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  • MIL-OSI: Falcon Oil & Gas Ltd. – Operational Update on the Stimulation Campaign

    Source: GlobeNewswire (MIL-OSI)

    Falcon Oil & Gas Ltd.
    (“Falcon”, “Group”)

    Operational Update on the Stimulation Campaign

    13 February 2025 – Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provides the following update on the stimulation campaign for the Shenandoah S2-2H ST1 (“SS-2H ST1”) and Shenandoah South 4H (“SS-4H”) wells in the Beetaloo Sub-basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s (“Falcon Australia”) joint venture partner, Tamboran (B2) Pty Limited (“Operator”).

    SS-2H ST1

    • As previously announced stimulation operations were successfully completed over 35 stages across the 1,671-metre (5,483-feet) horizontal section of the Amungee Member B-shale with Liberty Energy (NYSE: LBRT) stimulation equipment.
    • The SS-2H ST1 well is being prepared for the commencement of initial flow back and extended production testing.
    • Targeting announcement of 30 day initial production (“IP30”) flow rates in April 2025.

    SS-4H

    • Commenced stimulation operations in January 2025.
    • The Operator took proactive and precautionary steps to pause completion operations due to the detection of stress in a casing connection.
    • Reinforcement activities are planned to be conducted in Q1 2025, aiming for stimulation activities to recommence in Q2 2025, as soon as the IP30 flow test is completed at SS-2H ST1.
    • The deferred stimulation program should provide an opportunity to incorporate lessons from the SS-2H ST1 campaign.
    • Targeting announcement of IP30 flow rates in mid-2025.

    Working Capital

    • Falcon Australia has received a A$4.7 million (~US$3 million) research and development tax offset in cash.
    • The Group’s current cash balance is US$8.2 million.

    Philip O’Quigley, CEO of Falcon commented:
    “We continue to be extremely encouraged about the potential of the current stimulation program based on strong gas shows and other data observed whilst drilling, together with the completion of a successful stimulation program on SS-2H ST1 well. We look forward to updating the market on the IP30 flow test results from both wells as soon as they become available.”
                                                    

    Ends.
    CONTACT DETAILS:

    Falcon Oil & Gas Ltd.          +353 1 676 8702
    Philip O’Quigley, CEO +353 87 814 7042
    Anne Flynn, CFO +353 1 676 9162
     
    Cavendish Capital Markets Limited (NOMAD & Broker)
    Neil McDonald / Adam Rae +44 131 220 9771

    This announcement has been reviewed by Dr. Gábor Bada, Falcon Oil & Gas Ltd’s Technical Advisor. Dr. Bada obtained his geology degree at the Eötvös L. University in Budapest, Hungary and his PhD at the Vrije Universiteit Amsterdam, the Netherlands. He is a member of AAPG.

    About Falcon Oil & Gas Ltd.

    Falcon Oil & Gas Ltd is an international oil & gas company engaged in the exploration and development of unconventional oil and gas assets, with the current portfolio focused in Australia. Falcon Oil & Gas Ltd is incorporated in British Columbia, Canada and headquartered in Dublin, Ireland.

    Falcon Oil & Gas Australia Limited is a c. 98% subsidiary of Falcon Oil & Gas Ltd.

    For further information on Falcon Oil & Gas Ltd. Please visit www.falconoilandgas.com

    About Beetaloo Joint Venture (EP 76, 98 and 117)

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 22.5%
    Tamboran (B2) Pty Limited 77.5%
    Total 100.0%

    Shenandoah South Pilot Project -2 Drilling Space Units – 46,080 acres1

    Company Interest
    Falcon Oil & Gas Australia Limited (Falcon Australia) 5.0%
    Tamboran (B2) Pty Limited 95.0%
    Total 100.0%

    1Subject to the completion of the SS2H ST1 and SS4H wells on the Shenandoah South pad 2.

    About Tamboran (B2) Pty Limited
    Tamboran (B1) Pty Limited (“Tamboran B1”) is the 100% holder of Tamboran (B2) Pty Limited, with Tamboran B1 being a 50:50 joint venture between Tamboran Resources Corporation and Daly Waters Energy, LP.

    Tamboran Resources Corporation, is a natural gas company listed on the NYSE (TBN) and ASX (TBN). Tamboran is focused on playing a constructive role in the global energy transition towards a lower carbon future, by developing the significant low CO2 gas resource within the Beetaloo Basin through cutting-edge drilling and completion design technology as well as management’s experience in successfully commercialising unconventional shale in North America.

    Bryan Sheffield of Daly Waters Energy, LP is a highly successful investor and has made significant returns in the US unconventional energy sector in the past. He was Founder of Parsley Energy Inc. (“PE”), an independent unconventional oil and gas producer in the Permian Basin, Texas and previously served as its Chairman and CEO. PE was acquired for over US$7 billion by Pioneer Natural Resources Company.

    Advisory regarding forward-looking statements
    Certain information in this press release may constitute forward-looking information. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “dependent”, “consider” “potential”, “scheduled”, “forecast”, “outlook”, “budget”, “hope”, “suggest”, “support” “planned”, “approximately”, “potential” or the negative of those terms or similar words suggesting future outcomes. In particular, forward-looking information in this press release includes, details on the completion of the stimulation, preparation for initial flow back and targeting an IP30 flow rate of April 2025 for SS-2H ST1; steps taken to pause operations, planned reinforcement activities in Q1 2025, aiming for recommencement of activities in Q2 2025, opportunity to incorporate lessons from the SS-2H ST1 campaign and targeting IP30 flow rates in mid-2025 for SS-4H.

    This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. The risks, assumptions and other factors that could influence actual results include risks associated with fluctuations in market prices for shale gas; risks related to the exploration, development and production of shale gas reserves; general economic, market and business conditions; substantial capital requirements; uncertainties inherent in estimating quantities of reserves and resources; extent of, and cost of compliance with, government laws and regulations and the effect of changes in such laws and regulations; the need to obtain regulatory approvals before development commences; environmental risks and hazards and the cost of compliance with environmental regulations; aboriginal claims; inherent risks and hazards with operations such as mechanical or pipe failure, cratering and other dangerous conditions; potential cost overruns, drilling wells is speculative, often involving significant costs that may be more than estimated and may not result in any discoveries; variations in foreign exchange rates; competition for capital, equipment, new leases, pipeline capacity and skilled personnel; the failure of the holder of licenses, leases and permits to meet requirements of such; changes in royalty regimes; failure to accurately estimate abandonment and reclamation costs; inaccurate estimates and assumptions by management and their joint venture partners; effectiveness of internal controls; the potential lack of available drilling equipment; failure to obtain or keep key personnel; title deficiencies; geo-political risks; and risk of litigation.

    Readers are cautioned that the foregoing list of important factors is not exhaustive and that these factors and risks are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Falcon assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements unless and until required by securities laws applicable to Falcon. Additional information identifying risks and uncertainties is contained in Falcon’s filings with the Canadian securities regulators, which filings are available at www.sedarplus.com, including under “Risk Factors” in the Annual Information Form.

    Any references in this news release to initial production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for Falcon. Such rates are based on field estimates and may be based on limited data available at this time.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    Source: GlobeNewswire (MIL-OSI)

    Siili Solutions Plc, Financial statements bulletin, 1 January–31 December 2024 (unaudited)

    YEAR 2024 FOR SIILI: Profitability affected by declined revenue, successful launch of the new data and AI focused strategy 

    Siili Solutions Plc Financial statements bulletin 13 February 2025 at 9:00 am (EET)

    In 2024 we clarified our new strategy and successfully launched its implementation. We focused on strengthening our competitiveness and securing profitability in a continuously challenging market situation. However, the challenging market situation affected negatively on Siili’s revenue and growth both domestically and internationally.

    July-December 2024

    • Siili published its new strategy in August
    • Siili signed an agreement to purchase majority stake of the Finnish Integrations Group Oy
    • Siili appointed Maria Niiniharju as Siili’s VP, Private Business and member of Siili’s management team
    • Revenue for the second half of the year was EUR 52,713 (57,414) thousand, representing decline of 8.2% year on year
    • Adjusted EBITA for the second half of the year was EUR 2,100 (3,732) thousand, which corresponds to 4.0% (6.5%) of revenue

    January-December 2024

    • We focused on streamlining our organization and creation of our new strategy
    • We strengthened data and AI expertise through training and recruitment
    • We achieved 10th place in the Young Professional A raction Index survey by Academic Work
    • Full-year revenue amounted EUR 111,899 (122,702) thousand, representing decline of 8.8% year on year
    • Adjusted EBITA was EUR 5,409 (8,742) thousand, which corresponds to 4.8% (7.1%) of revenue
      H2/2024 H2/2023 2024 2023 Q4/2024 Q4/2023
    Revenue, EUR 1,000 52,713 57,414 111,899 122,702 28,589 30,365
    Revenue growth, % -8.2% -3.4% -8.8% 3.7% -5.9% -6.7%
    Organic revenue growth, % -8.2% -5.5% -8.8% 0.1% -5.9% -6.7%
    Share of international revenue, % 30.2% 27.7% 29.0% 26.7% 28.8% 25.8%
    Adjusted EBITA, EUR 1,000 2,100 3,732 5,409 8,742 1,403 2,471
    Adjusted EBITA, % of revenue 4.0% 6.5% 4.8% 7.1% 4.9% 8.1%
    EBITA, EUR 1,000 2,058 3,399 4,752 8,409 1,361 2,138
    EBIT, EUR 1,000 1,482 2,763 3,592 6,909 1,075 1,844
    Earnings per share, EUR 0.20 0.18 0.43 0.61 0.18 0.14
    Number of employees at the end of the period 942 1,007 942 1,007 942 1,007
    Average number of employees during the period 954 1,034 975 1,026 944 1,030
    Total full-time employees and subcontractors (FTE)
    at the end of the period    		 1,033 1,091 1,033 1,091 1,033 1,091

    Outlook for 2025 and financial goals for 2025-2028

    Revenue for 2025 is expected to be EUR 108-130 million and adjusted EBITA EUR 4.7-7.7 million.

    On 26 November 2024, the company announced the financial goals for the years 2025–2028 as follows:

    • Annual revenue growth of 20 percent, of which organic growth accounts for about half.
    • Adjusted EBITA 12 percent of revenue.
    • The aim is to keep the ratio of net debt-to-EBITDA below two.
    • The aim is to pay a dividend corresponding to 30–70 percent of net profit annually.

    CEO TOMI PIENIMÄKI:

    2024 was another challenging year from a market perspective, both for Siili and the entire IT service sector. During the year, we focused on crystallising our strategy and creating a foundation for stronger competitiveness and profitability.

    The market situation affected both Siili’s revenue and the rate of growth both domestically and internationally. Full-year revenue amounted to approximately EUR 112 million, representing a decline of 9% year on year. The share of international operations in the Group’s revenue continued to increase and rose from the previous year’s level of 27% to 29% in 2024.

    The slowdown in growth also weighed on profitability. Adjusted EBITA for the year was EUR 5.4 million, which corresponds to about 5% of revenue. This year, we aim to improve Siili’s profitability by focusing on operational efficiency and growth with focus on the Data and AI business.

    Despite the challenges of the operating environment, last year was, however, successful for Siili in many ways. During the first half of the year, we focused on designing our new strategy and streamlining the organisation. We also launched a three-level training programme in artificial intelligence for our consultants and continued to strengthen the data and AI expertise of the Siili team through both training and recruitment throughout the year.

    Our new strategy has been well received

    In the new strategy published in August, we placed data and artificial intelligence at the core of the strategy. Our objective is to be a pioneer in the AI transition as a developer of generative AI solutions and as an AI partner that reinforces its customers’ competitiveness.

    We have now three strategic priorities that strengthen our position as a leader in leveraging AI:

    • Significant growth in Data and AI business
    • Pioneer in AI-powered digital development
    • Community of top talent

    Our updated strategy and our promise “Impact driven, AI powered” have been well received in the markets. During the year, we were selected as a partner for several AI and data projects in line with our strategy. Towards the end of the year, we had many successful openings consistent with the strategy in projects dealing with, for example, AI strategies, training, and implementation. We will continue to focus on expanding our business with strategic customers and building long-standing partnerships.

