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  • MIL-OSI: Artisan Partners Asset Management Inc. Reports January 2025 Assets Under Management

    Source: GlobeNewswire (MIL-OSI)

    MILWAUKEE, Feb. 11, 2025 (GLOBE NEWSWIRE) — Artisan Partners Asset Management Inc. (NYSE: APAM) today reported that its preliminary assets under management (“AUM”) as of January 31, 2025 totaled $168.4 billion. Artisan Funds and Artisan Global Funds accounted for $80.8 billion of total firm AUM, while separate accounts and other AUM1 accounted for $87.6 billion.

    PRELIMINARY ASSETS UNDER MANAGEMENT BY STRATEGY2    
         
    As of January 31, 2025 – ($ Millions)    
    Growth Team    
    Global Opportunities $      21,585  
    Global Discovery   1,951  
    U.S. Mid-Cap Growth   13,691  
    U.S. Small-Cap Growth   3,233  
    Global Equity Team    
    Global Equity   361  
    Non-U.S. Growth   13,037  
    China Post-Venture   177  
    U.S. Value Team    
    Value Equity   5,077  
    U.S. Mid-Cap Value   2,703  
    Value Income   16  
    International Value Team    
    International Value   45,484  
    International Explorer   436  
    Global Value Team    
    Global Value   30,291  
    Select Equity   335  
    Sustainable Emerging Markets Team    
    Sustainable Emerging Markets   1,600  
    Credit Team    
    High Income   11,806  
    Credit Opportunities   280  
    Floating Rate   77  
    Developing World Team    
    Developing World   4,292  
    Antero Peak Group    
    Antero Peak   2,086  
    Antero Peak Hedge   250  
    International Small-Mid Team    
    Non-U.S. Small-Mid Growth   6,602  
    EMsights Capital Group    
    Global Unconstrained   745  
    Emerging Markets Debt Opportunities   1,017  
    Emerging Markets Local Opportunities   1,223  
         
    Total Firm Assets Under Management (“AUM”) $     168,355  

    1 Separate account and other AUM consists of the assets we manage in or through vehicles other than Artisan Funds or Artisan Global Funds. Separate account and other AUM includes assets we manage in traditional separate accounts, as well as assets we manage in Artisan-branded collective investment trusts, and in our own private funds.
    2 AUM for Artisan Sustainable Emerging Markets and U.S. Mid-Cap Growth Strategies includes $104.6 million in aggregate for which Artisan Partners provides investment models to managed account sponsors (reported on a lag not exceeding one quarter).

    ABOUT ARTISAN PARTNERS
    Artisan Partners is a global investment management firm that provides a broad range of high value-added investment strategies to sophisticated clients around the world. Since 1994, the firm has been committed to attracting experienced, disciplined investment professionals to manage client assets. Artisan Partners’ autonomous investment teams oversee a diverse range of investment strategies across multiple asset classes. Strategies are offered through various investment vehicles to accommodate a broad range of client mandates.

    Investor Relations Inquiries: 866.632.1770 or ir@artisanpartners.com
    Source: Artisan Partners Asset Management Inc.

    The MIL Network

  • MIL-OSI: Dominion Lending Centres Inc. Announces $59.15 million Secondary Private Placement Offering of Class A Common Shares; Provides Preliminary 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

    VANCOUVER, British Columbia, Feb. 11, 2025 (GLOBE NEWSWIRE) — Dominion Lending Centres Inc. (TSX:DLCG) (“DLCG” or the “Corporation”), along with Mauris Family Investments Inc. (an entity controlled by Gary Mauris) and 603908 BC Ltd. (an entity controlled by Chris Kayat and family), announced today that they have entered into an agreement with Desjardins Capital Markets as sole bookrunner and lead agent (the “Agent”), on behalf of a syndicate of agents (together “the Agents”), in respect of a fully marketed offering of up to 7,782,400 class “A” common shares (the “Offered Shares”) to be completed by the Selling Shareholders (as defined below) at a price of $7.60 per Offered Share for gross proceeds to the Selling Shareholders of approximately $59.15 million (the “Offering”). DLCG will not receive any proceeds from the Offering. Mauris Family Investments Ltd. (“MaurisCo”) and 603908 BC Ltd. (“KayatCo”) are collectively referred to herein as the “Selling Shareholders”.

    Gary Mauris, Executive Chairman and CEO, commented, “DLCG has been built by forging strong partnerships; partnerships with owners, brokers, lenders and employees. Today, we are announcing a small sale of shares by Chris and I to make room for a few select shareholders who we believe will make good long term partners as DLCG continues to grow. We will continue to hold more than 50% of the outstanding shares and remain fully committed to stewarding DLCG. We look forward to completing the transaction and welcoming our new institutional shareholders to DLCG.” 

    Prior to the Offering, MaurisCo beneficially owns or controls, directly or indirectly, an aggregate of 23,979,733 class “A” common shares, representing approximately 30.5% of the total issued and outstanding class “A” common shares. Prior to the Offering, KayatCo beneficially owns or controls, directly or indirectly, an aggregate of 23,253,532 class “A” common shares, representing approximately 29.5% of the total issued and outstanding class “A” common shares.   Following the closing of the Offering, MaurisCo will beneficially own or control, directly or indirectly, 20,088,533 class “A” common shares and KayatCo will beneficially own or control, directly or indirectly, 19,362,332 class “A” common shares, representing 25.5% and 24.6%, respectively, of the issued and outstanding class “A” common shares.

    Closing of the Offering is expected to be on or about February 28, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals.

    The Offered Shares will be offered on a “best efforts” basis in each of the provinces of Canada by way of private placement to “accredited investors” or pursuant to other available prospectus exemption under National Instrument 45-106 – Prospectus Exemptions. The Offered Shares may also be offered to accredited investors in the United States pursuant to Section 4(a)(2) of the U.S. Securities Act of 1933, as amended, (the “U.S. Securities Act”) or in such other manner as to not require registration under the U.S. Securities Act, and on a private placement to other international purchasers. The Offered Shares will be subject to a four month hold period under applicable securities laws.

    Preliminary Year-End and Fourth Quarter 2024 Results

    The Corporation is pleased to announce the following preliminary (unaudited) results:

    • Funded mortgage volume for the fiscal year ended December 31, 2024 was $67.4 billion and total funded mortgage volume for the three months ended December 31, 2024 (“Q4”) was $19.6 billion, with momentum continuing as January 2025’s volume of over $5.7 billion was a record for any January in the Corporation’s history;
    • Revenue for the year is expected to be between $76.5 million and $77.0 million and total revenue for Q4 is expected to be between $22.0 million and $22.5 million; and
    • Adjusted EBITDA for the year is expected to be between $35.4 million and $36.1 million and adjusted EBITDA for Q4 is expected to be between $9.6 million and $10.4 million.(1)

    Note:

    (1) Estimated “Adjusted EBITDA” for the year ended December 31, 2024 and for the three months ended December 31, 2024 are non-IFRS measures. As contemplated by National Instrument 51-112 – Non-GAAP and Other Financial Measure Disclosure of the Canadian Securities Administrators (“NI 51-112”), because the Adjusted EBITDA for the year ended December 31, 2024 and for the three months ended December 31, 2024 are preliminary calculations, they also may be considered forward-looking non-IFRS financial measures. As required by NI 51-112, the “equivalent historical non-GAAP financial measure” for the Corporation is “Adjusted EBITDA” for the nine months ended September 30, 2024 of $25.746 million and for the three months ended September 30, 2024 of $12.218 million, as disclosed in the Corporation’s MD&A dated November 5, 2024 (the “Interim MD&A”). See “Non-IFRS Financial Performance Measures” in the Interim MD&A for a reconciliation of Adjusted EBITDA to Income Before Income Tax, which is the most directly-comparable measure calculated in accordance with IFRS.

    As previously announced, the Corporation acquired (the “Preferred Share Acquisition”) all issued and outstanding series I class B preferred shares in exchange for class “A” common shares and cash on December 17, 2024 (the “Preferred Share Closing Date”). The Preferred Share Acquisition was initially announced on October 2, 2024 (the “Preferred Share Announcement Date”). During the time between the Preferred Share Announcement Date and the Preferred Share Closing Date, the closing price for the class “A” common shares increased. This closing price was applied to the share consideration issued, creating a significant non-cash loss on the Preferred Share Acquisition, due to the difference between the consideration granted for the preferred shares and their book value (which had been recorded at their amortized cost). As such, the Corporation expects to record a net loss for the year ended December 31, 2024 of between $125.8 million and $128.8 million.

    Final revenue, adjusted EBITDA and net loss amounts will be included in the Corporation’s audited annual financial statements, which the Corporation anticipates will be released on or about March 27, 2025.

    Forward-Looking Non-IFRS Financial Performance Measures
    Management presents adjusted EBITDA, a non-IFRS financial performance measure, which we use as a supplemental indicator of our operating performance. This non-IFRS measure does not have any standardized meaning, and therefore is unlikely to be comparable to the calculation of similar measures used by other companies and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Non-IFRS measures are defined and reconciled to the most directly-comparable IFRS measure. Although the Corporation has provided forward-looking non-IFRS measures, management is unable to reconcile, without unreasonable efforts, forward-looking adjusted EBITDA to the most comparable IFRS measure, due to unknown variables and uncertainty related to future results. See “Non-IFRS Financial Performance Measures” in the Interim MD&A for a reconciliation of Adjusted EBITDA for the three and nine months ended September 30, 2024, which is the “equivalent historical non-GAAP financial measure”, to Income Before Income Tax, which is the most directly-comparable measure calculated in accordance with IFRS. The Corporation’s MD&A is available on SEDAR+ at www.sedarplus.ca.

    Forward-Looking Information
    Certain statements in this document constitute forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate,” “believe,” “estimate,” “will,” “expect,” “plan,” or similar words suggesting future outcomes or outlooks. Forward-looking information in this document includes, but is not limited to: the timing and anticipated closing of the Offering; the obtaining of all necessary approvals, and the expected revenue, adjusted EBITDA and net loss for the three months and year ended December 31, 2024.

    Such forward-looking information is based on many estimates and assumptions, including material estimates and assumptions, related to the following factors below that, while considered reasonable by the Corporation as at the date of this press release considering management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include, but are not limited to:

    • Changes in interest rates;
    • The DLC Group’s ability to maintain its existing number of franchisees and add additional franchisees;
    • Changes in overall demand for Canadian real estate (via factors such as immigration);
    • Changes in overall supply for Canadian real estate (via factors such as new housing-start levels);
    • At what period in time the Canadian real estate market stabilizes;
    • Changes in Canadian mortgage lending and mortgage brokerage laws and regulations;
    • Changes in the Canadian mortgage lending marketplace;
    • Changes in the fees paid for mortgage brokerage services in Canada;
    • Demand for the Corporation’s products remaining consistent with historical demand; and
    • Demand for the Corporation’s class “A” common shares and the satisfaction of the conditions to closing of the Offering

    Many of these uncertainties and contingencies may affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All forward-looking statements made in this document are qualified by these cautionary statements. The foregoing list of risks is not exhaustive. The forward-looking information contained in this document is made as of the date hereof and, except as required by applicable securities laws, we undertake no obligation to update publicly or revise any forward-looking statements or information, whether because of new information, future events or otherwise.

    About Dominion Lending Centres Inc.
    Dominion Lending Centres Inc. is Canada’s leading network of mortgage professionals. DLCG operates through Dominion Lending Centres Inc. and its three main subsidiaries, MCC Mortgage Centre Canada Inc., MA Mortgage Architects Inc. and Newton Connectivity Systems Inc., and has operations across Canada. DLCG extensive network includes over 8,500 agents and over 500 locations. Headquartered in British Columbia, DLC was founded in 2006 by Gary Mauris and Chris Kayat.

    DLCG can be found on X (Twitter), Facebook and Instagram and LinkedIn @DLCGmortgage and on the web at www.dlcg.ca

    Contact information for the Corporation is as follows:

    Eddy Cocciollo
    President
    647-403-7320
    eddy@dlc.ca
    James Bell
    EVP, Corporate and Chief Legal Officer
    403-560-0821
    jbell@dlcg.ca
     
         

    NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    The MIL Network

  • MIL-OSI: POET’s Chairman & CEO Provides Business Update

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly-integrated optical engines and light sources for Artificial Intelligence networks, today issued its “2025 Outlook” letter to shareholders from its Chairman and Chief Executive Officer, Dr. Suresh Venkatesan, providing a review of the market, the Company’s customers, the progress toward meeting the demand for AI infrastructure and an early look at what the Company is planning for 2025, including its participation in the Optical Fiber Communications Conference (OFC) in San Francisco (March 31-April 3, 2025).

    Turning Vision into Reality
    POET’s strategic vision of becoming a global leader in chip-scale photonics solutions based on our unique POET Optical Interposer™ platform technology is closer than ever. Our vision came into sharp focus about a year ago as demand exploded for high-speed transceivers that enable Artificial Intelligence software programs and the systems that they run on to communicate with users at light speed.

    For the past year we have been intensely focused on developing and manufacturing a suite of optical engines that meet not just the current demand for 800Gbps transceiver speeds, but also, when combined into multiples, are expected to address customer needs at the next two generations of products, providing pluggable module solutions at 1.6Tbps and 3.2Tbps. Over the same period, our customers have been designing modules based on POET’s optical engines and are preparing to market these modules to the top tier of AI network systems companies around the globe. Step by step along the way, our engineers have worked with their teams to build customized solutions for the data center giants that are building out an enormous AI infrastructure.

    Several industry experts have recognized our groundbreaking innovations in AI hardware based on the POET Optical Interposer, with awards and recognitions, including the AI Breakthrough Award, Winner of Global Tech’s “Best in Artificial Intelligence” award, and the Gold Medal from the Merit Awards as “AI Innovator of the Year”.

    Demand for AI is Outpacing Capacity
    In recent news reports, several companies, including Microsoft and AWS, have openly stated that they can’t keep up with the demand for AI. Commitments to invest in AI infrastructure, from the U.S. government’s $500 billion funding of the Stargate project to the plan from the big tech companies to spend $325 billion in the coming years, punctuate the opportunity in front of POET. Amazon alone has said it will commit $100 billion to AI spending to deal with the constraints on capacity its data centers face.

    These proposals have shattered forecasts for optical transceiver demand. The growth rate in optical transceiver sales is expected to expand at an annual rate of 56.5%, reaching 31.9 million units of 400Gbps or greater speeds in 2025, according to TrendForce. POET expects to play a leading role in that market with our optical engines that are designed to fuel the next generation of optical transceivers. The recent news of China’s DeepSeek R1 and Alibaba’s QWen outpacing more well-known AI models likely only helps POET, because their lower cost and reduced complexity makes AI development more accessible to a wider range of companies. Advanced chip-scale hardware solutions such as those offered by POET will be even more relevant to meeting this higher demand.

    POET’s Customer Base
    POET’s largest customers, Foxconn Interconnect Technologies (FOIT) and Luxshare Tech, are large suppliers of network equipment, systems and components to hyperscale data centers. Both companies are developing a variety of high speed solutions to help satisfy demand for 800Gbps and higher speed transceivers. POET is supplying advanced optical engines and working directly with these companies and others to enter the high speed transceiver market rapidly and efficiently. POET’s optical engines allow multiple types of direct and multiplexed versions to be utilized in a common module design, thereby improving customer R&D efficiency and time to market. Enabling time to market gains for new entrants into the optical module market is a key competitive advantage for POET.

    Mitsubishi Electric is among the world’s largest suppliers of the lasers that drive optical modules. POET is working with Mitsubishi to enable them to introduce one of the most advanced high-speed Electro-absorption Modulated Lasers (EMLs). We are integrating Mitsubishi Electric’s 400G EMLs into the POET Optical Interposer, along with drivers, optical waveguides, and other key functional building blocks to produce 1.6Tbps optical engine chipsets. When complete, the 1.6Tbps solution will achieve the most advanced level of chip scale integration yet accomplished for EML lasers.

    Behind the Scenes
    Three major initiatives during the past several months can give some insight into how the Company is preparing to meet the demand for our AI Infrastructure hardware.

    The first has been our ability to substantially strengthen the Company’s balance sheet, adding over $110 million in cash, including our pending, fully subscribed $25 million public offering. This capital will allow us to execute on our near-term manufacturing expansion and give us maximum flexibility to grow into other markets with our versatile Optical Interposer platform. Our recently announced project in the financial services industry is just one example.

    On the manufacturing front, we have acquired control over Super Photonics Xiamen (SPX), which allowed us to execute a diversified manufacturing strategy by establishing a relationship with Globetronics in Malaysia. Together, POET and Globetronics will build out a full wafer-scale assembly and test operation for optical engines. The proximity of our long-term wafer foundry partner, Silterra Malaysia, gives us additional operational flexibility. The Malaysian ecosystem for semiconductors is extremely supportive of POET’s efforts and provides a convincing demonstration of the Company’s ability to scale to the volume requirements of our customers.

    The third internal effort has been a reorganization of the Company along functional lines, which provides broader customer reach, more intensive customer engagement, and focuses the organization on revenue generation for 2025 and beyond.

    What’s Next?
    As our optical engines and light source efforts accelerate, we are also innovating to be ahead of the market with other products. This includes a novel Optical Interposer-based laser that we expect will achieve a level of speed and bandwidth in data transfer that AI developers and hyperscalers will demand, and be at a price point that enables the market for chip-to-chip light-based data communications to expand rapidly. We expect to demonstrate this new product in the second half of 2025.

    The OFC Conference has always been the main opportunity for POET to demonstrate our capabilities, to capture the attention of new customers and convert those who had previously expressed interest in our solutions. At this year’s OFC Conference in San Francisco, we plan to showcase all of our new products, including the most advanced optical engine we have ever developed. We anticipate that we will be one of only a handful of companies able to demonstrate a production-ready 1.6Tbps transmit optical engine at OFC. With the Company’s commercialization efforts well underway, customers can be assured we have the technology, cost structure, and capacity to meet their needs.

    As the year unfolds, POET is in an ideal position to capitalize on the massive AI infrastructure spending that is underway. POET shareholders can expect more news as we achieve our ambitions for additional design wins, market penetration and revenue.

    About POET Technologies Inc.
    POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers.  POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems.  POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles.  POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore.  More information about POET is available on our website at www.poet-technologies.com.

    Forward-Looking Statements
    This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high speed transceiver solutions and its penetration of the Artificial Intelligence hardware markets.

    Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its customers, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce optical engines on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

    Neither 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.
    120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

    The MIL Network

  • MIL-OSI: Outbrain Announces Closing of New Senior Secured Notes Due 2030

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — Outbrain Inc. (NASDAQ: OB), which is operating under the new Teads brand, today announced the successful closing of its Rule 144A/Reg S private offering (the “Offering”) of $637.5 million in aggregate principal amount of 10.000% senior secured notes due 2030 (the “Notes”) at an issue price of 98.087% of the principal amount thereof in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”).

    The size of the Offering was increased from the previously announced $625.0 million aggregate principal amount. The Notes will be guaranteed, jointly and severally on a secured, unsubordinated basis by Outbrain and each existing and future wholly owned subsidiary of Outbrain that becomes a borrower, issuer or guarantor under Outbrain’s super senior secured revolving credit facility.

    The proceeds of the Offering were used, together with cash on hand, to repay in full and cancel the indebtedness incurred under the senior secured bridge facility (the “Bridge Facility”), including accrued and unpaid interest thereon, that was used to finance and pay costs related to the acquisition of Teads, as well as pay fees and expenses incurred in connection with the Offering and the Bridge Facility refinancing.

    About The Combined Company 
    Outbrain Inc. (Nasdaq: OB) and Teads combined on February 3, 2025 and are operating under the new Teads brand. The new Teads is the omnichannel outcomes platform for the open internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes, the combined company ensures value is driven with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, the new Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, with a global team of nearly 1,800 people in 36 countries.

    To learn more, visit www.outbrain.com or www.teads.com

    Media Contact

    press@outbrain.com

    Investor Relations Contact

    IR@outbrain.com

    (332) 205-8999

    The MIL Network

  • MIL-OSI: Ingersoll Rand Sets Industry Standards for Sustainable Progress

    Source: GlobeNewswire (MIL-OSI)

    • Ingersoll Rand earns “A List” rating from CDP in the environmental stewardship category for the second year in a row
    • Ranked #1 globally in the Machinery and Electrical Equipment industry with a top 1% score on the 2024 S&P Global Corporate Sustainability Assessment and included on the Dow Jones Best-in-Class Indices for the third year in a row
    • Near-term and net-zero Scope 1, 2, and 3 targets approved by the Science Based Targets initiative (SBTi), validating Ingersoll Rand’s proposed emission reduction strategy
    • Named to TIME’s inaugural list of World’s Best Companies in Sustainable Growth

    DAVIDSON, N.C., Feb. 11, 2025 (GLOBE NEWSWIRE) — Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and life science and industrial solutions, continues to demonstrate meaningful progress against its ambitious sustainability strategy and goals with new recognition from CDP, the Dow Jones Best-in-Class Indices (previously the Dow Jones Sustainability Indices), the Science Based Targets initiative (SBTi), and TIME.

    As of February 6, 2025, Ingersoll Rand has been recognized with an “A List” rating by CDP for its effective climate change actions and environmental leadership. Our company stands out among over 22,000 evaluated for its greenhouse gas reduction, sustainable product design, and climate management strategies.

    As of February 10, 2025, Ingersoll Rand received a score of 81 out of 100 on the 2024 S&P Global Corporate Sustainability Assessment. The company remained in the top 1% of companies in our industry (IEQ Machinery and Electrical Equipment industry) and was included in the Dow Jones Best-in Class World and North America Indices for the third consecutive year.

    In addition, Ingersoll Rand was included on TIME’s inaugural list of the World’s Best Companies in Sustainable Growth, and its near-term and net-zero targets have been validated for Scope 1, 2, and 3 by the SBTi.1 The TIME award and approval of targets by SBTi reinforce Ingersoll Rand’s commitment to both financial growth and sustainable leadership.

    “Being recognized as an industry leader demonstrates how Ingersoll Rand is living our purpose of Making Life Better,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “From our new product development process to our revenue growth strategy and our commitment to employee safety, we are setting the standard for what it means to leverage sustainability to drive long-term shareholder value.”

    A replay of Ingersoll Rand’s 2024 sustainability investor call and presentation can be found here.

    1 Details on Ingersoll Rand’s validated targets are available on the SBTi dashboard: https://sciencebasedtargets.org/companies-taking-action#dashboard.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

    These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

    Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    About Ingersoll Rand Inc.

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    The MIL Network

  • MIL-OSI Economics: Fannie Mae Announces Scheduled Release of Fourth Quarter and Full-Year 2024 Financial Results

    Source: Fannie Mae

    WASHINGTON, DC – Fannie Mae (FNMA/OTCQB) today announced plans to report its fourth quarter and full-year 2024 financial results on Friday morning, February 14, 2025, before the opening of U.S. financial markets.

    Fannie Mae has scheduled a conference call to discuss the company’s results at 8:00 a.m., ET, on February 14, 2025.

    Prior to the call, the company’s fourth quarter and full-year 2024 earnings news release, annual report on Form 10-K, and other supplemental information will be available on the company’s Quarterly and Annual Results webpage at fanniemae.com/financialresults. Following the call, a transcript will be published to the same webpage and will remain available until our next quarterly earnings announcement.

    CONFERENCE CALL PARTICIPATION DETAILS – Fannie Mae Fourth Quarter and Full-Year 2024 Financial Results

    Event day and time
    Friday, February 14, 2025
    8:00 AM (ET)

    Listen-only webcast: 
    https://event.webcasts.com/starthere.jsp?ei=1704775&tp_key=159ba11bd8
    Click on the link above to attend the presentation from your laptop, tablet, or mobile device. Audio will stream through your selected device. If you have difficulty accessing the webcast, please click the “Listen by Phone” button on the webcast player and dial the number provided.

    MIL OSI Economics

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Commend Belize on Advancing Education for Women and Girls, Raise Questions on Gang Warfare and Gender-Based Violence and on Female Healthcare

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today concluded its consideration of the combined fifth to ninth periodic report of Belize, with Committee Experts commending the State for advancing education for women and girls, while raising questions on gender-based violence in the context of gang warfare and on access to healthcare for women and girls.

    A Committee Expert commended the State party for advancing the rights of women and girls to education, including through the creation of the Belize Education Upliftment Programme launched to improve access to education for students from low-income households. Additionally, the Committee commended the State party for introducing compulsory psychosocial support sessions for children aged five and six, aimed at building their emotional intelligence, self-esteem, and positive behaviours for building relationships.

    Another Expert said the pervasive gender-based violence in Belize needed to be considered in the context of high levels of insecurity, and of proliferation of firearms and their possession and use by criminal networks and armed gangs. About 65 per cent of women and girls who were murdered were victims of gender-related murders or femicide, and 50 per cent of these murders were committed with firearms. What measures would the State party undertake to guarantee quality support services for women survivors of gender-based violence? Another Expert said gang warfare had impacted many women in Belize, including putting them at risk of gender-based violence. How did the Government ensure services for gang-impacted women?

    A Committee Expert said the Committee appreciated that the Government had removed all fees in public hospitals and was very impressed at the recent decision to waive all taxes on female sanitary products. Could statistics on minor girls’ pregnancies and births be provided? What did the State party plan to do to fight the phenomenon of teenage pregnancy? It was concerning that abortion was only permitted in a few circumstances. Did the State party plan to change its criminal law so women and girls could safely access services to terminate unplanned pregnancy? Could statistics on the prevalence of HIV/AIDS be provided? Was radiotherapy, including for breast cancer, still not available in the country?

