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Category: Artificial Intelligence

  • MIL-OSI USA: Senators Coons, Cassidy reintroduce the Retirement Security for American Hostages Act

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – Today, U.S. Senators Chris Coons (D-Del.) and Bill Cassidy, M.D. (R-La.) reintroduced the Retirement Security for American Hostages Act to ensure American hostages and wrongful detainees don’t see reduced Social Security earnings as a result of being unlawfully held abroad. In addition to Senators Coons and Cassidy, this legislation is co-sponsored by Senators Tim Kaine (D-Va.), Susan Collins (R-Maine), and Ron Wyden (D-Ore.). This legislation was previously introduced in the 118th Congress.
    “The financial impact of wrongful detention doesn’t end when Americans come home – the damage can last into their years of retirement,” said Senator Coons. “Americans like Paul Whelan – unjustly held in a Russian prison for six years until the Biden Administration secured his release – see severely reduced Social Security benefits for the rest of their lives and have precious little time to make those earnings back. The Retirement Security for American Hostages Act provides a straightforward and practical solution so that years spent in foreign detention don’t translate into permanently reduced retirement benefits for these Americans who have already suffered so much.”
    “Losing one’s freedom is enough to endure. Americans held hostage should not also lose their Social Security benefits,” said Senator Cassidy. “Ensuring their benefits are protected makes a difference in someone’s life.” 
    “Hostage US strongly supports the Retirement Security for American Hostages Act. As the leading organization providing reintegration support, guidance, and resources to Americans held hostage or wrongfully detained abroad, we see firsthand the long-term impact captivity has on individuals and their loved ones. This critical piece of legislation prevents reduced retirement security when hostages return home and means former captives can rebuild their lives without additional hardship. Americans who have endured captivity should have financial protections and this commonsense legislation will provide much-needed relief to those who have already suffered so much,” said Liz Cathcart, Executive Director of Hostage US.
    “The lives of Americans held hostage or wrongfully detained are forever altered in damaging ways that can continue upon their release and return home,” said Diane Foley, President, the James W. Foley Legacy Foundation. “This bill provides an important measure of relief to reduce the burdens faced by those who are lucky enough to be freed.” 
    Last summer, several Americans were released from wrongful detention in Russia as part of a historic prisoner exchange, and additional Americans have been released from hostage situations since then. These individuals now face financial obstacles resulting from their captivity, including diminished Social Security benefits when they reach retirement. Because they may not have received a paycheck or paid payroll taxes while in captivity, their Average Indexed Monthly Earnings (AIME), which determines their Social Security benefit upon retirement, may have diminished by a meaningful amount.
    The Retirement Security for American Hostages Act would amend the Social Security Administration’s (SSA) calculation of benefits for individuals identified as wrongful detainees by the federal government. The bill ensures that when calculating Social Security benefits, the SSA would assume “deemed wages” equal to the national average for each month a former hostage or detainee was held, preventing unjust reductions in their retirement benefits.
    Senator Coons has led numerous bills supporting American hostages and wrongful detainees and addressing financial hardships they often face upon their return. He reintroduced the Retirement Security for American Hostages Act alongside two other hostage bills today–– the Fair Credit for American Hostages Act and the Stop Tax Penalties on American Hostages Act. The first is a bill with Senator Thom Tillis (R-N.C.) that would empower former hostages and detainees to restore credit scores that may have been negatively impacted during their detention. The latter is with Senator Mike Rounds (R-S.D.) and would stop the IRS from imposing fines and penalties on American hostages and wrongful detainees for late tax payments while they are held abroad. Both of those bills unanimously cleared the Senate last year.
    A one-pager is available here.
    The full text of the legislation can be found here. 

    MIL OSI USA News –

  • MIL-OSI USA: Kaine Files Amendments to Republican Budget Resolution

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine
    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), a member of the Senate Budget Committee, filed amendments to the Senate Republicans’ budget resolution in an attempt to improve the bill, which currently tees up tax cuts for billionaires by cutting critical funding for programs that Virginians rely on. Republicans are using a legislative process known as “reconciliation,” which allows certain legislation to be expedited and passed in the Senate by a simple majority, avoiding the 60-vote threshold needed for most other legislation. The Senate will begin consideration of the budget resolution later today.
    “I’d like to focus on cutting taxes for the middle-class. Unfortunately, Republicans disagree. Instead, they are coming after your Medicaid and Medicare benefits, your health care, education programs, and other critical funding that Virginians rely on so that they can tee up their tax cuts for billionaires. I’m filing several amendments to safeguard Virginians from President Trump’s proposed tariffs, which would raise costs; protect federal employees who provide essential services to millions of Americans; prevent cuts in funding for community health centers and national security programs; and more. I will be pushing to get votes on my amendments and will do everything I can to stop Republicans from passing policies that hurt Virginians and our economy and make us less safe,” Kaine said.
    Kaine filed a series of amendments, including:
    To cut taxes for middle-class Americans.
    To protect Americans from new, senseless taxes by preventing abuse of emergency authorities to launch trade wars with Canada and Mexico.
    To prevent cuts to federal funding for air traffic safety.
    To prevent the Department of Veterans’ Affairs from reducing its workforce below levels needed to staff and provide services at new or remodeled facilities.
    To prohibit funding for agency efforts to reclassify federal employees in the civil service outside of any schedule not currently in the competitive service.
    To prevent federal agencies and departments from terminating, rescheduling, or furloughing federal workers who are also veterans.
    To prevent federal employees in harm’s way overseas from losing critical protections.
    To protect Federal Bureau of Investigation (FBI) agents and federal prosecutors from political retribution.
    To deny access to classified materials to anyone without a proper security clearance.
    To protect Virginians who receive health insurance coverage through Medicaid expansion.
    To protect rural hospitals from cuts that would threaten rural communities’ access to health care.
    To protect access to health care services provided by Federally Qualified Health Centers.
    To ensure working families are able to access affordable and high-quality child care.
    To prevent a reduction of programs that support high-quality teacher and school leader preparation.
    To protect seniors and people with disabilities who use long-term services and supports.
    To prevent reductions in staff at the Mine Safety and Health Administration, who ensure miners do not get hurt or die on the job.
    To undo the harm that the January federal funding freeze did to Head Start programs.
    To protect the Pell Grant program from facing cuts or changes to the program that will hurt low- and middle-income students most.
    To prohibit termination of national security programming implemented by the U.S. Agency for International Development (USAID).
    To prohibit termination of foreign assistance contracts with U.S. farmers or with faith-based organizations.
    To prohibit funding for a new Middle East war in Gaza or appeasement of Russia in Ukraine.
    To prevent cuts to the Public Service Loan Forgiveness program.
    To prevent cuts to voluntary conservation agriculture programs.
    To ensure that much-needed funding comes to Virginia to repair federally maintained trails—such as the Virginia Creeper Trail—impacted by natural disasters in 2024.
    To prohibit any efforts to privatize or defund the United States Postal Service.
    Kaine has spoken out against Republicans’ proposal on the Senate floor and during a Senate Budget Committee markup.
    President Donald Trump and Republicans in Congress are currently negotiating an extension to Trump’s 2017 tax law, which cut taxes for large corporations and the highest-income earners and substantially increased the federal deficit. They are now proposing broad-based tariffs and massive, across-the-board cuts to federal programs like Medicaid to fund these tax cuts for billionaires. Tax estimates have shown that if fully enacted, Trump’s tariffs could raise costs by $2,500 to nearly $4,000 per household, and American consumers could lose between $46 billion to $78 billion in spending power each year.

    MIL OSI USA News –

  • MIL-OSI USA: Kugler, Navigating Inflation Waves: A Phillips Curve Perspective

    Source: US State of New York Federal Reserve

    Thank you, Tom, and thank you for the invitation to give the Whittington Lecture.1 It is humbling to be here giving this lecture to honor the memory and legacy of Leslie Whittington. While I did not cross paths with Leslie here at Georgetown University, when I arrived, I heard so many stories about her contributions to the school, the university, and the students. She worked on research about the effects of economic policies on children and families, so I know that if I had had the good fortune to overlap with her as a colleague, I would have benefited greatly from her work and presence. It is also an honor to be giving this lecture, because so many dynamic leaders have previously stood before you, including some who have been inspirations to me in my career, such as Alice Rivlin and Cecilia Rouse.
    Today I will be discussing a topic that has certainly captured the attention of central bankers, and the public at large, in recent years: inflation and the relationship between inflation and unemployment. But before I talk about a lens through which to think about the inflation experienced in the pandemic period, I want to update you with my views on the current outlook for the U.S. economy and the Federal Open Market Committee’s (FOMC) efforts to sustainably return inflation to our 2 percent objective while maintaining a strong labor market.
    Economic OutlookThe overall picture is that the U.S. economy remains on a firm footing, with output growing at a solid pace. Real gross domestic product grew 2.5 percent in 2024. Consumer spending continued to drive this solid pace last year. While retail sales posted a decline last month, January data are often difficult to interpret. Bad weather and seasonal adjustment difficulties may have affected the release, and it should be noted the slowdown came after a strong pace of sales in the second half of last year. That said, as usual, I pay attention to many indicators to gauge the state of the economy. Employment readings show that the labor market is healthy and stable. Payroll job gains have been solid recently, averaging 189,000 per month over the past four months, according to the Bureau of Labor Statistics (BLS). After touching 4.2 percent as recently as November, the unemployment rate has flattened to 4 percent since then, consistent with a labor market that is neither weakening nor showing signs of overheating.
    Inflation has fallen significantly since its peak in the middle of 2022, though the path continues to be bumpy and inflation remains somewhat elevated. Readings last week from the BLS showed price pressures persisted in the economy in January. Our preferred inflation gauge at the Fed, the personal consumption expenditures (PCE) price index, will be released next week. Based on the consumer price index and producer price index data for January, it is estimated that the PCE index advanced about 2.4 percent on a 12-month basis in January. Excluding food and energy costs, core prices are estimated to have risen 2.6 percent. Those readings show there is still some way to go before achieving the FOMC’s 2 percent objective.
    Regarding monetary policy, the FOMC judged in September that it was time to begin reducing our policy interest rate from levels that were strongly restrictive on aggregate demand and putting downward pressure on inflation. We reduced that rate 100 basis points through December, leaving our policy rate at moderately restrictive levels. At our latest meeting in January, I supported the decision to hold the policy rate steady. I see this as appropriate, given that the downward risks to employment have diminished but upside risks to inflation remain. The potential net effect of new economic policies also remains highly uncertain and will depend on the breadth, duration, reactions to, and, importantly, specifics of the measures adopted.
    Going forward, in considering the appropriate federal funds rate, we will watch these developments closely and continue to carefully assess the incoming data and evolving outlook.
    Now, turning back to the main topic of my speech, I will start with the core mission of the Federal Reserve: to pursue the dual mandate, given to us by Congress, of promoting maximum employment and stable prices. We saw firsthand during the pandemic period why the price-stability portion of the mandate is so important. High inflation imposes significant hardship and erodes Americans’ purchasing power, especially for those least able to meet the higher costs of essentials like food, housing, and transportation. As a policymaker and economist, I think it is vitally important to have a good understanding of inflation dynamics and how those dynamics may have evolved over time. This knowledge allows me to pursue the best policies to deliver stable prices while maintaining a solid labor market.
    Waves of InflationFive years after the pandemic took hold suddenly and with little warning, there is a tendency to remember the inflation buildup as a fast and uniform phenomenon. But that was not the case. Inflation stemming from the pandemic shock came in waves. Today I will first describe the different waves of inflation experienced in the pandemic period. Then I invite you aboard the sailboat that we will use to navigate those waves: You could call it the SS Phillips Curve. The Phillips curve is a model that has been used for a long time to try to explain inflation dynamics and the tradeoffs between inflation and unemployment. Finally, I will discuss with you how this voyage may have changed the charts for policymakers.
    Before the COVID-19 pandemic, the U.S., and much of the world’s developed economies, experienced a prolonged period of low inflation. Then, when the economy broadly shut down in March and April 2020, the U.S. experienced a brief period of deflation. But by the middle of that year, we saw that the first of several waves of inflation began hitting the economy’s shores.
    The first notable wave of inflation came from food prices. With many restaurants closed and people fearful of gathering, consumers pivoted their spending to grocery stores and online grocery delivery to meet their families’ needs, with some stockpiling essential items because they feared future shortages. This jump in demand was met with snarled supply chains for food processing and groceries. Annual food inflation reached a first peak of 5 percent in June 2020. There was a second food inflation wave with the onset of the Russian invasion of Ukraine in the middle of 2022. Beyond the cost alone, grocery prices are an important determinant of inflation expectations for consumers since food is purchased so frequently.2 Another wave of inflation came from goods other than food and energy—what economists call “core goods.” In the years immediately before the pandemic, goods prices were not a significant source of inflation. During the expansion from 2009 until 2020, core goods inflation declined 0.5 percent annually on average. However, once the pandemic took hold, consumer demand rotated from services to goods. At the same time, additional supply chain issues arose, including closed factories and disrupted ports. As consumption rapidly shifted toward goods, their prices rose sharply.3 Core goods inflation picked up markedly in the spring of 2021 and reached a peak of 7.6 percent on a 12-month basis in February 2022. This was a notable development because, during most of this century, goods price deflation offset price increases in other categories and thus kept a lid on overall inflation.
    A third wave of inflation came from services costs, excluding housing. Near the start of the pandemic, millions of Americans lost their jobs, and many left the labor market, with some retiring and others fearful of being exposed to the virus. When the economy began to reopen from shutdowns, demand for workers rose faster than the supply. As a result, the labor market quickly became very tight. To attract workers, employers raised wages. And to offset that expense, many raised prices. Given that labor is the most important input into the production of services, core services inflation ensued, reaching a peak of 5.2 percent on a 12-month basis in December 2021. Core services inflation stayed persistently high until it began to turn down in February 2023.
    The final wave of inflation I will discuss came from PCE housing services inflation. During the pandemic, many Americans reassessed housing choices, including those who preferred to move to detached homes in the suburbs from multifamily dwellings in cities. The supply of housing has long been constrained, so when a further increase in demand met limited supply, prices rose. Housing inflation rose to a peak of 8.27 percent on a 12-month basis in April 2023 and has moved lower since then. The run-up in housing inflation came more slowly, but it is also the component most slowly to abate. This is an area that experienced catch-up inflation, as housing inflation rises and falls slowly because rents are reset infrequently, usually only once a year for most renters.
    For the remainder of this discussion, I will focus on core inflation, and specifically core goods and core services inflation. My objective is to discuss several additions to an augmented Phillips curve model that allow us to capture the dynamics of those waves we encountered on our journey.
    The Traditional Phillips CurveSince price stability and maximum employment are the two components of the Fed’s dual-mandate goal, it is important for policymakers to be able to interpret the inflation process and relate it to macroeconomic conditions, including unemployment. One traditional way of understanding the usual tradeoff between inflation and unemployment is the use of the Phillips curve. It was first employed by New Zealand economist A.W. Phillips in 1958 to describe a simple relationship between wage growth and unemployment. Basically, it demonstrates that wage inflation is lower when unemployment is high, and higher when unemployment is low. Since then, several variants and updates have been offered to the Phillips curve model, and I will offer updates, too.
    One of the most notable updates came from Milton Friedman in 1967 in his presidential address to the American Economic Association.4 In that speech, he argued that there is only a temporary tradeoff between inflation and unemployment, because inflation depends on both the unemployment rate relative to a natural rate (the unemployment gap) and expectations of future inflation.
    The unemployment gap measures how much unemployment is above or below some reference level such as the natural rate of unemployment, or NAIRU (non-accelerating inflation rate of unemployment), which is thought to be the normal level of unemployment absent cyclical forces. An unemployment rate that is above the reference level indicates that there is slack in the economy. Conversely, if the unemployment rate is below the reference level, the economy is tight. The unemployment gap has an inverse relation to wage and price inflation, because slack in the economy means that there are excess resources to meet demand while tightness in the labor market means there is little room to expand demand without putting upward pressure on prices. Let’s turn now to the other ingredient in Friedman’s Phillips curve: inflation expectations. Inflation expectations represent the rate at which people expect prices to rise in the future. A Phillips curve model that includes inflation expectations is called an “expectations-augmented Phillips curve.”
    The idea behind adding inflation expectations to a Phillips curve is that workers care about their inflation-adjusted wage, rather than nominal wages, over the course of a period of employment when bargaining their pay. Meanwhile, price-setting firms care about their relative price in pricing their products. Both sets of agents must forecast as best as possible the future path of inflation to efficiently bargain their wages or set their prices. In other words, both parties form expectations about the general price level, and these expectations will feed back into the inflation process.5 Friedman assumed that inflation expectations respond to lagged observed inflation—or what are called “adaptive expectations”—and when that is so, it provides a mechanism for inflation to be persistent.
    This view captured inflation dynamics in the 1970s and early 1980s fairly well; however, it was not broadly applicable to the period from the late 1980s through 2019, often called the “Great Moderation.” Rather, regarding inflation dynamics over an extended period, inflation appears to be more strongly related to long-run inflation expectations than to lagged inflation or short-run inflation expectations measures. Monetary policy can play an important role in setting long-run inflation expectations. Both wage seekers and price setters form their inflation expectations, in part, from their beliefs about the central bank’s inflation goal. When long-run inflation expectations stay close to the central bank’s goal, we say that inflation expectations are anchored at that goal. That goal is currently set at 2 percent, and long-run inflation expectations have indeed been in a tight range around that target.6
    The empirical literature on the Phillips curve has considered additional variables that may affect inflation and used those variables to create new versions of a Phillips curve. For example, Phillips curves have long included measures of “cost-push” pressures such as core import prices. These cost pressures more fully capture shocks to firms’ costs coming from global price pressures and not captured by other measures of slack. Other Phillips curves also include lags of inflation to capture persistence in the inflation process.7
    To summarize, the empirical literature has come to the conclusion that inflation dynamics can best be captured by a Phillips curve that includes lags of inflation, long-run inflation expectations, and a measure of slack, as well as import and energy prices as cost-push shocks. An instance of that formulation of a Phillips curve is included in former Chair Janet Yellen’s speech from 2015.8 Next, I would like to assess the accuracy of this baseline model during the recent run-up of inflation and consider how to augment the Phillips curve model with some new variables that may be able to capture some of the shocks experienced during the pandemic and post-pandemic period. A large literature has emerged on how to interpret the recent run-up in inflation, and more research is needed to fully understand this complicated episode. The Phillips curve model that I will use is another approach to consider. This is a simple approach, but it is possible to consider more complex models, such as models that consider the joint dynamics of inflation and other variables or models that explicitly consider nonlinearities.9 However, I still see value in starting from this simple framework, seeing what it can and cannot explain about pandemic inflation, and then seeing whether the addition of certain variables can help the model more fully account for inflation during the pandemic.
    Estimation of the Phillips Curve TodayAs I just explained, the Phillips curve model allows flexibility in the choice of variables, but economists employing the model must decide how to weight these variables. And those weights must be chosen in some way. Economists choose weights by examining available data and deciding which capture the inflation process in the best possible way. This decision is called “estimation.” The modern way to undertake such an estimation is called “training.” Economists train a model on a specific set of data and consider different cuts of the data set to determine different ways to compute those weights.
    I will consider quarterly data that have been consistently produced since 1964, allowing us to include the periods of the Great Inflation, the Great Moderation, and the most recent inflation run-up. We could use this entire data set to train the model. However, subsample analysis also serves to prove some valuable points.
    First Result: Examining the Great ModerationLet’s start by updating former Fed Chair Yellen’s results. She estimated the model using the data during the so-called Great Moderation; I will update her results by training the model through 2019, the last year before the COVID-19 pandemic took hold in the U.S. As the term “moderation” implies, this was a period in which both inflation and output became much less volatile. We do not know exactly what brought about the Great Moderation. Hypotheses include the effects of better inventory management or better monetary policy. We do know, however, that inflation settled into a trend near to or slightly below 2 percent during that period. We estimate the model with data from this period, and we decompose how much of inflation is explained by the variables and how much is left unexplained, which economists call the “residual.” As it turns out, this model does a good job of capturing the inflation process over that period before the pandemic, and my results are similar to Yellen’s. The model explains 70 percent of the variation in inflation, meaning that only 30 percent of the variation in inflation is attributed to unexplained residuals. An alternative way to understand the unexplained part is as the standard deviation of the residual or the unexplained portion of the model, which was 0.50 percentage point for the period from 2010 to 2019, compared with the standard deviation of inflation of about 0.8 percentage point.
    This model, however, struggles to explain the run-up in inflation in the years immediately after the pandemic took hold. The unexplained portion of inflation, the residual, rises dramatically in 2021 and 2022. In 2021, the unexplained portion is almost 2 percentage points, and the following year, it is about 1.5 percentage points. Perhaps we should not be surprised by the outcome. These years saw inflation reach a four-decade peak, but the model has been trained on a Great Moderation sample that saw relatively quiet inflation.10
    Second Result: Using a Longer SampleThe results are more encouraging if, instead, we also include data from the previous period of significant inflation and train the model on data starting in 1964. Intuitively, it makes sense that including a period with persistent inflation, like the 1970s, might help us better understand another inflationary episode. I stop at 2019 because I want to see if training on data from the previous 55-year period can explain the post-2020 inflation.
    The model captures more of the most recent run-up in inflation when using the longer period of analysis. The unexplained residual drops to about 1.5 percentage points in 2021 and to a bit above 0.5 percentage point in 2022. Allowing for greater persistence in inflation allows an inflation equation to fit the pandemic period better, though it does not settle the question of whether the pandemic inflation was caused by large and persistent shocks or by large shocks and a persistent inflation process—for example, because of greater feedback between wages and prices.
    To improve the model further, it would be useful to include additional explanatory variables that could better capture the overheating of the economy. In what follows, I include variables that might account for factors experienced in the most recent bout of inflation, such as a very tight labor market and supply chain snarls.
    Third Result: Alternative Measure of SlackAs I mentioned before, the very tight labor market was an important contributor to inflation in recent years, especially to services inflation, yet the weight on the unemployment gap in the Phillips curve for the more recent period is very small. This measure of slack has become less and less important over time in explaining inflation, except during selected episodes such as in the aftermath of the Global Financial Crisis, which was characterized by a very sluggish recovery. Outside of that episode, and very few others, the Phillips curve places little weight on that measure of slack in explaining inflation over the Great Moderation, including during the recent run-up. This is also a reflection of training the model over the Great Moderation, in which inflation moved fairly tightly around a very flat trend. Notice that this would suggest a “flat Phillips curve” or a big penalty in terms of unemployment needed to reduce inflation. Instead, I focus on another very promising alternative measure that I have paid a lot of attention to since I was chief economist at the Department of Labor—and again since I joined the Board of Governors—and that I am very familiar with as a scholar of labor markets. The measure is the ratio of vacancies to the level of unemployment.11 In effect, this ratio measures how much competition there is for a given job, or the “tightness” of the labor market. Labor is an important input into most production processes, and, thus, tightness in the labor market is closely related to price pressures. I use the standard version of this ratio that measures job openings from the Job Openings and Labor Turnover Survey as the numerator and the unemployment level from the Current Population Survey as the denominator. This allows me to use data back to the 1960s.12 The vacancy-to-unemployment ratio as a measure of slack is more effective at explaining inflation than the unemployment gap. This represents an interesting result because it offers a larger role to heated labor markets in explaining the run-up in inflation. My results echo research that finds the vacancy-to-unemployment ratio is a helpful measure of slack to consider in out-of-sample forecasting exercises.13
    Fourth Result: Supply Chain SnarlsAlthough the vacancy-to-unemployment ratio offers a promising measure of slack and supply chain pressures due to labor shortages, that measure does not necessarily capture supply chain snarls whose roots lie outside of the labor market. As I mentioned earlier, there were substantial supply chain disruptions during the past few years that came at the same time as strong demand. That resulted in material and labor shortages. Attempts at quantifying supply-side disruptions have been around for some decades now.14 I rely on a new monthly shortages index created by a team of Fed Board economists, which relies on textual analysis to scan news articles for sentences that include the word pairs “labor shortages,” “material shortages,” or “food shortages.”15 The Shortage Index allows us to better measure cost-push pressures from different sources and is constructed all the way back to the beginning of the previous century. Thus, it makes a difference to have access to advances in natural language processing.16 When I add the Shortage Index to the baseline Phillips curve or to the vacancy-to-unemployment–based Phillips curve, I obtain that the Shortage Index explains an even larger portion of the inflation run-up during and after the pandemic. The residual for 2020 is cut in half, the residual for 2021 is about 1 percentage point, and the residual is effectively eliminated in 2022. I judge this a noteworthy result and a proof of concept that with additional augmentation, the Phillips curve model can better capture inflation dynamics during the recent period. Through the lens of this model, supply shortages played an important role in 2022 in constraining output to grow at an anemic rate and in pushing up inflation. Moreover, the model is also able to capture the decline in inflation in 2023 and 2024 despite the strong expansion in real activity. I view the Shortage Index as a powerful indicator of the nonlinear effects stemming from a compounding of the contemporaneous interaction of demand and supply bottlenecks.
    I have offered additional variables to account for a measure of slack as it relates to labor supply and material supply. This exercise could be extended further to better account for some of the subcategories of inflation that caused the waves I discussed earlier. For example, food inflation, which is characterized by two distinct waves, can mostly be explained by the Food Shortage Index, which captures a large portion of the residual in the baseline model.
    Lessons for the PolicymakerToday I have discussed the waves of inflation the country faced starting five years ago. I also talked about how the vessel we use to navigate those choppy waters can be improved upon. As I conclude, I want to discuss with you how central bankers might recalibrate their compasses, based on what we learned from considering these augmentations to Phillips curve models. I think a clear lesson is that no single model alone can give a policymaker an understanding of every possible state of the economy. Policymakers must be open to various options, models, and frameworks—and not be afraid to experiment in search of more accurate answers. Policymakers must be very attentive to the most recent contributions from academia and empirical practitioners. Broadly, that is the approach I take, and why I apply the same rigor I did as an academic researcher to the monetary policy decisions that I confront.
    The recent run-up in inflation in many ways was a rather unique period, spurred, at least initially, by the first onset of a global pandemic in more than a century. Fully understanding the dynamics at play has provided a tough test for economists. The models I described today have had some success in capturing salient features of the inflation process during the pandemic period. I hope this illustrative analysis helps you see the difficulties of forecasting inflation in real time.
    Another lesson to be learned from this experience is that the feared harsh tradeoff between unemployment and inflation, one that requires large costs in terms of job loss and reduction in incomes in order to reduce inflation, did not materialize in the years immediately after the 2022 inflation peak. Inflation has been significantly reduced while the labor market has remained solid. This is a historically unusual, but most welcome, outcome. While this outcome is in part due to the actions of Fed policymakers, it is also possible to explain that remarkable result through the lens of the models that I have presented today. A large fraction of the rise in inflation, most specifically core goods inflation, can be explained by supply chain snarls. The untangling of supply chains contributed to a decline in inflation with little cost in terms of unemployment. Likewise, labor markets were very tight in this period. As workers returned to the labor force, labor markets became less tight, and the vacancy-to-unemployment ratio declined. That corresponded with a subsequent decline in inflation. That is a consistent result because services inflation is closely connected to the cost of labor.
    Thank you for your time today. Once again, it is humbling to be asked to give the Whittington Lecture to honor the memory of fellow educator Leslie Whittington. I look forward to your questions.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. D’Acunto, Malmendier, Ospina, and Weber (2021) show that consumers disproportionately rely on the price changes of goods in their grocery bundles when forming expectations about aggregate inflation; see Francesco D’Acunto, Ulrike Malmendier, Juan Ospina, and Michael Weber (2021), “Exposure to Grocery Prices and Inflation Expectations,” Journal of Political Economy, vol. 129 (May), pp. 1615–39. Return to text
    3. Ferrante, Graves, and Iacoviello (2020) show that a sharp reallocation of demand from one sector to another can exacerbate supply chain disruption and cause aggregate inflation; see Francesco Ferrante, Sebastian Graves, and Matteo Iacoviello (2023), “The Inflationary Effects of Sectoral Reallocation,” Journal of Monetary Economics, supp., vol. 140 (November), pp. S64–81. Return to text
    4. See Milton Friedman (1968), “The Role of Monetary Policy,” American Economic Review, vol. 58 (March), pp. 1–17; and Edmund S. Phelps (1967), “Phillips Curves, Expectations of Inflation and Optimal Unemployment over Time,” Economica, vol. 34 (135), pp. 254–81. Return to text
    5. Friedman did not consider forward-looking price-setting firms, but more recent advances in macroeconomics do, such as New Keynesian models; see Jordi Galí (2015), Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework and Its Applications (Princeton, N.J.: Princeton University Press). Return to text
    6. In an earlier speech, I have sketched a model in which agents infer the central bank target by observing inflation, interest rates, and unemployment data; see Adriana D. Kugler (2024), “Central Bank Independence and the Conduct of Monetary Policy,” speech delivered at the Albert Hirschman Lecture, 2024 Annual Meeting of the Latin American and Caribbean Economic Association and the Latin American and Caribbean Chapter of the Econometric Society, Montevideo, Uruguay, November 14. Return to text
    7. For a review of Phillips curve formulations, see Robert J. Gordon (2018), “Friedman and Phelps on the Phillips Curve Viewed from a Half Century’s Perspective,” Review of Keynesian Economics, vol. 6 (4), pp. 425–36. Return to text
    8. The model that I will use is similar to the one described by Janet Yellen in her famous speech at the University of Massachusetts in 2015; see Janet L. Yellen (2015), “Inflation Dynamics and Monetary Policy,” speech delivered at the Philip Gamble Memorial Lecture, University of Massachusetts, Amherst, September 24. Return to text
    9. See Pierpaolo Benigno and Gauti B. Eggertsson (2023), “It’s Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve,” NBER Working Paper Series 31197 (Cambridge, Mass.: National Bureau of Economic Research, April). Return to text
    10. The results that I obtain for the 1990–2019 period are similar to those that Yellen reports for the 1990–2014 period. Return to text
    11. The ratio of job openings to unemployment has attracted the attention of many researchers. See, for instance, Olivier J. Blanchard and Ben S. Bernanke (2023), “What Caused the US Pandemic-Era Inflation?” NBER Working Paper Series 31417 (Cambridge, Mass.: National Bureau of Economic Research, June). Return to text
    12. Although job openings from the Job Openings and Labor Turnover Survey (JOLTS) go back only as far as the early 2000s, I use here the extended series from Barnichon that pieces together JOLTS data for the more recent period with a corrected version of the help-wanted index originally from the Conference Board for the period before 2001. See Regis Barnichon (2010), “Building a Composite Help-Wanted Index,” Economics Letters, vol. 109 (December), pp. 175–78. Return to text
    13. See Regis Barnichon and Adam Shapiro (2022), “What’s the Best Measure of Economic Slack?” FRBSF Economic Letter 2022-04 (San Francisco: Federal Reserve Bank of San Francisco, February); and Régis Barnichon and Adam Hale Shapiro (2024), “Phillips Meets Beveridge,” Journal of Monetary Economics, supp., vol. 148 (November), 103660. Return to text
    14. The Institute for Supply Management’s Supplier Deliveries Index has been around since the 1950s, the Federal Reserve Bank of New York’s Global Supply Chain Pressure Index since 1998, and the Census Bureau’s Quarterly Survey of Plant Capacity Utilization since 2008. Return to text
    15. See Dario Caldara, Matteo Iacoviello, and David Yu (2024), “Measuring Shortages since 1900,” working paper. Their index is available at https://www.matteoiacoviello.com/shortages.html. Return to text
    16. Other authors have used natural language processing in an attempt to produce a measure of shortages. For instance, see Paul E. Soto (2023), “Measurement and Effects of Supply Chain Bottlenecks Using Natural Language Processing,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, February 6). Blanchard and Bernanke use Google searches for the word “shortage” as an indicator of sectoral supply constraints in a Phillips curve equation; see Blanchard and Bernanke, “What Caused the US Pandemic-Era Inflation?” in note 11. For an early-attempt, hand-coded shortage index, see Owen Lamont (1997), “Do ‘Shortages’ Cause Inflation?” in Christina D. Romer and David H. Romer, eds., Reducing Inflation: Motivation and Strategy (Chicago: University of Chicago Press), pp. 281–306. Return to text

    MIL OSI USA News –

  • MIL-OSI Canada: Growing Alberta’s presence in the Middle East

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

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

    Source: GlobeNewswire (MIL-OSI)

    TROY, Mich., Feb. 20, 2025 (GLOBE NEWSWIRE) — Altair (Nasdaq: ALTR), a global leader in computational intelligence, today released its financial results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights

    • Software revenue was $179.4 million compared to $155.9 million for the fourth quarter of 2023, an increase of 15.0% in reported currency and 16.5% in constant currency
    • Total revenue was $192.6 million compared to $171.5 million for the fourth quarter of 2023, an increase of 12.3% in reported currency and 13.8% in constant currency
    • Net income was $1.0 million compared to $19.7 million for the fourth quarter of 2023, a decrease in earnings of $18.7 million. Net income per share, diluted was $0.01 based on 89.3 million diluted weighted average common shares outstanding, compared to net income per share, diluted of $0.22 for the fourth quarter of 2023, based on 89.0 million diluted weighted average common shares outstanding. Net income margin was 0.5% compared to net income margin of 11.5% for the fourth quarter of 2023
    • Non-GAAP net income was $47.4 million, compared to non-GAAP net income of $41.1 million for the fourth quarter of 2023, an increase of $6.3 million. Non-GAAP net income per share, diluted was $0.52 based on 92.6 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $0.47 for the fourth quarter of 2023, based on 89.0 million non-GAAP diluted common shares outstanding
    • Adjusted EBITDA was $61.0 million compared to $53.6 million for the fourth quarter of 2023, an increase of 13.9%. Adjusted EBITDA margin was 31.7% compared to 31.2% for the fourth quarter of 2023
    • Cash provided by operating activities was $37.5 million, compared to $21.7 million for the fourth quarter of 2023
    • Free cash flow was $33.2 million, compared to $19.3 million for the fourth quarter of 2023.

