Blog

MIL-OSI United Kingdom: Growth boost to support more first time buyers
Source: United Kingdom – Executive Government & Departments 3

The government commits to a new, permanent, comprehensive mortgage guarantee scheme to increase homeownership.
Further plans to modernise home buying have been unveiled this week, helping more people to realise their ambitions of owning their own home as part of the government’s Plan for Change.

The government has committed to launching a new, permanent, comprehensive mortgage guarantee scheme that will open the door to homeownership for more young families and hardworking renters.

Alongside this the Economic Secretary to the Treasury has written to the Financial Conduct Authority (FCA) following their response to the government’s call for regulators to support growth, setting out the government’s support for their proposal to review mortgage rules. The government has made clear it wants the FCA’s review to be as ambitious and rapid as possible to help as many people as possible to achieve the dream of owning a place of their own.

It follows an announcement last week that the government is streamlining and digitising the process for buying and selling homes to help homebuyers save time and money, and reducing the number of house sales that fall through. Fall throughs impact one in three transactions and cost people around £400million a year in total and currently there are delays of almost five months in the system.

Millions of hardworking people have been locked out of home ownership – the number of first-time buyers fell to a 10 year low in 2023 and today’s under 30s are less than half as likely to be home owners than those at the same age in 1990.

The government’s Plan for Change has clear ambitions for delivering 1.5 million more homes and driving growth – cutting unnecessary red tape in order to be on the side of builders and working people who want to get on the property ladder.

City Minister Emma Reynolds said:

“For too long politicians have ducked and dodged the decisions needed to support homeownership.

“Simplifying responsible lending rules and putting in place a permanent mortgage guarantee scheme shows our commitment to making the dream of owning a home a reality. I will work closely with regulators and industry to get this done quickly and in a way that supports as many people as possible.”

Housing Minister Matthew Pennycook said:

“The affordability challenges facing first-time buyers mean that we now have a generation locked out of homeownership . This government is determined to change that, ensuring that young families and hardworking renters can buy a home of their own.”

New details on the new Mortgage Guarantee Scheme will be announced in due course and will replace the existing Mortgage Guarantee Scheme, which was due to expire this year. By making the Mortgage Guarantee Scheme permanent and comprehensive, banks and building societies will have long-term confidence to continue offering low-deposit mortgages.

Many working people continue to find it extremely difficult to secure a deposit, meaning for too many the dream of home ownership has depended on access to the ‘Bank of Mum and Dad’, leaving those without that option often trapped in a cycle of renting without a way out.

This commitment to a new Mortgage Guarantee Scheme means first-time buyers, including young families, will be able to take that crucial first step onto the property ladder, with only a small deposit, tackling one of the biggest barriers to homeownership and giving them the stability they need to plan for the future.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 13 February 2025
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI Canada: Global aviation giant lands in Alberta
Lufthansa Technik Canada is establishing a state-of-the-art maintenance and repair facility at Calgary International Airport, specializing in Leading Edge Aviation Propulsion (LEAP) engines. As one of just five certified global operators for these next-generation engines, this $120-million investment positions Alberta at the heart of the global narrow-body aircraft market. This investment is a key catalyst for WestJet to enter into a 15-year, multi-billion-dollar maintenance contract with Lufthansa Technik, which will build and support Alberta’s aviation industry for years to come.

“Alberta’s government is proud to welcome this historic partnership between WestJet and Lufthansa Technik Canada right here in Calgary. This agreement will have a far-reaching impact on our economy and it serves as a testament to the strong levels of investor confidence in our province. Alberta is a place where you can grow your business and thrive into the future. With our low corporate tax rate and highly educated workforce, Alberta continues to be one of the most business-friendly jurisdictions in North America. Today’s investment is further proof of Alberta’s national and international reputation as a leading aerospace and aviation hub.”

Danielle Smith, Premier of Alberta

“This new, state-of-the-art facility is a major step toward making Calgary and Alberta global leaders in aviation innovation. Our government is proud to partner with the Calgary Airport Authority, industry leaders, and all levels of government to strengthen Canada’s aviation sector. We beat out strong competition to secure this opportunity, showcasing our region’s innovative spirit and commitment to reducing emissions. Together, we’re developing and adopting cutting-edge technologies that will boost the competitiveness of small- and medium-sized businesses across the aviation supply chain.”

Terry Duguid, federal minister of Sport and minister responsible for Prairies Economic Development

Lufthansa Technik Canada is the latest grant recipient of Alberta’s Investment and Growth Fund (IGF), receiving $3 million in provincial funding to build a new aerospace maintenance facility at the Calgary airport. The IGF is one of several investor support services and programs offered by Alberta’s government.

Alberta’s government is also providing $4.45 million through the Aerospace Workforce Development Grant to provide training and employment supports to ensure Lufthansa Technik Canada has the skilled workers it needs to expand into the province. This grant is administered through Calgary Economic Development as part of the Opportunity Calgary Investment Fund to attract investment, drive innovation and spur transformative economic development in the aerospace sector.

Lufthansa’s investment is helping to further diversify Alberta’s economy and create important jobs for hard-working Albertans. Lufthansa Technik Canada’s investment will create up to 160 permanent jobs and up to 170 temporary construction jobs, giving Albertans more access to stable, well-paying jobs in a growing sector. These jobs will span across various roles, from highly skilled technicians to engineers and support staff, catering to the demands of the next-generation LEAP engines. This surge in jobs is taking off at a time when Alberta is diversifying its economy and expanding key industries, making these roles a vital part of the province’s economic growth trajectory.

“Lufthansa Technik Canada’s investment is the latest addition to our growing aviation and aerospace sector. Alberta continues to attract world-class companies like Lufthansa Technik Canada because of its pro-business policies, low taxes and innovative talent. This investment will create hundreds of jobs for hard-working Albertans and further diversify our economy.”

Matt Jones, Minister of Jobs, Economy and Trade

Lufthansa Technik Canada will offer mobile engine maintenance and test cell services at Calgary International Airport, providing Canadian aviation operators with a more cost-effective, efficient alternative to overseas maintenance. This boosts operational efficiency while cutting costs. Its new Calgary facility will contribute to the growth of Alberta’s aerospace and aviation sector and create valuable jobs for Albertans.

“Our agreement with WestJet represents one of the largest awards ever granted to any maintenance, repair and overhaul provider for CFM LEAP engines worldwide. It’s a contract that underlines Lufthansa Technik’s leading position in the support of new generation engine types. At the same time, we are grateful for the strong support from our local allies in Canada, which is essential in advancing the creation of a new engine repair shop and test cell facility in Calgary.”

Soeren Stark, chief executive officer, Lufthansa Technik

This investment builds on a memorandum of understanding signed in 2022 between WestJet and Alberta’s government. WestJet committed to make Calgary its global headquarters, with both parties agreeing to work together to grow Alberta’s aerospace and aviation industry – including through attracting important aviation infrastructure investments. The facility is expected to break ground in mid-2025, with completion expected in 2027. WestJet will be Lufthansa Technik Canada’s first customer at the newly created engine maintenance facility, underscoring the partnership’s confidence in local expertise and innovation. WestJet’s request for proposal award was the largest contract in WestJet’s history and the largest award granted to any premier maintenance and repair provider for such engines in the Americas.

“WestJet was founded on the idea of improving air travel and making it affordable for Canadians. This historic contract award will allow us to bring critical engine repair operations home to Canada and provide greater efficiency and cost certainty to a critical part of our operations, all while demonstrating our commitment to improving our competitiveness and supporting the Alberta economy. We are proud to partner with Lufthansa Technik. This is an extraordinary moment for WestJet, our guests, WestJetters, Western Canada’s communities and our suppliers.”

Alexis von Hoensbroech, chief Executive officer, WestJet Group

“After years of hard work and collaboration to showcase our city and build connections with industry partners, we are excited to see Lufthansa Technik land in the Blue Sky City. Calgary’s competitive business environment and deep talent pool position us for future growth, and the establishment of Lufthansa Technik’s Western Canada hub in our city proves what’s possible as we continue to establish ourselves as a global aerospace leader.”

Brad Parry, president and CEO, Calgary Economic Development

“This project is a remarkable example of what can be achieved when our aviation ecosystem and all levels of government come together – Lufthansa Technik as the premier supplier, WestJet as a vital cornerstone customer, critical support from Calgary Economic Development and the Government of Alberta through the Ministry of Jobs, Economy and Trade along with funding from the Calgary Airport Authority, the Canada Infrastructure Bank, Prairies Economic Development Canada and Opportunity Calgary Investment Fund. By building this cutting-edge facility in Calgary, we ensure that WestJet and all Canadian airlines will have access to reliable, cost-effective and efficient maintenance services while building essential infrastructure in engineering, training and enterprise to make Calgary and Alberta a centre of aviation excellence within North America.”

Chris Dinsdale, president and CEO, Calgary Airport Authority

“We are proud to commit $172 million in financing towards infrastructure that supports aviation services at the Calgary International Airport. Our collaboration with the Calgary Airport Authority moves its project from the planning stage into shovels in the ground. The world-class facilities will strengthen Canada’s aviation infrastructure, and bring long-term, high-quality jobs and economic growth to the region.”

Ehren Cory, CEO, Canada Infrastructure Bank

Alberta’s government will continue to work with Lufthansa Technik Canada to expand its footprint in Alberta once this project is in operation. With strong government support and a strategic position in the international market, Alberta remains the best place to live, work and invest in the future.

Quick facts
- The Investment and Growth Fund (IGF) is designed to be offered in select late-stage investment decisions, when Alberta may be competing with comparable jurisdictions that may offer other benefits or incentives to investors.
- Since fall 2021, 12 IGF grants have been announced that will create more than 1,100 permanent full-time jobs and more than 1,100 temporary jobs, with a total capital investment of more than $765 million.
  - The IGF has helped to secure nearly $29 in private investments for every $1 in IGF funding.
- The aviation and aerospace industry in Alberta is thriving with a growth in revenues of more than 17 per cent from 2021 to 2023.
- Alberta’s Aerospace Workforce Development Grant supports attraction and training in the aviation and aerospace sector and aims to attract new investment while supporting the expansion of aerospace companies in Alberta.
Related information:
- Aviation, aerospace industries to take flight
- WestJet news release
- Lufthansa news release
MIL OSI Canada News –
February 14, 2025
MIL-OSI USA: AFSCME’s Saunders: Front-line health care workers need a leader at HHS who shares their values – not RFK Jr.

Source: American Federation of State, County and Municipal Employees Union

WASHINGTON – AFSCME President Lee Saunders released the following statement in opposition to Robert F. Kennedy Jr.’s confirmation to lead the Department of Health and Human Services (HHS):

“Front-line health care workers need a leader at HHS who shares their values – someone who believes, as they do, in safeguarding public health. But Robert F. Kennedy Jr.’s values could not be further from the front lines. Instead of increasing our communities’ access to vital care, he is only interested in increasing profits for his billionaire backers. RFK Jr. has made it clear that he will execute his boss’s orders to dismantle critical HHS programs like Head Start, Temporary Assistance for Needy Families, Medicaid and end negotiations to lower prescription drug prices for Medicare beneficiaries. He is an accomplice in their plan to rob our most vulnerable communities of critical health services to make the ultra-rich even richer.

“AFSCME’s 1.4 million members – including hundreds of thousands who work in health care, social work, home care, early childhood education and beyond – make sacrifices daily to care for the health of our communities. We will keep organizing to make sure that Kennedy and his anti-worker friends don’t get in the way of their essential work.”

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Attorney General James Releases Tips for New Yorkers to Protect Themselves from Predatory Debt Collectors
Source: US State of New York

NEW YORK – New York Attorney General Letitia James today released a guide to help New Yorkers use the state’s Exempt Income Protection Act (EIPA) to protect their money from debt collectors. The EIPA is a state law that prevents debt collectors from draining consumers’ bank accounts, leaving them unable to cover the costs of basic needs. The law automatically protects a certain amount of money in people’s bank accounts from being frozen or seized, and also protects vital government benefits like Social Security, disability benefits, and veteran’s benefits. The Office of the Attorney General’s (OAG) guide comes after Attorney General James recently secured $1 million from Netspend, a financial services company that illegally turned over its customers’ funds to debt collectors when those funds should have been protected under EIPA. The OAG’s guide will help New Yorkers use their rights under EIPA to protect their money and report debt collectors who are breaking the law to OAG.

“When banks allow debt collectors to wipe out New Yorkers’ bank accounts, they’re not only throwing vulnerable people into financial chaos, they’re breaking the law,” said Attorney General James. “New Yorkers should know how to protect their money from debt collectors so they can continue to pay their bills while they manage their debt. My office’s helpful guide provides valuable tips for New Yorkers to protect their funds and hold banks and debt collectors accountable when they break the law. I encourage anyone who has had their hard-earned money illegally seized or frozen to report it to my office.”

The EIPA automatically exempts a certain amount of money in people’s bank accounts from being frozen or seized. This protected amount is based on the minimum wage and is $3,960 for those in New York City, Long Island, or Westchester, and $3,720 for those anywhere else in New York as of January 2025. The EIPA also protects 90% of wages or salary earned in the 60 days before a debt collector attempts to seize funds.

Crucially, EIPA also protects government benefits and retirement funds from being frozen or seized, ensuring New Yorkers have enough money to pay their bills. These funds include:
- Social Security;
- Supplemental security income;
- Disability benefits;
- Unemployment insurance;
- Workers compensation;
- Veterans benefits;
- Spousal support, alimony, or child support; and
- Payments from public or private pensions and retirement accounts, such as 401(k)s or individual retirement accounts (IRAs).
Attorney General James has successfully secured restitution for New Yorkers whose funds were illegally seized by debt collectors. In April 2024, Attorney General James secured more than $700,000 from Pathward Bank for unlawfully freezing customer accounts and illegally transferring money to debt collectors in violation of EIPA. In February 2024, Attorney General James secured more than $650,000 from a debt collection law firm for filing frivolous lawsuits against vulnerable New York City tenants. In May 2022, Attorney General James and the Consumer Financial Protection Bureau shut down a predatory debt collection operation that used deceptive and abusive tactics to illegally collect millions of dollars from hundreds of thousands of consumers.

The OAG’s guide includes the steps New Yorkers must take to use EIPA to protect their funds from being seized, as well as instructions on how to report violations to OAG. Any consumer who has had their money frozen or seized in violation of the law should report the violation to OAG’s Consumer Frauds Bureau online or by calling 1-800-771-7755.

This matter was handled by Assistant Attorneys General Ben Fishman and Chris Filburn, under the supervision of Bureau Chief Jane M. Azia and Deputy Bureau Chief Laura J. Levine, all of the Consumer Frauds and Protection Bureau. Also assisting in this matter were Irene Kim of the Public Information and Correspondence Unit, under the supervision of Brandon Kennedy, Deputy Director of Public Information; Vanessa Ip, Deputy Chief Operating Officer, Lucas McCullough, of the Office of the Chief Operating Officer; Jodi Burick, Kiersten Burns, Michaela Simmons, and Lisa O’Hara of the Information Technology Bureau. The Consumer Frauds and Protection Bureau is a part of the Division for Economic Justice, which is led by Chief Deputy Attorney General Chris D’Angelo and is overseen by First Deputy Attorney General Jennifer Levy.

MIL OSI USA News –
February 14, 2025
MIL-OSI USA: New Statewide 9-1-1 Software Testing Lab Announced

Source: US State of Oregon

strong>PHOTO CAPTION: Statewide 9-1-1 Manager Frank Kuchta stands next to 9-1-1 Dispatcher Loren Hall who was working at a 9-1-1 emergency call taking position at the State 9-1-1 Testing Lab. The stations are fully functioning dispatcher stations that, when not being used to take actual 9-1-1 calls, serve as a space to test new software functionality. Download a High-Resolution Version of the above Image.

STAYTON, OR – Oregon’s State 9-1-1 Program announced today the establishment of their new State 9-1-1 testing lab capabilities located in Stayton, Oregon. This lab will allow for the testing of new 9-1-1 system capabilities in a simulated environment before deploying them in a live setting.

This project was developed in partnership with both METCOM 911 (Marion Area Multi-Agency Emergency Telecommunications) and Willamette Valley Communications Center (WVCC) Public Safety Answering Points (PSAPs) that serve Marion County.

Previously, operators tested new 9-1-1 technology solutions by deploying them live in Public Safety Answering Points (PSAPs). This approach introduced significant risk to Oregon PSAPs—potentially affecting service availability and compromising the evaluation process—and is generally not considered an industry best practice.

“METCOM’s partnership with ODEM and WVCC has paved a path toward the future of 9-1-1 in Oregon,” MECOM Executive Director John Thompson, said. “Additionally, as new technologies in 9-1-1 continue to emerge, the space and newly installed equipment can be utilized in an environment and tested thoroughly without interrupting operations in other primary ECC’s.”

The Stayton facility, where the test lab is located, serves Marion County as a backup center to ensure 9-1-1 call services will still be provided if the primary Willamette Valley Communications Center (WVCC) or METCOM PSAP goes down. Partnership with the State 9-1-1 Program enabled the use of the facility to be expanded to support enterprise technology pre-deployment 9-1-1 lab testing capabilities.

“METCOM’s back-up ECC has evolved from a mostly vacant building with a few radios and limited access to fully capable dispatch center,” Thompson, said. “This center is not only a benefit to METCOM and WVCC but can provide the ability for ECC’s from across the state to relocate and access the technology to continue providing call-taking services to their citizens, in the event of a disaster, center evacuation or other needs.

The 9-1-1 test lab fully replicates the infrastructure necessary to support emergency calls from the public. The testing environment uses the same network and equipment currently used by primary PSAPs throughout the majority of the state Oregon. It also provides security access controls, facility monitoring, power management, staff facilities, and the delivery of automatic location information (ALI).

“We are very excited for this new partnership with METCOM 9-1-1 and WVCC and the launch of the new testing lab capabilities within Oregon,” Statewide 9-1-1 Manager Frank Kuchta, said. “Having access to a dedicated environment to confidently test and validate emerging public safety technologies while ensuring risk is reduced as we undertake significant modernization of the statewide 9-1-1 emergency communications system is invaluable.”

###

It is the mission of Oregon Emergency Management to proactively develop emergency response, risk reduction and disaster recovery programs to better serve Oregonians during times of disaster. OEM prioritizes an equitable and inclusive culture of preparedness that empowers all Oregonians to thrive in times in crisis. The agency leads collaborative statewide efforts, inclusive of all partners and the communities we serve, to ensure capability to get help in an emergency and to protect, mitigate, prepare for, respond to, and recover from emergencies or disasters. For more information about the OEM, visit oregon.gov/oem. You can get this document in other languages, large print, braille, or a format you prefer. For assistance, email OEM_publicinfo@oem.oregon.gov or dial 711.

