistent with the Purposes and Principles of the UN Charter in its entirety. They acknowledged, however, that the IMFC is not a forum to resolve geopolitical and security issues which are discussed in other fora.

     

    ****

    IMFC members agreed on the following text:

     

    Securing a soft landing and breaking from the current low growth-high debt path are the policy priorities for the global economy. We welcome the IMF’s efforts to enhance its surveillance, lending toolkit, and capacity development, and become more representative. Looking ahead, we remain committed to multilateral cooperation to promote global prosperity and address shared challenges.

     

    1. The global economy has moved closer to a soft landing. Economic activity has proven resilient, with global growth steady and inflation continuing to moderate. However, this masks important divergences across countries. Uncertainty remains significant and some downside risks have increased. Ongoing wars and conflicts continue to impose a heavy burden on the global economy. Medium-term growth prospects remain weak, and global public debt has reached record highs.
    1. We will work to further secure a soft landing while stepping up our reform efforts to shift away from a low growth-high debt path and address other medium-term challenges. Fiscal policy should pivot toward consolidation, where needed, to ensure debt sustainability and rebuild buffers. Consolidation should be underpinned by credible medium-term plans and institutional frameworks while protecting the vulnerable and supporting growth-enhancing public and private investments. Monetary policy must ensure inflation returns durably to target, consistent with central bank mandates, remain data-dependent, and be well communicated. Financial sector authorities should continue to closely monitor risks in banks and non-banks, including from property markets. We will continue to enhance financial regulation and supervision, including via timely finalization and implementation of internationally agreed reforms, and harness the benefits of financial and technological innovation, while mitigating the risks. We will pursue well-calibrated and sequenced growth-enhancing structural reforms to ease binding constraints to economic activity, boost productivity, increase labor market participation, promote social cohesion, and support the climate and digital transitions.
    1. We remain committed to international cooperation to improve the resilience of the global economy and build prosperity, while ensuring the smooth functioning of the international monetary system. We reiterate our commitments on exchange rates, addressing excessive global imbalances, and our statement on the rules-based multilateral trading system, as made in April 2021, and reaffirm our commitment to avoid protectionist measures.
    1. We will continue to support countries as they undertake reforms and address debt vulnerabilities and liquidity challenges. We welcome the progress made on debt treatments under the G20 Common Framework (CF) and beyond. We remain committed to addressing global debt vulnerabilities in an effective, comprehensive, and systematic manner, including stepping up the CF’s implementation in a predictable, timely, orderly, and coordinated manner, and enhancing debt transparency. We look forward to further work at the Global Sovereign Debt Roundtable on ways to address debt vulnerabilities and restructuring challenges. We encourage the IMF and the World Bank to develop further their proposal to support countries with sustainable debt but experiencing liquidity challenges.
    1. We welcome the policy priorities set out in the Managing Director’s Global Policy Agenda, and welcome the start of Ms. Kristalina Georgieva’s second five-year term as Managing Director.
    1. We support the IMF’s surveillance focus on country-tailored advice to help members assess risks, bolster policy and institutional frameworks, and calibrate macrofinancial and macrostructural policies to enhance resilience, ensure debt sustainability, and boost inclusive and sustainable growth. We look forward to the Comprehensive Surveillance Review that will set future surveillance priorities.
    1. We welcome the recent reforms to the lending toolkit. We welcome the completion of the review of PRGT facilities and financing that aims to bolster the IMF’s capacity to support low-income countries in addressing their balance of payments needs, mindful of their vulnerabilities, while restoring the self-sustainability of the Trust. We welcome the Review of Charges and the Surcharge Policy, which will alleviate the financial cost of Fund lending for borrowing countries, while preserving their intended incentives and safeguarding the Fund’s financial soundness. We welcome the enhanced cooperation with the World Bank on climate action, and with the World Bank and the World Health Organization on pandemic preparedness, which will further enhance the effectiveness of IMF support through the Resilience and Sustainability Trust (RST). We look forward to the Review of the GRA Access Limits, the Review of Program Design and Conditionality, the Review of the Short-term Liquidity Line, and the comprehensive Review of the RST. We continue to invite countries to explore voluntary channeling of SDRs, including through MDBs, where legally possible, while preserving their reserve asset status.
    1. We support the IMF’s efforts to strengthen capacity development and to secure appropriate financing. We welcome the ongoing work with the World Bank on the Domestic Resource Mobilization Initiative.
    1. We reaffirm our commitment to a strong, quota-based, and adequately resourced IMF at the center of the global financial safety net. We have secured, or are working to secure, domestic approvals for our consent to the quota increase under the 16th General Review of Quotas (GRQ) by mid-November this year, as well as relevant adjustments under the New Arrangements to Borrow (NAB). As a safeguard to preserve the Fund’s lending capacity in case of a delay in securing timely consent to the quota increase, creditors for Bilateral Borrowing Agreements are working to secure approvals for transitional arrangements for maintaining IMF access to bilateral borrowing. We acknowledge the urgency and importance of realignment in quota shares to better reflect members’ relative positions in the world economy, while protecting the quota shares of the poorest members. We welcome the Executive Board’s ongoing work to develop by June 2025 possible approaches as a guide for further quota realignment, including through a new quota formula, under the 17th
    1. We welcome the new 25th chair on the Executive Board for Sub-Saharan Africa, strengthening the voice and representation of the region. We also welcome Liechtenstein as a new member. We appreciate staff’s high-quality work and dedication to support the membership. We encourage further efforts to improve staff diversity and inclusion. We reiterate our commitment to strengthen gender diversity at the Executive Board and will continue to work to achieve the voluntary objectives to increase the number of women in Board leadership positions.
    1. We reiterate our strong commitment to the Fund on its 80th anniversary and look forward to further discussing at our next meeting ways to ensure the Fund remains well-equipped to meet future challenges, in line with its mandate, and in collaboration with partners and other IFIs. We ask our Deputies to prepare for this discussion.
    1. Our next meeting is expected to be held in April 2025.

    Chair

    Mohammed Aljadaan, Minister of Finance, Saudi Arabia

    Managing Director

    Kristalina Georgieva

    Members or Alternates

     

    Ayman Alsayari, Governor of the Saudi Central Bank, Saudi Arabia (Alternate for Mohammed Aljadaan, Minister of Finance, Saudi Arabia)

    Mohammed bin Hadi Al Hussaini, Minister of State for Financial Affairs, United Arab Emirates

    Antoine Armand, Minister of Economy, Finance, and Industry, France

    Luis Caputo, Minister of Economy, Argentina

    Jim Chalmers, Treasurer of Australia

    Carlos Cuerpo, Minister of Economy, Trade and Enterprise, Spain

    Chrystia Freeland, Deputy Prime Minister and Minister of Finance, Canada

    Giancarlo Giorgetti, Minister of Economy and Finance, Italy

    Fernando Haddad, Minister of Finance, Brazil

    Eelco Heinen, Minister of Finance, The Netherlands

    Robert Holzmann, Governor of the Austrian National Bank, Austria

    Katsunobu Kato, Minister of Finance, Japan

    Karin Keller-Sutter, Minister of Finance, Switzerland

    Lesetja Kganyago, Governor, South African Reserve Bank, South Africa

    Christian Lindner, Federal Minister of Finance, Germany

    Mays Mouissi, Minister of Economy and Participations, Gabon

    Changneng Xuan, Deputy Governor of the People’s Bank of China (Alternate for Gongsheng Pan, Governor of the People’s Bank of China)

    Rachel Reeves, Chancellor of the Exchequer, H.M. Treasury, United Kingdom

    Ivan Chebeskov, Deputy Minister of Finance, Russian Federation (Alternate for Anton Siluanov, Minister of Finance, Russian Federation)

    Nirmala Sitharaman, Minister of Finance, India

    Sethaput Suthiwartnarueput, Governor, Bank of Thailand

    Salah-Eddine Taleb, Governor, Bank of Algeria

    Trygve Slagsvold Vedum, Minister for Finance, Norway

    Janet Yellen, Secretary of the Treasury, United States

    Observers

    Agustín Carstens, General Manager, Bank for International Settlements (BIS)

    Mohamed bin Hadi Al Hussaini, Chair, Development Committee (DC) and Minister of State for Financial Affairs, United Arab Emirates

    Christine Lagarde, President, European Central Bank (ECB)

    Paolo Gentiloni, Commissioner for Economy, European Commission (EC)

    Klaas Knot, Chair, Financial Stability Board (FSB) and President of De Nederlandsche Bank

    Richard Samans, Director, Research Department, International Labour Organization (ILO)

    Mathias Cormann, Secretary-General, Organisation for Economic Co-operation and Development (OECD)

    Mohannad Alsuwaidan, Economic Analyst, Organization of the Petroleum Exporting Countries (OPEC)

    Ahunna Eziakonwa, Assistant Secretary-General and UNDP Assistant Administrator, United Nations (UN)

    Penelope Hawkins, Officer-in-Charge, Debt and Development Finance Branch, United Nations Conference on Trade and Development (UNCTAD)

    Ajay Banga, President of the World Bank Group, The World Bank (WB)

    Ngozi Okonjo-Iweala, Director-General, World Trade Organization (WTO)

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/25/pr24396-chairs-statement-fiftieth-meeting-of-the-imfc

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI USA: Governor Shapiro Announces Historic Plan to Revitalize Downtown Pittsburgh with Targeted Investments from the Commonwealth, Local Government, the Private Sector, and Philanthropic Organizations

    Source: US State of Pennsylvania

    October 25, 2024 – Pittsburgh, PA

    Governor Shapiro Announces Historic Plan to Revitalize Downtown Pittsburgh with Targeted Investments from the Commonwealth, Local Government, the Private Sector, and Philanthropic Organizations

    Governor Josh Shapiro, Lieutenant Governor Austin Davis, and Department of Community and Economic Development (DCED) Secretary Rick Siger assembled elected officials, corporate leaders, private developers, organized labor, nonprofits, and artists from Pittsburgh to announce a major collective effort to improve Downtown Pittsburgh and revitalize the neighborhood as a thriving center for economic growth, culture, and industry. The Governor announced that nearly $600 million has already been committed toward specific, shovel-ready projects as part of the initial phase of this plan – all of those projects are scheduled to be completed by the end of 2028.

    As part of this effort, the Shapiro Administration is investing $62.6 million and the City of Pittsburgh is committing $22.1 million through the Urban Redevelopment Authority.

    A broad coalition of private sector leaders and regional foundations have committed more than $40 million — and counting — in additional funding for this plan, including partners like BNY; Dollar Bank; Duquesne Light Company; Federated Hermes; FNB Bank; Giant Eagle; Highmark; Pitt Ohio; PNC Bank; PPG Industries; Reed Smith; Buchanan Ingersoll & Rooney PC; K&L Gates; the Buhl Foundation; the Eden Hall Foundation; the Heinz Endowments; the Hillman Foundation; the Jewish Healthcare Foundation; the Pittsburgh Steelers; the Pittsburgh Pirates; and the Pittsburgh Penguins. Those public and nonprofit dollars will help spur an additional $376.9 million in private sector investment from real estate developers Downtown.