    Full Year 2024 Financial Highlights

    • Software revenue was $611.9 million compared to $550.0 million for the full year of 2023, an increase of 11.3% in reported currency and 12.5% in constant currency
    • Total revenue was $665.8 million compared to $612.7 million for the full year of 2023, an increase of 8.7% in reported currency and 9.8% in constant currency
    • Net income was $14.2 million compared to a net loss of $(8.9) million for the full year of 2023, an improvement in earnings of $23.1 million. Net income per share, diluted was $0.16 based on 88.6 million diluted weighted average common shares outstanding, compared to net loss per share, diluted of $(0.11) for the full year of 2023, based on 80.6 million diluted weighted average common shares outstanding. Net income margin was 2.1% compared to net loss margin of -1.5% for the full year of 2023
    • Non-GAAP net income was $119.6 million, compared to non-GAAP net income of $98.8 million for the full year of 2023, an increase of $20.8 million. Non-GAAP net income per share, diluted was $1.35 based on 91.8 million non-GAAP diluted common shares outstanding, compared to non-GAAP net income per share, diluted of $1.17 for the full year of 2023, based on 84.4 million non-GAAP diluted common shares outstanding
    • Adjusted EBITDA was $149.9 million compared to $129.1 million for the full year of 2023, an increase of 16.1%, Adjusted EBITDA margin was 22.5% compared to 21.1% for the full year of 2023
    • Cash provided by operating activities was $154.1 million, compared to $127.3 million for the full year of 2023
    • Free cash flow was $140.0 million, compared to $117.1 million for the full year of 2023.

    Pending Transaction with Siemens and Conference Call Information

    On January 22, 2025, Altair’s stockholders approved the previously announced merger agreement providing for the acquisition of Altair by Siemens Industry Software Inc. (“Siemens”). Completion of the pending transaction remains subject to certain customary closing conditions. Altair now anticipates that this transaction may close in the first half of 2025. In light of the pending transaction with Siemens, Altair is suspending quarterly financial results conference calls and its quarterly and annual guidance.

    Non-GAAP Financial Measures

    This press release contains the following non-GAAP financial measures: Non-GAAP Net Income, Non-GAAP Net Income Per Share, Billings, Adjusted EBITDA, Free Cash Flow, Non-GAAP Gross Profit and Non-GAAP Operating Expense.

    Altair believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to its financial condition and results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods for trend analysis, for purposes of determining executive and senior management incentive compensation and for budgeting and planning purposes. The Company also believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software companies, many of which present similar non-GAAP financial measures to investors.

    Non-GAAP net income excludes stock-based compensation, amortization of intangible assets related to acquisitions, asset impairment charges, non-cash interest expense, other special items as identified by management and described elsewhere in this press release, and the impact of non-GAAP tax rate to income tax expense, which approximates our tax rate excluding discrete items and other specific events that can fluctuate from period to period.

    Non-GAAP diluted common shares is calculated using the treasury stock method to calculate the effect of dilutive securities, stock options, restricted stock units and employee stock purchase plan shares and using the if-converted method to calculate the effect of convertible instruments. This is the same methodology that is used when calculating GAAP diluted shares. However, the determination of whether the shares are dilutive or antidilutive is made independently on a GAAP and non-GAAP net income (loss) basis and therefore the number of diluted shares outstanding for GAAP and non-GAAP may be different.

    Billings consists of total revenue plus the change in deferred revenue, excluding deferred revenue from acquisitions.

    Adjusted EBITDA represents net income adjusted for income tax expense, interest expense, interest income and other, depreciation and amortization, stock-based compensation expense, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

    Free cash flow consists of cash flow from operations less capital expenditures.

    Non-GAAP gross profit represents gross profit adjusted for stock-based compensation expense and other special items as identified by management and described elsewhere in this press release.

    Non-GAAP operating expense represents operating expense excluding stock-based compensation expense, amortization, asset impairment charges and other special items as identified by management and described elsewhere in this press release.

    Company management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Altair urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures, which it includes in press releases announcing quarterly financial results, including this press release, and not to rely on any single financial measure to evaluate the Company’s business.

    Reconciliation tables of the most comparable GAAP financial measures to the non-GAAP financial measures used in this press release are included with the financial tables at the end of this release.

    About Altair

    Altair is a global leader in computational intelligence that provides software and cloud solutions in simulation, high-performance computing, data analytics and AI. Altair enables organizations across all industries to compete more effectively and drive smarter decisions in an increasingly connected world – all while creating a greener, more sustainable future. To learn more, please visit https://www.altair.com.

    Forward-Looking Statements

    This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements regarding the proposed transaction, including the expected timing and closing of the proposed transaction; Altair’s ability to consummate the proposed transaction; the expected benefits of the proposed transaction and other considerations taken into account by the Altair Board of Directors in approving the proposed transaction; the amounts to be received by stockholders and expectations for Altair prior to and following the closing of the proposed transaction, may be deemed to be forward-looking statements. All  such forward-looking statements are intended to provide management’s current expectations for the future of Altair based on current expectations and assumptions relating to Altair’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the timing to consummate the pending merger transaction with Siemens Industry Software Inc. (the “Merger”), (ii) the risk that a condition of closing of the pending Merger transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (iii) the risk that a regulatory approval that may be required for the pending Merger transaction is not obtained or is obtained subject to conditions that are not anticipated, (iv) the diversion of management time on transaction-related issues, (v) risks related to disruption of management time from ongoing business operations due to the pending Merger transaction, (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Altair, (vii) the risk that the pending Merger transaction and its announcement could have an adverse effect on the ability of Altair to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (viii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, dated October 30, 2024, with Siemens Industry Software Inc. (the “Merger Agreement”), (ix) business uncertainties and contractual restrictions on our operations while the proposed Merger transaction is pending, (x) unexpected costs, charges or expenses resulting from the pending Merger transaction, (xi) potential litigation relating to the pending Merger transaction that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (xii) worldwide economic or political changes that affect the markets that Altair’s businesses serve which could have an effect on demand for Altair’s products and impact Altair’s profitability, and (xiii) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, raw material pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Altair’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A – Risk Factors of Altair’s Annual Report on Form 10-K for the year ended December 31, 2024 and in Altair’s other filings with the SEC. The list of factors is not intended to be exhaustive. These forward-looking statements speak only as of the date of this communication, and Altair does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of Altair.

    Media Relations
    Altair
    Jennifer Ristic
    216-849-3109
    jristic@altair.com

    Investor Relations
    Altair
    Stephen Palmtag
    669-328-9111
    spalmtag@altair.com

    ALTAIR ENGINEERING INC. AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
         
      December 31,  
    (in thousands) 2024     2023  
    ASSETS          
    CURRENT ASSETS          
    Cash and cash equivalents $ 561,898     $ 467,459  
    Accounts receivable, net   173,509       190,461  
    Income tax receivable   21,513       16,650  
    Prepaid expenses and other current assets   28,058       26,053  
    Total current assets   784,978       700,623  
    Property and equipment, net   41,008       39,803  
    Operating lease right of use assets   31,117       30,759  
    Goodwill   462,459       458,125  
    Other intangible assets, net   72,937       83,550  
    Deferred tax assets   8,770       9,955  
    Other long-term assets   44,378       40,678  
    TOTAL ASSETS $ 1,445,647     $ 1,363,493  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    CURRENT LIABILITIES          
    Accounts payable $ 7,316     $ 8,995  
    Accrued compensation and benefits   50,328       45,081  
    Current portion of operating lease liabilities   7,876       8,825  
    Other accrued expenses and current liabilities   56,058       48,398  
    Deferred revenue   139,085       131,356  
    Current portion of convertible senior notes, net   227,106       81,455  
    Total current liabilities   487,769       324,110  
    Convertible senior notes, net   —       225,929  
    Operating lease liabilities, net of current portion   24,141       22,625  
    Deferred revenue, non-current   28,531       32,347  
    Other long-term liabilities   48,017       47,151  
    TOTAL LIABILITIES   588,458       652,162  
    Commitments and contingencies          
    STOCKHOLDERS’ EQUITY          
    Preferred stock ($0.0001 par value), authorized 45,000 shares, none issued or outstanding   —       —  
    Common stock ($0.0001 par value)          
    Class A common stock, authorized 513,797 shares, issued and outstanding 60,181
    and 55,240 shares as of December 31, 2024 and 2023, respectively    		   6       5  
    Class B common stock, authorized 41,203 shares, issued and outstanding 25,394
    and 26,814 shares as of December 31, 2024 and 2023, respectively    		   3       3  
    Additional paid-in capital   1,010,789       864,135  
    Accumulated deficit   (116,328 )     (130,503 )
    Accumulated other comprehensive loss   (37,281 )     (22,309 )
    TOTAL STOCKHOLDERS’ EQUITY   857,189       711,331  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,445,647     $ 1,363,493  
                   
    ALTAIR ENGINEERING INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
               
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands, except per share data) 2024     2023     2024     2023  
    Revenue                      
    License $ 131,943     $ 113,172     $ 435,288     $ 393,144  
    Maintenance and other services   47,433       42,761       176,612       156,830  
    Total software   179,376       155,933       611,900       549,974  
    Engineering services and other   13,255       15,570       53,888       62,727  
    Total revenue   192,631       171,503       665,788       612,701  
    Cost of revenue                      
    License   4,662       3,200       15,099       15,088  
    Maintenance and other services   17,604       14,340       64,014       56,094  
    Total software *   22,266       17,540       79,113       71,182  
    Engineering services and other   11,113       11,633       45,690       50,609  
    Total cost of revenue   33,379       29,173       124,803       121,791  
    Gross profit   159,252       142,330       540,985       490,910  
    Operating expenses:                      
    Research and development *   57,147       52,519       221,161       212,645  
    Sales and marketing *   47,812       43,595       184,280       176,138  
    General and administrative *   35,595       17,096       90,150       70,887  
    Amortization of intangible assets   8,709       7,708       33,022       30,851  
    Other operating (income) expense, net   (976 )     (1,178 )     (5,313 )     146  
    Total operating expenses   148,287       119,740       523,300       490,667  
    Operating income   10,965       22,590       17,685       243  
    Interest expense   1,339       1,533       5,836       6,116  
    Other income, net   (316 )     (8,794 )     (20,781 )     (18,492 )
    Income before income taxes   9,942       29,851       32,630       12,619  
    Income tax expense   8,946       10,176       18,455       21,545  
    Net income (loss) $ 996     $ 19,675     $ 14,175     $ (8,926 )
    Earnings (loss) per share, basic                      
    Earnings (loss) per share $ 0.01     $ 0.24     $ 0.17     $ (0.11 )
    Weighted average shares   85,289       81,760       84,085       80,596  
    Earnings (loss) per share, diluted                      
    Earnings (loss) per share $ 0.01     $ 0.22     $ 0.16     $ (0.11 )
    Weighted average shares   89,346       88,977       88,558       80,596  
     
    *     Amounts include stock-based compensation expense as follows (in thousands):
     
      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Cost of revenue – software $ 2,167     $ 2,303     $ 8,397     $ 10,095  
    Research and development   6,274       7,332       25,630       33,842  
    Sales and marketing   4,784       6,271       19,459       28,376  
    General and administrative   3,745       3,252       14,194       13,268  
    Total stock-based compensation expense $ 16,970     $ 19,158     $ 67,680     $ 85,581  
                                   
    ALTAIR ENGINEERING INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOW
    (Unaudited)
         
      Year Ended December 31,  
    (in thousands) 2024     2023     2022  
    OPERATING ACTIVITIES:                
    Net income (loss) $ 14,175     $ (8,926 )   $ (43,429 )
    Adjustments to reconcile net income (loss) to net cash provided by
    operating activities:    		                
    Depreciation and amortization   42,164       39,124       35,504  
    Stock-based compensation expense   67,680       85,581       84,787  
    Deferred income taxes   (707 )     (2,319 )     (4,164 )
    Loss (gain) on mark-to-market adjustment of contingent consideration   476       5,706       (7,153 )
    Expense on repurchase of convertible senior notes   —       —       16,621  
    Other, net   2,015       1,943       2,179  
    Changes in assets and liabilities:                
    Accounts receivable   14,560       (19,141 )     (34,175 )
    Prepaid expenses and other current assets   (7,622 )     (1,915 )     1,014  
    Other long-term assets   2,431       (52 )     2,852  
    Accounts payable   (2,127 )     (1,878 )     3,771  
    Accrued compensation and benefits   7,013       1,783       280  
    Other accrued expenses and current liabilities   7,791       9,068       (59,463 )
    Deferred revenue   6,235       18,333       40,946  
    Net cash provided by operating activities   154,084       127,307       39,570  
    INVESTING ACTIVITIES:                
    Payments for acquisition of businesses, net of cash acquired   (27,070 )     (3,236 )     (134,541 )
    Capital expenditures   (14,086 )     (10,193 )     (9,648 )
    Other investing activities, net   (4,974 )     (2,423 )     (10,322 )
    Net cash used in investing activities   (46,130 )     (15,852 )     (154,511 )
    FINANCING ACTIVITIES:                
    Settlement of convertible senior notes   (81,729 )     —       —  
    Proceeds from the exercise of common stock options   65,537       36,140       3,577  
    Proceeds from employee stock purchase plan contributions   9,157       7,978       8,976  
    Payments for repurchase and retirement of common stock   —       (6,255 )     (19,659 )
    Proceeds from issuance of convertible senior notes,
    net of underwriters’ discounts and commissions    		   —       —       224,265  
    Repurchase of convertible senior notes   —       —       (192,422 )
    Payments for issuance costs of convertible senior notes   —       —       (1,523 )
    Other financing activities   —       (97 )     (233 )
    Net cash (used in) provided by financing activities   (7,035 )     37,766       22,981  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   (6,453 )     1,397       (5,094 )
    Net increase (decrease) in cash, cash equivalents and restricted cash   94,466       150,618       (97,054 )
    Cash, cash equivalents and restricted cash at beginning of year   467,576       316,958       414,012  
    Cash, cash equivalents and restricted cash at end of period $ 562,042     $ 467,576     $ 316,958  
                           

    Change in Presentation of Revenue and Cost of Revenue

    Effective in the first quarter of 2024, the Company changed the presentation of revenue and cost of revenue in its Consolidated Statements of Operations to combine the financial statement line items (“FSLIs”) labeled “Software related services”, “Client engineering services” and “Other” into one FSLI labeled “Engineering services and other”. The change in presentation has been applied retrospectively and does not affect the software revenue, total revenue, software cost of revenue or total cost of revenue amounts previously reported or have any effect on segment reporting.

    Financial Results

    The following table provides a reconciliation of Non-GAAP net income and Non-GAAP net income per share – diluted, to net income (loss) and net income (loss) per share – diluted, the most comparable GAAP financial measures:

        (Unaudited)  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
     (in thousands, except per share amounts) 2024     2023     2024     2023  
     Net income (loss) $ 996     $ 19,675     $ 14,175     $ (8,926 )
     Stock-based compensation expense   16,970       19,158       67,680       85,581  
     Amortization of intangible assets   8,709       7,708       33,022       30,851  
     Non-cash interest expense   310       470       1,514       1,869  
     Impact of non-GAAP tax rate(1)   (6,842 )     (4,261 )     (21,406 )     (13,158 )
     Special adjustments and other(2)   27,219       (1,659 )     24,597       2,553  
     Non-GAAP net income $ 47,362     $ 41,091     $ 119,582     $ 98,770  
                            
     Net income (loss) per share, diluted $ 0.01     $ 0.22     $ 0.16     $ (0.11 )
     Non-GAAP net income per share, diluted $ 0.52     $ 0.47     $ 1.35     $ 1.17  
                            
     GAAP diluted shares outstanding:   89,346       88,977       88,558       80,596  
     Non-GAAP diluted shares outstanding:   92,555       88,977       91,767       84,433  
     
    (1)  For the three months and year ended December 31, 2024, the Company used a non-GAAP effective tax rate of 25%. For the three months and year ended December 31, 2023, the Company used a non-GAAP effective tax rate of 26%.
    (2)  The three months ended December 31, 2024, includes $22.3 million of expenses related to the pending Merger transaction, $4.7 million of currency losses on acquisition-related intercompany loans and a $0.3 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions. The three months ended December 31, 2023, includes $2.9 million of currency gains on acquisition-related intercompany loans and a $1.2 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions. The year ended December 31, 2024, includes $22.3 million of expenses related to the pending Merger transaction, $1.9 million of currency losses on acquisition-related intercompany loans and a $0.5 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions. The year ended December 31, 2023, includes a $5.7 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions and $3.2 million of currency gains on acquisition-related intercompany loans.
                                     

    The following table provides a reconciliation of Adjusted EBITDA to net income (loss), the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Net income (loss) $ 996     $ 19,675     $ 14,175     $ (8,926 )
    Income tax expense   8,946       10,176       18,455       21,545  
    Stock-based compensation expense   16,970       19,158       67,680       85,581  
    Interest expense   1,339       1,533       5,836       6,116  
    Depreciation and amortization   11,044       9,853       42,164       39,124  
    Special adjustments, interest income and other(1)   21,746       (6,822 )     1,602       (14,302 )
    Adjusted EBITDA $ 61,041     $ 53,573     $ 149,912     $ 129,138  
    (1) The three months ended December 31, 2024, includes $22.3 million of expenses related to the pending Merger transaction, $4.7 million of currency losses on acquisition-related intercompany loans, a $0.3 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions, and $5.5 million of interest income. The three months ended December 31, 2023, includes $2.9 million of currency gains on acquisition-related intercompany loans, a $1.2 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions, and $5.2 million of interest income. The year ended December 31, 2024, includes $22.3 million of expenses related to the pending Merger transaction, $1.9 million of currency losses on acquisition-related intercompany loans, a $0.5 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions, and $23.0 million of interest income. The year ended December 31, 2023, includes a $5.7 million loss from the mark-to-market adjustment of contingent consideration associated with acquisitions, $3.2 million of currency gains on acquisition-related intercompany loans, and $16.9 million of interest income.
       

     The following table provides a reconciliation of Free Cash Flow to net cash provided by operating activities, the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024 (1)     2023     2024     2023  
    Net cash provided by operating activities $ 37,530     $ 21,651     $ 154,084     $ 127,307  
    Capital expenditures   (4,347 )     (2,311 )     (14,086 )     (10,193 )
    Free Cash Flow $ 33,183     $ 19,340     $ 139,998     $ 117,114  
    (1) Free Cash Flow for the year ended December 31, 2024, was adversely impacted by approximately $13.2 million of expenses paid related to the pending Merger transaction.
       

    The following table provides a reconciliation of Non-GAAP gross profit to gross profit, the most comparable GAAP financial measure, and a comparison of Non-GAAP gross margin (Non-GAAP gross profit as a percentage of total revenue) to gross margin (gross profit as a percentage of total revenue), the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Gross profit $ 159,252     $ 142,330     $ 540,985     $ 490,910  
    Stock-based compensation expense   2,167       2,303       8,397       10,095  
    Pending merger expenses   1,155       —       1,155       —  
    Non-GAAP gross profit $ 162,574     $ 144,633     $ 550,537     $ 501,005  
                           
    Gross profit margin   82.7 %     83.0 %     81.3 %     80.1 %
    Non-GAAP gross margin   84.4 %     84.3 %     82.7 %     81.8 %
                                   

    The following table provides a reconciliation of Non-GAAP operating expense to Total operating expense, the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Total operating expense $ 148,287     $ 119,740     $ 523,300     $ 490,667  
    Stock-based compensation expense   (14,803 )     (16,855 )     (59,283 )     (75,486 )
    Amortization   (8,709 )     (7,708 )     (33,022 )     (30,851 )
    Loss on mark-to-market adjustment of
    contingent consideration    		   (287 )     (1,212 )     (476 )     (5,706 )
    Pending merger expenses   (21,095 )     —       (21,095 )     —  
    Non-GAAP operating expense $ 103,393     $ 93,965     $ 409,424     $ 378,624  
                                   

    The following table provides the calculation of non-GAAP diluted common shares and non-GAAP net income per share, diluted:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
      2024     2023     2024     2023  
    Numerator:                      
    Non-GAAP net income $ 47,362     $ 41,091     $ 119,582     $ 98,770  
    Interest expense related to convertible notes, net of tax   1,006       1,006       4,024       —  
    Numerator for non-GAAP diluted income per share $ 48,368     $ 42,097     $ 123,606     $ 98,770  
    Denominator:                      
    Weighted average shares outstanding, basic   85,289       81,760       84,085       80,596  
    Effect of dilutive shares   7,266       7,217       7,682       3,837  
    Non-GAAP diluted shares outstanding   92,555       88,977       91,767       84,433  
    Non-GAAP net income per share, diluted $ 0.52     $ 0.47     $ 1.35     $ 1.17  
                                   

    The following table provides a reconciliation of Billings to revenue, the most comparable GAAP financial measure:

      (Unaudited)  
      Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
    (in thousands) 2024     2023     2024     2023  
    Revenue $ 192,631     $ 171,503     $ 665,788     $ 612,701  
    Ending deferred revenue   167,616       163,703       167,616       163,703  
    Beginning deferred revenue   (140,835 )     (138,933 )     (163,703 )     (144,460 )
    Deferred revenue acquired   —       (149 )     (1,825 )     (149 )
    Billings $ 219,412     $ 196,124     $ 667,876     $ 631,795  
                                   

    The following table provides Software revenue, Total revenue, Billings and Adjusted EBITDA on a constant currency basis:

      (Unaudited)  
      Three Months Ended
    December 31, 2024    		     Three Months Ended December 31, 2023     Increase/
    (Decrease) %    		  
    (in thousands) As reported     Currency
    changes    		     As adjusted for
    constant
    currency    		     As reported     As reported     As adjusted for
    constant
    currency    		  
    Software revenue $ 179.4     $ 2.3     $ 181.7     $ 155.9       15.0 %     16.5 %
    Total revenue $ 192.6     $ 2.6     $ 195.2     $ 171.5       12.3 %     13.8 %
    Billings $ 219.4     $ 3.6     $ 223.0     $ 196.1       11.9 %     13.7 %
    Adjusted EBITDA $ 61.0     $ 1.3     $ 62.3     $ 53.6       13.9 %     16.2 %
                                       
                                       
      (Unaudited)  
      Year Ended
    December 31, 2024    		     Year Ended
    December 31, 2023    		     Increase/
    (Decrease) %    		  
    (in thousands) As reported     Currency
    changes    		     As adjusted for
    constant
    currency    		     As reported     As reported     As adjusted for
    constant
    currency    		  
    Software revenue $ 611.9     $ 6.8     $ 618.7     $ 550.0       11.3 %     12.5 %
    Total revenue $ 665.8     $ 7.2     $ 673.0     $ 612.7       8.7 %     9.8 %
    Billings $ 667.9     $ 8.1     $ 676.0     $ 631.8       5.7 %     7.0 %
    Adjusted EBITDA $ 149.9     $ 4.6     $ 154.5     $ 129.1       16.1 %     19.7 %
                                                   

    The MIL Network –

  • MIL-OSI: Vicor Corporation Reports Results for the Fourth Quarter and Year Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    ANDOVER, Mass., Feb. 20, 2025 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the fourth quarter and year ended December 31, 2024. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

    Revenues for the fourth quarter ended December 31, 2024 totaled $96.2 million, a 3.8% increase from $92.7 million for the corresponding period a year ago, and a 3.2% sequential increase from $93.2 million in the third quarter of 2024.

    Gross margin increased to $50.4 million for the fourth quarter of 2024, compared to $47.3 million for the corresponding period a year ago and increased from $45.7 million for the third quarter of 2024. Gross margin, as a percentage of revenue, increased to 52.4% for the fourth quarter of 2024, compared to 51.1% for the corresponding period a year ago and 49.1% for the third quarter of 2024. Operating expenses increased to $41.2 million for the fourth quarter of 2024, compared to $40.0 million for the corresponding period a year ago, and increased sequentially from $40.4 million for the third quarter of 2024.

    Net income for the fourth quarter was $10.2 million, or $0.23 per diluted share, compared to net income of $8.7 million or $0.19 per diluted share, for the corresponding period a year ago and net income of $11.6 million, or $0.26 per diluted share, for the third quarter of 2024.

    Cash flow from operations totaled $10.1 million for the fourth quarter, compared to cash flow from operations of $21.5 million for the corresponding period a year ago, and cash flow from operations of $22.6 million in the third quarter of 2024. Capital expenditures for the fourth quarter totaled $1.7 million, compared to $7.2 million for the corresponding period a year ago and $8.5 million for the third quarter of 2024. Cash and cash equivalents as of December 31, 2024 increased 3.6% sequentially to approximately $277.3 million compared to approximately $267.6 million as of September 30, 2024.

    Backlog for the fourth quarter ended December 31, 2024 totaled $155.5 million, a 3.3% decrease from $160.8 million for the corresponding period a year ago, and 3.3% sequential increase from $150.6 million at the end of the third quarter of 2024.

    Revenues for the year ended December 31, 2024 decreased 11.4% to $359.1 million, from $405.1 million for the prior year. Gross margin, as a percentage of revenue, increased to 51.2% for the year ended December 31, 2024, compared to 50.6% for the prior year. Net income for 2024 was $6.1 million, or $0.14 per diluted share and 1.7% of revenues, compared to $53.6 million, or $1.19 per diluted share and 13.2% of revenue in the prior year. Cash flows from operations totaled $50.8 million for the year ended December 31, 2024, a 31.8% decrease from cash flows from operations of $74.5 million for the prior year.

    Commenting on fourth quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Revenues and gross margins improved. Further margin improvements depend upon higher utilization of our ChiP fab and increased licensing income. These revenue and income streams are synergistic as our standard license provides royalty discounts commensurate to the Licensee’s annual purchases of Vicor modules. Licensing has been gaining traction with companies whose computing hardware is increasingly dependent on high density power system solutions pioneered and patented by Vicor, including NBMs. Avoiding infringement is the ethical choice, but hyper-scalers also want to avoid the risk of their computing hardware being excluded from importation into the United States. Patent infringement has severe consequences.”

    “Perfecting our 2nd generation, high density VPD for leading AI applications has taken longer than expected, with the fab out of a new ASIC raising the bar on the density and bandwidth of our current multipliers. 2nd generation VPD will enable AI processors to set new standards for performance and power system efficiency. We are focused on completing development of a high density VPD system for a lead customer ahead of providing demo systems to processor chip companies and hyper-scalers.”

    For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.

    Earnings Conference Call

    Vicor will be holding its investor conference call today, Thursday, February 20, 2025 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 5:00 p.m. on February 20, 2025. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor’s website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor’s website.

    This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2023, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

    Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.
      
    For further information contact:
            
    James F. Schmidt, Chief Financial Officer
    Office: (978) 470-2900
    Email: invrel@vicorpower.com

    VICOR CORPORATION              
                   
    CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS      
    (Thousands except for per share amounts)              
                   
      QUARTER ENDED   YEAR ENDED
      (Unaudited)   (Unaudited)
                   
      DEC 31,   DEC 31,   DEC 31,   DEC 31,
        2024       2023       2024       2023
                   
                   
    Product revenue $ 80,392     $ 85,524     $ 312,463     $ 389,187
    Royalty revenue   15,774       7,128       46,595       15,872
    Net revenues   96,166       92,652       359,058       405,059
    Cost of product revenues   45,806       45,308       175,060       200,130
             Gross margin   50,360       47,344       183,998       204,929
                   
    Operating expenses:              
              Selling, general and administrative   24,171       22,694       96,886       85,714
              Research and development   16,984       17,301       68,922       67,857
              Litigation-contingency expense                       –                           –       19,500                           –
                 Total operating expenses   41,155       39,995       185,308       153,571
                   
    Income (loss) from operations   9,205       7,349       (1,310 )     51,358
                   
    Other income (expense), net   2,553       3,243       11,797       8,886
                   
    Income before income taxes   11,758       10,592       10,487       60,244
                   
    Less: Provision for income taxes   1,516       1,928       4,348       6,644
                   
    Consolidated net income   10,242       8,664       6,139       53,600
                   
    Less: Net (loss) income attributable to              
      noncontrolling interest   (4 )     (4 )     10       5
                   
    Net income attributable to              
      Vicor Corporation $ 10,246     $ 8,668     $ 6,129     $ 53,595
                   
                   
    Net income per share attributable              
      to Vicor Corporation:              
               Basic $ 0.23     $ 0.19     $ 0.14     $ 1.21
               Diluted $ 0.23     $ 0.19     $ 0.14     $ 1.19
                   
    Shares outstanding:              
               Basic   45,161       44,455       44,912       44,320
               Diluted   45,296       45,017       45,168       45,004
                   
    VICOR CORPORATION      
           
    CONDENSED CONSOLIDATED BALANCE SHEET    
    (Thousands)      
           
           
      DEC 31,   DEC 31,
        2024       2023  
      (Unaudited)   (Unaudited)
    Assets      
           
    Current assets:      
            Cash and cash equivalents $ 277,273     $ 242,219  
            Accounts receivable, net   52,948       52,631  
            Inventories   106,032       106,579  
            Other current assets   26,781       18,937  
                      Total current assets   463,034       420,366  
           
    Long-term deferred tax assets   261       296  
    Long-term investment, net   2,641       2,530  
    Property, plant and equipment, net   152,705       157,689  
    Other assets   22,477       14,006  
           
                      Total assets $ 641,118     $ 594,887  
           
    Liabilities and Equity      
           
    Current liabilities:      
            Accounts payable $ 8,737     $ 12,100  
            Accrued compensation and benefits   10,852       11,227  
            Accrued expenses   6,589       5,093  
            Accrued litigation   26,888       6,500  
            Sales allowances   1,667       3,482  
            Short-term lease liabilities   1,716       1,864  
            Income taxes payable   59       746  
            Short-term deferred revenue and customer prepayments   5,312       3,157  
           
                     Total current liabilities   61,820       44,169  
           
    Long-term deferred revenue   –       1,020  
    Long-term income taxes payable   3,387       2,228  
    Long-term lease liabilities   5,620       6,364  
                     Total liabilities   70,827       53,781  
           
    Equity:      
      Vicor Corporation stockholders’ equity:      
            Capital stock   408,187       384,395  
            Retained earnings   302,803       296,674  
            Accumulated other comprehensive loss   (1,495 )     (1,273 )
            Treasury stock   (139,424 )     (138,927 )
                 Total Vicor Corporation stockholders’ equity   570,071       540,869  
      Noncontrolling interest   220       237  
            Total equity   570,291       541,106  
           
                      Total liabilities and equity $ 641,118     $ 594,887  
           

    The MIL Network –

  • MIL-OSI: Altus Group Reports Q4 and Fiscal 2024 Financial Results; Announces Quarterly Dividend and Renewal of Normal Course Issuer Bid

    Source: GlobeNewswire (MIL-OSI)

    Delivers robust recurring revenue growth, margin expansion and cashflow improvement in FY 2024

    Altus Group remains strongly positioned to sustain revenue growth and margin expansion in FY 2025

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (ʺAltus Group” or “the Company”) (TSX: AIF), a leading provider of asset and fund intelligence for commercial real estate (“CRE”), announced today its financial and operating results for the fourth quarter and year ended December 31, 2024. The Company also announced the approval by its Board of Directors (“Board”) of the payment of a cash dividend of $0.15 per common share for the first quarter ending March 31, 2025, and that the Toronto Stock Exchange (“TSX”) has approved its notice of intention to renew its normal course issuer bid (“NCIB”).

