Blog

MIL-OSI: Twelve Capital and Securis complete merger to create a leader in Insurance-Linked Securities (ILS)

Source: GlobeNewswire (MIL-OSI)

ZURICH and LONDON, Feb. 13, 2025 (GLOBE NEWSWIRE) — Twelve Capital and Securis Investment Partners have completed the final steps of the merger, establishing Twelve Securis as a global leader in the field of Insurance-Linked Securities (ILS). This strategic move unites a wealth of expertise, complementary skill sets, and a shared dedication to innovation in insurance investment.

With USD 8.5 billion in assets under management, Twelve Securis is strategically positioned to expand investment opportunities in catastrophe bonds, private ILS, and broader insurance markets. With a strong focus on performance generation under rigid investment governance, the firm will continue to pioneer investment solutions by integrating proprietary catastrophe risk models with market-leading technology. Its research-driven approach and strong structuring expertise ensure cost-effective, transparent investment vehicles that meet the evolving needs of institutional investors.

Urs Ramseier, CEO of Twelve Securis, commented: “This merger marks a new era for insurance-linked investments. By bringing together two highly experienced teams with a shared vision, we are strengthening our ability to deliver outstanding investment solutions to our global client base and create long-term value for them.”

Cyrus Jilla, Chairman of Twelve Securis, said: “We are excited about the creation of Twelve Securis. The firm is strategically positioned to capitalise on new opportunities in the evolving insurance and ILS landscape, leveraging its scale, expertise, and client-centric approach.”

The transition has been carefully structured to ensure continuity for clients and employees. Twelve Securis remains committed to independence and delivering best-in-class service as it enters this next phase of growth.

For further information please contact Twelve Securis at:

+41 44 5000 120
Kathrin Verbeck
info@twelvesecuris.com

About Twelve Securis

Twelve Securis, formed from the merger of Twelve Capital and Securis Investment Partners, is a leading insurance-focused investment manager. Specialising in Cat Bonds and Private ILS, we offer research-driven investment solutions capturing alternative risk premia. Our extensive team of experts ensures transparency, innovation, and products designed for a diverse global client base.

www.twelvesecuris.com

The MIL Network –

February 14, 2025
MIL-OSI: Coop Pank held an investor webinar to introduce unaudited results of Q4 and 12 month of 2024

Source: GlobeNewswire (MIL-OSI)

Today, on 13 February 2024 at 9 am (EET), Coop Pank held an investor webinar, where the Chairman of the Board Margus Rink and Chief Financial Officer Paavo Truu introduced the bank’s Q4 and 12 month of 2024 unaudited financial results. Webinar was held in Estonian language.

Coop Pank would like to thank all participants. Webinar recording is available here:
https://youtu.be/XHWdTjDnFbo?si=-aAiISEtqk0FGk7G

Coop Pank’s report for unaudited results of Q4 and 12 month of 2024 and the presentation is available here:
https://view.news.eu.nasdaq.com/view?id=1342555&lang=en

Coop Pank, based on Estonian capital, is one of the five universal banks operating in Estonia. The number of clients using Coop Pank for their daily banking has reached 208,000. Coop Pank aims to put the synergy generated by the interaction of retail business and banking to good use and to bring everyday banking services closer to people’s homes. The strategic shareholder of the bank is the domestic retail chain Coop Eesti comprising 320 stores.

Additional information:
Katre Tatrik
Communication Manager
Tel: +372 5151 859
E-mail: katre.tatrik@cooppank.ee

The MIL Network –

February 14, 2025

MIL-OSI: Brookfield Wealth Solutions Announces Year End 2024 Results and Declares Quarterly Distribution Increase

Source: GlobeNewswire (MIL-OSI)

BROOKFIELD, NEWS, Feb. 13, 2025 (GLOBE NEWSWIRE) — Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the three months and year ended December 31, 2024.

Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “Our strong results for 2024 underscore our growth over the past year having doubled the size of the business in that time. Our scalable North American annuity platform, coupled with our leading investment capabilities, will serve as the foundation for our business as we expand internationally in 2025.”

Unaudited As of and for the periods ended December 31 (US$ millions, except per share amounts)	Three Months Ended				Year Ended
		*2024*		2023		*2024*		2023
Total assets	$	140,460	$	61,643	$	140,460	$	61,643
Adjusted equity¹		12,872		8,969		12,872		8,969
Distributable operating earnings¹		427		258		1,374		745
Net income		576		453		1,247		797
Net income per each class A share	$	0.08	$	0.07	$	0.32	$	0.28

^{1. See Non-GAAP and Performance Measures on page 6 and a reconciliation from net income and reconciliation from equity on page 5.}

2024 Highlights

Completed the acquisition of American Equity Investment Life Holding Company (“AEL”), doubling the size of our business
Deployed more than $17 billion across our investment portfolio at strong risk-adjusted returns
Generated $19 billion in annuity and pension risk transfer (“PRT”) sales across the business, consisting of approximately $14 billion of retail annuity sales, inclusive of a full twelve months of activity at AEL, and $5 billion of PRT deals
We closed our first U.K. reinsurance transaction, reinsuring £1.0 billion ($1.3 billion) of pension liabilities

Operating Update
We recognized $427 million and $1.4 billion of distributable operating earnings (“DOE”) for the three months and year ended December 31, 2024, respectively, compared to $258 million and $745 million in the prior year periods. The increase in earnings for the current period reflects contributions from our acquisition of AEL as well as higher net investment income resulting from progress made in repositioning assets into higher yielding investment strategies. DOE further benefitted from strong annuity sales during the year.

We recorded net income of $576 million and $1.2 billion for the three months and year ended December 31, 2024, respectively, compared to net income of $453 million and $797 million in the prior year periods. Net income in the current period is the result of strong operating performance and contributions from our DOE, as well as favorable movement on reserves due to interest rate and equity market movements.

Today, we are in a strong liquidity position, with approximately $31 billion of cash and short-term liquid investments across our investment portfolios, and another $21 billion of long-term liquid investments. These liquid assets will support the ongoing rotation of our portfolio into higher yielding investment strategies, while ensuring we have sufficient liquidity coverage for our liabilities in the case of any stress events impacting the broader market.

Regular Distribution Declaration
The Board declared a 13% increase in the Company’s quarterly return of capital to $0.09 per class A share and class B share (representing $0.36 per annum), payable on March 31, 2025 to shareholders of record as at the close of business on March 14, 2025. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield class A shares.

Brookfield Corporation Operating Results
An investment in class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield class A shares. A summary of Brookfield Corporation’s fourth quarter and full year operating results is provided below:

Unaudited
For the periods ended December 31
(US$ millions, except per share amounts)

Three Months Ended

Years Ended

2024

2023

2024

2023

Net income of consolidated business¹

101

3,134

1,853

5,105

Net income attributable to Brookfield shareholders²

432

699

641

1,130

Distributable earnings before realizations^2,3

1,498

1,209

4,871

4,223

– Per Brookfield class A share^2,3

0.94

0.76

3.07

2.66

Distributable earnings^2,3

1,606

1,312

6,274

4,806

– Per Brookfield class A share^2,3

1.01

0.83

3.96

3.03

^{1. Consolidated basis – includes amounts attributable to non-controlling interests.}
^{2. Excludes amounts attributable to non-controlling interests.}
^{3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8 of Brookfield Corporation’s press release dated February 13, 2025.}

Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the class A shares of our company will be impacted significantly by the market price of the Brookfield class A shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield Corporation’s letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation’s disclosure on its website under the Reports & Filings section at bn.brookfield.com.

CONSOLIDATED BALANCE SHEETS

Unaudited

December 31

December 31

(US$ millions)

2024

2023

Assets

Insurance invested assets

Cash and cash equivalents

12,243

4,308

Investments

92,966

39,838

Reinsurance funds withheld

1,517

7,248

Accrued investment income

860

107,586

280

51,674

Reinsurance recoverables and deposit assets

13,195

3,388

120,781

55,062

Deferred policy acquisition costs

10,696

2,468

Other assets

8,983

4,113

Total assets

140,460

61,643

Liabilities and equity

Policy and contract claims

7,659

7,288

Future policy benefits

14,088

9,813

Policyholders’ account balances

83,079

24,939

Deposit liabilities

1,502

1,577

Market risk benefits

3,655

Unearned premium reserve

1,843

2,056

111,826

45,762

Corporate borrowings

1,022

1,706

Subsidiary borrowings

3,329

1,863

Funds withheld for reinsurance liabilities

3,392

Other liabilities

7,815

3,380

Junior preferred shares

—

2,694

Non-controlling interest

850

146

Class A and class B

1,470

1,591

Class C

10,756

13,076

4,418

6,155

Total liabilities and equity

140,460

61,643

CONSOLIDATED STATEMENTS OF OPERATIONS

Unaudited For the periods ended December 31 US$ millions	Three Months Ended						Year Ended
		2024			2023			2024			2023
Net premiums and other policy revenue	$	4,307		$	1,432		$	9,048		$	4,550
Net investment income, including funds withheld		1,325			621			4,440			2,121
Net investment gains (losses), including funds withheld		115			176			615			241
Total revenues		5,747			2,229			14,103			6,912

Benefits and claims paid on insurance contracts		(4,003	)		(1,194	)		(8,162	)		(3,939	)
Interest sensitive contract benefits		(710	)		(355	)		(1,874	)		(687	)
Amortization of deferred policy acquisition costs		(370	)		(180	)		(1,237	)		(632	)
Changes in fair value of insurance-related derivatives and embedded derivatives		396			210			234			41
Changes in fair value of market risk benefits		299			85			(107	)		166
Other reinsurance expenses		(6	)		(5	)		(26	)		(21	)
Operating expenses		(332	)		(244	)		(1,356	)		(777	)
Interest expense		(96	)		(68	)		(362	)		(249	)
Total benefits and expenses		(4,822	)		(1,751	)		(12,890	)		(6,098	)
Net income before income taxes		925			478			1,213			814
Income tax recovery (expense)		(349	)		(25	)		34			(17	)
Net income for the period	$	576		$	453		$	1,247		$	797

Attributable to:
Class A and class B shareholders¹	$	4		$	2		$	14		$	5
Class C shareholder		559			453			1,200			791
Non-controlling interest		13			(2	)		33			1
	$	576		$	453		$	1,247		$	797

^{1. Class A shares receive distributions at the same amount per share as the cash dividends paid on each Brookfield class A share.}

SUMMARIZED FINANCIAL RESULTS

RECONCILIATION OF NET INCOME TO DISTRIBUTABLE OPERATING EARNINGS

Unaudited For the periods ended December 31 US$ millions	Three Months Ended						Year Ended
		2024			2023			2024			2023
Net income	$	576		$	453		$	1,247		$	797
Unrealized net investment gains, including funds withheld		(115	)		(176	)		(615	)		(241	)
Mark-to-market on insurance contracts and other net assets		(367	)		(104	)		589			105
		94			173			1,221			661
Deferred income tax expense (recovery)		260			47			(195	)		14
Transaction costs		32			24			213			40
Depreciation		41			14			135			30
Distributable operating earnings¹	$	427		$	258		$	1,374		$	745

RECONCILIATION OF EQUITY TO ADJUSTED EQUITY

Unaudited As of December 31 US$ millions		2024			2023
Equity	$	13,076		$	6,155
Add:
Accumulated other comprehensive (income) loss		(204	)		120
Junior preferred shares		—			2,694
Adjusted equity¹	$	12,872		$	8,969

^{1. Non-GAAP measure – see Non-GAAP and Performance Measures on page 6.}

Additional Information

The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter and year ended December 31, 2024, which have been prepared using generally accepted accounting principles in the United States of America (“US GAAP” or “GAAP”).

Brookfield Wealth Solutions’ Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

Information on our distributions can be found on our website under Stock & Distributions/Distribution History.

Brookfield Wealth Solutions Ltd. (NYSE, TSX: BNT) is focused on securing the financial futures of individuals and institutions through a range of wealth protection and retirement services, and tailored capital solutions. Each class A exchangeable limited voting share of Brookfield Wealth Solutions is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at bnt.brookfield.com or contact:

Communications & Media:
Kerrie McHugh
Tel: (212) 618-3469
Email: kerrie.mchugh@brookfield.com

Investor Relations:
Rachel Schneider
Tel: (416) 369-3358
Email: rachel.schneider@brookfield.com

Non-GAAP and Performance Measures

This news release and accompanying financial statements are based on US GAAP, unless otherwise noted.

We make reference to Distributable operating earnings. We define distributable operating earnings as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. Distributable operating earnings is a measure of operating performance. We use distributable operating earnings to assess our operating results. We also make reference to Adjusted equity. Adjusted equity represents the total economic equity of our Company through our class A, B and C shares, excluding Accumulated other comprehensive income, and the junior preferred shares issued by our Company. We use adjusted equity to assess our return on our equity.

We provide additional information on key terms and non-GAAP measures in our filings available at bnt.brookfield.com.

Notice to Readers

Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions” or “our” or “we”) is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, assumptions and expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Wealth Solutions, Brookfield Corporation and their respective subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Particularly, statements regarding international expansion plans and future capital markets initiatives, including statements relating to the redeployment of capital into higher yielding investments constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “foresees,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” In particular, the forward-looking statements contained in this news release include statements referring to the growth of our business, international expansion, investment opportunities and expected future deployment of capital and financial earnings. Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable estimates, assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Wealth Solutions or Brookfield Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, including but not limited to, earthquakes, hurricanes, epidemics and pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Wealth Solutions undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of investment opportunities or otherwise).

Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Wealth Solutions believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Wealth Solutions does not make any assurance, representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties, and undue reliance should not be put on them.