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Auditor General DeFoor: DCNR Ignored its Internal Policies and Procedures When Awarding Grants for Conservation Projects

Source: US State of Pennsylvania

February 13, 2025 – Harrisburg, PA

Auditor General DeFoor: DCNR Ignored its Internal Policies and Procedures When Awarding Grants for Conservation Projects

Auditor General Timothy L. DeFoor today released an audit of the Department of Conservation and Natural Resources (DCNR) that showed it did not award all Community Conservation Partnerships Program (C2P2) grants competitively, instead using its own discretion when awarding some grants despite advertising it as a competitive process. “We found instances where DCNR executive management made the decision to award grants to applicants who missed application deadlines, funded projects that were ranked lower than others or ignored the ranking all together,” Auditor General DeFoor said. “This is very concerning because DCNR’s executive management opened the door to outside pressure and influence in awarding state grants by not solely relying on the advertised process. When management can make its own rules, it diminishes the integrity of a grant program.”

MIL OSI USA News –

February 14, 2025
MIL-OSI: Gabelli Healthcare & WellnessRx Trust Declares First Quarter Distribution of $0.15 Per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of The Gabelli Healthcare & Wellness^Rx Trust (NYSE:GRX) (the “Fund”) declared a $0.15 per share cash distribution payable on March 24, 2025 to common shareholders of record on March 17, 2025.

The Fund intends to pay a quarterly distribution of an amount determined each quarter by the Board of Trustees. In addition to the quarterly distributions, and in accordance with the minimum distribution requirements of the Internal Revenue Code for regulated investment companies, the Fund may pay an adjusting distribution in December which includes any additional income and net realized capital gains in excess of the quarterly distributions for that year.

Each quarter, the Board of Trustees reviews the amount of any potential distribution and the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the current financial market environment. The Fund’s distribution policy is subject to modification or termination by the Board of Trustees at any time, and there can be no guarantee that the policy will continue. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

All or part of the distribution may be treated as long-term capital gain or qualified dividend income (or a combination of both) for individuals, each subject up to the maximum federal income tax rate for long term capital gains, which is currently 20% in taxable accounts for individuals (or less depending on an individual’s tax bracket). In addition, certain U.S. shareholders who are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare surcharge on their “net investment income”, which includes dividends received from the Fund and capital gains from the sale or other disposition of shares of the Fund.

If the Fund does not generate sufficient earnings (dividends and interest income, less expenses, and realized net capital gain) equal to or in excess of the aggregate distributions paid by the Fund in a given year, then the amount distributed in excess of the Fund’s earnings would be deemed a return of capital. Since this would be considered a return of a portion of a shareholder’s original investment, it is generally not taxable and would be treated as a reduction in the shareholder’s cost basis.

Long-term capital gains, qualified dividend income, investment company taxable income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. Based on the accounting records of the Fund currently available, the current distribution paid to common shareholders in 2025 would include approximately 1% from net investment income, 4% from net capital gains and 95% would be deemed a return of capital on a book basis. This does not represent information for tax reporting purposes. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the quarterly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Bethany Uhlein
(914) 921-5546

About The Gabelli Healthcare & Wellness^RxTrust
The Gabelli Healthcare & Wellness^Rx Trust is a diversified, closed-end management investment company with $228 million in total net assets whose primary investment objective is long-term growth of capital. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE: GRX
CUSIP – 36246K103

Investor Relations Contact:
Bethany Uhlein
914.921.5546
buhlein@gabelli.com

The MIL Network –

February 14, 2025

MIL-OSI: Euronext publishes Q4 and full year 2024 results

Source: GlobeNewswire (MIL-OSI)

Euronext publishes Q4 and full year 2024 results

Euronext delivered double-digit revenue growth in 2024 thanks to its diversified revenue profile and confirms the achievement of its 2024 targets. Euronext reached record adjusted EPS in 2024 through cost discipline and strategic capital allocation. 2025 will be a year of investment for innovation and growth.

Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris – 13 February 2025 – Euronext, the leading European capital market infrastructure, today publishes its results for the fourth quarter and full year 2024.

Full year 2024 revenue and income was up +10.3% at €1,626.9 million:
- Non-volume related revenue and income represented 58% of total revenue and income (compared to 60% in 2023) and covered 153% of underlying operating expenses, excluding D&A0F¹ (vs. 145% in 2023):
  - Custody and Settlement revenue grew to €270.5 million (+8.7%), driven by higher assets under custody, dynamic settlement activity and strong growth of value-added services;
  - Advanced Data Services revenue grew to €241.7 million (+7.5%), driven by continued demand for fixed income trading data, power trading data and dynamic retail usage. Revenue was supported by the acquisition of GRSS, a leading provider of services to benchmark administrators;
  - Listing revenue grew to €231.9 million (+5.1%), despite headwinds from the NOK1F² depreciation. This reflects the continued strong performance of corporate solutions and resilient listing revenue. With 53 new equity listings and over 14,700 new bond listings in 2024, Euronext confirms its leading European position in equity listing and its worldwide leadership in debt listing;
  - Technology Solutions reported €106.2 million of revenue (-3.4%), reflecting the termination of Borsa Italiana legacy services in March 2024 following the migration to Optiq®.

Trading revenue grew to €559.4 million (+14.2%), driven by record results in fixed income, FX and power trading and solid growth in cash trading revenue;
Clearing revenue grew to €144.3 million (+19.0%), powered by the European expansion of Euronext Clearing, dynamic fixed income activity and the strong performance of commodities clearing. Net treasury income was at €56.8 million (+21.8%).

Underlying operating expenses excluding D&A¹were in line with the revised guidance of €620 million, at €620.5 million (+1.7% compared to 2023). Cost discipline, synergies, and positive one-off items partly offset growth investments and acquisition impacts.
Adjusted EBITDA¹was €1,006.4 million (+16.4%) and adjusted EBITDA margin was 61.9% (+3.3pts).
Adjusted net income¹was €682.5 million (+16.7%) and adjusted EPS was €6.59 (+19.6%).
Reported net income was €585.6 million (+14.0%), despite the negative comparison base related to the €41.6 million capital gain received in 2023 for the disposal of Euronext’s 11.1% stake in LCH SA.
Net debt to EBITDA2F³was at 1.4x at the end of December 2024, within Euronext’s target range. Euronext’s S&P rating was upgraded to ‘A-, Stable Outlook’ in February 2025.
Achievement of 2024 financial targets is confirmed. Euronext revenue reached +4.7% CAGR_2020PF-2024, above the +3% to +4% targeted. Euronext attained an adjusted EBITDA growth of +6.4% CAGR_2020PF-2024, above the +5% to +6% targeted.
Key figures for full year 2024:

In €m, unless stated otherwise	2024	2023	% var	% var l-f-l3F⁴
Revenue and income	1,626.9	1,474.7	+10.3%	+10.0%
Underlying operational expenses excluding D&A²	(620.5)	(610.0)	+1.7%	+1.0%
Adjusted EBITDA	1,006.4	864.7	+16.4%	+16.3%
Adjusted EBITDA margin	61.9%	58.6%	+3.3pts	+3.4pts
Net income, share of the parent company shareholders	585.6	513.6	+14.0%
Adjusted net income, share of the parent company shareholders	682.5	584.7	+16.7%
Adjusted EPS (basic, in €) (share count differs between the two periods4F⁵)	6.59	5.51	+19.6%
Reported EPS (basic, in €) (share count differs between the two periods)	5.65	4.84	+16.7%
Adjusted EPS (diluted, in €) (share count differs between the two periods)	6.56	5.50	+19.3%
Reported EPS (diluted, in €) (share count differs between the two periods)	5.63	4.83	+16.6%

Dividend proposal to the 2025 Annual General Meeting

A dividend of €292.8 million will be proposed to the Annual General Meeting on 15 May 2025. This represents 50% of 2024 reported net income, in line with Euronext’s dividend policy. This dividend represents an increase of +14.0% compared to 20235F⁶.

Euronext continues its cost discipline and invests in strategic growth

In 2024, Euronext reported underlying expenses (excl. D&A) in line with the revised guidance of €620 million. This compares to an initial guidance of €625 million, which did not take into account the impact of any acquisitions executed over the course of 2024.

2024 normalised underlying expenses (excl. D&A) were at approximately €640 million, taking into account approximately €8 million of positive one-off items and the full-year impact of bolt-on acquisitions.

Euronext expects its total underlying expenses (excl. D&A) for 2025 to be around €670 million. Euronext expects its 2025 underlying expenses (excl. D&A) to be stable at around €640 million compared to 2024 normalised underlying expenses (excl. D&A), as savings and synergies are expected to entirely offset inflationary impacts. In addition, Euronext plans to invest around 5% of its normalised underlying expenses (excl. D&A) to deliver strategic growth projects, as highlighted during the Investor Day on 8 November 2024.

Progress with the delivery of “Innovate for Growth 2027”
- Euronext will accelerate the delivery of its power futures ambition with the contemplated acquisition of Nasdaq’s Nordic power futures business, announced on 28 January 2025.
- Euronext continues to leverage its clearing house to launch innovative derivatives products. Euronext will launch fixed income derivatives on major European government bonds, including the first-ever cash-settled mini futures in September 2025, delivering unparalleled accessibility and flexibility to investors.
- Euronext announced a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. This collaboration is a major enabler of Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds.

Stéphane Boujnah, Chief Executive Officer and Chairman of the Managing Board of Euronext, said:

“In 2024, we delivered double-digit topline growth thanks to the solid performance of non-volume related activities, excellent performance of FICC trading, and the successful clearing expansion in Europe. For the first time, Euronext reached the significant threshold of over €1 billion in adjusted EBITDA, an increase of +16.4% compared to last year. Our notable adjusted net income growth of +16.7% compared to last year, to €682.5 million underscores our profitability and our robust financial health. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to €5.51 per share in 2023. This increase reflects Euronext’s strong performance and a lower number of outstanding shares over 2024 due to Euronext’s share repurchase programme.

In 2024, Euronext achieved several key milestones that allowed us to expand our presence across the entire capital markets value chain, as we have finalised the integration of the Borsa Italiana Group. We have exceeded our 2024 financial targets for revenue and EBITDA growth. We have also strengthened our non-volume business with strategic acquisitions such as GRSS, Substantive Research, and Acupay.

In 2025, we are building the foundations to achieve our 2027 growth targets and we are investing to innovate for growth. We have already begun with the announced acquisition of Nasdaq’s Nordic power futures business6F⁷. This addition will significantly contribute to the growth of our FICC trading and clearing business. We are pleased to announce the most significant innovation in financial derivatives in recent years, the launch of cash-settled mini futures on European government bonds. Finally, we have made a first major step in the expansion of our Repo clearing franchise through a strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering. Euronext has promising growth opportunities ahead, which will further reinforce our position as the leading capital market infrastructure in Europe.”

2024 financial performance

In €m, unless stated otherwise	FY 2024	FY 2023	% var	% var (like-for-like, constant currencies)
Revenue and income	1,626.9	1,474.7	+10.3%	+10.0%
Listing	231.9	220.6	+5.1%	+5.4%
Trading revenue, of which	559.4	490.0	+14.2%	+14.3%
Cash trading	284.0	265.4	+7.0%	+7.0%
Derivatives trading	53.1	54.2	-2.0%	-2.0%
Fixed income trading	145.5	107.4	+35.5%	+35.5%
FX trading	31.7	25.6	+24.2%	+24.2%
Power trading	45.1	37.4	+20.4%	+22.6%
Investor Services	14.1	11.4	+24.2%	+14.8%
Advanced Data Services	241.7	224.8	+7.5%	+5.3%
Post-Trade, of which	414.7	370.2	+12.0%	+11.9%
Clearing	144.3	121.3	+19.0%	+19.0%
Custody and Settlement	270.5	248.9	+8.7%	+8.8%
Euronext Technology Solutions & Other	106.2	109.9	-3.4%	-3.3%
NTI through CCP business	56.8	46.7	+21.8%	+21.8%
Other income	2.0	1.4	+45.5%	+44.5%
Transitional revenues	–	(0.2)	N/A	N/A
Underlying operational expenses excl. D&A	(620.5)	(610.0)	+1.7%	+1.0%
Adjusted EBITDA	1,006.4	864.7	+16.4%	+16.3%
Adjusted EBITDA margin	61.9%	58.6%	+3.3pts	+3.4pts
Operating expenses excl. D&A	(651.3)	(688.3)	-5.4%	+1.0%
EBITDA	975.6	786.4	+24.1%	+9.9%
Depreciation & Amortisation	(188.7)	(170.1)	+10.9%	+11.2%
Total Expenses (incl. D&A)	(840.1)	(858.5)	-2.1%	-2.6%
Adjusted operating profit	922.9	790.4	+16.8%	+16.7%
Operating Profit	786.8	616.2	+27.7%
Net financing income / (expense)	17.5	(0.2)
Results from equity investments	34.7	83.1	-58.3%
Profit before income tax	839.1	699.1	+20.0%
Income tax expense	(218.4)	(162.7)	+34.2%
Share of non-controlling interests	(35.1)	(22.8)	+53.7%
Net income, share of the parent company shareholders	585.6	513.6	+14.0%
Adjusted Net income, share of the parent company shareholders7F⁸	682.5	584.7	+16.7%
Adjusted EPS (basic, in €)	6.59	5.51	+19.6%
Reported EPS (basic, in €)	5.65	4.84	+16.7%
Adjusted EPS (diluted, in €)	6.56	5.50	+19.3%
Reported EPS (diluted, in €)	5.63	4.83	+16.6%

Share count differs between the two periods.

2024 revenue and income

In 2024, Euronext’s revenue and income was €1,626.9 million, up +10.3% compared to 2023. This resulted from solid organic growth in non-volume related businesses, a dynamic trading environment across asset classes, and the positive contribution of the Euronext Clearing European expansion.

On a like-for-like basis and at constant currencies, Euronext consolidated revenue and income was up +10.0% in 2024, at €1,618.2 million, compared to 2023.

Non-volume related revenue accounted for 58% of underlying Group revenue in 2024, compared to 60% in 2023. This reflects the strong growth in trading and post-trade revenue, and solid performance of non-volume-related revenue. Non-volume-related revenue covered 153% of underlying operating expenses excluding D&A, compared to 145% in 2023.

2024 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased slightly to €620.5 million, up +1.7%, in line with the revised guidance of €620 million, and lower than the initial guidance of €625 million. Cost discipline, FX impacts and positive one-offs (around €8.3 million) partly offset growth investments and acquisitions impacts.

On a like-for-like basis at constant currencies, underlying operational expenses excluding depreciation and amortisation increased by +1.0% compared to 2023, which highlights the impact of acquisitions on a reported basis.

Consequently, adjusted EBITDA for the year totalled €1,006.4 million, up +16.4% compared to 2023. This represents an adjusted EBITDA margin of 61.9%, up +3.3 points compared to 2023. On a like-for-like basis, adjusted EBITDA for 2024 was up +16.3%, to €1,003.2 million, and adjusted EBITDA margin was 62.0%, up +3.4 points compared to 2023.

2024 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €188.7 million in 2024, up +10.9%, resulting from migration projects and acquisitions. PPA related to acquired businesses accounted for €81.2 million and is included in depreciation and amortisation.

2024 adjusted operating profit was €922.9 million, up +16.8% compared to 2023 adjusted operating profit.

€136.1 million of non-underlying expenses, including depreciation and amortisation, were reported in 2024, related to the implementation of the ‘Growth for Impact 2024’ strategic plan and the PPA of acquired businesses.

Net financing income for 2024 was €17.5 million, compared to a net financing expense of €0.2 million in 2023. This increase resulted from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt in 2024.

Results from equity investments amounted to €34.7 million in 2024, including €23.4 million of dividend received from Euroclear and the €10.1 million of dividend earned from Sicovam. In 2023, Euronext reported €83.1 million of results from equity investments. This was a result of the capital gain on the disposal of Euronext’s stake in LCH SA and the disposal of Euronext’s investment in Tokeny, as well as the dividend received from Euroclear and Sicovam.

Income tax for 2024 was €218.4 million. This translated into an effective tax rate of 26.0% for 2024. In 2023, the income tax rate was 23.3%, positively impacted by non-taxable income. Income tax amounted to €162.7 million.

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €35.1 million in 2024.

As a result, the reported net income, share of the parent company shareholders, increased by +14.0% for 2024 compared to 2023, to €585.6 million. This represents a reported EPS of €5.65 basic and €5.63 diluted in 2024, compared to €4.84 basic and €4.83 diluted in 2023. This increase reflects the strong results and a lower number of shares over 2024 compared to 2023.

Adjusted net income, share of the parent company shareholders was up +16.7% to €682.5 million. Adjusted EPS (basic) was up +19.6% in 2024, at €6.59 per share, compared to an adjusted EPS (basic) of €5.51 per share in 2023.

The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

In 2024, Euronext reported a net cash flow from operating activities of €708.6 million, compared to €826.1 million in 2023. The difference results from higher profit before tax, higher income tax, lower results from equity investments and negative changes in working capital. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 72.3% of EBITDA in 2024.

2024 business highlights

In €m, unless stated otherwise	FY 2024	FY 2023	% change
Revenue	231.9	220.6	+5.1%
Equity	106.6	105.1	+1.4%
o/w Annual fees	72.4	69.0	+5.0%
o/w Follow-ons	18.7	20.8	-10.1%
o/w IPOs	15.5	15.4	+0.9%
Debts	40.4	36.0	+12.2%
ETFs, Funds & Warrants	24.0	23.3	+3.0%
Corporate Solutions	50.3	45.4	+10.7%
ELITE and Other	10.2	10.8	-5.8%


Money raised (€m)	FY 2024	FY 2023	% change
Equity listings	3,840	2,481	+54.8%
Follow-ons	15,782	20,177	-21.8%
Bonds	1,190,154	1,156,035	+3.0%

Listed securities	FY 2024	FY 2023	% change
New equity listings over the period	53	64	-17.2%

Money raised from follow-ons has been restated for previous periods.

Listing revenue was €231.9 million in 2024, an increase of +5.1% compared to 2023, driven by the resilience of the offering and sustained leadership in listing, partially offset by the NOK depreciation.

Euronext recorded 33% of equity listings in Europe8F⁹ with 53 new equity listings.

Euronext Corporate Solutions revenue grew by +10.7% compared to 2023 to €50.3 million, thanks to a strong performance of the SaaS and advisory offering.

Debt listing revenue grew by +12.2% compared to 2023 to €40.4 million, driven by dynamic bond issuance activity.

On a like-for-like basis at constant currencies, listing revenue increased by +5.4% compared to 2023.

Trading
- Cash trading

	FY 2024	FY 2023	% change
Cash trading revenue (€m)	284.0	265.4	+7.0%
ADV Cash market (€m)	10,405	10,053	+3.5%

Cash trading revenue increased by +7.0% to €284.0 million in 2024, supported by efficient yield management and higher volumes.

Over the year, Euronext cash trading yield was 0.53 bps, up from 0.52 bps in 2023 despite continued high order sizes. Euronext market share of cash trading averaged 64.8% in 2024.

On a like-for-like basis at constant currencies, cash trading revenue was up +7.0%.