    The 2024 results from the Property Tax segment have been classified as Discontinued Operations. Accordingly, all amounts except for Free Cash Flow and net cash provided by operating activities represent results from Continuing Operations. Unless otherwise indicated, all amounts are in Canadian dollars and percentages are on an as reported basis in comparison to Q4 2023 and FY 2023 (which have been restated to exclude results from Property Tax).

    Q4 2024 Summary

    • Consolidated revenues were $135.5 million, up 3.4% (1.0% on a Constant Currency* basis).
    • Profit (loss) from continuing operations was $22.9 million, compared to $(8.3) million.  
    • Earnings per share (“EPS”) from continuing operations were $0.50 basic and $0.48 diluted, compared to $(0.18) basic diluted.
    • Consolidated Adjusted EBITDA* was $32.4 million, up 55.4% (51.8% on a Constant Currency basis).
    • Adjusted EPS* was $0.85, compared to $0.26.
    • Analytics Recurring Revenue* was $101.1 million, up 8.7% (5.8% on a Constant Currency basis).
    • Analytics Adjusted EBITDA was $36.4 million, up 29.4% (25.2% on a Constant Currency basis).
    • Analytics Adjusted EBITDA margin* improved to 33.8%, up 650 bps (630 bps on a Constant Currency basis).
    • Analytics Recurring New Bookings* were $21.1 million, up 15.6% (10.9% on a Constant Currency basis).

    FY 2024 Summary

    • Consolidated revenues were $519.7 million, up 2.0% (0.6% on a Constant Currency* basis).
    • Profit (loss) from continuing operations was $(0.8) million, compared to $(33.5) million.  
    • Earnings per share (“EPS”) from continuing operations were $(0.02) basic and diluted, compared to $(0.74) basic and diluted.
    • Consolidated Adjusted EBITDA* was $82.9 million, up 26.0% (23.7% on a Constant Currency basis).
    • Adjusted EPS* was $1.17, compared to $0.48.
    • Analytics Recurring Revenue* was $383.4 million, up 8.1% (6.4% on a Constant Currency basis).
    • Analytics Adjusted EBITDA was $117.2 million, up 22.7% (20.0% on a Constant Currency basis).
    • Analytics Adjusted EBITDA margin* improved to 28.5%, up 420 bps (400 bps on a Constant Currency basis).
    • Net cash provided by operating activities was $79.9 million, up 11.9% and Free Cash Flow* was $72.5 million, up 23.0%.
    • In 2024, the Company repurchased 203,400 common shares under the NCIB for total cash consideration of approximately $11.0 million, at a weighted average price per share of $54.29. (An additional 115,300 common shares were purchased in January 2025 for total cash consideration of $6.3 million at a weighted average price per share of $54.49.)

    *Altus Group uses certain non-GAAP financial measures such as Adjusted Earnings (Loss), and Constant Currency; non-GAAP ratios such as Adjusted EPS; total of segments measures such as Adjusted EBITDA; capital management measures such as Free Cash Flow; and supplementary financial and other measures such as Adjusted EBITDA margin, New Bookings, Recurring New Bookings, Non-Recurring New Bookings, Organic Revenue, Recurring Revenue, Non-Recurring Revenue, Organic Recurring Revenue, and Cloud Adoption Rate.   Refer to the “Non-GAAP and Other Measures” section for more information on each measure and a reconciliation of Adjusted EBITDA and Adjusted Earnings (Loss) to Profit (Loss) and Free Cash Flow to Net cash provided by (used in) operating activities.

    “I’m incredibly proud of our team for finishing the year on such a strong note,” said Jim Hannon, Chief Executive Officer. “In 2024, we achieved record performance at Analytics – $411 million in revenue and $117 million in Adjusted EBITDA, with an Adjusted EBITDA margin of 28.5%, our highest in a decade.

    Throughout the year, we delivered significant product enhancements, streamlined our portfolio, won outstanding new customers, and deepened relationships across our expanding client base. This success fuelled cash flow growth and reinforced our momentum, even as the industry navigated a challenging cycle.

    As we celebrate our 20-year anniversary this year, I’m more excited than ever about the road ahead. With a strengthened operating foundation in place, we’re poised to redefine how the CRE industry leverages data to drive performance – empowering our clients with unparalleled insights to make faster, more informed decisions and seize opportunities as the market continues to recover.”

    Summary of Operating and Financial Performance by Reportable Segment:

    “CC” in the tables indicates “Constant Currency”.  

    Consolidated
    Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   % Change   Constant Currency % Change   2024   2023   % Change   Constant Currency % Change
    Revenues $ 135,501 $ 131,050   3.4%   1.0% $ 519,727 $ 509,732   2.0%   0.6%
    Profit (loss) from continuing operations, net of tax $ 22,872 $ (8,319)   374.9%     $ (793) $ (33,493)   97.6%    
    Adjusted EBITDA* $ 32,420 $ 20,858   55.4%   51.8% $ 82,895 $ 65,763   26.1%   23.7%
    Adjusted EBITDA margin*   23.9%   15.9%   800 bps   800 bps   15.9%   12.9%   305 bps   300 bps
    Net cash provided by operating activities $ 24,708 $ 44,693   (44.7%)     $ 79,920 $ 71,429   11.9%    
    Free Cash Flow* $ 24,599 $ 40,141   (38.7%)     $ 72,465 $ 58,938   23.0%    
    Analytics
      Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   % Change   Constant Currency % Change   2024   2023   % Change   Constant Currency % Change
    Revenues $ 107,721 $ 103,190   4.4%   1.6% $ 411,282 $ 392,913   4.7%   3.0%
    Adjusted EBITDA $ 36,409 $ 28,145   29.4%   25.2% $ 117,162 $ 95,469   22.7%   20.0%
    Adjusted EBITDA margin   33.8%   27.3%   650 bps   630 bps   28.5%   24.3%   420 bps   400 bps
                                     
    Other Measures                                
    Recurring Revenue* $ 101,060 $ 93,010   8.7%   5.8% $ 383,366 $ 354,563   8.1%   6.4%
    New Bookings* $ 25,845 $ 26,254   (1.6%)   (5.3%) $ 86,306 $ 94,493   (8.7%)   (10.2%)
    Recurring New Bookings* $ 21,074 $ 18,236   15.6%   10.9% $ 67,780 $ 64,507   5.1%   3.3%
    Non-Recurring New Bookings* $ 4,771 $ 8,017   (40.5%)   (42.2%) $ 18,526 $ 29,986   (38.2%)   (39.2%)
    Geographical revenue split                                
    North America   77%   77%           76%   77%        
    International   23%   23%           24%   23%        
    Cloud Adoption Rate* (as at end of period)   –   –           82%   74%        
    Appraisals and Development Advisory
      Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   % Change   Constant Currency % Change   2024   2023   % Change   Constant Currency % Change
    Revenues $ 27,964 $ 28,046   (0.3%)   (1.0%) $ 109,208 $ 117,577   (7.1%)   (7.3%)
    Adjusted EBITDA $ 4,401 $ 2,254   95.3%   93.4% $ 9,909 $ 11,540   (14.1%)   (15.0%)
    Adjusted EBITDA margin   15.7%   8.0%   770 bps   770 bps   9.1%   9.8%   70 bps   80 bps


    Q4 2024 Financial Review

    On a consolidated basis, revenues were $135.5 million, up 3.4% (1.0% on a Constant Currency basis) and Adjusted EBITDA was $32.4 million, up 55.4% (51.8% on a Constant Currency basis). Adjusted EPS was $0.85, compared to $0.26 in the fourth quarter of 2023.

    In early 2024, the Company initiated a global restructuring program as part of an ongoing effort to optimize its operating model. Restructuring costs were $2.9 million in the fourth quarter, totalling $12.1 million for the year. The restructuring costs primarily related to employee severance impacting both the Analytics and Appraisals and Development Advisory business segments, as well as corporate functions.

    Profit (loss) from continuing operations was $22.9 million and $0.50 per share basic and $0.48 diluted, compared to $(8.3) million and $(0.18) per share basic and diluted, in the same period in 2023. Profit (loss) from continuing operations benefitted from higher revenues, offset by acquisition and related costs and the restructuring program.

    Analytics revenues increased to $107.7 million, up 4.4% (1.6% on a Constant Currency basis). Organic Revenue* growth was 3.2% (0.4% on a Constant Currency basis). Adjusted EBITDA was $36.4 million, up 29.4% (25.2% on a Constant Currency basis), driving an Adjusted EBITDA margin of 33.8%, up 650 basis points (630 basis points on a Constant Currency basis).

    • Revenue growth was driven by resilient Recurring Revenue performance benefitting from higher software and Valuation Management Solutions (“VMS”) sales and contribution from Forbury.   
    • Recurring Revenue was $101.1 million, up 8.7% (5.8% on a Constant Currency basis). Organic Recurring Revenue* was $99.3 million, up 7.3% (4.5% on a Constant Currency Basis) from $92.5 million in the same period in 2023.
    • New Bookings totalled $25.8 million, down 1.6% (5.3% on a Constant Currency basis). Recurring New Bookings were $21.1 million, up 15.6% (10.9% on a Constant Currency basis), and Non-Recurring New Bookings were $4.8 million, down 40.5% (42.2% on a Constant Currency basis).
    • Adjusted EBITDA growth and margin expansion benefitted from higher revenues, operating efficiencies, ongoing cost optimization efforts, and foreign exchange fluctuations.

    Appraisals and Development Advisory revenues were $28.0 million, down 0.3% (1.0% on a Constant Currency basis) and Adjusted EBITDA was $4.4 million, up 95.3% (93.4% on a Constant Currency basis). The revenue performance reflects muted market activity in the current economic environment. The improvement in Adjusted EBITDA reflects ongoing cost optimization efforts.

    Corporate costs were $8.4 million for the quarter ended December 31, 2024, compared to $9.5 million in the same period in 2023. The decrease in corporate costs in the fourth quarter primarily reflects the settlement of certain balances in preparation for the sale of the Property Tax business resulting in favourable foreign exchange fluctuations for the period.

    Cash generation (which reflects both continuing and discontinued operations) was down in the fourth quarter reflecting a tough compare. Net cash provided by operating activities was $24.7 million and Free Cash Flow was $24.6 million, down 44.7% and 38.7% respectively. On a year-over-year view, the fourth quarter of 2023 benefitted from a catch up on billings related to the implementation of a new enterprise resource planning (“ERP”) system. For full year 2024, net cash provided by operating activities was up 11.9% and Free Cash Flow was up 23.0%.

    As at December 31, 2024, bank debt was $282.9 million and cash and cash equivalents were $41.9 million, representing a Funded debt to EBITDA ratio as defined in the Company’s credit facility agreement of 2.01 times, well below the Company’s 4.5x maximum capacity limit under its credit facilities. At the end of the year, the Company had approximately $309.0 million of total liquidity as measured by the sum of cash and cash equivalents and bank credit facilities available. Including approximately $600.0 million of net proceeds from the sale of the Property Tax business, completed on January 1, 2025, total liquidity would be approximately $909.0 million.

    2025 Business Outlook

    The Company remains strongly positioned to sustain revenue and Adjusted EBITDA growth at a higher Adjusted EBITDA margin in 2025. Management expects CRE market conditions to gradually improve throughout 2025 with a stronger second half of the year. The business outlook for 2025 by reportable segment is as follows: 

    FY 2025 Q1 2025
    Analytics        
    • 4 – 7% total Analytics revenue growth • 0 – 2% total Analytics revenue growth
    • 6 – 9% Recurring Revenue growth • 2 – 3% Recurring Revenue growth
    • 250 – 350 bps of Adjusted EBITDA margin expansion • 50– 150 bps of Adjusted EBITDA margin expansion
           
    Appraisals and Development Advisory        
    • Low single digit revenue growth • 4 – 6% revenue decline
    • Adjusted EBITDA margin expansion • $1 – 2M Adjusted EBITDA improvement
           
    Consolidated        
    • 3 – 5% revenue growth • Flat revenue growth
    • 300 – 400 bps of Adjusted EBITDA margin expansion • 150 – 250 bps of Adjusted EBITDA margin expansion
           


    Note: Business Outlook presented on a Constant Currency basis over     the corresponding period in 2024.  Future acquisitions are not factored into this outlook.

    Forecasting future results or trends is inherently difficult for any business and actual results or trends may vary significantly. The business outlook is forward-looking information that is based upon the assumptions and subject to the material risks discussed under the “Forward-Looking Information Disclaimer” section.

    Key assumptions for the business outlook by segment:  Analytics: consistency and growth in number of assets on the Valuation Management Solutions platform, continued ARGUS cloud conversions, new sales (including New Bookings converting to revenue within Management’s expected timeline and uptake on new product functionality), client and software retention consistent with 2024 levels, pricing action, improved operating leverage, as well as consistent and gradually improving economic conditions in financial and CRE markets.  Appraisal & Development Advisory: improved client profitability and improved operating leverage. The Consolidated outlook assumes that corporate costs will remain elevated throughout 2025 consistent with 2024 levels.  

    Q1 2025 Dividend

    Altus Group’s Board approved the payment of a cash dividend of $0.15 per common share for the first quarter ending March 31, 2025, with payment to be made on April 15, 2025 to common shareholders of record as at March 31, 2024.

    Altus Group’s Dividend Reinvestment Plan (“DRIP”) permits eligible shareholders to direct their cash dividends to be reinvested in additional common shares of the Company. For shareholders who wish to reinvest their dividends under the DRIP, Altus Group intends to issue common shares from treasury at a price equal to 96% of the weighted average closing price of the shares for the five trading days preceding the dividend payment date. Full details of the DRIP program are available on the Company’s website.

    Altus Group confirms that all dividends paid or deemed to be paid to its common shareholders qualify as ʺeligible dividendsʺ for purposes of subsection 89(14) of the Income Tax Act (Canada) and similar provincial and territorial legislation, unless indicated otherwise.

    Renewal of Normal Course Issuer Bid

    The Toronto Stock Exchange (“TSX”) has approved the Company’s notice of intention to renew its normal course issuer bid (“NCIB”) for its common shares. Altus’ NCIB will be made in accordance with the policies of the TSX. Altus may purchase its common shares during the period from February 25, 2025 to February 24, 2026.

    Under the NCIB and subject to the market price of its common shares and other considerations, over the next 12 months Altus may purchase for cancellation up to 3,219,967 common shares, representing approximately 10% of its public float as at February 11, 2025. There were 46,190,841 common shares outstanding as at February 11, 2025. The average daily trading volume through the facilities of the TSX during the 26-week period ending January 31, 2025 was 70,585 common shares. Daily purchases will be limited to 17,646 common shares, representing 25% of the average daily trading volume, other than block purchase exemptions. Purchases may be made on the open market through the facilities of the TSX and/or alternative Canadian trading systems at the market price at the time of acquisition, as well as by other means as may be permitted by TSX rules and applicable securities laws. Any tendered shares taken up and paid for by Altus will be cancelled. The Company plans to fund the NCIB purchases from its existing cash balance.

    Under its previous NCIB which commenced on February 8, 2024 and expired on February 7, 2025, Altus obtained approval from the TSX to purchase up to 1,376,034 common shares. As of February 11, 2025, Altus had purchased an aggregate of 318,700 common shares for cancellation under an NCIB in the past 12 months at a weighted average price of approximately $54.36 per common share. All repurchases under an NCIB within the past 12 months were conducted through the facilities of the TSX and/or alternative Canadian trading systems.

    The Company intends to enter into an automatic share purchase plan with a designated broker in relation to the NCIB that would allow for the purchase of its common shares, subject to certain trading parameters, at times when Altus ordinarily would not be active in the market due to its own internal trading black-out period, insider trading rules or otherwise. Any such plan entered into with a broker will be adopted in accordance with applicable Canadian securities law. Outside of these periods, common shares will be repurchased in accordance with management’s discretion and in compliance with applicable law.

    The Company is renewing the NCIB because it believes that it provides flexibility around its capital allocation investments, particularly during periods when its common shares may trade in a price range that does not adequately reflect their underlying value based on the Company’s business and strong financial position. As a result, to maximize shareholder value, Altus believes that an investment in its outstanding common shares may represent an attractive use of available funds while continuing to balance other growth investments, including investing in operations and in potential M&A. Decisions regarding the amount and timing of future purchases of common shares will be based on market conditions, share price and other factors and will be at management’s discretion. The Company’s Board of Directors will regularly review the NCIB in connection with a balanced capital allocation strategy focused primarily on funding growth.


    About Altus Group

    Altus Group is a leading provider of asset and fund intelligence for commercial real estate. We deliver intelligence as a service to our global client base through a connected platform of industry-leading technology, advanced analytics, and advisory services. Trusted by the largest CRE leaders, our capabilities help commercial real estate investors, developers, lenders, and advisors manage risks and improve performance returns throughout the asset and fund lifecycle. Altus Group is a global company headquartered in Toronto with approximately 1,900 employees across North America, EMEA and Asia Pacific. For more information about Altus (TSX: AIF) please visit www.altusgroup.com.

    Non-GAAP and Other Measures

    Altus Group uses certain non-GAAP financial measures, non-GAAP ratios, total of segments measures, capital management measures, and supplementary and other financial measures as defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Management believes that these measures may assist investors in assessing an investment in the Company’s shares as they provide additional insight into the Company’s performance. Readers are cautioned that they are not defined performance measures, and do not have any standardized meaning under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. These measures should not be considered in isolation or as a substitute for financial measures prepared in accordance with IFRS.

    Adjusted Earnings (Loss): Altus Group uses Adjusted Earnings (Loss) to facilitate the calculation of Adjusted EPS. How it’s calculated: Profit (loss) added or (deducted) by: profit (loss) from discontinued operations, net of tax; occupancy costs calculated on a similar basis prior to the adoption of IFRS 16; depreciation of right‐of‐use assets; amortization of intangibles of acquired businesses; acquisition and related transition costs (income); unrealized foreign exchange losses (gains); (gains) losses on disposal of right‐of‐use assets, property, plant and equipment and intangibles; share of (profit) loss of joint venture; non‐cash share‐based compensation costs; (gains) losses on equity derivatives net of mark‐to‐market adjustments on related RSUs and DSUs; (gains) losses on derivatives; interest accretion on contingent consideration payables; restructuring costs (recovery); impairment charges; (gains) losses on investments; (gains) losses on hedging transactions and interest expense (income) on swaps; other costs or income of a non‐operating and/or non‐recurring nature; finance costs (income), net ‐ leases; and the tax impact of these items.

    Constant Currency: Altus Group uses Constant Currency to allow current financial and operational performance to be understood against comparative periods without the impact of fluctuations in foreign currency exchange rates against the Canadian dollar. How it’s calculated: The financial results and non-GAAP and other measures presented at Constant Currency within this document are obtained by translating monthly results denominated in local currency (U.S. dollars, British pound, Euro, Australian dollars, and other foreign currencies) to Canadian dollars at the foreign exchange rates of the comparable month in the previous year.

    Adjusted EPS: Altus Group uses Adjusted EPS to assess the performance of the business, on a per share basis, before the effects of the noted items because they affect the comparability of the Company’s financial results and could potentially distort the analysis of trends in business performance. How it’s calculated: Adjusted Earnings (Loss) divided by basic weighted average number of shares, adjusted for the effects of the weighted average number of restricted shares.

    Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“Adjusted EBITDA”): Altus Group uses Adjusted EBITDA to evaluate the performance of the business, as well as when making decisions about the ongoing operations of the business and the Company’s ability to generate cash flows. This measure represents Adjusted EBITDA determined on a consolidated entity-basis as a total of the various segments. All other Adjusted EBITDA references are disclosed in the financial statements and are not considered to be non-GAAP financial measures pursuant to NI 52-112. How it’s calculated: Profit (loss) added or (deducted) by: profit (loss) from discontinued operations, net of tax; occupancy costs calculated on a similar basis prior to the adoption of IFRS 16; depreciation of right‐of‐use assets; depreciation of property, plant and equipment and amortization of intangibles; acquisition and related transition costs (income); unrealized foreign exchange (gains) losses; (gains) losses on disposal of right‐of-use assets, property, plant and equipment and intangibles; share of (profit) loss of joint venture; non‐cash share‐based compensation costs; (gains) losses on equity derivatives net of mark‐to market adjustments on related restricted share units (“RSUs”) and deferred share units (“DSUs”); (gains) losses on derivatives, restructuring costs (recovery); impairment charges; (gains) losses on investments; other costs or income of a non‐operating and/or non‐recurring nature; finance costs (income), net ‐ leases; finance costs (income), net ‐ other; and income tax expense (recovery).

    Free Cash Flow: Altus Group uses Free Cash Flow to understand how much of the cash generated from operating activities is available to repay borrowings and to reinvest in the Company. How it’s calculated: Net cash provided by (used in) operating activities deducted by capital expenditures.

    Adjusted EBITDA Margin: Altus Group uses Adjusted EBITDA margin to evaluate the performance of the business, as well as when making decisions about the ongoing operations of the business and its ability to generate cash flows. How it’s calculated: Adjusted EBITDA divided by revenue.

    New Bookings, Recurring New Bookings and Non-Recurring New Bookings: For its Analytics reportable segment, Altus Group uses New Bookings, Recurring New Bookings and Non-Recurring New Bookings as measures to track the performance and success of sales initiatives, and as an indicator of future revenue growth. How it’s calculated: New Bookings: The total of annual contract values for new sales of the Company’s recurring solutions and services (software subscriptions, Valuation Management Solutions and data subscriptions) plus the total of contract values for one-time engagements (consulting, training, and due diligence). The value of contract renewals is excluded from this metric with the exception of additional capacity or products purchased at the time of renewal. The total annual contract values for VMS are based on an estimated number of assets at the end of the first year of the contract term. New Bookings is inclusive of any new signed contracts as well as any additional solutions and services added by existing customers within the Analytics reportable segment. Recurring New Bookings: The total of annual contract values for new sales of the recurring solutions and services. Non-Recurring New Bookings: The total of contract values for one-time engagements.

    Organic Revenue: Altus Group uses Organic Revenue to evaluate and assess revenue trends in the business on a comparable basis versus the prior year, and as an indicator of future revenue growth. How it’s calculated: Revenue deducted by revenues from business acquisitions that are not fully integrated (up to the first anniversary of the acquisition).

    Recurring Revenue, Non-Recurring Revenue, Organic Recurring Revenue: For its Analytics reportable segment, Altus Group uses Recurring Revenue and Non-Recurring Revenue, and Organic Recurring Revenue as measures to assess revenue trends in the business, and as indicators of future revenue growth. How it’s calculated: Recurring Revenue: Revenue from software subscriptions recognized on an over time basis in accordance with IFRS 15, software maintenance revenue associated with the Company’s legacy licenses sold on perpetual terms, Valuation Management Solutions, and data subscriptions. Non-Recurring Revenue: Total Revenue deducted by Recurring Revenue. Organic Recurring Revenue: Recurring Revenue deducted by Recurring Revenue from business acquisitions that are not fully integrated (up to the first anniversary of the acquisition).

    Cloud Adoption Rate: For its Analytics reportable segment, Altus Group uses the Cloud Adoption Rate as a measure of its progress in transitioning the AE user base to its cloud-based platform, a key component of its overall product strategy. How it’s calculated: Percentage of the total AE user base contracted on the ARGUS Cloud platform.

    Forward-looking Information

    Certain information in this press release may constitute “forward-looking information” within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, statements relating to expected financial and other benefits of acquisitions and the closing of acquisitions (including the expected timing of closing), as well as the discussion of our business, strategies and leverage (including the commitment to increase borrowing capacity), expectations of future performance, including any guidance on financial expectations, and our expectations with respect to cash flows and liquidity. Generally, forward-looking information can be identified by use of words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate”, “intend”, “plan”, “would”, “could”, “should”, “continue”, “goal”, “objective”, “remain” and other similar terminology. 

    Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may not be known and may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information (including sections entitled “Business Outlook”) include, but are not limited to: engagement and product pipeline opportunities in Analytics will result in associated definitive agreements; continued adoption of cloud subscriptions by our customers; retention of material clients and bookings; sustaining our software and subscription renewals; successful execution of our business strategies; consistent and stable economic conditions or conditions in the financial markets including stable interest rates and credit availability for CRE; consistent and stable legislation in the various countries in which we operate; consistent and stable foreign exchange conditions; no disruptive changes in the technology environment; opportunity to acquire accretive businesses and the absence of negative financial and other impacts resulting from strategic investments or acquisitions on short term results; successful integration of acquired businesses; and continued availability of qualified professionals.  

    Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks include, but are not limited to: the CRE market conditions; the general state of the economy; our financial performance; our financial targets; our international operations; acquisitions, joint ventures and strategic investments; business interruption events; third party information and data; cybersecurity; industry competition; professional talent; our subscription renewals; our sales pipeline; client concentration and loss of material clients; product enhancements and new product introductions; technology strategy; our use of technology; intellectual property; compliance with laws and regulations; privacy and data protection; artificial intelligence; our leverage and financial covenants; interest rates; inflation; our brand and reputation; our cloud transition; fixed price engagements; currency fluctuations; credit; tax matters; our contractual obligations; legal proceedings; regulatory review; health and safety hazards; our insurance limits; dividend payments; our share price; share repurchase programs; our capital investments; equity and debt financings; our internal and disclosure controls; and environmental, social and governance (“ESG”) matters and climate change, as well as those described in our annual publicly filed documents, including the Annual Information Form for the year ended December 31, 2024 (which are available on SEDAR+ at www.sedarplus.ca).  

    Investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management’s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities. 

    Certain information in this press release, including sections entitled “2025 Business Outlook”, may be considered as “financial outlook” within the meaning of applicable securities legislation. The purpose of this financial outlook is to provide readers with disclosure regarding Altus Group’s reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes. 

