Category: Artificial Intelligence

  • MIL-OSI: Diginex Limited Engages Lambert and SPRG to Drive Global Investor Relations and Shareholder Communications Program

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 12, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex” or the “Company”), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, has engaged international investor relations specialists Lambert by LLYC (Lambert) and its partner—Hong Kong-based Strategic Public Relations Group Ltd. (SPRG)—to lead a global investor relations and financial communications initiative to help broaden Diginex’s shareholder base. This collaboration underscores Diginex’s commitment to enhancing its visibility and investor engagement across key global markets.

    Working closely with Diginex’s leadership, Lambert and SPRG will execute an aggressive strategic investor relations program aimed at strengthening the Company’s presence within the global investment community. The initiative will emphasize how Diginex’s innovative, technology-driven solutions empower enterprises with comprehensive tools, empower enterprises with comprehensive tools to navigate the evolving and rapidly expanding sustainability landscape.

    Diginex recently completed a $10.61 million initial public offering (IPO), including the full exercise of the underwriters’ over-allotment option. The successful IPO and subsequent healthy market reaction reflect growing investor confidence in sustainability compliance technology and Diginex’s mission to democratize sustainability through innovative technology, dramatically reducing the cost of compliance with their tailored suite of platforms.

    Led by Lambert, the IR partnership will provide strategic guidance to Diginex, ensuring global investor outreach, enhanced shareholder engagement, and expanded visibility among institutional and retail investors.

    “This is an exciting time for Diginex as we accelerate investor engagement across a broad and diverse range of investor pools globally, strengthening and diversifying the shareholder base while increasing investor and marketplace familiarity with our brand and products” said Miles Pelham, Chairman of Diginex Limited. “Our partnership with Lambert and SPRG strengthens our presence in key financial markets and reinforces our leadership in ESG and sustainability technology. We remain committed to driving innovation and helping enterprises achieve their sustainability goals, ultimately striving to leave the world in a better place.”

    “With our successful public offering on the Nasdaq stock exchange, we look forward to working with Lambert and SPRG to speed-up and broaden our investor outreach,” said Mark Blick, Chief Executive Officer of Diginex Limited. “As demand for ESG solutions grows, we are focused on accelerating our global presence and delivering long-term value to our shareholders.”

    About Diginex Limited

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

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

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

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

    The MIL Network

  • MIL-OSI: ConnectM Raises Q4 ‘24 Revenue Guidance to $9M, Up 102% Year-over-Year, Surpassing Prior Estimates by $2M

    Source: GlobeNewswire (MIL-OSI)

    ~Revised FY2024 revenue guidance is $26.3M instead of previous guidance of $24M

    ~Company expects to provide Q1 ‘25 guidance in the next two weeks~

    MARLBOROUGH, Mass., Feb. 12, 2025 (GLOBE NEWSWIRE) — ConnectM Technology Solutions, Inc. (NASDAQ: CNTM) (“ConnectM” or the “Company”), a technology company focused on the electrification economy, today announced a significant upward revision to its previously announced Q4 2024 preliminary revenue guidance of $7 million. The Company now anticipates Q4 2024 revenue of approximately $9 million, a 102% increase compared to $4.5 million revenue in Q4 2023.

    The revised Q4 ’24 guidance elevates ConnectM’s full-year 2024 revenue projection to $26.3 million, reflecting 33% year-over-year growth compared to full-year 2023. This performance underscores the Company’s accelerating momentum in delivering innovative technology solutions and capturing market share across its core verticals.

    Strategic Drivers of Growth
    ConnectM attributes this exceptional growth to increased demand for its proprietary technology platforms, expanded customer acquisitions, and operational efficiencies. The Company’s ability to exceed previous forecasts highlights the success of its strategic focus on customer-centric solutions.

    Bhaskar Panigrahi, Chairman and CEO of ConnectM, stated: “Today’s upward revision is a testament to the relentless execution of our team and the scalability of our solutions in a dynamic market environment. Achieving 102% year-over-year growth in Q4—surpassing our initial expectations—demonstrates the power of our innovation and the trust our customers place in ConnectM. As we close out 2024, we are not only celebrating a record year but also laying the groundwork for sustained growth and value creation for our stockholders in 2025 and beyond.”

    About ConnectM Technology Solutions, Inc.
    ConnectM is a pioneer in the electrification economy, integrating energy assets with its AI-driven technology platform. Focused on delivering solutions that drive efficiency, affordability, and sustainability, ConnectM serves home, facility, and fleet across three major segments: Building Electrification, Distributed Energy, and Transportation and Logistics. The company’s vertically integrated approach combines technology, service/distribution networks, and strategic partnerships to accelerate the transition to an all-electric energy economy.

    For more information, please visit: www.connectm.com. Stockholders looking to receive Company updates directly to their inbox should sign up here.  

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, regarding our future financial performance and our strategy, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that the forward-looking statements contained herein are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. In addition, we caution you that the forward-looking statements regarding the Company contained in this press release are subject to the risks and uncertainties described in the “Cautionary Note Regarding Forward-Looking Statements” section of the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 18, 2024. Such filing identifies and addresses other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ConnectM is under no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact:
    Investor Relations
    Dave Gentry, CEO
    RedChip Companies, Inc.
    1-407-644-4256
    CNTM@redchip.com

    The MIL Network

  • MIL-OSI: Robinhood Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4 Revenues up 115% year-over-year to a record $1.01 billion.
    Q4 Net Deposits grow to a record $16 billion.
    Q4 Gold Subscribers up 86% year-over-year to a record 2.6 million.
    Q4 Net Income up over 10X year-over-year to a record $916 million, or Diluted EPS of a record $1.01.
    Q4 Adjusted EBITDA up over 300% year-over-year to a record $613 million.

    MENLO PARK, Calif., Feb. 12, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the fourth quarter and full year of 2024, which ended December 31, 2024.

    “We hit the gas on product development in 2024 with a new platform for active traders, Gold Card launch, an expanded UK and EU product suite, and much more,” said Vlad Tenev, CEO and Co-Founder of Robinhood. “We see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood.”

    “Q4 was a record-breaking quarter that caps off a record-setting year in 2024,” said Jason Warnick, Chief Financial Officer of Robinhood. “For both the quarter and full year, we reached new highs for Assets Under Custody, Net Deposits, Gold Subscribers, Revenues, Net Income, Adjusted EBITDA, and EPS. We’re entering 2025 with strong momentum as we remain focused on delivering another year of profitable growth.”

    Fourth Quarter Results:

    • Total net revenues increased 115% year-over-year to $1.01 billion.
      • Transaction-based revenues increased over 200% year-over-year to $672 million, primarily driven by cryptocurrencies revenue of $358 million, up over 700%, options revenue of $222 million, up 83%, and equities revenue of $61 million, up 144%.
      • Net interest revenues increased 25% year-over-year to $296 million, primarily driven by growth in interest-earning assets, partially offset by a lower federal funds rate.
      • Other revenues increased 31% year-over-year to $46 million, primarily due to increased Gold subscription revenues.
    • Net income increased over 10X year-over-year to $916 million, or diluted earnings per share (EPS) of $1.01, compared to $30 million, or diluted EPS of $0.03, in Q4 2023. Q4 2024 net income included:
      • a $369 million deferred tax benefit ($0.41 of diluted EPS), primarily from the release of the Company’s valuation allowance on most of its net deferred tax assets.
      • a $55 million benefit ($0.06 of diluted EPS) due to a reversal of an accrual as part of a regulatory settlement.
    • Total operating expenses increased 3% year-over-year to $458 million, including a $55 million benefit due to a reversal of an accrual as part of a regulatory settlement.
      • Adjusted Operating Expenses and Share-Based Compensation (SBC) (non-GAAP) increased 14% year-over-year to $508 million, which includes Adjusted Operating Expenses (non-GAAP) of $431 million and SBC of $77 million.
    • Adjusted EBITDA (non-GAAP) increased over 300% year-over-year to $613 million.
    • Funded Customers increased 8% year-over-year to 25.2 million.
      • Investment Accounts increased by 10% year-over-year to 26.2 million.
    • Assets Under Custody (AUC) increased 88% year-over-year to $193 billion, driven by continued Net Deposits and higher equity and cryptocurrency valuations.
    • Net Deposits were $16.1 billion, an annualized growth rate of 42% relative to AUC at the end of Q3 2024. Over the past twelve months, Net Deposits were $50.5 billion, a growth rate of 49% relative to AUC at the end of Q4 2023.
    • Average Revenue Per User (ARPU) increased by 102% year-over-year to $164.
    • Gold Subscribers increased by 1.2 million, or 86%, year-over-year to 2.6 million.
    • Cash and cash equivalents totaled $4.3 billion compared with $4.8 billion at the end of Q4 2023.
    • Share repurchases were $160 million, representing 5.3 million shares of our Class A common stock at an average price per share of $29.79.

    Full Year Results:

    • Total net revenues increased 58% year-over-year to $2.95 billion.
    • Net income increased $1.95 billion year-over-year to $1.41 billion, or diluted EPS of $1.56, compared to a net loss of $0.54 billion, or diluted EPS of -$0.61, in 2023.
      • 2024 included a deferred tax benefit of $369 million, primarily from the release of the Company’s valuation allowance on most of its net deferred tax assets.
      • 2023 included an expense of $485 million from the 2021 Founders Award Cancellation.
    • Total operating expenses decreased 21% year-over-year to $1.90 billion.
      • Adjusted Operating Expenses and SBC decreased 16% year-over-year to $1.94 billion, which includes Adjusted Operating Expenses of $1.63 billion and SBC of $304 million.
      • Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation (non-GAAP) increased 7% year-over-year.
    • Adjusted EBITDA increased 167% year-over-year to $1.43 billion, compared to $536 million in 2023.
    • Share repurchases were $257 million, representing 10.4 million shares of our Class A common stock at an average price per share of $24.78 as we make progress on our $1 billion share repurchase program.

    Highlights

    Strong product momentum drove record growth in 2024 as Robinhood delivers on roadmap

    • Expanding Access to Crypto Across the U.S. and EU – Crypto notional volumes increased over 400 percent year-over-year, reaching $71 billion in Q4 2024. Since the start of Q4, Robinhood has also added seven crypto assets in the U.S. and launched Ethereum (ETH) staking in the EU. In June 2024, Robinhood entered into an agreement to acquire Bitstamp, the world’s longest running cryptocurrency exchange serving institutional and retail customers internationally. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.
    • Establishing Ourselves as the #1 Platform for Active Traders – Last month, Robinhood made index options available to all customers and started to roll out futures trading directly in-app, allowing customers to trade stock indexes, energy, currency, metals and crypto. Additionally, since launching in October 2024, Robinhood Legend – the desktop trading platform built for active traders – has added nearly 30 additional indicators and rolled out crypto trading.
    • Robinhood Expands Global Ambitions – Robinhood announced plans to expand into the Asia-Pacific region in 2025, with Singapore serving as its local headquarters. Earlier this week, Robinhood also started to offer options trading to its UK customers.
    • Robinhood Gold Membership Continues to Climb – Robinhood Gold subscribers hit 2.6 million, with an adoption rate of over 10 percent in Q4. In addition, the Robinhood Gold Credit Card reached over 100 thousand cardholders and we have plans to continue expanding the cardholder base in 2025.
    • Stepping Into the Investment Advisory Space – In November 2024, Robinhood entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors with over 25 years in the industry and over $40 billion in assets under administration at the time of signing. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.

    Additional Q4 2024 Operating Data

    • Retirement AUC increased over 600% year-over-year to $13.1 billion.
    • Cash Sweep increased 59% year-over-year to $26.1 billion.
    • Margin Book increased 126% year-over-year to $7.9 billion.
    • Equity Notional Trading Volumes increased 154% year-over-year to $423 billion.
    • Options Contracts Traded increased 61% year-over-year to 477 million.
    • Crypto Notional Trading Volumes increased over 400% year-over-year to $71.0 billion.

    Conference Call and Livestream Information

    Robinhood will host a video call to discuss its results at 2 p.m. PT / 5 p.m. ET today, February 12, 2025. The video call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp.

    Following the call, a replay and transcript will also be available at investors.robinhood.com.

    Financial Outlook

    The paragraph below provides information on our 2025 expense plan and outlook. We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provisions for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025.

    Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 is $2.0 billion to $2.1 billion. This expense outlook does not include provisions for credit losses, costs related to TradePMR or Bitstamp, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.

    Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investors:
    ir@robinhood.com

    Press:
    press@robinhood.com

     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
     
      December 31,
    (in millions, except share and per share data)   2023       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 4,835     $ 4,332  
    Cash, cash equivalents, and securities segregated under federal and other regulations   4,448       4,724  
    Receivables from brokers, dealers, and clearing organizations   89       471  
    Receivables from users, net   3,495       8,239  
    Securities borrowed   1,602       3,236  
    Deposits with clearing organizations   338       489  
    User-held fractional shares   1,592       2,530  
    Held-to-maturity investments   413       398  
    Prepaid expenses   63       75  
    Deferred customer match incentives   11       100  
    Other current assets   196       509  
    Total current assets   17,082       25,103  
    Property, software, and equipment, net   120       139  
    Goodwill   175       179  
    Intangible assets, net   48       38  
    Non-current held-to-maturity investments   73        
    Non-current deferred customer match incentives   19       195  
    Other non-current assets, including non-current prepaid expenses of $4 as of December 31, 2023 and $17 as of December 31, 2024   107       533  
    Total assets $ 17,624     $ 26,187  
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable and accrued expenses $ 384     $ 397  
    Payables to users   5,097       7,448  
    Securities loaned   3,547       7,463  
    Fractional shares repurchase obligation   1,592       2,530  
    Other current liabilities   217       266  
    Total current liabilities   10,837       18,104  
    Other non-current liabilities   91       111  
    Total liabilities   10,928       18,215  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and December 31, 2024.          
    Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 745,401,862 shares issued and outstanding as of December 31, 2023; 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024.          
    Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 126,760,802 shares issued and outstanding as of December 31, 2023; 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024.          
    Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and December 31, 2024.          
    Additional paid-in capital   12,145       12,008  
    Accumulated other comprehensive loss   (3 )     (1 )
    Accumulated deficit   (5,446 )     (4,035 )
    Total stockholders’ equity   6,696       7,972  
    Total liabilities and stockholders’ equity $ 17,624     $ 26,187  
     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
     (in millions, except share, per share, and percentage data) Three Months Ended
    December 31,
      YOY% Change   Three Months Ended
    September 30,
      QOQ% Change
      2023       2024         2024  
    Revenues:                  
    Transaction-based revenues $ 200     $ 672     236 %   $ 319   111 %
    Net interest revenues   236       296     25 %     274   8 %
    Other revenues   35       46     31 %     44   5 %
    Total net revenues   471       1,014     115 %     637   59 %
                       
    Operating expenses(1)(2):                  
    Brokerage and transaction   32       50     56 %     39   28 %
    Technology and development   197       208     6 %     205   1 %
    Operations   26       29     12 %     27   7 %
    Provision for credit losses   14       19     36 %     23   (17)%
    Marketing   43       82     91 %     59   39 %
    General and administrative   133       70     (47)%     133   (47)%
    Total operating expenses   445       458     3 %     486   (6)%
                       
    Other income, net   3       2     (33)%     2   %
    Income before income taxes   29       558     NM     153   265 %
    Provision for (benefit from) income taxes   (1 )     (358 )   NM     3   NM
    Net income $ 30     $ 916     NM   $ 150   511 %
    Net income attributable to common stockholders:                  
    Basic $ 30     $ 916         $ 150    
    Diluted $ 30     $ 916         $ 150    
    Net income per share attributable to common stockholders:                  
    Basic $ 0.03     $ 1.04         $ 0.17    
    Diluted $ 0.03     $ 1.01         $ 0.17    
    Weighted-average shares used to compute net income per share attributable to common stockholders:                  
    Basic   867,298,537       883,884,676           884,108,545    
    Diluted   883,227,967       907,767,796           905,544,750    
     
        Year Ended
    December 31,
      YOY% Change
    (in millions, except share, per share, and percentage data)     2023       2024    
    Revenues:            
    Transaction-based revenues   $ 785     $ 1,647     110 %
    Net interest revenues     929       1,109     19 %
    Other revenues     151       195     29 %
    Total net revenues     1,865       2,951     58 %
                 
    Operating expenses(1)(2):            
    Brokerage and transaction     146       164     12 %
    Technology and development     805       818     2 %
    Operations     116       112     (3)%
    Provision for credit losses     43       76     77 %
    Marketing     122       272     123 %
    General and administrative     1,169       455     (61)%
    Total operating expenses     2,401       1,897     (21)%
                 
    Other income, net     3       10     233 %
    Income (loss) before income taxes     (533 )     1,064     NM
    Provision for (benefit from) income taxes     8       (347 )   NM
    Net income (loss)     (541 )     1,411     NM
    Net income (loss) attributable to common stockholders:            
    Basic   $ (541 )   $ 1,411      
    Diluted   $ (541 )   $ 1,411      
    Net income (loss) per share attributable to common stockholders:            
    Basic   $ (0.61 )   $ 1.60      
    Diluted   $ (0.61 )   $ 1.56      
    Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:            
    Basic     890,857,659       881,113,156      
    Diluted     890,857,659       906,171,504      

    ________________
    (1) The following table presents operating expenses as a percent of total net revenues:

     
    Three Months Ended

    December 31,
      Three Months Ended
    September 30,
      Year Ended
    December 31,
      2023     2024     2024     2023     2024  
    Brokerage and transaction 7 %   5 %   6 %   8 %   5 %
    Technology and development 42 %   20 %   32 %   43 %   28 %
    Operations 6 %   3 %   4 %   6 %   4 %
    Provision for credit losses 2 %   2 %   4 %   3 %   3 %
    Marketing 9 %   8 %   9 %   7 %   9 %
    General and administrative 28 %   7 %   21 %   63 %   15 %
    Total operating expenses 94 %   45 %   76 %   130 %   64 %


    (2)
     The following table presents the SBC on our unaudited condensed consolidated statements of operations for the periods indicated:

     
    Three Months Ended

    December 31,
      Three Months Ended
    September 30,
      Year Ended
    December 31,
    (in millions)   2023     2024     2024     2023     2024
    Brokerage and transaction $ 1   $ 2   $ 2   $ 7     9
    Technology and development   50     48     48     211     192
    Operations   2     2     1     8     7
    Marketing   2     2     3     5     8
    General and administrative   26     23     25     640     88
    Total SBC $ 81   $ 77 $ $ 79   $ 871   $ 304
     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Three Months Ended
    December 31,
      Year Ended
    December 31,
    (in millions)   2023       2024       2023       2024  
    Operating activities:              
    Net income (loss) $ 30     $ 916     $ (541 )   $ 1,411  
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
    Depreciation and amortization   17       22       71       77  
    Impairment of long-lived assets   4             5       2  
    Provision for credit losses   14       19       43       76  
    Deferred income taxes         (369 )           (369 )
    Share-based compensation   81       77       871       304  
    Other   1             3       (2 )
    Changes in operating assets and liabilities:              
    Securities segregated under federal and other regulations         (397 )           (397 )
    Receivables from brokers, dealers, and clearing organizations   (26 )     (332 )     (13 )     (382 )
    Receivables from users, net   204       (2,621 )     (298 )     (4,592 )
    Securities borrowed   (398 )     468       (1,085 )     (1,634 )
    Deposits with clearing organizations   (63 )     (25 )     (152 )     (151 )
    Current and non-current prepaid expenses   11       16       37       (25 )
    Current and non-current deferred customer match incentives   (20 )     (63 )     (30 )     (265 )
    Other current and non-current assets   (19 )     (404 )     (18 )     (415 )
    Accounts payable and accrued expenses   (11 )     (63 )     134       (35 )
    Payables to users   772       1,184       396       2,351  
    Securities loaned   302       157       1,713       3,916  
    Other current and non-current liabilities   61       15       45       (27 )
    Net cash provided by (used in) operating activities   960       (1,400 )     1,181       (157 )
    Investing activities:              
    Purchases of property, software, and equipment   (1 )     (4 )     (2 )     (13 )
    Capitalization of internally developed software   (5 )     (11 )     (19 )     (37 )
    Business acquisition, net of cash and cash equivalents acquired   (3 )           (93 )     (6 )
    Asset acquisition, net of cash acquired                     (3 )
    Purchases of held-to-maturity investments   (108 )     (87 )     (759 )     (556 )
    Proceeds from maturities of held-to-maturity investments   115       219       282       658  
    Purchases of credit card receivables by Credit Card Funding Trust         (509 )           (748 )
    Collections of purchased credit card receivables         426             556  
    Proceeds from sales and maturities of available-for-sale investments               10        
    Other   (1 )           (1 )     1  
    Net cash provided by (used in) investing activities   (3 )     34       (582 )     (148 )
    Financing activities:              
    Proceeds from exercise of stock options, net of repurchases   3       8       5       18  
    Proceeds from issuance of common stock under the Employee Share Purchase Plan   5       6       14       16  
    Taxes paid related to net share settlement of equity awards   (3 )     (89 )     (12 )     (244 )
    Repurchase of Class A common stock         (160 )     (608 )     (257 )
    Draws on credit facilities         10       20       22  
    Repayments on credit facilities         (10 )     (20 )     (22 )
    Borrowings by the Credit Card Funding Trust         37             132  
    Repayments on borrowings by the Credit Card Funding Trust                     (1 )
    Change in principal collected from customers due to Coastal Bank   4       21       1       6  
    Payments of debt issuance costs         (1 )     (10 )     (15 )
    Net cash provided by (used in) financing activities   9       (178 )     (610 )     (345 )
    Effect of foreign exchange rate changes on cash and cash equivalents         (2 )           (1 )
    Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash   966       (1,546 )     (11 )     (651 )
    Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period   8,380       10,241       9,357       9,346  
    Cash, cash equivalents, segregated cash, and restricted cash, end of the period $ 9,346     $ 8,695     $ 9,346     $ 8,695  
                   
    Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
    Cash and cash equivalents, end of the period $ 4,835     $ 4,332     $ 4,835     $ 4,332  
    Segregated cash and cash equivalents, end of the period   4,448       4,327       4,448       4,327  
    Restricted cash in other current assets, end of the period   46       18       46       18  
    Restricted cash in other non-current assets, end of the period   17       18       17       18  
    Cash, cash equivalents, segregated cash and restricted cash, end of the period $ 9,346     $ 8,695     $ 9,346     $ 8,695  
    Supplemental disclosures:              
    Cash paid for interest $ 4     $ 4     $ 12     $ 16  
    Cash paid for income taxes, net of refund received $     $ 4     $ 9     $ 18  
     
    Reconciliation of GAAP to Non-GAAP Results
    (Unaudited)
     
        Three Months Ended
    December 31,
      Three Months Ended
    September 30,
      Year Ended
    December 31,
    (in millions)     2023       2024       2024       2023       2024  
    Net income (loss)   $ 30     $ 916     $ 150     $ (541 )   $ 1,411  
    Net margin     6 %     90 %     24 %   (29)%     48 %
    Add:                    
    Interest expenses related to credit facilities     6       6       6       23       24  
    Provision for (benefit from) income taxes     (1 )     (358 )     3       8       (347 )
    Depreciation and amortization     17       22       20       71       77  
    EBITDA (non-GAAP)     52       586       179       (439 )     1,165  
    Add: SBC                    
    SBC Excluding 2021 Founders Award Cancellation     81       77       79       386       304  
    2021 Founders Award Cancellation                       485        
    Significant legal and tax settlements and reserves(1)           (50 )     10       104       (40 )
    Adjusted EBITDA (non-GAAP)   $ 133     $ 613     $ 268     $ 536     $ 1,429  
    Adjusted EBITDA margin (non-GAAP)     28 %     60 %     42 %     29 %     48 %
      Three Months Ended
    December 31,
      Three Months Ended
    September 30,
      Year Ended
    December 31,
    (in millions)   2023     2024       2024     2023     2024  
    Total operating expenses (GAAP) $ 445   $ 458     $ 486   $ 2,401   $ 1,897  
    Less: SBC                  
    SBC Excluding 2021 Founders Award Cancellation   81     77       79     386     304  
    2021 Founders Award Cancellation                 485      
    Significant legal and tax settlements and reserves(1)       (50 )     10     104     (40 )
    Adjusted Operating Expenses (Non-GAAP) $ 364   $ 431     $ 397   $ 1,426   $ 1,633  
      Three Months Ended
    December 31,
      Year Ended
    December 31,
    (in millions)   2023     2024       2023     2024  
    Total operating expenses (GAAP) $ 445   $ 458     $ 2,401   $ 1,897  
    Less: SBC              
    SBC Excluding 2021 Founders Award Cancellation   81     77       386     304  
    2021 Founders Award Cancellation             485      
    Significant legal and tax settlements and reserves(1)       (50 )     104     (40 )
    Adjusted Operating Expenses (Non-GAAP)   364     431       1,426     1,633  
    Add: SBC              
    SBC Excluding 2021 Founders Award Cancellation   81     77       386     304  
    2021 Founders Award Cancellation             485      
    Adjusted Operating Expenses and SBC (Non-GAAP)   445     508       2,297     1,937  
    Less: 2021 Founders Award Cancellation             485      
    Adjusted Operating Expense and SBC excluding the 2021 Founders Award Cancellation (Non-GAAP) $ 445   $ 508     $ 1,812   $ 1,937  

    ________________

    (1) Amounts for the three months and year ended December 31, 2024 included a $55 million benefit due to a reversal of an accrual as part of a regulatory settlement.


    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that we see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood; that we’re entering 2025 with strong momentum as we remain focused on delivering another year of profitable growth; that we plan to expand into the Asia-Pacific region in 2025, with Singapore serving as our local headquarters; that we plan to continue expanding the cardholder base for the Robinhood Gold Credit Card in 2025; that the acquisitions of Bitstamp and TradePMR are each expected to close in the first half of 2025; and all statements and information under the headings “Financial Outlook”. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; the difficulty of complying with an extensive, complex, and changing regulatory environment and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies, and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the volatility of cryptocurrency prices and trading volumes; the risk that our platforms and services could be exploited to facilitate illegal payments; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as well as in our other filings with the SEC, all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this press release are made as of the date of this press release, February 12, 2025, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect. All fourth quarter and full year 2024 financial information in this press release is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the full year, which will be reported in our Annual Report on Form 10-K for the year ended December 31, 2024, may vary from the information in this press release. In particular, until our financial statements are issued in our Annual Report on Form 10-K, we may be required to recognize certain subsequent events (such as in connection with contingencies or the realization of assets) which could affect our final results.

    Non-GAAP Financial Measures

    We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income (loss), and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), Adjusted EBITDA Margin, Adjusted Operating Expenses, Adjusted Operating Expenses and SBC, Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation, and SBC excluding the 2021 Founders Award Cancellation. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this press release.