The MIL Network –

February 14, 2025

MIL-OSI: YieldMax™ Unveils New Weekly Pay 0DTE Covered Call Strategy ETF on the Nasdaq 100 Index
Source: GlobeNewswire (MIL-OSI)

CHICAGO, MILWAUKEE and NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of the following ETF:

YieldMax™ Nasdaq 100 0DTE Covered Call Strategy ETF (Nasdaq: QDTY)

QDTY Overview
QDTY follows an active management approach that utilizes a synthetic covered call strategy designed to generate weekly income while also providing exposure to the price return of an Index.
- QDTY is designed to generate weekly income, while also providing exposure to the price return of the Nasdaq 100 Index (the “Index”).
- QDTY seeks to generate income primarily by utilizing zero days to expiry (“0DTE”) options on the Index and/or passively managed ETFs that tracks the Index’s performance (the “Index ETFs”).
Index
The Nasdaq 100 Index is a benchmark index comprising 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization. This large-cap index, heavily weighted towards the technology sector, represents various industries, including consumer discretionary, healthcare, communication services, and industrials, reflecting Nasdaq’s historical strength.

QDTY’s Option Strategy

QDTY employs a synthetic covered call strategy by selling and purchasing call options on the Index or Index ETFs. Each business day, typically at market open, the Fund sells out-of-the-money (OTM) call options with zero days to expiration (“0DTE”), which expire the same day they are sold. OTM options have a strike price above the current Index value. QDTY’s synthetic covered call strategy is established by combining the call options sold to generate income with buying call options for exposure to the Index.

QDTY’s Return Profile and Index Performance

QDTY earns income by selling out-of-the-money 0DTE call options daily. The premiums from these options add to income but limit participation in Index gains. If the Index rises past the strike price, losses on sold options can offset gains. This strategy balances income generation with limited Index upside exposure while premiums can help mitigate losses if the Index declines.

QDTY’s Distribution Schedule
Like all YieldMax™ ETFs, QDTY aims to generate income for investors. With respect to distributions, QDTY aims to make distributions on a weekly basis, and its first weekly distribution is expected to be announced on February 26, 2025.

Why Invest in QDTY?
- QDTY seeks to generate weekly income, which is not dependent on the value of the Index (or the Index ETFs).
- QDTY aims to participate in a portion of the Index gains, which may be capped.
Important Information

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs.

THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures

Investing involves risk. Principal loss is possible.

Referenced Index Risk. The Fund invests in options contracts that are based on the value of the Index (or the Index ETFs). This subjects the Fund to certain of the same risks as if it owned shares of companies that comprised the Index or an ETF that tracks the Index, even though it does not.

Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way. Investors in the Fund will not have the right to receive dividends or other distributions or any other rights with respect to the companies that comprise the Index but will be subject to declines in the performance of the Index.

The Nasdaq 100 Index Risks. The Index’s major risks stem from its high concentration in the technology sector and significant exposure to high-growth, high-valuation companies. A downturn in the tech industry, whether from regulatory changes, shifts in technology, or competitive pressures, can greatly impact the index.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time.

High Index (or Index ETF) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or Index ETF) turnover rate increases transaction costs, which may increase the Fund’s expenses.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group or YieldMax™ ETFs.

© 2025 YieldMax™ ETFs

The MIL Network –
February 14, 2025
MIL-OSI: Defiance ETFs Launches Battleshares™ ETFs, Introducing ELON (Tesla vs. Ford) as Flagship Fund
Source: GlobeNewswire (MIL-OSI)

MIAMI, Feb. 13, 2025 (GLOBE NEWSWIRE) — Defiance ETFs is excited to introduce Battleshares™ Exchange-Traded Funds (ETFs), an innovative suite of ETFs designed to capture competitive market dynamics and capitalize on strategic market rivalries within leading industries. The suite will feature a range of distinct ETFs, each crafted to help investors benefit from evolving market competition.

Introducing ELON: The First in the Battleshares™ Series
The first ETF in the Battleshares™ lineup is the Battleshares™ TSLA vs. F ETF (Ticker: ELON). This actively managed fund embodies market competition, highlighting the dynamic rivalry between what the advisor believes to be an industry disruptor Tesla (TSLA) and legacy competitor Ford (F). The Fund’s strategy involves a leveraged long position in TSLA, generally targeting +200% of the Fund’s net assets, paired with a leveraged short position in F, generally targeting -100% of the Fund’s net assets. ELON provides investors with a unique opportunity to gain exposure to the ongoing transformation within the automotive sector, capitalizing on the divergence between innovation and tradition.

A Competitive Edge for Forward-Thinking Investors
Battleshares™ ETFs employ a unique long/short investment strategy, going long on industry innovators while shorting their legacy competitors. This approach enables the funds to potentially generate returns across various market conditions while focusing on single-stock opportunities. The funds will cover sectors such as technology, retail, financial services, and automotive.

“We are thrilled to introduce Battleshares™ ETFs, starting with ELON,” said Sylvia Jablonski, Chief Executive Officer & CIO of Defiance ETFs. “This suite is designed to empower investors with strategic tools that harness industry disruption and market evolution.”

Key Features of the Battleshares™ ETFs:
- Actively Managed Strategies: A long/short investment approach to capitalize on market dynamics.
- Industry-Specific Focus: Targeting sectors including semiconductors, financial services, and renewable energy.
- Leveraged Exposure: Structured to magnify returns through leveraged long and short positions.
- Innovation-Driven: Funds such as ELON prioritize transformative market trends and technological advancements.
The Battleshares™ TSLA vs. F ETF (Ticker: ELON) will be listed on the NYSE, offering investors a unique opportunity to participate in the competitive dynamics of transformational growth sectors.

About Defiance ETFs
Established in 2018, Defiance leads in ETF innovation. Our pioneering leveraged ETFs enable investors to amplify positions in innovative strategies, offering precise leveraged exposure without requiring a margin account.

For more information about Battleshares™ ETFs and the Battleshares™ TSLA vs. F ETF (Ticker: ELON), please visit https://www.battle-shares.com.

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call (866) 532-3886 or visit our website at www.battle-shares.com. Read the prospectus or summary prospectus carefully before investing.

None of the Fund, the Trust, the Adviser, or their respective affiliates makes any representation to you as to the performance of TSLA or F. THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH TESLA, INC. or FORD MOTOR COMPANY.

Investing involves risk. Principal loss is possible. As an ETF, the funds may trade at a premium or discount to NAV. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. A portfolio concentrated in a single industry or country, may be subject to a higher degree of risk. There is no guarantee that the Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment.

TSLA Risk (Long Position). The Fund invests in TSLA either directly or indirectly through derivative instruments (i.e., via options and swaps). Through its long position, the Fund is subject to the risk that TSLA’s share price decreases. If the share price of TSLA decreases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. Therefore, as a result of the Fund’s exposure to the value of TSLA, the Fund may also be subject to the following risks: Indirect Investment in TSLA Risk. Tesla, Inc. is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way and has no obligation to consider your Shares in taking any corporate actions that might affect the value of Shares. Investors in the Fund will not have voting rights and will not be able to influence management of Tesla, Inc. but will be exposed to the performance of TSLA (the underlying stock). Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the underlying stock but will be subject to declines in the performance of the underlying stock. Tesla, Inc. Performance Risk. Tesla, Inc. may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of TSLA to decline. Electric Vehicles Risk. The future growth and success of Tesla, Inc. are dependent upon consumers’ demand for electric vehicles, and specifically, its vehicles in an automotive industry that is generally competitive, cyclical and volatile. If the market for electric vehicles in general and Tesla, Inc. vehicles in particular does not develop as Tesla, Inc. expects, develops more slowly than it expects, or if demand for its vehicles decreases in its markets or its vehicles compete with each other, the business, prospects, financial condition and operating results of Tesla, Inc. may be harmed.

Ford Price Appreciation Risk (Short Position). As part of the Fund’s short strategy, the Fund may sell F shares short, either directly or through the use of derivatives. By virtue of the Fund’s indirect inverse exposure to changes in the share price of F, the Fund is subject to the risk that F’s share price increases. If the share price of F increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: Ford’s ability to gain market share in the electric vehicle market may enhance its market position and result in increased stock prices. Market share gains against key competitors, such as TSLA, in the electric vehicle market may further support Ford’s stock performance. Moreover, strategic partnerships and successful acquisitions could drive significant growth and lead to stock appreciation. Favorable macroeconomic and industry conditions, including strong global demand for automobiles, may contribute to robust financial performance for Ford. Ford may benefit from favorable geopolitical developments, including advantageous trade policies or improved relations with key markets, such as China, which could positively impact its operations and stock performance. Conversely, any significant challenges faced by competitors, such as product delays or supply chain issues, may reduce competition and contribute to Ford’s stock outperformance.

Leveraging Risk. The Fund’s use of leverage amplifies both potential gains and potential losses, which can result in significant volatility and higher risk for investors. Specifically, TSLA, the Fund’s leveraged long position (“Long Position”) and, F, leveraged short position (“Short Position”) expose the Fund to heightened risk if the Long Position performs poorly while the Short Position performs well. If the value of the Long Position declines, the Fund’s leveraged exposure could result in losses that are magnified by the leverage factor, potentially exceeding the losses that would occur in an unleveraged position. For example, if the Fund’s Long Position is at +200% of net assets, a 10% decline in the value of the Long Position could translate into a 20% loss for the Fund’s net asset value attributable to that position. Conversely, if the value of the Short Position increases, the Fund’s leveraged short exposure could also lead to magnified losses. If the Short Position is at -100% of net assets, a 10% rise in the value of the Short Position could result in a 10% loss for the Fund’s net asset value attributable to that position.

Derivatives Risk. The Fund’s derivative investments carry risks such as an imperfect match between the derivative’s performance and its underlying assets, and the potential for loss of principal, which can exceed the initial investment.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

New Fund Risk. As of the date of the prospectus, the Fund has no operating history and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may impact the Fund’s market exposure for limited periods of time. Brokerage Commissions may be charged on trades.

Distributed by Foreside Fund Services, LLC.

The MIL Network –
February 14, 2025
MIL-OSI: Blackford Capital Earns M&A Atlas Awards for U.S.A. Deal of the Year and Rising Star Dealmaker

Source: GlobeNewswire (MIL-OSI)

GRAND RAPIDS, Mich., Feb. 13, 2025 (GLOBE NEWSWIRE) — Blackford Capital (“Blackford”), a leading lower middle market private equity firm, announced today that it was awarded U.S.A. Deal of the Year at the 16th Annual Americas M&A Atlas Awards, hosted by Global M&A Network, LLC. Rishabh Mukherjee, CFA, Blackford’s Vice President of Deals (T/IPP), was also honored as a 2024 America’s Rising Star Dealmaker.

The Americas M&A Atlas Awards, presented at a gala held on February 6, recognize the achievements of influential dealmakers and leaders, outstanding firms, and the best growth-delivering transactions of the year. Blackford Capital was also named a finalist for the Private Equity Firm of the Year award.

Blackford received the U.S.A. Deal of the Year award for the acquisition of Industrial Molding Corporation by its portfolio company Davalor Mold Company, LLC (“Davalor”) from NN, Inc. Industrial Molding Corporation, the first add-on to the Davalor platform, has expanded the company’s breadth of capabilities and strengthened its leadership team, while also serving as a solid foundation for continued expansion and innovation.

“We are extremely honored to be recognized by Global M&A Network for our team’s success in closing a strategically important deal for our portfolio, particularly in 2024’s more competitive deal environment,” said Martin Stein, Blackford Capital’s founder and managing director. “I sincerely appreciate the hard work of everyone at Blackford who contributed to this accomplishment, and together we will look to build on our achievements from last year.”

Mr. Mukherjee was also named a 2024 America’s Rising Star Dealmakers by the Global M&A Network, which recognizes brilliant and exceptional young dealmakers for their achievements, dedication, and talents for closing value-creating transactions. Mr. Mukherjee has over seven years of experience in executing complex transactions, as well as a demonstrated ability to deliver projects on both the buy-side and sell-side by working closely with various stakeholders across the entire deal lifecycle.

“Rishabh’s recognition is truly well-earned,” said Mr. Stein. “He has played an important role in the investment process at Blackford, and his ability to collaborate with stakeholders has brought a people-centered approach to dealmaking. This award is a testament to the impact he has had our firm, and we look forward to his future contributions.”

For more information, and for a detailed list of all the Award winners for the 16th Americas M&A Atlas Awards and Rising Star Awards, please visit https://globalmanetwork.com.

About Blackford Capital
Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023 and 2024, Blackford Capital was named to Inc’s list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.

Media Contact:
Lambert by LLYC
Jennifer Hurson
(845) 729-3100
jhurson@lambert.com

Jackson Lin
(646) 717-4593
jlin@lambert.com

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/f0378d41-fbbe-498c-89f3-40bb9742f6a7

https://www.globenewswire.com/NewsRoom/AttachmentNg/351310b7-130b-42cc-9524-0597f4a92d29

The MIL Network –

February 14, 2025
MIL-OSI: CareCloud Transfers Funds for Preferred Stock Dividends
Source: GlobeNewswire (MIL-OSI)

SOMERSET, N.J., Feb. 13, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and generative AI solutions, today announced that it has transferred the funds for the January 2025 dividend payments on its Series A and Series B Cumulative Redeemable Perpetual Preferred Stock.

As previously disclosed, holders of Series A Preferred Stock will receive 22.917 cents per share, while holders of Series B Preferred Stock will receive 18.229 cents per share based on a record date of January 31, 2025. These payments are expected to be reflected in shareholders’ brokerage accounts between February 18 and February 20, 2025.