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Camilla Bartosiewicz
    Chief Communications Officer, Altus Group
    (416) 641-9773
    camilla.bartosiewicz@altusgroup.com  

    Martin Miasko
    Investor Relations Director, Altus Group
    (416) 204-5136
    martin.miasko@altusgroup.com


    Interim Condensed Consolidated Statements of Comprehensive Income (Loss)
    For the Years Ended December 31, 2024 and 2023
    (Unaudited)
    (Expressed in Thousands of Canadian Dollars, Except for Per Share Amounts)

        For the year ended December 31, 2024   For the year ended December 31, 2023 (1)
    Revenues $ 519,727 $ 509,732
    Expenses        
    Employee compensation   336,327   340,525
    Occupancy   5,398   5,359
    Other operating   100,464   124,075
    Depreciation of right-of-use assets   8,271   8,047
    Depreciation of property, plant and equipment   3,706   4,629
    Amortization of intangibles   32,039   32,753
    Acquisition and related transition costs (income)   8,914   3,950
    Share of (profit) loss of joint venture   (2,950)   (3,146)
    Restructuring costs (recovery)   12,052   313
    (Gain) loss on investments   (446)   301
    Impairment charge   7,000   –
    Finance costs (income), net – leases   938   771
    Finance costs (income), net – other   18,457   23,836
    Profit (loss) before income taxes from continuing operations   (10,443)   (31,681)
    Income tax expense (recovery)   (9,650)   1,812
    Profit (loss) from continuing operations, net of tax $ (793) $ (33,493)
    Profit (loss) from discontinued operations, net of tax   14,216   43,725
    Profit (loss) for the year $ 13,423 $ 10,232
    Other comprehensive income (loss):        
    Items that may be reclassified to profit or loss in subsequent periods:        
    Currency translation differences   30,553   (2,055)
    Items that are not reclassified to profit or loss in subsequent periods:        
    Changes in investments measured at fair value through other comprehensive income, net of tax   (1,646)   (1,144)
    Other comprehensive income (loss), net of tax   28,907   (3,199)
    Total comprehensive income (loss) for the year, net of tax $ 42,330 $ 7,033
             
    Earnings (loss) per share attributable to the shareholders of the Company during the year        
    Basic earnings (loss) per share:        
    Continuing operations   $(0.02)   $(0.74)
    Discontinued operations   $0.31   $0.97
    Diluted earnings (loss) per share:        
    Continuing operations   $(0.02)   $(0.74)
    Discontinued operations   $0.30   $0.95
    (1) Comparative figures have been restated to reflect discontinued operations


    Interim Condensed Consolidated Balance Sheets
    As at December 31, 2024 and December 31, 2023
    (Unaudited)

    (Expressed in Thousands of Canadian Dollars)

        December 31, 2024   December 31, 2023
    Assets        
    Current assets        
    Cash and cash equivalents $ 41,876 $ 41,892
    Trade receivables and other   144,812   250,462
    Income taxes recoverable   5,099   9,532
    Derivative financial instruments   8,928   677
        200,715   302,563
    Assets held for sale   282,233   –
    Total current assets   482,948   302,563
    Non-current assets        
    Trade receivables and other   9,620   10,511
    Derivative financial instruments   9,984   8,134
    Investments   14,580   14,509
    Investment in joint venture   25,605   22,655
    Deferred tax assets   56,797   30,650
    Right-of-use assets   19,420   25,282
    Property, plant and equipment   13,217   19,768
    Intangibles   214,614   270,641
    Goodwill   404,176   509,980
    Total non-current assets   768,013   912,130
    Total assets $ 1,250,961 $ 1,214,693
    Liabilities        
    Current liabilities        
    Trade payables and other $ 216,390 $ 199,220
    Income taxes payable   3,017   4,710
    Lease liabilities   11,009   14,346
        230,416   218,276
    Liabilities directly associated with assets held for sale   57,680   –
    Total current liabilities   288,096   218,276
    Non-current liabilities        
    Trade payables and other   19,828   22,530
    Lease liabilities   26,751   33,755
    Borrowings   281,887   307,451
    Deferred tax liabilities   17,179   30,144
    Total non-current liabilities   345,645   393,880
    Total liabilities   633,741   612,156
    Shareholders’ equity        
    Share capital   798,087   769,296
    Contributed surplus   21,394   50,143
    Accumulated other comprehensive income (loss)   56,243   42,434
    Retained earnings (deficit)   (275,935)   (259,336)
    Reserves of assets held for sale   17,431   –
    Total shareholders’ equity   617,220   602,537
    Total liabilities and shareholders’ equity $ 1,250,961 $ 1,214,693


    Interim Condensed Consolidated Statements of Cash Flows
    For the Years Ended December 31, 2024 and 2023
    (Unaudited)
    (Expressed in Thousands of Canadian Dollars)

        For the year ended December 31, 2024   For the year ended December 31, 2023
    Cash flows from operating activities        
    Profit (loss) before income taxes from continuing operations  $  (10,443)  $ (31,681)
    Profit (loss) before income taxes from discontinued operations   19,200   54,011
    Profit (loss) before income taxes $ 8,757 $ 22,330
    Adjustments for:        
    Depreciation of right-of-use assets   9,945   11,121
    Depreciation of property, plant and equipment   4,554   6,102
    Amortization of intangibles   35,916   40,717
    Finance costs (income), net – leases   1,189   1,222
    Finance costs (income), net – other   17,979   23,877
    Share-based compensation   23,669   23,068
    Unrealized foreign exchange (gain) loss   (337)   1,622
    (Gain) loss on investments   (446)   301
    (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles   (2,025)   454
    (Gain) loss on equity derivatives   (9,942)   8,599
    Share of (profit) loss of joint venture   (2,950)   (3,146)
    Impairment of non-financial assets   7,000   –
    Impairment of right-of-use assets, net of (gain) loss on sub-leases   (322)   (565)
    Net changes in:        
    Operating working capital   11,703   (24,117)
    Liabilities for cash-settled share-based compensation   19,246   591
    Deferred consideration payables   (1,674)   (1,610)
    Contingent consideration payables   (200)   (2,989)
    Net cash generated by (used in) operations   122,062   107,577
    Less: interest paid on borrowings   (18,064)   (20,273)
    Less: interest paid on leases   (1,189)   (1,222)
    Less: income taxes paid   (23,588)   (14,889)
    Add: income taxes refunded   699   236
    Net cash provided by (used in) operating activities   79,920   71,429
    Cash flows from financing activities        
    Proceeds from exercise of options   17,678   10,417
    Financing fees paid   (170)   (8)
    Proceeds from borrowings   34,426   72,154
    Repayment of borrowings   (72,360)   (83,599)
    Payments of principal on lease liabilities   (15,944)   (15,094)
    Proceeds from right-of-use asset lease inducements   –   525
    Dividends paid   (24,726)   (26,579)
    Treasury shares purchased for share-based compensation   (3,483)   (4,817)
    Cancellation of shares   (11,043)   (4,780)
    Net cash provided by (used in) financing activities   (75,622)   (51,781)
    Cash flows from investing activities        
    Purchase of investments   (882)   (841)
    Purchase of intangibles   (6,063)   (7,664)
    Purchase of property, plant and equipment   (1,392)   (4,827)
    Proceeds from investments   93   28
    Proceeds from disposal of investments   –   3,471
    Proceeds from sale of disposal group   11,016   –
    Acquisitions, net of cash acquired   –   (25,090)
    Net cash provided by (used in) investing activities   2,772   (34,923)
    Effect of foreign currency translation   1,630   1,900
    Net increase (decrease) in cash and cash equivalents   8,700   (13,375)
    Cash and cash equivalents, beginning of year   41,892   55,267
    Cash and cash equivalents, end of year (1)  $ 50,592 $ 41,892
    (1) Included in cash and cash equivalents as at December 31, 2024 is $8,716 related to discontinued operations


    Reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss)

    The following table provides a reconciliation of Profit (Loss) to Adjusted EBITDA and Adjusted Earnings (Loss):

      Quarter ended December 31, Year ended December 31,
    In thousands of dollars, except for per share amounts   2024   2023 (1)   2024   2023 (1)
    Profit (loss) for the period $ 10,638 $ (140) $ 13,423 $ 10,232
    (Profit) loss from discontinued operations, net of tax   12,234   (8,179)   (14,216)   (43,725)
    Occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 (2)   (1,618)   (1,289)   (9,157)   (8,431)
    Depreciation of right-of-use assets   1,595   2,078   8,271   8,047
    Depreciation of property, plant and equipment and amortization of intangibles (8)   8,752   9,560   35,745   37,382
    Acquisition and related transition costs (income)   20   3,759   8,914   3,950
    Unrealized foreign exchange (gain) loss (3)   543   970   760   3,622
    (Gain) loss on disposal of right-of-use assets, property, plant and equipment and intangibles (3)   (4,074)   (3)   (2,496)   16
    Share of (profit) loss of joint venture   (937)   (810)   (2,950)   (3,146)
    Non-cash share-based compensation costs (4)   3,231   3,041   13,285   11,178
    (Gain) loss on equity derivatives net of mark-to-market adjustments on related RSUs and DSUs (4)   24   1,512   (2,891)   5,531
    Restructuring costs (recovery)   2,939   311   12,052   313
    (Gain) loss on investments (5)   194   659   (446)   301
    Impairment charge   7,000   –   7,000   –
    Other non-operating and/or non-recurring (income) costs (6)   2,951   2,528   5,856   14,074
    Finance costs (income), net – leases   301   131   938   771
    Finance costs (income), net – other (9)   3,781   8,816   18,457   23,836
    Income tax expense (recovery) (10)   (15,154)   (2,086)   (9,650)   1,812
    Adjusted EBITDA $ 32,420 $ 20,858 $ 82,895 $ 65,763
    Depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses (8)   (1,836)   (2,322)   (6,797)   (8,955)
    Finance (costs) income, net – other (9)   (3,781)   (8,816)   (18,457)   (23,836)
    (Gain) loss on hedging transactions, including currency forward contracts and interest expense (income) on swaps (9)   (502)   3,762   202   3,057
    Tax effect of adjusted earnings (loss) adjustments (10)   13,055   (1,664)   (3,830)   (13,958)
    Adjusted earnings (loss)* $ 39,356 $ 11,818 $ 54,013 $ 22,071
    Weighted average number of shares – basic   45,904,069   45,421,165   45,787,374   45,302,194
    Weighted average number of restricted shares   233,275   433,123   308,353   485,530
    Weighted average number of shares – adjusted   46,137,344   45,854,288   46,095,727   45,787,724
    Adjusted earnings (loss) per share (7)   $0.85   $0.26   $1.17   $0.48
    (1) Comparative figures have been restated to reflect discontinued operations. Refer to Note 11 of the financial statements.
    (2) Management uses the non-GAAP occupancy costs calculated on a similar basis prior to the adoption of IFRS 16 when analyzing financial and operating performance.
    (3) Included in other operating expenses in the consolidated statements of comprehensive income (loss).
    (4) Included in employee compensation expenses in the consolidated statements of comprehensive income (loss).
    (5) (Gain) loss on investments relates to changes in the fair value of investments in partnerships.
    (6) Other non-operating and/or non-recurring (income) costs for the quarters and years ended December 31, 2024 and 2023 relate to legal, advisory, consulting, and other professional fees related to organizational and strategic initiatives. These are included in other operating expenses in the consolidated statements of comprehensive income (loss).
    (7) Refer to page 4 of the MD&A for the definition of Adjusted EPS.
    (8) For the purposes of reconciling to Adjusted Earnings (Loss), the amortization of intangibles of acquired businesses is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back depreciation of property, plant and equipment and amortization of intangibles and then deducted the depreciation of property, plant and equipment and amortization of intangibles of non-acquired businesses to arrive at the amortization of intangibles of acquired businesses.
    (9) For the purposes of reconciling to Adjusted Earnings (Loss), the interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps is adjusted from Profit (loss) for the period. Per the quantitative reconciliation above, we have added back finance costs (income), net – other and then deducted finance costs (income), net – other prior to adjusting for interest accretion on contingent consideration payables and (gains) losses on hedging transactions and interest expense (income) on swaps.
    (10) For the purposes of reconciling to Adjusted Earnings (Loss), only the tax impacts for the reconciling items noted in the definition of Adjusted Earnings (Loss) is adjusted from profit (loss) for the period.


    Reconciliation of Free Cash Flow

    The Company proactively manages and optimizes Free Cash Flow available for reinvestment in the business. Free Cash Flow is reconciled as follows:

    Free Cash Flow Quarter ended December 31, Year ended December 31,
    In thousands of dollars   2024   2023   2024   2023
    Net cash provided by (used in) operating activities $ 24,708 $ 44,693 $ 79,920 $ 71,429
    Less: Capital Expenditures   (109)   (4,552)   (7,455)   (12,491)
    Free Cash Flow $ 24,599 $ 40,141 $ 72,465 $ 58,938


    Constant Currency

    The following tables provide a summarization of the foreign exchange rates used as presented based on the average monthly rates, and the foreign exchange rates used for Constant Currency for currencies in which the Company primarily transacts in:

      Quarter ended December 31, 2024 Year ended December 31, 2024
        As presented   For Constant Currency   As presented   For Constant Currency
    Canadian Dollar   1.000   1.000   1.000   1.000
    United States Dollar   1.399   1.361   1.370   1.349
    Pound Sterling   1.792   1.689   1.750   1.677
    Euro   1.492   1.464   1.482   1.459
    Australian Dollar   0.912   0.886   0.903   0.896
      Quarter ended December 31, 2023 Year ended December 31, 2023
        As presented   For Constant Currency   As presented   For Constant Currency
    Canadian Dollar   1.000   1.000   1.000   1.000
    United States Dollar   1.361   1.357   1.349   1.301
    Pound Sterling   1.689   1.593   1.677   1.608
    Euro   1.464   1.386   1.459   1.370
    Australian Dollar   0.886   0.892   0.896   0.903

    The MIL Network –

  • MIL-OSI: XAI Octagon Floating Rate & Alternative Income Trust Will Host Q4 2024 Quarterly Webinar on March 5, 2024

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 20, 2025 (GLOBE NEWSWIRE) — XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) (the “Trust”) today announced that it plans to host the Trust’s Quarterly Webinar on March 5, 2025 at 11:00 am (Eastern Time). Kevin Davis, Managing Director at XA Investments (“XAI”) will moderate the Q&A style webinar with Kimberly Flynn, President at XAI, and Lauren Law, Senior Portfolio Manager at Octagon Credit Investors.

    TO JOIN VIA WEB: Please go to the Knowledge Bank section of xainvestments.com or click here to find the online registration link.

    TO USE YOUR TELEPHONE: After joining via web, if you prefer to use your phone for audio, you must select that option and call in using a number below, based on your current location.

    Dial: (312) 626-6799 or (267) 831-0333 or (646) 558-8656 or (213) 338-8477 or (720) 928-9299
    Webinar ID: 829 2498 4014

    REPLAY: A replay of the webinar will be available in the Knowledge Bank section of xainvestments.com.

    The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

    The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA.”

    About XA Investments
    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in April 2016. In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, fund management and administration. XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Octagon Credit Investors
    Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $33.4B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (collateralized loan obligation debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

    NOT FDIC INSURED     NO BANK GUARANTEE

    Paralel Distributors, LLC – Distributor

    		 MAY LOSE VALUE
         

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 312-374-6931
    Email: kflynn@xainvestments.com
    www.xainvestments.com

    The MIL Network –

  • MIL-OSI: Diginex Limited Announces Secondary Listing on the Frankfurt Stock Exchange and Tradegate Exchange and the Engagement of German-based Kirchhoff Consult GmbH to Broaden Investor Base Across Europe

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 20, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”) (Nasdaq: DGNX), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, announced today that its shares currently traded on The Nasdaq Capital Market (“Nasdaq”), are now cross-listed on the Frankfurt Stock Exchange (Open Market) and the Tradegate Exchange under the symbol “I0Q” effective February 20, 2025. We expect this cross-listing to expand the Company’s global investor reach, and enhance liquidity and accessibility to European investors while reinforcing its presence in key international financial markets.

    In conjunction with the Frankfurt and Tradegate listings, Diginex Limited has engaged Kirchhoff Consult GmbH, a European affiliate of Lambert by LLYC (Lambert), and a leading German investor relations firm, to spearhead an aggressive European investor engagement effort. This initiative aims to expand and diversify Diginex Limited’s investor base across Europe, which the Company hopes to lead to increased liquidity and resilience in stock trading, solidifying the company’s corporate brand value in these regions, and providing greater access to European capital markets.

    “Our cross-listing on the Frankfurt Stock Exchange and the Tradegate Exchange, coupled with our strategic engagement with Kirchhoff Consult, represents a further step in Diginex Limited’s global growth strategy,” said Miles Pelham, Chairman of Diginex Limited. “Europe is a critical market for us, and we remain committed to deepening our relationships with European investors and partners. By increasing visibility and accessibility, we expect to enhance stock liquidity, strengthen brand awareness, support the growth of our European business operations, and drive long-term value creation for all shareholders.”

    The cross-listing follows Diginex Limited’s successful initial public offering (IPO) on Nasdaq, which closed on January 23, 2025. The Frankfurt Stock Exchange is the largest exchange in Germany and the third largest in Europe based on market capitalization. The Tradegate Exchange is a German Stock Exchange that specializes in the execution of private investor orders. With its shares now trading in both the U.S. and Europe, Diginex Limited believes that it is well-positioned to attract a broader range of institutional and retail investors, fostering sustainable growth and financial strength for the Company in global capital markets.

    The engagement with Kirchhoff Consult GmbH builds on the Company’s recent partnership with Lambert and its Hong Kong partner, Strategic Public Relations Group Ltd, reinforcing Diginex Limited’s strategic focus on enhancing visibility and bolstering investor engagement across key global markets.

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    European IR Contract
    Jens Hecht
    Phone: +49.40.609186.82
    Email: jens.hecht@kirchhoff.de

    US IR Contract
    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network –

  • MIL-OSI: Asure Software to Announce Fourth Quarter and Full Year 2024 Financial Results on March 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, Feb. 20, 2025 (GLOBE NEWSWIRE) — Asure Software, Inc.  (“Asure” or the “Company”) (Nasdaq: ASUR), a leading provider of cloud-based Human Capital Management (HCM) software solutions, announced today that the Company will hold a conference call on Thursday, March 6, 2025 at 4:30 p.m. Eastern time to discuss its financial results for the fourth quarter and full year 2024. Financial results will be issued via press release prior to the call.

    Asure Chairman and CEO Pat Goepel as well as CFO John Pence will host the conference call, followed by a question-and-answer session.

    Date: Thursday, March 6, 2025
    Time: 4:30 p.m. Eastern time (3:30 p.m. Central time)
    U.S. dial-in: 877-407-9219
    International dial-in: 201-689-8852
    Confirmation: 13751651

    Please call the conference telephone number 5-10 minutes prior to the start time of the conference call. An operator will register your name and organization.

    The conference call will also be webcast on the investor relations section of Asure Software’s website here. A replay of the webcast will be available.

    About Asure Software
    Asure Software (NASDAQ: ASUR) provides cloud-based Human Capital Management (HCM) software solutions that assist organizations of all sizes in streamlining their HCM processes. Asure’s suite of HCM solutions includes HR, payroll, time and attendance, benefits administration, payroll tax management, and talent management. The company’s approach to HR compliance services incorporates AI technology to enhance scalability and efficiency while prioritizing client interactions. For more information, please visit www.asuresoftware.com.

    Investor Contact:
    Patrick McKillop
    Vice President Investor Relations
    617-335-5058
    patrick.mckillop@asuresoftware.com

    The MIL Network –

  • MIL-OSI: Micron Technology to Report Fiscal Second Quarter Results on March 20, 2025

    Source: GlobeNewswire (MIL-OSI)

    BOISE, Idaho, Feb. 20, 2025 (GLOBE NEWSWIRE) — Micron Technology, Inc. (Nasdaq: MU) announced today that it will hold its fiscal second quarter earnings conference call on Thursday, Mar. 20, 2025, at 2:30 p.m. Mountain time.

    The call will be webcast live at http://investors.micron.com/. Webcast replays of presentations can be accessed from Micron’s Investor Relations website for approximately one year after the call.

    About Micron Technology, Inc.
    We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, and manufacturing and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit micron.com.

    © 2025 Micron Technology, Inc. All rights reserved. Information, products, and/or specifications are subject to change without notice. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners.

    Micron Media Relations Contact
    Mark Plungy
    Micron Technology, Inc.
    +1 (408) 203-2910
    mplungy@micron.com

    Micron Investor Relations Contact
    Satya Kumar
    Micron Technology, Inc.
    +1 (408) 450-6199
    satyakumar@micron.com  

    The MIL Network –

  • MIL-OSI USA: Schatz: Instead Of Addressing Rising Prices, Air Safety Issues, And New Disease Outbreaks, Trump And Republicans Want To Cut Taxes For Billionaires And Make You Pay For It

    US Senate News:

    Source: United States Senator for Hawaii Brian Schatz

    WASHINGTON – Today on the Senate floor, U.S. Senator Brian Schatz (D-Hawai‘i) underscored President Donald Trump and congressional Republicans’ efforts to cut taxes for billionaires, while making working families foot the bill as they struggle with soaring prices, persistent air safety concerns, and growing threats to public health.

    “The price of eggs has gone up by 15%, which is the single biggest monthly increase in ten years. Price of coffee is up 25% since the start of the year, and everything from gas to housing to car insurance is getting more expensive. But I don’t want people to worry because Republicans are on it. Donald Trump knows that the main thing people elected him to do is to lower prices. And rest assured, he is working day and night to fix it. Everybody knows that the best way to lower costs for individual Americans is to cut taxes for billionaires. Everybody knows that. If eggs are eight bucks where you’re living, obviously cut tax for billionaires. If coffee is increasingly expensive, cut taxes for billionaires. That is the very first thing that Republicans in the new Congress have decided to do is cut taxes for the richest people to ever exist,” said Senator Schatz.

    Schatz continued, “People are dying because of the flu and the bird flu. Let’s cut taxes for billionaires. Airplanes are falling out of the sky. Let’s cut taxes for billionaires. People are losing their homes and wildfires and losses in Los Angeles and floods in Kentucky. Let’s cut taxes for billionaires. Families can’t afford their health care or housing, no matter how hard they work. Let’s cut taxes for billionaires. Kids are falling behind in school with a third of a third of eighth graders lacking basic reading skills. Let’s cut taxes for billionaires. Trump is illegally cutting funding for pediatric cancer research and disease prevention. Let’s cut taxes for billionaires. Thousands of National Park Service workers fired. I know what we should do. Why don’t we shovel a bunch of money to a bunch of billionaires? Millions of people. Millions of people are on the verge of starvation, disease and death because Trump suddenly and illegally suspended one of our primary arms of foreign policy, USAID. What is their solution? Not to exert any pressure on the State Department or the OMB. Or the President himself. Let’s cut taxes for billionaires.”

    “Their solution to every problem, big or small, domestic or global, complex or simple, is to cut taxes for billionaires,” Schatz concluded.

    Video of his complete remarks is available here.

    The full text of Senator Schatz’s remarks, as delivered, is below.

    The price of just about everything is going up right now. Anyone that has been to the grocery store in the past few weeks now knows how hard it is to find a dozen eggs since the President was inaugurated.

    The price of eggs has gone up by 15%, which is the single biggest monthly increase in ten years. Price of coffee is up 25% since the start of the year, and everything from gas to housing to car insurance is getting more expensive. But I don’t want people to worry because Republicans are on it. Donald Trump knows that the main thing people elected him to do is to lower prices.

    And rest assured, he is working day and night to fix it. Everybody knows that the best way to lower costs for individual Americans is to cut taxes for billionaires. Everybody knows that. If eggs are eight bucks where you’re living, obviously cut tax for billionaires. If coffee is increasingly expensive, cut taxes for billionaires. That is the very first thing that Republicans in the new Congress have decided to do is cut taxes for the richest people to ever exist.

    And they’re going to do it by making regular people pay. Now, that might sound like a partisan accusation. And of course, on some level it is. But if you’re sitting at home listening to the chatter about one big, beautiful bill or two bills and you’re wondering what it all means, here’s what they are doing. They want to cut taxes for billionaires to the tune of about $4.5 trillion, $4.5 trillion.

    And because they already blew up the federal deficit in 2017, and because there are some House Republicans and maybe some Senate Republicans who won’t vote for a package that increases the deficit, they actually need to find some savings elsewhere. It is very hard to find $4.5 trillion worth of savings. So what are they doing? They’re having to cut programs and services that help people on a daily basis.

    Hundreds of billions of dollars from Social Security, Medicare, Medicaid, the Affordable Care Act, subsidies and food assistance. They’re slashing funding for cancer research and disaster recovery and schools and national parks and VA clinics. They are laying off thousands of employees at federal agencies, one third of whom are veterans. And to be clear, this is not for the holy grail of efficiency.

    Food is rotting at the dock. Medicine is rotting. The National Park Service is already backed up. Normally takes one minute to get into a national park, and a lot of places are. It’s not even. It’s like cold outside, taking 90 minutes to get into national parks. That’s not efficiency. They’re laying off probationary people. But let’s be clear what probationary means.

    It does mean new hires. It also means anybody who’s getting a promotion, someone who has performed well. The United States government says, “You’re so good. We want you to do something even more important”. So then you get put into this probationary category, and then you get laid off. Why? Why? Because they need to find $4.5 trillion worth of savings.

    That’s what’s going on. As we speak, there are multiple outbreaks of diseases and illness within the United States. We’re in the middle of the worst flu season in a decade. 13,000 Americans dead. Norovirus cases have skyrocketed by 340% this winter, and there have been 68 cases of the bird flu nationwide. Not to mention that if you can find eggs at all, there’s sometimes 8 or $10 for a dozen.

    In Texas, 58 people, mostly children, have gotten measles. And that’s to say nothing of the Ebola and Marburg virus in eastern Africa. But don’t worry, Trump is on it. And by on it, I mean he’s laying off the very people who are responding to these crises. We learned yesterday that after DOJ’s fired officials at the Department of Agriculture who were working on containing the bird flu, they had to quickly backtrack to try to rehire them.

    Sometimes they don’t have these people’s email addresses. Sorry. Would you please come back? I don’t know how to find you. This is not efficiency. This is an arson job. So they can generate savings so they can shovel $4.5 trillion to the people on that stage at inauguration. That’s what this is. We are less than two months into the year, and we’ve already had four major deadly aviation disasters, including one right here in Washington over the Potomac and Trump is firing hundreds of FAA employees.

    People who have jobs like maintenance mechanic, information specialist, safety assistant. They actually asked a bunch of air traffic controllers to quit. We’re short air traffic controllers. We’ve been short air traffic controllers for 6 or 7 years. As a matter of fact, when I was the chairman of the relevant committee, we worked on a bipartisan basis to put a lot of a lot of money behind hiring more air traffic controllers.

    Now, you can be a conservative and think the government should be smaller, or you can be a liberal and think the government should be bigger. I assume nobody thinks we should lay off air traffic controllers.

    And if we’re going to do that, it be it should be because something else even more urgent than air traffic control is at stake. But let’s understand what’s at stake. What’s at stake is $4.5 trillion in tax cuts for the wealthiest people to ever walk this planet. We are less than a month away from the March 14th funding deadline to keep the government open, and we don’t even have topline numbers yet alone, let alone full committee bills.

    We are nowhere near a defense bill, but the only thing that Republicans are focused on right now immediately, urgently is cutting taxes for billionaires. People are dying because of the flu and the bird flu. Let’s cut taxes for billionaires. Airplanes are falling out of the sky. Let’s cut taxes for billionaires. People are losing their homes and wildfires and losses in Los Angeles and floods in Kentucky.

    Let’s cut taxes for billionaires. Families can’t afford their health care or housing, no matter how hard they work. Let’s cut taxes for billionaires. Kids are falling behind in school with a third of a third of eighth graders lacking basic reading skills. Let’s cut taxes for billionaires. Trump is illegally cutting funding for pediatric cancer research and disease prevention. Let’s cut taxes for billionaires.

    Thousands of National Park Service workers fired. I know what we should do. Why don’t we shovel a bunch of money to a bunch of billionaires? Millions of people. Millions of people are on the verge of starvation, disease and death because Trump suddenly and illegally suspended one of our primary arms of foreign policy, USAID. What is their solution? Not to exert any pressure on the State Department or the OMB.

    Or the President himself. Let’s cut taxes for billionaires. Anything and everything comes down to this. Why? Because it’s the main thing they think about. There are so many smart people on the other side of the aisle, so many people who have accomplished so much in their careers. And they are lighting it on fire for this man.

    The solution to every problem, big or small, domestic or global, complex or simple, is to cut taxes for billionaires. This is their project. This is their reason for being. Whatever else has motivated them to run for office in the first place? This is the first thing they’re doing. Instead of a bunch of other stuff.

    It doesn’t have to be like this. You can be a Republican.

    And give them their cabinet and their judges and justices. But my God, stand up for this place. Why would you run for office and then just remove your frontal lobe?

    And do whatever this man thinks. It doesn’t matter how much harm comes to your hospitals or your schools or your roads, or the one third of federal workers who are veterans. The solution always is to cut taxes for billionaires. I yield the floor.

    MIL OSI USA News –

  • MIL-OSI USA: Summary of the Joint NASA LCLUC–SARI Synthesis Meeting

    Source: NASA

    Introduction
    The NASA Land-Cover and Land-Use Change (LCLUC) is an interdisciplinary scientific program within NASA’s Earth Science program that aims to develop the capability for periodic global inventories of land use and land cover from space. The program’s goal is to develop the mapping, monitoring and modeling capabilities necessary to simulate the processes taking place and evaluate the consequences of observed and predicted changes. The South/Southeast Asia Research Initiative (SARI) has a similar goal for South/Southeast Asia, as it seeks to develop innovative regional research, education, and capacity building programs involving state-of-the-art remote sensing, natural sciences, engineering, and social sciences to enrich land use/cover change (LUCC) science in South/Southeast Asia. Thus it makes sense for these two entities to periodically meet jointly to discuss their endeavors.
    The latest of these joint meetings took place January 1–February 2, 2024, in Hanoi, Vietnam. A total of 85 participants attended the three-day, in-person meeting—see Photo.  A total of 85 participants attended the three-day, in-person meeting. The attendees represented multiple international institutions, including NASA (Headquarters and Centers), the University of Maryland, College Park (UMD), other American academic institutions, the Vietnam National Space Center (VNSC, the event host), the Vietnam National University’s University of Engineering and Technology, and Ho Chi Minh University of Technology, the Japanese National Institute of Environmental Studies (NIES), Center for Environmental Sciences, and the University of Tokyo. In addition, several international programs participated, including GEO Global Agricultural Monitoring (GEOGLAM), the System for Analysis, Research and Training (START), Global Observation of Forest and Land-use Dynamics (GOFC–GOLD), and NASA Harvest.

    Meeting Overview
    The purpose of the 2024 NASA LCLUC–SARI Synthesis meeting was to discuss LUCC issues – with a particular focus on their impact on Southeast Asian countries. Presenters highlighted ongoing projects aimed to advance our understanding of the spatial extent, intensity, social consequences, and impacts on the environment in South/Southeast Asian countries. While presenters reported on specific science results, they also were intentional to review and synthesize work from other related projects going on in Southeast Asia. 
    Meeting Goal
    The meeting’s overarching goal was to create a comprehensive and holistic understanding of various LUCC issues by examining them from multiple angles, including: collating information; employing interdisciplinary approaches; integrating research; identifying key insights; and enhancing regional collaborations. The meeting sought to bring the investigators together to bridge gaps, promote collaborations, and advance knowledge regarding LUCC issues in the region. The meeting format also provided ample time between sessions for networking to promote coordination and collaboration among scientists and teams. 
    Meeting and Summary Format
    The meeting consisted of seven sessions that focused on various LUCC issues. The summary report that follows is organized by day and then by session. All presentations in Session I and II are summarized (i.e., with all speakers, affiliations, and appropriate titles identified). The keynote presentation(s) from Sessions III–VI are summarized similarly. The technical presentations in each of these sessions are presented as narrative summaries. Session VII consisted of topical discussions to close out the meeting and summaries of these discussions are included herein. Sessions III–VI also included panel discussions, but to keep the article length more manageable, summaries of these discussions have been omitted. Readers interested in learning more about the panel discussions or viewing any of these presentations in full can access the information on the Joint LCLUC–SARI Synthesis meeting website.
    DAY ONE
    The first day of the meeting included welcoming remarks from the U.S. Ambassador to Vietnam (Session I), program executives of LCLUC and SARI,  as well as from national space agencies in South and Southeast Asia (Session II), and other LCLUC-thematic/overview presentations (Session III).
    Session 1: Welcoming Remarks
    Garik Gutman [NASA Headquarters—LCLUC Program Manager], Vu Tuan [VNSC’s Vietnam Academy of Science and Technology (VAST)—Vice Director General], Chris Justice [University of Maryland, College Park (UMD)—LCLUC Program Scientist], Matsunaga Tsuneo [National Institute of Environmental Studies (NIES), Japan], and Krishna Vadrevu [NASA’s Marshall Space Flight Center—SARI Lead] delivered opening remarks that highlighted collaborations across air pollution, agriculture, forestry, urban development, and other LUCC research areas. While each of the speakers covered different topics, they emphasized common themes, including advancing new science algorithms, co-developing products, and fostering applications through capacity building and training.
    After the opening remarks, special guest Marc Knapper [U.S. Ambassador to Vietnam] gave a presentation in which he emphasized the value of collaborative research between U.S. and Vietnamese scientists to address environmental challenges – especially climate change and LUCC issues. He expressed appreciation to the meeting organizers for promoting these collaborations and highlighted the joint initiatives between NASA and the U.S. Agency for International Development (USAID) to monitor environmental health and climate change, develop policies to reduce emissions, and support adaptation in agriculture. The U.S.–Vietnam Comprehensive Strategic Partnership emphasizes the commitment to address climate challenges and advance bilateral research. He concluded by encouraging active participation from all attendees and stressed the need for ongoing international collaboration to develop effective LUCC policies.
    Session-II: Programmatic and Space Agency Presentations
    NOTE: Other than Ambassador Knapper, the presenters in Session I gave welcoming remarks and programmatic and/or space agency presentations in Session II,.
    Garik Gutman began the second session by presenting an overview of the LCLUC program, which aims to enhance understanding of LUCC dynamics and environmental implications by integrating diverse data sources (i.e., satellite remote sensing) with socioeconomic and ecological datasets for a comprehensive view of land-use change drivers and consequences. Over the past 25 years, LCLUC has funded over 325 projects involving more than 800 researchers, resulting in over 1500 publications. The program’s focus balances project distribution that spans detection and monitoring, and impacts and consequences, including drivers, modeling, and synthesis. Gutman highlighted examples of population growth and urban expansion in Southeast Asia, resulting in environmental and socio-economic impacts. Urbanization accelerates deforestation, shifts farming practices to higher-value crops, and contributes to the loss of wetlands. This transformation alters the carbon cycle, degrades air quality, and increases flooding risks due to reduced rainwater absorption. Multi-source remote sensing data and social dimensions are essential in addressing LUCC issues, and the program aims to foster international collaborations and capacity building in land-change science through partnerships and training initiatives. (To learn more about the recent activities of the LCLUC Science Team, see Summary of the 2024 Land Cover Land Use Change Science Team Meeting.)
    Krishna Vadrevu explained how SARI connects regional and national projects with researchers from the U.S. and local institutions to advance LUCC mapping, monitoring, and impact assessments through shared methodologies and data. The initiative has spurred extensive activities, including meetings, training sessions, publications, collaborations, and fieldwork. To date, the LCLUC program has funded 35 SARI projects and helped build collaborations with space agencies, universities, and decision-makers worldwide. SARI Principal Investigators have documented notable land-cover and land-use transformations, observing shifts in land conversion practices across Asia. For example, the transition from traditional slash-and-burn practices for subsistence agriculture to industrial oil palm and rubber plantations in Southeast Asia. Rapid urbanization has also reshaped several South and Southeast Asian regions, expanding both horizontally in rural areas and vertically in urban centers. The current SARI solicitation funds three projects across Asia, integrating the latest remote sensing data and methods to map, monitor, and assess LUCC drivers and impacts to support policy-making.
    Vu Tuan provided a comprehensive overview of Vietnam’s advances in satellite technology and Earth observation capabilities, particularly through the LOTUSat-1 satellite (name derived from the “Lotus” flower), which is equipped with an advanced X-band Synthetic Aperture Radar (SAR) sensor capable of providing high-resolution imagery [ranging from 1–16 m (3–52 ft)]. This satellite is integral to Vietnam’s efforts to enhance disaster management and climate change mitigation, as well as to support a range of applications in topography, agriculture, forestry, and water management, as well as in oceanography and environmental monitoring. The VNSC’s efforts are part of a broader strategy to build national expertise and self-reliance in satellite technology, such as developing a range of small satellites (e.g., NanoDragon, PicoDragon, and MicroDragon) that progress in size and capability. Alongside satellite development, the VNSC has established key infrastructure, facilities, and capacity building in Hanoi, Nha Trang, and Ho Chi Minh City to support satellite assembly, integration, testing, and operation. Tuan showcased the application of remotely sensed LUCC data to map and monitor urban expansion in Ha Long city from 2000–2023 and the policies needed to manage these changes sustainably – see Figure 1.