    We focus on improving our profitability

    We continue to improve our operational efficiency. We will focus in particular on capacity and utilization management, cost efficiency, offer development and pricing optimization. Improving profitability is progressing according to plan in stages. We have made a concrete action plan to improve our efficiency and profitability and we will implement it with determination and monitor its progress.

    Last year, we also started to develop our operating models towards more data-driven decision-making and better forecasting. In addition, we are strongly investing in the implementation of a new management model that increases efficiency, recruitments that support the strategy and optimization of subcontracting. We strive to seek profitable growth in growth areas in line with the strategy, while firmly protecting profitability in more challenging market segments.

    We are strengthening our community of top talent

    At the beginning of November, we strengthened the data and AI expertise of the management team when Maria Niiniharju took up the position as the leader of Siili’s Private Business and became a new member of Siili’s management team. In accordance with our strategy, we also expanded our competence through recruitment of data and AI experts, who we have now 43% more compared to previous year. Towards the end of the year, we strengthened our integration expertise by signing an agreement to purchase a majority stake in Integrations Group Oy. With Integrations Group, we will be a stronger partner for our customers in various demanding AI and data integration projects.

    We aim to be the best community for digital development professionals, and we continued to develop our culture and leadership further last year. Our efforts to develop Siili’s community were recognized in autumn when Siili achieved 10th place in the Young Professional Attraction Index survey by Academic Work.

    In 2025, we will celebrate Siili’s 20th anniversary. With two decades of innovation and growth under our belt, this is a good time to continue Siili’s journey by focusing on the implementation of the strategy and the improvement of profitability during the year. Although we cannot see immediate signs of an improvement in market conditions, our successes in 2024 have proven the performance of our strategy. I want to extend my thanks to the entire Siili team and our customers for the past year. I am looking forward to the opportunity to build new and innovative solutions at the cutting edge of the AI transition.

    RISKS AND UNCERTAINTY FACTORS

    Siili is exposed to various risk factors related to its operational activities and business environment. The realisation of risks may have an unfavourable effect on Siili’s business, financial position or company value. The most significant risks related to Siili’s operations are described below, along with other known risks that may become significant in the future. In addition, there are risks that Siili is not necessarily aware of and which may become significant.

    • The loss of one or more key clients, a considerable decrease in purchases, financial difficulties experienced by clients or a change in a client’s strategy with regard to the procurement of IT services could have a negative effect on the company.
    • Failure to achieve recruitment goals in terms of both quality and quantity, and failure to match supply to customer demand in a timely manner.
    • Probability and adverse effects of the realisation of the aforementioned risks are more likely in an uncertain economic environment.
    • Failure in pricing, planning, implementation and improving cost efficiency of customer projects.
    • Loss of the contribution of key personnel or deterioration of the employer’s reputation.
    • Realisation of information security risks, for example, as a result of data breach and/or human error by an employee.

    General negative or weakened economic development and the resulting uncertainty in the clients’ operating environment. The general economic cycle and changes in the clients’ operating environment can have negative effects through slowing down, postponing or cancelling decision-making on IT investments.

    Russia’s war of aggression against Ukraine has not had and is not expected have a direct impact on Siili’s business. However, the general uncertainty and inflation in 2024 continued to affect in particular our clients’ investment decisions, thereby also weighing on Siili’s business. Slow recovery of the economy is expected to continue to affect Siili’s business and growth opportunities also in the current financial year. According to management observations and estimates, the impacts of the market environment in the financial year 2024 were moderate, and they are expected to reduce in 2025. We prepare for these effects by taking care of customer satisfaction and cost efficiency.

    EVENTS AFTER THE END OF THE FINANCIAL YEAR

    Acquisition of Integrations Group Oy

    On 18 November 2024, Siili Solutions Plc announced it had signed an agreement to purchase a stake of 51% of the shares in the Finnish company Integrations Group Oy. The transaction in Integrations Group Oy shares was completed on 2 January 2025. Siili is committed to purchasing the remaining 49% of shares in Integrations Group Oy over the coming years in parts as detailed in the shareholders’ agreement; hence, Integrations Group Oy is consolidated 100% in the Siili Group as of 2 January 2025.

    Integrations Group Oy is a company specialising in integration implementations and services, based in Espoo and Tampere. The company’s unaudited revenue for the financial year 2024 was EUR 2.2 million, and its operating profit amounted to EUR 0.3 million. The company has 13 employees. Integrations Group Oy will continue to operate as a stand-alone company under its own brand.

    The acquisition of the majority stake in Integrations Group executes on Siili’s strategic objective to expand its business in the growing data and generative AI market.

    The acquisition does not have a material effect on the Siili Group’s revenue, adjusted EBITA or balance sheet values. The company will prepare an acquisition cost calculation under IFRS 3 during the first year-half.

    DIVIDEND PROPOSAL

    In line with the dividend policy approved by its Board of Directors, Siili seeks to distribute 30–70% of its profit for the period to shareholders. In addition, an additional profit distribution can be made.

    On 31 December 2024, the distributable assets of the parent company of Siili Solutions Plc amounted to EUR 35,291,522.61, including the profit for the period EUR 1,629,162.50. The Board of Directors proposes to the Annual General Meeting 2025 that a dividend of EUR 0.18 per share be paid for the financial year 2024. According to the proposal, a total dividend of EUR 1,460,215.62 would be paid. The proposed dividend represents approximately 42% of the Group’s profit for the financial year.

    No significant changes have taken place in Siili’s financial position since the end of the financial year. The company has a good level of liquidity, and the Board believes that the proposed dividend will not pose a risk to liquidity.

    FINANCIAL CALENDAR FOR 2025

    Siili will hold a results announcement event for analysts, portfolio managers and the media on 13 February 2025 at 1:00 p.m. The presentation materials will be published on the company website after the event.

    • The Annual Report 2024 will be published in electronic format on the company website on 14 March 2025.
    • The Annual General Meeting will be held on 8 April 2025.
    • The business review for 1 January–31 March 2025 will be published on 22 April 2025.
    • The half-year report for 1 January–30 June 2025 will be published on 12 August 2025.
    • The business review for 1 January–30 September 2025 will be published on 21 October 2025.

    Helsinki, 13 February 2025

    Board of Directors, Siili Solutions Plc

    FURTHER INFORMATION:

    CEO Tomi Pienimäki

    tel. +358 40 834 1399

    CFO Aleksi Kankainen

    tel. +358 40 534 2709

    SIILI SOLUTIONS IN BRIEF:

    Siili Solutions Plc is a unique combination of a digital agency and a technology powerhouse. We believe in human-centricity in everything we deliver. Siili is the go-to partner for clients seeking growth, efficiency and competitive advantage through digital transformation. Siili has offices in Finland, Germany, Poland, Hungary, Netherlands, United Kingdom, Austria and USA. Siili Solutions Plc shares are listed on Nasdaq Helsinki Ltd. Siili has grown profitably since it was founded in 2005. / www.siili.com

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹39,000 crore on February 14, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on February 14, 2025 (Friday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.64% GS 2027 7,000 167 167
    6.79% GS 2034 22,000 524 524
    7.09% GS 2074 10,000 239 239

    The underwriting auction will be conducted through multiple price-based method on February 14, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2143

    MIL OSI Economics –

  • MIL-OSI NGOs: Loving The Earth Through Food: Eco-friendly Lifestyle Recipes

    Source: Greenpeace Statement –

    The Earth gives us fresh and healthy food that keeps us strong. Consequently, when we take care of our planet, we help keep the environment balanced and protect our natural food supply.

    Choosing local fruits and vegetables instead of imported ones, eating organic food, or even growing your own herbs and veggies are simple ways to help the planet. These choices can fight climate change, keep forests and water clean, and make us healthier and happier.

    The way we eat connects us to nature, and it all starts in our own kitchens! Here’s an easy guide to help you begin your healthy and eco-friendly journey. Check out our cookbook (originally published by Greenpeace Indonesia) featuring “green” recipes you can do at home.

    MIL OSI NGO –

  • MIL-OSI Security: Breaking the Ice, Breaking up Ground: III MSB Marines conduct joint training event with Army 11th Engineer Battalion Soldiers

    Source: United States INDO PACIFIC COMMAND

    DAGMAR NORTH TRAINING AREA, South Korea  –  

    Early on the morning of February 6, 2025, the Marines of III Marine Expeditionary Force Support Battalion, III MEF Information Group joined Soldiers from 63rd Clearance Company, 11th Engineer Battalion, 2nd Infantry Division Sustainment Brigade, 2nd Infantry Division at the frozen grounds of Dagmar North Training Area, South Korea to conduct a joint training event.

    This joint training event took place during III MSB’s preparation for their Marine Corps Combat Readiness Evaluation, which is scheduled to take place this week. The MCCRE is designed to test Marines and Sailors within the unit on how well they can perform their mission essential skills, and the preparation for it has spurred III MSB leaders to continuously seek and initiate opportunities to maximize the success of the MCCRE. Sgt. Wyatt Miller, platoon sergeant of III MSB’s engineer platoon, contacted the Army’s engineer unit to request heavy equipment operations at Dagmar North prior to the evaluation.

    “There will be times where there’s interservice training, interservice operations or interservice communication, where something’s got to get done and it can only get done with help from both sides,” explained Sgt. Miller.

    Miller noted that this was his first experience engaging in joint training during his time at III MSB, and that it certainly reinforced the idea that continuous training in a joint environment fosters better teamwork. “I think that’s a very valuable experience from both sides,” Miller added.

    In the days leading up to the event, internal coordination and reconnaissance of the designated site for the event would help to set the stage and establish lateral limits for both units involved. Marines and Soldiers could be seen shoulder-to-shoulder in the freezing cold, planning and crafting a training event to fulfill both unit’s missions while increasing their interoperability.

    Soldiers from 4th platoon were tasked with creating berms as fixed fighting positions for the Marines. At the same time, the Marines were tasked with supporting the Soldiers by providing security in the area and conducting patrol maneuvers, a form of training that provided insight on how to better prepare for their upcoming MCCRE. Following a convoy insert that preceded the dawn, the servicemembers began to set in and take their positions.

    “This is exactly what we are here to do,” stated 2nd Lt. Melissa Wences, 4th Platoon leader of the Army engineers, emphasizing the value of the training event. “Getting my platoon of horizontal construction engineers out here and guiding them onto the construction of fighting positions in different terrain and difficult weather conditions is a reality check of where they are and what it’s going to be like for future exercises.”

    As a support asset to the unit, the company’s primary focus is to dig vehicle positions and individual fighting positions to strengthen security around the area of operation. In light of the unit’s upcoming schedule, Wences saw this as an ideal opportunity to further her Soldiers’ training.

    “This will lead into our battalion’s field training exercise next month,” said Wences. “Most of the Soldiers currently in the platoon are new to the Korean Peninsula, and it’s necessary for them to be familiarized with overcoming the challenges of a different terrain.”

    The intent of this training was for the Marines of III MSB to establish a dynamic security posture, effecting a protective perimeter around a site designated for the Army’s excavation operations. The soldiers would operate and guide heavy construction equipment for vertical and horizontal engineer operations. Joint training events such as this one serve to hone the interoperability and integration capabilities of the joint force.

    III MSB provides and coordinates direct combat service support, security, and administrative services to III MEF, 3d Marine Expeditionary Brigade, and III MEF Information Group Command Elements to enable III MEF to win in competition and conflict.

    MIL Security OSI –

  • MIL-OSI Russia: Gazprom Transgaz Saint Petersburg Continues Cooperation with Polytech

    Translartion. Region: Russians Fedetion –

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

    On February 12, Georgy Fokin, CEO of Gazprom Transgaz Saint Petersburg, and Andrey Rudskoy, Rector of Peter the Great Saint Petersburg Polytechnic University (SPbPU), signed a new version of the cooperation agreement.

    At the meeting held at the university, prospects for further cooperation were discussed. One of the important achievements is the creation in 2014 of the basic department of the company “Gas Turbine Units for Gas Pumping Stations” as part of the Institute of Energy and Transport Systems of SPbPU, where joint scientific research is carried out in priority areas of science and technology applicable to the gas industry and the fuel and energy complex. Training is conducted according to bachelor’s and master’s degree programs.