    Adjusted EBITDA

    Adjusted EBITDA is defined as net income (loss), excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results.

    The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted EBITDA Margin

    Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income (loss) divided by total net revenues). We believe Adjusted EBITDA Margin provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA Margin is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted Operating Expenses

    Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expenses provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses will no longer include provision for credit losses.

    Adjusted Operating Expenses and SBC

    Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) significant legal and tax settlements and reserves and (ii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC. We believe Adjusted Operating Expense and SBC provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation

    Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation is defined as GAAP total operating expenses minus (i) significant legal and tax settlements and reserves, (ii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), and (iii) the 2021 Founders Award Cancellation, that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expense and SBC excluding the 2021 Founders Award Cancellation provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    SBC excluding the 2021 Founders Award Cancellation

    We define SBC excluding the 2021 Founders Award Cancellation as GAAP SBC minus the impact of the 2021 Founders Award Cancellation, which we do not believe is indicative of our ongoing expenses. The amount and timing of the 2021 Founders Award Cancellation are not driven by core results of operations and renders comparisons with prior periods less meaningful. We believe SBC excluding the 2021 Founders Award Cancellation provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. SBC excluding the Founders Award Cancellation is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Key Performance Metrics

    In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

    Funded Customers

    We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer.

    Assets Under Custody (“AUC”)

    We define AUC as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), and cash held by users in their accounts, net of receivables from users, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in AUC in any given period.

    Net Deposits

    We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives and free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin interest, Gold subscription fees, and assets transferred off of our platforms for a stated period. Prior to the second quarter of 2024, Net Deposits did not include inflows from cash or assets earned in connection with Company promotions and prior to January 2024, Net Deposits did not include inflows from dividends and interest or outflows from Robinhood Gold subscription fees and margin interest, although we have not restated amounts in prior periods as the impact to those figures was immaterial.

    Average Revenue Per User (“ARPU”)

    We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this press release represent ARPU annualized for each three-month period presented.

    Gold Subscribers

    We define a Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment.

    Additional Operating Metrics

    Retirement AUC

    We define Retirement AUC as the total AUC in traditional IRAs and Roth IRAs.

    Cash Sweep

    We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage cash that has been automatically “swept” or moved from their brokerage accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms.

    Margin Book

    We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts).

    Notional Trading Volume

    We define Notional Trading Volume or Notional Volume for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class over a specified period of time.

    Options Contracts Traded

    We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.

    Glossary Terms

    2021 Founders Award Cancellation

    We define the 2021 Founders Award Cancellation as the cancellation in February 2023 of the 2021 pre-IPO market-based restricted stock units granted to our founders of 35.5 million unvested shares.

    Investment Accounts

    We define an Investment Account as a funded individual brokerage account, a funded joint investing account, or a funded individual retirement account (“IRA”). As of December 31, 2024, a Funded Customer can have up to four Investment Accounts – individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, and Roth IRA.

    Gold Adoption Rate

    We define the Gold adoption rate as end of period Gold Subscribers divided by end of period Funded Customers.

    Growth Rate and Annualized Growth Rate with respect to Net Deposits

    Growth rate is calculated as aggregate Net Deposits over a specified 12 month period, divided by AUC for the fiscal quarter that immediately precedes such 12 month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by AUC for the immediately preceding quarter.

    The MIL Network

  • MIL-OSI: Veeco Reports Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter 2024 Highlights:

    • Revenue of $182.1 million, compared with $173.9 million in the same period last year
    • GAAP net income of $15.0 million, or $0.26 per diluted share, compared with $21.6 million, or $0.37 per diluted share in the same period last year
    • Non-GAAP net income of $24.2 million, or $0.41 per diluted share, compared with $29.8 million, or $0.51 per diluted share in the same period last year

    Fiscal Year 2024 Highlights:

    • Revenue of $717.3 million, compared with $666.4 million in the same period last year
    • GAAP net income of $73.7 million, or $1.23 per diluted share, compared with GAAP net loss of $30.4 million or $0.56 loss per diluted share in the same period last year
    • Non-GAAP net income of $104.3 million, or $1.74 per diluted share, compared with $98.3 million, or $1.69 per diluted share in the same period last year

    PLAINVIEW, N.Y., Feb. 12, 2025 (GLOBE NEWSWIRE) — Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its fourth quarter and fiscal year ended December 31, 2024. Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.

     
    U.S. Dollars in millions, except per share data
                                   
        4th Quarter   Full Year
    GAAP Results   Q4 ’24   Q4 ’23   2024   2023  
    Revenue   $ 182.1     $ 173.9     $ 717.3     $ 666.4  
    Net income (loss)   $ 15.0     $ 21.6     $ 73.7     $ (30.4 )
    Diluted earnings (loss) per share   $ 0.26     $ 0.37     $ 1.23     $ (0.56 )
        4th Quarter   Full Year
    Non-GAAP Results   Q4 ’24   Q4 ’23   2024   2023
    Operating income   $ 27.4     $ 32.1     $ 116.1     $ 109.6  
    Net income   $ 24.2     $ 29.8     $ 104.3     $ 98.3  
    Diluted earnings per share   $ 0.41     $ 0.51     $ 1.74     $ 1.69  
                                     

    “Veeco had a successful year in 2024, highlighted by our Semiconductor business outperforming WFE growth for the 4th consecutive year,” commented Bill Miller, Ph.D., Veeco’s Chief Executive Officer. “We achieved several strategic milestones, grew the top-line and delivered solid profitability, all while continuing to allocate capital toward our largest growth opportunities. Looking ahead, our solutions in Laser Annealing, Ion Beam Deposition, and Advanced Packaging are well-positioned to take advantage of growth in leading edge investment in the coming years.”

    Guidance and Outlook

    The following guidance is provided for Veeco’s first quarter 2025:

    • Revenue is expected in the range of $155 million to $175 million
    • GAAP diluted earnings per share are expected in the range of $0.11 to $0.22
    • Non-GAAP diluted earnings per share are expected in the range of $0.26 to $0.36

    Conference Call Information

    A conference call reviewing these results has been scheduled for today, February 12, 2025 starting at 5:00pm ET. To join the call, dial 1-877-407-8029 (toll-free) or 1-201-689-8029. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco’s website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

    About Veeco

    Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch & clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco’s systems and service offerings, visit www.veeco.com.

    Forward-looking Statements

    This press release contains “forward-looking statements”, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “scheduled,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; the effects of regional or global health epidemics; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management’s expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

    financial tables attached-

           
    Veeco Contacts:      
           
    Investors: Anthony Pappone (516) 500-8798 apappone@veeco.com 
    Media: Brenden Wright (410) 984-2610 bwright@veeco.com 
           
     
    Veeco Instruments Inc. and Subsidiaries
    Condensed Consolidated Statements of Operations
    (in thousands, except per share amounts)
    (unaudited)
                             
        Three months ended December 31,   Year ended December 31,
        2024   2023   2024   2023
    Net sales   $ 182,131     $ 173,924     $ 717,301     $ 666,435  
    Cost of sales     108,146       95,269       413,296       381,376  
    Gross profit     73,985       78,655       304,005       285,059  
    Operating expenses, net:                        
    Research and development     30,953       29,091       124,507       112,853  
    Selling, general, and administrative     25,077       23,493       99,663       92,756  
    Amortization of intangible assets     1,580       2,123       6,983       8,481  
    Asset impairment     28,131             28,131        
    Other operating expense (income), net     (15,635 )     (235 )     (22,260 )     1,029  
    Total operating expenses, net     70,106       54,472       237,024       215,119  
    Operating income     3,879       24,183       66,981       69,940  
    Interest income (expense), net     476             1,853       (1,187 )
    Other income (expense), net                       (97,091 )
    Income (loss) before income taxes     4,355       24,183       68,834       (28,338 )
    Income tax expense (benefit)     (10,610 )     2,546       (4,880 )     2,030  
    Net income (loss)   $ 14,965     $ 21,637     $ 73,714     $ (30,368 )
                             
    Income (loss) per common share:                        
    Basic   $ 0.26     $ 0.39     $ 1.31     $ (0.56 )
    Diluted   $ 0.26     $ 0.37     $ 1.23     $ (0.56 )
                             
    Weighted average number of shares:                        
    Basic     56,536       55,537       56,426       53,769  
    Diluted     60,499       59,821       61,596       53,769  
                                     
     
    Veeco Instruments Inc. and Subsidiaries
    Condensed Consolidated Balance Sheets
    (in thousands)
                     
        December 31,   December 31,
        2024   2023
        (unaudited)        
    Assets                
    Current assets:                
    Cash and cash equivalents   $ 145,595     $ 158,781  
    Restricted cash     224       339  
    Short-term investments     198,719       146,664  
    Accounts receivable, net     96,834       103,018  
    Contract assets     37,109       24,370  
    Inventories     246,735       237,635  
    Prepaid expenses and other current assets     39,316       35,471  
    Total current assets     764,532       706,278  
    Property, plant and equipment, net     113,789       118,459  
    Operating lease right-of-use assets     26,503       24,377  
    Intangible assets, net     8,832       43,945  
    Goodwill     214,964       214,964  
    Deferred income taxes     120,191       117,901  
    Other assets     2,766       3,117  
    Total assets   $ 1,251,577     $ 1,229,041  
                     
    Liabilities and stockholders’ equity                
    Current liabilities:                
    Accounts payable   $ 43,519     $ 42,383  
    Accrued expenses and other current liabilities     55,195       57,624  
    Contract liabilities     64,986       118,026  
    Income taxes payable     2,086        
    Current portion of long-term debt     26,496        
    Total current liabilities     192,282       218,033  
    Deferred income taxes     689       6,552  
    Long-term debt     249,702       274,941  
    Long-term operating lease liabilities     34,318       31,529  
    Other liabilities     3,816       25,544  
    Total liabilities     480,807       556,599  
                     
    Total stockholders’ equity     770,770       672,442  
    Total liabilities and stockholders’ equity   $ 1,251,577     $ 1,229,041  
                     

    Note on Reconciliation Tables

    The below tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

    These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors’ operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

     
    Reconciliation of GAAP to Non-GAAP Financial Data (Q4 2024)
    (in thousands)
    (unaudited)
                               
              Non-GAAP Adjustments        
              Share-Based                
    Three months ended December 31, 2024   GAAP   Compensation   Amortization   Other   Non-GAAP  
    Net sales   $ 182,131               $ 182,131  
    Gross profit     73,985   1,523               75,508  
    Gross margin     40.6 %               41.5 %
    Operating expenses     70,106   (7,582 )   (1,580 )   (12,876 )     48,068  
    Operating income     3,879   9,105     1,580     12,876   ^   27,440  
    Net income     14,965   9,105     1,580     (1,443 ) ^   24,207  

    ____________________________
    ^   – See table below for additional details.

     
    Other Non-GAAP Adjustments (Q4 2024)
    (in thousands)
    (unaudited)
         
    Three months ended December 31, 2024    
    Asset impairment $ 28,131  
    Changes in contingent consideration   (16,466 )
    Other   1,211  
    Subtotal   12,876  
    Non-cash interest expense   322  
    Tax benefits associated with asset impairments   (12,239 )
    Non-GAAP tax adjustment *   (2,402 )
    Total Other $ (1,443 )

    ____________________________
    *   – The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

     
    Net Income per Common Share (Q4 2024)
    (in thousands, except per share amounts)
    (unaudited)
                     
        Three months ended December 31, 2024
        GAAP   Non-GAAP
    Numerator:                
    Net income   $ 14,965     $ 24,207  
    Interest expense associated with 2025 and 2027 Convertible Senior Notes     513       466  
    Net income available to common shareholders   $ 15,478     $ 24,673  
                     
    Denominator:                
    Basic weighted average shares outstanding     56,536       56,536  
    Effect of potentially dilutive share-based awards     1,070       1,070  
    Dilutive effect of 2025 Convertible Senior Notes     1,104       1,104  
    Dilutive effect of 2027 Convertible Senior Notes(1)     1,789       1,354  
    Diluted weighted average shares outstanding     60,499       60,064  
                     
    Net income per common share:                
    Basic   $ 0.26     $ 0.43  
    Diluted   $ 0.26     $ 0.41  

    ____________________________
    (1) – The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

     
    Reconciliation of GAAP to Non-GAAP Financial Data (Q4 2023)
    (in thousands)
    (unaudited)
                               
              Non-GAAP Adjustments        
              Share-based              
    Three months ended December 31, 2023     GAAP   Compensation   Amortization   Other   Non-GAAP  
    Net sales   $ 173,924               $ 173,924  
    Gross profit     78,655   334               78,989  
    Gross margin     45.2 %               45.4 %
    Operating expenses     54,472   (5,845 )   (2,123 )   363       46,867  
    Operating income     24,183   6,179     2,123     (363 ) ^   32,122  
    Net income     21,637   6,179     2,123     (116 ) ^   29,823  

    ____________________________
    ^   – See table below for additional details.

     
    Other Non-GAAP Adjustments (Q4 2023)
    (in thousands)
    (unaudited)
         
    Three months ended December 31, 2023    
    Changes in contingent consideration $ (465 )
    Other   102  
    Subtotal   (363 )
    Non-cash interest expense   294  
    Non-GAAP tax adjustment *   (47 )
    Total Other $ (116 )

    ____________________________
    *   – The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

     
    Net Income per Common Share (Q4 2023)
    (in thousands, except per share amounts)
    (unaudited)
                     
        Three months ended December 31, 2023
        GAAP   Non-GAAP
    Numerator:                
    Net income   $ 21,637     $ 29,823  
    Interest expense associated with 2025 and 2027 Convertible Senior Notes     511       466  
    Net income available to common shareholders   $ 22,148     $ 30,289  
                     
    Denominator:                
    Basic weighted average shares outstanding     55,537       55,537  
    Effect of potentially dilutive share-based awards     1,391       1,391  
    Dilutive effect of 2025 Convertible Senior Notes     1,104       1,104  
    Dilutive effect of 2027 Convertible Senior Notes(1)     1,789       1,355  
    Diluted weighted average shares outstanding     59,821       59,387  
                     
    Net income per common share:                
    Basic   $ 0.39     $ 0.54  
    Diluted   $ 0.37     $ 0.51  

    ____________________________
    (1)   – The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

     
    Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q4 2024 and 2023)
    (in thousands)
    (unaudited)
                 
        Three months ended   Three months ended
        December 31, 2024   December 31, 2023
    GAAP Net income   $ 14,965     $ 21,637  
    Share-based compensation     9,105       6,179  
    Amortization     1,580       2,123  
    Asset impairment     28,131        
    Changes in contingent consideration     (16,466 )     (465 )
    Transition expenses related to San Jose expansion project           57  
    Acquisition related           45  
    Interest (income) expense, net     (476 )      
    Other     1,211        
    Income tax expense (benefit)     (10,610 )     2,546  
    Non-GAAP Operating income   $ 27,440     $ 32,122  
                     
     
    Reconciliation of GAAP to Non-GAAP Financial Data (FY 2024)
    (in thousands)
    (unaudited)
                               
              Non-GAAP Adjustments        
              Share-based              
    For the year ended December 31, 2024     GAAP   Compensation   Amortization   Other   Non-GAAP  
    Net sales   $ 717,301               $ 717,301  
    Gross profit     304,005   6,263         162       310,430  
    Gross margin     42.4 %               43.3 %
    Operating expenses     237,024   (29,616 )   (6,983 )   (6,067 )     194,358  
    Operating income     66,981   35,879     6,983     6,229   ^   116,072  
    Net income (loss)     73,714   35,879     6,983     (12,233 ) ^   104,343  

    ____________________________
    ^   – See table below for additional details.

     
    Other Non-GAAP Adjustments (FY 2024)
    (in thousands)
    (unaudited)
         
    For the year ended December 31, 2024    
    Asset impairment $ 28,131  
    Changes in contingent consideration   (21,242 )
    Sale of productive assets   (2,033 )
    Other   1,373  
    Subtotal   6,229  
    Non-cash interest expense   1,257  
    Tax benefits associated with asset impairments   (12,239 )
    Non-GAAP tax adjustment *   (7,480 )
    Total Other $ (12,233 )

    ____________________________
    *   – The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

     
    Net Income per Common Share (FY 2024)
    (in thousands, except per share amounts)
    (unaudited)
                     
        Year ended December 31, 2024
        GAAP   Non-GAAP
    Numerator:                
    Net income   $ 73,714     $ 104,343  
    Interest expense associated with convertible notes     2,054       1,865  
    Net income available to common shareholders   $ 75,768     $ 106,208  
                     
    Denominator:                
    Basic weighted average shares outstanding     56,426       56,426  
    Effect of potentially dilutive share-based awards     1,010       1,010  
    Dilutive effect of 2025 Convertible Senior Notes     1,104       1,104  
    Dilutive effect of 2027 Convertible Senior Notes(1)     1,788       1,354  
    Dilutive effect of 2029 Convertible Senior Notes     1,268       1,268  
    Diluted weighted average shares outstanding     61,596       61,162  
                     
    Net income per common share:                
    Basic   $ 1.31     $ 1.85  
    Diluted   $ 1.23     $ 1.74  

    ____________________________
    (1) – The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

     
    Reconciliation of GAAP to Non-GAAP Financial Data (FY 2023)
    (in thousands)
    (unaudited)
                               
              Non-GAAP Adjustments        
              Share-based              
    For the year ended December 31, 2023     GAAP   Compensation   Amortization   Other   Non-GAAP  
    Net sales   $ 666,435                 $ 666,435  
    Gross profit     285,059     4,913         232       290,204  
    Gross margin     42.8   %               43.5 %
    Operating expenses     215,119     (23,645 )   (8,481 )   (2,363 )     180,630  
    Operating income     69,940     28,558     8,481     2,595   ^   109,574  
    Net income (loss)     (30,368 )   28,558     8,481     91,668   ^   98,339  

    ____________________________
    ^   – See table below for additional details.

     
    Other Non-GAAP Adjustments (FY 2023)
    (in thousands)
    (unaudited)
         
    For the year ended December 31, 2023    
    Acquisition related $ 1,056  
    Changes in contingent consideration   701  
    Transition expenses related to San Jose expansion project   838  
    Subtotal   2,595  
    Non-cash interest expense   1,118  
    Other (income) expense, net   97,091  
    Non-GAAP tax adjustment *   (9,136 )
    Total Other $ 91,668  

    ____________________________
    *   – The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

     
    Net Income per Common Share (FY 2023)
    (in thousands, except per share amounts)
    (unaudited)
                   
        Year ended December 31, 2023
        GAAP   Non-GAAP
    Numerator:              
    Net income (loss)   $ (30,368 )   $ 98,339  
    Interest expense associated with convertible notes           4,768  
    Net income (loss) available to common shareholders   $ (30,368 )   $ 103,107  
                   
    Denominator:              
    Basic weighted average shares outstanding     53,769       53,769  
    Effect of potentially dilutive share-based awards           850  
    Dilutive effect of 2023 Convertible Senior Notes           21  
    Dilutive effect of 2025 Convertible Senior Notes           2,786  
    Dilutive effect of 2027 Convertible Senior Notes(1)           3,417  
    Diluted weighted average shares outstanding     53,769       60,843  
                   
    Net income per common share:              
    Basic   $ (0.56 )   $ 1.83  
    Diluted   $ (0.56 )   $ 1.69  

    ____________________________
    (1) – The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

     
    Reconciliation of GAAP Net Income to Non-GAAP Operating Income (FY 2024 and 2023)
    (in thousands)
    (unaudited)
                 
        Year ended   Year ended
        December 31, 2024   December 31, 2023
    GAAP Net income (loss)   $ 73,714     $ (30,368 )
    Share-based compensation     35,879       28,558  
    Amortization     6,983       8,481  
    Asset impairment     28,131        
    Acquisition related           1,056  
    Changes in contingent consideration     (21,242 )     701  
    Transition expenses related to San Jose expansion project           838  
    Sales of productive assets     (2,033 )      
    Interest (income) expense, net     (1,853 )     1,187  
    Other     1,373       97,091  
    Income tax expense (benefit)     (4,880 )     2,030  
    Non-GAAP Operating income (loss)   $ 116,072     $ 109,574  
                     
     
    Reconciliation of GAAP to Non-GAAP Financial Data (Q1 2025)
    (in millions, except per share amounts)
    (unaudited)
                                                 
                        Non-GAAP Adjustments                
    Guidance for the three months ending                   Share-based                        
    March 31, 2025   GAAP   Compensation   Amortization   Other   Non-GAAP
    Net sales   $ 155       $ 175                 $ 155       $ 175  
    Gross profit     63         72     2               65         74  
    Gross margin     41 %       41 %                 42 %       42 %
    Operating expenses     56         58     (8 )   (1 )         47         49  
    Operating income     7         14     10     1           18         25  
    Net income   $ 7       $ 13     10     1     (2 )   $ 16       $ 22  
                                                 
    Income per diluted common share   $ 0.11       $ 0.22                 $ 0.26       $ 0.36  
                                                         
     
    Income per Diluted Common Share (Q1 2025)
    (in millions, except per share amounts)
    (unaudited)
                                             
    Guidance for the three months ending March 31, 2025   GAAP   Non-GAAP
    Numerator:                                        
    Net income available to common shareholders   $ 7       $ 13     $ 16       $ 22  
                                             
    Denominator:                                        
    Basic weighted average shares outstanding     58           58       58           58  
    Effect of potentially dilutive share-based awards     1           1       1           1  
    Dilutive effect of 2027 Convertible Senior Notes(1)               2       1           1  
    Diluted weighted average shares outstanding     59           61       60           60  
                                             
    Net income per common share:                                        
    Income per diluted common share   $ 0.11       $ 0.22     $ 0.26       $ 0.36  

    ____________________________
    (1)    – The non-GAAP incremental dilutive shares includes the impact of the Company’s capped call transaction issued concurrently with our 2027 Notes, and as such, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company’s capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.

     
    Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q1 2025)
    (in millions)
    (unaudited)
                         
    Guidance for the three months ending March 31, 2025                    
    GAAP Net income   $ 7       $ 13  
    Share-based compensation     10         10  
    Amortization     1         1  
    Income tax expense             1  
    Non-GAAP Operating income   $ 18       $ 25  

    Note: Amounts may not calculate precisely due to rounding.

    The MIL Network

  • MIL-OSI: Flywire to Announce Fourth Quarter and Full Year 2024 Results on February 25, 2025

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Feb. 12, 2025 (GLOBE NEWSWIRE) — Today, Flywire Corporation (Flywire) (Nasdaq: FLYW), a global payments enablement and software company, announced that its fourth quarter and full year 2024 financial results will be released after market close on Tuesday, February 25, 2025. Flywire will host a conference call to discuss its fourth quarter and full year 2024 financial results at 5:00pm ET the same day. Hosting the call will be Mike Massaro, CEO, Rob Orgel, President and COO, and Cosmin Pitigoi, CFO.

    The conference call will be webcast live from Flywire’s investor relations website at https://ir.flywire.com/. A replay will be available on the investor relations website following the call.

    About Flywire
    Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

    Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

    Flywire supports more than 4,000 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.

    Contacts
    Investor Relations:
    Masha Kahn
    ir@Flywire.com 

    Media:
    Sarah King
    media@flywire.com

    The MIL Network

  • MIL-OSI: MARA Schedules Conference Call for Fourth Quarter and Fiscal Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Earnings Webcast and Conference Call Set for Wednesday, February 26, 2025 at 5:00 p.m. ET

    Fort Lauderdale, FL , Feb. 12, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a global leader in leveraging digital asset compute to support the energy transformation, will hold a webcast and conference call on Wednesday, February 26, 2025 at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2024. Financial results will be published in a shareholder letter prior to the call and available on the investor relations section of the Company’s website.

    To register to participate in the conference call or to listen to the live audio webcast, please use this link. The webcast will also be broadcast live and available for replay via the investor relations section of the Company’s website.

    Verified retail and institutional shareholders will be able to submit and upvote questions ahead of the earnings call. A selection of these questions may be addressed by MARA’s management team during the earnings call. The Q&A platform will open on February 19 at 9:00 a.m. Eastern time and close on February 25 at 9:00 a.m. Eastern time. To submit questions, please use this link.

    Earnings Webcast and Conference Call Details
    Date: Wednesday, February 26, 2025
    Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
    Registration link: LINK

    If you have any difficulty connecting with the conference call, please contact MARA’s investor relations team at ir@mara.com.

    About MARA
    MARA (NASDAQ:MARA) is a global leader in digital asset compute that develops and deploys innovative technologies to build a more sustainable and inclusive future. MARA secures the world’s preeminent blockchain ledger and supports the energy transformation by converting clean, stranded, or otherwise underutilized energy into economic value.

