Category: Artificial Intelligence

  • MIL-OSI Asia-Pac: Correctional Services Department Annual Review 2024 (with photos)

    Source: Hong Kong Government special administrative region

    Correctional Services Department Annual Review 2024 (with photos)
    Correctional Services Department Annual Review 2024 (with photos)
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         The following is the translation of the speech given by the Commissioner of Correctional Services, Mr Wong Kwok-hing, at the annual press conference today (February 20): Foreword      The Safeguarding National Security Ordinance officially came into effect upon gazettal in 2024, reflecting the determination of the Hong Kong Special Administrative Region Government to safeguard national security and building momentum for stable social development. Shouldering the missions of safeguarding national security and maintaining social stability, the Correctional Services Department (CSD) was committed to ensuring the effective delivery of its custodial and rehabilitation work in the past year. At the same time, the CSD has been actively extending its reach beyond the prison walls to proactively promote support for offender rehabilitation and conduct crime prevention education in the community through utilising the CSD’s unique resources, with a view to nurturing young people into law-abiding social leaders. (1) Overview of penal population      In 2024, the number of admissions to correctional institutions (including convicted persons, remands and detainees) increased 7 per cent to 18 438 as compared with 2023. In addition, the average daily penal population at correctional institutions also increased significantly to 9 550 persons in 2024 from 8 498 persons in 2023, representing an increase of 12 per cent. The average daily occupancy rate also rose from 75 per cent to 85 per cent.      The year-on-year rate of increase in the average daily number of remands has been over 15 per cent since 2021. The respective number of persons stood high at 3 650 in 2024, representing an increase of 18 per cent as compared with 3 096 persons in 2023, which hit a new record high since 2000.       On the other hand, since 2021, the CSD has assisted to detain adult detainees who are non-Hong Kong residents detained under the Immigration Ordinance. The number of detainees increased by 36 per cent, from 580 in 2023 to 787 in 2024, while the average daily number of detainees substantially increased by 72 per cent from 185 in 2023 to 318 in 2024.       In 2024, the number of admissions to correctional institutions owing to their involvement in offences relating to the black-clad violence (including riots, unlawful assembly) and their contravention of the Hong Kong National Security Law/Safeguarding National Security Ordinance was 410 (64 of them were involved in the contravention of the Hong Kong National Security Law/Safeguarding National Security Ordinance). Compared to 950 in 2023, the number of such admissions dropped by 540, representing a decrease of 57 per cent. As at December 31, 2024, the number of persons in custody involved in offences relating to the black-clad violence and those contravening the Hong Kong National Security Law/Safeguarding National Security Ordinance was 591, representing a decrease of 24 per cent as compared to 776 in 2023.      In response to the ever-changing penal population, especially the increasing population of remands, the CSD has deployed part of the capacity of individual correctional institutions to admit remands in order to alleviate the overcrowding situation of the reception centre. Moreover, the Department has already commenced the in-situ partial redevelopment of Lai Chi Kok Reception Centre, which will increase its capacity for admitting adult male remands in the long run. The Department will continue to closely monitor the changes in penal population and flexibly redeploy resources having regard to the actual operational needs to adjust the capacity for persons on remand in a timely manner. (2) Custodial work      Despite the increasing number of admissions and the growing penal population in the past year, which posed formidable challenges to both the governance and security of correctional institutions, correctional officers continued to stay united and stand fast to their posts. With the continued adoption of the nip-in-the-bud strategy, under which intelligence collection and search operations were stepped up, coupled with the application of technology and the upgrading of facilities and equipment, we strived to combat illicit activities and acts of indiscipline, thereby maintaining the good order and discipline of correctional institutions.      With regard to intercepting the smuggling of dangerous drugs into institutions, under the intensive measures by the Department, there were only six seizure cases of suspected dangerous drugs last year, representing a significant decrease of over 60 per cent as compared with 16 cases in 2023. Five of the cases were found in body-cavity concealment of newly admitted persons in custody; and the remaining one case was found in the mail sent to a person in custody. In addition, the Department continued to take a proactive approach by conducting a total of 12 547 joint search/special search/night raid operations in correctional institutions last year, covering 20 589 locations. Mobile X-ray scanners were also introduced to enhance the efficacy of search operations and strengthen the deterrent effect.          In 2024, as the number of admissions to and the penal population of correctional institutions kept increasing, the number of cases involving acts of indiscipline and violent acts among persons in custody also rose. In 2024, the number of disciplinary charges against persons in custody was 6 393. Counted against the penal population, there were 669 disciplinary cases per 1 000 persons in custody, representing an increase of 7 per cent as compared with 628 cases in 2023. The top three charges were “offending good order and discipline”, “possession of any unauthorised article” and “disobeying the orders of correctional officers”, which accounted for 35 per cent, 28 per cent and 18 per cent of the total number of disciplinary charges respectively. In 2024, a total of 3 412 persons in custody were subject to disciplinary charges, representing an increase of 401 persons or 13 per cent as compared with 3 011 persons in 2023. Among them, 618 committed disciplinary offences three or more times, involving 2 837 disciplinary charges, which accounted for 44 per cent of the total number of disciplinary charges.      In 2024, a total of 382 cases involving violent acts were recorded, representing an increase of 9 per cent as compared with 351 cases in 2023. These cases mainly involved fighting among persons in custody and assaulting others. Among these cases, 26 cases of a more serious nature were referred to the Police for follow-up, representing an increase of 18 per cent as compared to 22 cases in 2023. The number of correctional officers who were injured after being attacked or while stopping violent acts was 20, representing an increase of 33 per cent as compared to 15 in 2023.       In 2024, five cases of concerted acts of indiscipline among persons in custody were recorded, representing an increase of one case over 2023. The number of participants involved in the above incidents was 49 in total.      To maintain the good order and discipline of correctional institutions, apart from combating various kinds of acts of indiscipline through strict law enforcement by institutional staff, the Regional Response Team carried out a total of four operations in 2024 to support the security work of correctional institutions, which involved the handling of incidents like collective actions against the institutional management and group fights among persons in custody.       Apart from combating illicit activities and acts of indiscipline among persons in custody, correctional officers must stay vigilant at all times to detect and prevent any self-harm acts by persons in custody. Under the concerted efforts of correctional officers, a total of 18 self-harm cases were recorded in 2024, representing a significant decrease of 40 per cent as compared with 30 cases in 2023. (3) Rehabilitation      In 2024, the Department enhanced its rehabilitation work on all fronts by fully implementing various measures, including strengthening the determination of persons in custody to rehabilitate, extending the reach of rehabilitation programmes beyond the prison walls, and making an all-out effort to seek participation in and support for rehabilitation work from all sectors of the community, with a view to assisting persons in custody to turn over a new leaf and reintegrate into society.      To address the special rehabilitation needs of persons in custody involved in the black-clad violence and contravening the Hong Kong National Security Law/ Safeguarding National Security Ordinance, the Department continued to launch a number of diversified rehabilitation programmes under the Project PATH to enhance their knowledge of the Chinese traditional culture, foster good character and moral education, and teach them to appreciate and pass down Chinese culture. A flag-raising and foot drill competition was held for the first time with an aim to enhance their sense of national identity.      Furthermore, to enable persons in custody to obtain more opportunities for upward mobility, the CSD launched “Project JET” in October 2022 to provide one-stop training and career development opportunities for persons in custody, encouraging them to make life planning early, make full use of their talents and contribute to society. The project includes life planning, in-centre training, post-release internship, formal employment and a mentoring scheme. “Project JET” was awarded the Community Corrections Award, an excellence award by the International Corrections and Prisons Association last year.      The CSD launched the Rehabilitation Dog Services in early 2024 at Lo Wu Correctional Institution and Phoenix House to provide animal-assisted therapies to persons in custody in need, with a view to improving their depression and anxiety and reducing their violent tendencies. Moreover, the Rehabilitation Dog Services Internship Programme implemented at Phoenix House helps halfway house trainees build self-confidence and develop a sense of responsibility through caring for rehabilitation dogs. Trainees and rehabilitation dogs were arranged to visit elderly service centres to conduct caring visits, thereby giving back to society.      In 2024, the Department also set up two family therapy centres at the Multi-purpose Family and Rehabilitation Service Centres in Tuen Mun and Sheung Shui to organise different kinds of treatment programmes for rehabilitated drug addicts under statutory supervision and rehabilitated persons with violent tendencies or radical thoughts. By extending the in-prison psychological and family counselling services to the community, the Department aims to help them resolve family problems so that they can rebuild family relationships smoothly.      In 2024, the Department set up the Correctional Rehabilitation Research Unit to envision evidence-informed rehabilitation services through promoting research and making reference to the latest international research findings. Last year, the Unit published two issues of “Insight”, a research bulletin, with contents covering “the effect of education programmes on the psychological conditions and rehabilitation motives of persons in custody”, “how rehabilitation dogs enhance psychological health”, and “the application of sports activities on male persons in custody”. Moreover, the Unit has also endeavoured to enhance professional exchanges and its network with overseas, Mainland and local research consultants and practitioners, so that they can consider collaborative research issues on rehabilitation services.      On education, to further enable the inaugural graduates of the Ethics College who have obtained the Diploma of Applied Education to pursue higher qualifications, a two-year full-time Associate of General Studies distance programme was organised in the Ethics College in September 2024 to provide persons in custody with an option for further studies. Meanwhile, the CSD has also extended the Ethics College to Pik Uk Prison to provide a half-day Associate of General Studies programme and half-day vocational training for graduates of the Ethics College who are unable to complete the associate degree programme during the remainder of their sentences. This allows them to receive short-term educational and vocational training and continuously equip themselves in preparation for reintegration into society for academic and career pursuits upon their imminent release.      The overall passing rate of public examinations taken by persons in custody was 88.4 per cent last year (85.3 per cent and 90.6 per cent for adult and young persons in custody respectively), representing an increase of 5.7 percentage points over 2023. One person in custody obtained a total of 25 marks in six papers under the Hong Kong Diploma of Secondary Education Examination. Four additional persons met the general entrance requirements for local universities. Moreover, one person in custody was awarded a doctoral degree, and 11 others were awarded bachelor’s degrees.      On vocational training, the Department provides 13 market-oriented vocational training courses to young persons in custody, and 43 vocational training courses with more than 1 700 training places, an increase of 300 places as compared with 2023, for lawfully residing adult persons in custody who are due for discharge within 24 months and eligible for employment to enrol on a voluntary basis.       Last year, the overall passing rate of vocational training examinations taken by persons in custody was 99.5 per cent (99.3 per cent and 100 per cent for adult and young persons in custody respectively). Their employment rates after six months of employment follow-up period upon release were 87.3 per cent and 78.4 per cent respectively.        Moreover, the Department has endeavoured to establish close partnerships with organisations and individuals from different sectors of the community, with a view to providing comprehensive rehabilitation services. The Department held in June last year the first Rehabilitation Partners Award Scheme Presentation Ceremony to honour 120 non-governmental organisations (NGOs), charitable institutions, commercial organisations, post-secondary institutions, etc, in recognition of their active support for persons in custody and rehabilitated persons over the past two years, as well as to encourage different sectors of the community to become Rehabilitation Partners and support rehabilitation work.       Over the past 20 years and so, based on the year of discharge, Hong Kong’s recidivism rate (the percentage of readmission of local persons in custody to correctional institutions following conviction for a new offence within two years after discharge) has recorded a significant decrease from 39.9 per cent in 2000 to 21.8 per cent in 2022. The hard-earned result reflects the perseverance and hard work of correctional officers, the firm determination of persons in custody and rehabilitated offenders to turn over a new leaf, as well as the support for offender rehabilitation from all sectors of the community. (4) Community education      The CSD’s Rehabilitation Pioneer Project (RPP) provides a series of community education activities to disseminate to young people the four key messages of safeguarding our country and home, leading a law-abiding and drug-free life as well as supporting offender rehabilitation. Last year, the Department strengthened its patriotic education for young people to enhance their sense of national identity and raise their understanding of our country. A total of 45 133 participants joined various RPP activities last year, representing an increase of 2.5 per cent as compared with 44 015 in 2023.      To further promote the coverage of the Rehabilitation Pioneer Leaders (RPL) in the community, the Department continued a school-based programme to provide on-campus training. Currently, a total of six schools have joined the school-based programme, and the total number of RPL trainees has exceeded 600, representing an increase of 49 per cent as compared to that at the end of 2023. The Department also continued to enhance the diverse training programmes for RPL to help them develop their potential, including organising two certificate courses in 2024, namely Foundation Certificate in Correctional Studies and Criminal Legal Studies and Foundation Certificate in Moral and Personal Management, both pitched at Level 2 under the Hong Kong Qualifications Framework for Secondary One to Three RPL trainees to strengthen their awareness of making joint effort to build a society underpinned by the rule of law, foster positive thinking and establish good virtues.      Upholding the principle of sustainable development, the Department launched an initiative called “Captain Gor Union” and its mobile application last December, establishing a membership system for the RPP to recruit primary and secondary students as members. The members will then be arranged to join different activities promoting national security, national education, crime prevention, anti-drug and support for offender rehabilitation messages, as well as cultural exchange activities. The new membership system not only makes youth development work more systematic and sustainable but also helps recruit young people with great potential to join the RPL, with a view to continuously bringing in new blood to the Department’s youth uniformed group.      The Department organised different types of exchange activities under the theme “exploring our country ・ caring the community” last year. RPL trainees were arranged to visit different places on the Mainland, such as Wuhan, Beijing, Tianjin and Urumqi, and participate in volunteer activities. In addition, at the end of last year, the Department implemented a comprehensive co-operation programme with the charitable organisation, Long Caring, and arranged for RPL trainees to be the first uniformed youth group to join a tour to the Hong’an Hope Town in Hubei to enable them to learn about our country’s poverty alleviation work and the road to great rejuvenation of the Chinese nation.      Furthermore, in celebration of the 75th anniversary of the founding of the People’s Republic of China, the Department organised the first 3×3 Basketball Invitation Game for Hong Kong Uniformed Youth Groups in celebration of National Day last October to unite different uniformed youth groups in Hong Kong, aiming to promote patriotism through positive sport games, enhance young people’s sense of national identity and nurture them into a new generation with an affection for our country and Hong Kong and a positive mindset. (5) Human resources      In 2024, a total of 30 Officers and 344 Assistant Officers II were recruited. As at December 31, 2024, there were 674 vacancies for disciplined staff, accounting for 10.3 per cent of the overall establishment of the Department. The Department continued to implement the Post-retirement Service Contract Scheme last year to relieve the manpower strain. As at December 31, 2024, a total of 127 retirees were recruited. About 45 Officers are expected to be recruited this year, and the year-round recruitment for the post of Assistant Officer II will continue to fill the relevant vacancies.      Multipronged recruitment strategies were adopted last year to attract more talents who aspire to serve the community to join the Department, which achieved remarkable overall results. The total number of Assistant Officers II recruited in 2024 saw an increase of 18.6 per cent as compared with 290 in 2023.      In addition, the Department continued to work closely with different support service centres for ethnic minorities and schools last year. A variety of activities were organised to attract non-ethnic Chinese to apply for the vacancies of the CSD. In 2024, an additional 13 non-ethnic Chinese correctional officers were appointed. As at December 31, 2024, a total of 66 non-ethnic Chinese correctional officers were employed by the Department.      On staff training, to enhance patriotism and national security awareness among correctional officers, the Department continued to include training elements of national security, national education and patriotic education in the recruit training and training courses for serving staff, including inviting legal professionals and renowned scholars to host talks and sharing sessions, and arranging for correctional officers to visit the National Security Exhibition Gallery, the Patriotic Education Centre and the Chinese People’s Liberation Army Hong Kong Garrison Exhibition Center at Ngong Shuen Chau Barracks, as well as organising study and exchange visits to the Mainland for correctional staff. In 2024, 130 related activities were organised by the Department with over 2 600 staff members participating in the activities. (6) Application of innovation and technology      Last year, the Department continued to introduce innovation and technology projects to correctional facilities to assist the institutional management in enhancing management and operational efficiency and raising the security level of facilities. For example, the Department introduced the Second Generation Automatic Drone Patrol and Monitoring System to Tong Fuk Correctional Institution and implemented the Artificial Intelligence Coastal Surveillance System on Hei Ling Chau.      In addition, the Department continued its efforts to tie in with the Government’s Smart City Blueprint by digitising its public services. The Approved Hand-in Articles e-Ordering Service was implemented in all correctional institutions last December, enabling relatives and friends of persons in custody to purchase approved hand-in articles for them via an online platform. The articles are directly delivered to the correctional institutions concerned by the supplier. The service not only reduces the time visitors spend sourcing the articles in the market and the inconvenience of carrying them to the correctional institutions, but also shortens the time for correctional officers to conduct security checks and handle the articles, thereby enhancing the operational efficiency of correctional institutions.      Meanwhile, the CSD launched two new technology projects, namely Digital Incarceration Proof and Chatbot Service, at the end of last year to bring convenience to the public. Members of the public may apply for the Digital Incarceration Proof through the “iAM Smart” mobile application, instead of having to visit the CSD Headquarters in person as in the past. Furthermore, the Chatbot Service is provided on the CSD website and its mobile application. Through the use of chatbot “Ching Ching” to handle public enquiries, the efficiency of the public enquiry service can be raised. (7) Deepening collaboration with the Mainland and international partners      The CSD has been fostering professional collaboration with the Mainland and overseas correctional institutions to establish close partnerships and create opportunities for co-operation on issues of mutual concern, making its best endeavours to tell good correctional stories and to tell good stories of Hong Kong.      The Department held the first Greater Bay Area Correctional Services Tactical Skills Competition in January this year, with the participation of seven teams from correctional organisations in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The event effectively facilitated the exchange of experiences in crisis management between the CSD and correctional organisations in the GBA, with a view to enhancing the tactical skills of the response teams and their emergency response capabilities.      Apart from fostering exchanges and connections within the GBA, the Department has also actively integrated into our country’s Belt and Road Initiative. In March last year, the Department and the Hungarian Prison Service (with Hungary being the first European country to sign the Belt and Road co-operation agreement) signed a Memorandum of Understanding. Through formulating and promoting co-operation programmes including experience sharing in correctional services, personnel exchanges and joint research, the development of the two correctional authorities could be enhanced, and long-term co-operation relationship could be established, thereby deepening professional exchanges about international correctional services.      In November last year, the Department further enhanced its role as an international link by hosting the 42nd Asian and Pacific Conference of Correctional Administrators. About 140 correctional chiefs and representatives from 30 Asia-Pacific countries and regions (including 16 Belt and Road countries) attended the Conference, themed “Collaboration for Sustainable and High-quality Development”, to conduct professional exchanges about correctional services and the future development, with a view to strengthening and facilitating regional co-operation and further enabling counterparts from different places to gain a better understanding of the unique advantages and latest developments of Hong Kong’s correctional system. (8) Priorities in the coming year      Concluding its efforts made in 2024, the CSD achieved significant progress in various areas of its work. Looking forward, the Department will build on its success and seek changes while maintaining stability. We will continue to make innovations with professionalism in the three major areas of work, namely custodial work, rehabilitation and community education, with a view to making the CSD an internationally acclaimed correctional services institution.      On custodial work, following the successful organisation of the Greater Bay Area Correctional Services Tactical Skills Competition early this year, the CSD plans to set up the Hong Kong Correctional Services Response Tactics Training Base at Cape Collinson Correctional Institution to provide professional tactical skills training courses for officers of correctional institutions on the Mainland and overseas as well as local law enforcement officers to facilitate in-depth exchanges of response tactics and related skills between correctional institutions and professional law enforcement agencies in different jurisdictions and the CSD’s response teams, thereby enhancing their professionalism and response capabilities to deal with prison emergencies.      The Department will continue to introduce elements of innovation and technology into correctional facilities to raise operational efficiency, enhance institutional security and strengthen the self-management ability of persons in custody. These include the installation of the Persons in Custody Integrated Intelligent Communication System, the Electric Locks Security System, the Movement and Location Monitoring System, the Smart Visitor Management System, etc, in different institutions progressively. Moreover, the Department plans to set up a Penal Lab at Cape Collinson Correctional Institution jointly with the Hong Kong Science and Technology Parks Corporation in the first half of this year, where tailor-made innovative solutions can be tested, so that more smart initiatives tailored for penal settings can be introduced to enhance operational efficacy and service quality of the Department.      Following the launch of the Social Visit e-Booking Service, the Department plans to introduce a new e-booking option for video social visits to enable relatives and friends of persons in custody to make appointments via the Department’s webpage or its mobile application for video visits at the five Multi-purpose Family and Rehabilitation Service Centres located in the urban area. The new service can not only enhance the operational efficiency of the Department but also bring convenience to relatives and friends of persons in custody.      As for rehabilitation work, the Correctional Rehabilitation Research Unit will continue to carry out research studies in collaboration with local universities to promote evidence-informed rehabilitation services. The Unit plans to share its research findings with stakeholders and the public this year, including rehabilitated persons’ desistance from re-offending, and the use of social media of young persons in custody before incarceration and its impact on their mental health, in the hope of providing guidance on the formulation of future strategies for rehabilitation and crime prevention work.      Moreover, to address the rehabilitation needs of persons in custody serving short-term prison sentences, the Department is in discussion with an NGO to provide with them one-stop rehabilitation support services during imprisonment and after release, which include assessments made by professional social workers, participation in personal growth sessions, and the establishment of a positive social network after release. Such services can help rehabilitated persons establish positive values, develop law-abiding awareness, explore personal strengths, build self-confidence and set life goals, thereby reducing their recidivism risk. Under the collaborative project, the Correctional Rehabilitation Research Unit will carry out a three-year research project in collaboration with a local university and an NGO to track the rehabilitation situation of service users after release.      Furthermore, in view of the remarkable results of the Rehabilitation Dog Services Programme launched last year, the Department plans to conduct further studies with local universities and extend the programme to institutions for adult male persons in custody, with a view to benefitting more persons in custody in need.                  As regards community education, the Department will strengthen youth education in terms of its breadth and depth to nurture young people into a new generation with law-abiding awareness and affection for our country and Hong Kong.      With regard to expanding the breadth of youth education, the Department will make greater effort to enhance its connection with schools in various districts to further increase the number of schools joining the school-based RPL programme to recruit more RPL trainees.      The Department will extend its collaboration with other departments to jointly organise more publicity activities to promote crime prevention and anti-drug messages. For example, in view of an escalating trend of taking “space oil drug”, the Department will join hands with the Narcotics Division to organise the Creation and Rehabilitation Programme under the theme of “space oil drug” at Stanley Prison next month to disseminate anti-drug messages to participating students.       With regard to expanding the depth of youth education, to encourage young people to obtain an in-depth understanding of our country’s overall development trend, the Department will provide RPL trainees with job tasting opportunities on the Mainland to enable them to establish Mainland networking and raise their understanding of the Mainland market to assist them in realising their life planning and seizing national development opportunities.      A microfilm premiere on national security will be held this April to deepen the dissemination of messages about national security and the importance of the rule of law among participating secondary students and members of youth uniformed groups.      Lastly, in order to enhance the promotion of correctional work and the dissemination of the message of support for offender rehabilitation to the general public, since January this year, the Correctional Services Department Sports Association (CSDSA) has operated an online gift sales platform for charity named “Made in Prison” (MIP), which aims to foster a caring heart in the community through the sale of handcraft products made by persons in custody to the public. The charity online gift sales platform is operated by the charity fund under the CSDSA. All proceeds from the sale, after deducting necessary costs, will be donated to various local registered charities, thereby promoting the development of the local charity industry as well as providing persons in custody with opportunities to contribute to society.      In its future development, the MIP will introduce more innovative green elements. The Department and the Hong Kong Polytechnic University (PolyU) signed a Memorandum of Understanding in early February this year, under which PolyU’s patented technology for making 3D printing material with spent coffee grounds will be applied to the industrial production work performed by persons in custody. PolyU will also provide vocational training in product design for persons in custody to assist them in designing more environmentally friendly spent coffee grounds products, which will be available for sale on the MIP platform. The development of the platform signifies the CSD’s sheer determination to care for the underprivileged, the environment and the community in an innovative way.