“We appreciate the continued support of our shareholders and remain focused on maintaining financial stability,” said Norman Roth, Interim Chief Financial Officer of CareCloud. “The timely payment of these dividends reflects our commitment to responsible fiscal management and ongoing progress in strengthening our financial position.”

Dividend details:
- Expected reflection in accounts: February 18 – February 20, 2025
- Record date: January 31, 2025
- Series A Dividend: 22.917 cents per share
- Series B Dividend: 18.229 cents per share
Dividends for both Series A and Series B Preferred Stock are cumulative and payable monthly, in arrears, on the 15^th of each month or the next business day if the 15^th of the month is a bank holiday or weekend. In February, President’s Day is observed on Monday the 17^th, therefore the first business day after February 15^th is February 18^th.

Shareholders who do not see their dividend payment in their brokerage account by the end of next week are encouraged to contact their broker for assistance. For further inquiries, the CareCloud Investor Relations team can be reached at ir@carecloud.com.

About CareCloud

CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

Follow CareCloud on LinkedIn, X and Facebook.

Forward-Looking Statements

This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

SOURCE CareCloud

Company Contact:
Norman Roth
Interim Chief Financial Officer and Corporate Controller
CareCloud, Inc.
nroth@carecloud.com

Investor Contact:
Stephen Snyder
Co-Chief Executive Officer
CareCloud, Inc.
ir@carecloud.com

The MIL Network –
February 14, 2025
MIL-OSI: OTC Markets Group Welcomes Concurrent Technologies Plc to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Concurrent Technologies Plc (LSE: CNC; OTCQX: COTGF), a designer and manufacturer of leading-edge computer products, systems, and mission-critical solutions used in high-performance markets by some of the world’s major OEMs, has qualified to trade on the OTCQX^® Best Market. Concurrent Technologies Plc upgraded to OTCQX from the Pink^® market.

Concurrent Technologies Plc begins trading today on OTCQX under the symbol “COTGF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

Miles Adcock, CEO of Concurrent Technologies Plc commented: “Located in LA and Boston, and with a fast-growing employee base, America is a key home market for the company. It is also our largest and fastest growing region for sales. Offering domestic investors and employees access to our stock is an important step in aligning all interests to our continued success.”

About Concurrent Technologies Plc
Concurrent Technologies Plc develops and manufactures high-end embedded plug-in cards and systems for use in a wide range of high-performance, long-life cycle applications within the telecommunications, defense, security, telemetry, scientific and aerospace markets, including applications within extremely harsh environments. The processor products feature Intel processors, including the latest generation embedded Intel Core processors, Intel Xeon and Intel Atom processors. The products are designed to be compliant with industry specifications and support many of today’s leading embedded operating systems. The products are sold world-wide.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX^® Best Market, OTCQB^® Venture Market and Pink^® Open Market.

Our OTC Link^® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Subscribe to the OTC Markets RSS Feed

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

February 14, 2025

MIL-OSI: Calian Reports Results for the First Quarter

Source: GlobeNewswire (MIL-OSI)

(All amounts in release are in Canadian dollars)

OTTAWA, Ontario, Feb. 13, 2025 (GLOBE NEWSWIRE) — Calian® Group Ltd. (TSX:CGY), a diverse products and services company providing innovative healthcare, communications, learning and cybersecurity solutions, today released its results for the first quarter ended December 31, 2024.

Q1-25 Highlights:

Revenue up 3% to $185 million
Gross margin at 31.8%, slightly down from 32.5% last year
Adjusted EBITDA¹ of $18 million, down from $21 million last year
Operating free cash flow¹ of $13 million, down from $17 million last year
Net debt to adjusted EBITDA¹ ratio of 0.6x
Repurchased 101,350 shares in consideration of $4.9 million
Guidance reiterated
Announced new U.S. subsidiary to focus on U.S. government and defence


Financial Highlights	Three months ended
(in millions of $, except per share & margins)	December 31,
	2024		2023²		%
Revenue	185.0		179.2		3	%
Adjusted EBITDA¹	17.8		21.4		(17)	%
Adjusted EBITDA %¹	9.6	%	11.9	%	(230)bps
Adjusted Net Profit¹	10.5		14.0		(25)	%
Adjusted EPS Diluted¹	0.88		1.17		(25)	%
Operating Free Cash Flow¹	13.1		17.2		(24)	%

¹ This is a non-GAAP measure. Please refer to the section “Reconciliation of non-GAAP measures to most comparable IFRS measures” at the end of this press release.
² Certain comparative figures have been reclassified to align with the current year’s presentation. For more information, please see the selected consolidated financial information section of the management discussion and analysis.

Access the full report on the Calian Financials web page.
Register for the conference call on Thursday, February 13, 2025, 8:30 a.m. Eastern Time.

“We closed the quarter as expected and are seeing positive momentum across our diverse end markets, while continuing to benefit from the strong contributions of our recent acquisitions in UK, the U.S. and Canada,” said Kevin Ford, Calian CEO. “The accelerating global demand for defence solutions positions Calian’s expanding footprint to play a critical role in the years ahead. Additionally, discussions among Canadian leaders about increasing military investment and accelerating initiatives are a welcome development. We remain on track to deliver another record year and are making progress against our long-term objectives.”

First Quarter Results

Revenues increased 3%, from $179 million to $185 million, representing the highest first quarter revenue on record. Acquisitive growth was 8% and was generated by the acquisitions of Decisive Group, the nuclear assets from MDA Ltd and Mabway. Organic growth was down 5%, as growth generated in global Defence was offset by declines in the pace of domestic Defence training and delays in large projects in its Space and IT infrastructure markets.

Gross margin stood at 31.8% and represents the 11th quarter above the 30% mark. Adjusted EBITDA¹ stood at $18 million, down 17% from $21 million last year, primarily impacted by revenue mix and increased investments in our sales and delivery capacity. As a result, adjusted EBITDA¹ margin decreased to 9.6%, from 11.9% last year.

Net profit stood at $(1) million, or $(0.08) per diluted share, down from $6 million, or $0.46 per diluted share last year. This decrease in profitability is primarily due to increases in accounting charges related to amortization and deemed compensation expenses from acquisitions as well as increased operating expenses, which was offset by higher gross profit. Adjusted net profit¹ was $10 million, or $0.88 per diluted share, down from $14 million, or $1.17 per diluted share last year.

Liquidity and Capital Resources

“In the first quarter we generated $13 million in operating free cash flow¹, representing a 73% conversion rate from adjusted EBITDA¹,” said Patrick Houston, Calian CFO. “We used our cash and a portion of our credit facility to pay contingent earn out liabilities for $11 million and make capital expenditure investments for $1 million. We also provided a return to shareholders in the form of dividends for $3 million and share buybacks for $5 million. We ended the quarter with a net debt to adjusted EBITDA¹ ratio of 0.6x, well-positioned to pursue our growth objectives,” concluded Mr. Houston.

Normal Course Issuer Bid

In the three-month period ended December 31, 2024, the Company repurchased 101,350 shares for cancellation in consideration of $4.9 million.

Announced U.S. Subsidiary to Focus on U.S. Government and Defence

On December 4, 2024, Calian announced the launch of an independent U.S.-focused subsidiary, Calian US, Inc. It is committed to securing U.S. government contracts by ensuring full compliance with all relevant regulations. To facilitate this, Calian US will be established as an independent subsidiary and will pursue the necessary certifications to operate effectively within the U.S. market.

Quarterly Dividend

On February 12, 2025, Calian declared a quarterly dividend of $0.28 per share. The dividend is payable March 12, 2025, to shareholders of record as of February 26, 2025. Dividends paid by the Company are considered “eligible dividend” for tax purposes.

Guidance Reiterated

The table below presents the FY25 guidance based on the new definition of adjusted EBITDA.

	Guidance for the year ended September 30, 2025			FY24 Results	YOY Growth at Midpoint
(in thousands of $)	Low	Midpoint	High	FY24 Results	YOY Growth at Midpoint
Revenue	800,000	840,000	880,000	746,611	12	%
Adj. EBITDA¹	96,000	101,000	106,000	92,159	10	%

This guidance includes the full-year contribution from the Decisive Group acquisition, closed on December 1, 2023, the nuclear asset acquisition from MDA Ltd., closed on March 5, 2024 and the Mabway acquisition, closed on May 9, 2024. It does not include any other further acquisitions that may close within the fiscal year. The guidance reflects another record year for the Company and positions it well to achieve its long-term growth targets.

At the midpoint of the range, this guidance reflects revenue and adjusted EBITDA¹ growth of 12% and 10%, respectively, and an adjusted EBITDA¹ margin of 12.0%. It would represent the 8^th consecutive year of double-digit revenue growth and record revenue and adjusted EBITDA¹ levels.

About Calian

www.calian.com

We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

Product or service names mentioned herein may be the trademarks of their respective owners.

Media inquiries:
media@calian.com
613-599-8600

Investor Relations inquiries:
ir@calian.com

—————————————————————————–
DISCLAIMER

Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

CALIAN GROUP LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at December 31, 2024 and September 30, 2024
(Canadian dollars in thousands, except per share data)

	December 31,		September 30,
	2024		2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	61,040	$	51,788
Accounts receivable		157,542		157,376
Work in process		20,205		20,437
Inventory		29,442		23,199
Prepaid expenses		23,805		23,978
Derivative assets		31		32
Total current assets		292,065		276,810
NON-CURRENT ASSETS
Property, plant and equipment		41,234		40,962
Right of use assets		41,746		36,383
Prepaid expenses		7,157		7,820
Deferred tax asset		3,376		3,425
Investments		3,875		3,875
Acquired intangible assets		123,297		128,253
Goodwill		213,925		210,392
Total non-current assets		434,610		431,110
TOTAL ASSETS	$	726,675	$	707,920
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	123,945	$	124,884
Provisions		2,454		3,075
Unearned contract revenue		40,263		41,723
Lease obligations		5,556		5,645
Contingent earn-out		29,709		39,136
Derivative liabilities		169		92
Total current liabilities		202,096		214,555
NON-CURRENT LIABILITIES
Debt facility		115,750		89,750
Lease obligations		39,425		33,798
Unearned contract revenue		17,256		14,503
Contingent earn-out		2,773		2,697
Deferred tax liabilities		23,738		25,862
Total non-current liabilities		198,942		166,610
TOTAL LIABILITIES		401,038		381,165

SHAREHOLDERS’ EQUITY
Issued capital		227,561		225,747
Contributed surplus		4,555		6,019
Retained earnings		84,038		91,268
Accumulated other comprehensive income (loss)		9,483		3,721
TOTAL SHAREHOLDERS’ EQUITY		325,637		326,755
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	726,675	$	707,920
Number of common shares issued and outstanding		11,765,055		11,802,364

CALIAN GROUP LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF NET PROFIT
For the three months ended December 31, 2024 and 2023
(Canadian dollars in thousands, except per share data)

	Three months ended
	December 31,
	2024		2023
Revenue	$	185,047	$	179,179
Cost of revenues		126,246		120,961
Gross profit		58,801		58,218

Selling, general and administrative		38,105		34,145
Research and development		2,896		2,719
Share based compensation		1,091		1,190
Profit before under noted items		16,709		20,164

Restructuring expense		692		—
Depreciation and amortization		11,540		9,006
Mergers and acquisition costs		2,320		1,980
Profit before interest income and income tax expense		2,157		9,178

Interest expense		1,783		1,547
Income tax expense		1,350		2,106
NET PROFIT (LOSS)	$	(976)	$	5,525

Net profit (loss) per share:
Basic	$	(0.08)	$	0.47
Diluted	$	(0.08)	$	0.46

CALIAN GROUP LTD.
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the three months ended December 31, 2024 and 2023
(Canadian dollars in thousands)

	Three months ended
	December 31,
		2024			2023
CASH FLOWS GENERATED FROM (USED IN) OPERATING ACTIVITIES
Net profit	$	(976	)	$	5,525
Items not affecting cash:
Interest expense		1,295			1,098
Changes in fair value related to contingent earn-out		558			726
Lease obligations interest expense		488			449
Income tax expense		1,350			2,106
Employee share purchase plan expense		174			162
Share based compensation expense		917			1,013
Depreciation and amortization		11,540			9,006
Deemed compensation		1,563			604
		16,909			20,689
Change in non-cash working capital
Accounts receivable		(167	)		(11,189	)
Work in process		232			(898	)
Prepaid expenses and other		(2,739	)		(74	)
Inventory		(6,241	)		(2,590	)
Accounts payable and accrued liabilities		(858	)		15,516
Unearned contract revenue		1,294			206
		8,430			21,660
Interest paid		(1,783	)		(1,547	)
Income tax paid		(2,265	)		(2,575	)
		4,382			17,538
CASH FLOWS GENERATED FROM (USED IN) FINANCING ACTIVITIES
Issuance of common shares net of costs		881			694
Dividends		(3,292	)		(3,314	)
Draw on debt facility		26,000			56,000
Payment of lease obligations		(1,442	)		(1,171	)
Repurchase of common shares		(4,926	)		(1,357	)
		17,221			50,852
CASH FLOWS USED IN INVESTING ACTIVITIES
Business acquisitions		(11,215	)		(47,457	)
Property, plant and equipment		(1,136	)		(2,400	)
		(12,351	)		(49,857	)

NET CASH INFLOW (OUTFLOW)	$	9,252		$	18,533
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD		51,788			33,734
CASH AND CASH EQUIVALENTS, END OF PERIOD	$	61,040		$	52,267

Reconciliation of Non-GAAP Measures to Most Comparable IFRS Measures

These non-GAAP measures are mainly derived from the consolidated financial statements, but do not have a standardized meaning prescribed by IFRS; therefore, others using these terms may calculate them differently. The exclusion of certain items from non-GAAP performance measures does not imply that these are necessarily nonrecurring. From time to time, we may exclude additional items if we believe doing so would result in a more transparent and comparable disclosure. Other entities may define the above measures differently than we do. In those cases, it may be difficult to use similarly named non-GAAP measures of other entities to compare performance of those entities to the Company’s performance.