    Speakers Include:
    Governor Josh Shapiro
    Lieutenant Governor Austin Davis
    DCED Secretary Rick Siger
    Emmai Alaquiva, Vice Chair of Pennsylvania Council on the Arts
    Allegheny County Executive Sara Innamorato
    Mayor Ed Gainey
    Senator Jay Costa
    Representative Aerion Abney
    David Holmberg, CEO of Highmark Health
    Shawn Fox, President of Oxford Development Company
    Greg Bernarding, Business Manager, Pittsburgh Regional Building Trades Council
    Susheela Nemani-Stanger, Executive Director, Urban Redevelopment Authority of Pittsburgh

    MIL OSI USA News –

  • MIL-OSI USA: Pfluger Leads Effort Demanding Transparency from DOE on LNG Export Ban

    Source: United States House of Representatives – Congressman August Pfluger (TX-11)

    WASHINGTON, D.C. – Congressman August Pfluger (TX-11) led a coalition of 45 lawmakers in sending a letter to Secretary of Energy Jennifer Granholm raising serious concerns about transparency and accountability within the Department of Energy (DOE) regarding the Biden-Harris Administration’s handling of liquefied natural gas (LNG) exports. Pfluger and his colleagues call for answers regarding studies allegedly conducted by the DOE on the economic and environmental impacts of LNG—findings that, according to recent reports, may have been withheld from the public because they highlighted the positive impacts of U.S. LNG on the global energy landscape.

    Since President Biden announced an indefinite ban on LNG export permits to non-free trade agreement (FTA) countries in January 2024, U.S. natural gas export projects have stalled. This decision has not only delayed critical energy investments but has also led to diminished energy security for America and its allies. A federal court recently blocked the LNG export ban, underscoring the lack of legal and factual basis for such a measure and casting doubt on the administration’s justifications.

    “The DOE’s lack of transparency is deeply troubling and has real-world implications for American energy security and global stability,” said Congressman Pfluger. “The American people and our allies deserve to know why the Biden-Harris Administration imposed an unnecessary ban that is hampering U.S. energy exports and ceding ground to foreign competitors. We are calling on Secretary Granholm and the DOE to answer our questions and produce any analysis or reports that justify this decision. The American public has the right to understand the rationale behind these actions and how they impact our economy, national security, and environment.”

    Read the full letter here.

    The letter seeks clarification on whether DOE conducted or received LNG studies 2023 and, if so, why its findings were not made public. The lawmakers also question the administration’s decision to involve the Pacific Northwest National Laboratory (PNNL) in its 2024 review—a move raising concerns about the politicization of LNG export research, as the PNNL traditionally focuses on renewable energy rather than natural gas.

    The letter was cosigned by Representatives Mike Carey (OH-15), Jodey Arrington (TX-19), Carol D. Miller (WV-1), Dan Meuser (PA-9), Randy Weber (TX-14), Jake Ellzey (TX-6), Darrell Issa (CA-48), Troy Balderson (OH-12), Tracey Mann (KS-1), Michael A. Rulli (OH-6), Michael C. Burgess, M.D. (TX-26), Neal Dunn, M.D. (FL-2), Aaron Bean (FL-4), Brett Guthrie (KY-2), Harriet M. Hageman (WY-At-Large), Robert E. Latta (OH-5), Scott Fitzgerald (WI-5), Chuck Fleischmann (TN-3), Andrew Clyde (GA-9), Kay Granger (TX-12), Lloyd Smucker (PA-11), John R. Carter (TX-31), Virginia Foxx (NC-5), Lance Gooden (TX-5), Earl L. “Buddy” Carter (GA-1), Guy Reschenthaler (PA-14), Ralph Norman (SC-5), John Joyce, M.D. (PA-13), Dan Crenshaw (TX-2), Richard Hudson (NC-9), Brian Babin, D.D.S. (TX-36), Pat Fallon (TX-4), Kat Cammack (FL-3), Jay Obernolte (CA-23), Morgan Luttrell (TX-8), Rudy Yakym III (IN-2), Rick W. Allen (GA-12), Don Bacon (NE-2), Josh Brecheen (OK-2), Tim Walberg (MI-5), Russ Fulcher (ID-1), Ronny L. Jackson (TX-13), Michael Guest (MS-3), Mike Kelly (PA-16).

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Joint Statement: 7th India-Germany Inter-Governmental Consultations (IGC)

    Source: Government of India

    Posted On: 25 OCT 2024 8:25PM by PIB Delhi

    Growing Together with Innovation, Mobility and Sustainability

    Prime Minister Narendra Modi and Federal Chancellor Olaf Scholz co-chaired the seventh round of India-Germany Inter-Governmental Consultations (7th IGC) on 25 October 2024 in New Delhi. The Delegation included Ministers of Defence, External Affairs, Commerce & Industries, Labour & Employment, Science & Technology (MoS) and Skill Development (MoS) from the Indian side and Ministers of Economic Affairs & Climate Action, Foreign Affairs, Labour & Social Affairs and Education & Research from the German side along with Parliamentary State Secretaries for Finance; Environment, Nature Conservation, Nuclear Safety and Consumer Protection; and Economic Cooperation and Development from the German side, as well as senior officials from both sides.

    2. Prime Minister Narendra Modi warmly welcomed Chancellor Olaf Scholz on his third visit to India as Chancellor. Both leaders sincerely appreciated the renewed momentum in bilateral engagement across government, industry, civil society and academia that has played an instrumental role in advancing and deepening the Strategic Partnership between India and Germany.

    3. Both leaders emphasised the importance of the Asia-Pacific Conference of German Business (APK), which takes place in New Delhi in parallel to the 7th IGC, in strengthening economic ties and strategic partnerships between Germany, India and the Indo-Pacific region as a whole. The decision to host the 2024 conference in India underscores India’s political weight in the Indo-Pacific and globally.

    4. Under the motto “Growing Together with Innovation, Mobility and Sustainability”, the 7th IGC placed particular emphasis on technology and innovation, labour and talent, migration and mobility, climate action, green and sustainable development as well as economic, defence and strategic cooperation. Both sides agree that the aforementioned domains will be the key drivers of our ever more multi-faceted partnership that spans trade, investment, defence, science, technology, innovation, sustainability, renewable energy, emerging technologies, development cooperation, culture, education, sustainable mobility, sustainable resource management, biodiversity, climate resilience and people-to-people ties.

    5. The year 2024 marks the 50th anniversary of the signing of the Inter – Governmental Agreement on Cooperation in Scientific Research and Technological Development which institutionalized the framework of Indo-German cooperation in Science & Technology, research and innovation. In this context, the 7th IGC presented an opportunity to renew the close relationship between India and Germany in this regard and to prioritize the advancement of technology and innovation as a key pillar of cooperation.

    6. During the 6th IGC, both governments had announced the Green and Sustainable Development Partnership (GSDP), which serves as an umbrella for bilateral formats and joint initiatives in this field. Subsequently, both sides signed the Migration and Mobility Partnership Agreement (MMPA) in December 2022 and launched the “India-Germany Vision to Enhance Cooperation in Innovation and Technology” in February 2023. Recalling the outcomes of the 6th IGC and various agreements concluded by the two sides thereafter, both governments launched the “India-Germany Innovation and Technology Partnership Roadmap” and introduced the “Indo-German Green Hydrogen Roadmap”, whose aim is to promote the market ramp-up of Green Hydrogen.Growing Together for Peace, Security and Stability

    7. The two leaders noted the Pact for the Future and reaffirmed their commitment to upholding shared values and principles including democracy, freedom, international peace and security and a rules-based international order in line with the purposes and principles of the UN Charter. Both governments also underscored their commitment to strengthen and reform the multilateral system including expansion of both permanent and non-permanent categories of membership of the UN Security Council to reflect contemporary realities, address current and future challenges and to support and preserve peace and stability across the world. The two leaders called for text-based negotiations at the IGN within a fixed timeframe.

    8. India and Germany agreed that the difficulties of the UN Security Council to effectively address regional and global crises offer a compelling reminder of the urgent need for reform. As members of the “Group of Four (G4)”, India and Germany reiterated their call for a Security Council that is efficient, effective, transparent and reflective of 21st century realities.

    9. The leaders expressed their deepest concern over the war raging in Ukraine including its terrible and tragic humanitarian consequences. They reiterated the need for a comprehensive, just, and lasting peace in line with international law, consistent with the purposes and principles of the UN Charter, including respect for sovereignty and territorial integrity. They also noted the negative impacts of the war in Ukraine with regard to global food and energy security, especially for developing and least developed countries. In the context of this war, they shared the view that the use, or threat of use, of nuclear weapons is unacceptable. They underscored the importance of upholding international law, and in line with the UN Charter, reiterated that all states must refrain from the threat of or use of force against the territorial integrity and sovereignty or political independence of any state.

    10. The leaders expressed their shared interest in achieving peace and stability in the Middle East. They unequivocally condemned the Hamas’ terror attacks on October 7, 2023 and expressed concern over the large-scale loss of civilian lives and the humanitarian crisis in Gaza. They called for the immediate release of all hostages taken by Hamas and an immediate ceasefire as well as the urgent improvement of access and sustained distribution of humanitarian assistance at scale throughout Gaza. The leaders underscored the need to prevent the conflict from escalating and spilling over in the region. In this regard, they called on all regional players to act responsibly and with restraint. Both sides also emphasized the urgent need to protect the lives of civilians and facilitate safe, timely and sustained humanitarian relief to civilians, and in this regard urged all parties to comply with international law. The leaders were also deeply concerned about the rapidly deteriorating situation in Lebanon, called for an urgent cessation of hostilities and agreed that a solution to the conflict in Gaza and in Lebanon can only be reached by diplomatic means. The United Nations Security Council Resolution 1701 outlines the path towards a diplomatic solution along the Blue Line. The leaders reaffirmed their commitment to a negotiated two-state solution, leading to the establishment of a sovereign, viable and independent State of Palestine, living within secure and mutually recognized borders, side by side in dignity and peace with Israel, taking into account Israel’s legitimate security concerns.

    11. The leaders underscored that as the world’s two largest democracies, India and the EU have a common interest in ensuring security, prosperity and sustainable development in a multi – polar world. They emphasized the importance of deepening the India-EU Strategic Partnership which would not only benefit both sides but also have a far-reaching positive impact globally. The leaders also expressed their strong support to the India-EU Trade and Technology Council that would serve as an innovative platform towards closer engagement in the critical areas of trade, trusted technologies and security. They agreed to coordinate efforts, both bilaterally and at the EU level, to take forward key connectivity initiatives including India-Middle East-Europe Economic Corridor in which India, Germany and EU are members as well as the EU Initiative Global Gateway.

    12. Both leaders underscored the crucial importance of a comprehensive Free Trade Agreement, Investment Protection Agreement and an Agreement on Geographical Indications between the European Union and India, while calling for an early conclusion of the negotiations.

    13. Both leaders unequivocally condemned terrorism and violent extremism in all its forms and manifestations, including the use of terrorist proxies and cross-border terrorism. Both sides agreed that terrorism remains a serious threat to international peace and stability. They further called for concerted action against all terrorist groups, including groups proscribed by the United Nations Security Council (UNSC) 1267 Sanctions Committee. Both sides also called upon all countries to continue to work towards eliminating terrorist safe havens and infrastructure as well as to disrupt terrorist networks and financing in accordance with international law.

    14. Both leaders noted with concern the emerging threats from the use of new and emerging technologies for terrorist purposes such as unmanned aircraft systems, use of virtual assets by terrorists and terrorist entities and the misuse of information and communication technologies for radicalization. In this regard they welcomed the adoption of Delhi Declaration on Countering the use of New and Emerging Technologies for Terrorism Purposes adopted during the conduct of UNCTC meetings in India in 2022.