     
    Ends/Thursday, February 20, 2025Issued at HKT 15:40

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: 6th Edition of the Delhi International Leather Expo begins at IICC,Yashobhoomi

    Source: Government of India (2)

    Posted On: 20 FEB 2025 11:59AM by PIB Delhi

    The Council for Leather Exports (CLE) is organising the 6th Edition of the Delhi International Leather Expo (DILEX) – Reverse Buyer Seller Meet (RBSM) during 20th and 21st February 2025 at the India International Convention & Expo Centre (IICC), Yashobhoomi, Dwarka, New Delhi, with funding support from the Government of India under the Market Access Initiative (MAI) Scheme. This landmark event is poised to strengthen India’s position in the global leather and footwear industry.

    The 6th edition boasts expanded participation with approximately 225 Indian exhibitors showcasing their latest collections across an 8,000-square-meter exhibition area, a significant increase from the previous edition. Its global reach has also grown, with over 200 foreign buyers from nearly 52 countries, including key markets in Europe and the U.S., compared to just 130+ last time. The event will take place in Hall 1B at IICC, offering a world-class venue, while robust domestic engagement is ensured with over 500 representatives from Indian buying houses, retailers, and trade buyers, fostering extensive networking opportunities.

    During the inauguration of the 6th Edition of the Delhi International Leather Expo (DILEX), organized by the Council for Leather Exports (CLE), Shri Vimal Anand, Joint Secretary of the Department of Commerce, remarked that the event marked a significant milestone in India’s global trade journey. He noted that in the post-COVID recovery phase, India’s leather and footwear industry had demonstrated exceptional resilience by expanding exports and positioning the country to achieve its ambitious targets, including a goal of USD 7 billion for FY 2025-26.

    Shri Anand, also shared that with favorable policies, such as import duty exemptions on wet blue leather and enhanced credit guarantees for MSMEs, India is well-positioned to capitalize on emerging global shifts—particularly in light of geopolitical changes and new market access opportunities, including tariff adjustments and the “China Plus One” demand.

    Shri RK Jalan, Chairman, Council for Leather Exports at the inauguration of DILEX 2025 said, “The 6th Edition of the Delhi International Leather Expo (DILEX) 2025 opens doors for the global leather and footwear sector amidst an evolving geopolitical landscape. As the world recovers from the pandemic and contends with disruptions like the Russia-Ukraine conflict, Trump Tariff era and China’s aggressive trade policies, India’s leather industry has shown resilience, achieving consecutive months of growth. With a positive trajectory, we aim to reach the Department of Commerce’s USD 7bn export target and position India among the top 5 global exporters by FY 2025-26.

    As India continues to expand its footprint in the global footwear and leather market, DILEX 2025 provides a critical platform for fostering international trade and collaboration. The event facilitates one-on-one business meetings, allowing manufacturers and exporters to engage directly with international buyers, thereby exploring viable sourcing alternatives. At a time when India is increasingly recognized as a “China Plus One” sourcing option, DILEX 2025 reaffirms the country’s commitment to innovation, sustainable growth, and excellence in the leather and footwear sectors.                                              

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    Abhishek Dayal/Abhijith Narayanan

    (Release ID: 2104883) Visitor Counter : 63

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Machine Learning Powers Detection of Contamination, Spoilage in Dairy, Meat

    Source: US State of Connecticut

    Dairy and meat are two common sources of foodborne illness in the U.S.

    Because of this, producers use methods to test food for bacterial contamination before making it available to the public. However, these methods are time-consuming, expensive, and require expert training to perform.

    Researchers in UConn’s College of Agriculture, Health and Natural Resources have developed new methods powered by machine learning to test for bacterial contamination and spoilage that radically reduce the cost and time required to perform them.

    This work is led by Yangchao Luo’s group, and Zhenlei Xiao. Luo and Xiao are both faculty members in the Department of Nutritional Sciences.

    Their method works by using a 96-well plate – a plate with many small areas to fill with samples – and an array of 12 sensors.

    The sensors react differently with different bacteria based on their molecular structure. These interactions produce unique patterns. By feeding these patterns into a machine learning algorithm, the researchers taught a computer to detect the pathogens based on the patterns.

    This new technology can detect eight different pathogenic and spoilage bacteria in milk in just two hours with more than 98% accuracy.

    “We hope to develop a technology that can detect simultaneously as many species as possible so that we can easily trace back the original source of contamination,” Luo says.

    The group tested five pathogenic bacteria including Listeria, E. coli, and Salmonella, which are three of the most common foodborne pathogens in the U.S. They also tested three non-pathogenic bacteria that cause spoilage. They published these findings in Food Chemistry.

    “With this combination, we are pretty sure that we covered most cases of milk contamination,” Luo says.

    This approach is a major improvement over existing methods which can only test for one kind of bacteria at a time, and the whole process takes days and requires trained laboratory technicians.

    The researchers used cutting-edge nanotechnologies with high sensitivity and machine learning to achieve these results.

    Because performing this test does not require any formal laboratory training, the researchers hope to eventually develop an at-home test using an app that consumers can use to check their milk for pathogens or spoilage.

    Luo’s group is currently developing an app that enables a smartphone to read the fluorescence data the sensors produce.

    The team is also working to make this process even simpler by eliminating the purification step that removes proteins from the milk sample that would interfere with the accuracy of the test.

    The research team is also developing a sensor to detect volatile organic compounds (VOCs), which are produced by bacteria that cause spoilage in meat.

    These sensors can detect VOCs to determine food’s freshness, specifically beef, and determine the presence of pathogenic bacteria.

    “Based on the VOCs we can detect a pattern that can translate into which type of bacteria these VOCs are coming from,” Luo says.

    This research was published in Food Frontiers.

    The technology works similarly to the bacterial sensors. When VOCs are released from meat, it produces a color change in the sensor that gives researchers information about what VOCs are being produced and by which bacteria. The group again developed machine learning models to read the data.

    The advantage of testing for VOCs rather than bacteria in raw meat is that with VOCs, the sensors do not need to be in direct contact with the bacteria, so you don’t need to take a sample out of the product to test it. While taking a sample from a batch of milk is relatively simple, taking it out of a cut of meat is less so.

    This technology could be incorporated directly into food packaging to create an easily readable measure of potential food spoilage or contamination based on color changes in the sensor.

    “VOCs are volatile – they’re just in the air,” Luo says. “So, you can detect VOCs without touching bacteria. It doesn’t require a sampling process that way. So, we can put a simple sensor on the packaging.”

    This work relates to CAHNR’s Strategic Vision area focused on Enhancing Health and Well-Being Locally, Nationally, and Globally.

    Follow UConn CAHNR on social media

    MIL OSI USA News

  • MIL-OSI Economics: Thales, Milrem Robotics, and EM&E Group sign a MoU for strategic cooperation in the United Arab Emirates

    Source: Thales Group

    Headline: Thales, Milrem Robotics, and EM&E Group sign a MoU for strategic cooperation in the United Arab Emirates

    February 18, 2025 — Abu Dhabi, UAE: Milrem Robotics, the world’s leading robotics and autonomous systems developer, EM&E Group, a prominent defence technology provider, and Thales in Belgium, a subsidiary of Thales a global tech leader in defence, aerospace and cyber have signed a Memorandum of Understanding (MoU) to jointly address commercial cooperation in the United Arab Emirates.

    This MoU provides a framework that focuses on joint innovation and robotics capability integration projects. One of the main goals of this partnership is to integrate EM&E Group’s SECUTOR Remote Weapon Station together with Thales in Belgium’s 70mm rocket systems into Milrem Robotics’ THeMIS modular unmanned ground vehicle. This integration will enhance the operational capabilities of this platform, making it more versatile and suited to meet the specific needs of the UAE, particularly in terms of drones countermeasures (C-UAS).

    This system will be displayed by the EDGE Group at IDEX 2025, which will be held in Abu Dhabi from 17-21 February.

    The agreement also outlines opportunities for further collaborative development projects that combine the expertise of all three parties to advance cutting-edge defence solutions.

    “Milrem Robotics, EM&E Group, and Thales in Belgium share a vision of leveraging our combined technological strengths to address the evolving needs for robotic systems and to build efficient defence capabilities. Through this partnership, we aim to drive innovation, strengthen regional security, and contribute to the UAE’s defence and technological capabilities,” said Kuldar Väärsi, CEO of Milrem Robotics.

    “We are excited to enter into this strategic partnership, bringing together cutting-edge technologies to meet defence needs in a rapidly evolving landscape. This collaboration reflects our shared commitment to advancing security and technological excellence, in keeping with the UAE’s vision for innovation in defence,” said Alain Quevrin, CEO of Thales in Belgium

    “It is an honour to participate in this strategic project, which will bring together the capabilities and technologies necessary for the development of a cutting-edge system such as the Secutor Rocket. This agreement reflects our shared commitment to respond to the needs of the ever-changing Defence sector”, said Javier Escribano, President of EM&E Group.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.

    About Thales in Belgium

    Thales Belgium, a subsidiary of the Thales Group, has operated in Belgium for over 50 years, serving three core markets — Defence & Security, Aeronautics & Space and Digital Identity & Security — and developing products and solutions that help make the world safer, greener and more inclusive.

    Thales employs over 1,200 people in Belgium at nine sites (Herstal, Tubize, Brussels, Charleroi, Hasselt, Leuven, Zaventem and Hasselt). Thales Belgium consistently contributes to the country’s research and development programmes, in particular in key sectors of innovation such as quantum technologies, edge computing, 6G and cybersecurity.

    About Milrem

    milremrobotics.com

    About EM&E Group

    www.eme-es.com

    Media contacts

    Thales in Belgium

    Lou Uniak – lou.uniack@thalesgroup.com

    Thales Group

    Camille Heck – Camille.heck@thalesgroup.com

    MIL OSI Economics

  • MIL-OSI NGOs: EU/Israel: Ministers should not ‘roll out the red carpet’ for Israeli foreign minister

    Source: Amnesty International –

    Israeli foreign minister Gideon Sa’ar to visit Brussels on Monday

    EU leaders will welcome Sa’ar whose prime minister and former defense minister are subject to arrest warrants by the International Criminal Court for war crimes and crimes against humanity

    Israel’s military is actively engaged in committing crimes under international law, including genocide

    Commenting on EU foreign ministers hosting Gideon Sa’ar, Israel’s foreign minister, in Brussels for the EU-Israel Association Council on Monday 24 February, Eve Geddie, Amnesty International’s Director at European Institutions Office, said:

    “It is unconscionable that the EU is rolling out the red carpet for Foreign Minister Sa’ar whose boss, Prime Minister Netanyahu, is wanted by the ICC.

    “Discussions on the EU’s future relationship with Israel should above all be premised on an insistence that Netanyahu and former defence minister Gallant face justice at the ICC for the crimes they are alleged to have committed, as well as on Israel’s adherence to international law and an end to apartheid.

    “EU leaders must put their commitments to international law, human rights and the ICC above carefully choreographed diplomatic conferences with Israel.

    “The EU’s shameful silence on threats to the ICC and lack of urgent practical mitigating measures gives the firm impression that the EU has prioritised relations with a government implicated in the commission of genocide and war crimes, over support to an institution which is pursuing individual accountability for these crimes.

    “EU leaders should be deciding what measures to take to prevent the EU from aiding Israeli genocide, apartheid and unlawful occupation instead of brushing these under the carpet for a diplomatic handshake in Brussels.”

    Israeli settlements

    Despite the International Court of Justice clearly laying out the responsibility of third states to prevent trade and investment that contributes to maintaining the unlawful occupation, the EU continues to trade and invest in Israeli settlements.

    Amnesty calls on the EU with over 160 civil society organisations and in our letter on 10 February urging leaders to use the meeting to present Israel with clear requests to address its grave violations of international law and ensure justice and reparation for crimes under international law, while laying out the consequences for the relationship between the EU and Israel if no action is taken. 

    MIL OSI NGO

  • MIL-OSI NGOs: The Right To Seek Asylum Does Not Exist at U.S.-Mexico Border

    Source: Amnesty International –

    Amnesty International has found that the right to seek asylum in the United States is non-existent at the U.S.-Mexico border, in violation of U.S. human rights national and international obligations. The organization outlined its findings in a new briefing released today, which documents the treatment of people seeking safety in the United States interviewed between February 3-9 at the border.

    These alarming findings stem from the Trump administration’s executive actions and the increased militarization of the border by the Mexican government.

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

    The organization concluded in its research findings that while the mandatory use of the CBP One App to seek asylum was unlawful, the end of its usage has ultimately 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 situations on the southern side of the border, which is especially dangerous for Mexican asylum seekers. Amnesty conducted interviews with dozens of people experiencing the impact of this change in border policies and those testimonies are provided in the briefing.

    Along with targeted ICE enforcement across the U.S., the Trump administration has dismantled the U.S. Refugee Admissions Program and ended rights enshrined in the U.S. Constitution like birthright citizenship, along with other anticipated actions rooted in racism and white supremacy.

    “The Trump administration has made the U.S.-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,” said Amy Fischer, Director of the Refugee and Migrant Rights Program at Amnesty International USA. “The right to seek asylum simply does not exist at the border, and vulnerable people are stranded with border organizations—who themselves could now be subject to retaliation and criminalization from the U.S. government— struggling to prevent an even bigger humanitarian disaster.”

    The Trump administration has made the U.S.-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

    -Amy Fischer, Director of the Refugee and Migrant Rights Program at Amnesty International

    This timely research comes within the broader context of the Trump administration’s stripping of funding for crucial humanitarian organizations working at the border that received money from USAID and other government programs whose funding is now frozen.

    Humanitarian and immigration organizations that operate on the border to provide shelter, legal orientation, 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.

    “Shelters at the border struggle to tell children that they have no options left,” added Mary Kapron, Amnesty International’s Researcher. “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.”

    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

    -Mary Kapron, Amnesty International’s Researcher

    In Mexico, the government deepened the militarization at the border by sending 10,000 new members of the Mexican military, fueling a climate of fear among people seeking safety and leading to mass detention and deportation.

    “The fact that it is now impossible to seek asylum at the U.S.-Mexico border places Mexicans seeking safety at particular risk,” said Mónica Oehler Toca, Amnesty International’s Researcher. “Unlike individuals of other nationalities, they are fleeing persecution in Mexico and now have no way of seeking international protection in the United States.”

    Amnesty International continues to call on the United States to urgently adopt solutions that abide by human rights obligations and to 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 fact that it is now impossible to seek asylum at the U.S.-Mexico border places Mexicans seeking safety at particular risk. Unlike individuals of other nationalities, they are fleeing persecution in Mexico and now have no way of seeking international protection in the United States

    -Mónica Oehler Toca, Amnesty International’s Researcher

    The organization also calls on the Mexican government to cease collaboration with the U.S. on harmful immigration policies and immediately implement measures to ensure the safety and security of asylum seekers transiting through Mexico.

    Finally, Amnesty International will continue to document human rights abuses, advocate for the human rights of all immigrants and people seeking safety in the United States and hold U.S. and Mexican government officials accountable.

    MIL OSI NGO

  • MIL-OSI: NowVertical Completes Debt-to-Equity Conversions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — NowVertical Group Inc. (TSXV: NOW) (“NOW” or the “Company”) announces that the Company has settled an aggregate of CAD$3.025 million in respect of certain historical obligations of the Company through the issuance of 9,168,418 Class A subordinate voting shares in the capital of the Company (the “Subordinate Voting Shares”) at a deemed issuance price of $0.33 per Subordinate Voting Share.

    CoreBI Settlement

    Further to the Company’s press release dated December 23, 2024, the Company settled an aggregate of US$1,250,000 (CAD$1,792,875.00) through the issuance of 5,432,954 Subordinate Voting Shares to the former owners of CoreBI S.A. and CoreBI S.A.S (the “CoreBI Vendors”) in settlement of certain deferred payments obligations owing to such persons. The Subordinate Voting Shares issuable to the CoreBI Vendors are subject to a contractual lock-up for thirty-six (36) months from the issuance date, with 20% of the Subordinate Voting Shares issued to the CoreBI Vendors being released after twelve (12) months, and 20% released every six (6) months thereafter. Notwithstanding the foregoing, if a CoreBI Vendor is terminated by the Company during the lock-up period, the lock-up will expire six (6) months from the termination date for any remaining Subordinate Voting Shares. In addition, the CoreBI Vendors have agreed to vote in favour of board recommendations for director elections until January 1, 2027 but retain the right to abstain from voting during this period.

    Acrotrend and Andre Garber Settlement

    Further to the Company’s press release dated January 2, 2025, the Company has settled an aggregate of US$815,000 (CAD$1,172,703.50) through the issuance of 3,553,646 Subordinate Voting Shares to the former owners of Acrotrend Solutions Ltd. (the “Acrotrend Vendors”) The Acrotrend Vendors include Sandeep Mendiratta, NowVertical’s CEO and Shailesh Mallya, Executive Vice President – Solutions and Services, both of whom are key parts of the Company’s core leadership team.

    Further, the Company has settled an aggregate of CAD$60,000 through the issuance of 181,818 Subordinate Voting Shares to Andre Garber, NowVertical’s Chief Development Officer, in respect of an outstanding debt of US$151,200 related to a 2021 cash bonus payable to Mr. Garber. Subject to receipt of TSX Venture Exchange and disinterested shareholder approval which will be sought at the Company’s next annual meeting, the remainder of the outstanding debt owing to Mr. Garber is intended to be settled on the same terms.

    In addition, the Acrotrend Vendors and Andre Garber have agreed to a contractual lock-up for twelve (12) months from the issuance date.

    All of the Subordinate Voting Shares issued to the CoreBI Vendors, the Acrotrend Vendors and Andre Garber are subject to a statutory four month hold period.

    Early Warning Disclosure

    Prior to completion of the debt settlement transactions described in this press release, Sandeep Mendiratta beneficially owned or had control or direction over, directly or indirectly, 8,734,742 Subordinate Voting Shares, representing approximately 10.3% of the currently issued and outstanding Subordinate Voting Shares. Following completion of the debt settlement transactions contemplated in this press release, Sandeep Mendiratta will own or have control or direction over, directly or indirectly, 10,511,565 Subordinate Voting Shares which will represent approximately 11.8% of the issued and outstanding Subordinate Voting Shares.

    The acquisition of the Subordinate Voting Shares by Sandeep Mendiratta was completed by way of issuance from treasury for investment purposes in connection with the debt settlement. Depending on market conditions, Sandeep Mendiratta may, from time to time, acquire additional securities, dispose of some or all of the existing or additional securities or may continue to hold the securities of the NowVertical.

    This press release is being issued pursuant to the requirements of National Instrument 62-104 – Take-Over Bids and Issuer Bids, which also requires an early warning report to be filed containing additional information with respect to the foregoing matters. A copy of the early warning report will be made available on SEDAR+ under NowVertical’s issuer profile at www.sedarplus.com. For further information and to obtain a copy of the early warning report.

    To obtain a copy of the early warning report, please contact Andre Garber, Corporate Secretary of NowVertical via email at IR@nowvertical.com or at its head office of 545 King Street West, Toronto, Ontario, M5V 1M1.

    The completion of this debt-to-equity conversion reinforces NowVertical’s commitment to leadership alignment and financial discipline, ensuring management remains invested in the company’s growth while enhancing cash flow flexibility to drive future opportunities.

    About NowVertical Group Inc.

    The Company is a global data and analytics company which helps clients transform data into tangible business value with AI, fast. Offering a comprehensive suite of solutions and services the Company enables clients to quickly harness the full potential of their data, driving measurable outcomes and accelerating potential return on investment. Enterprises optimize decision-making, improve operational efficiency, and unlock long-term value from their data using the Company’s AI-Infused first party and third-party technologies. NowVertical is growing organically and through strategic acquisitions. For further details about NowVertical, please visit www.nowvertical.com.