Management believes that providing certain non-GAAP performance measures, in addition to IFRS measures, provides users of the Company’s financial reports with enhanced understanding of the Company’s results and related trends and increases transparency and clarity into the core results of the business. Adjusted EBITDA excludes items that do not reflect, in our opinion, the Company’s core performance and helps users of our MD&A to better analyze our results, enabling comparability of our results from one period to another.

Adjusted EBITDA


		Three months ended
		December 31,
		2024			2023¹
Net profit	$	(976	)	$	5,525
Share based compensation		1,091			1,190
Restructuring expense		692			—
Depreciation and amortization		11,540			9,006
Mergers and acquisition costs		2,320			1,980
Interest expense		1,783			1,547
Income tax		1,350			2,106
Adjusted EBITDA	$	17,800		$	21,354

Adjusted Net Profit and Adjusted EPS


		Three months ended
		December 31,
		2024			2023¹
Net profit	$	(976	)	$	5,525
Share based compensation		1,091			1,190
Restructuring expense		692			—
Mergers and acquisition costs		2,320			1,980
Amortization of intangibles		7,334			5,325
Adjusted net profit		10,461			14,020
Weighted average number of common shares basic		11,773,465			11,812,574
Adjusted EPS Basic		0.89			1.19
Adjusted EPS Diluted	$	0.88		$	1.17

Operating Free Cash Flow


		Three months ended
		December 31,
		2024			2023¹
Cash flows generated from operating activities (free cash flow)	$	4,382		$	17,538
Adjustments:
M&A costs included in operating activities		199			650
Change in non-cash working capital		8,479			(971)
Operating free cash flow	$	13,060		$	17,217
Operating free cash flow per share – basic		1.11			1.46
Operating free cash flow per share – diluted		1.10			1.44
Operating free cash flow conversion		73	%		81	%

Net Debt to Adjusted EBITDA



	December 31,		September 30,
		2024		2023¹
Cash	$	61,040	$	52,267
Debt facility		115,750		93,750
Net debt (net cash)		54,710		41,483
Trailing twelve month adjusted EBITDA		88,602		65,987
Net debt to adjusted EBITDA		0.6		0.6

Operating free cash flow measures the company’s cash profitability after required capital spending when excluding working capital changes. The Company’s ability to convert adjusted EBITDA to operating free cash flow is critical for the long term success of its strategic growth. These measurements better align the reporting of our results and improve comparability against our peers. We believe that securities analysts, investors and other interested parties frequently use non-GAAP measures in the evaluation of issuers. Management also uses non-GAAP measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. Non-GAAP measures should not be considered a substitute for or be considered in isolation from measures prepared in accordance with IFRS. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on non-GAAP measures and view them in conjunction with the most comparable IFRS financial measures. The Company has reconciled adjusted profit to the most comparable IFRS financial measure as shown above.

The MIL Network –

February 14, 2025

MIL-OSI: Prospect’s Real Estate Platform Provides $12 Million in Preferred Equity to Class A Stabilized Cash Flowing Multifamily Property in Scottsdale

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 13, 2025 (GLOBE NEWSWIRE) — Prospect Capital Management L.P. (“Prospect”), through its real estate platform, has closed on a preferred equity investment to recapitalize the Roadrunner on McDowell, a 356-unit, Class A stabilized cash flowing multifamily property in Scottsdale, Arizona. Constructed in 2021, the property is owned by KB Development, a privately-owned multifamily operator headquartered in California with a substantial presence in the greater Phoenix area. The property is professionally managed under the leadership of Amber Foster, COO of Caspian Properties.

^{Prospect’s Real Estate Platform Provides $12 Million in Preferred Equity to Class A Stabilized Cash Flowing Multifamily Property in Scottsdale.}

“Prospect’s real estate platform is actively investing capital in high-quality multifamily assets in growth-oriented markets, with Scottsdale as a prime example of the type of submarket where we perceive attractive long-term fundamentals,” said Grier Eliasek, Prospect’s President and COO. “This transaction underscores our ability to provide flexible and strategic capital to experienced and well-capitalized sponsors, and our pipeline of similar potential transactions continues to grow.”

“Roadrunner on McDowell offers a resort-style residential experience in one of Phoenix’s most compelling submarkets,” said Joseph Ryu, Principal and head of Prospect’s real estate credit platform. “With proximity to Old Town Scottsdale, Roadrunner is a highly-amenitized asset in a desirable market with strong secular demand.”

Peter Clasquin and Ian Hawk at Lument originated the Freddie Mac senior loan.

About Prospect Capital Management L.P.

Prospect, headquartered in New York City, is an SEC-registered investment adviser that, along with its predecessors and affiliates, has 37 years of experience investing in and managing high-yielding debt and equity investments using both private partnerships and publicly traded closed-end structures. Prospect and its affiliates employ a team of 150 professionals and offer investment solutions across credit, private equity, and real estate.

Prospect’s real estate platform invests in U.S. commercial real estate credit including senior mortgages, mezzanine loans and preferred and other equity investments. As of December 31, 2024, Prospect and its affiliates had invested in over 32,000 multifamily units, with initial property value of $3.5 billion, and realized 36 multifamily investments.

Prospect, together with its affiliates, has $8.3 billion of regulatory assets under management as of December 31, 2024. For more information, call (212) 448-0702 or visit www.prospectcap.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c75059c7-fa3a-49bc-88ce-79096150dc38

The MIL Network –

February 14, 2025
MIL-OSI: Bitget Wallet Integrates Story Protocol Mainnet, Enables IP Airdrop Claims

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Feb. 13, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has integrated with the Story Protocol mainnet, enabling users to connect to the network and claim their $IP airdrop. This integration provides a direct way for users to engage with Story Protocol’s decentralized intellectual property ecosystem.

Users can now add the Story mainnet through Bitget Wallet and navigate to the Discover section to connect their wallets and check their airdrop eligibility. Users with a Gitcoin Passport score of 20 or higher can claim their $IP tokens starting February 13 for 30 days. Bitget Wallet also offers access to the Story DApp section, where users can explore key projects within the Story Protocol ecosystem. New users who register on Bitget Wallet and deposit over 25 $IP between February 13 and February 20 will receive a gas voucher worth 5 USDT, with a chance to win an additional reward worth up to 100 USDT.

Story Protocol is a blockchain-based framework designed to manage intellectual property in a decentralized environment. It allows creators to tokenize, license, and track the use of their work on-chain. The mainnet launch and airdrop mark an important step in building a more transparent and efficient system for digital content ownership and distribution.

By integrating with Story Protocol, Bitget Wallet continues to expand its support for blockchain ecosystems focused on digital content and intellectual property. “Decentralized technologies are redefining how content is created and shared. Bitget Wallet is committed to supporting projects like Story Protocol that introduce new models for content ownership. We look forward to further collaboration and new initiatives that enhance user engagement in Web3,” said Alvin Kan, COO of Bitget Wallet.

About Bitget Wallet
Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.
For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
For media inquiries, please contact media.web3@bitget.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2c75d6b6-d5a2-490b-b942-b436de20fe99

The MIL Network –

February 14, 2025
MIL-OSI Economics: The implications of a democracies-only trade pact

Source: International Chamber of Commerce

Headline: The implications of a democracies-only trade pact

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The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.

MIL OSI Economics –

February 14, 2025

MIL-OSI Economics: Moody’s Corporation Reports Results for Fourth Quarter and Full Year 2024; Sets Outlook for 2025

Source: Moody’s

Headline: Moody’s Corporation Reports Results for Fourth Quarter and Full Year 2024; Sets Outlook for 2025

Moody’s Corporation Reports Results for Fourth Quarter and Full Year 2024; Sets Outlook for 2025

NEW YORK–(BUSINESS WIRE)– Moody’s Corporation (NYSE: MCO) today announced results for the fourth quarter and full year 2024, provided its outlook for full year 2025 and updated medium-term guidance.

The Fourth Quarter and Full Year 2024 Earnings Release and other earnings materials can be found on the Moody’s IR website at ir.moodys.com. In addition, the Earnings Release will be furnished with the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov.

“Moody’s delivered a strong finish in Q4, capping a year of incredible achievements with full year revenue growth of 20%,” said Rob Fauber, President and Chief Executive Officer of Moody’s. “We sit at the intersection of deep currents that are transforming the way companies do business and markets function. The investments we’ve made in our platform, data and product innovation, paired with disciplined execution, put us in a position to capitalize on these durable demand drivers for both businesses.”

Teleconference Details:

Date and Time	February 13, 2025, at 11:30 a.m. ET
Webcast	The webcast and its replay can be accessed through Moody’s Investor Relations website, ir.moodys.com within “Events & Presentations”.
Dial In	U.S. and Canada	+1-888-596-4144
	Other callers	+1-646-968-2525
	Passcode	515 6491
Dial In Replay	A replay will be available immediately after the call on February 13, 2025 and until February 20, 2025.
	U.S. and Canada	+1-800-770-2030
	Other callers	+1-609-800-9909
	Confirmation code	515 6491

For further information, please contact Investor Relations at ir@moodys.com.

ABOUT Moody’s

In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.

Source: Moody’s Corporation Investor Relations

MIL OSI Economics –

February 14, 2025

MIL-OSI Global: Decentralised social media offers an alternative to big tech platforms like X and Meta. How does it work? Podcast

Source: The Conversation – UK – By Gemma Ware, Host, The Conversation Weekly Podcast, The Conversation

Koshiro K/Shutterstock

When Elon Musk acquired Twitter in 2022, many users looked for alternatives, fuelling a wave of online migration from the social media platform. Musk says he’s using Twitter, now named X, to champion free speech and that “cancel culture has been cancelled”. But his closeness to Donald Trump and his use of X to support far-right political ideologies around the world, have driven even more people to explore new options.

How do these alternative platforms differ from traditional social media, and what does the future hold for these online spaces? In this episode of The Conversation Weekly podcast, we speak to Robert Gehl, Ontario Research Chair of Digital Governance at York University, Canada, about the evolving landscape of decentralised social media.

In 2018, technologists working at the World Wide Web Consortium built a new protocol for social media called ActivityPub. It would give birth to the Fediverse, a decentralised form of social media. Robert Gehl likens the Fediverse to email.

”A friend of mine can have a Gmail account, another friend can have an Outlook account with Microsoft. I could have an account with ProtonMail. And even though these are three different companies and three different locations in the world, I can email all my friends and they can email me back because all those email servers agree to speak a shared protocol.“

ActivityPub does the same, but for social media. Somebody could set up a server that speaks that protocol and invite their friends to sign up. Somebody else could set up a different type of server, and those two could connect using ActivityPub’s protocol. Gehl explains: “You can build a big network out of all these little servers that removes a centre.”

Examples of platforms on the Fediverse include micro-blogging site Mastodon, image-sharing site Pixelfed and video-sharing platform PeerTube. By comparison to these decentralised systems, traditional social media platforms like X, Instagram or YouTube centralise user data, content, moderation and governance and control how information is organised and distributed to their users.

Other alternative platforms, which aren’t part of the Fediverse, include Bluesky, which launched to the public in 2024. Bluesky grew out of Twitter, and Twitter’s founder, Jack Dorsey, used to be on its board. However, Gehl says analysts still see Bluesky as a quite centralised because of the way it’s designed.

”They’re building an architecture where all posts are accessible and then they let people build filters to go to that big stack of posts and pull out the things that they want to see … I personally find Mastodon and the Fediverse to be a little bit more compelling because they’re federated systems. When you run a federated social media system, you install the software like Mastodon, and then it pulls in messages from the network as need be … so you don’t have the entire network on one box.“

Listen to the interview with Robert Gehl on The Conversation Weekly podcast, which also includes an introduction with Nehal El-Hadi, interim editor-in-chief at The Conversation Canada.

This episode of The Conversation Weekly was written and produced by Mend Mariwany with assistance from Katie Flood and Gemma Ware, Sound design was by Michelle Macklem, and theme music by Neeta Sarl.

Clips in this episode from NBC News and CTV News.

Listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed or find out how else to listen here.

Robert Gehl has received funding from the Canada First Research Excellence Fund.

– ref. Decentralised social media offers an alternative to big tech platforms like X and Meta. How does it work? Podcast – https://theconversation.com/decentralised-social-media-offers-an-alternative-to-big-tech-platforms-like-x-and-meta-how-does-it-work-podcast-249758

MIL OSI – Global Reports –

February 14, 2025
MIL-OSI Video: Human Rights Report on Bangladesh Protests | United Nations

Source: United Nations (Video News)

The UN Human Rights Office today (Feb 12) released a comprehensive, in-depth report on the human rights violations and abuses related to the protests that took place in Bangladesh last year, drawing on over 250 interviews with victims, witnesses, medics and senior officials, as well as individual pieces of digital information.
Drawing on these testimonies and other evidence, it found an official policy to attack and violently repress anti-Government protesters and sympathisers, raising concerns as to crimes against humanity requiring urgent further investigation.

https://www.youtube.com/watch?v=69KyCzWosW4

MIL OSI Video –

February 14, 2025
MIL-OSI Video: Football for the Goals – Generation Amazing Foundation on the Initiative | SGDs | United Nations

Source: United Nations (Video News)

In this episode of the Football for the Goals Q&A video series, we sit down with Executive Director of the Generation Amazing Foundation, Nasser Al Khori. We discuss why his organisation joined the Football for the Goals Initiative, the social impact of Generation Amazing, and its plans for advancing the SDGs.