    For more information, visit www.mara.com, or follow us on:

    Twitter: @MARAHoldings
    LinkedIn: www.linkedin.com/company/maraholdings
    Facebook: www.facebook.com/MARAHoldings
    Instagram: @maraholdingsinc

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com 

    MARA Media Contact:

    Email: marathon@wachsman.com 

    The MIL Network

  • MIL-OSI New Zealand: Speech to New Zealand Economics Forum

    Source: New Zealand Government

    Tēna koutou katoa. Greetings everyone.
    Thank you Matt for the introduction and can I acknowledge the presence of former Australian Prime Minister Scott Morrison. It’s a pleasure to have you back in the country.
    It’s also a pleasure to be here to speak at this event for the third year in a row. 
    The world is changing. Fast. Orthodoxies are being challenged. De-globalisation, tariffs, counter tariffs, artificial intelligence, conflict, cynicism about national institutions, extreme climatic events, increasing competition for food, energy, minerals and other resources.  
    Leaders around the world are being compelled to act more boldly than they have for several decades.
    Where once countries could take for granted their position in the world, it is now unquestionable that we need to place ourselves in the driver’s seat for our national interests.
    These issues are not just the concern of diplomats, leaders and elites.  
    People the world over are increasingly feeling the effects of declining living standards, soaring prices, unaffordable housing and incomes that are not  keeping up. 
    Is it any wonder that there is a growing sense that the benefits of progress are not being evenly shared or that citizens are questioning the institutions and conventions they were raised to rely on?  
    It’s hard not to look back on the past few decades and see complacency. 
    Where once there was an assumption about the inevitability of economic growth – a given to be traded off against a host of other values – that stance now seems blissfully naïve.  
    From the United Kingdom, to the European Union, to China, to the United States, there is a growing realisation that growth must be fought for and that, even once achieved, can easily slide away.
    We in New Zealand are not immune to these trends. In fact, we are at a moment of inflection.  
    After three years of struggle, many Kiwis feel poorer, less financially secure and less hopeful about their futures. The cost of living is a daily concern.
    New Zealanders have been through the wringer. Where once there was triumphalism about our response to, and recovery, from the COVID-19 pandemic, there is now a realisation that we are still paying the economic price for the disruption it wreaked.  
    The aftershocks of extended lock-downs included a generational spike in inflation and the cost of living, extraordinary interest rate hikes, ongoing disruption to migration flows, massive increases in Government debt and a structural deficit in the government books.  
    These blows landed on an economy that had being showing cracks for decades. 
    New Zealand already faced longstanding issues of low productivity growth, low capital intensity in our firms, low levels of competition in many sectors, challenges in attracting and retaining skills and talent, low uptake of innovation, declining housing affordability and a growing tail of New Zealanders leaving school without basic skills. Today, as Kiwis suffer the real-life effects of economic problems, it’s become even more urgent that we address these complex challenges. 
    For the economists in this room these observations about our economic problems can be understood as data points.
    For many Kiwis, it is more personal, more visceral and far harder to stomach. The cost of living is too high and they need to see a path out.
    Despite falling inflation and interest rates and rising business and consumer confidence, many New Zealanders tell me they still can’t get on top of their bills – even though they’re working harder than ever, that they are worried about whether they’ve saved enough for their retirement, and are concerned about their kids’ prospects should they stay in New Zealand.
    My message to those New Zealanders is this: it’s tough right now, but our country has far better years ahead of it.  
    It’s easy to lose sight of the reasons to be optimistic, but let’s be confident about how great New Zealand’s potential is.
    In a world facing multiple challenges, we have some extraordinary advantages. We’re a safe, secure country with established trading relationships and a reputation as a good place to do business. We are blessed with abundant natural resources – everything from ocean to freshwater, fertile land to minerals and temperate weather. 
    In a world worried about food security, we have the world’s best farmers, feeding more than 40 million people with levels of efficiency and sustainability that are the envy of the world. We have a long history of stable democracy, strong institutions and rule of law. We’ve produced world-leading scientific breakthroughs from splitting the atom to the Hamilton Jet Boat. Our entrepreneurs and innovators have converted their ideas into world-beating successes – from  Oscar-winning digital effects to rockets in space.
    New Zealand has what it takes to succeed, but for too long we’ve put up stop signs and road cones when we should have been putting our pedal to the metal. 
    Our Government’s mission is to make the most of New Zealand’s potential so we can grow the economy and ease the cost of living for New Zealanders. 
    Our plan is simple: remove the barriers that have held back growth and create the conditions that will allow businesses to create better paying jobs, more financial security for our families, and more income to pay for world-class education and health services.
    Today I am releasing a document that shows how our Government is putting that plan into action. “Going for Growth” is a snapshot of the Government’s activity in five key areas, all designed to ease the cost of living and grow our economy.
    The document identifies more than 80 separate initiatives that have been completed or are underway.  Don’t worry, I’m not about to list them all. 
    But I do encourage you to give it a read.  Going for Growth will be updated on a regular basis and we are actively seeking your feedback on its content and any actions you think should be added or prioritized. 
    The document focusses on five areas which are essential to improving the performance of the New Zealand economy.

    Developing talent by lifting education and skills:  Too many of our kids have been leaving school without the basics they need to succeed in an increasingly demanding world. This is a moral failure.  It’s also a fiscal and economic timebomb. Our Government is improving our education system to deliver a better deal for Kiwi kids.
    Competitive business settings: Excessive and badly-designed regulations have slowed New Zealand down, added costs and prevented too many good ideas from become reality. Several of our major sectors lack competition and consumers are paying the price. Our Government is removing red tape, reducing compliance costs and promoting competition to deliver a better deal for Kiwi consumers.
    Promoting global trade and investment: New Zealand is a small country, geographically distant from many of the world’s large economies. We need to keep pursuing trade relationships and international connections not only to get good prices for our exports, but also to keep up with emerging technologies and to access the world’s talent and capital. Our Government is growing our trade relationships and rolling out the welcome mat for international investment so we can deliver better paying jobs for Kiwis.
    Innovation, technology and science:  New Zealand’s science system is not geared up for the future economy. Our businesses have often been slow to invest in the technology needed to make them more productive. We’re modernizing our science and innovation system so we can deliver a better deal for Kiwi businesses who want to use science and tech to grow.
    Infrastructure for growth:  New Zealand’s Resource Management system has been weaponised against development, adding cost, slowing things down and stopping too many projects. Despite abundant land, housing remains unaffordable for too many. Major infrastructure projects are too slow, too expensive and too few. Our Government is removing roadblocks to delivery of housing and infrastructure and fast-tracking major developments so we can deliver better living standards for New Zealanders.

    Some of you will be familiar with the work we already have underway in each of these areas. Today I want to share some thoughts about a few areas where I think more reform is needed.
    Number One. Driving greater competition in sectors that are vital to our national interests, including banking, grocery and electricity.  
    The economic impetus for this is clear. Strong competition protects consumer interests, it puts downward pressure on costs, it incentivises innovation and investment, it supports efficient allocation of resources and it drives productivity.
    When I look around the business landscape today I see too many sectors where market power has been entrenched to the detriment of everyday people.
    New Zealand has seen significant mergers and consolidation across major industries. Big fish have been swallowing the little fish and regulatory barriers have stopped new fish from entering the pond. 
    While many super-sized businesses have flourished, in too many cases the Kiwis they sell to have experienced higher prices, fewer choices and a worse deal all round.
    In my view, law-makers and regulators have been far too complacent about diminishing levels of competition in vital areas. Large-scale mergers have been repeatedly allowed in major industries, with so-called efficiency prioritised over the interests of consumers.
    Well-intended regulations have become a moat, stopping challengers from disrupting the status quo. 
    The result?  A raw deal for Kiwi consumers. 
    The dominance of big fish has also made it difficult for many small businesses to grow into larger businesses. 
    We see it in the banking industry which the Commerce Commission has described as a highly profitable, two-tier oligopoly. The Government is taking action to address this.
    And we see it in the supermarket sector in which three large entities, two of whom don’t compete in the same island, effectively control 82 per cent of the market. 
    The result, as the Commerce Commission reported in 2022, is that competition between grocery retailers is muted, profits are high, product ranges are limited and shoppers pay higher prices than people in many other countries. 
    In this environment it is almost impossible for a new entrant to establish a foothold in the New Zealand market.
    Even if they are able to battle their way through the thicket of resource management and overseas investment regulation, they are confronted in many cases by an absence of suitable land for new supermarket developments. It has been land-banked by the established players.
    Some of our best food producers also tell me they are struggling because of the duopolistic practices of the major players. 
    If Kiwi food producers can’t afford to keep their products on New Zealand supermarket shelves, how are they ever going to grow to the point where they can export overseas?
    The supermarket lobby will find 1000 different ways to say this is not the case, but it is. 
    The OECD has this to say about the New Zealand supermarket sector:
    “Two major players dominate the market through their portfolio of different brands.  As a result, they can extract higher prices from consumers (oligopoly power) but also exert ‘oligopsony power’ on their suppliers, passing on costs and uncertainty to them, with the threat of removing products from shelves if suppliers disagree”
    Studies have shown that New Zealand supermarkets were the most expensive for kitchen staples compared with the UK, Ireland and Australia.
    If you doubt the findings of the OECD, research papers, or the Commerce Commission, just ask the everyday Mums and Dads at the checkout:
    Kiwi shoppers feel ripped-off.  
    I think of PK, the Kiwi man who went viral on Tik Tok, sharing how he cried when he discovered how much cheaper the food was when he moved to Australia. I think of the parents in the supermarket aisle, putting back the chocolate biscuits as the weekly shop blows their budget – again.  And I think of all those people who endure gut-wrenching anxiety as they watch their items being scanned and the numbers tallying up on the till.
    The weekly supermarket shop makes up a significant proportion of most people’s weekly budget and contributes massively to their cost of living.
    They deserve to know they are getting a fair deal.
    Right now, I don’t think they are.  I’m ready to pull out all the stops to get them a fairer deal.
    The supermarkets will fight back I’m sure. It’s a fight worth having.
    So what can the Government do?
    Let me reassure you, we are not going to open our own grocery chain. There will be no KiwiShop. 
    Instead I’d like to see another competitor enter the supermarket scene to  disrupt the major players, drive down prices and increase options for Kiwi shoppers.
    Over the past 12 months, international supermarket chains and local investors have expressed interest in entering the New Zealand grocery market. 
    I want to help them succeed.
    We owe it to Kiwi shoppers to help remove the barriers that could get in the way of a new entrant.
    That could include removing unnecessary regulatory hurdles in the Overseas Investment Act, Resource Management Act and the entire regulatory maze; helping them to access suitable land and properties for development; helping them to attract capital; cracking down on predatory pricing and ensuring they have fair access to products. 
    If a new grocery chain opened up here it would deliver massive gains for Kiwi shoppers.  So I’m up for actions needed to help make it happen.
    At the same time, the Government must continue our efforts to hold the existing supermarket chains accountable to their customers and suppliers. 
    That means enhancing consumer protections and correcting power imbalances between suppliers and supermarkets. It means strengthening the Grocery Supply Code, enforcing action against non-compliance and illegal conduct, introducing a Wholesale Code to enhance access for smaller retailers, introducing disclosure standards for consumer complaints and responding to further recommendations the Commerce Commission makes.
    Commerce Minister Andrew Bayly has already been pushing hard in this space. This year we’re dialling up the pressure.
    The major supermarket chains should listen up: our Government is on the side of Kiwi shoppers and we will act to defend their interests.
    Number two:  The Government’s approach to procurement.
    The Government is a huge player in the New Zealand economy. Every year it procures billions of dollars worth of goods and services.
    Those doing the procuring understandably play close attention to prices.  That is as it should be. We want value for money. 
    But getting value is not just about cost. Getting value is also about assessing the contribution particular contracts can make to New Zealand as a whole.
    The Government wants the Government agencies doing the procuring to assess the value as well as the cost of contracts. 
    Small and medium-sized businesses say that too often they can’t effectively bid for Government contracts because of the complexity of official procurement processes. 
    I am reviewing the Government procurement rules that cause this and will soon be recommending changes to Cabinet. I want to ensure value to New Zealand is properly considered when government agencies are picking suppliers, ensuring a more level playing field, improving the ability of smaller businesses to bid and giving more small and medium sized Kiwi businesses the opportunity to grow and become global players.
    Third, tax settings.
    New Zealand must ensure our tax settings are competitive with other countries who seek to lure our talent, ideas and jobs.
    We need to ensure the New Zealand tax system does not discourage businesspeople from investing in their businesses and does not deter foreign investment. 
    I am considering a range of proposals to make our tax settings more competitive over time.
    Fourth, affordable energy.
    Alongside the supermarket bill, electricity prices are a major pain point for Kiwi households.  Spiking prices and uncertain supply are also a major barrier to industry and the jobs it supports.
    As we look out to the world, it’s clear that those choosing to invest in manufacturing, data centers and technological parks will increasingly ask themselves: does the country that we want to invest in have secure, affordable and renewable energy? 
    New Zealand is pretty well-positioned for that. We already have abundant levels of renewable energy. 
    The question is, are we well positioned to bring on new generation at the pace needed to keep both security of supply and affordability? 
    That’s a question the Government is very much engaged in. 
    The Energy Competition Task Force has published proposals to give consumers more control over energy costs. In addition, independent reviewers will report to Ministers in the middle of the year on the performance of the energy market.  
    My view is that the world’s surging demand for renewable energy has changed the game. It’s time to think much more boldly about the actions the Government may need to take to incentivise new generation, security of supply and affordable electricity.
    Fifth, savings.
    Finally, I want to see KiwiSaver working as well as possible for New Zealanders. Commerce Minister Andrew Bayly already has work underway to enable Kiwisaver providers to make greater investments in private assets, to generate good returns for savers and ensure more Kiwi savings can be deployed for investment here at home.  
    I want to see KiwiSaver balances grow, both to make Kiwis better off in retirement and to grow our collective national savings. I am taking advice on options for achieving that with a view to taking recommendations to Cabinet.
    Let me finish by providing you with some perspective. 
    Our domestic context is challenging. Internationally we are arguably operating in a more complex, faster changing world than at any time in history. 
    But, when I look around the world, there is nowhere I would rather build a business or raise a family than here in New Zealand.
    But the world doesn’t owe us a living. We have to compete hard to deliver for our national interests and the interests of New Zealanders. 
    Our Government’s plan to grow the economy is about making the most of New Zealand’s many advantages, removing barriers that are holding Kiwis back and competing for our share of the world’s wealth.
    This is not an abstract mission.  It goes to the heart of what matters to New Zealanders. 
    To create better paying jobs and make Kiwis more financially secure, we must grow our economy.
    To deliver better health services and schools, we must grow our economy.
    To make New Zealand more resilient to global challenges, we must grow our economy.
    This Government backs New Zealanders to succeed. I know you do too. I wish you a successful conference and look forward to hearing your ideas.  Let’s go for growth.

    MIL OSI New Zealand News

  • MIL-OSI USA: SCHUMER DEMANDS VA RE-OPEN CASTLE POINT VETS MEDICAL CENTER UNIT AFTER ABRUPT CLOSURE; SENATOR SAYS VA MUST IMMEDIATELY BEGIN WORK WITH LOCAL LEADERS TO INCREASE COMMUNICATION TO IMPACTED PATIENTS &…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Castle Point VA’s Acute Inpatient Care Unit Abruptly Closed Medical Unit Temporarily For Veterans Suffering From Substance Use Disorder This Month, Prompting Concern And Outrage From Vets Across The Hudson Valley Schumer Said Center Failed to Adequately Publicize Closing And Alternative Treatment Options For Vets And Must Promptly Re-Open With Adequate Staffing
    Senator Says We Cannot Risk Leaving Our Hudson Valley Vets Without Proper Access To The Care They Need And Is Demanding The VA Take Immediate Action To Re-Open The Unit, Increase Communication, And Ensure Vets Receive Care They Need
    Schumer: VA Must Quickly Reopen Castle Point VA’s Acute Inpatient Care Unit And Continue Vital Healthcare Services For Hudson Valley Veterans
    U.S. Senator Chuck Schumer today slammed the Department of Veterans Affairs (VA) for, “Unacceptably poor communication with Hudson Valley vets regarding the sudden closure of the Castle Point VA acute inpatient care unit,” and called on the VA to immediately re-open the unit with adequate staffing, which abruptly closed earlier this month for an anticipated 120 days.
    The Castle Point VA Medical Center (VAMC), located in Dutchess County, plays a vital role in providing care for 7,000 Hudson Valley veterans. The acute inpatient care unit provides care to those who are dealing with substance use disorder. As part of the VA system, VAMC enhances patient outcomes by offering continuous care within the same system, resulting in more timely treatment compared to cases where patients are referred to non-VA facilities.
    “Earlier this month, without warning, the Castle Point VA Medical Center left Hudson Valley veterans without access to potentially life-saving medical care when the center shut down its acute inpatient care unit. The lack of communication with veterans who rely on the unit for substance use disorder services is tremendously concerning. The Department of Veterans Affairs needs to re-open this unit as soon as possible with adequate staffing – and do a much, much better job of communicating what it is doing to our Hudson Valley vets – or our New York veterans could be left in the lurch and in the dark without access to vital health care,” said Senator Schumer. “Our veterans deserve access to the highest quality of care at VA facilities, including Castle Point. I will fight tooth and nail against any efforts to permanently limit access to care to New York veterans. In the meantime, the center must ensure adequate communications with its patients to ensure they can continue to access medical care during this closure, and they need to reopen the Castle Point acute inpatient care unit ASAP. Hudson Valley’s veterans deserve nothing less.”
    “The closure of the E2 Unit at Castle Point VA Hospital is absolutely unacceptable.   Worse yet is the closure was done without even letting veterans know it was happening,” said Adam Roche, Director of Dutchess County Office of Veteran Affairs.   “I’ve witnessed firsthand the unbelievable care the nurses and doctors provide and how much they truly care about our veterans.  This unit serves as a lifeline for our veterans between Albany and the Bronx, and it is incredibly important for our Dutchess County veterans.   To yank away this lifeline is an injustice to those who have risked so much for our country.   This decision must be reversed.”
    “The inpatient ward at Castle Point provides an integral service to the Veterans of the Hudson Valley,” said Alyssa Carrion, Director of Veterans Programs at Mental Health America of Dutchess County. “When Veterans come to us at rock bottom ready for treatment, we immediately transport them to Castle Point and stay with them until they are admitted.  Then we have the ability to visit with the Veteran at E-2 until they are transferred to Montrose.  Closing E-2 has left us in a very difficult situation.  Where do we take a Veteran who is ready NOW for treatment when the detox ward is closed?  When there are no beds available at Montrose for them to go right to, the VA connection will be lost if we send them to the community.  While the VA states this was an under-utilized resource and is not needed, there are an average of 3-5 Veterans each month that this closure will affect care for – potentially resulting in gaps in care, increased suicide rates, and overdoses.  This ward provides an important service to our Veteran community, and should be reopened. “
    Schumer has a long history of fighting for Hudson Valley veterans and protecting services at the Castle Point VA. In March 2022,  after the VA released a preliminary proposed as a part of the Asset and Infrastructure Review (AIR) Commission process, which recommended closing the Castle Point VA Medical Center in Dutchess County. Schumer stood shoulder to shoulder with Hudson Valley veterans outside the facility to fight this proposal and prevent them from losing critical local care access. Later that year, after months of Schumer’s advocacy, the bipartisan Senate members announced their formal opposition to the VA AIR Commission Process, signifying the end of the AIR Commission, and thus preserving the Castle Point VA from full closure.
    Schumer’s letter to VA Secretary Collins below:
    Dear Secretary Collins:
    I am writing to express deep concerns surrounding the sudden announcement of the closure of the Castle Point VA Medical Center (VAMC) acute inpatient care unit. This closure will reduce access to substance use disorder services for the 7,000 veterans who receive care at the Castle Point VAMC for at least 120 days. We cannot risk the healthcare of our veterans and I strongly request you immediately take all steps to reopen this critical unit and ensure its services can continue on a permanent basis.
    In the interim, it is crucial that the Castle Point VAMC continuously inform veterans of alternative sites of care, ensure that non-VA care providers can administer the care provided by the VAMC, arrange transportation services for patients, and work to quickly reopen this unit with adequate staffing levels. Anything else would be an abdication of responsibility to those who have served our country most honorably.
    No veteran should have to travel farther than necessary for life-saving medical care. The closure of the acute inpatient care unit leaves Hudson Valley veterans without a vital resource that administers lifesaving care at necessary points in their lives. Local providers and veterans can attest to the importance of the acute inpatient care unit in the region, and are disturbed by the development of its closure. Our nation’s veterans experience a wide range of mental health disorders due to trauma experienced during their military service, all of which require accessible, continuous care. It is critical that existing inpatient care units remain functional and efforts are made to return to appropriate staffing levels.
    It is especially troubling that this closure, mainly caused by inadequate staffing levels, was announced during the federal agency hiring freeze ordered by President Trump on January 20, 2025. This reckless directive exacerbates challenges already experienced at VA facilities, and will prevent veterans from receiving continuous, adequate care all across the country. I strongly encourage the Castle Point VAMC to utilize any exemptions to this hiring freeze, explicitly listed out by the Department of Veterans Affairs, in order to bolster staff levels to ensure the Castle Point VAMC acute inpatient care unit can quickly reopen.
    There has been a tremendously concerning lack of communication with veterans who rely on health services at Castle Point VAMC. Due to the abrupt nature of this closure, Castle Point failed to notify veterans in advance that the unit was closing. This undermined veterans’ continuity of care and created the burden of extra measures, including travel coordination, to access care at other VA facilities or community hospitals. Therefore, it is imperative that the Castle Point VAMC notify veterans and caretakers of potential closures in advance of the expected closure date. Additionally, veterans should be notified of what steps the VAMC will take to ensure there is no disruption in care during this current closure, including how transportation services will be coordinated and which alternative sites of care patients will be able to access.
    Our nation’s veterans deserve access to the highest quality of care at VA facilities. I strongly oppose any efforts to permanently limit access to care to New York veterans, and urge the Castle Point VAMC to reopen its acute inpatient care unit as soon as possible with appropriate staffing levels. Thank you for your attention to this urgent matter.

    MIL OSI USA News

  • MIL-OSI United Nations: Kuwait Declaration for Disaster Risk Reduction

    Source: UNISDR Disaster Risk Reduction

    The declaration reaffirms the urgent need to strengthen resilience across the Arab region in the face of increasing disaster risks. It reflects the commitment of Arab countries to accelerate the implementation of the Sendai Framework and the Arab Strategy for disaster risk reduction. 

    The declaration underscores the importance of accelerating the implementation of the Sendai Framework, enhancing governance for risk reduction, increasing investments in disaster-resilient infrastructure, and leveraging science, technology, artificial intelligence, and early warning systems.

    Download

    Document links last validated on: 12 February 2025

    MIL OSI United Nations News

  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Discrimination against Women Commend the Republic of the Congo on the Mouébara Act, Raise Questions on Women’s Access to Justice and Clandestine Abortions

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women today considered the eighth periodic report of the Republic of the Congo, with Committee Experts commending the State on the Mouébara Act which combatted violence against women, while raising questions on women’s access to justice and on clandestine abortions in the country. 

    Esther Eghobamien, Committee Expert and Country Rapporteur for the Congo, said extensive constitutional, legal and public policy reforms, and strategic approaches adopted by the Congo were commendable, including the celebrated Mouébara Act no. 19 of 2022 to combat violence against women, which specifically defined discrimination against women as in article 11 for the first time.  Many unique provisions of the law aligned with international human rights law and if effectively implemented, should guarantee protection for women on many fronts, including against sexual harassment. 

    A Committee Expert asked how the State was working with customary courts and informal justice actors to form a path for the protection of the rights of women and girls under customary law?  What concrete steps were being taken to improve and enhance access to quality justice, including through the provision of legal aid and addressing awareness in the justice sector?  How was the State party ensuring that the Mouébara Act was implemented, so that gaps could be closed? 

    Another Committee Expert said complications from clandestine abortions were responsible for up to 30 per cent of maternal deaths.  Use of contraceptives in the country was very low.  What specific measures were being taken to ensure people knew about the risks of early pregnancies?  What measures were being taken to ensure that women facing complications relating to insecure abortions received full medical support?  How was access to health services without criminalisation ensured, particularly for women involved in clandestine abortion? What measures would be taken to legalise abortion? 

    The delegation said work was being carried out at the grassroots level with community leaders on the rights of women.  Access to justice was guaranteed under the law and bolstered via the Mouébara Act. The national action plan for tackling gender-based violence had a staff, who were also active in ensuring women had access to justice.  There had been training sessions for judges and judicial staff so they understood the new laws and how their provisions needed to be applied in the courts.  More than 1,000 judicial staff had undergone training so far.  The Mouébara Act contained specific actions for judges, and judges received specific training on it. 

     

    The delegation said the Republic of the Congo banned the voluntary interruption of pregnancy, due to terrible past situations relating to abusive abortions in inappropriate locations.  The State monitored specific cases.  There had been a case involving incest where a girl was pregnant with twins and her father was responsible.  In this case, to have access to an abortion, she would need to go through the courts and the judge should accept the procedure for termination of pregnancy, taking into consideration the health of the mother.  These were exceptional cases, and the State was following this policy to limit any potential health problems. 

    Introducing the report, Inès Bertille Nefer Ingani Voumbo Yalo, Minister for the Promotion of Women, Integration of Women in Development and Informal Economy of the Republic of the Congo and head of the delegation, said many steps had been taken to enhance women’s participation in political and public life, including the national programme for the promotion of women’s leadership in political life, which strengthened the capacities of more than 3,000 women in politics, leadership, and communication.  The representation of women in institutions and decision-making spheres in the Republic of the Congo was experiencing a real improvement.  The Republic of the Congo aimed to be a model in the implementation of the Convention.

    In her closing remarks, Nahla Haidar, Committee Chair, said the Committee was impressed by the number of legal initiatives and texts being developed by the State party and the work being undertaken on the ground to translate those texts into something real. 

    Ms. Ingani Voumbo Yalo thanked the Committee for the efforts and the constructive dialogue. The Republic of the Congo was committed to moving forwards to improve the wellbeing and rights of women. 

    The delegation of the Congo was comprised of representatives from the Ministry for the Promotion of Women, the Integration of Women in Development and the Informal Economy; the Ministry of Social Affairs, Solidarity and Humanitarian Action; the Ministry of Justice, Human Rights and the Promotion of Indigenous Peoples; the National Action Programme for the Fight against Violence against Women; the Communications and Information Technology Services Department; the Directorate of Cooperation; the Association of Women Lawyers in the Congo; the National Human Rights Commission; and the Permanent Mission of the Republic of the Congo to the United Nations Office at Geneva. 

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

    The Committee will next meet at 10 a.m. on Thursday, 13 February to begin its consideration of the ninth periodic report of Sri Lanka (CEDAW/C/LKA/9).

    Report

    The Committee has before it the eighth periodic report of the Congo (CEDAW/C/COG/8).

    Presentation of Report

    INÈS BERTILLE NEFER INGANI VOUMBO YALO, Minister for the Promotion of Women, Integration of Women in Development and Informal Economy of the Republic of the Congo and head of the delegation, said the promotion of equal human and women’s rights was one of the major pillars of the Congolese Government’s action.  Many steps had been taken to enhance women’s participation in political and public life, including the national programme for the promotion of women’s leadership in political life, which strengthened the capacities of more than 3,000 women in politics, leadership, and communication. The representation of women in institutions and decision-making spheres in the Republic of the Congo was experiencing a real improvement.  There were now 100 per cent of women on the Women’s Advisory Council, 47 per cent of women in the judiciary, 25 per cent of women in the high court of justice, and 15 per cent of women credited as ambassadors, among others. 

    Since the last dialogue with the Committee, the Republic of the Congo had strengthened and evolved its normative and institutional framework by adopting several texts, including the law establishing the right of asylum and refugee status; the law on combatting trafficking in persons; the law on sustainable environmental management; the Mouébara Act on combatting violence against women and its implementing texts; and the law establishing the Mouébara Centre for the reception and rehabilitation of women and girls victims of violence, among others.  The draft law on parity was in the process of being adopted. 

    Many activities had been carried out to promote and protect women’s rights, such as the establishment of the National Committee of Women Mediators for Peace; the adoption of the national strategy (2021-2025) to combat gender-based violence; the training of women magistrates in the courts of appeal on domestic violence; and the training of more than 1,000 magistrates and other judicial personnel under the jurisdiction of the five courts of appeal on the application of the Convention, the Mouébara Act on combatting violence against women, and the holistic care of victims of violence against women.  The Mouébara Centre for the rehabilitation of women victims of violence would benefit from a two-hectare plot of land in the centre of Brazzaville and a budget line of two billion FCFA for its construction in 2025.