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

    For further information, please contact:
    Andre Garber, CDO
    IR@nowvertical.com
    T: +1(647)947-0223

    Forward-Looking Statements

    This news release contains forward-looking information and forward-looking information within the meaning of applicable Canadian securities laws (together “forward-looking statements“), including, the alignment of the Company’s leadership and shareholders, and the associated results of the transactions contemplated in this press release on NowVertical’s business, finances and operations. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies, certain of which are unknown. Forward-looking statements generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements are qualified in their entirety by inherent risks and uncertainties, including: adverse market conditions; risks inherent in the data analytics and artificial intelligence sectors in general; regulatory and legislative changes; that future results may vary from historical results; inability to obtain any requisite future financing on suitable terms; any inability to realize the expected benefits and synergies of acquisitions or dispositions; that market competition may affect the business, results and financial condition of the Company and other risk factors identified in documents filed by the Company under its profile at www.sedarplus.com, including the Company’s management’s discussion and analysis for the year ended December 31, 2023. Further, these forward-looking statements are made as of the date of this news release and, except as expressly required by applicable law, the Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    The MIL Network

  • MIL-OSI: Purpose Investments Expands Yield Shares Lineup with Seven New ETFs, Offering Enhanced Income Opportunities

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 20, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is excited to announce the addition of seven new ETFs to its industry-leading Yield Shares Suite – the world’s first yield-focused single-stock ETFs designed to provide investors with the long-term growth potential and enhanced* monthly yield from their favourite stock. Among the new additions is the Tech Innovators Yield Shares Purpose ETF (Ticker: YMAG), which brings together all the Mag7 companies along with Broadcom in a one-ticket solution. These new ETFs (described in the table below) begin trading on Cboe Canada today.

    Yield Shares ETF Ticker Underlying Company
    Costco (COST) Yield Shares Purpose ETF YCST Costco
    Palantir (PLTR) Yield Shares Purpose ETF YPLT Palantir
    UnitedHealth (UNH) Yield Shares Purpose ETF YUNH UnitedHealth Group
    Coinbase (COIN) Yield Shares Purpose ETF YCON Coinbase
    Netflix (NFLX) Yield Shares Purpose ETF YNET Netflix
    Broadcom (AVGO) Yield Shares Purpose ETF YAVG Broadcom
    Tech Innovators Yield Shares Purpose ETF YMAG Broadcom, Alphabet, Tesla, Meta, Microsoft, Amazon, Apple, and NVIDIA


    A Smarter Approach to Income and Growth

    Since launching in 2022, Purpose Yield Shares has established itself as a leading solution for investors seeking monthly income while maintaining exposure to leading global companies. These innovative ETFs generate tax-efficient, enhanced monthly distributions by investing directly in the underlying stock and employing a covered call strategy with moderate leverage – delivering a unique balance of income and growth.

    “The Yield Shares lineup is committed to giving investors access to high-quality companies with strong fundamentals and long-term growth potential. With these new ETFs, investors can tap into market leaders at the forefront of innovation and economic progress – all while earning enhanced monthly income,” said Nick Mersch, Yield Shares portfolio manager. “From technology and consumer staples to financial services and healthcare, our Yield Shares suite offers a powerful combination of income and growth, allowing investors to participate in the success of industry leaders.”

    Key Benefits

    • Monthly Income: Investors receive an enhanced monthly distribution while maintaining exposure to the growth of the underlying stock.
    • Growth Potential: Participate in the long-term growth of companies like Costco or Netflix, two powerhouse brands redefining consumer spending and media consumption.
    • Lower Volatility: A built-in options strategy helps cushion against stock price declines.
    • Tax Efficiency: The covered call strategy aims to generate tax-efficient income.

    “These new offerings are more than just investment products – they reinforce our belief that Yield Shares represent a distinct asset class, uniquely designed to help investors achieve their financial goals while complementing their existing portfolios,” said Yuan Gao, Vice President, Product. “This expansion reflects Purpose’s commitment to evolving with investor needs and navigating an ever-changing market landscape.”

    Not Your Typical Yield Shares ETF: A Bold New Offering

    The Tech Innovators Yield Shares Purpose ETF (Ticker: YMAG) offers investors a one-ticket solution for exposure to a powerhouse group of technology and innovation leaders while generating monthly income. Known as “BATMMAAN,” this elite group – Broadcom, Alphabet, Tesla, Meta, Microsoft, Amazon, Apple, and NVIDIA – represents the Nasdaq’s trillion-dollar market cap club, shaping the future of AI, cloud computing, digital services, and next-generation infrastructure.

    “The Tech Innovators Yield Shares is an exciting evolution of our suite, bringing together industry giants with a sophisticated strategy that allows investors to participate in their growth while generating enhanced, diversified income. This powerful blend of innovation and yield is designed to meet the needs of today’s investors,” said Mersch.

    To view the full suite of Yield Shares ETFs, please visit our suite page.

    About Purpose Investments

    Purpose Investments is an asset management company with over $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please email us at info@purposeinvest.com

    Media inquiries:
    Keera Hart
    keera.hart@kaiserpartners.com
    905-580-1257

    *Yield Shares funds provide “enhanced” or higher yields in the form of additional monthly distributions compared with the underlying common stock, which pays a relatively lower or no distribution yield.

    Commissions, trailing commissions, management fees, and expenses may all be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. Fund distribution levels and frequencies are not guaranteed and may vary at the Purpose Investment’s sole discretion.

    Certain statements in this document may be forward-looking. Forward-looking statements (“FLS”) are statements that are predictive in nature, depend on or refer to future events or conditions, or include words such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate” or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are, by their nature, based on numerous assumptions. Although the FLS contained in this document are based upon what Purpose Investments believes to be reasonable assumptions, Purpose Investments cannot assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on the FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed, that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.

    The MIL Network

  • MIL-OSI Africa: Secretary-General’s video message to the 19th Plenary Session of the Parliamentary Assembly of the Mediterranean

    Source: United Nations – English

    strong>Download the video: https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+31+Jan+25/3334563_MSG+SG+19TH+PLENARY+PAM+ROME+31+JAN+25.mp4

    Excellencies,

    Dear Parliamentarians,

    I am pleased to convey my warm greetings as you gather for this 19th 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 are 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 the 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 21st 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.

    Thank you.
     

    MIL OSI Africa

  • MIL-OSI Europe: Opening remarks by Commissioner Jørgensen at the ITRE Committee Structured Dialogue

    Source: EuroStat – European Statistics

    European Commission Statement Brussels, 20 Feb 2025 Thank you Mr Chairman!
    This is the first time I am back in a big Plenary room since the hearing. Thank you for being nice to me! People ask me if I could sleep at night in the preparation phase, and I always answered, ‘yes I sleep like a baby’. I sleep for a few hours, I wake up and cry a little bit, then I sleep for a few more hours and then I wake up and cry a little bit.

    Thank you so much and thank you for the collaboration, both before and after the hearing.

    Now of course, we have started the actual work and I really cherish, both the bilateral collaboration I have with many of you, but also with the groups and with the Committee.

    I am looking forward for the exchange of views today. Obviously, it’s also a possibility for me to highlight some of the things that are coming up and that we are presenting from the Commission’s side in the weeks and months to come, just as it is an opportunity for you to ask me questions, but obviously also give me some input.

    A lot has happened since December, there is an old, I think it’s a Chinese curse, that goes ‘may you live in interesting times’. I think it’s pretty fair to say we are living in interesting times.

    I think it’s also fair to say that this is for me a very, very clear sign that we should all be happy that we have the European Union. No country, not even the biggest ones of us, have a chance of solving the challenges that we face right now alone.

    We need to really stand by each other’s shoulders and we need to work with each other closer, together. And therefore, I think it is also extremely important that we send a very clear signal to our own citizens, our own companies but also of course to the world, that in the European Union, the way that we face challenges like the ones we face right now, is not by polarising but standing together.

    This certainly also goes for the energy part of our collaboration. We  already working very closely together on this, compared to any other region of the planet, we are better interconnected and more rational and greener than any other region.

    This is obviously not to say that we don’t have many challenges, we have a lot. But I just think it’s worth reminding each other, when standing in challenging times, it’s also necessary to remember what are our strengths and to build on our strengths. And when facing challenges you have to be very careful, when you find the solutions, that you don’t undermine the position of strength that you actually have, by choosing to go in completely different directions.

    For me that means, looking at our Energy Union, we need to make that stronger.

    It really is a little bit of a paradox, when walking around this building and looking at all the historic photos, the buildings and rooms named after great personalities that helped shape the European Union, that it all started as a Coal and Steel Community. So coal, basically energy.

    Yet today, there is many other issues we are much more integrated than we are on the energy side.

    So, we have a lot of potential. I will also say that we need to do better in that part of our integration.

    Now, if we look at our electricity infrastructure and how it is connected in Europe. Again, I would find it difficult to point to any other places in the world that are doing as well as we are. But at the same time, we are not at all where we need to be and we are not even exploiting the possibilities that we have of doing better right now.

    An analogy that you could use, if you thought about our more traditional physical transport infrastructure and, let’s just take an arbitrary number, say that what we needed was 100 big highways to connect Europe and we would be perfectly connected, it’s just an arbitrary number but let’s say it’s 100. Then say, that those highways are energy, electricity, then right now we are at a stage where we have 100 highways but we need 200. What makes it even more challenging, but also gives us possibilities, is that out of the 100 we are only using 50. So out of the infrastructure that we already have, the interconnectedness and maintenance that we already have, we are only utilising a part of itAnd we have a lot of potential for utilising it better. And even if we did that 100 per cent, that still would not be enough.

    So, what does that mean? It means we need to be better connected, both physically, so physical infrastructure, but also in a more regulatory sense.

    Countries need to implement better legislation that we already have, this means exploiting the possibilities of having the benefits of having neighbours that produce energy at certain times and also being solidaire, providing them the energy to them, when they don’t.

    If all countries fulfilled our obligation of the 70% transmission  target, then already there, we would be much better off that we are today.

    If we were better at exploiting the grid we have, and we can be, via digitalization and AI, and better planning and better coordination of maintenance, small things they might seem like, but they can really make a difference. Then we could avoid a lot of curtailment. In Germany alone, the curtailment every year equals the lost revenue of 4 billion euros.

    When we have the big crisis last Summer, in many of the Southern European countries because of the heat wave, one of the reasons why the crisis became so big was because there was a lot of maintenance going on and it wasn’t being coordinated. This is not to blame anybody, because there were probably good reasons why it had to happen there, but had we coordinated better, we could have avoided these things.

    So this is just to say there are actually quite a few low hanging fruits, quite a few things that can work, even in the short term. But I will also be honest with you and say there are also some fruits at the top of the tree, that we need to pick. There is also a lot of things that we need to do that are more structural, long-term decisions.

    Something that lies in between there, I would say, is our ability to move swiftly with the deployment of more renewables.

    We need to, in my opinion, take a good and hard look at our rules for permitting. Now, during the crisis we had some change in the rules that we have and emergency measures, that were also implemented and that meant that in some countries things were actually speeding up.

    But still, as a general rule, it is going way too slow and I think that is probably the message that I am getting most often from industry, from local communities, from green NGOs from people that are more concerned about prices. It’s not going fast enough.

    And this is even in a period of time when we are actually deploying more renewables faster than ever, so last year it was 78 new Gw of renewables, this is a huge number. Last year for the first time ever, we produced more electricity by solar than by coal. This is fantastic, it’s going in the right direction, it’s going fast. But not fast enough.

    This will be at the core also of the Affordable Energy Action Plan that I will be presenting, the Commission will be presenting, next week as a part of the Clean Industrial Deal.

    We will look at every issue separately, that is right now hindering  us from becoming more independent of fossil fuels and thereby also Russian energy imports, decarbonising our economy and of course first and foremost, which the title also reflects, bringing down the prices.

    Renewable energy is not something that is making our competitiveness worse as some will have you believe. I am sure probably not many in this room but sometimes outside of this room you will hear this.

    It is the opposite. From 2021 to 2023, the International Energy Agency, [IEA Executive Director] doctor Fatih Birol, has calculated that we in Europe saved 100 billion euro because of the deployment of new renewable energy.  100 billion euro that we would have bad to pay more, had we not been on the transition path that we are in.

    We are working hard to rectify where there is barriers, and the plan that I will be presenting will not be a plan with one big silver bullet that will solve all the problems. But it will be a lot of very targeted things, of course interconnected, but targeted things that we can do, that when you add them all up, will make a lot of difference both on the short term and on longer and more structural term.

    I will also say that the question of Russian energy, in my opinion, has not become smaller, I think you will agree.

    When the war escalated and Russia attacked Ukraine in 2022 we were at 45% of our gas coming from Russia. Last year we brought that down to 15%, but then the LNG imports went up, so we ended up at 19%. Now we are at approximately 13% because the transit via Ukraine ended the 1 January.  

    So on the one hand, I guess you can argue that this is a huge success of Europe. I would like you to point to any other region of the world that could that fast, fundamentally change such as important part of the energy system. It is actually a tremendous accomplishment on one hand. On the other hand, we are still importing 13% from our gas from Russia. This is billions of euros  filling up Putin’s war chest. So, we need to do more.

    Some of the things that I have already talked about, that will be a part of the Action Plan on Affordable Energy will obviously also help us in that regard. But we will need to, in my opinion, take even further steps and, therefore, next month, the Commission will propose a Roadmap for independence on Russian fuel.

    Obviously we have a lot of other things planned, but my time is already more than up, so I hope I’ll get an opportunity to speak about them in connection with your questions. They are all  interrelated obviously, so the Electrification Action Plan is also connected to the Affordable Energy Action Plan and so forth.

    On housing, which I know is also important for many in this Committee, we will be presenting the Affordable Housing Action Plan next year. The reason why I decided and we decided in the Commission to not do it before, was also to make sure that we have a process that is parallel to yours, here in the Parliament, the Committee on Housing. I would not feel comfortable putting forward my plan without having also taken into account the result of your work and your recommendations.

    But this does not mean that I will not act before that. We are already acting. So you could put it all together in one fine plan in a year, but since it’s probably wiser to wait with that plan, I will start doing some of the things already now. That is probably not the way we normally or actually often work, but I think it’s the smart way of doing it so.

    On the State aid rules, we are working on them, [Executive Vice President for a Clean, Just and Competitive Transition] Teresa Ribera and myself, on making, creating a pan-European investment platform, I am working with the EiB on that. On making sure we spend more money from the cohesion funds on housing, going from 7.5 billion euros to 15 billion euro, I am working with Vice-President [for Cohesion and Reforms, Raffaele], Fitto on that and of course also on other issues.

    But I would be interested to hear your comments and answer any questions also!

    Thank you!

    MIL OSI Europe News

  • MIL-OSI United Nations: Expert Meeting on Statistical Data Confidentiality

    Source: United Nations Economic Commission for Europe

    Please note that we are seeking abstracts, by 28 March 2025, on the following topics:-

    • Statistical Data Confidentiality in communication, education and training;
    • Machine learning and artificial intelligence versus disclosure control;
    • Producing safe tables and maps;
    • Data sharing best practices;
    • Research Data Centre issues;
    • Risk assessment;
    • Special data types;
    • Releasing microdata, including synthetic data;
    • Practical census and other experiences;
    • Input privacy methods;
    • Software tools; and
    • Other emerging issues.

    Further details about these topics can be found in the annex at the end of the Information Notice 1 below.

    MIL OSI United Nations News

  • MIL-OSI: FactSet Schedules Second Quarter 2025 Earnings Call

    Source: GlobeNewswire (MIL-OSI)

    NORWALK, Conn., Feb. 20, 2025 (GLOBE NEWSWIRE) — FactSet (NYSE: FDS | NASDAQ: FDS), a global financial digital platform and enterprise solutions provider, announced today that it will release its financial and operating results for the second quarter fiscal 2025, ending February 28, 2025, on Thursday, March 20, 2025. FactSet will also host a conference call to discuss these results at 11:00 a.m. Eastern Time on Thursday, March 20, 2025.

    The following information is provided for investors who would like to participate in the conference call:

    Second Quarter Fiscal 2025 Conference Call Details

    Please register for the conference call using the above link in advance of the call start time. The conference call platform will register your name and organization and provide dial-in numbers and a unique access pin. The call will include a live Q&A session.

    The earnings presentation slides will be available on FactSet’s investor relations website at 10:30 a.m. Eastern Time on March 20, 2025, 30 minutes before the earnings call begins.

    A replay will be available on the Company’s investor relations website after 1:00 p.m. Eastern Time on March 20, 2025, through March 20, 2026. The earnings call transcript will be available via FactSet CallStreet.

    About FactSet

    FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to more than 8,200 global clients, including over 218,000 individual users. Clients across the buy-side and sell-side, as well as wealth managers, private equity firms, and corporations, achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have been recognized among the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on X and LinkedIn.

    Investor Relations:
    Yet He
    +1.212.973.5701
    yet.he@factset.com

    Media Relations:
    Megan Kovach
    +1.512.736.2795
    megan.kovach@factset.com

    The MIL Network

  • MIL-OSI: Lantronix PoE++ Switches Help Power the World’s Largest DC-Powered Warehouse

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, Calif., Feb. 20, 2025 (GLOBE NEWSWIRE) — Lantronix Inc. (NASDAQ: LTRX), a global leader of compute and connectivity for IoT solutions enabling AI Edge intelligence, today announced its case study on Mouser Electronics’ new 413,000-square-foot, three-story Global Distribution Center, the world’s largest new Class 4 DC-powered installation. The Lantronix PoE++ switches (SM24TBT2DPB and SM24TBT2DPB-DE) are a vital part of the PoE lighting installation for which Mouser won an IBCon 2024 Digie Award for the Most Intelligent DC-Powered Building.

    “Using Lantronix PoE++ switches, we distributed power and controls throughout the Mouser warehouse by using low-voltage DC, which is the best way to create a sustainable building that reduces energy costs while providing a lower carbon footprint and a more comfortable work environment,” said Hannah Walker, chief operating officer of Sinclair Digital, the Authorized Lantronix Valued-Added Reseller that provided the DC digital solution.

    Mouser’s dedication to environmental responsibility and adoption of innovative technologies played a role in its decision to incorporate PoE technology, which delivers DC power to devices over copper Ethernet cabling without the need for separate power supplies or outlets, and
    fault managed power, a DC power infrastructure that eliminates losses associated with AC-to-DC conversion.

    Within enclosures at the ceiling of the new facility, power distribution modules transfer the fault managed power to high voltage DC power for the Lantronix SM24TBT2DPB-DE switches, in turn delivering up to 90W of PoE++ power per port to lighting fixtures, occupancy sensors and other PoE-enabled endpoints. The SM24TBT2DPB switches are also used in racks within the facility to connect more lighting, cameras and wireless access points.

    The PoE lighting system was designed by Baird, Hampton & Brown, a leading electrical engineering firm using Sinclair Digital’s DC digital solution package. Installed by TriCO Electric and Polarity Networks, the PoE lighting fixtures were provided by HE Williams using PoE lighting drivers from MHT Technologies with fault managed power from VoltServer. This DC power infrastructure reduces Mouser’s carbon footprint while improving lighting control and operational costs.

    Benefits of Mouser’s all DC-powered PoE lighting solution include:

    • Reduced energy consumption and related cost savings
    • Minimized environmental impact
    • Enhanced flexibility by improving lighting control
    • Reduced operational costs with fewer maintenance requirements
    • Improved lighting environment for warehouse employees
    • Ability to move and change lighting as warehouse needs change

    “Our Dallas-Fort Worth distribution center now operates on the world’s largest Class 4 power system, providing state-of-the-art lighting for our employees while helping us reduce our energy usage over the long term. Moreover, it provides scalability and flexibility to move or add devices as our needs change, further reducing our long-term costs,” said Pete Shopp, senior vice president of Business Operations at Mouser Electronics.

    Visit the complete Mouser case study here.

    About Lantronix

    Lantronix Inc. is a global leader of compute and connectivity IoT solutions that target high-growth markets, including Smart Cities, Enterprise and Transportation. Lantronix’s products and services empower companies to succeed in the growing IoT markets by delivering customizable solutions that enable AI Edge Intelligence. Lantronix’s advanced solutions include Intelligent Substations infrastructure, Infotainment systems and Video Surveillance, supplemented with advanced Out-of-Band Management (OOB) for Cloud and Edge Computing.

    For more information, visit the Lantronix website.

    “Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements within the meaning of federal securities laws, including, without limitation, statements related to Lantronix products or leadership team. These forward-looking statements are based on our current expectations and are subject to substantial risks and uncertainties that could cause our actual results, future business, financial condition, or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this news release. The potential risks and uncertainties include, but are not limited to, such factors as the effects of negative or worsening regional and worldwide economic conditions or market instability on our business, including effects on purchasing decisions by our customers; our ability to mitigate any disruption in our and our suppliers’ and vendors’ supply chains due to the COVID-19 pandemic or other outbreaks, wars and recent tensions in Europe, Asia and the Middle East, or other factors; future responses to and effects of public health crises; cybersecurity risks; changes in applicable U.S. and foreign government laws, regulations, and tariffs; our ability to successfully implement our acquisitions strategy or integrate acquired companies; difficulties and costs of protecting patents and other proprietary rights; the level of our indebtedness, our ability to service our indebtedness and the restrictions in our debt agreements; and any additional factors included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on Sept. 9, 2024, including in the section entitled “Risk Factors” in Item 1A of Part I of that report, as well as in our other public filings with the SEC. Additional risk factors may be identified from time to time in our future filings. In addition, actual results may differ as a result of additional risks and uncertainties of which we are currently unaware or which we do not currently view as material to our business. For these reasons, investors are cautioned not to place undue reliance on any forward-looking statements. The forward-looking statements we make speak only as of the date on which they are made. We expressly disclaim any intent or obligation to update any forward-looking statements after the date hereof to conform such statements to actual results or to changes in our opinions or expectations, except as required by applicable law or the rules of the Nasdaq Stock Market LLC. If we do update or correct any forward-looking statements, investors should not conclude that we will make additional updates or corrections.