    15. Recognizing a shared commitment to combat terrorism and strengthen the framework for global cooperation in this regard, both leaders emphasized the importance of upholding international standards on anti-money laundering and combating the financing of terrorism by all countries, including in FATF. Both sides called for bringing the perpetrators of terrorist acts to justice. Both sides reaffirmed their commitment to hold regular consultations of the Joint Working Group on Counter Terrorism to strengthen channels for real time sharing of intelligence and coordination of counter-terrorism efforts. Both sides also committed to continued exchange of information about sanctions and designations against terror groups and individuals, countering radicalism, and terrorists’ use of the internet and cross-border movement of terrorists.

    16. With a view to ensuring closer collaboration to prevent, suppress, investigate and prosecute criminals, including crime related to terrorism, India and Germany concluded the Mutual Legal Assistance Treaty in Criminal Matters (MLAT). Both leaders agreed that the India-Germany MLAT is an important milestone in strengthening security cooperation between the two countries that will enable sharing of information and evidence, mutual capacity building and sharing of best practices between the two countries.

    17. As strategic partners with a shared interest in deepening security cooperation, both sides concluded the Agreement on the Exchange and Mutual Protection of Classified Information thereby creating a legal framework for cooperation and collaboration between Indian and German entities and providing guidance on how classified information should be handled, protected and transmitted.

    18. With a view to better appreciating foreign policy perspectives in key regions across the world, both governments decided to establish an India-Germany Dialogue on West Asia and North Africa (WANA) between the respective Foreign Ministries, which would be in addition to long-standing dialogue mechanisms on Africa and East Asia. Both governments also expressed satisfaction with regular consultations on key thematic issues of mutual concern including policy planning, cyber-security, cyber issues and United Nations.

    19. Recognizing the need for a deeper understanding of each other’s perspectives, including amongst think tanks and foreign and security policy experts, both governments underscored the usefulness of India-Germany Track 1.5 dialogue between Indian Council of World Affairs (ICWA), the Research and Information System for Developing Countries (RIS) and MEA from the Indian side and German Institute for Global and Area Studies (GIGA), the German Institute for International and Security Affairs (SWP) and the German Federal Foreign Office. The next meeting of this dialogue format is planned for November 2024. Both governments also appreciated the launch of a Track 1.5 Dialogue on East Asia and agreed that these exchanges help both sides better align and coordinate their outreach. With a view to sustaining this momentum, both sides agreed to convene the next edition of the Track 1.5 Dialogue Mechanisms at the earliest opportunity.

    20. Both sides are committed to promoting a free, open, inclusive, peaceful and prosperous Indo-Pacific built on international law, mutual respect for sovereignty, and peaceful resolution of disputes, and underpinned by effective regional institutions. Both sides reaffirmed their unwavering support for ASEAN’s unity and centrality. The Government of India welcomed Germany’s leadership in the capacity-building pillar of the Indo-Pacific Oceans Initiative (IPOI) and its commitment of up to 20 Million EUR via a competitive call for ideas under its International Climate Initiative in 2022 to strengthen the resilience of Pacific Island States against climate-related loss and damage.

    21. Germany congratulated India on its successful G20 Presidency which brought the development agenda to centre stage in G20. Both Leaders acknowledged that from initiating a platform on Compact with Africa (CwA) during the German G20 Presidency to inclusion of the African Union as a permanent member of the G20 during India’s Presidency, the G20 has come a long way to ensure that the voice of the Global South is amplified. India and Germany expressed their support to the priorities set by the Brazilian G20 Presidency, especially Global Governance Reforms.Strengthening Defence and Strategic Cooperation

    22. Recognizing the shared goal of intensifying defence ties between the two countries, the Government of India welcomed the efforts of the German Federal Government to facilitate faster export clearances, including through favourable regulatory decisions such as the General Authorisation/General Licences (AGG) regime. Both sides committed to supporting strategic exports to India and encouraged co-development, co-production and joint research between the respective defence industries. Both governments appreciated the defence roundtable held in New Delhi on 24 October, to strengthen the defense industrial partnership between India and Germany.

    23. In addition to regular visits and increasing interactions between the armed forces, both sides look forward to the next High Defence Committee (HDC) meeting to be held in India next year with a view to developing defence cooperation as a key pillar of the Strategic Partnership between India and Germany. India and Germany also agreed to finalize cooperation in peacekeeping related training between the Centre for UN Peacekeeping (CUNPK), New Delhi and its counterpart in Germany, the Bundeswehr United Nations Training Centre in Hammelburg (GAFUNTC) and looked forward to the Peacekeeping Ministerial Meeting in Berlin in 2025.

    24. Both sides stressed the importance of the Indo-Pacific for prosperity and security as well as for addressing global challenges. Germany will enhance its engagement with the region in line with the Federal Government’s policy guidelines for the Indo-Pacific. Both sides also highlighted the importance of freedom of navigation and of unimpeded maritime routes in accordance with International Law, as reflected in the United Nations Convention on the Law of the Sea (UNCLOS) 1982, in all maritime domains including in the Indo-Pacific. In this context, both governments declared their joint intent to conclude a Memorandum of Arrangement regarding mutual logistics support and exchange between the armed forces of India and Germany to further intensify defence and security ties and to establish a basis for provision of mutual logistics support including in the Indo-Pacific theatre. With a view to deepening cooperation in the Indo-Pacific, Germany will permanently deploy a Liaison Officer in the Information Fusion Centre – Indian Ocean Region (IFC-IOR) at Gurugram to monitor the marine traffic in IOR, further augmenting close cooperation in this region.

    25. Both sides welcomed Germany’s growing engagement in the Indo-Pacific region in the field of security and defence cooperation and appreciated the successful cooperation of the Indian and German air forces during exercise TARANG SHAKTI in August 2024 as well as the port call in Goa and joint naval exercises between the German Naval Frigate “Baden-Württemberg” along with the Combat Support Ship “Frankfurt Am Main” and the Indian Navy. Germany also welcomed the port call of Indian naval ship INS TABAR to Hamburg in July 2024.

    26. Both governments agreed to intensify bilateral exchanges on security and defence issues also through enhancing research, co-development and co-production activities bilaterally, under EU mechanisms and with other partners. In this regard, both sides will support enhanced industry level cooperation in the defence sector with a specific focus on technology collaboration, manufacturing/co-production and co-development of defence platforms and equipment. Germany also welcomes India’s application for observer status in the Eurodrone Programme of OCCAR (Organisation for Joint Armament Co-operation).Partnering for Critical and Emerging Technologies, Science and Innovation

    27. Both leaders expressed their appreciation on the successful 50 years of long standing collaboration in science and technology between the two countries and reaffirmed their support to expand it further through launching the ‘India-Germany Innovation and Technology Partnership Roadmap’ which will serve as a guideline to the public and private sectors and research institutions of the two countries to take forward our cooperation in the areas of renewable energy, start-ups, semiconductors, AI and quantum technologies, climate risk and sustainable resource management, climate change adaptation as well as agroecology Both leaders further identified space and space technologies as an important and promising area for future prosperity, development, and possible cooperation.

    28. The two leaders expressed their satisfaction at the growing exchanges between the two countries in the field of research & education and growing number of Indian students studying in Germany. Both leaders also acknowledged the flagship role of the Indo-German Science and Technology Centre (IGSTC) in promoting bilateral industry-academia strategic research and development partnerships. Both leaders welcomed the recent initiatives of IGSTC and signing of Joint Declaration of Intent to support 2+2 projects in the field of advanced materials. Understanding the importance of IGSTC, both leaders expressed their desire to expand and forge new partnerships anchored in shared values and driven by innovation led technology development and manufacturing.

    29. Both Leaders acknowledged the launching of the first ever basic research consortia model between the two countries namely, International Research Training Group (IRTG), jointly by Department of Science and Technology (DST) & German Research Foundation (DFG) with the involvement of first group of researchers from IISER Thiruvananthapuram and Würzburg University on Photoluminescence in Supramolecular Matrices. Underpinning science and innovation landscape, they expressed their desire to initiate an Indo-German Innovation and Incubation Exchange Programme to leverage collective expertise and capacity for fostering scientific innovation and incubation ecosystems of academic & research institutions.

    30. Both Leaders also expressed their appreciation and satisfaction over the high level of engagement as exemplified by India’s participation in mega-science facilities at Facility for Anti-Proton and Ion Research (FAIR) and Deutsche Elektronen Synchrotron (DESY) in Germany. They extended their commitment including financials to ensure timely execution of the FAIR facility. The two leaders also acknowledge the continuation of the cooperation at the synchrotron radiation facility PETRA-III and the free-electron laser facility FLASH at DESY.

    31. Both governments welcomed the steadily increasing partnerships in Higher Education which facilitate dual and joint degrees and intensify collaborative research and academic and institutional exchanges between Universities and Institutions of Higher Education. In particular, both sides expressed their appreciation and full support for the first ever Indo-German joint Masters degree programme in “Water Security & Global Change”, a joint initiative of TU Dresden, RWTH-Aachen and IIT-Madras (IITM) funded by DAAD as well as a new initiative of TU Dresden and IITM to conclude an agreement establishing a “transCampus” to deepen bilateral cooperation in teaching, research, innovation and entrepreneurship. Both governments also welcomed the signing of the MoU between IIT Kharagpur and the DAAD, which will enable joint funding for Indo-German university cooperation projects. Both sides expressed their strong support for the dedicated call of the “German Indian Academic Network for Tomorrow” (GIANT) under SPARC (Scheme for Promotion of Academic and Research Collaboration) highlighting cooperation between Indian and German universities.

    32. With a view to further strengthening digital and technology partnerships between India and Germany, both governments agreed to share experience and expertise in digital public infrastructure (DPI), e.g. to explore ways in which Germany can leverage India’s expertise in DPI and the strengths of the Indian IT industry to drive innovation and digital transformation in both countries. As an important forum for exchanges on digital topics such as internet governance, tech regulations, digital transformation of economy, and emerging digital technologies, both sides welcomed the finalization of the Work Plan for 2023-24 formulated by the Indo-German Digital Dialogue (IGDD).

    33. Both sides will endeavour to leverage AI to advance the SDG, recognizing the need for an innovation-friendly, balanced, inclusive, human-centric and risk-based approach to the governance of AI. Digital solutions such as image detection and AI are playing an important role in revolutionising agriculture by assisting farmers and enhancing agricultural productivity, climate resilience, carbon sinks and sustainability. Both countries are running national programmes to facilitate the growth of digital agriculture and have agreed to intensify their Cooperation in Digital Agriculture, AI and IoT to foster ongoing cooperation, innovation and exchanges for modernising agriculture.

    34. Both governments underlined the strategic importance of collaboration in the field of critical and emerging technologies, innovation and skill development. Reaffirming the priorities for bilateral cooperation, as laid down in the Innovation and Technology Partnership Roadmap, both governments agreed to focus on collaboration in innovation, skill development and critical and emerging technologies. Forging closer linkages between the industry and academia of the two countries in key technology areas would be prioritized, in recognition of a shared commitment to ensuring an open, inclusive and secure technology architecture, built on mutual trust and respect, and reflecting shared values and democratic principles. Based on that, the two countries would achieve outcome oriented and mutually beneficial technology collaboration in identified sectors.

    35. In furthering cooperation in the field of research in disaster mitigation, tsunami warnings, coastal hazards, early warning systems, disaster risk reduction and oceanography, polar sciences, biology and biogeochemistry, geophysics and geology, both Governments welcomed the signing of the Memorandum of Understanding between Indian National Centre for Ocean Information Services (INCOIS) and Helmholtz-Zentrum Potsdam – Deutsches GeoForschungsZentrum, and between National Centre for Polar and Ocean Research (NCPOR) and AlfredWegener-Institut, Helmholtz-Zentrum für Polar- und Meeresforschung (AWI).

