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Category: Asia Pacific

  • MIL-OSI: Diginex and Baker Tilly Singapore Announce Strategic Alliance to Deliver diginexESG Platform to Baker Tilly ’s Clients

    Source: GlobeNewswire (MIL-OSI)

    LONDON, April 24, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex”) (NASDAQ: DGNX), a leading impact technology company specializing in environmental, social, and governance (ESG) solutions, and Baker Tilly Singapore (“Baker Tilly”), a globally recognized advisory, tax, and assurance firm, today announced a strategic alliance to integrate Diginex’s innovative diginexESG platform into Baker Tilly’s client offerings. This collaboration will empower Baker Tilly’s diverse client base to streamline ESG reporting, enhance compliance, and drive sustainable growth in response to increasing global demand for transparency and accountability.

    The diginexESG platform, an award-winning cloud-based solution compatible with major frameworks such as GRI, SASB, and ISSB, provides end-to-end tools for topic discovery, data collection, and collaborative report publishing. Through this alliance, Baker Tilly’s clients across industries will gain access to diginexESG’s intuitive technology, supported by Baker Tilly’s deep expertise in ESG advisory, risk management, and business strategy. The strategic relationship aims to simplify the complexities of sustainability reporting while enabling clients to meet evolving regulatory requirements and investor expectations.

    “We are excited to work with Baker Tilly, a trusted leader in professional services, to bring diginexESG to their clients,” said Mark Blick, CEO of Diginex. “This alliance aligns with our mission to democratize access to advanced ESG tools, helping organizations of all sizes achieve their sustainability goals while driving measurable impact.”

    Joshua Ong, Managing Partner at Baker Tilly Singapore, said, “We are committed to delivering innovative solutions that add value to our clients’ businesses, while solving challenges that they may face with fragmented systems and resources. This alliance with Diginex provides a new platform that enhances our clients’ daily operations and helps them to make informed decisions in building resilient, future-ready businesses.”

    “There is growing pressure in the Asia-Pacific region for companies to produce high-quality ESG data that meets global standards,” added Tina Thomas, Head of ESG & Sustainability at Baker Tilly Singapore.

    The alliance comes at a critical time as businesses face heightened scrutiny from regulators, investors, and stakeholders to demonstrate robust ESG performance. Baker Tilly’s global network, combined with Diginex’s cutting-edge technology, positions both firms to set a new standard for ESG reporting and compliance.

    About Diginex Limited

    Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software.

    The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

    For more information, please visit the Company’s website: https://www.diginex.com/.

    About Baker Tilly Singapore
    Baker Tilly Singapore is a full-service accounting and business advisory firm that offers industry-specialised services in assurance, tax and advisory. With a focus on serving entrepreneurs, family-owned businesses, not-for-profits, and listed companies, we help our clients plan for the future. Baker Tilly Singapore is an independent member of Baker Tilly International, one of the world’s 10 largest accounting and business advisory networks.

    Baker Tilly Singapore offers a full suite of ESG services, including ESG assessment, strategy development, reporting and disclosure, stakeholder engagement, risk management, sustainability certification, ESG integration in investments, as well as training and education.

    For more information on Baker Tilly Singapore’s services, visit www.bakertilly.sg.

    Forward-Looking Statements

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

    Media Contacts:

    Diginex
    Investor Relations
    Email: ir@diginex.com

    IR Contact – Europe
    Anna Höffken
    Phone: +49.40.609186.0
    Email: diginex@kirchhoff.de

    IR Contact – US
    Kincade Ayers
    Lambert by LLYC
    Phone: +1 (616) 258-5794
    Email: kincade.ayers@llyc.global

    IR Contact – Asia
    Shelly Cheng
    Strategic Public Relations Group Ltd.
    Phone: +852 2864 4857
    Email: sprg_diginex@sprg.com.hk

    Baker Tilly Singapore Contact
    Darrick Chew
    Marketing Manager
    darrick.chew@bakertilly.sg

    The MIL Network –

  • MIL-OSI: EUDA Partners with Authorized Distributor of Guangdong Cell Biotech to Offer Stem Cell Therapies to Customers in Singapore and Malaysia

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 24, 2025 (GLOBE NEWSWIRE) — EUDA Health Holdings Limited (“EUDA” or the “Company”) (NASDAQ: EUDA), a Singapore-based property management services provider and a leading non-invasive healthcare provider in Singapore and Malaysia, today announced an update to the potential strategic partnership, previously announced in December 2024, with Guangdong Cell Biotech Co. Ltd. (“Guangdong Cell Biotech”). Guangdong Cell Biotech is a prominent player in stem cell therapies and regenerative medicine in China. It develops autologous cell treatments and tailored medicines for various disorders.

    Instead of the initially contemplated joint venture, the parties have adopted a commercial distribution arrangement structure that better aligns with their respective operational models and regional market dynamics.

    On April 22, 2025, CK Health Plus Sdn Bhd (“CK Health”), a wholly-owned subsidiary of EUDA and a direct seller of holistic wellness consumer products, signed a collaboration agreement with Guangdong Key Lock Health Management Co., Ltd. (“Keylock”), an authorized distributor of Guangdong Cell Biotech. Pursuant to this collaboration agreement, CK Health will market and sell to EUDA customers in Singapore and Malaysia stem cell therapies provided by Guangdong Cell Biotech in China.

    This revised structure builds upon the original strategic intent of the parties to collaborate, giving EUDA access to Guangdong Cell Biotech’s cutting-edge stem cell therapies and regenerative medicine.

    “This commercial distribution structure showcases our strategy to diversify our business and revenue streams,” said Mr. Alfred Lim, CEO of EUDA. “Combining our mission to expand access to holistic healthcare solutions in Southeast Asia with Guangdong Cell Biotech’s established stem cell therapies, we aim to transform the health and wellness landscape in the region.”

    About EUDA Health Holdings Limited

    EUDA Health Holdings Limited (NASDAQ: EUDA) is a Singapore-based property management services provider and a leading non-invasive healthcare provider in Singapore and Malaysia. Our mission is to transform the health and wellness landscape by leveraging cutting-edge technology to enhance non-invasive treatments and expand holistic healthcare access in Southeast Asia. We offer a diverse portfolio of innovative non-invasive wellness products and services, including bioenergy capsules and stem cell therapies, marketed under the CK Health brand in Malaysia and Singapore.

    Forward Looking Statements

    This document may contain forward-looking statements regarding risks and uncertainties. These statements usually use forward-looking words, such as the words “estimates,” “projected,” “expects,” “envisions,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions).These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside EUDA’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. You should not overly rely on forward-looking statements that are only applicable to the date of publication of this document. These forward-looking statements are based on information from EUDA and Guangdong Cell Biotech, as well as other sources that we believe are reliable. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

    Contact:

    Christensen Advisory

    Roger Hu

    +852.2232.3968

    roger.hu@christensencomms.com

    The MIL Network –

  • MIL-OSI: Nasdaq and AWS Unlock New Era of Growth for Global Capital Markets with Next Generation Infrastructure Solutions

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq and AWS announce modernization blueprint to drive the benefits of cloud into local market infrastructures through flexible deployment while maintaining data sovereignty and resilience

    As part of the modernization blueprint, Nasdaq is introducing a new brand for its complete suite of next generation marketplace technology solutions, Nasdaq Eqlipse, delivering cloud-ready capabilities and data intelligence across the full trade lifecycle

    Nasdaq’s Nordic markets first to adopt the blueprint alongside expanded modernization partnerships with Johannesburg Stock Exchange and Mexico’s Grupo BMV

    NEW YORK, SEATTLE, STOCKHOLM, JOHANNESBURG, and MEXICO CITY, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq and Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, today announced an advancement in their shared mission to modernize markets globally. Drawing on their deep experience and expertise in powering capital markets, the companies are introducing a new suite of solutions that empower market operators to enhance liquidity, facilitate capital flows, and drive growth, while upholding the highest level of performance, security and resilience.

    Today, market operators navigate unique complexities, including emerging technology acceleration, highly competitive environments, regulatory standards, and constantly evolving client needs. Yet, their ability to innovate and modernize at pace requires ever greater expertise and advanced technological capabilities. To address these challenges, Nasdaq and AWS are delivering infrastructure, software, data management and services to enable market operators to overcome modernization barriers cost effectively without compromising resiliency or control.

    The new blueprint, proven through Nasdaq’s successful market modernization with AWS, drives industry standards, dynamic and sustainable operations while promoting a more resilient financial ecosystem. In the long term, the blueprint can enhance investor confidence and connect capital, previously confined locally due to technological complexity, to global investment opportunities.

    “Local economies flourish when capital markets are robust, and global investors can confidently channel capital across borders. Conversely, a strong global economy is reliant on local markets that are highly dynamic, where innovators can scale, and capital can seamlessly connect. Powering both creates a virtuous cycle of value creation, driving economic growth and wealth generation,” said Adena Friedman, Chair and Chief Executive Officer, Nasdaq. “The unique combination of Nasdaq’s technology expertise and AWS’s advanced infrastructure enables us to solve the industry’s most complex challenges that have hampered the growth and scalability of markets around the world. By reducing complicatedness, friction, and fragmentation we are fortifying the financial system with greater connectivity and resilience and enabling a new era of economic growth and prosperity.”

    “Building on our 15-year partnership, Nasdaq and AWS are furthering our shared vision to develop technology that simplifies and streamlines capital markets,” said Matt Garman, CEO at AWS. “Together, we are helping market operators provide seamless connectivity for markets and investors anywhere in the world, with a blueprint for modernization and innovation, and the ability to unlock new opportunities for innovation and growth in capital markets.”

    A blueprint for the next generation of markets with resilience and optionality

    The blueprint empowers market operators to execute their modernization strategies by optimizing their resource investments while focusing on operational excellence, enhancing competitive differentiation, satisfying their regulatory obligations, and driving innovation within their markets. The first three key components of the blueprint include:

    • Bringing together AWS, exchange, and trading participant infrastructure in close proximity to power global capital markets: Building on AWS’s high-performing, scalable infrastructure, as well as its deep expertise in operating cloud infrastructure, Nasdaq and AWS are offering a new solution for market operators that addresses resilience, security, proximity and latency demands by positioning AWS services, exchange and trading participant systems in a common location. For the first time, global market participants will have access to industry-leading compute services from AWS in close proximity to the core exchange complex and their own co-located trading systems. In addition, AWS will provide connectivity between this infrastructure and AWS’s Global Regions via the AWS Direct Connect service and the AWS global network, to provide low-latency, high bandwidth connectivity for global applications; all while enabling operators to retain overall control of their data.
    • Nasdaq Eqlipse, a next generation marketplace technology platform: Nasdaq Eqlipse seamlessly integrates client community feedback and Nasdaq’s development investments, including platform capabilities, application architecture, APIs and product integration. The solutions feature cloud-ready applications and globally standardized APIs with proven interoperability across the full trade lifecycle. Nasdaq’s marketplace technology solutions are already used by over 135 market infrastructure providers around the world for multi-asset trading, clearing, central securities depository and surveillance. Nasdaq Eqlipse will also include a new solution – Nasdaq Eqlipse Intelligence – designed to unlock the full potential of market operators’ data with modern, cloud-based data management, analytics and reporting capabilities that are specific to market operators’ workflows. These capabilities address the industry-wide opportunity to deploy AI at greater scale, recognizing its potential to transform how marketplaces operate.
    • A services deployment model: The modernization blueprint brings together the expertise and experience of Nasdaq and AWS through a new services deployment model. This provides market operators with access to both companies’ deep capital markets expertise to help reduce operational heavy lifting. Ultimately the services deployment model powered by AWS is designed to help market operators reduce transformation risks, allowing them to focus technology resources toward a growth-driven capital allocation strategy. Market operators will be able to augment and accelerate their path to modernization, while improving time-to-market for new releases and enhancing overall resilience.

    The blueprint delivers key benefits to market operators so that they can drive innovation; specifically:

    • Accelerate and de-risk modernization strategies for market operators by delivering an agile technology stack and globally standardized services and workflows that empower the market operators to focus on attracting liquidity from global investors.
    • Provide greater flexibility for both innovation and monetization for market operators by leveraging modern technology infrastructure to capitalize on the potential of AI, enhance their data and insight-based services, and develop new products and functionality to the benefit of all market participants.
    • Promote transparency, enhance liquidity and protect market integrity by strengthening trading, clearing, and settlement operations and reducing barriers for local, regional and global investors with secure access.

    The blueprint plans to use AWS’s global network and low-latency traffic routing to support frictionless, high-speed connections for markets and investors around the world. This connectivity will allow market participants to interact seamlessly and transparently across global exchanges with minimal latency, fostering globally inter-connected markets built on a common data lake architecture.

    Johannesburg Stock Exchange, Grupo BMV and Nasdaq’s Nordic markets modernize their ecosystems

    Nasdaq has expanded its modernization partnership with both Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV. Additionally, Nasdaq’s Nordic markets have today announced their intention to modernize their infrastructure in line with the blueprint.

    The JSE is collaborating with Nasdaq around the development of services for colocation, data intelligence and insights, and client interactions. The blueprint service deployment model will support the South African bourse’s technology enablement journey to modernize its technology, leverage edge computing infrastructure, explore AI to deliver innovative market solutions and drive operational efficiencies.

    Leila Fourie, Group CEO of the JSE, said: “This strategic collaboration is an extension of the long-standing relationship the JSE has with Nasdaq. The market infrastructure developed in partnership with Nasdaq and AWS will open the door to greater global market interconnectivity with minimal latency, which will support increased liquidity and capital flows between the US and South African capital markets. We will be setting new standards for the industry through innovation and technology that creates value for market participants.”

    Building on the market modernization efforts with Nasdaq, Grupo BMV is analyzing how it can build on its existing technology partnership across its clearing and central securities depository platforms by leveraging the services deployment model. They are also evaluating the long-term potential for cloud infrastructure in Mexico and its ability to create a robust, high-integrity ecosystem that reduces barriers to market participation, enhances operational efficiency, and accelerates the adoption of emerging technologies across the Mexican financial landscape.

    Jorge Alegría, Chief Executive Officer, Grupo BMV, said: “Our post-trade technology infrastructure is undergoing a transformative evolution, with Nasdaq playing a pivotal role as our enabling partner, as we look toward the next decade. We are committed to driving innovation, enhancing operational efficiency and proactively addressing the evolving needs of our local and international customers.”

    In line with the blueprint, Nasdaq plans to incorporate the managed infrastructure model within its Nordic markets. Starting with the Nordic derivatives market, Nasdaq will be able to provide additional services to clients, powered by AWS infrastructure which allows Nasdaq’s clients to rapidly scale their GPU usage within Nasdaq’s own data center in Väsby, Sweden and harness cloud services to innovate faster.

    Roland Chai, President of European Market Services, Nasdaq, said: “The success of Nasdaq’s Nordic markets has demonstrated the extraordinary power of modern market infrastructure to attract international sources of capital. Incorporating AWS’s advanced cloud infrastructure is expected to elevate our markets on the global stage and help to power the next generation of growth across Europe.”

    These advancements will be made in close consultation with the respective regulatory authorities and are subject to relevant approvals.

    About Nasdaq

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

    About Amazon Web Services

    Since 2006, Amazon Web Services has been the world’s most comprehensive and broadly adopted cloud. AWS has been continually expanding its services to support virtually any workload, and it now has more than 240 fully featured services for compute, storage, databases, networking, analytics, machine learning and artificial intelligence (AI), Internet of Things (IoT), mobile, security, hybrid, media, and application development, deployment, and management from 114 Availability Zones within 36 geographic regions, with announced plans for 12 more Availability Zones and four more AWS Regions in New Zealand, the Kingdom of Saudi Arabia, Taiwan, and the AWS European Sovereign Cloud. Millions of customers—including the fastest-growing startups, largest enterprises, and leading government agencies—trust AWS to power their infrastructure, become more agile, and lower costs. To learn more about AWS, visit aws.amazon.com.

    About Amazon

    Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfillment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit amazon.com/about and follow @AmazonNews.

    About the Johannesburg Stock Exchange

    The Johannesburg Stock Exchange (JSE) has a well-established history of operating as a marketplace for trading financial products. It is a pioneering, globally connected exchange group that enables inclusive economic growth through trusted, world-class, socially responsible products, and services for the investor of the future. It offers secure and efficient primary and secondary capital markets across a diverse range of securities, spanning equities, derivatives, and debt markets. It prides itself on being the market of choice for local and international investors looking to gain exposure to leading capital markets on the African continent.

    The JSE is currently ranked in the Top 20 largest stock exchanges in the world by market capitalization, and is the largest stock exchange in Africa, having been in operation for 137 years. As a leading global exchange, the JSE co-creates unlocks value & makes real connections happen. www.jse.co.za

    About Grupo BMV

    The Mexican Stock Exchange (BMV: BOLSAA) is a fully integrated group with more than 130 years of experience, enabling Mexico’s securities and derivatives markets. It consists of a network of leading companies providing services in capital markets, derivatives, debt, post-trade solutions, data and analytics, as well as a range of value-added services. For more details, visit www.bmv.com.mx.

    Media Contacts

    Nasdaq: Emily Pan; Emily.Pan@nasdaq.com; +1 646 637 3964
    AWS: Naomi Little; njlittle@amazon.com; +1 771 233 2089
    JSE: Pheliswa Mayekiso; pheliswam@jse.co.za; +27 84 4860502
    Grupo BMV: Alberto Maya; amaya@grupobmv.com.mx; +52-55-5342-9000

    Cautionary Note Regarding Forward-Looking Statements:

    Information set forth in this press release contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will” and “can” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements related to the benefits of products and services delivered in line with the modernization blueprint, application and availability of products and services in regulated environments, and Nasdaq’s partnership with AWS. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    – NDAQF-

    The MIL Network –

  • MIL-OSI: YXT.com Filed 2024 Annual Report on Form 20-F

    Source: GlobeNewswire (MIL-OSI)

    SUZHOU, China, April 24, 2025 (GLOBE NEWSWIRE) — YXT.com Group Holding Limited (NASDAQ: YXT) (“YXT.com” or the “Company”), a provider of AI-enabled enterprise productivity solutions, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 24, 2025 Eastern Time. The annual report can be accessed on the Company’s investor relations website at https://ir.yxt.com.