    With regard to maternal and child health, the national health development plan 2023-2026 covered caesarean section and other complications related to pregnancy and childbirth, free antimalarial drugs for children aged 0 to 15 years old, as well as the care of children with sickle cell anaemia.  Other strategies to combat maternal and child mortality had been developed, including the integrated strategic plans for reproductive, maternal, newborn, child and adolescent health 2022-2026.  These actions made it possible to reduce the maternal mortality ratio from 304 deaths to less than 70 deaths per 100,000 live births over a period of three years. 

    Regarding the fight against HIV/AIDS, there had been a considerable reduction in the prevalence rate of mother-to-child transmission, as well as an increase in antiretroviral coverage among pregnant women, from 10 per cent in 2019 to 43 per cent in 2023. Awareness campaigns were being conducted in schools and in grassroots communities to combat teenage pregnancies in the Congo.

    To improve women’s access to education, the Republic of the Congo adopted the national policy for integrated early childhood development 2022-2030; the national strategy for girls’ schooling; and the education sector strategy 2021-2030. Schooling was compulsory for all until the age of 16, textbooks were free, and wearing a uniform was compulsory to fight against discrimination against the most disadvantaged children. The positive masculinity approach to combat violence against women and girls had raised awareness among nearly 4,000 students from different departments on family life, education, gender stereotypes and awareness against violence in schools. 

    The Congo was continuing efforts to ensure women’s empowerment through support for women’s and mixed groups as part of the programme for the development of protected agricultural areas.  Funding had been granted to women carrying out income-generating activities.  The Congo had also established a public support structure for small and medium-sized enterprises, called the “Impulse, Guarantee and Support Fund”, allowing women entrepreneurs to benefit from training on entrepreneurial leadership.

    Despite the progress made by the Republic of the Congo, significant challenges remained. The State was calling for multifaceted support from the international community for better management of issues related to the fight against all forms of discrimination against women and for the construction of the Mouébara Centre for the holistic care of victims of violence.  The Republic of the Congo aimed to be a model in the implementation of the Convention.

    Questions by Committee Experts

    ESTHER EGHOBAMIEN, Committee Expert and Country Rapporteur for the Congo, said the State possessed vast oil and forest resources but still faced challenges in providing a high quality of life to citizens, particularly women and girls. Extensive constitutional, legal and public policy reforms, and strategic approaches adopted by the Congo were commendable, notably the 2017-2021 national gender policy and action plan; the promotion of women’s leadership in politics and public life (2017-2021); the UNCR 1325 national action plan on women and peace and security (2021–2023); and the celebrated Mouébara Act no. 19 of 2022 to combat violence against women, which, specifically defined discrimination against women as in article 11 for the first time.  Many unique provisions of the law aligned with international human rights law and if effectively implemented, should guarantee protection for women on many fronts, including against sexual harassment. 

    However, key policies had expired, progress was slow, and the rights of women and girls were continually threatened by violence.  It was hoped the outcome of today’s dialogue would highlight thematic areas to build a future where gender equality was tangible and accessible to all women in the Congo.

    How systematic was the training for judges?  Was gender integrated into the curriculum for training?  Did the Congo have legal aid as a service for women?  What kind of capacity building was being given to the legislator? 

    A Committee Expert commended the State party for the Mouébara Act, and for the Constitution, which decreed equality between men and women.  Had the State party conducted an assessment on existing laws to identify legal frameworks which contradicted existing policies on equality?  What efforts was the State party taking to build the capacity of judges, prosecutors and the judiciary to apply the Convention in their work?  How was the State working with customary courts and informal justice actors to form a path for the protection of the rights of women and girls under customary law? 

    What was the situation of women and human rights defenders working on the human rights of women in the country?  What concrete steps were being taken to improve and enhance access to quality justice, including through the provision of legal aid and addressing awareness in the justice sector?  How was the State party ensuring that the Mouébara Act was implemented, so that gaps could be closed? 

    Responses by the Delegation 

    The delegation said the Mouébara Act was a significant legislative step, serving to resolve the different issues when it came to the protection of women.  Previously there were no specific guarantees protecting women from violence.  The Act allowed the State to criminalise various types of behaviour which did not respect the human rights of women.  It was enacted two years ago and was increasingly being referred to and cited. 

    Work was being carried out at the grassroots level with community leaders on the rights of women. Departmental networks had been established in every department in the Congo, and in every department there was a network to eradicate violence against women and girls.  Access to justice was guaranteed under the law and bolstered via the Mouébara Act.  Gender-based violence focal points had been appointed in the courts.  The national action plan for tackling gender-based violence had a staff, who were also active in ensuring women had access to justice. 

    There had been training sessions for judges and judicial staff so they understood the new laws and how their provisions needed to be applied in the courts.  This included training on the Convention and the State’s strategy to eliminate violence against women.  More than 1,000 judicial staff had undergone training so far. Regular criminal court hearings were held which allowed all those found guilty of violence against women to be prosecuted. 

    The Congo had been taking steps to improve prison settings, and women’s prisons were monitored and surveyed.  Visits were conducted every year to ensure female prisoners were being treated appropriately.  The Mouébara Act was the first comprehensive act in all of French-speaking Africa which criminalised violence against women.  Steps had been taken to ensure the suspension of judges who did not fulfil their duties, to reassure all women they would receive a fair hearing.  The Mouébara Act contained specific actions for judges, and judges received specific training on it. 

    Gender parity was provided for in the Constitution.  The Congo had an Electoral Code which provided for parity and things were improving gradually.  With each election, there was an increase in the number of women.  There were dedicated lawyers to provide support to women during legal proceedings. 

    Questions by Committee Experts

    A Committee Expert commended the State party on its updated national action plan on women, peace and security with four specific pillars in line with the United Nations trust facility supporting cooperation on arms regulation 1325.  How would civil society and women’s organizations be engaged in the implementation and monitoring of the plan?  And what about the involvement of the security sector? How did the plan align with national development priorities and the establishment of an inclusive security architecture?  What steps was the State party taking to adopt a legal framework for gender responsive budgeting?  What measures were being taken to enact a legal framework for women human rights defenders and ensure accountability for threats made against them?  What was the timeline for the Gender Observatory? 

    Another Expert asked about the status of the parity law?  Were there any political officials mandated to address the concept of temporary special measures?  Were any studies planned to assess the impact of temporary special measures on social development?  Were there any measures to address the gaps within the digital economy?  What concrete sanctions had been put in place for political parties to work towards parity? 

    Responses by the Delegation 

    The delegation said parity was progressive in the Congo.  It required a change in mentality and encouraging women along that path. Women needed to express their will to participate in politics, and the State was trying to raise awareness to help them not to be afraid that men would cheat and win anyway.  Around 3,000 women had been elected through municipal and local elections and in the Senate.  A Ministry had been established for the promotion of indigenous peoples, which was a huge step forward.  The legal regime which governed the human rights commission had been strengthened. The Government had been developing a national strategy on indigenous peoples, which had led to the adoption of a national action plan to improve their wellbeing. 

    The Republic of the Congo had made major headway when it came to peacekeeping.  As a result of the recent economic crisis, there had been a psychosis creeping in regarding peacekeeping, but women continued to play a full role in peacekeeping for the country.  The current economic crisis weighed heavily on the budget of the country. A national strategy had been rolled out on transitioning the informal sector towards a formal sector.  A fund was in place which would allow female market vendors to benefit from preferential rates to enable them to have access to financing which would allow them to become empowered. 

    Questions by Committee Experts

    A Committee Expert said the Family Code contained provisions reinforcing women’s subordinate role in the household.  The introduction of new laws and policies, particularly the Mouébara Act was commendable. What progress had been made under this law in addressing gender stereotypes?  What efforts had the State party made to combat gender stereotypes? While progress had been made in the eradication of female genital mutilation, the practice still existed. What measures had been adopted towards ensuring the absolute prohibition of child marriage?  What steps was the State party taking to eliminate harmful practices?  Could data be provided on female genital mutilation for the past two years?  What support was provided to victims of female genital mutilation and child marriage? 

    Violence disproportionately affected indigenous women and women with disabilities.  How would the State party ensure regular awareness raising campaigns for women, who were the most vulnerable, to protect them against violence?  What mechanisms would be put in place to facilitate the reporting of gender-based violence?  What progress had been achieved under the Mouébara Act in prosecuting violence against women, particularly for indigenous women and for women with disabilities? 

    Another Expert said the Committee remained concerned about the lack of information available about trafficking.  Information would be welcomed on the number of cases and prosecutions.  Were steps being taken to improve coordination between law enforcement professionals working in the sphere of trafficking? What was being done to ensure victims of trafficking were not treated as criminals? 

    How were victims guaranteed access to services across the entire country?  Were the services accessible for rural and indigenous women? Prostitution was not legalised in the Republic of the Congo, however, States were obliged to scrap laws which discriminated against women, including laws against women who were prostitutes. Were women who were prostitutes able to be charged with a crime?  What steps was the State taking to decriminalise women working as prostitutes? What programmes were in place for women and girls who wished to leave prostitution? 

    Responses by the Delegation 

    The delegation said under the Mouébara Act, the Ministry of Women drafted an annual report which included statistics on the Act.  The Mouébara Act provided for new sets of exacerbating circumstances to ensure perpetrators of violence against women were duly charged.  This included law enforcement officials who tried to prevent victims from reporting the crime. 

    Work was being carried out to change culture and mindsets, including modernising the mindsets of women at the outset, which was no easy task.  However, progress was being made, including that the Minister of Indigenous Affairs was now a woman.  Significant work was being done with indigenous women to work with them to change minds in communities. 

    Female genital mutilation was not part of Congo tradition.  Foreigners sometimes set up residence in the country and conducted this practice, and this was monitored.  There had been cases at the border where young girls who had been brought into the Congo to marry were apprehended.  This had occurred within the Malian community who sought young girls and brought them into the Congo for marriage.  If there was a child who did not speak French, border control officers would make efforts to check the child was related to the person they were travelling with.  Forced marriages were prohibited in the Republic of the Congo; however, this practice was still seen in rural and agricultural areas. 

    There was no specific law prohibiting or condemning prostitution in the Congo.  Prostitution was very far removed from the State’s cultural values.  If there were conversations about prostitution in the public space, the State was concerned they would open a pandora’s box and result in an increase in sexually transmitted diseases, which would overwhelm services.  The State was aware that there may need to be a change in approach. 

    In 2019, the Congo had published a law on trafficking, and training was organised with members of the judiciary on this topic.  Polygamy was permitted and men could have up to four wives.  If couples wanted to be polygamous, this needed to be declared.

    The Mouébara Centre provided services for victims, and also acted as a forum for dialogue and an opportunity to follow-up with perpetrators responsible for such acts. The Republic of the Congo had not yet implemented the law on genocide.

    Questions by a Committee Expert

    A Committee Expert commended the minimum 30 per cent quota for candidate lists set by the State. The number of female members of the national assembly had risen to more than 15 per cent.  However, the current bureau established in 2022 included only one woman.  What were the recent programmatic measures to promote women’s leadership?  What had the State identified as the cause of the noticeable underrepresentation of women in the diplomatic area?  What endeavours had been undertaken to increase women’s awareness on the availability of opportunities as well as the importance of women’s representation in international leadership?  The State party’s efforts to raise awareness to combat gender stereotypes to overcome women’s low representation in decision-making positions were recognised.  What did these campaigns entail?  What were the resources allocated?  Had their impact been assessed?  What were their outcomes?  Were the campaigns targeting the younger generation? 

    Responses by the Delegation 

    The delegation said today women were heads of villages and districts.  The Consultative Committee on Women was the only body which had the right to make suggestions to the President.  Work was being done to ensure that before the next election, the articles related to the percentages of women would be modified.  The Consultative Committee had made several suggestions, including on women governors.  Thanks to these suggestions, two women had become governors. 

    The Committee made it possible to promote women in science as there had been few women scientists before that.  It also made it possible to prepare programmes on the education of young women and to improve the situation of girls in all schools.  Without awareness raising, girls were often mocked during their menstrual cycles, so it was necessary for schools to have social workers to deal specifically with issues for young girls.  This would be made mandatory in 2025 as a direct result of the work of the Consultative Committee.  

    The gender parity observatory had been established to monitor progress.  There needed to be female candidates who were capable of representing their constituents.  Work was also being carried out with political parties to ensure they were willing to put forward female candidates.

    Questions by Committee Experts

    A Committee Expert said the Congo had made headway when it came to issues of nationality. However, women of Congolese nationality faced issues when transmitting nationality to their foreign husbands. Would the State modify the laws in this regard?  Could women transmit their nationality to their children, like men could?   Was there a different level of birth registration between the different sexes?  What were the outcomes of any campaigns to boost the levels of birth registration? What measures would be implemented in rural areas to boost levels of registration?  Would civil status procedures be digitalised to make them more streamlined?

    The State should be commended for ratifying the two conventions on statelessness in 2023, and for establishing a committee to address statelessness.  What were the activities of the committee and what had it achieved? 

    Responses by the Delegation 

    The delegation said a reform was currently being debated, which if adopted would result in a new legal framework which would overhaul certain provisions in the Family Code. The Government was pushing to ensure that this reform was regalvanised and enjoyed some fresh momentum. 

    Failure to uphold the electoral law resulted in sanctions.  Alternating lists for male and female candidates had been drawn up to beef up the success of the parity law.  If parties failed to uphold the 30 per cent quota on the list, the entire list of candidates would be rejected.  This meant that at the most recent elections, parties took this seriously and ensured that more female candidates were put forward, resulting in the training of 3,000 female candidates. 

    In the Congo, there was a Minister for the Digital Economy.  In 2025, the goal had been set to digitalise all services and work was underway to deliver on this. 

    Questions by a Committee Expert

    A Committee Expert said the Committee appreciated the State party’s commitment to advancing equality. Had the national action plan on education and its accompanying strategy been extended?  Could the State party clarify why indigenous children and orphans could not be enrolled in regular schools?  How was it ensured that all children had access to schooling?  What was being done to increase the retention of girls in secondary education, particularly indigenous girls? 

    The Committee commended the strategy to increase girls’ enrolment in maths and sciences, but was concerned at the low numbers mandated for the quotas.  How were girls being encouraged to enrol in maths and science subjects?  What initiatives had been implemented to combat gender stereotyping and increase the number of girls enrolled in industrial subjects?  Did literacy programmes aim only for the functional literacy of women?  Were there remedial programmes for girls who dropped out of school?

    Responses by the Delegation 

    The delegation said education was equal for boys and girls, and significant steps had been taken to reduce the gaps between the genders in education.  There was a plan for early childhood 2022-2030 that focused on ensuring that girls stayed in school, with several initiatives, including free education and textbooks.  The State also provided free school meals.  To ensure girls did not drop out due to menstruation, all school facilities in the country now had toilets separated by sex.  There were also showers built to allow for better menstrual hygiene.  Scholarships and fellowship grants were made available to young girls who wished to pursue a career in science.  Countries such as Cuba provided girls with the opportunity to pursue medical scholarships. There were vocational colleges set up to help girls who had dropped out of school. 

    Data indicated that as of 2020, there were more than 14,000 indigenous children, more than 7,500 of whom were girls, who were educated in the Congo.  A budget was specifically set aside for the celebration of International Women’s Day.  On the day, activities were organised, including for rural women. 

    The literacy programme covered all women in the Congo.  There were four institutions in the country providing specialised education and training for children with disabilities.  Students in indigenous communities benefitted from the Aura education programme, which ran until the end of primary school, or early secondary school.  Once they had attained that level of education, they could then go to the same schools as other children.  Educational awareness programmes were conducted with parents to ensure children were not pulled out of school to participate in the harvest. 

    Questions by Committee Experts

    A Committee Expert said the labour law of the Republic of the Congo guaranteed equal pay for equal work regardless of sex.  There were issues with sexual harassment in the workplace; could the delegation clarify the status of sexual harassment laws in the country?  What strategies were in place to raise awareness about sexual harassment in the workplace?  What measures would be adopted to reduce the pay gap and collect data in this regard? 

    ESTHER EGHOBAMIEN, Committee Expert and Country Rapporteur for the Congo, asked if there were any mechanisms which regulated the private sector? 

    Responses by the Delegation 

    The delegation said women and men earnt the same wages when they had the same responsibilities. A national strategy had been crafted to shift the informal economy to a formal economy.  The Republic of the Congo wanted to boost its gross domestic product, which could be done by formalising work which previously took place in the informal sector or on the black market.  The right to a retirement pension held true to all.  The Mouébara Act punished sexual abuse and sexual violence in the workplace as well as public spaces, including religious institutions. Fines and punishment were doubled if this involved a hierarchical responsible official. 

    A new law made it mandatory for all projects to have a social, economic and environmental impact statement and review. 

    Questions by a Committee Expert

    A Committee Expert said the leading cause of death in the Congo was HIV/AIDS, with the rate of deaths almost 50 per cent higher for women than men.  Complications from clandestine abortions were responsible for up to 30 per cent of maternal deaths.  Use of contraceptives in the country was very low.  What specific measures were being taken to ensure people knew about the risks of early pregnancies?  What measures were being taken to ensure that women facing complications relating to insecure abortions received full medical support?  How was access to health services without criminalisation ensured, particularly for women involved in clandestine abortion?  What measures would be taken to legalise abortion? 

    What was being done to reduce stigmatisation around HIV/AIDS?  What measures were being taken by the State to deal with challenges in terms of infrastructure in rural areas?  What was the overall number of persons benefitting from the universal health insurance fund, and how many were women and girls?  What measures had been put into place by the State to ensure indigenous women had access to safe drinking water? 

    Responses by the Delegation 

    The delegation said there was a programme for sexual and reproductive health which had been reintroduced in schools.  The State ensured the promotion of modern contraceptives and ensured they were free of charge in health centres.  The Republic of the Congo banned the voluntary interruption of pregnancy due to terrible past situations relating to abusive abortions in inappropriate locations. The State monitored specific cases. There had been a case involving incest where a girl was pregnant with twins and her father was responsible.  In this case, to have access to an abortion, she would need to go through the courts and the judge should accept the procedure for termination of pregnancy, taking into consideration the health of the mother.  These were exceptional cases, and the State was following this policy to limit any potential health problems. 

    Questions by Committee Experts

    ESTHER EGHOBAMIEN, Committee Expert and Country Rapporteur for the Congo, said women found it difficult to participate equitably in the socio-economic development of the country.  Unfortunately, poverty remained a leading cause of social exclusion for women. Existing and planned support programmes to help women entrepreneurs access finance and microfinance, develop their businesses, and provide services tailored to meet the needs of rural women were commendable. 

    What measures were being taken to enhance social protection systems for Congolese women, especially those in the informal sector and vulnerable groups?  How did the Government plan to address financial and infrastructural challenges which hindered women’s access to social services? Would the State party consider ratifying key International Labour Organization conventions?  What programmes existed to support women in core economic sectors such as energy, oil and gas, the extractive industry, and the blue economy in the Congo.  What measures were in place to strengthen the private sector’s accountability to the Committee? 

    Another Expert commended the State party for progress registered in advancing the rights of rural women and women in agriculture.  What concrete efforts was the State party taking to mobilise adequate financing to increase equal access to electricity and clean energy and technology for women and girls, especially women and girls in rural areas, women with disabilities, indigenous women, women living in poverty, and refugee, migrant, and asylum-seeking women and girls?  What efforts was the State party taking to increase access to inclusive water hygiene and sanitation programmes and activities in all parts of the country? To what extent were women and girls in rural areas; refugee, migrant and asylum-seeking women and girls; those living in poverty; and women and girls with disabilities involved in the development, implementation, monitoring and evaluation of rural and agricultural developmental programmes that were meant to benefit them?

    Responses by the Delegation 

    The delegation said the President of the Republic of the Congo was a champion of environmental causes.  Steps had been taken to ensure women were playing their full role in climate action. A fund was in place for the artisanal sector, which was also available to female artisans.  The medical insurance fund covered the needs of women in the informal sector.  At the rural level, the programme “water for all” encouraged the use of solar resources to achieve water and electricity goals.   Women benefited from credits and loans and women entrepreneurs had access to a fund which provided cash transfers. 

    A project was currently underway which would be launched in specific zones, focusing on environmental protection.  It aimed to be a grassroots project with ownership by the local communities, including indigenous communities.  There were interschool competitions to encourage all pupils to take an interest in sports.  There were also sporting academies for girls, particularly a handball academy, which was popular in the country.  There was a project involving 300 women who would undergo a self-defence training course, as a way of tackling violence against women.  The gender dimension was included throughout the environmental framework. 

    Questions by a Committee Expert

    A Committee Expert said adultery was illegal for men and women, but sanctions were harsher for women.  In the absence of an agreement between the spouses, the husband would choose the place of residence for the family.  How did the State ensure that customary marriages were recorded in the civil registry and all married women enjoyed the same rights when it came to civil procedures? What was the status of the current review process and the adoption of the code for the family?  What training was provided to those in the administration of justice to intervene in cases of child marriage?  The situation surrounding widows were very precarious, and they were not covered by the law.  What awareness raising activities were being undertaken to eradicate discriminatory practices against widows?  When would the new legal provisions be ready? 

    Responses by the Delegation 

    The delegation said there were several provisions within the Mouébara Act which focused on the rights of widows, ensuring they could not be thrown out of the home. Efforts were also being undertaken to make women more aware of their rights, so they could invoke the Act. The State was reviewing legal instruments, including the Family Code, which would take into account the Committee’s concerns.  There could be no official marriage which was just a customary marriage; however, steps were taken to ensure customary marriage was protected in law.  The Mouébara Act addressed discrimination while the State was waiting for the new codes to be adopted. 

    A review of several codes was being carried out.  Since 2022, the law relating to the Penitentiary Code was published.  The Committee’s concerns would be taken into account as this work continued. 

    Today everyone understood across the country that widows should be left alone, that their succession rights needed to be ensured, and that children should stay with their mothers. 

    Closing Remarks

    NAHLA HAIDAR, Committee Chair, said the Committee was impressed by the number of legal initiatives and texts being developed by the State party and the work being undertaken on the ground to translate those texts into something real. The Committee was grateful for the dialogue which had helped the Experts better understand the situation of women and girls in the Republic of the Congo.

    INÈS BERTILLE NEFER INGANI VOUMBO YALO, Minister for the Promotion of Women, Integration of Women in Development and Informal Economy of the Congo and head of the delegation, thanked the Committee for the efforts and the constructive dialogue. The Republic of the Congo had carried out many efforts to protect the rights of women, particularly the Mouébara Act, which was innovative and binding and was a first in Africa.  The State was proud of this law, which filled the existing legal gaps relating to specific protection and took into account the definition of all forms of violence.  The Republic of the Congo was committed to moving forwards to improve the wellbeing and rights of women. 

     

     

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    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CEDAW25.008E

    MIL OSI United Nations News

  • MIL-OSI United Nations: Complex disaster risks call for urgent action in the Arab region

    Source: UNISDR Disaster Risk Reduction

    Leaders call to collectively strengthen resilience at the 6th Arab Regional Platform for Disaster Risk Reduction

    Kuwait City, Kuwait, 12 February 2025 – UNDRR’s Arab States region – covering 22 countries mostly in the Middle East and northern Africa – faces a range of hazards, exacerbated by climate change.

    Over the past 50 years, the region has suffered economic losses nearing $60 billion, with droughts, earthquakes, and floods taking the most severe human and economic toll.

    Recent disasters – such as the 2023 earthquakes in Syria and Morocco, catastrophic floods in Libya, and numerous severe droughts – are grim reminders of the urgent need for stronger risk governance and climate resilience strategies.

    Transboundary risks need transboundary solutions

    The hazards that the region faces move freely across borders, and so efforts to manage and reduce risks likewise need to be transboundary. This means working together as a region.

    This spirit of cooperation was evident in Kuwait this week, where disaster risk reduction experts, government officials, and resilience-building stakeholders from across the region came together for the 6th Arab Regional Platform for Disaster Risk Reduction. The four-day event aimed to strengthen policies and partnerships, in order to reduce disaster risk and enhance resilience collectively. The Platform culminated in the adoption of the Kuwait Declaration for Disaster Risk Reduction, reaffirming the urgency of resilience building across the region.

    Hosted by the Government of Kuwait and co-organized by UNDRR’s Regional Office for Arab States and the League of Arab States, the Platform is a forum to assess progress, exchange best practices, and drive regional commitments to disaster risk reduction (DRR).

    Innovative financing and early warnings

    A preparatory day ahead of the Platform proper tackled two important topics, in parallel: the need for new and innovative financing solutions for disaster risk reduction; and implementing the Early Warnings For All initiative in the region. 

    The Resilient Infrastructure and DRR Financing Conference explored ways to address the challenges of DRR financing, including innovative financial instruments like catastrophe bonds, resilience bonds, and parametric insurance; public-private partnerships; and a comprehensive approach integrating DRR strategies into climate finance.

    Alongside this, the Early Warnings for All Multistakeholder Forum for the Arab States, led by UNDRR and the World Meteorological Organization (WMO), discussed progress in implementing Early Warnings for All in the region, with a focus on early warning technologies and risk communication strategies.

    Speaking to the Forum, WMO President Dr. Abdulla Al Mandous affirmed that the Early Warning for All initiative is a top priority for WMO.

    “We firmly believe that strengthening early warning systems, improving climate services, and enhancing regional and international partnerships are essential pillars for effective disaster risk reduction,” he said.

    An appeal for collective action

    Opening the Platform on 10 February, Special Representative of the UN Secretary-General for Disaster Risk Reduction (SRSG) Kamal Kishore stressed the need for urgent action:

    “The Arab region should be proud of the progress it has made in advancing disaster risk reduction, especially around strengthening risk governance frameworks, which is a prerequisite for achieving sustainable development. That said, there are still many areas for improvement.”

    He outlined three key objectives for the regional platform:

    1. Strengthening risk understanding – Improved knowledge exchange across the region will improve risk assessments, especially in the face of climate change.
    2. Enhancing partnerships and collaboration – More multi-sectoral engagement and regional cooperation is essential for addressing transboundary risks.
    3. Committing to action – Accelerated implementation of the Sendai Framework for Disaster Risk Reduction requires taking concrete steps, in order to meet its targets before 2030.

    Better governance and more investment in risk reduction

    Sheikh Fahad Yusuf Al-Sabah, Kuwait’s Deputy Prime Minister, Minister of Defence, and Minister of Interior, welcomed delegates, reaffirming Kuwait’s commitment to DRR, and noted the special challenges that the region faces:

     “We are in a world that is witnessing an unprecedented acceleration in the pace of natural and human risks, and the challenges facing our societies are increasing in terms of size and complexity,” he said

    “Disasters have become more frequent and diverse, as a result of climate change, rapid and unregulated urban growth, and environmental degradation, which makes it necessary for us to adopt a comprehensive and integrated approach to dealing with these risks.”