    ©2025 Lantronix, Inc. All rights reserved. Lantronix is a registered trademark. Other trademarks and trade names are those of their respective owners.

    Lantronix Media Contact:        
    Gail Kathryn Miller
    Corporate Marketing &
    Communications Manager
    media@lantronix.com

    Lantronix Analyst and Investor Contact:        
    investors@lantronix.com

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) — Kaltura, Inc. (“Kaltura” or the “Company”), the video experience cloud, today announced financial results for the fourth quarter and full year ended December 31, 2024, as well as outlook for first quarter and full year 2025.

    “We surpassed our guidance for the fourth quarter, delivering record total and subscription revenue, as well as the highest Adjusted EBITDA since the second quarter of 2020, fueled by record high gross margin. We also posted sequential and year-over-year growth in gross and net dollar retention rates, and in new bookings for the third quarter in a row,” said Ron Yekutiel, Co-founder, Chairman, President and Chief Executive Officer of Kaltura.

    “For the full year, we are pleased to report we achieved record annual subscription revenue, total revenue, and Adjusted EBITDA profit, surpassing our annual guidance for all. We also achieved record gross margin and cash flow from operations. We ended the year with record ARR and RPO, having delivered on our plans to reaccelerate new bookings and revenue throughout the second half of the year, and posted positive cash flow from operations for the year, for the first time since 2020.” Mr. Yekutiel continued, “As we look ahead to 2025 and beyond, we anticipate continued improvement in the market environment for enterprise video offerings, and believe our path to increased growth and profitability will be fueled by customer consolidation around our platform, maturity of our newer products, leveraging our exciting new generative artificial intelligence (“Gen AI”) capabilities, growth potential within our great customer base, and a regrowth of our sales force.”

    Fourth Quarter 2024 Financial Highlights:

    • Revenue for the fourth quarter of 2024 was $45.6 million, an increase of 3% compared to $44.5 million for the fourth quarter of 2023.
       
    • Subscription revenue for the fourth quarter of 2024 was $43.4 million, an increase of 6% compared to $40.8 million for the fourth quarter of 2023.
       
    • Annualized Recurring Revenue (ARR) was $173.9 million, an increase of 6% compared to $164.7 million in 2023.
       
    • GAAP Gross profit for the fourth quarter of 2024 was $32.3 million, representing a gross margin of 71% compared to a GAAP gross profit of $28.6 million and gross margin of 64% for the fourth quarter of 2023. 
       
    • Non-GAAP Gross profit for the fourth quarter of 2024 was $32.6 million, representing a non-GAAP gross margin of 71%, compared to a non-GAAP gross profit of $29.1 million and non-GAAP gross margin of 65% for the fourth quarter of 2023. 
       
    • GAAP Operating loss was $3.8 million for the fourth quarter of 2024, compared to an operating loss of $8.8 million for the fourth quarter of 2023.
       
    • Non-GAAP Operating income was $1.5 million for the fourth quarter of 2024, compared to a non-GAAP operating loss of $0.3 million for the fourth quarter of 2023.
       
    • GAAP Net loss was $6.6 million or $0.04 per diluted share for the fourth quarter of 2024, compared to a GAAP net loss of $12.1 million, or $0.09 per diluted share, for the fourth quarter of 2023.
       
    • Non-GAAP Net loss was $1.3 million or $0.01 per diluted share for the fourth quarter of 2024, compared to a non-GAAP net loss of $3.6 million, or $0.03 per diluted share, for the fourth quarter of 2023.
       
    • Adjusted EBITDA was $2.7 million for the fourth quarter of 2024, compared to Adjusted EBITDA of $0.8 million for the fourth quarter of 2023.
       
    • Net cash provided by operating activities was $4.3 million for the fourth quarter of 2024, compared to $1.6 million in the fourth quarter of 2023.

    Full Year 2024 Financial Highlights:

    • Revenue for the full year of 2024 was $178.7 million, an increase of 2% compared to $175.2 million for the full year of 2023.
       
    • Subscription revenue for the full year of 2024 was $167.7 million, an increase of 3% compared to $162.8 million for the full year of 2023.
       
    • GAAP Gross profit for the full year of 2024 was $119.1 million, representing a gross margin of 67% compared to a GAAP gross profit of $112.2 million and gross margin of 64% for the full year of 2023. 
       
    • Non-GAAP Gross profit for the full year of 2024 was $120.5 million, representing a gross margin of 67% compared to a non-GAAP gross profit of $113.8 million and gross margin of 65% for the full year of 2023. 
       
    • GAAP Operating loss was $24.1 million for the full year of 2024, compared to an operating loss of $38.7 million for the full year of 2023.
       
    • Non-GAAP Operating income was $2.7 million for the full year of 2024, compared a non-GAAP operating loss of $6.7 million for the full year of 2023.
       
    • GAAP Net loss was $31.3 million or $0.21 per diluted share for the full year of 2024, compared to a GAAP net loss of $46.4 million, or $0.34 per diluted share, for the full year of 2023.
       
    • Non-GAAP Net loss was $4.5 million or $0.03 per diluted share for the full year of 2024, compared to a non-GAAP net loss of $14.4 million, or $0.10 per diluted share, for the full year of 2023.
       
    • Adjusted EBITDA was $7.3 million for the full year of 2024, compared to an Adjusted EBITDA of negative $2.5 million for the full year of 2023.
       
    • Net cash provided by operating activities was $12.2 million for the full year of 2024, compared to $8.3 million net cash used in operating activities for the full year of 2023.

    Fourth Quarter 2024 Business Highlights:

    • Closed four new seven-digit deals and twenty-nine six-digit deals – the highest combined number of six and seven-digit deals since the third quarter of 2022.
    • Highest new subscription bookings since the fourth quarter of 2022 – third quarter in a row of sequential and year-over-year growth.
    • Sequential and year-over-year improvement in gross retention, and 103% Net Dollar Retention rate.
    • Launched Gen AI based “Class Genie” and “Work Genie” that power real-time hyper-personalized video-first experiences. Our Beta program for evaluating our Work and Class Genies saw strong interest from dozens of large organizations.
    • Kaltura’s Media and Telecom new Gen AI features for streaming services earned a place in the FEED Magazine 2024 Honors List, in the “Special Recognition in AI” category.

    Financial Outlook:

    For the first quarter of 2025, Kaltura expects:

    • Subscription Revenue to grow by 5%-7% year-over-year to between $43.4 million and $44.2 million.
    • Total Revenue to grow by 2%-4% year-over-year to between $45.7 million and $46.5 million.
    • Adjusted EBITDA to be in the range of $2.5 million to $3.5 million.

    For the full year ending December 31, 2025, Kaltura expects:

    • Subscription Revenue to grow by 2%-3% year-over-year to between $170.4 million and $173.4 million.
    • Total Revenue to grow 1%-2% year-over-year to between $179.9 million and $182.9 million.
    • Adjusted EBITDA to be in the range of $12.7 million to $14.7 million.

    The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to “Forward-Looking Statements” below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company’s control. The guidance above is based on the Company’s current expectations relating to the macro-economic climate trends.

    Additional information on Kaltura’s reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below.

    Investor Deck

    Our fourth quarter and full year 2024 Investor Deck has been posted in the investor relations page on our website at: www.investors.kaltura.com.         

    Conference Call

    Kaltura will host a conference call today on February 20, 2025 to review its fourth quarter and full year 2024 financial results and to discuss its financial outlook.

      Time: 8:00 a.m. ET  
      United States/Canada Toll Free: 1-877-407-0789  
      International Toll: 1-201-689-8562  
           

    A live webcast will also be available in the Investor Relations section of Kaltura’s website at: https://investors.kaltura.com/news-and-events/events

    A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

    About Kaltura

    Kaltura’s mission is to power any video experience for any organization. Our Video Experience Cloud offers live, real-time, and on-demand video products for enterprises of all industries, as well as specialized industry solutions, currently for educational institutions and for media and telecom companies. Underlying our products and solutions is a broad set of Media Services that are also used by other cloud platforms and companies to power video experiences and workflows for their own products. Kaltura’s Video Experience Cloud is used by leading brands reaching millions of users, at home, at school and at work, for communication, collaboration, training, marketing, sales, customer care, teaching, learning, virtual events, and entertainment experiences.

    Investor Contacts:
    Kaltura
    John Doherty
    Chief Financial Officer
    IR@Kaltura.com

    Sapphire Investor Relations
    Erica Mannion and Michael Funari
    +1 617 542 6180
    IR@Kaltura.com

    Media Contacts:
    Kaltura
    Nohar Zmora
    pr.team@kaltura.com

    Headline Media
    Raanan Loew
    raanan@headline.media
    +1 347 897 9276

    Forward-Looking Statements

    This press release contains 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. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance; our business strategy, plans and objectives for future operations, including new products and capabilities and growth of our salesforce; our expectations regarding growth and profitability goals; and general economic, business and industry conditions, including expectations with respect to trends in customer consolidation and adoption of Gen AI technology.

    In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations.

    Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the current volatile economic climate and its direct and indirect impact on our business and operations; political, economic, and military conditions in Israel and other geographies; our ability to retain our customers and meet demand; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; our ability to keep pace with technological and competitive developments; risks associated with our use of certain artificial intelligence and machine learning models; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; risks associated with our Application Programming Interfaces, other components in our offerings and other intellectual property; our ability to compete successfully against current and future competitors; our ability to increase customer revenue; risks related to our approach to revenue recognition; our potential exposure to cybersecurity threats; our compliance with data privacy and data protection laws; our ability to meet our contractual commitments; our reliance on third parties; our ability to retain our key personnel; risks related to revenue mix and customer base; risks related to our international operations; risks related to potential acquisitions; our ability to generate or raise additional capital; and the other risks under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”), as such factors are updated in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, filed with the SEC, and as such factors may be updated from time to time in our other filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, to be filed with the SEC, which are accessible on the SEC’s website at www.sec.gov and the Investor Relations page of our website at investors.kaltura.com.

    Non-GAAP Financial Measures

    Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. (“GAAP”), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating loss, non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net loss, non-GAAP net loss per share and Adjusted EBITDA. Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; (3) facility exit and transition costs; (4) restructuring charges; and (5) war-related costs. Kaltura defines EBITDA as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses. Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses, facility exit and transition costs, restructuring charges and other non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura’s financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP. Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry.

    By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors’ understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures.

    Key Financial and Operating Metrics

    Annualized Recurring Revenue. We use Annualized Recurring Revenue (“ARR”) as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer’s premises (“On-Prem”). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem components for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, professional services revenue, foreign exchange rate fluctuations and acquisitions or divestitures. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies.

    Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system) ,as well as Value-add Resellers (“VARs”) (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies.

    Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 58% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder over the next four years. However, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all.

     
    Consolidated Balance Sheets (U.S. dollars in thousands; Unaudited)
     
        December 31,
          2024       2023  
    ASSETS        
    CURRENT ASSETS:        
    Cash and cash equivalents   $ 33,059     $ 36,684  
    Marketable securities     48,275       32,692  
    Trade receivables     19,978       23,312  
    Prepaid expenses and other current assets     9,481       8,410  
    Deferred contract acquisition and fulfillment costs, current     10,765       10,636  
             
    Total current assets     121,558       111,734  
    LONG-TERM ASSETS:        
    Marketable securities     3,379       5,844  
    Property and equipment, net     16,190       20,113  
    Other assets, noncurrent     2,983       3,100  
    Deferred contract acquisition and fulfillment costs, noncurrent     13,605       17,314  
    Operating lease right-of-use assets     12,308       13,872  
    Intangible assets, net     212       689  
    Goodwill     11,070       11,070  
             
    Total noncurrent assets     59,747       72,002  
    TOTAL ASSETS   $ 181,305     $ 183,736  
    LIABILITIES AND STOCKHOLDERS’ EQUITY        
    CURRENT LIABILITIES:        
    Current portion of long-term loans     3,110       1,612  
    Trade payables     3,265       3,629  
    Employees and payroll accruals     15,399       12,651  
    Accrued expenses and other current liabilities     14,262       17,279  
    Operating lease liabilities     2,504       2,374  
    Deferred revenue, current     63,123       62,364  
    Total current liabilities     101,663       99,909  
    NONCURRENT LIABILITIES:        
    Deferred revenue, noncurrent     67       369  
    Long-term loans, net of current portion     29,153       33,047  
    Operating lease liabilities, noncurrent     15,263       17,796  
    Other liabilities, noncurrent     10,772       2,295  
             
    Total noncurrent liabilities     55,255       53,507  
    TOTAL LIABILITIES   $ 156,918     $ 153,416  
    STOCKHOLDERS’ EQUITY:        
    Common stock     15       14  
    Treasury stock     (7,801 )     (4,881 )
    Additional paid-in capital     500,024       471,635  
    Accumulated other comprehensive income (loss)     959       1,047  
    Accumulated deficit     (468,810 )     (437,495 )
             
    Total stockholders’ equity     24,387       30,320  
             
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 181,305     $ 183,736  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data; Unaudited)
     
        Three Months ended
    December 31
      Twelve Months ended
    December 31,
         2024    2023     2024       2023  
                     
    Revenue:                
                     
    Subscription   $ 43,414   $ 40,787   $ 167,681     $ 162,750  
    Professional services     2,195     3,689     11,036       12,422  
                     
    Total revenue     45,609     44,476     178,717       175,172  
                     
    Cost of revenue:                
                     
    Subscription     9,852     11,118     42,552       44,224  
    Professional services     3,476     4,712     17,059       18,714  
                     
    Total cost of revenue     13,328     15,830     59,611       62,938  
                     
    Gross profit     32,281     28,646     119,106       112,234  
                     
    Operating expenses:                
                     
    Research and development     12,970     12,737     49,430       52,400  
    Sales and marketing     12,345     12,309     47,766       48,798  
    General and administrative     10,759     12,420     46,009       48,718  
    Restructuring                   973  
                     
    Total operating expenses     36,074     37,466     143,205       150,889  
                     
    Operating loss     3,793     8,820     24,099       38,655  
                     
    Financial expenses (income), net     1,238     1,847     (434 )     (1,200 )
                     
    Loss before provision for income taxes     5,031     10,667     23,665       37,455  
    Provision for income taxes     1,574     1,400     7,650       8,911  
                     
    Net loss     6,605     12,067     31,315       46,366  
                     
    Net loss per share   $ 0.04   $ 0.09   $ 0.21     $ 0.34  
                     
    Weighted-average shares used in computing net loss per share     150,452,462     141,791,191     147,925,797       138,237,017  
     
    Consolidated Statements of Operations (U.S. dollars in thousands, except for share data; Unaudited)
     
    Stock-based compensation included in above line items:
     
        Three Months ended
    December 31,
      Twelve Months ended
    December 31,
         2024    2023    2024    2023
                     
    Cost of revenue   $ 195   $ 301   $ 1,002   $ 1,128
    Research and development     1,178     1,295     4,775     4,734
    Sales and marketing     518     840     2,701     3,187
    General and administrative     3,308     5,588     17,786     20,931
                     
    Total   $ 5,199   $ 8,024   $ 26,264   $ 29,980
     
    Revenue by Segment (U.S. dollars in thousands; Unaudited):
     
        Three Months Ended
    December 31,
      Twelve Months Ended
    December 31,
         2024    2023    2024    2023
                     
    Enterprise, Education and Technology   $ 32,958   $ 31,569   $ 128,704   $ 125,154
    Media and Telecom     12,651     12,907     50,013     50,018
                     
    Total   $ 45,609   $ 44,476   $ 178,717   $ 175,172
     
    Gross Profit by Segment (U.S. dollars in thousands; Unaudited):
     
        Three Months Ended
    December 31,
      Twelve Months Ended
    December 31,
         2024    2023    2024    2023
                     
    Enterprise, Education and Technology   $ 25,901   $ 22,998   $ 96,928   $ 91,624
    Media and Telecom     6,380     5,648     22,178     20,610
                     
    Total   $ 32,281   $ 28,646   $ 119,106   $ 112,234
     
    Consolidated Statement of Cash Flows (U.S. dollars in thousands; Unaudited)
     
        Twelve Months Ended December 31,
          2024       2023  
    Cash flows from operating activities:        
    Net loss   $ (31,315 )   $ (46,366 )
    Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
    Depreciation and amortization     5,064       4,717  
    Stock-based compensation expenses     26,264       29,980  
    Amortization of deferred contract acquisition and fulfillment costs     11,447       11,669  
    Non-cash interest income, net     (1,219 )     (1,023 )
    Gain on foreign exchange     (90 )     (728 )
    Changes in operating assets and liabilities:        
    Decrease in trade receivables     3,334       5,475  
    Decrease (Increase) in prepaid expenses and other current assets and other assets, noncurrent     (949 )     648  
    Increase in deferred contract acquisition and fulfillment costs     (7,497 )     (6,561 )
    Decrease in trade payables     (534 )     (5,884 )
    Increase in accrued expenses and other current liabilities     5,376       797  
    Increase (Decrease) in employees and payroll accruals     2,748       (2,233 )
    Increase (Decrease) in other liabilities, noncurrent     (14 )     443  
    Increase in deferred revenue     458       1,626  
    Operating lease right-of-use assets and lease liabilities, net     (840 )     (863 )
             
    Net cash provided by (used in) operating activities     12,233       (8,303 )
             
    Cash flows from investing activities:        
             
    Investment in available-for-sale marketable securities     (50,874 )     (47,708 )
    Proceeds from maturities of available-for-sale marketable securities     38,981       51,976  
    Purchases of property and equipment     (521 )     (2,607 )
    Capitalized internal-use software development costs           (1,493 )
    Investment in restricted bank deposit           (1,751 )
             
    Net cash used in investing activities     (12,414 )     (1,583 )
             
    Cash flows from financing activities:        
             
    Proceeds from long-term loans           3,500  
    Repayment of long-term loans     (2,187 )     (4,500 )
    Proceeds from exercise of stock options     1,620       1,383  
    Payment of debt issuance costs     (17 )     (274 )
    Repurchase of common stock     (2,920 )      
    Payments on account of repurchase of common stock     (30 )      
             
    Net cash provided by (used in) financing activities     (3,534 )     109  
             
    Effect of exchange rate changes on cash, cash equivalents and restricted cash   $ 90     $ 728  
             
    Net decrease in cash, cash equivalents and restricted cash   $ (3,625 )   $ (9,049 )
    Cash, cash equivalents and restricted cash at the beginning of the year     36,784       45,833  
             
    Cash, cash equivalents and restricted cash at the end of the year   $ 33,159     $ 36,784  
     
    Reconciliation from GAAP to Non-GAAP Results (U.S. dollars in thousands; Unaudited)
     
        Three Months   Twelve Months
        Ended December 31,   Ended December 31,
          2024       2023       2024       2023  
    Reconciliation of gross profit and gross margin                
    GAAP gross profit   $ 32,281     $ 28,646     $ 119,106     $ 112,234  
    Stock-based compensation expense     195       301       1,002       1,128  
    Amortization of acquired intangibles     107       107       427       426  
    Non-GAAP gross profit   $ 32,583     $ 29,054     $ 120,535     $ 113,788  
    GAAP gross margin     71 %     64 %     67 %     64 %
    Non-GAAP gross margin     71 %     65 %     67 %     65 %
    Reconciliation of operating expenses                
    GAAP research and development expenses   $ 12,970     $ 12,737     $ 49,430     $ 52,400  
    Stock-based compensation expense     1,178       1,295       4,775       4,734  
    Amortization of acquired intangibles                        
    Non-GAAP research and development expenses   $ 11,792     $ 11,442     $ 44,655     $ 47,666  
    GAAP sales and marketing   $ 12,345     $ 12,309     $ 47,766     $ 48,798  
    Stock-based compensation expense     518       840       2,701       3,187  
    Amortization of acquired intangibles     11       13       50       128  
    Non-GAAP sales and marketing expenses   $ 11,816     $ 11,456     $ 45,015     $ 45,483  
    GAAP general and administrative expenses   $ 10,759     $ 12,420     $ 46,009     $ 48,718  
    Stock-based compensation expense     3,308       5,588       17,786       20,931  
    Amortization of acquired intangibles                        
    Facility exit and transition costs (a)                       154  
    War related costs (b)     22       331       44       331  
    Non-GAAP general and administrative expenses   $ 7,429     $ 6,501     $ 28,179     $ 27,302  
    Reconciliation of operating loss and operating margin                
    GAAP operating loss   $ (3,793 )   $ (8,820 )   $ (24,099 )   $ (38,655 )
    Stock-based compensation expense     5,199       8,024       26,264       29,980  
    Amortization of acquired intangibles     118       120       477       554  
    Restructuring (c)                       973  
    Facility exit and transition costs (a)                       154  
    War related costs (b)     22       331       44       331  
    Non-GAAP operating income ( loss)   $ 1,546     $ (345 )   $ 2,686     $ (6,663 )
    GAAP operating margin     (8 )%     (20 )%     (13 )%     (22 )%
    Non-GAAP operating margin     3 %     (1 )%     2 %     (4 )%
    Reconciliation of net loss                
    GAAP net loss attributable to common stockholders   $ (6,605 )   $ (12,067 )   $ (31,315 )   $ (46,366 )
    Stock-based compensation expense     5,199       8,024       26,264       29,980  
    Amortization of acquired intangibles     118       120       477       554  
    Restructuring (c)                       973  
    Facility exit and transition costs (a)                       154  
    War related costs (b)     22       331       44       331  
    Non-GAAP loss attributable to common stockholders   $ (1,266 )   $ (3,592 )   $ (4,530 )   $ (14,374 )
                     
    Non-GAAP net loss per share – basic and diluted   $ 0.01     $ 0.03     $ 0.03     $ 0.10  

            

     
    Adjusted EBITDA (U.S. dollars in thousands; Unaudited)
     
      Three Months Ended December 31,   Twelve Months Ended December 31,
        2024       2023       2024       2023  
       
    Net loss $ (6,605 )   $ (12,067 )   $ (31,315 )   $ (46,366 )
    Financial expenses (income), net (d)   1,238       1,847       (434 )     (1,200 )
    Provision for income taxes   1,574       1,400       7,650       8,911  
    Depreciation and amortization   1,230       1,308       5,065       4,717  
    EBITDA   (2,563 )     (7,512 )     (19,035 )     (33,938 )
    Non-cash stock-based compensation expense   5,199       8,024       26,264       29,980  
    Facility exit and transition costs (a)                     154  
    Restructuring (c)                     973  
    War related costs (b)   22       331       44       331  
    Adjusted EBITDA $ 2,658     $ 843     $ 7,273     $ (2,500 )
    (a)   Facility exit and transition costs for the year ended December 31, 2023, include losses from sale of fixed assets and other costs associated with moving to our temporary office in Israel.
    (b)   The years ended December 31, 2024, and 2023 include costs related to conflicts in Israel. These costs are attributable to the temporary relocation of key employees from Israel for business continuity purposes, the purchase of emergency equipment for key employees, charitable donations to communities directly impacted by the war, and office fixes and modifications.
    (c)   The year ended December 31, 2023 includes employee termination benefits incurred in connection with our 2023 reorganization plan.
    (d)   The three months ended December 31, 2024 and 2023, and the year ended December 31, 2024 and 2023 include $551, $692, $2,682 and $3,178, respectively, of interest expenses and $902, $538, $3,355, and $2,735, respectively, of interest income.
    Reported KPIs
     
        December 31,
         2024    2023
        (U.S. dollars amounts in thousands)
    Annualized Recurring Revenue             $ 173,900   $ 164,723
    Remaining Performance Obligations             $ 203,379   $ 185,305
     
        Three Months Ended December 31,
        2024     2023  
    Net Dollar Retention Rate             103 %   98 %

    The MIL Network

  • MIL-OSI Europe: New diagnostics for thyroid tumors: More precise cancer diagnosis thanks to 3D computed tomography

    Source: Switzerland – Department of Foreign Affairs in English

    Empa researchers have developed a new 3D tissue analysis for thyroid tumors. This special X-ray method uses artificial intelligence to enable more precise diagnoses without damaging the tissue removed. In the future, this examination method could also be used for other types of cancer and replace more complex procedures with simpler imaging methods.