    Since 2012, Gazprom Transgaz Saint Petersburg LLC and Peter the Great Saint Petersburg Polytechnic University have had a cooperation agreement in the area of developing joint educational, scientific and research activities.

    According to the terms of the agreement, university students undergo industrial and pre-graduation practice at the enterprise’s facilities, take part in conferences for young workers and research projects, and participate in a competition to receive the Society’s Personal Scholarship. The most promising of them receive the opportunity for employment and professional development at Gazprom Transgaz Saint Petersburg.

    Gazprom Transgaz Saint Petersburg LLC is a 100% subsidiary of Gazprom PJSC. The company transports gas to Saint Petersburg, Leningrad, Novgorod, Pskov, Kaliningrad, Tver, Smolensk, Bryansk regions, the Republic of Karelia, and the Republic of Belarus.

    The company operates over 12 thousand kilometers of gas pipelines. The enterprise’s area of responsibility includes 34 compressor shops with 206 gas pumping units, 251 gas distribution stations, heat, power and water supply facilities, communications, metrology and automation. The company has 18 branches, including 14 linear production departments of main gas pipelines.

    The company’s staff numbers over 7,000 people. The head office is located in St. Petersburg.

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Starting February 15, 2025, the Presidential Office will temporarily suspend its monthly Designated Holiday Tours due to operational reasons. Further information regarding the reopening will be announced at a later date. Weekday Tours will remain open as usual. We welcome you to visit.

    Source: Republic of China Taiwan

    News & activities

    News releases

    2025-02-12
    Starting February 15, 2025, the Presidential Office will temporarily suspend its monthly Designated Holiday Tours due to operational reasons. Further information regarding the reopening will be announced at a later date. Weekday Tours will remain open as usual. We welcome you to visit.

    Starting February 15, 2025, the Presidential Office will temporarily suspend its monthly Designated Holiday Tours due to operational reasons. Further information regarding the reopening will be announced at a later date. Weekday Tours will remain open as usual. We welcome you to visit.

    MIL OSI Asia Pacific News –

  • MIL-OSI Australia: GEMMELL ROAD, MACCLESFIELD (Tree Down)

    Source: Country Fire Service – South Australia

    Advice – Reduced Threat

    We will issue a Reduced Threat message when the threat to the community has reduced.

    All bushfire incidents that have had an Advice, Watch and Act or Emergency Warning message issued will be finalised with an Advice – Reduced Threat message.

    MIL OSI News –

  • MIL-OSI: LHV Group financial plan for 2025 and the five-year financial forecast

    Source: GlobeNewswire (MIL-OSI)

    The largest financial group based on Estonian capital will be driven this year by an increase in business volumes and client activity, and by more efficient operations. However, in an environment of falling interest rates, the net profit of LHV Group in 2025 will decrease compared to the previous year.

    Key indicators 2024 FP 2025 ∆
    Profit before taxes 175.1 153.3 -12%
    Net profit 150.3 125.1 -17%
    Deposits 6,910 7,558 9%
    Loans 4,552 5,345 17%
    Volume of funds 1,558 1,735 11%
    Number of payments related to financial intermediaries (million pcs) 75 75 0%
    Cost/income ratio 43.4% 47.7% +4.3 pp
    ROE* (before taxes; owners’ share) 28.7% 22.1% -6.6 pp
    ROE* (from net profit; owners’ share) 24.7% 18.1% -6.6 pp
    Capital adequacy 20.7% 21.0% +0.3 pp

    * Calculated on the basis of the average end-of-month equity volumes
     Business volumes in millions of euros

    According to the latest financial plan, LHV Group’s business volumes will continue to grow significantly this year. The consolidated loan portfolio is set to grow by 17%, i.e. EUR 793 million, over the year to EUR 5.35 billion. Of this, EUR 223 million will come from corporate banking in Estonia and EUR 278 million from retail loans, while in the United Kingdom the plan is to increase lending by EUR 292 million. As a result of the improving economic environment, write-down costs are planned to decrease to EUR 10.2 million in 2025.

    The focus remains on growing deposits. Consolidated deposits are expected to grow by EUR 648 million, i.e. 9%, to EUR 7.56 billion this year. Of the additional deposits, EUR 302 million are to be raised by LHV Pank in Estonia and EUR 388 by LHV Bank in the United Kingdom.

    LHV Pank’s interest income will decrease, but net fee and commission income is planned to increase mainly from higher business volumes resulting from the growth and activation of the client base. It is planned to reduce the bank’s expenses by 2% compared to the previous year, which will be helped by the automation of processes. The goal is to continue to provide the best service to clients in all channels by developing digital channels and supplementing services.

    The number of payments by financial intermediaries reached 75 million in 2024, and it will remain similar this year according to the financial plan.

    In the United Kingdom, in addition to corporate loans, the focus is on introducing retail offering to the market and, consequently, increasing the number of retail clients. In the first half of the year, deposits and direct debits will be added to the new bank app, and the issuance of bank cards will begin. The plans for the second half of the year include the inclusion of other currencies and the opening of accounts for corporate clients. In order to expand the offering, LHV Bank plans to apply for a consumer credit activity licence, join the real-time euro payments scheme, and develop additional payment collection solutions.

    According to the financial plan, the volume of funds managed by LHV will increase by 11% this year to EUR 1.74 billion, i.e. by EUR 177 million. The volumes are supported by increased contributions to the II pension pillar and the opening of the new LHV Euro Bond Fund. Varahaldus continues with an investment strategy that stands out clearly from its competitors, focusing on different high-yield asset classes. The forecast for 2025 does not include earning a success fee from pension funds.

    The gross premiums of LHV Kindlustus will increase by 11% this year to EUR 42 million. It is planned to increase sales volumes and improve efficiency. This should be supported by extending the provision of property insurance to businesses as well. The goal of LHV Kindlustus is to position itself as the most preferred insurance partner on the market.

    In summary, the financial plan for 2025 foresees a 7% decrease in the income of the LHV Group consolidation group to EUR 313 million. Expenditure is expected to increase by 2% to EUR 149.4 million. The company’s net profit for this year is estimated at EUR 125.1 million, which means a decrease of 17% compared to the previous record year. LHV Group’s return on equity (ROE) ratio will remain at 18.1% in 2025 and the company forecasts a cost/income ratio of 47.7%.

    This year, in addition to the decrease in base interest rates, the profitability of LHV Group is affected by the interest expense and increased tax rates associated with the revaluation of liabilities and the growth of volume, while positively increasing efficiency, increasing net fee and commission income and lower write-downs due to the improvement of the economic environment, as well as increasing efficiency.

    Comment by Madis Toomsalu, the Chairman of the Management Board at LHV Group:
    “In recent years, LHV has developed into a financial institution with a significant impact on the Estonian economy. Over the course of five years, the volume of LHV’s loans and deposits has increased by as much as 2.6 times, with new loans issued in Estonia in the amount of EUR 7.6 billion, while the loan portfolio has grown by EUR 2.5 billion during this period. The bank belonging to LHV Group in the United Kingdom has also entered the growth phase from the creation phase, with its share increasing.

    We will continue to be ambitious for the next five years. Of the business volumes, we expect our loan portfolio to double, including a fivefold increase in the loan portfolio in the United Kingdom. We also expect double growth from insurance activities, the volume of funds will increase more than one and a half times. Our goal is to provide the best access to financial services and capital through high-quality relations.

    We want to fulfil our long-term growth ambitions more effectively than before. In Estonia, we continue to innovate technology, the main keywords here are moving systems to the cloud and thoroughly updating the data strategy. In the United Kingdom, we are opening the direction of retail banking, and throughout the year we are developing new products there.

    In 2024, we will continue to grow business volumes to offset falling interest rates. However, the net profit will fall as planned, partly due to the increase in the advance income tax of the banks to 18%, which effectively is the taxation of current profits. The return on equity is influenced by capitalization that, supported by strong results, has grown above the optimal level and which, according to the financial plan, does not find fully efficient use within the group.”

    Financial forecast for 2025–2029

    AS LHV Group discloses its financial forecast for the next five years. The forecast has been prepared on the basis of the assumptions that the Estonian economy will grow from 2025, tax rates in Estonia will rise, and base interest rates will fall rapidly until mid-2025. It is expected that the long-term dividend policy will be maintained, that capital layers will be optimised, and that LHV Varahaldus will earn a success fee from 2026.

    Key indicators FP2025 FP2026 FP2027 FP2028 FP2029
    Profit before taxes  153.4 192.5 233.1 287.6 328.5
    Net profit 125.1 154.0 184.7 229.2 268.5
    Deposits  7,558 8,473 9,485 10,339 11,375
    Loans 5,345 6,227 7,099 7,956 8,865
    Volume of funds  1,735 1,978 2,233 2,497 2,774
    Number of payments related to financial intermediaries (million pcs) 75 75 75 76 76
    Cost/income ratio 47.7% 42.3% 38.3% 34.8% 32.9%
    ROE (before taxes; owners’ share) 22.1% 25.1% 26.8% 29.1% 29.6%
    ROE* (from net profit; owners’ share) 18.1% 20.1% 21.2% 23.2% 24.1%
    Capital adequacy 21.0% 20.4% 20.8% 20.6% 20.3%

    * Calculated on the basis of the average end-of-month equity volumes
    Business volumes in millions of euros

    According to the long-term forecast, all important business volumes of LHV will grow organically over the next five years. The volume of loans will increase 1.9 times to EUR 8.87 billion in five years, with corporate loans increasing by EUR 1.2 billion, home loans by EUR 1.4 billion, and the United Kingdom loan portfolio by EUR 1.4 billion. The volume of deposits will increase by 65% to EUR 11.38 billion. The volume of funds will increase by 78% to EUR 2.77 billion in five years.

    According to the financial forecast, within five years, revenue will grow faster than expenditure, with revenue from the United Kingdom taking on an increasing share. Costs are increasing mainly due to increased labour costs and IT costs. Due to changes in the economic environment and the growth of the credit portfolio, costs from write-downs will decrease in 2025, but they are expected to increase in the future.

    According to the five-year forecast, LHV’s consolidated net profit will reach nearly EUR 268.5 million by 2029, with an average annual growth of 12%. Although this year the return on equity will be below the long-term target of 20%, it is planned to exceed it in the coming years. The Group’s cost/income ratio continues to decline.

    LHV Group will amend the financial plan for 2025 if it becomes likely that the planned net profit will differ by more than 10% from the financial plan. The company will update its five-year forecast in early 2026.

    To access the reports of AS LHV Group, please visit the website at: https://investor.lhv.ee/en/reports/.

    To introduce the financial plan, LHV will organise an investor meeting (in Estonian) on 13 February at 9.00 via Zoom, the online seminar environment. Investors and interested parties are invited to register at: https://lhvbank.zoom.us/webinar/register/WN_h9xQnBP2Qj-Gaa3m6DIRnA.

    LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, LHV Kindlustus, and LHV Bank Limited. The Group employs over 1,200 people. As at the end of December, LHV’s banking services are being used by nearly 460,000 clients, the pension funds managed by LHV have 114,000 active clients, and LHV Kindlustus is protecting a total of 170,000 clients. LHV Bank Limited, a subsidiary of the Group, holds a banking licence in the United Kingdom and provides banking services to international financial technology companies, as well as loans to small and medium-sized enterprises.

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

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  • MIL-OSI: Unaudited financial results of Coop Pank for Q4 and 12 months of 2024

    Source: GlobeNewswire (MIL-OSI)

    Coop Pank’s business results for 2024 were positively impacted by solid business volume growth – both the number of customers and the loan portfolio showed strong growth. The overall economic and interest rate environment had a negative impact on business results.

    Over the year, the number of Coop Pank customers increased by 26,000 (+14%) and the number of active customers increased by 17,400 (+21%). Of the new customers, 23,000 were private customers and 3,000 were business customers. By the end of 2024, the number of Coop Pank customers reached 208,000, of which 99,400 were active customers.

    By the end of 2024, deposits of Coop Pank reached 1.89 billion euros, increased by 164 million euros (+10%) over the year. Term deposits increased by 7% over the year and demand deposits by 15%. The bank’s financing cost increased over the year from the level of 2.4% to the level of 3.3%. The market share of the bank’s deposits increased from 6.0% to 6,1% over the year.