    About YXT.com
    YXT.com (NASDAQ: YXT) is a technology company focusing on enterprise productivity solutions. With a mission to “Empower people and organization development through technology,” The Company strives to become the supreme provider in building and boosting enterprise productivity by combining over a decade of experience in tech-enabled talent learning and development and with AI-augmented task copilots and unleashing the power of knowledge and synergy. Since its inception, YXT.com has supported and received recognition from numerous Global and China Fortune 500 companies.

    YXT.com operates its business in China through “Jiangsu Radnova Intelligence Technology Co., Ltd.,” formerly known as “Jiangsu Yunxuetang Network Technology Co., Ltd.”. YXT.com has established an entity in Singapore to serve as a headquarter for its overseas business to be conducted in the future, with the “Radnova” trademark to serve international markets.

    Contact
    Robin Yang
    ICR, LLC
    YXT.IR@icrinc.com
    +1 (646) 405-4883

    The MIL Network –

  • MIL-OSI: Nasdaq Reports First Quarter 2025 Results; Diversified Business Model Driving Broad-Based Revenue Growth

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the first quarter of 2025.

    • First quarter 2025 net revenue1 was $1.2 billion, an increase of 11% over the first quarter of 2024, or up 12.5% on an adjusted2 basis. This included Solutions3 revenue growing 9%, or up 11% on an adjusted basis.
    • Annualized Recurring Revenue (ARR)4 of $2.8 billion increased 8% over the first quarter of 2024, or up 9% on an organic basis. Annualized SaaS revenue increased 14% and represented 37% of ARR.
    • Financial Technology revenue of $432 million increased 10% over the first quarter of 2024 with Financial Crime Management Technology revenue up 21%.
    • Index revenue of $193 million grew 14%, or 26% on an adjusted basis, with $86 billion of net inflows over the trailing twelve months and $27 billion in the first quarter of 2025.
    • GAAP diluted earnings per share grew 69% in the first quarter of 2025. Non-GAAP5 diluted earnings per share grew 24% in the first quarter of 2025.
    • In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. The company also repurchased $279 million of senior unsecured notes in the quarter.

    First Quarter 2025 Highlights

    (US$ millions, except per share) 1Q25 YoY change % Adjusted YoY
    change %    		 Organic6YoY
    change %
    Solutions revenue $947 9% 11% 9%
    Market Services net revenue $281 19% 19% 19%
    Net revenue $1,237 11% 12% 11%
    Non-GAAP operating income $682 15% 17% 14%
    ARR $2,831 8% 9% 9%
    GAAP diluted EPS $0.68 69%    
    Non-GAAP diluted EPS $0.79 24%   24%

    Adena Friedman, Chair and CEO said, “Nasdaq’s first quarter results underscore the resilience of our business model and our ability to deliver growth across our divisions in a rapidly shifting environment.

    As a trusted partner and platform company, we are empowering our clients to address their most pressing risks and challenges and confidently navigate complex macroeconomic conditions. With our portfolio of complementary, mission-critical solutions, we are well-positioned to deliver sustainable growth through 2025 and the medium-term.”

    Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq delivered one of its strongest quarters yet, with all three divisions achieving robust revenue growth and contributing to stellar EPS growth. We demonstrated strong operating leverage and our high level of cash flow enabled us to make meaningful progress on our capital allocation strategy of investing in organic growth, reducing debt, and repurchasing shares.

    We are grateful for our clients’ trust and remain focused on supporting them in these times of uncertainty, executing on our growth opportunities, and continuing to delever while making focused strategic investments to capitalize on our compelling organic growth opportunity.”

    FINANCIAL REVIEW

    • First quarter 2025 net revenue was $1,237 million, reflecting 11% growth versus the prior year period. Adjusted net revenue growth was 12.5%.
    • Solutions revenue was $947 million in the first quarter of 2025, up 9% versus the prior year period, or up 11% on an adjusted basis, reflecting strong growth from Index and Financial Technology.
    • ARR grew 8% year-over-year, or 9% on an organic basis, in the first quarter of 2025 with 11% ARR growth for Financial Technology, or 12% on an organic basis, and 5% ARR growth for Capital Access Platforms.
    • Market Services net revenue was $281 million in the first quarter of 2025, up 19% versus the prior year period.
    • First quarter 2025 GAAP operating expenses were $690 million, a decrease of 3% versus the prior year period. The decrease in the first quarter was primarily due to lower expenses related to general and administrative expenses, lower restructuring costs, and lower compensation and benefits, partially offset by an increase in merger and strategic initiative costs.
    • First quarter 2025 non-GAAP operating expenses were $555 million, reflecting 6% growth versus the prior year period, or 7% growth on an organic basis. The organic increase for the quarter reflected growth driven by increased investments in technology and people to drive innovation and long-term growth, partially offset by the benefit of synergies.
    • Cash flow from operations was $663 million for the first quarter enabling the company to make continued progress on its deleveraging plan. In the first quarter of 2025, the company returned $138 million to shareholders through dividends and $115 million through repurchases of common stock. As of March 31, 2025, there was $1.6 billion remaining under the board authorized share repurchase program. The company also repurchased $279 million of senior unsecured notes for a net purchase price of $257 million in the first quarter of 2025.

    2025 EXPENSE AND TAX GUIDANCE UPDATE7

    • The company is updating its 2025 non-GAAP operating expense guidance to a range of $2,265 million to $2,325 million, and is maintaining its 2025 non-GAAP tax rate guidance in the range of 22.5% to 24.5%.

    STRATEGIC AND BUSINESS UPDATES

    • Financial Technology delivered durable and broad-based ARR growth. The One Nasdaq go to market strategy is elevating client engagement and driving product adoption resulting in robust ARR growth. FinTech ARR grew 12% on an organic basis in the first quarter with 40 new clients, 92 upsells, and 2 cross-sells. First quarter highlights included:
      • Financial Crime Management Technology revenue growth reflects momentum across both enterprise and small-and-medium bank (SMB) clients. Nasdaq Verafin secured several strategic first quarter wins including a cross-sell to a Tier 2 AxiomSL client and an upsell to a Tier 2 bank client, reflecting early progress on its land and expand enterprise client strategy. The business also added 35 new SMB clients in the first quarter, a 25% increase in new client signings over the prior year quarter. Nasdaq Verafin’s ongoing client growth is contributing to the growth and power of its data consortium, which now includes clients holding more than $10 trillion in total assets.
      • Regulatory Technology achieved solid ARR growth as our solutions helped clients navigate elevated market activity. AxiomSL signed a new large digital bank client and continued its momentum with existing clients with 22 upsells in the first quarter, including a strategic deal with a large Tier 1 U.S. financial institution. The Tier 1 client expanded its suite of AxiomSL services by incorporating a broker-dealer solution alongside their existing U.S., European, and Asian reporting modules. Surveillance signed 4 new clients in the quarter, including a European regulator, a crypto marketplace, an energy trading firm, and a broker-dealer.
      • Capital Markets Technology signed multiple strategic deals amid the market modernization megatrend. Strong execution and secular tailwinds are fueling new wins across the subdivision with Calypso completing 25 upsells and Market Technology signing 17 upsells in the first quarter. Market Technology also had a cross-sell to nuam, a consolidated market operator spanning Peru, Chile, and Colombia. In the first quarter, nuam selected Nasdaq’s newly launched trade, clearing, and central securities depositories (CSD) intelligence solution after signing Nasdaq’s Trade Multi Matching Engine in late 2023 and its member countries standardizing on Nasdaq’s CSD platform in December 2024.
    • Investments in Index powered alpha-driven revenue growth. Index had $27 billion in net inflows in the first quarter with average ETP AUM reaching $662 billion, to achieve a sixth consecutive record quarter, despite a more volatile market backdrop. Index’s performance reflects ongoing execution of its growth strategy of new product innovation, international diversification, and institutional client expansion. In the first quarter, Nasdaq launched 30 new Index products, including 10 international products, 7 in the institutional insurance annuity space, and 16 launched in partnership with new Index clients. New product launches have been a strong growth driver for Index and products launched since 2020 have accounted for 33% of net inflows over the last 5 years.
    • Nasdaq maintained listing leadership and passed $3 trillion of market value in cumulative transfers. During the quarter, Nasdaq welcomed 45 operating company listings that raised nearly $5 billion of proceeds, contributing to an 82% win rate of eligible operating companies in the quarter. First quarter wins included 3 of the quarter’s top 5 offerings, CoreWeave, SailPoint, and Smithfield Foods. In the first quarter, the company exceeded $3 trillion in combined market value for total listing transfers since Nasdaq first launched its switch program in 2005. Nasdaq welcomed 7 high-profile transfers in the quarter, including Shopify, Thomson Reuters, and Domino’s Pizza, that added over $230 billion in market value.
    • Market Services delivered record net revenues with record cash equities and derivatives volumes in the U.S. Within the recent market volatility, Nasdaq achieved U.S. record volumes in cash equities and equity options, including index options, in the first quarter. Nasdaq also extended its leadership in on-exchange trading with U.S. cash equities market share increasing year-over-year and sequentially. During the first quarter, Nasdaq’s North American markets experienced extraordinary message traffic, which reached a record of more than 425 billion messages8 in a day.
    • Nasdaq aims to expand U.S. market access to 24/5 trading in the second half of 2026. The planned launch of 24-hour trading on the Nasdaq Stock Market will broaden investor access and wealth-building opportunities globally, including in Asia, where demand for Nasdaq-listed stocks is accelerating. Nasdaq’s timeline is subject to regulatory approval and alignment with the industry participants.
    • Nasdaq and Amazon Web Services signed an enhanced agreement to amplify their prior partnership. The partnership aims to benefit both the Market Services and Financial Technology divisions and advance Nasdaq’s vision to be the trusted fabric of the world’s financial system. Nasdaq plans to offer its financial services clients new cloud-based solutions in phases. The initial phase focuses on providing market operators with public and hybrid cloud infrastructure, software, and services offerings that mitigate transformation risk, retain data sovereignty, and optimize performance, latency, security, and resilience. Nasdaq’s Nordic markets will be among the first markets to leverage the infrastructure powered by the new partnership, subject to regulatory approval. Nasdaq also has expanded its modernization partnerships with both the Johannesburg Stock Exchange (JSE) and Mexico’s Grupo BMV.
    • Nasdaq is executing on its 2025 strategic priorities — Integrate, Innovate, Accelerate — positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
      • Integrate – Nasdaq is on track to action its $140 million expanded net expense efficiency program by year-end, with over $100 million actioned as of the end of the first quarter. Moody’s upgraded Nasdaq’s senior unsecured debt rating from Baa2 to Baa1 on March 31.
      • Innovate – Nasdaq continued to amplify innovation across the company as the team rolled out new AI-powered features to our solutions and product offerings and launched new Index products. Client usage of Nasdaq Verafin’s Co-Pilot tool grew 20% sequentially in the first quarter, highlighting the value and efficiency the offering provides to clients. Currently, more than 1,200 clients are leveraging the co-pilot to expedite their alert reviews.
      • Accelerate – The company continues to execute on its One Nasdaq strategy securing 19 cross-sell wins since the Adenza acquisition across key solutions including Surveillance, AxiomSL, and Verafin. Nasdaq remains on track to surpass $100 million in run-rate revenue from cross-sells by the end of 2027. At the end of the first quarter, cross-sells accounted for over 15% of Financial Technology’s sales pipeline.

    ____________
    1 Represents revenue less transaction-based expenses.
    2Adjusted period over period change reflects non-GAAP results, adjusted to include revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24 and to exclude the impacts of foreign currency and the previously announced one-time revenue benefit in our Index business in 1Q24.
    3 Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
    4 Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. 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. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
    5 Refer to our reconciliations of U.S. GAAP to non-GAAP net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
    6 Organic changes (i) reflect adjustments to remove the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for 1Q24. As it relates to ARR, organic changes only exclude the impact of period-over-period changes in foreign currency exchange rates as the AxiomSL ratable recognition adjustment had no impact on ARR.
    7 U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
    8 Message count represents the number of records across Nasdaq’s U.S. Options, U.S. and Canadian equities markets, trade reporting facilities, and bond exchange that are recorded into Nasdaq’s data warehouse on a daily basis.

    ABOUT NASDAQ

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

    NON-GAAP INFORMATION

    In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

    These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

    We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

    Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

    Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

    Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program to optimize our efficiencies as a combined organization. We further expanded this program in the fourth quarter of 2024 to accelerate our momentum and further optimize our efficiencies (efficiency program). We have incurred costs principally related to employee-related costs, contract terminations, asset impairments and other related costs and expect to incur additional costs in these areas in an effort to accelerate efficiencies through location strategy and enhanced AI capabilities. Actions taken as part of this program will be complete by the end of 2025, while certain costs may be recognized in the first half of 2026. We expect to achieve benefits primarily in the form of expense synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional realignment program with a focus on realizing the full potential of this structure. As of September 30, 2024, we completed our divisional realignment program. Costs related to the Adenza restructuring and the divisional realignment programs are recorded as “restructuring charges” in our condensed consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

    Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, de-leveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

    WEBSITE DISCLOSURE

    Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

    Media Relations Contact
    Nick Jannuzzi
    +1.973.760.1741
    Nicholas.Jannuzzi.@Nasdaq.com

    Investor Relations Contact
    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    NDAQF

    Nasdaq, Inc.
    Condensed Consolidated Statements of Income
    (in millions, except per share amounts)
    (unaudited)
           
      Three Months Ended
      March 31,   March 31,
        2025       2024  
             
    Revenues:      
    Capital Access Platforms $ 515     $ 479  
    Financial Technology   432       392  
    Market Services   1,134       794  
    Other Revenues   9       9  
      Total revenues   2,090       1,674  
    Transaction-based expenses:      
    Transaction rebates   (579 )     (481 )
    Brokerage, clearance and exchange fees   (274 )     (76 )
    Revenues less transaction-based expenses   1,237       1,117  
           
    Operating Expenses:      
    Compensation and benefits   329       340  
    Professional and contract services   36       34  
    Technology and communication infrastructure   77       67  
    Occupancy   28       28  
    General, administrative and other   6       28  
    Marketing and advertising   14       11  
    Depreciation and amortization   156       155  
    Regulatory   15       9  
    Merger and strategic initiatives   24       9  
    Restructuring charges   5       26  
      Total operating expenses   690       707  
    Operating income   547       410  
    Interest income   11       6  
    Interest expense   (96 )     (108 )
    Other income (loss)   (1 )     1  
    Net income from unconsolidated investees   27       3  
    Income before income taxes   488       312  
    Income tax provision   93       79  
    Net income   395       233  
    Net loss attributable to noncontrolling interests   —       1  
    Net income attributable to Nasdaq $ 395     $ 234  
           
    Per share information:      
    Basic earnings per share $ 0.69     $ 0.41  
    Diluted earnings per share $ 0.68     $ 0.40  
    Cash dividends declared per common share $ 0.24     $ 0.22  
           
    Weighted-average common shares outstanding      
    for earnings per share:      
    Basic   575.0       575.4  
    Diluted   580.0       578.9  
             
    Nasdaq, Inc.
    Revenue Detail
    (in millions)
    (unaudited)
                 
            Three Months Ended
            March 31,   March 31,
              2025       2024  
                 
    CAPITAL ACCESS PLATFORMS      
      Data and Listing Services revenues $ 192     $ 186  
      Index revenues   193       168  
      Workflow and Insights revenues   130       125  
        Total Capital Access Platforms revenues   515       479  
                 
    FINANCIAL TECHNOLOGY      
      Financial Crime Management Technology revenues   77       64  
      Regulatory Technology revenues   101       90  
      Capital Markets Technology revenues   254       238  
        Total Financial Technology revenues   432       392  
                 
    MARKET SERVICES      
      Market Services revenues   1,134       794  
      Transaction-based expenses:      
          Transaction rebates   (579 )     (481 )
          Brokerage, clearance and exchange fees   (274 )     (76 )
        Total Market Services revenues, net   281       237  
                 
    OTHER REVENUES   9       9  
                 
    REVENUES LESS TRANSACTION-BASED EXPENSES $ 1,237     $ 1,117  
                 
                 
    Nasdaq, Inc.
    Condensed Consolidated Balance Sheets
    (in millions)
             
        March 31,   December 31,
          2025       2024  
    Assets (unaudited)    
    Current assets:      
      Cash and cash equivalents $ 690     $ 592  
      Restricted cash and cash equivalents   18       31  
      Default funds and margin deposits   5,686       5,664  
      Financial investments   201       184  
      Receivables, net   986       1,022  
      Other current assets   237       293  
    Total current assets   7,818       7,786  
    Property and equipment, net   621       593  
    Goodwill   14,179       13,957  
    Intangible assets, net   6,830       6,905  
    Operating lease assets   381       375  
    Other non-current assets   818       779  
    Total assets $ 30,647     $ 30,395  
             
    Liabilities      
    Current liabilities:      
      Accounts payable and accrued expenses $ 255     $ 269  
      Section 31 fees payable to SEC   264       319  
      Accrued personnel costs   198       325  
      Deferred revenue   981       711  
      Other current liabilities   187       215  
      Default funds and margin deposits   5,686       5,664  
      Short-term debt   400       399  
    Total current liabilities   7,971       7,902  
    Long-term debt   8,926       9,081  
    Deferred tax liabilities, net   1,586       1,594  
    Operating lease liabilities   393       388  
    Other non-current liabilities   216       230  
    Total liabilities   19,092       19,195  
           
    Commitments and contingencies      
    Equity      
    Nasdaq stockholders’ equity:      
      Common stock   6       6  
      Additional paid-in capital   5,450       5,530  
      Common stock in treasury, at cost   (672 )     (647 )
      Accumulated other comprehensive loss   (1,896 )     (2,099 )
      Retained earnings   8,658       8,401  
    Total Nasdaq stockholders’ equity   11,546       11,191  
      Noncontrolling interests   9       9  
    Total equity   11,555       11,200  
    Total liabilities and equity $ 30,647     $ 30,395  
             
             
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
             
             
         Three Months Ended
        March 31,   March 31,
          2025       2024  
             
    U.S. GAAP net income attributable to Nasdaq $ 395     $ 234  
    Non-GAAP adjustments:      
      Amortization expense of acquired intangible assets (1)   122       123  
      Merger and strategic initiatives expense (2)   24       9  
      Restructuring charges (3)   5       26  
      Net income from unconsolidated investees (4)   (27 )     (3 )
      Gain from extinguishment of debt (5)   (19 )     —  
      Legal and regulatory matters   2       2  
      Pension settlement charge (6)   —       23  
      Other loss   1       —  
      Total non-GAAP adjustments   108       180  
      Non-GAAP adjustment to the income tax provision (7)   (47 )     (47 )
      Total non-GAAP adjustments, net of tax   61       133  
    Non-GAAP net income attributable to Nasdaq $ 456     $ 367  
             
    U.S. GAAP diluted earnings per share $ 0.68     $ 0.40  
      Total adjustments from non-GAAP net income above   0.11       0.23  
    Non-GAAP diluted earnings per share $ 0.79     $ 0.63  
             
    Weighted-average diluted common shares outstanding for earnings per share:   580.0       578.9  
             
             
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
     
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.
             
