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Category: Artificial Intelligence

  • MIL-OSI: QXO Receives Antitrust Clearance for Acquisition of Beacon Roofing Supply

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., Feb. 12, 2025 (GLOBE NEWSWIRE) — QXO, Inc. (NYSE: QXO) announced today that it has obtained antitrust clearance in both the U.S. and Canada for its acquisition of Beacon Roofing Supply, Inc. (Nasdaq: BECN), paving the way for QXO to close the transaction quickly. The company confirmed that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has expired and that it has received early termination of the waiting period from the Canadian Competition Bureau.

    “With committed financing in place and these necessary regulatory approvals secured, QXO is prepared to complete this acquisition and deliver immediate, compelling value to Beacon shareholders,” said Brad Jacobs, chairman and chief executive officer of QXO. “Beacon should remove its shareholder-unfriendly poison pill so shareholders can benefit from our premium all-cash offer.”

    QXO’s all-cash tender offer for all of Beacon’s outstanding common stock of $124.25 per share, which is higher than Beacon’s stock has ever traded, remains open until 12:00 midnight (New York City time) at the end of February 24, 2025. QXO is prepared to complete the acquisition shortly after the tender expires, subject to the terms of the offer. Importantly, the transaction is not subject to any financing conditions or due diligence conditions.

    Advisors

    Morgan Stanley & Co. LLC is acting as lead financial advisor to QXO, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel.

    About QXO

    QXO provides technology solutions, primarily to clients in the manufacturing, distribution and service sectors. The company provides consulting and professional services, including specialized programming, training and technical support, and develops proprietary software. As a value-added reseller of business application software, QXO offers solutions for accounting, financial reporting, enterprise resource planning, warehouse management systems, customer relationship management, business intelligence and other applications. QXO plans to become a tech-forward leader in the $800 billion building products distribution industry. The company is targeting tens of billions of dollars of annual revenue in the next decade through accretive acquisitions and organic growth. Visit www.qxo.com for more information.

    Forward-Looking Statements

    This communication contains forward-looking statements. Statements that are not historical facts, including statements about beliefs, expectations, targets, goals, regulatory approval timing and nominating directors are forward-looking statements. These statements are based on plans, estimates, expectations and/or goals at the time the statements are made, and readers should not place undue reliance on them. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “may,” “will,” “should,” “expect,” “opportunity,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “target,” “goal,” or “continue,” or the negative of these terms or other comparable terms. Forward-looking statements involve inherent risks and uncertainties and readers are cautioned that a number of important factors could cause actual results to differ materially from those contained in any such forward-looking statements. Such factors include but are not limited to: the ultimate outcome of any possible transaction between QXO, Inc. (“QXO”) and Beacon Roofing Supply, Inc. (“Beacon”), including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any definitive agreement will be materially different from those proposed; uncertainties as to whether Beacon will cooperate with QXO regarding the proposed transaction; the ultimate result should QXO commence a proxy contest for election of directors to Beacon’s Board of Directors; QXO’s ability to consummate the proposed transaction with Beacon; the conditions to the completion of the proposed transaction, including the receipt of any required shareholder approvals and any required regulatory approvals; QXO’s ability to finance the proposed transaction; the substantial indebtedness QXO expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; QXO’s ability to retain certain key employees; and general economic conditions that are less favorable than expected. QXO cautions that forward-looking statements should not be relied on as predictions of future events, and these statements are not guarantees of performance or results. Forward-looking statements herein speak only as of the date each statement is made. QXO does not assume any obligation to update any of these statements in light of new information or future events, except to the extent required by applicable law.

    Important Additional Information and Where to Find It

    This communication is for informational purposes only and does not constitute a recommendation, an offer to purchase or a solicitation of an offer to sell Beacon securities. QXO and Queen MergerCo, Inc. (the “Purchaser”) filed a Tender Offer Statement on Schedule TO with the Securities and Exchange Commission (the “SEC”) on January 27, 2025, and Beacon filed a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer with the SEC on February 6, 2025. Investors and security holders are urged to carefully read the Tender Offer Statement (including the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, as each may be amended or supplemented from time to time) and the Solicitation/Recommendation Statement as these materials contain important information that investors and security holders should consider before making any decision regarding tendering their common stock, including the terms and conditions of the tender offer. The Tender Offer Statement, Offer to Purchase, Solicitation/Recommendation Statement and related materials are filed with the SEC, and investors and security holders may obtain a free copy of these materials and other documents filed by QXO and Beacon with the SEC at the website maintained by the SEC at www.sec.gov. In addition, the Tender Offer Statement and other documents that QXO and the Purchaser file with the SEC will be made available to all investors and security holders of Beacon free of charge from the information agent for the tender offer: Innisfree M&A Incorporated, 501 Madison Avenue, 20th Floor, New York, NY 10022, toll-free telephone: +1 (888) 750-5834.
    QXO and the other participants intend to file a preliminary proxy statement and accompanying WHITE universal proxy card with the SEC to be used to solicit proxies for, among other matters, the election of its slate of director nominees at the 2025 Annual Meeting of stockholders of Beacon. QXO strongly advises all stockholders of Beacon to read the preliminary proxy statement, any amendments or supplements to such proxy statement, and other proxy materials filed by QXO with the SEC as they become available because they will contain important information. Such proxy materials will be available at no charge on the SEC’s website at www.sec.gov and at QXO’s website at investors.qxo.com. In addition, the participants in this proxy solicitation will provide copies of the proxy statement, and other relevant documents, without charge, when available, upon request. Requests for copies should be directed to the participants’ proxy solicitor.

    Certain Information Concerning the Participants

    The participants in the proxy solicitation are anticipated to be QXO, Brad Jacobs, Ihsan Essaid, Matt Fassler, Mark Manduca and the individuals nominated by QXO (the “QXO Nominees”). QXO expects to determine and announce the QXO Nominees prior to the nomination deadline for the 2025 annual meeting of stockholders of Beacon. As of the date of this communication, other than 100 shares of common stock of Beacon beneficially owned by QXO, none of the participants who have been identified has any direct or indirect interest, by security holdings or otherwise, in Beacon.

    Media Contacts

    Joe Checkler
    joe.checkler@qxo.com
    203-609-9650

    Steve Lipin / Lauren Odell
    Gladstone Place Partners
    212-230-5930

    Investor Contacts

    Mark Manduca
    mark.manduca@qxo.com
    203-321-3889

    Scott Winter / Jonathan Salzberger
    Innisfree M&A Incorporated
    212-750-5833

    The MIL Network –

    February 13, 2025
  • MIL-OSI: OTC Markets Group Welcomes Thiogenesis Therapeutics, Corp. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Thiogenesis Therapeutics Corp. (TSX-V: TTI; OTCQX: TTIPF), a clinical-stage biotech company, has qualified to trade on the OTCQX® Best Market. Thiogenesis Therapeutics Corp. upgraded to OTCQX from the Pink® market.

    Thiogenesis Therapeutics Corp. begins trading today on OTCQX under the symbol “TTIPF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.

    About Thiogenesis Therapeutics Corp.

    Thiogenesis Therapeutics, Corp., is a clinical-stage biopharmaceutical company operating through its wholly owned subsidiary based in San Diego, CA. Thiogenesis is developing sulfur-containing prodrugs that act as precursors to previously approved thiol compounds, with the potential to treat serious pediatric diseases with unmet medical needs. Prodrugs are drugs that contain previously approved active ingredients and are modified so that they only become active when metabolized. For regulatory purposes prodrugs can use existing third-party safety data in regulatory submissions in the streamlined 505 (b)(2) regulatory pathway in the US, and its equivalent hybrid system in Europe, to proceed into human efficacy trials with regulatory clearance. Prodrugs may enhance the profile of the active ingredient to increase its bioavailability and reduce side effects. The Company’s initial target indications include Mitochondrial Encephalopathy Lactic Acidosis and Stroke (“MELAS”), Leigh’s syndrome, Rett syndrome and pediatric MASH.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

    February 13, 2025
  • MIL-OSI: Gilat Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4 Revenue of $78.1 million, GAAP Operating Income of $12.8 million and Adjusted EBITDA of $12.1 million

    2024 Revenue of $305.4 million, GAAP Operating Income of $27.7 million and a 25-year Record Adjusted EBITDA of $42.2 million

    Expects 2025 Revenues to increase by 36%-50%

    Announces New Reporting Segments

    PETAH TIKVA, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its unaudited results for the fourth quarter and full year ended December 31, 2024.

    Fourth Quarter 2024 Financial Highlights

    • Revenue of $78.1 million, up 3% compared with $75.6 million in Q4 2023;
    • GAAP operating income of $12.8 million, compared with $2.9 million in Q4 2023;
    • Non-GAAP operating income of $9.7 million, compared with $6.1 million in Q4 2023;
    • GAAP net income of $11.8 million, or $0.21 per diluted share, compared with $3.4 million, or $0.06 per diluted share, in Q4 2023;
    • Non-GAAP net income of $8.5 million, or $0.15 per diluted share, compared with $6.5 million, or $0.11 per diluted share, in Q4 2023;
    • Adjusted EBITDA of $12.1 million, up 30% compared with $9.4 million in Q4 2023.

    Full year 2024 Financial Highlights

    • Revenue of $305.4 million, up 15% compared with $266.1 million in 2023;
    • GAAP operating income of $27.7 million, compared with $28.1 million in 2023;
    • Non-GAAP operating income of $31.9 million, up 35% compared with $23.5 million in 2023;
    • GAAP net income of $24.8 million, or $0.44 per diluted share, compared with $23.5 million, or $0.41 per diluted share in 2023;
    • Non-GAAP net income of $28.2 million, or $0.49 per diluted share, compared with $19.9 million, or $0.35 per diluted share 2023;
    • Adjusted EBITDA was $42.2 million, up 16% compared with adjusted EBITDA of $36.4 million in 2023.

    2025 Guidance

    Management’s financial guidance for 2025 is for revenues of between $415 to $455 million, and Adjusted EBITDA is expected to be between $47 to $53 million1.

    Adi Sfadia, Gilat’s CEO, commented, “Gilat delivered strong results with profitability of Adjusted EBITDA of $12.1 million for the fourth quarter and $42.2 million for the entire year. These results alongside our strong generation of cash flow underscore the strength and resilience of our core business model, demonstrating both operating leverage and the positive impact of our current product revenue mix.”

    “During the fourth quarter our Defense and In-Flight Connectivity business continued to experience strong momentum with increased orders and awards. The Defense segment, with a focus on the US DoD, represents a significant growth opportunity for Gilat. We are pleased with our progress in expanding opportunities to serve the specialized needs of government and military customers with our innovative satellite solutions,” Mr. Sfadia continued. “With the closing of the Stellar Blu acquisition, our Commercial business is poised for significant growth as we establish our leadership in the expanding Electronically Steerable Antenna (ESA) market. Our portfolio of IFC GEO, LEO and multi-orbit solutions will be instrumental in capitalizing on increasing demand for inflight connectivity by airlines and passengers.”

    Mr. Sfadia concluded, “Looking ahead into 2025, given the significant potential we see in the defense market and our view of this as a strategic growth engine, we plan to increase our investment in R&D, Sales and Marketing of the Defense Segment. We believe that this targeted increase will allow us to take advantage of the opportunities we see quicker and more decisively to ensure a long term growth in this market. Coupled with our recent acquisitions and positioning in the Satcom market, Gilat has the resource base to scale the IFC and Defense businesses and our track record of profitable, cash generating growth, provides a strong foundation for Gilat’s continued success.”

    Commencing January 1, 2025, the company has implemented a new organizational structure and reportable segments. The new organizational structure and segment reporting are designed to better target the diverse and attractive end markets the company serves and to provide investors with greater insight into Gilat’s business lines and strategic growth opportunities. The company will report financial results based on the following three divisions: Gilat Defense, Gilat Commercial and Gilat Peru.

    • Gilat Defense Division: provides secure, rapid-deployment solutions for military organizations, government agencies, and defense integrators, with a strong focus on the U.S. Department of Defense resulting from our strategic acquisition of DataPath Inc. By integrating technologies from Gilat, Gilat DataPath, and Gilat Wavestream, the division delivers resilient battlefield connectivity with multiple layers of communication redundancy for high availability.
    • Gilat Commercial Division: provides advanced broadband satellite communication networks for IFC, Enterprise and Cellular Backhaul, supporting HTS, VHTS, and NGSO constellations with turnkey solutions for service providers, satellite operators, and enterprises. Our acquisition of Stellar Blu serves as the cornerstone of this division, strengthening our position in the IFC market and enabling us to provide cutting-edge connectivity solutions that meet the demands of passengers, airlines, and service providers worldwide.
    • Gilat Peru Division: specializes in end-to-end telco solutions, including the operation and implementation of large-scale network projects. With expertise in terrestrial fiber optic, wireless, and satellite networks, Gilat Peru provides technology integration, managed networks and services, connectivity solutions, and reliable internet and voice access across the region.

    Gilat has prepared unaudited illustrations of the company’s financial reports for Fiscal Years 2023 and 2024 to reflect the company’s results based on the new segment reporting, which can be found in the IR section on Gilat’s website. For additional information about Gilat’s new divisional structure, please click here: Link

    Key Recent Announcements

    • Gilat Secures Over $18 Million Orders Addressing Demand for In-Flight Connectivity Solutions
    • Gilat Receives $9 Million in Orders for Multi-Orbit SkyEdge Platforms
    • Gilat Completes Acquisition of Stellar Blu Solutions LLC
    • Gilat and Hispasat Provided Immediate Satellite Communication to Support Disaster Recovery Efforts After Hurricane Helene
    • Gilat Receives Over $3 Million in Orders to Support LEO Constellations
    • Gilat Awarded Over $5 Million in orders to Support Critical Connectivity for Defense Forces
    • Gilat Receives $4M in Orders for Advanced Portable Terminals from Global Defense Customers

    Conference Call Details

    Gilat’s Management will discuss its fourth quarter and full year 2024 results and business achievements and participate in a question-and-answer session:

    Date: Wednesday, February 12, 2025
    Start: 09:30 AM EST / 16:30 IST
    Dial-in: US: 1-888-407-2553
      International: +972-3-918-0609
       

    A simultaneous webcast of the conference call will be available on the Gilat website at gilat.com and through this link: https://veidan.activetrail.biz/gilatq4-2024

    The webcast will also be archived for a period of 30 days on the Company’s website and through the link above.

    Non-GAAP Measures

    The attached summary unaudited financial statements were prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). To supplement the consolidated financial statements presented in accordance with GAAP, the Company presents non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, Adjusted EBITDA, and earnings per share. The adjustments to the Company’s GAAP results are made with the intent of providing both management and investors with a more complete understanding of the Company’s underlying operational results, trends, and performance. Non-GAAP financial measures mainly exclude, if and when applicable, the effect of stock-based compensation expenses, amortization of purchased intangibles, lease incentive amortization, other non-recurring expenses, other integration expenses, other operating expenses (income), net, and income tax effect on the relevant adjustments.

    Adjusted EBITDA is presented to compare the Company’s performance to that of prior periods and evaluate the Company’s financial and operating results on a consistent basis from period to period. The Company also believes this measure, when viewed in combination with the Company’s financial results prepared in accordance with GAAP, provides useful information to investors to evaluate ongoing operating results and trends. Adjusted EBITDA, however, should not be considered as an alternative to operating income or net income for the period and may not be indicative of the historic operating results of the Company; nor is it meant to be predictive of potential future results. Adjusted EBITDA is not a measure of financial performance under GAAP and may not be comparable to other similarly titled measures for other companies. Reconciliation between the Company’s net income and adjusted EBITDA is presented in the attached summary financial statements.

    Non-GAAP presentations of gross profit, operating expenses, operating income, income before taxes on income, net income, adjusted EBITDA and earnings per share should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Gilat’s operating performance or liquidity.

    About Gilat

    Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

    Together with our wholly-owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

    Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

    Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

    Contact:

    Gilat Satellite Networks

    Hagay Katz, Chief Product and Marketing Officer
    hagayk@gilat.com

    Alliance Advisors:

    GilatIR@allianceadvisors.com
    Phone: +1 212 838 3777

    _________________
    1
    We do not provide forward-looking guidance on a GAAP basis because we are unable to reasonably provide forward-looking guidance for certain financial data, such as amortization of purchased intangibles and earnout-based expenses related to recent acquisitions. As a result, we are not able to provide a reconciliation of GAAP to non-GAAP financial measures for forward-looking data without unreasonable effort.

     
    GILAT SATELLITE NETWORKS LTD.
    CONSOLIDATED STATEMENTS OF INCOME 
    U.S. dollars in thousands (except share and per share data)
                       
          Twelve months ended 
       Three months ended 
           December 31, 
      December 31, 
            2024       2023       2024       2023  
          Unaudited   Audited   Unaudited
                       
    Revenues   $ 305,448     $ 266,090     $ 78,128     $ 75,612  
    Cost of revenues     192,117       161,145       47,107       46,692  
                       
    Gross profit     113,331       104,945       31,021       28,920  
                       
    Research and development expenses, net   38,136       41,173       10,108       11,624  
    Selling and marketing expenses   27,381       25,243       6,657       7,119  
    General and administrative expenses   26,868       19,215       6,192       6,312  
    Other operating expenses (income), net      (6,751 )     (8,771 )     (4,706 )     986  
                       
    Total operating expenses      85,634       76,860       18,251       26,041  
                       
    Operating income      27,697       28,085       12,770       2,879  
                       
    Financial income, net       1,504       109       63       1,196  
                       
    Income before taxes on income   29,201       28,194       12,833       4,075  
                       
    Taxes on income     (4,352 )     (4,690 )     (1,069 )     (628 )
                       
    Net income   $ 24,849     $ 23,504     $ 11,764     $ 3,447  
                       
    Earnings per share (basic and diluted)  $ 0.44     $ 0.41     $ 0.21     $ 0.06  
                       
    Weighted average number of shares used in               
      computing earnings per share                
      Basic      57,016,920       56,668,999       57,017,032       56,820,774  
      Diluted     57,016,920       56,672,537       57,017,032       56,820,774  
                                             
    GILAT SATELLITE NETWORKS LTD.
    RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME 
    FOR COMPARATIVE PURPOSES 
    U.S. dollars in thousands (except share and per share data)  
                             
         Three months ended     Three months ended 
        December 31, 2024   December 31, 2023
        GAAP   Adjustments (*)   Non-GAAP   GAAP   Adjustments (*)   Non-GAAP
        Unaudited   Unaudited
                             
    Gross profit $ 31,021   $ 575     $ 31,596   $ 28,920   $ 617     $ 29,537
    Operating expenses   18,251     3,680       21,931     26,041     (2,615 )     23,426
    Operating income    12,770     (3,105 )     9,665     2,879     3,232       6,111
    Income before taxes on income   12,833     (3,105 )     9,728     4,075     3,232       7,307
    Net income $ 11,764   $ (3,252 )   $ 8,512   $ 3,447   $ 3,097     $ 6,544
                             
    Basic earnings per share  $ 0.21   $ (0.06 )   $ 0.15   $ 0.06   $ 0.06     $ 0.12
                             
    Diluted earnings per share $ 0.21   $ (0.06 )   $ 0.15   $ 0.06   $ 0.05     $ 0.11
                             
                             
    Weighted average number of shares used in                       
    computing earnings per share                      
    Basic    57,017,032         57,017,032     56,820,774         56,820,774
    Diluted    57,017,032         57,024,316     56,820,774         56,987,939
                             
    (*) Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income (expenses), net, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.
              