    By the end of 2024, loan portfolio of Coop Pank reached 1.77 billion euros, increased by 283 million euros (+19%) over the year. Business loans and home loans made the biggest contribution to portfolio growth. Business loans portfolio increased by 129 million euros (+20%) and home loan portfolio increased by 121 million euros (+20%). Leasing portfolio increased by 24 million euros (+16%) and consumer finance portfolio increased by 9 million euro (+9%). The market share of the bank’s loans increased from 6.0% to 6.3% over the year.

    In 2024, the quality of the loan portfolio remained very good, despite of the changes in the economic environment. To cover possible loan losses, 4.6 million euros provisions were made in 2024 – that was 26% less than a year earlier. The cost ratio for credit risk decreased from 0.5% to 0.3%.

    The net income of Coop Pank reached 81.9 million euros, decreased by 3.3 million euros (-4%) over the year. Net interest income decreased 3.7 million euros (-5%) over the year. Net service fee revenues decreased 0.5 million euros (-10%) over the year. The bank’s operating cost reached 40.6 million euros, increased by 5.4 million euros (+16%) over the year. Personnel, IT and marketing costs continued to make up the largest part of operating costs.

    Net profit of Coop Pank in 2024 was 32.2 million euros, decreased by 18% over the year. The bank’s cost / income ratio increased from 41% to 50% over the year and the return on equity decreased from the level from 23.5% to 16.2% – similar level was also seen in 2022.

    As of 31 December 2024, Coop Pank has 35,885 shareholders.

    Results in Q4

    In Q4 2024, the number of the bank’s customers increased by 6,000 (+3%), of which 5,000 were private customers and 1000 were corporate customers. By the end of the year 2024, Coop Pank had 208,000 daily banking customers.

    In Q4 2024, the volume of deposits increased by 47 million euros (+3%) and reached 1.89 billion euros by the end of the year. Over the quarter, the volume of demand deposits decreased by 14 million euros and the volume of term deposits increased by 61 million euros.

    The bank’s net loan portfolio increased by 113 million euros (+7%) over the quarter, reaching 1.77 billion euros by the end of the year. The volume of corporate loans increased by 73 million euros and the volume of home loans increased by 32 million euros. Consumer financing increased by 5 million euros and leasing by 4 million euros.

    In Q4 2024, Coop Pank earned a profit of 6.4 million euros, which is 26% less than in Q3 and 24% less than in the same period last year. Quarterly profitability was negatively impacted primarily by the interest rate environment, which was partially offset by business volume growth.

    Comments of the CEO of Coop Pank Margus Rink:

    “To evaluate Coop Pank’s activities and results in 2024, it is essential to consider the broader context. We operate in an environment shaped by rising base interest rates during 2022–2023, which resulted in decreased purchasing power, diminished corporate investment appetite, and a cooling economy. In 2024, we reached the bottom of the economic downturn, and gradually, signs began to emerge that set the stage for a cyclical turnaround: base interest rates are now declining, real wages have increased over recent quarters, tax changes have been fixed for the coming years, energy prices are stable, and entrepreneurs are dusting off business plans that were shelved.

    Based on this context, Coop Pank’s performance in 2024 was influenced by two factors. First – declining interest rates. This was an independent process beyond our control, which simultaneously significantly reduced both our interest income and interest expenses at the same time. Secondly, the growth of business volumes. This factor depended entirely on us. As a growth-focused bank, we worked hard and managed to increase business volumes (loan portfolio size, customer base) by approximately 19% during the year of economic downturn. This is 2–3 times higher than the overall Estonian banking market. This achievement is one we are proud of.

    In 2024, our customer base grew by 26 000 (+14% YoY). Increasingly, account openings are followed by customers switching their primary banking relationship to Coop Pank. At the same time, this also represents our greatest challenge moving forward. Primary banking relationships bring growth in demand deposits and help lower financing costs. Currently, demand deposits constitute only one-third of our total deposits.

    Coop Pank’s loan portfolio grew by 283 million euros (+19% YoY) in 2024. Throughout the year, home loans and car leasing showed strong growth, indicating that demand for personal loans remained solid despite the challenging economic environment. Demand for business loans was low during the first half of the year. In the fall, demand emerged, and in the final months of the year, we achieved significant growth in the business loan portfolio. Demand for consumer loans remained weak throughout the year. The quality of the loan portfolio remained strong all year.
    Coop Pank’s net profit for 2024 amounted to 32,2 million euros, decreasing 8%. The decline in profit was primarily caused by the low-interest economic environment, which could not be offset by 19% growth in business volumes.

    We adhered to our current dividend policy and distributed 25% of the consolidated group’s 2023 pre-tax profit as dividends, amounting to a net total of 8.9 million euros (8.7 cents per share, nearly double the amount of the previous year. In addition, 2 million euros in income tax on dividends was paid. Over 98% of the dividends were paid into the accounts of Estonian individuals and companies. By the end of the year, Coop Pank had 35 885 shareholders.

    In 2024, we further expanded our role as contributors to society. While we have previously contributed the advancement of life in Estonia primarily through our extensive branch network and Coop stores’ cash network, we have now begun directly supporting Estonia’s defense capabilities with the innovative Kaardivägi client program. Additionally, Coop Pank became a major sponsor of both the national volleyball team and Estonian decathletes. Furthermore, in collaboration with the TalTech Arengufond, we started awarding scholarships.

    Last year, a public discussion arose about teachers’ workload and salaries. We responded quickly and started offering teachers mortgage loans on favorable terms, a program we are continuing this year. In collaboration with the Estonian startup Montonio Finance, we also launched the most competitive e-commerce payment solution for merchants.

    Beginning of 2024, we secured a subordinated loan of 15 million euros to support the bank’s growth strategy. This is a capital instrument classified as part of the bank’s Tier 2 own funds.

    Eesti Pank designated Coop Pank as a systemically important credit institution, justifying its decision by stating that the bank’s significance in Estonia’s financial system has steadily increased in recent years. The rating agency Moody’s affirmed Coop Pank’s Credit rating on the level Baa2 and raised outlook to positive. This confirms that the bank is trustworthy with solid capital base and high quality of the loan portfolio even in difficult times and has shown good profitability.

    In November, on the proposal of Estonian Financial Supervision Authority, the European Central Bank granted to the bank an additional activity license enabling the issuance of covered bonds. The actual issuance, including the timing, volume, and other conditions, will be decided by the bank based on market conditions and the bank’s financing needs.

    Coop Pank’s strategic goal is to increase its market share in Estonia to 10% by the beginning of 2027 and grow its loan portfolio to at least 2 billion euros. This will position us as the primary bank for more than one in ten Estonians – amounting to at least 150 000 active customers. Through business volume growth, the bank aims to operate with high efficiency (cost-to-income ratio below 50%) and deliver a solid return on equity (ROE of at least 15%).

    I would like to thank all Coop Pank customers, shareholders, and employees for the year 2024. Our goal is to build Coop Pank into a success story for everyone: a success story for customers, shareholders, employees and society alike.”

    Income statement, in th. of euros Q4 2024 Q3 2024 Q4 2023 12M 2024 12M 2023
    Net interest income 19 148 20 021 20 594 77 570 81 265
    Net fee and commission income 1 303 1 040 1 489 4 358 4 847
    Net other income -483 167 -1 666 -45 -908
    Total net income 19 968 21 228 20 415 81 883 85 204
    Payroll expenses -6 007 -6 138 -5 495 -23 411 -20 234
    Marketing expenses -788 -593 -912 -2 690 -2 587
    Rental and office expenses, depr. of tangible assets -798 -729 -678 -3 097 -2 776
    IT expenses and depr. of intangible assets -1 731 -1 579 -1 363 -6 189 -4 803
    Other operating expenses -1 473 -1 221 -1 498 -5 189 -4 728
    Total operating expenses -10 797 -10 261 -9 948 -40 575 -35 128
    Net profit before impairment losses 9 171 10 967 10 468 41 306 50 076
    Impairment costs on financial assets -1 821 -1 022 -1 148 -4 643 -6 302
    Net profit before income tax 7 351 9 945 9 322 36 663 43 774
    Income tax expenses -957 -1 296 -935 -4 486 -4 570
    Net profit for the period 6 393 8 649 8 386 32 178 39 204
               
    Earnings per share, eur 0,06 0,08 0,08 0,31 0,38
    Diluted earnings per share, eur 0,06 0,08 0,08 0,31 0,38
    Statement of financial position, in th. of euros 31.12.2024 30.09.2024 31.12.2023
    Cash and cash equivalents 343 678 404 472 428 354
    Debt securities 37 751 37 445 36 421
    Loans to customers 1 774 118 1 661 152 1 490 873
    Other assets 33 066 31 956 30 564
    Total assets 2 188 614 2 135 025 1 986 212
    Customer deposits and loans received 1 886 145 1 838 626 1 721 765
    Other liabilities 27 683 28 026 28 435
    Subordinated debt 63 148 63 410 50 187
    Total liabilities 1 976 977 1 930 062 1 800 387
    Equity 211 637 204 963 185 825
    Total liabilities and equity 2 188 614 2 135 025 1 986 212

    The reports of Coop Pank are accessible at: https://www.cooppank.ee/aruandlus.

    Coop Pank will hold an Investor Webinar for the introduction of its financial results, which is scheduled at 09:00 on 13 February 2025. To participate, please register in advance via the following link: https://bit.ly/CP-veebiseminar-registreerimine-13-02-2025

    The webinar will be recorded and posted on the company’s website www.cooppank.ee and YouTube account.

    Coop Pank, which is based on Estonian capital, is one of the five universal banks operating in Estonia. The bank has 208,000 everyday banking customers. 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 owner of the bank is the local retail chain Coop Estonia, which has a sales network of 320 stores.

    Further information:
    Margus Rink
    Chief Executive Office
    Email: margus.rink@cooppank.ee

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  • MIL-OSI: The net asset value of EfTEN Real Estate Fund AS shares as of 31.01.2025

    Source: GlobeNewswire (MIL-OSI)

    EfTEN Real Estate Fund AS generated €2,556 thousand in consolidated rental income in January. In comparison, the fund’s rental income in December 2024 was €2,861 thousand, which included €238 thousand in turnover-based rent from shopping centers recognized at the end of the year. Rental income also decreased due to a rent discount agreement in Lithuania for the next six months, under which the tenant invested €135 thousand at their own expense in the improvement of rental premises.

    In January, the lease agreement between a  tenant of the office building at Pärnu mnt 102 and the fund’s subsidiary ended, resulting in 2,5 thousand sqm of vacant rental space. To meet market demand, the vacant office space will be converted into smaller units and leased gradually. The design work underlying the reconstruction of the rental premises has been completed, and construction work will begin shortly.

    In Menulio 11 office building, where the fund has the largest vacancy, negotiations with a potential tenant interested in 9% of the leasable area have reached the stage of redesigning the rental premises. and procurement of technical solutions.

    After the disclosure of the bankruptcy proceedings of the tenant at the Laagri Hortes gardening center, several prospective tenants and buyers have approached the fund. As a result, the fund’s management believes there are several good alternatives for further action.

    The fund’s consolidated EBITDA in January amounted to €2,043 thousand (December 2024: €2,448 thousand).

    The weighted average interest rate on the fund’s subsidiaries’ loans decreased to 4.78% by the end of January, down by 0.11 percentage points compared to the end of December. Since the peak in interest rates in December 2023, the weighted average interest rate on bank loans has fallen by a total of 1.13 percentage points.

    The fund’s consolidated cash balance increased by €1,119 thousand in January, reaching €21,626 thousand, including short-term deposits, as of January 31, 2025.

    As of January 31, 2025, the fund’s net asset value per share was €20.4905, and EPRA NRV was €21.3432. The net asset value per share increased by the usual 0.6% in January.