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.
             
    (4) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.
             
    (5) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
             
    (6) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
             
    (7) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment. For the three months ended March 31, 2025, we recognized a prior year tax reserve release of $18 million due to a favorable audit settlement.
             
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
    (in millions)
    (unaudited)
             
         Three Months Ended
        March 31,   March 31,
          2025       2024  
             
    U.S. GAAP operating income $ 547     $ 410  
    Non-GAAP adjustments:      
      Amortization expense of acquired intangible assets (1)   122       123  
      Merger and strategic initiatives expense (2)   24       9  
      Restructuring charges (3)   5       26  
      Gain from extinguishment of debt (4)   (19 )     —  
      Legal and regulatory matters   2       2  
      Pension settlement charge (5)   —       23  
      Other loss   1       —  
      Total non-GAAP adjustments   135       183  
    Non-GAAP operating income $ 682     $ 593  
           
    Revenues less transaction-based expenses $ 1,237     $ 1,117  
             
    U.S. GAAP operating margin (6)   44 %     37 %
             
    Non-GAAP operating margin (7)   55 %     53 %
             
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
             
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
             
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.
             
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.
             
    (4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
             
    (5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
             
    (6) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.
             
    (7) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.
             
    Nasdaq, Inc.
    Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
    (in millions)
    (unaudited)
             
         Three Months Ended
        March 31,   March 31,
          2025       2024  
             
    U.S. GAAP operating expenses $ 690     $ 707  
    Non-GAAP adjustments:      
      Amortization expense of acquired intangible assets (1)   (122 )     (123 )
      Merger and strategic initiatives expense (2)   (24 )     (9 )
      Restructuring charges (3)   (5 )     (26 )
      Gain from extinguishment of debt (4)   19       —  
      Legal and regulatory matters   (2 )     (2 )
      Pension settlement charge (5)   —       (23 )
      Other loss   (1 )     —  
      Total non-GAAP adjustments   (135 )     (183 )
    Non-GAAP operating expenses $ 555     $ 524  
             
             
    (1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.
     
    (2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years that have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third-party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three months ended March 31, 2025, these amounts are primarily driven by the timing of recognition associated with the transfer of open positions in our Nordic power derivatives trading and clearing business, Adenza integration costs and other strategic initiative costs. For the three months ended March 31, 2024, these costs were primarily related to the integration of Adenza.
             
    (3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, asset impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In addition, in September 2024, we completed our previously disclosed divisional realignment program.
             
    (4) For the three months ended March 31, 2025, we recorded a gain on the extinguishment of debt. This gain is recorded in general, administrative expense in our Condensed Consolidated Statements of Income.
             
    (5) For the three months ended March 31, 2024, we recorded a pre-tax charge as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The loss was recorded in compensation and benefits in the Condensed Consolidated Statements of Income.
             
    Nasdaq, Inc.
    Reconciliation of Adjusted Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Operating Margin
    (in millions)
    (unaudited)
                                     
      Three Months Ended                  
      As Reported   Adenza   Adjusted (1)   Total Variance   FX & Other (2)   Adjusted YoY
      March 31, 2025   March 31, 2024   March 31, 2024   March 31, 2024   $   %   $   $ %
    CAPITAL ACCESS PLATFORMS                                
    Data and Listing Services revenues $ 192     $ 186     $ —   $ 186     $ 6     3 %   $ (1 )   $ 7   4 %
    Index revenues   193       168       —     168       25     14 %     (16 )     41   26 %
    Workflow and insights revenues   130       125       —     125       5     4 %     —       5   4 %
    Total Capital Access Platforms revenues   515       479       —     479       36     7 %     (17 )     53   11 %
                                     
    FINANCIAL TECHNOLOGY                                
    Financial Crime Management Technology revenues   77       64       —     64       13     21 %     —       13   21 %
    Regulatory Technology revenues   101       90       3     93       8     8 %     (1 )     9   10 %
    Capital Markets Technology revenues   254       238       —     238       16     7 %     (1 )     17   7 %
    Total Financial Technology revenues   432       392       3     395       37     9 %     (2 )     39   10 %
                                     
    Solutions revenues (3)   947       871       3     874       73     8 %     (19 )     92   11 %
                                     
    Market Services, net revenues   281       237       —     237       44     19 %     (2 )     46   19 %
    Other revenues   9       9       —     9       —     (6 )%     —       —   (4 )%
    Revenues less transaction-based expenses   1,237       1,117       3     1,120       117     10 %     (21 )     138   12 %
                                     
    Non-GAAP operating expenses   555       524       —     524       31     6 %     (6 )     37   7 %
    Non-GAAP operating income $ 682     $ 593     $ 3   $ 596     $ 86     14 %   $ (15 )   $ 101   17 %
    Non-GAAP operating margin   55%      53%          53%                   
                                     
                                     
    (1) Includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
    (2) Reflects the impacts from changes in foreign currency exchange rates and excludes the impact of a one-time revenue benefit related to a legal settlement to recoup lost revenue recorded within Index in the first quarter of 2024.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.
                                     
    Nasdaq, Inc.
    Reconciliation of Organic Impacts for Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
    Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
    (in millions, except per share amounts)
    (unaudited)
                                   
                                   
      Three Months Ended   Total Variance   Other Impacts (1)   Organic Impact (2)
      March 31, 2025   March 31, 2024   $   %   $   %   $   %
    CAPITAL ACCESS PLATFORMS                              
    Data and Listing Services revenues $ 192     $ 186     $ 6     3 %   $ (1 )   (1 )%   $ 7     4 %
    Index revenues   193       168       25     14 %     —     — %     25     14 %
    Workflow and Insights revenues   130       125       5     4 %     —     — %     5     4 %
    Total Capital Access Platforms revenues   515       479       36     7 %     (1 )   — %     37     8 %
                                   
    FINANCIAL TECHNOLOGY                              
    Financial Crime Management Technology revenues   77       64       13     21 %     —     — %     13     21 %
    Regulatory Technology revenues   101       90       11     12 %     2     2 %     9     10 %
    Capital Markets Technology revenues   254       238       16     7 %     (1 )   — %     17     7 %
    Total Financial Technology revenues   432       392       40     10 %     1     — %     39     10 %
                                   
    Solutions revenues (3)   947       871       76     9 %     —     — %     76     9 %
                                   
    Market Services, net revenues   281       237       44     19 %     (2 )   (1 )%     46     19 %
                                   
    Other revenues   9       9       —     (6 )%     —     (2 )%     —     (4 )%
                                   
    Revenues less transaction-based expenses $ 1,237     $ 1,117     $ 120     11 %   $ (2 )   — %   $ 122     11 %
                                   
    Non-GAAP Operating Expenses $ 555     $ 524     $ 31     6 %   $ (6 )   (1 )%   $ 37     7 %
                                   
    Non-GAAP Operating Income $ 682     $ 593     $ 89     15 %   $ 4     1 %   $ 85     14 %
                                   
    Non-GAAP diluted earnings per share $ 0.79     $ 0.63     $ 0.16     24 %   $ —     — %   $ 0.16     24 %
                                   
                                   
    Note: The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.
    (1) Primarily includes the impacts of changes in FX rates and $3 million of revenue for AxiomSL to reflect adjustment for on-premises contracts ratable recognition for 2024 within Regulatory Technology revenues.
    (2) Organic changes (i) reflect adjustments for the impact of period-over-period changes in foreign currency exchange rates and (ii) includes revenue for AxiomSL on-premises contracts to reflect adjustment for ratable recognition for the first quarter of 2024.
    (3) Represents Capital Access Platforms and Financial Technology Segments.
                                   
    Nasdaq, Inc.
    Key Drivers Detail
    (unaudited)
             
        Three Months Ended
        March 31,   March 31,
          2025       2024  
    Capital Access Platforms      
      Annualized recurring revenues (in millions) (1) $ 1,281     $ 1,220  
      Initial public offerings      
      The Nasdaq Stock Market (2)   63       27  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic   4       1  
      Total new listings      
      The Nasdaq Stock Market (2)   170       79  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (3)   9       2  
      Number of listed companies      
      The Nasdaq Stock Market (4)   4,139       4,020  
      Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic (5)   1,160       1,203  
      Index      
      Number of licensed exchange traded products (6)   418       362  
      Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions) $ 622     $ 519  
      Total average ETP AUM tracking Nasdaq indexes (in billions) $ 662     $ 492  
      TTM (7) net inflows ETP AUM tracking Nasdaq indexes (in billions) $ 86     $ 46  
      TTM (7) net appreciation ETP AUM tracking Nasdaq indexes (in billions) $ 17     $ 124  
             
    Financial Technology      
      Annualized recurring revenues (in millions) (1)      
      Financial Crime Management Technology $ 295     $ 243  
      Regulatory Technology   362       328  
      Capital Markets Technology   893       821  
      Total Financial Technology $ 1,550     $ 1,392  
             
    Market Services      
      Equity Derivative Trading and Clearing      
      U.S. equity options      
      Total industry average daily volume (in millions)   53.6       43.3  
      Nasdaq PHLX matched market share   9.1 %     10.3 %
      The Nasdaq Options Market matched market share   5.1 %     5.4 %
      Nasdaq BX Options matched market share   1.7 %     2.2 %
      Nasdaq ISE Options matched market share   6.8 %     6.3 %
      Nasdaq GEMX Options matched market share   3.6 %     2.5 %
      Nasdaq MRX Options matched market share   2.8 %     2.5 %
      Total matched market share executed on Nasdaq’s exchanges   29.1 %     29.2 %
      Nasdaq Nordic and Nasdaq Baltic options and futures      
      Total average daily volume of options and futures contracts   256,009       241,665  
             
      Cash Equity Trading      
      Total U.S.-listed securities      
      Total industry average daily share volume (in billions)   15.7       11.8  
      Matched share volume (in billions)   137.6       116.7  
      The Nasdaq Stock Market matched market share   14.2 %     15.7 %
      Nasdaq BX matched market share   0.3 %     0.4 %
      Nasdaq PSX matched market share   0.1 %     0.2 %
      Total matched market share executed on Nasdaq’s exchanges   14.6 %     16.3 %
      Market share reported to the FINRA/Nasdaq Trade Reporting Facility   48.1 %     41.4 %
      Total market share (8)   62.7 %     57.7 %
      Nasdaq Nordic and Nasdaq Baltic securities      
      Average daily number of equity trades executed on Nasdaq’s exchanges   789,103       666,408  
      Total average daily value of shares traded (in billions) $ 5.4     $ 4.7  
      Total market share executed on Nasdaq’s exchanges   69.9 %     71.7 %
             
      Fixed Income and Commodities Trading and Clearing      
      Fixed Income      
      Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts   83,864       92,070  
             
      (1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. 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. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
      (2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended March 31, 2025 and 2024, IPOs included 18 and 5 SPACs, respectively.
      (3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (4) Number of total listings on The Nasdaq Stock Market for the three months ended March 31, 2025 and March 31, 2024 included 833 and 619 ETPs, respectively.
      (5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.
      (6) The number of listed ETPs as of March 31, 2024 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.
      (7) Trailing 12-months.
      (8) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

    The MIL Network –

  • MIL-OSI: Marex Group Plc to Announce First Quarter 2025 Earnings on May 15, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 24, 2025 (GLOBE NEWSWIRE) — Marex Group plc (NASDAQ: MRX) today announced that it will release its fiscal 2025 first quarter results before market open on Thursday, May 15, 2025. The earnings release and supplementary materials will be available through the “Investors” section of the Marex website at https://ir.marex.com/.

    A conference call to discuss the results will take place at 9am ET the same day. Analysts and investors who wish to participate in the live conference call can register using the link here: https://edge.media-server.com/mmc/p/zudci4bx

    About Marex:
    Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four core services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 40 offices worldwide, the Group has over 2,400 employees across Europe, Asia and the Americas. For more information visit www.marex.com.

    Enquiries please contact:
    Marex:
    Nicola Ratchford / Adam Strachan
    +44 778 654 8889 / +1 914 200 2508 
    nratchford@marex.com/ astrachan@marex.com

    FTI Consulting US / UK
    +1 919 609 9423 / +44 777 611 1222
    marex@fticonsulting.com

    The MIL Network –

  • MIL-OSI Economics: Thales reports its order intake and sales for the first quarter of 2025

    Source: Thales Group

    Headline: Thales reports its order intake and sales for the first quarter of 2025

    • Order intake: €3.8 billion, down -25% (-27% on an organic basis1)
    • Sales: €5.0 billion, up +12.2% (+9.9% on an organic basis)
    • All 2025 financial objectives confirmed2

    Thales (Euronext Paris: HO) today announced its order intake and sales for the first quarter of 2025.

     

    “In the first quarter of 2025, Thales recorded organic sales growth of nearly 10%, demonstrating the strong momentum of our Defence and Avionics activities, as well as the excellent visibility the Group enjoys.
    ​Order intake in the first quarter of 2025 was solid, and showed growth compared to the same periods in 2022 and 2023. The decline observed compared to the first quarter of 2024 is explained by a particularly high comparison basis.
    ​Thanks to the commitment of our teams, we confirm all our annual financial targets for 2025, including a book-to-bill ratio over 1 for the year 2025.    ” ​
    ​Patrice Caine, Chairman & Chief Executive Officer

    Order intake

    Order intake for the first quarter of 2025 amounted to €3,778 million, down -27% at constant scope and exchange rates compared to the first three months of 2024 (-25% on a reported basis) due to a very high comparison base, particularly in the Defence segment. In the first quarter of 2024, Thales had recorded, among other contracts, two contracts with a unit value exceeding €500 million each: the third phase of the contract signed by Indonesia for the acquisition of Rafale aircraft (18 out of a total of 42), as well as an order for an air surveillance system for a military customer in the Middle East. However, the Group is benefiting from a robust commercial momentum in all its activities for this first quarter of 2025, particularly in the Aerospace segment. For reference, order intake amounted to €3,422 million in Q1 2023 and €3,033 million in Q1 2022.

    During the first quarter of 2025, Thales recorded five large orders worth over €100 million each, for a total of €707 million:

    • Order from Space Norway, Northern Europe’s leading satellite operator, for the supply of a telecommunications satellite, THOR 8;
    • Order from SKY Perfect JSAT to Thales Alenia Space for JSAT-32, a geostationary telecommunications satellite;
    • Signing of a contract between Thales and the European Space Agency (ESA) to develop Argonaut, a future autonomous and versatile lunar lander designed to deliver cargo and scientific instruments to the Moon;
    • Order from the Dutch Ministry of Defence for the modernisation and support of vehicle tactical simulators;
    • Order from the French Defence Procurement Agency (DGA) for the development, production, and maintenance of vetronics equipment for various Army vehicles as part of the SCORPION programme.

    At €3,071 million, order intake with a unit value of less than €100 million was down -10% compared to the first three months of 2024; meanwhile, those with a unit value of less than €10 million were slightly up in the first quarter of 2025.

    Geographically4, order intake in mature markets amounted to €2,914 million, similar to the first quarter of 2024 (+2% on a reported basis and a decrease of -1% at constant scope and exchange rates). Order intake in emerging markets amounted to €864 million (-61% as of March 31, 2025, in organic terms), affected by a very high comparison basis in these markets from the first quarter of 2024 (contracts for the Rafale in Indonesia and for an air surveillance system for a military customer in the Middle East mentioned previously).

    Order intake in the Aerospace segment totaled €1,530 million, compared to €1,003 million in the first three months of 2024 (+45% at constant scope and exchange rates). The Avionics market continued to benefit from strong demand across its various businesses and recorded one large order with a unit value exceeding €100 million in its Training and Simulation business. In addition, Space benefited in the first quarter from favorable phasing of expected 2025 order intake, with the notification of three large orders with a unit value greater than €100 million, two related to the telecommunications business and one to the exploration business.

    At €1,302 million (compared to €3,122 million in the first three months of 2024, representing an organic change of -59%), order intake in the Defence segment compared to a very high base in Q1 2024. One large order with a unit value over €100 million was recorded in the first quarter of 2025 compared to four in the same period in 2024. The Group reaffirms its objective of a book-to-bill ratio greater than 1 for the Defence segment in 2025.

    At €922 million, order intake in the Cyber & Digital segment was structurally very close to sales as most business lines in this segment operate on short sales cycles. The order book is therefore not significant.

    Sales

    Sales for the first quarter of 2025 reached €4,960 million, compared to €4,421 million in the first quarter of 2024, up 9.9%5 at constant scope and exchange rates (up 12.2% on a reported basis).

    Geographically6, sales recorded solid growth in both mature markets (+9.7% in organic terms), notably in the United Kingdom (+14.9%) and emerging markets with organic growth of +10.5% during the period.

    Sales in the Aerospace segment amounted to €1,342 million, up 13.5% compared to the first quarter of 2024 (+8.4% at constant scope and exchange rates). This growth reflects ongoing robust demand in the Avionics market, leading the business to grow double-digit and achieve a solid performance across all activities as well as in both civil and military domains. Sales in the Space business continue to be impacted by the weak demand observed over the past two years in telecommunications satellites.

    Sales in the Defence segment totaled €2,685 million, up +16.5% compared to the first quarter of 2024 (+15.0% at constant scope and exchange rates). This growth is observed across all businesses in the Defence segment, notably in land and air systems, which benefitted from production capacity expansion projects being deployed, especially for radars’ production.