    During the Platform’s busy schedule, participants engaged in sessions giving updates and discussion on a variety of topics especially pertinent to the region, including: innovative DRR financing; urban resilience; risk knowledge; extreme heat; disaster preparedness, recovery and “building back better”; and the Santiago network for loss and damage.

    Scroll through the photo gallery of the Regional Platform

    Innovative, actionable strategies

    To inform the dialogue at the Platform, the UNDRR presented the findings of 2024 Regional Assessment Report (RAR) on Disaster Risk Reduction in the Arab Region, updating analysis of the region’s evolving risk landscape. These findings warn of a “perfect storm” of interconnected risks, driven by climate change, water scarcity, governance challenges, and institutional fragility.

    The authors noted:

    • Temperatures in the region are rising at an alarming rate of +0.5°C per decade, intensifying droughts, extreme heat, and food insecurity.
    • Governance and institutional challenges remain major obstacles to effective disaster risk management.
    • The increasing frequency of climate-related disasters threatens human security, economic stability, and public health.
    • Many cities in the Middle East may become uninhabitable before the end of the century if urgent measures are not taken.

    The report aims to guide governments, policymakers, practitioners, and stakeholders in disaster risk reduction and sustainable development,  and calls for collaborative efforts to transform an understanding of risk into actionable strategies that prioritize community wellbeing and environmental sustainability.

    Regional cooperation to implement the Sendai Framework

    The Platform culminated with Member States and stakeholders issuing the Kuwait Declaration for Disaster Risk Reduction, which notes the need for accelerated implementation of the Sendai Framework; enhanced DRR governance; more investment in resilient infrastructure; extended early warning system coverage; better data for evidence-based policymaking; and improved integration of science, technology and artificial intelligence.

    The Kuwait Declaration stresses the need for greater regional cooperation to support crisis-affected countries; call for an inclusive approach that engages governments, civil society and the private sector in reducing disaster risks and protecting communities.

    Announcing the adoption of the Kuwait Declaration, Ambassador Khalil Ebrahim Al-Thawadi, Assistant Secretary-General for Arab Affairs and National Security for the League of Arab States, said the Platform, and its Declaration, signalled a “big leap forward” for resilience in the region.

    “I urge you to take all of the lessons from this Platform, and to transform them into real actions on the ground,” he told the assembled delegates.

    Time is of the essence

    In his closing remarks, SRSG Kamal Kishore thanked the State of Kuwait for hosting the event, and praised the region for its innovation in disaster risk reduction:

    “Take the good practices from this region and share them with the world. With just five years left to achieve the goals of the Sendai Framework – if this region can make it happen, then the world can make it happen,” he said

    With more than 450 participants from governments, UN agencies, civil society, academia, and the private sector, the 6th Arab Regional Platform for DRR will help strengthen the region’s capacity to prevent and mitigate disasters, for a safer and more resilient future for all.

    “You have to change this region, but you also have to change the world,” Mr Kishore said.

    The Platform will feed the region’s challenges, solutions, and commitments into the Global Platform for Disaster Risk Reduction, taking place in Geneva from 2–6 June 2025.

    MIL OSI United Nations News

  • MIL-OSI United Nations: Sixth Arab Regional Platform for DRR concludes with the adoption of Kuwait Declaration

    Source: UNISDR Disaster Risk Reduction

    Kuwait City, Kuwait, 12 February 2025 – The Sixth Arab Regional Platform for Disaster Risk Reduction concluded today in Kuwait City, marking a pivotal step forward in the region’s efforts to enhance resilience and mitigate disaster risks. Hosted by the Government of Kuwait in collaboration with the United Nations Office for Disaster Risk Reduction (UNDRR) and the League of Arab States, the platform brought together over 600 participants from governments, civil society, academia, the private sector, and international organizations. Convened under the theme, “Building Resilient Arab Communities: From Understanding to Action,” the platform offered an inclusive space to discuss solutions to the complex risk landscape facing the Arab region.

    The highlight of the event was the adoption of the Kuwait Declaration for Disaster Risk Reduction, which reaffirms the urgent need to strengthen resilience across the Arab region in the face of increasing disaster risks. The declaration underscores the importance of accelerating the implementation of the Sendai Framework, enhancing governance for risk reduction, increasing investments in disaster-resilient infrastructure, and leveraging science, technology, artificial intelligence, and early warning systems. It also emphasizes the need to develop and update comprehensive disaster loss databases and risk assessments to support evidence-based policymaking. Additionally, the declaration calls for greater regional cooperation, particularly in supporting countries affected by crises, and highlights the need for inclusive and sustainable approaches that engage governments, civil society, and the private sector in reducing disaster risks and protecting communities.

    The platform saw the adoption of the Voluntary Action Statements of Stakeholder Groups engaged in DRR. Alongside the Kuwait Declaration, these commitments align with the Prioritized Action Plan for DRR (2025-2027) in the Arab region, which outlines concrete priorities and strategies to strengthen disaster risk management at both regional and national levels.

    Key highlights

    Over four days, the platform featured 2 side conferences, 3 plenary sessions, 4 thematic sessions, and 6 special sessions, providing a space for high-level dialogue on strengthening disaster resilience in the Arab region. With 18 side events, a press conference, and a dedicated marketplace, participants explored innovative solutions, shared best practices, and reinforced commitments to advancing disaster risk reduction efforts.

    Two critical pre-conference events took place ahead of the official launch of the platform. Resilient Infrastructure and Disaster Risk Reduction Financing conference addressed one of the most pressing challenges facing the Arab region that is mobilizing sufficient financial resources for disaster resilience. While the Early Warnings for All Multistakeholder Forum for the Arab States underscored the importance of inclusive, people-centered early warning systems across the region. In a world where climate-related disasters are increasing in frequency and intensity, effective early warning systems can mean the difference between life and death.

    Throughout the four days of the platform, participants engaged in dynamic discussions during plenary, thematic, special sessions, and side events. These sessions addressed critical issues such as urban resilience, risk-informed financing, disaster preparedness, and strengthening governance to achieve sustainable development. 

    The platform marked the introduction of the Santiago Network in the Arab region through a dedicated session focused on enhancing efforts to avert, minimize, and address loss and damage associated with the adverse effects of climate change. Bringing together high-level stakeholders and experts from the Arab region and beyond, this session provided a platform to discuss the operationalization of the Santiago Network and its role in delivering technical assistance to countries facing climate-induced challenges, insights on capacity gaps, opportunities for regional collaboration, and ways to strengthen the synergy between disaster risk reduction and climate action.

    A special high-level session for mayors highlighted innovative approaches to urban resilience, drawing on best practices and lessons learned across the Arab region. In the Arab Leaders Dialogue for DRR session, which brought together donors, governments, the private sector, and humanitarian organizations to address funding gaps and advance sustainable financing for disaster risk reduction in the Arab region, participants explored innovative financing models, key funding challenges, and solutions, particularly for conflict-affected and fragile states.

    Another key moment of the platform was the launch of the key findings of the Regional Assessment Report on Disaster Risk Reduction in the Arab States, which presents a comprehensive analysis of disaster risk in the Arab region and actionable recommendations to policymakers, highlighting systemic risks driven by climate change, urbanization, water scarcity, and socio-economic vulnerabilities. It underscores the interconnected nature of these risks and calls for urgent action to strengthen governance, enhance early warning systems, and invest in resilience-building measures.

    The platform underscored the integration of disaster risk reduction with broader development frameworks, including climate change adaptation and the Sustainable Development Goals. Discussions reflected on the progress made in implementing the Sendai Framework, while also addressing persistent challenges such as urbanization, socio-economic disparities, and the effects of climate change.

    Closing session

    The platform closed with a high-level session, featuring Sheikh Fahad Yusuf Al-Sabah, Acting Prime Minister, Minister of Defense, and Minister of Interior, Kuwait; Kamal Kishore, Special Representative of the UN Secretary-General for Disaster Risk Reduction; Ambassador Khalil Ebrahim Al-Thawadi, League of Arab States Assistant Secretary-General for Arab Affairs and National Security; and Major General Talal Mohammed Al-Roumi, Chief of the General Fire Force, Kuwait.

    Reflecting on the Arab region’s progress and its role in advancing global disaster risk reduction efforts, Kamal Kishore emphasized the importance of sharing lessons learned and scaling up action. “Take the good practices from this region and share them with the world. With just five years left to achieve the goals of the Sendai Framework, if this region can make it happen, then the world can make it happen,” he said in his closing remarks.

    The outcomes of the Sixth Arab Regional Platform, including the Kuwait Declaration and the Arab Action Plan, will inform discussions at the Eighth Global Platform for Disaster Risk Reduction, scheduled to take place in Geneva in June 2025. These achievements serve as a foundation for the region’s ongoing efforts to reduce risks, protect lives, and foster sustainable development.

    MIL OSI United Nations News

  • MIL-OSI Economics: r* in the monetary policy universe: navigational star or dark matter? | Lecture at the London School of Economics and Political Science

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Ladies and gentlemen, It’s a pleasure and an honour for me to speak here before such a distinguished audience.

    Remember to look up at the stars and not down at your feet. This was advice from Stephen Hawking, the famous English physicist and author of numerous books on the cosmos. And who would want to contradict the genius?

    So today I invite you to join me on a stargazing tour. If you don’t have a telescope with you, no worries. However, I should add a disclaimer here: When a couple look up at the stars, things could get romantic. When astronomers observe the stars, impressive images can come into view. When economists talk about stars, it usually gets complicated. Now you know what you’re getting into! 

    I’m sure you’ve already guessed what topic I have in mind: the natural rate of interest – also known as r-star. It is a concept that economists have been grappling with for more than 125 years.[1] And it has perhaps never received more attention than in the current era of monetary policy.

    From a central banker’s perspective, I would like to discuss what role r-star can and should play in the monetary policy universe. I will structure my lecture around four key questions: What is r-star and why is it of interest for monetary policy? How have estimates for r-star evolved over the past decades? What drives uncertainty about current estimates and the future evolution of r-star? What conclusions should monetary policy draw from this?

    2 Definition of r-star and use for monetary policy

    Let’s start with the definition. The natural rate is the real interest rate that would prevail if the economy were operating at its potential and prices were stable. R-star is commonly thought to be driven by real forces that structurally affect the balance between saving and investment. Think of technological progress and demographics, for example. This also means that r-star should, by definition, be independent of monetary policy. The latter follows from the widely held belief that monetary policy can affect real variables only temporarily, but is neutral in the long term.

    At first glance, the natural rate could be a guiding star for the conduct of monetary policy. If a central bank sets its policy rates so that the real interest rate is above r-star, monetary policy is restrictive or “tight”. Consequently, economic activity slows and the inflation rate should decrease. If the real rate is below r-star, monetary policy is expansionary or “loose”. It provides incentives for consumers to purchase more and for enterprises to step up investment and output. Hence, this should result in more economic activity and a higher inflation rate.

    However, the idea of the natural rate serving as a guiding star for monetary policy comes with profound challenges. Perhaps the name r-star evokes associations with astronomy and navigation. But these would be misleading. If r-star were like a star in the sky, it would be relatively easy to locate. Stars emit light and are therefore observable.

    The natural rate is a theoretical concept. It is based on a hypothetical state of the world. That means the natural rate is, by nature, unobservable. It can only be estimated. For example, models use assumptions about the relationship between measurable variables and r-star. In this respect, the natural rate is not so much like a star shining brightly in the sky. It is more a case of dark matter. As it is invisible, astronomers infer dark matter indirectly by observing its gravitational effects.

    If something is hard to find, it only spurs researchers to look even harder – whether they are astronomers or economists. Therefore, we can draw on a variety of estimation methods for the evolution of the natural rate.

    3 Estimates for r-star over time

    Since around the 1980s various estimates of different types have been pointing to a downward trend for r-star over several decades and across many advanced economies.[2] In the wake of the global financial crisis, the estimates slumped to exceptionally low levels.[3] This development was roughly in line with the observed trajectory of actual real interest rates of short- and long-term government bonds during this period. And no wonder: In the long run, both should be driven by the same fundamental forces affecting the balance between saving and investment.

    So the question is this: what has lifted saving and depressed investment? A simple answer would be: in the long term, the most important driver is potential growth. But this finding is not very enlightening. Potential growth is also not observable. It is determined by underlying forces such as demographics and technological progress. This is where we need to look for the causes.

    Indeed, according to a number of recent studies, waning productivity growth and population ageing were the key factors in pushing saving up and investment down.[4] Lower productivity reduces the return on investment, so people are less willing to invest. As they expect to live longer, they are more willing to save.

    In addition, inequality, risk aversion and fiscal policy could be other factors. For example, growing inequality raises saving, as richer households save a larger share of their income. Similarly, higher risk aversion leads to higher saving, especially in safe assets, while lowering investment.[5] 

    Many of the estimates for r-star reached their lowest point in the pandemic years 2020 and 2021. After that, there were signs of a partial reversal. A recent analysis by Eurosystem economists across a suite of models and data up to the end of 2024 suggests that estimates of r-star range from − ½ % to ½ % in real terms. In nominal terms, they find that it ranges between 1¾ % and 2¼ %.[6]

    It is clear that these ranges depend on the estimating approaches considered. Taking into account an even wider array of measures, Bundesbank staff calculations using data up to the end of 2024 reveal a range of 1.8 % to 2.5 %.[7] And the ECB found for the third quarter of 2024: When three estimates derived from versions of the Holston-Laubach-Williams model are factored in, the range of real r-star is − ½ % to 1 % and the nominal range is 1¾ % to 3 %.

    All in all, the results suggest that the range of r-star estimates most likely increased by about one percentage point from their lows. The latest estimates by economists from the Bank for International Settlements come to similar findings.[8]

    The reasons for the increase after the pandemic are not yet fully clear. For example, high fiscal spending with rising public debt levels could play a role. Or higher needs for capital, as companies make their value chains more resilient by duplicating structures and increasing stock levels.

    4 Uncertainties around r-star estimates

    Stargazing tours in economics are a journey into the uncertain. This is also and especially true for r-star. Estimates of the natural rate of interest are subject to major uncertainties, shaped by three M’s: megatrends, methodology and monetary policy.

    First, we are facing a number of megatrends. Think of climate change, ageing societies, digitalisation, and the risks of de-globalisation and increasing geopolitical divisions. The effects of these megatrends on natural rates are difficult to gauge and may change over time.

    On the one hand, they could contribute to a higher natural rate. Here are some examples: The widespread uptake of artificial intelligence could boost productivity growth. The green transition could lead to higher investment. Fiscal deficits could persist at an elevated level due to higher defence spending given geopolitical tensions. The entry of the baby boomer generation into retirement could reduce savings.

    On the other hand, life expectancy is predicted to keep rising; the high hopes for the productivity-enhancing effect of AI could turn out to be too optimistic; and given high public debt levels, fiscal space for additional spending is limited in many countries. Overall, it is virtually impossible to predict which developments will prevail in affecting r-star.

    The second factor of uncertainty is methodology. The methods used to define and estimate r-star differ in important ways, especially in terms of time and risk. 

    Ricardo Reis demonstrates this impressively in a recent paper.[9] He presents four different “r-stars”. They are based on four different conceptual approaches. And they developed quite differently between 1995 and 2019. 

    One major difference is the risk dimension. Knut Wicksell’s original definition of the natural rate was the rate of return on physical capital in equilibrium.[10] The rate of return on physical capital is the return on investment in the real economy. And this rate is very much associated with risks. 

    However, this perspective has been lost in virtually all of the model approaches. Generally, they use rather secure government bond yields as a starting point. Again, with regard to the real economy, a risky return on capital would be a more appropriate yardstick. When we look at measures for the return on private capital, we see a strong contrast with risk-free rates. Returns on private capital have remained broadly stable over the last decades in the US,[11] Germany[12] and the euro area as a whole.[13] 

    From these observations, Ricardo Reis draws the following conclusion: focusing exclusively on the return on government bonds as the measure of r-star, while neglecting the return on private capital, leads to the wrong policy advice.[14]

    Another case in point is the time horizon that is considered. Commonly cited estimates seek to assess the real rate that prevails in the longer run, when all shocks have dissipated. Most of these estimates are highly imprecise. Many methods simply project the current or the historical level of real rates into the future. This may confound permanent trends with cyclical factors, which may not be representative for the future. As a result, such methods could miss important turning points in real rate trends. 

    Other approaches characterise a short-run real rate in a hypothetical world without frictions. While interesting, this concept is of limited value for actual policymaking in the real world. Methods based on a short-term equilibrium tend to produce more volatile estimates of r-star.

    There is a third reason for caution: monetary policy itself may play a role in shaping the natural rate or its estimates. A number of studies challenge the view that money is neutral in the long run.[15] 

    There are different channels through which monetary policy could have lasting effects on real interest rates. Prolonged tight monetary policy, for example, may lower investment, innovation and productivity growth.[16] By contrast, persistent monetary easing could fuel financial imbalances and contribute to zombification.[17] 

    Moreover, recent research suggests that central bank announcements provide guidance about the trend in real rates. For instance, a narrow window around Fed meetings captures most of the trend decline in US real long-term yields since 1980.[18] This could mean: when central banks look for r-star in financial market prices, they might actually be looking in a mirror.[19] Feedback loops between monetary policy and markets could unduly reinforce their perceptions about r-star. And shifts in perceived r-star could affect actual r-star as it influences saving and investment decisions.

    5 Conclusions for monetary policy

    Against the backdrop of these major uncertainties, the final key question of my speech is this: what role can and should r-star play for monetary policy in practice?

    Let’s approach the answer with a thought experiment: Put yourself in the shoes of a monetary policymaker who only looks at r-star. The relevant interest rate with which you steer the monetary policy stance is currently 2.75 %. After a previous series of interest rate cuts, you consider whether a further cut would be appropriate.

    Your staff inform you that various point estimates of r-star range from around 1.8 % to 2.5 % in nominal terms. If r-star were at the upper end of the estimates, the policy rate would become neutral with the next rate cut. Things would be different if r-star were at the lower end of the estimates: Monetary policy would continue to be restrictive, even after several further rate cuts.

    So how would you proceed, given a certain stance you want to achieve? Beware: If you rely on a wrong estimate, your decision may have a different effect on inflation than you intended. Simply choosing the middle of the range might not be a happy medium. Around the point estimates, there are often uncertainty bands of different sizes and with asymmetries.

    As you have probably guessed: It is no coincidence that I have described this particular decision-making situation. It looks similar in the euro area ahead of the next monetary policy meeting of the ECB Governing Council at the beginning of March. After several rate cuts, the neutral rate could already be near – or there may still be some way to go.

    The President of the New York Fed, John Williams, put the problem in a nutshell when he said: as we have gotten closer to the range of estimates of neutral, what appeared to be a bright point of light is really a fuzzy blur.[20]

    The bottom line here is this: The closer we get to the neutral rate, the more appropriate it becomes to take a gradual approach. For this purpose, r-star is a helpful concept: it indicates when we need to be more cautious with policy rate moves so that we don’t take a wrong step. 

    At the same time, the limits of the concept are also clear: it would be risky to base decisions mainly on r-star estimates. Much more is needed to assess the current monetary policy stance and the optimal policy path for the near future.

    That is why the Eurosystem uses a variety of financial, real economic and other indicators along the monetary policy transmission mechanism. We want the fullest picture possible. And, of course, r-star also has a place in this picture. For instance, r-star is included in model-based optimal policy projections that we use in the decision-making process.

    In my opinion, proceeding in a data-driven and gradual manner has served the ECB Governing Council well. There is no reason to act hastily in the present uncertain environment. The data will tell us where we need to go.

    Away from day-to-day monetary policymaking, the concept of the natural rate of interest provides a useful framework. This is also exemplified in the policy scenarios that Ricardo Reis presented last week in Brussels.[21]

    He works with the assumption that government bond rates remain around current levels. I would add the assumption that inflation stays on target – actually, that is what I am in office for and committed to. Assuming output is at capacity, policy rates would be persistently higher than in the past. But the recommendations on actual monetary policy depend on the driving forces: is the new setting caused by less demand for safe and liquid assets or by an increase in productivity? And he has two more scenarios in his paper!

    That provides a good example of why we should take a close look at the factors behind r-star estimates. Here it is important to even better understand the forces that are shifting real interest rate trends. We need to find out how these forces and trends affect our work to ensure price stability.

    Reviewing our monetary policy strategy from time to time is therefore vital. That is precisely what we are doing right now in the Eurosystem. And, of course, in this process, we look at all the questions I mentioned about r-star.

    Our stargazing tour is drawing to a close. It turns out we were dealing more with dark matter than with a shining star. Just as dark matter is an exciting field for astronomers, r-star is a rewarding topic for economists.

    Using r-star alone to navigate the monetary policy universe could be like flying almost blind. But having it as one of many instruments in your cockpit is highly useful.

    I would like to end by quoting Stephen Hawking again: Mankind’s greatest achievements have come about by talking, and its greatest failures by not talking.

    Footnotes: 

    1. Wicksell, K. (1898), Geldzins und Güterpreise: eine Studie über die den Tauschwert des Geldes bestimmenden Ursachen, Jena, G. Fischer (English version as ibid. (1936), Interest and prices: a study of the causes regulating the value of money, London, Macmillan).
    2. Obstfeld, M., Natural and Neutral Real Interest Rates: Past and Future, NBER Working Paper, No 31949, December 2023.
    3. Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    4. Cesa-Bianchi, A., R. Harrison and R. Sajedi (2023), Global R*, CEPR Discussion Paper No 18518; Davis, J., C. Fuenzalida, L. Huetsch, B. Mills and A. M. Taylor (2024), Global natural rates in the long run: Postwar macro trends and the market-implied r* in 10 advanced economies, Journal of International Economics, Vol. 149; International Monetary Fund (2023), The natural rate of interest: drivers and implications for policy, World Economic Outlook, April, Chapter 2.
    5. On the development of risk appetite in financial markets, see Deutsche Bundesbank, Risk appetite in financial markets and monetary policy, Monthly Report, January 2025.
    6. Brand, C., N. Lisack and F. Mazelis (2025), Natural rate estimates for the euro area: insights, uncertainties and shortcomings, ECB Economic Bulletin, 1/2025.
    7. Additional models would also provide values outside this range, but are currently not deemed sufficiently robust.
    8. Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    9. Reis, R. (2025), The Four R-stars: From Interest Rates to Inflation and Back, draft working paper. 
    10. Wicksell, K. (1898), op. cit.
    11. Caballero, R., E. Farhi and P.-O. Gourinchas (2017), Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares, American Economic Review: Papers & Proceedings 107(5), pp. 614‑620.
    12. Deutsche Bundesbank, The natural rate of interest, Monthly Report, October 2017.
    13. Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    14. Reis, R., Which r-star, public bonds or private investment? Measurement and policy implications, Unpublished manuscript, September 2022.
    15. Jordà, Ò., S. Singh and A. Taylor, The long-run effects of monetary policy, NBER Working Papers, No 26666, January 2020, revised September 2024; Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    16. Baqaee, D., E. Farhi and K. Sangani, The supply-side effects of monetary policy, NBER Working Paper, No 28345, January 2021, revised March 2023; Ma, Y. and K. Zimmermann, Monetary Policy and Innovation, NBER Working Paper, No 31698, September 2023.
    17. Borio, C., P. Disyatat, M. Juselius and P. Rungcharoenkitkul (2022), Why so low for so long? A long-term view of real interest rates, International Journal of Central Banking, Vol. 18, No 3.
    18. Hillenbrand, S. (2025), The Fed and the Secular Decline in Interest Rates, The Review of Financial Studies, forthcoming. 
    19. Williams, J. C. (2017), Comment on “Safety, Liquidity, and the Natural Rate of Interest”, by M. Del Negro, M. P. Giannoni, D. Giannone, and A. Tambalotti, Brookings Papers on Economic Activity, Vol. 1, pp. 235‑316; Rungcharoenkitkul, P. and F. Winkler, The natural rate of interest through a hall of mirrors, BIS Working Paper No 974, November 2021.
    20. Williams, J. C., Remarks at the 42nd Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City, 1 October 2018.
    21. Reis, R. (2025), op. cit.

    MIL OSI Economics

  • MIL-OSI Economics: The European Financial Industry of the Future | 6. Frankfurt Digital Finance Conference & European Fintech Day

    Source: Bundesbank

    Check against delivery.

    Ladies and gentlemen,

    I’m glad to join you today at the “Gesellschaftshaus Palmengarten”. Its history goes back to the 19th century. It was the “Gründerzeit” or “founders’ period” – an era of strong economic expansion in Germany – when this building was constructed. And when Germany was developed as an industrial location. Developed by people, men and women, lead by curiosity, innovation, and a desire to achieve.

    We have to cast our minds back a few years to see times of growth, real innovation and increasing productivity in Europe.

    1 The role of the financial industry

    In the 2010s Germany had a period of solid growth that some called “the golden decade”. 

    Today, however, we see a need for growth and increasing productivity. Hence, our competitiveness is at stake. Not only in Germany, but also in other parts of Europe. And this comes at a time, when we are facing numerous major challenges:

    Consider the significant geopolitical uncertainties of our time – which make a rethink necessary in many respects. Also consider the digitalisation of large parts of our economy, incl. disruptive AI. And think about the climate-related need for an ecological transformation.

    Financing all of this requires a substantial amount of capital.

    This is where the financial industry comes in: The financial industry can act as an enabler of growth in the real economy. Growth that is so much needed right now.

    Looking forward, the financial industry could translate growth potential into real growth in many fields – digitalisation, AI, clean tech, pharma, biotech any many more.

    In sum, there are huge business opportunities for Germany and the EU. And we need the Financial industry to take advantage of the business opportunities. 

    But let us not forget that innovation happens in many places – at start-ups but also at well established companies. We need to make sure that a variety of funding sources are available to support our real economies.

    We need a specific financial ecosystem that enables young, innovative companies to flourish. Be it VC, PE, etc. We need established capital markets. Above all, we need a strong and healthy banking sector that supplies our economy with sufficient credit.

    That means: We need both traditional loans and venture capital. In any case, all the pockets of the financial industry provide the basis for a growing economy. It’s also the basis for the ecological transformation. 

    The German Council of Experts on Climate Change published [a week ago] new figures on the investment needs estimated for the transition towards net-zero economic activity. Those investment needs range between 135 and 255 billion euro – each year for Germany alone.[1] That’s a lot.

    Let’s now have a closer look at the digitalization including AI.

    2 Artificial intelligence: innovation and competitiveness

    The term artificial intelligence (AI) was coined in the middle of the 20th century. But it was the release of ChatGPT in November 2022 that marked a breakthrough. For the first time it became possible to use an AI system without detailed technical knowledge.

    Nowadays almost anyone can use AI. The importance of responsible AI practices on the increase – as highlighted in the latest Declaration by the G20.[2]

    There are important questions – to which, to be honest, there are no simple answers:

    Are the opportunities and risks of AI balanced? 