    Marilin Hein
    CFO
    Phone +372 6559 515
    E-mail: marilin.hein@eften.ee

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  • MIL-OSI: KBC Group: Fourth-quarter result of 1 116 million euros

    Source: GlobeNewswire (MIL-OSI)


    KBC Group – overview (consolidated, IFRS)    		 4Q2024 3Q2024 4Q2023 FY2024 FY2023
    Net result (in millions of EUR) 1 116 868 677 3 415 3 402
    Basic earnings per share (in EUR) 2.75 2.14 1.59 8.33 8.04
    Breakdown of the net result by business unit (in millions of EUR)          
    Belgium 487 598 474 1 846 1 866
    Czech Republic 238 179 102 858 763
    International Markets 175 205 178 751 676
    Group Centre 215 -114 -77 -40 97
    Parent shareholders’ equity per share (in EUR, end of period) 56.6 54.1 53.9 56.6 53.9

    ‘We recorded a net profit of 1 116 million euros in the last quarter of 2024. Compared to the result of the previous quarter, our total income benefited from several factors, including higher net interest income, increased insurance revenues and sharply higher net fee and commission income driven by an excellent business performance. This clearly illustrates how our integrated customer offering strongly contributes to income growth and income diversification. These items were partly offset by a decrease in trading & fair value income and lower net other income. 

    Our loan portfolio continued to expand, increasing by 2% quarter-on-quarter and by 5% year-on-year. Customer deposits – excluding volatile, low-margin short-term deposits at KBC Bank’s foreign branches – were up 2% quarter-on-quarter and 7% year-on-year, with the latter figure benefiting from the successful return of customer funds after the Belgian state note had matured in the previous quarter.

    Operational expenses were up in the quarter under review but remained perfectly within our full-year 2024 guidance. Insurance service expenses were lower, as the previous quarter had been impacted by storms and floods in Central Europe (especially Storm Boris). Loan loss impairment charges, excluding the reserve for geopolitical and macroeconomic uncertainties, were down on the level recorded in the previous quarter, leading to a credit cost ratio of 16 basis points for full-year 2024, well below our guidance figure. Including the reserve for geopolitical and macroeconomic uncertainties, the credit cost ratio stood at 10 basis points for full-year 2024. We also recorded a one-off tax benefit of 318 million euros in the quarter under review, due to the forthcoming liquidation of Exicon (the remaining activities of KBC Bank Ireland).

    Consequently, when adding up the four quarters of the year, our full-year net profit amounted to an excellent 3 415 million euros, slightly up year-on-year.

    On the sustainability front, we are proud to be included for the third consecutive year in the CDP Climate A List. This recognition highlights KBC’s leading role in climate-related disclosures and actions.

    Our solvency position remained strong, with a fully loaded common equity ratio of 15.0% at the end of December 2024. Our liquidity position remained very solid too, as illustrated by an LCR of 158% and NSFR of 139%. Our Board of Directors has decided to propose a total gross dividend of 4.85 euros per share to the General Meeting of Shareholders for the accounting year 2024. That amount includes 0.70 euro per share already paid in May 2024, reflecting the surplus capital above the 15% fully loaded CET1 threshold per end 2023 and 4.15 euros per share, of which an interim dividend of 1 euro per share was already paid in November 2024 and the remaining 3.15 euros per share to be paid in May 2025. When including the proposed dividend of 4.15 euros per share and additional tier-1 coupon, the pay-out ratio would amount to approximately 51% of 2024 net profit.

    Lastly, we have also updated our short-term financial guidance. For 2025, we are aiming to achieve an annual growth rate of at least 5.5% for total income and an annual growth rate of below 2.5% for operating expenses excluding bank and insurance taxes. Furthermore, we also want to achieve a combined ratio of maximum 91% in non-life insurance.

    In closing, I would like to sincerely thank all our customers, employees, shareholders and all other stakeholders for their trust and support, and assure them that we remain committed to being the reference in bank-insurance, innovation and digitalisation in all our home markets.’ 

    Johan Thijs
    Chief Executive Officer

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  • MIL-OSI: DNO Shares Traded Ex-Dividend

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 13 February 2025 – DNO ASA, the Norwegian oil and gas operator, today announced that the Company’s shares will be traded ex-dividend effective 13 February 2025.

    A dividend payment of NOK 0.3125 per share will be made on or about 21 February 2025 to all shareholders of record as of 14 February 2025.

    –

    For further information, please contact:

    Media: media@dno.no
    Investors: investor.relations@dno.no

    –

    DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development, and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and section 4.2.5.3 of Euronext Oslo Rulebook II.

    The MIL Network –

  • MIL-OSI USA: In Senate Budget Committee, Republicans Block Murray Amendments for Bipartisan Approach to Spending, Affirming Congressional Spending Authority, Reversing NIH Cuts, Transparency & Accountability for DOGE, and More

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ICYMI: Senator Murray Remarks at Senate Budget Resolution Markup: Blasts Roadmap to Devastating Cuts, Calls for Budget Hearing with Musk – MORE HERE
    Washington, D.C. — Today, at the Senate Budget Committee’s mark up of Senate Republicans’ budget resolution, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former Chair of the Senate Budget Committee, put forward six amendments to steer Republicans toward a bipartisan approach to spending, affirm Congress’ power of the purse, reverse massive arbitrary cuts to NIH, deliver transparency into the so-called Department of Government Efficiency (DOGE), and more. Republicans unanimously opposed every amendment Murray and other Democrats offered.
    MURRAY AMENDMENT 01: Senator Murray first proposed an amendment to address defense and nondefense needs equally—tackling national security concerns and challenges at the border alongside priorities like supporting our veterans, biomedical research, child care, agriculture, and more—noting that such investments should be a part of ongoing bipartisan topline negotiations between appropriators. Rather than the $342 billion Republicans are proposing in mandatory funding through the partisan reconciliation process, Murray’s amendment would have provided $171 billion in discretionary funding for defense and $171 in discretionary funding for non-defense needs.  Unlike the partisan approach taken by Republicans, the funding under the Murray amendment would be available to address a range of critical needs, including but not limited to national security and the border.
    “Democrats share many of your concerns about investing in our national security, providing more resources to address the challenges at the border, and making sure we counter China,” said Senator Murray of her amendment to equally divide the proposed spending toward defense and non-defense priorities. “While also wanting to make sure we address critical areas like supporting veterans, agriculture, wildfires, disaster response, biomedical research, child care, and much more. So, the approach in my amendment is to say we should work together on a bipartisan basis – and really this should be part of the topline conversations we are having now as we hurtle toward the March 14th funding deadline. I want to make clear Democrats remain at the table on the FY 2025 topline – but it is getting pretty lonely for us when we see Republicans assume a trillion dollars for this year alone in unilateral DOGE cuts, remain quiet as Russ Vought and the administration continues to unlawfully impound funds, and now propose to jam through $342 billion in funding for your priorities on a partisan basis—while I am trying to negotiate in good faith a bipartisan, four-corner topline deal for fiscal year 2025. I would urge my Republican colleagues to get serious and keep your eye on the ball regarding the funding lapse on March 14th, not to mention the sequester cuts at the end of April.”
    MURRAY AMENDMENT 06: Senator Murray pressed her colleagues to pass an amendment to stand up to the Trump Administration and affirm Congress’ power of the purse which Republicans all unanimously opposed.
    “This is not a partisan issue—it is about upholding our laws and Congress’s constitutional authority over federal spending,” said Senator Murray of her amendment to affirm Congressional spending authority. “The Constitution grants Congress—not the President—the power of the purse. This has been affirmed time and again—by: The Supreme Court, Congress, The Government Accountability Office, and others. And yet, Trump, Elon Musk, and Russ Vought have been holding up huge chunks of funding that Congress passed—often on a bipartisan basis. When Presidents ignore our spending laws and the power of the purse our Constitution gives Congress—not the president—it doesn’t just block funding for the American people, it erodes the trust necessary for bipartisan negotiations in Congress. As I have emphasized, Members of Congress—on both sides—must know a deal is a deal. This amendment is about protecting the integrity of our democratic process—our most fundamental checks and balances. Every Senator—Republican or Democrat—should support this amendment to preserve Congress’s authority and maintain the trust necessary for effective governance.”
    MURRAY AMENDMENT 17: Senator Murray also offered an amendment to reverse the Trump Administration’s indiscriminate cut to biomedical research and the lifesaving work supported by the National Institutes of Health (NIH) at research institutions across the country—which no Republican spoke in opposition to during debate, but every Republican voted in opposition.  
    “On Friday night the Trump Administration announced it was implementing a policy to arbitrarily cut National Institutes of Health funding that supports biomedical research at institutions across the country,” said Senator Murray of her amendment to reverse Trump’s proposed policy on indirect costs. “In capping indirect cost rates at 15 percent for NIH-funded grants, this policy would cut funding that is essential to conducting research – such as operating and maintaining labs and research facilities. That is in clear violation of our annual appropriations bills, which have included an explicit prohibition on NIH implementing a policy exactly like this since fiscal year 2018. Fortunately, a court has temporarily paused the policy, but let’s be clear, if the Trump administration were to be successful in gutting NIH funding in this way, it would be absolutely catastrophic for lifesaving research patients and families are counting on, including lifesaving cancer research at Fred Hutch in my home state of Washington, and at so many other institutions in Red and Blue states nationwide.”
    “Research would come to a halt, sick kids would not get the treatment they need, and clinical trials would shut down abruptly,” Murray continued. “Our commitment to supporting basic research infrastructure—which this policy does—is what helped make the American research enterprise the best in the world.  This is funding that helps produce medical breakthroughs and change patients’ lives and ensure that the U.S. continues to be the global leader in biomedical research. NIH is an important economic driver in just about every single one of our states—creating jobs and spurring innovation.”
    MURRAY AMENDMENT 05: Senator Murray pushed for passage of an amendment to have the Senate request the Government Accountability Office (GAO) to review, audit and report back within 90 days on DOGE, including the appropriateness of the authorities and finances under which it is operating; internal controls and compliance with appropriations, data privacy, and other laws; the hiring, vetting, and security clearance of its employees, special government employees, and volunteers; appropriateness of actions taken to cancel contracts, reassign or otherwise change the status of federal employees; and any other areas deemed appropriate by the Comptroller General. Every Republican voted no.
    “My amendment requests the Government Accountability Office to review, audit and report back within 90 days on the so called Department of Government Efficiency so that we can understand its role, authorities, and impacts,” said Senator Murray of her amendment to provide some level of transparency into DOGE. “Mr. Chairman, your Mark assumes $1 trillion in savings over the remaining seven to eight months in 2025. That is an astronomical amount of savings to achieve in a very short amount of time and with absolutely no detail provided to us. Those savings would appear largely to come from DOGE, which is operating throughout the government without any authorization from Congress, without any normal disclosure of people, processes, or conflicts, and really with no accountability whatsoever. Whether you support some actions of DOGE or not, you should support transparency and accountability to Congress and the American public. Elon Musk and DOGE have already tried to shut down USAID, the Consumer Financial Protection Bureau, and we are told it is now targeting the Department of Education, with the President saying he wants Musk over at the Pentagon next. None of this is normal – not DOGE, the involvement of an unelected billionaire, the vast influence it has, or the actions they have taken to date with little or no input from Congress.”
    “Let’s be clear—no one voted to let an unelected billionaire decide what bills the federal government would or wouldn’t pay or whether our elementary schools and hospitals get funding, but President Trump is giving Elon the keys to the Treasury,” continued Senator Murray. “And, again, the lack of transparency into its people, processes, and potential conflicts should concern every one of us. So, my hope is with this amendment we can agree to some oversight of DOGE and ask Congress’s independent, nonpartisan watchdog, the GAO, to review DOGE and report back to us within 90 days. And if you are not supportive of this—I have to ask, what are you scared of finding out?”
    MURRAY AMENDMENT 15: Murray also put forward an amendment to prevent federal disaster assistance from being included in the highly partisan budget reconciliation process and ensure that federal disaster relief funds go to the communities that need them when they need them.
    MURRAY AMENDMENT 14: Murray also pressed to pass an amendment, modeled off her Veteran Families Health Services Act, to provide additional funding for improving the reproductive assistance provided by the Department of Defense and the Department of Veterans Affairs to members of the Armed Forces, veterans, and their spouses or partners—particularly for IVF. Every Republican also opposed these amendments, notwithstanding their intention to significantly increase the size of our military through their reconciliation plan, which will result in even more servicemembers and veterans needing reproductive assistance.
    Prior to consideration of amendments, Senator Murray underscored in her opening comments that the resolution Senate Republicans have put forth is a roadmap to devastating cuts to programs families count on every day—from Medicaid to SNAP to veterans benefits—so that Republicans can later pass more tax breaks for the ultra-rich. Senator Murray emphasized that right now Congress’ focus should be on addressing the fast-approaching March 14 funding deadline and addressing President Trump and Elon Musk’s sweeping, illegal funding freeze—not a partisan measure to gut investments in working people. She also called for Elon Musk to come before the Committee to discuss his already in-motion efforts to decimate programs people count on.