    Sales in the Cyber & Digital segment stood at €903 million, down -1.5% compared to the first three months of 2024 (-2.1% at constant scope and exchange rates), reflecting contrasting trends:

    • Cyber businesses were stable in the first quarter of 2025 (+0.2% at constant scope and exchange rates):
      • The Cyber Security Products business is recording growth, leveraging Imperva’s complementary offer. The beginning of 2025 is moreover marked by the merger of the Imperva and Thales’ sales teams, a key step in the integration process that will unlock the full potential of the business, though its execution may generate some short-term disturbances;
      • The Cyber Premium Services business was impacted by a soft market demand start this first 2025 quarter, notably in Australia, and reported a decline in sales compared to the first quarter of 2024. For this business, which represents approximately 20% of total Cyber activity, the Group’s priority is to standardise operations to improve margins and focus the sales strategy on selective profitable growth segments.
    • In Digital businesses (down -3.6% at constant scope and exchange rates):
      • Sales from Payment Services returned to positive growth in the first quarter of 2025, after five consecutive quarters of decline;
      • Sales in Identity and Biometrics solutions declined. This business faced revenues downturn due to COVID in 2020. Post pandemic, an important catch-up effect occurred through to 2024, in the travel documents segment. As a consequence, the comparison effect is not favourable as this business is now normalising to a more usual run rate.

    Outlook

    Thales continues to benefit from a strong visibility in the vast majority of its businesses and enjoys a robust medium to long-term outlook.

    The Group has initiated preliminary work to assess the impacts of the increase in tariffs, as they are stand today. Such analysis takes into account the affected flows on the one hand, and the cases of exemption from tariffs on the other hand (such as in defence activities), along with certain protective contractual conditions in our export contracts (incoterms). Furthermore, Thales is working on mitigation plans in response to these new regulations: use of specific customs programmes such as duty drawback or temporary Importations under Bonds, the redirection of certain production flows, transfer pricing, supply chain adjustments (alternate sourcing), customer surcharging…

    These estimates are based on the latest available information on announced tariffs increases and exemptions as known on April 24, 2025, and Thales’ estimates to date. At this stage, the Group estimates that the net direct impact from those elements is contained. The potential indirect impact is not known at this stage.

    As a result, assuming no new disruptions of the macroeconomic geopolitical context and the evolution of new tariffs, Thales confirms all of its 2025 financial objectives, as listed below:

    • A book-to-bill ratio above 1;
    • Organic sales growth of between +5% and +6%, corresponding to annual sales in the range of €21.7 billion to €21.9 billion7;
    • An Adjusted EBIT margin between 12.2% and 12.4%.

    ****

    This press release contains certain forward-looking statements. Although Thales believes that its expectations are based on reasonable assumptions, actual results may differ significantly from the forward-looking statements due to various risks and uncertainties, as described in the Company’s Universal Registration Document, which has been filed with the French financial markets authority (Autorité des marchés financiers – AMF).

     

    1In this press release, “organic” means “at constant scope and exchange rates”.

    2Assuming no new disruptions of the macroeconomic geopolitical context or evolution of new tariffs.

    3Mature markets: Europe, North America, Australia, New Zealand. Emerging markets: all other countries.

    4See table on page 6.

    5Taking into account a currency effect of €17 million and a net scope effect of €84 million.

    6See table on page 6.

    7 Based on April 2025 scope and year to date average foreign exchange rates as of April 2025.

    MIL OSI Economics –

  • MIL-OSI USA: Governor Newsom announces appointments 4.23.25

    Source: US State of California 2

    Apr 23, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Annabelle Hopkins, of Sacramento, has been appointed Deputy Director of Government Affairs at the California Public Advocates Office. Hopkins has been Government Relations Manager at RWE Offshore Wind since 2024. She was Legislative Director at the Office of Assemblymember Jim Wood in the California State Assembly from 2022 to 2023. Hopkins held multiple positions in the Office of Senator Dave Min in the California State Senate from 2021 to 2022, including Legislative Director and Legislative Aide. She was a Senate Fellow in the Office of Senator Mike McGuire in the California State Senate from 2019 to 2020. Hopkins was the Finance Director/Policy Advisor for Audrey Denney for Congress from 2018 to 2019. She is a Board Member of FemDems and Young Professionals in Energy, Sacramento. Hopkins earned a Bachelor of Arts degree in Political Science and History from College of Wooster. This position does not require Senate confirmation, and compensation is $153,000. Hopkins is a Democrat.

    Mandi Posner, of Gold River, has been appointed Deputy Director of the Center for Health Care Quality at the California Department of Public Health. Posner has been Chief of Field Operations for the South Division of the Center for Health Care Quality at the California Department of Public Health since 2021, where she has held multiple positions since 2016, including Branch Chief of Field Operations for the South Division, Los Angeles County Contract Manager, Staff Services Manager for Fiscal Operations, and Associate Governmental Program Analyst. Posner is a Member and California Representative of the Association of Health Facility Survey Agencies. She earned a Bachelor of Science degree in Recreation Administration from California State University, Chico. This position does not require Senate confirmation, and the compensation is $183,840. Posner is a Democrat.

    Yang Lee, of Sacramento, has been appointed Chief of Data Analytics and Strategy at the California Department of Developmental Services. Lee has been Deputy Director and Chief Financial Officer at the California Department of Social Services since 2022, where he was previously Assistant Director from 2020 to 2022. He held multiple positions at the California Department of Finance from 2008 to 2020, including Principal Program Budget and Finance Budget Analyst. Lee was a Legislative Assistant in the Office of Assemblymember Loni Hancock in the California State Assembly from 2006 to 2008. Lee earned a Master of Public Policy Analysis degree and a Bachelor of Arts degree in Ethnic Studies from California State University, Sacramento. This position does not require Senate confirmation, and the compensation is $198,660. Lee is a Democrat. 

    Heather Leslie, of Sacramento, has been appointed Chief Counsel at the California Office of Energy Infrastructure Safety. Leslie has been the Assistant General Counsel at the California Natural Resources Agency since 2021. She was a Deputy Attorney General at the California Department of Justice, Office of the Attorney General from 2015 to 2021. Leslie earned a Juris Doctor degree from University of California, Los Angeles School of Law and a Bachelor of Arts degree in Political Science from University of California, Berkeley. This position does not require Senate confirmation, and compensation is $198,000. Leslie is a Democrat.

    Cindy Gustafson, of Tahoe City, has been appointed to the State Board of Fire Services. Gustafson has been the District Five County Supervisor for the County of Placer since 2019. She was the Chief Executive Officer of the North Lake Tahoe Resort Association from 2017 to 2018. Gustafson held multiple positions at the Tahoe City Public Utility District from 1991 to 2017, including Director of Resource Development and Community Relations, Assistant General Manager, and General Manager. She was a Commissioner at the California Fish and Game Commission from 2005 to 2009. Gustafson is a Member of Tahoe Fund. She earned a Bachelor of Arts degree in History from Gustavus Adolphus College. This position does not require Senate Confirmation and there is no compensation. Gustafson is registered without party preference.

    Hampus Idsater, of Thousand Oaks, has been appointed to the Boating and Waterways Commission. Idsater has been an Investment Manager at Suntex Marina Investors since 2022. He was a Finance and Business Development Director at Hamner, Jewell & Associates from 2020 to 2022. Idsater was a Vice President at Eight Roads from 2015 to 2020. He was an Investment Manager at Fosun International from 2013 to 2015. Idsater was an Analyst at Morgan Stanley from 2011 to 2013. He is a Member of the Marine Recreation Association and Toastmasters International. Idsater earned a Master of Arts degree in Economics from University of Oxford. This position requires Senate confirmation, and the compensation is $100 per diem. Idsater is a Democrat.

    Press Releases, Recent News

    Recent news

    Apr 23, 2025

    News What you need to know: California’s economy continues to dominate and grow at a faster rate than the world’s top economies, with new data showing it has overtaken Japan as the 4th largest economy in the world. SACRAMENTO — Governor Gavin Newsom today announced…

    Apr 23, 2025

    News What you need to know: California is investing $500 million to help add 1,000 clean school buses across the state, and demand for incentives supporting zero-emission buses and trucks has more than doubled year-over-year. SACRAMENTO – California’s transition to…

    Apr 23, 2025

    News What you need to know: More than 4 million California children will automatically receive SUN Bucks food benefits via EBT card starting in June. Each eligible child will receive $120 in food benefits. Sacramento, California – Governor Gavin Newsom announced today…

    MIL OSI USA News –

  • MIL-OSI USA: California is now the 4th largest economy in the world 

    Source: US State of California 2

    Apr 23, 2025

    What you need to know: California’s economy continues to dominate and grow at a faster rate than the world’s top economies, with new data showing it has overtaken Japan as the 4th largest economy in the world.

    SACRAMENTO — Governor Gavin Newsom today announced that California has officially overtaken Japan to become the world’s fourth-largest economy, according to newly released data from the International Monetary Fund (IMF) and the U.S. Bureau of Economic Analysis (BEA).

    “California isn’t just keeping pace with the world—we’re setting the pace. Our economy is thriving because we invest in people, prioritize sustainability, and believe in the power of innovation. And, while we celebrate this success, we recognize that our progress is threatened by the reckless tariff policies of the current federal administration. California’s economy powers the nation, and it must be protected.”

    Governor Gavin Newsom

    According to the IMF’s 2024 World Economic Outlook data released yesterday, and BEA data California’s nominal GDP reached $4.1 trillion, surpassing Japan’s $4.02 trillion, and placing California behind only the United States, China, and Germany in global rankings. California’s GDP figure is based on the latest state-level GDP data from the BEA.

    Outperforming the nation

    California’s economy is growing at a faster rate than the world’s top three economies. In 2024, California’s growth rate of 6% outpaced the top three economies: U.S. (5.3%), China (2.6%) and Germany (2.9%). California’s success is long-term –the state’s economy grew strongly over the last four years, with an average nominal GDP growth of 7.5% from 2021 to 2024. Preliminary data indicates India is projected to surpass California by 2026.

    California is the backbone of the nation’s economy 

    With an increasing state population and recent record-high tourism spending, California is the nation’s top state for new business starts, access to venture capital funding, and manufacturing, high-tech, and agriculture.

    The state drives national economic growth and also sends over $83 billion more to the federal government than it receives in federal funding. California is the leading agricultural producer in the country and is also the center for manufacturing output in the United States, with over 36,000 manufacturing firms employing over 1.1 million Californians. 

    The Golden State’s manufacturing firms have created new industries and supplied the world with manufactured goods spanning aerospace, computers and electronics, and, most recently, zero-emission vehicles.
     

    Protecting California’s economy

    Governor Gavin Newsom is protecting California’s economy, and last week filed a lawsuit in federal court challenging the president’s use of emergency powers to enact broad-sweeping tariffs that hurt states, consumers, and businesses. The lawsuit seeks to end President Trump’s tariff chaos, which has wreaked havoc on the economy, destabilized the stock and bond markets, caused hundreds of billions of dollars in losses, and inflicted higher costs for consumers and businesses. These harms will only continue to grow, as President Trump’s tariffs are projected to shrink the U.S. economy by $100 billion annually.

    Recent news

    Apr 23, 2025

    News What you need to know: California is investing $500 million to help add 1,000 clean school buses across the state, and demand for incentives supporting zero-emission buses and trucks has more than doubled year-over-year. SACRAMENTO – California’s transition to…

    Apr 23, 2025

    News What you need to know: More than 4 million California children will automatically receive SUN Bucks food benefits via EBT card starting in June. Each eligible child will receive $120 in food benefits. Sacramento, California – Governor Gavin Newsom announced today…

    Apr 23, 2025

    News What you need to know: 14,133 cases have been referred to district attorneys’ offices through a community grant investment proposed by Governor Gavin Newsom to root out organized retail crime and hold bad actors accountable. Sacramento, California – Marking a…

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

    Source: Government of India

    Prime Minister Shri Narendra Modi addresses the India Steel 2025 programme

    Steel has played skeleton like role in the modern economies of the world, steel is the power behind every success story: PM

    We are proud that today India has become the second largest steel producer in the world: PM

    We have set a target of producing 300 million tonnes of steel by 2030 under the National Steel Policy: PM

    Government policies for the steel industry are playing an important role in making many other Indian industries globally competitive: PM

    For all our Infrastructure projects the goal should be ‘Zero Import’ and ‘Net Export’: PM

    Our steel sector has to be ready for new processes, new grades and new scale: PM

    We have to expand and upgrade keeping the future in mind, We have to become future ready from now itself: PM

    In the last 10 years, many mining reforms have been implemented, availability of iron ore has become easier: PM

    Now is the time to make proper use of allotted mines and the resources of the country, Green-field mining needs to be accelerated: PM

    Together, let us build a Resilient, Revolutionary and Steel-Strong India: PM

    Posted On: 24 APR 2025 2:49PM by PIB Delhi

    The Prime Minister Shri Narendra Modi delivered his remarks during the India Steel 2025 programme at Mumbai, via video message today. Addressing the gathering, he said that over the next two days, discussions will focus on the potential and opportunities of India’s sunrise sector—the steel industry. He remarked that this sector forms the foundation of India’s progress, strengthens the base of a developed India, and is scripting a new chapter of transformation in the country. The Prime Minister welcomed everyone to India Steel 2025 and expressed confidence that the event will serve as a launchpad for sharing new ideas, forging new partnerships, and promoting innovation. He emphasized that this event will lay the groundwork for a new chapter in the steel sector.

    “Steel has played a pivotal role in modern economies, akin to a skeleton”, emphasised Shri Modi, remarking that whether it is skyscrapers, shipping, highways, high-speed rail, smart cities, or industrial corridors, steel is the strength behind every success story. “India is striving to achieve the goal of becoming a $5 trillion economy, with the steel sector playing a significant role in this mission”, he added, expressing pride in India being the world’s second-largest steel producer. He noted that under the National Steel Policy, India has set a target of producing 300 million tons of steel by 2030. He remarked that the current per capita steel consumption in India is approximately 98 kilograms and is expected to rise to 160 kilograms by 2030. Shri Modi emphasized that this increasing steel consumption serves as a golden standard for the country’s infrastructure and economy, adding that it is also a benchmark for the nation’s direction, as well as the government’s efficiency and effectiveness.

    Underlining that the steel industry is brimming with renewed confidence about its future due to the foundation of the PM-Gati Shakti National Master Plan, the Prime Minister remarked that this initiative integrates various utility services and logistics modes. He emphasized that mine areas and steel units are being mapped for improved multi-modal connectivity. He noted that new projects are being introduced to upgrade critical infrastructure in eastern India, where most of the steel sector is concentrated. He further highlighted that the $1.3 trillion National Infrastructure Pipeline is being advanced. He remarked that large-scale efforts to transform cities into smart cities, along with unprecedented pace in the development of roads, railways, airports, ports, and pipelines, are creating fresh opportunities for the steel sector. The Prime Minister pointed out that crores of houses are being constructed under the PM Awas Yojana, and significant infrastructure is being built in villages through the Jal Jeevan Mission. He remarked that welfare initiatives like these are also providing new strength to the steel industry. He highlighted the government’s decision to use only ‘Made in India’ steel in government projects and noted that government-driven initiatives account for the highest consumption of steel in building construction and infrastructure.

    Underscoring that steel is a primary component driving the growth of multiple sectors, Shri Modi remarked that government policies for the steel industry are playing a crucial role in making many other industries in India globally competitive. He highlighted that sectors such as manufacturing, construction, machinery, and automotive are gaining strength from the Indian steel industry. He mentioned that the government has introduced the National Manufacturing Mission in this year’s Budget to accelerate the ‘Make in India’ initiative. The mission caters to small, medium, and large industries and will open new opportunities for the steel sector, he added.

    Noting that India was long dependent on imports for high-grade steel, which was critical for defense and strategic sectors, the Prime Minister expressed pride in the fact that the steel used in India’s first indigenous aircraft carrier was produced domestically. He also noted that Indian steel contributed to the success of the historic Chandrayaan mission, symbolizing India’s capability and confidence. The Prime Minister remarked that this transformation was made possible through initiatives such as the PLI scheme, which has allocated thousands of crores to support the production of high-grade steel. He emphasized that this is just the beginning and that there is a long road ahead. He pointed out the growing demand for high-grade steel due to mega-projects being initiated across the country. He mentioned that in this year’s Budget, shipbuilding has been classified as infrastructure, adding “India aims to manufacture modern and large ships domestically and export them to other countries”. The Prime Minister highlighted the rising demand for pipeline-grade steel and corrosion-resistant alloys in India. He remarked that the country’s rail infrastructure is expanding at an unprecedented pace. He stressed the need for a goal of “zero imports” and a focus on net exports. “India is currently working towards a target of exporting 25 million tons of steel and aims to increase production capacity to 500 million tons by 2047”, he noted emphasizing the importance of preparing the steel sector for new processes, grades, and scales, urging the industry to expand and upgrade with a future-ready mindset. The Prime Minister underlined the vast employment generation potential of the steel industry’s growth. He called upon both the private and public sectors to develop, nurture, and share new ideas. He emphasized collaboration in manufacturing, R&D, and technology upgrades to create more job opportunities for the country’s youth.

    Shri Modi acknowledged that the steel industry faces certain challenges that need resolution for further growth, highlighting that raw material security remains a significant concern, with India still dependent on imports for nickel, coking coal, and manganese. He emphasized the need to strengthen global partnerships, secure supply chains, and focus on technology upgrades. He underlined the importance of moving swiftly towards energy-efficient, low-emission, and digitally advanced technologies. “The future of the steel industry will be shaped by AI, automation, recycling, and by-product utilization”, he remarked, stressing the need to enhance efforts in these areas through innovation. He expressed optimism that collaboration between global partners and Indian companies will help address these challenges more effectively and at a faster pace.

    The Prime Minister remarked on the significant impact of coal imports, particularly coking coal, on both costs and the economy. He emphasized the importance of exploring alternatives to reduce this dependence. He highlighted the availability of technologies such as the DRI route and stressed efforts to promote them further. Pointing out that coal gasification can be effectively utilized to make better use of the country’s coal resources and decrease reliance on imports, he urged all stakeholders in the steel industry to actively participate in this endeavor and take the necessary steps to move forward in this direction.

    Underlining the importance of addressing the issue of unused greenfield mines, Shri Modi noted that significant mining reforms have been introduced in the last decade, making iron ore availability easier. He stressed that it is now time to utilize the allotted mines effectively to ensure optimal use of the country’s resources. Cautioning that delays in this process would adversely impact the industry, Shri Modi urged for the acceleration of greenfield mining efforts to overcome this challenge.