        Three months ended   Three months ended
        December 31, 2024   December 31, 2023
            Unaudited           Unaudited    
                             
    GAAP net income      $ 11,764             $ 3,447      
                             
    Gross profit                      
    Stock-based compensation expenses       133               129      
    Amortization of purchased intangibles       389               448      
    Other integration expenses       53               40      
              575               617      
    Operating expenses                      
    Stock-based compensation expenses       653               796      
    Stock-based compensation expenses related to business combination   140               662      
    Amortization of purchased intangibles       216               162      
    Other operating income (expenses), net and other integration expenses   (4,689 )             995      
              (3,680 )             2,615      
                             
    Taxes on income       (147 )             (135 )    
                             
    Non-GAAP net income      $ 8,512             $ 6,544      
                                                 
    GILAT SATELLITE NETWORKS LTD.
    RECONCILIATION BETWEEN GAAP AND NON-GAAP CONSOLIDATED STATEMENTS OF INCOME 
    FOR COMPARATIVE PURPOSES 
    U.S. dollars in thousands (except share and per share data)  
                                 
             Twelve months ended     Twelve months ended 
            December 31, 2024   December 31, 2023
            GAAP   Adjustments (*)   Non-GAAP   GAAP   Adjustments (*)   Non-GAAP
            Unaudited   Audited   Unaudited
                                 
    Gross profit     $ 113,331   $ 3,673     $ 117,004   $ 104,945   $ 895     $ 105,840
    Operating expenses        85,634     (500 )     85,134     76,860     5,434       82,294
    Operating income       27,697     4,173       31,870     28,085     (4,539 )     23,546
    Income before taxes on income       29,201     4,173       33,374     28,194     (4,539 )     23,655
    Net income      $ 24,849   $ 3,376     $ 28,225   $ 23,504   $ (3,597 )   $ 19,907
                                 
    Basic earnings per share      $ 0.44   $ 0.06     $ 0.50   $ 0.41   $ (0.06 )   $ 0.35
                                 
    Diluted earnings per share     $ 0.44   $ 0.05     $ 0.49   $ 0.41   $ (0.06 )   $ 0.35
                                 
    Weighted average number of shares used in                        
    computing earnings per share                          
    Basic        57,016,920         57,016,920     56,668,999         56,668,999
    Diluted        57,016,920         57,041,778     56,672,537         56,784,601
                                 
    (*) Adjustments reflect the effect of stock-based compensation expenses as per ASC 718, amortization of purchased intangibles, other operating income, net, other non-recurring expenses, other integration expenses and income tax effect on such adjustments which is calculated using the relevant effective tax rate.
             
            Twelve months ended   Twelve months ended
            December 31, 2024   December 31, 2023
                Unaudited           Unaudited    
                                 
    GAAP net income         $ 24,849             $ 23,504      
                                 
    Gross profit                          
    Stock-based compensation expenses           518               407      
    Amortization of purchased intangibles           2,412               448      
    Other non-recurring expenses           466               –      
    Other integration expenses           277               40      
                  3,673               895      
    Operating expenses                          
    Stock-based compensation expenses           2,771               2,354      
    Stock-based compensation expenses related to business combination   3,437               662      
    Amortization of purchased intangibles        988               312      
    Other operating income, net and other integration expenses        (6,696 )             (8,762 )    
                  500               (5,434 )    
                                 
    Taxes on income           (797 )             942      
                                 
    Non-GAAP net income          $ 28,225             $ 19,907      
    GILAT SATELLITE NETWORKS LTD.
    SUPPLEMENTAL INFORMATION
    U.S. dollars in thousands
                         
    ADJUSTED EBITDA:                  
                         
             Twelve months ended 
       Three months ended 
             December 31, 
      December 31, 
              2024       2023       2024       2023  
            Unaudited   Unaudited
                         
    GAAP net income       $ 24,849     $ 23,504     $ 11,764     $ 3,447  
    Adjustments:                  
    Financial income, net          (1,504 )     (109 )     (63 )     (1,196 )
    Taxes on income       4,352       4,690       1,069       628  
    Stock-based compensation expenses       3,289       2,761       786       925  
    Stock-based compensation expenses related to business combination   3,437       662       140       662  
    Depreciation and amortization (*)       13,777       13,627       3,068       3,862  
    Other operating expenses (income), net     (6,751 )     (8,771 )     (4,706 )     986  
    Other non-recurring expenses       466       –       –       –  
    Other integration expenses       332       49       70       49  
                         
    Adjusted EBITDA     $ 42,247     $ 36,413     $ 12,128     $ 9,363  
                         
    (*) Including amortization of lease incentive            
                 
    SEGMENT REVENUES:            
            Twelve months ended 
       Three months ended 
             December 31, 
       December 31, 
              2024       2023       2024       2023  
            Unaudited
      Audited
      Unaudited
                         
    Satellite Networks     $ 198,174     $ 168,527     $ 49,064     $ 53,517  
    Integrated Solutions       54,925       46,133       17,257       9,503  
    Network Infrastructure and Services        52,349       51,430       11,807       12,592  
                         
    Total revenues     $ 305,448     $ 266,090     $ 78,128     $ 75,612  
    GILAT SATELLITE NETWORKS LTD.
    CONSOLIDATED BALANCE SHEETS
    U.S. dollars in thousands
             
        December 31,   December 31,
          2024       2023  
        Unaudited   Audited
             
    ASSETS        
             
    CURRENT ASSETS:        
    Cash and cash equivalents   $ 119,384     $ 103,961  
    Restricted cash     853       736  
    Trade receivables, net     53,554       44,725  
    Contract assets     20,987       28,327  
    Inventories     38,890       38,525  
    Other current assets     21,963       24,299  
             
    Total current assets     255,631       240,573  
             
    LONG-TERM ASSETS:        
    Restricted cash     12       54  
    Long-term contract assets     8,146       9,283  
    Severance pay funds     5,966       5,737  
    Deferred taxes     11,896       11,484  
    Operating lease right-of-use assets     6,556       5,105  
    Other long-term assets     5,288       9,544  
             
    Total long-term assets     37,864       41,207  
             
    PROPERTY AND EQUIPMENT, NET     70,834       74,315  
             
    INTANGIBLE ASSETS, NET     12,925       16,051  
             
    GOODWILL     52,494       54,740  
             
    TOTAL ASSETS   $ 429,748     $ 426,886  
             
    GILAT SATELLITE NETWORKS LTD.
    CONSOLIDATED BALANCE SHEETS (Cont.)
    U.S. dollars in thousands (except share data)
             
        December 31,   December 31,
          2024       2023  
        Unaudited   Audited
             
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
             
    CURRENT LIABILITIES:        
    Short-term debt   $ –     $ 7,453  
    Trade payables      17,107       13,873  
    Accrued expenses      45,368       51,906  
    Advances from customers and deferred revenues     18,587       34,495  
    Operating lease liabilities     2,557       2,426  
    Other current liabilities     17,817       16,431  
             
    Total current liabilities     101,436       126,584  
             
    LONG-TERM LIABILITIES:        
    Long-term loan     2,000       2,000  
    Accrued severance pay     6,677       6,537  
    Long-term advances from customers and deferred revenues     580       1,139  
    Operating lease liabilities     4,014       3,022  
    Other long-term liabilities     10,606       12,916  
             
    Total long-term liabilities     23,877       25,614  
             
    SHAREHOLDERS’ EQUITY:        
    Share capital – ordinary shares of NIS 0.2 par value      2,733       2,733  
    Additional paid-in capital     943,294       937,591  
    Accumulated other comprehensive loss     (6,120 )     (5,315 )
    Accumulated deficit     (635,472 )     (660,321 )
             
    Total shareholders’ equity     304,435       274,688  
             
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 429,748     $ 426,886  
                                       
    GILAT SATELLITE NETWORKS LTD.
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    U.S. dollars in thousands
                       
          Twelve months ended 
      Three months ended 
          December 31, 
       December 31, 
            2024       2023       2024       2023  
          Unaudited   Audited   Unaudited
    Cash flows from operating activities:                
    Net income   $ 24,849     $ 23,504     $ 11,764     $ 3,447  
    Adjustments required to reconcile net income to net cash provided by operating activities:                
    Depreciation and amortization     13,554       13,402       3,012       3,805  
    Capital gain from sale of property      –       (2,084 )     –       –  
    Stock-based compensation *)     6,726       3,423       926       1,587  
    Accrued severance pay, net     (89 )     167       (72 )     12  
    Deferred taxes, net     1,834       2,662       298       (1,203 )
    Decrease (increase) in trade receivables, net     (9,347 )     13,448       (2,328 )     9,561  
    Decrease (increase) in contract assets     8,519       (1,694 )     11,506       (7,804 )
    Decrease (increase) in other assets and other adjustments (including                 
    short-term, long-term and effect of exchange rate changes on cash and cash equivalents)     11,661       (351 )     8,590       (3,949 )
    Decrease (increase) in inventories, net     (1,928 )     (2,387 )     544       3,798  
    Increase (decrease) in trade payables     3,196       (7,635 )     (1,884 )     (2,314 )
    Increase (decrease) in accrued expenses     (5,906 )     735       (8,581 )     3,517  
    Increase (decrease) in advances from customers and deferred revenues     (16,390 )     803       (4,228 )     (1,843 )
    Increase (decrease) in other liabilities     (5,010 )     (12,049 )     (3,265 )     1,343  
    Net cash provided by operating activities     31,669       31,944       16,282       9,957  
                       
    Cash flows from investing activities:                
    Purchase of property and equipment     (6,610 )     (10,746 )     (2,515 )     (2,090 )
    Acquisitions of subsidiary, net of cash acquired     –       (4,107 )     –       (4,107 )
    Receipts from sale of property     –       2,168       –       –  
    Net cash used in investing activities     (6,610 )     (12,685 )     (2,515 )     (6,197 )
                       
    Cash flows from financing activities:                
    Repayment of credit facility, net     (7,453 )     (1,590 )     –       (1,590 )
    Repayments of short-term debts     (7,836 )     –       (3,793 )     –  
    Proceeds from short-term debts     7,836       –       1,066       –  
    Costs associated with entering into a long-term debt     (654 )     –       (654 )     –  
    Net cash used in financing activities     (8,107 )     (1,590 )     (3,381 )     (1,590 )
                       
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     (1,454 )     (63 )     (896 )     2,288  
                       
    Increase in cash, cash equivalents and restricted cash     15,498       17,606       9,490       4,458  
                       
    Cash, cash equivalents and restricted cash at the beginning of the period     104,751       87,145       110,759       100,293  
                       
    Cash, cash equivalents and restricted cash at the end of the period   $ 120,249     $ 104,751     $ 120,249     $ 104,751  
                       
    *)    Stock-based compensation including expenses related to business combination in the amounts of $3,437 and $662 for the twelve months ended December 31, 2024 and 2023, respectively.
         Stock-based compensation including expenses related to business combination in the amounts of $140 and $662 for the three months ended December 31, 2024 and 2023, respectively.

    The MIL Network –

    February 13, 2025
  • MIL-OSI Economics: Make in India: BEL delivers 7,000th transmit/receive module to Thales for Rafale RBE2 Radar

    Source: Thales Group

    Headline: Make in India: BEL delivers 7,000th transmit/receive module to Thales for Rafale RBE2 Radar

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialising in three business domains: Defence, Aerospace, and Cyber & Digital.

    It develops products and solutions that help make the world safer, greener and more inclusive.

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

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

    About Thales in India

    Present in India since 1953, Thales is headquartered in Noida and has other operational offices and sites spread across Delhi, Bengaluru and Mumbai, among others. Over 2200 employees are working with Thales and its joint ventures in India. Since the beginning, Thales has been playing an essential role in India’s growth story by sharing its technologies and expertise in Defence, Aerospace and Cyber & Digital markets. Thales has two engineering competence centres in India – one in Noida focused on Cyber & Digital business, while the one in Bengaluru focuses on hardware, software and systems engineering capabilities for both the civil and defence sectors, serving global needs.

    About Bharat Electronics Limited

    BEL, a Navratna PSU under the Ministry of Defence, Government of India, enjoys leadership position in the Defence / Strategic Electronics market in India. BEL is a multi-product, multi-technology, multi-Unit conglomerate which boasts of over 600 products in the areas of Radars & Fire Control systems, Weapon systems, Communication & Network Centric systems, Naval Systems, Electronic Warfare & Avionics, Electro Optics, Anti-submarine Warfare systems, Tank Electronics & Gun Upgrades, Homeland Security, civilian products and Strategic Components.

    Some of the areas BEL is focussing as part of its diversification efforts include solutions for Civil Aviation, Unmanned systems, Railway & Metro systems, Network & Cyber Security, Smart City solutions, Space Electronics, Arms & Ammunition and Seekers, Medical Electronics and Artificial Intelligence. BEL is also a CMMi Level 5, ISO As-9100, ISO 27001-2013 (ISMS) certified and CERT-In empanelled agency.

    MIL OSI Economics –

    February 13, 2025
  • MIL-OSI United Kingdom: Probation Service to cut crime by focusing on dangerous offenders

    Source: United Kingdom – Executive Government & Departments

    Probation staff will focus more of their time on prolific offenders and monitoring the most dangerous people

    • More intensive supervision of medium and high-risk offenders
    • 1,300 new probation officers to be recruited next year
    • New tech to increase officers’ face to face time with offenders

    Speaking at a probation office in London (12 February), Justice Secretary Shabana Mahmood set out her vision for the future of a Probation Service that protects the public, reduces reoffending and makes our streets safer as part of the Government’s plan for change.

    To support this work, the Justice Secretary announced that 1,300 new probation officers will be recruited by March 2026. These new hires are in addition to the 1,000 officers to be recruited by this March, previously announced by Shabana Mahmood when she took office in July last year.

    In her speech, the Justice Secretary argued that probation officers have been asked to do too much for too long. They have been burdened with high workloads and a one size fits all approach to managing offenders, regardless of the risk that they present to the public. This has meant officers have been unable to pay enough attention to those offenders who pose the greatest risk to society. This has led, in some cases, to missed warning signs where offenders have gone on to commit serious further offences, including murder.

    With all probation units inspected in 2024 marked as “inadequate” or “requires improvement”, changes will now be made to help staff refocus their efforts where they have the greatest impact – with the offenders who need the most attention.

    The Lord Chancellor and Justice Secretary, Shabana Mahmood said:

    The Probation Service must focus more time with offenders who are a danger to the public, and the prolific offenders whose repeat offending make life a misery for so many.

    That means for low-risk offenders, we need to change our approach too. We need to tackle the root causes of their reoffending, and end a one-size-fits-all approach that isn’t working.

    The first job of the state is to keep its people safe.  Today, as part of our Plan for Change, I have set out changes to the probation service to protect the public and make our streets safer.

    Greater time with higher risk offenders will be made possible by changing probation’s approach to the management of low risk offenders.  Probation staff will now intervene earlier with these offenders, to understand the support they require and refer them to the services that will tackle the root causes of their reoffending.

    These interventions are crucial as the latest data shows that the reoffending rate for those without stable accommodation is double those who are homeless, offenders employed six weeks after leaving prison had a reoffending rate around half of those out of work, and reoffending amongst those who complete drug treatment are 19 percentage points lower. This will help tackle a pressing issue the Criminal Justice System faces, with around 80 percent% of offenders now reoffenders.

    The Chief Inspector of Probation, Martin Jones said:

    The Probation Service does a vital job; however, our independent inspections highlight the serious challenges it faces- too few staff, with too little experience, managing too many cases to succeed.

    These plans, which rightly focus on increasing probation resources and prioritising the most serious cases, are a positive step towards increasing impact on reoffending and better protecting the public.

    To reduce the administrative burden resting on probation officers’ shoulders, the Justice Secretary will also introduce new technology including:

    • A digital tool that will put all the information a probation officer might need to know about an offender into one place.
    • Trialling a new system for risk assessing offenders, to make it more straightforward for probation officers to make robust decisions.
    • Exploring the potential of AI to be used to automatically record and transcribe supervision conversations by taking notes in real time, which will allow probation staff to focus on building relationships while removing the need to write up notes into a computer afterwards.

    In her speech, the Justice Secretary also exposed one of the inherited workload challenges faced by the probation service, which the Government will now address. Accredited Programmes are rehabilitative courses handed down by the courts to offenders to address the causes of their criminality.

    Over the three years to April 2024, the probation service did not deliver these courses to nearly 14,000 offenders before their sentence expired. To address this issue, the Probation Service must now put in place a process of prioritisation so they will be delivered to offenders at the greatest risk of reoffending or causing serious harm. For those who will now not complete an accredited programme, they remain under the supervision of a probation officer. All the other requirements they face will remain in place.

    Further information:

    • Today’s speech will be published on gov.uk
    • Guidance will be issued to staff in the coming weeks to deliver these crucial changes that will ultimately help to cut crime and keep the public safe.

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    Updates to this page

    Published 12 February 2025

    MIL OSI United Kingdom –

    February 13, 2025
  • MIL-OSI Asia-Pac: LCQ3: Promoting development of low-altitude economy

    Source: Hong Kong Government special administrative region

         â€‹Following is a question by the Hon Elizabeth Quat and a reply by the Secretary for Transport and Logistics, Ms Mable Chan, in the Legislative Council today (February 12):

    Question:

         Low-altitude economy (LAE), with its long industrial chain, extensive application scenarios and huge development potential, is a model for fostering new quality productive forces. In the 2024 Policy Address, the Chief Executive has announced the work direction for promoting the development of LAE, with a view to pressing ahead with the promotion of LAE as one of the growth engines of new quality productive forces. In this connection, will the Government inform this Council:

    (1) given that the Government accepted applications for the first batch of LAE Regulatory Sandbox pilot projects at the end of last year, of the progress of processing the applications and when successful applications will commence their projects; of the details of the second batch applications;

    (2) given that the aforesaid Policy Address proposes to explore with the Mainland the joint establishment of low-altitude cross-boundary air routes, immigration and customs clearance arrangements and supporting infrastructure, etc, of the details and progress of the relevant work plan; and

    (3) given that the Government has previously remarked in its reply to my question that various government departments have applied small unmanned aircraft in different scenarios, and have integrated such applications with artificial intelligence (AI) technologies to perform certain tasks, so as to enhance the efficiency of urban management and public services, yet there is no mention on whether it would explore the establishment of an “AI-integrated unmanned aircraft urban management system” for use by and sharing of data and information among different government departments, whether the Government will, by drawing on the experience of the relevant Mainland departments in sharing and collaboration, promote institutional innovation to reform urban management?