    The delegation said Belize was carrying out measures to tackle gun violence and drug imports, including through daily policing efforts and conducting regular border checks. There was a close connection between gangs, drugs and guns. Significant work was being done to reach out to vulnerable communities and youth, guiding them away from guns. Interventions and mediations between rival groups was carried out to enhance the security of citizens. Efforts had been made to strengthen reporting around gender-based violence and gun violence. While the data was available, there needed to be further analysis. The State would focus efforts on this.

    The delegation said Belize had taken steps to address the legal and procedural barriers in women’s health services, particularly in regard to access to medical termination of pregnancy. The Government had invested over 200,000 USD in providing contraceptives. Mobile health clinics continued to be implemented within all villages. Mothers received counselling before contraceptives were provided, ensuring informed decision-making. The Government recognised the challenges faced by women in accessing comprehensive cancer care, including the lack of radiotherapy, requiring travelling abroad. Radiotherapy was not feasible for in-country infrastructure, and the Government therefore aimed to provide support and financial aid to women requiring these services. In 2023, Belize eliminated woman to child transmission of HIV and syphilis, which was a landmark medical achievement.

    Introducing the report, Elvia Vega Samos, Minister of State in the Ministry of Human Development, Families and Indigenous Peoples’ Affairs of Belize and head of the delegation, said the National Gender Policy 2024–2030 represented a landmark achievement in Belize’s ongoing efforts to promote gender equality, providing a comprehensive framework addressing gender-responsive healthcare, education, economic empowerment, institutional strengthening, women’s leadership, and the elimination of gender-based violence. While these achievements demonstrated progress, challenges persisted, including constraints in adequately staffing and retaining professionals in key gender and social service sectors, as well as insufficient investments and funding.

    In closing remarks, Ms. Vega Samos expressed sincere appreciation for the meaningful dialogue. Belize was proud of the progress made. However, the State recognised that challenges remained, particularly when addressing gender-based violence, inequality and the disproportionate impact of climate change.

    In her closing remarks, Nahla Haidar, Committee Chair, thanked Belize for the constructive dialogue which had provided further insight into the situation of women in the country.

    The delegation of Belize was comprised of representatives of the Ministry of Human Development, Families and Indigenous Peoples’ Affairs and the National Women’s Commission.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February. All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage. Meeting summary releases can be found here. The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet at 10 a.m. on Wednesday, 12 February to begin its consideration of the eighth periodic report of Congo (CEDAW/C/COG/8).

    Report

    The Committee has before it the combined fifth to ninth periodic report of Belize (CEDAW/C/BLZ/5-9).

    Presentation of Report 

    ELVIA VEGA SAMOS, Minister of State in the Ministry of Human Development, Families and Indigenous Peoples’ Affairs of Belize and head of the delegation, said since the last review, Belize had made significant progress in advancing legal protections and rights for women and girls, including through the enactment of the National Women’s Commission Act in 2023, which formalised the Commission’s role in advancing gender equality and ensuring alignment with the principles of the Convention.

    Other key pieces of legislation included the Domestic and Intimate Partner Violence (Prohibition) Act, which addressed gaps in access to justice and enhanced protections for survivors of gender-based violence; the passage of the Marriage (Amendment) Bill 2024, which raised the legal age of marriage to 18 and prohibited parental consent for minors to marry; a revised and stronger Anti-Sexual Harassment Act, which strengthened workplace protections against harassment; amendments to the Married Women’s Property Act, which expanded women’s economic rights; the Disabilities Act, which reinforced the rights of women and girls with disabilities; the Cybercrime Act 2021, which offered additional legal protections for women and girls in digital spaces; and the Trafficking in Persons (Prohibition) Act, 2013, which addressed labour and sex trafficking and forced marriage.

    Belize had also acceded to the Inter-American Convention on Protecting the Human Rights of Older Persons, reinforcing its commitment to safeguarding the rights and well-being of older women.

    The National Gender Policy 2024–2030 represented a landmark achievement in Belize’s ongoing efforts to promote gender equality, providing a comprehensive framework addressing gender-responsive healthcare, education, economic empowerment, institutional strengthening, women’s leadership, and the elimination of gender-based violence.

    Belize had developed and implemented gender-based violence multisectoral protocols alongside the gender-based violence referral mechanism and pathway, improving collaboration among law enforcement, healthcare providers, legal aid services, and social support agencies, and ensuring more timely and effective interventions. Gender-based violence hotlines now provided 24/7 crisis assistance, using multiple modalities such as regular calls, SMS, and WhatsApp. Belize had also advanced efforts to improve gender-based violence data collection, coordination, and reporting efficiency through the integrated data collection and reporting system.

    Belize continued to make progress in increasing women’s representation in leadership across various sectors, strengthening governance and fostering inclusive policies. Promoting gender parity remained a national priority. Women now accounted for 22 per cent of Belize’s National Assembly, the highest representation in the country’s history. The establishment of the Women’s Parliamentary Caucus in 2023 was a powerful step forward in creating an inclusive and equitable legislative environment, acting as a formal platform to discuss gender related issues, addressing legislative gaps, advocating for policy changes, and promoting women’s leadership.

    Training programmes under the engaging men and boys initiative had fostered community dialogues and challenged harmful gender norms, supporting women’s participation in leadership roles. Women led major judicial and prosecutorial offices, including the naming of an acting female Chief Justice in 2019 and the appointment of a female Chief Justice in 2022.

    The State had intensified efforts to enhance women’s economic participation through targeted initiatives and policy reforms. Over 1,000 women had received training in business strategy, digital skills, and entrepreneurship through initiatives like the Belize Women’s Economic Empowerment Project. The Decent Work Country Programme, launched in 2024, focused on women’s economic empowerment through skills training, labour rights awareness, and access to financial resources. Programmes such as BOOST (Building Opportunities for our Social Transformation) addressed multidimensional poverty and supported female-headed households through targeted cash transfers and vocational training.

    Belize had made strides in integrating gender-sensitive approaches into education, including introducing a Science, Technology, Engineering, Arts, and Math Academy to encourage girls’ participation in high-income careers. Comprehensive sexuality education had been integrated into the National Health Curriculum to address social norms and promote gender equality, and programmes targeting school dropout rates among girls due to early pregnancies or child marriage had been initiated, ensuring continuity in education for young mothers.

    While these achievements demonstrated progress, challenges persisted, including constraints in adequately staffing and retaining professionals in key gender and social service sectors, as well as insufficient investments and funding. Gender-based violence remained prevalent, with Belize recording a five per cent increase in domestic violence cases in 2023. The National Gender-Based Violence Action Plan and its accompanying behavioural change communication campaign, “it ends with me,” aimed to challenge harmful norms and reduce violence against women and girls.

    As a small island developing State, Belize faced disproportionate impacts of climate change, which heightened vulnerabilities for women, particularly in rural and indigenous communities. The National Climate Change Gender Action Plan addressed these intersecting challenges, promoting resilience and adaptation strategies. Indigenous women, women with disabilities, and lesbian, gay bisexual, transgender and intersex persons faced compounded barriers to accessing justice, healthcare, and economic opportunities. Initiatives like the Essential Services Package for Women Subject to Violence ensured holistic support for marginalised groups.

    The Government of Belize remained steadfast in its dedication to fully realising gender equality. The roadmap for the future included expanding access to gender-responsive social services; enhancing data systems to ensure evidence-based policymaking; strengthening partnerships with civil society, development partners, and international organizations; advocating for removing of cultural and structural barriers that hindered women’s full participation; promoting initiatives targeting young women and girls; and strengthening the legislative framework. Ms. Vega Samos reaffirmed Belize’s commitment to the Convention and welcomed the Committee’s recommendations.

    Questions by Committee Experts

    RHODA REDDOCK, Committee Vice-Chair and Country Rapporteur for Belize, said the dialogue was taking place in a context of extensive gang and gun violence linked to narco-trafficking which affected Belize and the wider Caribbean and Central America. What had been the implications of this for women’s rights and gender equality, and what were the State’s efforts in this regard? In 1990, Belize signed and ratified the Convention and in 2002, it acceded to its Optional Protocol, one of only three Caribbean Community (CARICOM) countries to do so. Unfortunately, there were reservations on articles 8 and 9, which removed access to the inquiry mechanism of the Optional Protocol, reducing its efficacy for Belizean women and Girls. Would the State party reconsider the reservations on articles 8 and 9 of the Optional Protocol to ensure the expansion of rights for Belizean women and girls?

    Ms. Reddock commended the State party on developments since the last dialogue in 2007, including the 2011 amendment of the Labour Act Ch 297 to protect workers from unfair dismissal and unequal treatment due to pregnancy, HIV status, or filing a sexual harassment complaint; the 2013 Criminal Code amendments to strengthen penalties for sexual crimes; the 2016 decriminalisation of same sex unions; and in April 2023 – a waiver of general sales tax on feminine hygiene products, which was very important. However, the Committee remained concerned, at the lack of implementation of many of the important laws and mechanisms.

    What mechanisms were in place to monitor and evaluate impact, and report on progress in the implementation of the new laws and mechanisms? In 2023, Belize enacted the Legal Aid Act to ensure legal assistance to improve access to justice. What was its implementation status?

    Were there plans to domesticate the Convention into local legislation to ensure the applicability of all its provisions? Did the State party plan to incorporate indigenous rights into the Constitution or specific national legislation? Ms. Reddock commended the State party on the 2018 Gender Equality Protocol for Judicial Officers, and efforts to enhance the capacity of Magistrates Courts and the Family Court to enhance protection for women and girls. What had been the impact of these new legal mechanisms in improving access to justice for women and girls in rural and urban communities?

    Responses by the Delegation

    The delegation said Belize retained its reservations to articles 8 and 9 but recognised the importance of accessing mechanisms for redress. Where allegations arose concerning the matters covered under the Convention, the State held that mechanisms could be established to ensure due process and accountability, within the country’s legal framework.

    The National Women’s Commission provided ongoing education and support to women and girls. It also encompassed workshops, roundtables and community affairs. Special legal clinics were held twice a year targeting vulnerable populations.

    As part of the process of the implementation of the laws, the National Women’s Commission was positioned as the policy and advisory arm in this regard and was supporting in terms of the implementation. The Commission took the lead in terms of advocacy and promoting the acts. There were also national gender and gender-based violence committees, comprised of members of Governments, non-governmental organizations and other partners, that also provided advocacy support and advice on the implementation of the laws. The State understood that more needed to be done to improve the monitoring and reporting in this regard.

    Questions by Committee Experts

    A Committee Expert congratulated Belize on the steps taken to transform the National Women’s Commission into an independent body, as well as steps taken to improve the Sub-Committees. What percentage of the budget of the institutions was covered from the regular budget of the State party, and what percentage depended on external financing? What steps were being taken to guarantee the participation of indigenous women in the drafting and assessment of policies which concerned them? When would Belize have a national human rights institution in place which was in line with the Paris Principles?

    Another Expert said women faced persistent challenges during the reporting period, regarding the electoral process. The 2021 municipal elections marked significant progress with 22 per cent of female members of parliament, but this was far below the level of parity. When would the State party impose a gender quota for increasing the political participation of women? Would the State party consider adopting temporary special measures to increase access to education for rural women and girls?

    Responses by the Delegation

    The delegation said 60 per cent of the budget of the National Women’s Commission was provided by the Government while 40 per cent was provided by external funding. A roadmap had been approved for transforming the Office of the Ombudsman into the National Human Rights Institution, which was currently under implementation. There was no specific timeline, but a process was underway to expand the mandate of the Ombudsman and ensure the sustainability of the Human Rights Commission. A Committee, consisting of representatives of the Government, civil society, and academic and international partners was monitoring this process. The Office of the High Commissioner for Human Rights had offered technical capacity building in this regard.

    Belize had a Women’s Parliamentary Caucus with a strategic plan. The State would continue to undertake advocacy and ensure changes were made to ensure more women were involved in politics at the higher level.

    Questions by Committee Experts

    A Committee Expert said research showed that half of the women in Belize experienced violence at some point in their life. Early marriages and unions still existed as a harmful practice. How would the State party ensure the monitoring of measures of tackling harmful gender stereotypes and cultural practices? The State party was commended for legislation and policy measures to combat gender-based violence. Despite these important steps, women and girls continued to be the main victims of both domestic and sexual violence, with 99 per cent of the victims of sexual violence being females.

    The pervasive gender-based violence in Belize needed to be considered in the context of high levels of insecurity, and of proliferation of firearms and their possession and use by criminal networks and armed gangs. About 65 per cent of women and girls who were murdered were victims of gender-related murders or femicide, and 50 per cent of these murders were committed with firearms. What measures would the State party undertake to guarantee quality support services for women survivors of gender-based violence? Did the State party provide support to women’s non-governmental organizations which provided these services? How many shelters existed?

    Was the practice of mobile women’s centres maintained? How many centres were available in rural and indigenous communities? What programmes were in place for controlling and eliminating the provision of weapons? What was the timeline for explicitly including the crime of femicide within the Penal Code?

    Another Expert commended the State party for legal reforms in trafficking; however, no new prosecutions had been enacted within the last two years. What would be done to improve judicial efficiency? How would the State party ensure adequate sentencing in line with the severity of the crime? What was the timeline for the implementation of the National Action Plan on Trafficking? Would the State party allocate adequate resources to shelters for victim assistance?

    Could information be provided on the new labour policy? What was being done to provide oversight on labour recruitment? How would Belize enhance victim identification and screening processes, including in groups such as Cuban medical workers? What actions did the State party take to address the trafficking and exploitation of Mayan girls? What was being done to prevent the sexual exploitation of children in tourist regions? How was the Government addressing the involvement of international actors in these crimes? What measures was the Government taking to address the underground nature of sex trafficking since the pandemic?

    Responses by the Delegation

    The delegation said the engagement of the men and boys programme began in 2020 and involved men and boys as advocates. Men from all facets of society were trained all over the country, including from indigenous populations. Around 1,000 men and boys had been trained, and many more had expressed willingness to be involved in the programme. Uniformed services participated in the training and masculinity and femininity were key components of the training programme. The State was aiming to establish a national shelter strategy to cater to the different types of shelters necessary, to provide short- and long-term care, including emergency services.

    The work of the Anti-Trafficking in Persons Council had been to strengthen overall operations and ability to convict. There had not been programmes which strategically targeted vulnerable groups. However, campaigns were being promulgated in rural and hard-to-reach areas to support victims and survivors.

    In 2023 and 2024, there were 10 women killed as a result of femicide. The State needed a multisectoral analysis approach; this was currently a weak area which needed to be improved.

    Gender training was provided at the Police Academy as part of the training requirements for police.

    Questions by Committee Experts

    A Committee Expert said the number of women candidates at the last elections was very low, at 14.8 per cent. In view of the upcoming elections this year, were there any concrete measures planned to increase the number of women in parliament? What were the plans and strategies of the Women’s Parliamentary Caucus? How was it resourced?

    The high number of women working in the judiciary in Belize was impressive and should be seen as an example for other countries. The current Governor-General of Belize was a woman; the first indigenous governor-general from the Americas in the Commonwealth. The Committee also welcomed the new gender policy which looked to advance women in politics and government. What measures were being taken to implement goal number five of the gender policy? Who was responsible for implementing the activity? How would the Government strengthen women’s advocacy groups? Could more information be provided about the representation of women, including indigenous women, in Belize’s diplomatic services? What was the percentage of women running in the 2025 elections? 

    Another Expert asked how stateless determination procedures were implemented in Belize? What kind of advocacy programmes were being developed in regard to birth registration? What plans were there to enhance birth registration processes, particularly for migrant women?

    Responses by the Delegation

    The delegation said the implementation of the gender policy was the responsibility of all organizations which provided gender and gender-based violence services. The National Women’s Commission was responsible for the monitoring of the gender policy. Advocacy groups continued to be a treasured partner of the Government and were included in the trainings and in areas where legislation would be passed. Two indigenous forums had been hosted by women and girls to determine areas which needed improvement. Access to health, affordability of health care services and education were key issues which continued to be raised.

    There had been a lot of work relating to birth registration, with key international partners, and numerous mobile clinics rolled out in this regard. In 2023, thousands of births were documented because of the mobile units. There had been a good uptake in the clinics to ensure there were no barriers in terms of access for indigenous persons due to language.

    Thirty rural communities had benefitted from registration campaigns. Special efforts were made to reach indigenous and Mayan communities and migrant populations. There was a strong network on the ground for people who required support.

    Questions by a Committee Expert

    A Committee Expert commended the State party for advancing the rights of women and girls to education, including through the creation of the Belize Education Upliftment Programme launched to improve access to education for students from low-income households. Additionally, the Committee commended the State party for introducing compulsory psychosocial support sessions for children aged five and six, aimed at building their emotional intelligence, self-esteem, and positive behaviours for building relationships.

    What concrete actions was the State party taking to increase enrolment rates and address teen pregnancies in schools. What was being done to support the physical and mental wellbeing of adolescent mothers to support their re-enrolment in school? Could information about the school meal programme be provided? How were nutritional standards being introduced in schools? How was it ensured that nutritious meals were provided at schools? How did the State party ensure the physical and mental safety of girls at school, as well as in the online sphere?

    Responses by the Delegation

    The delegation said the State was committed to ensuring the continuation of education for all, including girls who became pregnant. The “lead like a girl” forum occurred every year, involving 100 high schools around the country whose students competed in challenges, before launching the “lead like a girl” pledge. Efforts were being made to provide nutritious meal options in schools. There was a zero-tolerance approach to bullying within the school environment and continued efforts were in place to strengthen legislation in this regard.

    The child marriage and early union strategy was in place, and a data profile had been developed to understand the state of this phenomenon within the country. The Marriage Act had been amended to increase the age of marriage from 16 to 18. Specific institutional policies were being developed for schools in line with the Convention on the Rights of the Child, and community education was promoted.

    Recently, a master’s degree in social work had been launched from the University of Belize, and other approaches for strengthening social work were also in progress.

    Questions by a Committee Expert

    A Committee Expert commended the State party for its progress in labour and employment, including a decline in the unemployment rate and an increase in the minimum wage across all categories. However, persistent gender disparities remained in the labour force, with women’s participation at around 43 per cent compared to men’s 69 per cent, largely due to domestic and care giving responsibilities. Could the State party elaborate on the decent work programme? What strategies were in place to increase female workforce participation? What measures had been implemented to challenge gender norms which designated unpaid domestic work as a woman’s responsibility?

    What was the current status of the equal opportunities bill and what were the next steps for its advancement? What was being done to enhance the national health insurance system? Was the State party considering accession to the International Labour Organization Convention 189? What specific measures were being implemented to accelerate the reduction of the gender pay gap? The Committee welcomed the new sexual harassment bill endorsed by the Cabinet in 2024. What was its current status and what mechanisms were in place for its implementation?

    Responses by the Delegation

    The delegation said there was a particular focus on vulnerable women, and all efforts within the Ministry had been mobilised in that direction. There was only a small percent of people covered by social security schemes, and the State was aiming to increase participation through targeted outreach and involvement in the social protection scheme. Two cohorts had been tested and piloted which were inclusive of direct training and employment services. The State was aiming to include elements such as free or subsided day care as part of the services provided.

    There was increased access to education and skills training for women, particularly those in rural and indigenous areas. The State was looking at financial incentives for female entrepreneurs to decrease their dependence on low paying jobs. Environmental and social safeguards were being put in place to cater to indigenous communities and their livelihoods.

    Questions by a Committee Expert

    A Committee Expert said the Committee appreciated that the Government had removed all fees in public hospitals and was very impressed at the recent decision to waive all taxes on female sanitary products. Could statistics on minor girls’ pregnancies and births be provided? What did the State party plan to do to fight the phenomenon of teenage pregnancy? It was concerning that abortion was only permitted in a few circumstances. Did the State party plan to change its criminal law that so women and girls could safely access services to terminate unplanned pregnancy?

    Were contraceptives subsidised by the State? If so, which ones and to what extent? What awareness campaigns were planned to enhance safe reproduction health literacy in Belize, especially to address issues such as unsafe abortion and sexually transmitted diseases? Could statistics on the prevalence of HIV/AIDS be provided? Was radiotherapy, including for breast cancer, still not available in the country? What steps were being taken to address maternal mortality? What were the main challenges in ensuring equitable access to health care services for elderly women?

    Responses by the Delegation

    The delegation said Belize had taken steps to address the legal and procedural barriers in women’s health services, particularly in regard to access to medical termination of pregnancy. It was important to ensure parents, individuals and schools received the required information, and that contraception was accessible. The Government had invested over 200,000 USD in providing contraceptives. Mobile health clinics continued to be used within all villages. Mothers received counselling before contraceptives were provided, ensuring informed decision-making. Additional measures were being taken to improve the emergency response for survivors of sexual violence.

    The Government recognised the challenges faced by women in accessing comprehensive cancer care, including the lack of radiotherapy, requiring travelling abroad. Radiotherapy was not feasible for in-country infrastructure, and the Government therefore aimed to provide support and financial aid to women requiring these services. There were oncology centres in different parts of the country. Human papillomavirus screening was available to women aged 30 to 49 and human papillomavirus vaccines were administered to adolescents, reducing the risk of cervical cancer to future generations.

    An estimated 3,700 people were living with HIV in Belize, with the majority of them being males. In 2023, Belize eliminated woman to child transmission of HIV and syphilis, which was a landmark medical achievement.

    When a pregnancy posed a risk to the life of the woman, medical termination was legally allowed. It was also allowed to preserve the mental and physical health of the woman, in cases of rape or incest, and in cases of foetal abnormality. Abortion was an area which was under consideration by the Government.

    Questions by Committee Experts

    A Committee Expert said the Committee welcomed the revised national gender policy, and its establishment of five priority areas. Was there gender-awareness training for loan officers? What training had been undertaken to increase women’s financial literacy? What social protections existed for self-employed women? What measures existed to ensure girls and women in rural areas enjoyed equal opportunity to participate in sports recreationally and professionally?

    Another Expert said Belize contributed less than 0.001 per cent of global emissions, and was a model of the blue economy, which should be congratulated. What was the leadership role of women in the sustainable use of oceans, including women scientists in marine biology? Gang warfare had impacted many women in Belize, including putting them at risk of gender-based violence. How did the Government ensure services for gang-impacted women? How were the laws of gender-based violence made culturally specific for rural women?

    What was the policy of Mayan women’s consent for companies to operate on Mayan land? The Mayans of Toledo lived in close proximity to land where logging had been permitted. What efforts was the State party taking to secure the land rights of the Mayan women? How many female sex workers were incarcerated? Would the State consider decriminalising prostitution? It was hoped that the State would consider some of the archaic language used in certain laws. What was the timeframe for the adoption of the Older Persons Act?

    RHODA REDDOCK, Vice-Chair and Country Rapporteur for Belize, asked if there was recognition of the special needs of women in detention, particularly regarding childbirth? Would the State consider implementing the Bangkok Rules?

    Responses by the Delegation

    The delegation said Belize’s investment and climate action plan aimed at addressing several financial barriers for female entrepreneurs, particularly in rural areas. Measures taken included mentorship programmes, capacity building initiatives, and financial literacy training. The plan mandated that 50 per cent of the training budgets be allocated to women entrepreneurs. The programme also encouraged financial institutions to increase small and medium enterprise lending. These measures collectively aimed to level the playing field, enabling women to access and maximise credit resources for sustainable business success.

    The sports policy for 2025 highlighted areas in the expansion of sports, but the investment in women’s infrastructure needed to be reflected, including support for female athletes and the prevention of gender-based violence in sports. Part of the work of indigenous peoples’ affairs was to ensure that the consent of Mayan women was provided. The social policy took aging into consideration.

    Belize was carrying out measures to tackle gun violence and drug imports, including through daily policing efforts and conducting regular border checks. There was a close connection between gangs, drugs and guns, and significant work was being carried out to reach out to vulnerable communities and youth, guiding them away from guns. Interventions and mediations between rival groups was carried out to enhance the security of citizens.

    Belize had embraced the 30 per cent quotas but the Government now needed to implement these. It was hoped the State would eventually reach fifty-fifty parity. It was currently on paper, but the tangible changes were not yet being seen.

    Efforts had been made to strengthen reporting around gender-based violence and gun violence. While the data was available, there needed to be further analysis. The State would focus efforts on this.

    The State would look at the Bangkok Rules as an additional standard which could also be pursued.

    Questions by a Committee Expert

    A Committee Expert commended Belize for the steps taken to finetune its legal framework in the sphere of family relationships, including the new law on family and childhood and the new law on married persons. What were the most significant proposals contained in these draft laws? In what way did judges incorporate a gender perspective in cases of family violence? Were there any limitations based on women in care work when it came to inheriting from their deceased husbands?

    What was being done to eradicate early and de facto unions? How was the Government engaging with ethnicities in rural areas in this regard? Would the State recognise same sex marriages and de facto unions going forward? What was being done with the general public, particularly men, to raise awareness about early unions?

    Responses by the Delegation

    The delegation said Belize had recently increased the age of marriage to 18, with no exceptions. The courts looked at the best interests of the child, and ensured there was engagement of both parents in their parental ability, and also took into account the risk of harm to the child. There had been some recent work done in terms of inheritance and division of assets. Recognising same sex marriages was part of the continued work being undertaken by the Government. The child marriage and early union strategy aimed to work with young people to understand the implications of early unions, and the type of support available for them.

    The State had engaged pastors and leaders when drawing up the child marriage bill, as they had been the ones responsible for marrying young girls. It was one thing to change the law, but another to change hearts and minds. The Government was striving to implement educational strategies, using the media, social media and posters, to foster behavioural change.