    MIL OSI Europe News

  • MIL-OSI Economics: Create Unforgettable Moments in the Comfort of Your Home with great Samsung Blue Tag Sale Deals

    Source: Samsung

     

     
    Samsung is bringing the ultimate home entertainment experience right to your doorstep with the Blue Tag Sale – on until 2 March 2025. It’s now easier than ever to transform your home into a space where comfort meets connection. Elevate your entertainment, streamline your hosting experience, and enhance your home’s functionality with Samsung’s range of innovative products that are designed to make every moment spent at home effortless, immersive, and memorable.
     
    Entertaining Made Effortless
    Samsung’s range of innovative products is built to make hosting gatherings a breeze. Whether you’re planning a movie night, a lively dinner party, or a thrilling game-day gathering, Samsung’s technology ensures seamless operation from start to finish. Transform your home into the ultimate entertainment hub with the perfect ambiance and hassle-free control. Samsung makes it easier than ever to be the host with the most.
     
    Immersive Entertainment Experiences
    Samsung’s top-tier Smart TVs, advanced sound systems, and immersive displays create a cinematic experience that will leave your guests in awe. With stunning picture quality, vibrant colours, and crystal-clear sound, every movie, show, and sports event is an opportunity to experience entertainment at its finest. Whether streaming the latest blockbusters or enjoying the latest music hits, Samsung technology brings joy and excitement to your living space like never before.
     
    Seamless Connectivity and Smart Home Integration
    Samsung’s smart home ecosystem, powered by SmartThings, takes home connectivity to a new level. Control every aspect of your home’s entertainment and environment with a single device. Adjust the temperature, and effortlessly switch between media – all with a few taps. Samsung SmartThings is compatible with various brands – just look for the “Works with SmartThings” badge or Matter and Home connectivity Alliance badges to make your home smarter, more connected, and easier to enjoy.
     
    Design Meets Functionality
    Samsung’s products are crafted to blend seamlessly into your home décor while delivering exceptional performance. With sleek, modern designs, each product enhances your living space without compromising on functionality. Hosting becomes even more enjoyable when the technology in your home is as aesthetically pleasing as it is practical.
     
    Awesome deals on great products
    To make your home even more special, Samsung’s Blue Tag Sale offers incredible discounts on some of its most popular products:
     
    75″ DU7000 Crystal UHD 4K HDR Smart TV – UA75DU7000KXXA: Now R12,999* (Save R2,000)
    85 Inch QLED 4K Q60D Tizen OS Smart TV (2024) – QA85Q60DAKXXA: Get it for R27,999* (Save R2,000)
    Music Frame HW-LS60D Wireless Smart Speaker (HW-LS60D/XA): Now R5,499* (Save R1,500)
    Bespoke AI 12KG Front Loader, with Eco bubble (WW12BB944DGBFA): Now R14,999* (Save R1,000)
    AR9500T Wall-mount AC with Windfree TM and AI technology, 18000 BTU/h (AR18BSAAAWK/FA): Available for R22,999* (Save R4,000)
    Side by Side Fridge, Non-plumbed Water & Ice dispenser, Gentle Black, 617L (RS64DG53R3B1FA): Yours for R29,999* (Save R2,100)
     
    The Samsung Blue Tag Sale runs from 13 January – 2 March 2025, in Samsung stores, online, the Samsung Shop App, as well as participating retailers. Don’t miss out!
     
    For more information, visit www.samsung.com/za

    MIL OSI Economics

  • MIL-OSI: BW Offshore: Invitation to Q4 2024 Presentation 27 February

    Source: GlobeNewswire (MIL-OSI)

    Invitation to Q4 2024 Presentation 27 February

    BW Offshore will release its Q4 2024 results on Thursday 27 February at 07:30 CET.

    A conference call followed by Q&A will be hosted by CEO Marco Beenen and CFO Ståle Andreassen the same day at 09:00 CET.

    Conference call information:

    You can follow the presentation via webcast with supporting slides and a Q&A module, available on:  

    BW Offshore Limited – Q4 Presentation Webcast

    Please note that if you follow the webcast via the above URL, you will experience a 30 second delay compared to the main conference call. The web page works best in an updated browser – Chrome is recommended.

    For further information, please contact:
    Ståle Andreassen, CFO, +47 91 71 86 55

    IR@bwoffshore.com or www.bwoffshore.com

    About BW Offshore:
    BW Offshore engineers innovative floating production solutions. The Company has a fleet of 3 FPSOs with potential and ambition to grow. By leveraging four decades of offshore operations and project execution, the Company creates tailored offshore energy solutions for evolving markets world-wide. BW Offshore has around 1,100 employees and is publicly listed on the Oslo stock exchange.

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    The MIL Network

  • MIL-OSI United Nations: Secretary-General’s video message to the 19th Plenary Session of the Parliamentary Assembly of the Mediterranean

    Source: United Nations secretary general

    Download the video: https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+31+Jan+25/3334563_MSG+SG+19TH+PLENARY+PAM+ROME+31+JAN+25.mp4

    Excellencies,

    Dear Parliamentarians,

    I am pleased to convey my warm greetings as you gather for this 19th 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 are 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 the 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 21st 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.

    Thank you.
     

    MIL OSI United Nations News

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

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Feb. 20, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its fourth-quarter and full-year 2024 financial and operating results. In the quarter, the company generated over $2.0 billion in cash from operating activities, $1.6 billion of adjusted funds flow and $123 million of free funds flow. The Upstream business continued to deliver strong performance, with production of 816,000 barrels of oil equivalent per day (BOE/d)1 in the quarter, including a new quarterly Oil Sands production record of 628,500 BOE/d. In the Downstream, total crude throughput increased by almost 24,000 barrels per day (bbls/d) from the previous quarter to 666,700 bbls/d, representing an aggregate utilization rate of 93%.

    Highlights

    • Delivered quarterly Upstream production of 816,000 BOE/d, an increase of 6% relative to the previous quarter and 1% relative to the fourth quarter of 2023.
    • Highest-ever quarterly and annual Oil Sands production rates at 628,500 BOE/d and 610,700 BOE/d respectively, including record annual rates at both Foster Creek and the Lloydminster thermal assets.
    • Improving quarterly Downstream operating performance, with utilization of 97% in Canadian Refining and 92% in U.S. Refining. U.S. Refining operating expenses, excluding turnaround costs, of $10.89 per barrel were down 18% relative to the fourth quarter of 2023.
    • Achieved significant milestones on Cenovus’s major Upstream growth projects, including mechanical completion of the Narrows Lake pipeline, executing the SeaRose floating production, storage and offloading (FPSO) vessel life extension dry dock and reaching mechanical completion of both the concrete gravity structure (CGS) and topsides for the West White Rose project.
    • Returned $706 million to shareholders in the fourth quarter, including $108 million through share purchases, $348 million through common and preferred share dividends and $250 million through the redemption of Cenovus Series 3 preferred shares on December 31, 2024.

    “We delivered strong operating performance this quarter. Our industry leading Oil Sands assets set production records and our Downstream business continued to demonstrate improvements in reliability and unit costs,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “In 2025, we will build on this momentum, focusing on operational execution while advancing our key growth projects to deliver long-term value for shareholders.”

    Financial summary

    ($ millions, except per share amounts) 2024 Q4 2024 Q3 2023 Q4 2024 FY 2023 FY
    Cash from (used in) operating activities 2,029 2,474 2,946 9,235 7,388
    Adjusted funds flow2 1,601 1,960 2,062 8,164 8,803
    Per share (diluted)2 0.87 1.05 1.08 4.38 4.54
    Capital investment 1,478 1,346 1,170 5,015 4,298
    Free funds flow2 123 614 892 3,149 4,505
    Excess free funds flow2 (416) 146 471 1,297 2,466
    Net earnings (loss) 146 820 743 3,142 4,109
    Per share (diluted) 0.07 0.42 0.32 1.67 2.09
    Long-term debt, including current portion 7,534 7,199 7,108 7,534 7,108
    Net debt 4,614 4,196 5,060 4,614 5,060
     

    Production and throughput

    (before royalties, net to Cenovus) 2024 Q4 2024 Q3 2023 Q4 2024 FY 2023 FY
    Oil and NGLs (bbls/d)1 670,600 630,500 662,600 653,800 640,000
    Conventional natural gas (MMcf/d) 873.3 844.6 876.3 860.2 832.6
    Total upstream production (BOE/d)1 816,000 771,300 808,600 797,200 778,700
    Total downstream throughput (bbls/d) 666,700 642,900 579,100 646,900 560,400
               

    1 See Advisory for production by product type.
    2 Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    Fourth-quarter results

    Operating1

    Cenovus’s total revenues were $12.8 billion in the fourth quarter, down from $13.8 billion in the previous quarter, primarily due to lower commodity prices. Upstream revenues were $7.3 billion, flat from the third quarter, while Downstream revenues were $7.8 billion, down from $8.8 billion in the prior quarter.

    Total operating margin3 was $2.3 billion, compared with $2.4 billion in the previous quarter. Upstream operating margin4 was $2.7 billion, consistent with the third quarter and benefiting from higher production volumes relative to the prior quarter, offset by lower benchmark oil prices and timing differences between production and sales. The company had a Downstream operating margin4 shortfall of $396 million in the fourth quarter due to weak refining crack spreads and a narrow heavy oil price differential, compared with a shortfall of $323 million in the previous quarter. Operating margin in the U.S. Refining segment included $45 million of first in, first out (FIFO) losses and $128 million of turnaround expenses incurred during the Lima Refinery turnaround.

    Total Upstream production was 816,000 BOE/d in the fourth quarter, an increase of 44,700 BOE/d from the prior quarter, reflecting record quarterly production from the company’s Oil Sands segment of 628,500 BOE/d. Christina Lake production was 251,400 bbls/d, compared with 211,800 bbls/d in the third quarter, as a result of completing planned turnaround activity in September. Foster Creek production was 195,200 bbls/d compared with 198,000 bbls/d in the third quarter, while Sunrise production increased to 53,100 bbls/d from 50,400 bbls/d in the third quarter as production from new well pads continued to ramp up. Production from the Lloydminster thermal assets declined slightly to 108,900 bbls/d, while Lloydminster conventional heavy oil output increased to 18,000 bbls/d from 16,300 bbls/d in the prior quarter. Production in the Conventional segment was 117,800 BOE/d, a slight decrease from 118,100 BOE/d in the third quarter.

    In the Offshore segment, production was 69,700 BOE/d compared with 65,500 BOE/d in the third quarter. In Asia Pacific, production volumes were 62,200 BOE/d, higher than the previous quarter partially due to increased production at the MAC field in Indonesia and planned maintenance at Liwan in the third quarter. In the Atlantic, production was 7,500 bbls/d, a decrease from 9,000 bbls/d in the prior quarter due to unplanned downtime at the non-operated Terra Nova field. The SeaRose FPSO is on station and reconnected to the White Rose field, with production expected to resume by the end of February.

    Total refining throughput in the fourth quarter was 666,700 bbls/d, up from 642,900 bbls/d in the third quarter. Throughput in Canadian Refining was 104,400 bbls/d, representing a utilization rate of 97%, compared with 99,400 bbls/d in the previous quarter. The increase was primarily due to returning to full rates following completion of turnaround activity at the Lloydminster Upgrader early in the third quarter.

    In U.S. Refining, crude throughput was 562,300 bbls/d, representing a utilization rate of 92%, compared with 543,500 bbls/d in the third quarter. Throughput increased primarily due to improved reliability, partially offset by economic run cuts as market crack spreads weakened through the quarter. U.S. Refining revenues were $6.6 billion relative to $7.2 billion in the prior quarter due to lower refined product pricing. Market capture5 in the U.S. improved to 45% relative to 35% in the previous quarter primarily due to reduced inventory timing impacts (FIFO). Market capture in the fourth quarter was negatively impacted by the Lima Refinery turnaround, narrower heavy crude oil differentials, and a quarterly FIFO loss of $45 million.

    3 Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    4 Specified financial measure. See Advisory.
    5 Contains a non-GAAP financial measure. See Advisory.

    Financial

    Cash from operating activities in the fourth quarter, which includes changes in non-cash working capital, was $2.0 billion, compared with $2.5 billion in the third quarter. Adjusted funds flow was $1.6 billion, compared with $2.0 billion in the prior quarter and there was a shortfall of excess free funds flow (EFFF) of $416 million, compared with $146 million in the prior quarter. Net earnings in the fourth quarter were $146 million, compared with $820 million in the previous quarter. Fourth-quarter financial results were impacted by lower benchmark prices relative to the third quarter including seasonally weak refining market crack spreads in the Chicago market.

    Long-term debt, including the current portion, was $7.5 billion at December 31, 2024. Net debt increased from the prior quarter to $4.6 billion at December 31, 2024, primarily due to the shortfall in EFFF of $416 million and the redemption of $250 million of Cenovus Series 3 preferred shares on December 31, 2024, partially offset by a release of non-cash working capital. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time in accordance with its financial framework.

    Growth projects and capital investments

    In the Oil Sands segment, the Narrows Lake pipeline, which will connect the field to the Christina Lake processing facility, was mechanically completed in the fourth quarter. We plan to commence steam injection in the spring and the project remains on track for first oil mid-2025. At Sunrise, production continued to ramp up in the fourth quarter after the company brought two new well pads online in the third quarter. One additional well pad will be added in early 2025. The optimization project at Foster Creek is now 64% complete and remains on schedule for startup in 2026, with most modules and major pieces of equipment in place and pipe installation underway.

    In the fourth quarter, the West White Rose project achieved mechanical completion of both the CGS and topsides, and work to prepare the seabed for installation of the CGS at the field location was also completed. The focus of the project in 2025 will be on the installation and commissioning of the platform. The West White Rose project is now approximately 88% complete and progressing on-schedule towards first oil in 2026.

    Full-year results

    In 2024, Cenovus’s total Upstream production averaged 797,200 BOE/d, compared with 778,700 BOE/d in 2023, including record annual volumes from the Oil Sands assets and a 5% increase in Offshore volumes. Oil Sands production was 610,700 BOE/d, including approximately 196,000 bbls/d at Foster Creek, a new annual high for the asset, and 234,200 bbls/d at Christina Lake, which successfully completed a turnaround in the third quarter. Full-year production from the Lloydminster thermal assets was also an annual record at 111,500 bbls/d, compared with 104,100 bbls/d in 2023, reflecting a successful redevelopment program and well optimization. Sunrise production was 49,600 bbls/d compared with 48,900 bbls/d in 2023 and Lloydminster conventional heavy oil production increased to 17,600 bbls/d from 16,700 bbls/d in the previous year. Conventional production was 119,900 BOE/d, in line with 2023. Offshore total production was approximately 66,600 BOE/d, compared with 63,400 BOE/d in the prior year, with 2023 impacted by a temporary disconnection of a subsea umbilical in Liwan by a third-party vessel.

    Total Downstream throughput averaged 646,900 bbls/d in 2024, a 15% increase from 560,400 bbls/d in 2023. Canadian Refining crude oil throughput was 90,500 bbls/d, compared to 100,700 bbls/d in 2023, as the Lloydminster Upgrader completed the largest turnaround in the asset’s history early in the third quarter of 2024. U.S. Refining crude oil throughput increased to 556,400 bbls/d in 2024 compared with 459,700 bbls/d in 2023, reflecting the first full year of production from Superior and Toledo within the Cenovus portfolio.

    Total revenues were $54.3 billion in 2024 and total operating margin was $10.8 billion compared with revenues of $52.2 billion and total operating margin of $11.0 billion in 2023. The year-over-year increase in total revenues was largely due to higher production and narrowing heavy Canadian crude differentials following the startup of the Trans Mountain pipeline expansion project. Operating margin was slightly reduced due to narrower downstream crack spreads, higher turnaround costs and increased transportation and blending costs.

    Cash from operating activities was $9.2 billion for 2024 compared with $7.4 billion in 2023. Adjusted funds flow was $8.2 billion and free funds flow was $3.1 billion. Total capital investment for 2024 was $5.0 billion, primarily directed to sustaining production at the company’s Upstream assets, the construction of the major Upstream growth projects including West White Rose and refining reliability initiatives. Full-year net earnings for 2024 were $3.1 billion compared with $4.1 billion in 2023, primarily due to lower commodity prices, foreign exchange losses and higher depreciation, depletion, amortization and exploration expense.

    Organizational updates

    As part of Cenovus’s ongoing management succession plans, the company is announcing the following leadership changes effective March 1.

    Andrew Dahlin, currently Executive Vice-President (EVP), Natural Gas & Technical Services, will assume the role of EVP & Chief Operating Officer. Andrew has more than 30 years of industry experience, including 13 years with Cenovus and its predecessor companies.

    Eric Zimpfer, currently Senior Vice-President (SVP), U.S. Refining, will become Cenovus’s Head of Downstream, based in Dublin, Ohio and reporting directly to Jon McKenzie. Eric has more than 20 years of U.S. refining experience. He will play an integral role in continuing to improve the reliability and competitiveness of the Downstream business.

    John Soini, currently SVP, Major & Capital Projects, will become EVP, Upstream – Thermal & Atlantic Offshore. John has more than 25 years of experience in the energy and power industries.

    Susan Anderson, currently SVP, People Services, will become SVP, Legal, General Counsel & Corporate Secretary. Susan has more than 30 years of oil and gas industry experience, with 20 years at Husky Energy in various roles that included Vice-President, Legal.

    Reserves

    Cenovus’s proved and probable reserves are evaluated each year by independent qualified reserves evaluators. At the end of 2024, Cenovus’s total proved and total proved plus probable reserves were approximately 5.7 billion BOE and 8.5 billion BOE respectively, and total proved and total proved plus probable bitumen reserves were approximately 5.2 billion barrels and 7.7 billion barrels respectively. At year-end 2024, Cenovus had a proved reserves life index of approximately 19 years and a proved plus probable reserves life index of approximately 29 years.

    More details about Cenovus’s reserves and other oil and gas information are available in the Advisory and the Management’s Discussion and Analysis (MD&A), Annual Information Form (AIF) and Annual Report on Form 40-F for the year ended December 31, 2024, available on SEDAR+ at sedarplus.ca, EDGAR at sec.gov and Cenovus’s website at cenovus.com under Investors.

    Cenovus year-end disclosure documents

    Today, Cenovus is filing its interim and audited Consolidated Financial Statements, MD&A and AIF with Canadian securities regulatory authorities. The company is also filing its Annual Report on Form 40-F for the year ended December 31, 2024 with the U.S. Securities and Exchange Commission. Copies of these documents will be available on SEDAR+ at sedarplus.ca, EDGAR at sec.gov and the company’s website at cenovus.com under Investors. They can also be requested free of charge by emailing investor.relations@cenovus.com

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.180 per common share, payable on March 31, 2025 to shareholders of record as of March 14, 2025.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2, Series 5 and Series 7 – payable on March 31, 2025 to shareholders of record as of March 14, 2025 as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 5.211 0.32123
    Series 5 4.591 0.28694
    Series 7 3.935 0.24594
         

    All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

    In the fourth quarter, the company returned $706 million to shareholders, composed of $108 million from its purchase of 4.6 million shares through its normal course issuer bid (NCIB), $348 million through common and preferred share dividends and $250 million through the redemption of Cenovus Series 3 preferred shares. In 2024, Cenovus returned $3.2 billion to shareholders, including $1.4 billion of share purchases through its NCIB, $1.6 billion in common and preferred share dividends, and $250 million through the redemption of the Series 3 preferred shares.