Generation Amazing is a social and human development programme launched in 2010 as part of Qatar’s FIFA World Cup bid, using football to drive positive change in underserved communities worldwide. Through initiatives focused on education, inclusion, and sustainability, the programme empowers youth with life skills and opportunities to create lasting social impact.

————————————-

Football for the Goals is a United Nations initiative that provides a platform for the global football community to engage with and advocate for the Sustainable Development Goals (SDGs). It is an opportunity to build on football’s powerful and influential reach and to work together to become agents of change by aligning messaging, strategies and operations with the aspirations of the SDGs.

This initiative will inspire and guide the world of football – from confederations, national associations, leagues and clubs, to players’ associations, organized fan groups, as well as media and commercial partners – to build on existing sustainability approaches and to implement SDG strategies that lead to behavioural change.

Members may not only aspire to develop sustainable practices, but may also act as champions of the SDGs during the Decade of Action (2020-2030). Members will use their visibility and outreach power via tournaments, players, corporate brand exposure, media and fan communities to raise the profile of the SDGs through amplification and advocacy. They will inspire action by demonstrating how these sustainable practices can be mainstreamed through any business model, including sport.

https://www.youtube.com/watch?v=rksZ09rHaf0

MIL OSI Video –

February 14, 2025
MIL-OSI United Kingdom: Sellafield apprentices delivering social impact across Cumbria
Source: United Kingdom – Executive Government & Departments

Sellafield Ltd Project Management Degree Apprentices helping local charities as part of the Association for Project Management Challenge.
Volunteers at the North Lakes Foodbank’s Holiday Lunch Pack Scheme

Sixteen Sellafield Ltd Project Management Degree Apprentices have entered the Association for Project Management (APM) Challenge, an annual competition for newcomers to project management that has been running for nearly a decade.

Competitors form teams and are tasked with proposing and delivering a social impact project from concept to completion, using APM competencies and project management best practices, supported by an experienced mentor who will help nurture their progress.

The competition is backed by regional networks and culminates in a final awards ceremony where the highest-scoring teams present their projects and winners are announced.

One Sellafield team has focused their project on aiding improvements within the local Animal Concern Cumbria charity, which supports neglected and unwanted animals, striving to rehome them wherever possible.

The team met with the charity to discuss priority renovations and plans to improve the indoor area and visitors’ room for potential adopters.

They’ve already collected furniture donations and are considering holding a fundraising event to raise additional funds.

Team members, Alana Quinn and Rachael Robbins said:

The selection of Animal Concern Cumbria was driven by the fact it’s a local charity, rehoming rescue animals that solely rely on donations.

The charity offers a secure and caring environment for animals whose owners, for whatever reason, are unable to care for them any longer and help them find permanent, loving homes.

Our aim though the APM challenge is to raise money to improve key facilities. We are enhancing the well-being of the animals in the charity’s care whilst also contributing to the long-term development and sustainability of the local area and the charity’s future.

The second group has opted to support the North Lakes Foodbank’s Holiday Lunch Pack Scheme, providing essential food to children during holiday periods.

The charity plays a crucial role in helping the most vulnerable individuals in West Cumbria, and they are now grappling with an overwhelming 100% increase in demand year on year.

The team is conducting a food collection campaign across the Sellafield site, including contributions from supply chain partners.

They have already received support from various departments across Sellafield, as well as from their sponsor and mentor, and have made substantial progress with their collection so far.

Team member, Luke Beresford said:

Our team visited the foodbank at the beginning of the year to gain a deeper understanding of the challenges the charity faces and figure out how we could help alleviate those burdens.

The Sellafield apprenticeship scheme has provided us with invaluable hands-on experience in demanding environments. Through networking and collaboration on complex nuclear projects, we’ve gained diverse insights across Project Management, Construction, and more. This blend of practical and academic learning has significantly advanced our careers.

By completing a project proposal and carrying out this fundraising initiative, we hope to further enhance our skills and knowledge in project management while also benefiting our community.

And finally, the third group from Sellafield is focused on improving road safety awareness among primary school students and reducing road accidents in West Cumbria.

The team is doing this by organising a drawing competition where students develop road safety signs and slogans. The winners’ proposals will be turned into real signs displayed locally and around school zones.

Before the competition, the team will conduct workshops and arrange guest expert speakers to host assemblies, raising students’ awareness of road safety.

This initiative fosters creativity, encourages safer behaviour on local roads, and strengthens the community’s sense of shared responsibility for safety.

Team member, Kate Starkie, said:

We focused our project on road safety after learning that 3,400 children under 7 were injured or killed on UK roads in 2022. This statistic drove us to reduce children’s confusion about road safety and encourage good habits for their future.

The project is progressing well. We’ve engaged with a local primary school’s headteacher and received valuable advice from our mentor at Sellafield.

This is an excellent opportunity to enhance our project management skills and make a meaningful impact on local communities.

More information

Cumbrian Charity rehoming from our Centre in Egremont – Animal Concern Cumbria – Rehoming and supporting animals in need

Holiday LunchPacks | North Lakes Foodbank | Cumbria

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Published 13 February 2025
MIL OSI United Kingdom –
February 14, 2025
MIL-OSI Asia-Pac: SITI visits Hengqin and Zhuhai (with photos)

Source: Hong Kong Government special administrative region

SITI visits Hengqin and Zhuhai (with photos)
SITI visits Hengqin and Zhuhai (with photos)
********************************************

The Secretary for Innovation, Technology and Industry, Professor Sun Dong, visited Hengqin and Zhuhai today (February 13). The Commissioner for Industry (Innovation and Technology), Dr Ge Ming, also joined the visit. Professor Sun first visited the Guangdong-Macao In-Depth Cooperation Zone in Hengqin. His visit was aimed to speed up the implementation of the development planning of the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone in accordance with the spirit of the important instructions given by the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, when he inspected the Hong Kong Park. Professor Sun had an engagement session with Deputy Secretary of the Hengqin Working Committee of the CPC Guangdong Provincial Committee, Director of the Hengqin Office of the People’s Government of Guangdong Province and Deputy Director of the Executive Committee, Mr Nie Xinping. During the session, Professor Sun learned about the in-depth planning and industry development of the Cooperation Zone, taking into account the development of the Hong Kong Park. Professor Sun said, “Drawing on the experience of the Cooperation Zone, we have made it clearer of the special strategic positioning of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone as a demonstration zone for reform and innovation in the country. We should leverage the advantages of ‘two systems’, give full play to the uniqueness of the ‘Special Administrative Region within the Special Administrative Region’, seek institution and policy innovations, and break new ground, so as to expedite the realisation of the development objectives set out in the two five-year plans of the Hong Kong Park.” The Hong Kong Special Administrative Region (HKSAR) Government is now studying the proposals on specific measures to facilitate the cross-boundary flow of innovation elements including personnel, materials, capital and data in the Hetao Hong Kong Park. In this connection, Professor Sun visited the Zhuhai MUST Science and Technology Research Institute in the Cooperation Zone, which is an industry-academia-research demonstration base built by the Macau University of Science and Technology in the Guangdong-Hong Kong-Macao Greater Bay Area, to learn more about the institute’s work in promoting cross-boundary flow of data in the zone. Professor Sun met with the Deputy Secretary of the Communist Party of China Zhuhai Municipal Committee and Acting Mayor of the Zhuhai Municipal Government, Mr Wu Zetong, and Vice Mayor of Zhuhai Mr Huang Zhenqiu, and introduced the HKSAR Government’s latest policies on leading the city’s innovation and technology (I&T) development and the current developments. Professor Sun also learned about Zhuhai’s achievements in I&T and high-tech industrialisation. Both sides exchanged views on promoting I&T collaboration and exchanges between the two places. In the afternoon, Professor Sun visited the cell production workshops of the Zhuhai SoleFiori Technology Company and learned about the technologies and productivity of new high-efficiency heterojunction solar cells and modules with low energy consumption and low carbon emissions. Professor Sun welcomed the enterprise’s plan to expand its business in Hong Kong. Professor Sun then visited the headquarters of Gree Electric Appliances Inc. of Zhuhai. He was briefed on the latest developments in quality assurance, product innovations and talent training of the technology-based household consumer goods and industrial equipment manufacturing group. He also visited the industrial products display zone at the Group’s technology exhibition hall, where he learned about the self-developed industrial robots, computer numerical control machine tools, and smart warehousing products and systems. Professor Sun concluded his visit and returned to Hong Kong in the evening.

Ends/Thursday, February 13, 2025Issued at HKT 19:52

NNNN

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI Asia-Pac: India’s Higher Education from Tradition to Transformation
Source: Government of India (2)

Posted On: 13 FEB 2025 5:12PM by PIB Delhi

“Our commitment to quality education is yielding encouraging results. We will continue to support our educational institutions and provide opportunities for growth and innovation. This will help our youth greatly.”

~ Prime Minister Shri Narendra Modi

Education in India is deeply embedded in its ancient philosophical tradition, where Vidya was seen not merely as the accumulation of knowledge but as the means for holistic self-empowerment. In the ancient Indian texts, it is said that “The wealth of knowledge is indeed the supreme among all forms of wealth.” Over the years, India has strived to nurture and pass on this invaluable wealth of knowledge to its youth. Notably, in the last decade, India has seen an impressive 318% increase in its representation in global rankings—the highest growth among the G20 nations. Highlighting the positive leap in Higher Education.

India’s Universities Expansion and Student Flow

On 10th February, NITI Aayog released the report ‘Expanding Quality Higher Education through States and State Public Universities’. This report focuses on State Public Universities (SPUs), which have been key in making education more accessible, especially in remote areas. Currently, SPUs serve over 3.25 crore students. With the National Education Policy (NEP) 2020 aiming to double enrollment by 2035, SPUs will continue to educate the majority of students.

Evolution and Expansion of Country’s Education System

At the time of India’s independence in 1947, the country’s education system was fraught with challenges. India had only 17 universities and 636 colleges serving about 2.38 lakh students. The literacy rate was alarmingly low at 14%. Now, we have 495 State Public Universities and their more than 46,000 affiliated institutions that truly play a crucial role. These universities account for 81% of total student enrollment, making higher education accessible across India.

Rise of India’s Higher Education Ecosystem

Since the establishment of the earliest universities in Calcutta, Bombay and Madras in 1857, India’s higher education ecosystem has expanded significantly. In 1950-51, the country had just 30 universities and 578 colleges. However, according to the AISHE Report 2021-2022, the landscape has transformed, with 1,168 universities, 45,473 colleges and 12,002 stand-alone institutions now in existence. Over the last two decades the number of colleges alone has more

than quadrupled, highlighting a remarkable growth in the sector.

Significant Growth in GER
Between 1950-51 and 2021-22, India’s Gross Enrollment Ratio (GER) grew by a remarkable 71 times showcasing significant progress in increasing student enrollments over the decades. The GER figures reflect this growth, with 0.4 in 1950-51 and reaching 28.4 in 2021-22. This impressive progress aligns with the goals set by the National Education Policy (NEP) 2020, which aims to achieve a GER of 50% by 2035.

Have a look to enrollment trends across categories:
- State Public Universities (SPUs) enrollment: Increased from 2.34 crore students in 2011-12 to 3.24 crore students in 2021-22.
- Enrollment of Students from SEDGs (Socially and Economically Disadvantaged Groups) (2011-2022): Enrollment among OBCs increased by 80.9%, SC enrollment grew by 76.3%. In 2011-12, 15% of the eligible SC students (aged 18-23 years) were enrolled in HEIs across India which increased to nearly 26% by 2021-22. ST enrolment also doubled, rising by 106.8%, with the percentage of eligible ST students in higher education increasing from 11 to 21% over the decade, while Muslim minority enrollment increased by 60.6% and other minority enrollment rose by 53.2%.
- PwD Enrollment in SPUs: Increased from 52,894 students in 2011-12 to 53,921 students in 2016-17 (2% growth) and further to 56,379 students in 2021-22 (4.6% growth from 2016-17 and 6.6% growth from 2011-12).
  - State Public Universities (Teaching departments and Constituent Units/Off-campus Centres) maintain the largest share of enrolments, growing from 24.5 lakhs in 2011-12 to nearly 29.8 lakhs in 2021 22, marking a decadal increase of 21.8%.
  - State Private Universities (Teaching departments and Constituent Units/ Off-campus Centres) experienced the most significant growth, with enrolments soaring from 2.7 lakhs in 2011-12 to 16.2 lakhs in 2021-22 — an astonishing 497% increase.
  - Central Universities (Teaching departments and Constituent Units/Off-campus Centres) saw a moderate growth of 26.4% over the decade, rising from 5.55 lakhs in 2011-12 to 7.01 lakhs in 2021-22.
The national GPI (Gender Parity Index) for 2021-22 was 1.01 compared to 0.87 in 2011-12, indicating a 16% increase towards gender equality over a decade.

Teachers Across Academic Positions at All-India Level

India has approximately 16 lakh teachers in HEIs, with the majority (68%) being Lecturers/Assistant Professors. Readers/Associate Professors represent around 10% of the total faculty, followed by Professors & equivalent at 9.5%, Demonstrators/Tutors at 6%, Temporary Teachers at 5.7%, and Visiting Teachers at 0.8%. The number of Professors has marginally increased over the years.