    Reply: 

    President,

         In the 2024 Policy Address, the Chief Executive announced the work direction for promoting the development of low-altitude economy (LAE), which includes designating specific application sites to implement pilot projects. We will adopt a “top-level planning” approach as the core, starting from the perspective of overall infrastructure planning. Leveraging Hong Kong’s unique advantages of “one country, two systems”, connection with both the Mainland and the world, as well as a diverse talent pool, we will harness Hong Kong’s strengths in the area of LAE to contribute to the nation’s development of new quality productive forces.

         In consultation with the Innovation, Technology and Industry Bureau and the Civil Aviation Department (CAD), the reply to the Hon Elizabeth Quat’s question is as follows:
         
    (1) The first batch of Regulatory Sandbox (Sandbox) pilot projects was open for application in November 2024, with the application period closing at the end of last year. The Working Group on Developing LAE (the Working Group) is reviewing the projects submitted by a total of 72 applicants. It is expected that the results will be announced in the first quarter of this year and the project work will commence thereafter. Subject to the implementation of the first batch of pilot projects, we will announce the application details of the second batch of Sandbox pilot projects in due course.

         At the same time, the Government is reviewing the existing civil aviation legislation and regulatory regimes, with the target to submit the first phase of legislative amendment proposals to the Legislative Council (LegCo) within the second quarter of this year. The proposal is to expand the regulatory scope of the existing Small Unmanned Aircraft Order (Cap. 448G) to cover unmanned aircraft weighing between 25 and 150 kilogrammes. We also plan to take this opportunity to simultaneously introduce provisions in the Air Navigation (Hong Kong) Order 1995 (Cap. 448C) to empower the Director-General of Civil Aviation to permit trial flights of Advanced Air Mobility (AAM) under specified conditions, provided that aviation safety requirements are met. I hope the legislative amendment proposals will be able to expedite the implementation of the Sandbox pilot projects in the future and, in particular, meet the expectation of the market, the industry and from Members of the LegCo during our previous discussions that Hong Kong should conduct trials of projects involving heavier loading and carriage of passengers. In the long term, we are studying the introduction of a new, dedicated legislation for various AAM weighing over 150 kg. These legislative amendment work will not only align with future technological and application developments, but will also lay a foundation for low-altitude passenger-carrying flying activities in the future and position Hong Kong to play a significant role in advancing LAE regulatory certification.
         
    (2) In addition to promoting local applications, the Government is actively exploring the feasibility of cross-boundary delivery of goods and carriage of passengers. At the same time, cross-boundary helicopter services can enhance the convenience and efficiency of travel between different cities in the Greater Bay Area (GBA), further integrating Hong Kong’s diverse economy with other cities in the region and giving full play to Hong Kong’s unique advantage as a hub for connecting with both the Mainland and the world. To this end, the Government is actively promoting interface with relevant Mainland authorities to discuss the joint development of low-altitude cross-boundary air routes, immigration and customs arrangements, and supporting infrastructure, etc.

         In November last year, led by the Deputy Financial Secretary, representatives from the Transport and Logistics Bureau, the Security Bureau, the CAD, the Immigration Department and the Hong Kong Customs visited Shenzhen to exchange views with the relevant authorities on cross-boundary flying activities. During the visit, the responsible lead units were identified, and both sides agreed to continue communication on the development of LAE. Looking ahead, the Working Group will maintain contact with the relevant authorities, with the aim to facilitate co-operation as soon as possible to create favourable conditions for establishing the GBA low-altitude cross-boundary corridor.
         
    (3) For LAE to take off, infrastructure is indispensable. Currently, a number of government departments are already utilising drone and artificial intelligence (AI) technologies in various application scenarios to enhance services. Relevant departments are also leveraging various types of data from the Common Spatial Data Infrastructure and Open Data Portal (such as maps, aerial photographs, three-dimensional geospatial data, traffic data, and weather data) to facilitate innovative applications of unmanned aircraft and the open up and sharing of related city data. Additionally, the Digital Policy Office has launched several central platform services to further support various policy bureaux and departments (B/Ds) in making good use of digital technology to optimise public services and city management. The Hon Elizabeth Quat, with the rapid technological advancement, the Government will consider the needs of different departments for innovation of public services and city management, as well as draw on domestic and international experiences to build a low-altitude smart network and explore various digital solutions that promote data interoperability, sharing and analytical applications.

         At the same time, among the Sandbox pilot projects applications we have received, there are various urban management application projects, some of which include proposals combining technologies such as AI analysis, automatic identification systems, algorithms, and high-precision positioning. We will actively take forward the first batch of Sandbox pilot projects with an aim to drive the local technology industry towards greater professionalism and standardisation, enabling LAE to “fly steadily and far,” while positioning Hong Kong as an incubation hub for LAE innovative industries.
         
         Additionally, the Government is conducting technical research on low-altitude infrastructure, including the feasibility of low-altitude surveillance and management systems, low-altitude data sharing, and the application of Geographic Information System technology and three-dimensional geospatial data. We will continue to actively take forward these issues under the leadership of the Working Group.
         
         To conclude, President, the Government will continue to promote the development of LAE in Hong Kong through various measures, including the implementation of Sandbox pilot projects, strengthening cross-boundary co-operation, and enhancing infrastructure and technical support. These efforts aim to establish an innovative, efficient, and secure LAE ecosystem for Hong Kong.

         Thank you.

    MIL OSI Asia Pacific News –

    February 13, 2025
  • MIL-OSI Asia-Pac: India is making remarkable strides in AI, leveraging it for public good: Prime Minister

    Source: Government of India (2)

    Posted On: 12 FEB 2025 2:02PM by PIB Delhi

    We urge the world to come and invest in our nation and bet on our Yuva Shakti!: PM

    Emphasising that India is making remarkable strides in AI, leveraging it for public good, the Prime Minister Shri Narendra Modi urged the world to come and invest in India and bet on our Yuva Shakti.

    Expressing his satisfaction to have met the CEO of Google and Alphabet, Shri Sundar Pichai, the PM responded to his post on X as follows:

    “Glad to have met you @sundarpichai. India is making remarkable strides in AI, leveraging it for public good. We urge the world to come and invest in our nation and bet on our Yuva Shakti!”

    *****

    MJPS/SR

    (Release ID: 2102197) Visitor Counter : 15

    MIL OSI Asia Pacific News –

    February 13, 2025
  • MIL-OSI Asia-Pac: LCQ13: Lantau Tomorrow Vision

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Paul Tse and a written reply by the Secretary for Development, Ms Bernadette Linn, in the Legislative Council today (February 12):Question:     It is learnt that the Government has yet to confirm the commencement date of the reclamation project for the Kau Yi Chau Artificial Islands under the Lantau Tomorrow Vision. According to a paper submitted by the Government to the Panel on Development of this Council on December ‍29, 2022, the Government’s target was to commence the reclamation works for the Artificial Islands at the end of 2025. The Government subsequently indicated that the reclamation works “would be slightly deferred”. At the meeting of the Panel on Development of this Council on October 22 last year, the Secretary for Development advised that hopefully the reclamation works could commence within the current term of the Government (i.e. by June 30, 2027). On the 7th of last month, the Secretary for Development remarked that at present there was no need to fix a date for the commencement of the reclamation works; while a commentary article “The Lantau Tomorrow Vision is yesterday’s dream” published on the Ta Kung Wen Wei website on the same day pointed out that the Government had no choice but to slow down the pace of creating artificial land by reclamation under the Lantau Tomorrow Vision or even shelve the development plan, highlighting that the Lantau Tomorrow Vision has become “a thing of the past”. In this connection, will the Government inform this Council:(1) as there are views that the Government has been procrastinating on the commencement date of the works for the Lantau Tomorrow Vision, and the subsequent remark made by the Secretary for Development that at present there is no need to fix a date for the commencement of the reclamation works is entirely different from the remark in the commentary article “The Lantau Tomorrow Vision is yesterday’s dream” on the Ta Kung Wen Wei website, of the latest update of the project;      (2) whether the principal officials in charge of the Lantau Tomorrow Vision will formally and publicly give an account of the retention or otherwise of the project; and(3) given that the aforesaid commentary article has highlighted that “the Lantau Tomorrow Vision has become a thing of the past”, of the detailed expenditures incurred by the Government to date on the preliminary studies, design and consultancy work relating to the Lantau Tomorrow Vision; whether the Government will immediately suspend or freeze such work in order to minimise unnecessary expenditures; if so, of the estimated amount of expenditures that can be saved; if not, the reasons for that?Reply:President,     According to the findings of the study “Hong Kong 2030+: Towards a Planning Vision and Strategy Transcending 2030”, the target for supply of developed land in the 30 years from 2019 to 2048 is about 7 000 hectares, of which 1 000 hectares of land will come from the proposed Kau Yi Chau Artificial Islands (KYCAI) project. This 1 000 hectares of newly reclaimed land, geographically located at a strategical position, will expand the scope and capacity of the development of Hong Kong and provide transport infrastructures connecting the Northern Metropolis and Lantau Island. It helps to support Hong Kong’s sustainable development in the medium to long term.     The replies to various parts of Hon Paul Tse’s questions are as follows:(1) The article cited in this question was contributed by an individual to the relevant media. It is understood that it does not represent the position of the media, let alone the position of the Government.(2) The KYCAI is a project necessary for Hong Kong’s long-term development. The Government is taking forward the project in a steady and prudent manner, and will formulate the project implementation strategy in light of the progress of various studies of the project, as well as the priority and overall deployment of the Government’s various land creation and infrastructure projects.     The Civil Engineering and Development Department (CEDD) submitted the Environmental Impact Assessment (EIA) report for the reclamation part to the Environmental Protection Department on December 31 last year, with the target of completing the approval work within 2025. In addition to the EIA report for the reclamation part, the CEDD still needs to complete a series of tasks, including completing the EIA for the strategic roads and land development, and progressively commencing a series of detailed engineering studies (including formulating specific design and construction requirements for key infrastructure projects, and conducting relevant financial studies and analysis). The Government announced its forecast for the supply of developed land in the next 10 years in October last year, including 300 hectares of reclaimed land from the KYCAI project. At that time, it was expected that such land would only become available in the later stage of the decade. For such large-scale land development project, the current priority is to prudently complete the necessary preparatory work in the study and planning stages so that construction work can commence as quickly as possible at the appropriate time in the future.     The Government has reiterated the above position in the 2024 Policy Address, the Legislative Council’s Panel on Development’s Policy Address briefing, media interviews for the Secretary for Development, social media, and the KYCAI project’s dedicated website. When we applied for the block vote funding from the Legislative Council’s Public Works Subcommittee in January this year, we also explained the contents of the detailed engineering studies to Members.      (3) At its meeting on December 4, 2020, the Legislative Council’s Finance Committee approved a funding of $550.4 million for the ongoing planning and engineering study on the KYCAI (i.e. PWP Item No. 768CL “Studies related to artificial islands in the Central Waters”) to engage a consultant to carry out the relevant study and related site investigation works for KYCAI. By the end of the 2024/2025 financial year, the CEDD projects an expenditure of about $400 million. As explained in the reply in Part (2) above, the Government is taking forward the project in a steady and prudent manner, including continuing with the statutory EIA work and necessary studies.

    MIL OSI Asia Pacific News –

    February 13, 2025
  • MIL-OSI: Royalty Pharma Announces R&D Funding Collaboration With Biogen

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Royalty Pharma plc (Nasdaq: RPRX) today announced that it has entered into an agreement with Biogen to provide research and development (R&D) funding of up to $250 million for litifilimab, a first-in-class investigational drug candidate in Phase 3 with demonstrated proof-of-concept in both systemic lupus erythematosus (SLE) and cutaneous lupus erythematosus (CLE).

    “We are excited to collaborate with Biogen on litifilimab,” said Pablo Legorreta, Royalty Pharma’s founder and Chief Executive Officer. “Royalty Pharma offers tailored, win-win funding solutions for promising therapies in areas of high unmet medical need. Litifilimab has the potential to significantly improve treatment outcomes for patients living with lupus, and we are excited to support its Phase 3 development through this funding collaboration.”

    “This agreement highlights Biogen’s growing lupus portfolio and the potential of litifilimab, with its distinct mechanism of action, to address SLE and CLE – two forms of lupus where there are currently insufficient treatment options,” said Priya Singhal, M.D., M.P.H., Head of Development at Biogen. “We know patients are waiting, and this investment further supports the advancement of this promising investigational treatment through critical development stages.”

    Litifilimab is currently in Phase 3 trials for both SLE and CLE with results expected between 2026 and 2027. With a differentiated mechanism of action, litifilimab demonstrated proof of concept and a generally well-tolerated safety profile in SLE and CLE with results published in the New England Journal of Medicine1. Importantly, SLE is estimated to affect greater than 3 million patients worldwide. There are no targeted biologics specifically approved for CLE where litifilimab has the potential to be a first-in-disease medicine for these patients.

    Transaction Terms

    Royalty Pharma will provide up to $250 million over six quarters to Biogen to support the development of litifilimab in exchange for regulatory milestones and mid-single digit royalties on annual worldwide sales.

    Advisors

    Goodwin Procter, Dechert and Maiwald acted as legal advisors to Royalty Pharma.

    About Royalty Pharma

    Founded in 1996, Royalty Pharma is the largest buyer of biopharmaceutical royalties and a leading funder of innovation across the biopharmaceutical industry, collaborating with innovators from academic institutions, research hospitals and non-profits through small and mid-cap biotechnology companies to leading global pharmaceutical companies. Royalty Pharma has assembled a portfolio of royalties which entitles it to payments based directly on the top-line sales of many of the industry’s leading therapies. Royalty Pharma funds innovation in the biopharmaceutical industry both directly and indirectly – directly when it partners with companies to co-fund late-stage clinical trials and new product launches in exchange for future royalties, and indirectly when it acquires existing royalties from the original innovators. Royalty Pharma’s current portfolio includes royalties on more than 35 commercial products, including Vertex’s Trikafta, GSK’s Trelegy, Roche’s Evrysdi, Johnson & Johnson’s Tremfya, Biogen’s Tysabri and Spinraza, AbbVie and Johnson & Johnson’s Imbruvica, Astellas and Pfizer’s Xtandi, Novartis’ Promacta, Pfizer’s Nurtec ODT and Gilead’s Trodelvy, and 15 development-stage product candidates.

    Forward-Looking Statements

    The information set forth herein does not purport to be complete or to contain all of the information you may desire. Statements contained herein are made as of the date of this document unless stated otherwise, and neither the delivery of this document at any time, nor any sale of securities, shall under any circumstances create an implication that the information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof. This document contains statements that constitute “forward-looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of Royalty Pharma’s strategies, financing plans, growth opportunities, market growth, and plans for capital deployment. In some cases, you can identify such forward-looking statements by terminology such as “may,” “might,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “target,” “forecast,” “guidance,” “goal,” “predicts,” “project,” “potential” or “continue,” the negative of these terms or similar expressions. Forward-looking statements are based on management’s current beliefs and assumptions and on information currently available to the company. However, these forward-looking statements are not a guarantee of Royalty Pharma’s performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, and other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of Royalty Pharma’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this document are made only as of the date hereof. Royalty Pharma does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law. For further information, please reference Royalty Pharma’s reports and documents filed with the U.S. Securities and Exchange Commission (“SEC”) by visiting EDGAR on the SEC’s website at www.sec.gov.

    Royalty Pharma Investor Relations and Communications

    +1 (212) 883-6637
    ir@royaltypharma.com

    _______________________
    1Trial of Anti-BDCA2 Antibody Litifilimab for Systemic Lupus Erythematosus, New England Journal of Medicine, 9/7/2022; Trial of Anti-BDCA2 Antibody Litifilimab for Cutaneous Lupus Erythematosus, New England Journal of Medicine, 7/27/2022

    The MIL Network –

    February 13, 2025
  • MIL-OSI: Hyperscale Data Announces 32 Consecutive Monthly Cash Dividend Payments Timely Paid for Series D Cumulative Redeemable Perpetual Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 12, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that it has successfully paid 32 consecutive monthly cash dividends for its 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”). Dividends on the Series D Preferred Stock are cumulative and are payable out of amounts legally available therefor at a rate equal to 13.00% per annum per $25.00 of stated liquidation preference per share, or $0.2708333 per share of Series D Preferred Stock per month.

    Milton “Todd” Ault III, Founder and Executive Chairman of the Company, stated, “The Company continues to reaffirm its commitment to enhancing its overall credit profile and making timely dividend payments on the Series D Preferred Stock. I want to highlight to all stockholders that the current yield on the Series D Preferred Stock is 21.05% based upon a closing price of $15.44 on February 11, 2025. I am confident in the long-term nature of the Series D Preferred Stock and am very proud of the Company’s track record with respect to the Series D Preferred Stock.”

    Link to NYSE quote for the Company’s 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock: https://www.nyse.com/quote/XASE:GPUSpD

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors, and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Hyperscale Data is transitioning from a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact to becoming solely an owner and operator of data centers to support high performance computing services. Through its wholly and majority-owned subsidiaries and strategic investments, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence ecosystems and other industries. It also provides, through its wholly owned subsidiary, Ault Capital Group, Inc., mission-critical products that support a diverse range of industries, including an artificial intelligence software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, Hyperscale Data is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; Hyperscale Data, Inc.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8- K. All filings are available at www.sec.gov and on the Company’s website at www.hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network –

    February 13, 2025
  • MIL-OSI: Bitget Wallet Integrates Mantra Mainnet, Enabling Access to RWA Tokenization

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Feb. 12, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has announced full support for the Mantra Mainnet, a Layer 1 blockchain focused on the tokenization of real-world assets (RWA). With this integration, Bitget Wallet users can easily access Mantra’s network to transfer and receive $OM tokens, participate in cross-chain transactions, and explore staking opportunities through Mantra’s DApp.

    The Mantra Mainnet is designed to enable the onchain representation of real-world assets, bridging the gap between traditional finance and blockchain ecosystems. Through tokenization, Mantra aims to provide a scalable and flexible foundation for integrating RWAs within decentralized finance (DeFi). By offering a compliant-ready framework, it positions itself as a key player in unlocking RWA potential.

    Bitget Wallet’s integration with Mantra highlights its commitment to expanding user access to emerging on-chain asset ecosystems. Users can interact seamlessly with Mantra’s DApp, which offers $OM token staking, cross-chain functions, and official rewards programs. This integration aligns with the growing trend of bringing real-world asset exposure to the decentralized world.

    Looking ahead, Bitget Wallet plans to deepen its collaboration with Mantra through upcoming reward programs designed to encourage user participation in the evolving RWA ecosystem. “As real-world assets move on-chain, wallets become gateways to a new era of finance,” said Alvin Kan, COO of Bitget Wallet. “Our partnership with Mantra accelerates this shift by providing users with direct access to tokenized assets, reshaping how value is stored, transferred, and grown in the digital world.”