    2025 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

    Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

    (MBOE/d or Mbbls/d) Q1 Q2 Q3 Q4 Annualized impact
    Upstream
    Oil Sands 30 – 40 5 – 7 10 – 12
    Offshore 4 – 6 1 – 2
    Conventional
    Downstream
    Canadian Refining
    U.S. Refining 7 – 10 35 – 45 2 – 4 6 – 10 13 – 17
               

    Potential turnaround expenses

    ($ millions) Q1 Q2 Q3 Q4 Annualized impact
    Downstream
    Canadian Refining
    U.S. Refining 110 – 135 210 – 240 80 – 95 40 – 50 440 – 520
               

    Conference call today

    9 a.m. Mountain Time (11 a.m. Eastern Time)

    Cenovus will host a conference call today, February 20, 2025, starting at 9 a.m. MT (11 a.m. ET).

    To join the conference call, please dial 1-800-206-4400 (toll-free in North America) or 1-289-514-5005 to reach a live operator who will join you into the call. A live audio webcast will also be available and archived for approximately 30 days.

    Advisory

    Basis of Presentation

    Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

    Barrels of Oil Equivalent

    Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

    Reserves Life Index

    Reserves life index is calculated based on reserves for the applicable reserves category divided by annual production.

    Product types

    Product type by operating segment Three months ended
    December 31, 2024
    Full year ended
    December 31, 2024
    Oil Sands
    Bitumen (Mbbls/d) 608.6 591.3
    Heavy crude oil (Mbbls/d) 18.0 17.6
    Conventional natural gas (MMcf/d) 11.8 11.1
    Total Oil Sands segment production (MBOE/d) 628.5 610.7
    Conventional
    Light crude oil (Mbbls/d) 4.8 4.9
    Natural gas liquids (Mbbls/d) 19.7 21.0
    Conventional natural gas (MMcf/d) 560.5 563.8
    Total Conventional segment production (MBOE/d) 117.8 119.9
    Offshore
    Light crude oil (Mbbls/d) 7.5 8.0
    Natural gas liquids (Mbbls/d) 12.0 11.0
    Conventional natural gas (MMcf/d) 301.0 285.3
    Total Offshore segment production (MBOE/d) 69.7 66.6
    Total Upstream production (MBOE/d) 816.0 797.2
         

    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “focus”, “plan”, “progress”, “steward”, “target” and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt; returning Excess Free Funds Flow to shareholders; growth plans and projects; delivering long-term shareholder value; production guidance; the optimization project at Foster Creek; steam injection and timing of production at Narrows Lake; production and timing of well pads at Sunrise; installation and commissioning of the Sea Rose FPSO and return of production at White Rose; the installation and commissioning of, and timing of first oil from, the West White Rose project; 2025 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2025 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024, and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended December 31, 2024 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

    Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.

    Total Operating Margin

    Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

      Upstream (6) Downstream (6) Total
    ($ millions) Q4 2024 Q3 2024 Q4 2023 Q4 2024 Q3 2024 Q4 2023 Q4 2024 Q3 2024 Q4 2023
    Revenues
    Gross Sales 8,240 8,259 7,797 7,837 8,798 8,404 16,077 17,057 16,201
    Less: Royalties (914) (929) (902) (914) (929) (902)
      7,326 7,330 6,895 7,837 8,798 8,404 15,163 16,128 15,299
    Expenses
    Purchased Product 1,000 1,088 663 7,364 8,207 7,888 8,364 9,295 8,551
    Transportation and Blending 2,816 2,661 2,894 2,816 2,661 2,894
    Operating 842 860 864 866 918 826 1,708 1,778 1,690
    Realized (Gain) Loss on Risk Management (2) (10) 19 3 (4) (6) 1 (14) 13
    Operating Margin 2,670 2,731 2,455 (396) (323) (304) 2,274 2,408 2,151
                       

    6Found in the December 31, 2024, or the September 30, 2024, interim Consolidated Financial Statements. Revenues and purchased product for Q3 2024 Downstream operations were revised. See note 25 of our December 31, 2024, interim consolidated financial statements.

    ($ millions) Upstream (6) Downstream (6) Total
    Year ended December 31, 2024 2023 2024 2023 2024 2023
    Revenues
    Gross Sales      33,078        31,082        33,618        32,626      66,696        63,708  
    Less: Royalties      (3,449 )       (3,270 )              —                —      (3,449 )       (3,270 )
           29,629        27,812        33,618        32,626      63,247        60,438  
    Expenses
    Purchased Product        3,674          3,152        30,252        28,273      33,926        31,425  
    Transportation and Blending      11,331        11,088                —                —      11,331        11,088  
    Operating        3,489          3,690          3,670          3,201        7,159          6,891  
    Realized (Gain) Loss on Risk Management             14               12                 8                —             22               12  
    Operating Margin      11,121          9,870            (312 )        1,152      10,809        11,022  
                           

    Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

    The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

      Three Months Ended Twelve Months Ended
    ($ millions) December 31, 2024 September 30, 2024 December 31, 2023 December 31, 2024 December 31, 2023
    Cash From (Used in) Operating Activities (7) 2,029 2,474 2,946 9,235 7,388
    (Add) Deduct:          
    Settlement of Decommissioning Liabilities (64) (74) (65) (234) (222)
    Net Change in Non-Cash Working Capital 492 588 949 1,305 (1,193)
    Adjusted Funds Flow 1,601 1,960 2,062 8,164 8,803
    Capital Investment 1,478 1,346 1,170 5,015 4,298
    Free Funds Flow 123 614 892 3,149 4,505
    Add (Deduct):          
    Base Dividends Paid on Common Shares (330) (329) (261) (1,255) (990)
    Purchase of Common Shares under Employee Benefit Plan (43) (43)
    Dividends Paid on Preferred Shares (18) (9) (9) (45) (36)
    Settlement of Decommissioning Liabilities (64) (74) (65) (234) (222)
    Principal Repayment of Leases (80) (74) (72) (299) (288)
    Acquisitions, Net of Cash Acquired (3) (4) (14) (22) (515)
    Proceeds From Divestitures (1) 22 46 12
    Excess Free Funds Flow (416) 146 471 1,297 2,466
               

    7 Found in the December 31, 2024, or the September 30, 2024, interim Consolidated Financial Statements.

    Market Capture

    Market Capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. We define Market Capture as Refining Margin divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

    ($ millions) Three months ended
    December 31, 2024
    Three months ended
    September 30, 2024
    Revenues(8) 6,574 7,218
    Purchased Product(8) 6,296 6,854
    Gross Margin 278 364
    Total Processed Inputs (Mbbls/d) 588.4 568.0
    Refining Margin ($/bbl) 5.14 6.97
    Operable Capacity (Mbbls/d) 612.3 612.3
    Operable Capacity by Regional Benchmark (percent)
    Chicago 3-2-1 Crack Spread Weighting 81 81
    Group 3 3-2-1 Crack Spread Weighting 19 19
    Benchmark Prices and Exchange Rate
    Chicago 3-2-1 Crack Spread (US$/bbl) 12.12 18.62
    Group 3 3-2-1 Crack Spread (US$/bbl) 12.66 18.95
    RINs (US$/bbl) 4.02 3.89
    US$ per C$1 – Average 0.715 0.733
    Weighted Average Crack Spread, Net of RINs ($/bbl) 11.47 20.18
    Market Capture (percent) 45 35
         

    8 Found in Note 1 of the December 31, 2024, or the September 30, 2024, interim Consolidated Financial Statements. For the three months ended September 30, 2024, amounts reflect certain revisions. See Note 25 of our December 31, 2024, interim consolidated financial statements.

    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, LinkedIn, YouTube and Instagram.

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    The MIL Network

  • MIL-OSI Economics: Burkhard Balz: Unlocking the potential of cross-border payments – challenges and opportunities

    Source: Bank for International Settlements

    Check against delivery 

    1 Introduction

    Ladies and Gentlemen,

    Thank you very much for the opportunity to speak to you today in a city that has a long history of being a hub for cross-border payments. Not far from here, in the arrondissement that still bears the name of their religious order, the Knights Templar had their headquarters. Founded as a knightly order, they increasingly focussed on their banking business in later years. This included offering services for cross-border payments: pilgrims could deposit their funds at the Templar commandery, receive a letter of credit, and could exchange that letter for cash at their destination. You could say that the Templars were the first European money transfer operator.1

    However, conducting banking business in the Middle Ages could be risky and could – amongst other factors – lead to an inglorious end. A short distance from here, the last Templars were burned at the stake on what is now the Île de la Cité

    2 Current challenges in cross-border payments

    While money transfer operators today do not have to fear vengeful monarchs, they face their own challenges when they offer cross-border payments. Although unbelievably fast and cheap compared to medieval standards, today’s cross-border payments lag behind domestic payments when it comes to speed, cost, access and transparency. And when we look at the root causes, images of medieval transport routes come to mind. 

    The reasons for the discrepancy between domestic and cross-border payments are manifold: first of all, high barriers for market entry result in a lack of competition and long transaction chains. These market entry barriers include high liquidity costs, high regulatory standards as well as the need to build a sufficiently large network to achieve economies of scale. As a result, the long transaction chains with multiple parties involved negatively affect costs, speed and transparency. While the situation has been improving in the last few years, thanks to initiatives like SWIFT gpi, substantial obstacles still remain.

    Second, the lack of harmonisation of regulatory standards hinders smooth payment flows across borders. As different countries have different regimes for sanction screening and fighting money laundering and financial crime, payments need to be checked multiple times along the payment chain. Often the chain is interrupted because the relevant information to fulfil regulatory compliance is missing. Sometimes even manual intervention is necessary, which in turn hinders automated end-to-end processing of payments. Of course, this problem is multiplying with longer transaction chains.

    Third, there are technical impediments. Insufficiently harmonised standards for message formats, varying opening hours of payment systems and differing technical system specifications can further exacerbate the frictions in cross-border payments.

    Last but not least, I would like to address one aspect which is a very specific concern for me. Increased geopolitical tensions could have the potential to hamper efforts to improve cross-border payments by eroding the basis for international coordination: mutual trust. Moving forward, we have to find ways to rebuild that trust again in order to negotiate on fair and equal terms.

    3 Towards a multilateral world in payments?

    So, bearing in mind that the current infrastructure for global payments is not the optimum: what would be the ideal solution? A truly global system for cross-border payments? This is, in my view, rather unrealistic because it would not only require fully eliminating all current barriers, but also solving emerging issues, such as finding an appropriate governance framework. In order to take a step forward, we might need to grab the opportunities right ahead of us. Regional initiatives and interlinked systems could be the first steps towards a more interconnected global payments ecosystem.

    In the Eurosystem, we have already taken a step in this direction. The platforms T2, for wholesale, and TIPS, for real-time retail payments in Europe, enable not only payments in euro, but also in Swedish krona and will also soon support payments in Danish krona. Other examples of successful regional multi-currency solutions are Buna in the Arab region, and the Pan-African Payment and Settlement system (PAPPS).

    Thus, while a global payment system may seem like an ideal solution, different regional systems have their advantages as well. They can cater for the specific needs of their region, and it is always easier to coordinate a smaller number of players than a global project.

    However, in a payments landscape with a stronger regional focus, the risk of global fragmentation remains. This means there are two paths we have to embark on: on the one hand, we have to make sure that such a multilateral structure ensures the safety, resilience and integrity of the global payment system. On the other hand, different regional parts need to become interoperable with each other. Otherwise, there is the risk that fragmentation will exacerbate the current problems in cross-border payments, as previous harmonisation and standardisation efforts could become obsolete – not only in technical terms, but also with regard to market practices, regulations and strategies.

    4 How can central banks address the challenges?

    Now, the question that we have to ask ourselves as central bankers is: what can we do? And what better place to ask this question than at the Central Bank Payments Conference? 

    In 2020, the G20 developed a concrete roadmap to enhance cross-border payments. As part of this process, 19 building blocks with specific action points were developed and quantitative targets were set.

    After almost five years, we can already see some improvements in the global payments landscape: together with the market, we have harmonised the ISO 20022 standard further, reducing frictions in the transmission of messages. 

    Furthermore, central banks around the world have expanded their operating hours, thus reducing delays when sending and settling payments across time zones. Whether that is the first step towards 24/7 operations for real-time gross settlement (RTGS) systems remains to be seen, as this would come with a number of additional challenges. However, I believe it is not a question of “if”, but more “how” because the world of payments has already moved towards 24/7 operations with regard to the new instant payment rails. This will also have an impact on liquidity management in central bank money, which is usually conducted via RTGS systems.

    Additionally, there are ongoing initiatives to open up access to central bank payment systems, which could increase competition and thus enhance the efficiency of cross-border payments. Within the Eurosystem, we have already taken a key decision2 in this regard and are currently exploring the detailed specifications under which such access can be granted.

    Looking ahead, there are a couple of options for central banks to further enhance the efficiency of cross-border payments. For the last couple of years, instant payment systems have been built across the globe. When we interlink these systems, we could enable payment institutions worldwide to quickly expand their payment network. Assuming that we would also find more efficient ways for the currency conversion still needed in this context, we could also lower liquidity costs: this would address two of the main market entry barriers, thus increasing competition. 

    First trials in that direction have already been completed and interlinking with foreign payment infrastructures is one of the key components of the Eurosystem’s strategy for the coming years.3 If we interlink regional payment infrastructures, we can quickly tackle a number of the frictions we face in cross-border payments today.

    In the future, central bank digital currencies (CBDCs) could offer another opportunity, but we have to make sure that they combat fragmentation, rather than increase it. To guarantee this, we have to ensure that they are interoperable with each other and with traditional payment systems. Regarding the digital euro, the ECB and the national central banks of the Eurosystem are in close contact with market players and other central banks outside the euro area. However, while CBDCs might also be a very promising candidate in the cross-border space, in particular given that they are expected to penetrate the relevant markets strongly, it will take time for them to become established. This is because we are still at a nascent phase globally and, very often, priority needs to be given to ensuring a market roll-out in domestic markets, as is our aim for the digital euro.

    Instant payment systems may not be “traditional” in terms of age, but they are still an evolution of the “classic” payment rails. Nevertheless, and given the rather diverging global situation, they could be a prime candidate for interlinking with emerging retail CBDCs in other areas: first, both systems are able to operate around the clock in real-time. Second, instant payment systems give instant feedback on whether the payment was successful or not. Third, messages could be tokenised and used to settle smart contracts in more technically innovative infrastructures.

    This idea is not only applicable in the retail space. It could also benefit the wholesale area, where innovative solutions could help to address foreign exchange liquidity management, thereby complementing the linkage of RTGS systems, for instance. We at the Bundesbank have trialled those interconnections in the wholesale payments world with our trigger solution, which was one of three interoperability solutions tested as part of the Eurosystem’s exploratory work. The trigger solution links distributed ledger technology (DLT) platforms operated by the market with the “traditional” Eurosystem payment system (TARGET), thus enabling the direct settlement of DLT-based wholesale transactions on participants’ existing RTGS accounts in central bank money.

    When we look at past and current efforts, we see that much has been done to harmonise technical standards and to supply innovative solutions. However, in order to truly be successful in enhancing cross-border payments, we should not only look at what the market could do: we must also address the fragmented regulatory landscape as well. Harmonising regulatory standards across borders would remove one of the largest frictions in cross-border payments. 

    5 Outlook

    When we take a look at what we have achieved already and what we still have to achieve by 2027, we could say that reaching the G20 targets will be a very ambitious climb. However, we should not downplay what we have achieved so far. We have made significant progress when it comes to global harmonisation of technical standards and updating payment infrastructures.

    Momentum for the interlinking of payment systems has never been as great as it is today and new technologies like DLT, and maybe even AI, can help to further reduce the frictions affecting cross-border payments at present. 

    Despite the current geopolitical situation, central banks can help alleviate the challenges we face today by supplying policymakers and regulators with a range of options.

    As you can see, improving cross-border payments is not as mysterious as a Dan Brown novel, and solving the problems that we face is not as hard as cracking the Da Vinci Code that Tom Hanks tries to crack in the films with the same name. And there are no longer Knights Templar defending the holy grail of efficient cross-border payments.

    So, let us continue improving the global payments landscape.

    Ladies and gentlemen, thank you for your attention.


    MIL OSI Economics

  • MIL-OSI Economics: Michael S Barr: Artificial intelligence – hypothetical scenarios for the future

    Source: Bank for International Settlements

    Advances in artificial intelligence (AI) have accelerated rapidly over the past few years. It is now commonplace to see autonomous vehicles navigating city streets, and generative AI tools are available on phones and other devices wherever we go. AI innovations make headlines and play a big role in financial markets, and generative AI has the potential to change how we think about productivity, labor markets and the macroeconomy. Today, I will address that question by outlining two hypothetical scenarios for AI’s impact and the implications for businesses, regulators, and society. I will focus my comments on Generative AI, or GenAI, a subset of AI that has seen significant growth and integration into economic activity in just a few short years.

    GenAI and Its Adoption

    Compared to earlier iterations of AI, GenAI is able to generate content, which allows it to significantly enhance productivity across a range of knowledge-based activities and be used by people without coding skills. GenAI will likely become a “general purpose technology,” with widespread adoption, continuous improvement, and productivity enhancements to a wide range of sectors across the economy. We are already seeing GenAI improve the productivity of its own R&D. There is widespread enthusiasm for GenAI, and survey evidence shows much faster rates of consumer adoption of GenAI already than were seen for the personal computer or the internet. While actual deployment of GenAI is limited to some business functions, and there have been pitfalls along the way, businesses in almost every sector are experimenting with or considering how to make use of the technology.

    Firms are also exploring Agentic AI-Gen AI systems that not only produce new content, but are also able to proactively pursue goals by generating innovative solutions and acting upon them at speed and scale. Imagining Agentic AI’s ultimate application, some speculate that we could experience a “country of geniuses in a data center”-a collective intelligence that surpasses human capabilities in problem-solving and collaboration. Some believe Agentic AI has the potential to connect ideas in disparate domains, potentially transforming research and development and society more broadly.

    MIL OSI Economics

  • MIL-OSI United Kingdom: 25th anniversary of the Stockholm Declaration on Holocaust Remembrance

    Source: United Kingdom – Executive Government & Departments

    The International Holocaust Remembrance Alliance commemorates 25 years of the Stockholm Declaration and looks ahead to the future of Holocaust remembrance.

    Lord Pickles addressing the event to commemorate the 25th anniversary of the Stockholm Declaration on Holocaust Remembrance.

    On Monday 17 February, the UK presidency of the International Holocaust Remembrance Alliance (IHRA) welcomed Heads of Delegation from the 35 IHRA Member Countries to London for an event to commemorate the 25th anniversary of the Stockholm Declaration on Holocaust Remembrance. We also invited key figures who played an important role in shaping international activity on Holocaust education, remembrance and research over the past 25 years, as well as Holocaust survivors, representatives of the Jewish community and civil society.

    The UK government is committed to international co-operation to promote education, remembrance and research about the Holocaust. The UK was one of the founding signatories of the Stockholm Declaration in 2000, through which we pledged that the terrible events of the Holocaust would remain forever seared in our collective memory.  This commemoration event provided an important opportunity to reflect on what has been achieved in terms of promoting Holocaust remembrance, and look ahead to the future. 

    IHRA Chair and UK Special Envoy for Post-Holocaust Issues Lord Pickles reflected on the achievements of the past 25 years. He noted that the pledges made 25 years ago were still as relevant today as they were in 2000. Lord Pickles stressed the importance of safeguarding Holocaust sites, opening up Holocaust-related archives, and the promotion of testimony and Holocaust-related objects. He also drew attention to the dangers caused by ongoing Holocaust distortion, adding that the truth can never harm us.

    Former Prime Minister Tony Blair and former US President Bill Clinton both addressed the audience via video message. They reflected on their efforts, alongside former Swedish Prime Minister Göran Persson, to strengthen international co-operation on Holocaust remembrance 25 years ago and to bring together world leaders to sign the Stockholm Declaration and form the IHRA.

    Looking ahead to the future, participants emphasised that further collective action was needed to tackle the challenges of Holocaust distortion and the global rise of antisemitism. The role of emerging technologies was also highlighted as an area to explore, given the potential to harness artificial intelligence as a force for good in Holocaust education. All agreed that it was essential to continue to educate about the facts of the Holocaust, to ensure the truth is never forgotten.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom

  • MIL-OSI: STMicroelectronics to enable higher-performance cloud optical interconnect in datacenters and AI clusters

    Source: GlobeNewswire (MIL-OSI)

    STMicroelectronics to enable higher-performance cloud optical interconnect in datacenters and AI clusters 

    • New silicon photonics and next-gen BiCMOS proprietary technologies bring better performance to address the coming 800Gb/s and 1.6Tb/s optical interconnects.
    • Developing a roadmap with partners across the value chain for higher energy efficiency pluggable optics and to address the next generation of AI clusters GPU interconnects.

    Geneva, Switzerland, February 20, 2025 – STMicroelectronics (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, is unveiling its next generation of proprietary technologies for higher-performing optical interconnect in datacenters and AI clusters. With the exponential growth of AI computing needs, challenges arise in performance and energy efficiency across computing, memory, power supply, and the interconnections linking them. ST is helping hyperscalers, and the leading optical module provider, overcome those challenges with new silicon photonics and next-gen BiCMOS technologies, scheduled to ramp up from the second half of 2025 for 800Gb/s and 1.6Tb/s optical modules.

    At the heart of interconnections in a datacenter are thousands, or even hundreds of thousands, of optical transceivers. These devices convert optical into electrical signals and vice versa to allow data flow between graphics processing unit (GPU) computing resources, switches and storage. Inside these transceivers, ST’s new, proprietary silicon photonics (SiPho) technology will bring customers the ability to integrate multiple complex components into one single chip, while ST’s next-gen, proprietary BiCMOS technology brings ultra high-speed and low power optical connectivity, which are key to sustain the AI growth.