    Tsuneo Matsunaga provided a detailed overview of Japan’s Greenhouse Gases Observing Satellite (GOSAT) series of satellites, data from which provide valuable insights into global greenhouse gas (GHG) trends and support international climate agreements, including the Paris Agreement.
    Matsunaga reviewed the first two satellites in the series: GOSAT and GOSAT-2, then previewed the next satellite in the series: GOSAT-GW, which is scheduled to launch in 2025. GOSAT-GW will fly the Total Anthropogenic and Natural Emissions Mapping Observatory–3 (TANSO-3) – an improved version of TANSO-2, which flies on GOSAT-2. TANSO-3 includes a Fourier Transform Spectrometer (FTS-3) that has improved spatial resolution [10.5 km (6.5 mi)] over TANSO-FTS-2 and precision that matches or exceeds that of its predecessor. TANSO-FTS-3 will allow estimates with precision better than 1 ppm for carbon dioxide (CO2) and 10 ppb for methane (CH4), as well as enabling nitrogen dioxide (NO2) measurements. GOSAT–GW will also fly the Advanced Microwave Scanning Radiometer (AMSR3) that will monitor water cycle components (e.g., precipitation, soil moisture) and ocean surface winds. AMSR3 builds on the heritage of three previous AMSR instruments that have flown on NASA and Japan Aerospace Exploration Agency (JAXA) missions.
    Matsunaga also highlighted the importance of ground-based validation networks, such as the Total Carbon Column Observing Network, COllaborative Carbon Column Observing Network, and the Pandora Global Network, to ensure satellite data accuracy.
    Son Nghiem [NASA/Jet Propulsion Laboratory (JPL)] addressed dynamic LUCC in Cambodia, Laos, Thailand, Vietnam, and Malaysia. The synthesis study examined the factors that evolve along the rural–urban continuum (RUC). Nghiem showcased this effort using Synthetic Aperture Radar (SAR) data from the Copernicus Sentinel-1 mission to map a typical RUC in Bac Lieu, Vietnam – see Figure 2.

    Nghiem described the study, which examined the role of rapid urbanization, agricultural conversion, climate change, and environment–human feedback processes in causing non-stationary and unpredictable impacts. This work illustrates how traditional trend analysis is insufficient for future planning. The study also examined whether slower or more gradual changes could inform policy development. To test these hypotheses, his research will integrate high-resolution radar and hyperspectral data with socioeconomic analyses. The study highlights the need for policies that are flexible and responsive to the unique challenges of different areas, particularly in “hot-spot” regions experiencing rapid changes.
    Peilei Fan [Tufts University] presented a study that synthesizes the complex patterns of LUCC, identifying both the spatial and temporal dynamics that characterize transitions in urban systems. The study explores key drivers, including economic development, population growth, urbanization, agricultural expansion, and policy shifts. She emphasized the importance of understanding these drivers for sustainable land management and urban planning. For example, the Yangon region of Myanmar has undergone rapid urbanization – see Figure 3. Her work reveals the need for integrated approaches that consider both urban and rural perspectives to manage land resources effectively and mitigate negative environmental and social impacts. Through a combination of case studies, statistical analysis, and policy review, Fan and her team aim to provide a nuanced understanding of the interactions between human activities and environmental changes occurring in the rapidly transforming landscapes of Southeast Asia.

    Session III: Land Cover/Land Use Change Studies
    Tanapat Tanaratkaittikul [Geo-Informatics and Space Technology Development Agency (GISTDA), Thailand] highlighted GISTDA activities, which play a crucial role in advancing Thailand’s technological capabilities and addressing both national and global challenges, including Thailand Earth Observation System (THEOS) and its successors: THEOS-2 and THEOS-2A. THEOS-1, which launched in 2008, provides 2-m (6-ft) panchromatic and 15-m (45-ft) multispectral resolution with a 26-day revisit cycle, which can be reduced to 3 days with off-nadir pointing. Launched in 2023, THEOS-2 includes two satellites – THEOS-2A [a very high-resolution satellite with 0.5-m (1.5-ft) panchromatic and 2-m (6-ft) multispectral imagery] and THEOS-2B [a high-resolution satellite with 4-m (12-ft) multispectral resolution] – with a five-day revisit cycle. GISTDA also develops geospatial applications for drought assessment, flood prediction, and carbon credit calculations to support government decision-making and climate initiatives. GISTDA partners with international collaborators on regional projects, such as the Lancang-Mekong Cooperation Special Fund Project.
    Eric Vermote [NASA’s Goddard Space Flight Center] presented a keynote that focused on atmospheric correction of land remote sensing data and related algorithm updates. He highlighted the necessity of correcting surface imaging for atmospheric effects, such as molecular scattering, aerosol scattering, and gaseous absorption, which can significantly distort the satellite spectral signals and lead to potential errors in applications, such as land cover mapping, vegetation monitoring, and climate change studies.
    Vermote explained that the surface reflectance algorithm uses precise vector radiative transfer modeling to improve accuracy by incorporating atmospheric parameter inversion. It also adjusts for various atmospheric conditions and aerosol types – enhancing corrections across regions and seasons. He explained that SkyCam – a network of ground-based cameras – provides real-time assessments of cloud cover that can be used to validate cloud masks, while the Cloud and Aerosol Measurement System (CAMSIS) offers additional ground validation by measuring atmospheric conditions. He said that together, SkyCam and CAMSIS improve satellite-derived cloud masks, supporting more accurate climate models and environmental monitoring. Vermote’s work highlights the ongoing advancement of atmospheric correction methods in remote sensing.
    Other presentations in this session included one in which the speaker described how Yangon, the capital city in Myanmar, is undergoing rapid urbanization and industrial growth. From 1990–2020, the urban area expanded by over 225% – largely at the expense of agricultural and green lands. Twenty-nine industrial zones cover about 10.92% of the city, which have attracted significant foreign direct investment, particularly in labor-intensive sectors. This growth has led to challenges with land confiscations, inadequate infrastructure, and environmental issues (e.g., air pollution). Additionally, rural migration for employment has resulted in informal settlements, emphasizing the need for comprehensive urban planning that balances economic development with social equity and sustainability.
    Another presentation highlighted varying LUCC trends across Vietnam. In the Northern and Central Coastal Uplands, for example, swidden systems are shifting toward permanent tree crops, such as rubber and coffee. Meanwhile, the Red River Delta is seeing urban densification and consolidation of farmland – transitioning from rice to mixed farming with increased fruit and flower production. Similarly, the Central Coastal Lowlands and Southeastern regions are experiencing urban growth and a shift from coastal agriculture – in this case, to shrimp farming – leading to mangrove loss. The Central Highlands is moving from swidden to tree crops, particularly fruit trees, while the Mekong River Delta is increasing rice cropping and aquaculture. These changes contribute to urbanization, altered farming practices, and biodiversity loss. Advanced algorithms (e.g., the Time-Feature Convolutional Neural Network model) are being used to effectively map these varied LUCC changes in Vietnam.
    Another presenter explained how 10-m (33-ft) resolution spatially gridded population datasets are essential to address LUCC in environmental and socio-demographic research. There was also a demonstration of PopGrid, which is a collaborative initiative that provides access to various global-gridded population databases, which are valuable for regional LUCC studies and can support informed decision-making and policy development.
    DAY TWO
    The second day’s presentations centered around urban LUCC (Session IV) as well as interconnections between agriculture and water resources. (Session V).
    Session IV: Urban Land Cover/Land Use Change
    Gay Perez [Philippines Remote Sensing Agency (PhilSA)] presented a keynote focused on PhilSA’s mission to advance Philippines as a space-capable country by developing indigenous satellite and launch technologies. He explained that PhilSA provides satellite data in various categories, including sovereign, commercial, open-access, and disaster-activated. He noted that the ground infrastructure – which includes three stations and a new facility in Quezon – supports efficient data processing. For example, Perez stated that in 2023, PhilSA produced over 10,000 maps for disaster relief, agricultural assessments, and conservation planning.
    Perez reviewed PhilSA’s Diwata-2 mission, which launched in 2018 and operates in a Sun-synchronous orbit around 620 km (385 mi) above Earth. With a 10-day revisit capability, it features a high-precision telescope [4.7 m (15ft) resolution], a multispectral imager with four bands, an enhanced resolution camera, and a wide-field camera. Since launch, Diwata-2 has captured over 100,000 global images, covering 95% of the Philippines. Looking to the near future, Perez reported that PhilSA’s launch of the Multispectral Unit for Land Assessment (MULA) satellite is planned for 2025. He explained that MULA will capture images with a 5-m (~16-ft) resolution and 10–20-day revisit time, featuring 10 spectral bands for vegetation, water, and urban analysis.
    Perez also described the Drought and Crop Assessment and Forecasting project, which addresses drought risks and mapping ground motion in areas, e.g., Baguio City and Pangasinan. Through partnerships in the Pan-Asia Partnership for Geospatial Air Pollution Information (PAPGAPI) and the Pandora Asia Network, PhilSA monitors air quality across key locations, tracking urban pollution and cross-border particulate transport. PhilSA continues to strengthen Southeast Asian partnerships to drive sustainable development in the region.
    Jiquan Chen [Michigan State University] presented the second keynote address, which focused on the Urban Rural Continuum (URC). Chen emphasized the importance of synthesizing studies that explore factors such as population dynamics, living standards, and economic development in the URC. Key considerations include differentiating between two- and three-dimensional infrastructures and understanding constraints from historical contexts. Chen highlighted critical variables from his analysis including net primary productivity, household income, and essential infrastructure elements, such as transportation and healthcare systems. He advocated for integrated models that combine mechanistic and empirical approaches to grasp the dynamics of URC changes, stressing their implications for urban planning, environmental sustainability, and social equity. He concluded with a call for collaboration to enhance these models and tackle challenges arising from the changing urban–rural landscape.
    Tep Makathy [Cambodian Institute For Urban Studies] discussed urbanization in Phnom Penh, Cambodia. He explained that significant LUCC and infrastructure developments have been fueled by direct foreign investment; however, this development has resulted in environmental degradation, urban flooding, and infrastructure strain. Tackling pollution, congestion, preservation of green spaces, and preserving the historical heritage of the city will require sustainable urban planning efforts.
    Nguyen Thi Thuy Hang [Vietnam Japan University, Vietnam National University, Hanoi] explained how flooding poses a significant annual threat to infrastructure and livelihoods in Can Tho, Vietnam. Therefore, it is essential to incorporate climate change considerations into land-use planning by enhancing the accuracy of vegetation layer classifications. Doing so will improve the representation of land-cover dynamics in models that decision-makers use when planning urban development. In addition, Hang reported that a more comprehensive survey of dyke systems will improve flood protection and identify areas needing reinforcement or redesign. These studies could also explore salinity intrusion in coastal agricultural areas that could impact crop yields and endanger food security.
    In this session, two presenters highlighted how SAR data, which uses high backscatter to enhance the radar signal, is being used to assist with mapping urban areas in their respective countries. The phase stability and orientation of building structures across SAR images aid in consistent monitoring and backscatter, producing distinct image textures specific to urban settings. Researchers can use this heterogeneity and texture to map urban footprints, enabling automated discrimination between urban and non-urban areas. The first presenters showed how Interferometric Synthetic Aperture Radar techniques, such as Small Baseline Subset (SBAS) and Persistent Scatterer (PS) have been highly effective for mapping and monitoring land subsidence in coastal and urban areas in Vietnam. This approach has been applied to areas along the Saigon River as well as in Ho Chi Minh, Vietnam. The second presenter described an approach (using SAR data with multitemporal coherence and the K-means classification method) that has been used effectively to study urban growth in the Denpasar Greater Area of Indonesia between 2016 and 2022. The technique identified the conversion of 4376 km2 (1690 mi2) of rural to built-up areas, averaging 72.9 hectares (0.3 mi2) per year. Urban sprawl was predominantly observed in the North Kuta District, where the shift from agricultural to built-up land use has been accompanied by severe traffic congestion and other environmental issues.
    Another presenter showed how data from the QuikSCAT instrument, which flew on the Quick Scatterometer satellite, and from the Sentinel-1 C-band SAR can be combined to measure and analyze urban built-up volume, specifically focusing on the vertical growth of buildings across various cities. By integrating these datasets, researchers can assess urban expansion, monitor the development of high-rise buildings, and evaluate the impact of urbanization on infrastructure and land use. This information is essential for urban planning, helping city planners and policymakers make informed decisions to accommodate growing populations and enhance sustainable urban development.
    Session V – LUCC, Agriculture, and Water Resources
    Chris Justice presented the keynote for this session, in which he addressed the GEOGLAM initiative and the NASA Harvest program. GEOGLAM, initiated by the G20 Agriculture Ministers in 2011, focuses on agriculture and food security to increase market transparency and improve food security. These efforts leverage satellite-based Earth observations to produce and disseminate timely, relevant, and actionable information about agricultural conditions at national, regional, and global scales to support agricultural markets and provide early warnings for proactive responses to emerging food emergencies. NASA Harvest uses satellite Earth observations to benefit global food security, sustainability, and agriculture for disaster response, climate risk assessments, and policy support. Justice also emphasized the use of open science and open data principles, promoting the integration of Earth observation data into national and international agricultural monitoring systems. He also discussed the development and application of essential agricultural variables, in situ data requirements, and the need for comprehensive and accurate satellite data products.
    During this session, another presentation focused on how VNSC is engaged in several agricultural projects, including mapping rice crops, estimating yields, and assessing environmental impacts. VNSC has created high-accuracy rice maps for different seasons that the Vietnamese government uses to monitor and manage agricultural production. Current initiatives involve using satellite data to estimate CH4 emissions from rice paddies, biomass mapping, and monitoring rice straw burning. For example, in the Mekong Delta, numerous environmental factors, including climate change-induced stress (e.g., sea-level rise), flooding, drought, land subsidence, and saltwater intrusion, along with human activities like dam construction, sand mining, and groundwater extraction, threaten the sustainability of rice farming and farmer livelihoods. To address these challenges, sustainable agricultural practices are essential to improving rice quality, diversify farming systems, adopt low-carbon techniques, and enhance water management.
    Presentations highlighted the importance of both optical and SAR data for LUCC studies, particularly in mapping agricultural areas. A study using Landsat time-series data demonstrated its value in monitoring agricultural LUCC in Houa Phan Province, Laos, and Son La Province, Vietnam. Land cover types were classified through spectral pattern analysis, identifying distinct classes based on Landsat reflectance values. The findings revealed significant natural forest loss alongside increases in cropland and forest plantations due to agricultural expansion. High-resolution imagery validated these results, indicating the scalability of this approach for broader regional and global land-cover monitoring. Another study showcased the effectiveness of SAR data from the Phased Array type L-band Synthetic Aperture Radar-2 (PALSAR-2) on the Japanese Advanced Land Observing Satellite-2 (ALOS-2) for mapping and monitoring agricultural land use in Suphanburi, Thailand. This data proved particularly useful for capturing seasonal variations and diverse agricultural practices. Supervised machine learning methods, such as Random Forest classifiers, combined with innovative spatial averaging techniques, achieved high accuracy in distinguishing various agricultural conditions.
    In the session, presenters also discussed the use of Sentinel-1 SAR data for mapping submerged and non-submerged paddy soils was highlighted, demonstrating its effectiveness in understanding water management issues see – Figure 4. Additionally, large-scale remote sensing data and cloud computing were shown to provide unprecedented opportunities for tracking agricultural land-use changes in greater detail. Case studies from India and China illustrated key challenges, such as groundwater depletion in irrigated agriculture across the Indo-Ganges region and the impacts on food, water, and air quality in both countries.

    The session also focused on Water–Energy–Food (WEF) issues related to the Mekong River Basin’s extensive network of hydroelectric dams, which present both benefits and challenges. While these dams support sectors such as irrigated agriculture and hydropower, they also disrupt vital ecosystem services, including fish habitats and biodiversity. Collaborative studies integrating satellite and ground data, hydrological models, and socio-economic frameworks highlight the need to balance these benefits with ecological and social costs. Achieving sustainable management requires cross-sectoral and cross-border cooperation, as well as the incorporation of traditional knowledge to address WEF trade-offs and governance challenges in the region.
    DAY THREE
    The third day included a session that explored the impacts of fire, GHG emissions, and pollution (Session VI) as well as a summary discussion on synthesis (Session VII).
    Session VI: Fires, Greenhouse Gas Emissions, and Pollution
    Chris Elvidge [Colorado School of Mines] presented a keynote on the capabilities and applications of the Visible Infrared Imaging Radiometer Suite (VIIRS) Nightfire [VNF] system, an advanced satellite-based tool developed by the Earth Observation Group. VIIRS Nightfire uses four near- and short-wave infrared channels, initially designed for daytime imaging, to detect and monitor infrared emissions at night. The system identifies various combustion sources, including both flaming and non-flaming activities (e.g., biomass burning, gas flaring, and industrial processes). It calculates the temperature, source area, and radiant heat of detected infrared emitters using physical laws to enable precise monitoring of combustion events and provide insight into exothermic and endothermic processes.
    Elvidge explained that VNF has been vital for near-real-time data in Southeast Asia. The system has been used to issue daily alerts for Vietnam, Thailand, and Indonesia. Recent updates in Version 4 (V4) include atmospheric corrections and testing for secondary emitters with algorithmic improvements – with a 50% success rate in identifying additional heat sources. The Earth Observation Group maintains a multiyear catalog of over 20,000 industrial infrared emitters available through the Global Infrared Emitter Explorer (GIREE) web-map service. With VIIRS sensors expected to operate until about 2040 on the Joint Polar Satellite System (JPSS) platforms, this system ensures long-term, robust monitoring and analysis of global combustion events, proving essential for tracking the environmental impacts of industrial activities and natural combustion processes on the atmosphere and ecosystems.
    Toshimasa Ohara [Center for Environmental Science, Japan—Research Director] continued with the second keynote and provided an in-depth analysis of long-term trends in anthropogenic emissions across Asia. The regional mission inventory in Asia encompasses a range of pollutants and offers detailed emissions data from 1950–2020 at high spatial and temporal resolutions. The study employs both bottom-up and top-down approaches for estimating emissions, integrating satellite observations to validate data and address uncertainties. Notably, emissions from China, India, and Japan have shown signs of stabilization or reduction, attributed to stricter emission control policies and technological advancements. Ohara also highlighted Japan’s effective air pollution measures and the importance of extensive observational data in corroborating emission trends. His presentation emphasized the need for improved methodologies in emission inventory development and validation across Asia, aiming to enhance policymaking and environmental management in rapidly industrializing regions.
    Several presenters during this session focused on innovative approaches to understand and mitigate GHG emissions and air pollution. One presenter showed how NO2 data from the TROPOspheric Monitoring Instrument (TROPOMI) on the European Sentinel-5 Precursor have been validated against ground-based observations from Pandora stations in Japan, highlighting the influence of atmospheric conditions on measurement accuracy. Another presenter described an innovative system that GISTDA used to combine satellite remote sensing data with Artificial Intelligence (AI). This system was used to monitor and analyze the concentration of fine particulate matter (PM) in the atmosphere in Thailand. (In this context fine is defined as particles with diameters ≤ 2.5 µm, or PM2.5.) These applications, which are accessible through online, cloud-based platforms and mobile applications for iOS and Android devices, allow users, including citizens, government officers, and policymakers, to access PM2.5 data in real-time through web and mobile interfaces.
    A project under the United Nations Economic and Social Commission for Asia and the Pacific in Thailand is focused on improving air quality monitoring across the Asia–Pacific region by integrating satellite and ground-based data. At the core of this effort, the Pandora Asia Network, which includes 30 ground-based instruments measuring pollutants such as NO₂ and sulfur dioxide (SO₂), is complemented by high-resolution observations from the Geostationary Environment Monitoring Spectrometer (GEMS) aboard South Korea’s GEO-KOMPSAT-2B (GK-2B) satellite. The initiative also provides training sessions to strengthen regional expertise in remote sensing technologies for air quality management and develops decision support systems for evidence-based policymaking, particularly for monitoring pollution sources and transboundary effects like volcanic eruptions. Future plans include expanding the Pandora network and enhancing data integration to support local environmental management practices.
    PM2.5 levels in Vietnam are influenced by both local emissions and long-range pollutant transport, particularly in urban areas.The Vietnam University of Engineering and Technology, in conjunction with VNSC, continues to map and monitor PM2.5 using satellites and machine learning while addressing data quality issues that stem from missing satellite data and limited ground monitoring stations – see Figure 5.
    In addition to mapping and monitoring pollutants, another presentater explained that significant research is underway to address their health impacts. In Hanoi, exposure to pollutants ( e.g., PM2.5, PM10, and NO2) has led to increased rates of respiratory diseases (e.g., pneumonia, bronchitis, and asthma) among children,  as well as elevated instances of cardiovascular diseases among adults. A substantial mortality burden is attributable to fine particulate matter – particularly in densely populated areas like Hanoi. Compliance with stricter air quality guidelines could potentially prevent thousands of premature deaths. For example, preventive measures enacted during the COVID-19 pandemic resulted in reduced pollution levels that were associated with a decrease in avoidable mortality rates. In response to these challenges, Vietnam has implemented air quality management policies, including national technical regulations and action plans aimed at controlling emissions and enhancing monitoring; however, current national standards still fall short of the more stringent guidelines recommended by the World Health Organization. Improved air quality standards and effective policy interventions are needed to mitigate the health risks associated with air pollution in Vietnam.

    Another presenter explained how food production in Southeast Asia contributes about 40% of the region’s total GHG emissions – with rice and beef production identified as the largest contributors for plant-based and animal-based emissions, respectively. Another presentation focused on a study that examined GHG emissions from agricultural activities, which suggests that animal-based food production – particularly beef – generates substantially higher GHG emissions per kg of food produced compared to plant-based foods, such as wheat and rice. Beef has an emission intensity of about 69 kg of CO2 equivalent-per-kg, compared to 2 to 3 kg of CO2 equivalent-per-kg for plant-based foods. The study points to mitigation strategies (e.g., changing dietary patterns, improving agricultural practices) and adopting sustainable land management. Participants agreed that a comprehensive policy framework is needed to address the environmental impacts of food production and reduce GHG emissions in the agricultural sector.
    In another presentation, the speaker highlighted the fact that Southeast Asian countries need an advanced monitoring, reporting, and verification system to track GHG emissions – particularly within high-carbon reservoirs like rice paddies. To achieve this, cutting-edge technologies (e.g., satellite remote sensing, low-cost unmanned aerial vehicles, and Internet of Things devices) can be beneficial in creating sophisticated digital twin technology for sustainable rice production and GHG mitigation.
    Another presentation featured a discussion about pollution resulting from forest and peatland fires in Indonesia, which is significantly impacting air quality. Indonesia’s tropical peatlands – among the world’s largest and most diverse – face significant threats from frequent fires. Repeated burning has transformed forests into shrubs and secondary vegetation regions, with fires particularly affecting forest edges and contributing to a further retreat of intact forest areas. High-resolution data is essential to map and monitor changes in forest cover, including pollution impacts.
    Another speaker described a web-based Geographic Information Systems (GIS) application that has been developed to support carbon offsetting efforts in Laos – to address significant environmental challenges, e.g., deforestation and climate change. Advanced technologies (e.g., remote sensing, GIS, and Global Navigation Satellite Systems) are used to monitor land-use changes, carbon sequestration, and ecosystem health. By integrating various spatial datasets, the web GIS app enhances data collection precision, streamlines monitoring processes, and provides real-time information to stakeholders for informed decision-making. This initiative fosters collaboration among local communities, government agencies, and international partners, while emphasizing the importance of government support and international partnerships. Ultimately, the web GIS application represents a significant advancement in Laos’s commitment to environmental sustainability, economic growth, and the creation of a greener future.
    Session VII. Discussion Session on Synthesis
    The meeting concluded with a comprehensive discussion on synthesizing themes related to LUCC. The session focused on three themes: LUCC, agriculture, and air pollution. The session focused on trends and projections as well as the resulting impacts in the coming years. It also highlighted research related to these topics to inform more sustainable land use policies. A panel of experts from different Southeast Asian countries addressed these topics. A summary of the key points shared by the panelists for each theme during the discussion is provided below.
    LUCC Discussions
    This discussion focused on the challenges of balancing economic development with environmental sustainability in Southeast Asian countries, e.g., mining in Myanmar, agriculture in Vietnam, and rising land prices in Thailand. More LUCC research is needed to inform decision-making and improve land-use planning during transitions from agriculture to industrialization while ensuring food security. The panelists also discussed urban sprawl and infrastructure development along main roads in several Southeast Asian countries, highlighting the social and environmental challenges arising from uncoordinated growth. It was noted that urban infrastructure lags behind population increases, resulting in traffic congestion, pollution, and social inequality. Cambodia, for example, has increased foreign investments, which presents similar dilemmas of economic growth accompanied by significant environmental degradation. Indonesia is another example of a Southeast Asian nation facing rapid urbanization and inadequate spatial planning, leading to flooding, groundwater depletion, and pollution. These issues further highlight the need for integrated satellite monitoring to inform land-use policies. Finally, recognizing the importance of public infrastructure in growth management, it was reported that the Thai government is already using technology to manage urban development alongside green spaces.
    Panelists agreed that LUCC research is critical for guiding policymakers toward sustainable land-use practices – emphasizing the necessity for improved communication between researchers and policymakers. While the integration of technologies (e.g., GIS and remote sensing) is beginning to influence policy decisions, room for improvement remains. In summary, the discussions stressed the importance of better planning, technology integration, and policy-informed research to reconcile economic growth with sustainability. Participants also highlighted the need to engage policymakers, non-government organizations, and the private sector in using scientific evidence for sustainable development. Capacity building in Laos, Cambodia, and Myanmar, where GIS and remote sensing technologies are still developing, is crucial. Community involvement is essential for translating research findings into actionable policies to address real-world challenges and social equity.
    Agriculture Discussions
    These discussions explored the intricate relationships between agricultural practices, economic growth, and environmental sustainability in Southeast Asia. As an example, despite national policies to manage the land transition in Vietnam, rapid conversions from forest to agricultural land and further to residential and industrial continue. While it is recognized that strict land management plans may hinder future adaptability, further regulation is needed. These rapid shifts in land use have increased land for economic development – especially in industrial and residential sectors – and contribute to environmental degradation, e.g., pollution and soil erosion. In Thailand, land is distributed among agriculture (50%), forest (30%), and urban (20%) areas. Despite a long history of agricultural practices, Vietnam faces new challenges from climate change and extreme weather.
    Thailand, meanwhile, is exploring carbon credits to incentivize sustainable farming practices – although this requires significant investment and time. The nation is well-equipped with a robust water supply system, and ongoing efforts to enhance crop yields on Vietnam’s Mekong Delta, salinity levels, and flooding intensity have increased as a result of the rise in incidents of extreme weather, prompting advancements in rice farming mechanization to be implemented that are modeled after practices that have been successfully used in the Philippines.
    Despite these advances, issues (e.g., over-application of rice seeds) remain. The dominant land cover type in Malaysia is tropical rainforest, although agriculture – particularly oil palm plantations – also plays a significant role in land use. While stable, it shares environmental concerns with Indonesia. The country is integrating solar energy initiatives, placing solar panels on former agricultural lands and recreational areas, which raises coastal environmental concerns. In Taiwan, substantial land use changes have stemmed from solar panel installations to support green energy goals but have led to increased temperatures and altered wind patterns.
    All panelists agreed that remote sensing technologies are vital to inform agricultural policy across the region. They emphasized the need to transition from academic research to actionable insights that directly inform policy. Panelists also discussed the challenge of securing funding for actionable research – underlining the importance of recognizing the transition required for research to inform operational use. Some countries (e.g., Thailand) have established operational crop monitoring systems, while others (e.g., Vietnam) primarily depend on research projects. Despite progress in Malaysia’s monitoring of oil palm plantations, a comprehensive operational monitoring system is still lacking in many areas. The participants concluded that increased efforts are needed to promote the wider adoption of remote sensing technologies for agricultural and environmental monitoring, with emphasis on developing operational systems that can be integrated into policy and decision-making processes.
    Air Pollution Discussions
    The discussion on air pollution focused on various sources in Southeast Asia, which included both local and transboundary factors. Panelists highlighted that motor vehicles, industrial activities, and power plants are major contributors to pollutants, such as PM2.5, NO2, ozone (O3), and carbon monoxide (CO). Forest fires in Indonesia – particularly from South Sumatra and Riau provinces – are significantly impacting neighboring countries, e.g., Malaysia. A study found that most PM2.5 pollution in Kuala Lumpur originates from Indonesia. During the COVID-19 pandemic, pollution levels dropped sharply due to reduced economic activity; however, data from 2018–2023 shows that PM2.5 levels have returned to pre-pandemic conditions.
    The Indonesian government is actively working to reduce deforestation and emissions, aiming for a 29% reduction by 2030. Indonesia is also participating in carbon markets and receiving international payments for emission reductions. Indonesia’s emissions also stem from energy production, industrial activities, and land-use changes, including peat fires. The Indonesian government reports anthropogenic sources – particularly from the energy sector and industrial activities, forest and peat fires, waste, and agriculture – continue to escalate. While Indonesia is addressing these issues, growing population and energy demands continue to drive pollution levels higher.
    Vietnam and Laos are facing similar challenges related to air pollution – particularly from agricultural residue burning. Both governments are working on expanding air quality monitoring, regulating waste burning, and developing policies to mitigate pollution. Vietnam has been developing provincial air quality management plans and expanding its monitoring network. Laos has seen increased awareness of pollution, accompanied by government measures aimed at restricting burning and improving waste management practices.
    The panelists agreed that collaborative efforts for regional cooperation are essential to address air pollution. This will require collaboration in research and data sharing to inform policy decisions. There is a growing interest in leveraging satellite technology and modeling approaches to enhance air quality forecasting and management. To ensure that research translates into effective policy, communication of scientific findings to policymakers is essential – particularly by clearly communicating complex research concepts in accessible formats. All panelists agreed on the importance of improving governance, transparency, and scientific communication to better translate research into policy actions, highlighting collaborations with international organizations – including NASA – to address air quality issues. While significant challenges related to air pollution persist in Southeast Asia, noteworthy efforts are underway to improve awareness, research, and collaborative governance aimed at enhancing air quality and reducing emissions.
    Conclusion
    The LCLUC–SARI Synthesis meeting fostered collaboration among researchers and provided valuable updates on recent developments in LUCC research, exchange of ideas, integration of new data products, and discussions on emerging science directions. This structured dialogue (particularly the discussions in each session) helped the attendees identify priorities and needs within the LUCC community. All panelists and meeting participants commended the SARI leadership for their proactive role in facilitating collaborations and discussions that promote capacity-building activities across the region. SARI activities have significantly contributed to enhancing the collective ability of countries in South and Southeast Asia to address pressing environmental challenges. The meeting participants emphasized the importance of maintaining and expanding these collaborative efforts, which are crucial for fostering partnerships among governments, research institutions, and local communities. They urged SARI to continue organizing workshops, training sessions, and knowledge-sharing platforms that can equip stakeholders with the necessary skills and resources to tackle environmental issues such as air pollution, deforestation, climate change, and sustainable land management.
    Krishna VadrevuNASA’s Marshall Space Flight Centerkrishna.p.vadrevu@nasa.gov
    Vu TuanVietnam National Science Center, Vietnamvatuan@vnsc.org.vn
    Than NguyenVietnam National University Engineering and Technology, Vietnamthanhntn@vnu.edu.vn
    Son NghiemJet Propulsion Laboratoryson.v.nghiem@jpl.nasa.gov
    Tsuneo MatsunagaNational Institute of Environmental Studies, Japanmatsunag@nies.go.jp
    Garik GutmanNASA Headquartersggutman@nasa.gov
    Christopher JusticeUniversity of Maryland College Parkcjustice@umd.edu