    About Bitget Wallet
    Bitget Wallet is the home of Web3, uniting endless possibilities in one non-custodial wallet. With over 60 million users, it offers comprehensive onchain services, including asset management, instant swaps, rewards, staking, trading tools, live market data, a DApp browser, an NFT marketplace and crypto payment. Supporting over 100 blockchains, 20,000+ DApps, and 500,000+ tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges, along with a $300+ million protection fund to ensure safety of users’ assets. Experience Bitget Wallet Lite to start a Web3 journey.
    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook
    For media inquiries, please contact media.web3@bitget.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b1b3321-b108-40cb-94a7-2d49171cac93

    The MIL Network –

    February 13, 2025
  • MIL-OSI Economics: AI, big data and cloud prominent technology themes in hiring in 2024, reveals GlobalData

    Source: GlobalData

    AI, big data and cloud prominent technology themes in hiring in 2024, reveals GlobalData

    Posted in Business Fundamentals

    • Active job index experiences a 1.4% YoY growth
    • India top country in terms of growth
    • Retail sector trends with high growth and postings

    The global job market dynamics in 2024 revealed a positive year-over-year (YoY) trend, despite companies continuing optimization efforts, with over 500 companies announcing layoffs. The retail sector experienced a rise in postings, driven by companies such as Amazon and Walgreens. The technology and communications sector, with major recruiters including Accenture, Reliance Jio, and Microsoft, also saw a rise in postings. Key technology themes driving hiring trends include artificial intelligence (AI), cloud, big data, cybersecurity, and batteries, reveals the Job Analytics Database of GlobalData, a leading data and analytics company.

    GlobalData’s latest report, Global Hiring Activity Trends & Signals – 2024, reveals that the new job postings for 2024 were driven by roles for AI/ML Engineers, Cloud Architects, and Generative AI Solution Architects.

    Sherla Sriprada, Business Fundamentals Analyst at GlobalData, comments: “The AI theme has experienced a notable 61% increase in job postings, driven by the need for AI/ML Engineers, Cloud Architects, and Generative AI Solution Architects in 2024. There is a growing demand for professionals skilled in ChatGPT and Copilot, reflecting a heightened focus on GenAI, AI Agents, and Agentic AI roles.”

    Countries such as China, Brazil, India, and Australia had a growth in job postings compared to the previous year. The US companies increased their hiring exposure to India while scaling back in China. The North American job onshoring declined in favor of postings in European and APAC nations.

    Meanwhile, Infrastructure-as-a-Service (IaaS) gained traction, driven by Cloud Infra Leads, Infra Security Engineers, and Data Center InfraOps Managers. Additionally, office productivity applications and enterprise resource planning applications were trending in 2024.

    Sriprada concludes: “2024 marks a pivotal year for the global job market, with tech themes driving much of the hiring activity. On the other hand, it is important to note that the shift towards onshoring in regions like India, coupled with reduced hiring in China, underscores the broader geopolitical and economic trends influencing talent acquisition strategies. This dynamic landscape presents both opportunities and challenges for organizations as they navigate the complexities of a rapidly evolving global workforce.”

    MIL OSI Economics –

    February 13, 2025
  • MIL-OSI Europe: Romanian firms as likely as others in EU to tackle impacts of weather and reduce carbon emissions, EIB Investment Survey shows

    Source: European Investment Bank

    • Around three in 10 Romanian firms reported innovation activity, in line with EU average.
    • Romanian businesses are also on par with other EU-based companies in use of digital technologies.
    • Romanian firms perform better than counterparts elsewhere in EU in gender balance

    Most Romanian firms – 90% – have acted to reduce greenhouse gas emissions, in line with companies elsewhere in Europe, according to a European Investment Bank (EIB) Group survey. Companies in Romania have taken steps such as curbing waste, recycling, saving energy and embracing cleaner technologies, new country results from the EIB Group Investment Survey (EIBIS) show.

    Romanian firms are more likely than other EU-based businesses to have limited waste, recycled and invested in less-polluting technologies but less likely to have pursued energy efficiency, according to the national data.

    EIBIS is an annual report based on polling of approximately 13,000 firms in all EU Member States plus a sample from the United States. Its main results were released in October 2024, showing that EU businesses lead way in investments in climate mitigation and adaptation.

    The detailed country reports for individual member states were released today. Key takeaways for Romania include:

    • Investments stand at 27% above pre-pandemic levels.
    • The share of investing firms is 70%, below an EU average of 87%.
    • The share of innovative firms in Romanian is like the EU average, with three in ten reporting innovation activity.
    • Uncertainty about the future, energy costs and an insufficiency of skilled staff remain key concerns for businesses in Romania.

    “Romanian businesses are demonstrating resilience and optimism, even amid global economic uncertainties,” said EIB Vice-President Ioannis Tsakiris. “The EIB Group remains committed to supporting the country’s investment ambitions, ensuring that local businesses on the ground in Romania have access to the financing they need to thrive in a competitive global landscape.”

    The full country report about Romania is available here.

    Survey results feed into the annual Investment Report, the flagship publication of the EIB Group’s Economics Department, gauging the investment outlook for Europe’s economy. The next Investment Report will be released on 5 March 2025 during the annual EIB Group Forum in Luxembourg.

    The annual Forum brings together key stakeholders from the government, business and finance domains to exchange views on investment priorities that support Europe’s policies, including industrial decarbonisation, artificial intelligence, the Capital Markets Union, security, housing and EU enlargement. The theme of this year’s event is Investing in a more sustainable and secure Europe.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. 

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

    MIL OSI Europe News –

    February 13, 2025
  • MIL-OSI Europe: Slovenian businesses among EU’s climate-action leaders, EIB Investment survey shows

    Source: European Investment Bank

    • Almost all companies in Slovenia – 97% – have taken steps to cut emissions, according to annual survey commissioned by EIB.
    • Share of Slovenian businesses moving to reduce carbon footprint is second highest in EU.
    • Slovenian firms also have done more than most in EU in embracing digital technologies.

    Nearly all Slovenian companies – 97% – have taken steps to reduce greenhouse gas emissions, the second-highest share in Europe behind only Finland, according to a European Investment Bank (EIB) Group survey. In addition, four in five Slovenian businesses have embraced advanced digital technologies compared with a European Union average of 74%, new country results from the EIB Group Investment Survey (EIBIS) show.

    EIBIS is an annual report based on polling of approximately 13,000 firms in all EU Member States plus a sample from the United States. Its main results were released in October 2024, showing that EU businesses lead the way in investments in climate mitigation and adaptation.

    The detailed reports for individual EU countries were published today. Key takeaways for Slovenia include:

    • The share of Slovenian companies that have moved to reduce greenhouse gas emissions trails only Finland’s 99% in the EU, where the average is 91%.
    • Slovenian businesses are more likely than counterparts elsewhere in the EU to invest in less-polluting technologies and sustainable practices.
    • Slovenian firms are more likely than EU firms to have adopted automation via robotics, Internet of Things and big data/AI.
    • Green strategies by firms in Slovenia include saving energy, curbing waste and recycling.
    • Regarding investment barriers, Slovenian companies express concerns about political, regulatory and economic factors and an insufficiency of skilled staff is the most common obstacle cited.

    “Slovenian firms are leading the way in green and digital investments, showing strong commitment to sustainability and innovation,” said EIB Vice-President Kyriacos Kakouris. “However, challenges such as regulatory uncertainty and workforce availability must be addressed to unlock further growth. The EIB Group is committed to continue supporting Slovenian businesses to overcome these challenges and boost their competitiveness.” 

    The full country report about Slovenia is available here.

    Survey results feed into the annual Investment Report, the flagship publication of the EIB Group’s Economics Department, gauging the investment outlook for Europe’s economy. The next Investment Report will be released on 5 March 2025 during the annual EIB Group Forum in Luxembourg.  

    The annual Forum brings together key stakeholders from the government, business and finance domains to exchange views on investment priorities that support Europe’s policies, including industrial decarbonisation, artificial intelligence, the Capital Markets Union, security, housing and EU enlargement. The theme of this year’s event is Investing in a more sustainable and secure Europe. 

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

    MIL OSI Europe News –

    February 13, 2025
  • MIL-OSI Europe: EIB Investment Survey shows Belgium investments have returned above pre-COVID levels.

    Source: European Investment Bank

    • Investments in Belgium last year were 4% higher than pre-COVID levels.
    • Businesses in Belgium are ahead of overall European levels in terms of innovation and adoption of advanced digital technologies.
    • Share of Belgian firms prioritising development or introduction of new products and services is far above the bloc’s average.

    A very high percentage of Belgian firms (90%) reported having adopted digital technologies, the second highest percentage of all EU-countries and far above the bloc’s average, according to the European Investment Bank (EIB) Group Investment Survey country results released today. The survey results for Belgium also show that Belgian businesses are far ahead in using Internet of Things (IoT) in their firms. In this field Belgium is far ahead of other EU countries, with an adoption rate of around 65%.

    The EIB Group Investment Survey (EIBIS), is an annual report based on polling of approximately 13,000 firms across all EU member states, with an additional sample from the United States. Its main results were released in October, showing that EU businesses lead way in investments in climate mitigation and adaptation.

    The detailed country reports for individual member states are released today

     When it comes to Belgium, key takeaways include:

    • Together with the Netherlands, Belgium leads the way in terms of the share of businesses’ investments devoted to intangible assets like software, data and website activities.
    • Belgium shows a strong focus on investments in new products and services (39% vs. EU average of 25%).
    • Around six out of every ten Belgian businesses (58%) invested in energy efficiency improvements.

    “European companies are making significant progress in tackling climate change and embracing digital transformation across the board,” remarked EIB Chief Economist Debora Revoltella. “However, enhancing EU investment necessitates a more cohesive and integrated single market.”

    The full country report about Belgium is available here.

    Survey results feed into the annual Investment Report, the flagship publication of the EIB Group’s Economics Department, gauging the investment outlook for Europe’s economy. The next Investment Report will be released on 5 March 2025 during the annual EIB Group Forum in Luxembourg.  

    The annual Forum brings together key stakeholders from the government, business and finance domains to exchange views on investment priorities that support Europe’s policies, including industrial decarbonization, artificial intelligence, the Capital Markets Union, security, housing and EU enlargement. The theme of this year’s event is Investing in a more sustainable and secure Europe. 

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. 

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.  

    In 2024, the EIB Group reached a funding volume of just over €2 billion in Belgium, focusing on energy, innovation, SMEs and climate.

    MIL OSI Europe News –

    February 13, 2025
  • MIL-OSI Europe: EIB Investment Survey 2024: Investment in Portugal remains strong, yet companies face regulatory and financial challenges above the EU average

    Source: European Investment Bank

    • Investment in Portugal continues to grow, standing 14% above pre-pandemic levels.
    • Compliance with new regulations and logistical challenges are the main barriers to business activity.
    • Financial constraints are increasing, with more Portuguese companies facing financing restrictions above the EU average.
    • Regulation and bureaucracy hinder investment, posing greater obstacles in Portugal than in the rest of Europe.

    Investment in Portugal is nearly 14% above pre-pandemic levels in real terms, continuing to grow despite some volatility in the first half of 2024. The percentage of companies planning to increase investment remains stable (20%) and above the EU average.

    The EIB Group Investment Survey (EIBIS), is an annual report based on polling of approximately 13,000 companies across all EU member states, with an additional sample from the United States. Its main results released in October, indicate, among other findings, that many businesses in EU remain optimistic about investment over the past three years.

    The detailed country reports are available today, with key takeaways for Portugal including:

    • Regulatory and logistical challenges weigh on Portuguese businesses – Compliance with new regulations, standards, and certifications, as well as logistical challenges, are the main obstacles to business activity. Compared to EU companies, Portuguese businesses express greater concern over access to raw materials and components.
    • Financial constraints are increasing and exceed the EU average – The percentage of Portuguese companies struggling to access financing has risen significantly and is now above the European average, due to loan rejections, difficulties in securing sufficient financing, and high credit costs.
    • Key barriers to investment – Portuguese companies identify the main obstacles to expansion as uncertainty about the future, lack of skilled labor, regulation, and energy costs. Bureaucracy and business regulations remain more significant challenges in Portugal than in the rest of the EU.

    “Portugal’s strong investment performance, despite financial and regulatory pressures, demonstrates the resilience of its businesses”, said EIB Chief Economist Debora Revoltella. “While compliance costs, bureaucracy, and financing difficulties remain key challenges, Portuguese companies continue to adapt and innovate. As the EU bank, the EIB will continue to support investments that enhance resilience, sustainability, and long-term growth.”

    The full country report about Portugal is available here.

    Survey results feed into the annual Investment Report, the flagship publication of the EIB Group’s Economics Department, gauging the investment outlook for Europe’s economy. The next Investment Report will be released on 5 March 2025 during the annual EIB Group Forum in Luxembourg. 

    The annual Forum brings together key stakeholders from the government, business and finance domains to exchange views on investment priorities that support Europe’s policies, including industrial decarbonisation, artificial intelligence, the Capital Markets Union, security, housing and EU enlargement. The theme of this year’s event is Investing in a more sustainable and secure Europe.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. 

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

    In 2024, the EIB Group reached a funding volume of €2.1 billion in Portugal, focusing on energy transition and support for SMEs and midcaps, the backbone of the Portuguese economy.

    MIL OSI Europe News –

    February 13, 2025
  • MIL-OSI Europe: Most Estonian businesses have taken steps to reduce emissions, EIB Investment Survey shows

    Source: European Investment Bank

    • Vast majority of Estonian firms has acted to reduce greenhouse gas emissions, aligning with efforts across the EU.
    • Estonian businesses are generally satisfied with their investment levels over the past three years.
    • Uncertainty about the future, insufficiency of skilled staff and energy costs are top three investment obstacles for companies in Estonia.

    Almost nine in 10 Estonian firms – 87% – have acted to reduce greenhouse gas emissions, in line with a 91% average in Europe, according to a European Investment Bank (EIB) Group survey. Estonian businesses are more likely than companies elsewhere in the European Union to promote cleaner technologies and business areas while being less likely to focus on energy efficiency, new country results from the EIB Group Investment Survey (EIBIS) show.

    EIBIS is an annual report based on polling of approximately 13,000 firms across all EU Member States plus a sample from the United States. Its main results were released in October 2024, showing that EU businesses lead way in investments in climate mitigation and adaptation.

    The detailed reports for individual EU countries were published today. Key takeaways for Estonia include:

    • Most Estonian firms –  73% – are satisfied with their investment levels over the past three years.
    • The business environment remains a concern for Estonia-based companies, with uncertainty about the future, an insufficiency of skilled staff and energy costs being the top three investment obstacles.
    • Compared with the EU average, Estonia has a higher share of companies with 40% or more women in senior management and a similar share where 50% or more of the company owners are women.
    • Almost three-quarters of Estonian firms – 74% – are integrated into global trade compared with an average in the EU of 63%.

    “Estonian firms are demonstrating a strong commitment to sustainability by taking actions to reduce greenhouse gas emissions,” said EIB Vice-President Thomas Östros. “Their investments in new, less-polluting technologies highlight Estonia’s proactive approach to addressing climate change and fostering green growth.”

    The full country report about Estonia is available here .

    Survey results feed into the annual Investment Report, the flagship publication of the EIB Group’s Economics Department, gauging the investment outlook for Europe’s economy. The next Investment Report will be released on 5 March 2025 during the annual EIB Group Forum in Luxembourg.  

    The annual Forum brings together key stakeholders from the government, business and finance domains to exchange views on investment priorities that support Europe’s policies, including industrial decarbonisation, artificial intelligence, the Capital Markets Union, security, housing and EU enlargement. The theme of this year’s event is Investing in a more sustainable and secure Europe. 

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.  

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.    

    In 2024, Estonia received €498 million in financing from the EIB Group, fuelling business innovation and green growth.

    MIL OSI Europe News –

    February 13, 2025
  • MIL-OSI Asia-Pac: DoT and CDRI Unveil Roadmap to Strengthen India’s Telecom Resilience

    Source: Government of India (2)

    DoT and CDRI Unveil Roadmap to Strengthen India’s Telecom Resilience

    Department of Telecommunications (DoT) and the Coalition for Disaster Resilient Infrastructure (CDRI) Released Disaster Risk and Resilience Assessment Framework
    CDRI presents a telecom resilience framework aligned with global resilience frameworks

    Key strategic measures identified to enhance telecom sector resilience

    DoT calls for collective action from the government, industry, and disaster agencies to build a disaster-resilient telecom ecosystem

    A disaster risk and resilience index developed for 5 States

    Posted On: 12 FEB 2025 4:09PM by PIB Delhi

    The Department of Telecommunications (DoT), in collaboration with the Coalition for Disaster Resilient Infrastructure (CDRI), today launched a comprehensive report on Disaster Risk and Resilience Assessment Framework (DRRAF), marking a major step towards strengthening India’s telecom sector against disasters. The report is part of a comprehensive study on National and Sub-national Disaster Risk & Resilience Assessment for the Telecommunication Sector by CDRI. The study was conducted across five states—Assam, Odisha, Tamil Nadu, Uttarakhand, and Gujarat—focusing on disaster risks and resilience strategies specific to the telecom sector. DoT facilitated the necessary coordination with State Governments, Telecom Service Providers, and Infrastructure Providers to arrange the data required for the study.

    In his message in the inaugural session, Dr. Neeraj Mittal, Secretary (Telecom) & Chairman, Digital Communications Commission (DCC), emphasized that building telecom resilience is a national priority. He reiterated DoT’s commitment for ensuring seamless connectivity prior, during, and after disasters, aligning with the UN’s ‘Early Warning For All by 2027’ initiative. He called for coordinated action from Government agencies, telecom operators, and disaster management bodies to ensure India’s telecom infrastructure remains robust in the face of natural calamities.

    Addressing the impact and potential of the study and framework, CDRI Director General Amit Prothi emphasized the telecom sector’s significant contribution to India’s GDP, highlighting that resilient telecom networks are critical for economic growth, disaster response, and uninterrupted connectivity. He further stated that the CDRI’s study offers a scalable model, actionable insights, and global best practices for resilient communication services.

    Recalling his experience with disasters, Mr. Manish Sinha, Member (F), DoT, emphasized the importance of telecom network post disasters. He further highlighted that technology has improved further. He further highlighted the outcomes of the study lays out a roadmap for minimizing service disruptions, strengthening infrastructure, and improving emergency response mechanisms.

    Emphasizing the importance of inter-ministerial coordination, Shri Sanjay Agrawal, DDG (DM), DoT, highlighted the invaluable support of all LSAs, TSPs, Infrastructure Providers, and Industry Associations (DIPA, COAI, IBF), along with government agencies such as NDMA and SDMAs. He added that their valuable insights and on-ground experiences have significantly enriched this study, ensuring that the recommendations are not only technically sound but also practically implementable.

    The DoT has been proactively implementing several strategic initiatives to enhance disaster preparedness and telecom resilience, including:

    · Real-time coordination with LSAs, State Governments, and telecom operators for rapid disaster response.

    · Nationwide implementation of an indigenous Cell Broadcast System for emergency alerts.

    · Deployment of Public Protection and Disaster Relief (PPDR) networks in collaboration with the Ministry of Home Affairs.

    · Strengthening regulatory support for telecom operators to ensure quick restoration of services.

    · Promoting satellite-based communication and High Altitude Platform Systems (HAPS) to maintain connectivity in disaster-hit regions.

    Key Insights and Recommendations from the Study:

    The study conducted a multi-hazard risk assessment across 0.77 million telecom towers, mapping risks from floods, cyclones, earthquakes, and other disasters. A disaster risk and resilience index has been developed to assess the vulnerability of telecom infrastructure based on disaster intensity, frequency, and impact.