    MIL OSI USA News –

  • MIL-OSI USA: WATCH: Padilla Slams Republican Budget Proposal That Would Raise Costs for American Families

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WATCH: Padilla Slams Republican Budget Proposal That Would Raise Costs for American Families

    WATCH: Padilla criticizes Republican budget proposal that would cut critical programs to pay for tax cuts for the ultra-wealthy

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.), a member of the Senate Budget Committee, delivered opening remarks during a hearing on the proposed budget resolution for Fiscal Year 2025.

    Padilla outlined the misguided budget proposal from Republicans to cut hundreds of billions of dollars in benefits Americans rely on to fund tax breaks for billionaires:

    • “The second Trump Administration has begun clearly laying the groundwork to cut crucial programs that American families rely on in order to fund yet another round of tax breaks for the ultra-wealthy. … The budget is a reflection of our values and our priorities. And I want to talk about priorities. Not the President’s priorities. I want to talk about the American people’s priorities. I’ve heard over and over again that the outcome of last fall’s election was a mandate, and that the important takeaway from the election was Americans’ frustrations with a high cost of living. … Too many families, Republicans and Democrats, struggling to pay for groceries, to afford gas, struggling to pay the rent or the mortgage every month.”
    • “Folks, make no mistake, under these plans, life will be more expensive for working families and all for what? That’s really the big question I have. All for what? It’s crystal clear: to help pay for hundreds of billions of dollars in tax breaks for billionaires and large corporations. And to achieve this, President Trump and his allies here in Congress seem determined to slash the programs that American families depend on the most: Medicaid, nutrition assistance programs, Pell grants, affordable health care coverage, cancer research, investments in our energy sector, including for hydrogen, biofuels, and carbon capture.”

    Padilla also highlighted the immense costs of mass deportations, and the essential contributions of immigrants to the U.S. economy. Undocumented workers make up nearly 14 percent of construction workers — and roughly 42 percent of our agricultural workforce. Trump’s mass deportations plan would lead to skyrocketing prices for food, goods, and services, exacerbate our workforce shortages, and could drop the United States’ GDP by 6.8 percent:

    • “Here’s an inconvenient truth for many, and that’s the fact that immigrants, both documented and undocumented, are also critical to the success of our economy, because the percentage of immigrants — documented, undocumented — who are violent criminals, is a very, very small percentage.”
    • “If President Trump gets his way with the mass deportations that are not focused just on violent criminals, here’s what American families can expect. Get ready also for more expensive fruit, more expensive vegetables, and that’s if grocery stores can successfully keep up with stocking the shelves. If you’ve been saving up for years to buy a home, get ready to pay more and wait longer. Why? Because construction will slow down, and prices will go up.”

    As Republicans emphasize the need for American energy independence, Padilla stressed that the Trump Administration’s executive orders and the proposed budget resolution would undo the historic investments Congress made to diversify the energy sector:

    • “Undermining renewables isn’t just undermining energy independence. It’s a threat to our national security, and it’s a threat to the good-paying jobs we’ve created across the country in red states and blue states alike.”

    Video of Senator Padilla’s full remarks is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Padilla Presses Deputy Attorney General Nominee During Nomination Hearing

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WATCH: Padilla criticizes Trump Administration’s unlawful firings of more than a dozen Inspectors General

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) questioned President Trump’s nominee for U.S. Deputy Attorney General, Todd Blanche, during a Senate Judiciary Committee hearing. Blanche was President Trump’s personal attorney in several criminal cases, including Trump’s New York hush money trial, in which the President was ultimately convicted of 34 felony counts. Padilla also condemned Trump’s attempt to unlawfully fire more than a dozen Inspectors General, and raised concerns about conflicts of interest regarding Blanche and the top officials at the Justice Department’s previous representation of Trump.  

    During the hearing, Padilla questioned Blanche on the Trump Administration’s unlawful firings of 19 Inspectors General across federal government agencies. Inspectors General play a critical role in identifying and preventing fraud, waste, and abuse within executive branch agencies. Following passage of the Securing Inspector General Independence Act of 2022, led by Senate Judiciary Chair Chuck Grassley (R-Iowa), Congress must be given the legally required 30-day notice and reasonings regarding the dismissals of Inspectors General, which the Trump Administration ignored. Blanche refused to comment on the matter, despite Chair Grassley agreeing that the Inspectors General firings, in fact, did not follow the law.

    Padilla also voiced his concerns with Blanche’s personal ties to President Trump, noting that he, Attorney General Pam Bondi, and Principal Associate Deputy Attorney General Emil Bove could all face potential conflicts of interest since they all represented the President in a personal capacity.

    Key Excerpts:

    • PADILLA: When the President of the United States violates the law, it’s important to call it out. And let me underscore, this isn’t when the President of the United States strays from historical norms in how he or she does the job. It’s not when the President does different than what’s been standard practice for prior presidents. … I’m talking about when the President of the United States violates the law.
    • PADILLA: Mr. Blanche, when you walked into my office, you repeatedly told me that you will always follow the law — your words, “full stop” — and you’ve repeated that same message here today. It’s numerically, mathematically impossible for President Trump to have abided by the law in dismissing Inspectors General. Yes or no?
    • BLANCHE: My answer remains the same. I’m not going to comment on what the decision made by the White House Counsel and President Trump, and what he did.
    • PADILLA: I’m not talking about how they reached their decision. And you clearly know this is not a hypothetical. He didn’t give Congress 30 days’ notice, he violated the law, and I’m disappointed that you’re failing to acknowledge that.
    • PADILLA: My colleagues on the other side of the aisle have taken issue with us voicing our concern about President Trump filling the top ranks of the Justice Department with his friends, his allies, and personal attorneys. I can only imagine how they would have reacted if a Democratic President installed his own personal criminal defense attorneys as Attorney General, as Deputy Attorney General, as Principal Associate Deputy Attorney General.

    Earlier this month, Senator Padilla joined U.S. Senate Democratic Whip Dick Durbin (D-Ill.) and Senate Judiciary Committee Democrats in demanding answers from Blanche and other Trump Administration nominees and officials on the removal or reassignment of career law enforcement officials across the Department of Justice and the Federal Bureau of Investigation. Padilla previously opposed advancing the nomination of Attorney General Pam Bondi after she refused to affirm birthright citizenship, which is constitutionally guaranteed, and declined to disavow the false claim that the 2020 election was stolen during her Senate Judiciary Committee confirmation hearing. More information on Blanche’s nomination hearing is available here.

    MIL OSI USA News –

  • MIL-OSI USA: WATCH: Padilla Slams RFK Jr. Nomination to Lead Health and Human Services

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    WATCH: Padilla Slams RFK Jr. Nomination to Lead Health and Human Services

    WATCH: Padilla calls RFK, Jr. “unfit and unprepared” to serve as HHS Secretary

    WASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) delivered remarks on the Senate floor to oppose the nomination of Robert F. Kennedy, Jr. to lead the Department of Health and Human Services (HHS), raising the alarm on the disastrous public health implications if he is confirmed. Padilla called out RFK, Jr. for his severe lack of qualifications and his record of peddling dangerous public health misinformation.

    • “I oppose this nomination for his wildly misinformed beliefs and his utter lack of experience. I believe he is fundamentally unfit and unprepared — and Americans will be less healthy if he is confirmed.”

    RFK, Jr. has repeatedly spread dangerous conspiracy theories — for his own financial gain — even going as far as to say that “there’s no vaccine that is safe and effective.” Padilla called him out for making false accusations that vaccines cause autism, lying that the COVID-19 virus targeted specific racial and ethnic groups, founding his own anti-vaccine organization, authoring several books pushing public health conspiracies, and making millions off anti-vaccination lawsuits.

    • “In the face of all the proven science, proven again and again science, Mr. Kennedy has chosen to profit off fear. And countless parents are being misled into making dangerous decisions for their children.
    • “Look — I get the fear. I’m proud to represent California in the Senate. I’m proud to have an engineering background. But I too am a parent of three boys. And I remember what it was like to hold a baby in your arms, and to worry every time there was a sniffle and a cough. I’d do anything to protect my children, just as you would do anything to protect yours.
    • “But where families have reasonable questions on everything from doctors to diets, Mr. Kennedy simply sees dollar signs.”

    Padilla, a co-founder of the bipartisan Senate Mental Health Caucus, also highlighted the dangers RFK, Jr. poses to mental health care access and Medicaid benefits. He slammed RFK, Jr. for his dangerous lack of knowledge regarding Medicaid funding and benefits. 

    • “At a time when Republicans are looking to cut funding for lifesaving services, I’d rather see a fierce defender of Medicaid at HHS. Yet, during his confirmation hearings, Mr. Kennedy failed to show even a basic understanding of Medicaid. Not the sources of funding, not the benefits, and at one point, he even seemed to conflate or confuse Medicaid and Medicare.
    • “Colleagues, I shouldn’t have to say this: This is not a ‘learn on the job’ nomination.”

    As Republicans threaten major cuts to Medicaid, Padilla underscored the importance of confirming a nominee with the necessary qualifications and experience to protect public health. He urged his colleagues to vote against RFK, Jr.’s confirmation.

    • “Republicans are already floating cuts to Medicaid to pay for even more tax breaks for the rich. In the White House, President Trump and his Shadow President Musk have proven they’ll shutter any agency that stands in their way.
    • “And today, we’re left wondering who will speak up to protect the health of millions of Americans. Unfortunately, Mr. Kennedy has already shown he is not up to the task. So colleagues, I urge you to join me in fighting to protect the health of our constituents and oppose the confirmation of Mr. Kennedy.”

    Video of Senator Padilla’s full remarks is available here.

    MIL OSI USA News –

  • MIL-OSI Video: We’ll stop climate change, but ‘how soon’ is the life-and-death question – Al Gore

    Source: World Economic Forum (video statements)

     

    As the world record’s it’s highest ever average global temperatures, and the US, once again, quits the UN climate change pact, Al Gore is surprisingly upbeat on humanity’s ability to tackle global warming.

    He spoke to Radio Davos at the Annual Meeting, where he presented a new system that tracks greenhouse gas emissions around the world, Climate TRACE.

     

    Links:

    Global Risks Report 2025: https://www.weforum.org/publications/global-risks-report-2025/

    Climate TRACE: www.climatetrace.org/explore (https://www.climatetrace.org/explore)

    Climate and Health Initiative: https://initiatives.weforum.org/climate-and-health/home

    Centre for Nature and Climate: https://centres.weforum.org/centre-nature-and-climate/home

     

    Related podcasts:

    Can climate action survive geopolitical upheaval?: https://www.weforum.org/podcasts/radio-davos/episodes/gfc-geopolitics-climate-global-south/

    Breathe! The cities working together on air pollution and climate change (https://www.weforum.org/podcasts/radio-davos/episodes/breathe-cities-air-pollution-jaime-pumarejo/) : https://www.weforum.org/podcasts/radio-davos/episodes/breathe-cities-air-pollution-jaime-pumarejo/

    What are the ‘positive tipping points’ that could help us accelerate out of climate disaster? (https://www.weforum.org/podcasts/radio-davos/episodes/climate-change-positive-tipping-points-tim-lenton/) : https://www.weforum.org/podcasts/radio-davos/episodes/climate-change-positive-tipping-points-tim-lenton/

    Al Gore on leadership skills, climate action and the ‘tipping point’ ahead (https://www.weforum.org/podcasts/meet-the-leader/episodes/al-gore-on-leadership-skills-climate-action-and-the-tipping-point-ahead/) : https://www.weforum.org/podcasts/meet-the-leader/episodes/al-gore-on-leadership-skills-climate-action-and-the-tipping-point-ahead/

    Check out all our podcasts on wef.ch/podcasts: 

    YouTube: – https://www.youtube.com/@wef/podcasts

    Radio Davos – subscribe: https://pod.link/1504682164

    Meet the Leader – subscribe: https://pod.link/1534915560

    Agenda Dialogues – subscribe: https://pod.link/1574956552

    Join the World Economic Forum Podcast Club: https://www.facebook.com/groups/wefpodcastclub

     

    https://www.youtube.com/watch?v=4OGQ38GkbRE

    MIL OSI Video –

  • MIL-OSI Australia: GROSS ROAD, MYLOR (Grass Fire)

    Source: Country Fire Service – South Australia

    Homes that have been built to withstand a bushfire, and are prepared to the highest level, may provide safety.