    The Prime Minister emphasized that India is no longer focused solely on domestic growth but is preparing for global leadership. He remarked that the world now views India as a trusted supplier of high-quality steel. He reiterated the importance of maintaining world-class standards in steel production and continually upgrading capabilities. He emphasized that improving logistics, developing multi-modal transport networks, and reducing costs will help India become a Global Steel Hub. The Prime Minister highlighted that India Steel provides a platform to expand capabilities and turn ideas into actionable solutions. He concluded by  expressing best wishes to all participants and called for collective efforts to build a resilient, revolutionary, and steel-strong India.

     

     

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    MJPS/SR

    (Release ID: 2124042) Visitor Counter : 130

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DH supports World Immunisation Week by urging public to get vaccinated on time against serious threats posed by vaccine preventable diseases

    Source: Hong Kong Government special administrative region

    In support of World Immunisation Week organised by the World Health Organization (WHO) in the last week of April every year, the Centre for Health Protection (CHP) of the Department of Health (DH) today (April 24) reminded the public that timely vaccinations can safeguard individual and community health from serious threats posed by vaccine-preventable diseases.
     
    “Immunisation is a safe and effective public health measure. Over the past 50 years, vaccines are effective against diseases that have saved more than 150 million lives worldwide. Hong Kong has long been providing vaccinations for children since the 1950s. Building on the WHO’s Expanded Programme on Immunisation and scientific evidence, the Hong Kong Childhood Immunisation Programme has been making continuous progress in terms of vaccine variety, vaccination schedules and service network coverage. With the support of parents, schools and the healthcare sector, Hong Kong maintains a very high vaccination coverage rate, which not only keeps most of the vaccine-preventable diseases under control, but also contributed to the eradication of smallpox and poliomyelitis in Hong Kong in 1980 and 2000 respectively, followed by successful elimination of measles and rubella (German measles) in Hong Kong in 2016 and 2021 respectively. In addition, the DH has been actively adopting a public-private partnership approach in providing vaccination services through private doctors to help parents and children receive the vaccines to increase the overall vaccination coverage. Taking the seasonal influenza vaccine as an example, the uptake rate of the vaccine for most age groups in the current season has increased as compared with the previous one,” the Controller of the CHP of the DH, Dr Edwin Tsui said.
     
    The Scientific Committee on Vaccine Preventable Diseases (SCVPD) under the CHP makes recommendations on vaccines for different groups (e.g. children, pregnant women, the elderly etc) based on local epidemiology and the latest scientific evidence from a public health perspective. With reference to the recommendations of the SCVPD, the Government provides different types of vaccines and boosters for children from birth to Primary Six to protect them from 12 communicable diseases, as well as other vaccination services such as seasonal influenza vaccine, pneumococcal vaccine, and the COVID-19 vaccines for people in high-risk groups to boost their immunity and reduce the risk of infection or severe complications.
     
    “Due to a drop in vaccination coverage during the COVID-19 pandemic, there has been a recent resurgence of outbreaks of vaccine-preventable diseases outside Hong Kong. For example, measles cases in Europe, the United States and neighboring countries, such as Japan, Vietnam and Cambodia, are on the rise, where children who have not yet completed their vaccinations or have unknown vaccination status were mainly affected. For pertussis, the number of cases reported in Japan, the United States and New Zealand this year are also higher than that of the same period in previous years, with most of the affected cases being infants and adolescents, underscoring the importance of timely vaccinations for maintaining a high vaccination rate and herd immunity,” Dr Tsui said.
     
    He reminded the public to make sure that they have completed their required immunisation if they plan to visit places with outbreaks or high incidences of vaccine-preventable diseases. Anyone who has not completed immunisation or with an unknown vaccination history should consult his/her family doctor at least two weeks before travelling.
     
    The incubation period of measles is seven to 21 days. Symptoms include fever, skin rash, cough, runny nose and red eyes. While for pertussis, the infected person may initially be sneezing and have a runny nose, a low-grade fever and a mild cough. The cough gradually becomes more severe and may even lead to seizures and coma in severe cases. If such symptoms appear after returning from places where measles and pertussis are endemic, people should wear surgical masks, stay home from work or school, avoid crowded places and seek medical advice as soon as possible.
     
    For more information on the World Immunisation Week 2025, please visit the CHP website.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Tender results of 1-year RMB HKSAR Institutional Government Bonds

    Source: Hong Kong Government special administrative region

    Tender results of 1-year RMB HKSAR Institutional Government Bonds 
    A total of RMB1.5 billion 1-year Government Bonds were offered today. A total of RMB11.140 billion tender applications were received. The bid-to-cover ratio, i.e. the ratio of bonds applied for to bonds issued, is 7.43. The average price accepted is 100.05, implying an annualised yield of 1.686 per cent.
     
    HKSAR Institutional Government Bonds Tender Results
     
    Tender results of 1-year RMB HKSAR Institutional Government Bonds:
     

    Tender Date* Calculated as the amount of bonds applied for over the amount of bonds issued.

    Note: The yields stated above are annualised yields. For reference, the semi-annualised yields corresponding to the average price accepted, lowest price accepted, and average tender price are 1.679 per cent, 1.710 per cent, and 1.796 per cent respectively.
    Issued at HKT 16:56

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Health Minister Shri J P Nadda launches National Zero Measles-Rubella Elimination Campaign on the occasion of World Immunization Week

    Source: Government of India

    Union Health Minister Shri J P Nadda launches National Zero Measles-Rubella Elimination Campaign on the occasion of World Immunization Week

    Measles-Rubella elimination campaign 2025-26 marks an opportunity to achieve 100% immunization coverage to provide high quality life to children by administering them with two doses of Measles and Rubella vaccine: Shri J P Nadda

    “332 districts across the country have reported zero Measles cases and 487 districts have reported zero Rubella cases during January- March 2025 which underscores the progress achieved in the goal of M-R elimination”

    “With the ‘ACT NOW’ policy, we have to target the elimination of M-R in the same way as Polio and Maternal and Neonatal Tetanus elimination was achieved, so that no child is left behind”

    Currently India’s MR vaccination coverage stands at 93.7% for the first dose and 92.2% for the second dose, as per 2024-25 HMIS data

    Posted On: 24 APR 2025 2:26PM by PIB Delhi

    Union Minister of Health and Family Welfare, Shri Jagat Prakash Nadda today virtually launched the National Zero Measles-Rubella Elimination campaign 2025-26 on the first day of the World Immunization Week (24-30 April), marking a significant step towards India’s goal of eliminating Measles and Rubella by 2026.

    On the occasion, Union Health Minister released multi-language M-R IEC materials (posters, radio jingles, MR elimination and official U-WIN launch film) for creating awareness in the communities. These IEC materials were also shared with all States/UTs for adaptation and rollout during the MR Elimination Campaign 2025-26. 

    Addressing the occasion, Shri J P Nadda stated that, “today is momentous occasion as the launch of Measles-Rubella elimination campaign 2025-26 marks an opportunity to achieve 100% immunization coverage to provide high quality lifestyle to children by administering them with the two doses of Measles and Rubella vaccine.” Noting that this disease is of a highly contagious nature that hampers not only children’s life but also cause misery to their parents, Shri Nadda underlined the importance of ensuring that not even a single child is left behind.

    The Union Health Minister congratulated the Ministry for getting recognition with the prestigious Measles and Rubella Champion Award by the Measles and Rubella Partnership in 2024. He highlighted that “332 districts in the country have reported zero measles cases and 487 districts have reported zero rubella cases during January- March 2025 which underscores the progress achieved in the goal of M-R elimination.”

    Shri Nadda highlighted the need for keeping the IDSP activated and strengthening surveillance. “We have to target the elimination of M-R in the same way as Polio and Maternal and Neonatal Tetanus elimination was achieved”, he stated. He urged the states and UTs to be attentive, alert, and proactive and work with a ‘ACT NOW’ policy.

    Shri Nadda also urged the State Ministers and Chief Medical Officers to hold public and press meetings where people at large can be informed about the vaccination drive through active Jan Bhagidari. He also called upon States for an inclusive participation of all MLAs, MPs, local and Panchayat heads to spread awareness about the vaccination against Measles and Rubella. He also urged the frontline workers to reach out to remote and hard to reach areas, slums, migratory population, areas with frequent outbreaks. “We have to reach out to people in the last mile to ensure that we achieve 100% coverage”, he stated. He also emphasized on the need for coordinating with line ministries. He concluded his address by stating that “if we work and act from today, we will be able to achieve success tomorrow.”

    Background:

    Measles and Rubella are highly infectious viral diseases that can lead to serious illnesses, lifelong complications, and even death. Due to their high infection rate, India has set a goal to eliminate these diseases by 2026. Under the Universal Immunization Programme (UIP), two doses of the Measles-Rubella (MR) vaccine are provided free of cost to all eligible children, at 9-12 months and 16-24 months of age, respectively. Currently, India’s MR vaccination coverage stands at 93.7% for the first dose (2024-25 HMIS data) and 92.2% for the second dose.

    In 2024, India has recorded a remarkable decline of 73% in Measles cases and a 17% reduction in Rubella cases in comparison with 2023.

    India’s plan for eliminating measles and rubella includes a comprehensive framework:

    1. Immunization: Achieve and maintain high population immunity with > 95% vaccination coverage with 2 doses of measles and rubella containing vaccines in each district of the country.
    1. Surveillance: Sustain a sensitive and timely case-based surveillance system for measles & rubella.
    2. Outbreaks: Ensure adequate preparedness and timely response to measles and rubella outbreaks.
    3. Linkages: Strengthen support and linkages to achieve the above strategic objectives.
    4. Demand Generation for Vaccination: Focused mass awareness campaigns to mitigate the risks of non-vaccination and dispel myths related to MR vaccine for addressing vaccine hesitancy and increasing coverage.

    In recognition of country’s exceptional efforts in prevention of Measles and Rubella, India was awarded the prestigious Measles and Rubella Champion Award by the Measles and Rubella Partnership at the American Red Cross Headquarters in Washington D.C. on March 6, 2024. 

    Under the Universal Immunization Programme (UIP), India runs world’s largest vaccination programme for pregnant women and children – reaching out to 2.9 crore pregnant women and 2.6 crore newborns annually. This provides protection against 12 vaccine preventable diseases (VPDs) such as Polio, Measles, Rubella, Diphtheria, Tetanus, Rotavirus diarrhoea, Hepatitis B among others. U-WIN digital platform for vaccination, launched by the Hon’ble Prime Minister is being utilized extensively to record vaccination events, generate vaccination certificate and book appointment for vaccination across the country.

    India’s Universal Immunization Programme, has been instrumental in reducing mortality rates and controlling infectious diseases among children under five years of age. From 2014 to 2020, under-5 mortality rates dropped from 45 to 32 per 1,000 live births (Sample Registration System – 2020).  Since 2014, under UIP, over 6 new vaccines have been introduced including MR vaccine.

    Smt. Punya Salila Srivastava, Union Health Secretary; Dr Rajiv Bahl, Secretary, Dept. of Health Research and DG, ICMR; Smt. Aradhana Patnaik, Addl. Secretary and Mission Director (NHM), Union Health Ministry; Smt. Meera Srivastava, Joint Secretary, Union Health Ministry, Additional Commissioner (Immunization), Additional Chief Secretaries, Principal Secretaries (Health), Mission Directors (NHM) and State Immunization Officers from States/UTs had joined the virtual launch event.

    *****

    MV

    HFW/HFM MR Elimination Campaign Launch/24 April 2025/1

    (Release ID: 2124032) Visitor Counter : 19

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

    Source: Government of India

    Prime Minister Shri Narendra Modi launches development works worth over Rs 13,480 crore in Madhubani, Bihar marking National Panchayati Raj Day

    In the last decade, several measures have been taken to empower Panchayats, Panchayats have been strengthened through technology: PM

    The rural economy has gained new momentum in the last decade: PM

    The past decade has been the decade of India’s infrastructure: PM

    Makhana is a superfood for the country and the world today, but in Mithila it is a part of the culture,source for prosperity here: PM

    The willpower of 140 crore Indians will now break the back of the perpetrators of terror: PM

    Terrorism will not go unpunished, Every effort will be made to ensure that justice is done, The entire nation is firm in this resolve: PM

    Posted On: 24 APR 2025 2:11PM by PIB Delhi

    The Prime Minister Shri Narendra Modi inaugurated, laid the foundation stone and dedicated to the nation multiple development projects worth over Rs 13,480 crore in Madhubani, Bihar today on the occasion of National Panchayati Raj Day. The Prime Minister appealed to everyone at the event to observe silence and pray for the departed souls in the Pahalgam attacks on 22 April 2025. Addressing the gathering on the occasion, he said that on the occasion of Panchayati Raj Day, the entire nation is connected with Mithila and Bihar. He remarked that projects worth thousands of crores of rupees, aimed at Bihar’s development, have been inaugurated and foundations laid for, emphasising that these initiatives in electricity, railways, and infrastructure will create new employment opportunities in Bihar. He paid tributes to the great poet and national icon, Ramdhari Singh Dinkar Ji, on his death anniversary. 

    Remarking that Bihar is the land where Mahatma Gandhi expanded the mantra of Satyagraha, Shri Modi highlighted Mahatma Gandhi’s firm belief that India’s rapid development is only possible when its villages are strong. He emphasized that the concept of Panchayati Raj was rooted in this sentiment. “Over the past decade, continuous steps have been taken to empower Panchayats. Technology has played a significant role in strengthening Panchayats, with over 2 lakh Gram Panchayats connected to the internet in the last decade”, he added. Shri Modi pointed out that more than 5.5 lakh Common Service Centers have been established in villages, underlining that the digitalization of Panchayats has brought additional benefits, such as easy access to documents like birth and death certificates, and landholding certificates. He remarked that while the nation received a new Parliament building after decades of independence, 30,000 new Panchayat Bhawans have also been constructed across the country. He also highlighted that ensuring adequate funds for Panchayats has been a priority for the government. “Over the past decade, Panchayats have received more than ₹2 lakh crore, all of which has been utilized for the development of villages”, he said.

    Highlighting that one of the major issues faced by Gram Panchayats has been related to land disputes, the Prime Minister mentioned the frequent disagreements over which land is residential, agricultural, Panchayat-owned, or government-owned. He emphasized that to address this issue, the digitization of land records is being undertaken, which has helped resolve unnecessary disputes effectively.

    Shri Modi underscored that Panchayats have strengthened social participation, remarking that Bihar was the first state in the country to provide 50% reservation for women in Panchayats. He emphasized that today, a significant number of women from economically weaker sections, Dalits, Mahadalits, backward, and extremely backward communities are serving as public representatives in Bihar, describing it as true social justice and genuine social participation. He underlined that democracy thrives and becomes stronger with greater participation. Reflecting this vision, Shri Modi noted that a law providing 33% reservation for women in the Lok Sabha and State Assemblies has also been enacted. He remarked that this will benefit women across all states, giving our sisters and daughters greater representation.

    Emphasising that the government is working in mission mode to increase women’s income and create new opportunities for employment and self-employment, Shri Modi highlighted the transformative impact of the ‘Jeevika Didi’ program in Bihar, which has changed the lives of many women. He remarked that today, self-help groups of women in Bihar have been provided financial assistance of approximately ₹1,000 crore, noting that this will further strengthen the economic empowerment of women and contribute to the goal of creating 3 crore Lakhpati Didis across the country. He highlighted that the rural economy has gained new momentum over the past decade. He pointed out that villages have seen the construction of houses for the poor, roads, gas connections, water connections, and toilets, bringing lakhs of crores of rupees to rural areas. The Prime Minister remarked that new employment opportunities have been created, benefiting laborers, farmers, vehicle operators, and shopkeepers, providing them with new avenues for income. He emphasized that this has particularly benefited communities that have been deprived for generations. He cited the example of the PM Awas Yojana, which aims to ensure that no family in the country remains homeless and that everyone has a permanent roof over their heads. He noted that over the past decade, more than 4 crore permanent houses have been constructed under this scheme. He highlighted that in Bihar alone, 57 lakh poor families have received permanent houses. He remarked that these houses have been provided to families from economically weaker sections, Dalits, and backward and extremely backward communities like Pasmanda families. Shri Modi announced that in the coming years, 3 crore more permanent houses will be provided to the poor. He noted that today, approximately 1.5 lakh families in Bihar are moving into their new permanent homes. He said that across the country, 15 lakh poor families have been issued approval letters for the construction of new houses, including 3.5 lakh beneficiaries from Bihar. He highlighted that today, financial assistance has been sent to approximately 10 lakh poor families for their permanent houses, including 80,000 rural families and 1 lakh urban families from Bihar.

    “The past decade has been a decade of infrastructure development for India”, said the Prime Minister, highlighting that this modern infrastructure is strengthening the foundation of a developed India. He noted that for the first time, over 12 crore rural families have received tap water connections in their homes, underlining that more than 2.5 crore households have been electrified, and those who never imagined cooking on gas stoves have now received gas cylinders. “Even in challenging regions like Ladakh and Siachen, where providing basic facilities is difficult, 4G and 5G mobile connections have now been established, reflecting the nation’s current priorities”, he pointed out. The Prime Minister highlighted advancements in healthcare, noting that institutions like AIIMS were once limited to major cities like Delhi. He announced that AIIMS is now being established in Darbhanga, and the number of medical colleges in the country has nearly doubled in the past decade and mentioned the construction of a new medical college in Jhanjharpur. He emphasized that to ensure quality healthcare in villages, over 1.5 lakh Ayushman Arogya Mandirs have been established across the country, including more than 10,000 in Bihar. He remarked that Jan Aushadhi Kendras have become a significant relief for the poor and middle class, offering medicines at an 80% discount. He noted that Bihar now has over 800 Jan Aushadhi Kendras, saving its people ₹2,000 crore in medical expenses. The Prime Minister highlighted that under the Ayushman Bharat scheme, lakhs of families in Bihar have received free treatment, resulting in savings of thousands of crores of rupees for these families.

    “India is rapidly advancing its connectivity through infrastructure like railways, roads, and airports”, highlighted Shri Modi, noting that metro projects are underway in Patna, and over two dozen cities across the country are now connected with metro facilities. He announced the launch of the ‘Namo Bharat Rapid Rail’ service between Patna and Jaynagar, which will significantly reduce travel time between the two locations, and emphasized that this development will benefit lakhs of people from Samastipur, Darbhanga, Madhubani, and Begusarai.