    36. Both Governments also welcomed the bilateral agreement in the biological, physical and mathematical sciences between National Centre for Biological Sciences (NCBS) and International Centre for Theoretical Sciences (ICTS), both centres of the Tata Institute of Fundamental Research (TIFR), under the Department of Atomic Energy (DAE), India and Max-Planck-Gesellschaft (MPG), Germany. This agreement will facilitate the exchange of scientists, including students and research staff, between the various Max Planck Institutes with ICTS and NCBS.

    37. Both Leaders noted with appreciation the collaboration between M/s New Space India Ltd and M/s GAF AG for upgrading the international ground station at Neustrelitz, Germany for the reception and processing of data from OceanSat – 3 and RISAT – 1A satellites. Partnership for a Green and Sustainable Future

    38. Both sides acknowledged the need for green, sustainable, climate resilient and inclusive development to achieve net zero emissions. Both governments aim to substantially enhance bilateral, trilateral and multilateral cooperation in climate action and sustainable development. Both sides acknowledged the progress achieved thus far under the Indo-German Green and Sustainable Development Partnership (GSDP). This partnership, guided by shared commitments, seeks to accelerate the implementation of the goals outlined in the Paris Agreement and the SDGs. In this context, both sides stressed the need to work jointly for an ambitious outcome of the upcoming UNFCCC COP29, in particular on the New Collective Quantified Goal (NCQG). Both sides will respond positively to the outcomes of COP28, including the first Global Stocktake, in light of national circumstances.

    39. Both sides appreciated the stocktaking of progress during the Ministerial meeting on the GSDP objectives. To contribute to the implementation of the GSDP, both sides are committed to regular dialogue within the existing working groups and other bilateral formats and initiatives. The next meeting of the Ministerial Mechanism shall take place at the latest within the framework of the next India-Germany Inter-Governmental Consultations, to conduct a stocktaking of the progress on GSDP objectives to achieve the Paris Agreement goals and SDGs. Both sides reaffirmed their intention to closely cooperate on combatting climate change and therefore expressed their intention to hold a meeting of the Indo-German Climate Working Group in the near future.

    40. Under the umbrella of the GSDP, both sides inter alia:

    a. Launched the Indo-German Green Hydrogen Roadmap. The Leaders agreed that the Roadmap will help support India’s ambition for production, usage and export of Green Hydrogen while also contributing to a swifter adoption of Green Hydrogen as a sustainable source of energy in both countries

    b. Launched the GSDP Dashboard, a publicly accessible online tool, which showcases the intensive cooperation between Germany and India under the GSDP. It gives an overview of key innovations and the broad range of experience covered by India-Germany cooperation. It facilitates stocktaking of the joint progress towards achieving GSDP objectives, and provides key information to relevant stakeholders on innovative solutions for global challenges.

    c. Signed a Joint Declaration of Intent to renew and further elevate the partnership in accordance with a shared vision to promoting in India sustainable urban mobility for all, recognizing the importance of green and sustainable urbanization for inclusive social and economic development and the strong results of the Green Urban Mobility Partnership since its establishment in 2019.

    d. Highly appreciated the achievements and vision for the future of the International Solar Alliance (ISA) and agreed to intensify our cooperation within ISA.

    e. Appreciated the cooperation in the area of halting deforestation and degradation and reversing the trend by restoring forest landscapes in support of the implementation of the Rio Conventions and the SDGs.

    41. The leaders acknowledged that the Indo-German Energy Forum (IGEF), through its various activities, has played a pivotal role in strengthening the general bilateral economic relations between Germany and India, promoting economic growth, and addressing global climate change challenges.

    42. Both sides underscored the role of the 4th Global RE-INVEST Renewable Energy Investors Meet & Expo, held in September 2024 in Gandhinagar with Germany as a partner country, in bringing together key stakeholders in the renewable energy sector. Both governments recalled the ‘India-Germany Platform for Investments in Renewable Energy Worldwide’ which was launched during RE-INVEST as a key initiative to fast-track renewable energy investments, foster business collaborations and expand global supply chains. The platform will accelerate the expansion of renewable energy in India and worldwide through exchanges on green financing, technology and business opportunities.

    43. Both governments expressed their wish to continue to strengthen the cooperation through the Joint Working Group on Biodiversity and acknowledged that CBD COP 16 marks a crucial moment in the global effort to implement the goals of the Global Biodiversity Framework.

    44. Recalling the deliberations and outcomes of the Joint Working Group on Waste management and Circular Economy which has created opportunities by intensifying exchanges on experiences and technologies between the two countries, both sides agreed to explore the possibility of deepening cooperation within these structures, for instance, focusing future work on inter alia Solar Waste recycling. They appreciated the Indo-German environment cooperation on the effective and efficient implementation of ambitious objectives and policies in order to prevent waste, especially plastics, from entering the marine environment. India and Germany agreed to closely cooperate towards establishing a global legally binding agreement on plastic pollution.

    45. Both leaders acknowledged the progress made under the Triangular Development Cooperation (TDC), which pools mutual strengths and experiences to offer sustainable, viable and inclusive projects in third countries as per their priorities to support the achievement of SDGs and climate targets in Africa, Asia and beyond. Both sides welcomed the encouraging results of the pilot projects in Cameroon, Ghana and Malawi, and the progress made in the ongoing initiatives with Benin and Peru. In view of the successful implementation of the aforementioned initiatives, both governments have agreed to commence upscaling of the pilot projects with Cameroon (agriculture), Malawi (women entrepreneurship) and Ghana (horticulture) in 2024 and beyond. Furthermore, both sides welcomed the start of the three millet related pilot projects: two with Ethiopia and one with Madagascar. Additionally, both sides have launched the institutional mechanism to reach out to the partners, select and implement their joint initiatives on a full scale and to this end, both governments established a Joint Steering Committee and a Joint Implementation Group.

    46. The leaders reaffirmed that Gender Equality is of fundamental importance and investing in the empowerment of women and girls has a multiplier effect in implementing the 2030 Agenda. They reiterated their commitment to encourage women-led development and enhancing womens’ full, equal, effective and meaningful participation as decision-makers for addressing global challenges inclusively while noting Germany’s Feminist Foreign and Development Policies in this regard. Both sides reaffirmed their desire to strengthen Indo-German cooperation on promoting the critical role of women in green and sustainable development.

    47. In addition, both sides welcomed the milestones already achieved with respect to the existing initiatives and new commitments for financial and technical cooperation under the framework of the GSDP, as follows:

    a.New commitments in all core areas of the GSDP of more than 1 billion EUR as agreed during the negotiations on development cooperation between the Government of India and the Government of the Federal Republic of Germany in September 2024, adding up to accumulated commitments of around 3.2 billion EUR since beginning of the GSDP in 2022;

    b.Under the Indo-German Renewable Energy Partnership, the cooperation focused on innovative solar energy, green hydrogen, other renewables, grid integration, storage and investments in the renewable energy sector to facilitate an energy transition and to address the need for a reliable, round the clock renewable power supply.

    c.The “Agroecology and Sustainable Management of Natural Resources” cooperation benefits the vulnerable rural population and small-scale farmers in India by fostering income, food security, climate resilience, soil health, biodiversity, forest ecosystems and water security.

    d.Both sides reiterated their intention to continue their successful collaboration on sustainable urban development.

    Building resilience through Trade and Economic collaboration

    48. Both leaders hailed the consistent high performance in terms of bilateral trade between the two countries in the recent years and encouraged stakeholders in India and Germany to further strengthen trade and investment flows. The leaders also noted the strong two-way investments between India and Germany and the positive impacts of such investments in diversifying the global supply chains. In this context, the leaders expressed confidence that the APK 2024, the bi-annual flagship forum of German Business with participation of top-level business executives from Germany, is a crucial platform to showcase the immense opportunities available in India for German businesses.

    49. Both sides underlined the long-standing presence of German businesses in India and Indian businesses in Germany and agreed to work towards deepening economic and trade linkages between the two countries. In this context, both sides welcomed the holding of the meeting of the India-Germany CEO Forum which serves as a high-level platform to engage business and industry leaders from India and Germany. They also underlined the achievements of the Indo-German Fast Track Mechanism to resolve trade and investment related issues, and are ready to continue its operation.

    50. In recognition of the importance of Micro, Small and Medium Enterprises (MSMEs)/Mittelstand in economic growth and job creation, both sides acknowledged the growth in bilateral investment and the success of the ‘Make in India Mittelstand’ Programme, which supports German Mittelstand enterprises seeking to invest and do business in India. In a similar vein, both governments also recognised the key role played by start-ups in fostering innovation, and commended the German Accelerator (GA) for successfully facilitating start-ups to address the Indian market, and welcomed plans to establish its presence in India. Both sides noted that a corresponding programme to assist Indian start-ups in gaining market access in Germany could further enhance economic cooperation between the two countries.

    Strengthening Labour Markets, Mobility and People-to-People Ties

    51. As bilateral cooperation on skilled migration expands across multiple fronts, involving collaboration between federal and state governments, as well as private sector stakeholders, both sides committed to full implementation of the provisions of the Migration and Mobility Partnership Agreement (MMPA). In line with the commitments outlined in the MMPA both sides remain dedicated to promoting fair and legal labor migration. This approach is guided by international standards that ensure migrant workers are treated with dignity and respect, including fair recruitment practices, transparent visa processes, and the protection of workers’ rights. By focusing on these principles, both countries aim to facilitate the mobility of skilled workers in a manner that benefits all parties while safeguarding against exploitation and ensuring compliance with international labor standards.

    52. Building on the MMPA, the two sides concluded a JDI in the field of Employment and Labour, to enhance bilateral cooperation and exchange in areas of mutual interest between the respective ministries. The German side informed that it will support a feasibility study on international reference classification, a G20 commitment undertaken by the Indian G20 presidency in 2023. Both leaders look forward to the signing of the Memorandum of Understanding in the field of occupational diseases, rehabilitation and vocational training of workers with disabilities between the Employees’ State Insurance Corporation (ESIC), the Directorate General of Employment (DGE) and the German Social Accident Insurance (DGUV).

    53. Both leaders noted that Indian professionals comprise over 1/4th of all blue card holders in Germany and that Indian students now represent the largest cohort of international students in Germany. Regarding this, they recognized the complementarities that exist between the requirements of skills and talents in Germany and the vast reservoir of young, educated and skilled persons in India, who can be an asset to the German labour market. The Federal Employment Agency will deepen the existing exchange with the National Skill Development Council, India (NSDC) and other similar Government agencies at national and state levels. Both sides welcomed the launch of the new national strategy of the German Federal government to promote skilled migration from India.

    54. Both leaders also expressed satisfaction on the signing of a Memorandum of Understanding on Skill Development and Vocational Education and Training which would leverage the strengths of India and Germany towards creating a pool of skilled workforce in India and strengthening the participation of women, especially in the areas of green skills. Both sides agreed to include elements of facilitating international mobility of labour.

    55. Both sides remain committed to the goal of expanding the teaching of the German language in India, including in secondary schools, universities and vocational education centers. They encouraged Indian and German States, culture centers and educational institutions to further promote the teaching of each other’s languages in India and Germany, including the training of language teachers. Both sides welcomed the joint efforts of the DAAD and the Goethe Institute to develop a format for the formalized training and further education of German teachers leading to a university certificate recognized in India.

    56. Both sides reaffirmed the contribution of highly skilled professionals for economic growth, noted with satisfaction the results achieved under the programme “Partnering in Business with Germany”, and renewed the JDI on advanced training of corporate executives and junior executives from India.