    Closing Remarks

    ELVIA VEGA SAMOS, Minister of State in the Ministry of Human Development, Families and Indigenous Peoples’ Affairs of Belize and head of the delegation, expressed sincere appreciation for the meaningful dialogue. Belize was proud of the progress made. However, the State recognised that challenges remained, particularly when addressing gender-based violence, inequality and the disproportionate impact of climate change. The journey towards gender equality was ongoing, and Ms. Vega Samos thanked all those who had assisted Belize so far in strengthening human rights.

    NAHLA HAIDAR, Committee Chair, thanked Belize for the constructive dialogue which had provided further insight into the situation of women in the country.

     

     

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently. 

     

    CEDAW25.007E

    MIL OSI United Nations News

  • MIL-OSI United Nations: Experts of the Committee on Economic, Social and Cultural Rights Welcome Croatia’s Anti-Discrimination Measures, Raise Issues Concerning Reported Exploitation of Migrant Workers and the Social Benefit Scheme

    Source: United Nations – Geneva

    The Committee on Economic, Social and Cultural Rights today concluded its review of the second periodic report of Croatia under the International Covenant on Economic, Social and Cultural Rights, with Committee Experts commending the State’s law and national action plan against discrimination, and raising issues concerning reported exploitation of migrant workers and the social benefit scheme.

    Karla Vanessa Lemus de Vásquez, Committee Expert and Lead Member of the Taskforce on Croatia, welcomed Croatia’s law against discrimination and the national action plan on combatting discrimination and protecting human rights.

    Joo-Young Lee, Committee Expert and Member of the Taskforce on Croatia, said migrant workers in Croatia were particularly vulnerable to poor working conditions, including non-payment for work, and failure to provide breaks or employment contracts.  What measures had been taken to address labour exploitation of migrant workers?

    Ms. Lee also cited reports that social assistance benefits were inadequate and often not sufficient to cover the cost of living.  What measures had the State party taken to address this?  Why had the number of beneficiaries decreased recently, and why did some regions require recipients of benefits to participate in community service?

    Ivan Vidiš, State Secretary, Ministry of Labour, Pension System, Family and Social Policy of Croatia and head of the delegation, introducing the report, said that the State party was proud of the reforms underway in Croatia.  In early 2023, Croatia joined the Schengen area, and the euro was introduced as a national currency.

    Mr. Vidiš said the National Plan for the Protection and Promotion of Human Rights and Anti-Discrimination for the period up to 2027 was adopted to ensure coordinated action by State administration bodies in the field of human rights protection and anti-discrimination, and to raise awareness of equality.

    On protections for migrant workers, Mr. Vidiš said labour legislation provided for third-country nationals legally working in Croatia to have the same rights as national workers, and the new Act on Combatting Undeclared Work obliged the employer to pay six months of salary to unregistered workers as well as a fine.

    On the social benefit scheme, the delegation said the number of recipients of the guaranteed minimum benefit had been dropping recently, in line with the reduction in unemployment.  The benefit had been increased three times in recent years, and the State party had developed a new Social Welfare Act that would increase the minimum social benefit.  The Act would also allow for persons to be excused from community service activities if they were unable to participate.

    In concluding remarks, Ms. Lemus de Vásquez thanked the delegation for the information shared, which provided insight into the progress achieved and measures planned to give effect to the Covenant in Croatia.  The Committee’s aim was to ensure the full realisation of economic, social and cultural rights for all persons in Croatia.

    Mr. Vidiš, in his concluding remarks, said Croatia was passionate about its work, open about its challenges, and determined to address them.  Economic, social and cultural rights were the cornerstone of the State party’s efforts.  Mr. Vidiš thanked the Committee for its constructive approach to the dialogue.

    In her concluding remarks, Laura-Maria Craciunean-Tatu, Committee Chair, thanked the delegation for the open and constructive way in which it had participated in the dialogue.  The Committee hoped that Croatia would address the Committee’s forthcoming recommendations with a constructive spirit.

    The delegation of Croatia was comprised of representatives from the Ministry of Labour, Pension System, Family and Social Policy; Ministry of Physical Planning, Construction and State Property; Ministry of Science, Education and Youth; Office for Human Rights and Rights of National Minorities; Ministry of Finance; Croatian Employment Service; Ministry of the Interior; Ministry of Health; Ministry of Environmental Protection and Green Transition; Ministry of Foreign and European Affairs; Ministry of Justice, Public Administration and Digital Transformation; and the Permanent Mission of Croatia to the United Nations Office at Geneva.

    The Committee’s seventy-seventh session is being held until 28 February 2025.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Webcasts of the meetings of the session can be found here, and meetings summaries can be found here.

    The Committee will next meet in public at 3 p.m. on Wednesday, 12 February to begin its consideration of the fifth periodic report of Peru (E/C.12/PER/5).

    Report

    The Committee has before it the second periodic report of Croatia (E/C.12/HRV/2).

    Presentation of Report

    IVAN VIDIŠ, State Secretary, Ministry of Labour, Pension System, Family and Social Policy of Croatia and head of the delegation, said that the State party was proud of the reforms underway in Croatia.  In early 2023, Croatia joined the Schengen area, and the euro was introduced as a national currency.  As part of the European Economic Area, Croatia was exposed to inflationary developments caused the pandemic and then the war in Ukraine.  The Government intervened to a limited extent in energy prices and provided seven aid packages, all with the aim of protecting particularly vulnerable population groups.

    The National Plan for the Protection and Promotion of Human Rights and Anti-Discrimination for the period up to 2027 was adopted to ensure coordinated action by State administration bodies in the field of human rights protection and anti-discrimination, and to raise awareness of equality. 

    The State party had implemented a series of measures to strengthen workers’ rights.  The new Act on Combatting Undeclared Workers provided strict measures for employers who did not declare workers, including giving such workers the right to be registered and receive pay, pension and health insurance for the last six months, and foreign workers had access to the same protections as national workers.  Active employment policy measures had resulted in a historically low number of unemployed people.  Unemployment benefits had been increased and amendments had also been made to the labour legislation, laying down provisions on work through digital labour platforms and limiting the use of fixed-term contracts.

    In 2024, the salaries of civil servants and public service employees financed from the State budget were reformed towards a more transparent and fairer system.  The remuneration system for judges and prosecutors had also been revised to ensure that they could work smoothly and independently.  The minimum wage was constantly increasing and had almost doubled compared to 2019.

    To promote the social inclusion of vulnerable groups, the Government had provided increased rights and coverage for these groups in the Social Welfare Act and adopted the inclusive benefit, which significantly improved living standards.  Further, the State party had implemented measures to support elderly people.

    A new national plan for protection against violence against women and domestic violence, covering the period up to 2028, was under development.  As part of this plan, in 2024, a package of regulations dedicated to combatting violence against women and domestic violence entered into force, which included amendments to the Criminal Code, the Criminal Procedure Code, and the Act on Protection from Domestic Violence.  The legislative package tightened sentencing and strengthened protective measures for victims.  The revised Criminal Code introduced a definition of “gender-based violence against women” that was in line with the Istanbul Convention and a new criminal offence of femicide.

    There were 123,000 foreign workers in Croatia.  The State party had introduced legislation to combat undeclared work, and existing labour legislation provided for third-country nationals legally working in Croatia to have the same rights as national workers.

    After the 2020 earthquakes, many public facilities had been renovated, and multi-dwelling buildings and family replacement houses were being built.  To ensure the availability of housing, especially for young families, Croatia’s first national housing policy plan up to 2030 had been drawn up.  At the end of 2024, the Government adopted a programme for the construction and renovation of housing units in assisted areas to help young people and families access housing and to encourage population growth in these areas.

    Significant measures had also been taken over the last three years to strengthen the free legal aid system.  A call for funding for projects to provide primary legal aid was launched for a three-year period from 2023 to 2025.  Funding for projects increased by 100 per cent in 2023.

    Croatia expressed its strong commitment to the realisation of the human rights enshrined in the Covenant, demonstrated by its achievement of a high level of human rights protection.

    Questions by a Committee Expert

    KARLA VANESSA LEMUS DE VÁSQUEZ, Committee Expert, Country Rapporteur and Lead Member of the Taskforce on Croatia, asked about the number of cases in which the Covenant was invoked in domestic courts.  What was the domestic legal status of the treaty bodies’ observations?  Did Croatia plan to adopt the Optional Protocol?  How had the legislature and civil society participated in implementing the Committee’s previous concluding observations and in drafting the State party’s reports?  Did the State party have a national follow-up mechanism to coordinate follow-up activities?

    Croatia had great potential, considering its location, resources and human capital.  However, the State party was reportedly overdependent on the tourism industry, which hampered the productivity of businesses.  What measures were in place to increase the productivity of the private sector and reduce dependence on tourism?  Were there measures in place to build workers’ capacities?

    Croatia did not have a national action plan on business and human rights and due diligence regulations were not sufficient.  What measures had the State party implemented to transpose the European Union directive on due diligence into national law?  What measures were in place to ensure due diligence in the private sector and to help victims of human rights violations to access justice?

    Croatia had received low grades in greenhouse gas emissions, energy usage, and climate policy in a recent review.  Would Croatia be able to meet its climate commitments for 2030 and 2050?  What were the main challenges in this regard?  How would the State party rapidly cut greenhouse gas emissions?  What plans were in place to eradicate subsidies for fossil fuels and to reallocate funds to renewable energy?

    Official development assistance represented 0.2 per cent of gross domestic product, well below the 0.7 per cent recommended by the United Nations.  Were there plans to increase the budget allocated to such assistance in the next few years?

    The Committee welcomed the law against discrimination and the national action plan on combatting discrimination and protecting human rights.  Had the 2024 and 2025 plans been implemented and to what extent?

    The Roma had been facing discrimination regarding access to housing and healthcare in Croatia.  What progress had been made in combatting hate crimes against the Roma and in implementing the national action plan on inclusion of the Roma?  What measures were in place to address the gender gap in participation in the labour market and to combat stereotypes against women in the private sector?  Were there any wage equality measures in place?

    Responses by the Delegation

    The delegation said Croatia had one of the highest growth rates for gross domestic product in the European Union, at 3.6 per cent.  The State party had been using European Union funds to increase skills for around 140,000 citizens.  Judicial experts and judges had received training on the Covenant.  Croatia was working to continuously train public officers on human rights, particularly the rights of the Roma and vulnerable women and girls.

    Discussion on signing the Optional Protocol was ongoing, with public consultations being carried out.  If stakeholders found that the Optional Protocol was relevant to Croatia, the State party would launch ratification procedures.

    Croatia had working groups for developing legislation that included experts from line ministries and civil society representatives.  Analyses were carried out to determine areas where legislation needed to be aligned with international law and the recommendations of treaty bodies.

    Croatia had a strong tourism industry due to its location and natural and cultural heritage.  The Government was promoting sustainable tourism, implementing accommodation and environmental policies to regulate development in the sector.  There were around 270,000 pieces of property used for short-term renting to tourists.  New regulations addressed this, encouraging owners to provide long-term rental schemes and permanent housing.

    The State party was working on reforming vocational training to increase its availability, quality and relevance, and reduce school dropouts.  A new modular curriculum had been developed to allow students to engage in work experience activities.

    The new national action plan on the inclusion of the Roma covered the period of 2021 to 2027.  Around 57 per cent of financing programmes were in the education field.  The Government was also working on policies promoting access to healthcare and improved quality of life for the Roma population.

    Croatia was a part of the European Union’s ambitious climate policy, which aimed to make Europe climate neutral by 2050.  Under this policy, Croatia was working to reduce dependence on fossil fuels.  The national strategy on low carbon development and the national energy and climate plan had been developed to guide efforts to achieve climate objectives.  The plan included a measure for gradually abolishing subsidies for fossil fuels.  The State party had been monitoring national emissions using a database on emissions.

    Croatia’s gender employment gap, at 11.4 per cent, was lower than the European Union average.  Wage transparency policies were helping the State to achieve equal pay for equal work.  Measures had been developed to support access to employment for women in rural areas and women over the age of 50.

    There had been a spike in hate crimes following the increase in foreign workers in the State party.  To combat this, the Government had developed educational measures to promote the integration of foreign workers in society.

    Croatia was this year preparing to transpose the European Union directive on due diligence.  The national action plan on responsible businesses, which was being drafted by experts, aimed to support the implementation of the United Nations Guiding Principles on Business and Human Rights.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on measures implemented to bolster the capacity of the Ombudswoman’s office to ensure that it could carry out its mandate; the composition of bodies monitoring the implementation of treaty body recommendations; plans to address challenges related to disparities in regional development; the legal status of the Covenant in domestic legislation; measures to address unequal distribution of free legal aid services across the country; plans to broaden awareness raising activities on economic, social and cultural rights; and whether the State party planned to draft national action plans on human rights protections.

    Responses by the Delegation

    The delegation said that in Croatia, the Covenant had legal status and was directly applicable.  Public tender was provided to legal clinics to facilitate the provision of free legal aid across the State.  Funds for free legal aid were increased by 100 per cent in 2023 and by a further 30 per cent in 2024.  Transport fees were paid by the State when persons needed to travel more than 60 kilometres to attend courts.

    The salary system for the civil service had been reformed, including salaries for staff of the Ombudswoman’s Office.  On average, salaries for civil servants had been increased by around 30 per cent.  The budget for the Office had increased gradually since 2022.

    The Ministry of Labour, Pension System and Social Policy had a special service coordinating the implementation of the Covenant and other international documents.  Policies related to implementation were discussed with representatives of trade unions and civil society.

    The Federal Government was pursuing fiscal decentralisation and providing local and regional governments with funding to be used in regional development projects.  It sought to address gaps between less and more developed regions.

    The Social Housing Fund encouraged the population to live and work in rural areas, and a new programme on the construction of housing for young people focused on housing developments in rural areas.

    The new national action plan on human rights had been prepared but was currently being discussed in the Government.  The former plan was still in force.  National action plans on combatting trafficking in persons, promoting the inclusion of the Roma, and fighting discrimination were also being implemented.

    Questions by a Committee Expert

    JOO-YOUNG LEE, Committee Expert and Member of the Taskforce for Croatia, said that the State party had implemented employment policy measures focusing on the integration of vulnerable people into the labour market.  What impact had those measures had?  What was the trend in rates of young people who were not in employment, education or training over the last five years?

    What measures were in place to address the discrimination and prejudice faced by Roma persons in the workplace?  The disability employment gap was around 23 per cent as of 2023, related to a lack of reasonable accommodation measures.  How was the State party promoting the inclusion of persons with disabilities in the workplace?

    The Committee noted legislation addressing unregistered, unpaid and precarious work, but such work remained prevalent in the State party.  Migrant workers were particularly vulnerable to poor working conditions, including non-payment for work, and failure to provide breaks or employment contracts.  What were the root causes of labour exploitation of migrant workers and what measures had been taken to address them?  How was the State party working to improve the capacity of public officials to uphold migrant workers’ rights and impose appropriate sanctions on persons who violated those rights?

    Social assistance benefits were reportedly inadequate and often not sufficient to cover the cost of living.  What measures had the State party taken to address this?  Why had the number of beneficiaries decreased recently?  What budget had been devoted to social benefits in the last five years?  What measures had been implemented to improve social services for persons with disabilities, older persons, and persons living in rural areas?

    The “at risk of poverty” rate was around 42 per cent in Croatia.  This was reportedly due to strict requirements limiting access to unemployment benefits.  How did the State party ensure that unemployed persons did not fall into poverty?

    Responses by the Delegation

    The delegation said the State party provided educational and training support to unemployed persons.  Several hundreds of persons had found employment through the Government’s on-the-job training programme.

    Legislative changes and State-funded support centres had led to an increase in the registration of persons with disabilities and their inclusion in the labour market.  The unemployment rate for persons with disabilities was currently at a record low level.  The Government financed up to two-thirds of the salaries of persons with disabilities, including self-employed persons, and financed the adaption of workplaces to the needs of persons with disabilities.  The employment rate of persons with disabilities had increased by 70 per cent in recent years.

    The new Act on Combatting Undeclared Work obliged the employer to pay six months of salary to unregistered workers as well as a fine of 2,600 euros.  There was a public register of employers that had employed unregistered workers.

    The Government also had a register of persons who were not in employment, education or training.  It was planning programmes to involve these persons in education or the labour market.  Only 13 per cent of young people were currently unemployed, down from a historic high of around 50 per cent.  Croatia had removed many restrictions related to accessing unemployment benefits.

    Foreign workers received materials informing them of their rights to State services, including health care, unemployment benefits and complaints mechanisms.  The Government supported foreign workers to learn the Croatian language.

    The guaranteed minimum benefit was provided to persons who did not have basic sustenance.  More than 40,000 persons received this benefit.  The number of recipients had been dropping in recent years, in line with the reduction in unemployment.  The benefit had been increased three times in recent years, and there were plans to increase it further, along with other benefits.  The Government was working to amend the Social Welfare Act to increase the base payment for single parents and their children by 25 per cent.  The national allowance for the elderly provided support to persons who did not have sufficient pensions.  The Government was strengthening the capacities of institutions to monitor poverty and better combat it.

    Follow-Up Questions by Committee Experts

    JOO-YOUNG LEE, Committee Expert and Member of the Taskforce for Croatia, said it was welcome that the Act on Foreigner Workers would be amended and that the basic social benefit had increased.

    Committee Experts asked follow-up questions on the assessment of measures for housing provided to foreign workers; the methodology used to assess citizens’ risk of poverty; why some regions required recipients of benefits to participate in community service; the timeframe in which the minimum wage had increased and whether it covered the cost of living; whether rules regarding the renewal of temporary work contracts led to unemployment; measures being taken to promote entrepreneurship; the nationalities of migrant workers in the State party; and policies being implemented to enable women to enter the labour market and promote sharing of domestic work tasks.

    Responses by the Delegation

    The delegation said there were clear criteria in place regarding the accommodation of foreign workers.  The Government was working with the embassies of foreign countries to inform migrant workers about their rights.

    The percentage of persons at risk of poverty had not increased in recent years.  The State party had developed a new Social Welfare Act that would increase the minimum social benefit and would allow for persons to be excused from community service activities if they were unable to participate.  Community service often helped unemployed persons to enter the labour market.

    Around two per cent of workers received the minimum wage.  The Government had worked to ensure that all workers in vulnerable sectors such as manufacturing received at least the minimum wage.  The nominal minimum wage had been increased by 130 per cent between 2016 and 2025.  The real increase, taking inflation into account, was around 70 per cent.  The minimum wage was calculated considering other benefits being received.

    There were around 6,000 self-employed persons receiving State benefits.  Most benefits were provided in the food and construction industries.

    The State was developing a law to promote women’s return to work after childbirth.  It was financing the construction of kindergartens and schools and providing parental leave for fathers, which more than 60 per cent of fathers were taking.

    Questions by a Committee Expert

    ASRAF ALLY CAUNHYE Committee Expert and Member of the Taskforce for Croatia, said the escalation of violence against women in recent years in the State party was of great concern.  What measures were in place to provide support for victims, particularly women with disabilities?  How was the State party preventing the abuse of women with disabilities in institutions and addressing harmful practices affecting Roma women and children?  What measures were in place to prevent all forms of trafficking in persons, identify victims, prevent reprisals against victims after they reported offences, and ensure that penalties for trafficking were commensurate with the seriousness of offences?  How was the State party addressing the effects of inflation and the COVID-19 pandemic on vulnerable persons?

    Croatia did not have a needs-based housing policy or an effective strategy for addressing homelessness.  Approximately 6.5 per cent per cent of the population did not have access to the water supply network and many of the Roma lived in poor housing conditions.  What measures were in place to improve access to housing and housing conditions for vulnerable persons, prevent evictions of the Roma, and tackle homelessness?

    Some people in remote areas, particularly the Roma, had limited access to health services.  There was a shortage in healthcare staff in rural areas and long waiting lists for specialised care.  What measures were in place to provide timely access to quality healthcare in remote areas and to reduce waiting lists?  How would the State party promote access to healthcare for asylum seekers and persons with disabilities?  What steps had been taken to promote access to safe abortions when mothers’ lives were at risk?  What resources had been allocated to setting up mobile health teams and community mental health care services, and to combatting the high suicide rate?

    Responses by the Delegation

    The delegation said the national action plan on social services aimed to facilitate access to these services, secure a better regional distribution of services, including services for the elderly, and promote deinstitutionalisation and foster care.  Payments to foster families had been increased and media campaigns had been carried out to highlight their importance.  The act on personal assistance of 2023 regulated the recruitment of personal assistants for persons with disabilities.  Over 5,000 assistants were currently employed, and the Government was working to recruit more.

    The Government was conducting roundtables and workshops with employers to encourage the increased employment of the Roma and other vulnerable groups.  Career management centres were being established in every region of the State to support their access to employment.

    Croatia had issues with affordable housing, influenced by the war in Ukraine, the COVID-19 pandemic, and inflation.  Consultations were being carried out on a national housing plan, which would be adopted soon.  Under the plan, settlement of vulnerable and young persons and settlement in underdeveloped areas would be encouraged.  Croatia had a shortage of around 270,000 residential units compared to demand.  There were also around 50,000 unused residential units; the Government planned to adopt legislation to allow the State to take over empty units and provide them to vulnerable persons.  New laws would make it possible to build more affordable housing and expand land allocated for affordable housing.  The procedure for obtaining permits for building family homes would soon be simplified.

    The State party provided housing for victims of domestic violence and was also building family homes for the Roma community in rural areas.  Housing had also been provided for persons under international protection, and for persons whose homes were destroyed in earthquakes.  The State had also provided accommodation for over 600 homeless persons.  Large cities and counties provided food to homeless persons through social kitchens.

    Croatia had amended the Act on Water, which enhanced access to water for vulnerable groups.  Local government units were obliged to provide water for human use and to install wells in public spaces.  The State was investing heavily in the water distribution network to improve the quality and availability of water.

    The Government had provided seven different support packages to reduce the prices of energy, food, fuel and gas.  As a result, Croatia had the lowest energy prices in the European Union.  Some 70 retail products had also been subsidised by the State to protect vulnerable groups, and cash supports had been provided for more than 700,000 retirees.

    The Government was working to improve the legislative framework against gender-based violence.  Gender-based violence was treated as an aggravating circumstance in the Criminal Code, and Croatia was one of the first countries in Europe to make femicide a stand-alone crime.  The law against family violence had also been amended to increase sanctions for perpetrators and support for victims.  Victims were examined via video-link unless they insisted on being in the courtroom.  Training on gender-based violence was provided for judges, prosecutors and police officers.  

    A new national action plan on the prevention of sexual violence was currently being developed.  Twenty-six shelters were available for victims of sexual and gender-based violence in all territories of the State.  Ten million euros had been devoted to financing these shelters.  A new media campaign was being carried out on preventing violence against women.

    To increase access to primary healthcare, a new healthcare service network had been established that included mobile medical and psychiatric healthcare teams.  These teams covered a wide geographical area and included emergency helicopter and maritime services.  The Government had also increased the availability of telehealth services.  Each county had at least one hospital.  Croatia was close to the European Union average for the number of doctors per 100,000 inhabitants and the number of doctors was increasing.  The Government provided funds for residencies for young doctors.

    Follow-Up Questions by Committee Experts

    One Committee Expert welcomed indicators developed by the State party on measuring poverty, while another praised the State party’s various initiatives promoting access to housing.

    Committee Experts asked follow-up questions on progress in the implementation of the national strategy on reducing drug-related harm; measures to prevent house demolition and forced evictions of vulnerable groups, and remedies provided to affected persons; statistics on homelessness and the average period of stay in shelters; whether takeovers of unused units were temporary or permanent, and whether the Government planned to pay compensation to owners; how the State responded when people could not afford to pay utility bills or their mortgage; measures to prevent the discriminatory effects of reporting obligations required to receive health insurance; and plans to update poverty indicators from a multidimensional lens.

    Responses by the Delegation

    The delegation said that in 2023, the Government adopted the national strategy on addiction, which aimed to reduce harms and risks related to addiction.  Every year, it implemented over 300 intervention programmes related to addiction.  The Government primarily rehabilitated adults in the social welfare system, but some addicts were in the prison system.  Non-governmental organizations provided counselling and intervention services for addicts.  Around one-third of addicts in treatment were women.  The Government was developing measures to support women addicts and provide social housing for them.

    Under State guidelines on the provision of abortions, patients could demand terminations of pregnancy in all hospitals in the State.  In cases of conscientious objection from doctors, patients were referred to other doctors or institutions.  

    The act on compulsory health insurance provided the right to healthcare for persons under international protection and asylum seekers and their family members, as well as unaccompanied minors.  Many citizens who lived abroad used free telehealth services in Croatia, abusing the system.  This was why the obligation of reporting to authorities once every three months to obtain health insurance had been introduced.

    Croatia had adopted a strategy framework on the development of mental healthcare, which aimed to reduce the suicide rate and improve the mental health of children and workers in particular.

    Courts applied the caselaw of the European Court of Human Rights regarding evictions, so it was very difficult to forcefully evict people from their homes.  The Government was increasing fiscal pressures on unused properties and implementing measures that made long-term rent more beneficial for owners than short-term rent.  The State would also rent and sublet private unused apartments at a reduced price; it would not forcefully take these properties away from owners.  A new property tax had been developed to replace taxation on vacation homes.  All properties used for long-term rent were excluded from the tax.

    It was difficult to count homeless people who had not approached relevant service providers.  Homeless persons could receive personal identification documents by registering at a local institute for social welfare.  The Government was empowering homeless persons to gain employment.