    You may lose power, water, phone and data connections.

    Fire crews are responding but you should not expect a firefighter at your door.

    What you should do

    • Check and follow your Bushfire Survival Plan.
    • Protect yourself from the fire’s heat – put on protective clothing.
    • Tell family or friends of your plans.

    If you are leaving

    • Leave now, don’t delay.
    • Roads may become blocked or access may change. Smoke will reduce visibility.
    • Secure your pets for travel.
    • If you become stuck in your car, park away from bushes, cover yourself, get onto the floor as the windows may break from the intense heat.

    If you are not leaving – prepare to defend

    • Identify a safe place inside, with more than one exit, before the fire arrives. Keep moving away from the heat of the fire.
    • Bring pets inside and restrain them.
    • Move flammable materials such as doormats, wheelie bins and outdoor furniture away from your house.
    • Close doors and windows to keep smoke out.
    • If you have sprinklers, turn them on to wet the areas.
    • If the building catches fire, go to an area already burnt. Check around you for anything burning.

    MIL OSI News –

  • MIL-OSI Security: MEDIA ADVISORY: Coast Guard to offload more than $275 million of cocaine in San Diego

    Source: United States Coast Guard

    U.S. Coast Guard sent this bulletin at 02/13/2025 12:30 AM EST

     

    02/13/2025 12:09 AM EST

    The crew of the Coast Guard Cutter Waesche (WMSL 751) will offload approximately 37,256 pounds of cocaine with an estimated value of $275 million, on Thursday in San Diego.   The offload is a result of 11 separate suspected drug smuggling vessel interdictions or events off the coasts of Mexico and Central and South America by the Coast Guard Cutter Waesche in December through February.    The Coast Guard Cutter Waesche is one of four legend-class national security cutters, homeported in Alameda, California. 

    MIL Security OSI –

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on February 13, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 2,75,000
    Total amount of bids received (in ₹ crore) 2,35,619
    Amount allotted (in ₹ crore) 2,35,619
    Cut off Rate (%) 6.26
    Weighted Average Rate (%) 6.26
    Partial Allotment Percentage of bids received at cut off rate (%) N.A.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2142

    MIL OSI Economics –

  • MIL-Evening Report: Here’s why some people still evade public transport fares – even when they’re 50 cents

    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne

    Public transport in Queensland now costs just 50 cents. Yet in the first six months of the trial, it’s been revealed that thousands of commuters were fined for fare evasion.

    More than 3,000 people received fines of A$322 each, amounting to more than $1 million in penalties. And more than 21,000 were issued warnings over this period.

    Queensland’s 50 cent fares trial was designed to boost ridership and ease cost-of-living pressures. Now it has exposed a paradox: why do people evade fares even when the price is nearly free?

    Fare evasion isn’t just a Queensland problem — it’s a nationwide challenge. Queensland’s experience raises bigger questions about enforcement, policy, and the role of public transport funding.

    A nationwide challenge

    Across the country, fare evasion drains millions from state public transport budgets. In New South Wales, for example, fare evasion costs the state government about $80 million each year.

    The latest NSW Fare Compliance Survey inspected 52,152 tickets, including Opal cards, contactless payments, and single-trip tickets, across the NSW public transport network.

    Fare evasion costs the NSW government $80 million a year.
    Gordon Bell/Shutterstock

    It found most non-compliance came down to passengers travelling without a valid ticket. This included not only those customers carrying no ticket at all, but also those who did have an Opal or other payment card but hadn’t tapped on.

    Another form of non-compliance was when passengers used concessions for which they weren’t eligible.

    The survey also highlighted variations in compliance – across different modes of transport, times of day and days of the week.

    Overall, compliance did not significantly differ between weekends and weekdays.

    Looking at weekday use, Sydney Metro had the highest compliance rate at 97%. This was followed by Sydney Ferries (95.9%), all trains (93.6%), Sydney Light Rail (91%) and all buses (89.2%).

    Who evades fares and why?

    Fare evasion isn’t just about people trying to save money. Research shows there are different types of fare evaders, ranging from habitual dodgers to those who evade unintentionally.

    An international study on Santiago’s Transantiago system found that evaders could be categorised into four groups:

    • radical evaders who view non-payment as a form of protest
    • strategic evaders who evade when they believe the risk of being caught is low
    • ambivalent evaders who sometimes pay but don’t always see the value in it
    • accidental evaders who forget or run into ticketing system barriers.

    A separate study in Melbourne also identified a wide spectrum of attitudes on fare evasion, from those who consider it morally wrong to those who take calculated risks based on enforcement patterns.

    Does lowering fares reduce evasion?

    Queensland’s 50-cent fare trial presents a real-world test of a long-standing question: does cheaper public transport reduce fare evasion?

    Our calculations using the state’s early data show a 27% drop in fare evasion fines since the trial began, compared with the same period in the previous year.

    This aligns with the idea that fare evasion is, at least partially, a rational economic decision. When the price is lower, the incentive to evade diminishes – though it does not completely disappear.

    Modelling evidence from Santiago’s bus system also suggests price sensitivity, but with caveats. A 10% increase in fares led to a two-percentage-point rise in fare evasion.

    The role of trust and public perception

    A surprising insight from research is that fare evasion isn’t just an economic decision. It’s a social one, too.

    When passengers perceive the system as unfair (due to factors such as unreliable service, high fares or lack of investment), fare evasion rises.

    Further, if fare dodging behaviour is normalised within a city or demographic, it spreads like contagion.

    Studies have suggested that permissive social attitudes toward fare evasion are as strong a predictor as actual financial hardship.

    The limits of enforcement

    Most transit agencies rely on two standard deterrents: more ticket inspections, and harsher fines for fare evaders.

    Does this approach work? Research suggests only to a point.

    All states and territories have had to grapple with the issue of fare evasion.
    Adam Calaitzis/Shutterstock

    Empirical evidence suggests that potential evaders are more deterred by the certainty of getting caught than by the size of the fine.

    In other words, the visibility of inspectors matters more than the penalty itself. For many, the social stigma of getting caught is a key factor, regardless of how big the penalty is.

    A crucial question in the Queensland debate is: if public transport is already nearly free, does fare evasion even matter?

    The lost revenue from the unpaid fares by those who were issued a fine over the period in question amounts to just $1,663.

    Depending on the level of crackdown, at such low fees, enforcement measures could easily end up costing more than the revenue lost. Security patrols, inspections and fine processing can amount to significant costs.

    Why it matters

    There are at least two key factors to consider in relation to whether cracking down on evaders is worth it.

    First, allowing widespread fare evasion could erode social norms around paying for public services. If the expectation of compliance disappears, what happens if fares rise again?

    And second, even when fares are zero or near-zero, requiring passengers to validate a ticket (such as by tapping on and off) allows transport agencies to track demand, plan services, and prevent system abuse.

    Even in Tallinn, Estonia — where residents ride for free — tap-ons are still required for data collection and preventing system abuse.

    Even at 50 cents a trip, authorities still expect public transport to function within a structured system, with rules that encourage accountability and predictability.

    But enforcement alone won’t solve fare evasion. Winning public trust is just as important as enforcing rules. Investing in better service quality, reliability and community engagement can be as effective as increasing inspections.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Here’s why some people still evade public transport fares – even when they’re 50 cents – https://theconversation.com/heres-why-some-people-still-evade-public-transport-fares-even-when-theyre-50-cents-249739

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: Airing climate justice in Costa Rica on World Radio Day

    Source: United Nations 2

    By Carla Garcia

    Climate and Environment

    Quality radio remains ever universal, popular and more reliable in an era of artificial intelligence (AI) and social media, including in Costa Rica, where unique programming raises awareness and promotes public participation on climate decision making in Latin America, the theme of this year’s World Radio Day, marked annually on 13 February.

    In a crucial year for climate action which, in accordance with the Paris Agreement, seeks to limit global warming to 1.5°C above pre-industrial levels, World Radio Day is dedicated in 2025 to highlighting the power of broadcasting to bring climate change issues to prominence.

    That’s the goal of Climate Radio Route.

    Radio democratises

    Radio is considered the most reliable medium, according to the UN Educational, Scientific and Cultural Organization (UNESCO), which supports radio stations, like Climate Radio Route, in their journalistic coverage of this year’s theme.

    Adrián Martínez, director of La Ruta del Clima – the Climate Route – a Costa Rican non-governmental organization (NGO) promoting public participation in climate and environmental decision-making that has been an observer, advocating at the UN climate summits since 2014.

    “Radio in all its versions, whether digital or transmitted by antennas, is super important because it democratizes,” he told UN News . “Radio traditionally reaches places and communities where there is no Internet. It is also very generational. People interact with the radio day by day because it is ephemeral.”

    Climate hits the radio waves

    The Climate Route studies and exposes impacts “on the human rights of people in vulnerable communities in Latin America, especially in Central America, who have to deal with the adverse effects of climate change, for which they have very little responsibility but which is transforming their territories and ways of life”, Mr. Martínez explained.

    With the aim of disseminating and raising awareness in society about these issues, in 2015 the organization created the Ruta del Clima Radio – the Climate Radio Route.

    The programme was broadcast in the first years by a radio station of the University of Costa Rica and then by digital media through podcasts.

    Communities can make their voices heard

    “Communication that can have a massive reach has become very expensive and elitist,” Mr. Martínez said. “However, digital or traditional radio opens up that opportunity for communities, social organizations and movements to create their window and make their voices heard.”

    UNESCO argues that beyond popularising environmental concepts, by disseminating information independent of economic, ideological and political powers, radio can condition listeners’ perception of climate change, and the importance given to the issue.

    As such, radio can also contribute to shaping the public agenda and influencing policies in this regard.

    © La Ruta del Clima

    A training workshop on damage and loss in the community of Cahuita in Costa Rica.

    Connecting climate change to people

    The Climate Radio Route has focused a lot on connecting the issue of climate change with people, not only at the national level in Costa Rica, but throughout the Latin American region.

    The programme discusses issues most relevant in climate governance and amplifies the work and experiences and opinions of colleagues,  activists and experts from this region and others on climate issues.

    “Citizens can have information and criteria beyond what is in the official media and thus can have a more comprehensive vision and promote the effective participation of our communities in climate decisions,” Mr. Martínez said.

    Climate Route Radio productions are self-contained and include climate summits, community interviews and online interviews with people around the world in English or Spanish.

    In line with the SDGs

    The Climate Route underlines the importance of the 17 Sustainable Development Goals (SDGs), particularly those that refer to: climate action; peace, justice and solid institutions; and partnerships to achieve the goals.

    Mr. Martínez points out that the NGO has worked with some UN agencies, such as the UN Children’s Fund (UNICEF) and the UN Development Programme (UNDP).

    “We collaborate, for example, with the High Commissioner for Human Rights (OHCHR), on climate change issues, and we are always discussing with them and with the rapporteurs of the United Nations system or the OAS [Organization of American States] on environmental issues,” he said.

    Presidency of Costa Rica

    The impact of Storm Nate was catastrophic for Costa Rica, affecting 117 national roads and 113,000 hectares of agricultural production, damaging 423 bridges and causing more than $380 million in losses. (file)

    Climate justice claims

    Costa Rica is a country that for years has stood out for the ecological and climate awareness of its population and government, and the Climate Radio Route could have something to do with that awareness.

    “We know that we have a very specialised community of listeners and have helped to interact with this technical group from various countries: politicians, activists or members of governments or national delegations,” Mr. Martínez said, adding that it has also helped to talk about issues of human rights, gender and community perspective as well as make constructive criticism.

    This interaction, he adds, has made it possible to strengthen demands for climate justice.

    © La Ruta del Clima

    Adrián Martínez, director of La Ruta del Clima, facilitates a workshop on climate reparations at COP 29.

    A ‘very special’ radio

    “We are not a very large radio station, but perhaps very special in its message,” Mr. Martínez said. “I think that has opened doors for us to make our perspective known and create a link with this community that is sometimes difficult to engage.”