    Does AI lead to a global fragmentation, to a new barrier between those who use AI and those who don’t? 

    Does AI, as a general-purpose technology, help us better manage economic challenges?[3]

    One example of the latter point: Many societies are lacking skilled labour due to demographic change. Here, the use of AI could provide a solution by increasing efficiency or substituting human services. AI can also help drive innovation. 

    AI enables both incremental and disruptive innovation across all parts of society: 

    • by facilitating faster decision-making
      • optimizing existing processes, 
      • or by collecting, processing and using huge amounts of data.

    It fosters creativity, supports scientific breakthroughs, and unlocks opportunities for entirely new industries and business models – a potential, albeit disruptive, growth engine.

    Nevertheless, human creativity is still a key driver of innovation. In 2023, individuals or SMEs filed almost one in four patent applications in Europe.[4]

    Today, we are at a crucial stage: With international competition on the one side and technical and intellectual skills on the other. AI models from the United States are well-known and often considered state of the art. China in particular has recently come up with new and apparently very efficient language models. However, the discussion about the background is not yet complete.

    In Europe, we have to do our utmost to keep up with the pace. An important initiative recently came from France: In Paris the “EU AI Champions Initiative”, a high-level summit, was held at the beginning of this week.

    President Macron mentioned a funding volume of roundabout € 109 billion for AI in France. This approach is very encouraging for other EU member states. By comparison: USPresident Trump has mentioned USD 500 billion for his “Stargate” plan in the US. 

    Despite these substantial investments, there is no guarantee of success. On the other hand, we must not allow ourselves to be deterred by possible failures. One example is the French AI chatbot LUCIE, which has been taken offline after giving some weird answers. I am sure France will take this as a chance to try even harder.

    The narrative with all kind of innovation is: Accept failure to grow. The pioneers of the “Gründerzeit” – which I mentioned earlier – knew this only too well.

    We need this kind of courage to embrace a “culture of trial and error”. It provides an important impetus to do things better. On the other hand, we have to ensure that new technology does not cause severe damage. Especially because AI is a relatively new technology with unknown potential and consequences for the entire society.

    Risks can arise for the financial system, but much further afield as well. Imagine, risk management or investment advice would be provided mainly by AI. Would this mean that investment recommendations are becoming more and more similar? Would we have concentration of risks? And what consequences would this have for financial stability?[5]

    Even more far-reaching questions concern our society.

    The core question is: What does AI mean for our democracies, for our constitutions, for our fundamental rights? Specifically, we need to ask ourselves: Where is AI beneficial and where do we need clear rules.

    In other words: What are the basic rules for using this technology?

    It is therefore necessary to find a compromise between having the courage to innovate – and clear rules.

    3 Strengthening the financial industry

    Regardless of how we deal with AI, we have to return to the issue of financing its development. As indicated earlier, the financial industry, as an enabler, has an important role to play.

    Given the challenges of our time I mentioned earlier, it is vital to strengthen the European financial industry. 

    Let me highlight only two measures:

    First, we need to get started on improving start-up funding. In 2024, more than 2,700 innovative start-ups were founded in Germany, the second-highest count after the record year of 2021. There is no shortage of innovative concepts and entrepreneurship per se, but implementation is lacking. 

    Further completing the European capital markets union (CMU) is essential in this respect – promoting the development of the VC and private equity market as well as exit options for start-ups. The European Commission’s “Competitiveness Compass”, published recently, 29 January 2025, is a good start. 

    Second, we need to leverage digital technologies to create efficient, integrated and resilient European financial markets. The digital CMU could be a game changer in this respect. 

    Let me make it perfectly clear: Europe is a leader in this field. 

    We at the Bundesbank are engaged in several initiatives. And we have a prominent role to play in the development of a central bank digital currency (wholesale CBDC).

    4 Conclusion

    Ladies and gentlemen, let me sum up: And I can be very brief, but still to the point.

    The European Financial industry has to become an enabler of growth. Our Financial industry is key to ensure that the European economy stays competitive. 

    Thank you very much. 

    MIL OSI Economics

  • MIL-OSI Economics: Thales to maintain Royal Navy ships and submarines communications

    Source: Thales Group

    Headline: Thales to maintain Royal Navy ships and submarines communications

    • Defence Equipment & Support (DE&S) has awarded Thales UK a major contract to maintain the Royal Navy’s internal and external fleet communications and provide global 24/7 support operations for the next 10 years.
    • This investment is one of the largest in naval communications across Europe.
    • The announcement for Maritime Communications Capability Support (MCCS) secures around 100 high skilled UK jobs sustained.
    ©CrownCopyright

    The Royal Navy’s fleet communications systems are being maintained to support combat capability after one of the largest investment in naval communications across Europe. The announcement for Maritime Communications Capability Support (MCCS) secures around 100 high skilled jobs at Thales and the new arrangements are estimated to save the Royal Navy up to £30m in through life costs over the next decade.

    Communications systems on Royal Navy Units are a critical component of a platform’s ability to operate and fight; any failure or degradation of these systems places significant risk on the Royal Navy’s ability to fulfil Defence Outcomes. To meet and sustain global Royal Navy operational commitments requires resilient and enduring support contracts to maintain mission critical equipment at the highest levels of operational capability and availability.

    The MCCS arrangement replaces the previous Fleetwide Communications contract which Thales UK has overseen for the past seven years.

    Thales UK will also provide “waterfront” office services, obsolescence recovery for aging equipment and inventory management, ensuring spare part availability and ongoing defect repairs as required.

    A key element to the contract is the slashing of red tape through closer collaboration between DE&S, the Royal Navy, and Thales UK, effectively delivering a “one defence” team which massively reduces bureaucracy while boosting efficiency. Thales UK is awarded the freedoms and autonomy to make informed decisions on equipment replacement to sustain capability long-term to the benefit of the Royal Navy.

    Commodore Phil Game, Director of Sense, Decide & Communicate at DE&S, said: “First and foremost, this announcement ensures the Royal Navy continues to have effective and secure communications equipment with continuous support from Thales, which has Europe’s largest team of marine communications engineers, supporting its vital work keeping the UK and our allies safe. Crucially, we have looked at outcomes from other successful defence programmes and applied the lessons learned from those, in particular cutting unnecessary red tape and bureaucracy allowing Thales much more freedom to get the job done. We estimate that the scope of this contract will save between £25m and £30m in through life costs to the Royal Navy over the 10-year support period by working in a much more collaborative way with Thales UK, underlining our ‘one defence’ philosophy.”

    Phil Siveter, CEO Thales in the UK, said: “At Thales we are delighted to continue supporting the Royal Navy in its vital mission to protect our nation. This long-term fleetwide support framework reflects our unwavering commitment to ensuring the Royal Navy remains combat-ready and equipped with world-class communications capabilities, today and into the future. Building on seven years of trusted partnership, we are proud to provide the technical excellence and on-the-ground support that keeps ships, submarines and installations operational and mission-ready. By working as ‘one team’ across the Naval Enterprise, we are driving innovation and systems integration to place the Royal Navy at the cutting edge of defence technology for the next decade.”

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence & Security, 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.

    MIL OSI Economics

  • MIL-OSI USA: NASA’s Advancements in Space Continue Generating Products on Earth  

    Source: NASA

    The latest edition of NASA’s Spinoff publication, which highlights the successful transfer of agency technology to the commercial sector, is now available online.
    For nearly 25 years, NASA has supported crew working in low Earth orbit to learn about the space environment and perform research to advance deep space exploration. Astronauts aboard the International Space Station have learned a wealth of lessons and tried out a host of new technologies. This work leads to ongoing innovations benefiting people on Earth that are featured in NASA’s annual publication.  
    “The work we do in space has resulted in navigational technologies, lifesaving medical advancements, and enhanced software systems that continue to benefit our lives on Earth,” said Clayton Turner, associate administrator, Space Technology Mission Directorate at NASA Headquarters in Washington. “Technologies developed today don’t just make life on our home planet easier – they pave the way to a sustained presence on the Moon and future missions to Mars.” 
    The Spinoff 2025 publication features more than 40 commercial infusions of NASA technologies including: 

    A platform enabling commercial industry to perform science on the space station, including the growth of higher-quality human heart tissue, knee cartilage, and pharmaceutical crystals that can be grown on Earth to develop new medical treatments.  
    An electrostatic sprayer technology to water plants without the help of gravity and now used in sanitation, agriculture, and food safety.  
    “Antigravity” treadmills helping people with a variety of conditions run or walk for exercise, stemming from efforts to improve astronauts’ fitness in the weightlessness of space.  
    Nutritional supplements originally intended to keep astronauts fit and mitigate the health hazards of a long stay in space.  

    As NASA continues advancing technology and research in low Earth orbit to establish a sustained presence at the Moon, upcoming lunar missions are already spinning off technologies on Earth. For example, Spinoff 2025 features a company that invented technology for 3D printing buildings on the Moon that is now using it to print large structures on Earth. Another group of researchers studying how to grow lunar buildings from fungus is now selling specially grown mushrooms and plans to build homes on Earth using the same concept.  
    Spinoffs produce innovative technologies with commercial applications for the benefit of all. Other highlights of Spinoff 2025 include quality control on assembly lines inspired by artificial intelligence developed to help rovers navigate Mars, innovations in origami based on math for lasers and optical computing, and companies that will help lead the way to hydrogen-based energy building on NASA’s foundation of using liquid hydrogen for rocket fuel.  
    “I’ve learned it’s almost impossible to predict where space technology will find an application in the commercial market,” said Dan Lockney, Technology Transfer program executive at NASA Headquarters in Washington. “One thing I can say for sure, though, is NASA’s technology will continue to spin off, because it’s our goal to advance our missions and bolster the American economy.”  
    This publication also features 20 technologies available for licensing with the potential for commercialization. Check out the “Spinoffs of Tomorrow” section to learn more.
    Spinoff is part of NASA’s Space Technology Mission Directorate and its Technology Transfer program. Tech Transfer is charged with finding broad, innovative applications for NASA-developed technology through partnerships and licensing agreements, ensuring agency investments benefit the nation and the world.  
    To read the latest issue of Spinoff, visit: 
    https://spinoff.nasa.gov
    -end-
    Jasmine HopkinsHeadquarters, Washington321-431-4624jasmine.s.hopkins@nasa.gov

    MIL OSI USA News

  • MIL-OSI USA: Recognizing Employee Excellence

    Source: NASA

    Two NASA Glenn Research Center employees were among 19 agency researchers recognized as recipients of the Presidential Early Career Award for Scientists and Engineers (PECASE). 

    Lyndsey McMillon-Brown was recognized for leadership in photovoltaic research, development, and demonstrations. She was the principal investigator for a Science Technology Mission Directorate-funded Early Career Initiative where she led the development of perovskite photovoltaics, which can be manufactured in space. The team achieved sun-to-electricity power conversion efficiencies of 18%. They tested the durability of the solar cells by flying them in low Earth orbit for 10 months on the Materials International Space Station Experiment platform.   

    Timothy M. Smith was recognized for achievements in materials science research, specifically in high-temperature alloy innovation. Building upon his dissertation work, he designed a new high-temperature superalloy with radically improved high-temperature durability. Additionally, he helped develop a new manufacturing process that could produce new metal alloys strengthened by nano oxide particles. This led to the development of a revolutionary high- temperature alloy (GRX-810) designed specifically for additive manufacturing.  
    The PECASE Award is the highest honor given by the U.S. government to scientists and engineers who are beginning their research careers.  

    NASA Glenn Employee Named AIAA Fellow

    Brett A. Bednarcyk, a materials research engineer at NASA’s Glenn Research Center in Cleveland, has been named an American Institute of Aeronautics and Astronautics (AIAA) Fellow. His work is focused on multiscale modeling and integrated computational materials engineering of composite materials and structures. He has co-authored two textbooks on these subjects. 
    AIAA Fellows are recognized for their notable and valuable contributions to the arts, sciences, or technology of aeronautics and astronautics.  

    Glenn’s Dr. Heather Oravec Named Outstanding Civil Engineer  

    The American Society of Civil Engineers (ASCE) Cleveland Chapter has named Dr. Heather Oravec, a mechanical engineering research associate professor supporting NASA Glenn Research Center’s Engineering and Research Support (GEARS) contract team, the 2024 Outstanding Civil Engineer of the Year. Oravec is a research leader in the areas of terramechanics and off-road tire development for planetary rovers and works in NASA Glenn’s Simulated Lunar Operations (SLOPE) Lab. 
    This award honors a civil engineer who has made significant contributions to the field and to the community, furthering the recognition of civil engineers through work and influence. 

    MIL OSI USA News

  • MIL-OSI Security: A new era in testing: USAF TPS partners with Stanford and Silicon Valley for AI, emerging technologies course

    Source: United States Air Force

    This historic collaboration marks the school’s first major engagement with academia in recent memory and is part of a broader effort to prepare future military test leaders for the rapid advancements in artificial intelligence, data-driven systems, and autonomous technologies.

    MIL Security OSI

  • MIL-OSI: LITSLINK releases guide on how to build an AI assistant

    Source: GlobeNewswire (MIL-OSI)

    PALO ALTO, Calif., Feb. 12, 2025 (GLOBE NEWSWIRE) — As a leading software development company, LITSLINK has the skills and knowledge necessary for growing robust and scalable AI solutions. The company guides clients through every step of AI development, from ideation to deployment, with their team of skilled professionals.

    LITSLINK has extensive experience in delivering customized AI assistants and provides organizations with tools to automate repetitive tasks, enhance customer engagement, and achieve operational excellence.

    Why Build an AI Assistant?

    From automating daily business routines to providing real-time customer assistance, implementing AI assistants can save huge operational costs while improving process efficiency. According to a report by Gartner, 80% of enterprises will adopt Generative AI APIs by 2026. LITSLINK has been enabling businesses to stay competitive by offering end-to-end AI assistant development services.

    According to a report by Grand View Research, the worldwide AI market is expected to witness a CAGR of 37.3% from 2023 to 2030. Innovation in industries such as retail, healthcare, finance, logistics, etc., is unlocking the benefits of AI-infused solutions, which is driving this growth to the next level.

    For businesses, the benefits of AI assistants are clear:

    • Improved Efficiency: Allow automation of processes that free human resources to more critical jobs.
    • Enhanced Customer Experience: Offer round-the-clock availability, immediate feedback, and tailored communications.
    • Cost Savings: Save on operational costs with reduced manual labor and errors.
    • Data-Driven Insights: Use AI algorithms to uncover rates, trends, and hones in data.

    And LITSLINK has been leading this AI revolution by covering all these benefits through custom AI assistant development for businesses.

    LITSLINK’s Expertise in AI Development

    Creating an AI assistant is a huge challenge that demands proficiency in skills such as AI technologies, programming software, and user experience design. Seasoned developers, data scientists, and AI specialists at LITSLINK work with clients to build AI assistants that are functional and also business-oriented.

    Here is a breakdown of how LITSLINK tackles AI assistant development:

    1. Discovery and Strategy

    A successful AI assistant always starts with a business question. LITSLINK specialists work closely with clients to analyze top use cases, set goals, and build a strategic roadmap.

    • Key Questions: What issues are you trying to address? Who is your target audience? What features must be included?
    • Outcome: An extensive project plan consisting of the scope along with the timeline and deliverables.

    2. Custom Design and Development

    Once the strategy is developed, LITSLINK’s team gets down to designing and developing the AI assistant. This phase involves:

    • Natural Language Processing (NLP): Allowing the assistant to comprehend and respond in human language.
    • Machine Learning (ML): Training the assistant to enhance its accuracy and performance over time.
    • User Experience (UX) Design: Making sure the assistant provides a good experience to users. It should be well-designed, up-to-date, and aligned with the brand’s personality.

    Be it a chatbot for customer service, a voice-activated assistant for internal operations, or a hybrid solution, LITSLINK uses advanced technologies to create AI assistants, providing seamless, human-like interactions.

    3. Integration and Deployment

    For an AI assistant to be productive, it has to flow through existing systems. LITSLINK makes sure that the assistant integrates seamlessly into the customer’s CRM, ERP, or other systems, giving a consistent experience to both employees and end users.

    • APIs and SDKs: For smooth integration with third-party tools
    • Cloud Deployment: To ensure scalability and accessibility.

    4. Testing and Optimization

    LITSLINK tests the AI assistant before launching to align it with performance standards. This includes:

    • Functional Testing: Ensuring all the functionality works as intended.
    • User Testing: Gathering feedback from real users to identify areas for improvement.
    • Performance Optimization: Improving speed, accuracy, and responsiveness.

    After the launch, LITSLINK tracks and improves the assistant, making sure it aligns with business needs and technological advancements.

    5. Scalability and Support

    As businesses grow, so must their AI assistants. LITSLINK architects AI solutions that accommodate growing demand and adapt to new needs. Furthermore, the company offers constant training so that the assistant is constantly updated on new AI technology.

    Technological Stack and Innovations

    LITSLINK leverages advanced technologies, such as:

    • Natural Language Processing (NLP): Enables the AI assistant to comprehend and answer user questions.
    • Machine Learning (ML): Continuously improves performance improvement based on empirical data.
    • Cloud Integration: Guarantees scalability and reliability.

    Applications of AI Assistants

    LITSLINK helps numerous businesses across industries leverage the power of AI assistants. Now, let’s explore how the tools can assist in specific areas.

    • By leveraging an AI chatbot, retail companies can address 80% of customer queries and can shorten the response time by over 50%.
    • A voice-activated assistant adopted by a healthcare provider can ease appointment scheduling, freeing up staff time hours each week.
    • A logistics company can take delivery times down by 20% as a result of adding an assistant dedicated to route planning.

    I think the options are endless,” said Sergey Antonyuk, Chief Executive Officer at LITSLINK. “What’s really exciting is that we’re just starting to scratch the surface of what we can do with AI. Our research suggests businesses investing in this technology today will be the future market leaders.

    Get Started with LITSLINK

    Are you ready to take your business to the next level with an AI assistant? So join LITSLINK and become one of the companies driving their business with smart technology solutions.

    About LITSLINK

    LITSLINK is a leading software development company that focuses on the latest technologies, including AI, mobile and web development, and cloud solutions. Founded in 2014, we enable startups, SMBs, and enterprises to convert initial ideas into innovative digital products. We are a hub for businesses looking for high-quality, scalable tech solutions and are focused on providing extraordinary user experiences.

    The MIL Network

  • MIL-OSI Europe: Highlights – Withdrawal of the AI Liability Directive – Committee on the Internal Market and Consumer Protection

    Source: European Parliament

    The Commission announced that it will withdraw its legislative proposal on AI Liability. The IMCO Committee will therefore adjust its procedural calendar based on the decision of the JURI Committee that leads on this file. In the mean-time, work continues as planned in the IMCO Committee.

    However, during the presentation of the legislative proposal by the Commission on 28 January, several political groups voiced concerns about the directive’s premature timing and/or its sub-optimal alignment with the AI Act. Indeed, the IMCO rapporteur Kosma Złotowski (PL, ECR) had called for the withdrawal of the proposal.

    MIL OSI Europe News

  • MIL-OSI Europe: JOINT MOTION FOR A RESOLUTION on the further deterioration of the political situation in Georgia – RC-B10-0106/2025

    Source: European Parliament

    Rasa Juknevičienė, Michael Gahler, Andrzej Halicki, Sebastião Bugalho, David McAllister, Željana Zovko, Isabel Wiseler‑Lima, Antonio López‑Istúriz White, Wouter Beke, Krzysztof Brejza, Daniel Caspary, Andrey Kovatchev, Miriam Lexmann, Reinhold Lopatka, Ana Miguel Pedro, Davor Ivo Stier, Michał Szczerba, Alice Teodorescu Måwe, Inese Vaidere, Michał Wawrykiewicz
    on behalf of the PPE Group
    Yannis Maniatis, Nacho Sánchez Amor, Tobias Cremer
    on behalf of the S&D Group
    Adam Bielan, Rihards Kols, Małgorzata Gosiewska, Mariusz Kamiński, Sebastian Tynkkynen, Veronika Vrecionová, Ondřej Krutílek, Michał Dworczyk, Roberts Zīle, Marlena Maląg, Ivaylo Valchev, Alexandr Vondra, Jadwiga Wiśniewska, Assita Kanko
    on behalf of the ECR Group
    Urmas Paet, Petras Auštrevičius, Malik Azmani, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Engin Eroglu, Bernard Guetta, Karin Karlsbro, Michał Kobosko, Ilhan Kyuchyuk, Nathalie Loiseau, Jan‑Christoph Oetjen, Marie‑Agnes Strack‑Zimmermann, Eugen Tomac, Hilde Vautmans, Sophie Wilmès, Dainius Žalimas
    on behalf of the Renew Group
    Reinier Van Lanschot
    on behalf of the Verts/ALE Group

    European Parliament resolution on the further deterioration of the political situation in Georgia

    (2025/2522(RSP))

    The European Parliament,

     having regard to its previous resolutions on Georgia, in particular that of 28 November 2024 on Georgia’s worsening democratic crisis following the recent parliamentary elections and alleged electoral fraud[1],

     having regard to Georgia’s status as an EU candidate country, granted by the European Council at its summit of 14 and 15 December 2023,

     having regard to Article 78 of the Georgian Constitution, which demands the implementation of all possible measures to guarantee Georgia’s complete integration into the EU and NATO,

     having regard to the final report of the Organization for Security and Co-operation in Europe (OSCE) on the parliamentary elections held in Georgia on 26 October 2024,

     having regard to Rules 136(2) and (4) of its Rules of Procedure,

    A. whereas the democratic backsliding in Georgia has dramatically accelerated since the parliamentary elections of 26 October 2024, which were deeply flawed and marked by grave irregularities, and failed to meet international democratic standards and Georgia’s OSCE commitments; whereas these elections violated the democratic norms and standards set for free and fair elections, failing to reflect the will of the people and rendering the resulting ‘parliament’, and subsequently the ‘president’, devoid of any democratic legitimacy; whereas from the very beginning of its activity, the current Georgian parliament has operated as a one-party (Georgian Dream) organ, which is incompatible with the essence of pluralistic parliamentary democracy;

    B. whereas Article 2 of the EU-Georgia Association Agreement[2] concerns the general principles of the agreement, which include democratic principles, human rights and fundamental freedoms;

    C. whereas Article 78 of the Georgian Constitution states that the constitutional bodies must take all measures within the scope of their competences to ensure the full integration of Georgia into the European Union;

    D. whereas the President of Georgia, Salome Zourabichvili, publicly condemned the parliamentary elections as rigged, declared that she would not recognise them and called for an international investigation; whereas the current Georgian regime, led by the Georgian Dream party and its founder, Bidzina Ivanishvili, has orchestrated an unconstitutional usurpation of power, systematically dismantling democratic institutions, undermining judicial independence and eroding fundamental freedoms and the rule of law, thereby deepening Georgia’s political and constitutional crisis;

    E. whereas Georgia has officially held the status of EU candidate country since December 2023; whereas on 28 November 2024, Irakli Kobakhidze announced that Georgia would delay initiating accession talks with the EU and reject its financial assistance until the end of 2028, disregarding the country’s constitutional commitment to European integration and effectively undermining Georgia’s sovereign Euro-Atlantic aspirations;

    F. whereas on 28 November 2024, peaceful mass anti-government protests began across the country, demanding new, free and fair elections, an end to political violence and repression, and the return of the country to its European path; whereas the protests have been taking place without interruption for over 75 days;

    G. whereas on 14 December 2024, the de facto parliament held a ‘presidential election’ with a single candidate from the Georgian Dream party, former footballer Mikheil Kavelashvili, elected with 224 out of 225 votes cast;

    H. whereas Georgia’s self-appointed authorities have plunged the country into a fully fledged constitutional and political crisis, as well as a human rights and democracy crisis; whereas this has been marked by the brutal repression of peaceful protesters, political opponents and media representatives, with judges, prosecutors and police officers actively fabricating politically motivated administrative and criminal charges against protesters, journalists and opposition figures detained during peaceful anti-government demonstrations; whereas, as of December 2024, more than 460 people have been arrested or punished since the protests began, with this number growing by the day;

    I. whereas riot police deliberately lacking force identification numbers have forcefully dispersed protesters with tear gas and water cannons; whereas numerous journalists have reported being targeted and beaten, and having their equipment destroyed and personal items stolen; whereas dozens of protesters have been brutally assaulted, and several hundred people have been arrested; whereas Georgia’s Public Defender has revealed that 80 % of those detained reported experiencing violence and inhumane treatment at the hands of law enforcement officers; whereas despite international condemnation, the illegitimate Georgian Government has awarded medals to officials involved in the crackdown;

    J. whereas independent media outlets, including TV Formula, TV Mtavari and TV Pirveli, face severe operational and financial constraints due to the regime’s interference, while dozens of media representatives are being subjected to various forms of intense physical and psychological pressure; whereas numerous violent attacks on journalists have been documented, including the severe beatings of Aleksandre Keshelashvili, Maka Chikhladze and Giorgi Shetsiruli, and the harassment of detained journalist Saba Kevkhishvili; whereas on 12 January 2025, the Georgian authorities arrested journalist Mzia Amaghlobeli, who has been in pre-trial detention since then and is on hunger strike in solidarity with all political prisoners in Georgia; whereas she faces between four and seven years in prison;

    K. whereas, on the night of 14 January 2025, Giorgi Gakharia, opposition leader of the For Georgia party and former Prime Minister, and Zviad Koridze, journalist and Transparency International activist, were physically assaulted by Georgian Dream officials in separate incidents at the same venue in Batumi;

    L. whereas on 2 February 2025, Nika Melia, a leader of the pro-European Akhali party, and Gigi Ugulava, the former mayor of Tbilisi, were arrested during the anti-government protests and subjected to physical violence in detention; whereas on 12 January 2025, Elene Khoshtaria, leader of the Droa political movement, was detained in Batumi;

    M. whereas the de facto Georgian authorities have used disproportionate force and excessive violence against peaceful protesters and resorted to arbitrary mass arrests to thwart dissent; whereas independent human rights organisations have reported the systemic mistreatment of detainees, including torture; whereas to date, not a single law enforcement official involved in the brutal crackdowns, arbitrary arrests and mistreatment has been brought to justice;

    N. whereas the self-appointed authorities introduced new draconian legislation that came into force on 30 December 2024 and amended the Criminal Code, the Code of Administrative Offences and the Law on Assemblies and Manifestations, imposing further arbitrary restrictions on the rights to freedom of expression and peaceful assembly, introducing, among other things, hefty fines for putting up protest slogans and posters, and granting police the power to detain individuals ‘preventively’ for 48 hours on suspicion of planning to violate the rules governing public assembly; whereas on 3 February 2025, the Georgian Dream party unveiled further draft legislation designed to tighten control, ramping up penalties for a variety of offences directly targeting protestors, critics and political dissent, such as harsher punishments for ‘insulting officials’, the criminalisation of road blocks and an increase in the duration of administrative detention from 15 to 60 days;