    57. With the Migration and Mobility Partnership Agreement (MMPA), both sides also agreed to address irregular migration. For this purpose, both sides established a cooperation in the field of return since the entry into force of the MMPA. Both sides welcomed the progress achieved so far and underline the importance of further developing and streamlining cooperation through appropriate procedural arrangements.

    58. The leaders welcomed the growing ties between the two sides and their respective nationals. They acknowledged the wide range of Consular issues stemming from these growing ties and the need for dialogue on all matters related to Consular issues. They agreed to work towards early establishment of an appropriate format for a bilateral dialogue on various Consular, Visa and other issues affecting nationals of the other side residing in their respective territories.

    59. Both sides acknowledged the role of their youth as cultural ambassadors and catalysts for innovation and promoting people – people linkages between the two countries. In this context, both leaders stressed on the importance of youth cooperation and noted the proposal for establishing forum for youth exchanges and delegations between both sides. Both sides also agree to facilitate student exchanges on a mutual basis.

    60. Both sides noted with satisfaction the substantial work being done in the field of culture and welcomed efforts towards expanding scope of the Memorandum of Understanding on Museum Cooperation between Indian and German national museums such as the Prussian Heritage Foundation and the National Gallery of Modern Art, India.

    61. In line with the G20 New Delhi Leader’s Declaration (2023), both leaders underscored the intention to cooperate closely with regards to the restitution and protection of cultural goods and the fight against illicit trafficking of cultural property at national, regional and state levels to enable its return and restitution to the country and community of origin as relevant, and called for sustained dialogue and action in that endeavour.

    62. Both Governments also appreciated substantial cultural and academic exchanges made possible via initiatives such as the establishment of Indian academic chairs at universities in Germany.

    63. Both leaders expressed satisfaction at the deliberations held at the 7th IGC and reaffirmed their commitment to further expand and deepen the Indo-German Strategic Partnership. Chancellor Scholz thanked Prime Minister Modi for his warm hospitality and conveyed that Germany looks forward to hosting the next IGC.

     

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    MJPS/SR

    (Release ID: 2068257) Visitor Counter : 69

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: National Centre for Good Governance held 2nd Webinar on Public Policy and Good Governance in Collaboration with IIT Kanpur

    Source: Government of India (2)

    National Centre for Good Governance held 2nd Webinar on Public Policy and Good Governance in Collaboration with IIT Kanpur

    Professors from IIT Kanpur delivered insights on Challenges in Public Policy & Scope of Digitization in Networking

    Posted On: 25 OCT 2024 7:06PM by PIB Delhi

    NCGG concluded its 2nd Webinar of webinar series on Public Policy and Good Governance in collaboration with IIT Kanpur on 24th October 2024. The webinar was chaired by Shri V. Srinivas, Secretary, Department of Administrative Reforms and Public Grievances (DARPG) & Director General, National Centre for Good Governance (NCGG).

    There were two esteemed speakers for the webinars. The first speaker for the webinar was Dr. Ajay Kumar, former Defence Secretary, Government of India & Distinguished Visiting Professor at IIT Kanpur and the second speaker for the webinar was Prof. Vimal Kumar, Head, Dept of Economic Sciences, IIT Kanpur.

    Dr. Ajay Kumar delivered lecture on Challenges in Public Policy highlighting the role of govt of India in Policy making and how over the time it has changed its approach in policy making. His lecture further highlighted that changes in public policies should be calibrated in phases, the impact of digitization in mitigating the challenges faced while making new policies by highlighting the digitization of land records. He also highlighted on using data in decision making. He emphasized that difference in approach to policy as per the bureaucrats and politicians. For instance, the politicians are election foreseeing and bureaucrats as the risk averse. The process of policy making should involve diverse stakeholders. While discussing the challenges in public policy he also suggested the solutions such as incentivizing the progressive policies.

    The second speaker for the webinar was Prof. Vimal Kumar, Head of Economic Sciences, IIT Kanpur delivered his lecture on Platform Business Model & their regulation in Digital Economy. He started his lecture by discussing a quick history of Business in India from artisans producing single product to mass production.  His lecture also suggested the importance of network and platform creation for any successful business model. He emphasized on diverse usage of various business platforms including payment networks, social media, traditional media such as newspaper, e-commerce platforms like Amazon & Flipkart, Apple’s App store and others. He also highlighted network on a platform within the group and cross-group wherein he explained attraction loop and attraction spill over. He concluded his lecture with the importance of digital platform using the comparison between BMW and Uber as case studies.

    The webinar was concluded by the vote of thanks given by Dr. Himanshi Rastogi, Associate Professor, NCGG. Dr. Rastogi, expressed her heartfelt thanks to all participants, from Institutes of National Importance and Central Universities. She also thanked Shri V. Srinivas, Secretary, DARPG & Director General, NCGG for chairing the webinar.

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    NKR/AG/KS

    (Release ID: 2068201) Visitor Counter : 83

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Missions – 28-30 October: INTA Delegation to London (UK) – 28-10-2024 – Committee on International Trade

    Source: European Parliament

    A delegation of six Members of the Committee on International Trade (INTA), accompanied by the Chair of the Delegation to the EU-UK Parliamentary Partnership Assembly, will travel to London (UK) from 28 to 30 October 2024. The delegation, led by the INTA Chair, Bernd Lange (S&D, DE), will exchange with the UK government, parliamentarians and stakeholders on the trade aspects of the EU-UK Withdrawal Agreement, including the Windsor Framework, and the Trade and Cooperation Agreement.

    The context of this visit is the ‘reset’ of the EU-UK relations announced recently by the UK Prime Minister, the first review of the TCA due in 2026 and the upcoming democratic consent vote of the Northern Ireland Legislative Assembly on the continuation of the application of major provisions of the Windsor Framework in December 2024.

    The UK and the EU are also faced with the same challenges at global level regarding international trade. In the past decade, geopolitical and geoeconomic tensions have heightened, in part due to the strategic competition between the United States and China. In the last few years the situation has deteriorated further, notably due to the supply chain disruptions from the Covid-19 pandemic and to the impact of Russia’s war of aggression against Ukraine, as well as recently the major crisis in the Middle East, bringing both competitiveness and economic security to the forefront.

    MIL OSI Europe News –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 25.10.2024

    Source: GlobeNewswire (MIL-OSI)

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

    Nokia Corporation: Repurchase of own shares on 25.10.2024

    Espoo, Finland – On 25 October 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,349,626 4.42
    CEUX 445,115 4.41
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,794,741 4.42

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 25 October 2024 was EUR 7,926,474. After the disclosed transactions, Nokia Corporation holds 185,625,881 treasury shares.

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

    On behalf of Nokia Corporation

    BofA Securities Europe SA

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

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

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

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

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Germany pledges EUR 150,000 to help developing economies meet farm trade standards

    Source: World Trade Organization

    WTO Director-General Ngozi Okonjo-Iweala said: “Germany demonstrates once again its commitment to helping developing countries and LDCs maximize the benefits of trade by improving their ability to comply with SPS requirements. This contribution will allow them to participate more actively in global agricultural markets for the benefit of thousands of farmers.”

    Ambassador Heidecke said: “The STDF makes important contributions to help developing countries and LDCs implement SPS standards and tackle global challenges. The German Ministry for Food and Agriculture is therefore very pleased to be renewing its support to help the STDF carry out its projects.”

    Overall, Germany has donated CHF 10.6 million to the STDF since 2006 and CHF 38.5 million to the various WTO trust funds over almost 25 years.

    The STDF is a global multi-stakeholder partnership to facilitate safe and inclusive trade, established by the Food and Agriculture Organization (FAO) of the United Nations, the World Organisation for Animal Health (OIE), the World Bank Group, the World Health Organization (WHO) and the WTO, which houses and manages the partnership. The STDF responds to evolving needs, drives inclusive trade and contributes to sustainable economic growth, food security and poverty reduction, in support of the United Nations Sustainable Development Goals.

    Share

    MIL OSI Economics –

  • MIL-OSI USA: Hologic, Inc. Recalls BioZorb Marker Due to Complications with Implanted Devices

    Source: US Food and Drug Administration

    Please be aware, the recall initiated in March 2024 is a correction, not a product removal.

    The FDA has identified the recall initiated in March 2024 as a Class I recall, the most serious type of recall. Use of these devices may cause serious injuries or death.

    The recall initiated in October 2024 is a removal of all lots of unused BioZorb Markers.

    Recalled Product

    • Product Names: BioZorb Marker
    • Product Codes: NEU
    • Model Numbers:
      • F0405 BioZorb Marker 4cm x 5cm
      • F0404 BioZorb Marker 4cm x 4cm
      • F0331 BioZorb Marker 1cm x 3cm x 3cm
      • F0231 BioZorb Marker 1cm x 3cm x 2cm
      • F0221 BioZorb Marker 1cm x 3cm x 2cm
      • F0304 BioZorb Marker 3cm x 4cm
      • F0303 BioZorb Marker 3cm x 3cm
      • F0203 BioZorb Marker 2cm x 3cm
      • F0202 BioZorb Marker 2cm x 2cm
    • Distribution Dates: April 29, 2019 to April 1, 2024
    • Devices Recalled in the U.S.: 53,492
    • Date Initiated by Firm: March 13, 2024

    Device Use

    The BioZorb Marker made by Hologic (previously Focal Therapeutics), is an implantable radiographic marker used to mark soft tissue (such as breast tissue) for future medical procedures, such as radiation. Device has two components: a permanent component which is made of titanium metal and a resorbable component which is made of a plastic material that resorbes over time. It’s provided sterile, meant for one-time use.

    Reason for Recall

    Hologic, Inc. is recalling Biozorb Marker due to complications and adverse events reported with implanted devices. Complaints included reports of pain, infection, rash, device migration, device erosion, seroma, discomfort, or other complications from feeling the device in the breast, and the need for additional medical treatment to remove the device.

    There have been 71 reported injuries and no reports of death.

    Who May be Affected

    • People who were implanted with the BioZorb marker device.
    • People who receive radiation guided by the BioZorb marker which may have migrated.
    • People who receive systemic cancer treatments as treatments may be delayed due to complications with BioZorb Marker.
    • Radiologist, surgeons, oncologists and other health care providers who use BioZorb Marker for treatment of their patients.

    What to Do

    On March 13, 2024, Hologic, Inc. sent all affected customers an Important Medical Device Safety Notification.

    The letter requested patients to:

    • Contact their health care provider if they experience any adverse events following the placement of a BioZorb Marker.
    • Discuss the benefits and possible risks of implantable breast tissue markers for breast cancer procedures with their health care provider.
    • Report any problems or complications experienced following the placement of BioZorb Marker devices to Hologic at breasthealth.support@hologic.com and to the FDA’s MedWatch Adverse Event Reporting program.
    • Discuss the benefits and possible risks of implantable breast tissue markers for breast cancer procedures with their health care provider.

    The letter requested health care providers to:

    • Be aware of reports of serious adverse events following the placement of the BioZorb Marker devices in breast tissue.
    • Discuss the benefits and possible risks of BioZorb Marker devices with each patient.
    • Inform all patients on which device will be used if a marking device will be used during breast conservation surgery.
    • Continue to monitor patients who have an implanted BioZorb Marker for signs of any adverse events.
    • Report any problems or complications experienced by patients following placement of the BioZorb Marker devices to Hologic

    Contact Information

    Customers in the U.S. with questions about this recall should contact Hologic, Inc. at breasthealth.support@hologic.com.

    Additional Resources:

    How do I report a problem?

    Health care professionals and consumers may report adverse reactions or quality problems they experienced using these devices to MedWatch: The FDA Safety Information and Adverse Event Reporting Program using an online form, regular mail, or FAX.