Derivatives trading

	FY 2024	FY 2023	% change
Derivatives trading revenue (€m)	53.1	54.2	-2.0%
ADV Derivatives market (in lots)	619,833	619,244	+0.1%
ADV Equity & Index derivatives (in lots)	503,506	528,368	-4.7%
ADV Commodity derivatives (in lots)	116,328	90,876	+28.0%

Derivatives trading revenue decreased by -2.0% to €53.1 million in 2024, reflecting the continuing trend of lower volatility for equity and index derivatives, offset by very dynamic commodity trading. Euronext revenue capture on derivatives trading was €0.33 per lot for the year. On a like-for-like basis at constant currencies, derivatives trading revenue was down -2.0% in 2024 compared to 2023.

Fixed income trading

	FY 2024	FY 2023	% change
Fixed income trading revenue (€m)	145.5	107.4	+35.5%
o/w MTS Cash	103.1	67.1	+53.7%
o/w MTS Repo	26.5	25.2	+4.9%
ADV MTS Cash (€m)	37,021	23,026	+60.8%
TAADV MTS Repo (€m)	483,247	436,039	+10.8%
ADV other fixed income (€m)	1,612	1,266	+27.4%

Fixed income revenue reached €145.5 million in 2024, up +35.5% compared to 2023. MTS Cash reached record results, driven by strategic positioning of the solutions provided to market participants and issuers and favourable market conditions. On a like-for-like basis at constant currencies, fixed income trading revenue was up +35.5% compared to 2023.

FX trading

	FY 2024	FY 2023	% change
Spot FX trading revenue (€m)	31.7	25.6	+24.2%
ADV spot FX Market (in $m)	26,493	22,450	+18.0%

FX trading revenue was €31.7 million in 2024, up +24.2% compared to 2023. This reflects growing volumes, bolstered by a favourable volatility environment and commercial expansion. On a like-for-like basis at constant currencies, FX trading revenue was up +24.2% compared to 2023.

Power trading

	FY 2024	FY 2023	% change
Power trading revenue (€m)	45.1	37.4	+20.4%
ADV Day-ahead power market (in TWH)	2.74	2.74	+0.3%
ADV Intraday power market (in TWH)	0.31	0.20	+55.0%

Power trading revenue reached €45.1 million in 2024, up +20.4% compared to 2023, reflecting continued strong growth of intraday volumes. This strong result was partially offset by the depreciation of the NOK. On a like-for-like basis at constant currencies, power trading revenue was up +22.6% compared to 2023.

Investor Services

Investor Services reported €14.1 million revenue in 2024, representing a +24.2% increase compared to 2023, supported by continued commercial expansion and the contribution of Substantive Research, acquired on 17 September 2024. On a like-for-like basis at constant currencies, Investor Services revenue was up +14.8% compared to 2023.

Advanced Data Services

Advanced Data Services revenue reached €241.7 million in 2024, up +7.5% from 2023, driven by continued demand for fixed-income and power trading data and dynamic retail usage. It was also supported by the contribution of GRSS, acquired as announced on 3 June 2024, and rapid expansion of advanced data solutions. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +5.3% compared to 2023.

Post Trade

in €m, unless stated otherwise	FY 2024	FY 2023	% change
Post-trade revenue (excl. NTI)	414.7	370.2	+12.0%
Clearing	144.3	121.3	+19.0%
o/w Revenue from LCH SA	62.8	71.8	-12.5%
o/w Revenue from Euronext Clearing	81.5	49.5	+64.5%
o/w Derivatives	18.1	5.6	+221.2%
o/w Equities	24.4	16.6	+47.1%
o/w Bonds	14.9	13.6	+10.0%
o/w Other	24.1	13.7	+75.8%
Custody, Settlement and other Post-Trade activities	270.5	248.9	+8.7%

Number of transactions and lots cleared	FY 2024	FY 2023	% change
Shares (number of contracts – single counted)	234,777,332	83,486,969	+181.2%
Bonds – Wholesale (nominal value in €bn – double counted)	29,717	27,177	+9.3%
Bonds – Retail (number of contracts – double counted)	15,133,264	13,732,528	+10.2%
Derivatives9F¹⁰	65,536,847	25,244,669	+159.6%

Clearing revenue was up +19.0% to €144.3 million in 2024, reflecting the successful and timely execution of the last steps of the pan-Europeanisation of Euronext Clearing. Non-volume related clearing revenue (including membership fees, treasury income received from LCH SA prior to the migration) accounted for €41.9 million of the total clearing revenue in 2024. On a like-for-like basis at constant currencies, clearing revenue was up +19.0% compared to 2023.

Net treasury income

Net treasury income for Euronext Clearing was at €56.8 million in 2024, up +21.8% compared to 2023. The increase was driven by higher collateral following the completion of the derivatives clearing migration on 7 September 2024 and a positive comparison base in Q1 2023 due to the disposal of the Euronext Clearing portfolio.

Custody, Settlement and other Post-Trade activities

Euronext Securities activity	FY 2024	FY 2023	% change
Number of settlement instructions over the period	134,287,470	123,587,470	+7.8%
Assets under Custody (in €bn), end of period	7,065	6,663	+6.0%

Revenue from Custody, Settlement and other Post-Trade activities was €270.5 million in 2024, posting a strong growth of +8.7% compared to 2023. This reflects growing assets under custody, dynamic issuance activities and higher settlement activity. Euronext Securities’ value-added services business continued to post strong growth, supported by the acquisition of Acupay as announced on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +8.8% compared to 2023.

Technology Solutions and Other revenue

Euronext Technologies and Other revenue was €106.2 million in 2024, down -3.4% from 2023, reflecting the termination of double-run connectivity revenues and Borsa Italiana legacy services following the migration to Optiq®, passing on synergies to clients. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was down -3.3% compared to 2023.

Q4 2024 financial performance

In €m, unless stated otherwise	Q4 2024	Q4 2023	% var	% var (like-for-like, constant currencies)
Revenue and income	415.8	374.1	+11.1%	+9.9%
Listing	59.4	56.2	+5.8%	+5.9%
Trading revenue, of which	141.4	124.5	+13.5%	+13.5%
Cash trading	70.9	64.1	+10.6%	+10.6%
Derivatives trading	12.9	12.8	+0.3%	+0.3%
Fixed income trading	37.8	30.6	+23.7%	+23.7%
FX trading	8.5	6.7	+27.7%	+26.4%
Power trading	11.3	10.4	+8.8%	+10.1%
Investor Services	4.2	3.0	+39.8%	+13.0%
Advanced Data Services	61.1	56.1	+8.9%	+4.8%
Post Trade, of which	102.8	94.6	+8.6%	+7.0%
Clearing	32.9	32.3	+1.8%	+1.8%
Custody and Settlement	69.9	62.3	+12.2%	+10.1%
Euronext Technology Solutions & Other	28.4	27.6	+3.1%	+3.2%
NTI through CCP business	17.9	11.7	+53.3%	+53.3%
Other income	0.6	0.5	+37.5%	+0.0%
Underlying operational expenses excl. D&A	(163.2)	(157.8)	+3.4%	+1.1%
Adjusted EBITDA	252.6	216.3	+16.7%	+16.4%
Adjusted EBITDA margin	60.7%	57.8%	+2.9pts	+3.4pts
Operating expenses excl. D&A	(174.4)	(173.3)	+0.6%	-1.5%
EBITDA	241.4	200.8	+20.2%	+19.8%
Depreciation & Amortisation	(49.6)	(45.6)	+8.7%	+8.6%
Total Expenses (incl. D&A)	(224.0)	(218.9)	+2.3%	+0.6%
Adjusted operating profit	231.1	196.3	+17.7%	+17.3%
Operating Profit	191.8	155.2	+23.6%
Net financing income / (expense)	6.5	4.7	+38.2%
Results from equity investments	10.1	17.0	-40.8%
Profit before income tax	208.4	176.9	+17.8%
Income tax expense	(55.5)	(40.0)	+38.8%
Share of non-controlling interests	(8.2)	(6.4)	+29.2%
Net income, share of the parent company shareholders	144.6	130.6	+10.8%
Adjusted Net income, share of the parent company shareholders10F¹¹	172.3	148.2	+16.3%
Adjusted EPS (basic, in €)	1.66	1.42	+16.9%
Reported EPS (basic, in €)	1.40	1.25	+12.0%
Adjusted EPS (diluted, in €)	1.66	1.41	+17.7%
Reported EPS (diluted, in €)	1.39	1.24	+12.1%

Share count differs between the two periods

Q4 2024 revenue and income

In Q4 2024, Euronext’s revenue and income amounted to €415.8 million, up +11.1% compared to Q4 2023, driven by record performance in fixed income trading, robust results in non-volume related businesses and the positive contribution of the Euronext Clearing European expansion at the end of November 2023.

On a like-for-like basis and at constant currencies, Euronext revenue and income were up +9.9% in Q4 2024 compared to Q4 2023, to €411.1 million.

Non-volume related revenue accounted for 59% of Group revenue in Q4 2024, compared to 60% in Q4 2023, reflecting continued strong performance of trading and post-trade in Q4 2024. The underlying operating expenses excluding D&A coverage by non-volume related revenue ratio was at 151% in Q4 2024, compared to 141% in Q4 2023.

Q4 2024 adjusted EBITDA

Underlying operational expenses excluding depreciation and amortisation increased by +3.4% to €163.2 million, reflecting investments in growth and the impact of acquisitions. On a like-for-like basis, underlying operational expenses excluding depreciation and amortisation increased by +1.1% compared to Q4 2023, reflecting mainly the impact of acquisitions on a reported basis.

Consequently, adjusted EBITDA for the quarter totalled €252.6 million, up +16.7% compared to Q4 2023. This represents an adjusted EBITDA margin of 60.7%, up +2.9 points compared to Q4 2023. On a like-for-like basis, adjusted EBITDA for Q4 2024 was up +16.4%, to €251.5 million, and adjusted EBITDA margin was 61.2%, up +3.4 points compared to the same perimeter in Q4 2023.

Q4 2024 net income, share of the parent company shareholders

Depreciation and amortisation accounted for €49.6 million in Q4 2024, +8.7% more than in Q4 2023 due to the impact of migration projects and acquisitions. PPA related to acquired businesses accounted for €20.7 million and is included in depreciation and amortisation.

Adjusted operating profit was €231.1 million, up +17.7% compared to Q4 2023. On a like-for-like basis, adjusted operating profit was up +17.3% compared to Q4 2023, at €230.1 million.

€39.3 million of non-underlying expenses, including depreciation and amortisation, were reported in Q4 2024, related to the final steps of the Borsa Italiana Group integration and the PPA of acquired businesses.

Net financing income for Q4 2024 was €6.5 million, compared to €4.7 million in Q4 2023. This increase results from higher interest income due to higher interest rates and strong cash generation, offsetting the cost of debt.

Results from equity investments amounted to €10.1 million in Q4 2024, representing the dividend received from Sicovam. As a reminder, in Q4 2023, Euronext reported €17.0 million of results from equity investments due to the capital gain related to the disposal of the stake in Tokeny and the dividend received from Sicovam.

Income tax for Q4 2024 was €55.5 million. This translated into an effective tax rate of 26.6% for the quarter. (Q4 2023: €40.0 million and 22.6% respectively, reflecting the positive impact of the tax-exempted one-off capital gain from the disposal of the Tokeny stake).

Share of non-controlling interests mainly relating to the Borsa Italiana Group and Nord Pool amounted to €8.2 million in Q4 2024.

As a result, the reported net income, share of the parent company shareholders, increased by +10.8% for Q4 2024 compared to Q4 2023, to €144.6 million. This represents a reported EPS of €1.40 basic and €1.39 diluted in Q4 2024, compared to €1.25 basic and €1.24 diluted in Q4 2023. Adjusted net income, share of the parent company shareholders was up +16.3% to €172.3 million. Adjusted EPS (basic) was up +16.9% in Q4 2024, at €1.66 per share, compared to an adjusted EPS (basic) of €1.42 per share in Q4 2023. This increase reflects higher profit and a lower number of outstanding shares over the fourth quarter of 2024 compared to the fourth quarter of 2023.

The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.

In Q4 2024, Euronext reported a net cash flow from operating activities of €175.0 million, compared to €194.5 million in Q4 2023, reflecting negative changes in working capital from short-term movement in outstanding power sales customers’ and suppliers’ invoices related to Nord Pool CCP activities and higher income tax. Excluding the impact on working capital from Euronext Clearing and Nord Pool CCP activities, net cash flow from operating activities accounted for 64.3% of EBITDA in Q4 2024.

Q4 2024 business highlights

in €m, unless stated otherwise	Q4 2024	Q4 2023	% change
Listing revenue	59.4	56.2	+5.8%
Equity	26.6	26.6	-0.1%
o/w Annual fees	18.0	17.1	+5.2%
o/w Follow-ons	4.6	5.8	-19.2%
o/w IPOs	3.9	3.7	+4.6%
Debts	9.8	9.1	+7.7%
ETFs, Funds & Warrants	6.1	5.9	+3.5%
Corporate Solutions	14.0	12.3	+13.6%
ELITE and Other	2.9	2.2	+31.9%

Listing revenue was €59.4 million in Q4 2024, an increase of +5.8% compared to Q4 2023 driven by dynamic listing and follow-on activity and strong performance of corporate solutions, partially offset by the depreciation of the NOK.

On a like-for-like basis at constant currencies, listing revenue increased by +5.9% compared to Q4 2023.

Money raised (€m)	Q4 2024	Q4 2023	% change
Equity listings	164	247	-33.7%
Follow-ons	2,556	6,667	-61.7%
Bonds	244,356	290,524	-15.9%

Listed securities	Q4 2024	Q4 2023	% change
New equity listings over the period	16	13	+23.1%
Number of ETFs listed, end of period	4,018	3,821	+5.2%
Number of Bonds listed, end of period	55,804	55,098	+1.3%

Euronext ranked as the leading listing venue in Europe with 30% of European listings. Equity listing revenue was solid at €26.6 million.

Euronext Corporate Solutions revenue grew +13.6% compared to Q4 2023 to a new record level of €14.0 million, resulting from the strong performance of its SaaS products and events.

Debt listing activity was strong with revenue at €9.8 million, supported by dynamic bond listing activity and favourable market conditions.

Trading
- Cash trading

	Q4 2024	Q4 2023	% change
Cash trading revenue (€m)	70.9	64.1	+10.6%
ADV Cash market11F (€m)	10,545	9,558	+10.3%

Cash trading revenue increased by +10.6% to €70.9 million in Q4 2024, driven by a more positively geared volume environment.

Over the fourth quarter of 2024, Euronext cash trading yield was 0.52 bps, reflecting more dynamic volumes and high average order sizes. Euronext market share on cash trading averaged 64.4% in Q4 2024.

On a like-for-like basis at constant currencies, cash trading revenue was up +10.6%.

Derivatives trading

	Q4 2024	Q4 2023	% change
Derivatives trading revenue (€m)	12.9	12.8	+0.3%
ADV Derivatives market (in lots)	580,555	598,894	-3.1%
ADV Equity derivatives (in lots)	463,920	506,716	-8.4%
ADV Commodity derivatives (in lots)	116,634	92,178	+26.5%

Derivatives trading revenue increased by +0.3% to €12.9 million in Q4 2024. The strong performance of Euronext commodity derivatives, supported by new product launches, partly offset the continued low volatility environment for equity derivatives. Euronext revenue capture on derivatives trading was €0.35 per lot for the fourth quarter of 2024.

On a like-for-like basis at constant currencies, derivatives trading revenue was up +0.3% in Q4 2024 compared to Q4 2023.

Fixed income trading

	Q4 2024	Q4 2023	% change
Fixed income trading revenue (€m)	37.8	30.6	+23.7%
o/w MTS Cash	27.0	19.6	+37.8%
o/w MTS Repo	6.7	6.3	+5.9%
ADV MTS Cash (€m)	39,381	27,741	+42.0%
TAADV MTS Repo (€m)	516,173	469,134	+10.0%
ADV other fixed income (€m)	1,656	1,504	+10.1%

Fixed income recorded record revenue at €37.8 million in Q4 2024, up +23.7% compared to Q4 2023, reflecting record quarterly volumes in MTS Cash and Repo driven by an economic environment favouring money markets and supportive volatility, and strong growth in repo and other fixed income trading.

On a like-for-like basis at constant currencies, fixed income trading revenue was up +23.7% compared to Q4 2023.

FX trading

	Q4 2024	Q4 2023	% change
Spot FX trading revenue (€m)	8.5	6.7	+27.7%
ADV spot FX Market (in $m)	26,475	23,943	+10.6%

FX trading revenue was €8.5 million in Q4 2024, up +27.7% compared to Q4 2023 thanks to favourable market volatility and commercial expansion.

On a like-for-like basis at constant currencies, FX trading revenue was up +26.4% compared to Q4 2023.

Power trading

	Q4 2024	Q4 2023	% change
Power trading revenue (€m)	11.3	10.4	+8.8%
ADV Day-ahead power market (in TWH)	2.99	3.10	-3.4%
ADV Intraday power market (in TWH)	0.32	0.25	+27.1%

Power trading revenue reached €11.3 million in Q4 2024, up +8.8% compared to Q4 2023, reflecting continued strong growth in intraday volumes and lower day-ahead volumes due to milder temperatures.

On a like-for-like basis at constant currencies, power trading revenue was up +10.1% compared to Q4 2023. This reflects the negative impact from the NOK depreciation on a reported basis.

Investor Services

Investor Services reported €4.2 million revenue in Q4 2024, up +39.8% compared to Q4 2023, resulting from continued commercial expansion and the full-quarter contribution from Substantive Research, acquired as announced in September 2024.

On a like-for-like basis at constant currencies, Investor Services revenue was up +13.0% compared to Q4 2023.

Advanced Data Services

Advanced Data Services revenue was €61.1 million in Q4 2024, up +8.9% from Q4 2023, driven by a solid performance of the core data business, solid demand for analytic products and diversified datasets and from retail investors. It also reflects the positive contribution of GRSS, acquired as announced in June 2024. On a like-for-like basis at constant currencies, Advanced Data Services revenue was up +4.8% compared to Q4 2023.

Post Trade

in €m, unless stated otherwise	Q4 2024	Q4 2023	% change
Post-trade revenue (excl. NTI)	102.8	94.6	+8.6%
Clearing	32.9	32.3	+1.8%
o/w Revenue from LCH SA	–	17.8
o/w Revenue from Euronext Clearing	32.9	14.6	+126.2%
o/w Derivatives	14.3	1.4	+940.3%
o/w Equities	6.4	5.2	+21.9%
o/w Bonds	3.8	3.7	+3.4%
o/w Other	8.4	4.2	+98.5%
Net treasury income through CCP business	17.9	11.7	+53.3%
Custody, Settlement and other Post-Trade activities	69.9	62.3	+12.2%

Number of transactions and lots cleared	Q4 2024	Q4 2023	% change
Shares (#contracts – single counted)	60,645,852	30,675,375	+97.7%
Bonds – Wholesale (nominal value in €bn – double counted)	7,580	7,118	+6.5%
Bonds – Retail (# contracts – double counted)	4,340,444	3,888,898	+11.6%
Derivatives (# contracts – single counted)	37,154,815	5,691,338	+552.8%

Clearing revenue was up +1.8% to €32.9 million in Q4 2024, reflecting the increase in equity clearing volumes following the expansion of Euronext Clearing in November 2023, as well as dynamic commodity and retail bond clearing volumes, offset by the low volatility environment for equity derivatives. Euronext has internalised the clearing and net treasury income related to its derivatives flows in September 2024. Euronext therefore no longer receives revenue and net treasury income from LCH SA, previously recorded under non-volume related clearing revenue. Non-volume related clearing revenue, mostly related to membership fees, accounted for €8.4 million of the total clearing revenue in Q4 2024. On a like-for-like basis at constant currencies, clearing revenue was up +1.8% compared to Q4 2023.