    The Prime Minister also mentioned the inauguration and launch of multiple new railway lines in Bihar, highlighting the commencement of the modern Amrit Bharat train service between Saharsa and Mumbai, which will greatly benefit the labor families. He remarked that the government is modernizing several railway stations in Bihar, including Madhubani and Jhanjharpur. He emphasized that air connectivity in Mithila and Bihar has improved significantly with Darbhanga Airport, and the expansion of Patna Airport is underway. “These development projects are creating new employment opportunities in Bihar”, he added.

    “Farmers are the backbone of the rural economy, the stronger this backbone, the stronger the villages, and consequently, the nation”, said Shri Modi. He highlighted the persistent challenges of floods in the Mithila and Kosi regions, noting that the government is set to invest ₹11,000 crore to mitigate the impact of floods in Bihar. He said that this investment will facilitate the construction of dams on rivers such as Bagmati, Dhar, Budhi Gandak, and Kosi, adding that canals will be developed, ensuring irrigation arrangements through river water. “This initiative will not only reduce flood-related issues but will also ensure adequate water supply reaches every farmer’s field”, he added.

    “Makhana, a cultural staple of Mithila, has now gained global recognition as a superfood”, highlighted Shri Modi, mentioning that makhana has been granted a GI tag, officially certifying it as a product of this region. He added that the Makhana Research Centre has been accorded national status. He also highlighted the Budget announcement of the Makhana Board, which is expected to transform the fortunes of makhana farmers, emphasising that Bihar’s makhana will now reach international markets as a superfood. He noted that the National Institute of Food Technology and Management is being established in Bihar, which will support the youth in setting up small enterprises related to food processing. He further emphasized that Bihar is making consistent progress in fisheries along with agriculture, highlighting that fishermen now have access to the benefits of the Kisan Credit Card, providing advantages to numerous families involved in fisheries. He remarked that under the PM Matsya Sampada Yojana, projects worth hundreds of crores have been executed in Bihar.

    Expressing deep sorrow over the brutal killing of innocent civilians by terrorists in Pahalgam, Jammu and Kashmir, on April 22, Shri Modi remarked that the entire nation is distressed and stands in solidarity with the grieving families. He assured that every effort is being made by the government to ensure the speedy recovery of those undergoing treatment. He highlighted the profound loss suffered by families, where some lost their sons, brothers, or life partners, noting that the victims came from diverse linguistic and regional backgrounds—some spoke Bengali, Kannada, Marathi, Odia, Gujarati, and some were from Bihar. Underlining that from Kargil to Kanyakumari, the grief and outrage over this attack are shared equally across the nation, Shri Modi remarked that this attack was not just on unarmed tourists but was a brazen assault on the soul of India. “The terrorists responsible for this attack, along with those who conspired it, will face punishment beyond their imagination”, he declared in unequivocal terms, asserting that the time has come to eliminate the remaining strongholds of terrorism. “The willpower of 140 crore Indians will now break the backbone of the perpetrators of terror”, he stressed.

    The Prime Minister declared from the soil of Bihar that India will identify, track, and punish every terrorist, their handlers, and their backers, emphasising that India will pursue them to the ends of the earth. “India’s spirit will never be broken by terrorism and terrorism will not go unpunished. Every effort will be made to ensure justice is served and the entire nation is firm in this resolve against terrorism”, he stressed. He further stated that everyone who believes in humanity stands with India during these times. He expressed his gratitude to the people and leaders of various countries who have supported India in these moments.

    “Peace and security are the most critical prerequisites for rapid development”, said Shri Modi, remarking that a developed Bihar is essential for a developed India. He concluded by highlighting that efforts are being made to ensure development in Bihar and to extend the benefits of progress to every section and every region of the state. He expressed gratitude to everyone for joining the program on the occasion of Panchayati Raj Day.

    The Governor of Bihar, Shri Arif Mohammed Khan, Chief Minister of Bihar, Shri Nitish Kumar, Union Ministers Shri Rajiv Ranjan Singh, Shri Jitan Ram Manji, Shri Giriraj Singh, Shri Chirag Paswan, Shri Nityanand Rai, Shri Ram Nath Thakur, Dr. Raj Bhushan Choudhary were present among other dignitaries at the event.

    Background 

    Prime Minister participated in the National Panchayati Raj Day programme in Madhubani, Bihar. He also presented National Panchayat Awards, recognizing and incentivizing best-performing Panchayats on the occasion. 

    Prime Minister laid the foundation stone of an LPG bottling plant with rail unloading facility at Hathua in Gopalganj District of Bihar worth around Rs 340 crore. This will help in streamlining the supply chain and improving efficiency of bulk LPG transportation.

    Boosting power infrastructure in the region, Prime Minister laid the foundation stone for projects worth over Rs 1,170 crore and also inaugurated multiple projects worth over Rs 5,030 crore in the power sector in Bihar under the Revamped Distribution Sector Scheme. 

    In line with his commitment to boost rail connectivity across the nation, Prime Minister flagged off Amrit Bharat express between Saharsa and Mumbai, Namo Bharat Rapid rail between Jaynagar and Patna and trains between Pipra and Saharsa and Saharsa and Samastipur. He also inaugurated the Supaul Pipra rail line, Hasanpur Bithan Rail line and two 2-lane Rail over bridges at Chapra and Bagaha. He dedicated to the nation the Khagaria-Alauli Rail line. These projects will improve connectivity and lead to overall socio-economic development of the region.

    Prime Minister distributed benefits of around Rs 930 crore under Community Investment Fund to over 2 lakh SHGs from Bihar under Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY- NRLM).

    Prime Minister handed over sanction letters to 15 lakh new beneficiaries of PMAY-Gramin and released instalments to 10 lakh PMAY-G beneficiaries from across the country. He also handed over keys to some beneficiaries marking the Grih Pravesh of 1 lakh PMAY-G and 54,000 PMAY-U houses in Bihar.

     

     

    ***

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Acting CE meets ASEAN-China Joint Cooperation Committee delegation (with photo)

    Source: Hong Kong Government special administrative region

    The Acting Chief Executive, Mr Paul Lam, SC, today (April 24) met with members of a visiting ASEAN-China Joint Cooperation Committee delegation to exchange views on deepening co-operation between Hong Kong and the Association of Southeast Asian Nations (ASEAN) member states, as well as discuss issues of mutual concern.

    Mr Lam welcomed the delegation’s visit to Hong Kong and expressed his gratitude for the thoughtful arrangements made by the Ministry of Foreign Affairs and the Office of the Commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region (HKSAR) for fostering exchanges and co-operation between Hong Kong and ASEAN member states.

    Noting that Hong Kong has maintained close trade and economic ties with ASEAN, Mr Lam said that ASEAN has long been Hong Kong’s second-largest trading partner. Last month, the HKSAR Government launched the Immigration Facilitation Scheme for Invited Persons to promote economic and trade exchanges and cultural co-operation between Hong Kong and ASEAN by providing more convenient immigration arrangements for invited persons from ASEAN countries, furthering deepening ties between Hong Kong and ASEAN.

    During the meeting, Mr Lam introduced the advantages and development opportunities of Hong Kong to the delegation members. He said that Hong Kong has the distinctive advantage of enjoying the strong support of the motherland while being closely connected to the world under the “one country, two systems” principle, and has long played the important role of a “super connector” and “super value-adder”. As the only common law jurisdiction in China, Hong Kong has the unique advantage of having a well-established legal system alongside top-tier legal and dispute resolution services. Mr Lam encouraged enterprises from ASEAN member states to leverage Hong Kong as a platform to explore overseas and Mainland markets through its professional services, thereby achieving mutual benefits.

    Mr Lam also thanked ASEAN member states for their continued support for Hong Kong’s accession to the Regional Comprehensive Economic Partnership. He said that he looks forward to strengthening collaborations with various places to help businesses explore more opportunities.

    The delegation is visiting Hong Kong April 23 and 24, during which they will meet with Principal Officials of the HKSAR Government, the Legislative Council President, and representatives of other major institutions. The delegation will also visit Super Terminal 1 and the Legislative Council to learn about the latest developments in Hong Kong.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Legislative proposal to regulate konjac-containing jelly confectionery

    Source: Hong Kong Government special administrative region

    Legislative proposal to regulate konjac-containing jelly confectionery(ii) To require all prepackaged konjac-containing jelly confectionery products to be labelled with a warning statement on prevention of choking hazard in both English and Chinese: “Caution: Do not swallow whole. Elderly and children must consume under supervision.”Issued at HKT 18:22

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Auction of vehicle registration marks to be held on May 10

    Source: Hong Kong Government special administrative region

     The Transport Department (TD) today (April 24) announced that the auction of vehicle registration marks will be held on May 10 (Saturday) at Meeting Room S421, L4, Old Wing, Hong Kong Convention and Exhibition Centre, Wan Chai.

    “A total of 200 traditional vehicle registration marks (TVRMs) will be put up for public auction in the morning session, and 120 personalised vehicle registration marks (PVRMs) will be put up for auction in the afternoon session. The list of marks has been uploaded to the department’s website, www.td.gov.hk/en/public_services/vehicle_registration_mark/index.html(i) the identity document of the successful bidder;
    (ii) the identity document of the purchaser if it is different from the successful bidder;
    (iii) a copy of the Certificate of Incorporation if the purchaser is a body corporate; and
    (iv) a crossed cheque payable to “The Government of the Hong Kong Special Administrative Region” or “The Government of the HKSAR”. Any bidder who wishes to bid for both TVRMs and PVRMs on the same day, should bring along at least two crossed cheques for payment of auction prices (for an auctioned mark paid for by cheque, the first three working days after the date of auction will be required for cheque clearance confirmation before processing of the application for mark assignment can be completed). Successful bidders may also pay through the Easy Pay System (EPS), but are reminded to note the maximum transfer amount in the same day of the payment card. Payment by post-dated cheque, cash, credit card or other methods will not be accepted.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Development Bureau receives eight expression of interest submissions for developing marina in Aberdeen

    Source: Hong Kong Government special administrative region

    Development Bureau receives eight expression of interest submissions for developing marina in Aberdeen 
    The spokesperson said, “The enterprises/organisations making the submissions include local and overseas developers, hotel/entertainment groups and marina developers/operators. We will consolidate and analyse the collected feedback to firm up the development parameters and requirements for the marina within this year for undertaking various technical assessments and the necessary statutory procedures. Under the established approach, it is anticipated for tendering in 2027. If a feasible market proposal is received during the EOI exercise to speed up the process, we will actively consider an earlier tender time.”
     
    The spokesperson added, “As the feedback involves commercially sensitive information from individual enterprises, it will not be disclosed. However, relevant views will be taken into account to establish the future tender conditions, approach and timing.”
     
    The 2024 Policy Address announced the initiative of promoting yacht tourism, with plans to invite the market to construct and operate marinas at three locations, including the expansion area of the Aberdeen Typhoon Shelter. The Government plans to seek the Legislative Council’s funding approval next year to expand the Aberdeen Typhoon Shelter to increase sheltered space for public mooring under the Public Works Programme. In the meantime, the Government hopes to seize this opportunity to utilise part of the expanded waterbody for the market to develop the marina and better leverage market forces to promote yacht tourism. 
    Issued at HKT 18:07

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong Customs combats unfair trade practices by beauty parlour

    Source: Hong Kong Government special administrative region

    Hong Kong Customs today (April 24) arrested a manager of a beauty parlour who was suspected of engaging in unfair trade practices involving aggressive commercial practices, in contravention of the Trade Descriptions Ordinance (TDO). 

    Customs earlier received information alleging that a manager of a beauty parlour in Causeway Bay imposed undue influence on a customer, causing her to subsequently cancel some purchased beauty treatments and pay an additional $90,000 as an application fee for the refund. The manager promised that a full refund for the treatments and application fee would be made within a specified period. However, despite repeated requests, the customer did not receive any refund. 

    After an investigation, Customs officers today arrested a 37-year-old female manager. 

    The investigation is ongoing, and the arrested person has been released on bail pending further investigation.

    Customs reminds traders to comply with the requirements of the TDO and consumers to procure services at reputable shops.

    Under the TDO, any trader commits an offence of engaging in aggressive commercial practices if harassment, coercion or undue influence is used to impair the consumer’s freedom of choice or conduct, causing the consumer to make a transactional decision. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

    Members of the public may report any suspected violation of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Over 6 400 outstanding students awarded government scholarships in 2024/25 academic year

    Source: Hong Kong Government special administrative region

    The Secretary for Education, Dr Choi Yuk-lin, today (April 24) presented certificates to awardees under the HKSAR Government Scholarship Fund (GSF) and the Self-financing Post-secondary Education Fund (SPEF) for the 2024/25 academic year at the GSF and SPEF Joint Scholarship Presentation Ceremony 2025.

    Over 6 400 meritorious post-secondary students received scholarships and awards, amounting to about $196 million in total. Both the GSF and the SPEF also give recognition to meritorious post-secondary students with special educational needs (SEN) through the Endeavour Merit Award and the Endeavour Scholarship. This year, a total of around 600 SEN students were given the awards/scholarships.

    Dr Choi said that the two scholarship schemes have successfully attracted outstanding non-local students to pursue their studies in Hong Kong by commending those with excellent performance in various aspects, thereby enhancing the city’s position as an international hub for post-secondary education. To tie in with the overall national development, the Education Bureau will adhere to the principle of integrity and innovation, and seize the development opportunities arising from the country’s Belt and Road initiatives, the Guangdong-Hong Kong-Macao Greater Bay Area, etc, to deepen Hong Kong’s role as a cluster of talent, and to consolidate and develop Hong Kong’s advantages in education. 

    The GSF was established in 2008 to attract outstanding local students to advance their studies at home, and meritorious non-local students to pursue higher education opportunities in Hong Kong. There are five types of scholarships and awards under the GSF, namely Scholarships for Outstanding Performance, Belt and Road (B&R) Scholarship, Talent Development Scholarship, Reaching Out Award and Endeavour Merit Award. Scholarships and awards are offered to students studying full-time publicly funded sub-degree, undergraduate-level and above programmes in Hong Kong. In the 2024/25 academic year, about 2 000 students received the scholarships/awards, including about 1 200 local students and about 800 non-local students. In terms of levels of study, about 1 400 students were at the undergraduate level and above, while about 600 students were at the sub-degree level.

    ​In addition, the B&R Scholarship was introduced to encourage students from B&R countries/regions to pursue studies in Hong Kong. In the 2024/25 academic year, 150 students from 31 B&R countries/regions have been awarded this scholarship for the first time.

    The Self-financing Post-secondary Scholarship Scheme (SPSS) was established under the SPEF in 2011 to promote the quality and sustainable development of the self-financing post-secondary sector. There are five types of scholarships and awards under the scheme, namely Outstanding Performance Scholarship, Best Progress Award, Talent Development Scholarship, Reaching Out Award and Endeavour Scholarship. These scholarships and awards are offered to students pursuing full-time locally accredited self-financing sub-degree or undergraduate programmes. In the 2024/25 academic year, the SPEF offered scholarships and awards to about 4 000 local and about 400 non-local students. In terms of levels of study, about 2 400 of them pursued undergraduate studies, while about 2 000 students were at the sub-degree level.

    A list of participating institutions is in Annex I. A broad distribution of the scholarship recipients is set out in Annex II. Details of the scholarships and awards under the GSF are available on the Education Bureau’s website (www.edb.gov.hk/en/edu-system/postsecondary/local-higher-edu/publicly-funded-programmes/scholarship.html). Those under the SPSS as well as the SPEF are available on the Committee on Self-financing Post-secondary Education’s website (www.cspe.edu.hk/en/index.html).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 15th National Games Basketball (Men’s U22) test event to be held this weekend

    Source: Hong Kong Government special administrative region

         The 15th National Games (NG) Basketball (Men’s U22) test event will be held at the Hong Kong Coliseum in Hung Hom on April 26 and 27 (Saturday and Sunday), with an aim to prepare for the official events of the NG to be staged in November this year.
     
         The test event will be held from 2pm to 6.30pm on both days, with the participation of four basketball teams, namely Hong Kong A1 Division Championship basketball teams Hong Kong Eastern, Winling and Tycoon, as well as the Hong Kong Men’s U22 representative team. Admission tickets have been distributed through the Basketball Association of Hong Kong, China and the Eastern Sports Club. Those who possess a ticket may enter the venue for the event upon completion of a security check starting from 12.30pm on the event days.
     
         The test event is organised by the National Games Coordination Office (Hong Kong) and co-organised by the Basketball Association of Hong Kong, China and the Eastern Sports Club, with the Chinese Basketball Association as advisor.
     
    Radio Television Hong Kong (RTHK) will provide a live webcast of the two-day event (RTHK weblink: www.rthk.hk/nationalgames and RTHK YouTube channel: www.youtube.com/RTHK).
     
         For information on the 15th NG, the 12th National Games for Persons with Disabilities and the 9th National Special Olympic Games in Hong Kong, please visit the thematic website (www.2025nationalgames.gov.hk/en/index.html), as well as the Facebook page (www.facebook.com/2025nationalgames.hk) and Instagram page (www.instagram.com/2025nationalgames.hk).

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister chairs a meeting of the CCS

    Source: Government of India

    Posted On: 23 APR 2025 9:00PM by PIB Delhi

    Prime Minister, Shri Narendra Modi, chaired a meeting of the Cabinet Committee on Security at 7, Lok Kalyan Marg, today, in the wake of the terrorist attack in Pahalgam.

    The Prime Minister posted on X :

    “In the wake of the terrorist attack in Pahalgam, chaired a meeting of the CCS at 7, Lok Kalyan Marg.”

     

     

    ***

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  • MIL-OSI Asia-Pac: “Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

    Source: Government of India

    Ministry of Communications

    “Indian Telecom Services Performance Indicator Report” for the Quarter October-December, 2024

    Posted On: 24 APR 2025 3:46PM by PIB Delhi

    TRAI today has released the “Indian Telecom Services Performance Indicator Report” for the Quarter ending 31st December, 2024. This Report provides a broad perspective of the Telecom Services in India and presents the key parameters and growth trends of the Telecom Services as well as Cable TV, DTH & Radio Broadcasting services in India for the period covering 1st October, 2024 to 31st December, 2024 compiled mainly on the basis of information furnished by the Service Providers.