    MIL OSI USA News –

  • MIL-OSI Banking: profitflex247.com: BaFin warns of website and points to identity theft

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The website operator appears under the name ProfitFlex247, without using a legal form. He does not provide any information about his place of business. The operator claims to be authorised and regulated by the UK Financial Conduct Authority (FCA). It links to the FCA’s homepage to a publication there about the registration of the company Flex Instant Services Ltd. The BaFin has no information about a possible connection between Flex Instant Services Ltd and the website profitflex247.com. Rather, it is assumed that the company’s identity has been stolen.

    Recently, a large number of websites with almost identical content have come to light, and BaFin has also issued warnings about these. In all cases, the presentation on the websites begins with the following sentence: ‘Step Into the Trading Arena with Confidence & [name of website]’ or, more recently, ‘Enter the trading arena with confidence & [name of website]’. In addition, BaFin has evidence of a link between the ‘Step Into the Trading Arena with Confidence’ platform series and the ‘Trade Wisely’ platform series, which BaFin has also already warned about.

    Anyone offering financial or investment services in Germany requires the permission of BaFin. However, some companies offer such services without the required permission. Information on whether a particular company is authorised by BaFin can be found in the company database.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Global Banks –

  • MIL-OSI China: Singaporean firms eye broader cooperation with China

    Source: China State Council Information Office 3

    Workers get the venue ready for the upcoming 7th China International Import Expo (CIIE) at National Exhibition and Convention Center (Shanghai), east China’s Shanghai, Oct. 22, 2024. [Photo/Xinhua]

    A delegation of nearly 400 representatives from 44 Singaporean businesses will attend China’s upcoming landmark import expo in a bid to seek stronger and high-quality partnerships in both traditional and new sectors.

    Among the participating exhibitors for the 7th China International Import Expo (CIIE), 70 percent are repeat exhibitors, according to the Singapore Business Federation (SBF), the delegation’s organizer. This will be the seventh year for the SBF’s delegation to participate in the CIIE.

    The 7th CIIE is scheduled to be held in Shanghai from Nov. 5 to 10, with participants from 152 countries, regions and international organizations.

    CIIE remains a critical platform for Singapore’s businesses in the Chinese market, said SBF CEO Kok Ping Soon.

    With a total exhibition area of close to 912 square meters, the Singapore Pavilion, which spans across the Consumer Goods Hall, Food & Agricultural Products Hall and Trade in Services Hall, will see Singapore companies showcase a wider range of innovative, high-quality, and reliable products and services.

    The Singapore-China Trade and Investment Forum will also be held on the sidelines of the 7th CIIE in Shanghai, according to the SBF.

    China has been Singapore’s largest trading partner for 11 consecutive years. Singapore is the second-largest source of foreign investment for China and the top destination for Chinese overseas investment.

    According to the SBF National Business Survey 2023/2024, China is one of the top three countries that Singapore businesses have a presence in and is among the top three countries in Asia that Singapore businesses are looking to expand into.

    “We are committed to supporting Singapore companies in furthering their businesses in China, while boosting innovation and ensuring sustained growth through stronger bilateral partnerships,” Kok said.

    MIL OSI China News –

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

    Source: GlobeNewswire (MIL-OSI)

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

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

    FINANCIAL DEVELOPMENT BRIEFLY

    JULY-SEPTEMBER 2024

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

    JANUARY-SEPTEMBER 2024

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

    OUTLOOK FOR 2024

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

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

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

    CEO REVIEW

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

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

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

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

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

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

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

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

    Heikki Veijola

    CEO

    KEY FIGURES

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

    REPORTING AND BUSINESS OPERATIONS

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

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

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

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

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

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

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

    NET SALES DEVELOPMENT

    NET SALES BY PRODUCT GROUP  

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

    NET SALES BY GEOGRAPHIC AREA

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

    JULY-SEPTEMBER 2024

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

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

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

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

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

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

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

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

    JANUARY-SEPTEMBER 2024

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

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

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

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

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

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

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

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

    FINANCIAL DEVELOPMENT

    JULY-SEPTEMBER 2024

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

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

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

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

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

    JANUARY-SEPTEMBER 2024

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

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

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

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

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

    FINANCE AND INVESTMENTS

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

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

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

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

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

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

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

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

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

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

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

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

    PRODUCT DEVELOPMENT

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

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

    PERSONNEL

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

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

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

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

    SHARES AND SHAREHOLDER

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

    GOVERNANCE

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

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

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

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

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

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

    Board of Directors and Auditor

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

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

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

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

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

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

    SHORT-TERM RISKS AND UNCERTAINTIES

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

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

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

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

    EVENTS AFTER THE REVIEW PERIOD

    No events after the review period.

    QPR SOFTWARE PLC

    BOARD OF DIRECTORS

    For further information:

    Heikki Veijola

    Chief Executive Officer

    QPR Software Plc

    Tel. +358 40 922 6029

    QPR Software in Brief

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

    www.qpr.com

    DISTRIBUTION

    Nasdaq Helsinki

    Key medias

    www.qpr.com

    INTERIM REPORT JANUARY-SEPTEMBER

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

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

    CONSOLIDATED COMPREHENSIVE INCOME STATEMENT          

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

    CONDENSED CONSOLIDATED BALANCE SHEET 

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

    CONSOLIDATED CONDENCED CASH FLOW STATEMENT

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

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

    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

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

    NOTES TO INTERIM FINANCIAL STATEMENTS

    ACCOUNTING PRINCIPLES

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

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

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

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

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

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

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

    INTANGIBLE AND TANGIBLE ASSETS              

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

    CHANGES IN INTEREST-BEARING LIABILITIES

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

    PLEDGES AND COMMITMENTS

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

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 RESTATED) 

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

    CONSOLIDATED INCOME STATEMENT BY QUARTER (2023 AS PUBLISHED)

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

    GROUP KEY FIGURES

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

    The MIL Network –

  • MIL-OSI: FRO – 2024 Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    Frontline plc (the “Company”) advises that the 2024 Annual General Meeting of the Company will be held on December 12, 2024. The record date for voting at the Annual General Meeting is set to November 5, 2024. The notice, agenda and associated material will be distributed prior to the meeting.

    Limassol, Cyprus
    October 25, 2024

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

    The MIL Network –

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

    Source: Hong Kong Government special administrative region

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI Asia Pacific News –

  • MIL-OSI: Municipality Finance issues USD 150 million notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    25 October 2024 at 10:00 am (EEST)

    Municipality Finance issues USD 150 million notes under its MTN programme

    Municipality Finance Plc issues USD 150 million notes on 28 October 2024. The maturity date of the notes is 28 October 2027. MuniFin has a right, but no obligation, to redeem the notes early on 28 October 2025. The notes bear interest at a fixed rate of 4.06% per annum.

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

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 28 October 2024. 

    Natixis SA, Paris acts as the dealer for the issue of the notes.

    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 EUR 50 billion.

    MuniFin builds a better and more sustainable future with its customers. 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: https://www.kuntarahoitus.fi/en/

    Important Information

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

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

    The MIL Network –

  • MIL-OSI Russia: Happy Marketer’s Day!

    Translation. Region: Russian Federation –

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

    Specialists who are better than others at promoting goods and services on the market, and, of course, the entire Marketing Institute of the State University of Management! We are glad to congratulate you on your professional holiday! We wish that your work is always in good shape, and that your clients are pleasantly surprised by your creative ideas. And those who are just learning the basics of their future profession, strive for the best results and always achieve success in everything.

    It should be noted that the appearance of this date in the holiday calendar is associated with an event that took place on October 25, 1975. On this day, the Marketing and Advertising Department was created in the Ministry of Foreign Trade of the Soviet Union. Incidentally, specialists in market and consumer preference studies began to be trained in our country even earlier – in 1931, when the All-Union Academy of Foreign Trade opened in the USSR.

    But at the State University of Management, the Marketing Department was created in 1994, under the leadership of the rector of those years, an outstanding economist, Professor Anatoly Porshnev. Another 10 years later, by his order, the Institute of Marketing was created. Today, IM is about 1,500 students studying in three departments in ten educational programs. The Institute is developing dynamically and opening new modern audiences with the participation of its graduates.

    Once again, we congratulate our marketers on their professional holiday and wish them to be inventive and sought-after specialists, to study well not only at the university, but also to develop themselves after graduation, to imbue their whole lives with creativity and to feel happy in any workplace.

    We also congratulate the Marketing and IM departments on their 30th and 20th anniversaries, respectively. We wish you further growth and development, bright scientific projects, and an endless number of grateful graduates!

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

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide (with photos)

    Source: Hong Kong Government special administrative region

    New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide (with photos)
    New Hong Kong Dragon shines brightly at OzAsia Festival in Adelaide (with photos)
    *********************************************************************************

         Illuminated across the River Torrens of Adelaide, Australia, the spectacular 40-metre-long new Hong Kong Dragon Lantern is taking centre stage at the Moon Lantern Trail of the OzAsia Festival from October 24 to 27, showcasing Hong Kong’s vibrant role as an East-meets-West centre for international cultural exchange as well as celebrating the artistic synergy between Hong Kong and Australia.     The Hong Kong Economic and Trade Office, Sydney (Sydney ETO) is again supporting the OzAsia Festival with a view to promoting the unique arts and cultural scene in Hong Kong. This year, in collaboration with the organiser of the Festival, the Adelaide Festival Centre (AFC), Sydney ETO presented the new Hong Kong Dragon Lantern with a concept from a Hong Kong artist to foster arts and cultural exchanges between Hong Kong and Adelaide.     Addressing more than 200 guests at the OzAsia Festival Opening Night, the Director of the Sydney ETO, Mr Ricky Chong, said that 2024 marks the 15th year of partnership between Sydney ETO and the AFC. He is delighted to witness this milestone and celebrate the debut of the new Hong Kong Dragon Lantern.     “Sydney ETO treasures the opportunity for cultural exchanges between Hong Kong and Australia. Over the years, we have supported numerous initiatives to help Hong Kong fulfil its role as an East-meets-West centre for international cultural exchange under the National 14th Five-Year Plan, which includes supporting arts groups and delegations travelling between Hong Kong and Australia to bring our art communities closer together,” Mr Chong said.     He also introduced the key measures announced in “The Chief Executive’s 2024 Policy Address” for bolstering the cultural and creative industries. “The West Kowloon Cultural District (WKCD), one of the largest arts and cultural projects in the world, provides over 20 professional venues capable of hosting a wide range of events. With a view to branding the WKCD as a must-visit landmark for cultural and creative tourism, the Government will roll out more special-experience activities and step up worldwide promotions in collaboration with the Hong Kong Tourism Board to bring in more tourists,” Mr Chong added.     Mr Chong also shared with the participants the latest initiatives in the Policy Address to attract top-notch talent to Hong Kong, including updating the Talent List, expanding the list of universities under the Top Talent Pass Scheme and extending the validity period of the first visa of high-income talent under the scheme to three years.     Held annually over three weeks (October 24 to November 10) in spring in the southern hemisphere, the OzAsia Festival is Australia’s leading contemporary arts festival that engages with Asia. This year’s festival showcases various forms of arts and culture, including theatre, dance, music, visual arts, literature, cuisine and cultural events from across Asia. The vibrant line-up features over 300 artists from Australia and abroad including Hong Kong, with seven world premieres to be staged.

     
    Ends/Friday, October 25, 2024Issued at HKT 16:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI China: Asia-Europe trade on fast track as ASEAN Express accelerates from Chongqing

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

    CHONGQING, Oct. 25 — An ASEAN (Association of Southeast Asian Nations) Express train set off for Poland’s Malaszewicze via southwest China’s Chongqing Municipality on Friday morning, marking the opening of a fast-track route for Asia-Europe trade.