Net treasury income

Net treasury income amounted to €17.9 million in Q4 2024. The +53.3% increase compared to Q4 2023 reflects the increased level of cash collateral posted to the CCP following the migration of derivatives clearing for all Euronext markets to Euronext Clearing.

Custody, Settlement and other Post-Trade activities

Euronext Securities activity	Q4 2024	Q4 2023	% change
Number of settlement instructions over the period	34,122,913	30,507,967	+11.8%
Assets under Custody (in €bn), end of period	7,065	6,663	+6.0%

Revenue from Custody, Settlement and other Post-Trade activities was €69.9 million in Q4 2024, up +12.2% compared to Q4 2023, reflecting higher assets under custody, a growing number of settlement instructions and continued growth of the services offering, supported by the acquisition of Acupay on 2 October 2024. On a like-for-like basis at constant currencies, Custody, Settlement and other Post-Trade revenue was up +10.1% compared to Q4 2023.

Technology Solutions and Other revenue

Euronext Technologies and Other revenue grew to €28.4 million in Q4 2024, up +3.1% from Q4 2023, supported by Technology Solutions provided through Nord Pool and the launch of Euronext Wireless Network in July 2024, which offset the termination of Borsa Italiana legacy services following the migration of Italian markets to Optiq®. On a like-for-like basis at constant currencies, Euronext Technologies and Other revenue was up +3.2% compared to Q4 2023.

Corporate highlights since 1 January 2025

Euronext to acquire Nasdaq’s Nordic power futures business

On 28 January 2025, Euronext and Nasdaq announced the signing of a binding agreement under which Euronext will acquire Nasdaq’s Nordic power futures business, subject to receipt of applicable regulatory approvals.
The agreement entails the transfer of existing open positions in Nasdaq’s Nordic power derivatives, currently held in Nasdaq Clearing, to Euronext Clearing, with approval of the members. Trading of power futures will be operated from Euronext Amsterdam and will be cleared through Euronext Clearing. Nasdaq Clearing AB, Nasdaq Oslo ASA, and their respective infrastructure are not included in the sale. Nasdaq will continue to operate its European Markets Services business and multi-asset clearing house.
The anticipated combination of Euronext Nord Pool’s market initiative with Nasdaq’s Nordic power futures business is fully aligned with Euronext’s “Innovate for Growth 2027” strategic priority to expand in power and accelerates the delivery of Euronext’s power futures ambitions. The transaction complies with Euronext’s capital allocation policy and will be fully financed with existing cash.

Euronext upgraded to A-, stable outlook, by S&P

On 3 February 2025, Euronext welcomed the decision of S&P to upgrade Euronext from ‘BBB+, Positive Outlook’ to ‘A-, Stable Outlook’.
S&P’s decision reflects the completion of the integration of the Borsa Italiana Group, the successful expansion of Euronext Clearing and the continued deleveraging thanks to the Group’s strong cash flow generation.

Ongoing share buyback programme

On 7 November 2024, Euronext announced a share repurchase programme for a maximum amount of €300 million. This programme is enabled by Euronext’s strong cash generation capabilities and demonstrates Euronext’s rigorous capital allocation strategy. Weekly reporting updates about the share repurchase programme are being published in the Share Buyback Programme section of our website. As of 7 February 2025, a total of 1,821,023 shares had been repurchased, representing 65.3% of the repurchase programme.

Fixed income derivatives status update

Euronext announces the launch of fixed income derivatives on major European government bonds, marking a significant innovation in financial derivatives. This new offering includes the first-ever mini futures to be cash-settled on European government bonds, designed to provide greater accessibility and flexibility for retail investors, asset managers, and private investors. Powered by the Optiq® trading platform and supported by dedicated market makers and Euronext Clearing, these derivatives will be introduced on the Euronext Derivatives Milan market in September 2025.

Euronext volumes for January 2025

In January 2025, the average daily transaction value on the Euronext cash order book stood at €11,538 million, up 23.1% compared to the same period last year. The overall average daily volume on Euronext derivatives stood at 606,267 lots, up +5.1%% compared to January 2024, and the open interest was 23,064,793 contracts at the end of January 2025, up +4.5% compared to January 2024. The average daily volume on Euronext FX’s spot foreign exchange market stood at $27.7 billion, up +11.2% compared to the same period last year.
MTS Cash average daily volumes were up +57.5% to €50.8 billion in January 2025, MTS Repo term adjusted
average daily volume stood at €467.6 billion, up +3.5% compared to the same period last year.
Euronext Clearing cleared 23,472,063 shares in January 2025, +20.9% compared to January 2024. €2,782.6 billion of wholesale bonds were cleared in January 2025 (double counted), up +2.8% compared to the same period in 2024. 1,464,522 bond retail contracts were cleared in January 2025 (double counted), up +11.9% compared to January 2024. The number of derivatives contracts cleared was 13,337,872, +606.4% compared to January 2024 (single counted). This strong increase is due to the fact that the commodity derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 15 July 2024, and financial derivatives of Euronext legacy markets have been integrated following the Euronext Clearing expansion that occurred on 9 September 2024. Euronext Securities reported 13,048,702 settlement instructions in January 2025, up +14.9% compared to the same period last year. The total Assets Under Custody reached over €7 trillion in January 2025, up +7.2%.

Euronext announces strategic collaboration with Euroclear to enhance Euronext Clearing’s collateral management offering

On 11 February 2025, Euronext announced a new collaboration with Euroclear to support the development of Euronext Clearing’s collateral management services for repo and other asset classes. This collaboration is a first major step to enable Euronext’s ambition to expand its leading Italian repo clearing franchise to a large range of European government bonds bringing an efficient value offering to European and international clients. This collaboration will pave the way for the rollout of Euronext’s new repo clearing offering in June 2025, enabling the onboarding of clients including international banks, with an updated risk framework. Clients will be able to use Euroclear as a triparty agent for repo clearing.

Agenda

A conference call and a webcast will be held on 14 February 2025, at 09:00 CET (Paris time) / 08:00 GMT (London time):

Conference call:

To connect to the conference call, please dial:

UK Number:	+44 33 0551 0200	NO Number:	+47 2 156 3318
FR Number:	+33 1 70 37 71 66	PT Number:	+351 3 0880 2081
NL Number:	+31 20 708 5073	IR Number:	+353 1 436 0959
US Number:	+1 786 697 3501	IT Number:	+39 06 8336 0400
BE Number:	+32 2 789 8603	DE Number:	+49 30 3001 90612

Password: Euronext

Live webcast:

For the live audio webcast go to: Euronext Q4/FY 2024 Results

The webcast will be available for replay after the call at the webcast link and on the Euronext Investor Relations webpage.

ANALYSTS & INVESTORS – ir@euronext.com

Investor Relations	Aurélie Cohen
	Judith Stein	+33 6 15 23 91 97

MEDIA – mediateam@euronext.com

Europe	Aurélie Cohen	+33 1 70 48 24 45
	Andrea Monzani	+39 02 72 42 62 13
Belgium	Marianne Aalders	+32 26 20 15 01
France, Corporate	Flavio Bornancin-Tomasella	+33 1 70 48 24 45
Ireland	Andrea Monzani	+39 02 72 42 62 13
Italy	Ester Russom	+39 02 72 42 67 56
The Netherlands	Marianne Aalders	+31 20 721 41 33
Norway	Cathrine Lorvik Segerlund	+47 41 69 59 10
Portugal	Sandra Machado	+351 91 777 68 97
Corporate Solutions	Coralie Patri	+33 7 88 34 27 44

About Euronext

Euronext is the leading European capital market infrastructure, covering the entire capital markets value chain, from listing, trading, clearing, settlement and custody, to solutions for issuers and investors. Euronext runs MTS, one of Europe’s leading electronic fixed income trading markets, and Nord Pool, the European power market. Euronext also provides clearing and settlement services through Euronext Clearing and its Euronext Securities CSDs in Denmark, Italy, Norway, and Portugal.

As of December 2024, Euronext’s regulated exchanges in Belgium, France, Ireland, Italy, the Netherlands, Norway, and Portugal host over 1,800 listed issuers with around €6 trillion in market capitalisation, a strong blue-chip franchise and the largest global centre for debt and fund listings. With a diverse domestic and international client base, Euronext handles 25% of European lit equity trading. Its products include equities, FX, ETFs, bonds, derivatives, commodities and indices.

For the latest news, go to euronext.com or follow us on X and LinkedIn.

Disclaimer

This press release is for information purposes only: it is not a recommendation to engage in investment activities and is provided “as is”, without representation or warranty of any kind. The figures in this document have not been audited or reviewed by our external auditor. While all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. No information set out or referred to in this publication may be regarded as creating any right or obligation. The creation of rights and obligations in respect of financial products that are traded on the exchanges operated by Euronext’s subsidiaries shall depend solely on the applicable rules of the market operator. All proprietary rights and interest in or connected with this publication shall vest in Euronext. This press release speaks only as of this date. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is available at www.euronext.com/terms-use.

The Euronext Group processes your personal data in order to provide you with information about Euronext (the “Purpose”). With regard to the processing of this personal data, Euronext will comply with its obligations under Regulation (EU) 2016/679 of the European Parliament and Council of 27 April 2016 (General Data Protection Regulation, “GDPR”), and any applicable national laws, rules and regulations implementing the GDPR, as provided in its privacy statement available at: www.euronext.com/privacy-policy. In accordance with the applicable legislation you have rights with regard to the processing of your personal data: for more information on your rights, please refer to: www.euronext.com/data_subjects_rights_request_information. To make a request regarding the processing of your data or to unsubscribe from this press release service, please use our data subject request form at connect2.euronext.com/form/data-subjects-rights-request or email our Data Protection Officer at dpo@euronext.com.

Appendix

The figures in this appendix have not been audited or reviewed by our external auditor.

Non-IFRS financial measures

For comparative purposes, the company provides unaudited non-IFRS measures including:

Operational expenses excluding depreciation and amortisation, underlying operational expenses excluding depreciation and amortisation;
EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin.

Non-IFRS measures are defined as follows:

Operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses;
Underlying operational expenses excluding depreciation and amortisation as the total of salary and employee benefits, and other operational expenses, excluding non-recurring costs;
Underlying revenue and income as the total of revenue and income, excluding non-recurring revenue and income;

Non-underlying items as items of revenue, income and expense that are material by their size and/or that are infrequent and unusual by their nature or incidence are not considered to be recurring in the normal course of business and are classified as non-underlying items on the face of the income statement within their relevant category in order to provide further understanding of the ongoing sustainable performance of the Group. These items can include:
- integration or double-run costs of significant projects, restructuring costs and costs related to acquisitions that change the perimeter of the Group;
- one-off finance costs, gains or losses on sale of subsidiaries and impairments of investments;
- amortisation and impairment of intangible assets which are recognised as a result of acquisitions and mostly comprising customer relationships, brand names and software that were identified during purchase price allocation (PPA);
- tax related to non-underlying items.

Adjusted operating profit as the operating profit adjusted for any non-underlying revenue and income and non-underlying costs, including PPA of acquired businesses;
EBITDA as the operating profit before depreciation and amortisation;
Adjusted EBITDA as the adjusted operating profit before depreciation and amortisation adjusted for any non-underlying operational expenses excluding depreciation and amortisation;
EBITDA margin as EBITDA divided by total revenue and income;
Adjusted EBITDA margin as adjusted EBITDA, divided by total revenue and income;
Adjusted net income, as the net income, share of the parent company shareholders, adjusted for any non-underlying items and related tax impact.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS measures and should be read only in conjunction with the consolidated financial statements.

Non-volume related revenue definition

Non-volume related revenue includes Listing excluding IPOs, Advanced Data Services, Custody & Settlement and other Post-Trade, fixed revenue from Clearing activities (including for instance NTI and membership fees), Investor Services, Technology Solutions, Other Income and Transitional Revenue.

Adjusted EPS definition

	Q4 2024	Q4 2023	FY 2024	FY 2023
Net income reported	144.6	130.6	585.6	513.6
EPS reported	1.40	1.25	5.65	4.84
Adjustments
of which Operating expenses excl. D&A	(11.2)	(15.5)	(30.9)	(78.3)
of which Depreciation and amortisation	(28.1)	(25.6)	(105.2)	(95.9)
of which Net financing expense	–	–	–	(0.2)
of which results from equity investments	–	11.4	1.2	53.0
of which Minority interest	1.1	1.1	2.5	4.1
Tax related to adjustments	10.5	11.1	35.5	46.2
Adjusted net income	172.3	148.2	682.5	584.7
Adjusted EPS	1.66	1.42	6.59	5.51

Consolidated income statement

	Q4 2024			Q4 2023
in € million, unless stated otherwise	Underlying	Non-underlying	Reported		Underlying	Non-underlying	Reported
Revenue and income	415.8	–	415.8		374.1	–	374.1
Listing	59.4	–	59.4		56.2	–	56.2
Trading revenue, of which	141.4	–	141.4		124.5	–	124.5
Cash trading	70.9	–	70.9		64.1	–	64.1
Derivatives trading	12.9	–	12.9		12.8	–	12.8
Fixed income trading	37.8	–	37.8		30.6	–	30.6
FX trading	8.5	–	8.5		6.7	–	6.7
Power trading	11.3	–	11.3		10.4	–	10.4
Investor services	4.2	–	4.2		3.0	–	3.0
Advanced data services	61.1	–	61.1		56.1	–	56.1
Post Trade, of which	102.8	–	102.8		94.6	–	94.6
Clearing	32.9	–	32.9		32.3	–	32.3
Custody & Settlement and other	69.9	–	69.9		62.3	–	62.3
Euronext Technology Solutions & other revenue	28.4	–	28.4		27.6	–	27.6
Net Financing Income through CCP business	17.9	–	17.9		11.7	–	11.7
Other income	0.6	–	0.6		0.5	–	0.5
Operating expenses excluding D&A	(163.2)	(11.2)	(174.4)		(157.8)	(15.5)	(173.3)
Salaries and employee benefits	(90.0)	(5.4)	(95.4)		(85.6)	(7.8)	(93.3)
Other operational expenses, of which	(73.2)	(5.8)	(79.0)		(72.2)	(7.8)	(80.0)
System & communication	(25.7)	(0.1)	(25.8)		(23.1)	(2.0)	(25.1)
Professional services	(15.5)	(4.8)	(20.3)		(12.8)	(4.7)	(17.5)
Clearing expense	(0.4)	–	(0.4)		(8.8)	–	(8.8)
Accommodation	(4.1)	(0.1)	(4.2)		(6.0)	(0.2)	(6.2)
Other operational expenses	(27.6)	(0.8)	(28.4)		(21.5)	(0.9)	(22.3)
EBITDA	252.6	(11.2)	241.4		216.3	(15.5)	200.8
EBITDA margin	60.7%		58.1%		57.8%		53.7%
Depreciation & amortisation	(21.5)	(28.1)	(49.6)		(20.0)	(25.6)	(45.6)
Total expenses	(184.7)	(39.3)	(224.0)		(177.8)	(41.1)	(218.9)
Operating profit	231.1	(39.3)	191.8		196.3	(41.1)	155.2
Net financing income / (expense)	6.5	–	6.5		4.7	–	4.7
Results from equity investment	10.1	–	10.1		5.6	11.4	17.0
Profit before income tax	247.7	(39.3)	208.4		206.6	(29.7)	176.9
Income tax expense	(66.0)	10.5	(55.5)		(51.0)	11.1	(40.0)
Non-controlling interests	(9.3)	1.1	(8.2)		(7.4)	1.1	(6.4)
Net income, share of the parent company shareholders	172.3	(27.7)	144.6		148.2	(17.6)	130.6
EPS (basic, in €)	1.66		1.40		1.42		1.25
EPS (diluted, in €)	1.66		1.39		1.41		1.24

	FY 2024			FY 2023
in € million, unless stated otherwise	Underlying	Non-underlying	Reported		Underlying	Non-underlying	Reported
Revenue and income	1,626.9	–	1,626.9		1,474.7	–	1,474.7
Listing	231.9	–	231.9		220.6	–	220.6
Trading revenue, of which	559.4	–	559.4		490.0	–	490.0
Cash trading	284.0	–	284.0		265.4	–	265.4
Derivatives trading	53.1	–	53.1		54.2	–	54.2
Fixed income trading	145.5	–	145.5		107.4	–	107.4
FX trading	31.7	–	31.7		25.6	–	25.6
Power trading	45.1	–	45.1		37.4	–	37.4
Investor services	14.1	–	14.1		11.4	–	11.4
Advanced data services	241.7	–	241.7		224.8	–	224.8
Post Trade, of which	414.7	–	414.7		370.2	–	370.2
Clearing	144.3	–	144.3		121.3	–	121.3
Custody & Settlement and other	270.5	–	270.5		248.9	–	248.9
Euronext Technology Solutions & other revenue	106.2	–	106.2		109.9	–	109.9
Net Financing Income through CCP business	56.8	–	56.8		46.7	–	46.7
Other income	2.0	–	2.0		1.4	–	1.4
Transitional revenues	–	–	–		(0.2)	–	(0.2)
Operating expenses excluding D&A	620.5	30.9	651.3		(610.0)	(78.3)	(688.3)
Salaries and employee benefits	(330.2)	(11.5)	(341.6)		(319.5)	(12.9)	(332.4)
Other operational expenses, of which	(290.3)	(19.4)	(309.7)		(290.6)	(65.4)	(355.9)
System & communication	(99.2)	(3.1)	(102.3)		(94.9)	(7.8)	(102.6)
Professional services	(57.7)	(12.8)	(70.6)		(58.3)	(18.2)	(76.5)
Clearing expense	(23.2)	(1.1)	(24.3)		(34.5)	–	(34.5)
Accommodation	(16.0)	(0.9)	(16.9)		(17.9)	(0.8)	(18.7)
Other operational expenses	(94.1)	(1.4)	(95.5)		(85.0)	(38.6)	(123.6)
EBITDA	1,006.4	(30.9)	975.6		864.7	(78.3)	786.4
EBITDA margin	61.9%		60.0%		58.6%		53.3%
Depreciation & amortisation	(83.5)	(105.2)	(188.7)		(74.2)	(95.9)	(170.1)
Total expenses	(704.0)	(136.1)	(840.1)		(684.3)	(174.2)	(858.5)
Operating profit	922.9	(136.1)	786.8		790.4	(174.2)	616.2
Net financing income / (expense)	17.5	–	17.5		0.1	(0.2)	(0.2)
Results from equity investment	33.5	1.2	34.7		30.0	53.0	83.1
Profit before income tax	973.9	(134.9)	839.1		820.5	(121.4)	699.1
Income tax expense	(253.8)	35.5	(218.4)		(208.9)	46.2	(162.7)
Non-controlling interests	(37.6)	2.5	(35.1)		(26.9)	4.1	(22.8)
Net income, share of the parent company shareholders	682.5	(96.9)	585.6		584.7	(71.1)	513.6
EPS (basic, in €)	6.59		5.65		5.51		4.84
EPS (diluted, in €)	6.56		5.63		5.50		4.83