    Questions by a Committee Expert

    ASLAN ABASHIDZE, Committee Expert and Member of the Taskforce for Croatia, asked for disaggregated data on school enrolment, completion and dropout rates at primary and secondary levels for the last 10 years.  Which ethnic groups had high dropout rates?  What progress had been made in promoting the inclusion of the Roma in the education system?  All children, including Roma children, needed to attend preschool education.  Who was responsible on collecting data on Roma children who were eligible to attend preschool?  How many Roma children had attended preschool over the past five years and how many had progressed to primary and secondary education?  

    What measures were in place to ensure that refugees and migrants had access to quality Croatian language courses and higher education?  Had a new programme been adopted to support these groups in 2025?  Were there specific measures to support Serbian children’s education?  There were reports of vandalism targeting Serbian monuments and Orthodox churches.  Had these incidents been investigated and violators held responsible?  How would the Government ensure that such violence did not occur in the future?

    Responses by the Delegation

    The delegation said the dropout rate in Croatia was around two per cent, which was around the lowest rate in the European Union.  There was a system that monitored students, but it did not record the national affiliation of students.  Data on Roma students had been gathered since 2008, however.  This data informed the Government’s activities for Roma students.  Around 70 per cent of Roma students attended secondary school; this was lower than the national average.  The national action plan on the inclusion of the Roma included activities encouraging education for Roma children, including scholarships for Roma pupils in secondary schools.  Annually, between 50 and 100 Roma children dropout out of school.  The number of Roma university students receiving scholarships had increased in recent years.  “Roma assistants” were employed in primary schools to support Roma children.  On average, around 400 Roma children were enrolled in kindergartens each year.  Local governments funded kindergarten education for Roma children.

    One year of preschool education was mandatory for all pupils.  The Government funded preschool programmes for each child.  Over the next three years, it would invest around 200 million euros in this public service.  Croatian language courses were provided to all students who did not speak Croatian, starting from primary level.

    Vandalism based on ethnicity was treated as a form of discrimination and a hate crime, and was punished with a harsher sentence.  The State party was cooperating with civil society organizations representing ethnic groups to prevent such incidents and bring perpetrators to justice.

    The Ministry of Culture and Media had secured funds to support the needs of national minorities.  Funds were being devoted to cultural associations, libraries and there were other measures of protecting the cultural heritage of minorities.  Public broadcasters were required to devote a portion of broadcasts to programmes for national minorities.  The Government also helped fund the cultural activities of persons with disabilities.

    Follow-Up Questions by Committee Experts

    Committee Experts asked follow-up questions on whether foreign students received free higher education; the number of foreign students in the State; steps taken to enhance inclusive education for persons with disabilities; whether indexation was used to calculate social assistance benefits; whether trade union rights were adequately granted to all workers, including police and military personnel; measures implemented to encourage reporting of racial discrimination offences and prevent such discrimination; the delegation’s response to reports of insufficient funding and will from authorities to address hate-related crimes; and statistics on crimes against Serbians.

    Responses by the Delegation

    The delegation said that in 2024, there were 531 foreign students enrolled in Croatian universities.  The Government had adopted guidelines on supporting children with disabilities, who were entitled to specially trained teaching assistants.

    Croatia used automatic indexation to calculate elderly benefits and pensions, based on cost-of-living indicators.  There was no index system for the guaranteed minimum benefit, which was increased once per year by the Government, considering various factors.  A project had been launched to better monitor poverty rates through the Central Population Register, which would be established this year.

    Trade unions in Croatia could create their own networks, participate in the drafting of legislation and national policies, and participate in parliamentary debates.  The Government was drafting an action plan to encourage all employers to conclude collective agreements.  The scope of certain collective agreements was extended by the State to prevent unfair competition or restrictions on workers’ rights.  Only active military personnel were restricted from forming trade unions in line with existing legislation; police officers could form and join unions.  Property used by trade unions was formerly owned by the State, but legislation that entered into force last week transferred ownership to a trade union fund.

    In 2023, the State party recorded 61 hate crimes against ethnic minorities.  This was a decrease from the 67 crimes reported in 2021.  Authorities needed to consider these as serious offences and respond appropriately.  The judicial academy provided training for judges and judicial workers on the prohibition of discrimination, hate crimes and hate speech, including anti-Semitism.  Thirteen workshops would be held in 2025.  Police officers were also involved in workshops on preventing anti-Semitism, hate speech and all forms of discrimination.

    Closing Remarks

    KARLA VANESSA LEMUS DE VÁSQUEZ, Committee Expert, Country Rapporteur and Lead Member of the Taskforce on Croatia, thanked the delegation for the information shared, which provided insight into the progress achieved and measures planned to give effect to the Covenant in Croatia.  The Committee’s aim was to ensure the full realisation of economic, social and cultural rights for all persons in Croatia.  She thanked all persons who had contributed to the successful dialogue.

    IVAN VIDIŠ, State Secretary, Ministry of Labour, Pension System, Family and Social Policy of Croatia and head of the delegation, said Croatia was making every effort to make progress.  The State party was passionate about its work, open about its challenges, and determined to address them.  Croatia had faced aggression in its past, and the Committee needed to consider the difficult path the country had travelled.  Economic, social and cultural rights were the cornerstone of the State party’s efforts.  The cost-of-living crisis was a major concern currently, but the State party’s measures supporting energy and other costs had lightened the burden for residents.  Croatia was facing a demographic decline, but incentives were in place to support a reversal of demographic trends.  Parliament had recently agreed on a declaration regarding the rights of older people, who made up an increasingly large portion of the population.  Mr. Vidiš thanked the Committee for its constructive approach to the dialogue.

     

    LAURA-MARIA CRACIUNEAN-TATU, Committee Chair, thanked the delegation for the open and constructive way in which it had participated in the dialogue.  The dialogue with Croatia would continue, as the Committee would select three follow-up recommendations that it called on the State party to address within 24 months.  It hoped that Croatia would continue to address the Committee’s recommendations with a constructive spirit.

     

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CESCR25.002E

    MIL OSI United Nations News

  • MIL-OSI USA: Chairman Aguilar: The Republican War on Students will close neighborhood schools, increase class sizes and raise property taxes to finance a $5 trillion tax giveaway to billionaires

    Source: US House of Representatives – Democratic Caucus

    The following text contains opinion that is not, or not necessarily, that of MIL-OSI – February 11, 2025

    WASHINGTON, D.C. — Today, House Democratic Caucus Chair Pete Aguilar and Vice Chair Ted Lieu were joined by Rep. Jahana Hayes, a former National Teacher of the Year, and Rep. Kristen McDonald Rivet, a former executive director of Michigan Head Start, to highlight the Republican War on Students that will eliminate the Department of Education to pay for tax giveaways to billionaires and corporations like Tesla that don’t pay any federal taxes.

    CHAIRMAN AGUILAR: Good morning. The chaos and the corruption at the White House continues unabated. Elon Musk has illegal access to sensitive personal information of every taxpayer in America. He’s setting his sights on cutting Social Security benefits for American seniors who have earned their benefits over a lifetime of work, just so Tesla can continue to pay zero dollars in federal taxes. And now, Donald Trump has directed him to launch a Republican war on students by dismantling the Department of Education. I’m grateful to be joined by Representative Jahana Hayes, a former teacher, a former National Teacher of the Year, and Representative Kristen McDonald Rivet, former director of Michigan Head Start. 

    President Trump and Elon Musk want to cut public education for our children and our neighborhood schools to finance a $5 trillion tax giveaway to billionaires and wealthy corporations. By eliminating the Department of Education, Republicans are sending a clear message that they don’t care about our children reaching their full potential. The American people did not vote for their neighborhood schools to be closed or class sizes to be larger. They did not vote to cut special education. The Republican war on students won’t lower the cost of eggs or groceries, but it will raise property taxes as the cost of Trump’s education cuts will be forced onto parents and homeowners. 

    House Democrats believe that education is the key to unlocking the American Dream. Our focus is on securing the resources needed to improve public education outcomes, raising test scores and lowering dropout rates. If House Republicans won’t stand up for our kids and end their war on students, then they should not ask for our votes to pass a government funding bill. Now, turning it over to Vice Chair Ted Lieu.

    VICE CHAIR LIEU: Thank you, Chairman Aguilar. The Trump Administration has engaged in a number of brazenly, undemocratic and illegal actions, and they are losing in court. 55 lawsuits have been filed, and judges appointed by Ronald Reagan, George Bush and Donald Trump himself, have issued injunctions or temporary restraining orders against the Administration’s actions. For example, a judge issued a nationwide injunction against the Birthright Citizenship Executive Order, which attempted to overturn the U.S. Constitution’s 14th Amendment right to birth right citizenship. A judge halted the attempted freeze of federal funding. A judge halted the attempted cuts to NIH that would have affected cancer research. A judge halted DOGE access to your private Social Security numbers, and on and on. 

    At the same time, none of these actions by the Trump Administration are lowering costs. My wife and I recently went to a grocery store. We went to get some eggs, and we could see the prices of these eggs had now jumped to about $8, but there are no eggs. The shelves are completely empty. Nothing the President is doing is trying to lower costs for the American people, and the American people are now seeing this. A recent poll showed that nearly half of the American people say their costs are actually increasing now. So, we’re asking the Republicans and Donald Trump to focus on lowering costs, which they are ignoring right now. It’s now my pleasure to yield to Congressman Johanna Hayes, who, in addition to being an amazing Member of Congress, as Chairman Aguilar had said, she was also National Teacher of The Year prior to coming to Congress.

    REP. HAYES: Thank you, and thank you so much for being here. The Department of Education was created by an Act of Congress and can only be dissolved by an Act of Congress. This Administration knows that, and I suspect, based on what we’ve seen, that this chaos and confusion, this flooding zone, is going to reign down on the Department of Education, to try to convince the American people that we don’t need it, to strangle out funds meant to support public education and, ultimately, just turn off the lights. 

    It’s important to understand what it means by Republicans calling to end the Department of Education. The Department of Education does not handle curriculum, instruction or instructional materials. Those decisions are already made locally, by state and local boards of education, but what the Department of Education does handle is civil rights protections for all students. They handle support for low-income students through their Title 1 funding. They develop and prepare educators through Title 2 funding and professional development. They provide resources for English language learners, collect statistics on enrollment, staffing and crime in school, and the department is responsible for more than 1.6 trillion dollars in federal student aid. 

    49 million students attend public school in this country, and all of the services provided by the Department of Education are at risk. Of those, 7.5 million students receive special education or related services under the Individuals with Disabilities in Education Act. IDEA makes a free and appropriate public education available to all eligible students. That means the occupational therapist that helps a student just to hold a pencil—because in their brain, they have all the information, they just need to figure out a way to articulate that—is at risk.

    And I think people need to understand that an IEP is a legal document. It is not solely an education document. Ending federal funding or eliminating the department does not end our legal obligation to provide these services to kids. So, one of two things will happen, either local communities will have to make hard choices about what other resources they have to cut to meet their legal obligation to educate these children, or their taxes will go up to replace the funding that the federal government is no longer sending. 

    Now, I’ve seen the NAEP scores. I’m open to having any conversation to improve education and get better results for students, but I think if we’re looking at those scores, we have to be honest: the numbers are brought down by red states who have failed to invest in education over decades. But any real solution that we’re talking about for improving educational outcomes for our students cannot be limited to funneling money to private voucher programs, which only about 1 million students take advantage of. 

    What about the other 48 million students? Any real solution has to include solving for the barriers that impede education, the things that cause children to show up not ready to learn. Things like housing insecurity; things like empty bellies; things like a lack of health care; no access to FMLA for their families so that their parents can’t stay home with them when they’re sick; Birth to Three initiatives; pre- and post-natal care; gun violence in schools. If you want to have a real conversation about educational outcomes, let’s do it. I’m here for it. But Elon Musk, Donald Trump and the elites in this country don’t need public schools. They don’t have to send their children to public schools. They can afford to send their children somewhere else. I’m standing up for all the students who don’t come from those kinds of families, for all the parents who can’t afford to make those choices, for all the teachers who greet those students and try their best to give them the type of education that they see in other communities—because they deserve it. So, I remain committed to maintaining the integrity of the Department of Education and fighting back against all of these cuts because this smash and grab tactics and attempts to rob the penny bank of America’s children and their future is not something that House Democrats are going to stand for. And with that, my colleague Kristen McDonald Rivet.

    REP. MCDONALD RIVET: Thank you. Thank you so much. Good morning and thank you for joining us. And thank you to Congresswoman Hayes. Thank you to Chairman Aguilar and Vice Chair Lieu for highlighting this urgent issue. 

    So, education, specifically early childhood education, holds a really special place in my heart. First, I parented six kids. Second, I have a daughter who’s a special education teacher, particularly in the early years. But I started my career working in Head Start. I have seen firsthand the impact that early childhood education programs and special education programs play in the lives of children and families. I also served as the chief of staff at the State Department of Education in Michigan, and in the Michigan State Senate, served on the K–12 Appropriations Committee and the Education Policy Committee. So, I’ve spent a little time in education. I can tell you that we do need to improve our education in this country, and we’ve seen things that work. Things like decreasing class size, investing in new teachers, dramatic increases in math and reading programs and robust early childhood programs. These are the kinds of things that make our schools, our families and our kids stronger. 

    But eliminating the Department of Education would be disastrous for our kids. Special education classes would be gutted. Our most unserved communities unable to keep school doors open. Higher property taxes across the country as local districts are forced to pay for federally-mandated programming, and countless teachers losing their jobs due to a lack of funding. It’s simply unacceptable. 

    We can’t go back to a time where we ignore or leave behind our most vulnerable students. As Representative Hayes said, there are roughly 7.5 million students who benefit from the Department of Education’s special education programs, including students with learning disabilities, developmental delays, speech and language deficiencies and much more. If Mr. Musk gets his way, 15% of public school students in America will not receive the programming they need to reach their full potential, and every single classroom will be disrupted. So let me say that again. 7.5 million children. What’s more, state and local governments do not have the resources in place to administer these programs. I know what public school budgets look like. They do not work without federal support. If Mr. Musk slashes it, localities will be forced to cut services to kids. And let me be clear, raise your taxes to close the gaps. 

    To the families in my district working multiple jobs and still struggling to make it to the end of the work week, that’s more costly, not more efficient. Elon Musk’s plan to eliminate the Department of Education would devastate kids, schools and communities in my district and across the country at a time that we simply cannot afford it. Thanks again for joining us. With that, I will turn things back to Chairman Aguilar.

    Video of the full press conference and Q&A can be viewed here.

    ###

    MIL OSI USA News

  • MIL-OSI Australia: Fatal crash at Elizabeth Downs

    Source: South Australia Police

    A woman has died following a motorcycle crash at Elizabeth Downs last night.

    About 9.50pm on Wednesday 12 February, a Suzuki motorcycle collided with a parked car on Midway Road.

    Sadly the rider, a 39-year-old woman from Elizabeth Downs, died at the scene.

    Midway Road was closed for several hours while Major Crash Investigators examined the scene but has since been reopened.

    The woman’s death is the 17th life lost on SA roads this year.

    Anyone who witnessed the crash or has any other information that may assist the investigation is asked to contact Crime Stoppers at www.crimestopperssa.com.au or on 1800 333 000. You can remain anonymous.

    MIL OSI News

  • MIL-OSI USA: Governor Josh Stein Recognizes School Bus Drivers During School Bus Driver Week

    Source: US State of North Carolina

    Headline: Governor Josh Stein Recognizes School Bus Drivers During School Bus Driver Week

    Governor Josh Stein Recognizes School Bus Drivers During School Bus Driver Week
    lsaito

    Raleigh, NC

    Today, Governor Josh Stein issued a proclamation recognizing the week of February 10th – February 14th as School Bus Driver Week, recognizing the work they do to get students to school safely and the need to address driver vacancies across the state.

    “North Carolina’s bus drivers are a vital engine in our students’ success,” said Governor Josh Stein. “I am pleased to dedicate this week to the hardworking bus drivers who, regardless of road or weather conditions, ensure that North Carolina’s students get to school safely. Let us also use this occasion to raise awareness of the need for increased pay and better benefits, so that we can better recruit and retain employees for this critical role.”

    “Every child in North Carolina deserves the opportunity to succeed academically, and that includes reliable transportation to and from school. Each day, thousands of students across North Carolina rely on bus drivers to make that happen,” said North Carolina Superintendent of Public Instruction Mo Green. “I join Governor Stein in calling for increased pay and respect for our talented bus drivers.”

    In 2023, North Carolina school systems reported that about 13 percent of their bus driver positions were vacant. Bus driver vacancies have led to longer commute times, longer walks to bus stops for students, and less reliable schedules. Every day in North Carolina, over 10,000 school buses safely transport more than 620,000 students to and from school.

    Read the full proclamation here.

    Feb 11, 2025

    MIL OSI USA News

  • MIL-OSI Security: U.S. Attorney’s Office and ATF Announce Charges in Firearms and Drug Trafficking Case

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    ALBUQUERQUE – A Roswell man is charged with federal firearms and drug trafficking offenses following a traffic stop.

    According to the complaint, on February 4, 2025, Roswell Police Department officers conducted a traffic stop on a vehicle for speeding. The driver, identified as Isaac Ivan Boccelli, 36, was accompanied by two juveniles aged 12 and 14. A subsequent search of the vehicle revealed:

    • Two firearms, one concealed on a juvenile and another in the vehicle
    • 396.5 grams of suspected methamphetamine
    • 147.0 grams of suspected fentanyl

    Boccelli, previously convicted for 2nd Degree Murder and Battery Upon a Peace Officer, was prohibited from possessing firearms.

    Boccelli will remain in custody pending trial, which has not been set. If convicted, Boccelli faces up to 40 years in prison.

    U.S. Attorney Alexander M.M. Uballez and Brendan Iber, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms and Explosives, made the announcement today.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives investigated this case with assistance from the Roswell Police Department. Assistant U.S. Attorney Devon Aragon Martinez is prosecuting the case.

    # # #

    MIL Security OSI

  • MIL-OSI: Denali Capital Acquisition Corp. Announces Extension of Deadline to Complete Business Combination

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — Denali Capital Acquisition Corp. (NASDAQ: DECA) (the “Company”) announced today that it has deposited into the Company’s trust account (the “Trust Account”) an aggregate of $15,063.74 to fund the one-month extension from February 11, 2025 to March 11, 2025. This deposit was funded via a convertible promissory note with a principal amount of up to $180,000 issued by the Company to Scilex Holding Company (Nasdaq: SCLX, “Scilex”), which bears no interest and is repayable on the earlier of the effective date of the consummation of the Company’s initial business combination or the date of the liquidation of the Company. Upon the closing of a business combination, the note is convertible, at Scilex’s discretion, into the Company’s Class A ordinary shares at a conversion price of $10.00 per share. Any future drawdowns of the remaining $74,608.82 principal amount available under the convertible promissory note are expected to fund future one-month extensions as necessary to provide additional time for the Company to complete a business combination.

    About the Company

    Denali Capital Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities.

    Forward-Looking Statements

    This press release includes forward looking statements that involve risks and uncertainties. Forward-looking statements are subject to numerous conditions, risks and changes in circumstances, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    The MIL Network

  • MIL-OSI: United Fire Group, Inc. Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth quarter net income of $1.21 per diluted share and adjusted operating income of $1.25 per diluted share; full year net income of $2.39 per diluted share and adjusted operating income of $2.56 per diluted share

    Fourth quarter 2024 highlights compared to fourth quarter 2023:(1)

    • Net income increased from $19.6 million to $31.4 million.
    • Net investment income increased 21.2% to $23.2 million.
    • Combined ratio improved 4.8 points to 94.4%; composed of an underlying loss ratio of 55.7%, catastrophe loss ratio of 1.6%, no prior year reserve development, and underwriting expense ratio of 37.1%.
    • Underlying combined ratio improved 1.6 points to 92.8%.
    • Net written premiums(2) increased 13% to $278.5 million.

    Full year 2024 highlights compared to full year 2023:(1)

    • Net income increased to $62.0 million.
    • Net investment income increased 37.5% to $82.0 million.
    • Combined ratio improved 10.1 points to 99.2%; composed of an underlying loss ratio of 57.9%, catastrophe loss ratio of 5.4%, no prior year reserve development and underwriting expense ratio of 35.9%.
    • Underlying combined ratio improved 3.3 points to 93.8%.
    • Net written premiums increased 15% to $1.2 billion.
    • Book value per share increased $1.76 to $30.80 as of December 31, 2024, compared to December 31, 2023.
    • Adjusted book value per share increased $1.95 to $33.64 as of December 31, 2024, compared to December 31, 2023.

    CEDAR RAPIDS, Iowa, Feb. 11, 2025 (GLOBE NEWSWIRE) — United Fire Group, Inc. (“UFG”) (Nasdaq: UFCS) today reported financial results for the three-month period ended December 31, 2024, with a consolidated net income of $31.4 million ($1.21 income per diluted share) and consolidated adjusted operating income of $1.25 per diluted share.

    “Our fourth quarter and full year results reflect the continued progress we are making in the execution of our strategic business plan,” said UFG President and CEO Kevin Leidwinger. “The actions we have taken over the past two years to deepen our underwriting expertise, evolve our capabilities, better align with our distribution partners and improve our investment returns are materializing in our results.

    “In 2024, we achieved the highest level of net written premiums in our company’s 79-year history. In addition, we produced the best annual combined ratio and highest adjusted operating income since 2015. These milestones reflect key steps on our journey to consistently deliver superior financial and operational performance.

    “In the fourth quarter, net written premiums grew 13% led by our core commercial and assumed reinsurance business. Core commercial growth was driven by average renewal increases of 11.9%, a substantial increase in new business production and stable retention. On a full year basis, net written premiums grew 15% to $1.2 billion.  

    “The fourth quarter combined ratio improved to 94.4%, the lowest in 11 quarters, while the full year combined ratio improved 10.1 points to 99.2%. The underlying loss ratio improved to 55.7% for the quarter and 57.9% for the year, reflecting the ongoing benefits of strong earned rate achievement exceeding loss trends and continued underwriting discipline resulting in improved frequency outcomes. Prior year reserve development remained neutral overall in the quarter while the impact from catastrophes was well below historical averages at 1.6% for the quarter and 5.4% for the year.

    “The fourth quarter and full year expense ratios were elevated due to investments in talent to deepen expertise across the company, accelerated development of our new policy administration system that is now poised for implementation in 2025, and increased performance-based compensation for employees and agents due to current year achievements.

    “Net investment income improved to $23.2 million in the fourth quarter and $82.0 million for the full year. Fixed maturity income increased to $70 million for the year as new money yields remained strong. We also benefited from improved valuations on our limited partnership portfolio for the full year. We expect the fixed maturity portfolio to generate over $80 million of annualized fixed maturity income, with potential for further improvement from future reinvestment at higher rates. 

    “Reported book value per share decreased slightly in the fourth quarter due to a change in after-tax unrealized loss caused by increased interest rates. Our improved annual earnings and return on equity of 8.2% allowed adjusted book value per share to grow $1.95 for the year to $33.64.

    “During the fourth quarter, we successfully resolved the rating errors in our core commercial business that were identified in the second quarter, resulting in no financial impact to the company. As a result, we have reversed the $3.2 million contingent liability established in the second quarter.

    “While 2024 marked a return to underwriting profitability for UFG, our work is far from finished. We remain confident in our ability to execute the business plan for improved performance in the years ahead and are grateful for our people and their dedication to delivering the deep expertise, specialized capabilities, personal relationships and responsive service that our partners and policyholders value.

    “Finally, our hearts go out to all those impacted by the devastating wildfires in Southern California. Our claims and risk control professionals continue to assist policyholders in the wake of the destruction. At this time, we estimate losses in the range of $7 million to $10 million from this tragic event.”

    (1) Underlying loss ratio, underlying combined ratio and adjusted book value per share are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
    (2) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information.

    Consolidated Financial Highlights:

    Consolidated Financial Highlights(1)
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands, except per share data)   2024       2023       2024       2023  
    Net earned premiums $ 308,137     $ 264,366     $ 1,176,750     $ 1,034,587  
    Net written premiums   278,529       246,830       1,231,470       1,066,901  
                   
    Combined ratio:              
    Net loss ratio   57.3 %     64.8 %     63.3 %     74.4 %
    Underwriting expense ratio   37.1 %     34.4 %     35.9 %     34.9 %
    Combined ratio   94.4 %     99.2 %     99.2 %     109.3 %
                   
    Additional ratios:              
    Net loss ratio   57.3 %     64.8 %     63.3 %     74.4 %
    Catastrophes   1.6 %     1.5 %     5.4 %     6.2 %
    Reserve development   %     3.3 %     %     6.0 %
    Underlying loss ratio (non-GAAP)   55.7 %     60.0 %     57.9 %     62.2 %
    Underwriting expense ratio   37.1 %     34.4 %     35.9 %     34.9 %
    Underlying combined ratio (non-GAAP)   92.8 %     94.4 %     93.8 %     97.1 %
                   
    Net investment income $ 23,156     $ 19,098     $ 81,986     $ 59,606  
    Net investment gains (losses)   (1,318 )     3,855       (5,429 )     1,274  
    Other income (loss)(2)   300       (1,039 )     (9,388 )     (4,983 )
                   
    Net income (loss) $ 31,442     $ 19,608     $ 61,957     $ (29,700 )
    Adjusted operating income (loss)   32,483       16,564       66,246       (30,706 )
                   
    Net income (loss) per diluted share $ 1.21     $ 0.77     $ 2.39     $ (1.18 )
    Adjusted operating income (loss) per diluted share   1.25       0.65       2.56       (1.22 )
                   
    Return on equity(3)           8.2 %     (4.0 )%
                       

    (1) Underlying loss ratio, underlying combined ratio and adjusted operating income (loss) are non-GAAP financial measures. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
    (2) Other income (loss) is comprised of other income (loss), interest expense and other non-underwriting expenses.
    (3) Return on equity is calculated by dividing annualized net income by average stockholders’ equity, which is calculated using a simple average of the beginning and ending balances for the period.