India’s Global Research Contribution

India’s contribution to global research publications has also seen a significant rise, increasing from 3.5% in 2017 to 5.2% in 2024. This growth is reflected in the NIRF 2024 rankings, where the Indian Institutes of Technology (IITs) lead in research output, contributing over 24% of total publications through 16 institutions. Private Deemed Universities closely follow, accounting for about 23.5% of the total publications with 22 institutions showing improvement in their research output.

India also made a strong investment in its higher education sector, dedicating 1.57% of its Gross Domestic Product (GDP) to tertiary education in 2021, surpassing many European nations and coming close to the US and the UK. This continued investment supports the expansion and strengthening of India’s education ecosystem, ensuring progress in both research and access to quality education.

Conclusion

India’s higher education sector has seen impressive growth, with significant increases in enrollment, expanded State Public Universities (SPUs), and improved representation of disadvantaged groups. The country has made strides in gender parity, faculty development, and global research contributions. With the National Education Policy (NEP) 2020, India aims for a GER of 50% by 2035, focusing on further strengthening education infrastructure, faculty, and research to ensure equitable access to quality education.

Reference

https://static.pib.gov.in/WriteReadData/specificdocs/documents/2024/jun/doc202467340601.pdf

https://x.com/narendramodi/status/1806249732043628945

https://www.niti.gov.in/sites/default/files/2025-02/Expanding-Quality-Higher-Education-through-SPUs.pdf

Kindly find the pdf file

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Santosh Kumar/ Sarla Meena/ Kamna Lakaria

(Release ID: 2102789) Visitor Counter : 28

MIL OSI Asia Pacific News –
February 14, 2025

MIL-OSI Asia-Pac: THE STATUS OF IMPLEMENTATION OF THE NATIONAL ELECTRIC MOBILITY MISSION PLAN

Source: Government of India (2)

Posted On: 13 FEB 2025 5:08PM by PIB Delhi

The National Electric Mobility Mission Plan (NEMMP) 2020 provides a roadmap for the adoption and manufacturing of electric vehicles in India, aiming to enhance national fuel security and promote environmentally friendly transportation. As part of NEMMP 2020, the Ministry of Heavy Industries (MHI) implemented the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme in 2015 to promote the adoption of electric/hybrid vehicles.

Phase-I was implemented up to 31 March 2019 with a budget of ₹895 crore.
Phase-II was implemented for five years from 1 April 2019, with an outlay of ₹11,500 crore.

Further, MHI is implementing the following schemes on pan-India basis to strengthen electric vehicle (EV) ecosystem and accelerate adoption of electric vehicle in the country.

Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India (PLI-Auto): The Government approved this scheme on 23rd September 2021 for Automobile and Auto Component Industry in India for enhancing India’s manufacturing capabilities for advanced automotive technology (AAT) products with a budgetary outlay of ₹25,938 Crore. The scheme proposes financial incentives to boost domestic manufacturing of AAT products with minimum 50% Domestic Value Addition (DVA) and attract investments in the automotive manufacturing value chain.
PLI Scheme for Advanced Chemistry Cell (ACC): The Government on 12^th May, 2021 approved PLI Scheme for manufacturing of ACC in the country with a budgetary outlay of Rs.18,100 crore. The scheme aims to establish a competitive domestic manufacturing ecosystem for 50 GWh of ACC batteries.
PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme: This scheme with an outlay of Rs.10,900 crore was notified on 29^th September 2024. It is a two-year scheme which aims to support electric vehicles including e-2W, e-3W, e-Trucks, e-buses, e-Ambulances, EV public charging stations and upgradation of testing agencies.
PM e-Bus Sewa-Payment Security Mechanism (PSM) Scheme: This Scheme notified on 28.10.2024, has an outlay of Rs.3,435.33 crore and aims to support deployment of more than 38,000 electric buses. The objective of scheme is to provide payment security to e-bus operators in case of default by Public Transport Authorities (PTAs).
Scheme for Promotion of Manufacturing of Electric Passenger Cars in India (SPMEPCI) was notified on 15^th March 2024 to promote the manufacturing of electric cars in India. This requires applicants to invest a minimum of Rs.4150 crore and to achieve a minimum DVA of 25% at the end of the third year and DVA of 50% at the end of the fifth year.

Other Ministries of the Government of India are also taking initiatives to promote EVs such as:

Road Tax Exemption: States are advised to waive road tax on EVs to reduce their initial cost.
Green License Plates: Battery-operated vehicles are given green license plates and are exempted from permit requirements.

The progress in developing necessary infrastructure for EVs, such as nation-wide charging stations is detailed below:

Under Phase II of the FAME India Scheme, ₹1,000 crore was allocated for the development of charging infrastructure. MHI sanctioned ₹800 crore as capital subsidy to Oil Marketing Companies (OMCs) for establishing 7,432 public EV charging stations. Further, in March 2024, MHI sanctioned an additional ₹73.50 crore under FAME II to OMCs for upgrading 980 public fast charging stations by installing new chargers across the country. Subsidy of ₹51.45 crore has already been released to OMCs. In addition, 400 charging stations have also been sanctioned which were allotted through EOI to other entities in various states. Further, as per the information received from the Ministry of Petroleum & Natural Gas, as of 01.01.2025, OMCs have installed 4,523 number of EVCS at their Retails Outlets (ROs) under FAME-II Scheme out of which 251 EVCS have been energized. In addition to this, OMCs have set up 20,035 EVCS at their Retail outlet from their own funds as per details provided at Annexure.
PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme: Under this scheme, ₹2,000 crore has been allocated for installation of EV Public Charging Stations (PCS).
Ministry of Power has issued “Guidelines for Installation and Operation of Electric Vehicle Charging Infrastructure-2024”, dated 17.09.2024. These guidelines outline standards and protocols to create connected & interoperable EV charging infrastructure network, which includes Battery Swapping/Charging stations. The salient features of the guidelines are as follows:

Setting up of Charging Stations declared as a delicensed activity.
DISCOMs to provide electricity connections up to 150 kW with expedited timelines and clear Standard Operating Procedure (SOP) to charging stations.
Public land offered to Government/Public entity on a revenue-sharing model at Rs.1.0/ kWh for 10 years; and public land allocation to private entities via bidding with the same floor price (i.e. Rs.1.0 / kWh).
Public tendering involving government land for setting up of charging station shall be technology agnostic.
State Governments to ensure necessary permissions for round the clock operations.
Provision of a single-part tariff capped at Average Cost of Supply (ACoS) till 31.03.2028, with a 30% discount during solar hours and a 30% surcharge during non-solar hours.
Operators to provide data for mapping of charging stations on EV Yatra portal.

Green Energy Open Access Rules, 2022: The Ministry of Power notified these rules to accelerate renewable energy adoption, ensuring access to affordable and reliable green energy.
Amendment of Model Building Bye-Laws: The Ministry of Housing and Urban Affairs has amended building bye-laws to include charging stations in private and commercial buildings.

This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.

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TPJ/NJ

-4-

ANNEXURE

Details of EVCS installed / energized by PSU OMCs in States / UTs

S. N.	State/ UTs	EV Charging Stations under FAME-II Subsidy Scheme		Total No. of EV charging stations installed by OMCs from their own funds as on 01.01.2025
S. N.	State/ UTs	No. of EV Charger installed as on 01.01.2025	No. of EV Charging Stations energized as on 01.01.2025
1	Andaman & Nicobar	0	0	6
2	Andhra Pradesh	354	20	912
3	Arunachal Pradesh	2	0	52
4	Assam	83	2	448
5	Bihar	58	2	517
6	Chandigarh	0	0	23
7	Chhattisgarh	30	1	498
8	Delhi	41	5	316
9	Goa	9	0	70
10	Gujarat	312	50	1104
11	Haryana	366	3	1068
12	Himachal Pradesh	21	0	136
13	Jammu & Kashmir	23	0	170
14	Jharkhand	116	0	349
15	Karnataka	370	3	1516
16	Kerala	208	0	679
17	Ladakh	0	0	11
18	Lakshadweep	0	0	1
19	Madhya Pradesh	154	6	1114
20	Maharashtra	431	121	1595
21	Manipur	8	0	57
22	Meghalaya	25	0	54
23	Mizoram	2	0	16
24	Nagaland	10	0	41
25	Odisha	114	0	661
26	Puducherry	7	1	27
27	Punjab	151	2	828
28	Rajasthan	351	7	1482
29	Sikkim	1	0	12
30	Tamil Nadu	444	6	1448
31	Telangana	238	1	1051
32	Tripura	1	0	55
33	Uttar Pradesh	269	10	2561
34	UT of Dadar and Nagar Haveli and Daman and Diu	3	0	12
35	Uttarakhand	41	4	212
36	West Bengal	280	7	933
TOTAL		4523	251	20035

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(Release ID: 2102783) Visitor Counter : 60

MIL OSI Asia Pacific News –

February 14, 2025

MIL-OSI Asia-Pac: FAME PHASE-II SCHEME
Source: Government of India (2)

Posted On: 13 FEB 2025 5:06PM by PIB Delhi

Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme Phase-II was implemented for a period of five years from 1st April, 2019 with a total budgetary support of Rs. 11,500 crore. The scheme-incentivized e-2Ws, e-3Ws, e-4Ws, e-buses and EV public charging stations. Under FAME India Scheme Phase-II, as on 31.12.2024, the following number of electric vehicles (EV) have been supported : –

Sl. No.

EV Segment

Total No. of EVs supported

1.

2 wheeler

14,28,009

2.

3 wheeler

1,64,180

3.

4 wheeler

22,548

Total

16,14,737

MHI has implemented the following schemes on pan-India basis to strengthen electric vehicle (EV) ecosystem and accelerate adoption of electric vehicle in the country.
1. Production Linked Incentive (PLI) Scheme for Automobile and Auto Component Industry in India (PLI-Auto): The Government approved this scheme on 23rd September 2021 for Automobile and Auto Component Industry in India for enhancing India’s manufacturing capabilities for advanced automotive technology (AAT) products with a budgetary outlay of ₹25,938 Crore. The scheme proposes financial incentives to boost domestic manufacturing of AAT products with minimum 50% Domestic Value Addition (DVA) and attract investments in the automotive manufacturing value chain.
2. PLI Scheme for Advanced Chemistry Cell (ACC): The Government on 12^th May, 2021 approved PLI Scheme for manufacturing of ACC in the country with a budgetary outlay of Rs.18,100 crore. The scheme aims to establish a competitive domestic manufacturing ecosystem for 50 GWh of ACC batteries.
3. PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme: This scheme with an outlay of Rs.10,900 crore was notified on 29^th September 2024. It is a two-year scheme which aims to support electric vehicles including e-2W, e-3W, e-Trucks, e-buses, e-Ambulances, EV public charging stations and upgradation of testing agencies.
4. PM e-Bus Sewa-Payment Security Mechanism (PSM) Scheme: This Scheme notified on 28.10.2024, has an outlay of Rs. 3,435.33 crore and aims to support deployment of more than 38,000 electric buses. The objective of scheme is to provide payment security to e-bus operators in case of default by Public Transport Authorities (PTAs).
5. Scheme for Promotion of Manufacturing of Electric Passenger Cars in India (SPMEPCI) was notified on 15^th March 2024 to promote the manufacturing of electric cars in India. This requires applicants to invest a minimum of Rs.4150 crore and to achieve a minimum DVA of 25% at the end of the third year and DVA of 50% at the end of the fifth year.
This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.

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TPJ/NJ

(Release ID: 2102782) Visitor Counter : 66

MIL OSI Asia Pacific News –
February 14, 2025
MIL-OSI Asia-Pac: E-MOBILITY PROMOTION SCHEME 2024

Source: Government of India (2)

Posted On: 13 FEB 2025 5:05PM by PIB Delhi

Yes, Electric Mobility Promotion Scheme (EMPS) 2024 notified vide Gazette Notification 1334 (E) dated 13.03.2024 was launched with an aim to provide further impetus to the green mobility and development of electric vehicle (EV) manufacturing eco-system in the country. The scheme has since been subsumed in the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme which was notified vide Gazette Notification 4259 (E) dated 29.09.2024. The PM E-DRIVE scheme’s duration is till 31.03.2026. The scheme intends to provide subsidy to over 28 lakh EVs including e-2Ws, e-3Ws, e-trucks, e-ambulances and e-buses, which will reduce India’s dependence on fossil fuels and mitigate carbon emissions.

PM E-DRIVE scheme is being implemented on pan-India basis, covering both rural and marginalized areas of the country.

This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.

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TPJ/NJ

(Release ID: 2102781) Visitor Counter : 8

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI Asia-Pac: CONTRIBUTION OF PM E-DRIVE SCHEME IN GROWTH OF EV ECOSYSTEM

Source: Government of India (2)

Posted On: 13 FEB 2025 5:03PM by PIB Delhi

The Government of India has notified ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’ on 29.09.2024 to provide impetus to the green mobility & development of EV manufacturing eco-system in the country. The scheme has an outlay of ₹10,900 crore over a period of two years from 01.04.2024 to 31.03.2026. The Electric Mobility Promotion Scheme (EMPS) 2024 implemented for the period of six months from 01.04.2024 to 30.09.2024, is subsumed in PM E-DRIVE scheme.