Consolidated comprehensive income statement

	Q4 2024	Q4 2023
Profit for the period	152.9	136.9

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	8.7	(2.0)
– Income tax impact on exchange differences on translation of foreign operations	(1.5)	0.5
– Change in value of debt investments at fair value through other comprehensive income	–	0.5
– Income tax impact on change in value of debt investments at fair value through other comprehensive income	–	(0.2)

Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	85.0	–
– Income tax impact on change in value of equity investments at fair value through other comprehensive income	(0.7)	–
-Remeasurements of post-employment benefit obligations	(1.0)	(4.2)
– Income tax impact on remeasurements of post-employment benefit obligations	0.1	0.5
Other comprehensive income for the period, net of tax	90.6	(4.8)
Total comprehensive income for the period	243.5	132.1

Comprehensive income attributable to:
– Owners of the parent	235.9	125.6
– Non-controlling interests	7.6	6.5

	FY 2024	FY 2023
Profit for the period	620.7	536.4

Other comprehensive income
Items that may be reclassified to profit or loss:
– Exchange differences on translation of foreign operations	(27.9)	(57.8)
– Income tax impact on exchange differences on translation of foreign operations	2.0	6.3
– Change in value of debt investments at fair value through other comprehensive income	0.7	7.1
– Income tax impact on change in value of debt investments at fair value through other comprehensive income
	(0.2)	(2.0)
Items that will not be reclassified to profit or loss:
– Change in value of equity investments at fair value through other comprehensive income	91.5	11.9
– Income tax impact on change in value of equity investments at fair value through other comprehensive income	(2.1)	(3.1)
– Remeasurements of post-employment benefit obligations	0.6	(1.4)
– Income tax impact on remeasurements of post-employment benefit obligations	(0.1)	0.2
Other comprehensive income for the period, net of tax	64.6	(38.9)
Total comprehensive income for the period	685.3	497.5

Comprehensive income attributable to:
– Owners of the parent	651.8	475.7
– Non-controlling interests	33.5	21.8

Consolidated balance sheet

in € million	31 December 2024	31 December 2023
Non-current assets
Property, plant and equipment	106.2	114.4
Right-of-use assets	57.5	55.7
Goodwill and other intangible assets	6,096.2	6,108.2
Deferred income tax assets	30.4	31.3
Investments in associates and joint ventures	0.8	1.3
Financial assets at fair value through OCI	357.0	262.7
Other non-current assets	3.5	4.5
Total non-current assets	6,651.6	6,578.0

Current assets
Trade and other receivables	412.9	333.6
Income tax receivable	11.4	15.512F¹²
CCP clearing business assets	200,575.5	183,715.2
Other current financial assets	63.8	103.1
Cash & cash equivalents	1,673.5	1,448.8
Total current assets	202,737.0	105,616.2

Total assets	209,388.6	192,194.2

Equity
Shareholders’ equity	4,245.2	3,945.7
Non-controlling interests	156.8	139.7
Total Equity	4,402.0	4,085.3

Non-current liabilities
Borrowings	2,537.0	3,031.6
Lease liabilities	46.2	37.3
Other non-current financial liabilities	3.5	–
Deferred income tax liabilities	496.8	531.9
Post-employment benefits	21.0	22.7
Contract liabilities	56.4	60.0
Other provisions	7.2	7.3
Total Non-current liabilities	3,168.2	3,690.8

Current liabilities
Borrowings	516.5	17.3
Lease liabilities	15.8	22.2
Derivative financial instruments	0.1	–
CCP clearing business liabilities	200,644.7	183,832.2
Income tax payable	91.1	46.1
Trade and other payables	464.3	415.8
Contract liabilities	80.1	79.3
Other provisions	5.9	5.2
Total Current liabilities	201,818.4	184,418.0

Total equity and liabilities	209,388.6	192,194.2

The Group adjusted the comparative period figures downwards by €43.1 million for both income tax receivables and income tax payables, to adjust for the netting of taxes in the Italian fiscal sub-group.

Consolidated statement of cash flows

in € million	FY 2024	FY 2023
Profit before tax	839.1	699.1
Adjustments for:
– Depreciation and amortisation	188.7	170.1
– Share based payments	15.6	14.4
– Results from equity investments	(33.3)	(23.5)
– Gain on sale of associate	(1.2)	(53.0)
– Share of profit from associates and joint ventures	(0.2)	(6.5)
– Changes in working capital	(89.5)	155.5

Cash flow from operating activities	919.2	956.1
Income tax paid	(210.6)	(130.0)
Net cash flows from operating activities	708.6	826.1

Cash flow from investing activities
Business combinations, net of cash acquired	(65.2)	–
Proceeds from sale of subsidiary	–	(0.2)
Purchase of financial assets at FVOCI	(2.8)	(1.3)
Proceeds from sale of associate	0.9	122.4
Proceeds from disposal of equity investment at FVOCI	–	0.2
Purchase of current financial assets	(27.7)	(72.3)
Redemption of current financial assets	65.9	155.5
Purchase of property, plant and equipment	(18.0)	(27.7)
Purchase of intangible assets	(69.3)	(75.3)
Interest received	45.7	25.3
Dividends received from equity investments	33.3	23.5
Dividends received from associates	0.1	7.8
Net cash flow from investing activities	(37.1)	157.9

Cash flow from financing activities
Interest paid	(29.4)	(28.7)
Payment of lease liabilities	(20.8)	(28.4)
Transactions in own shares	(106.7)	(219.1)
Transactions with non-controlling interests	(0.1)	(2.5)
Withholding tax paid at vesting of shares	(1.6)	(1.0)
Dividends paid to the company’s shareholders	(257.3)	(237.2)
Dividends paid to non-controlling interests	(25.8)	(5.3)
Net cash flow from financing activities	(441.7)	(522.2)

Total cash flow over the period	229.9	461.8
Cash and cash equivalents – Beginning of period	1,448.8	1,001.1
Non cash exchange gains/(losses) on cash and cash equivalents	(5.2)	(14.1)
Cash and cash equivalents – End of period	1,673.5	1,448.8

in € million	Q4 2024	Q4 2023
Profit before tax	208.4	176.9
Adjustments for:
– Depreciation and amortisation	49.6	45.6
– Share based payments	5.2	3.9
– Results from equity investments	(10.0)	(5.6)
– Gain on sale of associate	–	(11.4)
– Share of profit from associates and joint ventures	(0.1)	–
– Changes in working capital	(8.8)	44.1

Cash flow from operating activities	244.3	253.5
Income tax paid	(69.2)	(59.1)
Net cash flows from operating activities	175.0	194.5

Cash flow from investing activities
Business combinations, net of cash acquired	(18.3)	–
Purchase of financial assets at FVOCI	(2.8)	–
Proceeds from sale of associate	–	11.4
Purchase of current financial assets	(2.3)	(3.7)
Redemption of current financial assets	–	71.4
Purchase of property, plant and equipment	(7.4)	(12.0)
Purchase of intangible assets	(23.4)	(17.5)
Interest received	13.7	12.0
Dividends received from equity investments	10.0	5.6
Net cash flow from investing activities	(30.5)	67.2

Cash flow from financing activities
Interest paid	(0.5)	–
Payment of lease liabilities	(5.9)	(7.2)
Acquisitions of own shares	(95.2)	(138.0)
Transactions with non-controlling interests	(0.1)	(2.5)
Withholding tax paid at vesting of shares	0.2	–
Dividends paid to non-controlling interests	(3.0)	(1.4)
Net cash flow from financing activities	(104.5)	(149.0)

Total cash flow over the period	40.0	112.6
Cash and cash equivalents – Beginning of period	1,630.3	1,336.5
Non cash exchange gains/(losses) on cash and cash equivalents	3.1	(0.2)
Cash and cash equivalents – End of period	1,673.5	1,448.8

Volumes for the fourth quarter and full year of 2024

Cash markets

	Q4 2024	Q4 2023	%var
Number of trading days	64	63
Number of transactions (buy and sells, incl. reported trades)
Total Cash Market	153,172,698	145,907,592	+5.0%
ADV Cash Market	2,393,323	2,315,994	+3.3%
Transaction value (€ million, single counted)
Total Cash Market	674,892	602,148	+12.1%
ADV Cash Market	10,545	9,558	+10.3%

Listings
Number of Issuers on Equities
Euronext	1,812	1,888	-4.0%
SMEs	1,433	1,493	-4.0%
Number of Listed Securities
Funds	2,319	2,434	-4.7%
ETFs	4,018	3,821	+5.2%
Bonds	55,804	55,098	+1.3%

Capital raised on primary and secondary market
Total Euronext, (€ million)
Number of new equity listings	16	13
Money Raised – New equity listings (incl. over-allotment)	163.9	247.2	-33.7%
Money Raised – Follow-ons on equities	2,556	6,667	-61.7%
Money Raised – Bonds	244,356	290,524	-15.9%
Total Money Raised	247,076	297,438	-16.9%

of which SMEs
Number of new equity listings	14	12
Money Raised – New equity listings (incl. over- allotment)	163.9	247.2	-33.7%
Money Raised – Follow-ons on equities	1,655	4,474	-63.0%
Money Raised – Bonds	2,779	1,671	+66.3%
Total Money Raised	4,598	6,393	-28.1%

	FY 2024	FY 2023	%var
Number of trading days	256	255
Number of transactions (buy and sells, inc. reported trades)
Total Cash Market	603,696,978	625,895,768	-3.5%
ADV Cash Market	2,358,191	2,454,493	-3.9%
Transaction value ( € million, single counted)
Total Cash Market	2,663,692	2,563,560	+3.9%
ADV Cash Market	10,405	10,053	+3.5%

Capital raised on primary and secondary market
Total Euronext, in €m
Number of new equity listings	53	64
Money Raised – New equity listings (incl. over-allotment)	3,839.5	2,480.8	+54.8%
Money Raised – Follow-ons on equities	15,782	20,177	-21.8%
Money Raised – Bonds	1,190,154	1,156,035	+3.0%
Total Money Raised	1,209,776	1,178,693	+2.6%
of which SMEs
Number of new equity listings	47	59
Money Raised – New equity listings (incl. over-allotment)	872	1,275	-31.7%
Money Raised – Follow-ons on equities	9,071	9,176	-1.1%
Money Raised – Bonds	4,384	3,160	+38.7%
Total Money Raised	14,326	13,612	+5.2%

Fixed income markets

	Q4 2024	Q4 2023	%var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	39,381	27,741	+42.0%
TAADV MTS Repo	516,173	469,134	+10.0%
Other fixed income
ADV Fixed income	1,656	1,504	+10.1%

	FY 2024	FY 2023	% var
Transaction value (€ million, single counted)
MTS
ADV MTS Cash	37,021	23,026	+60.8%
TAADV MTS Repo	483,247	436,039	+10.8%
Other fixed income
ADV Fixed income	1,612	1,266	+27.4%

FX markets

	Q4 2024	Q4 2023	% var
Number of trading days		64
FX volume ($m, single counted)
Total Euronext FX	1,720,896	1,532,340	+12.4%
ADV Euronext FX	26,475	23,943	+10.6%

	FY 2024	FY 2023	% var
Number of trading days		259
FX volume ($m, single counted)
Total Euronext FX	6,888,292	5,814,512	+18.5%
ADV Euronext FX	26,493	22,450	+18.0%

Power markets

	Q4 2024	Q4 2023	% var
Number of trading days	92	92
Power volume (in TWh)
ADV Day-ahead Power Market	2.99	3.10	-3.4%
ADV Intraday Power Market	0.32	0.25	+27.1%

	FY 2024	FY 2023	% var
Number of trading days	365	365
Power volume (in TWh)
ADV Day-ahead Power Market	2.74	2.74	+0.3%
ADV Intraday Power Market	0.31	0.20	+55.0%

Derivatives markets

		Q4 2024		Q4 2023	% var
Number of trading days		64		63
Derivatives Volume (in lots)
Equity		29,690,908		31,923,088	-7.0%
Index		11,183,641		13,517,515	-17.3%
Futures		6,723,915		7,914,354	-15.0%
Options		4,459,726		5,603,161	-20.4%
Individual Equity		18,507,267		18,405,573	+0.6%
Futures		1,485,833		498,969	+197.8%
Options		17,021,434		17,906,604	-4.9%

Commodity		7,464,607		5,807,238	+28.5%
Futures		7,133,617		5,478,945	+30.2%
Options		330,990		328,293	+0.8%

Total Euronext		37,155,515		37,730,326	-1.5%
Total Futures		15,343,365		13,892,268	+10.4%
Total Options		21,812,150		23,838,058	-8.5%

Derivatives ADV (in lots)
Equity		463,920		506,716	-8.4%
Index		174,744		214,564	-18.6%
Futures		105,061		125,625	-16.4%
Options		69,683		88,939	-21.7%
Individual Equity		289,176		292,152	-1.0%
Futures		23,216		7,920	+193.1%
Options		265,960		284,232	-6.4%

Commodity		116,634		92,178	+26.5%
Futures		111,463		86,967	+28.2%
Options		5,172		5,211	-0.8%

Total Euronext		580,555		598,894	-3.1%
Total Futures		239,740		220,512	+8.9%
Total Options		340,815		378,382	-5.0%

	FY 2024		FY 2023		% var
Number of trading days	256		255
Derivatives Volume (in lots)
Equity	128,897,410		134,733,803		-4.3%
Index	50,472,727		55,863,644		-9.7%
Futures	28,946,677		34,664,423		-16.5%
Options	21,526,050		21,199,221		+1.5%
Individual Equity	78,424,683		78,870,159		-0.6%
Futures	6,237,384		1,955,140		+219.0%
Options	72,187,299		76,915,019		-6.1%

Commodity	29,779,883		23,173,370		+28.5%
Futures	27,953,600		21,113,163		+32.4%
Options	1,826,283		2,060,207		-11.4%

Total Euronext	158,677,293		157,907,173		+0.5%
Total Futures	63,137,661		57,732,726		+9.4%
Total Options	95,539,632		100,174,447		-4.6%

Derivatives ADV (in lots)
Equity	503,506		528,368		-4.7%
Index	197,159		219,073		-10.0%
Futures	113,073		135,939		-16.8%
Options	84,086		83,134		+1.1%
Individual Equity	306,346		309,295		-1.0%
Futures	24,365		7,667		+217.8%
Options	281,982		301,628		-6.5%

Commodity	116,328		90,876		+28.0%
Futures	109,194		82,797		+31.9%
Options	7,134		8,079		-11.7%

Total Euronext	619,833		619,244		+0.1%
Total Futures	246,631		226,403		+8.9%
Total Options	373,202		392,841		-5.0%

Derivatives open interest

	31 December 2024	31 December 2023	% var
Open interest (in lots)

Equity	18,723,119	18,567,344	+0.8%
Index	869,625	1,000,267	-13.1%
Futures	410,598	517,679	-20.7%
Options	459,027	482,588	-4.9%
Individual Equity	17,853,494	17,567,077	+1.6%
Futures	251,452	153,607	+63.7%
Options	17,602,042	17,413,470	+1.1%

Commodity	979,545	876,380	+11.8%
Futures	787,929	656,667	+20.0%
Options	191,616	219,713	-12.8%

Total Euronext	19,702,664	19,443,724	+1.3%
Total Futures	1,449,979	1,327,953	+9.2%
Total Options	18,252,685	18,115,771	+0.8%

¹ Definition in Appendix – adjusted for non-underlying operating expenses excluding D&A and non-underlying revenue and income.
² Norwegian Krone
³ Full year 2024 reported and adjusted EBITDA
⁴ Like-for-like basis at constant currency
⁵ The weighted number of shares used over 2024 was 103,578,980 for the basic calculation and 103,983,870 for the diluted calculation, compared to 106,051,799 and 106,376,338 respectively over 2023.
⁶ Euronext is currently performing a €300 million share repurchase programme. The repurchased shares will be cancelled, subject to shareholders’ approval at the upcoming annual general meeting on 15 May 2025. The repurchased shares will be excluded from the payment of the dividend.
⁷ Subject to receipt of applicable regulatory approvals
⁸ For the total adjustments performed please refer to the Appendix of this press release.
⁹ According to data from Dealogic
¹⁰ Euronext Clearing was expanded to Euronext legacy markets commodity derivatives on 15 July 2024 and Euronext legacy markets financial derivatives on 9 September 2024.
¹¹ For the total adjustments performed please refer to the Appendix of this press release.
¹² Income tax receivables and payables were restated by -€43.1m for Italian tax netting

Attachment

2025_Euronext_PR_Q42024

The MIL Network –

February 14, 2025

MIL-OSI: Gamco Global Gold, Natural Resources & Income Trust Declares Monthly Distributions of $0.03 per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Global Gold, Natural Resources & Income Trust (NYSE American:GGN) (the “Fund”) approved the continuation of its policy of paying monthly cash distributions. The Board of Trustees declared cash distributions of $0.03 per share for each of April, May, and June 2025. Based on current dynamics, the Fund may make distributions in excess of the Fund’s earnings. It is currently expected that distributions to common shareholders in 2025 will primarily constitute a return of capital for tax purposes.

Distribution Month Record Date Payable Date Distribution Per Share

April April 15, 2025 April 23, 2025 $ 0.03

May May 15, 2025 May 22, 2025 $ 0.03

June June 13, 2025 June 23, 2025 $ 0.03

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

Because the Fund’s current monthly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution.

Short-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. There are no capital loss carryforwards for book purposes. Therefore the Fund, on a book basis, may be distributing short term gains generated from option premiums that will not be taxable in 2025 because of the capital loss carryforwards available on a tax basis. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

Molly Marion
(914) 921-5681

The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

About The GAMCO Global Gold, Natural Resources & Income Trust
The GAMCO Global Gold, Natural Resources & Income Trust is a non-diversified, closed-end management investment company with $735 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE American – GGN
CUSIP – 36465A109

The MIL Network –

February 14, 2025
MIL-OSI: GAMCO Natural Resources, Gold & Income Trust Declares Monthly Distributions of $0.04 per Share

Source: GlobeNewswire (MIL-OSI)

RYE, N.Y., Feb. 13, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of GAMCO Natural Resources, Gold & Income Trust (NYSE:GNT) (the “Fund”) approved the continuation of its policy of paying monthly cash distributions. The Board of Trustees declared cash distributions of $0.04 per share for each of April, May, and June 2025. Based on current dynamics, the Fund may make distributions in excess of the Fund’s earnings. It is currently expected that distributions to common shareholders in 2025 will primarily constitute a return of capital for tax purposes.