    The Report has outlined a set of key recommendations aimed at strengthening the sector’s resilience and preparedness in the face of disasters. These recommendations emphasize a multi-pronged approach, combining technical enhancements, governance reforms, financial investments, and stakeholder collaboration.

    The key strategic recommendations include:

    • Enhancing technical planning and design to ensure telecommunications infrastructure can withstand disaster impacts.
    • Developing a robust multi-hazard information repository to enable data-driven risk management.
    • Implementing risk-informed governance to integrate disaster resilience into sectoral policies.
    • Developing risk-sharing instruments to safeguard telecom operators against financial vulnerabilities.
    • Establishing a cross-sectoral framework to drive stakeholder collaboration and coordinated response mechanisms.
    • Strengthening financial arrangements to support the resilience of critical telecom infrastructure.
    • Promoting last-mile connectivity and information access to ensure inclusivity during emergencies.
    • Leveraging digital and collaborative efforts to enhance service restoration in crisis situations.
    • Upscaling institutional capacity and last-mile expertise to improve emergency preparedness.
    • Implementing precise monitoring mechanisms to enhance service quality and reliability.

    These recommendations aim to fortify the telecom sector’s ability to withstand disasters, ensuring seamless connectivity and rapid restoration of services. With DoT’s leadership and multi-stakeholder engagement, the adoption of this roadmap will empower India’s telecom sector to effectively anticipate, respond to, and recover from disasters, ensuring uninterrupted communication even in times of crisis.

    With this risk and resilience study and framework, CDRI aims to mainstream resilience principles in telecom infrastructure at the policy and planning level, and promote cross-sectoral collaboration and coordination, both in India and globally.

    About CDRI

    The Coalition for Disaster Resilient Infrastructure (CDRI), an international organization launched by the Prime Minister of India, is a global partnership of 49 members dedicated to climate and disaster-resilient infrastructure solutions. It is a partnership of national governments, UN agencies and programmes, multilateral development banks and financing mechanisms, the private sector, and academia. CDRI advances the cause of climate and disaster resilient infrastructure (DRI).

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    MIL OSI Asia Pacific News –

    February 13, 2025
  • MIL-OSI Asia-Pac: India – France Joint Statement on the visit of Shri Narendra Modi, Hon’ble Prime Minister of India to France

    Source: Government of India

    Posted On: 12 FEB 2025 3:22PM by PIB Delhi

    At the invitation of the President of the French Republic, H.E. Mr. Emmanuel Macron, the Prime Minister of India, Shri Narendra Modi, paid a visit to France on 10-12 February 2025. On 10 and 11 February 2025, France and India co-chaired the Artificial Intelligence Action Summit, gathering Heads of State and Government, leaders of international organizations, small and large enterprises, representatives of academia, non-governmental organizations, artists and members of civil society, in order to build on the important milestones reached during the Bletchley Park (November 2023) and Seoul (May 2024) summits. They underlined their commitment to take concrete actions to ensure that the global AI sector can drive beneficial social, economic and environmental outcomes in the public interest. Prime Minister Modi congratulated President Macron on France’s successful organization of AI Action Summit. France welcomed India’s hosting of the next AI Summit.

    This was Prime Minister Modi’s sixth visit to France, and follows President Macron’s visit to India in January 2024 as the Chief Guest for the 75th Republic Day of India. Prime Minister Modi and President Macron held bilateral discussions on the entire gamut of the exceptionally strong and multifaceted bilateral cooperation and on global and regional matters. Both leaders also went to Marseille where President Macron hosted a private dinner for Prime Minister Modi, reflecting the excellent relationship between the two leaders. They jointly inaugurated India’s Consulate General in Marseille. They also visited the International Thermonuclear Experimental Reactor facility.

    President Macron and Prime Minister Modi reaffirmed their shared vision for bilateral cooperation and international partnership, outlined in the Joint Statement issued following President Macron’s State Visit to India in January 2024 and in the Horizon 2047 Roadmap published during the visit of Prime Minister Modi to France in July 2023 as the Chief Guest of the Bastille Day Celebrations on the occasion of the 25th anniversary of the Strategic Partnership. They commended the progress achieved in their bilateral cooperation and committed to accelerating it further across its three pillars.

    The two leaders reiterated their call for reformed and effective multilateralism to sustain an equitable and peaceful international order, address pressing global challenges and prepare the world for emerging developments, including in the technological and economic domains. The two leaders stressed, in particular, the urgent need for the reform of the United Nations Security Council and agreed to coordinate closely in multilateral fora, including on UNSC matters. France reiterated its firm support for India’s permanent membership of the UNSC. The two leaders agreed to strengthen conversations on regulation of use of the veto in case of mass atrocities. They held extensive discussions on long-term global challenges and current international developments and agreed to intensify their global and regional engagement, including through multilateral initiatives and institutions.

    Acknowledging the paramount importance of advancing scientific knowledge, research and innovation, and recalling the long and enduring engagement between India and France in those areas, President Macron and Prime Minister Modi announced the grand inauguration of the India-France Year of Innovation in New Delhi in March 2026 by launching its Logo.

    Partnership for Security and Sovereignty

    Recalling the deep and longstanding defence cooperation between France and India as part of the Strategic Partnership, President Macron and Prime Minister Modi welcomed the continuation of the cooperation of air and maritime assets in line with the ambitious Defence Industrial Roadmap agreed in 2024. Both leaders commended progress in collaboration in construction of Scorpene submarines in India, including indigenization, and in particular the work carried out with a view to the integration of DRDO developed Air Independent Propulsion (AIP) into P75-Scorpene submarines and the analyses conducted regarding the possible integration of the Integrated Combat System (ICS) into the future P75-AS submarines. Both leaders welcomed the commissioning of the sixth and final submarine of the P75 Scorpene-class project, INS Vaghsheer, on 15 January 2025.Both sides welcomed the ongoing discussions in missiles, helicopter engines and jet engines. They also welcomed the excellent cooperation between the relevant entities in the Safran group and their Indian counterparts. Prime Minister Modi also invited the French Army to take a closer look at the Pinaka MBLR, emphasizing that an acquisition of this system by France would be another milestone in Indo-French defence ties. In addition, President Macron welcomed the decision to include India as an observer to the Eurodrone MALE programme managed by OCCAR, which is another step forward in the growing strength of our partnership in defence equipment programmes.

    Both leaders appreciated the regular conduct of military exercises in all domains including maritime exercises and joint patrolling by maritime patrol aircraft. They noted the recent visit of the French Carrier Strike Group Charles De Gaulle to India in January 2025, followed by the Indian Navy’s participation in the French multinational exercise La Perouse, and the future conduct of the Varuna exercise in March 2025.

    They welcomed the launch of FRIND-X (France-India Defence Startup Excellence) in Paris on 5-6 December 2024, involving the DGA and the Defence Innovation Agency, in line with the vision enshrined in HORIZON 2047 and the India-France Defence Industrial Roadmap. This collaborative platform brings together key stakeholders across both defence ecosystems, including defence startups, investors, incubators, accelerators, and academia, fostering a new era of defence innovation and partnership.

    In order to deepen the research and development partnerships in defence, both leaders stressed on the early launch of an R&D framework through a Technical Arrangement for cooperation in defence technologies between DGA and DRDO. Inaddition, both leaders welcomed the ongoing discussions between L’Office National d’Etudes et de Recherches Aérospatiales (ONERA) and Defence Research and Development Organisation (DRDO) to identify technologies for R&D partnerships. Further, India welcomes the participation of Indian students, alongside French students, in the challenge on distributed intelligencelaunched recently by Interdisciplinary Center for Defence and Security from the Institut Polytechnique de Parisand encourages organizing of more joint challenges in the future to evoke the interest of students in defence.

    Both leaders had a detailed conversation on international issues, including on the Middle-East and the war in Ukraine. They agreed to pursue their efforts to coordinate and remain closely engaged on a regular basis.

    The two leaders recalled the launch of the India-Middle East-Europe Corridor (IMEC) on the margins of the G20 Summit in Delhi in September 2023 and agreed to work together more closely on implementing the initiative. Both leaders stressed the importance of IMEC to foster connectivity, sustainable growth trajectories and access to clean energy across these regions. In this regard, they acknowledged the strategic location of Marseille in the Mediterranean Sea.

    They underlined the key importance of strengthening EU-India relations, in view of the upcoming India-EU summit at the earliest possible in New Delhi.

    They appreciated the growing cooperation in trilateral format with Australia and with the United Arab Emirates. They commended the joint military exercises that took place between France, India and the United Arab Emirates, as well as the participation of India, France and Australia in each others’ multilateral military exercises. At the invitation of the United Arab Emirates and India, France joined the Mangrove Alliance for Climate. They directed their concerned officials to work together with officials from the Governments of United Arab Emirates and Australia, towards identifying concrete projects of trilateral cooperation in the field of economy, innovation, health, renewable energy, education, culture, and the maritime domain, including under the IPOI and IORA as identified during the focal points meeting held virtually last year for both the trilateral dialogues.

    The two leaders underlined their common commitment to a free, open, inclusive, secure and peaceful Indo-Pacific region.

    They reiterated their desire to continue to deepen bilateral cooperation in the space sector. Taking note of the substantial contribution of the first two sessions of the India-France Strategic Space Dialogue to furthering this objective, they agreed to hold its third session in 2025. They commended the strength of the partnership between CNES and ISRO and supported the development of collaborations and synergies between their space industries.

    The two leaders reaffirmed their unequivocal condemnation of terrorism in all its forms and manifestations, including cross-border terrorism. They called for the disruption of terrorism financing networks and safe havens. They further agreed that no country should provide safe haven to those who finance, plan, support, or commit terrorist acts. The leaders also called for concerted action against all terrorists, including through designations of individuals affiliated with groups that are listed by the UN Security Council 1267 Sanctions Committee. The two sides emphasized the importance of upholding international standards on anti-money laundering and combating the financing of terrorism, consistent with Financial Action Task Force recommendations. Both countries reiterated their commitment to work together in FATF, No Money For Terror (NMFT) and other multilateral platforms.

    They commended the cooperation between the National Security Guard (NSG) of India and the Groupe d’Intervention de la Gendarmerie Nationale (GIGN) for agency-level cooperation in the field of counter-terrorism. The two leaders welcomed the outcomes of the counter-terrorism dialogue held in April 2024, reflecting the growing India – France counter-terrorism and intelligence cooperation. The two leaders also looked forward to the successful organization of Milipol 2025 in New Delhi.

    They welcomed the ongoing discussions to create a comprehensive framework for an enhanced bilateral cooperation in the civil aviation sector, which are at advanced stages.

    Prime Minister Modi and President Macron launched an India-France Roadmap on Artificial Intelligence (AI), rooted in the philosophical convergence in their approaches focusing on the development of safe, open, secure and trustworthy artificial intelligence. They welcomed the inclusion of Indian startups at the French Startup Incubator Station F. They also welcomed the expanded possibilities for using India’s real-time payment system – Unified Payments Interface (UPI) – in France. The two leaders reiterated the strategic significance of cyberspace and their wish to strengthen their coordination at the United Nations regarding the application of international law and the implementation of the framework for responsible State behaviour in cyberspace, as well as the need to address issues arising from the proliferation of malicious cyber tools and practices. They looked forward to the next India-France Strategic Cybersecurity and Cyberdiplomacy Dialogues to be held in 2025.

    Partnership for the Planet

    Prime Minister Modi and President Macron stressed that nuclear energy is an essential part of the energy mix for strengthening energy security and transitioning towards a low-carbon economy. Both leaders acknowledged the India-France civil nuclear ties and efforts in cooperation on the peaceful uses of nuclear energy, notably in relation with the Jaitapur Nuclear Power Plant Project. They welcomed the first meeting of the Special Task Force on Civil Nuclear Energy, and welcomed the signing of a letter of intent on Small Modular Reactor (SMR) and Advanced Modular Reactor (AMR) and the Implementing Agreement between India’s GCNEP, DAE and France’s INSTN, CEA for cooperation in training and education of nuclear professionals.

    The two leaders reaffirmed their countries’ commitment to jointly address the environmental crises and challenges including climate change and promoting sustainable lifestyles. The leaders welcomed the renewal of bilateral cooperation in the field of environment between the Ministries of Environment. Both leaders reiterated their commitment to the principles established by the Paris Pact for People and the Planet for reform of the international financing system towards supporting vulnerable countries in addressing both the eradication of poverty and the preservation of the planet. Both leaders affirmed the significance of United Nations Oceans Conference (UNOC-3) as an important milestone in international efforts towards conservation and sustainable use of oceans. In the context of upcoming UNOC-3 to be held in Nice in June 2025, France and India recognize the importance of the Agreement on the Conservation and Sustainable Use of Marine Biological Diversity Beyond Areas of Natural Jurisdiction (BBNJ Agreement), as one of the pillars of inclusive and holistic international ocean governance. Having already signed the treaty, they called for its entry into force at the earliest. Prime Minister Modi offered India’s support to France for UNOC-3 in June 2025.

    They lauded the launching of the India-France Indo-Pacific Triangular Development Cooperation, aiming to support climate- and SDG-focused projects from third countries in the Indo-Pacific region. The two leaders welcome the partnership between Proparco and the concerned Indian microfinance institutions for an equity agreement of 13 million Euros in the areas of financial inclusion and women empowerment. They also commended the strong and fruitful cooperation within the framework of the Franco Indian presidency of the Coalition for Disaster Resilient Infrastructure and the International Solar Alliance.

    Noting the record level of bilateral trade in 2024, they acknowledged that there is vast untapped potential for trade and investment between the two countries. Both leaders highlighted the need to maintain strong confidence for companies investing in France and in India. They commended the numerous economic cooperation projects announced in 2024 in the field of urban development. They recalled the participation of India as guest of honor of the 7th Choose France Summit in Versailles in May 2024. The two leaders were delighted with the organization of the bilateral CEOs Forum in November 2024 and February 2025.

    The two leaders expressed their satisfaction with the unprecedented momentum initiated for cooperation between the two Ministries of Health, with the first mission in Paris of India’s Ministry for Health and Family Welfare last January. Digital health, anti-microbial resistance and exchange of health professionals have been identified as the main priorities for bilateral cooperation in 2025. The two leaders welcomed the signature of a Letter of Intent between PariSante Campus and the C-CAMP (Centre for Molecular Platforms), and the creation of the Indo-French Life Sciences Sister Innovation Hub.

    Partnership for the People

    Recalling the ambition underpinning the Letter of Intent signed on the occasion of Prime Minister Modi’s visit to France in July 2023, President Macron and Prime Minister Modi welcomed the signature of the Agreement between the National Museum in Delhi and France Muséums Développement in December 2024. This agreement paves the way for further collaboration as well as broader museum cooperation including training of Indian professionals. France offered to continue consultations on its participation in the development of the National Maritime Heritage Complex.

    To celebrate the 60th Anniversary of the signing of the first cultural agreement between India and France in 1966, both sides agreed to undertake multiple cultural exchanges and programs in the context of the Year of Innovation 2026 which is a cross-sectoral initiative that includes culture.

    Prime Minister Modi congratulated President Macron on the successful organization of the Paris Olympics and Paralympics 2024 and thanked President Macron’s willingness to share France’s experience and expertise regarding the organization and securing of major international sporting events in the context of India’s bid to host the Olympics and Paralympics Games in 2036.

    Both Leaders welcomed the launch of a regional edition of the Raisina Dialogue focusing on Mediterranean issues in Marseille in 2025, to foster high-level dialogue involving representatives of governments, industry leaders, experts on trade and connectivity issues and other relevant stakeholders with an aim to enhance trade and connectivity between the Mediterranean and the Indo-Pacific regions.

    Both leaders welcomed the successful launch in September 2024 of the International Classes Scheme under which Indian students are taught French as a foreign language, and methodology and academic contents in highly reputed French universities in France during one academic year, before entering their chosen curricula in France. It will create conducive conditions to increase student mobility and meet the target of 30,000 Indian students in France by 2030. In that regard, they welcomed the rising number of Indian students in France, with 2025 figures expected to reach an unprecedented 10,000.

    Both leaders also welcomed the operationalization of the Young Professionals Scheme (YPS) under India-France Migration and Mobility Partnership Agreement (MMPA) which will facilitate two way mobility of youth and professionals, further strengthening the bonds of friendship between people of India and France. Moreover, both leaders stressed on early conclusion of the Memorandum of Understanding to foster cooperation in the fields of skill development, vocational education and training which will create opportunities for both countries to strengthen cooperation in this field.

    To foster their dynamic and comprehensive Strategic Partnership, both countries committed to constantly deepen their long-term cooperation following the ambitions expressed in the bilateral Horizon 2047 Roadmap.

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    MIL OSI Asia Pacific News –

    February 13, 2025
  • MIL-OSI Asia-Pac: List of Outcomes: Visit of the Prime Minister to France

    Source: Government of India

    Posted On: 12 FEB 2025 3:20PM by PIB Delhi

    S. No. MoUs/ Agreements/ Amendments Areas

    1.

    India France Declaration on Artificial Intelligence (AI)

    Technology & Innovation, S&T

    2.

    Launch of the Logo for the India-France Year of Innovation 2026

    Technology & Innovation, S&T

    3.

    Letter of Intent between Department of Science and Technology (DST), Government of India and Institut National de Recherche en Informatique et en Automatique (INRIA) France to establish the Indo-French Center for the Digital Sciences

    Technology & Innovation, S&T

    4.

    Agreement for hosting 10 Indian Startups at the French Start-up incubator Station F

    Technology & Innovation, S&T

    5.

    Declaration of Intent on establishment of partnership on Advanced Modular Reactors and Small Modular Reactors

    Civil Nuclear Energy

    6.

    Renewal of MoU between Department of Atomic Energy (DAE), India and Commissariat à l’Energie Atomique et aux Energies Alternatives of France (CAE), France concerning cooperation with Global Center for Nuclear Energy Partnership (GCNEP)

    Civil Nuclear Energy

    7.

    Implementing Agreement between DAE of India and CEA of France concerning cooperation between GCNEP India and Institute for Nuclear Science and Technology (INSTN) France

    Civil Nuclear Energy

    8.

    Join Declaration of Intent on Triangular Development Cooperation

    Indo-Pacific/ Sustainable Development

    9.

    Joint Inauguration of India’s Consulate in Marseille

    Culture/ People-to-People

    10.

    Declaration of Intent between The Ministry for the Ecological Transition, Biodiversity, Forests, Marine Affairs and Fisheries and The Ministry of Environment, Forest and Climate Change in the Field of Environment.

    Environment

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    MIL OSI Asia Pacific News –

    February 13, 2025
  • MIL-OSI Asia-Pac: Prime Minister holds bilateral talks with President of France

    Source: Government of India

    Posted On: 12 FEB 2025 3:24PM by PIB Delhi

    In a special gesture reflecting the personal rapport between the two leaders, Prime Minister Shri Narendra Modi and President Emmanuel Macron flew together from Paris to Marseille in the French Presidential Aircraft yesterday. They held discussions on the full spectrum of bilateral relations and key global and regional issues. This was followed by delegation level talks after arrival in Marseille. The leaders reaffirmed their strong commitment to the India-France Strategic Partnership, which has steadily evolved into a multifaceted relationship over the past 25 years.