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Speech by SJ at 8th IBA Asia Pacific Regional Forum Biennial Conference (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Secretary for Justice, Mr Paul Lam, SC, at the 8th IBA Asia Pacific Regional Forum Biennial Conference today (February 20): Mr Menzer (Vice-President of the International Bar Association (IBA), Mr Jorg Menzer), Mr Dhillon (Co-Chair of the IBA Asia Pacific Regional Forum Mr Dinesh Dhillon), Mr Liu (Co-Chair of the IBA Asia Pacific Regional Forum Mr David Liu), Winnie (Secretary of the IBA Asia Pacific Regional Forum and co-chair of the conference, Ms Winnie Tam, SC), other friends from the IBA, distinguished guests, ladies and gentlemen,      Good evening. I wish to begin by thanking the organiser, in particular, my good friend Winnie, for inviting me to this dinner. I also wish to congratulate the conference co-chairs and the conference organising committee for hosting this eighth edition of the International Bar Association Asia Pacific Regional Forum Biennial Conference. I was told that more than 360 persons coming from 36 jurisdictions have signed up for the conference. Apart from 20 jurisdictions in the Asia Pacific region (including the Mainland and Hong Kong), we have friends coming from South Asia, Central Asia, Europe, North and South America, as well as Africa.      In 2008, Hong Kong hosted the IBA Asia Pacific Forum with the theme “New focus of international business: Asia, the centre stage”. Time flies. As at today (February 20, 2025), what had been described as the “new focus” back in 2008, 17 years ago has become the “main focus”.      In these circumstances, the theme of this conference is most pertinent, namely “Vibrant Asia – Land of opportunity and promise”. This theme, of course, applies to Hong Kong, being one of the major international cities in Asia. But I wish to be more specific tonight by spending the next 15 minutes or so to convince you why, from the legal perspective, Hong Kong is a land of opportunity and promise.      The short answer is that, as we always say, Hong Kong serves as the “super connector” and “super value-adder” between China and the rest of the world. We perform such roles by making use of our unique strengths and advantages under the principle of “one country, two systems”. One of these unique strengths and advantages is that we have very strong rule of law based on our common law system. You may wonder: there are many jurisdictions in the world including Asia, which practise the common law; what is so special about Hong Kong’s common law system? My answer is that there are at least six key characteristics of our common law system which, when combined together, have rendered our legal system unparalleled.     First, our legal system is very stable. Hong Kong is the only common law jurisdiction in China. The continuation of the common law system is guaranteed by various provisions in the Basic Law which implements the fundamental national policy of “one country, two systems”. It is most significant to note that, in his speech delivered on July 1, 2022, at the celebration of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR), President Xi Jinping made it crystal clear that the principle of “one country, two systems” is a good policy that must be adhered to in the long run. Equally important is that he mentioned the common law twice in his speech. Apart from acknowledging the contribution of the common law to the success of Hong Kong since China’s resumption of sovereignty over Hong Kong on July 1, 1997, he said that “The Central Government fully supports Hong Kong in its effort … to maintain the common law …”. More recently, on December 20, 2024, at the celebration of the 25th anniversary of Macao’s return to the motherland, President Xi repeated that “one country, two systems” is a good system that sustains the long-term prosperity and stability of Hong Kong and Macao. He also pointed out that the values embodied in the principle of “one country, two systems”, namely, peace, inclusiveness, openness and sharing are relevant to not only China but also the whole world.     Second, our legal system is very credible and reliable. In particular, we have an utmost reputable and independent judiciary. The Basic Law provides that our courts shall enjoy the independent power of adjudication and also that our Court of Final Appeal (CFA) shall enjoy the power of final adjudication. There are also express provisions which guarantee judicial independence. For example, judges in Hong Kong are appointed on the recommendation of an independent commission, with the only criteria considered being their judicial and professional quality. Non-permanent judges from other common law jurisdictions of the highest calibre have been invited to sit on our CFA. The most recent appointee, former Chief Justice of the Federal Court of Australia, Mr Justice Allsop, came to Hong Kong last week to hear his first case. The judgments of our courts, in particular those of the CFA, are often cited in other common law jurisdictions. All court hearings, subject to very few exceptions, are conducted openly; and court judgments are always published. These measures enable people to see that judges have in fact discharged their duties independently without any improper interference. A strong piece of evidence, which I will mention with great reluctance, is that in litigation involving the Government, the Secretary for Justice was, on some occasions, not the successful party. The integrity and quality of our judiciary is never in doubt.      Third, our legal system provides a very safe and secure environment. Fundamental human rights and freedoms based on international standards set by the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights, as well as private property rights, are fully protected by Hong Kong law. Our law enforcement agencies and regulatory bodies, such as the Police, the ICAC (Independent Commission Against Corruption), the SFC (Securities and Futures Commission), always enforce the relevant laws strictly and fairly. In this respect, it is very important to note that we have consistently been ranked as one of the least corrupt places in the world. According to the Corruption Perceptions Index 2024 released by Transparency International very recently on February 11, 2025, Hong Kong ranks 17 out of 180 jurisdictions, well ahead of many Western developed countries such as the United States and the United Kingdom.      Fourth, our legal system is very user-friendly. It is the only bilingual common law system using both English and Chinese. This is important because English is the linqua franca of the international business community. Our laws (both substantive and procedural) are aligned with prevailing international practices, and hence are familiar to the international community. For example, our Arbitration Ordinance is based on the United Nations Commission on International Trade Law Model Law. In the latest World Competitiveness Yearbook 2024 published by the International Institute for Management Development in June 2024, Hong Kong ranked first in “Business legislation”.      Furthermore, we strive to update our laws continuously to ensure that they will meet the demand of the latest developments and trends around the world. Let me give two examples. We have just completed a consultation in relation to the proposed amendments to the Copyright Ordinance to cater for the fast development of AI generated works. Second, a draft legislation is now being considered by our Legislative Council which aims at creating a regulatory regime for the issuance and offers of stablecoins.      Fifth, our legal system is well connected to both the Mainland and other parts of the world. With the strong support of the Central Government, Hong Kong has signed nine mutual legal assistance arrangements in civil and commercial matters with the Mainland covering three main areas: first, procedural assistance on, for example, service of judicial documents and taking of evidence; second, arbitration-related assistance; and third, reciprocal recognition and enforcement of civil and commercial judgments. These MLA (mutual legal assistance) arrangements give Hong Kong an advantage that is unavailable in other jurisdictions.      In this respect, it is necessary to mention the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), which consist of nine cities in the Guangdong Province, the HKSAR and the Macao SAR. The population of the GBA has exceeded 86 million; its size is similar to Croatia; its total GDP has already exceeded Australia and is among the top 10 in the world. It is the home of giant tech companies such as Tencent and BYD. Great efforts have been made to harmonise the rules and regulations in the three different legal territories in the GBA. For example, to promote and facilitate the use of mediation to resolve civil and commercial disputes in the GBA, there is now a uniform set of rules on mediation and also a consolidated panel of GBA mediators. Furthermore, important measures have been introduced to give business entities the option to use Hong Kong law in their contracts, and choose Hong Kong as the place for arbitration when they set up their businesses in the GBA. Just last Friday (February 14), the Supreme People’s Court and the Ministry of Justice of the People’s Republic of China announced that Hong Kong-invested enterprises registered in any of the nine Mainland cities in the GBA may choose Hong Kong as the seat of arbitration. And for enterprises registered in Shenzhen or Zhuhai, they may also choose to use Hong Kong law as the governing law of their commercial contracts. These additional options will certainly create more demands and, hence, opportunities for legal practitioners in Hong Kong.      Sixth and lastly, we have very strong legal professionals and dispute resolution institutions with high expertise and vast experience in providing legal and dispute resolution services involving Mainland and international elements. A very important point is that, while most of our lawyers are very good at handling international legal issues, at the same time, they are also proficient in both Chinese and English, and have intimate knowledge of the Chinese culture and business practices. According to the latest statistics updated to February 20, 2025, published by the Law Society of Hong Kong, 299 law firms have overseas offices, and 86 have representative offices in the Mainland. Because of these strong Mainland and international connections, by engaging a Hong Kong lawyer or law firm, the client would in effect be able to obtain a one-stop legal service regarding different jurisdictions.      Our dispute resolution bodies are of course very popular and well regarded worldwide. According to the statistics published by the Hong Kong International Arbitration Centre (HKIAC) (the main arbitral institution in Hong Kong), in 2024, 352 new arbitration cases were submitted to the HKIAC, with the total amount in dispute reaching approximately US$13.6 billion. Both figures represent a record high for the HKIAC. Parties from 53 jurisdictions participated in these arbitrations. In 86 per cent of these cases, at least one of the parties was not from Hong Kong; and in 14.5 per cent of these cases, neither party came from Asia. These figures demonstrate and reinforce Hong Kong’s status as a world class leading and popular international arbitration centre.      As there are many friends from the Mainland and other countries here tonight, I wish to stress that we adopt a very open policy and welcome lawyers from other jurisdictions to practise here in appropriate circumstances. As a matter of fact, there are already 83 foreign law firms and 1 571 foreign registered lawyers practising in Hong Kong. On the other hand, King’s Counsel from England come to Hong Kong from time to time on an ad hoc basis to appear in difficult and complex litigations.      Turning to arbitration, we place no restriction at all on the nationalities or professional qualifications of the parties, legal advisers or arbitrators to participate in arbitral proceedings in Hong Kong. As a further step to facilitate people from other places to take part in arbitrations in Hong Kong, starting from next month, individuals participating in arbitrations in Hong Kong may do so without the need to obtain any employment visa. These individuals include not only to parties to the arbitration, arbitrators and counsel, but also expert and factual witnesses, tribunal secretaries, and tribunal-appointed experts. And it does not matter that the seat of arbitration is indeed somewhere else so long as the arbitral proceedings take place physically in Hong Kong.      While I am very confident that Hong Kong’s legal system is unparalleled, and provides abundant opportunities to legal practitioners from not just Hong Kong but also the Mainland and other parts of the world, we recognise that there is no room for complacency. Therefore, we will spare no effort to further promote Hong Kong as an international legal and dispute resolution services centre as well as a capacity building centre. I am excited to say that the signing ceremony of the international treaty regarding the establishment of the International Organization for Mediation (IoMED) will take place in Hong Kong later this year. The establishment of the IoMED is the result of successful negotiations between China and a number of friendly states. Its headquarters will be located in Hong Kong, and it will be the world’s first intergovernmental international legal organisation dedicated to resolving international disputes of different natures through mediation.      In addition, the Department of Justice established the Hong Kong International Legal Talents Training Academy last November which aims at providing capacity building programmes, organising practical training courses, and international exchange programmes to promote sharing of knowledge and experience among legal talents in the region and beyond.      I think I have said enough, and it is time for you to enjoy your well-deserved dinner. To my dear friends coming from overseas, I do hope that, apart from taking part in this conference, you will have some spare time to explore our wonderful city. Seeing is believing. I am very confident that you will be convinced that Hong Kong has remained to be a very open and vibrant society full of energy, hopes and opportunities, as is always the case.       I wish you all a very pleasant evening. Thank you.

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: 173rd Airborne Brigade, Somali Army train together at Justified Accord

    Source: United States Army

    1 / 2 Show Caption + Hide Caption – A Kenya Defence Forces service member shows U.S. Army paratroopers assigned to Chosen Company, 2nd Battalion, 503rd Parachute Infantry Regiment, 173rd Airborne Brigade, how to use his weapon system during exercise Justified Accord 2025 (JA25) at the Counter Insurgency Terrorism and Stability Operations Center in Nanyuki, Kenya, Feb. 13, 2025. JA25 is the premier U.S. Africa Command (USAFRICOM) exercise in East Africa, designed to enhance multinational combat readiness, strengthen crisis response capabilities and empower allies and partners in the region. Led by U.S. Army Southern European Task Force, Africa (SETAF-AF) and hosted by Kenya, Djibouti and Tanzania, JA25 integrates high-intensity training scenarios that sharpen warfighting skills, increase operational reach and enhance the ability to execute complex joint and multinational operations. The exercise runs from Feb. 10–21, 2025. (Photo Credit: U.S. Army photo by Sgt. Joskanny J. Lua) VIEW ORIGINAL
    2 / 2 Show Caption + Hide Caption – U.S. Army paratroopers assigned to Chosen Company, 2nd Battalion, 503rd Parachute Infantry Regiment, 173rd Airborne Brigade, greet the Somali Danab during exercise Justified Accord 2025 (JA25) at the Counter Insurgency Terrorism and Stability Operations Center in Nanyuki, Kenya, Feb. 13, 2025. JA25 is the premier U.S. Africa Command (USAFRICOM) exercise in East Africa, designed to enhance multinational combat readiness, strengthen crisis response capabilities and empower allies and partners in the region. Led by U.S. Army Southern European Task Force, Africa (SETAF-AF) and hosted by Kenya, Djibouti and Tanzania, JA25 integrates high-intensity training scenarios that sharpen warfighting skills, increase operational reach and enhance the ability to execute complex joint and multinational operations. The exercise runs from Feb. 10–21, 2025. (Photo Credit: U.S. Army photo by Sgt. Joskanny J. Lua) VIEW ORIGINAL

    NAIROBI, Kenya — On the front lines of Somalia’s battle against al-Shabaab, Somali soldiers remain committed to securing their country’s future — and they are not alone.

    Somali Sgt. Mubaarak Abdi Mohamed and Sgt. Hussein Dahir Muhammad, infantrymen with the Somali National Army, trained alongside U.S. Army Soldiers at Justified Accord 2025, a multinational exercise led by U.S. Army Southern European Task Force, Africa. The exercise focuses on strengthening multinational partnerships, enhancing interoperability, and improving regional security capabilities.

    Alongside Somali soldiers in Kenya stand paratroopers with Chosen Company, 2nd Battalion, 503rd Infantry Regiment, 173rd Airborne Brigade, who are helping improve partner force readiness. The exercise, hosted by Kenya, brings together 15 nations, including regional partners like the Kenya Defence Forces and the Tanzania People’s Defence Force, to sharpen crisis response and security cooperation efforts.

    U.S. Army paratroopers assigned to Chosen Company, 2nd Battalion, 503rd Parachute Infantry Regiment, 173rd Airborne Brigade, greet the Somali Danab during exercise Justified Accord 2025 (JA25) at the Counter Insurgency Terrorism and Stability Operations Center in Nanyuki, Kenya, Feb. 13, 2025. JA25 is the premier U.S. Africa Command (USAFRICOM) exercise in East Africa, designed to enhance multinational combat readiness, strengthen crisis response capabilities and empower allies and partners in the region. Led by U.S. Army Southern European Task Force, Africa (SETAF-AF) and hosted by Kenya, Djibouti and Tanzania, JA25 integrates high-intensity training scenarios that sharpen warfighting skills, increase operational reach and enhance the ability to execute complex joint and multinational operations. The exercise runs from Feb. 10–21, 2025. (Photo Credit: U.S. Army photo by Sgt. Joskanny J. Lua)
    U.S. Army paratroopers assigned to Chosen Company, 2nd Battalion, 503rd Parachute Infantry Regiment, 173rd Airborne Brigade, join the Kenya Defence Forces and Somali Danab in a mass formation during exercise Justified Accord 2025 (JA25) at the Counter Insurgency Terrorism and Stability Operations center in Nanyuki, Kenya, Feb. 13, 2025. JA25 is the premier U.S. Africa Command (USAFRICOM) exercise in East Africa, designed to enhance multinational combat readiness, strengthen crisis response capabilities and empower allies and partners in the region. Led by U.S. Army Southern European Task Force, Africa (SETAF-AF) and hosted by Kenya, Djibouti and Tanzania, JA25 integrates high-intensity training scenarios that sharpen warfighting skills, increase operational reach and enhance the ability to execute complex joint and multinational operations. The exercise runs from Feb. 10–21, 2025. (Photo Credit: U.S. Army photo by Sgt. Joskanny J. Lua) VIEW ORIGINAL

    While Somalia continues its fight against terrorism, exercises like Justified Accord 25 allow Somali Danab forces to train alongside international partners, enhancing their capabilities through scenario-based drills and multinational coordination.

    As part of the exercise, forces from across Europe, Africa, and North America will participate in a culminating field training scenario, focused on crisis response and multinational cooperation. Training includes urban operations, joint maneuver tactics, and security force coordination — critical skills for ensuring stability in East Africa.

    “They [the U.S.] always give us their precious time,” Hussein Dahir said. “It is nice.”

    Running from Feb. 10–21, Justified Accord 25 reinforces the long-standing partnerships between the U.S., African nations, and allied forces. The 173rd Airborne Brigade’s participation underscores the U.S. Army’s commitment to supporting African partners in strengthening security and regional stability.

    MIL OSI USA News –

  • MIL-OSI NGOs: USA: Government has ‘completely gutted’ the right to seek asylum at US-Mexico border – new research

    Source: Amnesty International –

    Unaccompanied minors stranded without way to seek help or safety

    Crucial organisations at border face crisis from Trump’s USAID freeze

    ‘The right to seek asylum simply does not exist at the border and vulnerable people are stranded’ – Amy Fischer

    Amnesty International has found that the right to seek asylum in the United States is non-existent at the US-Mexico border, in violation of its national and international human rights obligations.

    The 24-page briefing – Lives in Limbo: Devastating Impacts of Trump’s Migration and Asylum Policies – outlines the US government’s complete gutting of the right to seek asylum at its border with Mexico, providing virtually no way for people seeking safety to go through the legal process. According to US immigration law, people seeking asylum must apply at a port of entry.

    The research finds that while the mandatory use of the US Customs and Border Protection One App to seek asylum was unlawful, ending its use has left tens of thousands of people stranded in Mexico with nowhere to go – even unaccompanied minors are stuck without a way to seek safety.  

    Without CPB One appointments, people are trapped in risky and precarious circumstances on the southern side of the border, which is especially dangerous for Mexicans seeking asylum.

    Amnesty conducted interviews at the border between 3-9 February with dozens of people who were seeking safety in the US, documenting their treatment, and the impact of the change in border policies (see testimonies in the briefing).

    Along with targeted US Immigration and Customs Enforcement across the country, the Trump administration has dismantled the US Refugee Admissions Program and ended rights enshrined in the US Constitution including birthright citizenship, along with advocating other anticipated actions rooted in racism and white supremacy.

    Amy Fischer, Amnesty International USA’s Refugee and Migrant Rights Program Director, said:

    “The Trump administration has made the US-Mexico border a zone that is overtly hostile to human rights and displays utter disregard for the humanity and dignity of people on the move.

    “The right to seek asylum simply does not exist at the border and vulnerable people are stranded with border organisations—who themselves could now be subject to retaliation and criminalisation from the US government— struggling to prevent an even bigger humanitarian disaster.”

    The research’s alarming findings stem from the Trump administration’s executive actions and the increased militarisation of the border by the Mexican government.

    Impact of freezing crucial aid

    Lives in Limbo has been launched in the broader context of the Trump administration’s stripping of funding for crucial humanitarian organisations working at the border that received money from USAID and other government programmes whose funding is now frozen.

    Humanitarian and immigration organisations that operate on the border to provide shelter, legal help, and humanitarian care to people seeking safety are also now facing a crisis as they are left with no financial means to continue to operate and carry on their life-saving work.

    Mary Kapron, Amnesty International’s Researcher, said:

    “Shelters at the border struggle to tell children that they have no options left.

    “Many of the kids barely understand what is happening to them in the first place. And those who do are left with an impossible decision: either go back to where they fled and understand that they may not survive or put their lives in the hands of traffickers.”

    Mexican increases border militarisation 

    In Mexico, the Government sent 10,000 new members of the Mexican military deepening the militarisation at the border, fuelling a climate of fear, and leading to mass detention and deportation.

    Amnesty continues to call on the US to urgently adopt solutions that abide by human rights obligations and stop playing politics and stoking fear with people’s lives to facilitate the adoption of increasingly draconian border and immigration policies that violate the human rights of people seeking safety, fuel violence against Black, brown, and Indigenous communities, and exacerbate the dysfunction of an already-beleaguered immigration system. 

    The organisation also calls on the Mexican government to cease collaboration with the US on harmful immigration policies and immediately implement measures to ensure the safety and security of people seeking asylum who are transiting through Mexico.

    MIL OSI NGO –

  • MIL-OSI: NorthEast Community Bancorp, Inc. Announces Date of 2025 Annual Meeting of Stockholders

    Source: GlobeNewswire (MIL-OSI)

    WHITE PLAINS, N.Y., Feb. 20, 2025 (GLOBE NEWSWIRE) — NorthEast Community Bancorp, Inc. (Nasdaq: NECB) (the “Company”), the holding company for NorthEast Community Bank, today announced that its annual meeting of stockholders will be held on Thursday, May 22, 2025.

    About NorthEast Community Bancorp

    NorthEast Community Bancorp, headquartered at 325 Hamilton Avenue, White Plains, New York 10601, is the holding company for NorthEast Community Bank, which conducts business through its eleven branch offices located in Bronx, New York, Orange, Rockland, and Sullivan Counties in New York and Essex, Middlesex, and Norfolk Counties in Massachusetts and three loan production offices located in New City, New York, White Plains, New York, and Danvers, Massachusetts. For more information about NorthEast Community Bancorp and NorthEast Community Bank, please visit www.necb.com.

    Forward Looking Statement

    This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include, but are not limited to, changes in market interest rates, regional and national economic conditions (including higher inflation and its impact on regional and national economic conditions), the effect of the COVID-19 pandemic (including its impact on NorthEast Community Bank’s business operations and credit quality, on our customers and their ability to repay their loan obligations and on general economic and financial market conditions), legislative and regulatory changes, monetary and fiscal policies of the United States government, including policies of the United States Treasury and the Federal Reserve Board, the quality and composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in NorthEast Community Bank’s market area, changes in the real estate market values in NorthEast Community Bank’s market area and changes in relevant accounting principles and guidelines. Additionally, other risks and uncertainties may be described in our annual and quarterly reports filed with the U.S. Securities and Exchange Commission (the “SEC”), which are available through the SEC’s website located at www.sec.gov. These risks and uncertainties should be considered in evaluating any forward-looking statements and undue reliance should not be placed on such statements. Except as required by applicable law or regulation, the Company does not undertake, and specifically disclaims any obligation, to release publicly the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

    CONTACT:      Kenneth A. Martinek
    Chairman and Chief Executive Officer
         
    PHONE:   (914) 684-2500
         

    The MIL Network –

  • MIL-OSI: Security Federal Announces Cash Dividend Increase

    Source: GlobeNewswire (MIL-OSI)

    AIKEN, S.C., Feb. 20, 2025 (GLOBE NEWSWIRE) — Security Federal Corporation, parent company of Security Federal Bank, is pleased to announce that a quarterly dividend of $0.15 per share will be paid on or about March 15, 2025, to shareholders of record as of February 28. 2025. This increased dividend represents an increase of $0.01, or 7.1%, over the previous regular quarterly dividend.   

    This is the one hundred thirty-seventh consecutive quarterly dividend to shareholders since the Bank’s conversion in October of 1987 from a mutual to a stock form of ownership. The dividend was declared as a result of the Bank’s continued profitability.

    Security Federal Bank has nineteen full-service branch locations in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank, and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

    Security Federal Corporation common stock is traded on the Over-the-Counter Bulletin Board under the symbol SFDL.

    The MIL Network –

  • MIL-OSI Economics: Announcing the 2025 Imagine Cup Semifinalists

    Source: Microsoft

    Headline: Announcing the 2025 Imagine Cup Semifinalists

    We’re excited to announce the next phase of the 2025 Imagine Cup – meet the startups who were selected to advance to the Semifinals! These student founders are the future, and their innovative ideas are sure to capture your interest and perhaps spark your own new idea.

    The semifinalists will receive advice and guidance through personalized mentorship and additional benefits within Microsoft for Startups Founders Hub to help further develop their idea and solution as they prepare for the next round of the competition. A panel of judges (including AI experts, startup founders, and venture capitalists – meet them here!) will select the top three startups. These startups will advance to World Championship, competing for the ultimate prize of $100,000 USD1 and a mentorship session with Microsoft Chairman and CEO, Satya Nadella! The two runners-up will each receive $25,000 USD1.

    Inspired by the ideas below? Apply to Microsoft for Startups Founders Hub to begin launching your own startup today. Access free industry-leading AI, credits with fewer restrictions, and tools to scale quickly.

    Congratulations to the semifinalists! (listed in alphabetical order):

    ADA.AI, Indonesia

    ADA.AI is an accessible AI-driven job-matching platform that empowers job seekers with disabilities through inclusive hiring and career tools like CV Maker and Career Tree. It addresses corporate social responsibility (CSR) goals for human resources, ensuring seamless and equitable opportunities for all.

    Argus, United States

    Argus is a two-part device that empowers independence for visually impaired individuals by responding to questions about the world around them, aiding with tasks like object identification, facial recognition, and navigation.

    BaharMar, United States

    BaharMar automates the sorting and inspection of juvenile fish in hatcheries and RAS farms using AI-powered computer vision and synchronized hardware. Achieving over 90% accuracy, it reduces labor demands, improves fish health, and enhances profitability. Focused on sustainability, it helps farms scale operations to meet rising global seafood demand.

    Cognify, United Arab Emirates

    Cognify is an AI study app that helps students with ADHD study effectively by generating concise and interactive lessons from their own study materials. It uses eye-tracking technology to alert them when they get distracted.

    DaNang Speech, Vietnam

    DaNang Speech provides a comprehensive Vietnamese language dictionary equipped with advanced mispronunciation detection capabilities. By leveraging speech recognition and artificial intelligence technologies, it offers seamless API integration to facilitate pronunciation improvement for children, students, and foreign language learners.

    FuiZion KrEw, United Arab Emirates

    FuiZion KrEw’s product Lexy is an AI-powered reading assistant that makes text accessible for people with dyslexia through personalized content adaptation, smart remixing, and real-time feedback.

    HairMatch, United States

    HairMatch is an AI-powered hair analysis app for finding natural haircare products, personalizing hair care. It allows women to scan their curly hair and receive product recommendations.

    Handify.AI, France

    Handify is an AI-powered robotic assistant for disabled individuals and the elderly. It combines a voice-controlled arm and advanced Large Language Model (LLM) to perform tasks, offer real-time analysis, and enhance independence—all at an affordable price.

    Intratalent, United States

    Intratalent is an AI-powered resume screener by analyzing resumes, GitHub, and research papers. It integrates with existing application tracking systems, ranks top candidates, and reduces time-to-screen by 10x for medium-to-large enterprises, offering deeper contextual matching and transparent rationale for every recommendation.

    Koel Labs, United States

    Koel Labs provides personalized, actionable, real-time pronunciation feedback through entertaining movie-clips and television shows for the 50% of foreign speakers struggling with their accent every day.

    MariTest, United Kingdom

    MariTest is an AI-powered, non-invasive malaria diagnostic device. It detects malaria using a paramagnetic signature, making it portable and user-friendly. The device provides real-time diagnosis and data transfer without needing blood samples, labs, or skilled healthcare workers, ideal for remote areas.

    MediSmart, Saudi Arabia

    MediSmart is a medication reminder application utilizing AI technology. Its goal is to enhance medication adherence through personalized reminders and integrated user support, improving health outcomes and reducing medical costs.

    Omniglot, Vietnam

    Omniglot is an AI-powered translation tool designed to deliver a seamless and efficient workflow. It combining user-adapted style, cloud-based convenience, and Azure AI-backed privacy, specifically tailored for freelance translators and independent publishers.

    RSL, Saudi Arabia

    RSL is an AI-powered autism screening system using a social robot that engages children with gamified activities while analyzing speech, behavior, and emotions. It provides accurate diagnostics, improving accessibility and efficiency for therapists.

    Sabana, United States

    Sabana is an AI-driven data management platform designed to simplify how architects and engineers manage, document, and collaborate on product selections and construction specifications.

    Signvrse, Rwanda

    Signvrse is an AI-powered platform bridging communication gaps between the Deaf and hearing communities. Its tool, Terp, uses lifelike avatars to translate spoken languages into sign language, fostering inclusivity and accessibility on a global scale.

    Smart Grade AI, Pakistan

    Smart Grade AI automates manual grading with AI-driven essay evaluation, providing instant feedback and analytics to save educators time and improve student outcomes.

    ToolDetective, Brazil

    ToolDetective provides predictive maintenance for the manufacturing industry by checking metal cutting tool wear during each cycle of machining. It using computer vision based on deep learning algorithms to segment the wear on the image and increase the tool’s lifetime.

    Verse, United States

    Verse uses AI to provide assignable, voice-based conversations that encourage critical thinking and active learning. It supports over 50 languages and helps prevent plagiarism and AI misuse. Ideal for educators, Verse offers real-time, interactive assignments that promote deeper thinking and accommodate diverse learning styles.

    Stay tuned and follow us on X, Instagram, LinkedIn, and Facebook for exciting announcements and the latest updates.

    1Open only to enrolled high-school or college/university students 18+. For additional eligibility criteria, round start/end dates, and detailed instructions on how to participate, see the Imagine Cup Official Rules and Regulations.

    MIL OSI Economics –

  • MIL-OSI Economics: Microsoft at Legalweek: Help safeguard your AI future with Microsoft Purview​

    Source: Microsoft

    Headline: Microsoft at Legalweek: Help safeguard your AI future with Microsoft Purview​

    Generative AI is reshaping almost every industry and the legal field is no different. A Thompson Reuters Institute study of legal professionals found “a remarkable 79% of law firm respondents anticipate AI will have a high or transformational impact on their work within the next five years—a significant 10-point increase from 2023.”1 There are many promising opportunities to streamline workflows and drive efficiency by bringing AI into legal and litigation workflows. Simultaneously, there’s a need to ensure data compliance, security, governance, and privacy while deploying AI throughout your organization.  