The Board of Trustees increased the annual distribution 33% to $0.48 per share, which will be paid $0.04 per share monthly, commencing with the October 2024 monthly distribution.

Distribution Month Record Date Payable Date Distribution Per Share

April April 15, 2025 April 23, 2025 $0.04

May May 15, 2025 May 22, 2025 $0.04

June June 13, 2025 June 23, 2025 $0.04

Each quarter, the Board of Trustees reviews the amount of any potential distribution from the income, realized capital gain, or capital available. The Board of Trustees will continue to monitor the Fund’s distribution level, taking into consideration the Fund’s net asset value and the financial market environment. The distribution rate should not be considered the dividend yield or total return on an investment in the Fund.

Because the Fund’s current monthly distributions are subject to modification by the Board of Trustees at any time and the Fund’s income will fluctuate, there can be no assurance that the Fund will pay distributions at a particular rate or frequency. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution.

Short-term capital gains, qualified dividend income, ordinary income, and return of capital, if any, will be allocated on a pro-rata basis to all distributions to common shareholders for the year. There are no capital loss carryforwards for book purposes. Therefore the Fund, on a book basis, may be distributing short term gains generated from option premiums that will not be taxable in 2025 because of the capital loss carryforwards available on a tax basis. The estimated components of each distribution are updated and provided to shareholders of record in a notice accompanying the distribution and are available on our website (www.gabelli.com). The final determination of the sources of all distributions in 2025 will be made after year end and can vary from the monthly estimates. Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of the current distribution. All individual shareholders with taxable accounts will receive written notification regarding the components and tax treatment for all 2025 distributions in early 2026 via Form 1099-DIV.

Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. For more information regarding the Fund’s distribution policy and other information about the Fund, call:

David Schachter
(914) 921-5057

The Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in the Fund.

Covered Call and Other Option Transaction Risks. There are several risks associated with writing covered calls and entering into other types of option transactions. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, resulting in a given transaction not achieving its objectives. In addition, a decision as to whether, when, and how to use covered call options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful because of market behavior or unexpected events. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the exercise price of the call option, but has retained the risk of loss should the price of the underlying security decline.

About The GAMCO Natural Resources, Gold & Income Trust
The GAMCO Natural Resources, Gold & Income Trust is a diversified, closed-end management investment company with $142 million in total net assets whose primary investment objective is to provide a high level of current income. The Fund invests primarily in equity securities of gold and natural resources companies and intends to earn income primarily through a strategy of writing (selling) primarily covered call options on equity securities in its portfolio. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

NYSE – GNT
CUSIP – 36465E101

Investor Relations Contact:
David Schachter
(914) 921-5057
dschachter@gabelli.com

The MIL Network –

February 14, 2025
MIL-OSI Global: What happens in the brain when there’s a word ‘on the tip of the tongue’?

Source: The Conversation – France – By Frédéric Bernard, Maître de conférences en neuropsychologie, Université de Strasbourg

We’ve all experienced it: you’re in the middle of a conversation, searching for a word, a name, or a title, and… nothing. You know you know it–you can almost feel it–but it just won’t come. This phenomenon, known as having a word “on the tip of the tongue,” is both fascinating and frustrating. But what exactly is happening in the brain during these moments? Scientists have explored this question, uncovering some intriguing insights.

When a word is “on the tip of the tongue,” multiple regions of the brain spring into action, working to locate the missing term. Imagine a group of people frantically searching a library for a specific book. Similarly, the brain mobilizes specific areas to assist in this search. Three regions, in particular, play key roles: the anterior cingulate cortex, the prefrontal cortex and the insula.

The anterior cingulate cortex and the prefrontal cortex are part of a network responsible for cognitive control and perform complementary roles when a word is elusive. The anterior cingulate cortex acts like a supervisor, signaling that there’s a conflict: “I know this word, but I can’t retrieve it!” Meanwhile, the prefrontal cortex evaluates and verifies the information that surfaces during the search, ensuring that what is retrieved matches what you’re looking for. The insula, a deeper and less visible brain region, contributes to phonological retrieval–helping access the sounds that make up words.

Using tools like functional magnetic resonance imaging (fMRI), researchers have observed how these brain areas work together during such moments. It’s as if these regions collaborate like colleagues tackling a tough problem, pooling their efforts to find the missing word.

Interestingly, this frustrating experience becomes more frequent as we age. Studies show that parts of the brain involved in word retrieval–particularly the anterior cingulate cortex and the insula–tend to atrophy over time. This means they lose some efficiency, like a once-pristine library becoming disorganised, with misplaced books and poorly labelled shelves. As a result, retrieving a “book” or, in this case, a word, becomes more challenging.

For example, research has shown that in older adults, the insula is less active during word retrieval attempts. This diminished activity impairs the ability to assemble the phonological elements of words, making “tip-of-the-tongue” moments more common. The more affected the insula becomes with age, the harder it is to recover words that are otherwise familiar.

Despite its increased frequency with ageing, the “tip-of-the-tongue” phenomenon is entirely normal. It highlights the complexity of the brain, showing that even seemingly simple tasks–such as finding a word–rely on the coordinated action of many regions.

Moreover, there are ways to mitigate the effects of ageing on word retrieval. One strategy involves building what scientists call cognitive reserve–a protective factor bolstered by intellectual, physical and social activities. This reserve helps optimise brain health and cognitive ageing, making word-finding easier even as we grow older.

The next time a word is on the tip of your tongue, remember that your brain is hard at work trying to retrieve it. Partial information–such as certain sounds or related words–might surface first, encouraging you to keep searching. If the word doesn’t come to you right away, take a break and try again later with a clear mind. These moments are a testament to the brain’s complexity and remarkable efficiency.

Frédéric Bernard ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

– ref. What happens in the brain when there’s a word ‘on the tip of the tongue’? – https://theconversation.com/what-happens-in-the-brain-when-theres-a-word-on-the-tip-of-the-tongue-246091

MIL OSI – Global Reports –

February 14, 2025
MIL-OSI Video: UK Big Ben 120 years on

Source: United Kingdom UK Parliament (video statements)

Then Big Ben in 1905

Now 120 years later, with dials restored to the original Prussian blue

Today’s agenda for business in the House of Commons chamber includes business questions to the Leader of the House and a general debate on LGBT+ History Month.

In the House of Lords, there is a debate on National Holocaust Memorial Day and a short debate on bank closures in the past decade and the impact on people in rural communities.

Both Houses rise for recess at the conclusion of today’s business and will return on Monday 24 February.

Take a tour of Parliament over recess: https://www.parliament.uk/business/news/2025/january/easter-speakers-house-tours/

https://www.youtube.com/watch?v=ttppxhVYG0U

MIL OSI Video –

February 14, 2025
MIL-OSI Video: Repartriation and Memorial Service of 14 SANDF members from DRC

Source: Republic of South Africa (video statements)

Repartriation and Memorial Service of 14 SANDF members from DRC

https://www.youtube.com/watch?v=q2V_AOlVgEc

MIL OSI Video –

February 14, 2025
MIL-OSI USA: Sen. Scott Leads Effort to Ease Burdens on Small Businesses

US Senate News:

Source: United States Senator for South Carolina Tim Scott
WASHINGTON — U.S. Senator Tim Scott (R-S.C.), chairman of the Senate Banking, Housing and Urban Affairs Committee, introduced commonsense legislation to ease burdens and shield small businesses from excessive legal red tape. The Protect Small Businesses from Excessive Paperwork Act of 2025 would extend the filing deadline for businesses to report beneficial ownership information (BOI) until January 1, 2026, giving the U.S. Department of Treasury more time to educate business owners on the new reporting requirements, assess Biden administration BOI decisions, and ensure small businesses are not overburdened – and potentially held liable – with unclear and unnecessarily complicated regulations.
Senate Banking Committee members, including Senators Mike Rounds (R-S.D.), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Cynthia Lummis (R-Wyo.), Katie Boyd Britt (R-Ala.), Pete Ricketts (R-Neb.), Jim Banks (R-Ind.), and Kevin Cramer (R-N.D.), joined Senator Scott on the legislation. Senators Jerry Moran (R-Kan.) and James Lankford (R-Okla.) also signed onto the bill.
“Small businesses are the backbone of our economy, and we need to ensure they have the necessary time and information to comply with reporting requirements from the federal government. This commonsense bill will ensure small businesses are protected and not overly burdened by unclear and unnecessarily complicated regulations – allowing them to focus on serving their customers while following the law,” said Senator Scott.
“The beneficial ownership reporting requirements of the Corporate Transparency Act (CTA) are excessive and overly burdensome, particularly for small businesses,” said Senator Tillis. “This commonsense legislation delays these unreasonable standards until January 1, 2026 for small business owners, providing further time for the courts to continue their examination of the constitutionality of the CTA.”
“Wyoming’s small businesses are the cornerstone of our state’s economy, yet Biden-era red tape continues to threaten Main Street,” said Senator Lummis. “It’s time for us to dethrone Biden’s unelected bureaucrats and cut red tape to create an environment where small businesses thrive, not drown in a sea of regulations.”
“Alabama’s small businesses do more than just keep our state running — they employ our friends and neighbors, provide invaluable goods and services, and make our communities and state so special,” said Senator Britt. “This commonsense legislation would pare back unnecessary and costly regulations while providing needed clarity and reprieve to job creators across Alabama and the nation.”
“Small businesses create jobs and power our economy,” said Senator Ricketts. “They deserve fair and clear rules, not burdensome and costly regulations. This bill cuts red tape and ensures our job creators can focus on growing their businesses, not navigating bureaucratic hurdles.”
“Small businesses are the backbone of our rural communities, and with limited staff and resources, the current reporting requirements place an unnecessary burden on our businesses,” said Senator Moran. “Extending the filing deadline allows small businesses the additional time they need to comply with updated guidelines and avoid harmful penalties.”
Representative Zach Nunn (R-Iowa) led companion legislation in the House, which passed on Monday by a vote of 408-0.
“Iowa’s economy is driven by small businesses – more than half of Iowans are employed by Main Street,” said Representative Nunn. “D.C. bureaucrats insist businesses comply with onerous red tape without considering the burden it puts on business operations. That has to change. Thank you, Chairman Scott, for joining me in this fight to roll back unnecessary regulations and simplify requirements for job creators while still adhering to the law.”
BACKGROUND: The Corporate Transparency Act was signed into law as part of the FY21 National Defense Authorization Act and established new reporting requirements around beneficial ownership for businesses.
During implementation of the rule, the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) failed to notify small businesses of the new reporting requirements. According to a survey by the National Federation of Independent Businesses (NFIB), 80% of NFIB members have never heard of the new reporting requirements. Complicating matters further, according to the National Small Business Association (NSBA), the average small business owner will spend nearly $8,000 to comply with these new reporting requirements in the first year alone.
On January 23, 2025, the U.S. Supreme Court declined to block the enforcement of these filing requirements. Now, small businesses across the country are expected to comply immediately or face harsh penalties. The Protect Small Businesses from Excessive Paperwork Act of 2025 would extend the filing deadline until January 1, 2026.

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Luján Statement on Confirmation of RFK Jr. as Nation’s Top Health Official

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)
RFK Jr. Has Troubling History of Pushing and Profiting Off of Misinformation and Conspiracy Theories
Washington, D.C. – U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on Finance, issued the following statement after Senate Republicans voted to confirm Robert F. Kennedy Jr. as Secretary of Health and Human Services:
“At a time when the Trump administration is taking a sledgehammer to public health, New Mexicans deserve a chief health official who will put the health and well-being of all Americans over the Administration’s reckless and dangerous political agenda. In just a few weeks, we have seen President Trump cut spending for lifesaving medical research, lock critical Medicaid payment portals, and play politics with American lives. Mr. Kennedy’s long and troubling track record of peddling misinformation and conspiracy theories will not help make America healthier. Instead, it will only add fuel to the fire created by President Trump.
“Throughout Mr. Kennedy’s nomination process, he made it abundantly clear that he will put his loyalty to President Trump over protecting health care for American families. During his nomination hearing, I pressed Mr. Kennedy on his commitment to defend health care programs from cuts pushed by President Trump. Not only did he demonstrate significant confusion regarding Medicaid, but he also refused to protect it from cuts. Mr. Kennedy will not work to serve the American people and protect public health; he will be a rubber stamp for President Trump’s chaos, confusion, and cruelty.
“Mr. Kennedy has shown he is willing to play politics with people’s lives to serve President Trump’s political agenda. His troubling history and lack of understanding of his role will undermine our public health and put the American people at risk of a public health crisis. I will fight to ensure New Mexicans have access to quality, affordable health care, and I am committed to holding Mr. Kennedy and the Trump administration accountable for threatening the health of Americans.”

MIL OSI USA News –

February 14, 2025
MIL-OSI United Kingdom: Landmark Wolverhampton building to be converted for new social housing

Source: City of Wolverhampton

The location is the historic former SJ Dixon & Son premises on Cleveland Road, Wolverhampton where the final phase of the Royal Quarter development is set to begin. The project, which will involve the conversion of the Victorian building, has received funding from the WM Mayor and will deliver 93 new social homes.

Richard Parker, Mayor of the West Midlands, today (Thursday 13 February) announced another investment to build more social homes as part of his plans to help address the region’s housing crisis.

The Mayor was at the historic former SJ Dixon & Son premises on Cleveland Road, Wolverhampton where the final phase of the Royal Quarter development is set to begin. The project, which will involve the conversion of the Victorian building, has received funding from the Mayor and will deliver 93 new social homes.

It is the third social housing scheme the Mayor has invested in since Christmas as his mission to build thousands of new social homes across the region gains momentum.

This third and final phase of the Royal Quarter development is being built by Morro Partnerships. It will see Dixon House, built in 1885 and once home to paint firm S.J. Dixon & Son’s, converted into 30 specialist social rented flats for the YMCA Black Country Group.

A further 63 social rent homes are also being built by Morro Partnerships for whg right next to the Dixon House flats.

With over 6,800 households and 13,500 children currently living in temporary accommodation, the development is the latest step towards addressing the housing shortage in the West Midlands.

To help tackle the issue, the Mayor has committed to work with partners including local councils, Homes England, housing associations and developers to deliver 20,000 new social homes over the next decade.

Richard Parker, Mayor of the West Midlands, said: “Too many people in the West Midlands don’t have a safe, affordable place to call home. They deserve better, and that’s why I’m committed to building thousands of new social and affordable homes.

“This is the third social housing scheme I’ve backed since December, delivering 485 new social and affordable homes, including 337 homes for social rent, for those communities that need them most.

“I’m making sure we build at the scale needed to tackle the housing crisis, working with Homes England and local partners to deliver the biggest social housing programme this region has seen in decades – changing thousands of lives for the better.”

Key project partners joining the Mayor on the visit included representatives from Morro Partnerships, Homes England, YMCA Black Country Group, whg, and the City of Wolverhampton Council.

They met residents who have benefited from the housing initiative at the nearby YMCA City Gateway site (completed in Phase 1), such as Clotilda Tiguera, an inspiring example of the impact of YMCA’s housing pathway.

Highlighting the profound social impact of the project, Clotilda, a Y-Living resident, exemplifies the importance of investing in social housing.

After experiencing homelessness, she progressed through YMCA’s housing pathway and has just finished training as a nurse at New Cross Hospital and is entering further medical training.

Clotilda has also joined the Board of Trustees for YMCA Black Country Group, underscoring the transformative power of stable and supportive housing.

Clotilda said: “Having a home with YMCA has been life changing. It gave me the stability to complete my nursing training and build my future after a difficult time during my teenage years.

“Y-Living provided a trusted, supportive environment where I could focus on my studies, connect with others whilst feeling secure. Housing like this is more important than ever for young people.

“I’m excited about YMCA’s new Dixon’s House development, which will give even more young people the chance to have a safe place to call home and take their next steps with confidence.”

This phase is being supported by a combined multi million pound investment by Homes England, West Midlands Combined Authority (WMCA), which is chaired by the Mayor, whg and YMCA Black Country marking a collaborative effort to regenerate underutilized land into a vibrant residential community.

City of Wolverhampton Council Leader, Councillor Stephen Simkins, said: “Strong collaborative working has seen a major transformation of the Royal Quarter, and we are delighted to be supporting partners to bring forward the development of this final phase.

“It brings back into use a historic derelict building and will provide vital social and affordable housing for our residents in line with our city housing strategy to help local people secure good homes in well connected neighbourhoods.”

Matt Moore, CEO of Morro Partnerships, praising the collaborative effort that made the project possible, said: “This development exemplifies what we can achieve when partners come together with a shared vision.

“WMCA, Homes England, whg, YMCA Black Country and Wolverhampton Council have all played vital roles in creating homes that not only meet housing needs but also build sustainable communities.

“Together, we’re delivering more than housing, we’re delivering hope and opportunity.”

For more information on Morro Partnerships, please visit Morro Partnerships or follow on LinkedIn.

To learn more about YMCA Black Country Group, please visit YMCA Black Country Group.

Visit whg, for more information on whg.

MIL OSI United Kingdom –

February 14, 2025
MIL-OSI United Nations: WFP and the EU Empower Zambia’s Disaster Response with Cutting-Edge Drone Technology

Source: World Food Programme

Lusaka—The World Food Programme (WFP), with funding from the European Union (EU), has donated three Unmanned Aerial Vehicles (UAVs, also known as drones) to Zambia’s Disaster Management and Mitigation Unit (DDMU). This contribution will help the Government to more effectively respond to climate disasters.

Zambia is increasingly vulnerable to extreme weather, with recurring droughts and floods devastating livelihoods and driving disaster response costs even higher. These drones will enable rapid assessments, damage monitoring, and better emergency planning, improving the country’s ability to respond to crises.

“Drones are a game-changer for disaster management, allowing for accurate mapping, modelling, and faster decision-making”, said Cissy Kabasuuga, WFP Zambia Country Representative. “With this donation, we are helping Zambia adopt a digital approach to disaster response – one that enhances efficiency and saves lives.”

Equipped with advanced aerial surveillance and infrared cameras, the drones can detect damage that is invisible to the human eye, supporting search and rescue missions. They will empower the DMMU to conduct rapid assessments, monitor damage caused by floods, storms, and droughts, map affected areas and strengthen emergency response efforts.

The European Union, through its Civil Protection and Humanitarian Aid Operations (ECHO) department, has been instrumental in making this possible, recognizing and investing in the power of technology to improve disaster preparedness and response in Zambia.

About WFP

The United Nations World Food Programme is the world’s largest humanitarian organization, saving lives in emergencies, building prosperity and supporting a sustainable future for people recovering from conflict, disasters and the impact of climate change.

Follow us on X @wfp_media @WFP_Zambia, @wfp_southernafrica.

MIL OSI United Nations News –

February 14, 2025
MIL-OSI United Nations: Islamic Development Bank, WFP launch ‘nutritious start’ financing initiative to boost funding for child nutrition and school meals
Source: World Food Programme

ROME – The Islamic Development Bank (IsDB) and the UN World Food Programme (WFP) today launched an innovative financing initiative to boost funds available for governments to combat child malnutrition and expand school meals programmes.