    O. whereas on 27 January 2025, the Council decided to suspend parts of the EU-Georgia visa facilitation agreement for Georgian diplomats and officials, but failed to impose individual sanctions in response to the continued crackdown; whereas the Hungarian and Slovak Governments have been consistently blocking impactful EU-wide sanctions, preventing the remaining 25 Member States (EU-25) from effectively introducing sanctions against the self-appointed Georgian authorities;

    P. whereas several Member States, including Lithuania, Estonia, Latvia and Czechia, have imposed bilateral sanctions on some Georgian politicians, judges and other officials responsible for the brutal crackdown on protesters, violations of human rights and abuse of the rule of law; whereas in December 2024, the United States sanctioned Bidzina Ivanishvili, alongside Georgia’s ‘Minister of Internal Affairs’ Vakhtang Gomelauri and Deputy Head of the Special Tasks Department Mirza Kezevadze, for their involvement in brutal crackdowns on media representatives, opposition figures and protesters; whereas the UK and Ukraine have imposed similar sanctions on high-level Georgian officials; whereas Ivanishvili, through hastily adopted laws tailored to his personal situation, is moving his offshore assets to Georgia in anticipation of further sanctions;

    Q. whereas on 29 January 2025, Georgian Dream announced that it would withdraw its delegation from the Parliamentary Assembly of the Council of Europe (PACE) after it demanded new, genuinely democratic parliamentary elections, the release of political prisoners and accountability for perpetrators of violence; whereas UN experts have condemned the pattern of repression and human rights violations in Georgia, while the OSCE has called this suppression a serious breach of the right to freedom of assembly;

    R. whereas the ruling Georgian Dream party convened the new parliament in violation of the country’s constitution, resulting in a boycott of parliament by the opposition; whereas on 5 February 2025, the self-appointed ‘parliament’ voted to approve the early termination of the mandates of 49 out of 61 members of parliament, representing the Coalition for Change, Strong Georgia and the United National Movement, in order to strip them of their immunity and facilitate their arrest and prosecution; whereas the same ‘parliament’ established a commission to punish former ruling party United National Movement;

    S. whereas a growing number of civil servants have been dismissed after speaking out against the halting of Georgia’s EU accession process; whereas Georgian Dream has amended laws on public service, simplifying procedures to dismiss public servants, several of whom have been dismissed for participating in protests, in a clear attempt to silence critical voices;

    1. Condemns the Georgian Dream ‘authorities’ and urges them to immediately cease the violent repression of peaceful protesters, political opponents and media representatives; underlines that Georgia’s self-appointed authorities are currently violating fundamental freedoms, basic human rights and the core international obligations of the country, thereby undermining decades of democratic reforms driven by the country’s political class and civil society; considers Georgia as a state captured by the illegitimate Georgian Dream regime; expresses deep regret over the fact that the ruling Georgian Dream party has abandoned its path towards European integration and NATO membership; recalls that the ongoing democratic backsliding and adoption of anti-democratic laws has effectively suspended Georgia’s EU integration process; reiterates its unwavering support for the Georgian people’s legitimate European aspirations and their wish to live in a prosperous and democratic country;

    2. Does not recognise the self-proclaimed authorities of the Georgian Dream party established following the rigged election of 26 October 2024, which was neither free nor fair, was held in violation of democratic norms and standards, and did not reflect the will of the people of Georgia; underlines that the extensive electoral fraud has undermined the integrity of the election process, cast doubt on the legitimacy of the result and eroded public trust, both domestically and internationally, in any new government;

    3. Calls for the EU and its Member States, as well as national parliaments and interparliamentary institutions, not to recognise the legitimacy of the Georgian Dream one-party parliament and their appointed president; calls, therefore, on the international community to join the boycott of the self-proclaimed Georgian authorities;

    4. Continues to recognise Salome Zourabichvili as the legitimate President of Georgia and representative of the Georgian people; praises her efforts to peacefully steer the country back towards a democratic and European path of development; calls on the President of the European Council to invite President Zourabichvili to represent Georgia at an upcoming European Council meeting and at the next European Political Community summit;

    5. Underlines that the settlement of the current political and constitutional crisis in Georgia can only be achieved by way of new parliamentary elections; demands that new elections take place in Georgia within the next few months in an improved electoral environment, overseen by an independent and impartial election administration and monitored through diligent international observation to guarantee a genuinely fair, free and transparent process; encourages the Member States and EU officials to firmly demand new elections and to make any future engagement explicitly conditional on setting a new date for parliamentary elections and establishing a mechanism to ensure they are free and fair;

    6. Calls on the Council and the Member States, particularly the EU-25 on a bilateral and coordinated basis, to impose immediate and targeted personal sanctions on Bidzina Ivanishvili, his family and his companies, and to freeze all his assets within the EU for his role in the deterioration of the political process in Georgia, enabling democratic backsliding and acting against the country’s constitutionally declared interests of Euro-Atlantic integration; calls on the French Government to strip Bidzina Ivanishvili of the Legion of Honour and impose individual sanctions on him; welcomes, in this regard, the sanctions imposed bilaterally by Estonia, Latvia, Lithuania and Czechia, as well as those already imposed by the US and the UK;

    7. Calls for the EU and its Member States, in particular the EU-25 on a bilateral and coordinated basis, to impose personal sanctions on the officials and political leaders in Georgia responsible for democratic backsliding, electoral fraud, human rights violations and the persecution of political opponents and activists, including Irakli Kobakhidze, Shalva Papuashvili, Vakhtang Gomelauri, Mayor of Tbilisi and Secretary General of the ruling Georgian Dream party Kakha Kaladze, and Chair of the Georgian Dream party Irakli Garibashvili; calls for them to extend these sanctions to judges, including those of the Constitutional Court of Georgia who are passing politically motivated sentences, and representatives of the law enforcement services, as well as to financial enablers tacitly or openly supporting the regime and the owners of regime-aligned media outlets, including TV Imedi, Pos TV and Rustavi 2 TV, for their role in spreading disinformation and seeking to manipulate public discourse in order to sustain the current ruling party’s authoritarian rule;

    8. Calls on the Council and the Member States to impose sanctions on Bidzina Ivanishvili’s network of enablers, elite entourage, corrupt financial operatives, propagandists and those facilitating the repressive state apparatus, including, among others, Ekaterine Khvedelidze, Uta Ivanishvili, Tsotne Ivanishvili, Bera Ivanishvili, Gvantsa Ivanishvili, Alexander Ivanishvili, Shmagi Kobakhidze, Ucha Mamatsashvili, Natia Turnava, Ivane Chkhartishvili, Sulkhan Papashvili, Giorgi Kapanadze, Tornike Rizhvadze, Ilia Tsulaia, Kakha Bekauri, Lasha Natsvlishvili, Vasil Maglaperidze, Grigol Liluashvili, Mikheil Chinchaladze, Levan Murusidze, Irakli Rukhadze, Tinatin Berdzenishvili, Tamaz Gaiashvili, Anton Obolashvili and Gocha Enukidze;

    9. Maintains the view that the measures taken so far by the EU in response to the flagrant democratic backsliding and reneging on previous commitments does not yet fully reflect the severity of the situation in Georgia and the latest developments; welcomes the Council’s decision to suspend visa-free travel for Georgian diplomats and officials, but considers it as only a first step, which must be followed by tougher measures; deplores the obstruction by the Hungarian and Slovak Governments of the Council decisions on introducing sanctions against individuals responsible for democratic backsliding in Georgia;

    10. Emphasises that respect for fundamental rights is vital to the EU’s visa liberalisation benchmarks; reiterates its call on the Commission and the Council to review Georgia’s visa-free status, with the possibility of suspension if it is considered that EU standards on democratic governance and freedoms are not being upheld;

    11. Strongly condemns the brutal violence and repression used by Georgia’s ruling regime against peaceful protesters since 28 November 2024; calls for the immediate and unconditional release of all political prisoners and those detained during the anti-government protests; demands the release of journalist Mzia Amaghlobeli, who has been on hunger strike for over four weeks now because of her unjust detention and risks facing critical, irreversible and life-threatening consequences; denounces the assault and beating of former Prime Minister Giorgi Gakharia, resulting in his hospitalisation, followed by the arrest on 2 February 2025 of political leaders including Nika Melia and Gigi Ugulava, as a shocking escalation of state-orchestrated violence by Georgian Dream and its allies against peaceful demonstrators and political opponents; reminds of the detention of Elene Khoshtaria on 12 January 2025 in Batumi; 

    12. Reiterates its solidarity with the people of Georgia and its vibrant civil society in fighting for their legitimate democratic rights and for a European future for their country; urges the Georgian Government to reverse its current political course and return to implementing the will of the Georgian people for continued democratic reforms that would reopen the prospect of future EU membership;

    13. Strongly condemns the enactment of draconian legislation that imposes unjustified restrictions on freedoms of expression and peaceful assembly, and demands the annulment of such recently adopted repressive legislation; urges the Georgian authorities to immediately and unconditionally release all individuals detained for peacefully exercising their fundamental rights to freedoms of expression and peaceful assembly, and to ensure prompt, thorough and impartial investigations into all allegations of unlawful and disproportionate use of force by the law enforcement agencies; considers that the Georgian justice system has been weaponised to stifle dissent, instil fear and silence free speech;

    14. Calls for the ‘Georgian authorities’ to take immediate action to ensure the safety and freedom of journalists and to investigate all instances of violence and misconduct by law enforcement agencies; emphasises the importance of fostering a democratic environment where media, civil society and the opposition can operate freely without fear of retaliation or censorship;

    15. Demands an independent, transparent and impartial investigation into police brutality and the excessive use of force against peaceful demonstrators; calls for those responsible for human rights violations, including law enforcement and government officials ordering acts of repression, to be held fully accountable before the law;

    16. Denounces the launch of an investigation by the Prosecutor’s Office on 8 February 2025 into non-governmental organisations accused of aggravated sabotage, attempted sabotage and assisting foreign and foreign-controlled organisations in hostile activities aimed at undermining the state interests of Georgia, for which they could receive multiple-year sentences; views this action as further escalation of repression by the regime, misuse of the judicial system and accelerated democratic backsliding;

    17. Condemns the broader campaign of attacks by the Georgian authorities vilifying civil society organisations and reputable international donors that support democracy, the rule of law and the protection of human rights in Georgia;

    18. Denounces the termination by Georgian Dream of the mandates of 49 opposition members of parliament as a sign of further democratic backsliding, and considers this the latest move in Georgian Dream’s attack on political pluralism in the country;

    19. Welcomes PACE’s decision to challenge the credentials of Georgia’s parliamentary delegation due to democratic backsliding and human rights abuses; supports PACE’s call for Georgia to immediately initiate an inclusive process involving all political and social actors, including the ruling party, the opposition and civil society, to urgently address the deficiencies and shortcomings noted during the recent parliamentary elections and to create an electoral environment conducive to new, genuinely democratic elections to be announced in the coming months;

    20. Notes that Georgia, once a front runner for Euro-Atlantic integration, is undergoing an accelerated process of democratic backsliding, in a seemingly deliberate attempt to demonstrate that the will of the Georgian people no longer determines the country’s future, which could result in the country taking the Belarussian path of political development, transitioning from the current authoritarian state to a dictatorial regime;

    21. Deplores the decision of Irakli Kobakhidze to suspend accession talks and reject EU funding until the end of 2028; recalls that all polls consistently show the overwhelming support of the Georgian population for a Euro-Atlantic future; expresses strong support for the Euro-Atlantic aspirations of the Georgian people;

    22. Calls for an immediate and comprehensive audit of EU policy towards Georgia due to the democratic backsliding; calls on the Commission to review the EU-Georgia Association Agreement in the light of the self-declared Georgian authorities’ breach of the general principles, as laid down in Article 2, namely respect for democratic principles, the rule of law and fundamental freedoms; points out that non-fulfilment of obligations may result in the conditional suspension of economic cooperation and privileges afforded by the Agreement;

    23. Welcomes the Commission’s decision to cease all budgetary support to the Georgian authorities and to suspend the initiation of any future investment projects; encourages the Commission to terminate all financial support for ongoing projects; calls for a moratorium on all investment projects in the field of connectivity; calls on the Commission to start identifying economic sectors of relevance to the oligarchic interests that support and sustain the current authoritarian rule, with a view to a potential future decision about restrictive measures or economic sanctions; calls on the Commission to start identifying connectivity projects that support and sustain the current authoritarian rule and to consider their suspension until a rerun of the parliamentary elections;

    24. Condemns the climate of intimidation and polarisation fuelled by statements by Georgian Government representatives and political leaders, as well as by attacks against political pluralism, including through disturbing cases of intimidation and violence against the Georgian democratic political forces and repeated threats to ban opposition parties, to arrest their leaders and even ordinary supporters, and to silence dissent; underlines that anything but the full restoration of Georgia’s democratic standards will entail a further deterioration of EU-Georgia relations, make any move towards EU accession impossible and result in additional sanctions;

    25. Calls on the Commission to swiftly redirect the frozen EUR 120 million originally intended as support for the Georgian authorities to enhance the EU’s support for Georgia’s civil society, in particular the non-governmental sector and independent media, which are increasingly coming under undue pressure from the ruling political party and the authorities, as well as to support programmes supporting democratic resilience and electoral integrity; calls for the EU’s funding mechanisms to be adjusted to take into account the needs that arise in a more hostile and anti-democratic environment; highlights the urgency of the need to support civil society in the light of growing repression and the suspension of activities of the US Agency for International Development (USAID), and therefore urges the Commission to ramp up support without delay;

    26. Expresses deep concern about the increasing Russian influence in the country and about the Georgian Dream government’s actions in pursuing a policy of rapprochement and collaboration with Russia, in spite of its creeping occupation of Georgian territory; deplores, in this regard, the growing anti-Western and hostile rhetoric of the Georgian Dream party’s representatives towards Georgia’s strategic Western partners, including the EU, and its MEPs and officials, and Georgian Dream’s promotion of Russian disinformation and manipulation;

    27. Strongly reiterates its urgent demand for the immediate release of former President Mikheil Saakashvili on humanitarian grounds, specifically for the purpose of seeking medical treatment abroad; emphasises that the self-appointed authorities bear full and undeniable responsibility for the life, health, safety and well-being of former President Mikheil Saakashvili and must be held fully accountable for any harm that befalls him;

    28. Instructs its President to forward this resolution to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the Council, the Commission, the governments and parliaments of the Member States, the Council of Europe, the Organization for Security and Co-operation in Europe and the self-appointed authorities of Georgia.

     

     

    MIL OSI Europe News

  • MIL-OSI Europe: Written question – US AI chip export restrictions: a challenge to EU unity and technological sovereignty – E-000483/2025

    Source: European Parliament

    Question for written answer  E-000483/2025
    to the Commission
    Rule 144
    Virginijus Sinkevičius (Verts/ALE), Alexandra Geese (Verts/ALE), Anna Cavazzini (Verts/ALE), Adam Jarubas (PPE), Mārtiņš Staķis (Verts/ALE), Kim Van Sparrentak (Verts/ALE), Reinier Van Lanschot (Verts/ALE), Pierre Jouvet (S&D), Sara Matthieu (Verts/ALE), Vilija Blinkevičiūtė (S&D), Dainius Žalimas (Renew), David Cormand (Verts/ALE), Benedetta Scuderi (Verts/ALE), Paulo Cunha (PPE), Irena Joveva (Renew), Alex Agius Saliba (S&D), Elena Sancho Murillo (S&D), Magdalena Adamowicz (PPE)

    The recent US decision to impose export restrictions on advanced AI chips has created a significant challenge for the EU’s single market and technological sovereignty. By categorising Member States into different tiers, with some countries facing caps on AI chip imports, the United States has effectively fragmented the EU’s unified approach to AI development. This decision is particularly concerning given the US’s status as a strategic partner and the EU’s reliance on US-made AI chips. It is crucial to engage with the new US administration to seek a unified treatment of the EU as a bloc.

    How will the Commission address this challenge and what concrete steps will it take to:

    • 1.mitigate the potential negative impacts on EU countries facing export caps, ensuring solidarity with, and support for, those Member States whose access to these critical technologies has been restricted?
    • 2.accelerate the development of the EU’s domestic AI chip production capabilities to reduce dependence on external suppliers?
    • 3.create the legal conditions for a unified EU export control regime in the framework of the review of the Dual Use Export Control Regulation[1] in order to deny third country actors the possibility to divide the Member States?

    Submitted: 4.2.2025

    • [1] Regulation (EU) 2021/821 of 20 May 2021 setting up a Union regime for the control of exports, brokering, technical assistance, transit and transfer of dual-use items, ELI: http://data.europa.eu/eli/reg/2021/821/oj.
    Last updated: 12 February 2025

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: International Conference organised by Central Council for Research in Unani Medicine concludes today

    Source: Government of India (2)

    International Conference organised by Central Council for Research in Unani Medicine concludes today

    National and International experts and luminaries from the field of health sciences shared their knowledge and expertise

    Posted On: 12 FEB 2025 8:10PM by PIB Delhi

    The International Conference on “Innovations in Unani Medicine for Integrative Health Solutions – A way forward” organized by the Central Council for Research in Unani Medicine (CCRUM), Ministry of Ayush, Government of India in hybrid mode as part of Unani Day 2025 Celebration successfully concluded at Vigyan Bhawan, New Delhi today.

    The conference was inaugurated yesterday by Smt. Droupadi Murmu, President of India in the presence of Dr. Jitendra Singh, Minister of State (Independent Charge), Ministry of Science and Technology, Ministry of Earth Sciences, Minister of State, Prime Minister’s Office, Ministry of Personnel, Public Grievances and Pensions, Department of Atomic Energy & Department of Space, Government of India, Shri PratapraoJadhav, Minister of State (Independent Charge), Ministry of Ayush & Minister of State for Health Family welfare.

    The conference had a panel discussion and nine scientific sessions on the sub-themes, viz. “Harnessing Artificial Intelligence and Machine learning for Ayush/ Traditional Medicine: Prospects and Challenges”, “Unani Medicine for Globalized Health-Unlocking New Opportunities.”, “Moving towards Sustainable Development Goal -3: Good Health and Well Being. ”, “Integrating Traditional Medicine into Healthcare Systems”, “Unani Perspectives on Mental Health and Well-Being”, “Development of Unani Ahar (Diet): through Scientific Approach”, “Evidence based recent research trends in Unani Medicine”, “Advancements in Regimental therapies (Ilaj biltadbir)” and “Translational Research in Unani/traditional systems of medicine”.

    A number of national and international experts and luminaries from the field of health sciences shared their knowledge, experiences and expertise in the conference. Stakeholders from industry, academia and research organizations engaged in development of Unani Medicine and related health sciences attended the conference in large numbers physically as well as in online mode.

    The conference also witnessed the transfer of patented technology, developed by CCRUM. The technology was transferred by NRDC on behalf of CCRUM to industry. The technology for Unani toothpaste for dental care was transferred to Dehlvi Naturals while the technology for Unani Regimen for Vitiligo was transferred to Hamdard Laboratories. The valedictory session witnessed release of three books published by the CCRUM, together with three videos and Presentation of Appreciation Certificates to exhibitors.

    Valedictory session was graced by Ms. Monalisa Dash, Joint secretary, Ayush. In her address she extended her warm greetings on the occasion and emphasized that Unani medicine, with its rich heritage and holistic approach, has immense potential to address contemporary health challenges. Encouraging stakeholders to actively engage, she urged them to leverage this platform for knowledge exchange, interdisciplinary partnerships, and efforts to enhance the scientific validation and accessibility of Unani medicine. She added that “During the past two days we have seen exchange of ideas and experience. Opening vistas of opportunities to new students and researchers. The Ministry of Ayush is offering significant support to Unani and working on better acceptance. Our culture ethos of Vasudhaiva Kutumbakam which depicts the world is one family and hence all should reap the benefits of Unani medicine.   The standard and quality control are vital areas and should be focused in every system for their global acceptance. NABL and NABH accreditation of CCRUM institutes  reflects the commitment of CCRUM in this area”. She encouraged the students to take the best of the deliberations by eminent scholars.

    Dr. N. Zaheer Ahmad, Director General, CCRUM, Ministry of Ayush, Government of India, expressed his gratitude to the dignitaries, academicians, researchers, industry leaders and CCRUM officials for their valuable contributions to the conference. He stated that the presence of Hon’ble President of India was totally overwhelming for all of us.He summed up the inaugural and the proceedings of the conference and expressed happiness over the launch of books, videos, barley based Unani Ahaar, and proudly shared that the transfer of technology was done for the first time in the history of CCRUM. He further stressed CCRUM’s pivotal role in pioneering advanced research, establishing state-of-the-art laboratories, and promoting evidence-based practices to elevate the global recognition of Unani medicine. By fostering innovation, upholding quality standards, and strengthening collaborations, Unani medicine can continue to thrive as a vital component of integrative healthcare, contributing to a healthier and more sustainable future.

    Professor Mohammad Afshar Alam, Vice Chancellor, Jamia Hamdard, stated that Unani medicine has been the cornerstone for healthcare systems. It is relatively safe and has the ability to address contemporary health issues. Recognizing the contributions of Hakim Ajmal Khan, he acknowledged the contribution of Hakim Abdul Hameed who was a pioneer in advancing Unani medicine. He stated that no single system can address all health issues and so we need better collaboration and integration. Integrating health solution is not only for treating disease but also for promotion and improvement of lifestyle. He reaffirmed that Jamia Hamdard is committed to advancing the rich legacy of traditional systems of medicine. He congratulate the Director General and his team and the dignitaries in making this conference a success

     

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  • MIL-OSI Asia-Pac: BHARAT NOT ONLY PROVIDES BUSINESS & INVESTMENT OPPORTUNITIES TO THE WORLD, IT ALSO PROVIDES LEADERSHIP IN ALL SECTORS: LOK SABHA SPEAKER

    Source: Government of India (2)

    BHARAT NOT ONLY PROVIDES BUSINESS & INVESTMENT OPPORTUNITIES TO THE WORLD, IT ALSO PROVIDES LEADERSHIP IN ALL SECTORS: LOK SABHA SPEAKER

    IT SHOULD BE OUR ENDEAVOR TO MAKE CITIZENS A STAKEHOLDER IN GOVERNANCE: LOK SABHA SPEAKER

    MORE THAN HUNDRED CEOs, OWNERS & FOUNDERS FROM 16 COUNTRIES CALL ON LOK SABHA SPEAKER

    MEMBERS OF DELEGATION SHOWED KEEN INTEREST IN BHARAT’S ECONOMIC PROGRESS AND ITS LEADERSHIP IN GLOBAL AFFAIRS

    CONSTITUTION OF BHARAT AND PARLIAMENTARY DEMOCRACY FORM BEDROCK OF PEACE, GROWTH, AND DEVELOPMENT IN THE WORLD’S LARGEST DEMOCRACY: LOK SABHA SPEAKER

    DELEGATION OF HARVARD BUSINESS SCHOOL ALUMNI CALLS ON LOK SABHA SPEAKER

    Posted On: 12 FEB 2025 7:10PM by PIB Delhi

     Lok Sabha Speaker Shri Om Birla has asserted that Bharat not only provides business and investment opportunities to the world but it also provides leadership and solutions to the world in various sectors of economy and in global affairs. Addressing a delegation of more than 100 CEOs, Owners and Founders of renowned companies from 16 countries in parliament House complex today, Shri Birla said that Bharat has taken the centre stage in global leadership due to political stability and good governance with a vision of Vasudhaiv Kutumbkam. In an engaging and enriching interaction with the delegation of Harvard Business School Alumni Group, Shri Birla said that Constitutionof Bharat and parliamentary democracy form the bedrock of peace, growth, and development in the world’s largest democracy. He emphasized the significance of Bharat’s foundational democratic principles in shaping the nation’s trajectory and fostering an environment conducive to prosperity.

    The delegation demonstrated a keen interest in understanding India’s economic progress and its rising stature on the global stage. During the interaction, the members of the delegation sought to learn more about the policies that have propelled India’s growth and its evolving role in the international community. Shri Birla welcomed their questions and provided thoughtful responses, particularly regarding economic investments and the functioning of parliamentary democracy. He informed the delegation that under the dynamic leadership of Prime Minister Shri Narendra Modi, country is moving ahead on the path of holistic development with the larger goal of Viksit Bharat. Shri Birla welcomed the delegation members to invest in Bharat and assured them of support from all stakeholders in this process. In response to a question, Shri Birla observed that parliamentary democracy is the best form of governance and it provides effective solutions to various issues.

    He added that it should be our endeavor to make our citizens stakeholders in democratic form of governance, which will lead to ‘Good Governance’. The delegation which comprised business leaders in their respective countries, thanked Lok Sabha Speaker for providing deeper understanding of Bharat’s political and economic landscape, addressing the growing global curiosity about the nation’s development.

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  • MIL-OSI Asia-Pac: India moving towards becoming a global leader in defence innovation & aerospace technology: Raksha Mantri Shri Rajnath Singh at Valedictory event of Aero India 2025

    Source: Government of India (2)

    India moving towards becoming a global leader in defence innovation & aerospace technology: Raksha Mantri Shri Rajnath Singh at Valedictory event of Aero India 2025

    “Nothing less than the best can be allowed when it comes to national security; Providing our soldiers with the best of everything is our national responsibility”

    “The time has come for the private industry to take a lead in defence manufacturing sector in India”

    India’s indigenous ingenuity in defence manufacturing displayed through 33 state-of-the-art items at ‘Samarthya’ indigenisation event, first-of-its-kind at Aero India

    Posted On: 12 FEB 2025 6:59PM by PIB Delhi

    “India is going through a revolutionary phase of transformation and is moving towards becoming a global leader in defence innovation & aerospace technology,” said Raksha Mantri Shri Rajnath Singh while addressing the Valedictory event of 15th Aero India in Bengaluru, Karnataka on February 12, 2025. Raksha Mantri stated that, at the beginning, holistic national empowerment was the underlying philosophy of the mantra of self-reliance given by the Prime Minister Shri Narendra Modi. “This philosophy gradually turned into our national spirit and now it is rapidly moving ahead to becoming a national resolution and national revolution,” he said. 

    Shri Rajnath Singh acknowledged the energy and enthusiasm being witnessed at Aero India 2025, stating that the growing participation of domestic & global exhibitors at the event and the breath-taking aerobatic performances by the Indian Air Force have made the 15th edition of Asia’s biggest aerospace and defence exhibition an unparalleled & historic event. He expressed optimism towards deeper and meaningful engagements amongst participating defence and aerospace companies.  