Salient features of PM E-DRIVE scheme:

i. Introduction of E- Vouchers: – The Ministry of Heavy Industry (MHI) has introduced E-vouchers for Electric vehicle buyer to avail the demand incentive under the scheme.

ii. Introduction of new vehicle segments: – An allocation ₹500 crore each has been done for deployment of e-ambulances and e-trucks under the scheme. This is new initiative to promote the use of e-ambulances for a comfortable patient transport. Similarly, e-trucks have also been introduced under the scheme.

iii. Upgradation of testing agencies: ₹780 Crore has been earmarked for upgradation of vehicles testing agencies.
The scheme has following three components:

i. Subsidies: ₹3,679 crore as demand incentives for e-2W, e-3W, e-ambulances, e-trucks & other new emerging EV categories.

ii. Grants: ₹7,171 crore for creation of capital assets i.e., e-buses, establishment of network of charging stations & upgradation of vehicle testing agencies identified under this scheme.

iii. Administration of Scheme including IEC (Information, Education & Communication) activities and fee for project management agency (PMA).

The PM E-DRIVE scheme aims to boost demand for electric vehicles (EVs) through various incentives detailed below:

i. Demand Incentives: These incentives directly reduce the upfront cost of EVs for consumers at the point of purchase. The government reimburses the incentive amount to the Original Equipment Manufacturers (OEMs).

ii. Financial Support for Charging Infrastructure: The scheme allocates ₹2,000 crore for establishing public charging infrastructure for various vehicle categories.

iii. Grants for Capital Assets: The scheme has provisions of ₹4,391 crore as grants to support deployment of 14,028 e-buses and ₹780 crore as grants for the upgradation of vehicle testing agencies identified under the scheme.

Yes, there is mechanisms in place to monitor and assess the implementation of the PM E-DRIVE scheme. Project Implementation and Sanctioning Committee (PISC), an inter-ministerial empowered committee, headed by the Secretary of Heavy Industries, is constituted for overall monitoring, sanctioning, and implementation of the PM E-DRIVE scheme. This committee is also responsible for removing any obstacles or difficulties that may arise during implementation.

This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Rajya Sabha.

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TPJ/NJ

(Release ID: 2102780) Visitor Counter : 15

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI Asia-Pac: Speech by SCED at HKGCC Chinese New Year Dinner 2025 (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the HKGCC Chinese New Year Dinner 2025 today (February 13):

Agnes (Chairman of the Hong Kong General Chamber of Commerce, Ms Agnes Chan), Commissioner Pan Yundong (Deputy Commissioner of the Office of the Commissioner of the Ministry of Foreign Affairs of the People’s Republic of China in the Hong Kong Special Administrative Region (HKSAR)), Deputy Director-General Zhou Qiang (Deputy Director-General of the Economic Affairs Department and Head of the Commercial Office of the Liaison Office of the Central People’s Government (LOCPG) in the HKSAR), Deputy Director-General Xu Xiaolin (Deputy Director-General of the Coordination Department of the LOCPG in the HKSAR), distinguished guests, ladies and gentlemen,

     Good evening. It gives me great pleasure to join you all tonight. This festive occasion gives us a time to reflect on the past year and look forward with hope to the new one.

     In 2024, Hong Kong demonstrated to the world our resilience in times of uncertainties. Our city is ranked as the world’s third-largest financial centre, the world’s freest economy, and is at the fifth place in the global competitiveness ranking. We now have nearly 10 000 companies from the Mainland and overseas, as well as 4 700 start-ups. Both numbers are the highest that we have ever seen. These are signs of confidence in Hong Kong’s status as a prime business destination.

     But challenges will keep coming. In addition to conflicts in Europe and the Middle East, we also need to brace the rapid changes in the operating environment. The United States (US)’ imposition of tariffs will affect many economies and companies. On this, the HKSAR Government strongly disapproves. It rattles the fundamentals of a rule-based multilateral trade system, which took the whole world decades to build. As far as the tariffs on Hong Kong are concerned, we have decided to file a complaint to the World Trade Organization. We have always been a staunch supporter of free trade, and we will continue to hold tight to our beliefs.

     Risk management is key to a successful business. I am sure many of you saw the uncertainties coming from years ago. I was told that a lot of companies have already modified their business plans, the supply chains, asset distributions, etc, in anticipation of the changing external environment. I encourage you to continue to do the same.

     For Hong Kong, this term of Government attaches a lot of importance to exploring new markets. The US and Europe are traditionally among our largest trading partners, and they will probably continue to be so. We are happy with the businesses that we do with each other, which are mutually beneficial. But more importantly, we must not lose sight of the business potential in other markets. The Association of Southeast Asian Nations (ASEAN), for example, if taken as a bloc, is now Hong Kong’s second-largest trading partners. Other emerging regions, such as the Middle East, are also catching up fast.

     In the past two years or so, we have led business delegations to ASEAN and the Middle East. We will continue to do so in the coming year. We will also step up our efforts to forge new trade and investment agreements with rising trading partners. Increasing our trade and investment with new markets will inject new impetus into Hong Kong’s economy. It will also help us mitigate the risks arising from geopolitics.

     Looking closer to home, we spare no efforts to drive changes to our economic structure. The Government sees the need to develop silver economy. The growing elderly population in Hong Kong is becoming an important consumer group, creating considerable demand for such products and services as medical and healthcare, leisure and recreation, and home and personal care catered for the elderly. These products and services also enhance the quality of life for the elderly of Hong Kong, which is equally important for us.

     We also encourage Hong Kong companies to embrace electronic commerce (e-commerce). This is a global trend in consumption pattern that is irreversible. To help our small and medium enterprises to upgrade their business models, we launched the “E-commerce Easy” under the Dedicated Fund on Branding, Upgrading and Domestic Sales last year to provide funding support. The Hong Kong Trade Development Council, the HKTDC, also organised the first Hong Kong Shopping Festival to showcase consumer products and brands on Mainland e-commerce platforms. The Festival was a huge success. We will organise the second edition this year. The HKTDC will also step up efforts in providing advisory support to enterprises in need when exploring the e-commerce market.

     I spent all my life in Hong Kong. In my entire career, I witnessed Hong Kong going through ups and downs. The world today is so different than the world I was in when I was in my twenties. One of Hong Kong’s biggest appeal is the “can-do” spirit of Hong Kong people. We are flexible, adaptive, determined, forward-looking, and we fight hard. We will rise above the challenges and come out on top.

     I would like to thank the Hong Kong General Chamber of Commerce for all the good you do to our business community. As we enter the Year of the Snake, let us draw inspiration from its attributes of versatility, intelligence and agility, and work together to build a better future for Hong Kong. I wish you all a year with good health, success and happiness. Thank you.

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI Asia-Pac: Union Minister Shri George Kurian inaugurates symposium on “Aquatic Animal Diseases – Addressing emerging challenges and preparedness”

Source: Government of India

Union Minister Shri George Kurian inaugurates symposium on “Aquatic Animal Diseases – Addressing emerging challenges and preparedness”

Union Minister underlines the importance of nutrition and biosecurity in aquaculture

Shri Kurian emphasizes the need for continuous research and innovation in aquatic animal health management

Posted On: 13 FEB 2025 4:43PM by PIB Delhi

Union Minister of State for Fisheries, Animal Husbandry and Dairying Shri George Kurian has inaugurated the symposium on ‘Aquatic Animal Diseases: Emerging Challenges and Preparedness’ organised at the ICAR Convention Centre, Pusa Campus, New Delhi today. The symposium was organised as part of the 14th Asian Fisheries and Aquaculture Forum (14AFAF) meet being held here from 12-15 February, 2025 with the theme “Greening the Blue Growth in Asia-Pacific.

Speaking on the occasion, Shri George Kurien said appreciated ICAR for its initiative in organizing the symposium and emphasized the “One Earth – One Family” approach, stressing the importance of nutrition and biosecurity in aquaculture. He highlighted that sustainable aquaculture practices are key to ensuring food security, livelihoods, and economic growth in India. He acknowledged the efforts made under various government initiatives such as PMMSY and emphasized the need for continuous research and innovation in aquatic animal health management. He called for a multi-stakeholder approach, involving government agencies, research institutions, and industry players, to work together towards strengthening disease surveillance, enhancing biosecurity protocols, and improving diagnostic and therapeutic measures.

Dr. J.K. Jena, DDG (Fisheries Science), ICAR, and Convener of the symposium, provided an overview of the event, thanking the Government of India and Network of Aquaculture Centers in the Asia Pacific for their support. He emphasized about the need of strong biosecurity measures and discussed the ongoing NSPAAD Phase II and INFAR project, which aim to develop strategies for better disease control in aquaculture. He emphasized the Network project on Fish Health as a crucial initiative for advancing disease research and control in aquaculture. which focuses on disease management and early response mechanisms to mitigate potential risks in fish farming. Furthermore, he stressed that disease management will be critically important for the future in light of the diversification of aquaculture with introduction of new species, new systems, and the expansion of aquaculture. He also highlighted the importance of diagnostics, therapeutics, and vaccines for effective disease management in aquaculture.

Shri Sagar Mehra, Joint Secretary, Department of Fisheries, Ministry of Fisheries and Animal Husbandry and Dairying in his address, highlighted the vital role of fisheries in supporting livelihoods and the economy. He stressed the importance of national, regional, and local-level strategies to combat disease outbreaks effectively. He underscored the need for proactive response mechanisms, recognizing that disease transmission is often linked to live animal movement. He called for enhanced biosecurity measures and early detection systems to safeguard the sustainability and economic viability of the aquaculture industry.

Dr B.K. Behera, Chief Executive, NFDB emphasized the need to institutionalize fish disease surveillance programs in India to ensure systematic disease monitoring, early detection, and effective control. He highlighted the importance of establishing disease-free zones in key aquaculture areas to prevent the spread of infections and enhance biosecurity measures. Institutionalizing surveillance would require integrating it into national aquaculture policies, strengthening regulatory frameworks, and ensuring sustained funding and implementation across states.

Dr. Eduardo Leano, NACA, Thailand provided insights into NACA’s mission since 1990, operating in 20 countries and spearheading five key disease surveillance programs. He highlighted the growing risk of antimicrobial resistance (AMR) in aquaculture and stressed the urgent need for a sustainable, internationally coordinated approach to aquatic biosecurity.

Earlier Dr. B.K. Das, Director of ICAR-CIFRI, delivered the welcome address, highlighting aquaculture advancements and the importance of strengthening disease management. He emphasized the Network project on fish health under National Surveillance Programme for Aquatic Animal Diseases (NSPAAD) as a key initiative for improving disease surveillance and fostering innovation in aquatic health solutions.

Dr. P.K. Sahoo, Director, ICAR-CIFA, delivered the Vote of thanks, acknowledging the contributions of all dignitaries and participants.

The Asian Fisheries and Aquaculture Forum (AFAF) is a triennial event of the Asian Fisheries Society with its Headquarters in Kuala Lumpur, Malaysia. This 14AFAF is being jointly organized by the Asian Fisheries Society (AFS), Kuala Lumpur; Indian Council of Agricultural Research (ICAR), New Delhi; the Department of Fisheries (DoF), Government of India; and the Asian Fisheries Society Indian Branch (AFSIB), Mangalore. This prestigious event is being hosted in India for the 2nd time after the 8AFAF held at Kochi in 2007.

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MG/RN/KSR

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MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI Asia-Pac: Taking the ‘Vocal for Local’ movement forward, 24th Divya Kala Mela to be organized from 14th – 24th February 2025, at Gulshan Ground, Jammu
Source: Government of India

Taking the ‘Vocal for Local’ movement forward, 24th Divya Kala Mela to be organized from 14th – 24th February 2025, at Gulshan Ground, Jammu

100 Divyang Artisans, Artists and Entrepreneurs from around 20 States/UTs to showcase a diverse array of Products and Cultural Diversity

Posted On: 13 FEB 2025 4:22PM by PIB Delhi

The Department of Empowerment of Persons with Disabilities (Divyangjan) (DEPwD), under the Union Ministry of Social Justice and Empowerment, in collaboration with the National Divyangjan Finance and Development Corporation (NDFDC), is set to host the 24^th Divya Kala Mela at Gulshan Ground, Jammu, from 14^th to 24^th February, 2025. The event is scheduled to be inaugurated tomorrow by the Union Minister for Social Justice and Empowerment, Dr. Virendra Kumar, along with esteemed dignitaries and officials.

An embodiment of Prime Minister Shri Narendra Modi’s vision of ‘Vocal for Local’, this unique and vibrant event aims to showcase the handmade products, skills, and craftsmanship of Divyang (PwD) entrepreneurs and artisans from across the country. The mela will be a grand platform for economic empowerment, offering visitors an unforgettable experience of rich and diverse products from various states, including handicrafts, handlooms, embroidery works, packaged food, eco-friendly products, jewelry, and much more. The fair will be open daily from 11:00 AM to 9:00 PM.

A Movement Towards Economic Inclusion

The Divya Kala Mela is a pioneering initiative dedicated to empowering Divyang artisans by providing them with marketing opportunities and a chance to display their exceptional talent. It is part of a nationwide movement, with previous editions successfully held in Delhi, Mumbai, Bhopal, Guwahati, Jaipur, Bengaluru, Chennai, Patna, Nagpur, Pune, and many other cities across the country. The Jammu edition will witness participation from around 100 Divyang artisans and entrepreneurs representing approximately 20 states and Union Territories. The categories of products on display include:
- Home Décor & Lifestyle
- Clothing and Textiles
- Stationery and Eco-friendly Products
- Packaged and Organic Food
- Toys and Gifts
- Personal Accessories, Jewellery, and Clutch Bags
Cultural Extravaganza & Special Attractions

The 11-day fair will not only be a shopping destination but also a cultural hub, featuring captivating performances by Divyang artists and renowned professionals. Additionally, visitors can enjoy regional delicacies from across India at the event. A highlight of the event will be a special cultural programme, ‘Divya Kala Shakti’, presented by Divyang artists on 24^th February, 2025.