The ‘Nutritious Start’: Human Capital Development Initiative (HCDI) will see IsDB provide governments with financing worth up to US$3 for every $1 secured in grants for nutrition and school meals programmes in least-developed and lower-middle-income countries belonging to the Organization of Islamic Cooperation (OIC).

The agreement was signed by WFP Executive Director Cindy McCain and IsDB President H.E. Dr. Muhammad Al Jasser at WFP headquarters in Rome on 12 February 2025.

“Ensuring vulnerable people are well-nourished, healthy, and educated is fundamental for long-term economic growth,” said WFP Executive Director Cindy McCain. “Across the world, school meals and nutrition programs are the essential building blocks of a future free from hunger and poverty. WFP is proud to partner with IsDB on this innovative financing initiative. Together, we will mobilize critical resources to transform the lives of the most vulnerable people.”

HCDI addresses the first 8,000 days of a child’s life through adolescence (up to 21 years of age). This starts with the first 1,000 days – a crucial window for cognitive and physical growth. Every US$1 invested in addressing early childhood undernutrition can yield up to US$23 in economic returns, while school feeding programmes generate between US$7 and US$35 per dollar invested.

“Investing in human capital is fundamental to breaking the cycle of poverty and achieving sustainable development,” said H.E. Dr. Muhammad Al Jasser, Chairman of the Islamic Development Bank (IsDB) Group. “The ‘Nutritious Start’ initiative is not just about combating malnutrition—it is about equipping future generations with the foundation to thrive. By strategically blending our financing with targeted grant funding, we are amplifying impact and ensuring that every dollar drives meaningful progress toward national development goals.”

This collaboration builds on the extension of the Memorandum of Understanding (MoU) between IsDB and WFP reinforcing their shared commitment to addressing food insecurity and malnutrition. The IsDB and WFP are also partners in the Scaling Up Nutrition (SUN) Movement and the School Meals Coalition, two country-driven initiatives focusing on combating child malnutrition.

Notes to Editor
- Least-developed and lower-middle-income Organization of Islamic Cooperation (OIC) member countries: Afghanistan, Albania, Algeria, Azerbaijan, Bahrain, Bangladesh, Benin, Brunei, Burkina Faso, Cameroon, Chad, Comoros, Côte d’Ivoire, Djibouti, Egypt, Gabon, Gambia, Guinea, Guinea-Bissau, Guyana, Indonesia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Libya, Malaysia, Maldives, Mali, Mauritania, Morocco, Mozambique, Niger, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Senegal, Sierra Leone, Somalia, Sudan, Suriname, Syria, Tajikistan, Togo, Tunisia, Turkey, Turkmenistan, Uganda, United Arab Emirates, Uzbekistan, Yemen
- The Scaling Up Nutrition (SUN) Movement is an initiative led by 66 countries and 4 Indian States – collectively known as the SUN Countries and includes thousands of stakeholders from across society – all united in their mission to end all forms of malnutrition by 2030.
- The School Meals Coalition, hosted by the World Food Programme (WFP) as Secretariat, is led by over 100 governments and supported by more than 140 partners, working together to urgently scale and strengthen school meals programmes worldwide to ensure every child receives a healthy, nutritious meal at school by 2030.
- High resolution photos are available here.
# # #

The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability and prosperity for people recovering from conflict, disasters and the impact of climate change.

Follow us on Twitter @wfp_media

About the Islamic Development Bank (IsDB)

Rated AAA by the major rating agencies of the world, the Islamic Development Bank is the pioneering multilateral development bank (MDB) of the Global South that has been working for over 50 years to improve the lives of the people and communities it serves by delivering impact at scale. The Bank brings together 57 Member Countries across four continents, touching the lives of nearly 1 in 4 of the world population. It is committed to addressing development challenges and promoting collaboration to help

achieve the United Nations Sustainable Development Goals (SDGs) by equipping people to drive their own green economic and sustainable social progress, putting planet-friendly infrastructure in place and enabling them to fulfil their potential. Headquartered in Jeddah, Kingdom of Saudi Arabia, IsDB has 10 regional hubs and a center of excellence. Over the years, the Bank has evolved from a single entity into a group comprising: the Islamic Development Bank (IsDB), the Islamic Development Bank Institute (IsDBI); the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC); the Islamic Corporation for the Development of the Private Sector (ICD); the International Islamic Trade Finance Corporation (ITFC); and the Islamic Solidarity Fund for Development (ISFD).

For more information, please visit ( www.isdb.org). Find updates on LinkedIn: https://www.linkedin.com/company/islamic-development-bank/

Visit us on X: @isdb_group Engage with us on Facebook: https://www.facebook.com/isdbgroup

MIL OSI United Nations News –
February 14, 2025
MIL-OSI USA: S. 260, Bottles and Breastfeeding Equipment Screening Enhancement Act

Source: US Congressional Budget Office

S. 260 would require the Transportation Security Administration (TSA) to issue or update guidance to minimize the risk of contaminating breastmilk, baby formula, and related accessories during the passenger screening process at airports. The bill also would require the Inspector General of the Department of Homeland Security to audit that guidance.

According to information from the agency, TSA regularly updates its guidance for screening breastmilk and related items under current law. On that basis, CBO estimates that implementing that provision would not significantly affect the federal budget. Based on the cost of similar activities, CBO estimates that conducting the audit would cost less than $500,000 over the 2025-2030 period; any related spending would be subject to the availability of appropriated funds.

The CBO staff contact for this estimate is Emma Uebelhor. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

Phillip L. Swagel

Director, Congressional Budget Office

MIL OSI USA News –

February 14, 2025
MIL-OSI United Nations: Aid surge into Gaza continues, UN teams prioritize immediate needs

Source: United Nations 2

13 February 2025 Peace and Security

Lifesaving aid continued to reach Gaza on Thursday while UN humanitarians warned that needs remain enormous after 15 months of constant Israeli bombardment.

Amid reports that a return to full-scale war at the weekend may have been averted with the announcement by Hamas that it would comply with the agreed release of Israeli hostages, the UN Office for the Coordination of Humanitarian Affairs (OCHA) said that aid teams were “seizing every opportunity” to deliver as much relief as possible to Gazans in dire need.

Speaking from northern Gaza, OCHA’s René Nijenhuis said that families’ main concern was that the ceasefire holds.

He explained that the fragile truce had allowed aid teams to get water trucks and reach people in “desperate need of assistance. They need shelter, they need schooling,” Mr. Nijenhuis said. Children are pleading: “Where’s my school? I want to go to school,” the OCHA officer added.

Truck lifeline

Thousands of trucks carrying food, shelter and medicines have entered the Gaza Strip at a rate of around 600 a day since the ceasefire began on 19 January – far more than those allowed during the hostilities that were sparked by the Hamas-led terror attacks on southern Israel of 7 October 2023.

On Wednesday alone, more than 800 trucks delivered life-saving goods into Gaza, OCHA said, while the UN agency for Palestine refugees, UNRWA, said that it has now reached 1.5 million people with food parcels since the start of the ceasefire – and has enough coming to reach the rest of Gaza’s population.

Since Israeli forces withdrew from parts of the Netzarim corridor that separates north and south Gaza, more than 586,000 people are estimated to have crossed to the north, while over 56,000 were estimated to have moved southward, UN humanitarians reported.

Two million in need

Despite the massive aid boost, it is still not enough to provide the immediate relief that more than two million Gazans require. This will only happen when commercial goods begin to flow into the Strip once again, humanitarians have said repeatedly, including the UN Children’s Fund (UNICEF).

“A lot of aid has come in. We have scaled up as fast as we possibly could over the last three weeks of this ceasefire, but of course we cannot undo 15 months of suffering in three weeks,” said UNICEF Communications Manager Tess Ingam, speaking to UN News.

“There needs to be much more aid consistently coming in; also need commercial goods to come in so that markets can be stocked. We need the cash sector and the banking sector to restart again so that people can buy those commercial goods. There’s a lot that needs to happen fast to help resume a functioning goods society in the Gaza Strip.”

UNICEF also warned that its teams cannot quickly repair the damage done by the damage caused by the Israeli military’s use of heavy weapons and high explosives across Gaza.

Basic public services have been smashed and require equipment that is still not being allowed to enter the enclave.

“We need to make sure that certain items that are currently restricted for entry to Gaza are able to enter, for example, pipes for the repair of water systems, generators to run water pumps,” Ms. Ingam said, shortly after finishing a two-week assessment mission in the enclave.

Live fire threat

“UNICEF needs this ceasefire to hold as much for us as for the children of Gaza,” she insisted. “Like all humanitarian actors, we are able to do our best work to save the lives of children and provide them with protection and support when we’re not operating in live fire.”

Speaking exclusively to UN News, Ms. Ingam said that the agency’s three priorities were providing water, boosting healthcare and nutrition and helping people withstand the cold.

“We’re focused on making sure that water flows again, particularly in the areas where water has been really badly damaged, pipes have been damaged, wells have been damaged in the north and in Rafah, so we’re trying to bring water back by doing repairs and also starting water trucking so families have immediate access to water.”

UNRWA’s vital role

Key to the humanitarian response across Gaza, UNRWA runs 120 shelters which host around 120,000 people. It has also opened 37 new emergency shelters, including seven in Gaza City and 30 in North Gaza, and on Thursday announced the reopening of a health centre in Rafah – the first UNRWA facility in the southern city to receive patients since the ceasefire.

The agency said that while the risk of famine has mostly been averted, another immediate priority is providing shelter and warmth to people returning to their shattered homes.

Since the ceasefire came began, 644,000 people have received shelter assistance, UNRWA said, specifically tents, blankets, plastic sheeting, warm winter clothing, sealing-off materials and tarpaulins.

In and around the shelters, the UN agency has also committed to repairing water wells and to provide water and waste disposal services to close to half a million people.

In addition to shelter and food deliveries, healthcare assistance and medical supplies have also increased, too.

Health needs being met

According to the head of the UN World Health Organization (WHO), Tedros Adhanom Ghebreyesus, the organization has assisted with the medical evacuation of 414 patients requiring treatment outside Gaza. WHO has also delivered supplies for 1.6 million people since the start of the ceasefire, he said.

The UN sexual and reproductive health agency, UNFPA, meanwhile, reported the increased distribution of relief items including infant warmers, postpartum and dignity kits. The UN agency has also established a new shelter for women inside Gaza City to provide safety from gender-based violence.

In anticipation of possible power cuts, the shelter can run on solar power.

Between 7 October 2023 and 11 February 2025, the Gazan authorities reported that at least 48,219 Palestinians have reportedly been killed in Gaza and 111,665 have been injured. Some 1,250 people were killed in the Hamas-led attacks and more than 250 were taken hostage.

MIL OSI United Nations News –

February 14, 2025
MIL-OSI Canada: BC Coroners Service announces inquest into the death of Cailin Shea McIntyre-Starko
A coroner’s inquest has been scheduled to review the circumstances of the death of Cailin Shea McIntyre-Starko, known as Sidney.

The public inquest will begin on Monday, April 28, 2025, at the Burnaby Coroners’ Court (20th floor, 4720 Kingsway, Metrotower II, Metrotown, Burnaby), starting at 9:30 a.m.

The death of Sidney McIntyre-Starko, 18, was reported to the BC Coroners Service on Jan. 26, 2024, in Victoria.

Under Section 19(1) of the Coroners Act, the minister of public safety and solicitor general may order an inquest if the minister is satisfied it is necessary or desirable in the public interest that an inquest be held.

A coroner’s inquest is a non-fault-finding public inquiry that serves three primary functions:
- to determine the facts related to a death, including the identity of the deceased and how, when, where and by what means the individual came to their death, as well as a classification for the death;
- to make recommendations, where appropriate and supported by evidence, to prevent deaths in similar circumstances; and
- to ensure public confidence that the circumstances surrounding the death of an individual will not be overlooked, concealed or ignored.
Larry Marzinzik will be the presiding coroner. He and a jury will hear evidence from witnesses under oath to determine the facts surrounding this death. The jury will have the opportunity to make recommendations as outlined above, though a jury must not make any finding of legal responsibility or express any conclusion of law.

Livestreaming allows the public and media to virtually attend an inquest. The same rules apply as for in-person attendance at an inquest. Reproduction, broadcasting and publishing of inquest proceedings is prohibited, including through social media. Supreme Court accredited media are permitted to record the proceeding solely for the accuracy of their notes. The recording is not to be broadcast in any form. Accredited media members must provide proof to the sheriff and always visibly display their accreditation when they are recording or using electronic devices in court. Recording for any other purpose or by anyone without appropriate accreditation is strictly prohibited.

Learn More:

For more information about inquests, visit: https://www2.gov.bc.ca/gov/content/life-events/death/coroners-service/inquest-schedule-jury-findings-verdicts

To access the livestream, visit: https://www2.gov.bc.ca/gov/content/life-events/death/coroners-service/inquest-schedule-jury-findings-verdicts/inquestlivestream

To learn more about BC Coroners Service, visit: https://www.gov.bc.ca/coroners/

MIL OSI Canada News –
February 14, 2025
MIL-OSI USA: ICE ERO Newark arrests Peruvian wanted for child rape overseas

Source: US Immigration and Customs Enforcement

February 13, 2025Newark, NJ, United StatesEnforcement and Removal

NEWARK, N.J. — U.S. Immigration and Customs Enforcement arrested an illegally present Peruvian alien wanted overseas for the rape of a minor in in Guttenberg, New Jersey, Feb. 11. The name of the alien is being withheld due to privacy issues involved with the case.

“Our arrest of a Peruvian fugitive, who is wanted for prosecution in the heinous crime of child rape overseas, is further evidence dangerous criminals will not find a safe haven in the United States” said ICE Enforcement and Removal Operations Newark acting Field Office Director Ruben Perez. “Egregious criminals are a primary target in ICE ERO Newark’s daily routine immigration enforcement actions. We appreciate the added support from our federal partners to accomplish our mission, specifically from the FBI and ICE Homeland Security Investigations who supported this arrest.”

The Peruvian fugitive, who is illegally present in the United States, was served a notice to appear before an immigration judge and his court date is pending with the Executive Office for Immigration Review. He remains in ICE custody pending removal proceedings.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

Learn more about ICE ERO Newark’s mission to increase public safety in New Jersey communities on X: @ERONewark.

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: New I.A.M. C.R.E.S.T. Associate Instructors Complete Train-the-Trainer Program

Source: US GOIAM Union

Fifteen new I.A.M. C.R.E.S.T. Associate Instructors from District 19, Local S6, District FD1, and other Norfolk Southern Railroad representatives recently completed the Train-the-Trainer program. This comprehensive training is specifically designed to equip workers with the skills needed to educate their peers on the hazards associated with the storage, shipment, loading, and unloading of dangerous goods in the workplace. The participants demonstrated exceptional professionalism and a strong commitment to delivering high-quality training.

The training modules, developed by IAM CREST, are designed to supplement and enhance the training programs currently provided by employers. Workers who handle hazardous materials by rail are required to undergo this specialized training under a grant from the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA). This initiative highlights IAM’s proactive approach to ensuring workers receive the most up-to-date and effective safety training.

Each training module focuses on critical topics such as identifying dangerous goods, understanding the associated hazards, and following proper handling and shipping protocols. The knowledge gained through this program empowers workers to play an essential role in maintaining safety standards in their workplaces.

Class Participants:

Myron Magee, Mike McKenna, Mark Kroeger, James Orwan, Cortez Mason, Carollyn McCabe, Mike DeKraker, Matt Dustin, Robert MacArthur III, Patrick Linck, Mathew Wooten, Travis Pickell, Stephan Hodgdon, Brandt McCollett, and Mike Wright

I.A.M. C.R.E.S.T. Staff:

Project Coordinator/Instructor: Barry Eveland

Associate Instructors: Kurt Pool, Gayle Kelly, and John Cabral III

Share and Follow:

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Unions Expand Suit to Block Elon Musk from Accessing Private Data at DOL, HHS and CFPB

Source: American Federation of State, County and Municipal Employees Union

The AFL-CIO, AFGE, AFSCME, AFT, CWA, SEIU, Economic Policy Institute, and partner organizations are expanding their legal challenge to stop DOGE’s takeover of Americans’ private data

(Washington, D.C.)—A coalition of the AFL-CIO, unions, an economic think tank and partner organizations filed an amended lawsuit to protect the confidential information of America’s working people housed at the Department of Labor (DOL), Department of Health and Human Services (HHS), and the Consumer Financial Protection Bureau (CFPB).

The lawsuit expands the initial challenge to the “Department of Government Efficiency” (DOGE)’s attempt to raid the DOL for key information on America’s workers in order to hobble the agency tasked with protecting their rights, health and safety on the job, as Elon Musk expands his slash-and-burn approach to Americans’ private data and their most essential government services.

As the complaint lays out: “DOGE seeks to gain access to sensitive agency systems of data before courts can stop them, dismantle agencies before Congress can assert its Constitutional prerogatives in the federal budget, and intimidate and threaten employees who stand in their way, without regard for the consequences. The results have already been catastrophic. DOGE has seized control of some of the most carefully protected information systems housed at the Treasury Department, taken hold of all sensitive personnel information at the Office of Personnel Management, and dismantled an entire agency within a week.”

“Elon Musk and DOGE continue to jeopardize Americans’ most sensitive, personal data, and threaten our health, safety, rights, paychecks, and the essential services we depend on,” said AFL-CIO President Liz Shuler. “Unions and allies will vigorously fight DOGE’s attempt to put working people at risk through reckless actions that endanger workers and our families. They must be stopped—and today we’re getting back in court to do just that.”

“What Elon Musk is doing is not an audit—it’s an illegal violation of American citizens’ most sensitive personal information by an unelected billionaire who seems to believe he has been delegated the powers of the elected president,” said AFGE National President Everett Kelley. “Unions and our allies will continue to stand up against Elon Musk and anyone else who thinks they can buy the government of the United States.”

“Together with our union partners and allies, we filed a lawsuit to protect working people from billionaires stealing their data. Elon Musk thinks his wealth and political contributions give him the right to disregard the law and masquerade as an elected official—but he is not,” said AFSCME President Lee Saunders. “Working people deserve a government that will protect their privacy and hold corporations that break the law accountable. We call on the courts to address this unlawful corruption and ensure that our government remains for the people.”

“Elon Musk, under the guise of making bureaucracy more ‘efficient,’ is effectively eviscerating Americans’ privacy and fundamental freedoms,” said American Federation of Teachers (AFT) President Randi Weingarten. “This may be one of the biggest data hacks in U.S. history—I doubt anyone who voted for Donald Trump thought he would enable Musk to vacuum up their Social Security numbers, spousal details, and kids’ medical records for his own ends. Americans want a better life for themselves and their families: lower costs and higher wages. Yet Musk’s goal is evidently to weaponize this invasion of privacy to cut support for working families and ram through tax cuts for himself and his billionaire buddies. We are joining this lawsuit to stop the heist, end the chaos and confusion, and prevent Musk from causing irreparable harm to millions of American lives.”