    Elaborating on the drastic change being witnessed in the field of defence manufacturing in the country, Raksha Mantri expressed appreciation over the fact that while 65-70% of defence equipment was imported a decade ago, today almost the same percentage of weapons/platforms are being manufactured on the Indian soil. “Today, we are at a juncture where many defence products, including fighter jets, missile systems & naval vessels, are not only protecting our borders, but also catching the attention of the world. From small artillery to large platforms like Brahmos and Akash missile system, we are exporting a variety of products to many countries. We have forged new partnerships at the global level, which has resulted in increased defence exports,” he added. 

    Shri Rajnath Singh asserted that India possesses a strong defence industrial complex, comprising 16 Defence Public Sector Undertakings (DPSUs), 430 licensed companies & about 16,000 MSMEs. He underlined that, with its current share of 21% in total defence production, the private sector is playing an active role in achieving the goal of self-reliance. He listed out the policies being constantly rolled out by the Government for the progress of both public and private sectors, including the revision of Defence Acquisition Procedure and the launch of initiatives/schemes such as Innovations for Defence Excellence (iDEX), Acing Development of Innovative Technologies with iDEX (ADITI) and Technology Development Fund (TDF). The time has come for the private industry to take a lead in the defence manufacturing sector in India, he said. 

    Raksha Mantri stressed on the fact that, in addition to the public & private sectors, the Armed Forces play the biggest role in the country’s pursuit of self-reliance. “National security is of utmost importance and there is no scope for any compromise. Nothing less than the best can be allowed when it comes to national security. Be it the equipment for our soldiers or provision of proper amenities for them & their families, providing them the best in everything is our national responsibility. I am happy to say that today our forces are not only being equipped with the ‘best’ weapons/technologies, they possess the platforms manufactured in India,” he said.

    Shri Rajnath Singh appreciated the Armed Forces for their full trust in indigenously-manufactured defence products. “The military has wholeheartedly adopted weapons and equipment manufactured in the country. Only with the complete satisfaction of our Armed Forces can we move ahead to achieve self-reliance at a faster pace. The huge Defence Industrial Complex being built in India is based on the trust and faith of all our forces,” he said. 

    Raksha Mantri reiterated the Government’s commitment to constantly increase defence preparedness, keeping in mind the dimensions of warfare emerging today. He said Aero India 2025 has shown the potential that the future of Indian defence and aerospace sector is not just limited to the skies, but beyond it. He expressed gratitude to everyone for participating in the 15th Aero India, and hoped that it sows seeds of many collaborative, mutually beneficial and successful ventures & alliances amongst the participants. 

    Earlier, Shri Rajnath Singh graced ‘Samarthya’ indigenisation event, which was first-of-its-kind at Aero India. It showcased India’s indigenous ingenuity in defence manufacturing through 33 major items including 24 of DPSUs, DRDO & Indian Navy and nine successful innovation projects of Innovations for Defence Excellence (iDEX). 

    The items included ELECTRO BLOCK of Anti-Aircraft Machine Gun, Electric Mobile Part for submarine, Torsion Bar Suspension of HMV 6×6, Extruded Al alloy for components of LCA MK-I/II, LCH, Indian High temperature alloy (IHTA) Forged, Solution Annealed & Machined Billet, VPX-135 Single Board Computer, Muzzle Bore Sight of Tank T-90, RudraM II MISSILE, Naval Anti-Ship Missile–Short Range, C4ISR System, DIFM R118 Electronic Warfare Systems, Automatic Dependent Surveillance Broadcast Receiver, Next-Generation Electric Ferry, Computerised Pilot Selection System, Counter measures for illegal drones (RF Jammer Guns), 4G/LTE TAC-LAN, Generation of Quantum Secure Keys between two nodes connected directly over 200 Kms) QKD – Armos, Abhed1 Secure Hardware based offline Encryption, Advanced autonomous systems for the armed forces, Attack surface monitoring tool, AI/ Ml Based Analytical and Decision Support Platforms (DeepDarshak), Smart Compressed Breathing Apparatus, Fire Wire for IFDSS, Portable RCS measuring device, Penetrator Assy for 125mm FSAPDS, Pilot Parachute PSU-36 for SU-30MKI, Knock out Engine (KOE) Charge for Konkurs-M missile, Diffusion Technology based Drivers Night Sight for BMP II and 30mm Six Barrel AO-18 Gun for AK630M Naval Gun. 

    During the event, three booklets – Coffee Table Booklet ‘Samarthya’ on Indigenisation; Compendium of Problem Definition Statement (CPDS) i.e. 2025 and Booklet of HQ IDS – were released by Raksha Mantri. The Coffee Table Booklet provides an overview of the indigenisation journey led by the Department of Defence Production. The Booklet of HQ IDS offers insights into conducting multi-domain operations in a data-centric environment, in the backdrop of emergence of new & transformative technology. 

    The CPDS aims to bridge the gap between the operational challenges of the Indian Army and the innovative solutions offered by academia, industry start-ups and research institutions. It contains 82 Problem Statements across 11 functional domains of warfare, including AI, communications, electronic warfare, situational awareness, survivability, mobility, armament, unmanned systems, cyber, logistical challenges etc.  It also includes problem statements for Indigenisation/ import substitution to reduce our import dependency for certain components or assemblies of legacy equipment. 

    The CPDS is a structured approach where the Army identifies and documents critical operational challenges and provides a platform for the Indian defence ecosystem to engage directly while accelerating the research and deployment of cutting-edge technologies tailored to the Army’s needs. The detailed guidelines elaborating on the procedure for submitting responses and evaluation criteria have been included in the Compendium available for download in the Army Design Bureau webpage of Indian Army website.   

    During the event, employees and associated industry partners of the DPSUs, DRDO, Services, who have contributed immensely in the indigenisation of the displayed items were felicitated during the event. Raksha Rajya Mantri Shri Sanjay Seth; Chief of Defence Staff General Anil Chauhan; Chief of the Naval Staff Admiral Dinesh K Tripathi; Chief of the Army Staff General Upendra Dwivedi; Chief of the Air Staff Air Chief Marshal AP Singh; Defence Secretary Shri Rajesh Kumar Singh; Secretary (Defence Production) Shri Sanjeev Kumar were among those who attended the event.

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  • MIL-OSI Asia-Pac: TRAI Strengthens Consumer Protection with Amendments to TCCCPR, 2018

    Source: Government of India (2)

    Ministry of Communications

    TRAI Strengthens Consumer Protection with Amendments to TCCCPR, 2018

    Posted On: 12 FEB 2025 6:11PM by PIB Delhi

    The Telecom Regulatory Authority of India (TRAI) has amended the Telecom Commercial Communications Customer Preference Regulations (TCCCPR), 2018 to further strengthen consumer protection against Unsolicited Commercial Communication (UCC). The revised regulations aim to deal with evolving methods of misuse of telecom resource and promote a more transparent commercial communication ecosystem for consumers.

    Since its implementation, TCCCPR-2018 has made breakthrough use of technology for spam control through blockchain-based regulatory framework. Despite the robust measures in place, spammers have evolved their tactics, necessitating further regulatory enhancements to safeguard consumer interests. Accordingly, TRAI issued a Consultation Paper (CP) on the Review of the TCCCPR 2018 on 28th August 2024 to seek stakeholders’ views on key regulatory amendments needed to enhance consumer protection and curb Unsolicited Commercial Communications (UCC). The consultation focused on several vital issues, including redefining commercial communication categories, strengthening consumer complaint redressal mechanisms, tightening the threshold norms for action against UCC, bringing in higher accountability of senders and telemarketers, curbing the misuse of 10-digit numbers for telemarketing, implementing stricter measures against unregistered telemarketers (UTMs), etc.

    The amendments introduced today build upon stakeholder feedback and extensive internal deliberations to reinforce consumer rights and prevent misuse of telecom resources while at the same time aiming that the legitimate commercial communication occur through registered entities, based on the preference and consent of the customers, thereby, balancing the interests of consumers with the need for supporting legitimate economic activities in the country.

    Salient Features of the consumer-centric amendments made to the regulations:

     

    1. Ease of reporting spam and Revamped Complaint mechanism:
      1. Consumers will now be able to make complaintagainst spam (UCC) calls and messages sent by unregistered senders without the need of first registering their preferences for blocking or receiving commercial communications.
      2. To make the complaint process simpler and more effective, it has been mandated that if a complaint made by a customer contains bare minimum essential data such as number of the complainant, number of Sender from which the Spam/UCC has been received, date on which spam is received and a brief about the UCC Voice Call/Message, the complaint shall be treated as a valid complaint. Access Provider can collect additional information from the complainant to support the investigation.
      3. Further, a customer can now make a complaint about spam/ UCC within 7 days of receiving spam as compared to earlier 3-day time limit.
      4. The access providers have been mandated to display the options for registering spam/UCC complaints at a prominent and easy to find place in their mobile App and Web portal. Additionally, their mobile App should be able to auto capture call logs, SMS details after obtaining permission from the subscriber and extract necessary details through it for complaint registration. Moreover, the mobile app should also have the facility to register complaints using screenshots provided by the complaint.
      5. Time limit for taking action by the access providers against the UCC from unregistered senders has been reduced from 30 days to5 days.
      6. To ensure prompt action against the senders of UCC, the criterion for taking action against them has been revised and made more stringent. As compared to earlier criterion of ‘having 10 complaints against the sender in last 7 days’ to trigger action, it has been modified to “having 5 complaints against the sender in last 10 days’. This would enable faster action and at the same time, coveringmore number of spammers.

     

    1. Empowering Customers:
      1. Improved mechanism for opting out from promotional communication: Telecom operators must now provide a mandatory option in the promotional messages using which a customer may opt out of receiving such messages, thereby, making preference modification simpler and easier for the consumers.
      2. Message headers will now carry standardized identifiers to help consumers easily distinguish between promotional, service, and transactional messages. Customers will be able to identify the type of commercial message by just looking at its header as “-P”, “-S”, “-T”, and “-G” will be suffixed to the message header for identification of promotional, service, transactional, and government messages, respectively.
      3. A separate category for messages sent by government has been created so that customers do not miss important government communications beneficial to them.
      4. A sender shall not make a request seeking consent of a customer who has opted out, before ninety (90) days from the date of such opt-out by the customer. However, customer will have the option to opt-in any time.
      5. The consent given by a customer for completing any ongoing transaction shall be valid only for 7 days so that businesses do not keep on making calls or sending messages to the customer indefinitely on the pretext of the consent given earlier.
      6. Further, consent of the customer which is implicit in case of transactional and service commercial communications, shall be valid only for the duration  or discharge of the contract between the customer and the sender, and, therefore, no service call can be made to the customer by such a sender thereafter unless the customer gives explicit consent for it.
      7. The amendments bring in disclosure of the use of auto-dialers/ robo calls, and its regulation to prevent undue disturbance to the customers.

     

    1. Stringent Measures against Spammers/ Senders of Unsolicited Commercial Communications
      1. Access providers must suspend all telecom resources of a sender found guilty of repeated violations. For the first violation of the regulatory threshold, outgoing services of all telecom resource of the sender will be barred for 15 days. For subsequent violations, all telecom resources of the sender, including PRI/SIP trunks, will be disconnected across all access providers for a period of one year and the sender will be blacklisted.
      2. Any call made or message sent to deceive or attempt to deceive customers has been classified as UCCso far as misuse of telecom resources is concerned, thereby, enabling quick regulatory actionagainst the telecom resources of the sender of such communication, including disconnection and blacklisting. This amendment will make disconnection of such telecom resources swift due to use of blockchain based technology.
      3. The amendment restricts senders from using normal 10-digit numbers for telemarketing, ensuring that all commercial communications originate from designated headers or specific number series. While the 140 series will continue to be used for promotional calls, the newly allocated 1600 series is designated for transactional and service calls, with implementation already in progress. This change enables recipients to easily identify the type of commercial communication based on the Caller Line Identification (CLI).

     

    1. Stringent provisions to ensure compliance of regulations
      1. In case of failure of the access providers to implement these regulations,provisions for imposing financial disincentives in graded manner have been introduced. A financial disincentive (FD) of Rs 2 lakh for first instance of violation, Rs 5 lakh for second instance of violation and Rs 10 lakh per instance for subsequent instances of violation, shall be imposed on access providers in case of misreporting of the count of UCC. These FDs shall be imposed separately for registered and unregistered senders. Moreover, these FDs will be in addition to the FD imposed on access providers against invalid closure of complaints, and not fulfilling their obligations in respect of registration of Message Headers and Content Templates.
      2. The Access Providers have been enabled to prescribe a security deposit for the senders and telemarketers, which can be forfeited in case of violation of regulations by the senders and telemarketers. To make the provision more effective, access providers have been mandated to enter into a legally binding agreement with all the registered Senders and Telemarketers wherein their roles and responsibilities as well as the actions that can be taken against them in case of non-compliance,shall be incorporated.

     

    1. Strengthening the ecosystem:
      1. Access providers are mandated to analyze call and SMS patterns based on parameters such as unusually high call volumes, short call durations, and low incoming-to-outgoing call ratios. This will help flag potential spammers in real-time.
      2. Telecom operators are required to deploy honeypots which are dedicated numbers that attract and log spam calls and messages, to analyze emerging spam trends and take pre-emptive action against suspected spammers.
      3. The revised regulations limit the number of intermediaries between the Principal Entity (PE) and the Telemarketer (TM) to ensure full traceability of messages. This will enhance accountability in commercial communication.
      4. Senders and telemarketers must undergo physical verification, biometric authentication, and unique mobile number linking during registration. Additionally, operators must maintain comprehensive records of complaints and sender details, ensuring that violators are quickly identified and penalized.
      5. To enhance accountability in commercial communication, TRAI has mandated strict Principal Entity (PE) – Telemarketer (TM) traceability. This ensures seamless tracking of messages from sender to recipient, reducing the risk of spam and unauthorized commercial communications.

     

    TRAI has mandated that Access Providers to ensure strict compliance with these new regulations and take proactive measures to identify and block violators.

     

    The revised regulations will enable TRAI in safeguarding consumer interests while promoting a more secure and trusted digital communication environment. All stakeholders, including businesses and telecom operators, are advised to align their systems with the amended framework to ensure seamless implementation.

    For further information, Shri Deepak Sharma, Advisor (QoS-II), TRAI, may be contacted at 011-20907760 or at email-idadvqos@trai.gov.in

    *****

    Samrat/Allen

    (Release ID: 2102413)

    MIL OSI Asia Pacific News

  • MIL-OSI Global: Why federal courts are unlikely to save democracy from Trump’s and Musk’s attacks

    Source: The Conversation – USA – By Maya Sen, Professor of Public Policy, Harvard Kennedy School

    Many people may look to federal courts as a bulwark of the U.S. Constitution. Jose Luis Pelaez/Stone via Getty Images

    State governments, community groups, advocacy nonprofits and regular Americans have filed a large and growing number of federal lawsuits opposing President Donald Trump’s barrage of executive orders and policy statements. Some of his actions have been put on hold by the federal courts, at least temporarily.

    As a scholar of the federal courts, however, I expect the courts will be of limited help in navigating through this complicated new political landscape.

    One problem is that the U.S. Supreme Court in recent years has moved sharply to the right and has approved of past efforts to expand the powers of the presidency. But the problem with relying on the courts for help goes beyond ideology and right-leaning justices going along with a right-leaning president, as happened in Trump’s first term.

    One challenge is speed: The Trump administration is moving much faster than courts do, or even can. The other is authority: The courts’ ability to compel government action is limited, and also slow.

    And that doesn’t even factor in statements by Trump, Vice President JD Vance and “special government employee” multibillionaire Elon Musk. All three have indicated that they are open to ignoring court rulings and have even threatened to seek the impeachment of judges who rule in ways they don’t like.

    President Donald Trump and multibillionaire Elon Musk are working together to restructure the U.S. government.
    Anna Moneymaker/Getty Images

    Speed

    Musk has been put in charge of White House efforts to cut government services, both in spending amount and reach.

    Constitutional law is clear: The executive branch cannot, on its own, close or shut down a federal agency that has been established by Congress. That is Congress’ job. But Trump and Musk are trying to do so anyway, including declaring that the congressionally established U.S. Agency for International Development will be shut down and turning employees away from the agency’s offices in Washington, D.C.

    The administration’s strategy, it seems, is the longstanding tech-company mantra: “move fast and break things.” The U.S. courts do not – and by design cannot – move equally quickly.

    It can take years for a case to wind its way through the lower courts to reach the U.S. Supreme Court. This is by design.

    Courts are deliberative in nature. They take into account multiple factors and can engage in multiple rounds of deliberation and fact-finding before reaching a final ruling. At every stage, lawyers on both sides are given time to make their cases. Even when a case does get to the Supreme Court – as many of these lawsuits likely will – it can take months to be fully resolved.

    By contrast, Trump’s and Musk’s actions are happening in a matter of days. By the time a court finally resolves an issue that happened in late January or early February 2025, the situation may have changed substantially.

    Volunteers hand out USAID flour at the Zanzalima Camp in Ethiopia in 2021.
    J. Countess/Getty Images

    For an example, consider the effort to shut down the U.S. Agency for International Development. In the space of a week, the Trump administration put most of USAID’s workers on administrative leave and halted USAID’s overseas medical trials, which included pausing potentially lifesaving treatments.

    As of this writing, a district judge has temporarily blocked the order putting USAID workers on leave. But even if the courts ultimately conclude several months from now that the Trump administration’s actions regarding USAID were unlawful, it might be impossible to reconstitute the agency the way it used to be.

    For instance, many workers may have been demoralized and sought other employment. New personnel would have to be recruited and trained to replace them. Contracts that were terminated or invalidated or expired would have to be renegotiated. And the countries and communities that had received help from USAID might be less committed to the renewed programs, because of concerns services could be cut off again.

    Breadth

    When Republicans disagreed with any of Joe Biden’s executive actions – for example, his student debt forgiveness plan – they went to federal court to obtain nationwide injunctions stopping the implementation of the plan.

    But injunctions will not be as helpful given Trump’s recent playbook. A court blocking one order isn’t enough to stop the administration from trying different tactics. In 2017, courts blocked the first two versions of Trump’s ban on travel to the U.S. from majority-Muslim countries – but ultimately allowed a third version to take effect. And if an attack on one agency is blocked, the administration can try similar – or different – tactics against other agencies.

    The strategy of moving fast and breaking things is successful if the other side – or even the process of repair – can’t keep up with all the different strategies. Courts can be part of the strategy to preserve the Constitution, but they cannot be its only defenders.

    Authority

    John Marshall served as the nation’s fourth chief justice, from 1801 to 1835.
    Painted by Henry Inman, via Wikimedia Commons

    Researchers have argued that court-issued injunctions mostly work to stop the government from doing something, not to compel the government into doing something. Judges are already expressing concern that the Trump administration may fail to comply with orders to stop funding freezes.

    For instance, a federal district judge in Massachusetts has ordered the government not only to refrain from implementing changes to federal research grant funding but to provide evidence to the court that it was complying with the court’s order, immediately and every two weeks until the case is decided.

    Another federal judge has already found the administration failed to abide by a court order – but so far has not imposed any consequences on Trump, the administration or other officials.

    It’s unclear whether Trump would obey Supreme Court rulings against him, either. On the campaign trail, Trump’s running mate JD Vance said, “When the courts stop you, stand before the country like Andrew Jackson did and say, ‘The chief justice has made his ruling, now let him enforce it.’” He also recently remarked that “Judges aren’t allowed to control the executive’s legitimate power,” hinting at strong opposition to rulings the administration disagrees with.

    All this doesn’t mean the courts are useless, nor that people shouldn’t sue to challenge actions they deem illegal or unconstitutional. The courts – and the Supreme Court in particular – exist in part to arbitrate power disputes between Congress and the presidency. As Chief Justice John Marshall said in his landmark 1803 Marbury v. Madison ruling, “It is emphatically the province and duty of the judicial department to say what the law is.”

    But the courts alone will not be sufficient. The courts are like an antibiotic on a cut, helping healing and staving off further infection. They cannot keep a grievously wounded patient alive. For this, a robust political strategy is necessary. It is in all Americans’ hands collectively to make sure that the constitutional structure is not just enforced, but also sustained.

    Maya Sen does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    ref. Why federal courts are unlikely to save democracy from Trump’s and Musk’s attacks – https://theconversation.com/why-federal-courts-are-unlikely-to-save-democracy-from-trumps-and-musks-attacks-249533

    MIL OSI – Global Reports

  • MIL-OSI Europe: Answer to a written question – Improving the quality of life of people living with diabetes – E-002544/2024(ASW)

    Source: European Parliament

    Research and innovation (R&I) on non-communicable diseases, including diabetes and its comorbidities, has been a longstanding priority of the Commission.

    Over EUR 274 million supported 108 diabetes-related projects in the previous Framework Programme for R&I Horizon 2020[1],[2]. In addition, the current programme, Horizon Europe[3], continues to invest in diabetes research. So far over EUR 109 million has supported 50 R&I projects on diabetes[4].

    The project portfolios on diabetes in Horizon 2020 and Horizon Europe also include the Innovative Medicines Initiative and the Innovative Health Initiative[5] projects that have addressed detection, prevention and treatment of diabetes and its complications[6].

    With its broad call topics, Horizon Europe will further support excellent and impactful R&I on non-communicable diseases, including diabetes.

    The design of call topics is coordinated with the Programme Committee delegations of Member States and Associated Countries, which also convey priorities of scientific communities, civil societies and citizens (including patients). The funding opportunities under Horizon Europe are published on the EU Funding and Tenders Portal[7].

    Coordination of diabetes research is also ensured between EU programmes, including EU4Health[8] where policy research related to diabetes and its co-morbidities is developed and implemented through collaborative actions among Member States.

    While it takes good note of the importance of continuing to provide support to research on diabetes in different subpopulations of patients, at the current early stage of preparation of the next EU Framework Programme for Research and Innovation the Commission cannot provide further details regarding this specific research area.

    • [1] Horizon 2020 ( (2014-2020) https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-2020_en
    • [2] For instance, the DIABFRAIL-LATAM project has focused on improving the quality of life of ageing populations with diabetes associated with comorbidities; https://cordis.europa.eu/project/id/825546
    • [3]  Horizon Europe (2021-2027) https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe_en
    • [4] For instance, the project MELISSA aims to provide mobile artificial intelligence solution for diabetes adaptive care. https://cordis.europa.eu/project/id/101057730
    • [5] https://www.ihi.europa.eu/about-ihi/imi-ihi
    • [6] More on IMI/IHI project portfolios: https://www.ihi.europa.eu/projects-results/health-spotlights/impact-diabetes
    • [7] https://ec.europa.eu/info/funding-tenders/opportunities/portal/screen/home
    • [8] https://health.ec.europa.eu/funding/eu4health-programme-2021-2027-vision-healthier-european-union_en

    MIL OSI Europe News

  • MIL-OSI: Clearcover Launches Reciprocal Insurance Exchange to Expand Non-Standard Auto Business

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 12, 2025 (GLOBE NEWSWIRE) — Clearcover, a next-generation insurance company, announces the launch of Clearcover Inter-Insurance Exchange (CIX), a reciprocal exchange designed to extend the company’s reach into the non-standard auto market.

    CIX represents a groundbreaking step in Clearcover’s strategy to enhance profitability, drive growth, and redefine the auto insurance experience. Initially launching in Illinois, the exchange is set to scale its operations to additional markets in the near future.

    “Launching CIX marks a turning point as we continue to redefine auto insurance,” said Clearcover CEO and Co-founder Kyle Nakatsuji. “By broadening our market focus and harnessing our tech-driven platform, we’re empowering more customers and agents while delivering unmatched efficiency and competitive pricing.”

    The company recently began expanding its appetite to provide insurance solutions to a broader range of customers in Texas through Clearcover General Agency (CGA). Together, these initiatives highlight Clearcover’s drive to create flexible, customer-centric offerings that align with evolving market needs.

    Key Benefits Include:

    1. Expanded Reach

    • Agents can serve a broader range of customers, including those with inconsistent insurance histories, foreign licenses, or fewer than three years of driving experience.

    2. Maximized Earnings

    • Competitive commission structures enable agents to grow their sales pipelines by connecting more drivers to affordable and personalized insurance solutions.

    3. Advanced Technology

    • AI-powered tools are designed to empower customers with seamless self-service capabilities and streamline agent workflows.

    Delivering Value Through Subscriber Participation

    CIX is structured as a reciprocal exchange, providing enhanced value to its policyholders, known as ‘subscribers.’ As a reciprocal exchange, subscribers participate in forming and owning part of CIX, which in turn may keep premiums lower as member contributions accrue and offset operating expenses.

    A Strategic Path to Sustainable Growth

    With the launch of CIX and the Texas-based MGA, Clearcover unlocks new revenue streams while strengthening its commitment to innovation in a competitive and evolving industry.

    For more information about Clearcover, visit Clearcover.com.

    About Clearcover
    Clearcover is a next-generation insurance company that provides customers with market-leading technology solutions needed to confidently make smart decisions at every step. Clearcover challenges the status quo with hassle-free products and services that redefine what it means to put the customer first, delivering affordable car insurance with one of the industry’s fastest claims experiences. Founded in 2016 by Kyle Nakatsuji and Derek Brigham, Clearcover includes: Clearcover Insurance Company, Clearcover Insurance Agency and Clearcover General Agency. In 2025, Clearcover began operating a reciprocal exchange, Clearcover Inter-Insurance Exchange (“CIX”). Ranked on the Inc. 5000 Fastest Growing Privately Held Companies list and the Deloitte Technology Fast 500™ list, Clearcover has raised more than $560 million in funding to date. The company was featured on Insurance Business America’s 2024 Top Insurance Employers list, CNBC’s 2024 World’s Top Insurtech Companies and Forbes’ 2025 America’s Best Insurance Companies. For more information, visit Clearcover.com.

    The MIL Network

  • MIL-OSI Europe: Highlights – European Parliamentary Week 2025 – 17 and 18 February at the European Parliament – Committee on Employment and Social Affairs

    Source: European Parliament

    The European Parliamentary Week (EPW) 2025, co-organised by the European Parliament, the Polish Seijm and the Polish Senate, will take place on 17 and 18 February 2025 at the European Parliament in Brussels. The event brings together parliamentarians from the EU, candidate and observer countries to discuss economic, budgetary and social matters. As part of the event, the EMPL committee is organising two interparliamentary committee meetings in the afternoon of the 17 February (16.20-19.20 CET).

    The first session will be on AI and the labour market with a focus on changing working conditions with the participation of Executive Vice-President Roxana Mînzatu and the second session will be on the role of social and employment policies in the EU’s reviewed economic governance.

    On the second day, two plenary sessions will cover “The Improvement of EU’s competitiveness through the single market, innovation policy, better regulation and quality jobs” with Mario Draghi as key speaker and the lessons learned from “The first national plans under the revised Economic Governance Framework”.

    MIL OSI Europe News