    In this vein, he underlined the relevance of radio.

    “It allows us to access communication in an oral way, which is sometimes very necessary to be able to have understanding,” he said. “The way we communicate orally is very different from the way we do in writing and sometimes we cannot communicate in the same way.”

    Radio is essential to be able to generate that dialogue of ideas, emotions and feelings that can enhance decision making for peace and for the construction of a better relationship with the environment.

    “I think we must continue to explore not only the use of radio, but also other media that connect us and understand the need to work together,” he said. “That is the important thing about the media: to be able to understand others and then to be able to take common action.”

    MIL OSI United Nations News –

  • MIL-OSI Australia: Question Time Response – Universal Service Obligation expansion

    Source: Australian Ministers 1

    Question – Federal Member for Mayo – Rebecca Sharkie MP

    My Question is to the Minister for Communications. 90 per cent of Australians have a smart phone. Will the Government expand the Universal Service Obligation to the mobile phone network in the regions, and, if not, why not?

    Answer – Minister for Communications, Michelle Rowland MP

    Thank you, Mr Speaker. And I thank the Member for her question and I appreciate the advocacy she has provided for her constituents in her constructive engagement with me on a variety of communications matters across a portfolio. 

    Universal Service Obligation; Telstra is designated as the universal service provider. 

    Basically, this is a requirement that has not changed under the current regime since it was put in place. It basically applies to landline services and a pretty basic data service. The intention of the National Broadband Network, when it was conceived by Labor, was to ensure not only that we had broadband capacity across Australia, but that we had a wholesale-only access network vertically integrated that would provide competition into the regions, and this is where it matters. 

    The Member is very right that there is a complete lack of flexibility when it comes to the Universal Service Obligation and that is why, in 2023, I announced that this Government would undertake a full consultation into how reform could be undertaken here, and how it could best benefit, in particular, those living in regional Australia.

    And I also pay credit to the Member for Kennedy – he was been a staunch advocate for reform in this area. Clearly, that needs to be changed. This has been strongly endorsed by every stakeholder in the area, be it from the National Farmers’ Federation, to ACCAN, to the industry themselves. So it is encouraging.

    This is an area of long-overdue reform and no reform happened under the previous government for a decade, but, despite that, we have not only undertaken that consultation but considered how it should be funded, and there is a variety of ways it could happen. Telstra has the contract as a universal service provider under those arrangements which happen when the NBN was conceived. They are due to expire – not in the immediate term – but in future years, not a long way away. So, we need to determine out what that is going to look like. The Government has been working diligently in this area and we will have more to say very soon. 

    But I will make three points: firstly, this is an area where reform was absolutely left lacking under the previous government. Secondly, this is an area where regional Australia has missed out because of that lack of reform. And, thirdly, that lack of reform flies in the face of the fact that Australians are early-adopters and want the best technology and connectivity.

    What I can assure the Member is that Labor will be reforming that area, and I look forward to engaging with the Member.

    MIL OSI News –

  • MIL-OSI Australia: Building the Goulburn Valley’s future

    Source: Australian Ministers 1

    The Albanese Government is building the Goulburn Valley’s future, driving economic growth and improved freight efficiency with a partnership with Greater Shepparton City Council to deliver a $22.9 million freight precinct.

    The Australian Government will invest $8.5 million in the new Goulburn Valley Link Freight Precinct, with Council committing $14.4 million.

    This investment will deliver critical enabling works, including road connections into the new freight precinct, located outside Mooroopna west of Shepparton.

    The construction of a new roundabout and upgrades to Simson Road will enable large, High Productivity Freight Vehicles to access the facility. 

    Works on the project are expected to begin in early 2025.

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

    “The Goulburn Valley is a powerhouse of agriculture and innovation, and this freight and logistics precinct will capitalise on its location and its connection to national and interstate transport links.

    “I’d like to thank Greater Shepparton for their advocacy on this critical project. Our Government is proud to partner with them to improve the productivity and resilience of freight for the broader region.”

    Quotes attributable to Senator for Victoria Jana Stewart:

    “The local community has been calling for this new Goulburn Valley Link Freight Precinct and I’m thrilled the Albanese Labor Government is able to support the delivery this project for the Goulburn Valley.

    “We are getting on with delivering a better future for all Victorians, and this project will improve freight connections for job-creating regional businesses in our state’s north.

    “I’m proud to be part of a Government which believes in boosting our regions, partnering with local councils such as the City of Greater Shepparton, and building the infrastructure we need to thrive.

    Quotes attributable to Mayor of Greater Shepparton Cr Shane Sali:

    “The GV Link Project has been over a decade in the making and is the result of persistence in making this ambitious project a reality.

    “The Australian Government’s investment will be a catalyst for Council to kick start the project, showing recognition that the Goulburn Valley is a national powerhouse for agriculture and industry, especially food manufacturing.

    “The GV Link site and future logistics hub is set to boost Greater Shepparton’s growth as a regional centre over the next twenty years.”

    MIL OSI News –

  • MIL-OSI: Sp Mortgage Bank Plc: Savings Banks Group’s Release of Financial Statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    Sp Mortgage Bank Plc 

    Stock Exchange Release 
    13th February 2025 at 6.55 am (CET +1) 

    Savings Banks Group’s Release of Financial Statements for 2024 has been published. 

    Document containing the Financial Statements Release is attached to this release. The Financial Statements Release can be also found at www.saastopankki.fi. 

    SAVINGS BANKS GROUP 

    Additional information: 

    Kai Koskela
    acting CEO  
    Savings Banks’ Union Coop  
    kai.koskela@sastopankki.fi 
    +358 40 549 0430  

    Attachment

    The MIL Network –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Annual Financial Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published. 

    Stock Exchange Release 
    13th of February 2025 at 6.55 am (CET +1) 

    The materials are attached to this release and available in English and Finnish at www.saastopankki.fi. 


    Further information:      

    Kai Brander
    Managing Director  
    Central Bank of Savings Banks Finland Plc 
    kai.brander@saastopankki.fi 
    +358 50 384 8220 

    Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services. 

    Attachment

    The MIL Network –

  • MIL-OSI: Sp Mortgage Bank Plc: Annual Financial Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Sp Mortgage Bank Plc’s IFRS financial statements and Board of Directors’ report for 2024 have been published. 

    Sp Mortgage Bank Plc 
    Stock Exchange Release 
    13th of February 2025 at 6.55 am (CET +1) 

    The materials are attached to this release and available in English and Finnish at www.saastopankki.fi. 

    Sp Mortgage Bank Plc 

    Further information: 

    Tero Kangas
    Managing Director  
    Sp Mortgage Bank Plc 
    tero.kangas@saastopankki.fi 
    +358 50 420 1022 

    Sp Mortgage Bank Plc is part of the Savings Banks Group and the Savings Banks Amalgamation. The role of Sp Mortgage Bank is, together with Central Bank of Savings Banks Finland Plc, to be responsible for obtaining funding for the Savings Banks Group from money and capital markets. Sp Mortgage Bank is responsible for the Savings Banks Group’s mortgage-secured funding by issuing covered bonds. 

    Attachment

    The MIL Network –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc: Savings Banks Group’s Release of Financial Statements for 2024

    Source: GlobeNewswire (MIL-OSI)

    Central Bank of Savings Banks Finland Plc  

    Stock Exchange Release  
    13th February 2025 at 6.55 am (CET +1)  

    Savings Banks Group’s Release of Financial Statements for 2024 has been published.  

    Document containing the Financial Statements Release is attached to this release. The Financial Statements Release can be also found at www.saastopankki.fi.  

      

    SAVINGS BANKS GROUP  

    Additional information:  

    Kai Koskela
    acting CEO  
    Savings Banks’ Union Coop  
    kai.koskela@sastopankki.fi 
    +358 40 549 0430   

    Attachment

    The MIL Network –

  • MIL-Evening Report: This is Australia’s only icebreaker. Here’s why experts say we need another

    Source: The Conversation (Au and NZ) – By Jane Younger, Lecturer in Southern Ocean Vertebrate Ecology, Institute for Marine and Antarctic Studies, University of Tasmania

    Australia’s Antarctic territory represents the largest sliver of the ice continent. For decades, Australian scientists have headed to one of our three bases – Mawson, Davis and Casey – as well as the base on sub-Antarctic Macquarie Island, to research everything from ecology to climate science.

    But despite our role as leaders in Antarctic science, Australian funding and logistics for Antarctic research hasn’t kept pace. Our single icebreaking vessel spends most of its time on resupply missions, restricting its use for actual science. And funding is often piecemeal, which makes it hard to plan the complex, multi-year efforts it takes to do research down on the ice.

    This week, we saw a welcome change. The federal parliamentary committee on Australia’s external territories delivered a report calling for a second icebreaking vessel and more reliable funding. It also urged the government to progress work on marine protected areas in east Antarctica as well as resume fishing patrols, due to concern over illegal or exploitative fishing.

    These measures are long overdue. For those of us who work and study on the ice continent, logistics and funding have long been a challenge. Illegal fishing in Antarctica must be stamped out, and a second vessel would support our ambitious, world-leading science.

    Why is Antarctic science so important?

    Antarctica is often out of sight, out of mind for many Australians. But what happens on the ice doesn’t stay there.

    For climate science, Antarctica matters a great deal. For decades, much of the concern about melting ice focused on the Arctic and Greenland, while Antarctica stayed relatively stable. But this is now changing. Sea ice is melting more quickly than in the past. Glacial ice is retreating. Increased melting will affect sea level rise and ocean currents.

    I study diseases such as the lethal strain of bird flu which has devastated bird and some mammals populations around the world. It recently reached Antarctica, where it killed large numbers of penguins, skuas, crabeater seals and more. I saw the devastation myself on my recent journey there.

    If this strain makes it to Australia – the last continent free of it – it could come from the south and devastate both Australian wildlife and poultry.

    To study these large and important changes, we need to be down there on the ice. It’s not an easy task. Keeping our bases functional means we need regular resupply missions. Repairs and extensions require tradies. Scientists and other workers need to be brought home.

    Antarctic science has long relied on just one vessel, now the RSV Nuniya, which the Australian Antarctic Division describes as the “main lifeline to Australia’s Antarctic and sub-Antarctic research stations and the central platform of our Antarctic and Southern Ocean scientific research”.

    The problem is, resupply can trump science. After all, no one wants bases running short of food or fuel. This is, in fact, what the Nuniya is largely doing.

    Australia’s role is key

    The Australian Antarctic Territory represents about 40% of the ice continent – the largest territory by far.

    Territory, here, doesn’t mean exclusive rights. In 1959, 12 nations with a scientific interest in the ice continent signed the Antarctic Treaty. This treaty was an agreement that Antarctica – the only landmass with no indigenous human presence – would be reserved for peaceful, scientific purposes.

    But in recent years, this treaty has come under pressure. Nations such as Norway and China have expanded fishing operations for krill. Illegal and unregulated fishing from various nations continues.

    The report recommends the Australian government continue efforts to establish a marine protected area off East Antarctica – where fishing would be restricted – as well as reopening fishing patrols. China – which recently opened its fifth Antarctic base – is opposed to the idea of fishing-free zones and is pushing to expand fishing in the Southern Ocean.

    Under Antarctica’s ice lie many resources. Mining is banned in Antarctica until 2048. What happens after that is uncertain. The race to tap critical minerals in Greenland signals what may lie ahead for Antarctica.

    This is why Australia’s leadership in Antarctic science matters. Australia was an original signatory to the Antarctic Treaty, and has a long history of exploration and science. Hobart has long been the home of Australia’s Antarctic vessels.

    As Antarctica changes, Australian scientists must be there to analyse, understand and report back. To do that, improvements are needed, including new vessels and longer-term funding. This report is the first step.

    The government is yet to formally respond to the report’s recommendations. Let’s hope it takes heed of the findings.

    Jane Younger receives funding from the Australian Research Council, WIRES Australia, the Geoffrey Evans Trust and the National Geographic Society.

    – ref. This is Australia’s only icebreaker. Here’s why experts say we need another – https://theconversation.com/this-is-australias-only-icebreaker-heres-why-experts-say-we-need-another-249714

    MIL OSI Analysis – EveningReport.nz –