    The talks covered all aspects of the India-France strategic partnership. The two leaders reviewed cooperation in the strategic areas of Defence, Civil Nuclear Energy and Space. They also discussed ways to strengthen collaboration in the fields of Technology and Innovation. This area of partnership assumes greater salience in the backdrop of the just concluded AI Action Summit and the upcoming India-France Year of Innovation in 2026. The leaders also called for enhancing trade and investment ties and in this regard welcomed the report of the 14th India- France CEOs Forum.

    ⁠Prime Minister and President Macron expressed satisfaction at the ongoing collaboration in the fields of health, culture, tourism, education and people-to-people ties. They committed to further deepen engagement in the Indo-Pacific and in global forums and initiatives.

    A Joint Statement outlining the way forward for India- France ties was adopted after the talks. Ten outcomes in the areas of Technology and Innovation, Civil Nuclear Energy, Triangular Cooperation, Environment, Culture and People to People relations were also finalized (list attached).

    President Macron hosted a dinner in honour of Prime Minister in the coastal town of Cassis, near Marseille. Prime Minister invited President Macron to visit India.

    List of Outcomes: Visit of the Prime Minister to France (10-12 February 2025)

    S. No. MoUs/ Agreements/ Amendments Areas

    1.

    India France Declaration on Artificial Intelligence (AI)

    Technology & Innovation, S&T

    2.

    Launch of the Logo for the India-France Year of Innovation 2026

    Technology & Innovation, S&T

    3.

    Letter of Intent between Department of Science and Technology (DST), Government of India and Institut National de Recherche en Informatique et en Automatique (INRIA) France to establish the Indo-French Center for the Digital Sciences

    Technology & Innovation, S&T

    4.

    Agreement for hosting 10 Indian Startups at the French Start-up incubator Station F

    Technology & Innovation, S&T

    5.

    Declaration of Intent on establishment of partnership on Advanced Modular Reactors and Small Modular Reactors

    Civil Nuclear Energy

    6.

    Renewal of MoU between Department of Atomic Energy (DAE), India and Commissariat à l’Energie Atomique et aux Energies Alternatives of France (CAE), France concerning cooperation with Global Center for Nuclear Energy Partnership (GCNEP)

    Civil Nuclear Energy

    7.

    Implementing Agreement between DAE of India and CEA of France concerning cooperation between GCNEP India and Institute for Nuclear Science and Technology (INSTN) France

    Civil Nuclear Energy

    8.

    Join Declaration of Intent on Triangular Development Cooperation

    Indo-Pacific/ Sustainable Development

    9.

    Joint Inauguration of India’s Consulate in Marseille

    Culture/ People-to-People

    10.

    Declaration of Intent between The Ministry for the Ecological Transition, Biodiversity, Forests, Marine Affairs and Fisheries and The Ministry of Environment, Forest and Climate Change in the Field of Environment.

    Environment

    ***

    MJPS/SR/SKS

    (Release ID: 2102249) Visitor Counter : 87

    MIL OSI Asia Pacific News –

    February 13, 2025
  • MIL-OSI Asia-Pac: List of Outcomes: Visit of the Prime Minister to France (10-12 February 2025)

    Source: Government of India (2)

    Posted On: 12 FEB 2025 3:20PM by PIB Delhi

    S. No. MoUs/ Agreements/ Amendments Areas

    1.

    India France Declaration on Artificial Intelligence (AI)

    Technology & Innovation, S&T

    2.

    Launch of the Logo for the India-France Year of Innovation 2026

    Technology & Innovation, S&T

    3.

    Letter of Intent between Department of Science and Technology (DST), Government of India and Institut National de Recherche en Informatique et en Automatique (INRIA) France to establish the Indo-French Center for the Digital Sciences

    Technology & Innovation, S&T

    4.

    Agreement for hosting 10 Indian Startups at the French Start-up incubator Station F

    Technology & Innovation, S&T

    5.

    Declaration of Intent on establishment of partnership on Advanced Modular Reactors and Small Modular Reactors

    Civil Nuclear Energy

    6.

    Renewal of MoU between Department of Atomic Energy (DAE), India and Commissariat à l’Energie Atomique et aux Energies Alternatives of France (CAE), France concerning cooperation with Global Center for Nuclear Energy Partnership (GCNEP)

    Civil Nuclear Energy

    7.

    Implementing Agreement between DAE of India and CEA of France concerning cooperation between GCNEP India and Institute for Nuclear Science and Technology (INSTN) France

    Civil Nuclear Energy

    8.

    Join Declaration of Intent on Triangular Development Cooperation

    Indo-Pacific/ Sustainable Development

    9.

    Joint Inauguration of India’s Consulate in Marseille

    Culture/ People-to-People

    10.

    Declaration of Intent between The Ministry for the Ecological Transition, Biodiversity, Forests, Marine Affairs and Fisheries and The Ministry of Environment, Forest and Climate Change in the Field of Environment.

    Environment

    ***

    MJPS/SR/SKS

    (Release ID: 2102246) Visitor Counter : 8

    MIL OSI Asia Pacific News –

    February 13, 2025
  • MIL-OSI Europe: JOINT MOTION FOR A RESOLUTION on the escalation of violence in the eastern Democratic Republic of the Congo – RC-B10-0102/2025

    Source: European Parliament

    Ingeborg Ter Laak, Michael Gahler, Lukas Mandl, Sebastião Bugalho, Wouter Beke
    on behalf of the PPE Group
    Yannis Maniatis, Marit Maij
    on behalf of the S&D Group
    Waldemar Tomaszewski, Joachim Stanisław Brudziński, Cristian Terheş
    on behalf of the ECR Group
    Hilde Vautmans, Abir Al‑Sahlani, Petras Auštrevičius, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Engin Eroglu, Raquel García Hermida‑Van Der Walle, Ľubica Karvašová, Ilhan Kyuchyuk, Jan‑Christoph Oetjen, Urmas Paet, Marie‑Agnes Strack‑Zimmermann, Yvan Verougstraete
    on behalf of the Renew Group
    Sara Matthieu
    on behalf of the Verts/ALE Group
    Marc Botenga, Rudi Kennes, Manon Aubry, Rima Hassan, Damien Carême
    on behalf of The Left Group
    European Parliament resolution on the escalation of violence in the eastern Democratic Republic of the Congo

    (2025/2553(RSP))

    The European Parliament,

    – having regard to its previous resolutions on the Democratic Republic of the Congo (DRC),

    – having regard to the statement by the High Representative of the Union for Foreign Affairs and Security Policy on behalf of the EU of 25 January 2025 on the latest escalation in eastern DRC,

    – having regard to the statement by G7 foreign ministers of 2 February 2025 on the escalation of violence in the eastern Democratic Republic of the Congo,

    – having regard to the press statement of the UN Security Council of 26 January 2025 on the situation in the Democratic Republic of the Congo,

    – having regard to the special session of the UN Human Rights Council of 7 February 2025 on the human rights situation in the east of the Democratic Republic of the Congo,

    – having regard to the communiqué of the Peace and Security Council of the African Union of 28 January 2025 on the recent developments in the eastern Democratic Republic of Congo,

    – having regard to the Convention on the Elimination of all Forms of Discrimination against Women of 18 December 1979,

    – having regard to the Partnership Agreement of 15 November 2023 between the European Union and its Member States, of the one part, and the Members of the Organisation of African, Caribbean and Pacific States, of the other part[1],

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

    A. whereas in January 2025, the armed rebel group M23, backed by Rwandan forces, further advanced in the eastern DRC and seized the regional capital city of Goma; whereas violence between rebel groups and the Congolese army increased sharply, causing a high number of civilian casualties; whereas an estimated 3 000 deaths occurred during the offensive on Goma; whereas approximately 800 000 internally displaced people were sheltering at that time in densely populated displacement sites around the city;

    B. whereas M23 announced a unilateral ceasefire to begin on 4 February 2025; whereas fighting has nonetheless continued, Goma airport remains closed, air traffic management equipment is damaged and humanitarian access is still limited; whereas there are reports that the mining town of Nyabibwe in South Kivu has been captured by M23; whereas M23 leaders have declared their intention to continue advancing in the DRC; whereas the latest advances of M23 mark an alarming escalation of the devastating conflict in the eastern DRC, a violation of territorial integrity and an escalation in violence, leading to a dire humanitarian crisis, human rights violations and the further destabilisation of the country;

    C. whereas the region has been plagued by decades of cyclical violence, causing a security and humanitarian crisis; whereas after a ceasefire that lasted several years, the M23 fighters took up arms again at the end of 2021; whereas martial law has been in force since 2021 in the eastern DRC and the civilian government has been replaced by the military; whereas the M23 forces have been expanding their presence in the eastern DRC, setting up new governance administrations and taxation systems, establishing military training camps and exporting minerals directly to Rwanda; whereas the long-term consequences of the terrible 1994 Rwandan genocide against the Tutsi are still fuelling violence, hatred and forced displacements today;

    D. whereas on 23 and 24 January 2025, M23 fired on positions of the United Nations Organization Stabilization Mission in the DRC (MONUSCO), which resulted in the deaths of 13 peacekeepers deployed with MONUSCO and the peacekeeping mission led by the Southern African Development Community (SADC);

    E. whereas the UN Group of Experts concluded in its June 2024 report that the deployment of the Rwanda Defence Forces (RDF) ‘violates the sovereignty and territorial integrity of the Democratic Republic of the Congo’ and that the RDF’s ‘de facto control and direction over M23 operations also renders Rwanda liable for the actions of M23’;

    F. whereas the seizing of Goma has led to significant displacement of civilians; whereas over 500 000 people are estimated to have been displaced since early January 2025; whereas thousands of Congolese people had previously fled to the city to escape violence and have been further driven from camps for internally displaced people into makeshift tents or forced to sleep out in the open; whereas the safety of internally displaced people is now seriously threatened, with women and girls suffering disproportionately;

    G. whereas the deputy head of the UN peacekeeping force based in Goma has reported on the mass rape and killing of women inmates inside Goma’s Munzenze prison, and it is estimated that hundreds of women were raped and many burned alive in the prison;

    H. whereas women and girls in the DRC face increased levels of sexual and gender-based violence, resulting in there being one victim of rape every four minutes; whereas the staff of Panzi Hospital in Bukavu, which receives many survivors of sexual violence, is alarmed about the deteriorating security situation in the area and about the security of the staff and patients in Panzi Hospital itself;

    I. whereas the seizure of Goma triggered violent protests in Kinshasa, with dozens of protesters attacking embassies and calling on the international community to halt the advance of M23;

    J. whereas the conflict in the DRC is at risk of regional spillover; whereas a peacekeeping deployment from the East African Community Regional Forces withdrew in 2023; whereas the SADC deployed a peacekeeping mission to the DRC in December 2023 with troops from South Africa, Tanzania and Malawi; whereas at least 20 peacekeepers were killed during the M23 advance on Goma; whereas on 6 February 2025, Malawi announced the withdrawal of its troops from this mission;

    K. whereas it is widely acknowledged that Rwanda is active in the conflict in the eastern DRC, including through its de facto control of M23, to which it supplies weapons, logistical support and troops; whereas UN experts estimate that there are between 3 000 and 4 000 Rwandan troops operating with M23;

    L. whereas North Kivu is a resource-rich region, with vast supplies of critical raw materials including cobalt, gold and tin, which are necessary for the global digital and energy transition; whereas Goma is a major transport and trading hub for the export of minerals; whereas the UN estimates that around 120 tonnes of coltan are being moved by M23 to Rwanda each month; whereas UN experts further estimate that M23 is financed by around EUR 288 000 per month generated through its control of the mineral trade in the DRC; whereas the rebel groups often recruit child soldiers in a blatant violation of international law and humanity;

    M. whereas the International Criminal Court (ICC) investigations in the DRC have focused on alleged war crimes and crimes against humanity committed mainly in the eastern DRC, in the Ituri region and the North and South Kivu Provinces, since 1 July 2002; whereas the DRC made a second referral to the ICC in May 2023 concerning alleged crimes committed in North Kivu since 1 January 2022;

    N. whereas on 8 February 2025 at a joint summit in Tanzania’s capital Dar es Salaam, the regional blocs of southern Africa, the SADC, and eastern Africa, the East African Community (EAC), called for an immediate and unconditional ceasefire, demanded the withdrawal of uninvited foreign armed forces from the DRC territory, urged all warring parties to hold peace talks within five days, and demanded the reopening of Goma airport and other key routes to facilitate humanitarian aid; whereas the African Union is set to address the matter at a meeting in Addis Ababa on 14 February 2025; whereas other mediation efforts are ongoing, notably by France, which aims to bring all actors to the negotiation table;

    O. whereas the Foreign Affairs Council of the Council of the EU is expected to exchange views on the situation in the DRC on 24 February 2025;

    P. whereas between 2021 and 2024, the EU provided EUR 260 million in funding to Rwanda, with an additional EUR 900 million pledged under the Global Gateway strategy; whereas following the latest developments in the eastern DRC, the EU declared that it stood ready to boost emergency assistance, particularly for the newly displaced populations in and around Goma, and on 28 January 2025, the Commission announced new humanitarian support for the DRC with an initial amount of EUR 60 million for 2025; whereas the EU is trying to intensify its presence in the region, including through its recent support for the ‘Green Corridor Kivu-Kinshasa’ programme via a Global Gateway initiative, which aims to help establish a sustainable 2 600 km corridor connecting the eastern DRC to Kinshasa and the Atlantic Coast, covering 540 000 km2;

    Q. whereas the EU has formed raw materials partnerships with several countries, including the DRC, Rwanda and other countries in the region; whereas these partnerships are focused on, among other things, advancing due diligence and traceability, cooperation in fighting against the illegal trafficking of raw materials, and alignment with international environmental, social and governance standards; whereas Parliament, unlike the Council, was not given the opportunity by the Commission to share its political assessment of the decision to negotiate a Memorandum of Understanding (MoU) with Rwanda or to provide technical feedback on the draft MoU;

    R. whereas the DRC Foreign Affairs Minister Thérèse Kayikwamba Wagner and Nobel Prize laureate Denis Mukwage briefed Parliament on 5 February 2025, at an extraordinary meeting of the Delegation to the Africa-EU Parliamentary Assembly (DAFR) and the Committee on Development, on the occupation of the eastern DRC and the dire humanitarian impact on the local population and internally displaced people;

    S. whereas the Council appointed Johan Borgstam as the EU Special Representative for the Great Lakes Region on 1 September 2024; whereas on 30 January 2025, DAFR organised an extraordinary hearing with the EU Special Representative and Bintou Keita, Head of MONUSCO;

    T. whereas prior to recent developments, the DRC faced one of the largest displacement crises in Africa, with 6.7 million internally displaced persons, including 4.6 million in South and North Kivu; whereas the DRC also hosts over 520 000 refugees and asylum seekers from neighbouring countries, while 1.1 million refugees from the DRC are being hosted in neighbouring countries in the region, more than half of them in Uganda; whereas the recent surge in violence has internally displaced over half a million people since the beginning of the year; whereas given the severe overcrowding in the displacement sites where people remain and the lack of water, sanitation and hygiene infrastructure, the risk of a cholera outbreak is extremely high, along with that of a rapid spread of the Mpox epidemic;

    1. Strongly condemns the occupation of Goma and other territories in the eastern DRC by M23 and the RDF as an unacceptable breach of the DRC’s sovereignty and territorial integrity; urges the Rwandan Government to withdraw its troops from DRC territory, as they are in clear violation of international law and the UN Charter, and to cease cooperation with the M23 rebels; demands that Rwanda and all other potential state actors in the region cease their support for M23;

    2. Strongly condemns the indiscriminate attacks with explosive weapons in populated areas of North Kivu by all parties, including on displacement camps and other densely populated areas near Goma, as well as the unlawful killings, rapes and other apparent war crimes, forced labour, forced recruitment and other abusive practices committed by M23 with the support of the RDF and by the armed forces of the DRC, the FARDC;

    3. Is appalled by the shocking use of sexual violence against women and girls as a tool of repression and weapon of war in the eastern DRC as well as the unacceptable recruitment of child soldiers by the various rebel groups; demands that these matters be addressed by the international community without delay; strongly reiterates that any attack against UN-mandated forces is inexcusable and might be considered a war crime;

    4. Calls for an immediate end to the violence, particularly the mass killings and the use of rape as a strategic weapon of war; calls on the DRC and Rwanda to investigate and appropriately prosecute those responsible for war crimes, including sexual violence, under the principle of command responsibility;

    5. Is extremely concerned by the critical humanitarian situation in the country; calls for the immediate reopening of Goma airport to re-establish humanitarian operations and bring in supplies via the airport and the land border; calls for the creation and immediate opening of humanitarian corridors and for all parties, including armed groups operating in the eastern DRC, to allow and facilitate full humanitarian access based on needs and humanitarian principles, including ensuring that civilians and displaced people are not denied access to items essential for their survival;

    6. Emphasises that humanitarian workers must be able to operate safely to deliver life-saving assistance to Congolese civilians, and that the safety of medical facilities must be preserved; stresses that this is a central obligation under international humanitarian law, and that perpetrators violating these obligations should be held to account; underlines that Rwanda and the neighbouring countries have a special responsibility to facilitate humanitarian access to the region;

    7. Strongly condemns the attack on diplomatic institutions of the EU, its Member States and civil society organisations, such as political foundations in Kinshasa; underlines that the protection of civilians and diplomatic staff must be guaranteed;

    8. Expresses concern over the lack of coherence in the EU response to the Great Lakes region’s crises and calls on the Council to reassess the implementation of its renewed EU Great Lakes strategy; recalls that the EU and its special representative for the region are ready to assist all mediation efforts;

    9. Welcomes the increased humanitarian support pledged by the EU, notes that this still falls far short of meeting the basic needs for food, water, medical assistance and shelter in the eastern DRC, especially in the light of the recent termination of support from the United States Agency for International Development (USAID); calls on the Commission and the international community to significantly step up financial support for urgent and life-saving assistance;

    10. Regrets that the EU has not taken appropriate measures to sufficiently address the crisis and effectively press Rwanda to end its support for M23, and that it has instead taken steps – including the signing in February 2024 of an MoU on sustainable raw materials value chains without sufficiently discussing the conflict, and the decision to top up support for Rwanda’s deployment in Mozambique under the European Peace Facility (EPF) – that have failed to demonstrate sufficient safeguards and that have contributed to sending an inconsistent message to the Rwandan authorities;

    11. Urges the Commission and the Council to immediately suspend the EU-Rwanda MoU on sustainable raw materials value chains until Rwanda proves that it is ceasing its interference and its exportation of minerals mined from M23-controlled areas; calls on all actors to increase transparency and to effectively ban the entry of all blood minerals into the EU;

    12. Calls on the Commission to render the future re-activation of cooperation on critical raw materials conditional upon Rwanda joining the Extractive Industries Transparency Initiative, which the DRC is already part of;