    Executive Summary of the Report is enclosed. The complete Report is available on TRAI’s website (www.trai.gov.in and under the link http://www. trai.gov.in/release-publication/reports/performance-indicators-reports). Any suggestion or any clarification pertaining to this report, Shri Vijay Kumar, Advisor (F&EA), TRAI may be contacted on Tel. +91-20907773 and e-mail: advfea1@trai.gov.in.

    The Indian Telecom Services Performance Indicators

    October–December, 2024

    Executive Summary

     

    1. Total number of Internet subscribers decreased from 971.50 million at the end of Sep-24 to 970.16 million at the end of Dec-24, registering a quarterly rate of decline 0.14%. Out of 970.16 million internet subscribers, number of Wired Internet subscribers are 41.21 million and number of Wireless Internet subscribers are 928.96 million.

    Composition of internet subscription

     

     

    1. The Internet subscriber base is comprised of Broadband Internet subscriber base of 944.96 million and Narrowband Internet subscriber base of 25.20 million.
    2. The broadband Internet subscriber base increased by 0.06% from 944.39 million at the end of Sep-24 to 944.96 million at the end of Dec-24. The narrowband Internet subscriber base decreased from 27.11 million at the end of Sep-24 to 25.20 million at the end of Dec-24.
    1. Wireline subscribers increased from 36.93 million at the end of Sep-24 to 39.27 million at the end of Dec-24 with a quarterly rate of growth 6.32% and, on Y-O-Y basis, wireline subscriptions also increased by 23.32% at the end of QE Dec-24.
    2. Wireline Tele-density increased from 2.63% at the end of Sep-24 to 2.79% at the end of Dec-24 with quarterly rate of growth 6.09%.
    3. Monthly Average Revenue per User (ARPU) for wireless service increased by 5.34%, from Rs.172.57 in QE Sep-24 to Rs.181.80 in QE Dec-24. On Y-O-Y basis, monthly ARPU for wireless service increased by 19.17% in this quarter.
    1. The ARPU per month for the pre-paid segment is Rs.180.91 and for the post-paid segment is Rs.191.51 in Q.E. Dec-2024.                               
    2. On an all-India average, the overall MOU per month Increased by 3.62% from 974 in Q.E. Sep 2024 to 1009 in Q.E. Dec 2024. 
    1. Prepaid MOU per subscriber is 1053 and Postpaid MOU per subscriber per month is 526 in QE Dec-24.
    1. Gross Revenue (GR), Applicable Gross Revenue (ApGR) and Adjusted Gross Revenue (AGR) of Telecom Service Sector for the Q.E. Dec-24 has been Rs.96,390 Crore, Rs.92,342 crore and Rs.77,934 Crore respectively.  GR increased by 5.43%, ApGR increased by 4.65% and AGR increased by 3.48% in Q.E. Dec-24, as compared to previous quarter. 
    1. The Y-O-Y rate of growth in GR, ApGR and AGR in Q.E. Dec-24 over the same quarter in last year has been 14.07%, 13.86% and 14.89% respectively.
    1. Pass Through Charges increased from Rs.12,926 Crore in QE Sep-24 to Rs.14,410 Crore in QE Dec-24 with quarterly rate of growth by 11.48%. The Y-O-Y rate of growth 7.12% has been recorded in pass-through charges for QE Dec-24.
    2. The License Fee increased from Rs.6,023 Crore for the QE Sep-24 to Rs.6,234 Crore for the QE Dec-24. The quarterly and the  Y-O-Y rates of growth in license fees are 3.50% and 14.75% respectively in this quarter.       

     

    Service-wise composition of Adjusted Gross Revenue

     

    1. Access services contributed 84.35% of the total Adjusted Gross Revenue of telecom services. In Access services, Gross Revenue (GR), Applicable Gross Revenue (ApGR), Adjusted Gross Revenue (AGR), License Fee, Spectrum Usage Charges (SUC) and Pass Through Charges increased by 4.87%, 4.52%, 4.30%, 4.28%, 4.62% and 5.96% respectively in QE Dec-24.
    2. The number of telephone subscribers in India decreased from 1,190.66 million at the end of Sep-24 to 1,189.92 million at the end of Dec-24, registering a rate of decline 0.06% over the previous quarter. This reflects Year-On-Year (Y-O-Y) rate of decline 0.03% over the same quarter of the last year. The overall Tele-density in India decreased from 84.69% as in QE Sep-24 to 84.45% as in QE Dec-24.

     

    Trends in Telephone subscribers and Tele-density in India

     

    1. Telephone subscribers in Urban areas increased from 662.15 million at the end of Sep-24 to 662.72 million at the end of Dec-24 however Urban Tele-density decreased from 131.86% to 131.37% during the same period.
    2. Rural telephone subscribers decreased from 528.51 million at the end of Sep-24 to 527.20 million at the end of Dec-24 and Rural Tele-density also decreased from 58.48% to 58.29% during the same period.
    1. Out of the total subscription, the share of Rural subscription decreased from 44.39% at the end of Sep-24 to 44.31% at the end of Dec-24.

    Composition of Telephone Subscribers

       

    1. With a net loss of 3.07 million subscribers during the quarter, the total wireless subscriber base decreased from 1153.72 million at the end of Sep-24 to 1150.66 million at the end of Dec-24, registering a rate of decline 0.27% over the previous quarter. On Y-O-Y basis, wireless subscriptions decreased at the rate of 0.68% during the year.  
    2. Wireless Tele-density decreased from 82.07% at the end of Sep-24 to 81.67% at the end of Dec-24 with quarterly rate of decline of 0.49%.
    1. During this quarter, the following parameters in terms of QoS benchmarks have been fully complied by wireline service providers: –
      1. Point of Interconnection (POI) Congestion (90th percentile value) ≤ 0.5%
    2. During this quarter, list of QoS parameters which are fully complied by all the Access Service (Wireless) providers in all the LSAs: –

     

    S.No.

    Parameter

    Benchmark

    1

    Percentage of significant network outage (services not available in a district for more than 4 hours) reported to the Authority within 24 hrs of start of the outage

    100%

    2

    Point of Interconnection (POI) Congestion (90th percentile value)

    ≤ 0.5%

    3

    Latency (in 4G and 5G network)

    ≤ 75 msec

    4

    Packet Drop Rate (in 4G and 5G network)

    ≤ 3%

    5

    Billing and charging complaints

    ≤ 0.1%

    6

    Application of adjustment to customer’s account within one week from the date of resolution of billing and charging complaints or rectification of faults or rectification of significant network outage, as applicable

    100%

    7

     Accessibility of call centre/ customer care

    ≥ 95%

    8

    Termination/ closure of service within seven working days of receipt of customer’s request

    100%

    9

    Refund of deposits within 45 days of closure of service or non-provisioning of service

    100%
    1. A total of approximately 914 private satellite TV channels have been permitted by the Ministry of Information and Broadcasting (MIB) for uplinking only/downlinking only/both uplinking & downlinking.  
    2. As per the reporting done by broadcasters in pursuance of the Tariff Order dated 3rd March 2017, as amended, out of 904 permitted satellite TV channels which are available for downlinking in India, there are 362 satellite pay TV channels as on 31st December, 2024. Out of 362 pay channels, 258 are SD satellite pay TV channels and 104 are HD satellite pay TV channels.  
    3. During the QE 31st December 2024, there were 4 pay DTH service providers in the country.
    1. Pay DTH has attained total active subscriber base of around 58.22 million. This is in addition to the subscribers of the DD Free Dish (free DTH services of Doordarshan). The total active subscriber base has decreased from 59.91 million in September 2024 to 58.22 million in December 2024.
    2. Apart from the radio channels operated by All India Radio – the public broadcaster, as per the data reported by FM Radio operators to TRAI, as on 31st December 2024, there are 388 operational private FM Radio channels in 113 cities operated by 36 private FM Radio operators. As compared to the previous quarter, there is no change in the number of operational private FM Radio channels, cities and FM Radio operators.
    1. The advertisement revenue reported by FM Radio operators during the quarter ending 31st December 2024 in respect of 388 private FM Radio channels is Rs.500.11 crore as against Rs.423.52 crore in respect of 388 private FM Radio channels for the previous quarter. 
    1. As on 31st December, 2024, 529 Community Radio stations are operational.

    SNAPSHOT

    (Data as on Q.E. 31st December, 2024)

    Telecom Subscribers (Wireless+Wireline)

    Total Subscribers

    1189.92 Million

    % change over the previous quarter

    -0.06%

    Urban Subscribers

    662.72 Million

    Rural Subscribers

    527.20 Million

    Market share of Private Operators

    91.45%

    Market share of PSU Operators

    8.55%

    Tele-density

    84.45%

    Urban Tele-density

    131.37%

    Rural Tele-density

    58.29%

    Wireless Subscribers

    Total Wireless Subscribers

    1,150.66 Million

    % change over the previous quarter

    -0.27%

    Urban Subscribers

    626.43 Million

    Rural Subscribers

    524.23 Million

    Market share of Private Operators

    91.92%

    Market share of PSU Operators

    8.08%

    Tele-density

    81.67%

    Urban Tele-density

    124.18%

    Rural Tele-density

    57.96%

    Total Wireless Data Usage during the quarter

    56,975 PB

    Number of Public Mobile Radio Trunk Services (PMRTS)

    65,996

    Number of Very Small Aperture Terminals (VSAT)

    2,52,612

    Wireline Subscribers

    Total Wireline Subscribers

    39.27 Million

    % change over the previous quarter

    6.32%

    Urban Subscribers

    36.29 Million

    Rural Subscribers

    2.98 Million

    Market share of PSU Operators

    22.23%

    Market share of Private Operators

    77.77%

    Tele-density

    2.79%

    Rural Tele-density

    0.33%

    Urban Tele-density

    7.19%

    No. of Village Public Telephones (VPT)

                68,606

     

    No. of Public Call Office (PCO)

             13,442

     

    Telecom Financial Data

    Gross Revenue (GR) during the quarter

    Rs. 96,390/- crore

    % change in GR over the previous quarter

    5.43%

    Applicable Gross Revenue (ApGR) during quarter

    Rs. 92,342/- crore

    % change in ApGR over the previous quarter

    4.65%

    Adjusted Gross Revenue (AGR) during the quarter

    Rs.77,934/- crore

    % change in AGR over the previous quarter

    3.48%

    Share of Public sector undertakings in Access AGR

    3.72%
     

    Internet/Broadband Subscribers

    Total Internet Subscribers

    970.16 Million

    % change over previous quarter

    -0.14%

    Narrowband subscribers

    25.20 Million

    Broadband subscribers

    944.96 Million

    Wired Internet Subscribers

    41.21 Million

    Wireless Internet Subscribers

    928.96 Million

    Urban Internet Subscribers

    563.19 Million

    Rural Internet Subscribers

    406.97 Million

     

    M

    Total Internet Subscribers per 100 population

    68.86

    Urban Internet Subscribers per 100 population

    111.64

    Rural Internet Subscribers per 100 population

    44.99

    Total Outgoing Minutes of Usage for Internet Telephony

    87.53 Million

    No. of Public Wi-Fi Hotspots

    46,878

    Aggregate Data Consumed (TB) for Wi-Fi Hotspots

    15,714

    Broadcasting & Cable Services

    Number of private satellite TV channels permitted by the Ministry of I&B for uplinking only/downlinking only/both uplinking and downlinking

    914

    Number of Pay TV Channels as reported by broadcasters

    362

    Number of private FM Radio Stations (excluding All India Radio)

    388

    Number of total active subscribers with pay DTH operators

    58.22 Million

    Number of Operational Community Radio Stations

    529

    Number of pay DTH Operators

    4

    Revenue & Usage Parameters

    Monthly ARPU of Wireless Service

    Rs.181.80

    Minutes of Usage (MOU) per subscriber per month – Wireless Service

    1009

    Wireless Data Usage

    Average Wireless Data Usage per wireless data subscriber per month

    21.52 GB

    Average revenue realization per GB for wireless data usage during the quarter

    Rs.9.34

    ****************

    Samrat

    (Release ID: 2124056)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India’s Underground Coal Mining Gets a Major Boost with New Incentives by Ministry of Coal

    Source: Government of India

    Posted On: 24 APR 2025 11:05AM by PIB Delhi

    In a decisive step towards revitalizing India’s coal sector, the Ministry of Coal has introduced a series of transformative policy measures aimed at promoting underground coal mining. These bold reforms address the traditional challenges of high capital investment and longer gestation periods, reaffirming the Government’s resolve to modernize the coal ecosystem while aligning with the broader vision of sustainable development.

    To accelerate the growth/ Operationalization of underground coal mining, the Ministry of Coal has introduced a robust package of incentives:

    1. Reduction in Floor Revenue Share: The floor percentage of revenue share for underground coal mines has been reduced from 4% to 2%. This targeted reduction offers substantial fiscal relief and enhances the financial viability of underground projects.

    2. Waiver of Upfront Payment: The mandatory upfront payment requirement for underground mining ventures has been completely waived off. This measure removes a significant financial barrier, encouraging broader participation from the private sector and facilitating faster project implementation.

    These incentives are further complemented by an existing 50% rebate on performance security for underground coal blocks, collectively lowering the entry threshold and facilitating smoother project implementation.

    The Ministry’s reform-oriented approach underscores its commitment to fostering a future-ready, investment-friendly, and innovation-driven coal sector. By incentivizing underground mining, the Government is not only catalyzing economic growth but also driving the industry toward greater efficiency, safety, and employment generation.

    Underground coal mining is inherently more environment-friendly, as it causes significantly less surface disruption compared to opencast operations. These policy measures are expected to encourage the adoption of advanced technologies—such as continuous miners, longwall systems, remote sensing tools, and AI-based safety mechanisms—which will boost productivity while ensuring ecological balance.

    These forward-leaning reforms mark a strategic shift toward cleaner and more sustainable coal extraction practices. They are poised to unlock the vast untapped potential of underground mining in India, fostering innovation, reducing carbon emissions, and contributing meaningfully to the nation’s energy security and Atmanirbhar Bharat objectives.

    With this visionary roadmap, the Ministry of Coal is not only reshaping the future of coal mining but also reaffirming its role as a catalyst in India’s journey toward self-reliant and environmentally responsible industrial growth.

    ****

    Shuhaib T

    (Release ID: 2123992) Visitor Counter : 134

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Fraudulent websites related to Alipay Financial Services (HK) Limited

    Source: Hong Kong Government special administrative region

    Fraudulent websites related to Alipay Financial Services (HK) Limited 
    The fraudulent websites reported by the SVF licensee known at the time are as follows:
    https://alipaiyhk[.]online/hk
    https://fet-woxx[.]online/hk
     
    The HKMA wishes to remind the public that anyone who has provided his or her personal information or account credentials, or who has conducted any financial transactions, through or in response to the websites concerned, should contact the relevant SVF licensee, and report to the Police or contact the Anti-Deception Coordination Centre of the Police at 18222.
    Issued at HKT 12:43

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Government posts notices for creation of rights of temporary occupation of land for construction of Airport Tung Chung Link

    Source: Hong Kong Government special administrative region

    The Lands Department today (April 24) posted notices for the creation of rights of temporary occupation of land in accordance with section 16 of the Roads (Works, Use and Compensation) Ordinance (Chapter 370) for the construction of the Airport Tung Chung Link.

    A portion of private land will be temporarily occupied until December 31, 2028, upon the expiry of a period of three months from the date of affixing the notices (i.e. July 25, 2025). The land will be returned to the relevant land owner after the temporary occupation period.

    The Government will closely liaise with the relevant land owner and affected parties, and properly handle their compensation matters.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: AIIMS Raipur successfully performs its first Swap Kidney Transplant; becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure

    Source: Government of India

    AIIMS Raipur successfully performs its first Swap Kidney Transplant; becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure

    It is estimated that Swap Kidney Transplants can increase the number of transplants by up to 15%

    AIIMS Raipur has also been first amongst the newer AIIMS to start Deceased Donor Organ Donation and Deceased Donor Kidney Transplantation; it is also the first in the state to start Deceased donor Paediatric Kidney Transplantation

    Till date, AIIMS Raipur has performed 54 kidney transplants with a graft survival rate of 95% and patient survival rate of 97%, reflecting its clinical excellence and commitment to high-quality patient care

    Posted On: 24 APR 2025 9:39AM by PIB Delhi

    Under the guidance of the Ministry of Health & Family Welfare, AIIMS Raipur successfully performed its first Swap Kidney Transplant, also known as a Kidney Paired Transplant (KPT). With this achievement, AIIMS Raipur becomes the first among the newer AIIMS institutions and the first government hospital in the state of Chhattisgarh to carry out this complex and life-saving procedure. This significant milestone underscores the institute’s commitment to advancing healthcare and providing innovative treatment solutions for patients suffering from end-stage kidney disease.

    It is estimated that Swap Kidney Transplant lead to a 15% increase in the number of transplants. Recognizing its potential, the National Organisation and Tissue Transplant Organisation (NOTTO) has recommended for the implementation of Swap donor transplantation to all the states and Union Territories as this option could increase the number of donors. NOTTO has also decided to have a ‘uniform one nation one swap transplant programme’ to facilitate these transplants more effectively across the country.

    In a Swap Transplant, a patient with renal failure who has a willing living donor—but is unable to receive the kidney due to an incompatible blood group or the presence of HLA antibodies—can still undergo a transplant by exchanging donors with another incompatible pair. Through this arrangement, both recipients receive compatible kidneys, resulting in successful transplants for both pairs.

    In the landmark case at AIIMS Raipur, two male ESRD patients, aged 39 and 41 from Bilaspur, had been on dialysis for three years. Both were advised to undergo kidney transplantation. Their respective wives came forward as living donors. However, due to blood group incompatibility – one pair having B+ and O+, and the other O+ and B+ – direct donation was not possible. To overcome this challenge, the transplant team at AIIMS Raipur coordinated a successful swap transplant. Each donor gave her kidney to the other recipient, ensuring blood group compatibility and enabling both patients to receive life-saving organs. The surgery was conducted on 15th March 2025, and all four individuals – both donors and recipients – are currently recovering well under close observation in the Transplant ICU. This milestone reflects AIIMS Raipur’s growing capabilities in advanced medical care and its commitment to providing innovative solutions for patients battling chronic kidney disease.

    The Swap Transplant team consisted of Dr Vinay Rathore (Transplant Physician); Dr Amit R Sharma, Dr Deepak Biswal and Dr Satyadeo Sharma (Transplant Surgeons); Dr Subrat Singha, Dr Mayank, Dr Jitendra and Dr Sarita Ramchandani (Anaethesiologists) and other Transplant Co-ordinator team members and OT and Transplant Nursing staff.