    Total Property & Casualty Underwriting Results

    Fourth quarter 2024 results:
    (All comparisons vs. fourth quarter 2023, unless noted otherwise)

    Net written premiums and net earned premiums increased by 13% and 17%, respectively, in the fourth quarter of 2024, led by core commercial and assumed reinsurance business. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.9%. Rate increases accounted for 10.8% while exposure increases contributed an additional 1.0%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.7% from rate increases and 1.1% from exposure changes.

    The combined ratio for the fourth quarter of 2024 was 94.4%, improving 4.8 points from 99.2% driven by improvement in the underlying loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the fourth quarter of 2024 compared to 3.3% of unfavorable development in the fourth quarter of 2023. Catastrophe losses added 1.6 points to the combined ratio, an increase of 0.1 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 55.7% improved 4.3 points, reflecting improvement from a combination of rate achievement, continued favorable claim frequency, and lower large loss activity, most notably in the surety portfolio, partially offset by an increase in the umbrella loss ratio, reflecting continued uncertainty from the impact of social inflation. The underwriting expense ratio of 37.1% increased 2.7 points driven by increased performance-based compensation for employees and agents due to current year achievements.

    Full year 2024 results:
    (All comparisons vs. full year 2023, unless noted otherwise)

    Net written premiums and net earned premiums increased by 15% and 14%, respectively, led by core commercial, assumed reinsurance and surety. Commercial lines net written premiums excluding surety and specialty increased 13%, supported by increased pricing with an overall increase in average renewal premiums of 11.8%. Rate increases accounted for 10.1% while exposure increases contributed an additional 1.6%. Excluding the workers’ compensation line of business, the overall average increase in renewal premiums was 12.9%, with 11.2% from rate increases and 1.6% from exposure changes.

    For the full year, the combined ratio was 99.2%, improving 10.1 points from 109.3% driven by improvement in all components of the loss ratio. Prior year reserve development, excluding catastrophe losses, was neutral for the full year 2024 compared to 6.0% of unfavorable development in the full year 2023. Catastrophe losses added 5.4 points to the combined ratio, an improvement of 0.8 points and below both the five-year and 10-year historical averages. The underlying loss ratio of 57.9% improved 4.3 points, reflecting improvement from a combination of underwriting actions, increased pricing, expense management, lower frequency trends and lower large loss activity in the property and surety lines of business, partially offset by an increase in the umbrella loss ratio. The underwriting expense ratio of 35.9% increased 1.0 point primarily due to investments in talent to deepen expertise across the company; accelerated development of our new policy administration system that is now poised for implementation in 2025; and increased performance-based compensation for employees and agents due to current year achievements.

    Investment Results

    Fourth quarter 2024 results:
    (All comparisons vs. fourth quarter 2023, unless noted otherwise)

    Net investment income was $23.2 million for the fourth quarter of 2024, an increase of $4.1 million or 21.2%. Income from the fixed maturity portfolio increased by $4.8 million due to portfolio management actions and investing at higher interest rates. Other investment income increased by $1.2 million driven by $1.1 million of interest on cash and cash equivalents. Income on other long-term investments decreased $1.3 million driven by better returns in the fourth quarter of 2023. Dividends on equity securities decreased $0.5 million due to the strategic re-allocation into fixed maturities.

    Full year 2024 results:
    (All comparisons vs. full year 2023, unless noted otherwise)

    Net investment income was $82.0 million for the full year 2024, an increase of $22.4 million or 37.5%. Interest on fixed maturities was up $13.5 million or 23.9% as a result of portfolio management actions, investing at higher rates, and the strategic re-allocation of equity securities into fixed maturities, which resulted in a decrease in dividend income of $3.2 million. Income on other long-term investments was $8.0 million in 2024 compared to the depressed income of zero for 2023, as the valuation of the investments in limited liability partnerships varies from period to period due to the current market conditions. Other investment income increased $5.6 million, driven by $4.8 million of interest on cash and cash equivalents.

    Investment Results
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Investment income:              
    Interest on fixed maturities $ 19,877     $ 15,051     $ 69,703     $ 56,243  
    Dividends on equity securities         481       341       3,548  
    Income (loss) on other long-term investments   2,150       3,460       7,939       (31 )
    Other   3,692       2,456       14,951       9,324  
    Total investment income $ 25,719     $ 21,448     $ 92,934     $ 69,084  
    Less investment expenses   2,562       2,350       10,947       9,478  
    Net investment income $ 23,157     $ 19,098     $ 81,987     $ 59,606  
                   
    Average yields on fixed income securities pre-tax(1)   4.15 %     3.39 %     3.73 %     3.28 %
    (1) Fixed income securities yield excluding net unrealized investment gains/losses and expenses.
     

    Balance Sheet

      December 31, 2024   December 31, 2023
    (In thousands) (unaudited)    
    Invested assets $                  2,093,094     $ 1,886,494  
    Cash                          200,949       102,046  
    Total assets                       3,488,469       3,144,190  
    Losses and loss settlement expenses                       1,796,782       1,638,755  
    Total liabilities                       2,706,938       2,410,445  
    Net unrealized investment gains (losses), after-tax                           (72,241 )     (66,967 )
    Total stockholders’ equity                          781,531       733,745  
           
    Book value per share $                          30.80     $ 29.04  
    Adjusted book value per share(1)                               33.64       31.69  
    (1) Adjusted book value per share is a non-GAAP financial measure. See Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures for additional information.
     

    The company’s book value per share was $30.80, an increase of $1.76 per share, or 6.1%, from December 31, 2023. This increase is primarily related to an increase in net income, partially offset with an increase in net unrealized losses on fixed maturity securities and shareholder dividends during the 12-month period ended December 31, 2024.

    Capital Management

    During the fourth quarter of 2024, the company declared and paid a $0.16 per share cash dividend to shareholders of record as of November 29, 2024. UFG has paid a quarterly dividend every quarter since March 1968.

    Earnings Call Access Information

    An earnings call will be held at 9:00 a.m. CT on Wednesday, February 12, 2025, to allow securities analysts, shareholders and other interested parties the opportunity to hear management discuss the company’s fourth quarter of 2024 results.

    Teleconference: Dial-in information for the call is toll-free 1-844-492-3723 (international 1-412-542-4184). The event will be archived and available for digital replay through February 19, 2025. The replay access information is toll-free 1-877-344-7529 (international 1-412-317-0088); conference ID no. 4765665.

    Webcast: An audio webcast of the teleconference can be accessed at the company’s investor relations page at https://ir.ufginsurance.com/event/ or https://event.choruscall.com/mediaframe/webcast.html?webcastid=j4u0yn8Q. The archived audio webcast will be available for one year.

    Transcript: A transcript of the teleconference will be available on the company’s website soon after the completion of the teleconference.

    About UFG

    Founded in 1946 as United Fire & Casualty Company, UFG, through its insurance company subsidiaries, is engaged in the business of writing property and casualty insurance.

    The company is licensed as a property and casualty insurer in all 50 states and the District of Columbia, and is represented by approximately 1,000 independent agencies. A.M. Best Company assigns a rating of “A-” (Excellent) for members of the United Fire & Casualty Group. For more information about UFG, visit www.ufginsurance.com.

    Contact:

    Investor Relations
    Email: ir@unitedfiregroup.com

    Media Inquiries
    Email: news@unitedfiregroup.com

    Disclosure of Forward-Looking Statements

    This release may contain forward-looking statements about our operations, anticipated performance and other similar matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor under the Securities Act of 1933 and the Securities Exchange Act of 1934 for forward-looking statements. The forward-looking statements are not historical facts and involve risks and uncertainties that could cause actual results to differ from those expected and/or projected. Such forward-looking statements are based on current expectations, estimates, forecasts and projections about the company, the industry in which we operate, and beliefs and assumptions made by management. Words such as “expect(s),” “anticipate(s),” “intend(s),” “plan(s),” “believe(s),” “continue(s),” “seek(s),” “estimate(s),” “goal(s),” “remain(s) optimistic,” “target(s),” “forecast(s),” “project(s),” “predict(s),” “should,” “could,” “may,” “will,” “might,” “hope,” “can” and other words and terms of similar meaning or expression in connection with a discussion of future operations, financial performance or financial condition, are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. Information concerning factors that could cause actual outcomes and results to differ materially from those expressed in the forward-looking statements is contained in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Annual Report”), filed with the Securities and Exchange Commission (“SEC”) on February 29, 2024. The risks identified in our 2023 Annual Report and in our other SEC filings are representative of the risks, uncertainties, and assumptions that could cause actual outcomes and results to differ materially from what is expressed in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release or as of the date they are made. Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. In addition, future dividend payments are within the discretion of our Board of Directors and will depend on numerous factors, including our financial condition, our capital requirements and other factors that our Board of Directors considers relevant.

    Definitions of Non-GAAP Information and Reconciliations to Comparable GAAP Measures

    The company prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Management uses certain non-GAAP financial measures to evaluate its operations and profitability. Management also believes that disclosure of certain non-GAAP financial measures enhances investor understanding of our financial performance. Non-GAAP financial measures disclosed in this report include: adjusted operating income, underlying loss ratio, underlying combined ratio, and adjusted book value per share. The company has provided the following definitions and reconciliations of the non-GAAP financial measures:

    Adjusted operating income: Adjusted operating income is calculated by excluding net investment gains and losses, after applicable federal and state income taxes from net income (loss). Management believes adjusted operating income is a meaningful measure for evaluating insurance company performance and a useful supplement to GAAP information because it better represents the normal, ongoing performance of our business. Investors and equity analysts who invest in and report on the insurance industry and the company generally focus on this metric in their analyses.

    Net Income Reconciliation
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Income statement data              
    Net income (loss) $            31,442     $ 19,608     $           61,957     $ (29,700 )
    Less: after-tax net investment gains (losses)                (1,041 )     3,044                   (4,289 )     1,006  
    Adjusted operating income (loss) $            32,483     $ 16,564     $           66,246     $ (30,706 )
    Diluted earnings per share data              
    Net income (loss) $                1.21     $ 0.77     $               2.39     $ (1.18 )
    Less: after-tax net investment gains (losses)                   (0.04 )     0.12                      (0.17 )     0.04  
    Adjusted operating income (loss) $                1.25     $ 0.65     $               2.56     $ (1.22 )
                                   

    Underlying loss ratio and underlying combined ratio: Underlying loss ratio represents the net loss ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The underlying combined ratio represents the combined ratio less the impacts of catastrophes and non-catastrophe prior year reserve development. The company believes that the underlying loss ratio and underlying combined ratio are meaningful measures to understand the underlying trends in the core business in the current accident year, removing the volatility of prior year impacts and catastrophes. Management believes separate discussions on catastrophe losses and prior year reserve development are important to understanding how the company is managing catastrophe risk and in identifying developments in longer-tailed business.

    Prior year reserve development is the increase (unfavorable) or decrease (favorable) in incurred loss and loss adjustment expense at the valuation dates for losses which occurred in previous calendar years. This measure excludes development on catastrophe losses.

    Catastrophe losses is an operational measure which utilizes the designations of the Insurance Services Office (“ISO”) and is reported with losses and loss adjustment expense amounts net of reinsurance recoverables, unless specified otherwise. In addition to ISO catastrophes, we also include as catastrophes those events, which may include U.S. or international losses, that we believe are, or will be, material to our operations, either in amount or in number of claims made. Catastrophes are not predictable and are unique in terms of timing and financial impact. While management estimates catastrophe losses as incurred, due to the inherently unique nature of catastrophe losses, the impact in a reporting period is inclusive of catastrophes that occurred in the reporting period, as well as development on catastrophes that have occurred in prior periods.

    Adjusted book value per share: Adjusted book value per share is calculated by dividing shareholders’ equity, excluding net unrealized investment gains and losses, net of tax, by the number of common shares outstanding. Management believes adjusted book value per share is a meaningful measure for evaluating the company’s net worth that is primarily attributable to our business operations, because it removes the effect of changing prices on invested assets that can fluctuate from period to period. Book value per share is the most directly comparable GAAP measure.

    Book Value Per Share Reconciliation
    (Unaudited) As of
    (In thousands) December 31, 2024   December 31, 2023
    Shareholders’ equity $                      781,531     $ 733,745  
    Less: Net unrealized investment gains (losses), net of tax                           (72,241 )     (66,967 )
    Shareholders’ equity, excluding net unrealized investment gains (losses), net of tax $                      853,772     $ 800,712  
           
    Common shares outstanding (basic)                             25,378       25,270  
    Book value per share $                           30.80     $ 29.04  
    Adjusted book value per share                               33.64       31.69  
                   

    Certain Performance Measures

    The company uses the following measure to evaluate its financial performance. Management believes a discussion of this measure provides financial statement users with a better understanding of the company’s results of operations. The company has provided the following definition:

    Net written premiums: Net written premiums is frequently used by industry analysts and other recognized reporting sources to facilitate comparisons of the performance of insurance companies. Net written premiums is the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. Management believes net written premiums is a meaningful measure for evaluating insurance company sales performance and geographical expansion efforts. Net written premiums for an insurance company consists of direct premiums written and premiums assumed, less premiums ceded. Net earned premiums is calculated on a pro-rata basis over the terms of the respective policies. Unearned premium reserves are established for the portion of written premiums applicable to the unexpired terms of the insurance policies in force. The difference between net earned premiums and net written premiums is the change in unearned premiums and the change in prepaid reinsurance premiums.

    Supplemental Tables

    Income Statement
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Revenues              
    Net earned premiums $         308,137     $ 264,366     $      1,176,750     $ 1,034,587  
    Net investment income                23,156       19,098                    81,986       59,606  
    Net investment gains (losses)                (1,318 )     3,855                    (5,429 )     1,274  
    Other income (loss)                  3,200                                  —        
    Total revenues $         333,175     $ 287,319     $      1,253,307     $ 1,095,467  
                   
    Benefits, losses and expenses              
    Losses and loss settlement expenses $         176,486     $ 171,289     $         744,605     $ 769,414  
    Amortization of deferred policy acquisition costs                76,834       63,291                 281,338       244,991  
    Other underwriting expenses                37,410       27,569                 140,942       115,800  
    Interest expense                  2,481       869                      7,281       3,260  
    Other non-underwriting expenses                     419       170                      2,107       1,723  
    Total benefits, losses and expenses $         293,630     $ 263,188     $      1,176,273     $ 1,135,188  
                   
    Income (loss) before income taxes $           39,545     $ 24,131     $           77,034     $ (39,721 )
    Federal income tax expense (benefit)                  8,103       4,523                    15,077       (10,021 )
    Net income (loss) $           31,442     $ 19,608     $           61,957     $ (29,700 )
                                   
    Net Written Premiums by Line of Business
    (Unaudited) Three Months Ended December 31,   Twelve Months Ended December 31,
    (In thousands)   2024       2023       2024       2023  
    Net written premiums(1)              
    Commercial lines:              
    Other liability(2) $            90,508     $ 79,393     $         369,454     $ 325,900  
    Fire and allied lines(3)                54,203       51,742                  253,796       249,029  
    Automobile                53,776       46,667                  258,257       218,710  
    Workers’ compensation                14,011       10,530                    61,838       49,128  
    Surety(4)                10,013       11,964                    52,524       47,564  
    Miscellaneous                  3,201       1,356                    13,086       4,776  
    Total commercial lines $         225,712     $ 201,652     $      1,008,955     $ 895,107  
                   
    Personal lines:              
    Fire and allied lines(5) $              3,804     $ 136     $            14,201     $ 4,545  
    Automobile                      764                            2,449        
    Miscellaneous                        —       1                              5       14  
    Total personal lines $              4,568     $ 137     $            16,655     $ 4,559  
    Assumed reinsurance(6)                48,249       45,041                  205,860       167,236  
    Total $         278,529     $ 246,830     $      1,231,470     $ 1,066,901  
    (1) Net written premiums is a performance measure reflecting the amount charged for insurance policy contracts issued and recognized on an annualized basis at the effective date of the policy. See Certain Performance Measures for additional information.
    (2) Commercial lines “Other liability” is business insurance covering bodily injury and property damage arising from general business operations, accidents on the insured’s premises and products manufactured or sold.
    (3) Commercial lines “Fire and allied lines” includes fire, allied lines, commercial multiple peril and inland marine.
    (4) Commercial lines “Surety” previously referred to as “Fidelity and surety.”
    (5) Personal lines “Fire and allied lines” includes fire, allied lines, homeowners and inland marine.
    (6) Assumed reinsurance includes Funds at Lloyd’s
     
    Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
    Three Months Ended December 31,   2024       2023  
    (In thousands, except ratios)     Net Losses           Net Losses    
        and Loss           and Loss    
    Net   Settlement   Net   Net   Settlement   Net
    Earned   Expenses   Loss   Earned   Expenses   Loss
    (Unaudited) Premiums   Incurred   Ratio   Premiums   Incurred   Ratio
    Commercial lines                      
    Other liability $     91,016     $       82,052       90.2 %   $ 83,239     $ 54,991       66.1 %
    Fire and allied lines          62,019               16,515       26.6       61,869       31,994       51.7  
    Automobile          63,276               28,893       45.7       54,068       39,792       73.6  
    Workers’ compensation          14,914                 8,233       55.2       12,626       13,908       110.2  
    Surety          15,537                   (179 )     (1.2 )     12,311       6,591       53.5  
    Miscellaneous            3,223                     611       19.0       1,180       663       56.2  
    Total commercial lines $   249,985     $    136,125       54.5 %   $ 225,293     $ 147,939       65.7 %
                           
    Personal lines                      
    Fire and allied lines $        3,814     $         5,110       134.0 %   $ 165     $ (229 )     (138.8 )%
    Automobile               639                     424       66.4 %           (511 )     NM  
    Miscellaneous                    2                         4       NM       4       66       NM  
    Total personal lines $        4,455     $         5,538       124.3 %   $ 169     $ (674 )     (398.8 )%
    Assumed reinsurance          53,697               34,823       64.9       38,904       24,024       61.8  
    Total $   308,137     $    176,486       57.3 %   $ 264,366     $ 171,289       64.8 %
    NM = Not meaningful
     
    Net Earned Premiums, Net Losses and Loss Settlement Expenses and Net Loss Ratio by Line of Business
    Twelve Months Ended December 31,   2024       2023  
    (In thousands, except ratios)     Net Losses           Net Losses    
        and Loss           and Loss    
    Net   Settlement   Net   Net   Settlement   Net
    Earned   Expenses   Loss   Earned   Expenses   Loss
    (Unaudited) Premiums   Incurred   Ratio   Premiums   Incurred   Ratio
    Commercial lines                      
    Other liability $    343,027     $    283,034       82.5 %   $ 320,762     $ 249,106       77.7 %
    Fire and allied lines        252,142             125,807       49.9       244,674       183,533       75.0  
    Automobile        239,964             138,517       57.7       208,874       176,667       84.6  
    Workers’ compensation          54,815               37,524       68.5       53,039       33,224       62.6  
    Surety          60,285               14,812       24.6       39,922       22,259       55.8  
    Miscellaneous             9,802                 5,742       58.6       2,702       940       34.8  
    Total commercial lines $    960,035     $    605,436       63.1 %   $ 869,973     $ 665,729       76.5 %
                           
    Personal lines                      
    Fire and allied lines $      14,237     $         8,325       58.5 %   $ 4,733     $ 3,402       71.9 %
    Automobile             1,214                     732       60.3 %           (837 )     NM  
    Miscellaneous                  10                     197       NM       22       (82 )     NM  
    Total personal lines $      15,461     $         9,254       59.9 %   $ 4,755     $ 2,483       52.2 %
    Assumed reinsurance        201,254             129,915       64.6       159,859       101,202       63.3  
    Total $ 1,176,750     $    744,605       63.3 %   $ 1,034,587     $ 769,414       74.4 %
                           

    The MIL Network

  • MIL-OSI: Nasdaq Announces End-of-Month Open Short Interest Positions in Nasdaq Stocks as of Settlement Date January 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — At the end of the settlement date of January 31, 2025, short interest in 3,109 Nasdaq Global MarketSM securities totaled 12,170,722,591 shares compared with 12,402,417,655 shares in 3,099 Global Market issues reported for the prior settlement date of January 15, 2025. The mid-January short interest represents 2.69 days compared with 2.56 days for the prior reporting period.

    Short interest in 1,621 securities on The Nasdaq Capital MarketSM totaled 2,410,655,463 shares at the end of the settlement date of January 31, 2025, compared with 2,424,890,788 shares in 1,635 securities for the previous reporting period. This represents a 1.00 day average daily volume; the previous reporting period’s figure was 1.00.

    In summary, short interest in all 4,730 Nasdaq® securities totaled 14,581,378,054 shares at the January 31, 2025 settlement date, compared with 4,734 issues and 14,827,308,443 shares at the end of the previous reporting period. This is 1.88 days average daily volume, compared with an average of 1.82 days for the prior reporting period.

    The open short interest positions reported for each Nasdaq security reflect the total number of shares sold short by all broker/dealers regardless of their exchange affiliations. A short sale is generally understood to mean the sale of a security that the seller does not own or any sale that is consummated by the delivery of a security borrowed by or for the account of the seller.

    For more information on Nasdaq Short interest positions, including publication dates, visit http://www.nasdaq.com/quotes/short-interest.aspx or http://www.nasdaqtrader.com/asp/short_interest.asp.

    About Nasdaq:
    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.     

    Media Contact:
    Camille Stafford
    camille.stafford@nasdaq.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4cdababb-4379-4e9b-a7c2-9c802b5ee122

    NDAQO

    The MIL Network

  • MIL-OSI: BlackLine Announces Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 11, 2025 (GLOBE NEWSWIRE) — BlackLine, Inc. (Nasdaq: BL), today announced financial results for the fourth quarter and full year ended December 31, 2024.

    “We believe our recent user conference and accelerating innovation are creating momentum for BlackLine,” said Owen Ryan, Co-CEO of BlackLine. “We’re making progress on our key Investor Day initiatives, including the rollout of Studio360, advancement of our public sector opportunity, and expansion of our industry-specific strategy. While we recognize the work ahead to achieve our full vision, our strategic investments are building a solid foundation for future growth.”

    “By focusing our innovation on the evolving needs of the Office of the CFO, we continue to unlock new market opportunities and enhance our strategic position,” said Therese Tucker, Co-CEO of BlackLine. “Through our Studio360 platform along with AI-powered solutions and capabilities, we’re delivering customer-focused innovation that we believe drive both our company’s financial performance and our customers’ ability to achieve greater operational efficiency across their finance and accounting organizations.”

    Fourth Quarter 2024 Financial Highlights

    • Total GAAP revenues of $169.5 million, an increase of 9% compared to the fourth quarter of 2023.
    • GAAP operating margin of 3.7%, compared to 8.2% in the fourth quarter of 2023.
    • Non-GAAP operating margin of 18.1%, compared to 24.8% in the fourth quarter of 2023.
    • GAAP net income attributable to BlackLine of $56.4 million, or $0.79 per diluted share compared to GAAP net income attributable to BlackLine of $22.1 million, or $0.32 per diluted share in the fourth quarter of 2023.
    • Non-GAAP net income attributable to BlackLine of $34.6 million, or $0.47 per diluted share compared to non-GAAP net income attributable to BlackLine of $51.5 million, or $0.69 per diluted share in the fourth quarter of 2023.
    • Operating cash flow of $43.8 million, compared to $42.2 million in the fourth quarter of 2023.
    • Free cash flow of $36.5 million, compared to $35.3 million in the fourth quarter of 2023.

    Full Year 2024 Financial Highlights

    • Total GAAP revenues of $653.3 million, an increase of 11% from 2023.
    • GAAP operating margin of 2.8%, compared to 2.4% in 2023.
    • Non-GAAP operating margin of 19.4%, compared to 16.5% in 2023.
    • GAAP net income attributable to BlackLine of $161.2 million, or $1.45 per diluted share compared to GAAP net income attributable to BlackLine of $52.8 million, or $0.81 per diluted share in 2023.
    • Non-GAAP net income attributable to BlackLine of $162.1 million, or $2.18 per diluted share compared to non-GAAP net income attributable to BlackLine of $145.2 million, or $1.96 per diluted share in 2023.
    • Operating cash flow of $190.8 million, compared to $126.6 million from 2023.
    • Free cash flow of $164.0 million, compared to $99.0 million from 2023.

    Fourth Quarter Key Metrics and Recent Business Highlights

    • BlackLine had a total of 4,443 customers at December 31, 2024.
    • Expanded the Company’s user base to 397,477 users at December 31, 2024.
    • Achieved a dollar-based net revenue retention rate of 102% at December 31, 2024.
    • Launched Studio360 Platform to drive future-ready financial operations for the Office of the CFO.
    • Recognized as a Leader in the 2024 IDC MarketScape for Worldwide Accounts Receivable Automation Applications for the Enterprise.
    • Recognized as Most Innovative FinTech Solution by the 2024 Tech Ascension Awards.
    • Appointed Stuart Van Houten as Chief Commercial Officer.
    • Welcomed Philippe Omer-Decugis as Senior Vice President and General Manager for Europe.
    • Announced 2024 Modern Accounting Award Winners at BeyondTheBlack.
    • Announced the planned retirement of BlackLine’s Chief Financial Officer and named successor.