“Elon Musk is a notorious union buster whose retaliation against workers exercising their union rights won praise from Donald Trump as thousands of CWA members went out on strike,” said Communications Workers of America (CWA) President Claude Cummings Jr. “Musk and the other billionaires who supported Trump aren’t looting our confidential records to find ways to help workers organize to join unions and collectively bargain. They aren’t feeding sensitive personal data into AI systems to make sure working families are able to secure the benefits they are entitled to or to stop the big banks from ripping us off. They are looking for ways to enrich themselves and punish anyone who stands in the way of their profits.”

“Every person in our country—regardless of race, occupation or political party affiliation—should have the comfort of knowing that their government is attempting to work in their best interests,” said Service Employees International Union (SEIU) President April Verrett. “No one deserves to have their privacy violated when they visit their doctor and seek care for their sick child. Nurses, doctors and other healthcare professionals should be able to provide their patients with quality care without the threat of having their personal healthcare information being exposed to unelected billionaires. Medical privacy is the cornerstone of quality patient care and necessary for improving health outcomes across our nation. It is an injustice when our leaders willingly leave any person vulnerable to becoming a victim of fraud, scams, and discrimination. Today SEIU members and our allies are saying that working people will not back down to these attacks on our health and safety from the Trump-Musk Administration. We will not stop fighting to build a future where every worker, of every race and from every place, can join together in a union to win the wages, healthcare, and security we all deserve.”

“Elon Musk’s DOGE is illegally seizing Americans’ private data. No responsible policymaker—whatever their political party—should tolerate this, and we all have a moral obligation to stand up against Elon Musk’s takeover,” said Economic Policy Institute (EPI) President Heidi Shierholz.

The lawsuit was brought in the U.S. District Court for the District of Columbia by the AFL-CIO and a coalition of unions representing workers across the federal government and public sector: the American Federation of Government Employees (AFGE), AFSCME, AFT, CWA and SEIU, as well as EPI, Economic Action Maryland Fund and Virginia Poverty Law Center.

The full complaint can be found here.

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: School of Pharmacy Faculty Member Appointed to Board of the Cochrane Heart, Stroke and Circulation Thematic Group

Source: US State of Connecticut

Hernandez brings to the board expertise in systematic review methodology, cardiovascular diseases, collaborative work with researchers from South America and prior work within Cochrane. He is an expert in systematic reviews and meta-analyses and has been working for several years in the former Cochrane Heart Group as author, peer reviewer and editor. He performs collaborative work with researchers from several countries and languages, especially Peru and Brazil.

Adrian Hernandez presenting his work

Cardiovascular disease is one of the 12 broad topic areas of importance identified by Cochrane and the World Health Organization (WHO). Cochrane has brought together the four former Cochrane groups – Cochrane Heart, Cochrane Hypertension, Cochrane Stroke, and Cochrane Vascular – into a single Thematic Group. This group is led by Professor Gillian Mead of the University of Edinburgh, UK. It shares collective expertise and knowledge and ensures that evidence synthesis in cardiovascular disease reflects the multimorbidity paradigm, the large global burden of vascular disease (including in developing countries), and the continuous development of interventions and diagnostic tests for these conditions.

Professor Hernandez’s work on the board will help map existing reviews and identify areas of overlap of interventions and cardiovascular diseases, identify high priority reviews and updates, provide topic, content and editorial expertise to the Cochrane central team, and create a dissemination strategy of updated and new reviews within the Group.

C. Michael White, Pharm.D., FCP, FCCP, FASHP, Distinguished Professor and Chair of Pharmacy Practice, noted, “Cochrane is the major international body behind systematic reviews and it is wonderful that they recognized the expertise that Dr. Hernandez brings. From his stellar publication record and international presentations on cardiovascular diseases, to his high-quality reviewing for cardiovascular journals across the globe, I am sure he will provide tremendous value to the organization.”

MIL OSI USA News –

February 14, 2025
MIL-OSI Security: Businessman sentenced to over nine years in prison for $1.5M fraud on employees, investors, and the Virginia Department of Agriculture and Consumer Services

Source: Office of United States Attorneys

NEWPORT NEWS, Va. – A Suffolk man was sentenced yesterday to nine years and two months in prison for defrauding investors and employees of his business out of hundreds of thousands of dollars. While on pretrial release and after his bond was revoked, he additionally attempted to defraud the Virginia Department of Agriculture and Consumer Services out of $1.1 million.

According to court documents, in November 2017, Breon Clemons, 36, worked at a car dealership with P.C., whom he told about his plans to form an organic produce company. Clemons later formed GoGreen Farms and Greenhouses, Inc., GoGreen Farms, Inc., and GoGreen Farms, LLC, (collectively GoGreen Farms), and offered employment to P.C. In February 2020, P.C. began working at GoGreen Farms and Clemons, as the owner of GoGreen Farms, had access to P.C.’s personally identifying information.

Also in 2020, Clemons invited his neighbor, C.F., to invest in GoGreen Farms. After C.F. invested $10,000, Clemons asked C.F. if she would like to be an unpaid officer or director of the business, and C.F. agreed. Clemons told C.F. that he needed a copy of her driver’s license for the articles of incorporation, and C.F. provided it. In November 2021, Clemons told C.F. that the company needed a revolving line of credit and asked if she would be a co-applicant. During discussions about the line of credit, Clemons asked C.F. for her Social Security number, and she provided it to him. Clemons later told C.F. that she would not need to co-sign for a line of credit because, he claimed, he would receive a loan from a professional basketball player.

In March 2022, C.F. received a call from Capital One regarding late payments. Upon further inquiry, C.F. discovered that the card in question was a joint account with GoGreen Farms. C.F. conferred with an acquaintance at GoGreen Farms, who indicated that GoGreen Farms also utilized an American Express card and a line of credit with lender TVT Capital that were in C.F.’s name.

The loan application submitted to TVT Capital falsely showed Clemons and C.F. as each owning 50% of GoGreen Farms, and a Virginia State Corporation Commission document was provided to TVT Capital as part of the loan application. The document, titled “Certificate of Entity Conversion,” contained a signature page dated July 6, 2021, with C.F. and Clemons’ purported signatures, when C.F. had not signed the document

The TVT Capital loan amount was $100,000, with interest of $46,000, resulting in a total repayment amount of $146,000. When C.F. confronted Clemons, he denied taking out lines of credit in her name. He also removed Capital One and American Express cards from his pocket and gave them to C.F. The balance on each card was over $100,000.

P.C. later discovered that in November 2021, Clemons took out a $25,000 line of credit with Bluevine Inc. using P.C.’s personal information and without P.C.’s consent. Clemons further forged P.C.’s signature on a financing and security agreement, and guaranty agreement. Bluevine Inc. advanced approximately $30,390 to Clemons on the line of credit.

While on pretrial release, Clemons continued committing fraud. He defrauded two individual investors, H.H. and J.B., taking $5,000 from each victim by promising to pay inordinate returns in one week. Clemons also applied for a $1.1 million Resilient Food Systems Infrastructure (RFSI) grant from the Virginia Department of Agriculture and Consumer Services. Clemons submitted a grant application with false representations from prison with the assistance of a family member.

The total loss from Clemons’ fraud was approximately $1.5 million. The total amount of laundered funds was $218,442. Neither P.C. nor C.F. consented to or authorized the use of their personal identifying information being used for these credit cards and lines or credit.

Erik S. Siebert, U.S. Attorney for the Eastern District of Virginia, and Kareem A. Carter, IRS Criminal Investigation Special Agent in Charge of the Washington D.C. Field Office, made the announcement after sentencing by U.S. District Judge Arenda Wright Allen.

Assistant U.S. Attorneys Mack Coleman and Brian J. Samuels prosecuted the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information are located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 4:24-cr-2.

MIL Security OSI –

February 14, 2025
MIL-OSI Global: How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia

Source: The Conversation – Canada – By Bianca Mabute-Louie, Sociology PhD candidate, Rice University

This article is adapted from UNASSIMILABLE: An Asian Diasporic Manifesto for the 21st Century by Bianca Mabute-Louie (HarperCollins, January 2025).

I grew up in San Gabriel Valley — also referred to as SGV or the 626. SGV is an ethnoburb — an ethnic enclave — that grew out of the 1970s, with its own economy and ecosystem that includes banks, grocery stores, hair salons and restaurants.

Since many early Asian immigrants to this country were barred from accessing white institutions, working together to build and protect this ethnic ecosystem was a matter of survival and necessity.

Wei Li, a Chinese American geographer, first proposed the term “ethnoburb” to describe the hybridity of ethnic enclaves and middle-class suburbs: suburban ethnic clusters of people and businesses.

The ethnoburb demonstrates that we can create our own power and belonging — without learning English, without participating in white institutions, and Americanizing. It is a communal endeavour, one that requires everybody’s imagination and care.

The ‘Chinese Beverly Hills’

Fuelled by foreign capital, ethnoburb immigrants redefined the entire landscape of the suburb and instigated an economic boom. The growth of Chinese American banking institutions, along with the political and economic factors that prompted the migration of wealthy ethnic Chinese from Taiwan and Hong Kong, played an important role in facilitating the Chinese economic growth in Monterey Park, a city in San Gabriel Valley.

With their resources, Chinese immigrants bought homes and started businesses with distinct Chinese and Vietnamese language signs to cater to fellow Asian transplants. Valley Boulevard, which runs through 10 cities in San Gabriel Valley, became home to Asian-owned malls, commercial plazas, office complexes, shops, hotels and industrial plants, often with trilingual signage in Chinese, Vietnamese and English.

Asian immigrants transformed neglected strip malls into prosperous Asian marketplaces and forged a sense of permanence and community. Monterey Park, and eventually the rest of San Gabriel valley, began to be referred to as “Little Taipei” or the “Chinese Beverly Hills” by journalists and Chinese diasporic media.

By the 1980s, Monterey Park was known as “the first suburban Chinatown,” converting San Gabriel Valley from predominantly white suburbs into an Asian-majority ecosystem with a conspicuous and diverse first-generation, unassimilated immigrant presence.

Bypassing urban Chinatowns for the suburbs

The ethnoburb troubles the American construction of the suburbs as static sites of whiteness and socioeconomic mobility.

The majority of new immigrants, especially those with resources, bypassed urban ethnic enclaves like Chinatown that previously served as immigrant gateway cities and settled immediately into suburbs instead.

Min Zhou, a professor of sociology and Asian American Studies at UCLA, argues that the deliberate preservation of ethnic values, ties and institutions is what actually acclimates non-white immigrants to the U.S.

Zhou also says the direct insertion of new Asian immigrants into traditionally white middle-class suburbs offends the conventional understanding of immigration and assimilation. Ethnoburb immigrants were non-white, didn’t always speak English, made considerably less effort to acculturate into whiteness, and many of them were already educated and affluent. They broke the bounds of the American imagination of an immigrant.

In addition to higher levels of education and incomes, many ethnoburb immigrants also possessed expansive and transnational social networks that shaped their reluctance to acculturate. They did not need to learn English or go through the ethnic enclave to reach a middle-class dream of financial stability.

The ethnoburb was not a “staging ground” for somewhere better or whiter. The ethnoburb was the final desired destination.

In actuality, contrary to popular conceptions, the ethnoburb was not apolitical or insular at all. It was and remains a site of resistance against the confining, white imagination of suburbia. With the emergence of Monterey Park as an Asian ethnoburb, questions over group identity, spatial boundaries, and the character of Monterey Park became politicized.

White hostility in an ‘all-American’ city

Nativist white residents were at the forefront of erecting boundaries of belonging that stigmatized first-generation immigrants. In addition to Asian businesses changing the esthetic and cultural identity of Monterey Park, Asian immigrants took on local politics. This direct insertion of unassimilated Asian immigrants into traditionally white suburbs and its institutions troubled conventional American understandings of who an immigrant is, the norms they should follow, and how they should behave.

Lily Lee Chen’s official portrait as mayor of Monterey Park, California, 1983. The Huntington Library, Art Museum, and Botanical Gardens.

On Nov. 8, 1983, Lily Lee Chen, a first-generation immigrant from Taiwan, was inaugurated in Monterey Park as the first Chinese American mayor in the nation. Chen was relatable, charismatic, and not assimilated. The Los Angeles Times described Chen’s speech as “accented with pauses and grammatical errors, characteristic of someone speaking in their second language.”

In another Times article from 1985, Chen told the reporter that she enjoyed dressing in bright reds and jade greens, despite being told by her consultant to look more subdued because her bright colours made her appear “aggressive.” During her campaign, she was met with fierce resistance from white residents, who commonly took down her neighbourhood campaign signs.

As a response, Chen worked tirelessly on voter engagement among Asian Americans and Latinos, publishing multilingual voter handbooks, registering voters, and building relationships with ethnic communities, including working with Cesar Chavez to support the Latinos in Southern California.

The same year as Chen’s election, Monterey Park’s five-member city council became multiethnic, with two Mexican Americans, one Filipino American, one Chinese American, and one white council member.

As Monterey Park became touted as a “successful suburban melting pot” by journalists and even won an “All-American City” award in 1985 for its civic engagement and racial diversity, white flight accelerated and resentment festered among the minority of white residents.

The large influx and increasing influence of Chinese immigrants over a short period of time caused racial tension to build, with mounting struggles over cultural differences, language barriers, and explicit mistrust of immigrants. Chinese businesses, political candidates, religious institutions, and entrepreneurs became racialized targets of nativist animus.

A particularly contentious conflict emerged over the proliferation of business signs in languages other than English. In 1986, white hostility among the remaining white residents swept the council members of colour out of office, and replaced them with three long-established white residents, who promptly launched an anti-immigrant, “English-only” campaign attacking the proliferation of business signage in Chinese.

A scene from the 2010 play by Annette Lee about the English only movement from the 80s. 17-year-old Scarlett Wong, an ‘all-American teenager’ struggles with her neighbors who don’t speak English.
Angry Asian Man/Annette Lee

The “English-only” movement in Monterey Park reflects the struggle to control the identity and narrative of a built environment. It represents the tension between America’s idea of how immigrants should assimilate, and how ethnoburb immigrants instead created their own unassimilable institutions and communities.

Frank Arcuri, one of the Monterey Park residents and community activists who started the “English-only” petition campaign, insisted, “Immigrants are welcome here, but they must realize that English is the language we use in America… They must realize they are making a negative impact on our city. They must adapt to our ways. They must use our language and respect our culture.”

The nativist, inflammatory rhetoric Arcuri employed to speak about immigrants is as American as apple pie, comparable to replacement theory touted by white nationalist conspiracists today.

The English-only conflict illustrates the deeper, ideological tensions behind an increasingly diverse and polyglot constituency, composed of politically active immigrants, and nostalgic white residents desperately (and at times violently) clinging on to institutional power and a homogeneous past.

Asian immigrants defied assimilation theories

Traditionally, sociologists of immigration and assimilation theorists believed that all immigrant groups would eventually assimilate and integrate into white Protestant American institutions, culture, and society. They argued that doing so would be in the best interests of immigrants. They were also all white scholars. For the most part, what they theorized was true for European immigrants.

However, Asian immigrants in the ethnoburb remained proudly unassimilable and trans-national. While the ethnoburb was their final destination, they maintained diasporic ties. Many with socioeconomic privilege shuttled back and forth to their home countries.

It is our diasporic connections to our motherlands and our ethnic communities, not necessarily our assimilation into whiteness, that help us thrive in the U.S.

Bianca Mabute-Louie is affiliated with Asian Texans for Justice.

– ref. How Asian immigrants to the U.S. resisted pressures to assimilate, creating a vibrant American suburbia – https://theconversation.com/how-asian-immigrants-to-the-u-s-resisted-pressures-to-assimilate-creating-a-vibrant-american-suburbia-247184

MIL OSI – Global Reports –

February 14, 2025
MIL-OSI Video: Repartition and Memorial Service of 14 SANDF members from DRC

Source: Republic of South Africa (video statements-2)

Repatriation and Memorial Service Of 14 SANDF Members from DRC

https://www.youtube.com/watch?v=osZWEu4hT3o

MIL OSI Video –

February 14, 2025
MIL-OSI USA: McConnell Comments on RFK Jr. Nomination

US Senate News:

Source: United States Senator for Kentucky Mitch McConnell
Washington, D.C. – U.S. Senator Mitch McConnell (R-KY) issued the following statement today on the nomination of Robert F. Kennedy, Jr. to serve as U.S. Secretary of Health and Human Services:
“I’m a survivor of childhood polio. In my lifetime, I’ve watched vaccines save millions of lives from devastating diseases across America and around the world. I will not condone the re-litigation of proven cures, and neither will millions of Americans who credit their survival and quality of life to scientific miracles.
“Individuals, parents, and families have a right to push for a healthier nation and demand the best possible scientific guidance on preventing and treating illness. But a record of trafficking in dangerous conspiracy theories and eroding trust in public health institutions does not entitle Mr. Kennedy to lead these important efforts.
“This Administration – led by the same President who delivered a medical miracle with Project Warp Speed – deserves a leader who is willing to acknowledge without qualification the efficacy of life-saving vaccines and who can demonstrate an understanding of basic elements of the U.S. healthcare system. Mr. Kennedy failed to prove he is the best possible person to lead America’s largest health agency. As he takes office, I sincerely hope Mr. Kennedy will choose not to sow further doubt and division but to restore trust in our public health institutions.”

MIL OSI USA News –

February 14, 2025
MIL-OSI USA: Welch Opposes RFK Jr. For Secretary of Health: “It’s hard, in many ways, to see how we could do worse.”

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, spoke on the Senate Floor late last night to reiterate his opposition to Robert F. Kennedy Jr., President Trump’s pick to serve as the next Secretary of the U.S. Department of Health and Human Services (HHS). Senator Welch detailed his concerns about Kennedy’s character, competence, and priorities. The Senator has previously expressed reservations about Kennedy’s nomination in the Senate Finance Committee.
“The bottom line here for me, on the question of any nominee, is character, competence, and priorities. And on all three of these, I come up short with respect to Mr. Kennedy. Aside from the fact that we could better, it’s hard, in many ways, to see how we could do worse. So, I would urge all of my colleagues to consider the consequences of their vote. A vote that would put a person of questionable character, a person of questionable competence, and a person of—in my view—bad priorities at the head of our health care system,” said Senator Welch.
Watch Senator Welch’s speech below:
Senator Welch’s Committee and Subcommittee Assignments for the 119th Congress include:
Senate Committee on Finance
Senate Committee on Agriculture, Nutrition, & Forestry
Ranking Member, Subcommittee on Rural Development, Energy, and Credit
Senate Committee on the Judiciary
Ranking Member, Subcommittee on the Constitution
Senate Committee on Rules & Administration

MIL OSI USA News –

February 14, 2025

Distribution Month	Record Date	Payable Date	Distribution Per Share
April	April 15, 2025	April 23, 2025	$	0.03
May	May 15, 2025	May 22, 2025	$	0.03
June	June 13, 2025	June 23, 2025	$	0.03

Blog

Share this page

Updates to this page

Quick facts

Related information:

Truck lifeline

Two million in need

Live fire threat

UNRWA’s vital role

Health needs being met

The ‘Chinese Beverly Hills’

Bypassing urban Chinatowns for the suburbs

White hostility in an ‘all-American’ city

Asian immigrants defied assimilation theories