    AIIMS Raipur has played a pivotal role in the development of Organ Transplant in Chhattisgarh. The institute has successfully developed a renal transplant program, encompassing both living and deceased donor transplants. Six deceased donors have donated their organs in last two years.

    AIIMS Raipur has also been first amongst the newer AIIMS to start Deceased Donor Organ Donation and Deceased Donor Kidney Transplantation. It is also the first in the state to start Deceased donor Paediatric Kidney Transplantation. To date, the institute has performed 54 kidney transplants with a graft survival rate of 95% and patient survival rate of 97%, reflecting its clinical excellence and commitment to high-quality patient care.

    *****

    MV

    HFW/AIIMS Raipur – Swap Kidney Transplant/24 April 2025/1

    (Release ID: 2123988) Visitor Counter : 71

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Appeal for information on missing man in Tsim Sha Tsui (with photo)

    Source: Hong Kong Government special administrative region

    Police today (April 24) appealed to the public for information on a man who went missing in Tsim Sha Tsui.

    Cheng Wah-sang, aged 73, went missing after he was last seen in a shopping mall on Granville Road yesterday (April 23) afternoon. His friend then made a report to Police.

    He is about 1.7 metres tall, 60 kilograms in weight and of medium build. He has a long face with yellow complexion and short white hair. He was last seen wearing a green long-sleeved polo shirt, blue trousers and dark shoes.

    Anyone who knows the whereabouts of the missing man or may have seen him is urged to contact the Regional Missing Persons Unit of New Territories South on 3661 1174 or 9628 4078 or email to rmpu-nts-2@police.gov.hk, or contact any police station.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Red flags lowered at some beaches

    Source: Hong Kong Government special administrative region

    Attention TV/radio announcers:

    Please broadcast the following as soon as possible and repeat it at regular intervals:

         Here is an item of interest to swimmers.

         The Leisure and Cultural Services Department announced today (April 24) that, since the water of Ma Wan Tung Wan Beach, Lido Beach, Casam Beach and Ting Kau Beach in Tsuen Wan District is now suitable for swimming, the red flags have been lowered.

         The red flags were hoisted at the beaches earlier after a red tide was found.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Donegal Group Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Pa., April 24, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the first quarter of 2025.

    Significant Items for First Quarter of 2025 (all comparisons to first quarter of 2024):

    • Net premiums earned increased 2.2% to $232.7 million
    • Combined ratio of 91.6%, compared to 102.4%
    • Net income of $25.2 million, or $0.71 per diluted Class A share, compared to $6.0 million, or $0.18 per diluted Class A share
    • Net investment losses (after tax) of $0.4 million, or 1 cent per diluted Class A share, compared to net investment gains (after tax) of $1.7 million, or 5 cents per diluted Class A share, are included in net income
    • Annualized return on average equity of 17.8%, compared to 4.9%
    • Book value per share of $16.24 at March 31, 2025, compared to $14.53 at March 31, 2024

    Financial Summary

      Three Months Ended March 31,
        2025       2024     % Change
      (dollars in thousands, except per share amounts)
               
    Income Statement Data          
    Net premiums earned $ 232,702     $ 227,749       2.2 %
    Investment income, net   11,984       10,972       9.2  
    Net investment (losses) gains   (471 )     2,113       NM2  
    Total revenues   245,174       241,141       1.7  
    Net income   25,205       5,956       323.2  
    Non-GAAP operating income1   25,577       4,286       496.8  
    Annualized return on average equity   17.8 %     4.9 %     12.9 pts  
                   
    Per Share Data          
    Net income – Class A (diluted) $ 0.71     $ 0.18       294.4 %
    Net income – Class B   0.65       0.16       306.3  
    Non-GAAP operating income – Class A (diluted)   0.72       0.13       453.8  
    Non-GAAP operating income – Class B   0.66       0.12       450.0  
    Book value   16.24       14.53       11.8  
               
     

    1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).
    2Not meaningful.

    Management Commentary

    Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We are pleased that positive momentum, which began to emerge in the second half of 2024, continued into the first quarter of 2025 with our achievement of record earnings for the second straight quarter. We believe this accomplishment reflects the deliberate actions and strong operational discipline of our team in prioritizing sustained profitability while pursuing targeted premium growth.

    “Net premiums earned rose by 2.2% to $232.7 million, while net premiums written1 declined modestly by 1.7% compared to the prior-year quarter, with that decline primarily due to lower new business volume and planned attrition, offset partially by solid premium rate increases and strong retention of desired risks. We achieved a combined ratio of 91.6% for the first quarter of 2025, marking significant improvement over the 102.4% combined ratio for the prior-year quarter. We attribute the improvement to core loss ratio decreases that resulted from the strategic initiatives and profit improvement plans we implemented over the past several years, coupled with lower-than-average weather-related and large fire losses and a higher level of favorable development of reserves related to prior accident years.

    “In our commercial lines business, we are actively promoting our small commercial products and capabilities while actively seeking to grow our middle market business segment. In our personal lines business, our strategic focus remains on maintaining profitability through rate adequacy. Our personal lines growth in the first quarter of 2025 was constrained by two intentional strategies. We limited new business volume and continued the non-renewal of a legacy Maryland book of business. We are taking proactive steps to stabilize personal lines premium level as the year progresses, and we will continue to emphasize higher levels of profitable growth in commercial lines that we believe will lead to long-term success.”

    Mr. Burke concluded, “We believe we are well positioned to navigate the evolving insurance landscape, as we continue to enhance and refine our systems and operational capabilities. We are confident in our ability to achieve sustainable excellent financial performance and capitalize on future growth opportunities that will further enhance shareholder value over time.”

    Insurance Operations

    Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

      Three Months Ended March 31,
        2025       2024     % Change
      (dollars in thousands)
               
    Net Premiums Earned          
    Commercial lines $ 136,216     $ 132,092       3.1 %
    Personal lines   96,486       95,657       0.9  
    Total net premiums earned $ 232,702     $ 227,749       2.2 %
               
    Net Premiums Written          
    Commercial lines:          
    Automobile $ 56,525     $ 53,514       5.6 %
    Workers’ compensation   28,754       31,074       -7.5  
    Commercial multi-peril   60,790       57,503       5.7  
    Other   14,549       13,403       8.6  
    Total commercial lines   160,618       155,494       3.3  
    Personal lines:          
    Automobile   55,192       61,381       -10.1  
    Homeowners   28,788       31,759       -9.4  
    Other   2,494       2,808       -11.2  
    Total personal lines   86,474       95,948       -9.9  
    Total net premiums written $ 247,092     $ 251,442       -1.7 %
               
     

    Net Premiums Written

    The 1.7% decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024, as shown in the table above, represents the net combination of a 3.3% increase in commercial lines net premiums written and a 9.9% decrease in personal lines net premiums written. The $4.4 million decrease in net premiums written for the first quarter of 2025 compared to the first quarter of 2024 included:

    • Commercial Lines: $5.1 million increase that we attribute primarily to solid retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by lower new business writings.
    • Personal Lines: $9.5 million decrease that we attribute primarily to planned attrition due to lower new business writings and non-renewal actions, offset partially by a continuation of renewal premium rate increases and solid retention.

    Underwriting Performance

    We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three months ended March 31, 2025 and 2024:

      Three Months Ended
      March 31,
        2025       2024  
           
    GAAP Combined Ratios (Total Lines)      
    Loss ratio – core losses   54.4 %     58.7 %
    Loss ratio – weather-related losses   3.7       4.7  
    Loss ratio – large fire losses   3.1       6.6  
    Loss ratio – net prior-year reserve development   -4.5       -3.7  
    Loss ratio   56.7       66.3  
    Expense ratio   34.6       35.7  
    Dividend ratio   0.3       0.4  
    Combined ratio   91.6 %     102.4 %
           
    Statutory Combined Ratios      
    Commercial lines:      
    Automobile   91.4 %     99.6 %
    Workers’ compensation   117.6       111.2  
    Commercial multi-peril   90.3       102.7  
    Other   80.8       82.2  
    Total commercial lines   94.7       101.6  
    Personal lines:      
    Automobile   85.0       99.8  
    Homeowners   83.8       102.9  
    Other   56.6       85.2  
    Total personal lines   83.6       100.3  
    Total lines   90.3 %     101.2 %
           
     

     

    Loss Ratio

    For the first quarter of 2025, the loss ratio decreased to 56.7%, compared to 66.3% for the first quarter of 2024. The core loss ratio, which excludes weather-related losses, large fire losses and net favorable development of reserves for losses incurred in prior accident years, was 54.2% for the first quarter of 2025, compared to 58.7% for the first quarter of 2024. For the commercial lines segment, the core loss ratio of 58.3% for the first quarter of 2025 decreased modestly from 59.0% for the first quarter of 2024, primarily as the result of ongoing premium rate increases in all lines except workers’ compensation and reduced exposures in underperforming states and classes of business. For the personal lines segment, the core loss ratio of 48.7% for the first quarter of 2025 decreased significantly from 58.1% for the first quarter of 2024, due largely to the favorable impact of ongoing premium rate increases on net premiums earned for that segment. While we did not see a material impact in the first quarter of 2025, we are monitoring the impact of tariffs and other inflationary factors, which may result in increases in loss costs in future quarters.

    Weather-related losses were $8.6 million, or 3.7 percentage points of the loss ratio, for the first quarter of 2025, compared to $10.8 million, or 4.7 percentage points of the loss ratio, for the first quarter of 2024. The weather-related loss ratio for the first quarter of 2025 was modestly lower than our previous five-year first-quarter average of 4.6 percentage points of the loss ratio.

    Large fire losses, which we define as individual fire losses in excess of $50,000, for the first quarter of 2025 were $7.7 million, or 3.3 percentage points of the loss ratio. That amount was substantially lower than the large fire losses of $15.0 million, or 6.6 percentage points of the loss ratio, for the first quarter of 2024. We primarily attribute the decrease to lower loss frequency and severity compared to the prior-year quarter. We experienced a $5.3 million decrease in commercial property fire losses and a $2.0 million decrease in homeowner fire losses.

    Net favorable development of reserves for losses incurred in prior accident years of $10.5 million decreased the loss ratio for the first quarter of 2025 by 4.5 percentage points, compared to $8.4 million that decreased the loss ratio for the first quarter of 2024 by 3.7 percentage points. Our insurance subsidiaries experienced favorable development primarily in the personal automobile, commercial automobile and commercial multi-peril lines of business, offset partially by modest unfavorable development in workers’ compensation for the first quarter of 2025.

    Expense Ratio

    The expense ratio was 34.6% for the first quarter of 2025, compared to 35.7% for the first quarter of 2024. The decrease in the expense ratio primarily reflected the favorable impact of ongoing expense management initiatives, offset partially by higher underwriting-based incentive costs for agents and employees. The impact from costs that Donegal Mutual Insurance Company allocated to our insurance subsidiaries related to its ongoing systems modernization project peaked at approximately 1.3 percentage points of the full year 2024 expense ratio, and we expect that impact to subside gradually over the next several years. Allocated costs related to that project represented approximately 1.2 percentage points of the expense ratio for the first quarter of 2025, and we expect the full year 2025 expense ratio impact will be approximately 1.0 percentage point.

    Investment Operations

    Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.7% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at March 31, 2025.

      March 31, 2025   December 31, 2024
      Amount   %   Amount   %
      (dollars in thousands)
    Fixed maturities, at carrying value:              
    U.S. Treasury securities and obligations of U.S.              
    government corporations and agencies $ 176,090       12.5 %   $ 170,423       12.3 %
    Obligations of states and political subdivisions   412,304       29.3       409,560       29.6  
    Corporate securities   442,275       31.4       440,552       31.8  
    Mortgage-backed securities   317,236       22.5       304,459       22.0  
    Allowance for expected credit losses   (1,351 )     -0.1       (1,388 )     -0.1  
    Total fixed maturities   1,346,554       95.6       1,323,606       95.6  
    Equity securities, at fair value   40,206       2.9       36,808       2.6  
    Short-term investments, at cost   20,622       1.5       24,558       1.8  
    Total investments $ 1,407,382       100.0 %   $ 1,384,972       100.0 %
                   
    Average investment yield   3.4 %         3.3 %    
    Average tax-equivalent investment yield   3.5 %         3.4 %    
    Average fixed-maturity duration (years)   5.2           5.2      
                   
     

    Net investment income of $12.0 million for the first quarter of 2025 increased 9.2% compared to $11.0 million for the first quarter of 2024. The increase in net investment income reflected an increase in average investment yield and higher average invested assets relative to the prior-year first quarter.

    Net investment losses were $0.5 million for the first quarter of 2025, compared to net investment gains of $2.1 million for the first quarter of 2024. We attribute the losses to the decrease in the market value of the equity securities we held at March 31, 2025.

    Our book value per share was $16.24 at March 31, 2025, compared to $15.36 at December 31, 2024, with the increase partially related to net income, as well as $6.7 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2025 that increased our book value by $0.19 per share. Consistent with our historical practice, we did not declare any cash dividends in the first quarter of 2025 or 2024.

    Definitions of Non-GAAP Financial Measures

    We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

    Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

    The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

      Three Months Ended March 31,
        2025       2024     % Change
      (dollars in thousands)
               
    Reconciliation of Net Premiums          
    Earned to Net Premiums Written          
    Net premiums earned $ 232,702     $ 227,749       2.2 %
    Change in net unearned premiums   14,390       23,693       -39.3  
    Net premiums written $ 247,092     $ 251,442       -1.7 %
               
     

    The following table provides a reconciliation of net income to operating income for the periods indicated:

      Three Months Ended March 31,
        2025       2024     % Change
      (dollars in thousands, except per share amounts)
               
    Reconciliation of Net Income          
    to Non-GAAP Operating Income              
    Net income $ 25,205     $ 5,956       323.2 %
    Investment losses (gains) (after tax)   372       (1,670 )     NM  
    Non-GAAP operating income $ 25,577     $ 4,286       496.8 %
                   
    Per Share Reconciliation of Net Income              
    to Non-GAAP Operating Income              
    Net income – Class A (diluted) $ 0.71     $ 0.18       294.4 %
    Investment losses (gains) (after tax)   0.01       (0.05 )     NM  
    Non-GAAP operating income – Class A $ 0.72     $ 0.13       453.8 %
                   
    Net income – Class B $ 0.65     $ 0.16       306.3 %
    Investment losses (gains) (after tax)   0.01       (0.04 )     NM  
    Non-GAAP operating income – Class B $ 0.66     $ 0.12       450.0 %
                   
               

    The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

    • the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
    • the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
    • the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

    The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

    Dividend Information

    On April 17, 2025, we declared regular quarterly cash dividends of $0.1825 per share for our Class A common stock and $0.165 per share for our Class B common stock, which are payable on May 15, 2025 to stockholders of record as of the close of business on May 1, 2025.

    Pre-Recorded Webcast

    At approximately 8:30 am EST on Thursday, April 24, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

    About the Company

    Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

    The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

    Safe Harbor

    We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs, including due to tariffs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments, changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Investor Relations Contacts

    Karin Daly, Vice President, The Equity Group Inc.

    Phone: (212) 836-9623
    E-mail: kdaly@equityny.com

    Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
    Phone: (717) 426-1931
    E-mail: investors@donegalgroup.com

    Financial Supplement

    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
           
      Quarter Ended March 31,
        2025       2024  
           
    Net premiums earned $ 232,702     $ 227,749  
    Investment income, net of expenses   11,984       10,972  
    Net investment (losses) gains   (471 )     2,113  
    Lease income   77       82  
    Installment payment fees   882       225  
    Total revenues   245,174       241,141  
           
    Net losses and loss expenses   132,033       150,896  
    Amortization of deferred acquisition costs   39,231       39,602  
    Other underwriting expenses   41,195       41,740  
    Policyholder dividends   760       1,055  
    Interest   333       155  
    Other expenses, net   461       445  
    Total expenses   214,013       233,893  
           
    Income before income tax expense   31,161       7,248  
    Income tax expense   5,956       1,292  
           
    Net income $ 25,205     $ 5,956  
           
    Net income per common share:      
    Class A – basic $ 0.72     $ 0.18  
    Class A – diluted $ 0.71     $ 0.18  
    Class B – basic and diluted $ 0.65     $ 0.16  
           
    Supplementary Financial Analysts’ Data      
           
    Weighted-average number of shares      
    outstanding:      
    Class A – basic   30,120,649       27,811,312  
    Class A – diluted   30,430,042       27,846,313  
    Class B – basic and diluted   5,576,775       5,576,775  
           
    Net premiums written $ 247,092     $ 251,442  
           
    Book value per common share      
    at end of period $ 16.24     $ 14.53  
           
    Annualized operating return on average equity   17.8 %     4.9 %
    Donegal Group Inc.
    Consolidated Balance Sheets
    (in thousands)
           
      March 31,   December 31,
        2025       2024  
      (unaudited)    
           
    ASSETS
    Investments:      
    Fixed maturities:      
    Held to maturity, at amortized cost $ 706,098     $ 705,714  
    Available for sale, at fair value   640,456       617,892  
    Equity securities, at fair value   40,206       36,808  
    Short-term investments, at cost   20,622       24,558  
    Total investments   1,407,382       1,384,972  
        64,315       52,926  
    Premiums receivable   193,975       181,107  
    Reinsurance receivable   403,382       420,742  
    Deferred policy acquisition costs   76,194       73,347  
    Prepaid reinsurance premiums   182,860       176,162  
    Other assets   40,169       46,776  
    Total assets $ 2,368,277     $ 2,336,032  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Liabilities:      
    Losses and loss expenses $ 1,092,624     $ 1,120,985  
    Unearned premiums   633,564       612,476  
    Borrowings under lines of credit   35,000       35,000  
    Other liabilities   22,366       21,795  
    Total liabilities   1,783,554       1,790,256  
    Stockholders’ equity:      
    Class A common stock   334       329  
    Class B common stock   56       56  
    Additional paid-in capital   376,864       369,680  
    Accumulated other comprehensive loss   (21,472 )     (28,200 )
    Retained earnings   270,167       245,137  
    Treasury stock   (41,226 )     (41,226 )
    Total stockholders’ equity   584,723       545,776  
    Total liabilities and stockholders’ equity $ 2,368,277     $ 2,336,032  

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