    The financial results included in this press release are preliminary and subject to final review. Financial results will not be final until BlackLine files its Annual Report on Form 10-K for the period. Information about BlackLine’s use of non-GAAP financial measures is provided below under “Use of Non-GAAP Financial Measures.”

    Financial Outlook

    First Quarter 2025

    • Total GAAP revenue is expected to be in the range of $166 million to $168 million.
    • Non-GAAP operating margin is expected to be in the range of 16.5% to 17.5%.
    • Non-GAAP net income attributable to BlackLine is expected to be in the range of $28 million to $30 million, or $0.36 to $0.39 per share on 77.7 million diluted weighted average shares outstanding.

    Full Year 2025

    • Total GAAP revenue is expected to be in the range of $699 million to $705 million.
    • Non-GAAP operating margin is expected to be in the range of 21.0% to 22.0%.
    • Non-GAAP net income attributable to BlackLine is expected to be in the range of $155 million to $165 million, or $1.97 to $2.10 per share on 78.5 million diluted weighted average shares outstanding.

    Guidance for non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share excludes specified items from the corresponding GAAP financial measures as outlined below under “Use of Non-GAAP Financial Measures” and as detailed in the reconciliations of non-GAAP measures for historical periods. Reconciliations of non-GAAP operating margin, non-GAAP net income attributable to BlackLine, and non-GAAP net income attributable to BlackLine per share guidance to the most directly comparable U.S. GAAP measures are not available on a forward-looking basis without unreasonable efforts due to the unpredictability and complexity of the charges excluded from these non-GAAP financial measures. The Company expects the variability of the above items could have a significant, and potentially unpredictable, impact on its future GAAP operating margin, net income attributable to BlackLine, and net income attributable to BlackLine per share.

    Quarterly Conference Call

    BlackLine will hold a conference call to discuss its fourth quarter and full year 2024 results at 2:00 p.m. Pacific time on Tuesday, February 11, 2025. A live audio webcast will be accessible on BlackLine’s investor relations website at https://investors.blackline.com. Participants can preregister for the conference call. A replay of the webcast will be available at https://investors.blackline.com for 12 months. BlackLine has used, and intends to continue to use, its Investor Relations website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    About BlackLine

    BlackLine (Nasdaq: BL), the future-ready platform for the Office of the CFO, drives digital finance transformation by empowering organizations with accurate, efficient, and intelligent financial operations.

    BlackLine’s comprehensive platform addresses mission-critical processes, including record-to-report and invoice-to-cash, enabling unified and accurate data, streamlined and optimized processes, and real-time insight through visibility, automation, and AI. BlackLine’s proven, collaborative approach ensures continuous transformation, delivering immediate impact and sustained value. With a proven track record of innovation, industry-leading R&D investment, and world-class security practices, more than 4,400 customers across multiple industries partner with BlackLine to lead their organizations into the future.

    For more information, please visit blackline.com.

    Forward-looking Statements

    This release and the conference call referenced above contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or other comparable terminology. Forward-looking statements in this release and quarterly conference call include, but are not limited to, statements regarding BlackLine’s future financial and operational performance, including, without limitation, GAAP and non-GAAP guidance for the first quarter and full year of 2025, the impact of progress against certain key initiatives, our expectations for our business, including the demand environment, BlackLine’s addressable market, market position and pipeline, our international growth, and our relationships with our customers and partners, including opportunities to expand those relationships.

    Any forward-looking statements contained in this press release or the quarterly conference call are based upon BlackLine’s historical performance and its current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. Forward-looking statements are based on information available at the time those statements are made and/or management’s good-faith beliefs and assumptions as of that time with respect to future events, and are subject to risks and uncertainties. If any of these risks or uncertainties materialize or if any assumptions prove incorrect, actual performance or results may differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to risks related to the Company’s ability to attract new customers and expand sales to existing customers; the extent to which customers renew their subscription agreements or increase the number of users; the impact of current and future economic uncertainty and other unfavorable conditions in the Company’s industry or the global economy, the Company’s ability to manage growth and scale effectively, including entry into new geographies; the Company’s ability to provide successful enhancements, new features and modifications to its software solutions; the Company’s ability to develop new products and software solutions and the success of any new product and service introductions; the Company’s ability to effectively incorporate artificial intelligence and machine learning technologies (AI/ML) into its platform and business and the potential reputational harm or legal liability that may result from the use of AI/ML solutions and features; the success of the Company’s strategic relationships with technology vendors and business process outsourcers, channel partners and alliance partners; any breaches of the Company’s security measures; a disruption in the Company’s hosting network infrastructure; costs and reputational harm that could result from defects in the Company’s solutions; the loss of any key employees; continued strong demand for the Company’s software in the United States, Europe, Asia Pacific, and Latin America; the Company’s ability to compete as the financial close management provider for organizations of all sizes; the timing and success of solutions offered by competitors; including competitors’ ability to incorporate AI/ML into products and offerings more quickly or successfully; changes in the proportion of the Company’s customer base that is comprised of enterprise or mid-sized organizations; the Company’s ability to expand and effectively manage its sales teams and their performance and productivity; fluctuations in our financial results due to long and increasingly variable sales cycles, failure to protect the Company’s intellectual property; the Company’s ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such transactions; unpredictable and uncertain macro and regional economic conditions; seasonality; changes in current tax or accounting rules; cyber attacks and the risk that the Company’s security measures may not be sufficient to secure its customer or confidential data adequately; acts of terrorism or other vandalism, war or natural disasters including the effects of climate change; the impact of any determination of deficiencies or weaknesses in our internal controls and processes; and other risks and uncertainties described in the other filings we make with the Securities and Exchange Commission from time to time, including the risks described under the heading “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the Securities and Exchange Commission on November 8, 2024. Additional information will also be set forth in our Annual Report on Form 10-K for the year ended December 31, 2024. Forward-looking statements should not be read as a guarantee of future performance or results, and you should not place undue reliance on such statements. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. All of the information in this press release is subject to completion of our quarterly review process.

    Use of Non-GAAP Financial Measures

    To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles, or GAAP, BlackLine has provided in this release and the quarterly conference call held on February 11, 2025, certain financial measures that have not been prepared in accordance with GAAP defined as “non-GAAP financial measures,” which include (i) non-GAAP gross profit and non-GAAP gross margin, (ii) non-GAAP operating expenses, (iii) non-GAAP operating income (loss) and non-GAAP operating margin, (iv) non-GAAP net income (loss) attributable to BlackLine, Inc., (v) diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share, and (vi) free cash flow.

    BlackLine’s management uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to the corresponding GAAP measures, in evaluating BlackLine’s ongoing operational performance and trends and in comparing its financial measures with other companies in the same industry, many of which present similar non-GAAP financial measures to help investors understand the operational performance of their businesses. However, it is important to note that the particular items BlackLine excludes from, or includes in, its non-GAAP financial measures may differ from the items excluded from, or included in, similar non-GAAP financial measures used by other companies in the same industry. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures has been provided in the tables included as part of this press release.

    Non-GAAP Gross Profit and Non-GAAP Gross Margin. Non-GAAP gross profit is defined as GAAP revenues less GAAP cost of revenue adjusted for amortization of acquired developed technology, stock-based compensation, and transaction-related costs (including, but not limited to, accounting, legal, and advisory fees related to the transaction, as well as transaction-related retention bonuses). Non-GAAP gross margin is defined as non-GAAP gross profit divided by GAAP revenues. BlackLine believes that presenting non-GAAP gross profit and non-GAAP gross margin is useful to investors as it eliminates the impact of certain non-cash expenses and allows a direct comparison between periods.

    Non-GAAP Operating Expenses. Non-GAAP operating expenses include (a) non-GAAP sales and marketing expense, (b) non-GAAP research and development expense, and (c) non-GAAP general and administrative expense. Non-GAAP sales and marketing expense is defined as GAAP sales and marketing expense adjusted for amortization of intangible assets, stock-based compensation, and transaction-related costs. Non-GAAP research and development expense is defined as GAAP research and development expense adjusted for stock-based compensation and transaction-related costs. Non-GAAP general and administrative expense is defined as GAAP general and administrative expense adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, and legal settlement gains or costs. BlackLine believes that presenting each of the non-GAAP operating expenses is useful to investors as it eliminates the impact of certain cash and non-cash expenses and allows a direct comparison of operating expenses between periods.

    Non-GAAP Income (Loss) from Operations and Non-GAAP Operating Margin. Non-GAAP income (loss) from operations is defined as GAAP income (loss) from operations adjusted for amortization of intangible assets, stock-based compensation, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, and restructuring costs. Non-GAAP operating margin is defined as non-GAAP income (loss) from operations divided by GAAP revenues. BlackLine believes that presenting non-GAAP income (loss) from operations and non-GAAP operating margin is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs in order to allow a direct comparison of income (loss) from operations between all periods presented.

    Non-GAAP Net Income (Loss) Attributable to BlackLine and Diluted Non-GAAP Net Income (Loss) Attributable to BlackLine, Inc. Per Share. Non-GAAP net income (loss) attributable to BlackLine is defined as GAAP net income (loss) attributable to BlackLine adjusted for the impact of the provision for (benefit from) income taxes related to acquisitions, amortization of intangible assets, stock-based compensation, amortization of debt issuance costs from our convertible senior notes, change in fair value of contingent consideration, transaction-related costs, legal settlement gains or costs, restructuring costs, adjustment to the redeemable non-controlling interest to the redemption amount, and gain on extinguishment of convertible senior notes. Diluted non-GAAP net income (loss) attributable to BlackLine, Inc. per share includes the adjustment for shares resulting from the elimination of stock-based compensation. BlackLine believes that presenting non-GAAP net income (loss) attributable to BlackLine is useful to investors as it eliminates the impact of items that have been impacted by the Company’s acquisitions and other related costs to allow a direct comparison of net income (loss) between all periods presented.

    Free Cash Flow. Free cash flow is defined as cash flows provided by (used in) operating activities less cash flows used to purchase property and equipment, financed and otherwise, capitalized software development, and intangible assets. BlackLine believes that presenting free cash flow is useful to investors as it provides a measure of the Company’s liquidity used by management to evaluate the amount of cash generated by the Company’s business including the impact of purchases of property and equipment and cost of capitalized software development.

    Use of Operating Metrics

    BlackLine has provided in this release and the quarterly conference call held on February 11, 2025 certain operating metrics, including (i) number of customers, (ii) number of users, and (iii) dollar-based net revenue retention rate, which BlackLine uses to evaluate its business, measure its performance, identify trends affecting its business, formulate financial projections and make strategic decisions. These operating metrics exclude the impact of certain Runbook licensed customers and users who are on perpetual license agreements and did not have an active subscription agreement with BlackLine as of December 31, 2024.

    Dollar-based Net Revenue Retention Rate. Dollar-based net revenue retention rate is calculated as the implied monthly subscription and support revenue at the end of a period for the base set of customers from which the Company generated subscription revenue in the year prior to the calculation, divided by the implied monthly subscription and support revenue one year prior to the date of calculation for that same customer base. This calculation does not reflect implied monthly subscription and support revenue for new customers added during the one-year period but does include the effect of customers who terminated during the period. Implied monthly subscription and support revenue is defined as the total amount of minimum subscription and support revenue contractually committed to, under each of BlackLine’s customer agreements over the entire term of the agreement, divided by the number of months in the term of the agreement. BlackLine believes that dollar-based net revenue retention rate is an important metric to measure the long-term value of customer agreements and the Company’s ability to retain and grow its relationships with existing customers over time.

    Number of Customers. A customer is defined as a company that contributes to our subscription and support revenue as of the measurement date. In situations where an organization has multiple subsidiaries or divisions, each entity that is invoiced as a separate entity is treated as a separate customer. In an instance where an existing customer requests its invoice be divided for the sole purpose of restructuring its internal billing arrangement without any incremental increase in revenue, such customer continues to be treated as a single customer. BlackLine believes that its ability to expand its customer base is an indicator of the Company’s market penetration and the growth of its business.

    Number of Users. Historically, BlackLine’s products were priced based on the number of users of its platform. Over time, the Company has begun to sell an increasing number of non-user based products with fixed or transaction-based pricing. For this reason, we believe the growth in the number of total users is less correlated to the growth of the business overall.

    Media Contact:
    Samantha Darilek
    samantha.darilek@blackline.com

    Investor Relations Contact:
    Matt Humphries, CFA
    matt.humphries@blackline.com

    BlackLine, Inc.
    Consolidated Balance Sheets
    (in thousands)
    (unaudited)
     
      December 31, 2024   December 31, 2023
    ASSETS
    Current assets:      
    Cash and cash equivalents $ 885,915     $ 271,117  
    Marketable securities         933,355  
    Accounts receivable, net of allowances   178,141       171,608  
    Prepaid expenses and other current assets   28,348       31,244  
    Total current assets   1,092,404       1,407,324  
    Capitalized software development costs, net   45,448       37,828  
    Property and equipment, net   11,840       14,867  
    Intangible assets, net   59,520       79,056  
    Goodwill   448,965       448,965  
    Operating lease right-of-use assets   22,772       19,173  
    Deferred tax assets, net   53,208       145  
    Other assets   90,879       93,407  
    Total assets $ 1,825,036     $ 2,100,765  
    LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST, AND STOCKHOLDERS’ EQUITY
    Current liabilities:      
    Accounts payable $ 8,463     $ 8,623  
    Accrued expenses and other current liabilities   71,574       59,690  
    Deferred revenue, current   338,615       320,133  
    Finance lease liabilities, current   66       778  
    Operating lease liabilities, current   3,525       4,108  
    Convertible senior notes, net, current         249,233  
    Total current liabilities   422,243       642,565  
    Finance lease liabilities, noncurrent   53       4  
    Operating lease liabilities, noncurrent   20,283       15,738  
    Convertible senior notes, net, noncurrent   892,675       1,140,608  
    Deferred tax liabilities, net   4,532       6,394  
    Deferred revenue, noncurrent   1,390       904  
    Other long-term liabilities   708       3,608  
    Total liabilities   1,341,884       1,809,821  
    Commitments and contingencies      
    Redeemable non-controlling interest   36,483       30,063  
    Stockholders’ equity:      
    Common stock   628       615  
    Additional paid-in capital   495,391       474,863  
    Accumulated other comprehensive income (loss)   (361 )     205  
    Accumulated deficit   (48,989 )     (214,802 )
    Total stockholders’ equity   446,669       260,881  
    Total liabilities, redeemable non-controlling interest, and stockholders’ equity $ 1,825,036     $ 2,100,765  
           
    BlackLine, Inc.
    Consolidated Statements of Operations
    (in thousands, except per share data)
    (unaudited)
     
      Quarter Ended   Year Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Revenues              
    Subscription and support $ 160,988     $ 147,155     $ 619,287     $ 555,516  
    Professional services   8,472       8,575       34,049       34,480  
    Total revenues   169,460       155,730       653,336       589,996  
    Cost of revenues              
    Subscription and support   34,833       31,373       135,308       121,308  
    Professional services   6,581       6,239       26,657       25,485  
    Total cost of revenues   41,414       37,612       161,965       146,793  
    Gross profit   128,046       118,118       491,371       443,203  
    Operating expenses              
    Sales and marketing   64,769       56,898       248,347       243,154  
    Research and development   24,588       22,578       100,973       103,207  
    General and administrative   32,480       24,676       121,795       71,530  
    Restructuring costs   (8 )     1,151       1,720       10,964  
    Total operating expenses   121,829       105,303       472,835       428,855  
    Income from operations   6,217       12,815       18,536       14,348  
    Other income (expense)              
    Interest income   9,399       14,822       49,808       52,059  
    Interest expense   (2,523 )     (1,484 )     (8,758 )     (5,898 )
    Gain on extinguishment of convertible senior notes               65,112        
    Other income, net   6,876       13,338       106,162       46,161  
    Income before income taxes   13,093       26,153       124,698       60,509  
    Provision for (benefit from) income taxes   (50,374 )     1,901       (43,067 )     1,450  
    Net income   63,467       24,252       167,765       59,059  
    Net income attributable to redeemable non-controlling interest   670       293       1,952       892  
    Adjustment attributable to redeemable non-controlling interest   6,380       1,890       4,639       5,334  
    Net income attributable to BlackLine, Inc. $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Basic net income attributable to BlackLine, Inc. per share $ 0.90     $ 0.36     $ 2.59     $ 0.87  
    Shares used to calculate basic net income per share   62,640       61,391       62,129       60,849  
    Diluted net income attributable to BlackLine, Inc. per share $ 0.79     $ 0.32     $ 1.45     $ 0.81  
    Shares used to calculate diluted net income per share   74,610       72,470       73,503       72,045  
    BlackLine, Inc.
    Consolidated Statements of Cash Flows
    (in thousands)
    (unaudited)
     
      Quarter Ended   Year Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Cash flows from operating activities              
    Net income attributable to BlackLine, Inc. $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Net income and adjustment attributable to redeemable non-controlling interest   7,050       2,183       6,591       6,226  
    Net income   63,467       24,252       167,765       59,059  
    Adjustments to reconcile net income to net cash provided by operating activities:              
    Depreciation and amortization   12,120       12,825       50,345       50,099  
    Change in fair value of contingent consideration                     (33,549 )
    Amortization of debt issuance costs   849       1,398       4,486       5,535  
    Stock-based compensation   19,340       17,505       83,251       77,970  
    Gain on extinguishment of convertible senior notes               (65,112 )      
    Noncash lease expense   1,611       1,728       6,221       6,453  
    Accretion of purchase discounts on marketable securities, net   (326 )     (8,885 )     (18,441 )     (33,884 )
    Net foreign currency (gains) losses   (81 )     (29 )     279       853  
    Deferred income taxes   (53,323 )     281       (54,802 )     (1,525 )
    Provision for (benefit from) credit losses   70       (1 )     84       (18 )
    Changes in operating assets and liabilities:              
    Accounts receivable   (43,317 )     (41,300 )     (7,552 )     (20,855 )
    Prepaid expenses and other current assets   (1,609 )     (4,449 )     2,742       (6,599 )
    Other assets   298       (1,947 )     2,505       (595 )
    Accounts payable   4,333       4,341       (1,123 )     (5,104 )
    Accrued expenses and other current liabilities   3,968       (2,111 )     7,087       (924 )
    Deferred revenue   37,819       42,536       18,968       41,271  
    Contingent consideration paid in excess of original estimates         (2,393 )           (2,393 )
    Operating lease liabilities   (1,563 )     (1,936 )     (5,963 )     (7,171 )
    Lease incentive receipts                     240  
    Other long-term liabilities   138       354       96       (2,250 )
    Net cash provided by operating activities   43,794       42,169       190,836       126,613  
    Cash flows from investing activities              
    Purchases of marketable securities         (360,866 )     (396,104 )     (1,343,331 )
    Proceeds from maturities of marketable securities   121,289       363,521       1,023,286       1,319,821  
    Proceeds from sales of marketable securities               324,098        
    Capitalized software development costs   (6,513 )     (4,807 )     (24,714 )     (21,644 )
    Purchases of property and equipment   (756 )     (2,026 )     (2,126 )     (5,953 )
    Acquisition, net of cash acquired         (9 )           (11,376 )
    Net cash provided by (used in) investing activities   114,020       (4,187 )     924,440       (62,483 )
    Cash flows from financing activities              
    Proceeds from issuance of convertible senior notes, net of issuance costs               661,979        
    Partial repurchase of convertible senior notes               (848,519 )      
    Repayment of convertible senior notes               (250,000 )      
    Purchase of capped calls related to convertible senior notes               (59,738 )      
    Principal payments under finance lease obligations   (228 )     (255 )     (999 )     (990 )
    Proceeds from exercises of stock options   4,553       775       7,591       19,762  
    Proceeds from employee stock purchase plan   2,757       2,719       7,006       8,010  
    Acquisition of common stock for tax withholding obligations   (3,861 )     (885 )     (17,465 )     (15,029 )
    Payment of contingent consideration         (5,607 )           (5,607 )
    Net cash provided by (used in) financing activities   3,221       (3,253 )     (500,145 )     6,146  
    Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash   (403 )     151       (347 )     (120 )
    Net increase in cash, cash equivalents, and restricted cash   160,632       34,880       614,784       70,156  
    Cash, cash equivalents, and restricted cash, beginning of period   725,515       236,483       271,363       201,207  
    Cash, cash equivalents, and restricted cash, end of period $ 886,147     $ 271,363     $ 886,147     $ 271,363  
                   
    Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets              
    Cash and cash equivalents at end of period $ 885,915     $ 271,117     $ 885,915     $ 271,117  
    Restricted cash included within other assets at end of period   232       246       232       246  
    Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows $ 886,147     $ 271,363     $ 886,147     $ 271,363  
    BlackLine, Inc.
    Calculation of Diluted Net Income Per Share
    (in thousands, except per share data)
    (unaudited)
     
      Quarter Ended   Year Ended
      December 31,   December 31,
          2024       2023       2024       2023  
    Diluted Net Income per Share                
    Numerator:                
    Net income attributable to BlackLine, Inc.   $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Interest expense, net of taxes     2,305       1,458       7,804       5,716  
    Gain on extinguishment of convertible senior notes, net of taxes                 (62,147 )      
    Net income attributable to BlackLine, Inc. for diluted calculation   $ 58,722     $ 23,527     $ 106,831     $ 58,549  
    Denominator:                
    Shares used to calculate diluted net income per share     74,610       72,470       73,503       72,045  
    Diluted net income attributable to BlackLine, Inc. per share   $ 0.79     $ 0.32     $ 1.45     $ 0.81  
                     
    BlackLine, Inc.
    Reconciliations of Non-GAAP Financial Measures
    (in thousands, except percentages and per share data)
    (unaudited)
     
        Quarter Ended   Year Ended
        December 31,   December 31,
          2024       2023       2024       2023  
    Non-GAAP Gross Profit:                
    Gross profit   $ 128,046     $ 118,118     $ 491,371     $ 443,203  
    Amortization of acquired developed technology     3,243       3,419       13,370       12,438  
    Stock-based compensation     3,561       3,121       13,347       12,440  
    Transaction-related costs     25       132       151       478  
    Total non-GAAP gross profit   $ 134,875     $ 124,790     $ 518,239     $ 468,559  
    Gross margin     75.6 %     75.8 %     75.2 %     75.1 %
    Non-GAAP gross margin     79.6 %     80.1 %     79.3 %     79.4 %
                     
    Non-GAAP Operating Income:                
    Operating income   $ 6,217     $ 12,815     $ 18,536     $ 14,348  
    Amortization of intangible assets     4,305       5,249       19,886       20,608  
    Stock-based compensation     20,138       18,101       86,097       80,068  
    Change in fair value of contingent consideration                       (33,549 )
    Transaction-related costs           1,246       568       5,078  
    Restructuring costs     (8 )     1,151       1,720       10,964  
    Total non-GAAP operating income   $ 30,652     $ 38,562     $ 126,807     $ 97,517  
    GAAP operating margin     3.7 %     8.2 %     2.8 %     2.4 %
    Non-GAAP operating margin     18.1 %     24.8 %     19.4 %     16.5 %
                     
    Non-GAAP Net Income Attributable to BlackLine, Inc.:                
    Net income attributable to BlackLine, Inc.   $ 56,417     $ 22,069     $ 161,174     $ 52,833  
    Provision for (benefit from) income taxes     (53,351 )     526       (50,948 )     (1,196 )
    Amortization of intangible assets     4,305       5,249       19,886       20,608  
    Stock-based compensation     20,044       17,981       85,654       79,588  
    Amortization of debt issuance costs     849       1,398       4,486       5,535  
    Change in fair value of contingent consideration                       (33,549 )
    Transaction-related costs           1,246       568       5,078  
    Restructuring costs     (8 )     1,151       1,720       10,964  
    Adjustment to redeemable non-controlling interest     6,380       1,890       4,639       5,334  
    Gain on extinguishment of convertible senior notes                 (65,112 )      
    Total non-GAAP net income attributable to BlackLine, Inc.   $ 34,636     $ 51,510     $ 162,067     $ 145,195  
                     
    Basic Non-GAAP Net Income Attributable to BlackLine, Inc. per share                
    Basic non-GAAP net income attributable to BlackLine, Inc. per share   $ 0.55     $ 0.84     $ 2.61     $ 2.39  
    Shares used to calculate basic non-GAAP net income per share     62,640       61,391       62,129       60,849  
                     
    Diluted Non-GAAP Net Income Attributable to BlackLine, Inc. per share                
    Numerator:                
    Non-GAAP net income attributable to BlackLine, Inc.   $ 34,636     $ 51,510     $ 162,067     $ 145,195  
    Interest expense, net of taxes     1,539       77       3,909       306  
    Non-GAAP net income attributable to BlackLine, Inc. for diluted calculation   $ 36,175     $ 51,587     $ 165,976     $ 145,501  
    Denominator:                
    Shares used to calculate diluted non-GAAP net income per share     77,324       74,603       76,124       74,382  
    Diluted non-GAAP net income attributable to BlackLine, Inc. per share   $ 0.47     $ 0.69     $ 2.18     $ 1.96  
                     
    Non-GAAP Sales and Marketing Expense:                
    Sales and marketing expense   $ 64,769     $ 56,898     $ 248,347     $ 243,154  
    Amortization of intangible assets     (983 )     (1,751 )     (6,201 )     (6,791 )
    Stock-based compensation     (6,260 )     (5,364 )     (25,428 )     (24,152 )
    Transaction-related costs     (136 )     (110 )     (320 )     (397 )
    Total non-GAAP sales and marketing expense   $ 57,390     $ 49,673     $ 216,398     $ 211,814  
                     
    Non-GAAP Research and Development Expense:                
    Research and development expense   $ 24,588     $ 22,578     $ 100,973     $ 103,207  
    Stock-based compensation     (3,390 )     (1,813 )     (13,345 )     (13,095 )
    Transaction-related costs     170       (833 )     (46 )     (2,857 )
    Total non-GAAP research and development expense   $ 21,368     $ 19,932     $ 87,582     $ 87,255  
                     
    Non-GAAP General and Administrative Expense:                
    General and administrative expense   $ 32,480     $ 24,676     $ 121,795     $ 71,530  
    Amortization of intangible assets     (79 )     (79 )     (315 )     (1,379 )
    Stock-based compensation     (6,927 )     (7,803 )     (33,977 )     (30,381 )
    Change in fair value of contingent consideration                       33,549  
    Transaction-related costs     (9 )     (171 )     (51 )     (1,346 )
    Total non-GAAP general and administrative expense   $ 25,465     $ 16,623     $ 87,452     $ 71,973  
                     
    Total Non-GAAP Operating Expenses   $ 104,223     $ 86,228     $ 391,432     $ 371,042  
                     
    Free Cash Flow                
    Net cash provided by operating activities   $ 43,794     $ 42,169     $ 190,836     $ 126,613  
    Capitalized software development costs     (6,513 )     (4,807 )     (24,714 )     (21,644 )
    Purchases of property and equipment     (756 )     (2,026 )     (2,126 )     (5,953 )
    Free cash flow   $ 36,525     $ 35,336     $ 163,996     $ 99,016  
                     

    The MIL Network

  • MIL-OSI Economics: Verizon powers winning network experience on Super Bowl Sunday

    Source: Verizon

    Headline: Verizon powers winning network experience on Super Bowl Sunday

    What you need to know:

    • Verizon customers in New Orleans used 93.5 TB of data on Super Bowl Sunday.
    • The fans at Caesars Superdome used 38.1 TB of data in and around the stadium.
    • Verizon customers benefited from 2.4x faster download and 4.8x faster upload speeds than the competition.