    The train, loaded with automotive electronic components and other goods, left Chongqing’s Tuanjiecun Station at about 5:00 a.m. and is expected to reach its destination in around two weeks.

    It originally departed from Hanoi, Vietnam, on October 15, before arriving in Chongqing for reconfiguration.

    The first ASEAN Express to depart from Chongqing symbolizes the seamless connection between the New International Land-Sea Trade Corridor and the China-Europe freight train service — two vital international trade routes.

    The total journey, which starts in Vietnam, is expected to take approximately 25 days, reducing the transit time by five to 10 days compared to previous Asia-Europe cross-border transportation routes.

    The express is jointly operated by Yuxinou (Chongqing) Supply Chain Management Co., Ltd. and New Land-Sea Corridor Operation Co., Ltd. This collaboration facilitates a streamlined process, enabling faster transit times and improved services for quick customs clearance, according to Liu Taiping, general manager of Yuxinou (Chongqing) Supply Chain Management Co., Ltd.

    Previously, freight transportation between ASEAN and Europe had primarily relied on maritime shipping.

    MIL OSI China News –

  • MIL-OSI United Kingdom: ARU’s world-leading loris expert to receive award

    Source: Anglia Ruskin University

    Published: 25 October 2024 at 10:11

    Professor Anna Nekaris is to be honoured by the Primate Society of Great Britain

    Dr Anna Nekaris, Professor in Ecology, Conservation and Environment at Anglia Ruskin University (ARU), is to receive a prestigious honour later this year from the Primate Society of Great Britain. 

    Professor Nekaris, one of the world’s leading experts in lorises, will be awarded the Osman Hill Memorial Lecture Medal by the Primate Society of Great Britain at their winter meeting in Bristol on 12-13 December.

    The medal is awarded annually to a distinguished primatologist who has shown excellence in research and has made a substantial, original, and lasting contribution to the discipline.

    Professor Nekaris started her work on nocturnal primates in 1992 and in 2011 she established the Little Fireface Project – a conservation project based in Java, Indonesia, that supports loris conservation worldwide.

    She is Vice Chair of the recently formed IUCN Special Section for African and Asian Prosimians, Co-editor-in-chief of Folia Primatologica, and Section Editor of Nature’s Discover Conservation. Earlier this year, Professor Nekaris was made Officer of the Most Excellent Order of the British Empire (OBE) for her services to conservation.

    Professor Nekaris has published more than 300 scientific papers and 10 edited volumes, and her studies cover all species of slow, pygmy and slender lorises, including five she named or elevated from subspecies, and one genus that she named. 

    Her research includes behavioural ecology in zoos, rescue centres and in the wild, including a novel study on slow loris venom, museum studies, genetics, acoustics, taxonomy, conservation education, and community conservation, especially with agroforestry farmers. 

    Much of her conservation work has focused on lorises in the pet trade. Through her advocacy, lorises became protected under the Convention on International Trade in Endangered Species and Professor Nekaris has worked with the Japanese government to change laws regarding microchipping of CITES I protected species. She hopes her research will convince people that lorises do not make good pets. 

    Professor Nekaris said:

    “All species of loris are threatened with extinction and some are amongst the rarest primates on the planet. They are wild animals and my mission is to ensure that as many as possible remain in their natural habitats so we can learn more about these most unique primates.”

    On news of her award from the Primate Society of Great Britain, she added:

    “Being recognised by my fellow primatologists is a tremendous honour, and I’m absolutely thrilled to be following in the footsteps of some of the wonderful scientists who have previously been awarded the Osman Hill Memorial Lecture Medal. 

    “This award is also extra special to me because it is named after a scientist, William Charles Osman Hill, who made some of the first, significant contributions to our knowledge of lorises.”

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Hong Kong Customs detects smuggling case involving ocean-going vessel and electronic goods worth about $100 million (with photo)

    Source: Hong Kong Government special administrative region

         Hong Kong Customs on October 15 detected a suspected case of using an ocean-going vessel to smuggle goods to Taichung at the Kwai Chung Container Terminals. A large batch of suspected smuggled electronic goods with an estimated market value of about $100 million was seized.

         Through intelligence analysis and risk assessment, Customs discovered that criminals intended to use ocean-going vessels to smuggle goods and thus formulated strategies to combat related activities.

         On October 15, Customs officers identified an ocean-going vessel preparing to depart from Hong Kong for Taichung for inspection and seized a large batch of suspected smuggled goods, including computers, household gadgets, smart watches, integrated circuits and circuit boards inside a container which was declared as containing electronic accessories aboard the vessel.

         An investigation is ongoing. The likelihood of arrests is not ruled out.

         Customs is the primary agency responsible for tackling smuggling activities and has long been combating various smuggling activities on all fronts. Customs will keep up its enforcement action and continue to resolutely combat sea smuggling activities through proactive risk management and intelligence-based enforcement strategies, and carry out targeted anti-smuggling operations at suitable times to crack down on related crimes.

         Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years upon conviction.

         Members of the public may report any suspected smuggling activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).   

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Australia and the United Kingdom to power up cooperation on climate and energy

    Source: United Kingdom – Executive Government & Departments

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    This was the first meeting between the two leaders since the election of the Starmer Government.

    The Prime Ministers discussed Australia’s and the United Kingdom’s modern and dynamic relationship, underpinned by close personal ties and strong security, trade and investment links.

    The two leaders considered how the two countries could step-up their work together to meet common challenges and to realise new opportunities.

    Australia and the UK agree that the transition to net zero represents economic opportunity. The Albanese and Starmer Governments believe private capital and the power of government can be leveraged to shape a clean energy future in the interests of working people. The transition paves the way for new industries, new technologies, new job opportunities and a revitalisation of each nation’s industrial base.

    To this end, the Prime Ministers agreed to enhance bilateral cooperation on climate change and energy by negotiating a dynamic new partnership. The Australia–UK Climate and Energy Partnership will focus on the development and accelerated deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support the economic resilience and decarbonisation goals of both countries. 

    The partnership will also build upon the two countries’ long-standing cooperation on international climate action, including on renewable energy and climate finance.

    The Prime Ministers agreed the Minister for Climate Change and Energy of Australia and the Secretary of State for Energy Security and Net Zero of the United Kingdom will take this important work forward.

    The two leaders also announced grant recipients under the Australia-UK Renewable Hydrogen Innovation Partnership Program. Under this program, the two Governments will support six cutting-edge projects focused on industrial decarbonisation. 

    On trade and investment, Prime Ministers discussed gains under the ambitious Australia-United Kingdom Free Trade Agreement. The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership later this year will also present new opportunities for the region. 

    Discussions on defence and strategic cooperation focused on working together to ensure the AUKUS partnership delivers for the security and stability of the Indo-Pacific and beyond. The two leaders reaffirmed their commitment to negotiating a bilateral treaty, as announced by Defence Ministers in September 2024, to develop the SSN-AUKUS submarine for both nations.  

    The Prime Ministers also reaffirmed their commitment to an approach that sets the highest non-proliferation standards and to sustaining peace, stability and prosperity in the Indo-Pacific region, respectful of sovereignty and rules.

    Prime Minister Anthony Albanese said:

    Australia and the UK are longstanding partners, with common values and aligned strategic interests. It was great to congratulate Prime Minister Starmer in person after his election win in July. 

    We had a productive discussion, including agreeing to negotiate a new climate and energy partnership. This partnership will ensure we maximise the economic potential of the net zero transition, and build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050.

    We share a vision for a modern and transformed Australia-United Kingdom relationship, which delivers tangible benefits and prosperity to both our nations and the Indo-Pacific.

    Prime Minister Keir Starmer said:

    The UK and Australia share many things in common, including our governments’ determination to improve the lives of working people, drive economic growth and ensure cleaner, more affordable energy. 

    This partnership underscores our commitment to powering up the UK with clean energy projects that will benefit communities across the country.

    Together, we’re delivering better futures for our two countries, whether that’s through protecting our national security with projects like AUKUS or delivering on our net zero commitments.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Australia and the United Kingdom to power up cooperation on climate and energy

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

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    This was the first meeting between the two leaders since the election of the Starmer Government.

    The Prime Ministers discussed Australia’s and the United Kingdom’s modern and dynamic relationship, underpinned by close personal ties and strong security, trade and investment links.

    The two leaders considered how the two countries could step-up their work together to meet common challenges and to realise new opportunities.

    Australia and the UK agree that the transition to net zero represents economic opportunity. The Albanese and Starmer Governments believe private capital and the power of government can be leveraged to shape a clean energy future in the interests of working people. The transition paves the way for new industries, new technologies, new job opportunities and a revitalisation of each nation’s industrial base.

    To this end, the Prime Ministers agreed to enhance bilateral cooperation on climate change and energy by negotiating a dynamic new partnership. The Australia–UK Climate and Energy Partnership will focus on the development and accelerated deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support the economic resilience and decarbonisation goals of both countries. 

    The partnership will also build upon the two countries’ long-standing cooperation on international climate action, including on renewable energy and climate finance.

    The Prime Ministers agreed the Minister for Climate Change and Energy of Australia and the Secretary of State for Energy Security and Net Zero of the United Kingdom will take this important work forward.

    The two leaders also announced grant recipients under the Australia-UK Renewable Hydrogen Innovation Partnership Program. Under this program, the two Governments will support six cutting-edge projects focused on industrial decarbonisation. 

    On trade and investment, Prime Ministers discussed gains under the ambitious Australia-United Kingdom Free Trade Agreement. The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership later this year will also present new opportunities for the region. 

    Discussions on defence and strategic cooperation focused on working together to ensure the AUKUS partnership delivers for the security and stability of the Indo-Pacific and beyond. The two leaders reaffirmed their commitment to negotiating a bilateral treaty, as announced by Defence Ministers in September 2024, to develop the SSN-AUKUS submarine for both nations.  

    The Prime Ministers also reaffirmed their commitment to an approach that sets the highest non-proliferation standards and to sustaining peace, stability and prosperity in the Indo-Pacific region, respectful of sovereignty and rules.

    Prime Minister Anthony Albanese said:

    Australia and the UK are longstanding partners, with common values and aligned strategic interests. It was great to congratulate Prime Minister Starmer in person after his election win in July. 

    We had a productive discussion, including agreeing to negotiate a new climate and energy partnership. This partnership will ensure we maximise the economic potential of the net zero transition, and build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050.

    We share a vision for a modern and transformed Australia-United Kingdom relationship, which delivers tangible benefits and prosperity to both our nations and the Indo-Pacific.

    Prime Minister Keir Starmer said:

    The UK and Australia share many things in common, including our governments’ determination to improve the lives of working people, drive economic growth and ensure cleaner, more affordable energy. 

    This partnership underscores our commitment to powering up the UK with clean energy projects that will benefit communities across the country.

    Together, we’re delivering better futures for our two countries, whether that’s through protecting our national security with projects like AUKUS or delivering on our net zero commitments.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Ministry of Fisheries, Animal Husbandry and Dairying takes Significant Step to Boost Seaweed Industry with New Import Guidelines

    Source: Government of India (2)

    Ministry of Fisheries, Animal Husbandry and Dairying takes Significant Step to Boost Seaweed Industry with New Import Guidelines

    Notifies ‘Guidelines for Import of Live Seaweeds into India’

    Import Permit to be issued within Four weeks of Approval

    Posted On: 25 OCT 2024 1:54PM by PIB Delhi

    In a significant move, the Ministry of Fisheries, Animal Husbandry and Dairying has notified the ‘Guidelines for Import of Live Seaweeds into India’. This initiative aims to bolster the development of seaweed enterprises as a key economic driver for coastal villages, ensuring livelihood sustainability and socio-economic upliftment of the fisher community while upholding environmental protection and biosecurity concerns at the core of all actions.