    13. Calls on the Commission and the Member States to ensure that the current Conflict Minerals Regulation[2] is strongly enforced and on the Commission to propose a revision of the EU rules, with the aim of ensuring the highest standards of traceability and transparency;

    14. Notes that parliamentary oversight and civil society involvement in the preparation, signing and implementation of raw material MoUs and roadmaps are essential for an inclusive process with adequate scrutiny, and must become part of the MoU;

    15. Calls on the Commission, the Member States and the international financial institutions to freeze direct budget support to Rwanda subject to it meeting conditions on, among other things, humanitarian access and the breaking of all links with M23; urges the Commission and the Member States to freeze their military and security assistance to the Rwandan armed forces to ensure that they do not contribute directly or indirectly to abusive military operations in the eastern DRC; calls strongly, in particular, for a review of the EU’s renewed support under the EPF to ensure that troops deployed in northern Mozambique and benefiting from EPF support, as well as their commanders, have been properly vetted and have not been involved in the eastern DRC or in other human rights violations, with a view to suspending the support if it is found to contribute directly or indirectly to abusive military operations in the eastern DRC;

    16. Urges the Commission and all Member States to ban the transfer of weapons to the Rwandan forces and M23 and to ensure greater transparency of trade in EU weapons;

    17. Urges the Council to expand sanctions against senior M23 commanders, leaders of other armed groups and senior officials from the DRC and Rwanda, including Major-General Eugene Nkubito, the commander of the RDF’s 3rd Division Major-General Ruki Karusisi, RDF Special Force Commander, and Major-General Emmy K. Ruvusha, Commander of the Rwanda Security Forces, all identified in the June 2024 report of the UN Group of Experts and in reports from other countries across the region as being responsible for or complicit in recent serious abuses by their forces or those for which they have command responsibility;

    18. Urges the European External Action Service (EEAS), the Member States and the Government of the DRC to take immediate action to prevent sexual violence and improve care for survivors, including by adapting the national legal framework to guarantee access to medical abortion care; draws attention to the health needs of pregnant women, notably those who are displaced and out of reach of medical support; calls on the EEAS and the Member States to further prioritise the disbursement of humanitarian support for women and girls in the region;

    19. Calls on the Commission to continue supporting anti-corruption efforts and the strengthening of governance in the DRC;

    20. Commends the Prosecutor of the ICC’s announcement that the ICC will continue to investigate alleged crimes committed by any person, irrespective of affiliation or nationality; reiterates the EU’s unwavering support for the ICC and calls on the Council and Commission to fulfil their obligations to ensure the functioning and effectiveness of the ICC;

    21. Reiterates its full support for MONUSCO in protecting civilians and stabilising the region; urges the EU to cooperate with all actors on the ground, in particular MONUSCO, to ensure the protection of civilians in the eastern DRC; calls on the UN to work towards a stronger mandate for MONUSCO in order to enable peacemaking; calls on the UN to ensure the protection of civilians and respect for international humanitarian law, particularly given the increased risk of gender-based violence, and to preserve the safety of humanitarian staff, health workers and medical facilities;

    22. Calls on the UN to take immediate and specific measures to protect Panzi Hospital and its patients and staff;

    23. Welcomes the special session of the UN Human Rights Council of 7 February 2025 on the human rights situation in the east of the DRC; supports the establishment of an independent commission of inquiry into serious violations committed since January 2022;

    24. Reiterates its condemnation of hate speech and xenophobia, as well as ethnic-based politics; underlines that all those responsible for sustaining armed conflict, instability and insecurity in the DRC must be held accountable;

    25. Is concerned about the consequences of Russian interference in the conflict and more widely in the region, and about the increasing presence of disinformation campaigns; condemns, in particular, efforts by Russia to foster anti-Western sentiment through the dissemination of fake news on social media about Western players;

    26. Expresses its concern about the increasing presence of Chinese actors in the mining sector of the DRC and the region acting without respect for economic and social responsibilities, and recalls that European industries and companies in the region will only have long-term security of supply if a long-lasting and peaceful solution to the conflict is found;

    27. Recalls that only an inclusive and regional approach will be able to address and tackle the multifaceted, long-standing problems in the region; strongly welcomes the joint SADC and EAC peace summit in Dar es Salaam on 8 February 2025; reiterates, in this regard, its full support for the Luanda and Nairobi processes and calls upon all Great Lake countries, in particular the DRC and Rwanda, to urgently pursue negotiations within these frameworks; emphasises that any solution must also address the root causes of the conflict, including, but not limited to, the illicit trafficking of natural resources; calls on the Commission and the Member States to fully support national and regional initiatives, such as the initiative of the Congolese Catholic and Protestant leaders, and the Luanda Process; underlines that regional organisations, such as the African Union, the SADC and the EAC, must play a central role in all of these efforts; underlines also that a lasting solution requires a reform of the DRC security sector, with a better organised DRC army and administration;

    28. Calls on the international community and all actors involved to use the Addis Ababa framework agreement and to organise an international conference for peace in the eastern DRC and the Great Lakes region; stresses that this ‘Business for Peace’ conference will have the unique feature of having the private sector around the peace negotiation table, since the war is about strategic minerals; underlines that business people can have significant leverage to push their countries to act for peace; believes that the business for peace approach can help us move forward in finding a solution;

    29. Calls for the cancellation of the 2025 International Cycling Union (UCI) Road World Championships in Kigali if Rwanda does not change course;

    30. Instructs its President to forward this resolution to the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the Government and Parliament of Rwanda and of the Democratic Republic of the Congo, the African Union, the secretariats of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo, the Southern African Development Community and the East African Community, and other relevant international bodies.

    MIL OSI Europe News –

    February 13, 2025
  • MIL-OSI Europe: AI regulation: Federal Council to ratify Council of Europe Convention

    Source: Switzerland – Department of Foreign Affairs in English

    Switzerland intends to ratify the Council of Europe Convention on Artificial Intelligence (AI) and to make the necessary amendments to Swiss law. Work will also continue on the regulation of AI in specific sectors such as healthcare and transport. The Federal Council spoke out in favour of this approach at its meeting on 12 February.

    MIL OSI Europe News –

    February 13, 2025
  • MIL-OSI Canada: Statement on Inclusive and Sustainable Artificial Intelligence for People and the Planet

    Source: Government of Canada – Prime Minister

    1. Participants from over 100 countries, including government leaders, international organisations, representatives of civil society, the private sector, and the academic and research communities gathered in Paris on February 10 and 11, 2025, to hold the AI Action Summit. Rapid development of AI technologies represents a major paradigm shift, impacting our citizens, and societies in many ways. In line with the Paris Pact for People and the Planet, and the principles that countries must have ownership of their transition strategies, we have identified priorities and launched concrete actions to advance the public interest and to bridge digital divides through accelerating progress towards the Sustainable Development Goals (SDGs). Our actions are grounded in three main principles of science, solutions – focusing on open AI models in compliance with countries frameworks – and policy standards, in line with international frameworks.
    2. This Summit has highlighted the importance of reinforcing the diversity of the AI ecosystem. It has laid an open, multi-stakeholder and inclusive approach that will enable AI to be human rights based, human-centric, ethical, safe, secure and trustworthy while also stressing the need and urgency to narrow the inequalities and assist developing countries in artificial intelligence capacity-building so they can build AI capacities.
    3. Acknowledging existing multilateral initiatives on AI, including the United Nations General Assembly Resolutions, the Global Digital Compact, the UNESCO Recommendation on Ethics of AI, the African Union Continental AI Strategy, and the works of the Organization for Economic Cooperation and Development (OECD), the Council of Europe and European Union, the G7 including the Hiroshima AI Process and G20, we have affirmed the following main priorities: 
    • Promoting AI accessibility to reduce digital divides

    • Ensuring AI is open, inclusive, transparent, ethical, safe, secure and trustworthy, taking into account international frameworks for all 

    • Making innovation in AI thrive by enabling conditions for its development and avoiding market concentration driving industrial recovery and development

    • Encouraging AI deployment that positively shapes the future of work and labour markets and delivers opportunity for sustainable growth

    • Making AI sustainable for people and the planet

    • Reinforcing international cooperation to promote coordination in international governance

    To deliver on these priorities: 

    • Founding members have launched a major Public Interest AI Platform and Incubator, to support, amplify, decrease fragmentation between existing public and private initiatives on Public Interest AI and address digital divides. The Public interest AI Initiative will sustain and support digital public goods and technical assistance and capacity building projects in data, model development, openness and transparency, audit, compute, talent, financing and collaboration to support and co-create a trustworthy AI ecosystem advancing the public interest of all, for all and by all. 

    • We have discussed, at a Summit for the first time and in a multi-stakeholder format, issues related to AI and energy. This discussion has led to sharing knowledge to foster investments for sustainable AI systems (hardware, infrastructure, models), to promoting an international discussion on AI and environment, to welcoming an observatory on the energy impact of AI with the International Energy Agency, to showcasing energy-friendly AI innovation.
    • We recognize the need to enhance our shared knowledge on the impacts of AI in the job market, though the creation of network of Observatories, to better anticipate AI implications for workplaces, training and education and to use AI to foster productivity, skill development, quality and working conditions and social dialogue.
    1. We recognize the need for inclusive multistakeholder dialogues and cooperation on AI governance. We underline the need for a global reflection integrating inter alia questions of safety, sustainable development, innovation, respect of international laws including humanitarian law and human rights law and the protection of human rights, gender equality, linguistic diversity, protection of consumers and of intellectual property rights. We take notes of efforts and discussions related to international fora where AI governance is examined. As outlined in the Global Digital Compact adopted by the UN General Assembly, participants also reaffirmed their commitment to initiate a Global Dialogue on AI governance and the Independent International Scientific Panel on AI and to align on-going governance efforts, ensuring complementarity and avoiding duplication. 
    2. Harnessing the benefits of AI technologies to support our economies and societies depends on advancing Trust and Safety. We commend the role of the Bletchley Park AI Safety Summit and Seoul Summits that have been essential in progressing international cooperation on AI safety and we note the voluntary commitments launched there. We will keep addressing the risks of AI to information integrity and continue the work on AI transparency. 
    3. We look forward to next AI milestones such as the Kigali Summit, the 3rd Global Forum on the Ethics of AI hosted by Thailand and UNESCO, the 2025 World AI Conference and the AI for Good Global Summit 2025 to follow up on our commitments and continue to take concrete actions aligned with a sustainable and inclusive AI.

    Signatory countries: 

    1. Armenia
    2. Australia
    3. Austria
    4. Belgium
    5. Brazil
    6. Bulgaria
    7. Cambodia
    8. Canada
    9. Chile
    10. China
    11. Croatia
    12. Cyprus
    13. Czechia
    14. Denmark
    15. Djibouti
    16. Estonia
    17. Finland
    18. France
    19. Germany
    20. Greece
    21. Hungary
    22. India
    23. Indonesia
    24. Ireland
    25. Italy
    26. Japan
    27. Kazakhstan
    28. Kenya
    29. Latvia
    30. Lithuania
    31. Luxembourg
    32. Malta
    33. Mexico
    34. Monaco
    35. Morocco
    36. New Zealand
    37. Nigeria
    38. Norway
    39. Poland
    40. Portugal
    41. Romania
    42. Rwanda
    43. Senegal
    44. Serbia
    45. Singapore
    46. Slovakia
    47. Slovenia
    48. South Africa
    49. Republic of Korea
    50. Spain
    51. Sweden
    52. Switzerland
    53. Thailand
    54. Netherlands
    55. United Arab Emirates
    56. Ukraine
    57. Uruguay
    58. Vatican
    59. European Union
    60. African Union Commission

    MIL OSI Canada News –

    February 13, 2025
  • MIL-OSI United Kingdom: E.ON and Coventry City Council launch drone scans with tech startup Kestrix to drive warmer homes at scale

    Source: City of Coventry

    This pilot scheme will analyse thousands of Coventry homes to devise community-scale energy upgrade plans.

    The Strategic Energy Partnership between E.ON and Coventry City Council is working with tech startup Kestrix to use thermal camera drones and advanced 3D heat loss modelling at scale, providing real-world data on the performance of thousands of homes in Coventry at once. This will allow better – and faster – targeting of energy efficiency improvements with the aim of making homes more energy efficient and, ultimately, cheaper to heat.

    Described as the ‘Google Maps of heat loss’, Kestrix uses drones equipped with thermal imaging cameras to scan a bird’s-eye view of homes from about 50 metres high, quantifying precisely how and where heat escapes from buildings. The drone survey takes a few minutes rather than the current model of home visits which can typically last hours.

    The 3D heat loss models highlight opportunities for building improvements at scale, with machine learning insights recommending what improvements could work best and at lowest cost.

    The new solutions give a far clearer picture of how much it costs to run a house and how to fix heat loss issues. Capturing this data at scale gives a clear blueprint of which homes are performing the worst across whole areas, meaning energy efficiency improvements can be targeted to those who need it most in a more efficient way.

    The data captured could also help social landlords and local authorities to plan and prioritise the work and, over time, aspire to build up a map of heat losses community-wide.

    The collaboration between E.ON and Kestrix grew out of the Free Electrons open innovation programme, in which E.ON and other leading global utilities work together with promising start-ups to develop innovative solutions for the world of new energy. As a finalist in the 2024 edition of Free Electrons, Kestrix was brought into the organisation by E.ON Group Innovation, E.ON’s incubator for innovative technologies. Through Free Electrons, E.ON Group Innovation has helped launch a number of pilot projects across Europe, with Kestrix being the latest.

    Vijay Tank, Chief Operating Officer at E.ON Infrastructure Solutions, said:

    “At E.ON we have improved hundreds of thousands of homes going back many years, but if the UK is to meet its net zero targets we are going to need to improve 1.8 homes every minute from now to 2050. “We need to go further and faster, and that’s where our relationship with Kestrix and our Strategic Energy Partnership with the City of Coventry come in. Bringing together the city and this cuttingedge technology means we can deliver accurate data at scale and take away any guesswork in where exactly are the worst performing homes and what help we can get to those who need it most.”

    Councillor Jim O’Boyle, cabinet member for jobs, regeneration and climate change, said:

    “This new technological innovation will allow E.ON, our strategic energy partner, to assess heat loss from homes at scale and get vital data on where and how we can encourage or support local people to make improvements – in turn saving them cash on their heating bills. It will also mean that some people who might not qualify for support will be able to have a look at the data for their home in case there is action they want to take.”

    Lucy Lyons, co-founder of Kestrix, added:

    “There is no scalable, cost-effective way of knowing reliably how heat is lost across the millions of buildings we all live, work and play in – let alone how to fix it and how much fixes will cost. We need to upgrade millions of homes across the UK and with scarce finance, time and resources it’s critical to put insulation where it’s needed – with partners like E.ON and Coventry City Council we have the ambition and scale to make a real difference in people’s lives.”

    The Coventry trial is the largest scale application of the Kestrix system in the world, and the drone thermal imaging will analyse more than 4,000 homes, centred on the Hillfields area in the east of the city.

    MIL OSI United Kingdom –

    February 13, 2025
  • MIL-OSI: Radware Reports Fourth Quarter and Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth Quarter 2024 Financial Results and Highlights

    • Revenue of $73 million, an increase of 12% year–over–year
    • Non-GAAP diluted EPS of $0.27 vs. $0.13 in Q4 2023; GAAP diluted EPS of $0.06 vs. $(0.14) in Q4 2023

    Full Year 2024 Financial Results and Highlights

    • Revenue of $275 million, an increase of 5% year-over-year
    • Cloud ARR of $77.3 million, an increase of 19% year-over-year
    • Non-GAAP diluted EPS of $0.87 vs. $0.43 in 2023; GAAP diluted EPS of $0.14 vs. $(0.50) in 2023
    • Cash flow from operations of $71.6 million compared to $(3.5) million last year

    TEL AVIV, Israel, Feb. 12, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today announced its consolidated financial results for the fourth quarter ended December 31, 2024.

    “We are pleased to report a strong finish to 2024, growing revenue 12% year-over-year and more than doubling non-GAAP EPS to $0.27 in the fourth quarter. Our full year results were driven by accelerated cloud ARR growth of 19%, the success of our DefensePro X DDoS protection refresh, and strong performance from our OEM partnerships,” said Roy Zisapel, Radware’s president and CEO. “Looking ahead, we plan to increase investment in and accelerate our cloud security growth by further expanding our market leading AI enabled security capabilities, opening new cloud security service centers and expanding our cloud channels. We are confident in our strategy, excited about the opportunities ahead, and believe in our ability to deliver long-term success.”

    Financial Highlights for the Fourth Quarter and Full Year 2024

    Revenue for the fourth quarter and full year of 2024 totaled $73.0 million and $274.9 million, respectively:

    • Revenue in the Americas region was $32.8 million for the fourth quarter of 2024, an increase of 33% from $24.6 million in the fourth quarter of 2023. Revenue in the Americas region for the full year of 2024 was $117.7 million, an increase of 14% from $103.4 million in the full year of 2023.
    • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $23.3 million for the fourth quarter of 2024, a decrease of 6% from $24.9 million in the fourth quarter of 2023. Revenue in the Europe, Middle East, and Africa (“EMEA”) region for the full year of 2024 was $94.1 million, a decrease of 2% from $96.5 million in the full year of 2023.
    • Revenue in the Asia-Pacific (“APAC”) region was $16.9 million for the fourth quarter of 2024, an increase of 8% from $15.5 million in the fourth quarter of 2023. Revenue in the Asia-Pacific (“APAC”) region for the full year of 2024 was $63.1 million, an increase of 3% from $61.4 million in the full year of 2023.

    GAAP net income for the fourth quarter of 2024 was $2.5 million, or $0.06 per diluted share, compared to GAAP net loss of $5.9 million, or $(0.14) per diluted share, for the fourth quarter of 2023. GAAP net income for the full year of 2024 was $6.0 million, or $0.14 per diluted share, compared to GAAP net loss of $21.6 million, or $(0.50) per diluted share, for the full year of 2023.

    Non-GAAP net income for the fourth quarter of 2024 was $11.9 million, or $0.27 per diluted share, compared to non-GAAP net income of $5.5 million, or $0.13 per diluted share, for the fourth quarter of 2023. Non-GAAP net income for the full year of 2024 was $37.7 million, or $0.87 per diluted share, compared to non-GAAP net income of $18.9 million, or $0.43 per diluted share, for the full year of 2023.

    As of December 31, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $419.7 million. Cash flow from operations was $12.7 million and $71.6 million in the fourth quarter and full year of 2024, respectively.

    Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

    Conference Call
    Radware management will host a call today, February 12, 2025, at 8:30 a.m. EST to discuss its fourth quarter and full year 2024 results and first quarter 2025 outlook. To participate on the call, please use the following numbers:
    U.S. participants call toll free: 1-877-704-4453
    International participants call: 1-201-389-0920

    A replay will be available for seven days, starting two hours after the end of the call, on telephone number 1-844-512-2921 (US toll-free) or 1-412-317-6671. Access ID 13750817.