    NEW YORK – As the official 5G network of the NFL, Verizon powered the gameday experience across New Orleans on Super Bowl Sunday. As fans gathered to watch the Philadelphia Eagles’ victory over the Kansas City Chiefs, Verizon customers used 93.5 TB of data. No matter where they were celebrating, fans benefited from the massive network upgrades made across the city and were able to watch game highlights, keep tabs on players’ stats, and livestream with friends to share their experience.

    The fans in attendance at Caesars Superdome used 38.1 TB of data in and around the stadium, with approximately 53% of the 65,719 attendees using Verizon’s network.

    Verizon customers benefited from super-fast speeds1 in the stadium, with 2.4x faster median download speeds and 4.8x faster median upload speeds than the competition!

    • Peak: Download speed 4,161 Mbps, Upload speed 1,067 Mbps
    • Median: Download speed 1,775 Mbps, Upload speed 159 Mbps

    Committed to New Orleans for the future

    For the past three years, Verizon has been focused on providing the most reliable network experience in New Orleans for our customers, and has been making significant investments that nearly triple New Orleans’ network capacity and ready it for the more than 18 million tourists and business travelers who come to the city each year. Verizon laid out more than 560 miles of fiber in the Greater New Orleans area, which is enough fiber to wrap around the outside of the Caesars Superdome 869 times.

    Verizon added unmatched large capacity connections across the city and at the most congested areas in New Orleans, including Bourbon Street, the New Orleans Convention Center, Louis Armstrong International Airport, Smoothie King Arena, Woldenberg Park, and Jackson Square. This means that when even the largest crowds were gathered, customers had the gold-star network experience they expect from Verizon.

    A super-sized network for the Superdome

    At Caesars Superdome, Verizon delivered an exceptional network experience so fans could capture and share every moment. Verizon’s engineers worked tirelessly to add enough coverage and capacity to cover a small city, deploying 511 5G UltraWideband and 155 C-band radios covering the stadium’s seating areas, back of the house, suites, lounges, press box, concourse areas and entry ways.


    1 Measurement results are based on umlaut testing of 486 to 532 samples per network operator during the actual game, including half time show.

    MIL OSI Economics

  • MIL-OSI Economics: Verizon has the best 5G network in America

    Source: Verizon

    Headline: Verizon has the best 5G network in America

    NEW YORK – Verizon’s relentless focus on innovation and customer experience has once again earned them the top spot in the industry, claiming Best 5G, Fastest 5G, and Most Reliable 5G in the 2024 RootMetrics® second half drive tests, the nation’s most rigorous, independent scientific study. This win underscores Verizon’s unwavering commitment to providing customers with a superior 5G network experience where they live, work, and play.

    “Our priority is delivering the best, most reliable, secure 5G network experience for our customers,” said Joe Russo, EVP & President, Global Network and Technology at Verizon. “This recognition from Rootmetrics reflects our dedication to staying ahead of the curve through technology innovation and ensuring our customers can always count on us. It’s why more customers trust us than any other carrier in the nation.”

    Verizon’s success in the 2024 second half testing extends beyond national rankings. In addition to the eighth consecutive national 5G reliability award, Verizon achieved 874 Metro Area RootScore Awards, 70% more awards than the closest competitor. Taken together, these reports offer customers an unbiased, third party end-to-end look at performance from nation to neighborhood.

    Customers expect more. Verizon innovates for them.

    These results don’t happen by accident. Verizon engineers work tirelessly to push the boundaries of innovation, expand access to the network for more customers, and drive continuous improvements in network performance. Below are some of Verizon’s recent efforts that contributed to the outstanding Rootmetrics results and are helping Verizon families do more.

    • Verizon engineers are rapidly expanding the 5G network, ensuring more people have access to faster and more reliable connections than ever before. Now more than 280 million people have access to Verizon’s 5G Ultra Wideband network.
    • Home Broadband availability is being accelerated to meet the growing demand for high-speed, reliable internet in homes across the country. 
    • Satellite backup connectivity has been introduced to add another level of reliability for customers.
    • The deployment of Verizon’s 5G Standalone Core is enhancing network performance, enabling faster speeds, lower latency, and enabling network slicing capabilities.
    • By integrating 5G Advanced technologies, Verizon is building a network of the future that is more intelligent, efficient, and capable of supporting emerging technologies and applications.
    • To ensure the network can handle the demands of tomorrow, engineers are proactively preparing it for AI workloads, paving the way for future innovations.

    “More people trust Verizon because we deliver where it matters most to them,” added Russo. “We’re building the network of the future, not just for today, which is why we continue to lead in 5G performance and reliability.”


    Based on RootMetrics® State of 5G Report, United States, 2H 2024. Tested with best commercially available smartphones on three national mobile networks across all available network types. Your experiences may vary. RootMetrics rankings are not an endorsement of Verizon.

    MIL OSI Economics

  • MIL-OSI NGOs: Europe: European Court of Human Rights to hear landmark ‘pushback’ cases

    Source: Amnesty International –

    On 12 February, the Grand Chamber of the European Court of Human Rights will hear three cases against Latvia, Lithuania and Poland concerning alleged unlawful pushbacks — summary returns of migrants and refugees at the border — from these EU states to Belarus. This is the first time the European Court will rule on human rights implications of what the EU and its member states are calling ‘instrumentalized’ migration.

    Amnesty International delegates will be in attendance.

    “We have witnessed a growing tendency to invoke security concerns in migration policies. We must resist efforts to normalize discriminatory exemptions from human rights based on so-called ‘emergency’ situations,” said Mandi Mudarikwa, Amnesty International’s Head of Strategic Litigation.

    “Amnesty International’s research has shown that Latvia, Lithuania and Poland are using brazen migration controls and pushback practices under the guise of countering so-called “instrumentalized” migration.

    “Our research also shows the Belarussian authorities’ role in exacerbating the dire situation at the border and endangering lives. This does not absolve Latvia, Lithuania, and Poland of their international human rights obligations. Quite the opposite – it should invoke more rather than less humanity.

    “These cases, and the eventual ruling, present a crucial opportunity to reaffirm the right to asylum, the absolute nature of non-refoulement obligations and people’s right not to be forced back to a place where they are exposed to inhuman treatment and all sorts of human rights violations.”

    Background

    On 26 April 2023 and 18 October 2024 respectively, Amnesty International submitted a third-party intervention to the European Court of Human Rights (ECtHR) in the cases of C.O.G.G and Others v Lithuania and H.M.M. and Others v. Latvia.

    Both cases raise important questions regarding Article 3 of the European Convention on Human Rights, which guarantees the prohibition of torture, including in its non-refoulement components, Article 13 on the right to an effective remedy, and Article 4 of Protocol 4 (A4P4), which prohibits collective expulsions.

    Amnesty International has long documented violence and abuses of human rights at the Latvian, Lithuanian, and Polish borders with Belarus. In these countries, abuse of emergency powers has escalated into several human rights violations, including unlawful returns, torture and other ill-treatment, arbitrary detention, and the use of intimidation and violence to force people to return “voluntarily”.

    For more information or to arrange an interview, please contact Amnesty International’s press office:

    [email protected]

    +32 483 680 812        

    X: @amnestypress  

    MIL OSI NGO

  • MIL-OSI NGOs: Türkiye: Acquittal of three Gezi Park defendants brings chronicle of injustice to an end 

    Source: Amnesty International –

    Reacting to the acquittal at the retrial of Mücella Yapıcı, Hakan Altınay and Yiğit Ekmekçi, whose initial convictions and 18-year prison sentences in connection with mass protests in 2013 were overturned in September 2023, Milena Buyum, Amnesty International’s Senior Türkiye Campaigner, said: 

    “Today’s decision brings an end to the politically motivated prosecution of Mücella Yapıcı, Hakan Altınay and Yiğit Ekmekçi, and the chronicle of injustice they have suffered. Over the course of more than seven years, prosecuting authorities repeatedly failed to provide credible evidence to substantiate the baseless charges laid against them. They should never have been subjected to any charges, let alone spent any time in prison. 

    These acquittals must now be followed by the immediate release of Osman Kavala and the other four Gezi prisoners of conscience who remain behind bars

    “Their unfair prosecution – and that of the other five Gezi Park defendants – not only resulted in grave violations of their rights, but also became a shameful example of the way in which Türkiye’s justice system is used as a tool of political repression.  

    “Their acquittals must now be followed by the immediate release of Osman Kavala and the other four Gezi prisoners of conscience who remain behind bars.”

    Speaking to Amnesty International, Mücella Yapıcı said: “It is very hard to feel happy when all others are still behind bars. Why are they still imprisoned when they are as innocent as us? I want to thank everyone who stood by us and supported us during this thoroughly unfair prosecution.” 

    Background 

    See here for information about the prosecutions of Mücella Yapıcı, Hakan Altınay, Yiğit Ekmekçi, Çiğdem Mater, Tayfun Kahraman, Mine Özerden, Can Atalay and Osman Kavala.

    Osman Kavala remains in prison despite two binding European Court of Human Rights judgments. Can Atalay remains behind bars despite two equally binding Constitutional Court rulings which remain unimplemented.  

    MIL OSI NGO

  • MIL-OSI USA: Cassidy Leads Effort to Prevent Liberal States from Forcing Americans to Subsidize Free Health Care for Illegal Immigrants

    US Senate News:

    Source: United States Senator for Louisiana Bill Cassidy
    WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Roger Wicker (R-MS), Cindy Hyde-Smith (R-MS), and John Barrasso (R-WY) introduced the Protect Medicaid Act to ensure the long-term integrity of Medicaid by preventing liberal states like California from forcing American citizens in other states to subsidize Medicaid benefits for illegal immigrants. The bill prohibits federal money from being spent on administering state Medicaid benefits paid for by American citizens to noncitizens. If a state chooses to give Medicaid benefits to illegal residents, the bill ensures that state does so entirely on its own dime, without any costs to taxpayers in other states. U.S. Representative Richard Hudson (R-NC-09) introduced the companion legislation in the U.S. House of Representatives.
    “Working as a doctor in California, I saw that free health care is a magnet for illegal immigration,” said Dr. Cassidy. “We should focus on making America healthy again instead of straining our medical system and burdening American taxpayers. Attempting to provide free health care to the world is not sustainable. Compassion that cannot be sustained is not compassion.”
    “The American people have made it clear that they want their hard-earned tax dollars to work for them, not those who are in our country illegally. I’m proud to once again support this bill that ensures Medicaid funds only benefit American taxpayers and sends a strong message to sanctuary states that they need to foot the bill if they want to extend Medicaid to illegal immigrants,” said Senator Hyde-Smith.
    “Handouts from Democrats have attracted millions of illegal immigrants to come and take advantage of free health care paid for by American taxpayers,” said Senator Barrasso. “Our bill keeps liberal states from forcing hardworking Americans to foot the bill for Medicaid for illegal immigrants. Senate Republicans are committed to working with President Trump to end radical policies that fail to secure our border and keep our communities safe.”
    “Providing taxpayer-funded Medicaid to illegal immigrants is against the law and further incentivizes more illegal crossings at our border,” said Representative Hudson. “Worse, it hurts elderly, disabled, and vulnerable Americans who depend on the program. We must stop liberal states from forcing American taxpayers to foot the bill for illegals’ healthcare costs and ensure we are taking care of our citizens.”
    Federal law already bars illegal immigrants from receiving Medicaid, but states like California get around federal law by using complex budgeting gimmicks to extend Medicaid benefits to illegal immigrants.
    This means Medicaid patients have a harder time getting appointments and receiving care. And like every state, California faces a shortage of primary care providers. As of December 2024, the state needed 971 additional primary care providers to meet the current need. California has 633 designated Primary Care Health Professional Shortage Areas, which is by far the highest in the country. The next highest state has 373 shortage areas.
    The Protect Medicaid Act also requires the U.S. Department of Health and Human Services (HHS) Office of Inspector General (OIG) to review and report on:
    How states that provide Medicaid services to illegal immigrants keep federal and state dollars separate.
    Whether states providing health benefits to illegal immigrants use gimmicks that rip off the federal government, like provider taxes and intergovernmental transfers, to launder federal dollars to offset the cost of providing benefits to this population.
    Whether people in the country illegally benefit from covered outpatient drugs purchased under the Medicaid Drug Rebate Program and the 340B program, and whether this impacts the prices American citizens pay. 
    Background
    In 2024, Cassidy discussed the many issues associated with Medicare for illegal immigrants on Fox News’ America’s Newsroom. Watch the segment here.
    Cassidy introduced this bill in the 116th and 118th Congress to prevent taxpayer resources from paying for free health care for illegal immigrants.

    MIL OSI USA News

  • MIL-OSI Canada: Preventing and responding to gender-based violence | Prévenir et combattre la violence sexiste

    [.

    While the strategy is in development, Alberta’s government is investing $15.7 million during 2024-25 to help prevent gender-based violence and support survivors. The funding builds on existing annual investments of more than $150 million across the Government of Alberta that deliver critical programs and services to support survivors.

    “As we finalize Alberta’s 10-year Strategy to End Gender-based Violence, we are not waiting to take action. We are making targeted investments to prevent gender-based violence in all its forms while providing support to survivors.”

    Tanya Fir, Minister of Arts, Culture and Status of Women

    This investment includes an additional $7.2 million to Children and Family Services with $3 million this year to support shelter resources in communities across the province. Funding women’s emergency shelters is one of the ways that Alberta’s government supports Albertans seeking safety from violence and abuse.

    In addition to providing emergency accommodations, women’s shelters offer a wide range of other services and supports. This includes outreach services and help accessing other resources. To support the valuable work of women’s emergency shelters, Alberta’s government is providing almost $57 million in 2024-25.

    “All vulnerable Albertans deserve to live free from family violence and domestic abuse. By investing a portion of the funding towards women’s shelters, Alberta’s government remains steadfast in its commitment to increase funding by $10 million over four years to ensure that survivors are protected and supported.”

    Searle Turton, Minister of Children and Family Services

    “Everyone deserves to live free from violence, and survivors of gender-based violence deserve compassionate, timely and meaningful support. Through the National Action Plan to End Gender-Based Violence, we are investing in life-changing initiatives in Alberta that provide critical services and protection to those at risk and affected by violence. This is a testament to what we can achieve when governments and communities come together – building a safer, more inclusive and more equitable Alberta for everyone.”

    Marci Ien, federal minister for Women and Gender Equality and Youth

    It is vital to have strong shelter resources available to meet the needs of survivors of domestic violence. By investing in women’s shelters and family violence prevention, Alberta’s government is ensuring that vulnerable Albertans will be able to access the supports they need.”

    Catherine Champagne, executive director, Alberta Council of Women’s Shelters

    “As demand for services grows, especially in rural communities where supports can be limited, this investment helps Rowan House Society provide essential shelter and community-based services. When survivors have a safe place to turn, they can begin rebuilding their lives – creating a stronger, safer community for everyone. We are grateful for this support as we continue working to ensure no one faces violence and abuse alone.”

    Linette Soldan, executive director, Rowan House

    The funding is part of Alberta’s $54-million bilateral agreement with the federal government.

    Quick facts

    • Funding for 2024-25 bilateral funding was distributed to support initiatives across the Government of Alberta to systemically address gender-based violence, such as:
    • Women’s shelter programming to focus on access to safety, inclusive services and supports, as well as to support projects and initiatives that prevent family violence including targeted grants for community capacity building, prevention and Indigenous-led initiatives.
    • Reporting and prevention efforts at post-secondary institutions and First Nations colleges to address campus sexual violence.
    • Strengthening support for Albertans navigating the justice system, including developing more survivor-centered, culturally sensitive, trauma-informed services.
    • Increasing access to education and resources related to elder abuse.
    • Supporting academic research on gender-related injury and illness in the workplace.
    • Implementing Indigenous-led initiatives that advance the Alberta Missing and Murdered Indigenous Women and Girls Roadmap.
    • Gender-based violence refers to harmful acts directed at an individual based on their gender. It can take many forms, including physical assault, sexual assault, murder, femicide, family violence, intimate partner violence, human trafficking, stalking, financial control, threats, hate speech, cyber-bullying, cyber-stalking, pornography and coercive control.
    • As of 2023, Alberta was identified as having the sixth highest per capita rate of police-reported sexual assault among other provinces.

    Related information

    • Family Violence Prevention Grant Program
    • Gender-based violence prevention
    • Women’s Hub
    • Increasing safety for Indigenous women, girls and 2S+ people

    Multimedia

    • Watch the news conference

    Le gouvernement de l’Alberta continue d’investir des fonds supplémentaires pour lutter contre la violence sexiste, la prévenir et soutenir les personnes survivantes dans la province. 

    La violence fondée sur le genre est un problème grave, et le gouvernement de l’Alberta s’emploie activement à élaborer sa stratégie décennale exhaustive pour y mettre fin en menant de vastes consultations auprès de centaines d’Albertaines, d’Albertains et d’organismes de la province.

    De concert avec l’élaboration de la stratégie, le gouvernement de l’Alberta investit 15,7 millions de dollars au cours de la l’année financière 2024-2025 pour prévenir la violence fondée sur le genre et soutenir les survivantes et survivants. Ce financement s’ajoute aux investissements annuels de plus de 150 millions de dollars dans les ministères du gouvernement de l’Alberta, qui offrent des programmes et des services essentiels pour soutenir les survivantes et survivants.

    « Nous n’attendons pas de terminer la stratégie décennale de l’Alberta pour agir et mettre fin à la violence fondée sur le genre. Nous faisons des investissements ciblés pour prévenir cette violence sous toutes ses formes et nous apportons du soutien aux survivantes et survivants. »

    Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine

    Cet investissement comprend un montant supplémentaire de 7,2 millions de dollars au ministère des Services à l’enfance et à la famille, dont 3 millions de dollars servent cette année à soutenir les refuges de la province. Le financement des refuges d’urgence pour femmes est l’un des moyens dont le gouvernement s’est doté pour aider les Albertaines à se mettre à l’abri de la violence et des mauvais traitements.

    En plus de fournir un hébergement d’urgence, les refuges pour femmes offrent un vaste éventail de services et de mesures de soutien, notamment des services de proximité et des services d’aide à la recherche d’autres ressources. En 2024-2025, le gouvernement de l’Alberta fournira près de 57 millions de dollars pour soutenir le travail important réalisé dans les refuges d’urgence pour femmes.

    « En Alberta, toutes les personnes vulnérables méritent de vivre à l’abri de la violence familiale et de la maltraitance conjugale. En investissant une partie du financement dans les refuges pour femmes, le gouvernement de l’Alberta respecte son engagement d’augmenter le financement de 10 millions de dollars sur quatre ans pour garantir la protection et le soutien des survivantes et des survivants. »

    Searle Turton, ministre des Services à l’enfance et à la famille

    « Tout le monde mérite de vivre à l’abri de la violence, et les survivantes de la violence sexiste méritent d’être soutenues avec compassion, en temps opportun et de manière significative. Dans le cadre du Plan d’action national pour mettre fin à la violence fondée sur le sexe, nous investissons dans des initiatives qui changent la vie en Alberta et qui offrent des services et une protection essentiels aux personnes menacées et touchées par la violence. Ce plan témoigne de ce que nous pouvons accomplir lorsque, en tant que gouvernements et communautés, nous nous unissons pour bâtir une Alberta plus sûre, plus inclusive et plus équitable pour tout le monde. »

    Marci Ien, ministre fédérale des Femmes et de l’Égalité des genres et de la Jeunesse

    « Il est essentiel de disposer de refuges sûrs pour répondre aux besoins des survivantes de la violence domestique. En investissant dans les refuges pour femmes et la prévention de la violence familiale, le gouvernement de l’Alberta veille à ce que les Albertaines vulnérables puissent avoir accès au soutien dont elles ont besoin. »

    Catherine Champagne, directrice générale de l’Alberta Council of Women’s Shelters

    « Alors que la demande de services augmente, en particulier dans les collectivités rurales où les services de soutien sont parfois limités, cet investissement aide la Rowan House Society à fournir de l’hébergement et des services communautaires essentiels. Lorsque les survivantes ont un endroit sûr vers lequel se tourner, elles peuvent commencer à refaire leur vie, ce qui rend leur communauté plus forte et plus sûre pour tout le monde. Nous sommes reconnaissants de ce financement et continuons à travailler pour que personne ne soit confronté seul à la violence et à la maltraitance. »

    Linette Soldan, directrice générale, Rowan House 

    Le financement fait partie de l’accord bilatéral de 54 millions de dollars conclu entre l’Alberta et le gouvernement fédéral.

    En bref

    • Le financement bilatéral de 2024-2025 a été distribué pour soutenir des initiatives de lutte systématique contre la violence fondée sur le genre dans l’ensemble du gouvernement de l’Alberta. Voici quelques-unes de ces initiatives :
    • La programmation des refuges pour femmes, qui met l’accent sur l’accès à la sécurité, aux services inclusifs et aux mesures de soutien, et qui appuie les projets et les initiatives de prévention de la violence familiale, y compris les subventions ciblées sur les initiatives liées au renforcement des capacités communautaires et à la prévention, et aux projets dirigés par les Autochtones.
    • Le signalement et la prévention dans les établissements d’enseignement postsecondaire et les collèges des Premières Nations pour lutter contre la violence sexuelle sur les campus.
    • L’amélioration du soutien aux Albertaines qui parcourent le système judiciaire, notamment grâce à la création de services mieux adaptés aux besoins des survivantes et de services qui tiennent compte des différences culturelles et des traumatismes vécus.
    • L’amélioration de l’accès à l’éducation et aux ressources liées à la maltraitance des personnes âgées.
    • Le soutien à la recherche universitaire sur les blessures et les maladies liées au sexe sur le lieu de travail.
    • La mise en œuvre d’initiatives autochtones qui font progresser la feuille de route de l’Alberta sur les femmes et les filles autochtones disparues et assassinées.
    • La violence sexiste désigne les actes préjudiciables dirigés contre une personne en raison de son genre. Elle peut prendre de nombreuses formes, notamment l’agression physique, l’agression sexuelle, le meurtre, le féminicide, la violence familiale, la violence entre partenaires intimes, la traite de personnes, le harcèlement, le contrôle financier, les menaces, le discours haineux, la cyberintimidation, le cyberharcèlement, la pornographie et le contrôle coercitif.
    • En 2023, l’Alberta était au sixième rang des provinces ayant le taux le plus élevé d’agressions sexuelles déclarées à la police par habitant.

    Renseignements connexes

    • Programme de subvention pour la prévention de la violence familiale (en anglais seulement)
    • Prévention de la violence fondée sur le sexe
    • Carrefour des femmes (en anglais seulement)
    • Amélioration de la sécurité des femmes, des filles et des personnes 2S+ autochtones (en anglais seulement)

    Multimédia

    • Regarder la conférence de presse

    MIL OSI Canada News

  • MIL-OSI New Zealand: Property solution for Wellington Girls’ College

    Source: New Zealand Government

    The Government is providing Wellington Girls’ College certainty by confirming funding for the school’s long-term property solution.
    “Cabinet has approved funding for the next stage of the school’s redevelopment. It will deliver safe, warm and dry learning environments that will ensure Wellington Girls’ College continues to deliver a world-leading education for generations to come,” Education Minister Erica Stanford says.
    The next stage will deliver:

    A new two-storey building to deliver replacement classrooms and administration/resource space.
    A new replacement school hall.
    Earthquake strengthening works on Brook Block.
    Relocation of some of the modular classrooms on the school field and two-storey modulars to their permanent location to deliver new classrooms as part of this next stage of the project.
    Reinstatement of the school field.
    Removal of the end-of-life prefabricated classrooms that will no longer be required.