    AI demand is accelerating the adoption of high-speed communication technology within the datacenter ecosystem. This is the right time for ST to introduce new power efficient silicon photonics technology and complementing it with a new generation of BiCMOS for our customers to design the next wave of optical interconnect products, which will enable 800Gbps/1.6Tbps solutions for the hyperscalers,” said Remi El-Ouazzane, President, Microcontrollers, Digital ICs and RF products Group at STMicroelectronics.Both technologies will be manufactured on 300mm processes in Europe, bringing customers an independent high-volume supply for two key components of their optical module development strategy. Today’s announcement represents the first step for our PIC product-family and, thanks to close collaboration with key partners across the entire value chain, our ambition is to become a key supplier of silicon photonics and BiCMOS wafers for the datacenter and AI cluster market, be it pluggable optics today or optical I/O tomorrow.”

    “AWS is pleased to collaborate with STMicroelectronics to develop a new silicon photonics technology (SiPho), PIC100, that will enable interconnection between any workload including Artificial Intelligence (AI). AWS is working with STMicroelectronics based on their demonstrated capability to make PIC100 a leading SiPho technology for the optical and AI market. We are enthusiastic about the potential innovations this will unlock for SiPho,” said Nafea Bshara, Vice President and Distinguished Engineer at Amazon Web Services.

    The Pluggable Optics for Data Center Market is experiencing significant growth, valued at $7 billion in 2024,” said Dr. Vladimir Kozlov, CEO and Chief Analyst at LightCounting. “This market is expected to grow at a Compound Annual Growth Rate (CAGR) of 23% during 2025—2030 to exceed $24 billion at the end of this period. Market share of transceivers based on silicon photonics modulators will increase from 30% in 2024 to 60% by 2030.”

    Additional information

    ST’s SiPho technology combined with the ST BiCMOS technology are a unique 300mm silicon platform to serve the optical market. Both technologies are being industrialized and will be manufactured in ST’s Crolles (France/Europe) 300mm fab.
      
    Additional technical information is available at ST.com on BiCMOS technology and Silicon Photonics.

    You can also read our blogpost at https://blog.st.com/pic100/

    About STMicroelectronics
    At ST, we are over 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are committed to achieving our goal to become carbon neutral on scope 1 and 2 and partially scope 3 by 2027. Further information can be found at www.st.com.

    INVESTOR RELATIONS
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41.22.929.59.20
    jerome.ramel@st.com

    MEDIA RELATIONS
    Alexis Breton
    Corporate External Communications
    Tel: +33.6.59.16.79.08
    alexis.breton@st.com

    Attachments

    The MIL Network

  • MIL-OSI: MEXC Launches PAIN (PAIN) Airdrop+ with Spot and Futures Trading, Offering 270,000 USDT in Bonuses

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 20, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, announced the listing of the PAIN (PAIN) on both spot and futures markets, scheduled for February 20, 2025, at 01:05 (UTC). The launch on MEXC will be accompanied by Airdrop+ rewards of 270,000 USDT.

    Unleashes the Power of PAIN: The Meme That Took Over the Internet Goes Crypto

    Inspired by the legendary “Hide the Pain Harold” meme, which has entertained the internet for over 14 years, PAIN represents more than just a token—it embodies resilience, humor, and the idea that what doesn’t kill you makes you stronger. PAIN’s meme identity is rooted in the viral images of András István Arató, a retired Hungarian electrical engineer whose iconic awkward yet polite smile became a universal symbol of concealed struggle. Over the years, Arató has embraced his internet fame, securing brand deals with Coca-Cola, starring in TV shows, and even hosting Hungary’s annual sports awards. Now, PAIN makes its mark in the crypto world, connecting its long-standing internet legacy with the rapidly growing meme coin sector.

    As a global leader in digital asset trading, MEXC’s listing of PAIN highlights the growing influence of meme culture in Web3 and the expanding role of community-driven tokens. By offering strong liquidity, broad market access, and dedicated trading support, MEXC provides the perfect environment for PAIN to thrive.

    To celebrate the listing, MEXC is also launching a $270,000 reward pool across two major activities, allowing users to engage with PAIN, explore the meme-powered economy, and be part of one of the most entertaining narratives in the digital asset space.

    Celebrate the PAIN Launch with a prize pool of 270,000 USDT

    In a significant show of support for PAIN and its expansive ecosystem, MEXC is set to list the new PAIN token. This move not only underscores MEXC’s commitment to pioneering blockchain projects but also connects users with a dynamic network that fuels cutting-edge initiatives.

    MEXC, known for quickly listing trending tokens, expands its offerings with PAIN (PAIN). The PAIN/USDT trading market officially launched in the Innovation Zone on February 20, 2025, at 01:05 (UTC), followed by the introduction of the PAIN USDT perpetual futures at 01:23 (UTC), offering adjustable leverage from 1x to 50x with both cross and isolated margin modes.

    To celebrate the listing of PAIN (PAIN) on MEXC Spot and Futures on February 20, MEXC is launching a series of exclusive activities starting on February 20, 2025, at 07:00 (UTC). Participants will have the chance to win USDT bonuses, and other exciting rewards, with opportunities available for both new and experienced users.

    These activities include:

    • Event 1: Airdrop+

    Benefit 1: Deposit and share 200,000 USDT in Futures bonus (New user exclusive).
    Benefit 2: Futures Challenge — Trade to share 50,000 USDT in Futures bonus (Open all users).
    Benefit 3: Invite new users and share 20,000 USDT in Futures bonus (Open to all users).

    • Event 2: Spread the Word and Win 1,000 USDT in Bonus.

    Your Easiest Way to Trending Tokens

    MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 30 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and 605 memecoins, with total airdrop rewards exceeding $136 million.

    About MEXC

    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official WebsiteXTelegramHow to Sign Up on MEXC

    Contact:
    Lucia Hu
    PR Manager
    lucia.hu@mexc.com

    Disclaimer: This content is provided by MEXC. The statements, views, and opinions expressed in this content are solely those of the sponsor and do not necessarily reflect the views of this media platform. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. This content is for informational purposes only and should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7a0aa8f2-bfba-4145-9b11-4629db3d330c

    The MIL Network

  • MIL-OSI United Kingdom: MAIB Data Portal update

    Source: United Kingdom – Executive Government & Departments

    The MAIB Data Portal 6 month update, with additional data from 2024 to 2022.

    The MAIB Data Portal has been live for just under 6 months. Data was initially only available for marine accidents reported to the MAIB in 2023. Today, that data has been updated to include marine accidents reported in 2022, 2023, and 2024. Work continues to make available data from 2020 and 2021. Data for 2025 and beyond will be released at regular intervals in the future.

    The MAIB’s goal to improve safety of life at sea and prevent future accidents is a key driver for providing the public and industry with marine accident data to highlight key insights and drive safety improvements.

    Visit the MAIB Data Portal to access the service, where you can view a prepared dashboard and download any combination of 3 CSV files and a Power BI data set file with a copy of the online dashboard and CSV files embedded.

    Please note that if you have used data previously published, it may differ slightly from the latest update as accidents have been investigated and additional information has come to light.

    Updates to this page

    Published 20 February 2025

    MIL OSI United Kingdom

  • MIL-OSI: Bilibili Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SHANGHAI, China, Feb. 20, 2025 (GLOBE NEWSWIRE) — Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX: 9626), an iconic brand and a leading video community for young generations in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024.

    Fourth Quarter and Fiscal Year 2024 Highlights:

    • Total net revenues were RMB7.73 billion (US$1,059.6 million) in the fourth quarter and RMB26.83 billion (US$3,675.9 million) in 2024, representing increases of 22% and 19% year over year, respectively.
      • Advertising revenues were RMB2.39 billion (US$327.2 million) in the fourth quarter and RMB8.19 billion (US$1,121.9 million) in 2024, representing increases of 24% and 28% year over year, respectively.
      • Mobile games revenues were RMB1.80 billion (US$246.3 million) in the fourth quarter and RMB5.61 billion (US$768.6 million) in 2024, representing increases of 79% and 40% year over year, respectively.
    • Gross profit was RMB2.79 billion (US$382.0 million) in the fourth quarter and RMB8.77 billion (US$1,202.0 million) in 2024, representing increases of 68% and 61% year over year, respectively. Gross profit margin reached 36.1% in the fourth quarter and 32.7% in 2024, improving from 26.1% in the fourth quarter of 2023 and 24.2% in the year of 2023, respectively.
    • Net profit was RMB88.9 million (US$12.2 million) for the fourth quarter, compared with net loss of RMB1.30 billion in the same period last year. For 2024, net loss was RMB1.36 billion (US$186.8 million), narrowing by 72% year over year.
    • Adjusted net profit1 was RMB452.0 million (US$61.9 million) for the fourth quarter, compared with an adjusted net loss of RMB555.8 million in the same period last year. For 2024, adjusted net loss was RMB39.0 million (US$5.3 million), narrowing by 99% year over year.
    • Operating cash flow was RMB1.40 billion (US$191.9 million) for the fourth quarter and RMB6.01 billion (US$824.0 million) for 2024, compared with RMB640.4 million in the fourth quarter of 2023 and RMB266.6 million in the year of 2023, respectively.
    • Average daily active users (DAUs) were 103.0 million in the fourth quarter, compared with 100.1 million in the same period last year.

    “We closed 2024 on a strong note, achieving our first quarter of GAAP profitability—a milestone reflecting the value of our community and our relentless effort to enhance our commercialization efficiency,” said Mr. Rui Chen, chairman and chief executive officer of Bilibili. “In the fourth quarter, our DAUs and MAUs reached 103 million and 340 million, respectively, with users spending an average of 99 minutes daily on our platform. Throughout the year, we advanced our commercialization strategy and improved our products to meet users’ evolving content and consumption needs. For 2024, our total net revenues grew 19% year-over-year to RMB26.83 billion, driven by strong advertising and mobile games businesses, which saw revenue increases of 28% and 40%, both on year-over-year basis, respectively. We are also very encouraged by the emergence of new open-source AI models, making AI solutions accessible and cost-effective. Leveraging our high-quality and exclusive data assets, we expect to benefit even more from this remarkable revolution, unleashing greater value from our unique community.”

    Mr. Sam Fan, chief financial officer of Bilibili, said, “Strong growth in our high-margin advertising and mobile games businesses drove total net revenues up by 22% year over year in the fourth quarter. Gross profit surged by 68% year-over-year in the fourth quarter, leading to a 10 percentage-point increase in our gross profit margin to 36.1%. Meanwhile, we generated RMB6.01 billion in operating cash flow for the full year 2024. We also enhanced shareholder returns by repurchasing outstanding ADSs and convertible senior notes totaling US$864.8 million during the year. Looking ahead, we are determined to further unlock the value embedded within our community with more efficient commercialization products and services to drive sustainable profitability over the long run.”

    Fourth Quarter 2024 Financial Results

    Total net revenues. Total net revenues were RMB7.73 billion (US$1,059.6 million), representing an increase of 22% from the same period of 2023.

    Advertising. Revenues from advertising were RMB2.39 billion (US$327.2 million), representing an increase of 24% from the same period of 2023, mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency.

    Mobile games. Revenues from mobile games were RMB1.80 billion (US$246.3 million), representing an increase of 79% from the same period of 2023, mainly attributable to the strong performance of the Company’s exclusively licensed game, San Guo: Mou Ding Tian Xia launched in 2024.

    Value-added services (VAS). Revenues from VAS were RMB3.08 billion (US$422.4 million), representing an increase of 8% from the same period of 2023, led by increases in revenues from other value-added services and premium membership.

    IP derivatives and others. Revenues from IP derivatives and others were RMB464.9 million (US$63.7 million), representing a decrease of 16% from the same period of 2023.

    Cost of revenues. Cost of revenues was RMB4.95 billion (US$677.6 million), representing an increase of 5% from the same period of 2023. The increase was mainly due to higher revenue-sharing costs and was partially offset by lower content costs. Revenue-sharing costs, a key component of cost of revenues, were RMB3.17 billion (US$434.2 million), representing an increase of 12% from the same period of 2023, mainly due to the increase of mobile games-related revenue-sharing costs.

    Gross profit. Gross profit was RMB2.79 billion (US$382.0 million), representing an increase of 68% from the same period of 2023, mainly attributable to the growth in total net revenues and the decrease in costs related to platform operations, as the Company enhanced its monetization efficiency.

    Total operating expenses. Total operating expenses were RMB2.66 billion (US$364.7 million), representing a decrease of 10% from the same period of 2023.

    Sales and marketing expenses. Sales and marketing expenses were RMB1.24 billion (US$169.4 million), representing a 10% increase from the same period of 2023. The increase was primarily attributable to increased marketing expenses for the Company’s exclusively licensed games.

    General and administrative expenses. General and administrative expenses were RMB505.9 million (US$69.3 million), remaining flat compared with the same period of 2023.

    Research and development expenses. Research and development expenses were RMB919.3 million (US$125.9 million), representing a 31% decrease from the same period of 2023. The decrease was mainly attributable to the one-off termination expenses of certain game projects that occurred in the fourth quarter of 2023.

    Profit/(loss) from operations. Profit from operations was RMB126.4 million (US$17.3 million), compared with a loss of RMB1.30 billion from the same period of 2023.

    Adjusted profit/(loss) from operations1. Adjusted profit from operations was RMB463.1 million (US$63.4 million), compared with an adjusted loss from operations of RMB635.1 million from the same period of 2023.

    Total other (expenses)/income, net. Total other expenses were RMB61.0 million (US$8.4 million), compared with total other income of RMB13.1 million in the same period of 2023.

    Income tax benefit/(expense). Income tax benefit was RMB23.5 million (US$3.2 million), compared with income tax expense of RMB5.1 million in the same period of 2023.

    Net profit/(loss). Net profit was RMB88.9 million (US$12.2 million), compared with net loss of RMB1.30 billion from the same period of 2023.

    Adjusted net profit/(loss)1. Adjusted net profit was RMB452.0 million (US$61.9 million), compared with an adjusted net loss of RMB555.8 million in the same period of 2023.

    Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted net profit per share were RMB0.22 (US$0.03) and RMB0.21 (US$0.03) each, compared with basic and diluted net loss per share of RMB3.13 each in the same period of 2023. Adjusted basic and diluted net profit per share were RMB1.08 (US$0.15) and RMB1.07 (US$0.15) each, compared with an adjusted basic and diluted net loss per share of RMB1.34 each in the same period of 2023.

    Net cash provided by operating activities. Net cash provided by operating activities was RMB1.40 billion (US$191.9 million), compared with net cash provided by operating activities of RMB640.4 million in the same period of 2023.

    Fiscal Year 2024 Financial Results

    Total net revenues. Total net revenues were RMB26.83 billion (US$3.68 billion), representing an increase of 19% from 2023.

    Advertising. Revenues from advertising were RMB8.19 billion (US$1,121.9 million), representing an increase of 28% from 2023, mainly attributable to the Company’s improved advertising product offerings and enhanced advertising efficiency.

    Mobile games. Revenues from mobile games were RMB5.61 billion (US$768.6 million), representing an increase of 40% from 2023. The increase was mainly attributable to the strong performance of the Company’s exclusively licensed game, San Guo: Mou Ding Tian Xia.

    Value-added services (VAS). Revenues from VAS were RMB11.00 billion (US$1.51 billion), representing an increase of 11% from 2023, led by an increase in revenues from live broadcasting and other value-added services.

    IP derivatives and others. Revenues from IP derivatives and others were RMB2.03 billion (US$278.5 million), representing a decrease of 7% from 2023.

    Cost of revenues. Cost of revenues was RMB18.06 billion (US$2.47 billion), representing an increase of 6% from 2023. The increase was mainly due to increased revenue sharing costs and server and bandwidth costs. Revenue-sharing costs, a key component of cost of revenues, were RMB10.80 billion (US$1.48 billion), representing an increase of 14% from 2023.

    Gross profit. Gross profit was RMB8.77 billion (US$1,202.0 million), representing an increase of 61% from 2023, primarily as a result of the growth in total net revenues and the decrease in costs related to platform operations, as the Company enhanced its monetization efficiency.

    Total operating expenses. Total operating expenses were RMB10.12 billion (US$1.39 billion), representing a decrease of 4% from 2023.

    Sales and marketing expenses. Sales and marketing expenses were RMB4.40 billion (US$603.0 million), representing a 12% increase from 2023. The increase was primarily attributable to increased marketing expenses for the Company’s exclusively licensed games.

    General and administrative expenses. General and administrative expenses were RMB2.03 billion (US$278.3 million), representing a 4% decrease from 2023. The decrease was primarily attributable to a decrease in general and administrative personnel headcount in 2024.

    Research and development expenses. Research and development expenses were RMB3.69 billion (US$504.9 million), representing an 18% decrease from 2023. The decrease was mainly attributable to a decrease in research and development personnel headcount in 2024 and the one-off termination expenses of certain game projects that occurred in the fourth quarter of 2023.

    Loss from operations. Loss from operations was RMB1.34 billion (US$184.1 million), narrowing by 73% from 2023.

    Adjusted loss from operations1. Adjusted loss from operations was RMB60.8 million (US$8.3 million), narrowing by 98% from 2023.

    Total other (expenses)/income, net. Total other expenses were RMB56.2 million (US$7.7 million), compared with total other income of RMB331.2 million in 2023. The change was primarily attributable to losses of RMB38.6 million from the repurchase of convertible senior notes in 2024, compared with gains of RMB292.2 million in 2023.

    Income tax benefit/(expense). Income tax benefit was RMB36.5 million (US$5.0 million), compared with income tax expense of RMB78.7 million in 2023.

    Net loss. Net loss was RMB1.36 billion (US$186.8 million), narrowing by 72% from 2023.

    Adjusted net loss1. Adjusted net loss was RMB39.0 million (US$5.3 million), narrowing by 99% from 2023.

    Basic and diluted EPS and adjusted basic and diluted EPS1. Basic and diluted net loss per share were RMB3.23 (US$0.44) each, compared with RMB11.67 each in 2023. Adjusted basic and diluted net loss per share were RMB0.05 (US$0.01) each, compared with RMB8.29 each in 2023.

    Net cash provided by operating activities. Net cash provided by operating activities was RMB6.01 billion (US$824.0 million), compared with net cash provided by operating activities of RMB266.6 million for 2023.

    Cash and cash equivalents, time deposits and short-term investments. As of December 31, 2024, the Company had cash and cash equivalents, time deposits and short-term investments of RMB16.54 billion (US$2.27 billion).

    Share Repurchase Program

    On November 14, 2024, the Company announced that its board of directors had approved a share repurchase program of up to US$200 million of its publicly traded securities over a 24-month period. As of December 31, 2024, the Company had repurchased a total of approximately 0.84 million ADSs under this authorized program for a total cost of US$16.4 million.

    Repurchase of Convertible Senior Notes

    In November 2024, the Company completed the repurchase right offer for its 0.50% Convertible Senior Notes due 2026 (the “December 2026 Notes”). An aggregate principal amount of US$419.1 million (RMB3.01 billion) of the December 2026 Notes was validly surrendered and repurchased with an aggregate cash consideration of US$419.1 million (RMB3.01 billion). After completion of this transaction, the aggregate outstanding principal amount of the April 2026 Notes, the 2027 Notes and the December 2026 Notes was US$13.4 million (RMB96.4 million).

    1 Adjusted profit/(loss) from operations, adjusted net profit/(loss), and adjusted basic and diluted EPS are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

    Conference Call

    The Company’s management will host an earnings conference call at 7:00 AM U.S. Eastern Time on February 20, 2025 (8:00 PM Beijing/Hong Kong Time on February 20, 2025). Details for the conference call are as follows:

    All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of participant dial-in numbers and a personal PIN, which will be used to join the conference call.

    Additionally, a live webcast of the conference call will be available on the Company’s investor relations website at http://ir.bilibili.com, and a replay of the webcast will be available following the session.

    About Bilibili Inc.

    Bilibili is an iconic brand and a leading video community with a mission to enrich the everyday lives of young generations in China. Bilibili offers a wide array of video-based content with All the Videos You Like as its value proposition. Bilibili builds its community around aspiring users, high-quality content, talented content creators and the strong emotional bonds among them. Bilibili pioneered the “bullet chatting” feature, a live comment function that has transformed our users’ viewing experience by displaying the thoughts and feelings of audience members viewing the same video. The Company has now become the welcoming home of diverse interests among young generations in China and the frontier for promoting Chinese culture across the world.

    For more information, please visit: http://ir.bilibili.com.

    Use of Non-GAAP Financial Measures

    The Company uses non-GAAP measures, such as adjusted profit/(loss) from operations, adjusted net profit/(loss), adjusted net profit/(loss) per share and per ADS, basic and diluted and adjusted net profit/(loss) attributable to the Bilibili Inc.’s shareholders in evaluating its operating results and for financial and operational decision-making purposes. The Company believes that the non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, amortization expense related to intangible assets acquired through business acquisitions, income tax related to intangible assets acquired through business acquisitions, gain/loss on fair value change in investments in publicly traded companies, gain/loss on repurchase of convertible senior notes, and termination expenses of certain game projects. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

    The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. The non-GAAP financial measures have limitations as analytical tools, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider them in isolation, or as a substitute for net loss, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP.

    The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

    For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results.”

    Exchange Rate Information

    This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred to could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue,” or other similar expressions. Among other things, outlook and quotations from management in this announcement, as well as Bilibili’s strategic and operational plans, contain forward-looking statements. Bilibili may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Bilibili’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: results of operations, financial condition, and stock price; Bilibili’s strategies; Bilibili’s future business development, financial condition and results of operations; Bilibili’s ability to retain and increase the number of users, members and advertising customers, provide quality content, products and services, and expand its product and service offerings; competition in the online entertainment industry; Bilibili’s ability to maintain its culture and brand image within its addressable user communities; Bilibili’s ability to manage its costs and expenses; PRC governmental policies and regulations relating to the online entertainment industry, general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission and the Hong Kong Stock Exchange. All information provided in this announcement and in the attachments is as of the date of the announcement, and the Company undertakes no duty to update such information, except as required under applicable law.