    The guidelines will facilitate import of high-quality seed materials or germplasm from abroad, enabling domestic multiplication for ensuring farmers have access to quality seed stock. Currently, the growth of seaweed enterprises in India faces the challenge of seed availability in sufficient quantity for the commercially valuable species, and quality degradation in the seed materials of Kappaphycus, the most commonly farmed seaweed species

    Pradhan Mantri Matsya sampada Yoiana (PMMSY), the flagship scheme of Government of India envisaged to revolutionize the seaweed sector, aiming to increase seaweed production of the country over 1.12 million tonnes by 2025. Under the scheme, the Government have taken many steps to strengthen the seaweed farming activities the prominent of which is establishment of Multipurpose Seaweed Park in Tamil Nadu with the total investment of Rs 127.7 crore. 

    The guidelines outline a process for importing live seaweed, including a clear regulatory framework for the import of live seaweed, ensuring transparency and accountability, strict quarantine procedures to prevent introduction of pests and diseases, risk assessment to identify potential biosecurity concerns and post-import monitoring for strengthening ongoing monitoring and risk assessment.

    This guideline will encourage  responsible cultivation of seaweed, ensuring environmental sustainability and economic growth. Further, the import of new seaweed strains will stimulate research and development, leading to enhanced seaweed production of variety of seaweed species belonging to red, brown and green algae, paving way for development of downstream seaweed processing and value addition enterprises which will yield additional livelihoods in the villages while bolstering the overall export of the country. 

    As per the guidelines, for import of live seaweed into India, the importers may submit a detailed application to the Department of Fisheries which will be reviewed by the National Committee on Introduction of Exotic Aquatic Species into Indian Waters. Upon approval, the Department will issue an import permit within four weeks, facilitating the import of high-quality seaweed germplasm.

    The guidelines thus provide a comprehensive regulatory framework for the import of live seaweeds into India, ensuring that the process is conducted safely, smoothly and responsibly. Department of Fisheries, Government of India encourage stakeholders, such as researchers, entrepreneurs, and farmers, to take advantage of these new opportunities and contribute to the growth of the seaweed industry.

    ****

    AA

    (Release ID: 2068036) Visitor Counter : 89

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DPIIT forges alliance with HCLSoftware to herald India’s startup revolution

    Source: Government of India (2)

    DPIIT forges alliance with HCLSoftware to herald India’s startup revolution

    Under Startup India initiative, DPIIT signed over 80 MoUs with industry stakeholders till date

    The collaboration to propel India’s manufacturing sector and support its goal of becoming a National production hub

    Posted On: 25 OCT 2024 12:17PM by PIB Delhi

    Department for Promotion of Industry and Internal Trade (DPIIT)  announced a strategic partnership with HCLSoftware, a global leader in software solutions, as a vital component of its Manufacturing Incubation Initiative, on 23rd October 2024 at Vanijya Bhawan, New Delhi. In a bid to revolutionise India’s startup manufacturing ecosystem, DPIIT is creating an environment where corporate houses play a pivotal role in incubating manufacturing startups. Under the Startup India initiative, DPIIT has signed over 80 Memorandums of Understanding (MoUs) with industry stakeholders till date.

     

    Startups will have access to the HCL SYNC program for global market exposure, allowing them to showcase their products and services worldwide, thus taking Indian innovation to an international audience. Notably, this collaboration marks a substantial step forward in advancing the Indian manufacturing sector, supporting the nation’s goal of establishing itself as a national production hub.                    

    This initiative’s objectives include developing Indian intellectual property by encouraging startups to create unique products and solutions tailored to India, improving product quality by providing startups with the tools and expertise to produce world-class products that meet global standards, and building a robust manufacturing ecosystem by establishing a network of interconnected startups and suppliers capable of supporting the full manufacturing value chain.

               

    DPIIT Joint Secretary, Mr. Sanjiv Singh, highlighted the necessity of this partnership to establish a sustainable manufacturing ecosystem, stating that HCLSoftware’s expertise and dedication to supporting startups align seamlessly with DPIIT’s vision. Mr. Sanjiv noted that through this collaboration, innovation will flourish, and Indian businesses will gain a stronger foothold on the global stage. Outlining the goals of DPIIT’s flagship program, Startup India, Mr. Sanjiv reaffirmed DPIIT’s commitment to fostering and promoting the nation’s manufacturing ecosystem by motivating and supporting product startups, innovators, and entrepreneurs. This collaboration will significantly contribute to the realisation of India’s ‘Make in India’ initiative and position India as a global manufacturing hub.

    Director, Startup India, Dr. Sumeet K. Jarangal, emphasized that the primary objective of this initiative is to boost India’s manufacturing sector by empowering startups with cutting-edge digital technologies and providing access to global markets. Dr. Jarangal further elaborated that HCLSoftware is dedicated to collaborating with DPIIT and Startup India to elevate Indian manufacturing startups to new heights, fostering excellence and growth, and thereby crafting a success story. HCLSoftware will play an essential role in supporting startups through every phase, from design and development to sales and marketing, utilising its digital manufacturing and aftermarket solutions.

     

    Kalyan Kumar, Chief Product Officer at HCLSoftware, remarked that this collaboration is a pivotal moment in India’s manufacturing journey. Reiterating HCLSoftware’s commitment to equipping startups with essential tools and support, Kumar stated that the company would exhaust all efforts to foster innovation and economic growth, contributing significantly to India’s vision of becoming a global manufacturing powerhouse.

    ****

    AD/DS/CNAN

    (Release ID: 2068012) Visitor Counter : 15

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Superbridge Summit 2024 successfully concludes, driving trade and investment partnerships in Global South

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

    DUBAI, United Arab Emirates, October 25, 2024/APO Group/ —

    SuperBridge Summit 2024 (https://SuperBridgeDubai.com), organised by the Dubai World Trade Centre (DWTC) and the SuperBridge Council, successfully concluded at One&Only One Za’abeel Hotel, Dubai. The two-day event held alongside GITEX Global convened over 700 C-Level Executives and 60 renowned speakers from fast-growing economic regions in the Global South, establishing itself as a global platform for innovation, collaboration, and community-building.

    During the event, H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, UAE, delivered a keynote address. He shared insights on the rising role of advanced technologies, and AI innovations, encouraging participants to gain a critical understanding of their community’s future growth trajectory.

    The dynamic event convened next-gen leaders from the Mid-East, Africa and South Asia, exploring key avenues of collaboration in the sustainability, tech, banking, retail, and healthcare industries.  These pertinent discussions further highlighted innovation being led by pioneers like Insilico, a leading biotech company in the UAE, Nigeria’s renowned fintech firm Flutterwave and Singapore’s MVGX Group, a tech leader committed to decarbonisation. Moreover, the summit underscored the rise of cross-border investments within the Global South. This further reaffirms the importance of nurturing robust economic partnerships between entities in the region.     

    The impactful sessions while promoting cutting-edge ideas, also underscored the vital role of global perspectives in driving innovation, highlighted by the partnership established by the Superbridge Summit with Dubai Chambers, global travel leader Trip.com, edtech firm Laix, innovation and research center NICE, blockchain leaders MVGX, and METACOMP.

    Trixie LohMirmand, Executive Vice President at Dubai World Trade Centre said, “As the UAE emerges as a global epicentre of innovation, business events like SuperBridge Summit further catalyse this growth, reaffirming GITEX’s enduring commitment to driving collaboration and fostering a prosperous future for coming generations. The event had an exemplary attendee lineup encompassing high-level changemakers, thought leaders and C-level executives from diverse industries who shared their valuable insights on crucial topics. We are immensely grateful to the summit’s attendees for their support and are confident that the event will facilitate positive change across diverse sectors.”

    Khalid Al Jarwan, Vice President of Operations and acting Vice President of Digital and Commercial Sectors at Dubai Chambers, commented, “The SuperBridge Summit aligns closely with Dubai Chambers’ objectives by creating a global platform for collaboration. Events of this kind play a vital role in connecting key stakeholders, fostering impactful partnerships, and driving innovation. We remain committed to helping businesses and investors from across the globe leverage Dubai’s strategic advantages to promote economic growth and contribute to a more sustainable and prosperous future for all.”

    As a global platform for innovation, the summit facilitated valuable inputs that enabled attendees gain new insights and a renewed sense of purpose, inspiring them to contribute to the holistic development of the global economy.

    MIL OSI Africa –

  • MIL-OSI: Awilco Drilling PLC: Minutes from Extraordinary General Meeting

    Source: GlobeNewswire (MIL-OSI)

    An Extraordinary General Meeting of Awilco Drilling PLC was held Friday 25 October 2024 at 11:00am (UK time), at the Company’s registered office, Suite 1, 7th Floor, 50 Broadway, London, SW1H 0BL, United Kingdom.

    The resolution set out in the Meeting Notice was duly passed. The signed minutes of meeting are attached hereto.

    The Meeting Notice is available on our website www.awilcodrilling.com, under ‘Investor Relations/General Meetings’.

    Aberdeen, 25 October 2024

    For further information please contact:

    Eric Jacobs, Interim CEO
    Phone: +47 9529 2271

    Cathrine Haavind, Investor Relations
    Phone: +47 9342 8464
    Email: ch@awilcodrilling.com

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

    Attachment

    The MIL Network –

  • MIL-OSI Economics: BSTDB Supports Kernel Group with USD 25 million in Pre-Export Finance Facility

    Source: Black Sea Trade and Development Bank

    Press Release | 25-Oct-2024

    Enhancing Ukraine’s Agricultural Exports in Challenging Times 

    The Black Sea Trade and Development Bank (BSTDB) is providing up to USD 25 million to a pre-export finance facility for Kernel Group, a leading player in Ukraine’s agricultural sector and one of the world’s largest sunflower oil exporters.  The BSTDB funds will help the company have the necessary working capital to procure, process, store, and transport oilseeds and vegoils, ensuring their export to global markets.

    BSTDB’s financing is part of a USD 150 million syndicated facility, arranged by ING Bank NV and Coöperatieve Rabobank U.A.

    “We are pleased to extend our continued and unwavering support for Kernel’s operations during this critical and challenging times.  Agriculture remains an essential pillar of Ukraine’s economy despite the immense challenges posed by the conflict. By facilitating production and exports of vital agricultural goods, we are not only sustaining a vital industry that feeds millions, but we also actively contributing to the economic resilience and recovery of Ukraine. This partnership is a testament to our shared commitment to supporting the country’s long-term prosperity, even under the most testing circumstances”, said Dr. Serhat Köksal, BSTDB President.

    “In spite of the challenging political and economic environment, Kernel repaid its 2024 Notes on time and continues to meet its financial commitments. The strong credit history allowed the Company to attract new financing even during current unprecedented times. We are thankful to our partners, including the Black Sea Trade and Development Bank, for their support and willingness to continue our long-term cooperation. The facility is aimed to finance our working capital for procurement of sunflower seeds and beans for further processing and exporting of the vegetable oils and meals to the international market thus making an important contribution to the world food safety.”, commented Sergiy Volkov, the CFO of Kernel.

     

    Kernel is a leading vertically integrated Ukrainian agribusiness player with domestic and international operations. It is the largest oilseed crusher in Ukraine.

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

     

    Contact:

    Haroula Christodoulou

    Phone: +30 2310 290533

    : @BSTDB

    MIL OSI Economics –