    Learn more about Microsoft Security.

    Microsoft is continuously innovating, empowering people and organizations to achieve more, and Microsoft Purview is a key part of that mission. New advanced capabilities in Microsoft Purview eDiscovery make it easier to safeguard and manage compliance of data. eDiscovery allows you to easily search, collect, and review AI-based interactions across more than 25 AI applications. It also uses advanced AI capabilities to streamline eDiscovery workflows—from natural language queries for more intuitive searching to automatic case summarization for a quick snapshot of key insights. And more powerful AI-driven features are on the horizon to further accelerate and simplify the eDiscovery process. 

    We are excited to share more about new developments across Microsoft Security at Legalweek 2025. If you are attending the conference in New York City from March 24 to March 27, 2025, we’d love to connect. Read on for an overview of our sessions. And request to attend our Executive Breakfast on Tuesday, March 25, 2025, from 7:30am–8:45am (ET) at the Mercury Ballroom, New York Hilton Midtown, to learn how to protect Microsoft 365 Copilot with Microsoft Purview as well as our latest developments in eDiscovery.  

    Mark your calendar for these Legalweek sessions 

    At Legalweek 2025, we will have experts from Microsoft and the legal field to offer insights into the latest cybersecurity challenges facing the legal sector as well as strategies to tackle these pressing issues. 

    Session Title Speakers Session Date and Time Session Description
    Trustworthy AI: Helping to ensure privacy and security in AI transformation​  Katelyn Rothney, Senior Product Marketing Manager, Microsoft Azure AI; Ashley Pusey, Cyber Security and Data Privacy Associate, Kennedy’s CMP LLP; Rebecca Engrav, co-chair of the AI industry group at Perkins Coie; and John Israel, Global AI Security and Data Security Lead, KPMG.  Tuesday, March 25, 2025, 11:30 AM–12:30 PM​ Eastern Time (ET)  This session will delve into the complex interplay between AI innovation and data protection, exploring the necessary frameworks for designing AI solutions that prioritize transparency, integrity, and accountability. Learn the security and privacy risks inherent in AI adoption and how to mitigate them. 
    Global compliance deep dive: Mastering the EU AI Act and international data regulations Manny Sahota, Director of Global Cloud Privacy, Regulatory Risk, and Compliance, Microsoft; Dajin Li, Partner, Taylor Wessing; Jennifer Driscoll, Partner, Robinson Cole; Jessica Long, Vice President, Head of Legal, Chief Privacy Officer, Allstate Canada; and Patrick J. Austin, Of Counsel, Woods Rogers.​  Tuesday, March 25, 2025, 2:00 PM–3:00 PM​ (ET)  Navigate the complexities of global data compliance and learn how to stay ahead of regulatory requirements with an in-depth analysis of the EU AI Act and other key international regulations. Learn how to harmonize compliance strategies across different jurisdictions, overcome regulatory challenges, and future-proof your organization’s data governance framework. 
    Collaboration in complex litigation: Streamlining team communication and document sharing  EJ Bastien, Sr. Director, Discovery Programs, Microsoft; Lindsey Lanier, Director, Product Management, Relativity; Candi Smith, eDiscovery Analyst, Disney; Scott Milner, Partner & Global Practice Group Leader of eData, Morgan, Lewis & Bockius LLP; and Greg Buckles, Market Analyst–Press, eDiscovery Journal. Tuesday, March 25, 2025, 3:30 PM–4:30PM (ET)  Explore how legal teams can streamline document sharing and optimize communication workflows to keep all stakeholders connected and informed. Learn how to simplify case management, enhance team collaboration, and make information easily accessible—even in hybrid work environments. 
    Navigating the AI revolution: Strategic insights and innovations​  Jessica Escalera, Head of Legal Operations, Americas at HSBC; Nicole Langston, Head of eDiscovery, Counsel for Barclays; Nisha Narasimhan, Principal Product Manager, Microsoft; and Robert Keeling, Partner, Redgrave LLP Wednesday, March 26, 2025, 11:30 AM–12:30PM (ET)  This forward-looking panel discussion delves into how you can use cutting-edge products to steer your AI journey effectively. Join industry experts as they share insights on strategic approaches, address common challenges, and highlight the latest AI innovations.  

    Connect with Microsoft at Legalweek 

    If you seek strategies for safeguarding and managing the compliance of your data and AI applications, check out one or more of our sessions at Legalweek. Throughout the conference, you can also interact with our Microsoft experts directly in a few ways: 

    • Stop by Booth #3103 in New York Hilton Midtown Americas Hall 2 to learn how Microsoft solutions can address your challenges. 
    • Request to attend the Executive Breakfast on Tuesday, March 25, 2025 from 7:30am – 8:45am ET at Mercury Ballroom, New York Hilton Midtown.
    • Request dedicated time with our experts, who will be available in meeting rooms at 1700 Broadway, between 9:00 AM – 6:00 PM ET, Monday, March 24, 2025, through Thursday, March 27, 2025. We’d love to connect. Hope to see you there! 

    Connect with members of the Microsoft Intelligent Security Association  

    At Microsoft we truly believe security is a team sport. And we are thrilled to welcome three of our strategic Microsoft Intelligent Security Association (MISA) members to demonstrate their solutions at the Microsoft booth. Join Epiq Global, Lighthouse, and Relativity as they share their expertise and discuss how their solutions—together with Microsoft technology—are helping our mutual customers secure their data efficiently in the age of AI. 

    • Epiq Global: Tuesday, March 25, 2025, 12:00 – 2:00 PM ET 
    • Lighthouse: Wednesday, March 26, 2025, 2:30 – 4:30 PM ET 
    • Relativity: Thursday, March 27, 2025, 10:00 AM – 12:00 PM ET 

    Read more about MISA and membership benefits. 

    Learn more about Microsoft Security solutions

    To help your organization efficiently respond to legal matters or internal investigations with intelligent capabilities that reduce data to only what’s relevant, learn more about Microsoft Purview eDiscovery. 

    Learn how to accelerate the secure adoption of AI with ready-to-go security and governance tools built for generative AI at The Microsoft at RSAC experience. From our signature Pre-Day to demos and networking, discover how Microsoft Security can give you the advantage you need in the era of AI. 

    To learn more about Microsoft Security, visit our website.

     Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity. 

    Sources:

     1 The Future of Professionals: How AI is impacting the legal profession | Legal Blog 

    MIL OSI Economics –

  • MIL-Evening Report: Australia wants zero road deaths by 2050 – but there’s a major hurdle

    Source: The Conversation (Au and NZ) – By Ali Soltani, Mid-Career Researcher, College of Medicine and Public Health, Flinders University

    Branislav Cerven/Shutterstock

    In the past 12 months, more than 1,300 people have died on Australia’s roads. In January alone, there were 114 road deaths in Australia – roughly 20% more than the average for that month over the previous five years.

    Our new study projects these tragedies are set to continue over the next 25 years, despite a commitment by Australian governments to achieving zero deaths on the nation’s roads by 2050.

    Published in the journal Injury, our study uses a modelling tool to forecast the number of road fatalities in 2030, 2040 and 2050. Importantly, it also identifies the people and regions at higher risks, which provides an opportunity for taking a more nuanced and targeted approach to road safety.

    Clear trends

    Improved vehicle safety technology, stricter traffic laws and public awareness campaigns have led to a significant drop in the number of road deaths over the past several decades in Australia. But tragically, the number of people dying on Australia’s roads is still high.

    The data reveal some clear trends. For example, weekdays see fewer fatalities, likely due to routine commuting and lower-risk behaviours. On the other hand, weekends, particularly Saturdays, experience spikes linked to alcohol consumption and more social travel.

    December emerges as the deadliest month. This is likely driven by holiday travel surges, with secondary peaks in March and October tied to school holidays and seasonal weather changes that affect road conditions.

    Geographic disparities further complicate the picture. Urban centres in New South Wales and Victoria such as Sydney and Melbourne account for 35% to 40% of fatalities, in part because of dense traffic volumes, complex intersections and pedestrian-heavy zones.

    In contrast, rural and remote areas, though less congested, have more severe road accidents because of inadequate road infrastructure and higher speed limits. For example, the Northern Territory, with vast stretches of high-speed highways, records the highest fatality rate, while the Australian Capital Territory, with its urban planning emphasis on safety, reports the lowest.

    Speed zones of 51–80 km/h are particularly lethal for vulnerable road users such as pedestrians, cyclists and motorcyclists. This underscores the crucial role of speed management in urban and rural areas alike.

    Demographic risks also remain entrenched. For example, men constitute more than 70% of fatalities – in part because they are more likely to engage in risky behaviour such as speeding and drunk driving. Young drivers (17–25 years) and middle-aged adults (40–64 years) are also over-represented due to a combination of inexperience, overconfidence and high mileage.

    In good news, child fatalities (0–16 years) have sharply declined. This reflects the success of targeted measures like child seat laws and school zone safety campaigns.

    High speed limits increase the risk of severe road accidents.
    BJP7images/Shutterstock

    35 years of data

    To forecast these trends over the next 25 years, our new study used a modelling tool called Prophet developed by tech company Meta.

    We fed 35 years of road data – from 1989 to 2024 – into the model. This data came from Australia’s Bureau of Infrastructure, Transport and Regional Economics. It incorporated variables such as road user type, age, gender, speed limits and geographic location.

    To refine predictions, we also incorporated public holidays such as Christmas and Easter.

    Prophet outperformed other models we tested, including SARIMA and ETS. It did a better job at modelling past changes in road safety. And it especially excelled at handling non-linear trends, multiple seasonal patterns (daily, weekly, yearly) and the effects of holiday periods.

    An unmet target

    The findings of the study are cause for some cautious optimism.

    Overall, by 2050 fatalities are expected to decline. But Australia’s ambitious zero fatality target by the middle of the century will remain unmet.

    The modelling indicates annual male fatalities will drop from 855 in 2030 to 798 in 2050, while female fatalities will plummet from 229 to 92.

    There will also be a drop in the number of child fatalities – from 37 in 2030 to just two in 2050. But the model shows a troubling rise of the number of older drivers (over 65) dying on Australia’s roads – from 273 in 2030 to 301 in 2050. This reflects Australia’s ageing population, with more people expected to have both reduced mobility and reduced reflexes.

    Motorcyclist fatalities buck the overall trend, rising from 229 in 2030 to 253 in 2050. This signals urgent needs for dedicated lanes and better rider education.

    Regionally, Queensland and the Northern Territory lag due to rural road risks. Urban areas with speed limits lower than 80 km/h show steadier declines.

    Motorcyclist fatalities are expected to rise from 229 in 2030 to 253 in 2050.
    FotoDax/Shutterstock

    A shared priority

    Based on these findings, our study provides several recommendations to mitigate the risk of death on Australia’s roads.

    Speed management: enforce dynamic speed limits in high-risk zones such as school areas and holiday corridors, and expand 80 km/h zones on rural highways.

    Targeted campaigns: launch gender-specific safety initiatives for men (for example, anti-speeding programs) and age-focused interventions, such as mandatory refresher courses for drivers over 65.

    Infrastructure upgrades: invest in rural road safety such as median barriers and better signage, as well as dedicated cyclist pathways.

    Technology integration: accelerate the adoption of autonomous vehicles to reduce crashes caused by human error and risky behaviours, and pilot artificial intelligence-driven traffic systems for real-time hazard detection.

    Expand public transport: subsidise off-peak travel and rural transit networks to reduce how much people – particularly high-risk groups – depend on car travel.

    Better enforcement: strengthen weekend and nighttime policing of roads and deploy more mobile speed cameras during peak holiday periods.

    By following these recommendations, Australia can move closer to its vision of safer roads. Our findings underscore that sustained progress demands not only rigorous policy, but also community engagement.

    Ali Soltani has received funding from the Flinders Foundation, the National Road Safety Action Grant (NRSAGP), and the Lifetime Support Authority Grant in 2024. He is also a FIAS (French Institute of Advanced Studies) Fellow, Le Studium, under the Marie Curie Actions of the European Commission (2024–25). Additionally, he has affiliations with the Planning Institute of Australia, SA Branch, and has received multiple research and travel grants.

    – ref. Australia wants zero road deaths by 2050 – but there’s a major hurdle – https://theconversation.com/australia-wants-zero-road-deaths-by-2050-but-theres-a-major-hurdle-250371

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Barr, Risks and Challenges for Bank Regulation and Supervision

    Source: US State of New York Federal Reserve

    Banks play an indispensable role in an economy that works for everyone.1 They enable households to borrow to buy a home, save for the future, and deal with the ups and downs of managing finances. Banks provide the credit for businesses to smooth out income and expenses, supply capital to seize new opportunities and create jobs, and facilitate the flow of payments that are the lifeblood of our economy. And banks borrow from households and businesses as well, such as through federally insured deposits. Because of these vital roles, we need to make sure that banks are resilient and serve as a source of strength to the economy in both good times and when the financial system comes under stress. In our market economy, like any business, banks compete with each other and pursue profits by balancing risk-taking with safety and soundness. But because of the key role banks play in the economy, and the fact that banks do not fully internalize the costs of their own failure, regulation and supervision must ensure that banks do not take on excessive risks that can cause widespread harm to households and businesses.
    Bank failures are as old as banking, and we’ve seen repeated waves of bank failures over the centuries. America learned that hard lesson nearly 100 years ago, when bank failures played a central role in the Great Depression. In response, the United States—and many other countries around the globe—set up a system of deposit insurance and enabled emergency lending in times of stress. To balance the moral hazard of the federal safety net, Congress established a framework of regulation and supervision to make it more likely that banks internalize the costs to society of their risk-taking.
    But finance is always evolving, and the buildup of new risks led to the banking crisis of the 1980s, and then to the Global Financial Crisis, with devastating consequences. Weaknesses that were revealed in regulation and supervision led to unprecedented and unpopular bailouts, and shuttered American businesses, devastated local communities with foreclosures, and millions of individuals lost their jobs and their livelihoods. Government responded in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and in regulatory reforms by significantly strengthening bank oversight to curb excessive risk-taking. The message from the American people was clear: risk-taking must be balanced with the overarching need to maintain a resilient banking system that can continue to play its crucial role for households and businesses in good times and in bad.
    Another, perennial lesson from the history of bank regulation and supervision is that the job is never done, and that the constant evolution of finance means risks will also evolve. As Vice Chair for Supervision, I have recognized the need to approach this mission with humility, aware that I don’t have all the answers or perfect foresight of where things can go wrong. Both regulators and banks are limited in our ability to comprehensively identify and measure risks. Our financial system is complex, interconnected, and evolving. We cannot fully appreciate how a specific vulnerability can interact with other vulnerabilities to amplify and propagate risk in the face of shocks, let alone accurately anticipate shocks in time to avoid them.
    When I became Vice Chair for Supervision in July 2022, the Global Financial Crisis was almost 15 years past, and much had been done to strengthen the resilience of the system to reflect lessons learned. But in March 2023, we experienced the second largest bank failure in history, Silicon Valley Bank (SVB), and the subsequent failures of Signature Bank and First Republic Bank. SVB’s failure triggered stress throughout the system and required the issuance of a systemic risk exemption and the creation of an emergency bank lending program.2 We have made some progress toward addressing the gaps that led to the failures. But there will be headwinds that we must guard against in the coming years, as well as ongoing vulnerabilities and areas of risk that require continued vigilance.
    Earlier this year, I announced I would step down as Vice Chair for Supervision but remain a member of the Board of Governors. It has been an honor and a privilege to serve as vice chair for supervision, and to work with colleagues to help maintain the stability and strength of the U.S. financial system so that it can meet the needs of households and businesses. I’ve determined that I would be more effective in serving the American people from my role as governor. In this role, I’ll continue to participate in monetary policy deliberations and vote on matters before the Board, including those related to supervision and regulation.
    While it was a tough decision to make, I believe it was the right decision for the institution and, more importantly, for the public, whom we serve. The risk of a dispute over my position would be a distraction from our important mission. I feel strongly—as Chair Powell has said publicly many times—that the independence of the Federal Reserve is critical to our ability to meet our statutory mandates and serve the American public. Put simply, our mission is too important to let such a dispute distract from doing our job for the American people.
    Since my term for Vice Chair for Supervision will end later this month, I’d like to use one of my last opportunities as Vice Chair to discuss seven specific risks ahead: (1) maintaining and finishing post-financial crisis reforms; (2) maintaining the credibility of the stress test; (3) maintaining credible, consistent supervision; (4) encouraging responsible innovation; (5) addressing cyber and third-party risk; (6) risks in the nonbank sector; and (7) climate risk. Each will continue to be a risk in either the near- or long-term.
    Maintaining and Finishing Post-Financial Crisis ReformsThere is always push back on financial regulation. I felt that even in the wake of the Global Financial Crisis, as I helped to draft the legislative response to that crisis, the Dodd-Frank Act.3 And I felt that over the last few years as we worked to finish the job of post-crisis financial reform and take up evolving threats revealed from the latest bank stress. It is important to get the balance right, but it is also important to stand up for the American people.
    I urge regulators to finish the job of implementing the final plank of the Global Financial Crisis reforms—and not to dismantle the hard-fought resilience that banks have built up in the process. Of course, there are always ways to increase efficiency and reform prior methods without costs to resiliency, and I support those efforts. But as I’ve spoken about many times, capital is critical to absorb losses and enable banks to continue operations through times of stress, and capital requirements should be aligned with the risks that banks take.4 The Basel III endgame reforms include many improvements to how we measure credit, trading, operational, and derivatives risks in light of our experience in the Global Financial Crisis. All major jurisdictions except the United States have finalized rules that would implement these standards for their internationally active banks.
    The Federal Reserve played a central role in developing these standards in the many years before my arrival as Vice Chair. The Board sought comment on a proposal in July 2023 to implement the Basel III reforms, and we received a wide range of comments on the proposal.5 On the basis of those comments, I took steps last fall to outline broad and material changes that would better balance the benefits and costs of capital in light of comments received and would result in a capital framework that appropriately reflects the risks of banks.6 These reforms had broad consensus on the Board and the support of the heads of the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation.
    When the U.S. provides leadership in international forums like Basel and then follows through, we set a powerful example and establish a standard that other jurisdictions also uphold. Implementing international standards enables U.S. firms to compete on a level playing field across the globe and makes the system safer. When we don’t follow through on our commitments, for whatever reason, concerns about a level playing field rise in other jurisdictions, in an international “race to the bottom” on standards. This harms us all and makes U.S. banks less competitive. And unless the U.S. implements these standards, other jurisdictions will force U.S. banks operating abroad to meet their standards instead.
    Let me turn to unfinished business from the March 2023 banking stress. In that event, we learned that bank runs and bank failures can happen fast, much faster than before. Before SVB, the largest bank to fail did so over a period of several weeks. The deposit losses experienced by SVB were much greater in both relative and absolute terms, and they occurred in less than 24 hours.7
    Over the past two years, the Federal Reserve has worked with banks to improve their ability to borrow from the discount window, and the financial system’s collective readiness has improved significantly compared to pre-SVB, including with a substantial increase of $1 trillion in collateral pledged across the system.8 The Federal Reserve has also worked to improve the functioning of the discount window, through a concerted effort to gather public input and identify areas for modernization. These efforts have improved the ability of banks to weather stress, both individually and collectively, which enhances financial stability.
    However, there is still more work to do. For instance, banks, even the largest banks, are not currently required to establish a minimum level of readiness at the window, and, as a result, there are outlier firms that are not prepared for stress. This needs to change. Without a requirement there is also a significant risk of backtracking on the substantial progress in readiness we have made since March 2023.
    Another important lesson from SVB is a classic one: balance sheet vulnerabilities among a group of institutions can be a source of contagion for the financial system and thus a key stability risk. While we did much to improve the resilience of global systemically important banks (G-SIBs) in the past decade, March 2023 showed that significant systemic risks can develop and spread from stress anywhere in the system, including in large and regional banks that are not G-SIBs.9
    The resilience of these firms has improved as they have recognized their vulnerabilities, and we have worked through supervisory channels to encourage risk-management practices that put them on a firmer footing. But we also need to put in place more durable solutions to address risks. For one, the level of capital held by large banks needs to align with the underlying risks on their balance sheets. One important step would be to finalize the requirement that all large firms reflect unrealized losses on available for sale securities in their capital, which is a reform with broad agreement. This will help them manage interest rate risk before it gets to extreme levels, a significant problem revealed in the banking stress of two years ago.
    Another lesson from the spring of 2023 is that large and regional banks—as well as G-SIBs—should ensure that they can actually monetize the securities on which they rely for their liquidity. Why does this matter? Banks need to be able to turn a portion of their assets into cash with a speed sufficient to meet outflows when uninsured depositors or other short-term creditors demand it. Regulation needs to reflect realistic assumptions about monetization.
    We should also consider updating some assumptions about deposit outflows in our liquidity requirements so that they better align with observed stress behavior. During the stress in 2023, we saw uninsured deposits from high-net worth individuals and certain entities, such as venture capital firms, behave more like highly sophisticated financial counterparties than nonfinancial companies or ordinary retail depositors, which is how they are generally treated in regulations.10 This mis-measured risk of deposit outflows means banks may not have sufficient liquidity to manage a stress period.
    In a related vein, banks have stepped up their use of reciprocal deposit arrangements—arrangements where deposits are spread across many banks within a network—as a way to manage the risk of deposit amounts over $250,000.11 While this arrangement spreads risk across the banking system, it is a strategy that has not been tested in a large-scale stress event. It is only logical to wonder how the attenuation of relationships between customers and banks under reciprocal arrangements will affect the behavior of depositors worried about a bank run. We also need to be attentive to operational risks in these arrangements, as well as the risk-management capacity of these companies to manage these relationships under stress.
    A final lesson from the bank stress two years ago is that we need to do more to ensure that all banks that come under stress can be resolved in an orderly fashion. One way to do this would be to require all large banks—including those that are not G-SIBS—to issue certain amounts of long-term debt. This would have helped reassure depositors worried about the stability of bank funding and aided in the eventual resolution of at least some of the banks that came under stress in 2023. The banking agencies have proposed a rule on long-term debt requirements, we have received many helpful comments that led us to adjust it in draft form, and I support moving forward to finalize it with those adjustments.12
    As I mentioned, revised Basel III standards, revised long-term debt requirements, and to-be-proposed liquidity standards would help to address gaps in our current framework, and I continue to believe that they should move forward.
    Moreover, banks and supervisors should also stay vigilant to known risks in the current environment. For instance, risks remain in the commercial real estate market, particularly within the office segment, as borrowers may find it difficult to refinance maturing loans. And interest rate risk, especially for those with high levels of uninsured deposits, remains a key area of focus.
    Maintain the Credibility of the Stress TestWe face a challenging environment with the Federal Reserve’s annual stress tests. The stress tests helped the financial sector emerge from the Global Financial Crisis and rebuild its credibility. The annual stress tests are still important to the financial sector’s credibility today. The stress tests help banks, market participants, and supervisors understand the banks’ vulnerabilities to shocks and to guard against those shocks by holding sufficient capital.
    In December, the Board announced that, due to the evolving legal landscape, we would be undertaking significant changes to the stress tests to reduce capital volatility and improve transparency.13 While I recognize that we need to increase transparency to reflect changes in the legal environment in which we operate, there are good reasons why I and many of my colleagues and predecessors have been averse to such full disclosures since the inception of the stress test fifteen years ago. There are several risks that we will need to guard against.
    First, we need to guard against the risk that the process results in reduced capital requirements. As they did during the Basel III process, banks are likely to argue against various aspects of the Fed’s models that result in higher capital requirements, and not to highlight the areas in which the models underestimate risks. We should take those comments on the Fed’s models seriously and adjust the models as appropriate, but we should be careful not to overcorrect and lower bank capital requirements in ways that underestimate aggregate risk. The Administrative Procedure Act should be a vehicle for transparency and public input into agency action, not used to weaken regulatory requirements that preserve the safety and stability of our financial system.
    Second, we need to guard against the risk that banks lower their capital requirements because of increased transparency. Increased disclosure of details about the Fed’s stress models could enable banks to optimize stress test results by adjusting their balance sheet based on their knowledge of where the models underprice risk, in order to reduce their capital requirements without materially reducing risks. Gaming the test in this way would be a bad outcome for risk management and our economy.
    Third, banks are likely to change their behavior in other ways that increase risk. We should be aware of the risk that full transparency into the models and scenarios used by regulators could discourage banks from investing in their own risk management if the test becomes too predictable. Full transparency may also encourage concentration across the system in assets that receive comparably lighter treatment in the test. And banks are likely to reduce their management buffers over required levels, which will bring greater risks of breaching the minimums and regulatory buffers when a significant risk event eventually happens.
    The fourth risk, and perhaps the greatest one, is that over time, given the difficulty of navigating the notice and comment rulemaking process on an ongoing basis to update the models we use, the dynamism and accuracy of the stress test will fade.14 And as the events of two years ago show, it is hard to predict where risks will emerge in the financial system; an inherent challenge of preserving the relevancy of stress testing is coming up with a set of adverse scenarios that are novel enough, and dynamic enough, to reflect the risks that banks may face from unanticipated developments. I believe that the Fed should commit to investing in a credible, effective process to maintain the dynamism of the binding stress test by regularly updating its models and scenario variables to reflect changes in the environment and changes to bank behavior. This will require resources and a strong commitment up front and over time, but it will be necessary to maintain a credible stress test.
    One effort we’ve already undertaken should help: to maintain the dynamism of the stress test, we launched exploratory stress scenarios to consider a wider range of possible conditions.15 The Fed used this approach during the pandemic, and we’ve now made it a regular part of our annual stress test exercise.16 The exploratory scenarios are not used to set binding capital requirements and are only reported on an aggregate level, but they help the Fed better understand risks posed to individual banks and to the banking system as a whole that are not captured in binding scenarios. I hope and trust that the Fed will continue this important analytical work.
    As an additional backstop to help ensure banks have sufficient capital to withstand losses, the Fed should preserve its discretion to set individually binding capital requirements on firms based on supervisory judgment under the International Lending Supervision Act. Jurisdictions around the world undertake a similar process under a so-called Basel “Pillar 2” approach, and the United States would benefit from using such a framework as well. That is all the more important given the changes the Fed is undertaking for the binding stress tests.
    Maintaining Credible, Consistent SupervisionAnother area warranting continued vigilance is supervision. There will undoubtedly be calls to revamp supervision to reduce burden. And I am all for making sure supervision is the most effective and efficient it can be. Supervisors need to focus on the most urgent and important risks, and not burden firms with unnecessary or distracting matters. But we need to be careful to preserve and enhance the ability of supervisors to act with speed, force, and agility as appropriate to the risk.
    Supervisors have emphasized proactive supervisory engagement, which helps banks address issues before they grow so large as to threaten the bank or broader financial stability. Earlier intervention means that firms are likely to have more options to fix their problems, with little impact on bank profitability.17
    We should continue work to improve the effectiveness of our supervision and use data-driven analysis to improve our scoping and prioritization of supervisory issues. I support this work to the extent that it makes our supervision more effective and focused on the right issues. But the Board should resist initiatives that impede effective supervision by discouraging examiners to flag issues early, or initiatives that increase unnecessary process around issuing findings in a manner that impedes the speed and agility of supervision when it is needed. More generally, supervision is another area in which “efficiency and competitiveness” should not be used as an excuse for lax oversight that significantly impairs the safety and soundness of individual institutions and undermines broader financial stability.
    We should take caution from our experience with SVB. While some have claimed that the examiners at SVB did not focus on the right issues, it’s important to highlight that the Office of Inspector General (OIG) concluded that the Fed allocated an insufficient number of examiner resources to SVB while in the RBO portfolio, and that the examiners assigned to SVB as it was growing did not have sufficient expertise in supervising large, complex institutions.18 Once it was in the large bank portfolio, examiners highlighted the risk from interest rate risk and uninsured depositors, but did not act with sufficient force to get the bank to change course in a timely way. We’ve made important changes since then, but we need to be sure we get the staff resources in place, and provide support to examiners on the front line, so that they can act with the speed, force, and agility warranted by the facts.
    Encouraging Responsible InnovationAnother set of risks involve those related to the role of innovative technology in the financial sector. Innovation, when done responsibly, brings tremendous benefits to consumers, financial institutions, and the economy at large. For instance, blockchain technology underlying crypto-assets has the potential to make financial services better, cheaper, and faster. Responsible use of this technology could make banking more efficient and accessible to more consumers.
    With any new technology, there are new risks. To achieve the benefits in a durable manner over time, we must ensure that the associated risks are managed appropriately. With crypto-assets, investors do not currently have the structural protections they have relied on for many decades in other financial markets. It is important that those guardrails are put in place to avoid issues such as the misuse of client funds, misrepresentations, obfuscation about availability of deposit insurance, and fraud. We should also recognize that some of the attractive attributes of crypto-assets—the pseudonymous actors that are parties to transactions, the ease and speed of transfer, and the general irrevocability of transactions—also make crypto-assets attractive for use in money laundering and terrorist financing. It is encouraging to see innovators develop tools and processes to better manage these risks, while harnessing the benefits of the technology. But regulation and supervision also have an essential role to play.
    Responsible innovation is in everyone’s interest. In the past few years, we stood up the Novel Activities Supervision Program, which dedicates resources to understanding how technology is transforming banking and supports banks’ ability to innovate while ensuring that banks clearly understand and manage the risks associated with innovative activities.19 I hope and trust that approach will continue.
    Addressing Cyber and Third-Party RiskCyber risk from both foreign powers and non-state actors has become a major concern for banks, and regulators will need to ensure that these risks are being properly managed. The operational disruption propagated through a third-party security company last summer was a wake-up call for banks and regulators about vulnerabilities in a system where security is outsourced. Disruption of one of these critical systems may compromise a bank’s ability to execute important functions and adversely affect individual firm safety and soundness as well as the broader financial system. Given the significant concentration in the IT industry, we should expect operational failures at single IT entities to have potentially far-reaching effects, no matter their original cause. And advances in artificial intelligence are likely to give bad actors new tools for fraud and infiltration, while also providing banks with new tools to combat these attacks. Both banks and the Federal Reserve need to continue to invest in cyber resiliency.
    Risks in the Nonbank SectorLet me speak next to the perennial concerns of intermediation by financial firms outside the bank regulatory perimeter. An increasingly varied and evolving collection of nonbank clients, including hedge funds, private credit, and insurance companies, is playing a significant role in the global economy and presenting new risks.
    Beginning with hedge funds, bank exposures to hedge funds have risen over the past several years, and concurrently, hedge fund leverage remains near historic highs.20 Archegos’s failure revealed the risks presented by hedge funds and the degree of interconnectedness between banks and hedge funds. And the exploratory analysis as part of last year’s stress test showed that banks have material exposures to hedge funds under certain market conditions, and that the hedge fund counterparty exposures can vary significant based on the specific set of shocks.21
    One area that has grown substantially is the Treasury cash-futures basis trade.22 The basis trade helps provide liquidity and price discovery in normal times, as hedge funds trade with asset managers and other financial institutions to align returns to holding Treasury securities and related futures. But the trade involves high levels of leverage, which can contribute to a rapid unwinding in positions and exacerbate market stress, as we saw in the spring of 2020. In principle, margining practices and participants’ risk-management activities should limit these risks, but individual firms do not account for the spillovers their actions can have on market functioning. These externalities suggest a role for regulation, and the central clearing mandate for Treasury market trading is an important step in supporting the resilience of this market. At the same time, we need to continue to consider how we can support the collection of minimum margin across trading venues and in bilateral trades to avoid loopholes and risks, and continue to monitor banks’ credit risk management practices with these hedge fund counterparties.
    Another area that has experienced rapid growth in recent years is private credit, which is now comparable in size to the high-yield bond market and leveraged loan market.23 Traditional private credit arrangements rely on limited leverage and generally have long-term funding, making them less vulnerable to the deleveraging spiral associated with high leverage and short-term funding. Nonetheless, risks may be growing. The connections between private credit and banks have been expanding, and private credit remains opaque, with limited information relative to asset classes of similar size.24 Moreover, the rapid growth and opacity of the sector raise the risk that recent private credit arrangements may be assuming new risks. Retail investors can now gain exposure to the asset class through mutual or exchange traded funds, which could present the age-old consumer and financial stability risks we see when opaque, illiquid assets are converted to liquid ones.25
    We also need to monitor risks in the insurance industry. Households planning for retirement often rely on life insurance companies to provide them a steady stream of income. In principle, life insurance companies are the ultimate patient investor and thus the natural vehicle to finance long-maturity and risky projects. Indeed, while venture capital funding gets a lot of the attention, mobilized retirement savings through life insurance companies have supported long-term investments in capital-intensive projects. However, life insurance companies, just like other financial institutions, can overpromise and be tempted to take on greater risk than their liability holders or regulators appreciate. Given the complexity of some investment vehicles, the institutions themselves may not fully appreciate all of the risks. The life insurance sector has been changing. Even as the life insurance industry has been increasing its holdings of assets originated by private equity firms, private equity firms have been acquiring life insurers directly. Moreover, private-equity-affiliated insurers rely more heavily on nontraditional liabilities, which may prove flighty in a stress event. This is something to watch carefully. In the next business cycle downturn, it’s possible that unexpected losses at insurance companies could lead to a sharp pullback and deeper credit crunch.
    Climate RiskFinally, regulators will need to continue to confront the financial risks from climate change. The Federal Reserve has a responsibility to recognize emerging risks to the safety and soundness of banks, to the ability of households and businesses to access financial services, and to financial stability. Costly natural disasters could present just such risks.
    The recent wildfires in California should be a wake-up call that we need to focus on how insurance markets will need to adjust to more frequent and severe weather events. The loss of life and hardship borne by many households is tragic, and the economic losses associated with the wildfires, while uncertain, are likely to be among the largest losses from a natural disaster on record. The wildfires should remind us of the problems in property and casualty insurance markets—just as the severe flooding caused by Hurricane Helene reminded us of significant gaps in flood insurance coverage.
    Often the structure and regulation of insurance markets prevents risk from being appropriately priced, limiting the ability of market signals to influence development and adaptation in high-risk areas and contributing to the buildup of risks. And there is a broader question of the extent to which private capital will be sufficient to cover increasing natural disaster risk.
    The Federal Reserve has an important but narrow role to play with respect to climate change, and that is to focus on risks from climate change to bank safety and soundness and financial stability. The pilot climate scenario analysis conducted by the Federal Reserve was an important step forward in assessing the capacity of the largest banks, as well as in building our own capacity, to perform the kind of analysis that is increasingly crucial as risks arising from more severe weather events become a driver of financial risk for specific firms and the broader economy.26 Guidance for the largest banks also plays an important role in reminding banks of basic principles in prudent risk management as it applies to these types of climate-related risks.
    ConclusionIn conclusion, the United States has the benefit of a strong, vigorous economy, the deepest and most liquid markets in the world, and a critical place in the world economy through the role of the U.S. dollar. The Federal Reserve has an essential role in maintaining the strength and resilience of the U.S. economy, including through its vigilance about the risks I discussed today. A strong and resilient banking system benefits the American people. We need to be humble about our ability to predict shocks to the financial system, and how they will propagate through vulnerabilities in the system. That is why it is so important to have strong regulation and supervision as shock absorbers to protect households and businesses from risks emanating from the financial system.
    In closing, I want to speak directly to the staff of the Federal Reserve and express my deep gratitude. Your rigorous analysis and deep expertise are fundamental to our ability to promote a strong and stable financial system that serves the American people. Thank you for your outstanding service.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. Board of Governors of the Federal Reserve System, Department of the Treasury, and Federal Deposit Insurance Corporation, “Joint Statement by Treasury, Federal Reserve, and FDIC,” press release, March 12, 2023; and Board of Governors of the Federal Reserve System, “Federal Reserve Board Announces It Will Make Available Additional Funding to Eligible Depository Institutions to Help Assure Banks Have the Ability to Meet the Needs of All Their Depositors,” press release, March 12, 2023. Return to text
    3. See, e.g., U.S. Department of the Treasury, “Remarks by Assistant Secretary Michael Barr” (speech at the Financial Times Global Finance Forum, New York, NY, December 2, 2010). Return to text
    4. See, e.g., speeches by Michael S. Barr: “Why Bank Capital Matters” (speech at the American Enterprise Institute, Washington, D.C., December 1, 2022); “Holistic Capital Review (PDF)” (speech at the Bipartisan Policy Center, Washington, D.C., July 10, 2023); “The Next Steps on Capital” (speech at the Brookings Institution, Washington, D.C., September 10, 2024); and “On Building a Resilient Regulatory Framework” (speech at Central Banking in the Post-Pandemic Financial System 28th Annual Financial Markets Conference, Fernandina Beach, FL, May 20, 2024). Return to text
    5. Board of Governors of the Federal Reserve System, “Agencies Request Comment on Proposed Rules to Strengthen Capital Requirements for Large Banks,” press release, July 27, 2023. Return to text
    6. by Michael S. Barr: “The Next Steps on Capital” (speech at the Brookings Institution, Washington, D.C., (September 10, 2024). Return to text
    7. See “Vice Chair for Supervision Michael S. Barr memo” in Board of Governors of the Federal Reserve System, Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (PDF) (Washington, April 2023). Return to text
    8. See “Discount Window Readiness”. Return to text
    9. For an earlier perspective, see Hearing on Prudential Oversight before the Senate Committee on Banking, Housing and Urban Affairs (PDF), July 23, 2015 (statement by Michael S. Barr). Return to text
    10. 12 CFR 249. 32-33. Board of Governors of the Federal Reserve System, Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank (Washington, April 2023); and Federal Deposit Insurance Corporation, FDIC’s Supervision of First Republic Bank (PDF) (Washington: September 2023). Return to text
    11. Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington: November 2024). Return to text
    12. Board of Governors of the Federal Reserve System, “Agencies Request Comment on Proposed Rule to Require Large Banks to Maintain Long-Term Debt to Improve Financial Stability and Resolution,” press release, August 29, 2023. Return to text
    13. Board of Governors of the Federal Reserve System, “Due to Evolving Legal Landscape and Changes in the Framework of Administrative Law, Federal Reserve Board Will Soon Seek Public Comment on Significant Changes to Improve Transparency of Bank Stress Tests and Reduce Volatility of Resulting Capital Requirements,” press release, December 23, 2024. Return to text
    14. That model sclerosis contributed to the failure of the supervisory stress test used for Fannie Mae and Freddie Mac before the Global Financial Crisis, with devastating results. Scott Frame, Krisopher Gerardi, and Paul Willen, “The Failure of Supervisory Stress Testing: Fannie Mae, Freddie Mac, and OFHEO,” Federal Reserve Bank of Boston Working Paper No. 15-4 (October 2015). Return to text
    15. Board of Governors of the Federal Reserve System, Exploratory Analysis of Risks to the Banking System (PDF) (Washington: June 2024). Return to text
    16. Board of Governors of the Federal Reserve System, Assessment of Bank Capital during the Recent Coronavirus Event (PDF) (Washington: June 2020). Return to text
    17. Beverly Hirtle and Anna Kovner, “Bank Supervision,” Annual Review of Financial Economics 14 (2022): 39–56. Return to text
    18. Office of Inspector General, Material Loss Review of Silicon Valley Bank (PDF) (Washington: September 25, 2023). Return to text
    19. See https://www.federalreserve.gov/supervisionreg/novel-activities-supervision-program.htm. Return to text
    20. Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington: November 2024). Return to text
    21. Board of Governors of the Federal Reserve System, Exploratory Analysis of Risks to the Banking System (PDF) (Washington: June 2024). Return to text
    22. Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington: November 2024). Return to text
    23. Board of Governors of the Federal Reserve System, Financial Stability Report (PDF) (Washington: November 2024). Return to text
    24. John Levin and Antoine Malfroy-Camine, “Bank Lending to Private Equity and Private Credit Funds: Insights from Regulatory Data,” Federal Reserve Bank of Boston Supervisory Research and Analysis Notes (February 2025). Return to text
    25. Chapter 2 The Rise and Risks of Private Credit in: Global Financial Stability Report, April 2024. Return to text
    26. Board of Governors of the Federal Reserve, Pilot Climate Scenario Analysis Exercise: Summary of Participants’ Risk-Management Practices and Estimates (PDF) (Washington: May 2024). Return to text