    The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

    Use of Non-GAAP Financial Information and Key Performance Indicators
    In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax–related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

    Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

    Safe Harbor Statement

    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors, or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by fourth parties; laws, regulations, and industry standards affecting our business; compliance with open source and fourth-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    CONTACTS
    Investor Relations:
    Yisca Erez, +972-72-3917211, ir@radware.com

    Media Contact:
    Gerri Dyrek, gerri.dyrek@radware.com

    Radware Ltd.  
    Condensed Consolidated Balance Sheets  
    (U.S. Dollars in thousands)  
             
      December 31,   December 31,  
      2024    2023   
      (Unaudited)   (Unaudited)  
    Assets        
             
    Current assets        
    Cash and cash equivalents 98,714   70,538  
    Marketable securities 72,994   86,372  
    Short-term bank deposits 104,073   173,678  
    Trade receivables, net 16,823   20,267  
    Other receivables and prepaid expenses 14,242   9,529  
    Inventories 14,030   15,544  
      320,876   375,928  
             
    Long-term investments        
    Marketable securities 29,523   33,131  
    Long-term bank deposits 114,354   –  
    Other assets 2,171   2,166  
      146,048   35,297  
             
             
    Property and equipment, net 15,632   18,221  
    Intangible assets, net 11,750   15,718  
    Other long-term assets 37,906   37,967  
    Operating lease right-of-use assets 18,456   20,777  
    Goodwill 68,008   68,008  
    Total assets 618,676   571,916  
             
    Liabilities and equity        
             
    Current liabilities        
    Trade payables 5,581   4,298  
    Deferred revenues 106,303   105,012  
    Operating lease liabilities 4,750   4,684  
    Other payables and accrued expenses 51,836   41,021  
      168,470   155,015  
             
    Long-term liabilities        
    Deferred revenues 64,708   60,499  
    Operating lease liabilities 13,519   16,020  
    Other long-term liabilities 14,904   17,108  
      93,131   93,627  
             
    Equity        
    Radware Ltd. equity        
    Share capital 754   742  
    Additional paid-in capital 555,154   529,209  
    Accumulated other comprehensive income 1,103   77  
    Treasury stock, at cost (366,588)   (365,749)  
    Retained earnings 125,850   119,812  
    Total Radware Ltd. shareholder’s equity 316,273   284,091  
             
    Non–controlling interest 40,802   39,183  
             
    Total equity 357,075   323,274  
             
    Total liabilities and equity 618,676   571,916  
             
    Radware Ltd.
    Condensed Consolidated Statements of Income (Loss)
    (U.S Dollars in thousands, except share and per share data)
                     
        For the three months ended   For the twelve months ended
        December 31,   December 31,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                     
    Revenues   73,031   65,032     274,880     261,292  
    Cost of revenues   13,992   12,824     53,252     51,710  
    Gross profit   59,039   52,208     221,628     209,582  
                     
    Operating expenses, net:                
    Research and development, net   18,472   19,712     74,723     82,617  
    Selling and marketing   32,505   31,869     122,450     126,237  
    General and administrative   7,071   8,030     28,342     32,408  
    Total operating expenses, net   58,048   59,611     225,515     241,262  
                     
    Operating income (loss)   991   (7,403)     (3,887)     (31,680)  
    Financial income, net   3,570   3,239     16,552     13,927  
    Income (loss) before taxes on income   4,561   (4,164)     12,665     (17,753)  
    Taxes on income   2,109   1,686     6,627     3,837  
    Net income (loss)   2,452   (5,850)     6,038     (21,590)  
                     
       Basic net income (loss) per share attributed to Radware Ltd.’s shareholders   0.06   (0.14)     0.14     (0.50)  
                     
       Weighted average number of shares used to compute basic net income (loss) per share   42,238,469   41,806,042     41,982,851     42,871,770  
                     
       Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders   0.06   (0.14)     0.14     (0.50)  
                     
       Weighted average number of shares used to compute diluted net income (loss) per share   43,725,803   41,806,042     43,362,906     42,871,770  
                           
      Radware Ltd.
      Reconciliation of GAAP to Non-GAAP Financial Information
      (U.S Dollars in thousands, except share and per share data)
                       
        For the three months ended   For the twelve months ended  
        December 31,   December 31,  
        2024   2023   2024   2023  
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)  
    GAAP gross profit 59,039   52,208   221,628   209,582  
      Share-based compensation 126   112   366   515  
      Amortization of intangible assets 992   992   3,968   3,968  
    Non-GAAP gross profit 60,157   53,312   225,962   214,065  
                       
    GAAP research and development, net 18,472   19,712   74,723   82,617  
      Share-based compensation 1,434   2,305   6,113   8,505  
    Non-GAAP Research and development, net 17,038   17,407   68,610   74,112  
                       
    GAAP selling and marketing 32,505   31,869   122,450   126,237  
      Share-based compensation 3,173   3,489   10,881   12,554  
      Restructuring costs –   578   –   1,851  
    Non-GAAP selling and marketing 29,332   27,802   111,569   111,832  
                       
    GAAP general and administrative 7,071   8,030   28,342   32,408  
      Share-based compensation 2,187   2,965   8,667   12,448  
      Acquisition costs 130   359   701   1,128  
    Non-GAAP general and administrative 4,754   4,706   18,974   18,832  
                       
    GAAP total operating expenses, net 58,048   59,611   225,515   241,262  
      Share-based compensation 6,794   8,759   25,661   33,507  
      Acquisition costs 130   359   701   1,128  
      Restructuring costs –   578   –   1,851  
    Non-GAAP total operating expenses, net 51,124   49,915   199,153   204,776  
                       
    GAAP operating income (loss) 991   (7,403)   (3,887)   (31,680)  
      Share-based compensation 6,920   8,871   26,027   34,022  
      Amortization of intangible assets 992   992   3,968   3,968  
      Acquisition costs 130   359   701   1,128  
      Restructuring costs –   578   –   1,851  
    Non-GAAP operating income 9,033   3,397   26,809   9,289  
                       
    GAAP financial income, net 3,570   3,239   16,552   13,927  
      Exchange rate differences, net on balance sheet items included in financial income, net 1,463   563   1,232   (207)  
    Non-GAAP financial income, net 5,033   3,802   17,784   13,720  
                       
    GAAP income (loss) before taxes on income 4,561   (4,164)   12,665   (17,753)  
      Share-based compensation 6,920   8,871   26,027   34,022  
      Amortization of intangible assets 992   992   3,968   3,968  
      Acquisition costs 130   359   701   1,128  
      Restructuring costs –   578   –   1,851  
      Exchange rate differences, net on balance sheet items included in financial income, net 1,463   563   1,232   (207)  
    Non-GAAP income before taxes on income 14,066   7,199   44,593   23,009  
                       
    GAAP taxes on income 2,109   1,686   6,627   3,837  
      Tax related adjustments 61   61   246   246  
    Non-GAAP taxes on income 2,170   1,747   6,873   4,083  
                       
    GAAP net income (loss) 2,452   (5,850)   6,038   (21,590)  
      Share-based compensation 6,920   8,871   26,027   34,022  
      Amortization of intangible assets 992   992   3,968   3,968  
      Acquisition costs 130   359   701   1,128  
      Restructuring costs –   578   –   1,851  
      Exchange rate differences, net on balance sheet items included in financial income, net 1,463   563   1,232   (207)  
      Tax related adjustments (61)   (61)   (246)   (246)  
    Non-GAAP net income 11,896   5,452   37,720   18,926  
                       
    GAAP diluted net income (loss) per share 0.06   (0.14)   0.14   (0.50)  
      Share-based compensation 0.16   0.21   0.60   0.78  
      Amortization of intangible assets 0.02   0.02   0.09   0.09  
      Acquisition costs 0.00   0.01   0.02   0.03  
      Restructuring costs 0.00   0.02   0.00   0.04  
      Exchange rate differences, net on balance sheet items included in financial income, net 0.03   0.01   0.03   0.00  
      Tax related adjustments (0.00)   (0.00)   (0.01)   (0.01)  
    Non-GAAP diluted net earnings per share 0.27   0.13   0.87   0.43  
                       
                       
    Weighted average number of shares used to compute non-GAAP diluted net earnings per share 43,725,803   42,462,751   43,362,906   43,655,555  
    Radware Ltd.
    Condensed Consolidated Statements of Cash Flow
    (U.S. Dollars in thousands)
                     
        For the three months ended   For the twelve months ended
        December 31,   December 31,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    Cash flow from operating activities:                
                     
    Net income (loss)   2,452   (5,850)   6,038   (21,590)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
    Depreciation and amortization   2,918   3,028   11,836   12,244
    Share-based compensation   6,920   8,871   26,027   34,022
    Amortization of premium, accretion of discounts and accrued interest on marketable securities, net   (190)   638   (417)   1,754
    Loss (income) related to securities, net   –   (1)   –   243
    Increase (decrease) in accrued interest on bank deposits   (1,279)   549   3,366   (3,265)
    Increase (decrease) in accrued severance pay, net   (151)   207   (45)   (299)
    Decrease (increase) in trade receivables, net   3,140   (7,895)   3,444   (2,515)
    Decrease (increase) in other receivables and prepaid expenses and other long-term assets   (1,252)   2,236   (97)   (305)
    Decrease (increase) in inventories   (487)   (2,550)   1,514   (4,116)
    Increase (decrease) in trade payables   (970)   (1,771)   1,283   (2,166)
    Increase (decrease) in deferred revenues   (4,829)   (3,856)   5,500   (14,951)
    Increase (decrease) in other payables and accrued expenses   6,222   9,383   13,274   (1,415)
    Operating lease liabilities, net   255   (336)   (114)   (1,141)
    Net cash provided by (used in) operating activities   12,749   2,653   71,609   (3,500)
                     
    Cash flows from investing activities:                
                     
    Purchase of property and equipment   (1,059)   (936)   (5,279)   (5,429)
    Proceeds from other long-term assets, net   41   (11)   81   66
    Proceeds from (investment in) bank deposits, net   (46,682)   29,686   (48,115)   81,031
    Investment in, redemption of and purchase of marketable securities ,net   23,249   16,764   18,793   17,111
    Investment in other deposits   (5,000)   –   (5,000)   –
    Net cash provided by (used in) investing activities   (29,451)   45,503   (39,520)   92,779
                     
    Cash flows from financing activities:                
                     
    Proceeds from exercise of share options   –   63   3   371
    Repurchase of shares   –   (10,103)   (839)   (63,234)
    Payment of contingent consideration related to acquisition   –   –   (3,077)   (2,063)
    Net cash used in financing activities   –   (10,040)   (3,913)   (64,926)
                     
    Increase (decrease) in cash and cash equivalents   (16,702)   38,116   28,176   24,353
    Cash and cash equivalents at the beginning of the period   115,416   32,422   70,538   46,185
    Cash and cash equivalents at the end of the period   98,714   70,538   98,714   70,538
                     
      Radware Ltd.
      RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
      (U.S Dollars in thousands)
                     
        For the three months ended   For the twelve months ended
        December 31,   December 31,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    GAAP net income (loss) 2,452   (5,850)   6,038   (21,590)
      Exclude: Financial income, net (3,570)   (3,239)   (16,552)   (13,927)
      Exclude: Depreciation and amortization expense 2,918   3,028   11,836   12,244
      Exclude: Taxes on income 2,109   1,686   6,627   3,837
    EBITDA 3,909   (4,375)   7,949   (19,436)
                     
      Share-based compensation 6,920   8,871   26,027   34,022
      Restructuring costs –   578   –   1,851
      Acquisition costs 130   359   701   1,128
    Adjusted EBITDA 10,959   5,433   34,677   17,565
                     
                     
        For the three months ended   For the twelve months ended
        December 31,   December 31,
        2024   2023   2024   2023
      Amortization of intangible assets 992   992   3,968   3,968
      Depreciation 1,926   2,036   7,868   8,276
        2,918   3,028   11,836   12,244
                     

    The MIL Network –

    February 13, 2025
  • MIL-OSI: Mattermost and Qrypt Announce Joint Solution for Quantum-Secure Communications in Defense and Intelligence Applications

    Source: GlobeNewswire (MIL-OSI)

    Palo Alto, California, Feb. 12, 2025 (GLOBE NEWSWIRE) — Mattermost, the leading collaborative workflow platform for defense, intelligence, security and critical infrastructure, and Qrypt, a pioneer in cryptographic quantum security solutions, today announced at the 2025 DoD Cybersecurity & SAP IT Summit a partnership to deliver quantum-secure communication capabilities. This collaboration addresses the rising cyber threats from nation-state adversaries, the impending risks posed by AI and quantum computing to encryption standards, and new regulatory requirements across critical infrastructure industries for quantum secure communications, many coming into effect in 2030. The joint solution ensures resilient, quantum-secure communications to safeguard national security and mission-critical data.

    “Protecting the confidentiality and integrity of communications is paramount for our defense and national security customers,” said Dr. Bill Anderson, Principal Product Manager at Mattermost, Inc. “The serious threat of ‘harvest now, decrypt later’ attacks posed by quantum computing demands strategic foresight and proactive action. Our partnership with Qrypt ensures our customers are equipped to collaborate securely and effectively, even in the face of evolving threats.”

    “The security of critical infrastructure and sensitive intelligence is non-negotiable in today’s threat landscape,” added Kevin Chalker, CEO of Qrypt. “While larger quantum computers threaten modern encryption standards, the advent of powerful AI introduces new risks in quantum cryptanalysis that could lead to unforeseen developments. By integrating Qrypt’s quantum-secure encryption with Mattermost’s collaboration platform, we provide defense and intelligence agencies with the robust tools necessary to protect their critical information assets.”

    Problem and Solution Overview:

    The rapid evolution of cyber threats, compounded by AI advancements and the impending capabilities of quantum computing, has created an urgent need for advanced encryption solutions. Nation-state adversaries are actively collecting encrypted data with the intent of future decryption using quantum technologies. Mattermost and Qrypt have united to deliver a comprehensive defense, offering a continuous transition to quantum-secure protocols and ensuring sustained security for classified communications.

    Key Benefits of the Joint Solution:

    Future-Proof Encryption: Qrypt’s quantum entropy-based encryption resists attacks from both classical and quantum computers.

    Crypto-Agility: An architecture to rapidly adapt to emerging cryptographic standards and algorithms ensures flexibility and resilience to unpredicted advances in cryptographic attacks. 

    Resilient Defense: Robust protection against data interception, decryption, data poisoning, and manipulation, ensuring mission-critical operations remain uncompromised.

    Enhanced Security Posture: Secures sensitive information long-term against emerging quantum threats.

    Secure Collaboration: Reliable communication for defense and intelligence missions, even amid advanced cyber threats.

    About Mattermost:

    Mattermost is the leading collaboration platform for mission-critical work. We serve national security, government, and critical infrastructure enterprises, from the U.S. Department of Defense, to global tech giants, to utilities, banks and other vital services. We accelerate out-of-band incident response, DevSecOps workflow, mission operations, and self-sovereign collaboration to bolster the focus, adaptability and resilience of the world’s most important organizations. Our enterprise software and single-tenant SaaS platforms are built to meet the custom needs of rigorous and complex environments while offering a secure and unrivaled collaboration experience across web, desktop and mobile with channel-based messaging, file sharing, audio calling and screen share, with integrated tooling, workflow automation and AI assistance. Mattermost is developed on an open core platform vetted by the world’s leading security organizations, and co-built with over 4,000 open source project contributors who’ve provided over 30,000 code improvements towards our shared vision of accelerating the world’s mission-critical work.

    About Qrypt:

    Qrypt is a cybersecurity innovator providing cryptographic solutions resilient to quantum computing threats. Leveraging peer-reviewed research in quantum physics, Qrypt’s technology generates unbreakable encryption keys using true random numbers from quantum entropy sources. Qrypt’s solutions protect data in government, finance, healthcare, and other sectors, ensuring quantum-resistant security for an ever-evolving cyber landscape.

    The MIL Network –

    February 13, 2025
  • MIL-OSI Russia: Denis Manturov took part in an extended meeting of the board of the Ministry of Emergency Situations

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Denis Manturov took part in an extended meeting of the board of the Ministry of Emergency Situations

    First Deputy Prime Minister Denis Manturov took part in an extended meeting of the board of the Russian Ministry of Civil Defense, Emergencies and Elimination of Consequences of Natural Disasters (EMERCOM of Russia).

    “This year, as you know, the Russian Emergencies Ministry celebrates its 35th anniversary since its creation. During this time, it has established itself as an effective, highly professional structure, one of the best in the world in its field. And this is confirmed by the active international agenda of the Russian Emergencies Ministry. Last year, it took part in 20 humanitarian operations under the auspices of the UN World Food Programme. And it is always ready to provide its forces and resources to eliminate the consequences of major disasters in different parts of the world,” Denis Manturov noted.

    At the same time, the First Deputy Prime Minister emphasized, there is significant potential for improving the work of the department, primarily through more intensive use of preventive measures to protect against emergencies. For these purposes, it is necessary to more actively integrate unmanned aircraft systems into the work, expand the use of data from Earth remote sensing satellites, and introduce elements of artificial intelligence.

    In his report, the head of the Ministry of Emergency Situations, Alexander Kurenkov, reflected the main performance indicators of the department for the year. “The personnel took part in the liquidation of the consequences of over 270 emergency situations. Their number has decreased by 11% compared to 2023. Our main efforts were aimed at helping the population during the period of large-scale floods that affected 69 regions and over 1.5 thousand settlements. The required payments from the federal budget through the Ministry of Emergency Situations of Russia were delivered to the population in full. The department’s forces also responded to natural fires. In total, more than 10 thousand outbreaks were recorded. We prevented the fire from spreading to 29 settlements with a population of over 56 thousand people,” the minister emphasized.

    The department is particularly focused on protecting people in border regions and providing them with assistance. The Emergencies Ministry’s pyrotechnicians have found and neutralized over 42 thousand explosive objects. And within the framework of a special infrastructure project, 54 fire and rescue infrastructure facilities will be gradually restored. In 2024, work on 11 of them will be completed. The Zaporizhia Rescue Center has been created; it is currently being staffed and equipped.

    The head of the Ministry of Emergency Situations expressed gratitude to the Government for its attention to the issues of the department’s activities, as well as to all specialists for the courage and professionalism they demonstrated in the performance of their official duties.

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

    MIL OSI Russia News –

    February 13, 2025
  • MIL-OSI: Form 8.3 – AXA INVESTMENT MANAGERS: Aviva plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE / DEALING BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR   MORE  
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: AXA Investment Managers S.A.
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
     
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    Aviva plc
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:  
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    11 February 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    YES
    Direct Line Insurance Group plc

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 32 17/19p ordinary
      Interests Short positions
      Number % Number %
    (1)   Relevant securities owned and/or controlled: 6,300,736 0.24    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: AXA Investment Managers does not have discretion regarding voting decisions in respect of 5,951,903 shares that are included in this total. 6,300,736 0.24    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    32 17/19p ordinary Purchase 1,920 GBP 5.01

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
             

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
                   

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit
             

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
           

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 12 February 2025
    Contact name: Sabrina AID
    Telephone number*: +33 1 44 45 58 79

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    *If the discloser is a natural person, a telephone number does not need to be included, provided contact information has been provided to the Panel’s Market Surveillance Unit.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

    February 13, 2025
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