    For investor and media inquiries, please contact:

    In China:

    Bilibili Inc.
    Juliet Yang
    Tel: +86-21-2509-9255 Ext. 8523
    E-mail: ir@bilibili.com

    Piacente Financial Communications 
    Helen Wu
    Tel: +86-10-6508-0677
    E-mail: bilibili@tpg-ir.com

    In the United States:

    Piacente Financial Communications 
    Brandi Piacente
    Tel: +1-212-481-2050
    E-mail: bilibili@tpg-ir.com

    BILIBILI INC.
    Unaudited Condensed Consolidated Statements of Operations
    (All amounts in thousands, except for share and per share data)
     
      For the Three Months Ended   For the Year Ended
      December
    31,
      September
    30,
      December
    31,
      December
    31,
      December
    31,
      2023   2024   2024   2023   2024
      RMB   RMB   RMB   RMB   RMB
                       
    Net revenues:                  
    Value-added services (VAS) 2,857,079     2,821,269     3,083,071     9,910,080     10,999,137  
    Advertising 1,929,164     2,094,427     2,388,673     6,412,040     8,189,175  
    Mobile games 1,006,858     1,822,609     1,797,537     4,021,137     5,610,323  
    IP derivatives and others 555,995     567,315     464,880     2,184,730     2,032,890  
    Total net revenues 6,349,096     7,305,620     7,734,161     22,527,987     26,831,525  
    Cost of revenues (4,689,114 )   (4,758,434 )   (4,945,945 )   (17,086,122 )   (18,057,562 )
    Gross profit 1,659,982     2,547,186     2,788,216     5,441,865     8,773,963  
                       
    Operating expenses:                  
    Sales and marketing expenses (1,125,464 )   (1,202,407 )   (1,236,593 )   (3,916,150 )   (4,401,655 )
    General and administrative expenses (511,906 )   (505,386 )   (505,861 )   (2,122,432 )   (2,031,063 )
    Research and development expenses (1,327,282 )   (906,072 )   (919,321 )   (4,467,470 )   (3,685,214 )
    Total operating expenses (2,964,652 )   (2,613,865 )   (2,661,775 )   (10,506,052 )   (10,117,932 )
    (Loss)/profit from operations (1,304,670 )   (66,679 )   126,441     (5,064,187 )   (1,343,969 )
                       
    Other income/(expenses):                  
    Investment loss, net (including impairments) (199,004 )   (70,957 )   (283,191 )   (435,644 )   (470,081 )
    Interest income 126,450     91,279     110,150     542,472     434,980  
    Interest expense (29,181 )   (17,824 )   (19,986 )   (164,927 )   (89,193 )
    Exchange gains/(losses) 4,848     (5,909 )   10,529     (35,575 )   (68,715 )
    Debt extinguishment (loss)/gain         (17,649 )   292,213     (38,629 )
    Others, net 110,007     (18,134 )   139,107     132,640     175,412  
    Total other income/(expenses), net 13,120     (21,545 )   (61,040 )   331,179     (56,226 )
    (Loss)/profit before income tax (1,291,550 )   (88,224 )   65,401     (4,733,008 )   (1,400,195 )
    Income tax (expense)/benefit (5,140 )   8,419     23,533     (78,705 )   36,544  
    Net (loss)/profit (1,296,690 )   (79,805 )   88,934     (4,811,713 )   (1,363,651 )
    Net loss/(profit) attributable to noncontrolling interests 206     290     1,026     (10,608 )   16,851  
    Net (loss)/profit attributable to the Bilibili Inc.’s shareholders (1,296,484 )   (79,515 )   89,960     (4,822,321 )   (1,346,800 )
    Net (loss)/profit per share, basic (3.13 )   (0.19 )   0.22     (11.67 )   (3.23 )
    Net (loss)/profit per ADS, basic (3.13 )   (0.19 )   0.22     (11.67 )   (3.23 )
    Net (loss)/profit per share, diluted (3.13 )   (0.19 )   0.21     (11.67 )   (3.23 )
    Net (loss)/profit per ADS, diluted (3.13 )   (0.19 )   0.21     (11.67 )   (3.23 )
    Weighted average number of ordinary shares, basic 414,793,013     417,849,446     417,829,038     413,210,271     416,470,256  
    Weighted average number of ADS, basic 414,793,013     417,849,446     417,829,038     413,210,271     416,470,256  
    Weighted average number of ordinary shares, diluted 414,793,013     417,849,446     424,208,294     413,210,271     416,470,256  
    Weighted average number of ADS, diluted 414,793,013     417,849,446     424,208,294     413,210,271     416,470,256  
                   

    The accompanying notes are an integral part of this press release.

    BILIBILI INC.
    Notes to Unaudited Condensed Financial Information
    (All amounts in thousands, except for share and per share data)
     
      For the Three Months Ended
      For the Year Ended
      December 31,   September 30,   December 31,   December 31,   December 31,
      2023   2024   2024   2023   2024
      RMB   RMB   RMB   RMB   RMB
                       
                       
    Share-based compensation expenses included in:                  
    Cost of revenues 15,014   26,781   25,350   63,724   84,178
    Sales and marketing expenses 13,960   16,015   18,524   56,649   60,460
    General and administrative expenses 150,226   133,825   137,513   596,950   568,194
    Research and development expenses 87,859   120,490   113,649   415,321   403,380
    Total 267,059   297,111   295,036   1,132,644   1,116,212
    BILIBILI INC.
    Unaudited Condensed Consolidated Balance Sheets
    (All amounts in thousands, except for share and per share data)
      December
    31,
      December
    31,
      2023   2024
      RMB   RMB
           
    Assets      
    Current assets:      
    Cash and cash equivalents 7,191,821   10,249,382  
    Time deposits 5,194,891   3,588,475  
    Restricted cash 50,000   50,000  
    Accounts receivable, net 1,573,900   1,226,875  
    Prepayments and other current assets 2,063,362   1,934,788  
    Short-term investments 2,653,065   2,706,535  
    Total current assets 18,727,039   19,756,055  
    Non-current assets:      
    Property and equipment, net 714,734   589,227  
    Production cost, net 2,066,066   1,851,207  
    Intangible assets, net 3,627,533   3,201,012  
    Goodwill 2,725,130   2,725,130  
    Long-term investments, net 4,366,632   3,911,592  
    Other long-term assets 931,933   664,277  
    Total non-current assets 14,432,028   12,942,445  
    Total assets 33,159,067   32,698,500  
    Liabilities      
    Current liabilities:      
    Accounts payable 4,333,730   4,801,416  
    Salary and welfare payables 1,219,355   1,599,482  
    Taxes payable 345,250   428,932  
    Short-term loan and current portion of long-term debt 7,455,753   1,571,836  
    Deferred revenue 2,954,088   3,802,307  
    Accrued liabilities and other payables 1,795,519   2,558,830  
    Total current liabilities 18,103,695   14,762,803  
    Non-current liabilities:      
    Long-term debt 646   3,264,153  
    Other long-term liabilities 650,459   567,631  
    Total non-current liabilities 651,105   3,831,784  
    Total liabilities 18,754,800   18,594,587  
           
    Total Bilibili Inc.’s shareholders’ equity 14,391,900   14,108,397  
    Noncontrolling interests 12,367   (4,484 )
    Total shareholders’ equity 14,404,267   14,103,913  
           
    Total liabilities and shareholders’ equity 33,159,067   32,698,500  
    BILIBILI INC.
    Unaudited Selected Condensed Consolidated Cash Flows Data
    (All amounts in thousands, except for share and per share data)
     
      For the Three Months Ended   For the Year Ended
      December
    31,
      September
    30,
      December
    31,
      December
    31,
      December
    31,
      2023   2024   2024   2023   2024
      RMB   RMB   RMB   RMB   RMB
                       
    Net cash provided by operating activities 640,396   2,225,629   1,400,988   266,622   6,014,854
    BILIBILI INC.
    Unaudited Reconciliations of GAAP and Non-GAAP Results
    (All amounts in thousands, except for share and per share data)
     
        For the Three Months Ended   For the Year Ended
        December
    31,
      September
    30,
      December
    31,
      December
    31,
      December
    31,
        2023   2024   2024   2023   2024
        RMB   RMB   RMB   RMB   RMB
                         
    (Loss)/Profit from operations     (1,304,670 )     (66,679 )     126,441       (5,064,187 )     (1,343,969 )
    Add:                                        
    Share-based compensation expenses     267,059       297,111       295,036       1,132,644       1,116,212  
    Amortization expense related to intangible assets acquired through business acquisitions     47,734       41,776       41,581       191,770       166,909  
    Termination expenses of certain game projects     354,811                   354,811        
    Adjusted (loss)/profit from operations     (635,066 )     272,208       463,058       (3,384,962 )     (60,848 )
                                             
    Net (loss)/profit     (1,296,690 )     (79,805 )     88,934       (4,811,713 )     (1,363,651 )
    Add:                                        
    Share-based compensation expenses     267,059       297,111       295,036       1,132,644       1,116,212  
    Amortization expense related to intangible assets acquired through business acquisitions     47,734       41,776       41,581       191,770       166,909  
    Income tax related to intangible assets acquired through business acquisitions     (5,563 )     (5,406 )     (5,358 )     (22,376 )     (21,578 )
    Loss/(Gain) on fair value change in investments in publicly traded companies     76,839       (17,778 )     14,177       32,964       24,524  
    Loss/(Gain) on repurchase of convertible senior notes                 17,649       (292,213 )     38,629  
    Termination expenses of certain game projects     354,811                   354,811        
    Adjusted net (loss)/profit     (555,810 )     235,898       452,019       (3,414,113 )     (38,955 )
    Net loss/(profit) attributable to noncontrolling interests     206       290       1,026       (10,608 )     16,851  
    Adjusted net (loss)/profit attributable to the Bilibili Inc.’s shareholders     (555,604 )     236,188       453,045       (3,424,721 )     (22,104 )
    Adjusted net (loss)/profit per share, basic     (1.34 )     0.57       1.08       (8.29 )     (0.05 )
    Adjusted net (loss)/profit per ADS, basic     (1.34 )     0.57       1.08       (8.29 )     (0.05 )
    Adjusted net (loss)/profit per share, diluted     (1.34 )     0.57       1.07       (8.29 )     (0.05 )
    Adjusted net (loss)/profit per ADS, diluted     (1.34 )     0.57       1.07       (8.29 )     (0.05 )
    Weighted average number of ordinary shares, basic     414,793,013       417,849,446       417,829,038       413,210,271       416,470,256  
    Weighted average number of ADS, basic     414,793,013       417,849,446       417,829,038       413,210,271       416,470,256  
    Weighted average number of ordinary shares, diluted     414,793,013       417,849,446       424,208,294       413,210,271       416,470,256  
    Weighted average number of ADS, diluted     414,793,013       417,849,446       424,208,294       413,210,271       416,470,256  
     

    The MIL Network

  • MIL-OSI: Aurora Mobile Integrates DeepSeek into Adpub to Redefine App Monetization

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, Feb. 20, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it has integrated DeepSeek, an advanced large language model (LLM), into its Adpub platform. This strategic enhancement aims to revolutionize app monetization by leveraging DeepSeek’s lightweight architecture and domain-specific optimizations, delivering unmatched efficiency, scalability, and precision.

    Smarter Monetization Tools for Developers

    Adpub, Aurora Mobile’s app monetization platform, has already established itself as a trusted solution for developers to maximize advertising revenue. By aggregating SDKs from over ten major advertising platforms, Adpub simplifies access to multiple networks through a single integration. Its advanced real-time bidding system ensures that the highest-paying ads are displayed, boosting overall revenue by an average of 20%.

    The integration of DeepSeek elevates Adpub’s capabilities further. With its cutting-edge natural language processing and data analysis features, DeepSeek enables Adpub to better understand user behavior and preferences. This empowers the platform to deliver highly relevant ads to the right audiences, significantly improving click-through rates (CTR) and overall ad performance.

    Transformative Benefits with DeepSeek

    The addition of DeepSeek unlocks a range of new possibilities for Adpub users, including:

    • Enhanced Ad Targeting: DeepSeek analyzes vast amounts of user data to deliver personalized ad experiences, ensuring “the right ads reach the right people.”
    • Improved Efficiency: Its lightweight architecture reduces computational overhead, enabling faster and more efficient data processing.
    • Scalable Monetization: DeepSeek’s domain-specific optimizations make it easier for developers to scale monetization across diverse app categories and user demographics.

    Developer-Centric Experience

    Adpub remains committed to developer convenience by offering a comprehensive suite of tools, including head bidding, waterfall ad layering, traffic segmentation, and A/B testing. With DeepSeek’s integration, these features are further enhanced through deeper insights and more precise analytics, all accessible via a unified dashboard.

    Pioneering Innovation in App Monetization

    “We are thrilled to integrate DeepSeek into Adpub, marking a pivotal step in empowering developers with smarter monetization tools,” said Chris Lo, CEO of Aurora Mobile. “This integration not only strengthens Adpub’s leadership in app monetization but also sets a new benchmark for innovation in the industry.”

    By focusing on scalable, efficient, and user-centric solutions, Aurora Mobile continues to lead the app monetization and developer services space. The integration of DeepSeek underscores the company’s commitment to leveraging cutting-edge technology to create value for its users.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In U.S.
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network

  • MIL-OSI: Šiaulių Bankas Invitation to Q4 and FY 2024 Investor Webinar

    Source: GlobeNewswire (MIL-OSI)

    AB Šiaulių Bankas invites shareholders, investors, analysts and other stakeholders to join the Investor Webinar on 27 February, 2025 at 8:30 am (EET). The webinar will cover Q4 and FY2024 earnings results and key business highlights. The presentation will be held online in English.

    Vytautas Sinius (CEO), Tomas Varenbergas (Head of Investment Management Division), and Tautvydas Mėdžius (Strategy Partner) will host the event. They will present the financial results, discuss recent developments, and address participant questions.

    Please feel free to submit your questions in advance to investors@sb.lt

    How to join the webinar?

    To join the webinar, please register via following link https://sb.zoomtv.lt. After successful registration You will be provided with the webinar link.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management & Treasury
    tomas.varenbergas@sb.lt

    The MIL Network

  • MIL-OSI China: Dubai International Financial Center marks 20 years, strengthens ties with China

    Source: China State Council Information Office

    Dubai International Financial Center (DIFC), located in the United Arab Emirates (UAE), has strengthened its position as the leading financial hub in the Middle East, Africa and South Asia region after 20 years of growth, with a strong focus on deepening economic ties with China.

    In recent years, the center has witnessed a notable rise in the number of Chinese companies joining its ecosystem, further establishing Dubai as a key gateway for Chinese financial institutions seeking access to the Middle East and the Belt and Road Initiative partner countries, according to press releases issued recently by Dubai authorities. 

    In 2024, DIFC reported a 25% year-on-year increase in active companies, reaching a total of 6,920 firms, with a significant surge in the number of Chinese financial institutions and multinational corporations establishing a presence. Notably, China’s Bank of Communications inaugurated its regional headquarters in DIFC in November 2024, following in the footsteps of other Chinese financial giants such as the Agricultural Bank of China and the Bank of China. Collectively, these Chinese institutions now account for over 30% of DIFC’s total banking and capital markets assets, solidifying Dubai’s reputation as the UAE’s largest hub for Chinese financial firms.

    “DIFC has become the financial center of choice for Chinese entities within the finance sector as well as multinational companies,” said Arif Amiri, chief executive officer of DIFC Authority. “We remain committed to providing Chinese businesses with the best-in-class platform that will help shape their growth and expansion within the Middle East, Africa and South Asia region.”

    The growing role of Chinese financial institutions in Dubai is also evident in their active participation in the bond market. Chinese banks have been issuing bonds on Nasdaq Dubai, including green bonds that fund renewable energy, clean transportation and water desalination projects across the UAE and beyond. Most recently, in November 2024, bonds worth $2 billion were listed on Nasdaq Dubai by China’s Ministry of Finance.

    In 2024, DIFC achieved impressive performances across multiple sectors. The center’s combined revenues reached $484 million, a 37% increase from the previous year, with operating profit soaring 55% to $363 million. The technology and innovation sector was a standout performer, growing by 38% to 1,245 companies in 2024.

    Looking ahead, DIFC remains committed to expanding its financial and technology sectors, with major initiatives such as the Dubai AI Campus, and the upcoming DIFC Funds Center, which is set to open in 2025. These efforts, combined with Dubai’s ambition to become the top global financial center, further highlight DIFC’s role in attracting Chinese businesses and fostering long-term growth across the region, according to press releases from the center. 

    MIL OSI China News

  • MIL-OSI Asia-Pac: President Lai attends opening of 2025 Halifax Taipei forum

    Source: Republic of China Taiwan

    On the afternoon of February 20, President Lai Ching-te attended the opening of the 2025 Halifax Taipei forum. In remarks, President Lai thanked the Halifax International Security Forum for their strong support for Taiwan, and for having chosen Taiwan as the first location outside North America to hold a forum. Noting that we face a complex global landscape, the president called on the international community to take action. He said that as authoritarianism consolidates, democratic nations must also come closer in solidarity, and called on the international community to create non-red global supply chains, as well as unite to usher in peace. President Lai emphasized that Taiwan will work toward maintaining peace and stability in the Taiwan Strait, and collaborate with democratic partners to form a global alliance for the AI chip industry and together greet a bright, new era.
    A transcript of President Lai’s remarks follows:
    To begin, I want to give a warm welcome to all the distinguished guests here at the very first Halifax Taipei forum. The Halifax International Security Forum, held every year in Canada, has been an important gathering for freedom-loving nations worldwide.
    I would like to thank Halifax and President [Peter] Van Praagh for their strong support for Taiwan. Every year since 2018, Taiwan has been invited to participate in the forum. Last year, former President Tsai Ing-wen was invited to speak, and this year, Halifax has chosen Taiwan as the first location outside North America to hold a forum.
    As President Van Praagh has said, “While the security challenges ahead are too big for any single country to solve alone, there is no challenge that can’t be met when the world’s democracies work together.” Today, we have world leaders and experts who traveled from afar to be here, showing that they value and support Taiwan. It demonstrates solidarity among democracies and the determination to take on challenges as one.
    I would like to express my gratitude and admiration to all of you for serving as defenders of freedom. At this very moment, Russia’s invasion of Ukraine is still ongoing. Authoritarian regimes including China, Russia, North Korea, and Iran continue to consolidate. China is hurting economies around the world through its dumping practices. We face grave challenges to global economic order, democracy, freedom, peace, and stability.
    Taiwan holds a key position on the first island chain, directly facing an authoritarian threat. But we will not be intimidated. We will stand firm and safeguard our national sovereignty, maintain our free and democratic way of life, and uphold peace and stability across the Taiwan Strait. Taiwan cherishes peace, but we also have no delusions about peace. We will uphold the spirit of peace through strength, using concrete actions to build a stronger Taiwan and bolster the free and democratic community.
    I sincerely thank the international community for continuing to attach importance to the situation in the Taiwan Strait. Recently, US President Donald Trump and Japan’s Prime Minister Ishiba Shigeru issued a joint leaders’ statement expressing their firm support for peace and stability across the Taiwan Strait, and for Taiwan’s participation in international affairs.
    As we face a complex global landscape, I call on the international community to take the following actions:
    First, as authoritarianism consolidates, democratic nations must also come closer in solidarity.
    Just a few days ago, the top diplomats of the US, Japan, and South Korea held talks, underlining the importance of maintaining peace and stability across the Taiwan Strait. They also conveyed their stance against “any effort to destabilize democratic institutions, economic independence, and global security.” On these issues, Taiwan will also continue to contribute its utmost.
    I recently announced that we will prioritize special budget allocations to ensure that our defense budget exceeds 3 percent of GDP. 
    Soon after I assumed office last year, I formed the Whole-of-Society Defense Resilience Committee at the Presidential Office. This committee aims to combine the strengths of government and civil society to enhance our resilience in national defense, economic livelihoods, disaster prevention, and democracy. We will also deepen our strategic partnerships in the democratic community to mutually increase defense resilience, demonstrate deterrence, and achieve our goal of peace throughout the world.
    Second, let’s create non-red global supply chains. 
    For the democratic community to deter the expansion of authoritarianism, it must have strong technological capabilities. These can serve as the backbone of national defense, promote industrial development, and enhance economic resilience. So, in addressing China’s red supply chain and the impact of its dumping, Taiwan is willing and able to work with global democracies to maintain the technological strengths among our partners and build resilient non-red supply chains.
    As a major semiconductor manufacturing nation, Taiwan will introduce an initiative on semiconductor supply chain partnerships for global democracies. We will collaborate with our democratic partners to form a global alliance for the AI chip industry and establish democratic supply chains for industries connected to high-end chips. The achievements of today’s semiconductor industry in Taiwan can be attributed to our collective efforts. Government, industry, academia, and research institutions had to overcome various challenges over the last 50 years for us to secure this position. 
    We hope Taiwan can serve as a base for linking the capabilities of our democratic partners so that each can play a suitable role in the semiconductor industry chain and develop its own strengths, deepening our mutually beneficial cooperation in technology. This benefits all of us. Moreover, it allows us to further enhance deterrence and maintain global security.
    Third, let’s unite to usher in peace.
    China has not stopped intimidating Taiwan politically and militarily. Last year, China launched several large-scale military exercises in the Taiwan Strait. Its escalation of gray-zone aggression now poses a grave threat to the peace and stability of the Indo-Pacific region. As a responsible member of the international community, Taiwan will maintain the status quo. We will not seek conflict. Rather, we are willing to engage in dialogue with China, under the principles of parity and dignity, and work toward maintaining peace and stability in the Taiwan Strait.
    As the agenda of this forum suggests, democracy and freedom create more than just opportunities; they also bring resilience, justice, partnerships, and security.
    Taiwan will continue working alongside its democratic partners to greet a bright, new era. Once again, a warm welcome to all of you. I wish this forum every success. Thank you.
    Also in attendance at the event were Mrs. Abe Akie, wife of the late former Prime Minister Abe Shinzo of Japan, and Halifax International Security Forum President Van Praagh.

    MIL OSI Asia Pacific News