    MIL OSI USA News –

  • MIL-OSI: Sidero Labs Continues Channel Growth with TrueFullstaq to Provide Secure and Simple Kubernetes Solutions

    Source: GlobeNewswire (MIL-OSI)

    GOLETA, Calif., Feb. 20, 2025 (GLOBE NEWSWIRE) — Sidero Labs, delivering solutions that reduce friction in managing Kubernetes and containerized applications, today announced a strategic partnership with TrueFullstaq, a leading European cloud native solutions provider. The partnership, which brings simplified and secure Kubernetes deployments to organizations across Europe, marks a significant milestone in Sidero Labs’ global channel expansion and growing presence in the European market.

    As enterprises increasingly shift toward on-premises and edge computing environments to conserve resources and reduce costs, the demand for more simplified Kubernetes management is growing quickly. Through this partnership, European organizations gain access to Talos Linux, Sidero’s built-for-Kubernetes operating system, and Omni, the SaaS platform for Kubernetes deployments and operations, all supported by TrueFullstaq’s extensive implementation expertise and EU-based support.

    “Our partnership with TrueFullstaq is an important part of our global channel expansion, particularly in the European market where we’re seeing accelerating demand for solutions that can simplify Kubernetes operations without impacting application performance,” said Sean Saperstein, Sales and Partner Lead, Sidero Labs. “TrueFullstaq’s reputation for cloud native expertise speaks for itself; they are a perfect fit to ensure businesses can take full advantage of Talos Linux and Omni. Businesses navigating the complexities of managing and scaling Kubernetes across diverse environments will find a lot of value in the enterprise-grade support and optimization that TrueFullstaq delivers.”

    Sidero’s partnership with TrueFullstaq directly addresses critical challenges for European businesses, including Kubernetes expertise scarcity, cloud native security concerns amid stringent compliance mandates, and the need for consistent management across cloud, edge, and on-premises environments. Talos Linux and Omni, combined with TrueFullstaq’s implementation and support, enable organizations to:

    • Deploy and manage thousands of Kubernetes clusters with minimal operational complexity
    • Ensure consistent security through Talos Linux’s immutable, API-driven architecture
    • Simplify edge computing deployments with automated lifecycle management
    • Access dedicated support from Europe-based cloud native experts

    “Together with Sidero Labs, we’re empowering businesses to scale faster and operate smarter in a cloud native world,” said Chris Baars, CCO, TrueFullstaq. “By becoming a Tier 1 reseller partner, we bring together Sidero Labs’ innovative technology with our deep expertise in cloud native implementations, providing European organizations with a powerful solution for their Kubernetes journey.”

    About Sidero Labs

    Founded in 2019, Sidero Labs, Inc., the creator of Talos Linux and Omni, focuses on bringing simplicity and security to bare-metal and edge Kubernetes. By delivering scalable API-driven management for Kubernetes clusters in any environment, Talos Linux and Omni are making on-prem infrastructures secure by default, easier to use, and more reliable to operate. Talos Linux is a minimal, immutable, and API-managed operating system designed specifically for running Kubernetes. Omni is a SaaS platform that enables enterprise Kubernetes management across bare metal, data centers, cloud, and edge environments. Together, these tools are trusted by hundreds of companies and help manage tens of thousands of clusters worldwide. Learn more at siderolabs.com.

    About TrueFullstaq

    TrueFullstaq combines cloud native consultancy with managed services. With this approach, TrueFullstaq supports organizations throughout their entire cloud native journey. From advice and design, migration and implementation, to setting up, maintaining and optimizing a scalable and secure custom infrastructure.

    TrueFullstaq is part of The Digital Neighborhood
    The Digital Neighborhood is your destination for Microsoft, cloud and AI expertise. With more than 1500 consultants, engineers and specialists across seven countries, The Digital Neighborhood offers a seamless and integrated AI approach to support its 2400 customers in their business transformation. The tech community consists of TrueFullstaq, Pink Elephant, Iquality, 2Foqus, Active Professionals, Cmotions, Focus Enterprise Solutions, GAC Business Solutions, ABC E BUSINESS, Consit, Delegate, Projectum and Sulava. From its headquarters in Amsterdam, The Digital Neighborhood is committed to helping clients realize their digital ambitions and be ready for the future, under the motto ‘work with one of us and you can count on all of us’.
    Visit www.truefullstaq.com.

    Sidero Labs Contact
    Kyle Peterson
    kyle@clementpeterson.com

    The MIL Network –

  • MIL-OSI: Blackharbor BD Announces $500 Million Funding Capacity for Gas, Diesel, Oil Sectors and Luxury Home Builders

    Source: GlobeNewswire (MIL-OSI)

    Los Angeles, CA, Feb. 20, 2025 (GLOBE NEWSWIRE) — Blackharbor Build and Design (Blackharbor BD), a leading investment and funding partner based in California, proudly announces its capacity to fund up to $500 million in the gas, diesel, and oil sectors, as well as luxury home building projects across the United States and globally.

    This significant financial capacity underscores Blackharbor BD’s commitment to driving growth and innovation within critical energy industries and the high-end real estate market. The company offers strategic financial solutions, including project financing, equity investments, and capital structuring, to fuel energy infrastructure expansion and support premium residential developments.

    “Our $500 million funding capacity reflects our strong financial foundation and our vision to support key industries that are essential for economic growth. We are excited to partner with businesses in the gas, diesel, and oil sectors, as well as luxury home builders, to bring ambitious projects to life,” said [Zane Richardson], [CEO] of Blackharbor BD.

    The $500 million funding initiative is expected to support multiple large-scale projects, including:

    • Expanding refinery and distribution facilities for gas, diesel, and oil.
    • Financing new pipeline construction projects to enhance fuel transportation capabilities.
    • Supporting the construction of high-end residential communities and luxury estates.

    Projected allocations include 60% of the funding directed towards energy infrastructure initiatives and 40% dedicated to luxury real estate projects. Blackharbor BD estimates that its investments will generate over 2,000 jobs across construction, engineering, and project management sectors.

    Additionally, Blackharbor BD offers advisory services, including risk management, market analysis, and financial modeling, ensuring successful project execution. The company prioritizes sustainable investment practices, integrating technologies that reduce carbon emissions in energy projects and partnering with eco-conscious developers in luxury real estate.

    “Our investment strategy is rooted in creating long-term value for our partners and the communities we serve. We take pride in offering tailored financial solutions that meet the unique needs of each project while driving innovation and sustainability,” added Richardson.

    Industry leaders, developers, and stakeholders are invited to explore partnership opportunities and leverage Blackharbor BD’s extensive financial resources. For inquiries, visit www.blackharborbd.com or contact partnerships@blackharborbd.com

    About Blackharbor BD:
    Blackharbor BD is a premier investment and funding partner based in California, specializing in providing financial solutions to the energy and real estate sectors. With a commitment to excellence and innovation, Blackharbor BD empowers businesses to achieve their growth ambitions through strategic investments and funding support.

    The MIL Network –

  • MIL-OSI Global: AI-generated influencers: A new wave of cultural exploitation

    Source: The Conversation – Canada – By Ateqah Khaki, Associate Producer, Don’t Call Me Resilient

    This collage shows (left to right) Shudu, Miquela Sousa, imma, and Rozy — four “vritual influencers” who collectively have over 3 million followers on Instagram alone. @shudu.gram, @lilmiquela, @imma.gram, @rozy.gram/Instagram

    You probably know what an “influencer” is — people with large, highly engaged social media followings who have the power to sway beliefs and purchasing decisions.

    But you might not have yet heard of virtual influencers.

    They’re like human influencers … but they’re not human. They’re characters brought to life by CGI and AI, designed to target demographic groups from a first-person perspective.

    Virtual influencers are becoming more popular and prevalent every day. A full-blown industry has sprung up around them — an industry with agencies and companies dedicated to creating and managing them, with some of the top personas earning millions annually.

    But our guest today has noticed a troubling pattern — many virtual influencers are crafted as young women of colour. And their creators are often men with different racial identities who work at marketing agencies.

    Jul Parke is a PhD candidate at the University of Toronto’s Faculty of Information specializing in social media platforms, digital racism, virtual influencers and AI phenomena. She is currently a visiting scholar at New York University.

    Parke’s doctoral research explores what motivates companies and creators to produce these virtual, racialized women, which she says is a new form of commercializing gender and racial identity in digital spaces.

    As we enter the era of AI proliferation, it seems virtual influencers are here to stay. There are at least 200 digital personalities out there today, and platforms like Facebook, Instagram and TikTok are rolling out new tools that will enable everyday users to craft their own virtual personas.

    Given the absence of laws for non-humans, the rise of virtual influencers on social media raises a whole host of urgent ethical questions about authenticity online.

    Resources

    Virtual influencers mentioned in this episode include: Miquela, Shudu, Rozy, imma and Bermuda

    Virtual Influencers – Identity and Digitality in The Age of Multiple Realities by Esperanza Miyake (Routledge, 2024)

    Instagram Visual Social Media Cultures by Tama Leaver, Tim Highfield, Crystal Abidin (Polity Press, 2020)

    The Influencer Industry: The Quest for Authenticity on Social Media by Emily Hund (Princeton University Press, 2023)

    “Racial Plagiarism and Fashion” by Minh-Ha T. Pham (QED: A Journal in GLBTQ Worldmaking, Fall 2017)

    Race After Technology: Abolitionist Tools for the New Jim Code
     by Ruha Benjamin (Polity, 2019)

    When Chatbots Play Human, NPR (February 9, 2025)

    Glitch Feminism: A Manifesto by Legacy Russell (Verso, 2020)

    – ref. AI-generated influencers: A new wave of cultural exploitation – https://theconversation.com/ai-generated-influencers-a-new-wave-of-cultural-exploitation-248956

    MIL OSI – Global Reports –

  • MIL-OSI USA: Lee Introduces Modernizing Retrospective Regulatory Review Act for 119th Congress

    US Senate News:

    Source: United States Senator for Utah Mike Lee
    WASHINGTON – Today, Sen. Mike Lee (R-UT) introduced the Modernizing Retrospective Regulatory Review Act, which directs the Office of Information and Regulatory Affairs (OIRA) to leverage technology to enhance the efficiency and accuracy of reviews on outdated and redundant regulations. The legislation is co-sponsored by Sen. Cynthia Lummis (R-WY). Congressman Andy Biggs (R-AZ) has introduced the companion bill in the House of Representatives.
    “Americans deserve a government that moves at the speed of business, not the speed of bureaucracy,” said Sen. Lee. “By using modern technology to refine our regulatory framework, we can boost economic growth and ensure that our government regulations reflect today’s realities.”
    “The federal government should not be an ever-growing beast hindering innovation with red tape and procedural hurdles,” said Sen. Lummis. “The Modernizing Retrospective Review Act will bring the federal government into the 21st century by utilizing modern technology to identify and eliminate unnecessary federal regulations to streamline the regulatory process that has ballooned into a 20-year slog for some industries. It should not take a Washington regulator longer to greenlight a project than it did for someone in Wyoming to come up with the idea.”
    “Americans must be given the opportunity to thrive without overbearing, costly, contradictory, and duplicative regulations mandated by the DC Swamp,” said Rep. Biggs. “Federal overregulation takes a colossal toll on the U.S. economy. Thousands of new regulations go into effect every year, and there simply isn’t enough manpower to sift through the CFR to identify regulations that no longer make sense or conflict with one another. AI technology is an effective tool that can save taxpayer dollars, benefit American business owners, and promote economic growth.”
    Key features of the bill include:
    – A mandate for OIRA to issue guidance on employing modern technology, like Artificial Intelligence, to refine regulatory reviews.
    – A requirement for federal agencies to develop and submit a “Retrospective Review Plan,” detailing their strategies for implementing OIRA’s guidance.
    – An obligation for OIRA to report to Congress on the availability of federal regulations in a machine-readable format.
    The introduction of this bill aligns with the broader goals of the Trump Administration’s deregulatory agenda and leverages the advancements we’ve made in technology to identify scores of rules and regulations that can and should be eliminated. 
    For bill text, click HERE.
    For the one-pager, click HERE.  

    MIL OSI USA News –

  • MIL-OSI Security: Defense News: International Maritime Exercise 2025 concludes

    Source: United States Navy

    IMX 2025 brought together 5,000 personnel from over 30 nations and international organizations committed to preserving the rules-based international order and strengthening regional maritime security cooperation.

    The 12-day exercise took participants through several exercise serials across multiple locations at sea in the Arabian Gulf, Gulf of Oman, Gulf of Aden and the Red Sea, as well as ashore and in the air. Some of the serials included diving, harbor security, mine countermeasures, unmanned systems and artificial intelligence integration, visit, board, search and seizure procedures, and global health management events.

    “It’s inspiring to see so many nations working together. The incredible level of international representation is pivotal to our success of safeguarding regional waterways and enabling the free flow of commerce,” said U.S. Navy Vice Adm. George Wikoff, Commander of U.S. Naval Forces Central Command and U.S. 5th Fleet, in his remarks at the closing ceremony. “IMX 2025 was truly about partnering to strengthen and expand our capabilities.”

    “[The] exercise brought forward many viewpoints [about how] to handle a single situation in various different ways. I am confident that the takeaways of this exercise will serve all the participants in planning and executing various exercises in their respective countries,” said Pakistan Navy Commodore Rashid Mahmood Sheikh, who led the CPX exercise for IMX 2025, in his remarks.

    IMX 2025 ran in conjunction with a U.S. Naval Forces Europe-Africa exercise, Cutlass Express 25, with each exercise’s respective maritime operations centers exercising their information sharing capabilities to improve theater-to-theater coordination, reduce regional seams, and strengthen interoperability.

    The ninth iteration of the series, IMX began in 2012 as the International Mine Countermeasures Exercise, before changing its name to reflect a more expansive mission set.

    The U.S. 5th Fleet area of operations encompasses nearly 2.5 million square miles of water area and includes the Arabian Gulf, Gulf of Oman, Red Sea, parts of the Indian Ocean and three critical choke points at the Strait of Hormuz, Suez Canal and Bab al-Mandeb.

    For imagery, photos and information on IMX, visit the feature page at: https://www.cusnc.navy.mil/IMX/.

    MIL Security OSI –

  • MIL-OSI: Suzy Unveils Suzy Speaks: A New Era In Conversational Research

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) — Suzy, the leading end-to-end consumer insights platform, today announced the launch of Suzy Speaks, a groundbreaking voice-driven research methodology designed to revolutionize the way brands gather consumer insights. With AI-moderated conversations, Suzy Speaks enables brands to capture rich qualitative insights at quantitative scale.

    “The future of consumer research is voice-driven,” said Matt Britton, Founder & CEO of Suzy. “Consumers, especially Gen Z, expect seamless, natural interactions, and brands need agile, scalable solutions to keep pace. With Suzy Speaks, we’re not just modernizing research—we’re pioneering a new era of real-time, conversational insights.”

    Suzy Speaks seamlessly integrates with the research brands are already conducting, enabling faster iteration and deeper insights. With AI-moderated conversations, customers can explore sensitive or confidential topics more effectively while ensuring responses come from verified, real people. The AI moderator automatically probes, clarifies, and analyzes data in real-time, dramatically reducing the time and cost typically associated with traditional qualitative research.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    Expanding AI-Powered Research Capabilities

    Suzy Speaks is part of a broader suite of AI-powered innovations that Suzy offers designed to simplify and accelerate research workflows:

    • AI Summaries: Automatically generate executive summaries that highlight key themes across all research types, including surveys, monadic tests, video and text open-ends, and Suzy Live interviews and focus groups.
    • AI Screener Generation: Dynamically generate screening questions based on category, brand, product usage, and research objectives—automatically programmed into ready-to-launch survey drafts.
    • AI Heatmapping: Drive stronger consumer connections and higher conversions by measuring exactly what’s capturing their attention. AI heatmapping leverages a predictive algorithm based on data from over 1MM eye tracking studies. Test digital assets, ads, packaging, and in-store environments, giving you the results you need at a fraction of the cost–and in a fraction of the time.

    “AI isn’t just enhancing our research tools—it’s fundamentally reshaping them,” said Laima Widmer, SVP, Market Research at Suzy. “By freeing consumers from rigid questionnaires and capturing their experiences in an authentic, organic way, AI democratizes market research and unlocks insights once lost in the noise. This isn’t some distant future—it’s our new reality in the making.”

    Suzy Unveils Bold Rebrand Alongside Suzy Speaks Launch

    Suzy is unveiling a bold new brand identity and website redesign, reinforcing its mission to fuel innovation and growth for its customers. The refresh introduces a modern look and dynamic tone that reflect Suzy’s role in helping brands move faster, think bigger, and stay ahead in an evolving market. At the core of the new identity is the “spark”—a symbol of the breakthrough moments Suzy creates, inspiring action and innovation.

    About Suzy
    Founded in 2018, Suzy is changing the way research gets done by integrating quantitative analysis, qualitative analysis, and high quality audiences into a single connected research cloud. Suzy enables teams to conduct iterative, efficient research with agency-quality rigor at a fraction of the cost of traditional market research. Suzy has been recognized on Forbes’ list of America’s Best Startup Employers in 2022, Inc. Magazine’s list of Best Workplaces of 2022 & 2023, Inc. Magazine’s Top 5000 list in 2024, GRIT’s Top 50 Most Innovative Supplier in Market Research and a Top 25 Innovator in 2024 by the Insights Association. Suzy has raised over $100 million in venture capital funding from investors that include Bertelsmann Digital Media Investments, Foundry Group, H.I.G. Capital, Rho Ventures, North Atlantic Capital, Tribeca Venture Partners, Triangle Peak Partners, and Kevin Durant’s 35 Ventures. Learn more at www.suzy.com.

    Contact Info:
    Melissa Dunn
    EVP, Marketing & Communications
    Suzy, Inc.
    917-969-8200
    melissa.dunn@suzy.com

    The MIL Network –

  • MIL-OSI: Alectra Inc. employees unite with compassion to raise $200,000 for United Way’s food security programs

    Source: GlobeNewswire (MIL-OSI)

    MISSISSAUGA, Ontario, Feb. 20, 2025 (GLOBE NEWSWIRE) — Alectra employees united to raise a total of $48,000 through regular payroll deductions to support the United Way’s food insecurity programs. Alectra made an additional corporate contribution of approximately $152,000, bringing the total donation amount to $200,000.

    “Alectra employees came together with an inspiring spirit of compassion to improve the lives of individuals and families in need,” said Brian Bentz, President and Chief Executive Officer, Alectra Inc. “The funds raised will play a crucial role in addressing food insecurity in our communities, and we’re grateful to continuously support all the impactful programs led by the United Way.”

    These funds have been distributed across the United Way catchment area, encompassing the Greater Toronto Area, Halton and Hamilton, Simcoe Muskoka, Wellington Dufferin, and the Niagara region.

    “United Way Greater Toronto supports 23 food security programs that strengthen local food systems and build inclusive communities,” said Scott Kuipers, Manager, Corporate Donor Relations, United Way. “When you give to United Way, you’re supporting solutions like food production, distribution, and capacity-building programs that meet the immediate and long-term needs of our neighbours.”

    United Way Greater Toronto’s strategic investments support on-the-ground solutions that have proven to be effective in food distribution, food production, and capacity building. Often, these agencies not only offer immediate access to food, but coordinated and wraparound supports necessary for food security. For example, United Way-funded programs such as Unison Health and Community Centre’s Green Markets project provide affordable fresh produce for at least 800 households in northwest Toronto. These programs not only address immediate food needs but also foster community connections through workshops on healthy eating and waste reduction.

    “Without flexible United Way funding there would not have been any way to provide food to hundreds of families in this past year,” said Shobha Adore, Executive Director at Braeburn Neighbourhood Place. “UWGT recognized the importance of finding a way to feed families with a good, fair staffing model and supported us 100 per cent.”

    Since 2016, Alectra has been supporting the United Way and has donated over 2 million dollars through its AlectraCARES Community Support Program. To learn more about Alectra’s community support, visit: alectra.com/about-community-support

    About Alectra’s Family of Companies

    Serving more than one million homes and businesses in Ontario’s Greater Golden Horseshoe area, Alectra Utilities is now the largest municipally-owned electric utility in Canada, based on the total number of customers served. We contribute to the economic growth and vibrancy of the 17 communities we serve by investing in essential energy infrastructure, delivering a safe and reliable supply of electricity, and providing innovative energy solutions.

    Twitter: https://twitter.com/alectranews

    Facebook: https://www.facebook.com/alectranews/

    Instagram: https://www.instagram.com/alectranews/?hl=en

    LinkedIn: https://www.linkedin.com/company/16178435/admin/

    Bluesky: https://bsky.app/profile/alectranews.bsky.social 

    YouTube: https://www.youtube.com/alectranews

    Media Contact:

    Ashley Trgachef, Media Spokesperson
    ashley.trgachef@alectrautilities.com | Telephone: 416.402.5469 | 24/7 Media Line: 1.833.MEDIA-LN

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5103e749-1e68-4368-9972-ec108cc84a85

    The MIL Network –

  • MIL-OSI United Nations: Keep Working to Ensure Peace, Dignity, Horizon of Hope Grounded in Action for People of Middle East, Secretary-General Urges Mediterranean Parliamentary Assembly

    Source: United Nations MIL OSI b

    Following is the text of UN Secretary-General António Guterres’ video message to the nineteenth plenary session of the Parliamentary Assembly of the Mediterranean, in Rome today:

    I am pleased to convey my warm greetings as you gather for this nineteenth plenary session of the Parliamentary Assembly of the Mediterranean.

    Your region is an extraordinary bridge between continents, cultures and traditions.  And your collective voice resonates far beyond Mediterranean shores.  As a former Parliamentarian myself, I greatly value that voice in addressing shared challenges.  I know you are focusing on a number of those challenges at your plenary session.

    As I look around the world, four tests stand out because they represent, at best, threats that could disrupt every aspect of our agenda, and at worst, upend our very existence:  Rampant inequalities; the raging climate crisis; out-of-control technology, including artificial intelligence without guardrails; and of course, runaway conflicts.

    As you know so well, the Middle East is in a period of profound transformation — rife with uncertainty, but also possibility.  It is clear the region is being re-shaped.  But, it is not clear what will emerge.  We have a responsibility to help make sure the people of the Middle East come out with peace, dignity and a horizon of hope grounded in action.

    In Gaza, that means — as we have long been calling for — the release of all hostages, a permanent ceasefire and irreversible progress towards a two-State solution.  In Lebanon, we are working to consolidate the cessation of hostilities, support a government where all Lebanese will feel represented, and a State that will be able to guarantee security to all its citizens.  And in Syria, we stand behind an inclusive process in which the rights of all are fully respected, and that paves the way towards a united and sovereign Syria with its territorial integrity fully reestablished.

    Finally, I want to thank you for your support for implementing the UN Pact for the Future.  You understand that this ties directly to advancing trust — which you have rightly defined as a strategic issue — and to shaping global governance institutions fit for the twenty-first century.

    Once again, thank you for your vital voice and leadership. Let’s keep working for peace, sustainable development and human rights for the people of the Mediterranean region and our world.

    MIL OSI United Nations News –