    This stage is on top of the investment to deliver one and two-storey modular classrooms, strengthening works on the Pipitea Block, and delivering covered courts. The new two-storey building and relocated modulars will deliver around 20 classrooms for the school. The total investment across both previous and future works is around $100 million.
    “This Government is developing a more efficient and sustainable solution for how we deliver school property. It is our expectation the Ministry of Education prioritises repeatable and modular buildings and is transparent when communicating with schools throughout the planning process.
    “The new two-storey modular classrooms delivered ahead of Term 1 are a great example of what we can do when we focus on speed, innovation, and working collaboratively with the market, and I expect to see more of this approach across the country.”
    Work is expected to begin on the new two-storey building and hall in 2026. Work on Pipitea Block is already underway and is expected to be completed mid-2025. Strengthening of Brook Block and other redevelopment works are planned to begin onsite by the end of 2025.
    “Improving education infrastructure is an important part of laying the foundation for New Zealanders to succeed. This Government is committed to delivering just that,” Ms Stanford says.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Takahē released to grow wild population

    Source: Department of Conservation

    Date:  12 February 2025

    After travelling from Burwood Takahē Centre near Te Anau and Orokonui Ecosanctuary Dunedin, takahē rangers paused briefly at Glenorchy Primary School for children to wave the birds on to the release site.

    Mana whenua Ngāi Tahu welcomed takahē with a mihi whakatau before they were released.

    The decision to release takahē into the Rees Valley was made after takahē released into Greenstone Valley in 2023 showed early signs of successfully adjusting to their new environment – raising offspring and remaining in a healthy condition.

    Thought to be extinct for 50 years, takahē are a taonga of Ngāi Tahu, unique to New Zealand and the largest flightless species of rail bird in the world. They were famously rediscovered in the Murchison Mountains in 1948.

    DOC’s Takahē Recovery Senior Ranger Glen Greaves says existing wild sites in the Murchison Mountains and the Greenstone Valley are reaching capacity, so the focus is now on establishing more wild populations elsewhere.

    “Finding wild sites with the right habitat, and with predator numbers low enough for takahē to thrive is a challenge – but the Greenstone, Rees, and wider Whakatipu areas likely provide high-quality habitat for takahē.”

    Glen says predator control has been a significant factor in ensuring the translocation can go ahead. However, like other large wild sites, predator threats and dispersal into less-protected areas remain.

    “Setting up new wild populations takes perseverance, and success is not guaranteed,” says Glen.

    “We hope people walking the Rees-Dart track and Routeburn tracks will soon have a good chance of seeing takahē thriving in their natural wild habitat.”

    Ngāi Tahu representative on the Takahē Recovery Group, Gail Thompson says the release of takahē into the Rees Valley is a welcome next step towards the goal of increasing the number of takahē roaming free in the wild.

    “It is my hope the manu will thrive in this valley as they have so far in the Greenstone Valley and that current and future generations will have the opportunity to see takahē in their natural environment.

    “Our tīpuna inhabited the valley to the west of Puahiri/Puahere awa/Rees River and this whenua was part of a well-known network of ara tawhito/trails to pounamu sources. It is heartening that these takahē can now make this place their home,” says Gail.

    Today the total takahē population is more than 500 and growing at about five percent a year. More than half the birds now live at wild sites.

    Kaiwhakahaere/co-chair of Southern Lakes Sanctuary, Greg Lind, says their organisation’s work has been to prepare the Rees Valley for takahē to hopefully thrive upon their return to this special area.

    “We have been servicing a network of more than 500 traps in suitable takahē habitats and have been focused on intensive feral cat control,” says Greg.

    “This takahē release is a great example of the power of collaboration, with each party making vital contributions to make this a reality. This includes everyone from donors, iwi, landowners, community groups and DOC.”

    A further two takahē releases into the Rees Valley are planned for later this year, with the aim of establishing a population of up to 80 takahē in the Rees Valley in 2025.

    DOC’s Takahē Recovery Programme, supported by National Partner Fulton Hogan and New Zealand Nature Fund, together with Ngāi Tahu and Southern Lakes Sanctuary have been working together to create one large self-sustaining population of takahē in the Upper Whakatipu – with the shared goal of restoring takahē to whenua they likely inhabited centuries ago. 

    Acknowledgments

    Ngāi Tahu

    Takahē have special cultural, spiritual, and traditional significance to Ngāi Tahu. Ngāi Tahu value takahē as a taonga (treasure) and continue to act as kaitiaki (guardians) of takahē by working with DOC to protect this precious species.

    Seven of the 18 Ngāi Tahu Papatipu Rūnanga have a shared interest in and around Whakatipu Waimāori, Tāhuna and the inland Ōtākou region. Those seven rūnanga are: Te Rūnanga o Moeraki, Kāti Huirapa Rūnaka ki Puketeraki, Te Rūnanga o Ōtākou, Hokonui Rūnanga, Oraka Aparima Rūnaka, Te Rūnaka o Awarua and Waihōpai Rūnaka. The release had their full support.

    DOC and the Takahē Recovery Programme

    Fulton Hogan joined with DOC as a national partner to the Takahē Recovery Programme in July 2016. The New Zealand Nature Fund has a long-standing association with the programme and joined the DOC and Fulton Hogan partnership in July 2016, providing administration and advocacy support. DOC and the Takahē Recovery Programme are also supported by Air New Zealand, and 18 sanctuary sites throughout the country that provide safe breeding places for takahē to grow their numbers to feed into wild sites.

    Southern Lakes Sanctuary

    The Southern Lakes Sanctuary Trust is a consortium of six local groups that collectively represent 84 community groups, landowners, and businesses, who in turn have been working for many years to protect and restore the declining biodiversity of the Southern Lakes region. The consortium relies on the mahi of hundreds of committed and dedicated volunteers, throughout the district. Their tireless work, which has been quietly ploughing on for many years, is the foundation upon which the Southern Lakes Sanctuary is built. The group’s extensive predator trapping work in the Rees Valley has been supported by RealNZ, Impact100, Lotteries, Stout Trust, Patagonia, QLDC, CLT, AJ Hackett Bungy New Zealand and Heli Glenorchy.

    Takahē thrive in new wild home on Ngāi Tahu whenua in Ōtākou/Otago: Media release 15 August 2024

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News

  • MIL-OSI USA: NASA’s Mini Rover Team Is Packed for Lunar Journey

    Source: NASA

    [embedded content]
    A team at JPL packed up three small Moon rovers, delivering them in February to the facility where they’ll be attached to a commercial lunar lander in preparation for launch. The rovers are part of a project called CADRE that could pave the way for potential future multirobot missions.. NASA/JPL-Caltech

    A trio of suitcase-size rovers and their base station have been carefully wrapped up and shipped off to join the lander that will deliver them to the Moon’s surface.
    Three small NASA rovers that will explore the lunar surface as a team have been packed up and shipped from the agency’s Jet Propulsion Laboratory in Southern California, marking completion of the first leg of the robots’ journey to the Moon.
    The rovers are part of a technology demonstration called CADRE (Cooperative Autonomous Distributed Robotic Exploration), which aims to show that a group of robots can collaborate to gather data without receiving direct commands from mission controllers on Earth. They’ll use their cameras and ground-penetrating radars to send back imagery of the lunar surface and subsurface while testing out the novel software that enables them to work together autonomously.
    The CADRE rovers will launch to the Moon aboard IM-3, Intuitive Machines’ third lunar delivery, which has a mission window that extends into early 2026, as part of NASA’s CLPS (Commercial Lunar Payload Services) initiative. Once installed on Intuitive Machines’ Nova-C lander, they’ll head to the Reiner Gamma region on the western edge of the Moon’s near side, where the solar-powered, suitcase-size rovers will spend the daylight hours of a lunar day (the equivalent of about 14 days on Earth) carrying out experiments. The success of CADRE could pave the way for potential future missions with teams of autonomous robots supporting astronauts and spreading out to take simultaneous, distributed scientific measurements.

    Construction of the CADRE hardware — along with a battery of rigorous tests to prove readiness for the journey through space — was completed in February 2024.
    To get prepared for shipment to Intuitive Machines’ Houston facility, each rover was attached to its deployer system, which will lower it via tether from the lander onto the dusty lunar surface. Engineers flipped each rover-deployer pair over and attached it to an aluminum plate for safe transit. The rovers were then sealed in protective metal-frame enclosures that were fitted snuggly into metal shipping containers and loaded onto a truck. The hardware arrived safely on Sunday, Feb. 9.
    “Our small team worked incredibly hard constructing these robots and putting them to the test, and we have been eagerly waiting for the moment where we finally see them on their way,” said Coleman Richdale, the team’s assembly, test, and launch operations lead at JPL. “We are all genuinely thrilled to be taking this next step in our journey to the Moon, and we can’t wait to see the lunar surface through CADRE’s eyes.”
    The rovers, the base station, and a camera system that will monitor CADRE experiments on the Moon will be integrated with the lander — as will several other NASA payloads — in preparation for the launch of the IM-3 mission.
    More About CADRE
    A division of Caltech in Pasadena, California, JPL manages CADRE for the Game Changing Development program within NASA’s Space Technology Mission Directorate. The technology demonstration was selected under the agency’s Lunar Surface Innovation Initiative, which was established to expedite the development of technologies for sustained presence on the lunar surface. NASA’s Science Mission Directorate manages the CLPS initiative. The agency’s Glenn Research Center in Cleveland and its Ames Research Center in Silicon Valley, California, both supported the project. Motiv Space Systems designed and built key hardware elements at the company’s Pasadena facility. Clemson University in South Carolina contributed research in support of the project.
    For more about CADRE, go to:
    https://go.nasa.gov/cadre
    News Media Contact
    Melissa PamerJet Propulsion Laboratory, Pasadena, Calif.626-314-4928melissa.pamer@jpl.nasa.gov
    2025-018

    MIL OSI USA News

  • MIL-OSI USA: NASA’s X-59 Turns Up Power, Throttles Through Engine Tests

    Source: NASA

    NASA’s X-59 quiet supersonic research aircraft took another successful step toward flight with the conclusion of a series of engine performance tests.
    In preparation for the X-59’s planned first flight this year, NASA and Lockheed Martin successfully completed the aircraft’s engine run tests in January. The engine, a modified F414-GE-100 that powers the aircraft’s flight and integrated subsystems, performed to expectations during three increasingly complicated tests that ran from October through January at contractor Lockheed Martin’s Skunk Works facility in Palmdale, California.
    “We have successfully progressed through our engine ground tests as we planned,” said Raymond Castner, X-59 propulsion lead at NASA’s Glenn Research Center in Cleveland. “We had no major showstoppers. We were getting smooth and steady airflow as predicted from wind tunnel testing. We didn’t have any structural or excessive vibration issues. And parts of the engine and aircraft that needed cooling were getting it.”
    The tests began with seeing how the aircraft’s hydraulics, electrical, and environmental control systems performed when the engine was powered up but idling. The team then performed throttle checks, bringing the aircraft up to full power and firing its afterburner – an engine component that generates additional thrust – to maximum.

    [embedded content]
    In preparation for the X-59’s planned first flight this year, NASA and Lockheed Martin successfully completed the aircraft’s engine run tests in January. Testing included electrical, hydraulics, and environmental control systems.Credit: NASA/Lillianne Hammel 

    A third test, throttle snaps, involved moving the throttle swiftly back and forth to validate that the engine responds instantly. The engine produces as much as 22,000 pounds of thrust to achieve a desired cruising speed of Mach 1.4 (925 miles per hour) at an altitude of approximately 55,000 feet.
    The X-59’s engine, similar to those aboard the U.S. Navy’s F-18 Super Hornet, is mounted on top of the aircraft to reduce the level of noise reaching the ground. Many features of the X-59, including its 38-foot-long nose, are designed to lower the noise of a sonic boom to that of a mere “thump,” similar to the sound of a car door slamming nearby.
    Next steps before first flight will include evaluating the X-59 for potential electromagnetic interference effects, as well as “aluminum bird” testing, during which data will be fed to the aircraft under both normal and failure conditions. A series of taxi tests and other preparations will also take place before the first flight.
    The X-59 is the centerpiece of NASA’s Quesst mission, which seeks to solve one of the major barriers to commercial supersonic flight over land by making sonic booms quieter.

    MIL OSI USA News

  • MIL-OSI USA: Sen. Mangham: A Warm Welcome to the 2025 Legislative Session 

    Source: US State of Georgia

    We’re now a quarter of the way through the 2025 Legislative Session, and every day under the Gold Dome, I am reminded why I fight for the people of the 55th Senate District. We began the legislative session on Monday, January 13, and we have hit the ground running with committee meetings, bill hearings and debates. This week marked a major turning point as committees met to take up some of our state’s most pressing issues, from education to healthcare to economic opportunity.

    Over the remaining 30 legislative days, I’m committed to fighting for policies that create a more equitable and inclusive Georgia for all its residents. I am honored to serve on the Senate Committees on Banking and Financial Institutions, Health and Human Services, Interstate Cooperation, Retirement, State and Local Governmental Operations, and MARTOC where we will address pressing issues that affect all Georgians.

    During our first week of session, Governor Brian Kemp delivered his annual State of the State address to a joint session of the Senate and House chambers. While we may not always agree, I look forward to working on areas where we can find common ground, including pay raises for teachers, state employees and first responders, as well as efforts to strengthen our healthcare workforce. Georgia must ensure that every resident has access to affordable healthcare, expand opportunities for quality public education, invest in renewable energy solutions, and address the growing need for affordable housing. These priorities are critical for building a more prosperous and equitable Georgia.

    In January, the Senate Democratic Caucus announced several key legislative priorities for this session. We introduced Senate Bill 50, a bipartisan effort to close health insurance gaps, expand access to mental health and maternal care and ensure working families can afford quality healthcare. Too many Georgians rely on emergency rooms for primary care because they lack affordable insurance. Healthcare should be a right, not a privilege, and we will continue advocating for policies that lower costs and expand coverage. In the coming weeks, our caucus will introduce bills to raise the state minimum wage, strengthen public schools, and improve access to affordable childcare.

    Beyond legislative work, it has been an honor to welcome so many incredible Georgians to the Capitol. Last month, we welcomed members of the Gwinnett Chamber of Commerce to celebrate the economic achievements of businesses in our district. Gwinnett is a vibrant hub of innovation and growth, and I am proud to support policies that strengthen our local economy. This week, we honored Rosa Parks and her legacy. Her courage and activism sparked the civil rights movement, and we remain deeply grateful for her contributions to justice and equality.

    I also want to encourage students between 12 and 18 to apply for the Senate Page Program. This is a unique opportunity for young people to see how our government operates firsthand. I highly encourage students who are passionate about civic engagement to apply. You can find more details here.

    With the clock ticking for the remainder of the 2025 Session, I promise to keep fighting for a more just and equitable Georgia. I am grateful for your trust, and I urge you to stay engaged. Call, email, or visit my office with questions or concerns.

    # # # #

    Sen. Randal Mangham represents the 55th Senate District which includes portions of Gwinnett and Dekalb County. He may be reached by phone at (404) 657-4640 or by email at Randal.Mangham@senate.ga.gov.

    For all media inquiries, please reach out to SenatePressInquiries@senate.ga.gov.

    MIL OSI USA News

  • MIL-OSI USA: Combating Homelessness on Staten Island

    Source: US State of New York

    Governor Kathy Hochul today announced the launch of a new Safe Options Support or “SOS” team to help bring stability to individuals who are experiencing chronic homelessness on Staten Island, including those with mental health and substance use challenges. With this expansion, the successful SOS program — which has now placed over 680 people in New York City in permanent housing — is now up and running in each of New York City’s five boroughs.

    “The Safe Options Support program has been a resounding success since its launch two years ago, providing services to individuals experiencing homelessness — including many who live with mental illness — and helping them to secure permanent housing,” Governor Hochul said. “By expanding this effort to Staten Island, we can help more New Yorkers connect with the support they can rely on to bring lasting stability in their lives.”

    OMH Commissioner Dr. Ann Sullivan said, “The Safe Options Support teams operating in New York City and throughout the state are helping to connect chronically unsheltered homeless individuals living with mental illness with the supports and services they can rely on to secure permanent housing. Breaking Ground’s new team is now canvassing areas throughout Staten Island, engaging individuals and helping them onto the path to lasting stability. The expansion of this program to all five boroughs reflects Governor Hochul’s continued support for these teams and how this unique program continues to change lives for the better.”

    State Senator Jessica Scarcella-Spanton said, “Bringing the Safe Options Support (SOS) team to Staten Island is a step in the right direction. Communities across New York City have struggled with chronic homelessness, particularly mental health crises and substance use, for far too long, and this program offers real solutions. Expanding SOS to Staten Island means providing our most vulnerable and at-risk residents with the support and stability they need while also promoting public safety. The program’s proven success in other boroughs speaks volumes, and I am confident this initiative will make a meaningful difference in my district.”

    Assemblymember Charles Fall said, “As someone who sees firsthand the struggles of those facing homelessness on Staten Island, I know how life-changing programs like Safe Options Support can be. Expanding this program to our borough means more individuals will get the outreach, care and permanent housing they desperately need. I commend Governor Hochul for recognizing the importance and urgency of bringing this support to Staten Island. My office remains committed to working with local partners to ensure everyone has the stability and dignity they deserve.”

    Richmond County District Attorney Michael McMahon said, “As Staten Island’s chief law enforcement officer, I understand the fundamental and intrinsic link between mental illness, chronic homelessness, extreme poverty, substance abuse and crime. Simply put, if we want to end the revolving door of recidivism plaguing our State, we must do more to connect those struggling to treatment, services, housing and additional supportive resources. I commend Governor Hochul for expanding this successful program by launching a dedicated and full-time Safe Options Support or ‘SOS’ team to Staten Island whose primary mission it will be to conduct outreach to our borough’s most vulnerable populations. The men and women of my office are eager and ready to assist in any way we can and we look forward to working in partnership with Staten Island’s new ‘SOS” team to ensure that residents in the throes of homelessness, mental illness, and substance abuse are given the support they need to thrive and change their lives for the better and so that our transit hubs are made safer for all Staten Islanders.”

    Breaking Ground Chief Operating Officer Amie Pospisil said, “We are dedicated to helping people get off the streets, restore their dignity and find stability in housing. The launch of Safe Options Support teams for Staten Island will ensure that more unsheltered New Yorkers get connected to the services and housing they need to transform their lives. We are grateful to Governor Hochul and the New York State Office of Mental Health for investing in solutions that work for our vulnerable neighbors.”

    The team canvasses several areas including the Staten Island Ferry and its terminals, the Staten Island Railway and its trains and platforms.

    New York City now has 16 SOS teams operating in the five boroughs. These teams canvas the subways and transit locations and have so far helped 682 individuals find permanent homes, including 134 who are living in OMH-licensed housing.

    The SOS program uses Critical Time Intervention, an evidence-based practice that helps connect vulnerable individuals in crisis to housing and supports, including critical mental health services. Teams work with individuals experiencing homelessness to strengthen their skills and support network so that they can be successfully housed, and their care can be transferred to community-based providers.

    Services are provided for up to 12 months, pre- and post-housing placement, with an intensive initial outreach and engagement period that includes multiple visits per week. OMH coordinates with the MTA, New York City’s Department of Homeless Services, and other organizations to identify priority stations based upon reported density and level of need.

    Initially provided $25 million in the FY 2023 State Budget, Governor Hochul expanded funding for the SOS teams to nearly $34 million last year, and then $35.2 million in FY 2025. This has allowed the program to grow beyond the first teams established in New York City in 2022 to incorporate teams in upstate New York and one on Long Island.

    MIL OSI USA News

  • MIL-OSI: Jeffersonville Bancorp Announces Fourth Quarter and Record Full Year Earnings of $11,330,000 or $2.68 per share; Declares Dividend of $0.15

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSONVILLE, N.Y., Feb. 11, 2025 (GLOBE NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today net income for the year ended December 31, 2024 was $11,330,000 or $2.68 per share compared to $11,175,000 or $2.64 per share for the same period in 2023. This represents an increase of $155,000. The increase in full year net income was primarily attributable to an increase in loan interest and fees of $1,679,000 and an increase in unrealized gain on securities of $184,000. These gains were partially offset by a decrease in securities and other interest and dividends of $591,000, an increase in interest expense of $575,000, and an increase in total non-interest expenses of $903,000 compared to the same period in 2023. Other items affecting comparative results were a one-time realized loss on securities of $785,000 partially offset by a one-time negative provision for credit losses of $527,000 recorded in 2023.

    Net income for the fourth quarter was $2,654,000 or $0.63 per share compared to $2,347,000 or $0.56 per share for the same quarter in 2023. The increase in quarterly net income compared to 2023 of $307,000 was primarily attributable to a decrease in interest expense of $563,000 and a decrease in credit loss expense of $205,000, partially offset by a decrease in interest and dividend income of $274,000, an increase in total non-interest expense of $134,000, and an increase in tax expense of $75,000.

    “I am very pleased to report that our full year results represented the third consecutive year of record earnings for the Company,” said George W. Kinne, Jr., President and CEO. “Jeff Bank’s return on assets (ROA) was the third highest of publicly traded banks in New York State and 53% higher than the average of all 1,297 insured commercial banks in the United States with assets between $300 million and $1 billion in 2024. This is owing in large part to the Company’s strong core deposit base, which limited our use, and by the end of the year, the elimination of expensive wholesale funding. We accomplished this while maintaining a leverage capital ratio of 13.87%, which is 20-30% higher than the average of those peers.”

    A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the February 11, 2025 meeting of the Board of Directors. The dividend is payable on March 5, 2025 to stockholders of record at the close of business on February 25, 2025.

    Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.

    For More Information, call: 845-482-4000

    Contact: George W. Kinne, Jr., President – CEO

    The MIL Network

  • MIL-OSI: Ninepoint 2023 Flow-Through Limited Partnership and Ninepoint 2023 Short Duration Flow-Through Limited Partnership Announce Completion of Rollover Transaction

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 11, 2025 (GLOBE NEWSWIRE) — Ninepoint 2023 Flow-Through Limited Partnership (the “2023 Partnership”) and Ninepoint 2023 Short Duration Flow-Through Limited Partnership (the “2023-II Partnership”, and together with the 2023 Partnership, the “Partnerships” and each a “Partnership”), announced today that the Partnerships had completed the tax-deferred transfer of the assets (the “Mutual Fund Rollover Transaction”) into Ninepoint Resource Fund Class (the “Resource Class”) of Ninepoint Corporate Fund Inc., as discussed in the Partnerships’ press release of November 29, 2024.

    Rollover of the 2023 Partnership

    2,198,945 Series A shares of the Resource Class were issued at their net asset value of $6.532098 per share. The final net asset value per Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $13.346805 per Partnership unit. Accordingly, each holder of Partnership Class A units will receive 2.043263 Resource Class Series A shares for each Partnership Class A unit held. The adjusted cost base for each Partnership Class A unit was $12.203250 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $5.972432 per share.  

    542,384 Series F shares of the Resource Class were issued at their net asset value of $6.754320 per share. The final net asset value per Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $13.969593 per Partnership unit. Accordingly, each holder of Partnership Class F units will receive 2.068245 Resource Class Series F shares for each Partnership Class F unit held. The adjusted cost base for each Partnership Class F unit was $13.149000 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $6.357564 per share.  

    Rollover of the 2023-II Partnership

    1,640,398 Series A shares of the Resource Class were issued at their net asset value of $6.532098 per share. The final net asset value per Partnership Class A unit for purposes of the Mutual Fund Rollover Transaction was $17.343500 per Partnership unit. Accordingly, each holder of Partnership Class A units will receive 2.655118 Resource Class Series A shares for each Partnership Class A unit held. The adjusted cost base for each Partnership Class A unit was $12.361822 per Partnership unit and the adjusted cost base for each allocated Resource Class Series A share was $4.655847 per share.  

    520,050 Series F shares of the Resource Class were issued at their net asset value of $6.754320 per share. The final net asset value per Partnership Class F unit for purposes of the Mutual Fund Rollover Transaction was $18.009390 per Partnership unit. Accordingly, each holder of Partnership Class F units will receive 2.666351 Resource Class Series F shares for each Partnership Class F unit held. The adjusted cost base for each Partnership Class F unit was $13.212400 per Partnership unit and the adjusted cost base for each allocated Resource Class Series F share was $4.955237 per share.  

    For investors looking for another tax-advantaged investment, Ninepoint Partners LP has filed and received a receipt for a final prospectus dated January 30, 2025 offering limited partnership units of a new flow-through limited partnership, Ninepoint 2025 Flow-Through Limited Partnership. The prospectus contains important detailed information about the securities being offered. Investors should read the prospectus before making an investment decision.

    The information provided is general in nature and is provided with the understanding that it may not be relied upon as, nor considered to be, the rendering or tax, legal, accounting or professional advice. Readers should consult with their own accountants and/or lawyers for advice on the specific circumstances before taking any action.

    Additional information: The prospectus for the Resource Class is available at www.sedarplus.ca and www.ninepoint.com. Information about the Ninepoint 2025 Flow-Through Limited Partnership is available through the dealers or by contacting us at (866) 299-9906 or invest@ninepoint.com.

    About Ninepoint Partners LP

    Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or for inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@ninepoint.com.

    The MIL Network