An Inclusive Experience for All

In addition to the exhibition and performances, the Mela will feature interactive experience zones tailored for different disabilities, Divyangjan sports activities, and exhibitions of new assistive aids and appliances. This holistic approach ensures that the event is not just a marketplace but a celebration of ability, inclusion, and empowerment.

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VM

(Release ID: 2102765) Visitor Counter : 66

MIL OSI Asia Pacific News –
February 14, 2025
MIL-OSI Asia-Pac: Controlling transport of particles near absolute zero temperature, key ingredients for designing smart materials

Source: Government of India (2)

Posted On: 13 FEB 2025 4:11PM by PIB Delhi

Researchers have observed the distinct transport properties of ultra-cold atoms in a quantum system and studied their behaviour upon sudden exposure to light pulse. This understanding holds potential towards the design and development of smart & high conducting materials, including components for the next-generation batteries.

Cold atoms, or atoms that have been cooled to extremely low temperatures near to absolute zero, are excellent candidates for performing precision measurements. Quantum transport includes the study of the charge and energy flow within systems where quantum effects dominate. Relevant phenomena include quantum tunneling that is vital in flash memory devices; quantized conductance which is critical for designing nanoscale electronic devices and quantum point contacts.

In a classical charge transport, as in case of present-day batteries, it is a straightforward flow of electrons. What distinguishes quantum charge transport from classical charge transport is that the former directly incorporates quantum statistical principles. That is why, the understanding of the transport and diffusion properties of these trapped ultra-cold atoms, when they are subjected to externally-controlled laser tuning, is vital. In order to conduct the experiment, the atoms have to be trapped, else they will wander off according to their kinetic energy. Furthermore, it could potentially help in designing smart materials that are efficient, customisable and ones that offer high conductivity.

A team from the Raman Research Institute, an autonomous institute funded by the Department of Science and Technology (DST), Government of India, attempted to decode the quantum transport properties of neutral potassium atoms at ultra-low temperatures.

The experiment was performed in two separate sequences and two different settings with the 3D trapping beams kept switched on throughout the experiment. In the first setting, laser-cooled potassium atoms, confined within a Magneto-Optical Trap (MOT), were exposed only to a driving laser beam. The MOT uses laser cooling and a spatially varying magnetic field to trap and cool neutral atoms to extremely low temperatures. In the second setting, along with the driving beam, another laser beam was shone on the atoms. In both the scenarios, the behaviour of sodium atoms were tracked.

“In our experiment, the role of the electrons in a conducting metal is played by neutral atoms that are laser cooled to micro-kelvin (near absolute zero) temperature. By observing their transport properties and responses to an externally tunable inter-atomic interaction, we noticed that transport properties got fundamentally modified,” said Saptarishi Chaudhuri, head, Quantum Mixtures (QuMIX) lab at RRI.

Typically, under such a scenario, the atoms are expected to oscillate just like a pendulum.

“Instead, we noted a dramatic change in the motion, from an overdamped oscillation to an underdamped oscillation. This was possible due to the interactions between the atoms and the photons” he said.

This is because when the driving laser beam was momentarily applied on the trapped atoms, it could displace the cloud of cold atoms. Soon after, it mimicked the dynamics of a damped harmonic oscillator due to increase in oscillation frequency. Subsequently, the atoms were also subjected to another intense laser light near a photoassociation (PA) resonance — known to modify the interatomic interactions.

“When a sudden displacement was applied to the atomic cloud, we observed that it underwent collective oscillations in the presence of these interactions — an outcome that was both surprising and at first counter-intuitive,” said Anirban Misra, PhD students and lead author of the paper published in the journal Optics Letters.

Photoassociation, they said, is a process through which the atoms combine to form a short lived molecule leading to trap loss and recapture of the involved atoms. “Tuning interatomic interactions in cold atoms enables us to explore exotic quantum dynamics,” said Sanjukta Roy, another co-author of the study.

A comprehensive theoretical model developed by Supurna Sinha and Urbashi Satpathy, also collaborating authors of this work, has taken into account the photoassociation resonance significantly enhances the interaction strength among the atoms, thereby allowing them to introduce a novel method for detecting molecular resonances.

Depending on the control parameters of the experiment, that is, the power of the various laser lights and the strength of the magnetic field gradient in the MOT, it was possible to tune the dynamics as per required, the experimentalists said.

With more detailed studies, one could get better insights into transport properties of any quantum systems in response to tunable interactions, the RRI researchers said.

Link – Optics Letters, Vol. 49, issue 15, pp 4377 (2024) [ https://doi.org/10.1364/OL.532095 ]

Fig 1. Types of oscillations experienced by trapped ultra-cold neutral atoms

Fig 2. Short-lived molecule formed in the presence of PA beam

Fig 3. Effect on oscillation in absence (L) and in presence (R) of PA beam

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NKR/PSM

(Release ID: 2102761) Visitor Counter : 39

MIL OSI Asia Pacific News –

February 14, 2025
MIL-OSI Asia-Pac: SFST leads delegation to Qianhai in Shenzhen for second meeting of Shenzhen-Hong Kong Financial Co-operation Committee (with photos)

Source: Hong Kong Government special administrative region

SFST leads delegation to Qianhai in Shenzhen for second meeting of Shenzhen-Hong Kong Financial Co-operation Committee (with photos)
SFST leads delegation to Qianhai in Shenzhen for second meeting of Shenzhen-Hong Kong Financial Co-operation Committee (with photos)
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The Secretary for Financial Services and the Treasury, Mr Christopher Hui, led a delegation to attend the second meeting of the Shenzhen-Hong Kong Financial Co-operation Committee (Committee) in Qianhai, Shenzhen, today (February 13). The meeting echoed the aspirations expressed by the Director of the Hong Kong and Macao Work Office of the Communist Party of China Central Committee and the Hong Kong and Macao Affairs Office of the State Council, Mr Xia Baolong, during the discussion session he hosted on Sunday (February 9) for more reciprocal co-operation and collaborative development within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The meeting was co-chaired by Mr Hui and the Vice-Mayor of the Shenzhen Municipal People’s Government and Director General of the Office of the Financial Affairs Committee of the CPC Shenzhen Municipal Committee, Mr Luo Huanghao. The Committee discussed the latest developments of the financial markets and financial co-operation initiatives of Shenzhen and Hong Kong. It also explored suggestions on further enhancing the development of a collaborative market. On collaborations in terms of financial professional services and talent, Mr Hui announced a list of Hong Kong accounting firms capable of supporting Mainland enterprises in “going global”, and expressed his hope that Hong Kong’s high-quality and international professional services could facilitate the high-level opening of the country’s financial markets. The Committee also arranged an experience-sharing session by two Hong Kong students who participated in the GBA Fintech Two-way Internship Scheme for Post-secondary Students to encourage the industry to provide more opportunities for young people from Shenzhen and Hong Kong to foster talent exchanges in the financial realm. Mr Hui said that Hong Kong and Shenzhen were both core cities and key engines for driving the development of the GBA. It is anticipated that Hong Kong will continue its close collaboration with Shenzhen for co-ordinated development. As Mr Hui said at the discussion session hosted by Director Xia, the further strengthening of co-operation between Hong Kong and the GBA in the areas of financial markets and services would better reinforce national development strategies, thereby contributing to the nation’s development into a financial powerhouse and creating more development opportunities for Hong Kong and the GBA. Mr Luo said, “The Shenzhen-Hong Kong Financial Co-operation Committee is an important platform for implementing the ‘one country, two systems’ principle and reinforcing Hong Kong’s status as an international financial centre. Moving forward, favourable policies and connectivity of the financial infrastructure will act as key pillars and help provide breakthroughs for the continuous enhancement to the connectivity of Shenzhen-Hong Kong financial infrastructure. We will work in co-ordination with Hong Kong in providing financial services for enterprises to “go global”, supporting the efficient flow of capital, credit and data across the boundary.” Established in June 2024, the Shenzhen-Hong Kong Financial Co-operation Committee brings together official members from the Central Authorities, Shenzhen and Hong Kong, as well as industry leaders in both places as non-official members to provide insights on Shenzhen-Hong Kong financial co-operation and the development of the GBA’s financial infrastructure. The first meeting was held in mid-June last year in Hong Kong.

Ends/Thursday, February 13, 2025Issued at HKT 18:38

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MIL OSI Asia Pacific News –

February 14, 2025

MIL-OSI Asia-Pac: Income-tax Bill, 2025, tabled in Parliament today towards achieving comprehensive simplification of the Income-tax Act, 1961

Source: Government of India (2)

Posted On: 13 FEB 2025 3:54PM by PIB Delhi

The Income-tax Bill, 2025 was tabled in Parliament today, marking a significant step toward simplifying the language and structure of the Income-tax Act, 1961.

The simplification exercise was guided by three core principles:

Textual and structural simplification for improved clarity and coherence.
No major tax policy changes to ensure continuity and certainty.
No modifications of tax rates, preserving predictability for taxpayers.

Eliminating intricate language to enhance readability.
Removing redundant and repetitive provisions for better navigation.
Reorganizing sections logically to facilitate ease of reference.

The Government ensured widespread stakeholder engagement, consulting taxpayers, businesses, industry associations, and professional bodies. Out of 20,976 online suggestions received, relevant suggestions were examined and incorporated, where feasible. Consultations were held with industry experts and tax professionals and simplification models from Australia and the UK were studied for best practices.

The review has led to a substantial reduction in the Act’s volume, making it more streamlined and navigable. Key reductions are summarized below:

Item	Existing Income-tax Act, 1961	Proposed in the Income-tax Bill, 2025	Change (Reduction/Addition)
Words	512,535	259,676	Reduction: 252,859 words
Chapters	47	23	Reduction: 24 chapters
Sections	819	536	Reduction: 283 sections
Tables	18	57	Addition: 39 tables
Formulae	6	46	Addition: 40 formulae

Qualitative Improvements

Simplified language, making the law more accessible.
Consolidation of amendments, reducing fragmentation.
Removal of obsolete and redundant provisions for greater clarity.
Structural rationalization through tables and formulae for improved readability.
Preservation of existing taxation principles, ensuring continuity while enhancing usability.

The Income-tax Bill, 2025 reflects the Government’s commitment to enhancing ease of doing business by providing a tax framework that is simple and clear.

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NB/KMN

(Release ID: 2102744) Visitor Counter : 115

MIL OSI Asia Pacific News –

February 14, 2025

MIL-OSI Asia-Pac: DPIIT partners with Rukam Capital and Bootstrap Incubation to boost India’s startup ecosystem

Source: Government of India (2)

Posted On: 13 FEB 2025 4:03PM by PIB Delhi

Department for Promotion of Industry and Internal Trade (DPIIT) announced partnership with Rukam Capital and Bootstrap Incubation & Advisory Foundation on Monday to propel holistic growth of India’s startup ecosystem.

According to DPIIT, this collaboration, formalized through a Memorandum of Understanding (MoU), is aimed at creating dedicated programs and initiatives that empower product startups, innovators, and entrepreneurs across the country.

Their efforts will include providing access to critical resources such as infrastructure, mentor networks, funding opportunities, market linkages, and an extensive knowledge repository. Additionally, they will guide startups in achieving key milestones such as prototype development and offer strategic support for international expansion.

Speaking on the occasion, Shri Sanjiv, Joint Secretary, DPIIT said this collaboration with Rukam Capital and Bootstrap Incubation & Advisory Foundation is about building a stronger foundation for product startups in India. By combining industry expertise, capital, and strategic mentorship, we are creating an environment where innovators can turn ideas into market-ready solutions. This initiative is not just about growth—it’s about enabling startups to compete globally, drive meaningful innovation, and contribute to India’s economic transformation.

Pointing out further Mr. Sanjiv said that Bootstrap Incubation & Advisory Foundation and Rukam Capital have already committed to establish focused programs designed to nurture product startups and innovators, which will certainly help the budding entrepreneurs to enormously excel in their respective fields.

Meanwhile, Archana Jahagirdar, Founder and Managing Partner, Rukam Capital added, “This partnership represents a pivotal step in strengthening India’s startup ecosystem. Together, we aim to provide entrepreneurs with the tools, mentorship, and opportunities they need to innovate and scale their ideas, contributing to the country’s economic growth and global competitiveness”

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Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

(Release ID: 2102758) Visitor Counter : 28

MIL OSI Asia Pacific News –

February 14, 2025

Sl. No.	EV Segment	Total No. of EVs supported
1.	2 wheeler	14,28,009
2.	3 wheeler	1,64,180
3.	4 wheeler	22,548
Total		16,14,737

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Union Minister Shri George Kurian inaugurates symposium on “Aquatic Animal Diseases – Addressing emerging challenges and preparedness”Union Minister underlines the importance of nutrition and biosecurity in aquaculture

Taking the ‘Vocal for Local’ movement forward, 24th Divya Kala Mela to be organized from 14th – 24th February 2025, at Gulshan Ground, Jammu100 Divyang Artisans, Artists and Entrepreneurs from around 20 States/UTs to showcase a diverse array of Products and Cultural Diversity

Union Minister Shri George Kurian inaugurates symposium on “Aquatic Animal Diseases – Addressing emerging challenges and preparedness”

Union Minister underlines the importance of nutrition and biosecurity in aquaculture

Taking the ‘Vocal for Local’ movement forward, 24th Divya Kala Mela to be organized from 14th – 24th February 2025, at Gulshan Ground, Jammu

100 Divyang Artisans, Artists and Entrepreneurs from around 20 States/UTs to showcase a diverse array of Products and Cultural Diversity